Speakers at the seminar "Developing stable labor supply chains after COVID-19"

Although the pandemic is basically under control, the socio-economic situation has improved, and most industries have recovered, the supply of labor is not keeping up with the demand. Many agree that a more modern, more flexible, and more integrated labor market is needed. Workers should be better trained, labor policies and regulations should be fine-tuned, and there needs to be more accurate labor market information and more vocational training centers.

Ngo Duy Hieu, Vice Chairman of Vietnam’s General Confederation of Labor, said that when salaries are commensurate with the productivity and dedication of workers, they will be encouraged to improve their productivity, quality, and efficiency, creating bigger profits for businesses and boosting national economic growth.

“Investing in employees is investing in a company’s most valuable asset. They will help businesses generate greater revenue. In difficult times, higher salaries will encourage them to work harder and be more dedicated to the business,” Mr. Hieu said.

In recent years Vietnam has seen positive results from modernizing labor laws, expanding social security, and improving labour market data collection.

Dao Ngoc Dung, Minister of Labor, Invalids, and Social Affairs, said: “Vietnam maintains six basic markets, including the labor market. Vietnam’s labor market recovery has been among the world’s fastest. We expected to recover by the end of the second quarter, but we have basically recovered in the first quarter.”

With the pandemic under control, recovery now depends on economic growth and inclusive employment, protection for all employees, global social security, and social dialogue.