Vietnam’s job market is poised to bounce back in 2024, driven by better purchasing power that is sparked by a recovery in private investment and wage reform, according to the Ministry of Labour, Invalids and Social Affairs.

The latest report of the Ministry of Labor, Invalids and Social Affairs (MOLISA) shows that one out of 10 young people is unemployed and that they are three more times likely to lose their job than older workers.

Enterprises in Hanoi need to recruit from 100,000-120,000 workers in the first quarter of 2024.

The monthly average income of Vietnamese labourers in 2023 reached 7.1 million VND (over 291 USD) per person, up 6.9% compared to 2022, according to the General Statistics Office (GSO).

Experts have predicted the appearance of a number of new occupations in 2024, especially ones related to AI, digital technology, data processing, content creation on digital platforms, and business analysis.

As foreign-invested businesses always need high-quality human resources to apply new technologies, training skilled manpower is believed to help Vietnam attract more foreign investment.

Vietnam strives to be among the top three countries in Southeast Asia in terms of labour productivity growth.

Vietnam's labour force (aged 15 and above) in 2023 counts for 52.4 million people.

Measures had been taken to help more people get jobs overseas. In 2023, over 150,000 workers were employed abroad, up nearly 9 per cent year-on-year.

The labor market in Ho Chi Minh City became bustling again in the last months of the year, when many businesses had orders so they started recruiting workers to serve production and business.

Many labourers are waiting for their unemployment insurance applications to be approved to claim the lump-sum insurance.

The Government has enacted Decree No. 70/2023/ND-CP amending and supplementing a number of articles of the Decree No. 152/2020/ND-CP regulating foreign workers working in Vietnam.

A significant shift in the Vietnamese labor market has emerged, with 35% of local employees saying in a survey that they are currently seeking a new job and 21% saying that they are planning to start a job hunt in the next six months.

More than 1,200 firms in Ho Chi Minh City said they are planning to cut their workforces this year, according to a recent survey by the municipal Centre of Forecasting Manpower Needs and Labour Market Information (FALMI).

Vietnam’s promising economic factors could lead to more foreign workers and overseas Vietnamese entering the country to live and work.

The aviation industry is facing a severe human resource shortage due to several factors such as the recovery of the tourism sector and the expansion of airports across the country, experts said.

Students at vocational schools have strong professional knowledge, but are quite weak in foreign languages.

As many as 500,000 workers have lost jobs, stopped working, or have had their working hours cut in 40 cities and provinces, according to the Ministry of Labor, War Invalids and Social Affairs (MOLISA).

The information technology (IT) labor market is still hot as it lacks workers with high qualifications, especially ones majoring in aritificial intelligence (AI), data and information security.

In June alone, economic sectors in the city employed more than 26,500 labourers and created nearly 12,000 new jobs, with most jobs in the areas of trade, services, and industrial production.