Unemployment down, income up
During the 2021-2024 period, the COVID-19 pandemic has severely affected the labor market. The number of workers who lost their jobs or had their working hours reduced increased, and the unemployment rate increased.
Thanks to flexible policies, the Vietnamese labor market has gradually recovered and regained its normal development trend. The Ministry of Labor, War Invalids and Social Affairs has implemented many breakthrough solutions such as focusing on supporting the labor market until 2030, the market recovery program and attracting workers from other provinces to return to work. Localities have also proactively proposed flexible production plans, ensuring the health and safety of workers.
As of September 2024, the labor force aged 15 and over reached 52.5 million, an increase of 210.6 thousand people over the same period last year. The labor force participation rate reached 68.5%, remaining at a high level, reflecting the positive recovery of the economy. The number of employed workers reached 51.4 million, an increase of 212 thousand people over the same period last year.
The unemployment rate in urban areas fell to 2.38%, 0.17% lower than the same period.
The rate of trained workers has reached 68.7%, of which workers with certificates account for only 28.1%.
According to the Ministry of Labor, War Invalids and Social Affairs (MOLISA), in 2024, the labor and employment sector is estimated to achieve and exceed assigned targets.
Maintain a synchronous solution to stabilize the labor market
According to Deputy Minister of Labor, War Invalids and Social Affairs Le Van Thanh, since the impact of the COVID-19 pandemic, the Department of Employment (Ministry of Labor, War Invalids and Social Affairs) has taken the lead in proposing support policies for employees and employers to ensure the supply chain, regulate labor supply and demand, and ensure human resources.
In addition, unemployment insurance policy is an important midwife and safety net. Since unemployment insurance has been in place, the lives of workers have improved when they unfortunately lose their jobs and help them quickly return to the labor market.
Overall, 2024 will be a favorable year, as evidenced by the establishment of new businesses, the increase in employment, and the decrease in unemployment. However, the labor market still has many uncertainties.
Regarding the direction and tasks for 2025, the Deputy Minister of Labor, War Invalids and Social Affairs noted the need to develop circulars and decrees to guide the implementation of the Employment Law when it is passed. In addition, it is necessary to continue to pay attention to and develop the labor market.
Mr. Le Quang Trung - former Deputy Director in charge of the Department of Employment, Ministry of Labor, Invalids and Social Affairs said that in order for the labor market to be sustainable, it is necessary to promote solutions to connect supply and demand, especially to connect information on labor and employment between provinces with abundant human resources and key economic provinces and cities; to strengthen the organization of job fairs and disbursement of loans to solve employment problems.
“The system of employment service centers needs to be rearranged and reorganized to improve operational efficiency; quality, management efficiency, and regulation of labor supply and demand. At the same time, effectively connecting and regulating labor supply and demand, encouraging job creation in both the public and private sectors, encouraging workers to seek jobs and change jobs that match their abilities and strengths…” - Mr. Trung said.
