The Department of Employment, Ministry of Labor, War Invalids and Social Affairs, has just released a report on the labor market and unemployment insurance.

Employment Department warns of unemployment rate

The Department of Labor Market Assessment in the first 5 months of 2024 continued to recover and develop. Labor market parameters basically returned to normal trends in the period before the COVID-19 pandemic.

Workers' income reached 7.6 million VND/month, an increase of 549,000 VND compared to the same period in 2023.

In the first quarter of 2024, the number of workers aged 15 and over reached 52.4 million people, an increase of more than 175,000 people compared to the same period in 2023.

The rate of trained workers with degrees and certificates reached 27.8%, an increase over the same period, but the whole country still has about 37.8 million untrained workers.

By the end of May 2024, the number of people participating in unemployment insurance is estimated to reach over 14.2 million people, an increase of about 1.67% over the same period in 2023. In May 2024, unemployment insurance expenditure was over 1,500 billion VND.

The report of 60/63 localities was compiled, stating that there are about 116,000 businesses and recruiting organizations with a need to recruit about 1.9 million workers in 2024.

Demand is concentrated in the unskilled labor segment, accounting for nearly half of the total. Meanwhile, the demand for university and post-graduate labor is only about 19%.

However, the Department of Employment warns that youth unemployment remains high, at nearly 8%.

There are about 1.4 million young people aged 15-24 who are unemployed and not participating in education or training (accounting for 11% of the total number of young people in the country).

In the last 6 months of 2024, the Department of Employment said that the drafting agency is focusing on building a revised Law on Employment, submitting it to the Government in June 2024, implementing solutions to improve the efficiency of loans to create jobs, attract and effectively use foreign workers in Vietnam...

Businesses increase recruitment, especially young staff

Talking to Tuoi Tre Online , Mr. Do Duc Chi - Deputy General Director of Nhan Kiet Human Resources Supply Company Limited - said that recently, companies that are major partners of Apple and Samsung have increased recruitment of workers, especially young, skilled, and dynamic personnel with thousands of targets.

According to Mr. Chi, business requirements have changed, increasingly requiring higher quality labor in terms of health and ability to absorb new technology. "Because many businesses have reformed and introduced modern machinery into the production process," he explained.

In addition, foreign-invested enterprises (FDI) still have a need to recruit both unskilled and trained workers.

To find a job quickly, this person believes that young people need to carefully research recruitment information such as position requirements, salary, benefits, and treatment.

In the long term, he recommended that there should be a national job exchange that provides accurate, verified, and complete information to facilitate job seekers, especially young people, to avoid being exploited and scammed.

Mr. Vu Quang Thanh - Deputy Director of Hanoi Employment Service Center - said that in the second quarter of 2024, the recruitment trend in the capital will focus on the trade and service sector in the restaurant, accommodation, catering, tourism, textile and footwear, processing and manufacturing, office - administration, information technology, finance, real estate, construction, etc.

The center will continue to coordinate with businesses and training facilities to introduce suitable jobs for final year students, young people, soldiers or police officers who have completed their service and returned to their localities.