FACTORS CONSTRAINING BUSINESS PRODUCTIVITY IN THE DIGITAL ERA: EMPIRICAL RESEARCH AT HERTFORDSHIRE IN UK AND LESSONS FOR HUNG YEN PROVINCE IN VIETNAM

Abstract

Productivity is a vital issue in businesses today. In the digital era, the economic, social, and technological environment is continuously changing. It is essential to find out what motivates and limits productivity. Hung Yen, Hung Yen, one of Hanoi's nearby provinces, enjoys spillover benefits from the capital city's development. However, Hung Yen has to face many difficult challenges from geographical location, infrastructure, and a shortage of high-quality human resources (people who tend to work and develop careers in the capital). Hertfordshire is a county adjacent to London, and suffers much the same challenges as Hung Yen, graduate skills mobility and productivity gaps in the STEM skilled sectors. The correlation in business development issues between Hertfordshire and London is similar to the one between Hung Yen and Hanoi, in growth, hard-to-fill skills vacancies and productivity. In recent years, Hertfordshire has made numerous achievements in economic development, and improved productivity growth. Therefore, the authors conducted an experimental study focusing on SMEs in Hertfordshire and influencing productivity factors. We have drawn lessons and empirically evaluated the ability to apply these to foster improvements in business productivity of SMEs located in the Hung Yen province.