Illustrative image (Photo: VNA) Hanoi (VNA) - Vietnam’s labour markethas bounced back quickly after the social distancing period, according to Ministerof Labour, Invalids and Social Affairs Dao Ngoc Dung, who also expects it toreturn to the first-quarter level in the July-September period.
Speaking at a meeting in Hanoi on July 16, theminister said the coronavirus pandemic has led to disruptions in supply chainsaround the world, resulting in an increase in job losses.
The unemployment rate has never been so high as atpresent, at about 2.56 percent, compared to 1.98 percent at the end of 2019.The labour market has shrunk from 55.4 million people to about 52 million.
Meanwhile, the number of companies suspendingoperations has also grown, especially in the tourism, service, aviation, andhospitality sectors, he noted.
Most lay-offs were temporary and in small andmedium-sized enterprises (SMEs) in certain sectors. If the effects of the pandemicare not resolved soon, however, permanent lay-offs will become common in the foreign-investedsector and at major businesses, the minister added.
The Government has been implementing a series ofactions to concurrently combat the pandemic and boost economic recovery, fromeconomic stimulus to aid packages. Vietnam’s labour market has bounced backquickly as a result, and is likely to reach some 55.4 million people in Q3, thesame as in the first quarter, Dung added.
The ministry reported at the meeting that as ofJuly 13, more than 11.59 trillion VND (500.4 million USD) had been disbursed tosupport almost 11.54 million people and 9,425 business households affected byCOVID-19.
The funds were part of a social security aidpackage of 62 trillion VND, which targets those hit by the pandemic, underGovernment Resolution No. 42/NQ-CP.
The ministry also said that more than 574,000 newjobs were created nationwide in the first half of 2020, equal to 35.7 percentof the year’s target and 73.8 percent of the figure in the same period lastyear. Over 34,000 were for overseas workers, or 51 percent of the number in thefirst half of 2019./.
Speaking at a meeting in Hanoi on July 16, theminister said the coronavirus pandemic has led to disruptions in supply chainsaround the world, resulting in an increase in job losses.
The unemployment rate has never been so high as atpresent, at about 2.56 percent, compared to 1.98 percent at the end of 2019.The labour market has shrunk from 55.4 million people to about 52 million.
Meanwhile, the number of companies suspendingoperations has also grown, especially in the tourism, service, aviation, andhospitality sectors, he noted.
Most lay-offs were temporary and in small andmedium-sized enterprises (SMEs) in certain sectors. If the effects of the pandemicare not resolved soon, however, permanent lay-offs will become common in the foreign-investedsector and at major businesses, the minister added.
The Government has been implementing a series ofactions to concurrently combat the pandemic and boost economic recovery, fromeconomic stimulus to aid packages. Vietnam’s labour market has bounced backquickly as a result, and is likely to reach some 55.4 million people in Q3, thesame as in the first quarter, Dung added.
The ministry reported at the meeting that as ofJuly 13, more than 11.59 trillion VND (500.4 million USD) had been disbursed tosupport almost 11.54 million people and 9,425 business households affected byCOVID-19.
The funds were part of a social security aidpackage of 62 trillion VND, which targets those hit by the pandemic, underGovernment Resolution No. 42/NQ-CP.
The ministry also said that more than 574,000 newjobs were created nationwide in the first half of 2020, equal to 35.7 percentof the year’s target and 73.8 percent of the figure in the same period lastyear. Over 34,000 were for overseas workers, or 51 percent of the number in thefirst half of 2019./.
VNA
