GDP growth exceeds forecast, how is the income of rural and urban workers?

The number of employed people tends to increase, but the labor market is not yet sustainable when the number of informal jobs accounts for a large proportion. In the photo is a buying and selling scene at a coffee shop in Ho Chi Minh City - Photo: BONG MAI

Workers' income increased, unemployment decreased slightly

The picture of the labor market - employment in Vietnam in the first 3 quarters of 2024 has just been announced by the General Statistics Office. Accordingly, the labor force aged 15 and over is 52.5 million (+210,600 people). Employed workers are 51.4 million (+212,000 people). The unemployment and underemployment rates among working age people have decreased slightly.

Regarding labor trends, rural areas account for the majority with 31.7 million people, while urban areas are at 19.7 million people. However, the rural group tends to decrease (-541,500 people), while the urban group increases (+753,600 people compared to the same period last year).

In the first three quarters of this year, the average income of workers was 7.6 million VND/month (+7.4%, equivalent to an increase of 519,000 VND compared to the same period last year). Of which, male workers received 8.6 million VND/month, female workers received 6.4 million VND/month. The average income in urban areas was 9.2 million VND/month, in rural areas was 6.5 million VND/month.

Newly established businesses are mostly small in scale.

Regarding the business situation nationwide, in the first three quarters of this year, there were more than 121,900 newly registered companies with a total capital of nearly 1.16 million billion VND, a slight increase compared to the same period last year.

Total registered capital added to the economy reached 2.3 million billion VND (-6%). The average registered capital per enterprise reached 9.5 billion VND, equivalent to the same period last year and lower than the average level of the same period in the past 5 years.

Newly established enterprises are mostly small in scale, from 0 to 10 billion VND, accounting for 93%, up 5% over the same period last year. Regarding the proportion of enterprises in each field, ranked from high to low are: services, industry and construction, agriculture - forestry - fishery.

In addition to the above data, let's take a look at Vietnam's economic milestones from the beginning of the year to the end of the third quarter of 2024:

Source: General Statistics Office - Infographic: BONG MAI

Source: https://tuoitre.vn/gdp-tang-vuot-du-bao-thu-nhap-nguoi-lao-dong-nong-thon-va-thanh-thi-ra-sao-20241013130140434.htm