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Saturday, June 15, 2024

A labor market paradox

By Minh Thao

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Even though unemployment is soaring, businesses are having difficulty with hiring to fulfill their year-end production plans. The employment hurdles In cities and provinces like HCMC, Binh Duong, and Dong Nai, where there is an abundance of jobless individuals, companies are grappling with a perplexing issue – the struggle to find suitable candidates to fill vacant positions. This paradox has created a unique challenge in the local labor market. By the end of November, HCMC saw an alarming 9.7% increase in applications for unemployment benefits, totaling over 153,000 cases compared to the same period last year, according to data from the city’s Department of Labor, Invalids, and Social Affairs. A prime example of this hiring conundrum is Furukawa Automotive Parts Vietnam Inc. (FAPV), situated in Tan Thuan Export Processing Zone in District 7. Despite offering competitive salaries of VND8-10 million per month and attractive perks, FAPV has struggled to attract a sufficient number of qualified workers for its 200 full-time positions. Speaking with The Saigon Times, a representative from FAPV pointed to two primary reasons behind their hiring challenges. First, the fixed wages and schedules that come with full-time employment are less appealing to many when compared to the flexibility […]
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