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Sunday, June 16, 2024

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Pros and cons of labor export

Labor export brings immediate benefits to workers, but it requires careful oversight. Reliance on labor export as a long-term strategy warrants cautious consideration. Amidst the gradual economic recovery, labor export emerges as a notable aspect for Vietnam. In 2023, the country got US$16 billion from incoming remittances, equivalent to about 4% of its GDP, attributed to the earnings of its overseas workforce. This marked a 32% increase from the previous year and constituted two-thirds of the disbursed foreign direct investment capital amounting to US$23.2 billion. Among Southeast Asian nations, Vietnam ranks second in remittances, just behind the Philippines. Labor export not only contributes to the macroeconomic landscape but also presents transformative opportunities for young workers. Venturing into diverse work environments abroad allows them to amass substantial savings after years of dedicated efforts. Policymakers anticipate that returning workers will bring back invaluable skills and experiences to address the pressing demand for highly skilled labor at home. Furthermore, labor export plays a pivotal role in Vietnam’s foreign relations strategy. It featured prominently in discussions as the bilateral relationships between Vietnam and South Korea were elevated to a comprehensive strategic partnership in 2022, and between Vietnam and Japan in 2023. Vietnamese workers have […]
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