THE LABOR MARKET IN VIETNAM IN Q4 - 2022

HCMC, December 30, 2022 - Navigos Group - Vietnam's leading human resource recruitment service company currently owns VietnamWorks - online job search site, Navigos Search - mid-level and high-level recruitment service shares about labor market in Vietnam at the end of 2022. Accordingly, recruitment demand in December decreased by 42% and the need to change jobs and find a new job is also more challenging during this period. 

Employers reduce the need to use recruitment services at the end of the year

The demand for recruitment services of enterprises at the end of 2022 tends to decrease sharply this year compared to the previous active market - when businesses are in need of business recovery after the epidemic. This can be explained by the impact of the global economy and the difficulties that have happened to domestic enterprises. Specifically, compared to the time before the epidemic, the demand for labor recruitment in the last 3 months of 2022 decreased by an average of 25%, an average decrease of up to 42% in December. 

Những ngành liên quan đến sản xuất, dệt may, hàng hải có sự giảm nhu cầu rõ rệt trong 3 tháng cuối năm 2022 do sụt giảm nhu cầu tiêu dùng của các thị trường lớn (Mỹ, EU, Nhật Bản…), chênh lệch tỷ giá ngoại tệ, giá nguyên, nhiên vật liệu tăng cao, bất ổn chính trị tại các khu vực trên thế giới, lãi suất vay vốn trong nước cao… Một số ngành sụt giảm liên tục trong tháng 10, 11 và càng nghiêm trọng hơn ở tháng 12 phải kể đến như:

Manufacturing, textiles, and marine industry have a decrease in the last 3 months of 2022 due to a decrease in consumption demand of major markets (USA, EU, Japan...), the difference between foreign exchange rates, rising prices of raw materials and fuels, political instability in various regions of the world, high interest rates on domestic loans, etc. Some industries continued to decline in October and November and became more and more serious than in December such as:

• Office administration/ Marketing/ Sales: 50% off

• Construction: 55% off

• Procurement / Supplies / Supply: 53% off

• Textile/ Footwear: 58% off

• Printing: 65% off

• Temporary workers: 50% off

  
  

Some other industries faced a serious decline in December, despite the good growth in the previous 2 months, such as:

• Banking: 13% off

• FMCG: 40% off

• Insurance: 45% off

• Stocks: Down 41%

  
  

Employees reduce the need to change jobs

In the context of the layoffs taking place in a series of businesses in many fields and because it is the time of Tet, many candidates no longer want to change jobs, trying to work till the end of the year to receive bonuses. According to the annual survey on income status and employees' expectations from Navigos Group, it shows that: 13th month salary or Tet bonus is the benefit that employees are most interested in. Following are other factors such as health insurance, medical care, flexible working time, travel allowance, working abroad, salary advance...