January 02, 2019 | 20:34 (GMT+7)
Vietnam has high growth rate of labor productivity in ASEAN
PANO - According to the General Statistics Office (GSO) under the Ministry of Planning and Investment, labor productivity of the Vietnamese economy is now estimated at VND 102 million/worker (USD 4,512/worker), up by VND 8.8 million/worker (USD 346/worker) compared with 2017.
Notably, Vietnam's labor productivity has improved over the past years at a higher growth rate of labor productivity in ASEAN.
During the period of 2008-2018, Vietnam's labor productivity measured by the purchasing power of 2011 increased 4% per year on average, higher than the average growth rates of 0.9% in Singapore, 1.1% in Malaysia, 2.6% in Thailand, 3.3% in the Philippines, and 3.4% in Indonesia.
However, the gap of labor productivity levels between Vietnam and other countries has increased. This problem also indicates that the Vietnamese economy must overcome difficulties and challenges to catch up with other regional countries in labor productivity.
Translated by Lam Anh