Vietnam’s labor market sees encouraging progress

The labor ministry has reported positive data from the labor market in the first quarter of this year, including a decline in unemployment and rising income.

Deputy Minister of Labor, Invalids and Social Affairs Doan Mau Diep told a press briefing on Wednesday that employment has improved significantly compared to the same period last year thanks to a better business climate. While the number of workers dropped in the agro-forestry-fishery sector, it rose in the processing, manufacturing, and service sectors. Under Vietnam's socio-economic development plan for the next 10 years, agriculture accounts for as small as 20% of the total workforce.

In the reviewed period, the average monthly income of wage earners was estimated at 300 USD, while approximately one million people of working age were unemployed.

Our economy is enjoying a bright future with new free trade agreements and growing foreign direct investment. Faster disbursement of public investment also stimulates the private sector. As a result, the labor market will continue to improve in the immediate future, said Head of the Institute of Labor and Social Affairs Dao Quang Vinh.

Source: VOV5