EVIPA is more balanced than previous agreements

VGP – The commitments in the EU-Viet Nam Investment Promotion Agreement (EVIPA) are more detailed and balanced than previous agreements on investment encouragement and protection which Viet Nam had signed with EU member states, said Deputy Minister of Planning and Investment Vu Dai Thang.

July 01, 2019 10:29 AM GMT+7

Photo: VGP/Nhat Bac

Deputy Minister Thang made the point following the signing ceremony of the EVFTA and the EVIPA between Viet Nam and the EU on June 30 in Ha Noi.

Mr. Thang announced that the EVIPA added regulations which ensure policy adjustment rights of investment recipients to guarantee the policies on public healthcare, safety, environment, social and customers’ rights, cultural diversity.

In addition, the EVIPA targets to build a permanent mechanism for investment disputes to replace the arbitration mechanism which Viet Nam has signed with EU member states. Accordingly, investment disputes will be handled at permanent trial agency in two levels including first instance and appellate level with members that are selected by Viet Nam and the EU.

The Deputy Minister assessed that the pack helps Viet Nam balance investment attraction and protection of national interests; ensure public benefits; support sustainable growth.

On the other hand, Mr. Thang affirmed that Viet Nam would early perfect the legal system on investment including overseas investment and stands ready to deal with lawsuits and trade disputes./.

By Kim Loan