Want to be in the loop?
subscribe to
our notification
Business News
WORKSHOP DISCUSSES FUTURE OF VIETNAMESE LABOUR MARKET
Experts discussed the future of the Vietnamese labour market at an online workshop hosted by Nhân Dân (The People) newspaper on Friday.
It aimed to collect feedback from experts on two draft projects of the Ministry of Labour, Invalids and Social Affairs (MOLISA) on supporting the development of the labour market until 2030 and improving labour supply-demand forecasting capacity.
Vũ Trọng Bình, head of MOLISA’s Department of Employment said over the past 10 years, Việt Nam's labour market has grown strongly. Markets in the southeastern region and Red River Delta in the north have connected with international labour markets.
“Specialised labour markets such as the Mekong River Delta and the Central Highlands have strongly linked to global value chains, especially in agriculture and fishery sectors. In mountainous areas, we must have our own market. The two projects must address those fundamental points,” he said.
Dr Bùi Sỹ Lợi, vice chairman of the National Assembly’s Committee of Social Affairs, said one of the biggest changes of the labour market was labour movement from informal sectors to formal sectors.
Among 56 million labourers in Việt Nam now, only 20 million are in the formal sector. Those employees have more stable jobs, higher incomes and are better protected with health insurance and social security schemes, according to Lợi.
The labour movement from informal to formal sectors is a market principle, and there must be long-term solutions for this process.
Dr Ngô Quỳnh An, deputy head of Economic and Human Resource Management Faculty of the National Economics University, recommended improving the quality of informal sectors so employees are encouraged to move to formal sectors.
She noted that moving out of the agricultural sector did not mean moving out of rural areas. If rural labourers move to urban areas, there will be more employees working in informal sectors in the cities.
Dr Bùi Sỹ Lợi warned that Việt Nam would be stuck in the low-middle income trap if the country cannot improve labour productivity.
The Government and the MOLISA had made huge progress in connecting the labour market but we should not be complacent with the achievements as the market kept changing, he said.
Source: VNS
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.