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Viva /vi-va/ [2 sylls.] as a girls' name is of Latin origin, and the meaning of Viva is alive.
Viva la vida is actually a Spanish phrase that many English speakers know and can use freely. It's similar to how English speakers still use the French phrase c'est la vie. Viva la vida literally means live life. People use it to to mean enjoy life and have a good time.