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Thursday, July 25, 2024

Rising job openings fail to curb unemployment in Q2/2024

By Ngoc Nguyen

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HCMC – Blue-collar job openings have risen in the second quarter of 2024, yet there has existed an imbalance between supply and demand due to ineffective connections between job seekers and businesses.

According to data from Viec Lam Tot, an online job search and recruitment platform launched by Cho Tot, blue-collar job postings in the second quarter of this year have surged by 30% compared to the first quarter. The demand for recruitment saw the strongest growth in fields such as retail, warehousing and office.

Meanwhile, the demand of job seekers between April and June has improved by 18% compared to the first three months of the year, which means it has not kept pace with the growth rate of job listings.

Based on data from the General Statistics Office, around 2.3 million local workers, predominantly aged 15-34, underutilized their potential (4.4% rate) in the first quarter of 2024. Labor underutilization refers to individuals who are unemployed, not actively involved in business activities or not enrolled in education, or engaged in irregular employment.

This represents a paradox of the labor market, where job opportunities are abundant yet businesses struggle to hire employees.

Nguyen Thanh Huong, country HR manager at ManpowerGroup Vietnam, said the imbalance between supply and demand is also due to the lack of effective connections between job seekers and employers and the lack of confidence among young workers in their own abilities.

As part of the efforts to boost the labor market in Vietnam, ManpowerGroup Vietnam and Viec Lam Tot signed a cooperation deal on June 24 to provide sustainable and meaningful employment opportunities for workers.

Nguyen Thanh Huong, country HR manager at ManpowerGroup Vietnam, and Hoang Thi Minh Ngoc, operation director of Viec Lam Tot, and other staff pose for a photo after signing a cooperation deal between the two companies on June 24 – PHOTO: NGOC NGUYEN

The two sides will share information and experiences to research, analyze Vietnam’s labor market in order to produce reports on employment trends in the country.

ManpowerGroup Vietnam will provide more sustainable and meaningful job opportunities from its partners and customers to workers through the Viec Lam Tot platform, while Viec Lam Tot will aid in increasing recruitment efficiency.

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