Hire In Vietnam
Vietnam is one of the most dynamically emerging economies in East Asia. The country once considered poor has now moved into the lower-middle-income category. It is regarded as a manufacturing export powerhouse. Vietnam’s GDP is heavily dependent on its manufacturing sector. It is among the largest exporters in the region; be it clothes, footwear, plastics, electrical machinery, or electronics, everything is being manufactured and exported globally.
The country has one of the lowest unemployment rates among all developing nations. In 2019, only 2.04% of the total available workforce was unemployed, while the employment-to-population rate stood at an impressive 68.9%. No wonder, compared with other developing markets in the region, Vietnam has emerged as the clear leader in low-cost manufacturing and sourcing.
According to the latest World Bank Ratings, Vietnam ranks 70th among 190 economies in the ease of doing business; hence, a growing number of foreign companies are investing and expanding in Vietnam. Over the years, Vietnam has developed an excellent infrastructure to support knowledge and service industries.
Overview of Vietnam
Population: 96.50 million (2019)
Gross Domestic Product (GDP): 261.92 billion USD (2019)
Languages Spoken: Vietnamese, English, Chinese, French, Khmer, Nung, Hmong, Muong, Cham, and Tay.
Vietnam witnessed significant economic reform in 1986, after which it has become one of the fastest-growing economies. Between 2002 and 2018, the GDP per capita increased by 2.7 times while poverty rates declined drastically. The current labor force participation rate is around 77%, which is excellent for the country’s future economic growth.
Vietnam’s currency is the Vietnamese Dong (VND); per the current exchange rate, 100 USD is equivalent to 2,303,866 VND. In 2020, the cost of living for one person was approximately 640 USD/ 14,744,743 VND, while the monthly minimum wage in Vietnam is 4.42 million VND or 14,240 USD. Unlike most other countries, Vietnam handled the Covid-19 pandemic very well; hence its economy remained largely unaffected. It was among the countries with the highest GDP growth globally, with an estimated GDP of over 340 billion USD.
Vietnam is one of the prime locations for investors focusing on the textile industry. Apart from this, there are many other business areas, including information and communications technology, automotive, pharmaceuticals, medical devices, and e-commerce, which see significant growth in the country. Interestingly, over the past few years, Vietnam has also become a key location for high-technology manufacturing. Companies like Nokia, Samsung, Intel, and LG Electronics have multi-billion dollar investments in the country.
Here is a glimpse at the top exports from Vietnam in 2020:
Internet Penetration and Speed
One of the most significant factors helping the economic growth in Vietnam is its excellent digital infrastructure. The internet penetration in the country stood at an impressive 70.3%, with 68.72 million internet users in January 2021. According to the latest data, Vietnam ranks 56 for mobile speeds (average 45 Mbps) and 60 for fixed broadband speed (average 70 Mbps) globally.
Reliable internet connection is essential for every industry; the IT services and software industry depend entirely on it. Vietnam has the edge over other countries in the region with a massive availability of remote knowledge workers at competitive wages.
Talent In Vietnam
Vietnam’s human capital index (HCI) stands at 69%, higher than the average for East Asia and the Pacific region and lower-middle-income countries. Vietnam’s workforce has grown consistently over the past few years, offering young, inexpensive, and highly skilled talents to national and global markets.
Ho Chi Minh and Hanoi are the most populated cities; they are also the hub of knowledge workers. Other major urban cities with excellent infrastructure and human resources include Hai Phong, Da Nang, and Can Tho. Vietnam offers a pool of well-educated experts in the latest technologies and skills such as web design, mobile development, data management, transcription, customer service, digital marketing, and accounting.
Top Skills in Vietnam
The top skills available in Vietnam include:
- Information Technology services
- Development and programming
- Accounting and sales
- Admin Support and Customer Service
- Data Science and Analytics
- Advertising and creative media
- Legal consultation
- Travel and Tourism
Top Skills by City in Vietnam
Ho Chi Minh