The unemployment rate in Vietnam has reduced to 2.46 percent as the local economy and labor market have been recovering rapidly following the COVID-19 pandemic, according to Minister of Labor, War Invalids, and Social Affairs Dao Ngoc Dung.
Minister Dung joined more than 4,000 delegates from 187 nations and territories in the 110th meeting of the International Labor Organization (ILO), which was held virtually on Wednesday.
At the event, the official stated that the lawmaking National Assembly and government of Vietnam had implemented many social security policies aside from various COVID-19 prevention and control measures during the pandemic.
As the COVID-19 pandemic was put under control in Vietnam, the local economy and labor market have achieved rapid recovery, Dung continued.
The country’s gross domestic product (GDP) jumped 5.03 percent in the first quarter of 2022, while the unemployment rate among people in working age was only 2.46 percent.
The country’s unemployment rate soared to 4.46 percent in the third quarter of 2021, the peak of the COVID-19 outbreak, according to the General Statistics Office.
About 33 percent of Vietnam's rural areas have participated in collective economic models such as cooperatives, Minister Dung said at the meeting.
“The collective economy in Vietnam has made significant contributions to economic growth and restructuring, especially in the agricultural sector, with the goal to adapt to climate change and achieve sustainable development,” he elaborated.
The Vietnamese government and relevant authorities are mulling necessary amendments to the laws on social insurance, employment, trade unions, and cooperatives, as well as carrying out other activities to ensure international labor standards.
The Vietnamese government adopts a consistent viewpoint that the country achieves comprehensive, inclusive, and sustainable development, with the people being the center, Dung stressed.
“We are committed to working hand in hand with ILO member states to tackle the challenges related to the labor sector, and hope to continue receiving support from the ILO and its members,” Minister Dung stated at the meeting.