(VOVworld) – Labor demands are expected to rise sharply in Vietnam’s processing, manufacturing, electricity generation and distribution, oil and gas, information and telecommunications, healthcare, and social assistance.

The processing industry needs a large number of workers. (Photo: VNA)

The prediction was made in the third Vietnam Labor Market Update, published on Wednesday by the Ministry of Labor, Invalids, and Social Affairs and the International Labor Organization (ILO).

It was reported that the unemployment rate in this year’s 2^nd quarter was down to 1.8 % with 3.2% in urban areas and 5% among young workers. The 2^nd quarter witnessed an impressive recovery of the construction and processing and manufacturing industries. Meanwhile, 66,000 workers in the finance, banking, and insurance sectors lost their jobs. Notably, a large reduction of employees was recorded in the agro-forestry and fisheries. The structure of the labor force was transformed in a positive way. Workers’ income remains stable but there is a high ratio of low-income workers.

The update analyzed changes in the number and structure of labors, supply, demand, and labor market trend. It also proposed recommendations in planning and implementation of policies on labor and employment.