According to Truong Minh Tien, CEO of Viet Research, businesses awarded the title "Product of the Year - Effective innovative products and services of 2023" have shifted their attention to products with features to meet the increasing demands of purchasers.

Truong Minh Tien, CEO of Viet Research

Specifically, those enterprises have applied science and technology to improve the quality of products, services, as well as processes in production, business, and sale to maximise the benefits of customers, shareholders and partners.

At the same time, they also have quickly applied technology in research, production and marketing of brands and products.

“The ceremony opens up opportunities to meet and directly exchange experiences as well as seek business cooperation opportunities, creating the best position and role for Vietnamese businesses on the path of regional and international integration,” Tien said.

The award was part of the event for the Top 500 Vietnam Best Employers (VBE500) and Top 10 Vietnam Best Places to Work (VBW10) in key economic sectors, and the conference about the future of the labour market and new working environment trends.

Vietnamese leading employers with the best achievements in terms of job generation, employee welfare, and business results were honoured.

“Honouring the best employers and workplaces is not only meaningful to businesses but also encourages and creates excitement for other businesses,” said Editor-in-Chief of Vietnam Investment Review Le Trong Minh.

He said that it was forecast that in 2024, businesses will continue to face difficulties, but there were still outstanding businesses with achievements in human resource management, and overcoming challenges to maintain stable income for workers.

“All business challenges are associated with management, in which human resource management is one of the problems that needs to be solved,” Minh shared.

The labour market continues to face many challenges, mainly due to a sharp decline in market demand, according to the International Labour Organisation.

Survey results of VBE500 businesses in 2023 show that about 39 per cent of businesses are facing a staff shortage of less than 10 per cent, about 8 per cent of businesses have a surplus of labour, and nearly half of VBE businesses this year do face no problems of labour shortage or surplus.

Despite many challenges, more than 8 per cent of VBE500 enterprises with labour surplus accept the situation to maintain the job for employees, reduce new recruitment and training costs, and increase employee loyalty.