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Foreign investors interested in Vietnam's future workforce

Foreign investors interested in Vietnam's future workforce Vietnam's assessment of future employment trends and how Vietnam is preparing for its workforce to respond to such trends are issues attracting attention from foreign businesses at the ongoing Singapore Apex Business Summit (SABS) 2022.

Speaking at a debate in the framework of the summit on March 23 themed “A look into the future of jobs and skills in ASEAN to capture business opportunities”, Vietnamese Ambassador to Singapore Mai Phuoc Dung said Vietnam has become an attractive destination for foreign investors, and multi-sectoral corporations in the country are also growing stronger, so the demand for highly skilled and trained workers in Vietnam is increasing day by day.

Regarding future employment trends, Vietnam has a great demand for skilled technicians or middle- and high-level managers in industries, namely electronics and semiconductors, information technology, banking, finance, energy and marine economy, Dung said.

For Vietnam’s preparations, the diplomat said foreign companies highly valued Vietnamese workforce for their working ability and quickness in learning new skills.

However, the ambassador noted that Vietnam also faces challenges to have a large enough skilled workforce to meet the high demand for its economic development in the future. The ratio of skilled workers in Vietnam only accounts for 26.1 percent of the labor force, he added.

Therefore, Vietnam's socio-economic development plan in the next five years has emphasised the importance of building high-quality human resources, considering it one of Vietnam's top priorities for development in the coming time.

Vietnam aims to have 75 percent of its workforce to be trained by 2030, of which 40 percent granted with certificates. Vietnam will also support digital and technology transformation for small and medium-sized enterprises, which account for 96 percent of the total number of enterprises and employ 47 percent of the labour force in the country, Dung revealed.

Sharing his views on how ASEAN should cooperate on jobs and skills in the future, Dung said that the bloc currently has a mechanism to convene ASEAN labour ministers every two years, which has been implemented effectively over the past several decades, contributing to enhancing intra-bloc coordination and efforts in terms of labour market information, skills development and recognition, and increasing labour productivity.

The potential for cooperation remains huge to ensure the smooth transformation in the region in this field, he stressed./.