While provinces, especially in southern Vietnam, are facing a shortage of human resources, other areas such as the north-central region can benefit from the wave of people relocating back to their hometowns.
Helping ease logistics constraints, continued testing and vaccination and encouraging labor mobility should be priorities, according to World Bank’s recommendations.
Vietnam’s economic growth is expected to slow down due to a resurgence of Covid-19 that has tightened the labor market, lowered industrial output, and disrupted agricultural value chains, according to latest report released by the Asian Development Bank (ADB).
The ASEAN Hong Kong Free Trade Agreement (AHKFTA) coming into force on June 11 for Singapore, Thailand, Vietnam, Laos and Myanmar can now further promote global trade liberalisation as it adds wings to trade among ASEAN nations, according to HSBC.
Businesses are certain to benefit from greater clarity at a time of trade-policy turbulence as well as from improved access to 500 million consumers when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership goes live in Vietnam today.
Fast lifestyle and a changing consumption trend have become the motive force for the fast food boom, but when entering Vietnam, world famous brands seem not to catch on very well.
For a country which is experiencing the early stage of development like Vietnam, nationalism will become a driving force for economic growth, according to Professor Tran Van Tho.
-crop.jpg)
Re-skill the labour force, strengthen digital connectivity and boost cooperation between public and private sector are the way forward for Vietnamese businesses to promote sustainable growth in 4.0 industrial revolution, according to Dinh Thi Quynh Van, General Director of PwC Vietnam.
Aging population, one of the four specific megatrends impacting on Vietnam, has many negative implications for Vietnam’s labor supply, long-term productivity growth, pension and social assistance system, according to country director of the World Bank Group in Vietnam Ousmane Dione.
Several FDI enterprises are still not seriously committed to the terms in the labour contracts, violating the rights of workers, which leads to massive labor disputes or collective work stoppage.
The economic structure has not been shifted and investment resources are being shifted mostly into the old and low value-added sectors, which are reflecting a distortion in Vietnam's labor productivity, according to Nguyen Duc Thanh, Vietnam Institute for Economic and Policy Research's president.
According to Takimoto Koji, chief representative of JETRO HCMC Branch, Japanese businesses have exposed their problems about labor cost, incomplete legal system, unclear law enforcement, complex taxation and undeveloped supply of raw materials to the Vietnamese government and are still awaiting responses.
According to Prof. Tran Van Tho, a member of the Prime Minister's Economic Advisory Group, over the past ten years, state-owned enterprises (SOEs) have wasted too much, which made the average labor productivity lower.
The Government’s Decree No. 116/2017/ND-CP which came in full force and effect on January 01, 2018, is viewed as a “new barrier" to protect domestic automobile industry from the automobiles imported from ASEAN entitled to a zero per cent tariff, according to automobile importers and exporters.
