Article 5: Ho Chi Minh City’s Workforce: The Key to the Future

Workforce Landscape Post-Pandemic

The economic recovery of Ho Chi Minh City after the COVID-19 pandemic has brought about a resurgence in the labor force. However, data shows that the majority of workers returning to the City are untrained, constituting a large proportion of those filling roles in the production and service sectors.

The proportion of trained workers within the labor force has seen little improvement, partly due to the high cost of living in the City and uncompetitive wages, which fail to attract high-quality talent. This is particularly concerning as key economic sectors, such as high-tech industries and financial services, require a workforce with advanced technical skills and expertise.

The imbalance between the supply and demand of skilled labor is placing significant pressure on businesses as they adopt modern technologies and aim to boost productivity. Many companies are burdened with the cost of retraining workers, reducing their competitiveness and operational efficiency.

The Crucial Role of Human Resources in Economic Transformation

Human resources are central to all economic development strategies. To shift from a labor-intensive growth model to one driven by high technology and green development, Ho Chi Minh City needs a workforce with skills tailored to new market demands.

The shortage of skilled labor not only hinders the transition process but also increases production costs, making it difficult for businesses to compete domestically and internationally. This creates a vicious cycle that, if left unresolved, could slow the City’s overall economic progress.

Strategies for Building a High-Quality Workforce

To address the workforce challenge, Ho Chi Minh City needs a comprehensive set of strategies to improve labor quality and optimize the potential of its current workforce.

Enhancing Education and Vocational Training: The City should focus on redesigning training programs to better align with business needs and global trends. Strong partnerships between enterprises and educational institutions for hands-on training and career guidance can help workers quickly integrate into the job market.

Attracting Talent with Incentives: Ho Chi Minh City needs effective talent attraction policies, such as providing housing, healthcare, and education benefits for high-quality labor. Improving wages and benefits will also motivate workers to remain committed to the City in the long term.

Creating a Professional Work Environment: Developing a professional, transparent, and diverse work culture is essential for attracting and retaining talent. A positive work environment not only boosts productivity but also appeals to young, creative, and dynamic workers.

Conclusion

The workforce is the key to transforming Ho Chi Minh City into a modern and sustainable economic hub. However, the current shortage of high-quality labor is a significant challenge that requires long-term, comprehensive solutions.

By investing in education, training, and improving the work environment, Ho Chi Minh City can address immediate challenges while building a solid foundation for growth in the high-tech and green era. With a workforce that meets the demands of the future, the City will solidify its position as the nation’s economic leader and pave the way for a brighter, more sustainable future.