23 Vietnamese people have the same labor productivity as 1 Singaporean

Labor productivity of the entire Vietnamese economy in 2016 is estimated to increase by 5.31% compared to 2015, according to data from the General Statistics Office.

Specifically, the social labor productivity (average GDP per worker aged 15 and over) of the entire economy in 2016 at current prices is estimated at 84.5 million VND/person, or about 3,853 USD/worker.

According to the General Statistics Office, in 2015, Vietnam's labor productivity at current prices reached 3,660 USD, only 4.4% of Singapore's.

By economic sector, average labor productivity in the agriculture, forestry and fishery sector was the lowest at 32.9 million VND/worker; the industry and construction sector reached 112 million VND/worker; the service sector reached 103.5 million VND/worker.

Vietnam's labor productivity has improved significantly in recent times, increasing steadily over the years, for example, in the period 2011-2016 it was 55.2 million VND/person in 2011; 63.1 million VND/person in 2012; 68.7 million VND/person in 2013; 74.7 million VND/person in 2014; 79.4 million VND/person in 2015; and 84.5 million VND/person in 2016.

However, according to the General Statistics Office, the average labor productivity of Vietnamese people is still very low compared to some countries in the region.

According to the General Statistics Office, in 2015, Vietnam's labor productivity at current prices reached 3,660 USD, only 4.4% of Singapore's. Thus, each Singaporean worker had the same productivity as 23 Vietnamese workers combined.

In addition, Vietnamese labor productivity is only 17.4% of Malaysia, 35.2% of Thailand; 48.5% of the Philippines and 48.8% of Indonesia.

The General Statistics Office also said that the country's working-age labor force in 2016 was estimated at 47.7 million people, an increase of 275,900 people compared to the previous year.

The unemployment rate of working-age laborers in 2016 was 2.3%, reaching the same level as in 2015, of which the urban area was 3.18%, the rural area was 1.86%. The unemployment rate of youth aged 15-24 in 2016 was 7.34%, of which the urban area was 11.3%, the rural area was 5.74%.

The unemployment rate of working-age laborers in 2016 was 1.64%, lower than 1.89% in 2015 and 2.4% in 2014.

The population size by the end of 2016 is estimated at 92.7 million people, an increase of nearly 1 million people compared to 2015. Of which, the urban population is 32 million people, and the rural population is 60.6 million people.

According to Bach Hue/vneconomy