Vietnam plans for labor productivity to top ASEAN

labor product

Vietnam wants to be in the top 3 regional countries by 2030 after a period of labor productivity growth higher than the ASEAN average.
Recently approved by Deputy Prime Minister Tran Hong Ha, a national plan to increase labor productivity through 2030 has set an average labor productivity growth target rate of over 6.5% per year.

The plan aims for labor productivity in the manufacturing and processing sector to grow 6.5-7% during the period, and that in the agriculture, forestry and fisheries sector and the services sector 7-7.5%.

The labor productivity growth rates in key economic regions and cities, including Hanoi, Da Nang, Hai Phong, Ho Chi Minh City, Can Tho will be higher than Vietnam’s average labor productivity growth rate during the 2023-30 period.

To this end, a number of industries and localities will be selected for increased labor productivity programs on a pilot basis, and successful models will be implemented across the entire economy throughout the country.

Vietnam will establish a national productivity committee, while authorities and localities will regularly communicate with businesses, investors, and workers about barriers to solve problems that cause low labor productivity.

The program will also focus on developing research, applying science and technology, fostering innovation and digital transformation, and improving the competitiveness of industries by facilitating regional development, regional integration, and international-level trade, tourism and finance centers in big cities.

The program aims to make labor productivity an important driving force for rapid, sustainable growth, effectively taking advantage of opportunities from the fourth industrial revolution.

The country will improve the quality of institutions in the market economy while developing human resources, science, technology and innovation.

Vietnam’s labor productivity growth rate was 5.1% in the 2011-20 period, higher than the ASEAN average.

In 2021, the year most-severely affected by the Covid pandemic, the country’s labor productivity growth rate was still 4.7%, the highest in the regional bloc. However, Vietnam’s overall labor productivity is still lower than Singapore and Thailand.

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