Unemployment with 'rosy dreams'

The tragicomedy of unemployment season

Unemployment is a concern for people of working age. However, in recent years, a part of the younger generation has had more positive actions and thoughts during unemployment.

Duong Minh Thuong (35 years old, living in Hanoi) said that she used to work for a private company, but at the end of this year, due to business losses, the company was dissolved. From a person with a stable income and a dream job, Minh Thuong fell into unemployment. Not letting herself fall into negative thoughts, she immediately prepared a trip with the money she had saved after many years of working.

During her time traveling, Minh Thuong shared that she wanted to find new directions for herself. She said: “I come from an economic background, but I love animals very much. I have many years of experience taking care of “pets”, currently, I have about a few hundred million in savings. I am hoping to open a spa for dogs and cats”.

After a month of meticulously planning her first “startup” project by applying Japanese, Korean, and robotic technology to pet care, Minh Thuong felt exhausted. She said: “I am not trained in science and technology, nor do I understand these machines well. In particular, the capital investment is too high, making me feel discouraged. Perhaps, I should start applying during the recruitment season in April.”

Thu Anh (24 years old, living in Vinh Phuc) has a different opinion from Minh Thuong. After two years working in Nha Trang for a fairly famous travel company, Thu Anh faced pressure at work. She often had to work overtime, work at night, and attend meetings continuously. During peak tourist seasons, Thu Anh only slept for a few hours. Therefore, in early 2025, she decided to quit her job.

Thu Anh excitedly shared: “Currently, I am applying for a master's degree at a university in Canada. I plan to switch from tourism to economics to start a few small business ideas.” However, Thu Anh's path to a master's degree was not easy, as she had to prepare a series of documents, take an English certificate exam and have an online interview with the university's admissions department.

Young people have many opportunities to change careers and find new jobs in the labor market in Vietnam. (Illustration photo - Source: Genk)

A month after the reunion, Thu Anh confided: "Although my family and friends encouraged me, spending my savings for nearly two months, not working, and only focusing on studying made me feel insecure." Thu Anh said she is trying to study abroad this year, otherwise she will go to Hanoi to find a part-time job, both studying and working to continue her dream of getting a master's degree in economics.

In recent years, due to the impact of the economic recession after years of the world facing the COVID-19 pandemic, many businesses and private companies have dissolved. As a result, hundreds and thousands of workers have become unemployed. For older workers, taking care of their families and earning a living will make them more worried. On the contrary, young workers in their 9x and 10x years still have the opportunity to change jobs and positions well. They consider unemployment as a "break" to relax, orient themselves to do new things to improve their qualifications or create breakthroughs.

This trend even has its own name in the world called “happy unemployment”. The above term is very popular among Gen Z (referring to young people born from 1997 - 2012), because according to some studies, this age group has more mental health problems than the previous generation. Therefore, a balanced lifestyle between work and life, focusing on life, is especially important for Gen Z young people. Whether facing an unfortunate situation such as unemployment, or choosing to quit their jobs to allow themselves to be unemployed for a while, they still use an optimistic attitude to face it.

However, since then, when unemployed, young Vietnamese people have had some orientations such as studying for a master's degree, or starting a business project. They want to create "miracles" and succeed after losing their old jobs. This is both positive and has many limitations. For example, the plans that young people "draw" are often very interesting and unique, but there are a series of risks that they cannot foresee. For example, "impossible" startup ideas require capital of up to hundreds of billions, even thousands of billions of VND, but in the account there are only tens of millions of savings. Or master's degree applications sent to good quality universities in Vietnam and around the world, but lack the motivation to invest in learning English, preparing for interviews with the admissions committee, etc.

Prepare "paths" that are suitable for you

The August 2024 report of the International Labor Organization (ILO) of the United Nations shows that the unemployment rate of educated youth in developing countries is 2-3 times higher than that in rich economies. In low- and lower-middle-income countries, more than 1 in 5 people under 30 with a university degree are unemployed. The ILO estimates that in these countries, young university graduates are even more likely to be unemployed than workers with basic education.

Besides young workers who have lost their jobs, there is also a group of young people who have actively chosen unemployment. They are often students who have just graduated and are struggling to decide on their future career. Or simply have not adapted to the working environment and performance.

A survey by Anphabe (a consulting company on employer branding and work environment solutions in Vietnam) shows that 62% of young Gen Z (those born between 1997 and 2012) in Vietnam "change jobs" in their first year of work, many of them even "change jobs" several times in 1 year right after graduating.

Many young people choose to study for a master's degree or plan to "start a business" after becoming unemployed. (Source: Pinterest)

Some labor experts say that after graduation, students need about 1 year to get acquainted and learn about the job. In the second year, they can do the job well, learn, experience, and in the third year and beyond, they can make significant contributions. Therefore, if they only work for a short time, employers do not have enough assessment to orient the job and development direction for young employees.

Talking to reporters of the Vietnam Law Newspaper, economic expert, Master of Economic Administration Vu Thu Trang said that businesses in Vietnam currently have a very high demand for young human resources. Young people aged 22 - 30 have many opportunities to "jump" jobs and find suitable jobs. Therefore, unemployment is not too scary for a part of the young workforce. She said: "For young people working in their hometown, with family and parents supporting them. The story of unemployment for half a year, a year is not too scary. Many young people proactively ask for leave from work, to go to school or rest and relax before starting a new job."

MSc. Vu Thu Trang said that this is a personal choice for each person. However, the working age of each person has a limit. Every year, universities in Vietnam have tens of thousands of bachelor's degree graduates, this is a human resource that is continuously welcomed by businesses and companies. At the same time, for older workers, lacking seniority and work experience, they will be eliminated and replaced by the next generation.

Not to mention, the current labor market is being replaced by AI (artificial intelligence) technology. Therefore, in a few decades, some occupations will be replaced by technology. Therefore, young people who are unemployed need to choose a direction that suits them. She said: “Starting a business or studying for a master's degree are both good directions. But each person needs to consider their ability, knowledge, and economic potential before making a decision. At the same time, when doing it, young people need to be highly determined and ready to endure difficulties and risks. If we give up halfway, it means we have wasted time, left the labor market for a year or a few years without achieving the desired results.”

Anh Nhi