Proposal for ratification of EVIPA submitted to National Assembly

Vice President Dang Thi Ngoc Thinh presented a proposal from the State President to the National Assembly (NA) for ratifying the EU-Vietnam Investment Protection Agreement (EVIPA), at the ninth session of the 14th NA in Hanoi on May 20.

Proposal for ratification of EVIPA submitted to NA hinh anh 1

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./.VNA

 
 

Other News

.
Nikkei Asian Review: Samsung Electronics looks to shift production to VN
Nikkei Asian Review: Samsung Electronics looks to shift production to VN
BUSINESSicon  07/08/2020 

Samsung Electronics will end personal computer production in China as it looks to shift production to Viet Nam to cut costs and remain competitive in the PC business, according to the Nikkei Asian Review. 

Banks struggle to raise capital amid Covid-19
Banks struggle to raise capital amid Covid-19
BUSINESSicon  07/08/2020 

In light of the unpredictable developments relating to the Covid-19 pandemic, many banks in Vietnam are attempting to raise capital but most of their plans have been delayed,

Southeast Asian companies to accelerate IPO plans
Southeast Asian companies to accelerate IPO plans
BUSINESSicon  07/08/2020 

Southeast Asian tech and consumer durables companies are mulling over applying for IPO in 2020 while startups in Vietnam are looking at choppy waters.

VN central bank cuts reserve interest rate to aid the economy
VN central bank cuts reserve interest rate to aid the economy
BUSINESSicon  07/08/2020 

The interest rate of compulsory reserves in the Vietnamese dong at banks will be 0.5 per cent per annum.

Record high gold prices see citizens keen to cash in
Record high gold prices see citizens keen to cash in
BUSINESSicon  07/08/2020 

Masses of people nationwide have been flocking to jewellery shops in order to sell the precious metal to cash in on the increasing trend of gold prices reaching an all-time high of VND62 million per tael.

Gold prices go up, VN central bank commits to stabilise market
Gold prices go up, VN central bank commits to stabilise market
BUSINESSicon  07/08/2020 

Prices of the yellow metal soared a new record reaching VND62million(US$2,681) per tatel or 1.2 ounce in Vietnam on Thursday after the State Bank of Viet Nam (SBV) confirmed to have solutions and sufficient resources to stabilise the market.

Ministry leaders discuss action plan to implement EVFTA
Ministry leaders discuss action plan to implement EVFTA
BUSINESSicon  07/08/2020 

Vietnamese enterprises have been urged to renovate their business strategies if they want to benefit from the EU-Viet Nam Free Trade Agreement (EVFTA), 

Top 10 most valuable brands worth US$8.1 billion
Top 10 most valuable brands worth US$8.1 billion
BUSINESSicon  07/08/2020 

The top 10 most valuable brands in Viet Nam 2020 are worth US$8.1 billion, increasing by 17 per cent from last year and accounting for 30 per cent of the list’s total value, according to Forbes Viet Nam magazine.

ASEAN’s investment contributes significantlly to Vietnam’s economic development
ASEAN’s investment contributes significantlly to Vietnam’s economic development
BUSINESSicon  07/08/2020 

Since Vietnam joined ASEAN (July 28, 1995) and committed to the implementation of the ASEAN Free Trade Agreement (AFTA) in 1996, ASEAN's direct investment has contributed significantly to Vietnam’s economic development .

Vietnam Airlines plans to sell nine planes due to financial woes
Vietnam Airlines plans to sell nine planes due to financial woes
BUSINESSicon  06/08/2020 

Vietnam Airlines is planning to sell nine A321CEO planes to optimize its fleet and improve its cash flow, as the national flag carrier’s revenue has dropped sharply due to the Covid-19 pandemic.

Vietnam – one of the best long-term growth stories in Asia
Vietnam – one of the best long-term growth stories in Asia
BUSINESSicon  07/08/2020 

Vietnam is one of the best long-term growth stories in Asia and is one of the most preferred frontier markets, according to HSBC.

Maximum $130,700 fine for listing violations: Draft decree
Maximum $130,700 fine for listing violations: Draft decree
BUSINESSicon  06/08/2020 

Public companies may receive a penalty of VND2-3 billion ($87,120-$130,700) for falsifying share listing and trading documents under a proposal from the Ministry of Finance.

Singaporean business surges ahead
Singaporean business surges ahead
BUSINESSicon  07/08/2020 

Singaporean business and investment in Vietnam has increased significantly over the decades, thus greatly contributing to strengthening economic bilateral ties.

Furthering developmental ties with dynamic Singapore
Furthering developmental ties with dynamic Singapore
BUSINESSicon  06/08/2020 

Vietnam and Singapore are witnessing their heyday in bilateral and multifaceted cooperation.

Wide impacts to be made with new law changes
Wide impacts to be made with new law changes
BUSINESSicon  06/08/2020 

Effective in 2021, the amended laws on Enterprises, Investment, and Public-Private Partnership are expected to entail breakthrough changes to Vietnam’s business and investment landscape in the coming time, 

Decisive actions to achieve goals
Decisive actions to achieve goals
BUSINESSicon  06/08/2020 

The Ministry of Planning and Investment is currently working on possible scenarios for the upcoming period amid the ongoing developments of the global health crisis.

Millenium to develop $15 billion LNG project in Khanh Hoa
Millenium to develop $15 billion LNG project in Khanh Hoa
BUSINESSicon  06/08/2020 

If the $15 billion LNG project of Millenium Group is approved, it will contribute to making the Nam Van Phong area the largest LNG centre in Southeast Asia.

Rebound likely despite bumpy roads
Rebound likely despite bumpy roads
BUSINESSicon  06/08/2020 

Despite a serious dip in local production caused by the health crisis, Vietnam is expected to be one of the fastest-growing nations worldwide this year, with the economy forecast to stay among the few nations with positive growth.

Unique advantages can pull Vietnam out of uncertainty
Unique advantages can pull Vietnam out of uncertainty
BUSINESSicon  06/08/2020 

In life, economic and health gains are not always equal. This is true for individuals and for countries. While Vietnam has managed to contain the pandemic so far, its economy has been hurt in recent months. 

Hanoi’s Old Quarter businesses bear brunt of COVID-19 impact
Hanoi’s Old Quarter businesses bear brunt of COVID-19 impact
BUSINESSicon  06/08/2020 

The second wave of the COVID-19 epidemic to hit Vietnam has continued to deal a devastating blow to small businesses, travel agencies, and tourist accommodations in the Old Quarter of Hanoi due to the suspension of operations.

 
 
 
Leave your comment on an article

OR QUICK LOGIN