Falling labor demand triggers job-seeking competition

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SaigonTimes English - 33 month(s) ago 4 readings

Falling labor demand triggers job-seeking competition

HCMC - Businesses have felt a rising impact of global economic slowdown and Vietnam’s macroeconomic woes on their operations and their declining employment demand has fueled tough competition among job-seekers.

Falling labor demand triggers job-seeking competition

By Binh Nguyen - The Saigon Times Daily

Workers check rice paper at a facility of Phu Hoa Dong rice paper craft village cooperative in HCMC. Global economic slowdown and Vietnam’s macroeconomic woes have caused employment demand to fall, thus fueling tough competition among job-seekers -Photo: TTXVN
HCMC - Businesses have felt a rising impact of global economic slowdown and Vietnam’s macroeconomic woes on their operations and their declining employment demand has fueled tough competition among job-seekers.

The latest employment report released by VietnamWorks indicates the online labor demand index in March was 156 points, down 17% over February. In the first quarter of this year, the online labor market dropped 75 points, or 15%, year-on-year.

Vietnam’s largest online employment service provider commented in the report that the falling online employment labor demand index meant many difficulties remained in the country’s economy in the first months of this year.

VietnamWorks’ report reflected the very challenging time that local businesses were struggling as a result of macro-economic woes, high inflation, tightening policy, high interest rates of bank loans among others.

Figures of government agencies showed nearly 12,000 enterprises registered for bankruptcy, stopped operations and tax payments in the first quarter of this year, up 6% compared to the same period last year. New business establishments in the January-March period fell around 8% in number and 12% in registered capital over the same quarter of last year.

VietnamWorks said the online labor market index in March inched up eight points or 4% as against February this year but increased by six points or 3% compared to March of 2011 – a time when job-seekers coped with fiercest competition of last year.

“The current period is the favorable time for employers as they will have more candidates to shortlist and select the number they want,” VietnamWorks said in the report released last week.

VietnamWorks tracked sales, information technology/software, marketing, administration/secretary and accountancy/finance as the top five-demand sectors for businesses last month. But demand for new employees in all these sectors dropped, with the accountancy/finance experiencing the highest decline rate of 36% followed by sales with 22%, IT/software with 17%, and a 16% decrease shared by the two remaining sectors.

For the first time, goods purchase/supply surpassed human resource to enter the list of top three most competitive sectors for job-seekers, after import-export and administration/secretary. IT/software was the lowest competitive sector for job-seekers in March and this meant employees in this sector had more chance to find new jobs at a time when candidates are competing hard for new jobs.

The report unveiled the online labor demand in HCMC and Hanoi widened from 1.5 points in February to 4.4 points last month, the largest gap since January 2011. The demand in both these economic hub and capital city of Vietnam fell last month but it dropped at a faster rate in Hanoi.

VietnamWorks said more than 4,000 new jobs on offer by businesses on its website every month and more than 70,000 people accessed Vietnamworks.com every day. In addition, the company has over 320,000 applications in different sectors.

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