This study intends to estimate the rate of returns to education in Vietnam, the distributive effects of education on wages, and the wage penalty from the incidence of overeducation in the Vietnamese labor market during 2004–2016. This study employs a pseudo-panel approach to address omitted variables bias and the unconditional quantile regression to identify the heterogeneity of returns to education across the income distribution. Our main finding indicates that the estimated rate of returns to education in Vietnam is approximately 6.5%, showing a downward bias from previous estimates. The returns vary across wage distributions, where a lower rate of return is observed in lower quantiles and a higher rate among those individuals at the higher quantiles. The returns to education have declined since 2008, confirming the oversupply of highly educated workers in the Vietnamese labor market with an estimated wage penalty of 17%. Government assistance measures are needed to reduce the overeducation and the wage penalty issues in the Vietnamese labor market.

中文翻译：

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过度教育带来的教育回报和工资惩罚：来自越南的新证据

本研究旨在估计越南的教育回报率、教育对工资的分配效应，以及2004年至2016年越南劳动力市场过度教育发生率带来的工资惩罚。本研究采用伪面板方法来解决遗漏变量偏差问题，并采用无条件分位数回归来识别整个收入分布中教育回报的异质性。我们的主要发现表明，越南的教育回报率估计约为 6.5%，较之前的估计有所下降。回报率因工资分布而异，较低分位数的回报率较低，而较高分位数的回报率较高。自 2008 年以来，教育回报率一直在下降，证实了越南劳动力市场上受过高等教育的工人供过于求，预计工资损失为 17%。需要政府采取援助措施来减少越南劳动力市场的过度教育和工资罚金问题。