With Vietcap's forecast of 7.2% GDP growth in 2025 and the Government's target of achieving at least 8% GDP growth, the labor market in 2025 is expected to improve.
Analysts from Vietcap Securities Company said that Vietnam's total workforce in 2024 will increase by about 390,100 people compared to the third quarter of 2024, equivalent to an increase of 0.7%, and increase by about 625,300 people compared to the fourth quarter of 2023, equivalent to an increase of 1.2%.
In the fourth quarter of 2024, Vietnam's total labor force reached 53.15 million people. At the same time, the labor force participation rate also increased to 69%, the highest level since the fourth quarter of 2020.
In addition, the total number of employed workers also increased to the highest level since 2019, when the industrial and construction sector created the highest number of jobs in three years. Specifically, in the fourth quarter of 2024, the total number of employed workers reached 52.1 million, equivalent to an increase of about 414,900 people compared to the third quarter of 2024 and an increase of 639,000 people compared to the fourth quarter of 2023.
In terms of structure, Vietcap's report shows that compared to the fourth quarter of 2023, the number of employed workers improved the most in the service sector. The number of employed workers in this sector in the fourth quarter of 2024 continued to increase by about 108,500 people compared to the third quarter of 2024 and increased by 546,600 people compared to the fourth quarter of 2023, reaching 21 million people.
The number of employed workers in the industrial and construction sector has reached 17.5 million people, equivalent to an increase of 458,600 people compared to the third quarter of 2024 and 353,400 people compared to the fourth quarter of 2023.
In contrast, the number of employed workers in the agriculture, forestry and fishery sector decreased by about 152,200 people compared to the third quarter of 2024 and decreased by 260,900 people compared to the fourth quarter of 2023, down to 13.5 million people.
In addition, the number of workers with formal and informal jobs increased. According to Vietcap experts, although the number of workers with informal jobs increased by 200,000 people compared to the third quarter of 2024, reaching 33.2 million people.
The ratio of informal employment to total employment will still decrease by 0.3% compared to Q3/2024 and by 1.5% compared to Q4/2023 to 63.6% as the number of formal employees has increased by about 214,900 compared to Q3/2024 to 18.9 million. This is the lowest ratio since Q4/2019.
On the contrary, the unemployment and underemployment rates continue to decline. In the fourth quarter of 2024, the number of unemployed people decreased by about 24,800 compared to the third quarter of 2024 and by 13,700 compared to the fourth quarter of 2023, to 1.07 million people, thereby reducing the unemployment rate to 2%, equivalent to a decrease of 0.06 percentage points compared to the third quarter of 2024 and a decrease of 0.05 percentage points compared to the fourth quarter of 2023.
At the same time, the number of unemployed people also decreased by about 88,100 people compared to the third quarter of 2024 and 146,900 people compared to the fourth quarter of 2023 to 852,100 people, leading to a decrease in the unemployment rate to 1.64%, equivalent to a decrease of 0.18 percentage points compared to the third quarter of 2024 and a decrease of 0.31 percentage points compared to the fourth quarter of 2023.
Regarding workers' income, average monthly income increased by 7.2% compared to the third quarter of 2024 and 12.2% compared to the fourth quarter of 2023, reaching VND 8.2 million/month in the fourth quarter of 2024.
Of which, income increased in all regions, with the agriculture, forestry and fishery sector recording the highest growth, up 11.2% compared to the third quarter of 2024 and 13.5% compared to the fourth quarter of 2023, to VND 4.8 million/month.
The highest average monthly income belongs to the service sector, reaching about 9.7 million VND/month, up 6.4% compared to the third quarter of 2024 and 11.6% compared to the fourth quarter of 2023. The average income of the industrial - construction sector also increased to 9 million VND/month, up 5.9% compared to the third quarter of 2024 and up 11.1% compared to the fourth quarter of 2023.
In the fourth quarter of 2024, 35,342 new businesses were registered and 25,198 businesses returned to operation. However, 39,102 businesses left the market and 13,884 businesses suspended operations, resulting in a net market entry of 7,554 businesses.
Notably, December 2024 recorded an unusually high number of enterprises awaiting dissolution, reaching 19,886 enterprises compared to the average of 5,800 enterprises in the past 12 months. This is also the period with the highest number of enterprises awaiting dissolution since 2015.
The reason is that business registration agencies across the country have reviewed and standardized data, eliminating businesses that have been inactive for a long time.
Experts from Vietcap believe that with Vietcap's forecast of 7.2% GDP growth in 2025 and the Government's target of achieving at least 8% GDP growth, the labor market in 2025 is expected to improve.
Source: https://baodaknong.vn/thi-truong-lao-dong-se-tiep-tuc-cai-thien-trong-nam-2025-241263.html
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