Shanmuga Retnam, country director for Vietnam of RSI International Asia Vietnam enjoyed GDP growth of 7.08 per cent in 2018, at peak levels since 2008. This growth was primarily buoyed by increased levels of exports and the flow of foreign investment. However, the country remains in the infancy of its economic development with a healthily low unemployment rate of 2.09 per cent. Boston Consulting Group has pinpointed the development of privately-owned enterprises as a driving force for sustainable economic development. Close linkages between local businesses and foreign-invested enterprises are expected to generate a positive spillover effect for the entire economy. Following Singaporean model Singapore is a good example of how to grow into a global hub for business and world-class workforce. The island country has kept its doors open to highly skilled foreign workers ever since gaining independence, however it has only been since the late 1980s that it began to take a more active approach to recruitment. After starting out with a labor-intensive economy, Singapore gradually developed a more advanced economic structure while steadily increasing its GDP per capita. It aimed to have a technology-intensive economy during the 1990s, and for a knowledge and innovation intensive economy in the 2000s. Thus, the island nation attached a great deal of importance… Read full this story
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