Labour market set for recovery in 2024

Vietnam’s job market is poised to bounce back in 2024, driven by better purchasing power that is sparked by a recovery in private investment and wage reform, according to the Ministry of Labour, Invalids and Social Affairs. 

The ministry said that despite global economic headwinds posed by military conflicts, exports are expected to enjoy a strong recovery as demand warms up. 

In the time ahead, completing labour institutions as well as promoting law enforcement is important for the sector, as it contributes to the nation’s socioeconomic development. 

The Government plans to issue an action plan to roll out the Party Central Committee’s resolution on improving the quality of social policies, while completing and submitting to the National Assembly the amended law on social insurance and giving opinions on the revised employment law. 

It will continue keeping a close watch on the development of the job market, carrying out measures to keep employees at work, maintaining the labour supply chain, reducing labour shortages and promoting harmonious labour relations. 

Additionally, the sector will review and study production and business situations as well as recruitment need, particularly that of FDI firms and labour-intensive industries. The sector will also organise job fairs to provide opportunities for job seekers. 

Sustainable job generation and effective manpower utilisation will be promoted through various programmes, projects and policies, with a focus on specialised workers, and those who require assistance. 

The sector needs to pay due attention to vocational training and retraining at enterprises, industrial parks and business establishments so that workers are able to meet requirements of their employers./.