Continuing recovery and growth
According to the assessment of the Hanoi Employment Service Center, Hanoi's economy in recent months has continued to record positive results and impressive recovery momentum, creating a solid foundation for the labor market. This recovery is driven by many important drivers such as macroeconomic recovery and institutional reform, creating favorable conditions for production and business.
Familiar drivers such as public investment disbursement (nearly VND 7.2 trillion) and FDI attraction (USD 799.3 million) continued to be effective. In particular, an increasingly open institutional foundation, with policies supporting the private economy and a policy of streamlining the administrative apparatus, has created new space for businesses to develop and attract high-quality investment capital. Along with that, key economic sectors such as: Trade - services, tourism , public investment and FDI attraction, exports... have been vibrant, creating conditions for the labor market to continue to grow.
Accordingly, in July, Hanoi recorded a strong wave of startups with 3,713 newly established enterprises, up 62.6% compared to the previous month. Along with 730 enterprises resuming operations, the total number of enterprises entering and re-entering the market (4,443 enterprises) far exceeded the number of enterprises withdrawing (2,230 enterprises), showing a clear expansion of the economic sector and investors' confidence in the business environment is improving.
“Enterprises are stepping up recruitment to meet production and business plans for the second half of the year, with an estimated recruitment demand of over 68,000 positions across the city, a sharp increase compared to last month,” said Vu Quang Thanh, Deputy Director of the Hanoi Employment Service Center.
Along with that, the demand for recruiting high-quality labor also increased sharply. Enterprises mainly recruited labor with university degrees or higher, accounting for 42.6% of total demand (up 3.28% compared to the previous month). The demand for recruiting unskilled labor decreased, accounting for only 22.65%. Leadership and management positions in enterprises also had a strong increase in demand, accounting for 16.59%. This reflects the market trend of focusing on finding highly skilled and qualified personnel to meet new development requirements.
According to Deputy Director of the Hanoi Employment Service Center Vu Quang Thanh, the labor market outlook in the coming time is still positive, continuing to maintain the recovery and growth trend, especially in the fields of trade - services, tourism, public investment and FDI. The tariff agreements between Vietnam and the United States are expected to create stable conditions for import and export activities.
Unbalanced supply and demand of quality
According to the assessment of the Hanoi Employment Service Center, while businesses are "thirsty" for human resources with university degrees or higher (accounting for 42.6% of recruitment needs), the labor supply side shows the opposite picture. The majority of job seekers are untrained workers, accounting for 46.64% of the total number of job applications and is on the rise. The group of technical workers without degrees/vocational certificates also accounts for a large proportion of job seekers (23.1%). This difference creates a large gap in skills, making it difficult to fill many positions that require high-quality personnel, while a large number of unskilled workers have difficulty finding suitable jobs.
“The group of workers without technical expertise still accounts for the largest proportion (52.32%) of the number of workers receiving unemployment benefits, clearly reflecting the increasing demand for workers with higher professional qualifications in enterprises,” said Vu Quang Thanh, Deputy Director of the Hanoi Employment Service Center. Mr. Thanh added that the labor market is currently at high risk of unemployment in a number of industries due to the restructuring process continuing to cause fluctuations in personnel. For example, in the Information Technology - Telecommunications industry, the rate of workers receiving unemployment insurance in this industry is 47.24%, a sharp increase compared to the previous month, showing that the strong changes in the technology sector have a great impact on the employment situation. Or in the Finance - Banking - Accounting - Auditing industry, the rate of workers receiving unemployment insurance continues to be high at 23.62%. This shows that the restructuring and personnel screening process in the industry is still ongoing.
According to labor expert, Associate Professor, Dr. Nguyen Thi Lan Huong, former Director of the Institute of Labor Science and Social Affairs, the labor market is in a period of transformation, maintaining a strong economic recovery while facing challenges in the structure and quality of human resources. The increase in demand for highly qualified labor, along with a strong wave of startups, shows confidence and development potential. However, the problem of imbalance in supply and demand for skills, along with the increasing unemployment rate among highly qualified laborers and personnel fluctuations in key industries, requires synchronous and drastic solutions.
“For the labor market to develop sustainably, it is necessary to continue to innovate thinking, enhance dynamism and creativity, focus on improving training quality, and reorienting careers for workers. Especially for untrained workers and those affected by the economic restructuring process. Policies to support labor market development, such as organizing job fairs, career counseling, and retraining support, need to be implemented more effectively to help workers find jobs soon and stabilize their lives,” Associate Professor, Dr. Nguyen Thi Lan Huong commented.
Source: https://cand.com.vn/Xa-hoi/thi-truong-lao-dong-dang-thua-luong-thieu-chat-i776470/
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