Illustrative image (Photo: VNA)
The Vice President said that with four chapters, 92 articles, and 13 annexes, the pact will replace 21 existing investment encouragement and protection agreements between Vietnam and EU member countries.
The deal prescribes certain regulations to ensure relations between Vietnam and the EU develop in a spirit of respecting independence, sovereignty, territorial integrity, and national unity.
Such principles are in accordance with targets agreed upon in the EU-Vietnam Comprehensive Partnership and Cooperation Framework Agreement (PCA), she added.
The implementation of the EVIPA will contribute to enhancing economic, trade, and investment ties between the two parties while consolidating and deepening relations, Thinh went on.
Along with the EU-Vietnam Free Trade Agreement (EVFTA), the EVIPA is expected to further affirm Vietnam’s important role and geopolitical position in Southeast Asia and Asia-Pacific at large.
It will create momentum for Vietnam to perfect its institutions and policies in order to improve its investment environment.
Vietnam hopes to attract more investment in such areas as high-tech processing and manufacturing, clean and renewable energy, high-quality services, and banking and financial services, in which the EU has strength and potential, Thinh said.
On the same day, Nguyen Van Giau, head of the NA’s Committee for External Relations, presented an assessment on the ratification of the EVIPA.
Most opinions agree on the necessity of proposing the legislature ratify the EVIPA at the same time as the EVFTA, he said.
Joining the EVIPA is in line with guidelines and policies on international integration from the Party and the State, and will help to bolster Vietnam’s prestige and profile in the international arena.
Rapid ratification of the pact and the EVFTA at this session would increase reliability and create an important premise for EU member countries to quickly complete internal legal procedures for the agreement to take effect, Giau said.
Both Thinh and Giau pointed to challenges given the pressure of competition from foreign investors, which requires Vietnam to perfect its institutions and policies and improve the capacity of competent agencies and businesses to respond to investment disputes in line with the EVIPA.
The committee proposed the NA ratify the EVIPA and issue a resolution recognising and allowing the enforcement of the final decision of the investment dispute settlement body under the EVIPA at this ninth session.
It also proposed the legislature step up cooperation with the parliaments of EU member countries to push ahead with ratification./.