Raising productivity crucial for stronger competitiveness

A critical solution to promote businesses’ competitiveness is to improve labour productivity which is still a weakness of Vietnamese enterprises, an official of the Ministry of Finance said at a workshop on June 24.

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The average productivity of each Vietnamese worker has increased by nearly 24% from 2010, but it is still lower than that in neighbouring countries, Dang Quyet Tien, Deputy Director General of the ministry’s Department of Corporate Finance, quoted the General Statistics Office’s data. 

Each Vietnamese worker had a productivity equivalent to VND79.3 million (US$3,660) in 2015. The average productivity rose by 3.9% annually between 2006 and 2015. 

The 23.6% increase from 2010 is lower than the targeted 29 – 32%, according to the statistics office. 

Nguyen Anh Tuan, Director of the Vietnam National Productivity Institute, said labour productivity in Vietnam has grown strongly in recent years, especially in the industry and construction sector. 

However, productivity in the agro-forestry-fishery sector is equivalent to only one-fourth in industry and construction, and over one-third in the services sector. That has partly affected the overall productivity of the society, he added. 

Nguyen Thi Tue Anh, Deputy Director of the Central Institute for Economic Management, said a healthy competitive environment is a necessary condition, and manpower quality is a foundation for higher labour productivity. 

A rigid institutional system will impede productivity augmentation, while a flexible one will give an impetus to productivity growth, she noted.

VNA

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