Midterm Test: Foreign Trade University Faculty of International Economics

FOREIGN TRADE UNIVERSITY
FACULTY OF INTERNATIONAL ECONOMICS

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MIDTERM TEST
Module: Macroeconomics
Topic:
UNEMPLOYMENT IN VIETNAM DURING COVID – 19 PANDEMIC
IN 2020 – 2021
No. Names Student ID

1
2
3
4
5
6
Midterm Assignment - MacroEconomics Group 7
Hanoi, June 2021
LIST OF CONTENTS
LIST OF CONTENTS..............................................................................................................1
INTRODUCTION.....................................................................................................................2
1.1 Subject and scope of the study.....................................................................................2
1.2 Reasons to choose the topic.........................................................................................2
1.3 Methodology.................................................................................................................3
CHAPTER 1: THEORETICAL FOUNDATIONS............................................................4
1.1 Definition......................................................................................................................4
1.2 Classification................................................................................................................4
1.3 Measurement................................................................................................................6
1.4 Cause.............................................................................................................................6
1.5 Effects...........................................................................................................................6
CHAPTER 2: UNEMPLOYMENT IN VIETNAM DURING THE COVID 19
PANDEMIC...........................................................................................................................8
2.1 Unemployment in Vietnam..........................................................................................8
2.2 Causes.........................................................................................................................13
2.3 Effects.........................................................................................................................14
CHAPTER 3: SOLUTIONS...............................................................................................17
3.1 The State’s solutions..................................................................................................17
3.2 Solutions for businesses and employers....................................................................18
3.3 Solutions for employees.............................................................................................18
CONCLUSION.......................................................................................................................19
REFERENCES........................................................................................................................20
1
INTRODUCTION
The unemployment rate is an important macroeconomic indicator that is used to
assess a country's socioeconomic progress through time. Prior to the epidemic,
Vietnam's working - age unemployment rate had been stably low, at 2.16% on
average.
The pandemic has had a significant impact on the labor market, for example,
altering the seasonal tendency of the labor force in different quarters of the year.
During the 2016 – 2019 period, the number of labor forces was consistently lowest in
the first quarter, then gradually climbed in the following quarters before peaking in the
fourth quarter. However, in 2020, the number of workers began to fall in the first
quarter, then significantly declined and reached a low point in the second quarter,
before gradually recovering in the third and fourth quarters. “Although the economy is
improving, the workforce has yet to return to pre-pandemic levels in the fourth
quarter”, according to the General Statistics Office in “Bao cao tac dong cua dich
Covid-19 den tinh hinh lao dong, viec lam quy IV va nam 2020” (Vietnam General
Statistics Office. 6 January 2021).
Therefore, our team decided to choose topic “Unemployment in Vietnam during
Covid – 19 pandemic in 2020 – 2021”. Although the unemployment rate in Vietnam
before Covid-19 pandemic has not been recorded as a matter of concern, the rate
nowadays has been excessively high during the pandemic. This paper collects data
about the employment situation in Vietnam from the first quarter of 2020 till the first
quarter of 2021 conducted by the General Statistics Office to get a clear picture of the
current employment situation and from there suggest solutions to ease the crisis. Our
team aims to study the unemployment rate data for the period 2020-2021 and analyze
the causes and effects as well as propose appropriate measures.
1.1 Subject and scope of the study
● Subject: Unemployment in Vietnam
● Scope: During the epidemic period, from 2020 to 2021
1.2 Reasons to choose the topic
The labor market is facing many difficulties, weaknesses and limitations,
especially due to the heavy impact of the Covid-19 epidemic. It is critical to
comprehend the workforce's development and limitations during the current epidemic
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period in order to improve it thoroughly in the future. To have the most correct
knowledge and comprehension of this subject, our team wishes to learn more about
unemployment as well as strategies to reduce unemployment in our country.
1.3 Methodology
In this study, a data set of unemployment rate and the number of unemployed
people in the period from 2020 to 2021 was obtained quarterly from Vietnam General
Statistics Office (GSO). To perform the analysis, our team has collated and evaluated
the data by comparing the numbers between quarters then drawing conclusions.
Our team would like to express our gratitude to Macroeconomics Lecturer…..,
for his guidance over the course of our studies.
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CHAPTER 1: THEORETICAL FOUNDATIONS

