Vietnam Job Cuts Will Likely Hit 500,000 This Year: Official
The number of unemployed laborers in Vietnam this year could climb to nearly 500,000, compared to the initial estimate of 400,000 if the economic situation becomes worse, a labor official said at a seminar in Hanoi on April 8.
The Institute for Labor Science and social Affairs (ILSSA) gave the forecast number, based on the economic growth target revision, said head of the institute Nguyen Thi Lan Huong.
She added that the government will revise down the GDP growth to 5 per cent from an earlier rate of 6.5 per cent after the growth slowed to the decade-low pace.
This means that unemployment rate will increase to 5 per cent from last year’s 4.64 per cent, Huong said.
Huong pointed out that estimated unemployment rate was difficult as Vietnam still lacks a system for recording unemployment.
Cities and provinces just base on statistics provided by businesses to estimate the unemployment figure, which are often insufficient, she noted.
Head of Department of Labor and Employment Nguyen Dai Dong said Vietnam has not yet applied measures for strict labor management like many other countries. The country is expected to use labor cards to manage laborers after 2010.
Up to 85,000 Vietnamese laborers lose job in the first quarter of this year, according to the Ministry of Labor, War Invalids and Social Affairs. (Labor, Young People)
Vietnamese
