Vietnam's economy less dependent on cheap labor forceVietNamNet Bridge - Labor-intensive industries such as mining and agriculture are no longer expanding, according to Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research (VEPR). For a long time, Vietnam has been considered an economy that has taken advantage of its cheap labor force. Speaking at a seminar to release the 2016 macroeconomic report, Thanh was optimistic about the country's economic restructuring.For a long time, Vietnam has been considered an economy that has taken advantage of its cheap labor force. International and Vietnamese experts in recent years repeatedly have warned that Vietnam can no longer count on the cheap labor force as the competitiveness of the economy. Deputy Prime Minister Pham Binh Minh, in his recent speech, also said that in the years to come, under the pressure of the labor unions and employees’ expectations on minimum wage increases, cheap labor force will no longer be the advantage for Vietnam to attract FDI.

Source: VietNamNet News February 02, 2017 01:07 UTC