Comparing Vietnamese labor with Asian countries: Reputable human resource supplier

1. Overview of Vietnam’s labor force

By 2024, Vietnam’s labor force aged 15 and over will reach 53.0 million, an increase of 575.4 thousand people compared to the previous year, with a labor force participation rate of 68.9%. Of which, the employed population will reach 51.9 million, an increase of 585.1 thousand people (equivalent to an increase of 1.14%) compared to 2023.

Labor distribution by economic sector shows:

• Service sector: Accounts for 38.7% of total employment, equivalent to 19.4 million people.

• Industrial and construction sector: Accounts for 33.5%, equivalent to 16.8 million people.

• Agriculture, forestry and fishery sector: Accounts for 27.8%, equivalent to 13.9 million people.

2. Vietnam’s labor productivity compared to Asian countries

Although Vietnam’s labor productivity (LSP) has increased significantly in recent years, there is still a large gap compared to many countries in the region. According to data from the Asian Productivity Organization (APO), in 2020, the production value per hour of labor of Vietnamese people reached 6.4 USD, while:

• Thailand: 14,8 USD

• Singapore: 68,5 USD

In 2022, each Vietnamese worker will generate 188 million VND/person/year; equal to only 11.4% of Singapore’s labor productivity, 35.4% of Malaysia’s, 64.8% of Thailand’s, 79% of Indonesia’s.

Compared to some major Asian economies, Vietnam’s relative gap in labor productivity is also notable:

• South Korea: In 2011, Vietnam’s labor productivity was equal to 16.4% of South Korea’s; by 2020, this figure increased to 23.3%.

• Japan: In 2011, Vietnam’s labor productivity was equal to 14.7% of Japan’s; by 2020, it would increase to 24.4%.

3. Quality of human resources

The quality of Vietnam’s human resources is still limited when compared to other countries in the region. According to the human resources index, Vietnam ranks behind Malaysia, Thailand, the Philippines and is only ranked roughly equivalent to Cambodia.

The proportion of trained workers with degrees and certificates in Vietnam in 2024 will be 28.3%, up 1.1 percentage points from the previous year. However, this figure is still lower than many countries in the region, where the proportion of trained workers is often over 50%.

4. Labor costs

Vietnam’s labor costs are considered competitive in the region. Vietnam’s average total operating costs range from $79,280 to $209,087 per month. In terms of business environment, talent, logistics, and digitalization, Vietnam ranks fifth, behind Singapore, Malaysia, India, and Thailand.

5. Vietnam Manpower Supply Group (VMS Group) – Vietnam’s leading labor supplier

Vietnam Manpower Supply Group (VMS Group) is one of the leading companies in Vietnam in the field of human resource supply. Established with the mission of meeting the labor needs of domestic and foreign enterprises, Vietnam Manpower Supply Group has continuously developed and affirmed its position in the market.

Since its establishment, Vietnam Manpower Supply Group has been oriented to operate on the basis of core values ​​including professionalism, prestige and quality. Vietnam Manpower Supply Group’s staff not only has high professional qualifications but also possesses rich experience in providing optimal human resource solutions for customers.

Why should you cooperate with Vietnam Manpower Supply Group?

• Many years of experience: Vietnam Manpower Supply has many years of experience in the field of human resource supply, serving a variety of industries and international markets.
• Extensive network of partners: With strong relationships with domestic and foreign businesses, ensuring human resources are always arranged and allocated effectively.
• Rigorous selection process: Our team of recruitment experts conducts a rigorous candidate assessment process, ensuring quality and suitability for job requirements.
• Comprehensive services: Not only stopping at supplying human resources, Vietnam Manpower Supply Group also provides training solutions, legal support and employee care.
• Prestige and professionalism: Affirmed through many years of operation, VMS Group is a trusted partner of hundreds of businesses worldwide.
• Dedicated support: we always put the interests of customers and employees first, with timely and effective consulting and support services.

Please contact us for more details:
☎ Whatsapp: +84853525085
🌐 Website: vietnammanpower.group
📩 Email: infor@vietnammanpower.group

It’s our pleasure to support you!