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Employment slumps in the last quarter of 2022

The Saigon Times

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HCMC – Vietnam’s job market has seen a sharp decrease in demand in the last quarter of 2022, with workers finding it challenging to seek new jobs, according to a report released by Navigos Research, a recruitment firm.

The report pointed out that employment demand in the period dropped 25% on average over the same period in 2019, the pre-Covid year, with December alone plunging 45%.

The steep fall was attributed to global economic woes and difficulties plaguing local enterprises caused by high-interest rates, geopolitical tensions in the world, volatile exchange rates and surges in fuel and raw material prices.

The publishing industry recorded the sharpest decrease, at 65%, while several others witnessed a decrease of over 50%, including construction at 55%; purchasing, supply and material transport at 53%; and sales and marketing at 50%.

The drops in labor demand in sectors such as banking, consumer goods and securities were not as much as above-mentioned labor-intensive industries, ranging from 13% to 45%.

As the Lunar New Year approaches, coupled with massive layoffs in many provinces, workers strived to hold on to their positions to receive the 13th-month salary bonus.

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