Human Resource Quality in Vietnam - The Global Challenge

What Is Human Resource

Every organization uses a variety of sources of capital to run a business. Capital consists of cash, valuable assets, or goods to generate profits for the business. But no matter what industry the business is in, they have to have people make their capital work. Those people belong to the human resources of the enterprise. So what is human resources?

Any business is formed based on members. Human resource of an organization or business is a collection of all individuals engaged in any activity to achieve the goals and objectives of that enterprise or organization.

Current Status Of Human Resource Quality In Vietnam

Vietnam has many advantages in terms of human resources because it is in the golden population period. Currently, Vietnam's human resources are developing a lot in terms of qualifications and capabilities. This meets all the needs of large companies, especially foreign companies that require a high level of expertise.

The following are the current status of the quality of Vietnam Human resource:

An abundant source of labor

High-quality human resource is one of the decisive advantages for the economy to develop quickly and sustainably, plays a decisive role in the ability to mobilize and effectively use other resources, especially in terms of knowledge economy development.

Vietnam is in the period of the golden population structure with more than 94 million people of working age. This brings many advantages in terms of human resources for socio-economic development. In addition, the labor productivity of Vietnamese people has continuously increased over the years.

Source: VNPT 

By period, Vietnam's labor productivity has improved significantly over the years. Efforts to increase labor productivity over the past time have contributed significantly to narrowing the relative gap in labor productivity in Vietnam compared with ASEAN countries.

Vietnam currently has positive signs in the development of high-quality human resources. The vocational training index in 2019 has increased by 13 places on the rankings in the Global Competency Competitiveness Report. Vietnam is one of the countries with a very good index of increasing the quality of vocational training, contributing to improving the country's competitiveness index. Currently, the Government is continuing to review the system of mechanisms and policies to develop high-quality human resources and is looking for great resources to invest in this field.

Workforce training is being improved

Vocational training in Vietnam is initially associated with the needs of enterprises and the labor market. The structure of training occupations is gradually adjusted according to the structure of production and business lines. Vietnam has also opened many new training occupations that the labor market needs and occupations serving the agricultural and rural economy restructuring and creating jobs for working in Vietnam.

A Vietsourcing Human Resources survey shows that the majority of Vietnamese students choose the economic sector. Nowadays, Vietnamese students mainly prefer to choose business, marketing, technology, e-commerce, and finance. That shows that Vietnam's labor market is developing strongly in favor of supporting service industries and information technology. It proves that Vietnam's economy is gradually catching up with the general development trend of the world, and Vietnamese human resources can fully meet that.

The quality of labor resources has been gradually improved

Vietnam has developed a large number of scientific and technological staff. Many Vietnamese economists and scientists have absorbed and accessed many modern scientific and technological advances of the world. Through labor export and working with foreign experts, many Vietnamese workers can access more modern machinery and equipment and industrial working style.

Source: Vinfast

Vietnamese workers are considered to have the advantages of being smart, industrious, skillful, having a fairly high level of education compared to the national income level, quickly absorbing the world's scientific and technological advances. Therefore, businesses can completely believe that Vietnamese human resources will meet all their requirements. At the same time, if you are intending to do business in the Vietnamese market, it will be a wise decision. Because the quality of human resources today is really worth your investment.