Deel empowers Vietnamese companies and talents to thrive globally

April 23, 2024 | 09:00
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Vietnam is facing a shortage of human resources in critical fields such as AI, data science, software development and cybersecurity.

Dan Westgarth, COO of Deel, a company providing an all-in-one human resources (HR) platform for multinational companies, recently highlighted the high demand for skilled workers in niche areas and the current talent shortage.

"Vietnam is scheduled for a shortfall of talent this year. We're tracking about 300,000 short-term positions that need filling this year and the next, leading to a gap between how much talent Vietnam is producing versus how much is needed," said Westgarth.

Deel empowers Vietnamese companies and talents to thrive globally
Dan Westgarth, COO of Deel

According to Westgarth, Vietnam is only just beginning to see a skill shortage, particularly in IT, that is already pronounced in markets like Singapore and Hong Kong.

"Other markets in Asia Pacific, and certainly markets like the United States and the United Kingdom, have had skill shortages for years, which has been a massive problem for them. Vietnam is now trending towards that too. The demand for digital infrastructure is growing at incredible speed and transforming the economy, so we are seeing a lot of demand for strong IT skills," Westgarth said.

Westgarth believes that Vietnamese workers have very competitive strengths in the international labour market, such as a hard-working attitude, upright professional ethics, and a logical approach.

"Vietnamese people are suitable for jobs that the world is currently in great need of, such as programmers, software development engineers, data analysts, or other maths-related jobs," he added.

Vietnam is also in its 'golden population' stage, while Internet access and competency has grown exponentially among Vietnamese workers, who have become increasingly better at foreign languages, which are all very attractive to investors.

However, Vietnamese workers also have disadvantages. According to Deel’s assessment, one such disadvantage is the time zone. American companies like to hire in Latin American markets, like Brazil, Argentina, Colombia and Mexico, given the time zone proximity. However, once global companies decide to come to the Asia-Pacific, then Vietnam is an advantageous market.

Software engineers and developers, interpreters, statistics experts, digital marketing, and data analysts are the top five most sought-after roles for Vietnam-based workers. The five markets with the highest demand for recruiting Vietnamese personnel include the US, Singapore, Australia, Hong Kong, and the UK.

Deel set up a presence in Vietnam in 2021 to hire people from the Vietnamese market to primarily work for companies outside the country, and to support freelancers and contractors. It can support Vietnamese businesses seeking to expand overseas to set up sales hubs in overseas markets.

It makes overseas expansion for Vietnamese companies effortless because they're able to hire people through international entities, meaning a Vietnamese company does not need to set up a physical or a legal presence in the other country.

Deel empowers Vietnamese companies and talents to thrive globally

In addition to this, hundreds of clients in Vietnam use Deel to hire employees and contractors outside of Vietnam and manage their global workforces.

Deel can cater to international companies that would like to hire talent within Vietnam, but also help companies in Vietnam with their talent shortages.

Sky Mavis, a high-tech company in Ho Chi Minh City, uses Deel to hire, onboard, manage, and pay their workforce in markets like India, the UK, and the US.

Deel has its local team here in Vietnam, primarily in Ho Chi Minh City, as well as in over 100 countries, with an understanding of the rules and regulations of each local market so it can process payroll, software, and technical operations without any problems.

For most multinational businesses, an HR management system is usually fragmented, which makes it costly and inefficient. The data is not clean, there is poor visibility and bad employee experiences. Some of those concerns can be resolved with an all-in-one solution.

Deel helps companies simplify every aspect of HR management, from onboarding, compliance, and performance management, to global payroll, information systems, and immigration support for foreign personnel.

The company currently has more than 25,000 clients across 150 countries, including Shopify, Coinbase, Reddit, Revolut, Ubisoft, Hèrmes, Forever 21, Nike, and BBC Studios. It is paying around $1 billion per month to employees and contractors.

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By Bich Ngoc

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