Labor productivity is a decisive factor for competitiveness of every economy and enterprise especially a developing country like Viet Nam.
|The General Statistics Office (GSO) reported that Viet Nam’s labor productivity has been improved remarkably at high paces in the region.|
Specifically, GDP grew 7.08% in 2018. Labor productivity was estimated at VND 102.2 million, equivalent to US$ 4,521, representing a year-on-year growth of 6%.
In the 2016-2018 period, labor productivity yearly jumped 5.77%, higher than the rate of 4.35% in the 2011-2015 period. In the 2011-2018 period, labor productivity yearly picked up 4.88%.
In the 2011-2018 period, Viet Nam’s labor productivity yearly increased 4.8% which is higher than those of regional countries.
Hence, Viet Nam succeeded in narrowing down relative gaps with other ASEAN with higher development standards.
However, Viet Nam’s laobor productivity was extremely low in the region.
Agro-forestry-fishery sector had the lowest labor productivity with VND 39.8 million per labor, equivalent to 38.9% of the national labor producvitity, 30.4% of industry and construction sector; 33.7% of service sector.
The industry and construction sector accounted for a large proportion in the economy but failed to play a vital role in boosting fast growth. In 2018, labor productivity of industry and construction sector hit VND 154.1 million per labor, increasing only 2.99% in 2018 and 2.63% in the 2011-2018 period.
Labor productivity of the service sector was estimated at VND 118.1 million in 2018, 1.2 times higher than average labor productivity, up 1.47%. Average labor productivity growth rate of the sector was 3.1% in the 2011-2018 period.
The GSO reported that labor productivity of SOEs was VND 678.1 million per labor, 7.3 times higher than the national average rate. However, the GSO attributed the high figure to resource allocation especially natural resource.
Non-state enterprises had average labor productivity of VND 228.4 million, 2.5 times higher than the national average rate.
Average labor productivity of FDI enterprises hit VND 330.8 million, 3.5 times higher than the national average rate./. VGP