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Ho Chi Minh City
Sunday, June 16, 2024

Vietnam’s unemployment rate reported at 2.3%

The Saigon Times

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HCMC – Some 68.7% of 51.9 million people of working age are employed, not counting those in the informal sector, while the unemployment rate stays low at 2.3%, according to the Ministry of Labor, War Invalids and Social Affairs.

Dao Ngoc Dung, Minister of Labor, War Invalids, and Social Affairs, said that Vietnam’s economy had rebounded faster than expected, and therefore, the nation’s unemployment rate is kept low.

The market has seen positive vocational education and training results, with the employment quality improving.

The number of employees working in industries related to their expertise has risen.

Many Vietnamese personnel are now in charge of management roles in foreign-invested companies, particularly in the oil and gas, mechatronics and telecommunications industries.

However, Dung noted that challenges remain in the domestic labor market, including a shortage of highly qualified people and a large proportion of non-contract workers.

The ministry seeks to model the vocational education and training programs carried out in developed nations such as Germany, Japan and Australia.

The authorities will prioritize strengthening the country’s skills-based education and training capacity to develop employees with verified credentials.

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