The invention relates to a vacuum insulation panel which can be used as an insulator for a refrigerator requiring heat insulation to be provided and also to a refrigerator incorporating such a vacuum insulation panel. The invention particularly relates to an arrangement for preventing convection spaces from being formed where an edge of the vacuum insulation panel is folded back. The vacuum insulation panel includes a core which has an inner film bag in which a flexible inorganic fiber laminate is accommodated, and an outer barrier bag which is made of gas-impermeable film such as metallic foil laminated film and which accommodates the core. The inner film bag includes a welded portion and a ventilation portion. The outer barrier bag has a depressurized interior and has been sealed by welding. An edge of the inner film bag is placed in an edge of the outer barrier bag.