Vietnam Labour Productivity improved by six percent

, Vietnam Labour Productivity improved by six percent

The growth rate of labor productivity in Vietnam reached six percent in the 2011-2020 period, but it still lags behind, compared to other countries in the region, local media reported.

Despite the issue of a regulatory framework that is essential for the improvement of this indicator in the 2011-2021 period, the policies and institutions in the field still need to be completed and synchronized.

Speaking at a conference on the subject, the deputy director of the Central Institute of Economic Management, Dang Duc Anh warned that the gap in the countryside is widening and the increase in labor productivity does not behave in the same way between industries and regions.

He also specified that labor productivity in the country grew 2.5 times in the last 10 years, going from about three thousand dollars per worker in 2011 to 7,469 in 2021.

This is an important element in achieving long-term economic growth and a requirement to reduce the gap with other nations in the region in order to become a developed country with high income by 2045, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

He stated that, after 30 years of renewal, Vietnam exhibits important achievements in socioeconomic development as: less dependence on natural resources, the export of crude oil and low-cost labor and also intensifying application of scientific advances in technology and innovation.

The director of the Institute of Branding and Competition Strategy, Vo Tri Thanh also mentioned what he considers to be key barriers for national companies to increase productivity.

He cited, among these obstacles, the uncertainty in investment on technology, low innovation capacity reflected in the poor quality of management, the lack of necessary skills in labor forces and the scarcity of capital, according to local media.

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