Chance emerges for Vietnam's more inclusive growth path: ILO

Despite difficulties brought by the COVID-19 pandemic, an opportunity is emerging for Vietnam to build the foundations of a more inclusive growth path, which leaves no one behind once recovery begins, according to the ILO in Vietnam.

Chance emerges for Vietnam's more inclusive growth path: ILO hinh anh 1

Workers of a garment firm in An Giang province wait in line while keeping two metres apart to enter the factory 

The International Labour Organisation (ILO) made the statement in its April 21 briefing note on impact of COVID-19 on economic activity and employment in Vietnam’s labour market.

As the COVID-19 situation developed, the Vietnamese Government implemented increasingly stringent measures that have proven effective in containing the health crisis.

The country’s economic performance, however, is affected by measures adopted to confront the pandemic in Vietnam and across the world, as similar measures taken by other countries across the world have large-scale, indirect effects on Vietnam’s economy, said the ILO.

The organisation added that the reduction in economic output expected per sector over the first two quarters of 2020 is influenced by the vulnerability of each sector to the direct effects of COVID-19 containment, or indirect ones, or both.

“By the end of the second quarter, the crisis can affect the livelihood of 4.6 to 10.3 million workers, whether through a decline in working hours, in wages or, ultimately, job loss,” the ILO forecast.

It also envisaged two scenarios: one lower-impact scenario in which containment measures are eased during the second quarter, and one higher-impact scenario where the measures remain largely in place.

Workers in the informal economy will be severely affected due to their lack of state-funded social safety nets. Vulnerable workers are especially exposed to economic risk, since most of them work informally in low-paid occupations, and are unlikely to be able to count on savings. Female workers are over-represented in most sectors experiencing widespread reduction in economic activity.

The actual extent of livelihood loss will depend on the evolution of the pandemic and the measures taken by the Vietnamese Government and other countries. The unprecedented nature of the shock created by the COVID-19 pandemic makes it difficult to predict its developments by means of comparison with any past crises. Countries are finding themselves in uncharted territory, taking a variety of approaches to the containment, and adjusting them based on their own experience and that of others.

Vietnam has been working to ease restrictions in some parts of the country for one week. The measure excludes several provinces and the country’s main economic centres of Hanoi and Ho Chi Minh City. And where it applies, it does not remove social distancing rules altogether. Still, this measure will bring some relief to the direct channels of economic shock.

 

The IMF expects negative economic growth for 2020 in over 170 countries, with a partial recovery in 2021. However, countries across the world are taking bold actions to support their respective economies.

In Vietnam, the Government is unveiling a range of monetary and fiscal measures to keep enterprises afloat and safeguard incomes in the short term. Plans to push economic recovery in the medium and long term are taking shape.

In the meantime, however, Vietnam’s trade partners are in the midst of the COVID-19 fight.

In the medium term, even if Vietnam should choose to lift social distancing measures in the whole country, the crisis (whether directly or indirectly brought to the country’s economy) may affect overall consumption by eroding the financial means of individuals, and therefore the ability of domestic demand to sustain the economy.

Vietnam has addressed the COVID-19 health crisis with resolve and strength, and most importantly, with an aim of protecting all women and men and leaving no one behind. The same approach needs to be directed at economic, social and labour market challenges.

This is a critical time to ensure that socio-economic policy response is designed to be inclusive, is based on tripartite consultations, and reaches the most vulnerable on the labour market, the ILO noted./. VNA

ILO Vietnam willing to help Vietnamese gov’t, employers, workers

ILO Vietnam willing to help Vietnamese gov’t, employers, workers

Country Director of the ILO Vietnam Chang-Hee Lee has said that ILO Vietnam was ready to help the Vietnamese Government, employers and employees to find suitable jobs as the coronavirus takes its toll on the health and labour markets and the economy.

ILO ready to help Vietnam weather COVID-19-triggered labour crisis

ILO ready to help Vietnam weather COVID-19-triggered labour crisis

The International Labour Organisation (ILO) in Vietnam stands ready to support the Vietnamese government, employers and employees in the fight for decent work at the time of the global health, labour and economic crisis.

 
 

Other News

.
Northeastern localities brace for impact of typhoon Nangka
Northeastern localities brace for impact of typhoon Nangka
SOCIETYicon  14/10/2020 

Typhoon Nangka has seen heavy rain and strong winds hit northern coastal localities such as Quang Ninh, and Hai Phong, in addition to other northeastern provinces, with Quang Ninh banning fishing vessels from going out to the sea.

Vocational training graduates in high demand
Vocational training graduates in high demand
SOCIETYicon  13/10/2020 

Graduates of vocational schools have many job opportunities due to businesses' increasing demand for workers with practical skills.

Victims of human trafficking repatriated
Victims of human trafficking repatriated
SOCIETYicon  13/10/2020 

Nguyen Thi Thao (not her real name) from the northern province of Vinh Phuc was a victim of human trafficking.

