Talent plays a key role in the development of the Vietnam Financial Center, contributing to improving competitiveness, promoting innovation and raising Vietnam's position in the global financial market. Therefore, the development and implementation of effective talent attraction policies is an urgent task, not only meeting the needs of high-quality human resources but also creating a driving force for sustainable development for the country's financial ecosystem.
Vietnam is aiming to develop Ho Chi Minh City into a regional and global financial center, with policies to attract investment, improve the business environment and improve the quality of human resources. According to Decision No. 368/QD-TTg of the Prime Minister, Ho Chi Minh City is oriented to become an international financial center by 2030.
Current human resource quality according to the report of the Ministry of Planning and Investment in 2023: Only 35% of the workforce in the finance - banking industry has qualifications to meet international standards. Vietnam's digital skills index reached 4.2/10, lower than Singapore (8.1/10) and Hong Kong - China (7.8/10). More than 60% of workers in the financial industry have less than 5 years of experience, showing a shortage of senior personnel.
Challenges in attracting talent and the working environment according to VietnamWorks' survey in 2023: The average salary allowance in the financial industry in Vietnam is 1,500 USD/month, lower than Singapore (6,000 USD/month) and Hong Kong - China (5,500 USD/month). Personal income tax policies have not competed with countries in the region. Development opportunities lack capacity building training programs according to international standards. Limited promotion opportunities in large financial groups.
Vietnam has the potential to become a regional financial center but is facing many challenges in attracting talent. To improve, there should be preferential tax policies, improve the quality of financial education and improve the working environment to compete with major financial centers such as Singapore and Hong Kong (China).
With policies to support foreigners and financial experts to attract international financial experts, Vietnam has built attractive support policies. However, the exemption of personal income tax for all employees at financial centers is not supported by the Ministry of Finance, because not all are attractive subjects. Instead, experts and highly qualified workers enjoy personal income tax incentives, creating favorable conditions for them when working in Vietnam.
Solutions to adjust competitive salaries to increase basic salaries by 20% - 30% compared to the current level to approach regional income levels. High-performance rewards are based on KPIs and profits to retain talent. Expanded benefits High-end health insurance support, preferential stock packages and flexible leave.
In addition, it is necessary to have a policy to attract foreign financial experts.
According to a survey by EuroCham Vietnam (2022), 57% of foreign experts in Vietnam believe that the procedures for granting work permits are still complicated, hindering the process of attracting talent. Providing tax and settlement policies. Major financial centers in the world such as Singapore, Dubai, Hong Kong (China) all apply low personal income tax rates for foreign financial experts, for example: Singapore personal income tax ranges from 0 - 22,2% (exempt from tax for income under 20,000 USD). Hong Kong (China) has a maximum personal income tax of 15%. Vietnam's current personal income tax rate is up to 35%, higher than that of directly competing countries.
According to the IMF report, preferential tax policies help attract talent and contribute to national GDP by 1 - 3% per year.
