04/09/2014 10:02 GMT+7 Email Print Like 0

Report predicts decline in finance, banking and insurance employment

Hanoi, September 3 (VNA)- The Third Vietnam Labour Market Update, a quarterly bulletin released on September 3, forecasted a rise in the demand for skilled workers in the fields of mechanical production, food processing, electricity generation and distribution, communications, health services and social work in the last quarter of 2014.

The bulletin also foresaw fewer jobs being available in the finance, banking and insurance sectors in the months to come. It noted that the labour quality standards dictated by Vietnam ’s process of economic restructuring were still posing a challenge for the country’s workforce. However, the structure of the labour force had been transformed in a positive way, with the number of jobs in the aquaculture and agriculture sector decreasing, whilst Vietnam ’s employment rate in general was on the rise.

According to the bulletin, in the second quarter of 2014, 5.8 million people were newly employed - 321,000 people or 0.59 percent more than in the first quarter.

Vietnam ’s low unemployment rate was the labour market’s key feature, the bulletin said. It reached its lowest point in the last twelve months at 1.84 percent. Employment shortages had been reduced, and supply and demand were better connected, the bulletin said.

The bulletin also pointed out that there was currently a high demand for skilled trades- and craftsmen, with 22 million people currently working in this sector without proper qualifications. In stark contrast, approximately 75,000 university graduates were taking jobs requiring qualifications lower than their degrees.

The bulletin reported that the female employment rate was on the rise, with more women finding jobs during this period.

Published by MoLISA and the GSO (General Statistics Office), with support from the International Labour Organisation, the bulletin analyses trends in the labour market in order to improve labour policy-making.
VNA/VNP