Comparing Labor Productivity of Vietnam to Some Asian Countries

Abstract

In Vietnam, social labor productivity is an indicator of the National Statistical Indicator System (specified in the Law on Statistics), which is calculated by the average GDP per employed worker per year. Research results show that in the 2016-2020 period, labor productivity of the whole economy has improved markedly, with an average increase of 5.78%/year in the 2016-2020 period. However, Vietnam’s labor productivity still has internal limitations that have not been overcome. In comparison with selected Asian countries, Vietnam’s labor productivity has a low absolute value despite its relatively high growth since 1991. In most of the sectors compared, it is basically at the lowest level. As a result, proposing solutions to improve and enhance labor productivity aimed at promoting sustainable economic growth in Vietnam in the coming time is an urgent issue for the development of the country.