Labor Market to Recover by 2024

According to the Ministry of Labor, Invalids and Social Affairs, in the coming time, there needs to be a high focus on perfecting the institutional framework, building and organizing the enforcement of labor laws...

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Businesses Participating in Recruitment. (Photo: Thu Hoai/TTXVN)

According to the Ministry of Labor, Invalids and Social Affairs, in 2024, the economy will continue to face many challenges and disadvantages due to instability and risks arising from ongoing military conflicts around the world. However, exports are expected to recover strongly in the near future as global market demand increases.

Domestic demand is recovering, public and private investment is expected to recover, wage reform in 2024 will create strong purchasing power and contribute to economic growth. The labor market will recover. Labor-related challenges and employment are closely linked to social welfare challenges.

Therefore, according to the Ministry of Labor, Invalids and Social Affairs, in the coming time, there needs to be a high focus on perfecting the legal framework, building and organizing the effective implementation of labor, meritorious persons, and social security laws, contributing to the overall improvement of the system and actively contributing to the country’s socio-economic development.

The sector urgently advises the Government to issue an Action Program to implement Resolution No. 42-NQ/TW dated November 24, 2023 of the 13th Central Party Committee on continuing to innovate and improve the quality of social policies to meet the requirements of the new period of nation-building and protection; complete and submit to the National Assembly for approval of the Social Insurance Law (amended, in June 2024) and provide input on the draft Employment Law (amended, in October 2024).

Subsequently, the sector closely monitors labor market developments and implements solutions to attract workers back to work, maintain the labor supply chain; minimize localized labor shortages; ensure the maintenance of harmonious and stable labor relations, minimize localized labor shortages.

The Ministry of Labor, Invalids and Social Affairs monitors and grasps the production-business situation of enterprises, labor recruitment needs, especially FDI enterprises, labor-intensive industries (garment, footwear, wood processing, etc.) immediately after the Lunar New Year, to connect labor supply and demand, connect workers with employers in need; increase the frequency of job exchange sessions, prioritize online job exchange sessions, support workers participating in job exchanges.

The entire sector promotes sustainable job creation and effective use of labor through programs, projects, and credit policies to support job creation, participation in the labor market, with special attention to special labor groups and vulnerable workers.

Career guidance, career planning, and vocational training programs are being intensified. The sector focuses on retraining, supplementary training, on-the-job training at enterprises, industrial parks, production facilities, business establishments, training high-quality, high-skilled labor force to meet the increasing demands of businesses./.

Hanh Quynh

SOURCEvietstock
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