With Ho Chi Minh City’s employment index down 3.2 per cent in October compared to October 2022, job cuts are forecast to continue in the southern city over the remainder of the year.

Director of the municipal Department of Planning and Investment Le Thi Huynh Mai made the statement at an October 30 meeting to review the city’s socio-economic situation in October.

She said the economic situation and unpredicted and complex global uncertainties have had an impact in Ho Chi Minh City, while monetary, financial, and property markets continue to face many risks.

“Job cuts will put pressure on the city’s social welfare and affect the implementation of socio-economic targets,” she said.

It has been reported that 12,000 workers applied for unemployment benefits in October and 128,000 in the January-October period.

Ho Chi Minh City has seen many businesses in the garment and footwear sectors cut large number of employees since early this year.