Hanoi’s labor market is forecast to experience a recovery in the closing months of 2021 thanks to positive signs in the pace of vaccinations and disease control around the capital.

In the first nine months of the year, 116,100 jobs were created in Hanoi, reaching 72.5 per cent of the annual plan, according to a report from the Hanoi Employment Service Center. The Center also issued two scenarios regarding the city’s labor market.

In the first, the pandemic is brought under control and the number of enterprises withdrawing from the market totals 500-700. The number of newly-registered enterprises, meanwhile, is 1,300-1,500. Average unemployment is forecast at 2-2.2 per cent. The number of employees with reduced working hours, lost jobs, or lower incomes is about 700,000-900,000, while the number of unemployed workers is 4,000-5,000.

In the second scenario, the pandemic remains a complicated matter. The number of enterprises withdrawing from the market totals 1,000-1,200. Average unemployment is 2.7-3 per cent. The number of employees with reduced working hours, lost jobs, or lower incomes is about 1.6-1.8 million, and the number of unemployed workers is 9,000-11,000.

With many positive signs in regard to vaccinations and demand of goods for the Lunar New Year (Tet), recruitment demand is forecast to increase in the final months of the year, according to Mr. Vu Quang Thanh, Deputy Director of the Hanoi Employment Service Center.