Labor market to recover in 2024

According to the Ministry of Labor, War Invalids and Social Affairs, in 2024, the economy will continue to face many challenges and disadvantages due to instability and risks arising from ongoing military conflicts in the world. However, exports are forecast to recover strongly in the coming time, when world market demand increases.

Domestic demand is recovering, public and private investment are expected to recover, wage reform in 2024 will create strong purchasing power, contributing to economic growth. The labor market will recover. Challenges in labor and employment go hand in hand with challenges in ensuring social security.
Therefore, according to the Ministry of Labor, War Invalids and Social Affairs, in the coming time, it is necessary to focus on perfecting institutions, building and organizing the implementation of laws on labor, meritorious people and society to ensure efficiency and effectiveness, contributing to perfecting the general institutions, and making positive contributions to the socio-economic development of the country. The sector urgently advises the Government to issue an Action Program to implement Resolution No. 42-NQ/TW dated November 24, 2023 of the 13th Party Central Committee on continuing to innovate and improve the quality of social policies to meet the requirements of national construction and defense in the new period; complete and submit to the National Assembly for approval the Law on Social Insurance (amended, June 2024) and give opinions on the draft Law on Employment (amended, October 2024).
Next, the industry closely monitors developments in the labor market, implements solutions to attract workers to return to work, maintains the human resource supply chain; limits local labor shortages; ensures harmonious and stable labor relations, and limits local labor shortages.
The Department of Labor, War Invalids and Social Affairs shall monitor and grasp the production and business situation of enterprises, labor recruitment needs, especially FDI enterprises, labor-intensive industries (garment, leather shoes, wood production, etc.) immediately after Tet to have a plan to connect labor supply and demand, connect workers with employers in need; increase the frequency of organizing job fairs, prioritize online job fairs, and support workers when participating in job fairs.
The entire industry promotes sustainable job creation and effective use of the labor force through programs, projects, and credit policies to support job creation and labor market participation, with special attention to specific labor groups and vulnerable laborers.
Career guidance, streaming, and vocational training recruitment solutions are promoted. The industry focuses on retraining, supplementary training, training at enterprises, industrial parks, production and business establishments, and training a high-quality, highly skilled workforce to meet the increasing demands of businesses.

(Misinform)

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