Impact of the COVID-19 on the labor market in Vietnam

Abstract

The COVID-19 pandemic has had a great impact on the economy, society, and especially, directly affects the labor market in Vietnam. According to a report from the General Statistics Office, in 2021 the number of labor market participants decreased compared to the previous quarter and the same period last year. The proportion of employees with informal employment and underemployment both increased compared to the previous quarter and the same period last year. The long-term effect of the pandemic on households has become clear, as of March 2021, 30% of households had lower incomes than in March 2020. According to the data, about 12% of households fall into financial difficulty when they lose the least. 50% of their income. Facing this situation, the Government of Vietnam has implemented a series of measures to maintain support for businesses and workers to restore production, contributing to improving the situation of labor and employment in the country.