Italy ratifies EU-Vietnam Investment Protection Agreement

The Italian Parliament has ratified the EU-Vietnam Investment Protection Agreement (EVIPA), paving the way for increased Italian investment in Vietnam.

State President Vo Van Thuong and Italian President Sergio Mattarella. Source: VNA

Italian President Sergio Mattarella briefed Vietnamese President Vo Van Thuong during a meeting in Rome on July 26.

At the meeting, State President Vo Van Thuong expressed his delight at the ratification of EVIPA, anticipating its positive impact on both nations' businesses and citizens and its potential to enhance trade and investment cooperation.

He also urged Italy to encourage other EU countries to ratify the agreement immediately.

The EVIPA ensures the safety of investors' assets and capital by guaranteeing fair treatment, free transfer of capital, and no unjust expropriation or nationalization without adequate compensation.

In 2020, the European Parliament and the National Assembly of Vietnam approved the EVIPA, and it now awaits ratification by the parliaments of each EU country. Ten out of the 27 EU countries have ratified the EVIPA.

The Italian President concurred with his Vietnamese counterpart to continue implementing the EU-Vietnam Free Trade Agreement (EVFTA) and to support the European Commission in lifting the Illegal, Unreported and Unregulated (IUU) yellow card on Vietnamese seafood exports.

Both leaders agreed to expand cooperation in security, defense, and science and technology while pledging mutual support in multilateral forums such as ASEAN-EU cooperation, ASEM, and the UN.

On the East Sea (South China Sea) issue, they reaffirmed the importance of maintaining peace, stability, security, and freedom of navigation and overflight in the region. The two leaders emphasized the settlement of disputes through peaceful means based on international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

During the press conference following their talks, the Italian President announced plans to establish an Italian cultural center in Hanoi to promote scientific and cultural exchanges with Vietnam.

President Vo Van Thuong appreciated Italy's commitment to supporting the integration of the Vietnamese community, praising their diligence, dynamism, and successful integration into Italian society.

State President Vo Van Thuong and Italian Prime Minister Giorgia Meloni.

On the same day, at the meeting between President Vo Van Thuong and Italian Prime Minister Giorgia Meloni, both sides reaffirmed their commitment to strengthen cooperation between Vietnam and Italy in various fields.

President Thuong expressed Vietnam's willingness to work with Italy on green transformation, digital economy, and sustainable and inclusive prosperity. Prime Minister Meloni supported accelerating the implementation of the EVFTA to increase bilateral trade turnover, aiming to reach US$7 billion.

Italy also pledged to support Vietnam with financial, technological, and training resources to address climate change challenges. Prime Minister Meloni welcomed Vietnam's proposal to establish a tripartite framework on agriculture involving Vietnam, Italy, and a third country to contribute to global food security solutions.

Following the meeting, the two leaders witnessed the signing of the Agreement on Mutual Legal Assistance in Criminal Matters and the Cultural Cooperation Program for 2023-2026.

The visit of President Vo Van Thuong and his wife to Italy is part of his tour to three European countries from July 23 to 28.

Diplomatic relations between Vietnam and Italy were established soon after the signing of the Paris Agreement in 1973. Over the years, the two countries upgraded their relations to a strategic partnership in January 2013, cooperating in various fields, including politics, diplomacy, economy, science, education, defense and security, and environmental protection.

In 2022, bilateral trade between the two countries reached more than $6.2 billion, an increase of 11% compared to 2021. Italy ranks as Vietnam's third largest trading partner in the EU, while Vietnam holds the position of Italy's largest trading partner in ASEAN.

Italy is actively investing in Vietnam, with 135 projects and a total capital of over $412 million, ranking 36th among 141 countries and territories investing in Vietnam by the end of 2022.

Regarding development cooperation, Italy continues to support Vietnam with seven ongoing projects and three projects in preparation, with a total committed capital of over $130 million. The Vietnamese community in Italy consists of about 5,000 people.