According to Ngo Van Tuan, Deputy Head of the Party Central Committee's Economic Commission, labour productivity in the total economy in 2017 was VND 92.1 million (equivalent to US$4,100 per worker), up 5.9 percent compared to 2016; increasing 4.5 percent over the average annual growth in the 2011-2016 period; and being many times higher than the growth rate of 3.45 percent in the 2006-2010 period. But Vietnam's labour productivity remains low compared to many other countries in the ASEAN and East Asian regions. Notable, Vietnam's growth in labor productivity is 4.7 percent compared to China's labor productivity increase of 9.07 percent.
The low productivity may put Vietnam at risk of being left behind by the developed countries.
In addition, Vietnam's high production cost has directly effected on the competiveness and modernization when FDI enterprises could leave Vietnam for other markets having low production cost, the Deputy Head of the Party Central Committee's Economic Commission warned.
Director of the General Statistics Office (GSO)Nguyen Bich Lam said that the goverment should establish the National. Productivity Committee led by a Deputy PM soon, strengthen institutional reform, enhance the efficiency of State management, improve business environment-infrastructures-reform of administrative procedures as well as create advantages for enterprises' development.
The Vietnm CEO Forum was first held in 2012. The event has become the most anticipated one by CEOs across the country, attracting special attention from policymakers, economic experts and media.
