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Viva /vi-va/ [2 sylls.] as a girls' name is of Latin origin, and the meaning of Viva is alive.
La vida is a feminine noun and it means (the) life. Viva live is the impersonal imperative of the verb vivir-to live. So the intention is to live the life or live your life or live life. You cannot always interpret word for word. It is the meaning you are searching for.