France takes new step toward ratifying EVIPA
VOV.VN - The French Government has submitted a bill to Parliament to ratify the EU-Vietnam Investment Protection Agreement (EVIPA), marking a new step in bringing the pact into effect.
The bill was presented by the Minister for Europe and Foreign Affairs at the Council of Ministers meeting on July 27 before being forwarded to Parliament for review.
Signed in Hanoi on June 30, 2019, EVIPA aims to deepen economic ties and enhance investment protection between the EU and its member states and Vietnam.
The agreement is advanced as the EU and France strengthen their presence in the Indo-Pacific region and bolster strategic relations with Vietnam. EVIPA complements the EU-Vietnam Free Trade Agreement (EVFTA), which took effect in August 2020, and further consolidates the Comprehensive Strategic Partnership between France and Vietnam established in October 2024.
According to the French Government, EVIPA establishes a uniform legal framework for investment protection between EU member states and Vietnam, safeguarding investors' rights while replacing traditional investor-state arbitration with a modern dispute resolution jurisdiction system. Once in force, the agreement will supersede the bilateral Investment Promotion and Protection Agreement signed between France and Vietnam in 1992.
The French Government assesses that EVIPA will help expand the presence of French enterprises in Vietnam amidst intensifying international competition. Currently, over 250 French companies operate in Vietnam, generating employment for approximately 26,000 workers across various sectors.
EVIPA was signed alongside the EVFTA in 2019. However, unlike the EVFTA, the investment protection agreement requires ratification by all EU member states in accordance with their respective domestic procedures before it can enter into force.
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PM pledges green growth, urges EU members to ratify EVIPA
Vietnamese Government committed to rapidly resolving obstacles for foreign investors and welcomed European firms to join the country’s high-growth, green transition agenda.
