Monday 9 August 2021

Free trade has made Vietnam factory workers poorer when not linked to national insurance

This post will change a bit as I get the facts together but here's a start
https://tradingeconomics.com/vietnam/wages-in-manufacturing
says that wages in Vietnamese manufacturing have not much risen recently; the bar chart shows a big peak and then a fall.
https://tradingeconomics.com/vietnam/wages-in-manufacturing says that people in Vietnam have benefited from a recent free trade deal with the UK. The link is to a consulation document which states this as a fact. The same consultation process leaves-out any questions on wny the UK is paying other countries to under-cut UK manufacturers; consultations on each deal, such as the recent mexico deal consultation, are silent on the subject and give no clue that a subsidy to the other side might exist.
It turns-out that I'm wrong: Vietnam has a firtility rate of about two, and some kind of national insurance and welfare state. I don't know if it's a good one, but it's enough to stop the firtility rate going as high Mexico (where the UK wants to pay to get a trade deal!) or Nigeria, where women have about four children and I expect that women in poor families have more, boosting the unemployment queue and lowering wages however many cut-rate products westerners buy from there. Also, I forget where I got the firtility rate figures, but welfare / national insurance information is here -
https://ww1.issa.int/country-profiles

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