WB Experts Highlight Edu Gap for Vietnam's Workforce in Startup Ecosystem
Despite progress in access to education, Vietnamese universities and training facilities are not adequately preparing future workers for positions in high-tech fields to serve the startup ecosystem, World Bank (WB) experts said.
A recent analysis by the WB showed that 80% of surveyed training organizations believe their graduates are fully prepared for initial job positions, but less than 40% of employers surveyed feel that new graduates are ready, especially for high-skilled positions.
Businesses across various sectors, including startups, report difficulties in finding labor with suitable foundational skills for innovation. Among 200 startups surveyed by the WB in 2023 regarding innovation, 44% stated they struggled to recruit personnel with appropriate skills and qualifications.
Without significant investment in post-secondary education to continue improving both the quantity and quality of graduates, including increasing university enrollment rates, the supply of skilled technical labor may remain a challenge for innovative startups, the WB experts said.