Policies to Attract High-Quality Foreign Human Resources in Korea and Suggestions for Vietnam

Abstract

Human resources, specifically high-quality human resources play an important role in economy of any country today. The context of globalization and the fourth industrial revolution has had a profound impact on the process of cooperation between countries fundamentally changing its structure including labor cooperation. Over the past decades, the population structure of the Republic of Korea has changed dramatically, as the population aging outpacing the birth rate resulted in this country having to face the challenges of domestic labor resources shortage and expand the recruitment of immigrant workers from other countries in the region and the world to supplement human resources necessary to serve the further economic development process. Vietnam is likely to face the same demographic challenges in long run, that is why the experience of South Korea in fighting them is highly relevant. This paper aims to draw policy suggestions for Vietnam based on the analysis of empirical evidence and academic theories collected through various sources including scientific journals, newspapers, the internet, and books about developing high-quality human resources in South Korea, as well as assessing the lack of quality human resources in South Korea, and Vietnam through calculations based on statistics retrieved from international open data sources.