On December 27 morning, the Ministry of Labor, Invalids and Social Affairs (MOLISA) held a conference in the capital city of Hanoi to review its activities for 2024 and propose tasks for 2025.
As reported by MOLISA, the labor market in 2024 recovered actively as the number of labor force aged 15 and older reached 52.5 million people, an increase of 210,600 people compared to the same period last year, with a labor participation rate of 68.5 percent and unemployment rate in the urban areas decreasing to 2.38 percent.
Notably, the labor structure shifted positively, with 26.6 percent of workers employed in agriculture, forestry and fisheries, significantly reduced compared to previous years.
This year witnessed a significant surge in Vietnamese workers venturing abroad for employment, with 125,000 laborers to work abroad under contracts, reaching 120 percent of the plan, thereby bringing significant remittances.
Additionally, there have been effective policies to support workers back home for domestic labor market reintegration.
In terms of wages, Vietnam's minimum wage rose by an average of six percent in 2024. The average monthly income of workers reached VND8.5 million (US$334), an increase of VND1.9 million (US$74.7) compared to 2020.
Social insurance policies also achieved positive results. By December 2024, about 20.1 million people participated in social insurance, accounting for 42.7 percent of the working-age labor force, an increase of more than four million people compared to 2020.
Unemployment insurance policies continued to be effectively implemented, with 15.8 million participants, accounting for about 33 percent of the working-age labor force.
In 2024, the labor sector achieved and exceeded the targets assigned by the National Assembly and the Government, reflecting through efforts to connect labor supply and demand, support job creation and improve workers' lives.
According to MOLISA, synchronized, flexible and effective solutions in terms of labor management, wage policy reform and protection of workers' rights have helped stabilize the Vietnamese labor market, meeting the economic development needs in the current context of challenges.
