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Vuong Hoang Ngoc My (K18 HCM)
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32 views

Group Assignment

Uploaded by

Vuong Hoang Ngoc My (K18 HCM)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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GROUP ASSIGNMENT

TOPIC: UNEMPLOYMENT SITUATION IN VIETNAM


PERIOD 2022 – 2023

Course: ECO121 - MACROECONOMICS


Name of group member
1. Đặng Hương Trà

Vũ Văn Minh
2.
Phạm Hùng
3.
4. Vương Hoàng Ngọc Mỹ

5. Lý Hồ Yến Nhi

6. Hà Trọng Tấn
Table of contents
1. INTRODUCTION

2. IDENTIFYING
UNEMPLOYMENT

UNEMPLOYMENT SITUATION
3. IN VIETNAM

4. SOLUTIONS TO REDUCE
UNEMPLOYMENT

5. CONCLUSION
I. INTRODUCTION
Bureau of Labor Statistics (BLS), which is part of the Department of
Labor
Other aspects of the labor market, including types of employment,
length of the average workweek, and the duration of unemployment.
I. IDENTIFYING
UNEMPLOYMENT

1.Concepts related to unemployment


• Employed
• Unemployed
• Not in the labor force
I. IDENTIFYING
UNEMPLOYMENT

The BLS defines the labor force as the sum of the employed and the
unemployed:

Labor force = Number of employed + Number of unemployed


I. IDENTIFYING
UNEMPLOYMENT
The BLS defines the unemployment rate as the percentage of the labor
force that is unemployed:

Unemployment rate = Number of unemployed/Labor force * 100


I. IDENTIFYING
UNEMPLOYMENT
The BLS uses the same survey to produce data on labor-force participation. The
labor-force participation rate measures the percentage of the total adult
population of the United States that is in the labor force:
CLASSIFICATION

Frictional Unemployment:
• The natural process of people
moving between jobs
• Job search and career changes
• New labor market entrants
(graduates, re-entrants)
• Typically temporary (weeks to
months)
Quay lại Trang Chương trình
CLASSIFICATION

Structural Unemployment:
• Mismatch between worker skills
and employer demands
• Technological advancements
• Globalization
• Industry decline
• Can be persistent (months to years)

Quay lại Trang Chương trình


III. UNEMPLOYMENT SITUATION
IN VIETNAM
1. Overview of the unemployment situation in
Vietnam

Vietnam's unemployment rate held steady around 2.26% between


March 2021 and December 2022, before dipping slightly from
September 2023 to December 2023. This shows that Vietnam's job
market is adaptable, despite the fluctuations in unemployment.
1. Overview of the unemployment situation in
Vietnam
Vietnam's unemployment rate has fluctuated considerably over time, ranging from a high of
3.98% in September 2021 to a much lower 1.80% in December 2011. This highlights the
dynamic nature of Vietnam's job market

Vietnam's workforce has been expanding continuously. In 2023, the total number of people in
the labor force reached 52.5 million, reflecting a significant rise of 401,900 compared to the
previous year

The unemployment rate varied between urban and rural areas. Cities had a slightly higher
unemployment rate of 2.27% compared to the countryside's 1.98%
2. Unemployment situation in 2022 and 2023 in
Vietnam

2.1. Unemployment situation in 2022


2.2. Unemployment situation in 2023
2.3. Compare unemployment rates in 2019 and 2020
2.1. Unemployment situation in
2022

1. Labor-force participants

2. The unemployment in working age

3. The shortage of underemployment


rate
Labor-force participants

• Vietnam's labor market in 2022 saw


significant growth. The workforce reached
51.7 million, a jump of 1.1 million from
the previous year.
• The labor force participation rate climbed
to 68.5%, reflecting an increase of 0.8
percentage points year-over-year.
The unemployment in working age
• The number of unemployed working-age individuals dropped by 359,200, bringing the total down
to nearly 1.07 million.
• The positive trend extended to young people (aged 15-24) as well. They formed 37.6% of the total
unemployed population, with their numbers dropping to around 409,300.
The shortage of
underemployment rate
• The number of underemployed
individuals dropped by nearly 454,500,
bringing the total to around 991,500.

• Interestingly, underemployment rates


differed between urban and rural areas,
with urban areas having a lower rate
(1.70%) compared to rural areas (2.51%)
2.2. Unemployment situation in
2023

1. Labor-force participants

2. The unemployment in working age


Labor-force participants

• Growth and Stability: In Q4, the


labor force (aged 15+) hit 52.5
million, marking a substantial rise
from the previous quarter.

• Skills Development: 27.6% lack


formal training, but 27.0% now
hold degrees or certificates.
The unemployment in working age

• Underemployment and Job Shortages:


Underemployment decreased in 2023, with
79,800 fewer unemployed individuals,
• Youth Unemployment: 437,300 young
unemployed (aged 15-24), 41.3% of total
unemployed. National youth
unemployment: 7.63%, urban: 9.91%
2.3. Compare unemployment rates in 2022
and 2023
3. Causes of unemployment
Lack of career direction: When students lack career direction,
they may end up choosing a profession that is not suitable for
them.

Some other causes of lack of career direction include:


• Limited access and awareness
• Lack of self-awareness
• Limited resources and opportunities
The professional qualifications are still low
Natural disasters
Modern machinery and equipment replace humans
4. Impact of unemployment to Vietnam

Unemployment, a detrimental occurrence in • Reduced Individual and National Income


a market-based economy, results in the • Impediment to Economic Efficiency
squandering and inefficient use of labor • Potential escalation of inflation rates
resources. Its adverse impacts on the
economy manifest in several ways:
V. SOLUTION
Frictional unemployment can be reduced by better connecting
job seekers with employers and improving job seekers' skills.
V. SOLUTION
Structural unemployment requires a more comprehensive
approach, including education and training programs focused on
in-demand fields, government incentives for business innovation,
and a more adaptable labor market.
V. SOLUTION
• A strong economy with social safety nets helps reduce
unemployment overall.
V. CONCLUSION
• In 2023, employment grew, reaching 51.3 million among individuals
aged 15 and above.
• While there was an improvement in unemployment and
underemployment

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