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

The Vice Presidentsaid that with four chapters, 92 articles, and 13 annexes, the pact willreplace 21 existing investment encouragement and protection agreements betweenVietnam and EU member countries.

The dealprescribes certain regulations to ensure relations between Vietnam and the EU developin a spirit of respecting independence, sovereignty, territorial integrity, andnational unity.

Such principlesare in accordance with targets agreed upon in the EU-Vietnam ComprehensivePartnership and Cooperation Framework Agreement (PCA), she added.

The implementationof the EVIPA will contribute to enhancing economic, trade, and investment ties betweenthe two parties while consolidating and deepening relations, Thinh went on.

Along with theEU-Vietnam Free Trade Agreement (EVFTA), the EVIPA is expected to furtheraffirm Vietnam’s important role and geopolitical position in Southeast Asia andAsia-Pacific at large.

It will create momentumfor Vietnam to perfect its institutions and policies in order to improve itsinvestment environment.

Vietnam hopes toattract more investment in such areas as high-tech processing andmanufacturing, clean and renewable energy, high-quality services, and bankingand 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, presentedan assessment on the ratification of the EVIPA.

Most opinionsagree on the necessity of proposing the legislature ratify the EVIPA at thesame time as the EVFTA, he said.

Joining the EVIPA isin line with guidelines and policies on international integration from theParty and the State, and will help to bolster Vietnam’s prestige and profile inthe international arena.

Rapid ratificationof the pact and the EVFTA at this session would increase reliability and createan important premise for EU member countries to quickly complete internal legalprocedures for the agreement to take effect, Giau said.

Both Thinh andGiau pointed to challenges given the pressure of competition from foreigninvestors, which requires Vietnam to perfect its institutions and policies andimprove the capacity of competent agencies and businesses to respond toinvestment disputes in line with the EVIPA.

The committee proposed the NA ratify the EVIPA and issue a resolutionrecognising and allowing the enforcement of the final decision of theinvestment dispute settlement body under the EVIPA at this ninth session.

It also proposedthe legislature step up cooperation with the parliaments of EU member countriesto push ahead with ratification./.