Hyred's Guide On Vietnam 2024 Workforce Trends To Be Aware Of!
The job market is constantly changing. New trends in various work fields require the right skills and highly innovative thinking to utilise them to their maximum potential. This means employees need to continue upskilling themselves and employers need to stay up to date with these ongoing changes.
Welcome back to our new series that spotlights Southeast Asia: we’re going to find out what are the current workforce trends in Vietnam and how you can capitalise on them to boost your career or business!
Vietnam Workforce Trends
Vietnam’s recent economic reforms are assisting in promoting trade liberalisation and private enterprise, which also increases foreign direct investment (FDI) in the country. This has garnered attention from multinational corporations such as Samsung, Google, Microsoft, Apple, Nike, Adidas, and more to incorporate Vietnam into their supply chains. Not only does this allow the country to ascend in various supply chains around the world but also drive their robust manufacturing and processing sectors as well as burgeon exports.
Other rapidly-evolving sectors include beauty and personal care (BPC) and marketing. Key trends in the BPC sector include:
While key trends in the marketing sector include:
As a result, this creates many new opportunities in these sectors and grants more spending on consumer necessities such as education, healthcare, and especially, entertainment. In Vietnam, there has been an increasing emphasis and prioritisation on leisure activities, travel experiences, and personal development. Purchases in durable goods like cars, motorcycles, and home appliances are becoming more affluent as well.
This has led to new factors to consider. Customers are becoming more sophisticated and discerning in their consumption habits, often driving demand for high-quality goods and foreign brands. Innovation has to offer a broader range of product offerings and explore new retail formats and promotional activities. As a result, e-commerce platforms and distribution channels can expand and flourish. Route-to-market models must also adapt to navigate the consolidating yet fragmented retail landscape effectively.
How To Upskill For These Trends
The younger generation in Vietnam currently have the most opportunity to enhance their earning potential and fuel their social mobility upwards due to many attaining higher education. Not only do they possess desirable skills that employers are looking for but they are also adept at leveraging technology and actively participating in the global job market, which are useful qualities to certain fields of work. Keeping an eye out for these young, top talents is something employers should pay close attention to.
Because Vietnam is currently placing more emphasis in utilising their number of sectors to provide to their consumer audience, creativity and innovation are required. Conducting research to analyse the wants and needs of consumers as well as harnessing the skill to come up with unique, one-of-a-kind solutions secures career stability. Finding creative strategies to solve problems and improve upon existing methods can also guarantee career progression.
Additionally, interpersonal skills and emotional intelligence are expected to remain in high demand as Vietnam values collaboration with potential partners to promote their businesses. Being fluent in multiple languages to network and negotiate with both local and international partners can help ensure you stand out from other candidates. Maintaining positive relationships as a skill will also have a similar effect.
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Why Is This Important?
In Southeast Asia (ASEAN), a dual focus on digital and sustainability skills is essential for fostering sustainable growth in the region. Primary industries such as Vietnam's global supply chains are expected to experience positive growth as a result.
ASEAN's market trends also highlight the rise of omni-sourcing and economic partnerships with the US and China. The region's strategic geographical position makes it a hub for manufacturing and trade, offering operational and labour cost-effectiveness. Favourable trade agreements enhance the region's attractiveness for business, while supply chain resiliency and diverse sourcing strategies further support its competitive edge.
As global supply chains shift towards this region - especially Vietnam, there is consistent economic development and job growth. The importance of cross-border services over physical trade is increasing, which necessitates ASEAN value chains to become more knowledge-intensive and reliant on high-skilled labour.
Candidate motivations remain similar to previous years, but now include more considerations such as comprehensive benefits that cater to family and specific needs. To attract top talent, companies should ensure transparent and efficient recruitment processes and offer competitive and holistic salary and benefits packages from the start. For retention, companies should maintain transparent and consistent communication with their employees and engage in regular conversations to understand their career motivations and development needs.
If you read this article until the very end and found it helpful, you can learn more about HR at Hyred’s webpage, where we provide our very own HR services as well! For more information or HR advice, visit our Homepage now to set up a free 30-minute consultation!
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Check out our SEA Workforce Trends series in full: