The report on the socio-economic situation in the second quarter and the first 6 months of 2024 released by the General Statistics Office (GSO) on June 29 said that in the first 6 months of 2024, the labor force aged 15 and over was 52.5 million, an increase of 196.6 thousand people over the same period last year. The employed population was 51.4 million, an increase of 195.7 thousand people. The unemployment rate was 2.27% and the underemployment rate among working-age people was 2.05%, an increase of 0.05 percentage points.
Adding more than 196 thousand people to the workforce
The labor force aged 15 and over nationwide in the second quarter of 2024 is estimated at 52.5 million people, an increase of 148.6 thousand people compared to the previous quarter and an increase of 217.3 thousand people compared to the same period last year. The labor force participation rate in the second quarter of 2024 is 68.6%, an increase of 0.1 percentage points compared to the previous quarter and a decrease of 0.3 percentage points compared to the same period last year.
In the first six months of 2024, the labor force aged 15 and over was 52.5 million people, an increase of 196.6 thousand people over the same period last year; the labor force participation rate was 68.5%, a decrease of 0.4 percentage points.
The rate of trained workers with degrees and certificates in the second quarter of 2024 was 28.1%, an increase of 0.3 percentage points over the previous quarter and 1.3 percentage points over the same period last year. In the first six months of 2024, the rate of trained workers with degrees and certificates was 28%, an increase of 1.4 percentage points, showing that the quality of the labor force is gradually improving.
The number of employed workers in the second quarter of 2024 is estimated at 51.4 million, an increase of 126.6 thousand people compared to the previous quarter and an increase of 217.4 thousand people compared to the same period last year. Of which, the urban area is 19.7 million people, an increase of 145.6 thousand people compared to the previous quarter and an increase of 728.1 thousand people compared to the same period last year; the rural area is 31.7 million people, a decrease of 19 thousand people and a decrease of 510.7 thousand people.
In the first six months of 2024, the number of employed workers was 51.4 million, an increase of 195.7 thousand people over the same period last year. Of which, the urban area was 19.7 million people, an increase of 687.9 thousand people over the same period last year; the rural area was 31.7 million people, a decrease of 492.2 thousand people.
In general, the number of employed workers tends to increase but the labor market is not yet developing sustainably. This is reflected in the large proportion of workers with informal jobs.
The total number of informally employed workers (including workers in agricultural, forestry and fishery households) in the second quarter of 2024 was 33.5 million people, accounting for 65.2% of the total number of employed workers and an increase of 271.7 thousand people compared to the previous quarter and an increase of 210.3 thousand people compared to the same period last year.
In the first six months of 2024, the rate of informal employment was 65%, up 0.2 percentage points over the same period last year. Of which, the urban area was 49.7%, up 0.3 percentage points; the rural area was 74.5%, up 0.6 percentage points; the male was 68.2%, up 0.2 percentage points and the female was 61.5%, up 0.3 percentage points.
The number of unemployed people of working age in the second quarter of 2024 was 948 thousand people, an increase of 15 thousand people compared to the previous quarter and an increase of 7.3 thousand people compared to the same period last year.
The unemployment rate among working-age people in the second quarter of 2024 was 2.06%, up 0.03 percentage points from the previous quarter and unchanged from the same period last year. Of which, the urban area was 1.53%, up 0.33 percentage points and down 0.13 percentage points; the rural area was 2.41%, down 0.17 percentage points and up 0.1 percentage points.
In the first six months of 2024, the number of unemployed people of working age was 940,500, an increase of 27,300 over the same period last year. The unemployment rate of working age people was 2.05%, an increase of 0.05 percentage points over the same period last year; of which the unemployment rate in urban areas was 1.37%, a decrease of 0.12 percentage points; the unemployment rate in rural areas was 2.49%, an increase of 0.17 percentage points.
According to the National Statistics Office, in the first six months of 2024, the average income of workers was 7.5 million VND/month, an increase of 7.4%, equivalent to an increase of 519 thousand VND over the same period last year. Of which, the average income of male workers was 8.5 million VND/month, female workers was 6.4 million VND; the average income of workers in urban areas was 9.1 million VND/month, in rural areas was 6.5 million VND/month.
The unemployment rate is 2.27%
Also according to the General Statistics Office, the unemployment rate among working-age people in the second quarter of 2024 was 2.29%, up 0.05 percentage points over the previous quarter and down 0.01 percentage points over the same period last year, of which the urban area was 2.71%; the rural area was 2.01%.
The unemployment rate among working-age people in the first six months of 2024 was 2.27%, unchanged from the same period last year, of which the urban area was 2.68%; the rural area was 2%.
One of the key targets of the Government's 2024 Socio-Economic Development Plan is to keep the unemployment rate in urban areas below 4%.
The unemployment rate of young people (aged 15-24) in the second quarter of 2024 was 8.01%, up 0.02 percentage points over the previous quarter and up 0.6 percentage points over the same period last year. Compared to the unemployment rate of working-age people, the unemployment rate of young people is always high and more than 3 times higher because young people are a young force, have a higher demand for jobs, and are forced to look for jobs.
In addition, young people are often equipped with good knowledge and high qualifications, so they have more opportunities to choose the right job than doing temporary, low-income jobs. The unemployment rate of young people in urban areas is 10.19%; in rural areas it is 6.86%. In the second quarter of 2024, the whole country had about 1.3 million young people (aged 15-24) who were unemployed and not participating in education and training, accounting for 10.2%. The rate of young people who were unemployed and not participating in education and training in rural areas was 11.3%, in urban areas it was 8.5%; young women who were unemployed and not participating in education and training was 11.5%; young men were 9.0%.
The unemployment rate of young people (aged 15-24) in the first 6 months of 2024 was 8%, an increase of 0.49 percentage points over the same period last year. Of which, the unemployment rate of young people in urban areas was 10.18%, an increase of 0.65 percentage points; in rural areas it was 6.87%, an increase of 0.4 percentage points.
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