Trends in the Recruitment and Job Placement Market in Vietnam, January-March 2024

< Market Overview in Vietnam >

Positive economic news emerged from Vietnam in the first quarter of 2024. The General Statistics Office (GSO) reported an estimated GDP growth rate of 5.66% year-on-year, the highest recorded for the first quarter in the past four years. This strong performance was driven by growth in key sectors like services, industry, and construction. The services sector benefited from a tourism rebound fueled by flexible visa policies and tourism promotion programs. 

Additionally, total investment capital implemented throughout society in the first quarter increased by 5.2% year-on-year, indicating a recovery trend in production and business activities across numerous industries and sectors in Vietnam.

< Local Hiring Trends among Companies in Vietnam >

The first quarter typically sees a slowdown in local talent mobility due to the Lunar New Year holiday and bonus payments. This trend continued in 2024. As in previous years, the period from April to June after the Lunar New Year is expected to be the busiest for candidate mobility. This will likely lead to increased hiring needs for both filling existing vacancies and expanding workforces. 

Hiring activities are expected to be particularly active in the manufacturing and construction sectors, which saw growth in the first quarter, especially in the semiconductor industry.

There has also been a rise in inquiries from companies aiming to localise the operations of their Vietnamese branches. This suggests a potential future increase in the need to replace resident staff with local hires. However, the labor permit application process for foreign workers remains unclear in many aspects, and further developments should be closely monitored.

< Job-Seeker Trends in Vietnam >

Job-seeking activities among local talent tend to slow down during the first quarter but are expected to pick up after the Lunar New Year through the first half of the year.

The number of overseas job seekers from Japan to Vietnam remains somewhat subdued. Unlike other countries, Vietnam offers fewer retirement-based job transition opportunities. Consequently, senior Japanese professionals continue to show strong interest in overseas job transitions, and many are actively seeking new opportunities.

On the other hand, there is a growing pool of potential candidates interested in overseas employment among the junior and middle-class in Japan due to the current economic situation. However, some are cautious due to factors like compensation and benefits.