Society

In order to improve workplace productivity, which is still much lower in Vietnam than in many Asian countries, it is necessary to adopt flexible solutions in terms of both macro- and micro-economic factors. The important issues are training, to systematically improve the quality of human resources, and forming a startup ecosystem.

According to the General Statistics Office, Vietnam’s workforce totaled 51.2 million people in the first quarter of 2022, an increase of 200,000 over the same period last year, while unemployment stood at around 1.1 million, down nearly 490,000 people compared to the previous quarter. In terms of workforce quality, the number of trained workers in the first quarter represented 26.1 per cent of the total; 0.1 percentage points higher than in the same period last year.

Industries with high recruitment demand, such as processing and manufacturing, real estate, banking, and fast-moving consumer goods (FMCG), are forecast to see even greater demand over the remainder of 2022.

According to the Hanoi Employment Service Center, demand for recruitment among enterprises in the capital increased sharply in April, especially in the fields of processing and manufacturing and real estate. Of particular note, demand at banks rose 165.5 per cent. It is expected that, in May, businesses in Hanoi will need to recruit 90,000-120,000 workers.

Ensemble made up of students from the Vietnam National Academy of Music.

The Ministry of Labor, Invalids and Social Affairs (MoLISA) has proposed that the minimum wage be increased by an average of 6 per cent, effective from July 1. Due to Covid-19, it has been more than two years since the minimum wage was last adjusted, which is normally done annually, meaning it no longer guarantees a minimum standard of living.