77% of job seekers have a college degree or higher.

The proportion of job seekers with a university degree or higher remains high (Illustrative image: Hai Long).

The Ho Chi Minh City Center for Human Resource Demand Forecasting and Labor Market Information (Falmi) has just released its labor market report for the third quarter of 2023 and forecasts human resource demand for the fourth quarter of 2023. The report is based on a survey of over 14,500 businesses with recruitment needs for nearly 70,000 jobs and over 32,300 job seekers.

According to the report, 77% of job seekers hold a university degree or higher, overwhelmingly surpassing other groups. Specifically, those with a college degree account for over 20%, while those with a vocational degree make up nearly 2%. The number of job seekers with basic vocational training and unskilled labor is negligible, each accounting for less than 1%.

Meanwhile, the recruitment needs based on professional qualifications differ significantly. Specifically, businesses have the highest recruitment demand for workers with intermediate-level qualifications (over 27%), followed by college graduates (nearly 25%), and then university graduates or higher (nearly 23%).

Structurally, there is a serious imbalance between the supply and demand for labor with a university degree or higher, with demand accounting for only 23% while supply reaches 77%.

Compared to the first six months of the year, this supply-demand gap has narrowed considerably. In the first six months, businesses' demand for employees with a university degree or higher accounted for nearly 20% of the total workforce demand; meanwhile, job seekers with a university degree or higher accounted for over 84% of the total number of job applicants.

Recruitment needs of businesses by professional qualification structure in Q3/2023 (Source: Falmi).

Market realities show that businesses in Ho Chi Minh City are in great need of skilled labor, and the supply consistently falls short of demand. Meanwhile, there is a surplus of workers with university degrees or higher, with the number of job seekers exceeding the number of vacancies in each quarter.

When the economy is struggling, the group of workers with a university degree or higher are also the ones most often targeted for job cuts by businesses.

Statistics from 2022 show that 146,285 people in the city lost their jobs and received unemployment benefits. Of these, the largest group were unskilled laborers (accounting for 56.62%), followed by those with a university degree or higher (accounting for 31.14%).

Meanwhile, the number of workers with basic vocational certificates who lost their jobs was 2,869 (only 1.96%). Those with intermediate vocational or professional high school qualifications lost their jobs numbered 6,816 (equivalent to 4.66%). Those with college-level vocational or professional college qualifications numbered 8,218 (accounting for 5.62%).

According to Dr. Doan Nguyen Thuy Trang (Ho Chi Minh City Academy of Cadres), the above figures show that skilled workers have a low unemployment rate. Meanwhile, those with university degrees or higher and unskilled laborers both have very high rates of job loss.

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