With 95.03% of votes in favor, the National Assembly passed a resolution recognizing and permitting the enforcement of rulings issued by dispute settlement agencies under the EU-Viet Nam Investment Protection Agreement (EVIPA).

National Assembly deputies press buttons to vote on the resolution.
Photo: Quochoi.vn

The resolution was approved at the ongoing ninth session of the 14th National Assembly in Ha Noi on June 18.

The investment deal, which was signed by Viet Nam and the European on June 30 last year, is expected to create favorable environment for Viet Nam to lure investment in categories where the EU holds strengths, such as finance, telecommunications, transport, distribution, processing, high-tech manufacturing, and clean and renewable energy.

A long with potential economic benefits, the deal, ratified by the Legislature on June 8, is also expected to improve the Southeast Asian nation's institutions and policies in a bid to make its business and investment climate more transparent and welcoming.

Prime Minister Nguyen Xuan Phuc labeled the signing of the Viet Nam-EU trade and investment agreements as the “significant milestone” in the Viet Nam-EU relations while calling on both sides to work together to ensure successful realization of these agreements.

The agreement would also open up chapter for broader and comprehensive cooperation and meet aspirations of citizens and businesses of both sides.

For the Vietnamese side, a national action program will be adopted to implement the agreements, which will specify concrete tasks and measures to seriously and fully realize the commitments, according to PM Phuc./.