The Vietnamese job market saw a plunge in recruitment demand in January-April, with hiring of foreigners and overseas Vietnamese tumbling 39 percent compared to the pre-pandemic level due to the global economic downturn, according to a report recently issued by Navigos Group, one of the leading recruitment companies in Vietnam.
In addition, there was a significant drop of 63 percent in demand for hiring seasonal workers and individuals on short-term contracts.
Similarly, the demand for recruiting new graduates also experienced a substantial decrease of 49 percent.
Following the prevailing market fluctuations and economic downturn, there was a noticeable decline in labor recruitment demand for various positions including foreigners, overseas Vietnamese, seasonal workers, short-term contracts, new graduates, and mid-level and senior professionals, according to the Navigos Group report.
Navigos Group conducted the analysis using job posting data from its platforms, VietnamWorks and Navigos Search, comparing the first four months of 2019, or the pre-COVID period, with the first four months of 2022, or post-pandemic, and January-April this year.
The findings showed that on average, the recruitment demand for various industries during the first four months of 2023 shrank 18 percent compared to the pre-pandemic period and reduced 16 percent compared to the post-pandemic recovery phase in 2022.
Notably, the textile, garment, and footwear industries experienced a persistent 39-percent fall in labor demand, primarily influenced by the global economic recession, inflation impacting purchasing power, and reduced orders.
The recruitment demand in the construction and real estate industry contracted by up to 34 percent in January-April and the procurement, materials, and logistics sectors faced a 25-percent decrease compared to 2019.
The import-export sector dwindled by 18 percent, while the transportation and logistics sector recorded a decline of 22 percent.
The tourism, restaurant, and hotel sectors, which were significantly impacted by the COVID-19 pandemic, saw the recruitment demand dive by 55 percent in the first four months of 2022 compared to the pre-pandemic level.
However, there was a slight increase in staffing requests within these sectors in January-April, with the decline reducing from 55 percent in 2022 to 43 percent when compared to the pre-pandemic level.
The legal and administrative fields also encountered a substantial decline of 31 percent in the demand for recruitment.
The recruitment demand for marketing professionals dropped by 28 percent compared to the pre-pandemic period.
Bucking the downtrend, the banking and financial services sector, along with the consumer goods industry, experienced a growth rate of 10 percent in the first four months of 2023 compared to the equivalent period prior to the pandemic.
The recruitment demand in the healthcare, retail, and wholesale sectors remains stable, with little to no significant changes.
Navigos Group forecasts that businesses will continue to adopt cost-cutting measures to retain their workforce or may even tighten their belts further until the global economy hits its lowest point and begins to recover.