According to the World Bank, without adequate mitigation measures, Việt Nam could face significant economic losses due to climate change. Through IPEF, Việt Nam can gain access to expertise, technology, training, and legal frameworks, which will contribute to the enhancement of labour skills and technological capabilities. In fact, Việt Nam has made significant progress in anti-corruption thanks to strong political determination. It will also be difficult to reach consensus with the IPEF partners if Việt Nam sets low standards for environment and labour issues. She recommends Việt Nam opt out of the trade pillar but join the other three, or consider higher labour and environment standards required under the trade pillar as a way to attract future investment and join the framework fully.

Source: Viet Nam News February 02, 2024 05:57 UTC