Productivity in Vietnam grows by six percent

The growth rate of labor productivity in Vietnam reached six percent in the 2011-2020 period, even though it still lags behind, compared to other nations in the region, Dang Duc Anh, Vice Director of the Central Institute of Economic Management (CIEM), said at a conference in Hanoi on November 29.

Although a fundamental policy framework for the improvement of labour productivity was issued in the 2011-2021 period, the policies and institutions in the field have yet to be completed and synchronous, effecting the efficiency of coordination among parties in implementing relevant solutions, Anh said.

Meanwhile, according to Deputy Minister of Planning and Investment Tran Quoc Phuong, increasing labour productivity is an important factor to promote economic growth in the long run, and is a prerequisite for Vietnam to narrow its development gap with other regional countries and fulfill the goal of becoming a developed country with high income by 2045.

After 30 years of renewal, Vietnam has recorded important achievements in socio-economic development, with less dependence on natural resources, crude oil export and low-cost workforce, and stepped up the application of scientific and technological advances and innovation, he added.

He said that successes in the past have prompted the country to look to the goals of national industrialisation and modernisation, and improving the people’s living conditions.

Vietnam has also defined key factors to realise the goals, with special attention paid to maintaining a high growth rate basing on improving labour productivity and nurturing a renovated economy in order to increase the competitiveness of the economy in association with ensuring independence and self-reliance, stressed the official.