Unemployment rate drops to five-quarter low in Q3

Date modify: 09-16-2017
The rate of unemployment among people of working age dropped to 2.26 % in the second quarter, the lowest for the past five quarters, according to the latest newsletter on the labour market update released by the Ministry of Labour - Invalids and Social Affairs (MOLISA) on September 15.

The number of people of working age without jobs stood at around 1.08 million, down 20,100 from Q1 and down 7,100 compared to one year ago.
However, the unemployment rate among those holding under-graduate and higher degrees rose to 3.63 % (the figure for Q1 was 2.79 %).
Mr. Dao Quang Vinh, Director of the Institute of Labour Science and Social Affairs under the MOLISA, said the quality of the labour force continued to improve but at a slow pace.
In the reviewed quarter, skilled labourers (who underwent training of at least three months) accounted for only 22.6 % of the total workforce.
The number of employed labourers rose slightly (39,700) from Q1 to reach 53.4 million. The rate of paid worker continued to rise, reaching 42.77 %. Around 6.21 million people worked in the non-State business sector, up 38,000 from the previous quarter.
The average income of paid workers dropped compared to Q1, but increased 7.2 % on a yearly basis.
During Q2, MOLISA’s job placement centres organised 291 job fairs and nearly 233,000 persons found employment. More than 34,800 workers were sent abroad on working contracts in the period.

Besides this, the Newsletter also revealed that one fifth (20.1 %) of enterprises plan to expand their workforce in the third quarter. The newsletter said the forecasted 6.9% GDP increase in Q3 will have positive impacts on the labour market. In addition, the higher number of newly-established enterprises in the first 8 months of the year helped stimulate the demand on the market.
The manufacturing-processing industry is projected to employ 320,000 more workers in the third quarter, the construction industry – 136,000 more workers, and transport-warehouse – 169,000 more workers. Other industries likely to offer more jobs include garment making, leather and leather products, computer and electronic appliance, and furniture making.
In the second quarter, the labour market saw a slight increase in the number of employed persons and paid workers. The number of employed persons was 53.4 million, up 164,300 compared to one year ago and up 39,700 from the previous quarter. The rate of paid worker continued to be on the rising trend, reaching 42.7%. Around 6.21 million people worked in the non-State business sector, up 38,000 from the previous quarter.
Among industries reporting increases in employed workers, the construction industry posted the greatest rise with 166,000 more labourers, followed by education-training with 49,000, electricity production and distribution with 19,000, and finance-banking-insurance with 18,000.
Some industries showed decreases in their workforce, led by manufacturing-processing with 74,000 cut workers, transport and warehouse with 34,000, and mining also with 34,000.
The number of people of working age without jobs stood at around 1.08 million, down 20,100 from Q1 and down 7,100 compared to one year ago. The rate of unemployment among people of working age dropped to 2.26 %, the lowest for the past five quarters.
However, the unemployment rate among those holding under-graduate and higher degrees rose to 3.63 % (the figure for Q1 was 2.79 %).

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