Vietnam’s productivity-where are the shortcomings?

Vietnam’s productivity-where are the shortcomings?

Increasing productivity is a very important issue for Vietnam’s medium-term development to achieve the goal of a high-income country by 2035. However, Le Van Cuong (Paris Economics University, France), some people are too simple to understand the productivity of Vietnam when talking too much to productivity.

What is the productivity of Vietnam’s growth?

“Sustainable Growth” is a phrase repeated many times at the VSF 2018 Forum. This is an important factor for a prosperous Vietnam in the future.

According to Vietnam’s Minister of Planning and Investment Nguyen Chi Dung, Vietnam is forced to grow rapidly in the long term if it does not want to lag behind the world, but not because of growth but other factors. That is, the country must solve the double problem: high growth but sustainable. Accordingly, we need to continue to renovate the growth model, improve the quality and efficiency of productivity and competitiveness of the economy.

Prof. Le Van Cuong said that productivity is the core factor for Vietnam’s fast and sustainable growth. However, if it only stops at productivity, it is a shortcoming. “People say a lot about productivity but forget about capital productivity and aggregate productivity. In addition, GS. Cuong also points out an important issue in some developing countries, the “overhead” hidden and embezzled in national savings and used as personal income. More importantly, this concealment is an undefined variable. According to his calculations and associates based on the data of 2,800 state-owned companies, in 2013, 23% of the capital was lost. This figure has increased to 30% in 2014. Therefore, although the labor productivity growth, but capital loss as above, do not know how much to make up.

To address these issues, GS. It is recommended to have a specific survey on the personnel and technology needs of companies; reform of the education system; Transparent cost overhead to accurately measure productivity … thereby, helping Vietnam grow, grow stronger.

Education and the way to promote growth

Education is also a hot topic at VSF 2018. Many international experts and scholars believe that this is a way to help Vietnam become more prosperous.

Mr. Andreas Schleicher, director of the Education and Skills Committee, said that the quality of Vietnamese students is very good compared to students from developed countries with exceptional economic conditions. However, these students are limited to accessing other skills, in addition to lecture theater. In addition, local training programs need to catch up with the digital age if they do not want to be left behind. “Technology is beneficial, but if it’s not enough, people will fall behind, not the technology.” It controls and controls you, ” Mr. Andreas Schleicher said

Mr. Olivier Brechard, CEO, WebForce3 and former WISE CEO, emphasized that strengthening education and training is a challenge in the future. Therefore, the preparation for the individual, through study should be something to attach special importance. Learning this, attaching importance to new things, creativity, because what is today will quickly get old, Mr. Olivier says.

Assoc. Prof. Vu Minh Khuong, National University of Singapore said that sustainable development should be based on three pillars. It is economic growth, environmental management and protection, and social participation. All three of these pillars will benefit significantly from technological development coming from the digital revolution. Especially in developing countries, through a 6-step model, including: (1) decision making, (2) economic and coordination sharing, (3) effective and excellent performance, (4) Learning and innovation, (5) Use of renewable resources and data and (6) Monitoring and transparency. “These six mechanisms constitute a comprehensive framework for developing country governments to embrace digital revolution to promote sustainable development,” Mr.Khuong said.

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