Labor market recovers but challenges linger

Recruitment demand up in some sectors but down in garments and wood production due to a lack of orders.

Recruitment demand is forecast to increase in the second quarter of 2023 in sectors such as the production of computers and electronic products and food processing, according to the Ministry of Labor, Invalids and Social Affairs (MoLISA).

Meanwhile, demand for workers in the fields of garments and textiles and wood production is predicted to decline due to fewer orders.

An estimated 51.25 million people will be employed in the second quarter, according to the ministry’s forecast.

It said the labor market recovered in the first quarter, with its data showing that 16,730 businesses registered to recruit more than 75,000 workers during the period while over 72,400 workers were seeking employment.

The five sectors with the highest recruitment demand in the first quarter were information and communications; manufacturing; banking, finance, and insurance; wholesale and retail; and science and technology.

However, MoLISA also warned that the labor market will still face challenges in the second quarter.

The General Statistics Office said that in order to help the labor market recover sustainably, it is necessary to continue effectively implementing support policies for businesses and workers, launch domestic consumption promotion programs and trade promotion programs, and seek new markets and orders for enterprises.