Vietnam’s labor cost 19 percent lower than regional nations

More and more foreign investors have chosen Vietnam to be their destination because of reasonable labor cost which is 19 percent lower than that in other Southeast Asian nations, said Asian economic expert Chidu Narayan from Standard Chartered Bank on Wednesday.

Workers at a packing company in HCMC (Photo: SGGP)

He was quoting as saying at a seminar in Ho Chi Minh City.  Other factors make the country attractive to foreign investors are young population supplying abundant human resources, largely domestic consumption market and increasing purchasing power, he said.

Vietnam’s economic growth has been higher than other nations in the region and this is expected to last for the next couple of years at least, he added.
China has no longer been a destination of foreign capital because local labor costs have increased, he said.

By T. Van – Translated by Hai Mien

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