Vietnam an Attractive Destination for All Business Types: Report

The majority of this economic growth has resulted from individuals migrating from traditional agriculture to manufacturing and service industries, as well as greater mechanization in the agriculture sector.

In a report published on March 2, the newswire wrote that most of Vietnam's economic growth had come from people moving from traditional agriculture to industrial and service industries, as well as increased mechanization of the farm sector itself.

With a population of 56 million people and a labor participation rate of 76%, Vietnam is one of the largest labor markets in the Association of Southeast Asian Nations (ASEAN).

Due to the country's developing workforce, it's understandable that obtaining highly skilled workers is tough, as only 12% of the Vietnamese workforce is deemed highly-skilled, according to VOV.

The manufacturing sector remains a key component of Vietnam's economy. Photo: The Hanoi Times

Skills and talent shortages are particularly problematic in industries such as technology and banking, according to Vietnam Briefing. Vietnam now has a shortage of around 70,000 IT workers every year, and the government has set a goal of 1.3 million IT workers by 2025.

The trade war between the US and China has exacerbated the existing labor shortage as more companies relocate all or part of their manufacturing to the Vietnamese market, notably for engineers, managers, and software developers, according to the article.

Vietnam has become an increasingly attractive place for businesses of all types, given the country’s growing consumer class and dynamic workforce. Photo: VOV

The trade war between the United States and China, according to the article, has exacerbated the current shortage of quality labor as more corporations relocate all or part of their manufacturing to the Vietnamese market, notably for engineers, managers, and software developers.

The Vietnamese government has decided that it will prioritize adapting its industries to a digital future and improving the accessibility of on-the-job training programs in these disciplines in order to address the issues faced by its workforce.

As it attempts to build more enterprise-based training schemes, the vocational education system is boosting its commitment to working with the private sector.

Vietnam has become an increasingly attractive place for businesses of all types, given the country’s growing consumer class and dynamic workforce, according to the newswire Vietnam Briefing. Photo: VNA

The local economic climate already supports innovation and seeks to attract more international investment, with a strengthened learning ecosystem allowing the country to adapt intelligently to any new technological disruptions.

The vocational education system also collaborates with the corporate sector to develop training programs that are tailored to the needs of businesses.

According to the Newswire, Vietnam's economic climate already stimulates innovation and attracts international investment, so an improved learning ecosystem will help the country respond effectively to recent technology upheavals.

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