1.Introduction the industrialisation. Moreover, Viet Nam’s active business

1.Introduction

Vietnam has become one of the
potential countries in Asia to attract a great variety of investors from Japan,
Korea, China, etc. thanks to the rapid development of the industrialisation. Moreover,
Viet Nam’s active business environment, young population, growing wealth,
changing consumer attitudes, greater mobility and urbanisation are pushing Viet
Nam through a period of great change (the World Bank’s Doing Business 2017
Report). In particular, Nguyen Xuan Phuc, Prime Minister of Viet Nam, asserted
that Viet Nam continued to drive the global economic integration agenda and
expected to maintain annual average GDP growth rate of 6.5% to 7% over the
period of 2016 – 2020. However, the labour market in Vietnam has significantly changed in recent years,
especially in the unemployment rate. According to VOV news, a popular online
news in Vietnam, Ministry of Labor, War Invalids and Social Welfare mentioned
that in 2016, the rate of unemployment increased rapidly in many fields and
youngsters, who have bachelor’s degree, made up the highest proportion in that
group (more than 500.000 people). That status is getting worse till now whereas
many companies have needed a huge workforce. Therefore, the labour market in
Vietnam contains various opportunities but it still faces serious challenges.

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II. Opportunities in labour market

2.1: The increase in foreign
investment

Viet Nam has achieved a noticeable
shift in economy in recent years. The inflation fell quickly from a peak of
28.24 % in August of 2008 to 2.6% in December of 2017 and slightly changed in
the previous month (Vietnam Inflation rate, Trading Economics). In addition,
after joining the World Trade Organisation (WTO) in 2007, Viet Nam has boosted
to become an open economy and opened a wide door for the Southeast Asia
countries. Therefore, Viet Nam is one of the most attractive destinations for
foreign investors in South East Asia, especially Korea (29%), Japan (11%) and
Singapore (10%). Comparing to the past, about a century ago, Viet Nam attracted
few foreign investors and the amount of money invested was not huge. For
instance, in 2007, Vietnam obtained the foreign investment capital of US$11.26
billion with 99 projects. On the other hand, many great opportunities of FDI (Foreign
Direct Investment) have come to Vietnam these days. Vietnam is considered “a
key investment location” with such great advantages as the rapid growth of
population and potential resources which businesses cannot ignore (FDI
Opportunities in 2017 for Vietnam, Unilaw). In 2016, this country experienced a
breakthrough and reached a very high level of investment. FDI rose to nearly US
$24.4 billion, pointing to a nine percent growth, as opposed to 2015. During
that period, 2,556 registered projects, 1,225 existing projects and 2,547
companies of foreign investors supported the development of Vietnam’s economy.
Moreover, there have been an increasing number of investors coming from more
than 95 countries in the world.

As a result, the increase in foreign
investment has led to a huge chance for the workforce in Vietnam. More and more
companies will be established and expanded, more and more employees will be
recruited.

2.2. Job market in diversified occupations

Vietnam has known as a agricultural
country which means that the agriculture has been the main economic base in this country (Wikipedia)
. Thanks to it, the economy and the living standard of Vietnamese could remain
quite stable in the past. Additionally, the transition of economy in Vietnam
with noticeable achievements via Doi Moi, an economic renovation and the appearance of the
globalization
have led to broaden the development of economy. In recent decades, this
developing country has tended to enlarge the industrialised process as well.

Consequently, labour market in
Vietnam not only includes many manual jobs in the agricultural field such as
farmers, workers,…etc. but also contains a massive quantity of mental jobs requiring
competitive employees with different levels of wage. For example, one of the
most promising job fields nowadays is Information Technology, which accounted
for a vast number of employees in 2017. IT field needs such a strong workforce
that the IT recruitment has increased 20 times in 2017, comparing to 2016
(twquota36, Doanh nhan Viet Nam). Moreover, occupations in economic field such as accounting,
banking, business administration, advertising and PR or restaurant management
are extremely large since there is a high demand of the recruitment (
VietnamWorks). Almost those jobs require the employee’s knowledge and the level of salary which they
are paid depend on their own experience and qualification. That will definitely make wonderful
opportunities for people who want to find a job. Therefore, standing in that
situation, people have many different choices to look for a job that it is
suitable for their skill and their strength. 

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