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3 facts you probably didn’t know about the Vietnam Outsourcing Industry

Have you been thinking about outsourcing tasks in your business to an offshore provider?

Have you considered Vietnam?

The benefits to business efficiency and scale from outsourcing certain tasks and processes are well documented. However, finding the right location and then the right provider can be daunting. That’s why we have compiled these 3 facts about the Vietnam outsourcing industry.

 

Vietnam Outsourcing

 

1. 30% of University Graduates are employed in the Vietnamese Outsourcing Industry

Consider the following:

  • The population of Vietnam was 97.47 million in 2021 (World Bank, 2021)
  • In Dec 2022 the number of people employed in Vietnam was 51 million (CEIC, 2022)
  • According to the General Statistics Office of Vietnam, the proportion of Vietnamese with a Bachelor degree or higher qualification was 8.9%. Assuming all of those graduates are working, this equates to around 5 million University qualified people in the Vietnamese workforce.
  • In 2021, The Vietnamese outsourcing industry employed about 1.5 million people (Vietnam Briefing, 2022).
  • Now let’s assume most outsourcing companies typically only employ people with university qualifications.

Armed with these stats we can see that around 30% of Vietnamese University Graduates are employed in their local outsourcing industry.

 

Vietnam Outsourcing

 

2. The Vietnam Outsourcing Industry is growing at an estimated 20-30% annually

The outsourcing industry in Vietnam is thriving off the back of heavy investment by the government into the education system and improvements in the English Proficiency of the Vietnamese people. This investment aims to ensure that Vietnam can perform on the world stage with other countries, particularly in Asia. In addition to this, the government also sees the potential of the Outsourcing industry in becoming one of the largest contributors to the country’s GDP (Vietnam Briefing, 2022). Not only is this additional support and investment working in developing a thriving outsourcing industry, but according to KPMG Vietnam (2021), it is attracting big players in the Global markets such as IBM, Samsung and LG.

 

Vietnam Outsourcing

 

3. The Vietnamese Outsourcing Industry attracts talent across a multitude of skills and occupations

Of the 1.5 million people employed in the outsourcing industry, Vietnam Briefing (2022) states that there are over 400 000 IT professionals, 200 000 engineers and 500 000 other workers including accountants, bookkeepers, marketers and designers. So there is no shortage of talent across many different industries and job requirements.

As you can see, Vietnam has a thriving outsourcing industry that is already holding its own against other better known outsourcing locations such as India, The Philippines, South Africa and South America. Vietnam should definitely be included as part of your research and due diligence when looking for an outsourcing provider to partner with.

If you want to know more about how Vietnam compares to other well known outsourcing locations around the world then download our ebook now.

If you want to learn more then get in touch today!

Frequently Asked Questions

1. How does the proportion of university graduates employed in the Vietnamese outsourcing industry compare to other sectors of the economy, and what factors contribute to this significant representation?

The proportion of university graduates employed in the Vietnamese outsourcing industry is significant, accounting for approximately 30% of the total workforce in the sector. This is a remarkable representation compared to other industries and reflects the country’s emphasis on higher education and skill development. Factors contributing to this high representation include the government’s investment in education and the growing demand for skilled professionals in the outsourcing sector due to its rapid expansion.

2. What specific initiatives has the Vietnamese government implemented to support the growth of the outsourcing industry, and how do these efforts align with the country’s broader economic development goals?

The Vietnamese government has implemented several initiatives to support the growth of the outsourcing industry. These initiatives include heavy investments in the education system to improve skill levels and English proficiency among the workforce. Additionally, the government aims to position Vietnam as a competitive player in the global outsourcing market, with the outsourcing industry becoming one of the country’s leading contributors to GDP. The support and investment from the government, coupled with the influx of major global players like IBM, Samsung, and LG, have fueled the industry’s growth.

3. In addition to IT professionals and engineers, what are some other key occupations represented within the Vietnamese outsourcing industry, and how does the availability of diverse talent contribute to the industry’s competitiveness on the global stage?

The Vietnamese outsourcing industry attracts talent across a wide range of skills and occupations. In addition to IT professionals and engineers, there are over 500,000 workers in roles such as accountants, bookkeepers, marketers, and designers. This diversity of talent allows businesses to find outsourcing partners capable of meeting various needs across different industries and job requirements. The availability of a skilled and diverse workforce contributes to Vietnam’s competitiveness as an outsourcing destination and its ability to cater to the evolving demands of global businesses.

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Frequently Asked Questions(FAQ)

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