Vietnam among top five markets globally for cost efficiency
Average wages at multinational and domestic enterprises in Vietnam expanded only 6.5 percent and 5.2 percent this year respectively, the lowest levels in a decade.
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|Total Workforce Index 2020 has identified the top five markets globally for cost efficiency: the Philippines, Croatia, Morocco, Vietnam and Thailand. Photo ManpowerGroup|
The US, New Zealand and Canada are the most attractive countries for employer investment based on 200 factors that evaluated skills availability, cost efficiency, regulation and productivity, while Vietnam is among the top five in cost efficiency, according to ManpowerGroup Talent Solutions’ Total Workforce Index (TWI).
New Zealand, Hong Kong, Singapore, Japan and South Korea were ranked as the top markets in the Asia-Pacific region, according to the report. Singapore and Hong Kong ranked highly for workforce productivity.
The TWI also identified the top five markets globally for cost efficiency: the Philippines, Croatia, Morocco, Vietnam and Thailand. These markets are driven by favorable country dynamics, such as cost of labour and regulations.
The average Vietnamese monthly wage was US$321 a month in 2020, up by 32.6 percent compared to the year earlier, while the regional average was US$1,835 a month.
|Workers at a garment factory in Hanoi, Vietnam. Photo by Shutterstock/Jimmy Tran.|
In an increasingly complex global market, access to skilled talent is a top priority for organisations looking to build or grow their business.
IT skills, particularly those that support remote work such as cybersecurity, continue to be in demand, along with an ongoing need for medical, operations and logistics skills and roles that are deemed essential, Viet Nam News said.
This year, ManpowerGroup Talent Solutions takes a deeper look at talent availability, comparing the percentage of remote-ready workforce in different markets and exploring the availability of in demand talent to assist organizations in keeping pace with the next normal.
The TWI is the only index of its kind that analyzes over 200 factors across 76 markets for a comprehensive and comparative view of four key factors: Workforce Availability, Cost Efficiency, Workforce Productivity and Regulation.
Just as the Gross Domestic Product (GDP) of a market is used as an economic indicator for measuring the size of an economy and how it’s performing, the index may be used as an indicator of workforce potential. TWI rankings provide important perspectives and insights that can influence organizations’ short- and long-term workforce planning strategies, ManpowerGroup said on its website./.
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