According to the Ministry of Labour, Invalids and Social Affairs (MoLISA), Vietnam’s commitments in the CPTPP and EVFTA have contributed to maintaining and increasing foreign investment in Vietnam and helped Vietnamese businesses raise their competitiveness, boost exports and further integrate into the global supply chain.
Speaking at the workshop, themed “Labour commitments of Vietnam in CPTPP and EVFTA,” MoLISA Deputy Minister Doan Mau Diep said the discussions aimed to serve the amendment of Vietnam’s Labour Law.
The ministry is considering ratifying the International Labour Organisation (ILO)’s conventions No. 98, 105 and 87 to display Vietnam’s commitments in new-generation agreements, the official said.
Besides, the ministry has popularised labour commitments in CPTPP and EVFTA, revised the Labour Law and issued guidance documents, he added.
Dao Quang Vinh, Director of the MoLISA’s Institute of Labour Science and Social Affairs, said the deals are expected to create a larger global free trade area and generate more jobs, especially in areas of Vietnam’s strength like garment-textile, leather and footwear, wooden furniture production, food processing and coffee, while improving wages.
Delegates at the workshop also discussed Vietnam’s preparations for labour commitments in CPTPP and EVFTA in terms of institutions and human resources, along with the implementation of international labour standards at enterprises.
The CPTPP was signed in Santiago, Chile, on March 8, 2018 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Of the 11, seven countries have ratified the pact, with Vietnam finishing its procedures on November 12. Earlier, New Zealand, Canada, Japan, Mexico, Singapore and Australia ratified the deal.
The deal, to take effect at the end of this year, is expected to bolster economic growth, create more jobs, alleviate poverty and improve living quality in the member states.
It will create one of the world’s largest free trade blocs with a market of about 500 million people and a GDP of 10.1 trillion USD, accounting for 13.5 percent of global GDP.
The accord is expected to increase Vietnam’s GDP by 2.01 percent by 2035, according to the Ministry of Planning and Investment.
The EVFTA is a new-generation trade agreement between Vietnam and the 28 EU member countries. Negotiations for the deal concluded on December 1, 2015. The official text of the agreement was published on February 1, 2016.
The European Commission (EC) on October 17 agreed to submit the EVFTA to the European Council to seek its approval for the official signing of the deal.
VNA
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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