(LĐXH) - The average income of workers in 2024 is 7.7 million VND/month, an increase of 8.6%, equivalent to an increase of 610,000 VND compared to the previous year.
While the decline in the unemployment rate among working-age people has shown a strong recovery in the labor market... The Department of Employment ( Ministry of Labor, Invalids and Social Affairs ) believes that 2025 will be a year with many expectations and opportunities for a breakthrough in the labor market.
Employed labor force increased by more than 585,000 people
The General Statistics Office has just released a report on the labor and employment situation in the fourth quarter and in 2024. Accordingly, the labor force aged 15 and over nationwide in the fourth quarter of 2024 is estimated at 53.2 million people, an increase of 390,100 people compared to the previous quarter and an increase of 625,300 people compared to the same period last year; the labor force participation rate in the fourth quarter is 69%.
In 2024, the labor force aged 15 and over will be 53 million people, an increase of 575,400 people compared to the previous year; the labor force participation rate will be 68.9%, unchanged from the previous year.
The number of employed workers in the fourth quarter of 2024 is estimated at 52.1 million, an increase of 414,900 people compared to the previous quarter and an increase of 639,100 people compared to the same period last year. By economic sector, the number of employed workers in the fourth quarter in the agriculture, forestry and fishery sector was 13.5 million people, accounting for 26%;
The industrial and construction sector has 17.5 million people, accounting for 33.7%; the service sector has 21 million people, accounting for 40.3%.
In 2024, the total number of employed workers will be 51.9 million, an increase of 585,100 people (equivalent to an increase of 1.1%) compared to the previous year. By economic sector, the number of employed workers in 2024 in the agriculture, forestry and fishery sector will be 13.7 million people, accounting for 26.5% and a decrease of 79,700 people compared to the previous year;
The industrial and construction sector had 17.4 million people, accounting for 33.4% and increasing by 167,000 people; the service sector had 20.8 million people, accounting for 40.1% and increasing by 497,800 people. The number of workers with informal jobs (including workers in agricultural, forestry and fishery households) in the fourth quarter was 33.2 million people, accounting for 63.6% of the total number of employed workers.
In 2024, the rate of informal employment will be 64.6%, down 0.5 percentage points compared to the previous year.
The number of underemployed people of working age in the fourth quarter of 2024 was 764,600, down 98,800 from the previous quarter and down 142,000 from the same period last year. The underemployment rate of working age people in the fourth quarter was 1.65%, down 0.22 percentage points from the previous quarter and down 0.32 percentage points from the same period last year.
In 2024, the number of unemployed people of working age was 846,800, a decrease of 74,400 people compared to the previous year. The unemployment rate of working age people was 1.84%, a decrease of 0.18 percentage points compared to the previous year; of which the unemployment rate in urban areas was 1.28%, a decrease of 0.32 percentage points; the unemployment rate in rural areas was 2.2%, a decrease of 0.07 percentage points.
Workers' income increased by 8.6%
The General Statistics Office also said that the average income of workers in the fourth quarter of 2024 was VND 8.2 million/month, an increase of VND 550,000 compared to the third quarter and an increase of VND 890,000 compared to the same period in 2023. Of which, the average monthly income of male workers was VND 9.2 million/month, female workers was VND 7 million/month; the average income of workers in urban areas was VND 9.8 million/month, in rural areas was VND 7.2 million/month.
In 2024, the average income of workers is 7.7 million VND/month, an increase of 8.6%, equivalent to an increase of 610,000 VND compared to the previous year. Of which, the average income of male workers is 8.7 million VND/month, female workers is 6.5 million VND/month; the average income of workers in urban areas is 9.3 million VND/month, in rural areas is 6.7 million VND/month.
The unemployment rate among working-age people in the fourth quarter of 2024 was 2.22%, down 0.01 percentage points from the previous quarter and down 0.04 percentage points from the same period last year. Overall, the unemployment rate among working-age people in 2024 was 2.24%, down 0.04 percentage points from the previous year, of which the urban area was 2.53%; the rural area was 2.05%.
Thus, the unemployment situation in 2024 will improve compared to the previous year, but will still fluctuate around 2.2% as before the Covid-19 pandemic.
2025: Many expectations and opportunities for breakthroughs
According to the Department of Employment, 2025 will be a year of great expectations and opportunities for breakthroughs. That is when macro challenges such as inflation and high interest rates in countries begin to stabilize;
Vietnam's economy continues to demonstrate itself as the leading attractive FDI destination in the region and the world ; the revolution of streamlining the apparatus is being actively implemented, towards an effective and efficient administration.
However, in the context of economic restructuring and accelerated application of science and technology, the labor market will be significantly affected when the number of unskilled workers losing their jobs may increase and income will decrease.
The labor force is also at risk of decreasing as workers leave the market due to lost job opportunities when production and business models change to use automated machinery, artificial intelligence (AI) technology, machine learning, etc.
Perhaps the biggest challenge is that workers' ability to change careers is still weak when labor market information is limited. At the same time, workers' skills and qualifications do not meet the changes in the employment structure.
To keep up with the general growth rate of the economy, the labor market needs to overcome current challenges and limitations and have specific breakthroughs to grow stronger.
Specifically, Vietnam needs to build a modern, integrated, flexible labor market institution that meets practical requirements; at the same time, promote the connection between labor supply and demand, forecast the labor market, and help develop employment services.
Ha Phuong
Labor and Social Affairs Newspaper No. 4
Source: https://dansinh.dantri.com.vn/nhan-luc/thi-truong-lao-dong-nam-2025-nhieu-ky-vong-va-co-hoi-but-pha-20250109105047609.htm
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