Vietnam's Talent Strategy: A Practical Guide

The Story So Far

Did you know that over 70% of companies globally struggle to find qualified candidates? Vietnam, recognizing this challenge, has embarked on a strategic mission to attract and retain foreign-born talent. This isn't just about filling immediate job vacancies; it's a long-term vision to enhance innovation, competitiveness, and economic growth. This guide delves into the practical steps and evolving landscape of Vietnam's recruitment strategy for overseas talent.

Pre-2020: Laying the Foundation

2023 marked a significant turning point with the introduction of more robust policies aimed at attracting high-caliber foreign talent. This included streamlining visa and work permit processes for skilled professionals and investors. Incentives such as tax breaks and preferential treatment for certain industries were also explored. The strategy moved beyond simply filling roles to actively creating an environment where foreign talent would choose to stay and contribute long-term. Practical steps for businesses included understanding the new incentive structures and how to leverage them for competitive advantage. For individuals, it meant clearer pathways to establishing a career in Vietnam.

2020-2022: Adapting to Global Shifts

The COVID-19 pandemic presented unprecedented challenges and opportunities. Borders closed, but the demand for remote work and global talent pools surged. Vietnam began to adapt its strategies, exploring more flexible work arrangements and digital recruitment platforms. The government initiated discussions on improving talent attraction policies, focusing on attracting skilled workers in emerging sectors like technology, research, and development. This period underscored the need for agility in recruitment, with companies needing to navigate travel restrictions and health protocols. The focus shifted towards understanding how to manage a distributed workforce and the legal implications thereof. 

2023: Policy Reforms and Incentives

Before 2020, Vietnam's approach to foreign talent was relatively cautious. While policies existed, they often lacked the streamlined processes needed to attract a diverse and highly skilled workforce. The focus was primarily on expatriates filling highly specialized roles where local expertise was scarce. Recruitment often involved individual company initiatives rather than a cohesive national strategy. This period saw a gradual increase in foreign professionals, but the pace was slow. Understanding the existing legal frameworks and visa processes was paramount for any company looking to recruit internationally during this time.

By The Numbers

• 70%: Percentage of companies globally that face hiring difficulties.
• 15%: Estimated increase in demand for tech talent in Vietnam year-on-year.
• 5-10 Years: Typical long-term commitment sought from highly skilled foreign professionals.
• 20+: Number of countries from which Vietnam actively seeks to attract talent.
• 3-5 Days: Reduced processing time for certain work permits under new reforms.

2024 and Beyond: Building a Sustainable Ecosystem

The current trajectory focuses on building a sustainable ecosystem for foreign talent. This involves not only recruitment but also integration and retention. Initiatives include improving the quality of life, educational opportunities for families, and fostering a more inclusive work culture. The government is collaborating with educational institutions and private sector organizations to create talent pipelines and upskilling programs. For businesses, the practical advice is to invest in onboarding programs that address cultural integration and provide continuous professional development. The goal is to make Vietnam a destination of choice, not just a place to work temporarily.

What's Next

Vietnam's strategy for foreign-born talent is set to become even more sophisticated. Expect further policy refinements, increased focus on attracting talent in cutting-edge fields like AI and biotechnology, and greater emphasis on creating a welcoming environment. The long-term success will hinge on continuous adaptation to global trends and a commitment to providing world-class opportunities. For those considering a move or for companies looking to expand their global reach, staying informed about these developments is crucial. The future promises a more dynamic and accessible talent market in Vietnam.