Based on the latest report from the World Bank, Vietnam has been rated as a global economic star with the fastest GDP growth rate in the world over the past 30 years. From 1990 to 2021, Vietnam’s GDP per capita has increased at an average annual rate of 5.3%, faster than any economy in the region except for China. This achievement is attributed to Vietnam’s rapid capital accumulation, abundant labor supply, and high productivity growth.
However, the World Bank also notes that in order to sustain this economic miracle, Vietnam needs to focus on enhancing productivity growth. The labor productivity of Vietnamese workers recorded an impressive growth rate of 64% during the period of 2010-2020, higher than many countries in the region, mainly due to improvements in the business environment, upgraded human resources quality, and significant FDI inflows.
Nevertheless, the absolute labor productivity in Vietnam remains relatively low compared to many countries in the region, especially developed nations. According to the Asia Productivity Organization (APO) data in 2020, the value of production per hour of Vietnamese labor reached only $6.4, compared to $14.8 in Thailand and $68.5 in Singapore.
Additionally, according to the World Bank, Vietnam’s economy has grown rapidly, but mainly due to FDI with little spillover effects on domestic enterprises. Despite a significant increase in the number of private enterprises in the past decade, domestic enterprises are often smaller, less efficient, and less innovative than foreign-invested enterprises, and do not integrate well into the global value chain.
Most domestic private enterprises have smaller scales and operate in relatively low-productivity sectors. Their production activities often target the domestic market rather than exports. In terms of value-added per labor, foreign-invested enterprises have nearly 5 times higher productivity and much higher profitability on assets compared to domestic enterprises.
To improve productivity, the World Bank suggests enhancing labor productivity through three channels, with a special focus on the participation of startups and innovative entrepreneurship. Additionally, according to the WB’s business competitiveness index survey, 27% of businesses reported difficulties in recruiting technical and managerial staff.
Among the startups participating in the survey, 44% stated challenges in accessing high-skilled labor. According to the World Bank, businesses also face challenges in recruiting high-level management positions such as financial directors or technology directors in Vietnam, which are common in developing industrial nations attracting FDI like Vietnam.
Therefore, these high-level positions are often filled by foreign experts, and Vietnamese enterprises still need to compete in terms of salaries to attract and retain high-level personnel.
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