Labor productivity of Vietnamese is at the 'top of the bottom' in Southeast Asia
Despite improvements in recent years, Vietnam's labor productivity is still significantly lower than other countries in the region. “Vietnam's labor productivity in Southeast Asia is only higher than Cambodia's (2.4 times); Myanmar (1.6 times); Laos (1.2 times)” - General Statistics Office commented.
The General Statistics Office - Ministry of Planning and Investment has just released the Vietnam Labor Productivity Report 2011-2020. Labor productivity is calculated by the average GDP per employee working in the year.
According to the General Statistics Office, in 2020, the labor productivity of the whole economy is estimated to reach 150.1 million VND/worker (equivalent to about 6,466 USD/worker), 2.1 times higher than 2011 (70 million VND/worker). VND/labor).
On average, in the period 2011-2020, the labor productivity growth rate of the whole economy reached 5.29%. In the next period (2021-2030), Vietnam aims to increase labor productivity over 6.5%/year.
Although it has improved, according to the General Statistics Office, Vietnam's labor productivity level is still very low compared to other countries in the region, notably, the absolute difference continues to increase.
Vietnam's labor productivity is still significantly lower than other countries in the region.
According to PPP (purchasing power parity) 2017 - 2020, Vietnam's labor productivity in 2020 will reach 18.4 thousand USD, only 11.3% of the productivity level of Singapore; 23% of Korea; 24.4% of Japan; 33.1% of Malaysia; 59.1% of Thailand; 60.3% of China; 77% of Indonesia and 86.5% of labor productivity of the Philippines.
“Vietnam's labor productivity in Southeast Asia is only higher than Cambodia's (2.4 times); Myanmar (1.6 times); Laos (1.2 times)” - General Statistics Office commented.
According to the General Statistics Office, the advantage of abundant and cheap labor is gradually losing its advantage, and instead new sources for growth are productivity and quality of labor, creative capacity and potential. Science and technology to solve the problem of increasing labor productivity requires a strategy and overall solution to create breakthrough changes.
Regarding mechanisms and policies, the General Statistics Office proposed institutional reform, accelerated economic restructuring associated with growth model innovation, adopted policies on science and technology development, and strengthened the innovation system. innovation in enterprises, removing financial barriers to enterprises, policies on salary, wages, education and training.
For enterprises, the current state of labor productivity will be a great difficulty for enterprises to stand firm and compete in the market with foreign enterprises. Accordingly, enterprises need to determine a suitable production model, improve production value, renew machinery and equipment and technological processes.
Employees need to raise awareness, discipline, work seriously, study hard, practice skills, and improve their education levels. This is an indispensable requirement, if not met, the employee may be fired...
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