Vietnam's labour market to recover as half of companies look to increase headcounts
Vietnam's labour market to recover as half of companies look to increase headcounts
Vietnam's employment market is expected to rebound as 50 per cent of companies in Vietnam are looking to increase their headcounts in 2021, according to the Talent Trends 2021 Report by Michael Page Vietnam.
Prospects are bright for Vietnam's labour market this year
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The report also reveals that 58 per cent of those employed anticipate looking for new job opportunities, while another 34 per cent are passively open to new roles. Around 10 per cent expect a zero pay increase from their current salary for new job offers.
The insights in this report are derived from a regional survey that covers 12 Asia-Pacific markets. The responses came from over 5,500 businesses and 21,000 employees, of which 3,500-plus are directors or CXOs.
Mark Donnelly, director of Michael Page Vietnam says, "By all accounts, Vietnam has weathered the COVID-19 pandemic better than many of its neighbours in the region. Its tight and swift control of the situation not only kept the number of cases low by comparison, Vietnam’s economy, too, remained in a relatively good shape over 2020. While multinational companies based there were cautious on the recruitment front, domestic companies took the opportunity to ramp up their hiring activities and secure the best available talent."
"Our Talent Trends 2021 report reflects vital market insights for the next 12 months ahead of us. Acquiring and retaining high potential talent will be crucial for future growth. We saw many businesses looking to prevent employee cuts and redundancies as much as possible during the pandemic. And several industries are already showing signs of a healthy recovery," he said.
This was evident especially among Vietnam’s burgeoning technology sector. Startups and e-commerce, for example, operated unabated throughout the year, and hiring demands within those sectors were healthy.
In recent times, Vietnam’s efforts to position itself as a hub for software development also paid off in 2020, with markets like Japan, Hong Kong, China, and South Korea investing heavily into the country’s technology sector. Despite a slow year for manufacturing, Vietnam still saw a record year in terms of export surplus – a positive indicator for the road ahead.
Looking ahead, Vietnam is well-positioned to bounce back from the impact of COVID-19. In the meantime, businesses are well-advised to focus on employee engagement and well-being, ensuring that the entire organisation is poised for the recovery phase and beyond, according to Donnelly.
