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.
Hanoi has proposed nine groups of solutions to overcome the situation of cadres, civil servants, and public employees leaving their jobs, including boosting their incomes, improving the workplace environment to make it more professional and modern, and creating opportunities for cohesion.
After 25 days of implementing a Resolution from the National Assembly on the payment of support for employees who have submitted unemployment insurance claims, nearly 359,000 have received support from the Unemployment Insurance Fund totaling more than VND1 trillion ($42.7 million). Twenty-eight localities have completed all payments.
Figures show that as of August 25, local social insurance agencies had provided support from the Unemployment Insurance Fund to more than 339,000 employees totaling more than VND963 billion ($40 million). Nineteen of Vietnam’s 63 cities and provinces have completed implementing the support package from the Unemployment Insurance Fund.
Labor shortages have become quite common in certain areas and industries. Even with attractive salaries of VND10-20 million ($450-$900) a month for experienced and technically-proficient candidates, recruiting is still problematic. Industries in Hanoi that employ a lot of workers include tourism, services, electronics, and apparel.
Hanoi has approved support in elementary-level training of less than three months for eleven groups of workers in 78 occupations in the 2022-2025 period. Four groups receiving vocational training will receive support to cover training costs. The capital has set a target of training more than 21,000 people at the primary level for less than three months by the end of 2022, of which more than 9,000 will be trained in non-agricultural occupations and more than 12,000 in agricultural occupations.
As of November 7, 10,068,967 employees had received support from the Unemployment Insurance Fund totaling VND23.96 trillion ($1.05 billion). Vietnam Social Insurance is expected to complete the settlement of support policies from the Fund by November 15.
In order to have sufficient workers for the peak period from now to the end of the year, many businesses have introduced preferential policies and are even willing to pay higher wages or recruit unskilled workers with no experience. Information technology companies and banks continue to lead in recruitment demand.
