Hanoi (VNA) – In the third quarter of 2024, the labour force aged 15 and above reached 52.7 million, an increase of 114,100 people compared to the previous quarter and 238,800 people year-on-year, according to the General Statistics Office (GSO).
For the first nine months of 2024, this figure averaged 52.5 million, with a labour participation rate of 68.5%. Employed workers totalled 51.5 million, up by 212,000 year-on-year.
However, the labour market's growth remains volatile, as a large portion of workers have undertaken informal employment. In the third quarter, 33 million informal workers were recorded, accounting for 63.9% of total employment, down 1.3% and 1.1% from the previous quarter and the same period last year, respectively.
The underemployment saw an improvement, with 861,400 underemployed workers in the third quarter, down 86,700 from the previous quarter. The underemployment rate was 1.87%, down slightly year-on-year.
Average monthly earnings for the third quarter stood at 7.6 million VND (306 USD), an increase of 176,000 VND compared to the previous quarter. Male workers earned an average of 8.7 million VND per month, while female workers earned 6.5 million VND. Urban workers earned more than rural workers, with monthly averages of 9.3 million VND and 6.6 million VND, respectively.
Vietnam's unemployment rate for the third quarter was 2.24%, a slight decrease of 0.05% from the previous period. The youth unemployment rate (aged 15-24) was 7.75%, lower than the global average but still relatively high.
While the labour market continues to recover, there are still gaps between labour supply and the demands of a modern, sustainable market. More than 37.6 million workers remain unskilled, and only 28.5% of the workforce has formal training. Despite improvements, informal employment remains dominant, and by its nature posing challenges for long-term stability./.
