Vietnam ready to change to meet international labor standards
(VOVWORLD) - Opportunities and challenges for Vietnam's enterprises and export supply chain were discussed at a workshop in Hanoi on Tuesday following Europe’s move to force companies to ensure their supply chains meet various environmental and human rights standards.
In June the European Parliament agreed on its position in the Directive on Corporate Sustainability Due Diligence (CSDDD), which requires in‑scope companies to conduct due diligence on, and take responsibility for, human rights abuses and environmental harm throughout their global value chains.
This will pose a grave challenge to Vietnam’s exports to the EU, according to Nguyen Minh Thao of the Central Institute for Economic Management.
“Some EU countries and the US have requested legalizing set labor standards. Vietnam should prepare for this and be ready to change to meet the new requirements to facilitate its exports to these markets,” said Thao.
The workshop was co-organized by the Central Institute for Economic Management and the International Labor Organization.
Vietnam has participated in or is negotiating 17 free trade agreements. Last year, the country earned more than 371 billion USD from exports, up 10.5% from 2021.