Statistics released by the General Statistics Office (GSO) showed that the productivity of the whole economy at current prices in 2017 is estimated at VND 93.2 million (equivalent to US$4,159) per worker.

Based on the prices in 2010, the productivity of the whole economy in 2017 has increased by 6% compared to 2016 and the average productivity in the 2011 - 2017 period rose by 4.7%.

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Photo: tinnhanhchungkhoan.vn

However, Vietnam’s labor productivity currently stands behind almost all countries in Southeast Asia, including Laos. In 2016, the average productivity of a Vietnamese employee reached US$ 9,894 per person, equaling 7% of Singapore, 17.6% of Malaysia, and 36.5% of Thailand.

The major reason for the country’s low labor productivity compared to Southeast Asian countries is because Vietnam started from lower and has been going up from an agricultural country as well as backward economic structure.

In order to further raise Vietnam’s labor productivity, according to delegates’ speeches, Vietnam should focus on increasing investment in training skilled employees, modernizing technology and manufacturing lines, and improving the management capacity of CEOs.

Translated by Chung Anh