Italy endorses Vietnam-EU investment protection pact

The Italian Parliament has ratified the Vietnam-EU Investment Protection Agreement (EVIPA), Italian President Sergio Mattarella said to Vietnamese President Vo Van Thuong in Rome Wednesday.

In their talks, Mattarella told Thuong that he appreciated this ratification as it would help Italy enhance investment and trade ties with Vietnam.

EVIPA was approved by the European Parliament and Vietnam’s National Assembly in 2020, and is waiting for ratification by the parliaments of each EU country. To date, more than 10 out of 27 EU countries have endorsed the agreement.

EVIPA requires the two parties to ensure the safety of the assets and capital of partner investors, through a commitment to fair and equitable treatments, free transfer of capital and profits from investment abroad, neither expropriating nor nationalizing investor assets without adequate compensation.

Thuong thanked the Italian Parliament for ratifying the agreement, saying that he believes the approval will benefit businesses and people of the two countries, significantly contributing to further promoting bilateral trade and investment cooperation in the coming time.

The Vietnamese President asked Italy to call on other EU countries to soon ratify this agreement, according to a statement from the Vietnamese Ministry of Foreign Affairs.

In Rome, the presidents of Italy and Vietnam co-chaired a press conference Wednesday to inform the results of their talks.

Mattarella said the two sides discussed many important contents and acknowledged achievements in the bilateral cooperation relationship, which has developed fruitfully in recent times.

The two sides agreed to maintain and expand comprehensive relations, especially the exchange of delegations at all levels, he noted.

The Italian leader showed his happiness when receiving the Vietnamese President’s invitation to visit Vietnam.

He thanked Vietnam Nam for presenting medical face masks to his country during its fight against the Covid-19 pandemic, saying that this was a special connection, embodying the spirit of strategic partnership, the Vietnam News Agency reported.

Mattarella added many Italian businesses are investing and doing successfully in Vietnam, and the number is constantly increasing. He also mentioned with pleasure that the two sides agreed to promote culture and renewable energy cooperation.

The two sides discussed the collaboration between Vietnam and the EU community, he said, noting that Vietnam plays an important role for the EU, serving as an axis connecting the EU with ASEAN, especially cooperation in free trade and investment.

The two sides also agreed to continue coordination at international forums and work closely in responding to climate change, Mattarella added.

For his part, President Thuong said that in its foreign policy, Vietnam attaches special importance to the friendship and multifaceted cooperation with Italy, an important member of the EU and the international community.

He thanked the host for his recognition and good assessment of the bilateral relations, saying that the specific issues mentioned by the Italian President showed the increasing political trust and mutual understanding between Vietnam and Italy.

Regarding cooperation between Vietnam, the EU and ASEAN, Thuong affirmed that Vietnam keeps supporting and exerting every effort to make the relationship between Italy and ASEAN better and better.

The Vietnamese leader said he fully supports and agrees with the Italian President on the establishment of an Italian culture center in Vietnam to further promote culture exchanges between the two countries, and help Italians understand more about Vietnamese culture and vice versa.

The two sides agreed to expand cooperation in all areas from politics and diplomacy, to trade, investment, education and training, science-technology, culture, and people-to-people exchange, he said, saying that these are necessary and important for stronger and more effective bilateral relations, reaching new heights as desired by the leaders and people of the two countries.