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New measures made to attract tech talent

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Driven by rising tech acceleration, foreign-invested manufacturers in Vietnam are facing challenges in hiring the needed talent for growth, with digital skills being among the highest demands.

New measures made to attract tech talent

Foreign-led groups have high demand for skilled machine operators, Photo: Le Toan

Nguyen Thu Trang, country head of Permanent Recruitment and Executive Search at ManpowerGroup Vietnam, said that there are some main forces that impact the future of work, including the rising tech acceleration.

“New roles are born while many others are disappearing as global manufacturing transitions to become fully digital. In contrast with the industry’s growth outlook, global manufacturers are facing challenges in ensuring needed talent for growth,” Trang said.

As shown in a survey by ManpowerGroup Vietnam and the Institute of Labour Science and Social Affairs under the Ministry of Labour, Invalids and Social Affairs (MoLISA), most foreign-invested enterprises (FIEs) are applying technologies from high to a very high level (32 per cent) or medium level (63 per cent). And only 5 per cent are at low and very low levels.

The survey was conducted with 200 FIEs in automobile assembling, electronics, textiles and footwear, food and beverages, and chemicals in the provinces of Bac Ninh, Hanoi, Hai Duong, Danang, and Binh Duong, and Ho Chi Minh City as well.

The level of tech application is an important element in determining the job structure based on skills. Amid the Fourth Industrial Revolution, the application of tech at FIEs is enhanced, requiring workers to have professional certificates and suitable skills.

Top skills include discipline, time and task management, but also technical and in-demand soft skills like communication, leadership and management skills.

More than one-fifth of FIEs responded that they find it difficult or very difficult to recruit skilled labourers that meet a company’s requirements. Top skills that are the most difficult to find are technical skills, foreign language skills, analytical and critical thinking, creativity, and decision-making skills, among others.

“To win in the digital age, an effective talent strategy should have four parts: build, buy, borrow, and bridge. Build your talent pipeline, buy skills where necessary, borrow from external talent sources, and bridge people with adjacent skills from one role to another to complement existing skills,” Trang recommended.

The processing and manufacturing industry continues to be a driver of economic growth in Vietnam. In 2021, the industrial production index rose 4.8 per cent against 2020, showing the industry’s recovery and bringing hope of a strong recovery and development in the months to come.

Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung said that the local workforce structure will likely undergo significant changes as foreign investment tends to target industries that demand a workforce with average to high working skills, not industries with low skill requirements like textiles and footwear.

The findings also showed that 94 per cent of FIEs have clear directions in enhancing the application of new technologies and automation in manufacturing by 2023. The roles that FIEs have the highest recruitment demands in 2021-2023 are production, machine/equipment operation, engineers/technicians, sales and marketing, customer care, product design, and export-import, among others.

In order to meet skills demands, businesses plan to utilise two key measures: re-training the workforce (86 per cent) and new recruitment from the market (84 per cent). In addition, more than half of businesses (59 per cent) plan to adopt partnerships with universities, colleges and training centres to enhance the skills of their workers, according to the survey.

Source: VIR

Source: https://vietnamnet.vn/en/business/new-measures-made-to-attract-tech-talent-827235.html

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Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

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Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

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Dragon Capital buys 2.1 million shares of Sacombank

Asset management company Dragon Capital has bought 2.1 million shares of HCMC-based Sacombank, increasing its stake in the bank to 6.09 percent.

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On June 29, two affiliated funds, CTBC Vietnam Equity Fund and Norges Bank, bought 2.3 million shares of the lender while a third, Samsung Vietnam Securities Master Investment Trust, sold 200,000 shares.

The value of the deal is estimated at VND47.5 billion (US$2.03 million) based on the share’s closing price last Wednesday.

Funds under Dragon Capital own 114.8 million shares or a 6.09 percent stake in the bank.

In March, Dragon Capital had raised its stake from 4.98 percent to 5.05 percent, after its largest fund, Vietnam Enterprise Investment Limited, bought 1.25 million shares.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/dragon-capital-buys-21-million-shares-of-sacombank-3346515/

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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