Italian President Mattarella informed President Vo Van Thuong that the Italian parliament has ratified the Vietnam - EU Investment Protection Agreement.
During a meeting on July 26 with President Vo Van Thuong in Rome, Italian President Sergio Mattarella assessed that the Italian parliament's ratification of the Vietnam - EU Investment Protection Agreement (EVIPA) created a basis for Italy to increase investment in Vietnam.
President Vo Van Thuong commented that this is very good news, which will benefit businesses and people of the two countries and contribute to promoting trade and investment cooperation. President Vo Van Thuong asked Italy to call on the remaining EU countries to soon ratify this agreement, according to a statement from the Ministry of Foreign Affairs.
EVIPA requires both sides to ensure the safety of assets and capital of partner investors, through commitments to fair and equitable treatment, free transfer of capital and profits from investment abroad, and no confiscation or nationalization of investors' assets without adequate compensation. EVIPA was approved by the European Parliament and the Vietnamese National Assembly in 2020 and is awaiting ratification by each EU country's parliament. Currently, more than 10 out of 27 EU countries have approved EVIPA.
Italian President Sergio Mattarella welcomed President Vo Van Thuong in Rome on July 26. Photo: VNA
The Italian President agreed with Vietnam's proposal that the two sides continue to effectively implement the Vietnam - EU Free Trade Agreement (EVFTA), and supported the European Commission (EC) to soon remove the IUU yellow card for Vietnam's seafood exports.
The two sides also agreed to expand cooperation in security - defense, science - technology and continue to support each other at multilateral forums such as the ASEAN - EU cooperation framework, ASEM, and the United Nations.
President Vo Van Thuong asked the Italian government to continue creating favorable conditions for the Vietnamese community to integrate. President Mattarella assessed that the Vietnamese community is hardworking, dynamic, and integrates well into Italian society.
On the East Sea issue, the two leaders reaffirmed the importance of protecting
ensure peace, stability, security, safety and freedom of navigation and aviation in the East Sea, and resolve disputes by peaceful means on the basis of international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
President Vo Van Thuong and Italian President Sergio Mattarella met the press after their talks on July 26. Photo: VNA
The President and his wife will pay a state visit to Italy from July 25, as part of a trip to three European countries from July 23-28.
Vietnam and Italy established diplomatic relations immediately after the Paris Agreement was signed in 1973. The two sides upgraded their relationship to a strategic partnership in January 2013 and cooperated in all areas of politics, diplomacy, economics, science, education, defense - security, environmental protection, and local connectivity.
In 2022, two-way trade turnover will reach more than 6.2 billion USD, an increase of 11% compared to 2021. Italy is Vietnam's third largest trading partner in the EU and Vietnam is Italy's largest trading partner in ASEAN.
By the end of 2022, Italy ranked 36th out of 141 countries and territories investing in Vietnam, with 135 projects with a total capital of more than 412 million USD.
Regarding development cooperation, Italy continues to provide ODA support to Vietnam with seven ongoing projects and three projects in the preparation phase with a total committed capital of over 117 million euros. The Vietnamese community in Italy has about 5,000 people.
Ngoc Anh
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