Photo for illustration (Source: vov.vn) Vietnam’s low labor productivity is attributed to workers’ limited capacity for innovation and creativity, according to experts. Prime Minister Nguyen Xuan Phuc is set to hold a direct dialogue with laborers from the Red River Delta province on May 5th to discuss ways to improve labor productivity, increase welfare for workers, and clear up queries about trade unions and employment. Reasons for low labor productivity According to the General Statistics Office (GSO), Vietnam’s labor productivity has seen remarkable improvement year by year. The country is one of ASEAN member states nations with the highest rates of labor productivity growth. In the 2007-2016 period, the Southeast Asian country’s overall labor productivity growth based on purchasing power parity in 2011, rose by 4.2% on average per year, higher than the average rates of Singapore, Malaysia, Thailand, Indonesia, and the Philippines. … [Read more...] about Creativity: Key to increased labor productivity
Philippine overseas labor office
The Philippine central bank is firming up steps to avert a property bubble, including requiring banks to undergo a stress test, Deputy Governor Nestor Espenilla said. "Real estate exposure historically has been the trigger of problems in many banking systems. It's quite natural for regulators including BSP to be particularly wary of this," Espenilla, 55, said in an interview in his office in Manila today. "We're implementing a risk-based type supervision," he added, without specifying a timeframe for its introduction. The central bank is set to introduce a residential property-price index in the first half of the year, Deputy Governor Diwa Guinigundo had said in March, as record-low borrowing costs spur demand for homes and offices. Officials will probably hold the benchmark interest rate at 3.5 percent at a meeting later today, according to a Bloomberg survey. Property loans and investments rose 6.8 percent to a record 900.1 billion pesos ($20 billion) in the second quarter of 2013 … [Read more...] about Philippines to order banks to undergo property stress test
A sugarcane field owned by Vietnam's Hoang Anh Gia Lai Group in Attapeu, Laos. HAGL's sugar mill is in the background. Photo courtesy of Tien Phong Late last month, Vietnam Dairy Products Joint-Stock Co., the nation's largest dairy producer, announced that it had got the business license for a factory in Cambodia. The company, popularly known as Vinamilk, will hold 51 percent of the stake in the US$19-million joint venture factory, which is being built in the capital of Phnom Penh. Cambodia, besides New Zealand, Australia, the Philippines and the United States, is a key market in Vinamilk's overseas investment strategy, which is expected to contribute to doubling its annual revenues to $3 billion by 2017. Vinamilk is one of several large and efficient Vietnamese firms which are seeking to expand abroad because the domestic market is either too small or has become less attractive. Leading property firm Hoang Anh Gia Lai is building a $300 million multi-purpose complex in … [Read more...] about Overseas investments should be encouraged: experts
A cohesive regional community could be a boon for migrant workers, but it could also leave them unprotected The coming together of the ASEAN member states in a single economic community in 2015 is expected to provide a greater wealth of opportunities for growth across the region. But there is still a lot of misunderstanding about what this will mean for migration flows in the region and at the country level. People sometimes refer to a free movement of labor, as in Europe, but that prospect remains distant. This forum opens the floor to readers, expats and Vietnamese alike, to hold forth in greater detail on any and all issues that concern you. Email your thoughts to [email protected] We reserve the right to edit your submissions for reasons of space and clarity. As this new economic community emerges, there will be opportunity for the greater mobility of workers who move across national boundaries to fill skills shortages, increase their incomes and gain new … [Read more...] about How will ASEAN regional integration affect labor migration in Vietnam?
$59 million metro line 3 in Ha Noi gets nod Prime Minister Nguyen Tan Dung has approved on a US$59 million project on strengthening sustainable urban transport for Ha Noi Metro Line 3 with loans from the Asia Development Bank (ADB) and the Clean Technology Fund (CTF). The investment for the project includes US$53.2 million from official development assistance of ADB and CTF and US$5.8 million from Ha Noi's People's Committee budget. The 4 year project, which will start from 2014, aims to develop an eco-friendly public transport system and encourage passengers to change from individual transport means to public means with a vision of the city's development towards an ecological, civilized and modern urban. The Ministry of Finance has been assigned to work with relevant agencies to implement the project's financial structure. Hydropower plants accountable for damages to residents For this reason, the Deputy Prime Minister Hoang Trung Hai has said that hydropower plants must be held … [Read more...] about Social Highlights for November 21