Maximizing golden population structure for national development

Recent studies show that the golden population structure will have positive effects on Vietnam for at least the next 20 years.

But one of the challenges is that only 20% of the workforce has been professionally trained. Vietnamese workers also lack teamwork and problem solving skills.

Dang Van Hung, a worker at Thang Long Industrial Park in Hanoi, said “Automation will reduce human employment opportunities. I’m very worried because with my current qualifications, it would be quite difficult for me to find a new job.”

The Fourth Industrial Revolution threatens low-skilled and semi-skilled workers. Tens of thousands of Vietnamese workers could lose their jobs before they reach retirement age.

If Vietnam doesn’t find some solutions soon, it will lag behind other countries and have a harder time in ensuring social security.

“Vietnam can no longer rely on low-cost labor and commodities. It’s time to change,” said economist Pham Chi Lan.

Vu Quang Tho, Head of the Institute for Workers and Trade Unions under the Vietnam General Confederation of Labor, said taking advantage of the young workforce will require training.

“What workers must do now is improve their skills or find jobs suitable to their qualifications. The social security system, especially social insurance and unemployment insurance, should be made more efficient so that when these people become unemployed they will have money to attend vocational training courses and find new jobs.

These things should be done immediately so that Vietnamese workers can adapt to the changing labor market,” Tho elaborated.

During this period of optimal population structure, the brainpower of young workers should be exploited to ensure social security before Vietnam enters a period of population aging.