Vietnam’s unemployment falls to 2.25% in Q1

Vietnam’s unemployment rate fell 0.21 percentage points year-on-year to 2.25% in the first quarter of this year, while its workforce grew to 52.2 million, up by 1.04 million or 2.03% year-on-year.

As a result, the unemployment rate hit its lowest level since the 2.16% in Q4/2020, the General Statistics Office announced on Wednesday.

Besides, unemployment among young people aged between 15 and 24 inched down 0.32 percentage points year-on-year to 7.61%. The underemployment rate was 1.94%, down by 1.07 percentage point year-on-year.

Among the 51.1 million employed people, 13.8 million worked in the agriculture-forestry-fisheries sector, or 27.1% of the total; 17.3 million in the industry and construction sector, or 33.9%, and 20 million in the service sector, or 39%.

The average monthly income of contracted laborers was VND7.9 million ($336), up by VND578,000 ($24.6) or 7.89% year-on-year. The figures were between VND8.3 million ($353) for male workers and VND7.3 million ($311) for female workers.

In Q1, 33,905 new businesses registered to enter the market with total registered capital of VND310.33 trillion ($13.21 billion) and 212,287 employees, down 2%, 34.1%, and 12.8% year-on-year, respectively. Besides, 23,041 firms resumed operation. As a result, the market welcomed 56,946 new players in January-March, down 5.4% year-on-year.

Moreover, about 10,600 operating firms registered additional capital of VND446.4 trillion ($19.01 billion), or a total of capital of VND756.7 trillion ($32.22 billion) in Q1, down 35.8% year-on-year.

Meanwhile, the country recorded 60,200 firms leaving the market in Q1, up 17.4% year-on-year. They included 42,900 businesses suspending their activities temporarily; 12,800 processing procedures to dissolve; and 4,600 completing procedures to dissolve.