Vietnam’s labor productivity growth rate reached six percent in the period 2011-2020, but still lags compared to other countries in the region, local media reported.
Despite the issue of a regulatory framework essential for the improvement of this indicator in the period 2011-2021, policies and institutions on the ground still need to be completed and synchronized.
Speaking at a conference on the topic, the deputy director of the Central Institute of Economic Management, Dang Duc Anh, warned that the gap in rural areas is widening and labor productivity growth is not behaving in the same way between industries and regions .
He also specified that labor productivity in the country has increased 2.5 times over the past 10 years, from about $3,000 per worker in 2011 to $7,469 in 2021.
This is an important element for achieving long-term economic growth and a requirement to close the gap with other countries in the region to become a high-income developed country by 2045, said Deputy Minister of Planning and Investment Tran Quoc Phuong.
He stated that after 30 years of innovation, Vietnam has achieved important achievements in terms of socio-economic development, such as: less dependence on natural resources, crude oil exports and cheap labor and also an intensification of the application of scientific advances to field of technology and innovation.
The director of the Institute of Branding and Competition Strategy, Vo Tri Thanh, also mentioned what he believes are the main obstacles for national companies to increase productivity.
According to local media, among these obstacles he cited uncertainty about investment in technology, low innovation capacity reflected in the poor quality of management, lack of necessary skills of the workforce and scarcity of capital.
