There are about 1.4 million unemployed young people nationwide.

The Ministry of Labor, War Invalids and Social Affairs assessed that the labor market is gradually returning to normal development trends as before the COVID-19 pandemic, although there are still shortcomings that need to be overcome, such as the high unemployment rate among young people.

The Ministry of Labor, War Invalids and Social Affairs has just announced information on the labor and employment situation in the first quarter of 2024. Notably, the unemployment rate increased compared to the previous quarter and the same period last year, but the unemployment rate decreased, according to the usual rule in the quarter with Lunar New Year.

Young people look for jobs at mobile job fairs held in districts of Hanoi.

However, the youth unemployment rate remains high. Nationwide, there are about 1.4 million unemployed youth (aged 15-24) and not in education or training (accounting for 11% of the total youth population). This rate is also higher in rural areas than in urban areas (12.8% compared to 8.3%).

In the first quarter, the country's labor force aged 15 and over was estimated at 52.4 million people (down 137.4 thousand people compared to the previous quarter and up 175.8 thousand people compared to the same period last year).

The labor force participation rate was 68.5% (down 0.4 percentage points from the previous quarter and year-on-year); the number of employed workers was estimated at 51.3 million (down 127,000 from the previous quarter and up 174,100 from the same period last year).

The average income of workers in the first quarter of 2024 is 7.6 million VND/month, an increase of 301,000 VND compared to the fourth quarter of 2023 and an increase of 549,000 VND compared to the same period in 2023.

However, in the first months of 2024, there is still a local imbalance between labor supply and demand and uneven development between regions, areas, and economic sectors; the mechanism for connecting supply and demand and self-balancing the market is still weak.

The quality of labor supply still has many shortcomings and limitations, failing to meet the labor demand of a modern, flexible, sustainable and integrated labor market. Up to now, about 37.8 million workers have not received primary or higher education.

To stabilize the labor market, a representative of the Ministry of Labor, War Invalids and Social Affairs said that over the past time, the Ministry has continued to direct the synchronous implementation of solutions to develop the labor market, in order to maintain a stable labor force, contributing to the economic development, production and business of enterprises.

The Ministry also directed localities to closely monitor and grasp the situation of production - business, labor, and employment, especially of enterprises in industrial parks, to promptly have plans to support enterprises to overcome the labor shortage.

In the coming time, the Ministry will continue to increase the connection between labor supply and demand in the market, especially connecting the labor markets of provinces and cities in key economic regions. Focus on solving employment for young people, middle-aged workers, disadvantaged workers and female workers.

In addition, regularly monitor the developments of the labor market to promptly direct and guide the system of Employment Service Centers to strengthen the organization of job transactions and labor market information to timely support workers and businesses...

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