The labor market in Ho Chi Minh City became bustling again in the last months of the year, when many businesses had orders so they started recruiting workers to serve production and business.

Many labourers are waiting for their unemployment insurance applications to be approved to claim the lump-sum insurance.

The Government has enacted Decree No. 70/2023/ND-CP amending and supplementing a number of articles of the Decree No. 152/2020/ND-CP regulating foreign workers working in Vietnam.

A significant shift in the Vietnamese labor market has emerged, with 35% of local employees saying in a survey that they are currently seeking a new job and 21% saying that they are planning to start a job hunt in the next six months.

More than 1,200 firms in Ho Chi Minh City said they are planning to cut their workforces this year, according to a recent survey by the municipal Centre of Forecasting Manpower Needs and Labour Market Information (FALMI).

Vietnam’s promising economic factors could lead to more foreign workers and overseas Vietnamese entering the country to live and work.

The aviation industry is facing a severe human resource shortage due to several factors such as the recovery of the tourism sector and the expansion of airports across the country, experts said.

Students at vocational schools have strong professional knowledge, but are quite weak in foreign languages.

As many as 500,000 workers have lost jobs, stopped working, or have had their working hours cut in 40 cities and provinces, according to the Ministry of Labor, War Invalids and Social Affairs (MOLISA).

The information technology (IT) labor market is still hot as it lacks workers with high qualifications, especially ones majoring in aritificial intelligence (AI), data and information security.

In June alone, economic sectors in the city employed more than 26,500 labourers and created nearly 12,000 new jobs, with most jobs in the areas of trade, services, and industrial production.

Due to a significant decline in new orders since the fourth quarter of last year, hundreds of thousands of employees across the country have faced job losses and reduced working hours, according to the General Statistics Office (GSO).

Going to university is no longer the top priority for high school graduates. They would rather work abroad than obtain a higher education and be jobless.

The number of people losing jobs or having fewer working hours is believed to be higher than reported. They need financial support and jobs to overcome current difficulties.

Ten groups of occupations are recording a sharp fall in recruitment demand, and the unemployment rate may increase in the time ahead, said recruiting service provider Navigos Group.

Layoffs could run until the end of 2023 as firms continue to trim their ranks in line with slumping global demand, experts have said.

Besides limited technological capability, Vietnamese mechanical engineering enterprises are upset about their trained workers leaving for foreign-invested companies or searching for opportunities to work abroad in labor cooperation programs.

Occupations relating to information technology, high-tech and supporting industries are employment groups with high recruitment demand, experts have said.

The labour market in Vietnam is enduring a transformation, with a focus on constructing a sustainable and efficient supply chain of workers.

According to the Ho Chi Minh City Center of Forecasting Manpower Needs and Labor Market Information , the labor market will head towards high-quality and skilled human resources.