Vietnamplus

Vietnam can escape the middle income trap to achieve rapid and sustainable growth only by improving its labour productivity, heard a policy dialogue on September 26 in Hanoi.

The issue of labour productivity attracted much attention at a forum in Hanoi on September 24 that focused on Vietnamese trade unions’ support for the Government’s efforts to improve national competitiveness and sustainable development.

The Government has issued a decree to update provisions of the Labour Code relating to wages.

Accelerating agricultural restructuring towards national-scale, high-tech production has become a key goal for the central coastal province of Binh Thuan as it aims to reach an average 3.3-3.8 percent annual growth for its agro-forestry-fishery sector during the 2018-2020 period.

The Mekong Delta province of Tra Vinh plans to increase the production values of the agro-forestry-fishery sector by more than 4 percent by 2020, according to the provincial People’s Committee.

The Government’s Economic Advisory Group should work to analyse internal and external difficulties to propose rational mechanisms for the nation’s sustainable economic growth, said Prime Minister Nguyen Xuan Phuc.

Enhancing Vietnam’s labour productivity is the priority of the Vietnam – Japan Joint Initiative that aims to improve Vietnam’s investment environment, a Japanese diplomat has said.

Vietnam’s garment-textile export turnover is expected to hit 18.5 billion USD in the second half of 2018, bringing the year’s export value to 35 billion USD, 1 billion USD higher than the target set for the year, heard a press conference in Hanoi on July 30.

As Vietnam’s economic hub, Ho Chi Minh City boasts advantages to develop startups, with its science-technology resources accounting for 25 percent and the number of operating businesses taking up 50 percent of the country’s, while its labour productivity is 2.5 times higher than the national average.

Indonesian Minister of Finance Sri Mulyani Indrawati said that the government has set an economic growth target of between 5.4-5.8 percent in 2019.

Contestants from across Vietnam are showing off their vocational skills in 26 professions at the ongoing 10th National Skills Competition.

Increasing labour productivity and improving institutions should be made the top priorities to ensure high and sustainable economy growth.

The International Monetary Fund (IMF) projected Vietnam’s economy to grow by 6.6 percent this year and 6.5 percent the following year in a recent report.

Economic and social experts have stressed the necessity to raise the quality of human resources, thus improving the labour productivity and promoting sustainable development in the country.

Vietnam’s labour productivity is very low compared with growth need, thus raising productivity is the key to economic growth, experts said at a conference on April 13.

Improving productivity has become an important issue in Vietnam, especially in the context of international integration. Fact has shown that technology application in many firms has significantly help

Renovating the growth model and raising productivity are the key tasks to develop Vietnam’s economy, said Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

The average income of civil servants from Ho Chi Minh City is expected to increase this year but will not exceed 1.8 times their main salaries, according to Nguyen Thanh Phong, Chairman of the HCM City People’s Committee.

The Ministry of Planning and Investment has proposed the government to hasten efforts aimed at improving the business environment in 2018.

Vietnam’s textile and garment industry targets a year-on-year increase of 10 percent in export value to 34 billion USD in 2018.