In 2024, the job market has “heated up” and many businesses have started hiring with many clever ways to retain talent. The labor market in Vietnam has also seen many unexpected changes with many segments, especially many high-income occupations. Bao Người Lao Động interviewed Ms. Thuy Vo, South Vietnam Recruitment Service Director of Manpower Vietnam Company about “High-income positions in 2024”.
Ms. Thuy Vo, South Vietnam Recruitment Service Director of Manpower Vietnam Company
+ What is your comment on the labor market in 2024?
– Ms. Thuy Vo: The labor market in 2024 is gradually warming up in many areas, especially in production, industrial real estate, finance, banking, fast consumer goods, energy, agriculture, logistic, artificial intelligence (AI), automotive technology… Many multinational companies and corporations have been and are deploying recruitment campaigns for 2024 at all levels from low to middle to upper level, and divided into 3 main groups:
Industries are hiring a large number of personnel in 2024
Firstly, the group of companies in the process of setting up new businesses in Vietnam: typical of a Danish company specializing in toy production planning to recruit 500 personnel from now until the end of 2024. Or a Belgian company with 200 years of history in the energy sector needs to recruit 150 headcounts in 2024. Or a well-known Danish jewelry manufacturing company needs to recruit 400 workers in 2024.
Secondly, the group expanding business: for example, a fully Sri Lankan invested garment company with more than 11,000 employees is planning to recruit an additional 500 workers this year. Or an American company specializing in gift supply needs to recruit 100 personnel in 2024. Or an oil and gas company needs to recruit 100 senior engineers…
Thirdly, the replacement group: after COVID-19, to survive, many businesses had to lay off employees. However, the majority of companies will usually recruit replacements, with years of experience and requirements not too high compared to previous employees, and the salary will be significantly reduced, the most typical example of this reduction model is focused on personnel in the warehouse and distribution sectors… or replace foreign personnel with Vietnamese personnel. In addition, the recruitment is also to fill vacancies when employees leave the company. This ratio is usually 3-5%, but many companies always perform within the range of 20-40%, especially in areas such as technology, e-commerce, retail… so recruitment needs constantly occur.
In 2024, many businesses expand production and recruit a large number of workers
+ What are the highlights of the labor market this year?
– The shift of the supply chain from other countries to Vietnam is still happening strongly, with massive investments in the North Central provinces. According to statistics from the Foreign Investment Agency of the Ministry of Planning and Investment, as of January 20, 2024, the total newly registered foreign direct investment, adjusted investment, capital contribution to buy shares, and capital contribution were more than 2.36 billion USD, an increase of 40.2% compared to the same period in 2023.
In detail, in January 2024, there were 190 new investment projects certified, an increase of 24.2% compared to the same period, with a total registered capital of over 2 billion USD, an increase of 66, 9% compared to the same period. The sharp increase in the number of projects along with the appearance of large-scale projects (over 600 million USD) are among the main factors driving the significant increase in foreign investment.
Retail is the industry with high recruitment demand in 2024
An important note is that besides the key economic regions in the South and the North, investment is booming in the North Central provinces such as Quang Tri, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, and Thua Thien Hue this year. Domestic and foreign corporations have contributed capital to kick off the Quang Tri Industrial Zone with a capital of over 2,000 billion VND. This is also the first industrial zone project of the corporation in the North Central region. Transportation between these provinces and Hanoi has become much more convenient thanks to the arterial roads. These projects will create tens of thousands of jobs for workers. Currently, the average monthly income in the North Central region is about 30-40% lower than in the surrounding area of Hanoi or Ho Chi Minh City, so this is a bright spot this year.
+ What are the hot and high-income jobs in 2024?
– In 2024, many positions are considered hot and high-income: HR Director (salary from 192 million to 500 million VND/month), Production Director (salary from 168 to 360 million VND/month), Recruitment Department Head (salary from 80 to 200 million VND/month), Project Director (salary from 120 to 200 million VND/month), Quality Director (salary from 100 to 200 million VND/month), Labor Safety Director (salary from 100 million to 200 million VND/month), Data Analyst (salary from 50 to 75 million VND/month), Design Engineer (salary from 50 to 100 million VND/month)…
Management positions with “generous” income in 2024 with an average salary from 100 to 200 million VND/month
+ What skills do employees need to join the “generous” income labor market like this?
Based on many years of experience in recruitment, I have found that employers require candidates to have both expertise and management skills such as at least 10 years of experience, including at least 5 years in management. Employees must have excellent communication skills, high emotional intelligence, and be proficient in attracting effective cooperation from relevant parties.
In addition, employees must have excellent leadership skills, known for driving teams to achieve goals with practical experience built and successfully developed through organizations. Intelligent strategic thinking, demonstrating experience in building and implementing growth strategies through organizations. At the same time, employees need the following qualities: good analytical, synthetic, information processing and independent thinking skills, good problem-solving skills, good writing and document-building skills, good planning and time management skills, and especially fluent English.
To have a “generous” income, employees need to have many excellent skills
+ With fierce competition to attract talent, what have businesses done, what are the training and talent retention plans?
– To keep talents during a fiercely competitive period, businesses need to show their employees that their work has social impact and meaning. The company’s value matches their personal value.
To keep talents during a fiercely competitive period, businesses need to show their employees that their work has social impact and meaning
In addition, businesses also build competitive salary policies, competitive retirement and insurance policies, provide many learning and development opportunities. In the company, the relationship with the immediate boss is harmonious. Employees are recognized and rewarded appropriately for their work. Additionally, employees can balance work and family life. The job is safe and flexible in terms of working location (such as remote work). Especially, the work environment is creative, transparent, and nonpartisan.
