- Vietnam’s labor force continued improving while the labor force participation rate reached the highest quarterly level in four years. According to the General Statistics Office (GSO), Vietnam’s total labor force increased by around 390,100 people QoQ (+0.7% QoQ) and 625,300 people YoY (+1.2% YoY) to 53.15 million in Q4 2024. Additionally, the labor force participation rate increased to 69.0% (+34 bps QoQ and +11 bps YoY) – the highest rate since Q4 2020.

- Total employment rose to the highest level since 2019 as the industrial & construction sector added the highest employment in three years. In Q4 2024, total employment added around 414,900 jobs QoQ to 52.1 million jobs (+639,000 jobs YoY). Of the total employment, employment in the industrial & construction sector added 458,600 jobs QoQ to 17.5 million (+353,400 jobs YoY). Meanwhile, employment in the services sector continued to grow by around 108,500 jobs QoQ to 21.0 million (+546,600 jobs YoY). In contrast, employment in in the agriculture, forestry & fishery sector declined by around 152,200 jobs QoQ and 260,900 jobs YoY to 13.5 million.

- The numbers of both formal employment and informal employment increased. Although the number of informal employment increased by 200,000 people QoQ to 33.2 million, the informal employment rate/total employment still declined 0.3% QoQ and 1.5% YoY to 63.6% (the lowest rate since Q4 2019), as the number of formal employment and informal employment increased by around 214,900 people QoQ to 18.9 million.

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