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Vietnam: resilient top performer of emerging economies set for over 2% growth in 2020

Jacques Reynaud
by Jacques Reynaud Read time : 1min
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Vietnam, top performer of emerging economies with thank to… Talents.

With a rapidly growing middle-class fueling domestic comsuption, Vietnam is often mentioned as a hidden champion in Asia (where China catches a lot of attention). In an article published in the Saigon times (partnership with McKinsey), authors highlight the importance of the manufacturing sector for the Vietnamese economy refering to an “import-dependent exporter”.

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Yet, the Asian Development Bank showed the massive commitment of the local government to improve its infrastructure, boost green energy and invest in its own capability for strategic sectors.

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Dana Costache, Country Manager & Minh Mai, Recruitment Manager are witnessing this dynamic first row, supporting major international groups building metro lines, infrastructure projects but also the explosion of demand in tech roles to fuel both the local economy but also the entire region with companies choosing Vietnam either as a regional nearshore tech hub or even offshoring from the USA or Europe some key projects.

Why? Talents! As per a recent PISA study, Vietnam’s academic performance is significantly above other countries with a similar level of GDP per capita.

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Cooptalis who believes Talent is borderless has been developing its Vietnam presence over the past years observing how the local authorities are fostering the ability for international companies to do business in Vietnam; the State keeps a predominant role (over a quarter of the country’s GDP) but the number of state owned companies went from to 6000 in 2001 to less than 500 today.

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Skills shortage is on the agenda for specific roles: Google, Temasek and Bain & Co joined forces to publish a report on Vietnam's Internet economy: in 2020, it grew by 16% to reach US$14 billion in gross merchandise value (GMV) and employers are fighting to attract and retain highly skilled workers. An Institute of Information and Communications Strategy survey reports a lack of 250000 tech workers with a fierce competition in big cities and offering great opportunities for both local and international Talents keen to develop their careers in the sector.

World health organization praised sanitary crisis control

In their 5th of November report, the WHO praised Vietnam’s impressive crisis management with data that many Western economies would like to project. Cooptalis who was keen to support the preventive actions within its offices made available to its clients & partners a simple way to log employees check-in in a safe way (flashing a QR code from their smartphone instead of many people logging their presence using the same pen! More information here.

ASEAN booster program

Dana Costache will travel to Hanoi next week to participate to the BPI & Team France Export ASEAN Booster program, 12 month acceleration program of this geographic region which combines $2950 billion of accumulated GDP, is the 5th global economic bloc, counts 645 Millions Talents (9% of the global population)…

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