Topic: labor market

Fields with major demand for workers include electronic manufacturing, garments and textiles, plastics production, construction, mechanics and welding, and sales and cashiers.

Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung talks to VnEconomy / Vietnam Economic Times about measures to develop the country’s labor market.

Measures to be taken to ensure labor supply.

Number of working people aged from 15 upwards reached 52.1 million.

Reduced working hours and unemployment have mostly affected unskilled workers in garments and textiles, leather and footwear, and wood processing.

Only 11.6 per cent of Vietnam’s workforce of 50.74 million are highly skilled.

The Ministry of Labor, Invalids and Social Affairs believes that labor markets both domestically and internationally will recover quickly. It has been forecast that many occupations will see recruitment accelerated during the last quarter of the year. The Ministry will balance the country’s workforce and those heading abroad in a way that is most beneficial to workers.

Along with strong GDP growth in the third quarter of 2022, Vietnam’s labor market has also witnessed more “bright spots”, with the number of employed people increasing by more than 255,000 quarter-on-quarter and 3.5 million people year-on-year. The average income of workers in processing and manufacturing and accommodation services is seeing high growth, showing that key economic sectors have recovered strongly.

Speaking at the “Development of a flexible, modern, sustainable and integrated labor market” conference on August 20, Prime Minister Pham Minh Chinh emphasized the importance of workers within the economy. Breakthroughs are needed to attract high-quality human resources, he went on, such as reforming wages, creating a good working environment, and comprehensively renovating the training and vocational education system.

According to Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung, Vietnam’s labor market is experiencing a partial imbalance in supply and demand as well as uneven development due to an excess of under-qualified and low-skilled workers and a shortage of high-quality human resources. If the latter is not improved, Vietnam will gradually lose its appeal among foreign investors.