HR firm backs Vietnam’s potential

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Careerbuilder, a leading human capital solutions provider headquartered in the US, announced its official entry into Vietnam on February 21.The company said that it see good development potential in the country despite the serious economic downturn.

It has acquired HR Vietnam and Kiem Viec, two of four main sites belonging to Vietnam Online Network (VON), for an undisclosed sum. Company officials said they see their business in Vietnam as a base from which it can expand in the Asia-Pacific region especially Southeast Asia. Hunter Arnold, President of Careerbuilder Asia-Pacific, who has spent the last four years travelling around Asia, said he is optimistic about the Vietnamese market’s education levels and its “hungry” workforce. The company’s latest acquisition is a “typical illustration” of the growing economic relationship between the US and Vietnam, officials said at the ceremony on February 21.Two-way trade rose sharply from only $500 million in 1995 to $22 billion last year. The US has become the most important export market for Vietnam, Le Thanh An, US Consul general in HCM City, said at the ceremony. Founded in 2004, Kiem Viec is the second largest career site in Vietnam. Along with Vietnamworks, the site accounts for 90 percent of the revenue in this industry. According to Paul Hung Nguyen, CEO of Kiem Viec and HR Vietnam, the company’s revenue has increased by between 80 and 150 percent every year since it was founded. Kiem Viec has over 1 million registered users and attracts over 400,000 visitors per month. With its new acquisition, CareerBuilder now operates in 22 markets outside the US and has a presence in more than 60 markets worldwide. Vietnam’s high economic growth rate, averaging between 6-8 percent in the last ten year, coupled with a high internet penetration rate at 33 percent, makes the market attractive for online recruitment, officials said. In Asia, CareerBuilder is already present, through acquisitions and partnerships, in mainland China, Hong Kong Singapore, Indonesia, the Republic of Korea and India.

Source: VOV


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