Vietnam in top five markets globally for cost efficiency

The US, New Zealand and Canada are the most attractive countries for employer investment based on 200 factors that evaluated skills availability, cost efficiency, regulation and productivity, while Vietnam is among the top five in cost efficiency, according to ManpowerGroup Talent Solutions’ Total Workforce Index (TWI).

The annual TWI report combined Big Data with expert analysis to identify the workforce  engagement potential of 76 markets.

New Zealand, Hong Kong, Singapore, Japan and the Republic of Korea were ranked as the top markets in the Asia-Pacific region, according to the report. Singapore and Hong Kong ranked highly for workforce productivity.

The TWI also identified the top five markets globally for cost efficiency: the Philippines, Croatia, Morocco, Vietnam and Thailand. These markets are driven by favourable country dynamics, such as cost of labour and regulations.

The average Vietnamese monthly wage was US$321 a month in 2020, up by 32.6% compared to the year earlier, while the regional average was US$1,835 a month.

In an increasingly complex global market, access to skilled talent is a top priority for organisations looking to build or grow their business.

For this year’s analysis, ManpowerGroup  Talent Solutions took a deeper look at talent availability, comparing the percentage of remote-ready workforces in different markets and exploring the availability of cybersecurity resources.

IT skills, particularly those that support remote work such as cybersecurity, continue to be in demand, along with an ongoing need for medical, operations and logistics skills and roles that are deemed essential.