07:38 (GMT +7) - Thursday 24/05/2018

EDITOR LETTER

   Vietnam Economic Times last month honored 62 winning foreign-invested enterprises (FIEs) that recorded outstanding business performance and made major contributions to Vietnam’s economic development, at its Golden Dragon Awards. It also held a CEO Forum on the sidelines, entitled “Workplace Productivity - A Key Indicator of Economic Development”, which attracted the interest of nearly 500 local and foreign experts and enterprises. 

   Workplace productivity has improved significantly in Vietnam over the years, experts said, but remains lower than in regional countries such as Singapore, Malaysia, and Thailand. As an attractive destination for foreign investors, it’s become imperative for enterprises to invest in human resources (HR) training and modernize their infrastructure and production lines.

   The opening months of 2018 have seen Vietnam’s economy perform remarkably, fueled by strong growth in the manufacturing sector and a boom in exports. GDP growth in the first quarter was 7.38 per cent year-on-year; the best Q1 performance in the last decade. Disbursed FDI capital, meanwhile, rose 7 per cent year-on-year. Dr. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that the combination of professional CEOs and high workplace productivity will be key factors in economic development.

   Our Cover Story this month looks behind HR and workplace productivity in Vietnam, finding that recruiting senior personnel is now an urgent task in IT, manufacturing, engineering, retail and sales, and marketing. We report on the reasons for the shortage of senior management staff at FIEs and hear from headhunters about finding the right candidate. 

   FIEs also share their thoughts on Industry 4.0’s effect on HR recruitment and how to retain senior executives through a variety of retention strategies, such as attractive compensation, flexible working conditions, clearly communicated career paths, promotion opportunities, and a positive company culture. 

   One example of an FIE in Vietnam with a very good HR strategy is Panasonic Vietnam. Inspired by a philosophy of “Putting people before products”, Panasonic keeps discovering, nurturing and developing talented staff in every country where it operates, as part of the company’s social contribution. 

   No matter what stage of Industry 4.0 we may be in, I agree that this is an era when a highly-skilled, knowledgeable workforce is a necessity and key industries simply must focus on investing in their human resources.

Editorial Staff

Professor Dao Nguyen Cat, Editor-in-chief

Mr Nguyen Quoc Uy, Deputy Editor-in-Chief, Head of Department of International Publications

Ambassador Nguyen Phu Binh, Deputy Editor-in-Chief

Ms. Ta Thu Trang, Managing Editor

Mr. John Harding, English language Editor

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