HCMC – Vietnam’s unemployment rate decreased to 2.24% in 2024, equivalent to just over one million people without jobs, according to the General Statistics Office (GSO).
A report released on January 6 highlighted that the urban unemployment rate was 2.5%, higher than the 2% recorded in rural areas. The number of unemployed individuals in the fourth quarter fell to 764,600, a reduction of 142,000 compared to the same period in 2023.
The country’s labor force, comprising individuals aged 15 and older, expanded to 53.2 million in the fourth quarter. Employment figures also rose, with 51.9 million people in work, an increase of 585,100 from the previous year.
The average monthly income for workers in 2024 reached VND7.7 million (US$320), an 8.6% increase compared to 2023, the GSO reported. Vietnam’s total population grew to 101.3 million, up by over one million from the previous year.
Urban areas were home to 39 million people, accounting for 38.5% of the population, while rural regions had 62.3 million residents, or 61.5%. The GSO also noted a rise in average life expectancy, which reached 74.7 years.
While income levels improved, a disparity remained between average income and GDP per capita. The average annual income was VND64.8 million in 2024, while GDP per capita reached VND114 million, reflecting a gap of VND49.2 million.
Labor productivity was recorded at VND221.9 million per worker per year, equivalent to US$9,182. Meanwhile, the minimum living standard was set at VND1.8 million per month, with urban residents requiring VND2.3 million and rural residents VND1.7 million.
The report also revealed that 2.4% of households experienced multidimensional poverty in 2024. However, a survey indicated that only 3.7% of households reported a decline in income, reflecting overall stability in earnings.
