Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco

Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.

The global economic landscape in the first nine months of 2024 has shown steady signs of improvement, even as challenges and variations persisted across regions, the report noted.

Positive indicators included a rebound in trade, particularly in emerging markets in Asia. Vietnam saw GDP growth of 6.82%, supported by increased export demand, loosened financial conditions and continued inflows of foreign direct investment (FDI).

As of Q3/2024, the country had a labour force of around 52.5 million with a low unemployment rate of 2.24%.

Despite economic uncertainties, recruitment has remained stable compared to the same period last year, driven by robust hiring in manufacturing and tentative signs of recovery in banking and financial services.

Industrials sales sector also experienced a slight rise in demand, while hiring for back-office functions remained consistent year over year.

In Q3/2024, the manufacturing and sourcing sectors saw a substantial rise in job orders, up by 35% year-over-year and 52% from the previous quarter. This growth has been boosted by increasing export demand and FDI, particularly in the electronics, textile, garment, and renewable energy sectors.

Northern Vietnam has been a focal point for FDI, with Taiwanese and Chinese firms expanding semiconductor and electronics manufacturing, driven by global semiconductor demand and Vietnam's emerging role in this sector as a key location for research, development and production.

Nguyen Thu Phuong, director of permanent recruitment services, Adecco Vietnam, said: “We are seeing an uptick in demand for specialized roles like production leaders, quality engineers, and sourcing managers, with Chinese language skills increasingly. This comes in the wake of significant FDI inflows, which reached $24.78 billion in the first nine months of 2024, with over 60% directed toward manufacturing and processing industry”.

Industrial sales function also recorded a modest rise, notably in mechanical and electrical (M&E) roles as firms expanded to navigate economic shifts, the report said.

Technology hiring has shown consistent growth, mainly driven by ongoing digital transformation trends, with high demand for Java, DevSecOps and cybersecurity skills.

Truong Thien Kim, associate director of permanent recruitment services, Adecco Vietnam, noted: “Although major global tech companies have faced some challenges, demand for talent in AI, digital hubs, and transformation projects remains solid. Nationwide hiring in tech has increased 35% year-over-year, with a slight 5% rise from Q2 2024”.

The banking and financial services sectors saw an upswing in hiring during Q3/2024, which has been partly supported by changes in financial conditions.

Following several rate cuts by Vietnam's central bank, banks benefited from increased liquidity, which eased some pressures on their capital and helped improve hiring in areas like investment and relationship management.

Job orders in this sector rose by 35% compared to the quieter period last year. Notably, there’s a heightened demand for Chinese-speaking professionals, reflecting tighter business ties between Vietnamese and Chinese markets.

In healthcare, hiring for nursing and medical technology roles has remained stable but modest, indicating the sector’s balanced approach to scaling operations while managing resources effectively.

Key account managers and sales and marketing professionals were in high demand across both FMCG and healthcare sectors, the report said.

With the job market showing signs of recovery amid ongoing uncertainties, it’s crucial to adopt proactive steps to stay adaptable, it advised.

“Upskilling in high demand areas like technology and manufacturing, networking with industry professionals, and staying informed about market trends can enhance career prospects.

“Focusing on core soft skills and continuous learning will further position individuals in a competitive landscape.”