Vietnam's labor market is being modernized to promote deeper integration into the global economy
Rewritten Article:
Get ready for a deep dive into Vietnam's labor market evolution! Here's a lowdown on the impressive advancements made and future plans in the realm of job creation, modernization, and global connectivity:
On the Move
Vietnam's labor market has shown incredible resilience, not just recovering from the pandemic-induced slump but surpassing its pre-pandemic vigor. In 2024, the labor force aged 15 and above reached a staggering 53 million, an increase of over 575,000 compared to the previous year. The number of employed individuals rose by 1.1%, with 51.9 million people contributing to the workforce [2][3][4]. The unemployment rate took a tumble, dropping to a record-low 2.24% [2][3][4].
Global Ties That Bind
Beyond national borders, over 700,000 Vietnamese workforce are working overseas, leveraging contractual agreements that funnel approximately $3.5–4 billion annually into the country as remittances [2][3][4].
Government's Greenlight
Government intervention has played a critical role in this labor market upswing. Strategies like job-matching programs, employment fairs, and job creation loans have been instrumental in bridging the gap between resource-rich provinces and key economic zones, securing a steady workforce for industrial parks, export processing zones, and major economic areas [2][3][4].
The Road Ahead
Vietnam sets its sights on modernizing its labor scenario over the 2026-2030 horizon. The prime objectives here are to curb informal employment and foster sustainable job opportunities [1][2][3]. Additional efforts involve accelerating digital transformation, particularly in the development of a national labor and employment database that merges with the population database to boost public employment services [2][3][4].
Workers at a textile company in HCM City. - VNA/VNS Photo
On the legal front, Vietnam aims to refine regulations addressing vocational skills, labor relations, and wage systems to cater to both domestic and international demands [2][3][4]. Once more, the government plans to amplify social policy credit programs to support weakened groups such as the indigent, ethnic minorities, people with disabilities, and those grappling with the aftermath of natural disasters, pandemics, or climate change [1][2][3].
Embrace change! As Vietnam marches ahead in its quest for modernization, job creation, and global integration, its labor market is proving to be a force to be reckoned with.
- The government's role in Vietnam's labor market advancement has been crucial, implementing initiatives such as job-matching programs, employment fairs, and job creation loans to bridge the gap between resource-rich provinces and key economic zones.
- Vietnam's labor market has demonstrated resilience in the pandemic's aftermath, not only recuperating but exceeding pre-pandemic vigor, with the labor force aged 15 and above reaching 53 million in 2024.
- The government aims to refine regulations concerning vocational skills, labor relations, and wage systems to accommodate both domestic and international demands as part of its plans to modernize its labor scenario.
- Remittances from over 700,000 overseas Vietnamese workforce contribute significantly to Vietnam's economy, amounting to approximately $3.5–4 billion annually.
- The government intends to enhance social policy credit programs to support vulnerable populations such as the indigent, ethnic minorities, people with disabilities, and those affected by natural disasters, pandemics, or climate change.
- As part of its vision for the 2026-2030 period, Vietnam aims to curb informal employment, foster sustainable job opportunities, and accelerate digital transformation, including the development of a national labor and employment database merged with the population database to improve public employment services.
