Abstract
Economic restructuring and employment in Vietnam: A panel Granger causality approach
Highlights
After a serious domestic socioeconomic crisis in the 1980s, Vietnam decided to comprehensively innovate its economic thinking
When the economic structure changes, the labor market changes to meet the needs of the economy
Using available data from 1998 – 2017 for 56 provinces and cities in Vietnam to illustrate the relationship between economic restructuring and employment
Summary
After a serious domestic socioeconomic crisis in the 1980s, Vietnam decided to comprehensively innovate its economic thinking. With the limitations of development thinking as well as economic development policies, Vietnam has not succeeded in its plan to become a modern industrial country by 2020. After more than 30 years of innovation, Vietnam's economic structure has shifted towards reducing the proportion of agriculture and increasing the proportion of industry, this shift is still slow with the number of unskilled jobs increasing, in the agricultural sector. As of 2018, this sector still attracted 37.7% of the labor force working in the economy overall, of which, up to 86.3% were simple, untrained labor This sector generated 17% of GDP with labor productivity being only 36.6% of general labor productivity, 33% of labor productivity in the service sector and 26.4% of labor productivity in the industrial sector (GSO, 2018)
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