Vietnam in the processes of international labor migration in East Asia: financial aspects

Панченко, В.Г. and Резнікова, Н.В. and Карп, В.С. and Іващенко, Оксана Андріївна (2024) Vietnam in the processes of international labor migration in East Asia: financial aspects Інвестиції: практика та досвід (2). pp. 25-32. ISSN 2306-6814

[thumbnail of Ivashchenko_O_et_Inv2024_2_FEU.pdf] Text
Ivashchenko_O_et_Inv2024_2_FEU.pdf - Published Version

Download (362kB)

Abstract

The purpose of the article is to study the processes of international labor migration in East Asia and the Pacific region, with a focus on the analysis of migration processes in Vietnam and the role of remittances for socio-economic development. The directions and scale of international labor migration are determined by a whole complex of factors in receiving countries (pull factors) and in countries that are the main exporters of labor (push factors). The most significant role in shaping the migration sentiments of the population of labor donor countries is played by economic reasons. Differences in wage levels in countries of origin of migrants and in receiving countries, the ability to make remittances home, which helps improve the standard of living of migrant worker households, makes a number of developed countries attractive for migrants. In the countries of East Asia and the Pacific region, due to higher rates of population growth and its rejuvenation, a surplus labor force has arisen that is not able to find employment in the still underdeveloped economies. Its economic displacement is accompanied by an increase in demand for it from more developed countries. The complex of socio"economic conditions for the development of the provinces of Vietnam, as well as climatic conditions that affect food security, actually shapes the migration attractiveness of the region and determines the incentives for internal migration and internal displacement. Indicators of regional labor markets (labor force participation rate, share of employed people of working age, unemployment rate, average time to find a job, average age of the unemployed) play an important role in the decision to emigrate. It has been established that not only the change in the geography of the export of labor migrants, but also the structure of demand for labor corresponds to the goal of the government's migration policy, which is to increase and stabilize the incomes of migrants, and therefore the incomes of households of their origin. Internal migration to urban areas and migration abroad bring different benefits to local residents in terms of accumulating various amounts of savings and intensifying consumption, prospects for increasing incomes, including by stimulating savings that will be used to expand production. Therefore, these differences should be taken into account when trying to formulate population and migration policies so that the process of internal population movement leads to improved living standards, reduced inequality and overcoming extreme poverty and destitution, and labor migration contributes to the improvement of human capital and the productive use of remittances. With 40 to 60% of expats now working in the US and UK, the Philippines and Vietnam have benefited from rising wages and labor shortages in those countries. Based on one person of the total population, Vietnam with a population of one hundred million is 6 times ahead of China with a population of one and a half billion, which Vietnam copies in its current attitude towards migrant workers, turning them into migrants who must accumulate not only savings, but also new skills and innovations. Despite the fact that Vietnam receives about 5% of GDP from migrant remittances, and the income of families with migrants grew by 1"4% per year, the government's migration policy has changed from encouraging emigration to encouraging return migration. For regions where there was a shortage of labor, processes were carried out to discourage migration and promote return migration, while at the same time, for less developed regions that generated a large number of emigrants, first of all, the personnel training policy was changed, becoming similar to developed regions, which involved stimulating the receipt of complete secondary education and human development. The choice of immigration country is influenced by the macroeconomic situation, features of the implementation of monetary and fiscal policies, as well as exchange rate policy. Currency devaluation and the cost of living crisis lead to a decrease in incentives to stay in the host country and change the geography of labor flows.

Item Type: Article
Uncontrolled Keywords: international migration; labor migration; internal displacement; migration policy; regulation; economic development; developing countries; official development assistance; foreign direct investment; financial flows; consumption; savings; remittances; wages; human capital; labor force; labor market; poverty; East Asia; Southeast Asia; Pacific Region; Vietnam; Japan; PRC.
Subjects: Статті у базах даних > Index Copernicus
Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН)
Divisions: Факультет економіки та управління > Кафедра міжнародної економіки
Depositing User: Доцент Оксана Андріївна Іващенко
Date Deposited: 09 May 2024 07:39
Last Modified: 09 May 2024 07:39
URI: https://elibrary.kubg.edu.ua/id/eprint/48914

Actions (login required)

View Item View Item