The wave of layoffs challenges Vietnamese IT students.

Experts predict that the wave of tech layoffs has reached Vietnam, making the market difficult for the next one to two years, and posing challenges for final-year students in finding jobs.

At a career guidance day organized by the Faculty of Science , Vietnam National University, Hanoi on October 22nd, Mr. Nguyen Ngoc Duc, a senior expert at Trapets Vietnam, Scandinavian Software Park, frankly shared the challenges faced by over 1,000 students amidst the wave of layoffs in the technology sector.

A wave of tech layoffs swept through Silicon Valley after several large companies like Twitter (now X) restructured and following Covid-19. This wave wasn't limited to the US; it spread to Europe, Japan, South Korea, and is now beginning to reach Vietnam.

Citing data from ChatGPT and Google, Mr. Duc stated that from the end of 2022 to the present, there have been approximately 380,000 layoffs, accounting for roughly 1.9% of the 20 million global technology workforce.

"The 1.9% figure isn't huge, but layoffs mean there will be no more hiring," Mr. Duc said, adding that this poses many challenges for IT students for at least the next 1-2 years .

Mr. Duc stated that during the 2020-2021 period, when Covid-19 first emerged along with the fear of FOMO (fear of missing out) – the fear of being left behind in the Covid storm – technology companies recruited massively, and salaries for employees also increased dramatically, 1.5 times higher than in previous years. This led current final-year students, who were then starting to choose their careers, to perceive this field as very popular and choose it frequently.

However, the wave of layoffs has had a significant impact on Vietnam because the Vietnamese market is primarily focused on product manufacturing. When foreign companies stop hiring, the lack of work leads to cuts. Some companies that used to have 100 employees now only have 10, and some have even had to close down.

The recent surge in recruitment and high salaries offered by technology outsourcing companies has led to a situation where companies producing the products themselves are unable to attract talent. At that stage, these companies "seem to be stifled."

This situation has resulted in fewer jobs in the technology sector than before. "IT Viec," a website specializing in IT recruitment, typically has 1,500 job postings, but now it only has just over 700. In previous years, there were many job postings for inexperienced personnel or internship positions, but now most require experience. Mr. Duc describes the current recruitment situation for technology personnel in Vietnam as "quite bleak."

Students gather information about job opportunities from companies. Photo: Duong Tam

This expert points out several major challenges students face. First, they have to compete with experienced layoff workers. With greater life pressures than recent graduates, this group is willing to lower their expectations to get hired.

In addition, the trend of remote work is fading, freelancer fees are falling, companies are facing pressure to tighten spending, the number of startups is declining, and small companies are closing down or operating at a minimal level.

"You are facing a huge challenge as the market is at a low point. Things may improve next year, but you will still need to put in more effort to get a good job," Mr. Duc said.

Associate Professor Pho Duc Tai, Head of the Department of Mathematics, Mechanics, and Informatics at the University of Science, shared this view. He believes that job opportunities for newly graduated students this year will be very difficult. He predicts that the employment rate for Information Technology students within three months of graduation will no longer remain at the 95% level of previous years.

However, both Mr. Duc and Mr. Tai believe that this difficulty is only temporary and that the most challenging period will be in the next one to two years.

According to Mr. Duc, despite the difficulties, large companies are still very eager to recruit truly talented personnel and are willing to spend money to hire them. "It's like in football, they recruit good players, at least so that their rivals don't have players as good as them," he said, using an analogy.

Therefore, he believes students need to possess three advantages: good aptitude, a good school, and a good mentor. Students also need to know at least three popular programming languages ​​in Vietnam: JavaScript, C#, and Java; along with three thriving fields: Enterprise Application, Game, and AI. He also noted that students need to equip themselves with three skills: teamwork, research, and code reading; and be proficient in three tools: Git, Jira, and Email.

Mr. Duc advises recent graduates at this time to prioritize salary over other criteria, and to apply to companies that develop products in order to grow themselves and contribute to the IT industry in general.

Students chat with business representatives during career guidance day on October 22nd. Photo: Duong Tam

With 25 years of experience, Mr. Tran Luong, CEO of Financial Software Solutions Joint Stock Company (FSS), advises students to first equip themselves with good professional and technological skills, including logical thinking, the ability to learn and grasp new technologies "because technology changes very quickly".

In addition, students also need to pay attention to their work ethic: from the ability to work independently such as planning and managing work progress, to proactively reporting progress, communicating when problems arise, the ability to work in a team, communicate, exchange information, and not be afraid of challenges.

From the school's perspective, Mr. Tai acknowledged that communication is a skill that IT students need to improve significantly. Furthermore, IT students should not be complacent, thinking that because the field is popular, they can neglect their studies, leading to a weak foundation of knowledge.

"Organizing career guidance days is also an opportunity for the school to listen to feedback from businesses, thereby providing better guidance in training and helping students find better jobs," Mr. Tai said.

On this occasion, many large enterprises such asFPT Software, FPT IS, VNPT, Bosch Global Software Technology Vietnam, and many others participated in networking, sharing recruitment information, and organizing mock interviews, helping students understand market requirements.

Le Quang Dat, a third-year data science student, said he gathered information from all the companies participating in the career day with the goal of finding an internship in his final year and understanding what technology companies are looking for in the context of tightening recruitment.

"Currently, my English and communication skills are not very good. I also lack experience working on real-world projects. I will try to improve in my final year so that I can get a good job right after graduation," Dat said.

The Faculty of Science, Vietnam National University , Hanoi, annually enrolls approximately 1,800 students. The university's programs aimed at meeting the demand for IT professionals include Computer Science and Information, Data Science, Applied Mathematics, Mathematical Informatics, Electronic and Informatics Engineering, and Geospatial Information Science.

Duong Tam

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