Vietnam’s labor market, like other markets in the world, has been facing difficulties. A Navigos Search 2024 report on wage and labor market conducted in the third quarter 2023 showed that 454 of 555 businesses in Vietnam said they were affected by market fluctuations in 2023, which accounted for 82 percent of total businesses.

In difficult conditions, 68.7 percent of businesses had to downsize their workforce and 52.6 percent stopped recruitment. They mostly recruited experienced workers, but not managers; while new graduates and division managers were second and third priority orders. Directors and interns were the least wanted posts.

CEO Navigos Group Ryosuke Kanemoto said not only in Vietnam, but businesses and workers all over the world now have to adapt to handle economic upheavals. They have to change many things, including way of thinking, way of operating enterprises, skill practicing and recruitment activities.

The most important thing is that businesses and workers understand the labor market to make the best preparations for new circumstances and catch up with new trends. To do this, agencies, education organizations and businesses need to pay attention to career guidance. The activities need to be carried out soon at secondary and high schools.

School Tour, a new career guidance product, has been deployed by many education organizations and businesses in order to equip high school students with the most updated knowledge. The program comprises a succession of career guidance events designed for high school students nationwide

According to Sconnect, the career guidance program combines career orientation and practical experiences. It connects businesses, building a comprehensive educational ecosystem in both theory and practice so that students can develop a solid professional foundation and effectively improve their professional skills, ready to enter the labor market in the future.

The demand for AI qualified workers is very high all over the world. In Vietnam, technology firms have launched training programs to attract talents in the field.

The World Economic Forum (WEF) has predicted that by 2027 about 69 million new jobs would be created in the world; 83 million jobs are likely to appear on the sideline of the labor market and 14 million jobs will disappear.  

According to Navigos Search, the Vietnamese labor market remains positive with 43.3 percent of workers saying their salaries have increased by 5-10 percent, and 70 percent of workers still receiving mandatory benefits.

Vu Diep