The Italian Parliament ratified the EU-Vietnam Investment Protection Agreement (EVIPA) on Wednesday, during a visit to Italy by Vietnamese State President Vo Van Thuong, paving the way for Italian businesses to ramp up their investments in Vietnam, Italian President Sergio Mattarella told a press briefing on the same day.

At their talks on Wednesday, Vietnamese State President Thuong thanked Italy and stressed that the deal would benefit enterprises and people of both nations.

He also suggested Italy urge other EU members to soon ratify the agreement.

EVIPA will replace 21 existing bilateral investment agreements between Vietnam and EU members.

The European Parliament and the Vietnamese National Assembly approved EVIPA in 2020.

The deal will take effect with the ratification by the parliaments of all 27 EU members. To date, more than 10 EU countries have ratified the agreement.

Italy’s ratification of EVIPA is a positive signal as Italy is an important member of the EU. It is a founding member of the bloc and part of the Group of Seven (G7).

The economic relations between Vietnam and Italy are developing positively with two-way trade reaching over US$6.2 billion last year.

Vietnam is the largest trade partner of Italy among ASEAN countries, while the European country is a leading partner of Vietnam in Europe.

Italy ranks 33rd out of the 143 countries and territories making direct investments in the Southeast Asian nation.

State President Thuong and his Italian counterpart Mattarella also discussed major orientations and measures to strengthen the Vietnam-Italy strategic partnership.

The Vietnamese state leader affirmed that Vietnam attaches much importance to Italy and expects to enhance their relations.

President Mattarella said he was impressed by Vietnam’s dynamic economic development and the mutual support of the two countries, especially during the COVID-19 pandemic.

The two sides agreed to step up the exchange of delegations at all levels, especially high-ranking ones, and continue to effectively conduct bilateral cooperation mechanisms.

As for economic ties, President Mattarella supported Vietnam’s proposal to continue carrying out the EU-Vietnam Free Trade Agreement and the European Commission’s removal of its ‘yellow card’ punishment on Vietnam’s seafood exports in a bid to foster economic and trade relations and contribute to the economic recovery.

The two leaders also consented to boost the cooperation in education-training, culture, and tourism as well as the collaboration between localities of the two countries. 

The Vietnamese state leader threw his support behind the establishment of an Italian cultural institute in Vietnam, saying that it will help promote the cultural exchange of the two countries.

Italian people will understand Vietnamese culture, while Vietnam will have an opportunity to access valuable Italian cultural values, Thuong added.

The two sides also reached a consensus on expanding the cooperation in national defense-security, science-technology, and the response to global issues, while supporting each other at multilateral forums.

Regarding East Vietnam Sea-related issues, the two leaders reiterated the importance of maintaining peace, security, safety, and freedom of navigation and aviation in the waterway, and settling disputes by peaceful measures on the basis of international law, especially the 1982 United Nations Convention on the Law of the Sea.

State President Thuong also invited President Mattarella to visit Vietnam at an appropriate time.

Thuong arrived in Rome on Tuesday for his visits to Italy and the Vatican at the invitation of President Mattarella and Pope Francis.

The visits, scheduled to wrap up on Friday this week, followed his visit to Austria from Sunday to Tuesday.

This is the first time that a Vietnamese head of state has paid a visit to Italy or the Vatican in the past seven years.

His visit to Italy takes place while the Southeast Asian and the EU nation celebrate the 50th anniversary of their diplomatic relations and the 10th anniversary of their strategic partnership.

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