Weekly News Bulletin - No. 02, February 2023
Domestic garment and textile enterprises are racing to recruit more labourers, especially skilled workers, to fulfil their orders of high-quality products, according to the Vietnam Textile and Apparel Association (VITAS).
Many businesses expect the market will recover in the second or third quarter with orders increasing again, which means they are in need of stable and skilled workforce. In Garment 10 Corporation, 12,000 workers have returned to work. This year, the firm aims to earn a revenue of 4.5 trillion VND (USD190.88 million). Currently, it is recruiting additional 800 labourers. Seeing positive signs from markets, right from the beginning of the year, many businesses have mobilised 100% of their employees for production, while recruiting more high-quality human resources to fulfil high-end orders from partners.
Vietnam will continue to be affected by a labour shortage in the first and second quarters of 2023, but the deficit is not great and is mainly present in labour-intensive sectors such as garments, leather, and some export-led industries, especially in foreign-invested enterprises.
According to the Ho Chi Minh City Human Resources Forecast and Labour Market Information Centre, nearly 70% of the demand for new workers in 2023 will come from the services sector, while the remaining 30% will come from industry and construction. Regarding educational levels, the demand for workers with college and university degrees accounts for nearly 38%. In 2023, enterprises will look for flexible candidates who can take on any new job, said employment experts, adding that employers will offer new benefits to their workers.
Last week highlight
Vietnam’s e-commerce is projected to continue booming in 2023 and developing firmly in the following years. Among 100 cross-border e-commerce platforms, Vietnam has been ranked among the top five nations with regard to the sector’s growth of 20% a year by eMarketer. According to the White Book on Vietnamese E-Business 2022 by Vietnam E-commerce and Digital economy agency under the Ministry of Industry and Trade, up to 74.8% of Vietnamese internet users purchased goods and services online, with the most consumed commodities named apparel and cosmetics, household items, and technological and electronic devices.
Let’s look at some other key financial and business headlines during the past week
- January’s State budget revenue estimated at 7.78 billion USD
- 2022 national construction cost index announced
- Vietnam faces huge inflationary pressure in 2023: expert
- Positive signs for Vietnam’s labour market
- Garment firms prepare workforce to fulfil orders as market recovering
- Central bank not tighten real estate credit: Deputy Governor
- Binh Phuoc seeks to become modern industrial province
- Bustling M&A deals in banking industry at year beginning
- Inflation in ASEAN expected to moderate faster than in developed economies: economist
- HCM City: Digital economy’s contribution to GRDP exceeds 15%
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Key words: Vietnam, business, finance, economy
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