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Vo Tri Thanh *Vo Tri Thanh Viet Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations. Viet Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022. On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent. Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to … [Read more...] about Viet Nam wrestles with labour productivity issue when heading to innovation-based development

The Vietnamese company, a subsidiary of conglomerate Vingroup JSC (VIC.HM), has been moving to expand in the United States, where it hopes to compete with existing automakers. A VinFast spokesperson said headcount would not shrink in Vietnam where most of the company's staff, including its factory and engineering operations, are located. It was not immediately clear how many jobs would be affected by the U.S. restructuring. VinFast said it had hired about 150 people in the United States, many in sales, support and distribution roles as part of a model that bypasses traditional dealerships. The company, which started operations in 2019, said last week that it would delay its first batch of deliveries to the United States to the second half of February. In late January, VinFast said it was merging its U.S. and Canadian operations into a single business unit. It did not announce any job cuts at the time. VinFast said in a statement to Reuters it was looking to "streamline" … [Read more...] about EV startup Vinfast to cut US jobs amid restructuring

Workers making goods for export at a Gia Toc Garment Export factory in Ha Nam Province. — VNA/VNS Photo Tran Viet The profits of Vietnamese textile and garment enterprises were diverse in the fourth quarter, with many big names posting great losses. After being heavily impacted by the COVID-19 pandemic, textile and garment enterprises have gradually recovered and were one of the key export industries that recorded extraordinary growth rates in the first months of 2022. Data from the General Department of Customs showed that the export value of the textiles and garments sector in 2022 reached US$37.57 billion, a gain of 14.7 per cent year-on-year. The US is the biggest import market of Vietnamese textile and garments, worth $17.36 billion last year, up 7.9 per cent. It was followed by the Europe Union and Japanese markets, reaching $4.46 billion and $4.07 billion, up 34.7 and 25.8 per cent, respectively. Although the industry saw positive export prospects in the first and … [Read more...] about Textile industry faces headwinds in 2023 after poor results in Q4