There are various reasons for which foreign investors come to Vietnam: the prolific economy, the openness to foreign investments and the incentives granted by the government are just a few of them. Even so, when deciding to open a company in Vietnam there are also other factors which should be considered, among these the taxation system, the employment regulations and the workforce. From this point of view, the labor force in Vietnam is one of the most well-prepared in the region.
Our company formation agents in Vietnam can offer information on the employment regulations for foreign investors interested in setting up a business here and hiring personnel from the local workforce.
Why is the workforce important when setting up a business in Vietnam?
One of the most important attributes of the Vietnamese labor force is its youth. Most of the employees of Vietnam companies are young, have a high degree of English and are very educated and skilled. Also, the latest trends indicate that foreign investors coming to Vietnam show a great interest in industries which can provide a qualified workforce.
The government has also taken very seriously the demand of the local businessmen and started investing in the population, and thus the local workforce now has one of the highest literacy and numeracy rates in the world – 94.5%.
If you want to open a company in Vietnam, our local advisors can assist you.
The skills of the Vietnamese labor force
The labor force in Vietnam is characterized by the following skills:
– technical ones;
– cognitive ones;
– behavioral ones.
Also, Vietnam has one of the cheapest work forces in Southeast Asia.
The industries in which the Vietnamese workforce excels in are manufacturing, IT, retail, healthcare, tourism, pharma, logistics, agriculture and e-commerce.
Hiring foreign employees in Vietnam
Foreign businessmen who want to set up businesses in Vietnam can also hire foreign employees, provided that they apply for the necessary work permits. The Employment Law in Vietnam provides for the same rights to both local and foreign employees of Vietnamese companies.
If you are interested in company registration in Vietnam and need assistance, do not hesitate to contact our local specialists.