Typhoon Nangka to affect northern localities
Typhoon Nangka to affect northern localities
SOCIETYicon  13/10/2020 

Typhoon Nangka, the seventh arising in the East Sea so far this year, is moving west-northwest at a speed of about 20km over the next 24 hours and is likely to gain strength, according to the National Centre for Hydro-Meteorological Forecasting.

Heavy rain, floods wreak havoc in central provinces as new typhoon approaches
Heavy rain, floods wreak havoc in central provinces as new typhoon approaches
SOCIETYicon  13/10/2020 

Ongoing heavy rains and flooding has killed 20 people in central provinces, and 14 more have been reported missing in central provinces, as the country braces for the seventh typhoon to hit this year.

Vietnamese citizens join COVID-19 vaccination programme in Russia
Vietnamese citizens join COVID-19 vaccination programme in Russia
SOCIETYicon  13/10/2020 

Eleven Vietnamese citizens working in Moscow, Russia have volunteered to join a Sputnik V vaccine programme to prevent the COVID-19 pandemic.

VND5.3 trillion section of Hanoi Ring Road No 3 opens to traffic
VND5.3 trillion section of Hanoi Ring Road No 3 opens to traffic
SOCIETYicon  13/10/2020 

The Mai Dich - South Thang Long Section of Hanoi’s Ring Road No 3, using ODA loan from the Japan International Cooperation Agency (JICA), was officially opened to traffic on October 11 after two years and four months of construction.

Shopping online has a high price-tag
Shopping online has a high price-tag
SOCIETYicon  13/10/2020 

The restrictions that resulted from the outbreak of COVID-19 saw keen online shopper Hoang Lan Phuong, a 32-year-old official in Hanoi, buy even more than usual with just a few taps on her phone.

Citizen chip-mounted identity cards must use advanced technology
Citizen chip-mounted identity cards must use advanced technology
SOCIETYicon  13/10/2020 

The Minister of Public Security will decide the form and material for citizen chip-mounted identity cards. Under a request from the Prime Minister, the cards will use advanced technology to ensure security and safety.

VIETNAM NEWS 13/10
VIETNAM NEWS 13/10
SOCIETYicon  13/10/2020 

Hanoi and HCM City record rising hand-foot-mouth cases

University's high standards cause a shock
University's high standards cause a shock
SOCIETYicon  12/10/2020 

Universities across the country on Sunday afternoon began publishing their benchmark score from high school exams for new entrants.

Vietnamese consume double recommended salt intake level daily: health official
Vietnamese consume double recommended salt intake level daily: health official
SOCIETYicon  13/10/2020 

Tran Quoc Bao, head of the Non-communicable Diseases Control Division under the Ministry of Health's General Department of Preventive Medicine, talks to local media on the health risks of eating too much salt.

VIETNAM NEWS 12/10
VIETNAM NEWS 12/10
SOCIETYicon  12/10/2020 

Ho Chi Minh City Ao Dai Festival opens

Mekong Delta farmers hit hard by late floods
Mekong Delta farmers hit hard by late floods
SOCIETYicon  12/10/2020 

The current water level on the upstream rivers in the Mekong Delta is very low at present, affecting the livelihood of local residents.

The capital's new look on the banks of the Red River
The capital's new look on the banks of the Red River
SOCIETYicon  12/10/2020 

The construction of billion-USD dollar infrastructure projects will spur growth on the two sides of the Red River, promising to create a miracle for Hanoi’s real estate market in the coming time.

Hanoi now and then through photos
Hanoi now and then through photos
SOCIETYicon  12/10/2020 

Hanoi has changed remarkably, comprehensively through ups and downs and developed in all aspects. The capital has become the largest economic and cultural hub of the country.

Hanoi strives to become smart and creative city
Hanoi strives to become smart and creative city
SOCIETYicon  12/10/2020 

Going back in time to October 10, 1954, thousands of local residents flocked to Hanoi’s streets with flags and flowers to welcome and congratulate Vietnamese soldiers for taking over the capital from French troops.

Rehab home for children with cerebral palsy in Ninh Binh
Rehab home for children with cerebral palsy in Ninh Binh
SOCIETYicon  13/10/2020 

In the northern province of Ninh Binh, there is a special home for children suffering from cerebral palsy where they receive intensive care and assistance to fight the disease and integrate into the community.

HCM City spells out quarantine rules for arriving foreigners
HCM City spells out quarantine rules for arriving foreigners
SOCIETYicon  11/10/2020 

Foreign managers, investors and highly skilled workers coming to work in the provinces of Tay Ninh, Binh Duong, Binh Phuoc, Ba Ria-Vung Tau, Dong Nai, Long An, and Tien Giang will be taken there for quarantine when they land at HCM City airport.

Two more imported COVID-19 cases reported, bringing VN's tally to 1,109
Two more imported COVID-19 cases reported, bringing VN's tally to 1,109
SOCIETYicon  11/10/2020 

Vietnam recorded two new imported COVID-19 cases Sunday, bringing the country’s total caseload to 1,109, as today marks the 39th day without locally acquired infections.

 
 
 
Leave your comment on an article

OR QUICK LOGIN