VIETNAM EXHIBITION - TRADE SHOW
Why Vietnam ?
Located at the heart of the Asia–Pacific region, Vietnam has strategic location. The country shares a land border with China to the north, Cambodia and Laos to the west, Vietnam is an ideal export hub to reach other ASEAN markets.
Besides, Two long rivers in Vietnam, the Mekong in the south and the Red river in the north of the country reach the sea spread over huge swampy delta plains. The lands in these areas are very fertile, ideal for growing rice and other crops and home to the majority of the country’s population. Lastly, due to its favorable climate conditions and lower cost production, Vietnam is the largest exporter of cashew nuts and black pepper in the world with one-third of the global production, and also the second largest exporter of rice behind Thailand.
One key way of boosting trade and economic development is through participation in free trade agreements (FTAs). Over the past few years, Vietnam has been active in signing bilateral trade agreements with countries throughout the world. Additionally, due to its membership in the Association of Southeast Asian Nations (ASEAN), Vietnam has become a party to several FTAs that the regional trade bloc has signed as following:
- ASEAN Free Trade Area (AFTA)
- World Trade Organization (WTO)
- The U.S.-Vietnam Bilateral Trade Agreement (BTA)
- EU-Vietnam Free Trade Agreement (EVFTA)
- Trans-Pacific Partnership (CPTPP)
According to the Vietnamese Ministry of Planning and Investment, the CPTPP could raise Vietnam’s GDP by 1.3 percentage points and exports by 4.0 percentage points by 2035, while the EU considers that the EVFTA could lift Vietnam’s GDP by 15%. These two deals, along with other FTAs which will likely come in the future, should help ensure that the next 30 years are just as positive.
WAGES AND QUALITY
According to Vietnam Briefing’s article published, in 2019, the minimum wages are predicted to increase to VND4.18 million (US$180) from VND 2.92 million (US$126) in 2018. It was increased by an average of 5.3% by Vietnam’s National Wage Council. While the minimum wages in 2018 were increased by 6.5 percent which ranged from VND 2.76 million (US$118) to VND 3.98 million (US$171) in 2017.
To calculate the salary for employees, foreign employers can base on the minimum wages and other benefits. Vietnam’s National Wage Council sets the minimum wage system to provide a stable and sustainable way to negotiate a fair minimum wage increase each year. By this structure, the salary for employees in Vietnam is certainly better fair than none at all, and labor watchers, researchers, and foreign employers can suitably follow the salary hikes range each year.