October 14, 2016 | 21:21 (GMT+7)
Seminar discusses EVFTA’s impacts on labor sector
A seminar was held in Hanoi on October 14 to discuss the impacts of labor commitments that Vietnam has made in the Vietnam-European Union Free Trade Agreement (EVFTA)’s sustainable development program...
A seminar was held in Hanoi on October 14 to discuss the impacts of labor commitments that Vietnam has made in the Vietnam-European Union Free Trade Agreement (EVFTA)’s sustainable development program.
The event was co-hosted by the Ministry of Labor, Invalids and Social Affairs (MOLISA) and the European Trade Policy and Investment Support Policy (EU-MUTRAP).
Participants assessed commitment impacts on social and labor sectors, Vietnam’s proposed law amendments to match with the EVFTA, and labor inspection on law abidance among businesses.
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According to the MOLISA’s Institute of Labor Science and Social Affairs, Vietnam is forecast to generate extra 7.5 million jobs by 2025, or 83,000 each year.
Once Vietnam joins the EVFTA, the rate of workers in the mining and garment sector is predicted to increase 3.41 percent and 1.53 percent, respectively, on a yearly basis.
Other sectors will expect annual workforce rises, including maritime transport (3.7 percent), and metal manufacturing (2.65 percent).
Between 2020 and 2035, low-skilled workers will enjoy the highest increase in salary, according to the World Bank.
As scheduled, the revised Labor Code will be submitted to the 14th National Assembly for consideration at the third session and for adoption at the fourth session in October 2017.
The EVFTA, which is expected to be signed this year and take effect in 2018, is a new-generation free trade deal between Vietnam and 28 EU member states. Together with the Trans-Pacific Partnership, the EVFTA represents Vietnam’s broadest and highest commitments so far.