Business environment: China’s ‘new economic cycle’ and the ‘new paradigm of globalisation: China’s economy enters the second half of an L-shaped recovery, China on the verge of a ‘new economic cycle.
Vietnam Salary Guide 2017
According to the latest report by The World Bank, Vietnam is due to expand at an average of 6.3% in the next three years. This is in all the categories of demand buoyed by strong foreign direct investment and manufacturing exports. The unemployment rate in Vietnam reached an average of 2.3% last year, with a high of 3.18% in the urban areas and 1.86% in the countryside. However, local employment also raised by 0.3% and there were 126,000 overseas placements, resulting in an increase of 9.6% in foreign employment.
According to a recent ILO survey, from 2010 to 2025, the demand for medium-skilled labour within the ASEAN region is estimated to rise to 27.9% and 22.6% for low-skilled labour, whilst the demand for high-skilled labour saw a lesser growth at 13.2%. Today, Vietnam witnessed a working-age population of nearly 53 million with a high literacy rate of more than 93%, coupled with the encouraging achievements in basic education, Vietnam is future-ready to meet the need for low-skilled labour.
According to GSO, Vietnam’s labour productivity has improved significantly, with an average ratio of 3.9% per year for the period of 2006-2015. Compared to 2010, while labour productivity increased by 23.6%, it is still lower than the set target of 29 - 32%.