12 Sep 2022
Vietnam is seeking to develop an internationally integrated labour market in order to achieve a robust global connection and safeguard domestic harmonisation.
The country’s labour market has experienced a significant advance in terms of scale and quality following 35 years of the so-called Doi moi (renewal) process, becoming deeply integrated within the international market.
Solutions to restructure the country’s economy, bolster the business environment, promote business and production and attract investment over the past few years has led to a restructuring of the labour force. These factors have also increased the number of workers within enterprises and production and business establishments, The Star reports.
To ensure a steady stream of labour, several policies, programmes and initiatives have been put in place to effectively maintain labour supply.
Vietnam’s labour force had risen to more than 51 million by the middle of the year, from around 28 million in 1986, the report goes on to add.
Furthermore, the percentage of trained workers in 2015 stood at 49%, and increased to 67% in the first half of this year.
Sending people to work overseas under contract has also led to impressive results. As it stands, there are over 600,000 Vietnamese people working in 40 countries and territories across the globe, enjoying a stable income and sending US$3.5 billion worth of remittances back to Vietnam every year.
The number of guest workers has progressively risen over the years, averaging at 10% growth each year.
Minister of Labour, Invalids and Social Affairs, Dao Ngọc Dung reported the ministry has established a number of tasks and solutions based on boosting communication work to increase the transparency of the country’s labour market and meet businesses’ human resources needs.
The ministry has also focused on the HR demand of foreign businesses investing in Vietnam, developing the labour market to boost sustainability, flexibility and innovation.