1.1 Definition
 Working age population: In Vietnam, the legal working age is 15. Besides, the
retirement age of male workers and employees is 60 years and 03 months while
that of female workers is 55 years and 04 months.
 Labour force: the number of people who are employed plus the unemployed
who are looking for work.
 Unemployment, according to the OECD (Organisation for Economic Co-
operation and Development), is persons above a specified age (usually 15) not
being in paid employment or self-employment but currently available for work
during the reference period. The term includes people who are waiting to return
to a job after being discharged, yet it does not include individuals who have
stopped looking for work in the past four weeks.
 Briefly, both unemployed and employed people make up the “labor force,” or
the subset of the population that is both able and interested in working. Not
included in the labor force are citizens not looking for jobs - for example, a
stay – at - home mom, a college student, or a “discouraged worker” (someone
who has stopped looking for work).
1.2 Classification
1.2.1 Classical unemployment
Classical unemployment occurs when wages are set above the equilibrium level,
causing the supply of labour to exceed the demand. On the contrary, when wages fall
below the living wage, many workers choose to drop out of the labour market and no
longer look for jobs. In countries which have public welfare systems supporting low-
income families, wages would have to be high enough to encourage people to opt for
employment rather than what they receive through public welfare. In addition,
consumption of goods and services is the primary driver of increased demand for
labor. Higher wages result in workers having more income available to spend on goods
and services. Therefore, higher wages increase demand for labor and reduce
unemployment.
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1.2.2 Cyclical unemployment
Cyclical unemployment is caused by businesses not having enough demand for
labor to employ people who are looking for work at that point of the economic
downturn within the business cycle. Because of that, its name is derived from the
frequent rise and fall in the business cycle. According to Keynesian economics,
cyclical unemployment is a natural result of the business cycle in times of recession: if
all consumers become fearful at once, consumers will attempt to increase their savings
at the same time, which means there will be a decrease in spending, and businesses
will not be able to employ all employable workers.
1.2.3 Frictional unemployment
Frictional unemployment is the temporary transition from one job to another of
workers. It is sometimes called search unemployment and can be voluntary, based on
the circumstances of the unemployed individual. Frictional unemployment exists
because mismatches can result between the supply and demand of the labour market.
Such mismatches can be related to skills, payments, work-time, locations, seasonal
industries, attitude, tastes... Frictional unemployment also includes new entrants
(newly - graduated students) and re-entrants (former homemakers).
Workers and employers can accept a certain level of imperfection, but not right
away. They will invest time and effort to find the best match. This is beneficial to the
economy since it results in a better distribution of resources. However, if the search
takes too long and mismatches are too frequent, the economy suffers as some work
will stay undone. If that happens, governments will find ways to reduce unnecessary
frictional unemployment by providing education, training, advice, and assistance.
1.2.4 Structural unemployment
Structural unemployment is caused by the inconsistency between the skill sets of
workers and the types of jobs available. Structural unemployment occurs due to shifts
in an economy, mainly when industries undergo technological advancements.
The difference between structural unemployment and frictional unemployment is
that it lasts longer.
Structural unemployment may also rise by constant cyclical unemployment: the
economy suffers from having long lasting low aggregate demand, many of the
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unemployed become discouraged, and their skills become out of date, which means
they may not fit the job vacancies created when the economy recovers.
1.3 Measurement
In Vietnam, the unemployment rate is determined quarterly by the General
Statistics Office using data in the Labour and Employment Survey. In general, the
unemployment rate is obtained by dividing the number of unemployed persons by the
number of persons in the labor force (both employed and unemployed) and
multiplying that figure by 100.
Formula:
Unemployment rate = (Unemployed workers / Total labor force) x 100

1.4 Cause
1.4.1 Classical Theory of Unemployment
According to the Classic Theory of Unemployment, price and wage are flexible.
Unemployment is provoked by real wages fixed above the equilibrium level.
1.4.2 Keynesian Theory of Unemployment
Price and wage are sticky, according to Keynesian Theory. Assuming that
aggregate demand decreases, so demand for labour goes down, since price and wage
are rigid, supply of labour has to decline as well. Unemployment occurs in such
situations.
1.5 Effects
The impact of unemployment can be felt by both the workers and the national
economy and can cause a ripple effect.When unemployment rates are high and steady,
there are negative impacts on the long-run economic growth. Unemployment wastes
resources, generates redistributive pressures and distortions, increases poverty, limits
labor mobility, and promotes social unrest and conflict. The effects of unemployment
can be broken down into three types:
● Individual: people who are unemployed cannot earn money to meet their
financial obligations. Unemployment can lead to homelessness, illness, and
mental stress. It can also cause underemployment where workers take on jobs
that are below their skill level.
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● Social: an economy that has high unemployment is not using all of its resources
efficiently, specifically labor. When individuals accept employment below their
skill level the economy's efficiency is reduced further. Workers lose skills
which causes a loss of human capital.
● Socio-political: high unemployment rates can cause civil unrest in a country.
In addition, unemployment results in reduced demand, consumption, and buying
power, which in turn causes lower profits for businesses and leads to budget cuts and
workforce reductions. It creates a cycle that goes on and on that is difficult to reverse
without some type of intervention.
Vietnam’s labour market during Covid-19 will be analysed in this essay.
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CHAPTER 2: UNEMPLOYMENT IN VIETNAM DURING THE COVID 19

PANDEMIC
2.1 Unemployment in Vietnam
2.1.1 The first quarter of 2020:
The number of unemployed people in the first quarter of 2020 was roughly 1,12
million, which was double, increasing by 26,7 thousand people compared to the same
period of last year.
The unemployment rate of people aged 15 and above was 2,02% and the
unemployment rate of the working age was 2,22%.
According to the total number of working hours, Vietnam had more than 1
million people who did not have jobs and 83,6% of them were living in rural areas.
The number of people aged 15 to 24 who did not have an occupation was
approximately 492,9 thousand, which constituted 44,1% of the total number of the
unemployed. The unemployment rate of young people was 7%, which was 5,4 times
higher than the unemployment rate of adults (who are above 25 years old).
Age 15 - 20 - 25 – 30 – 35 – 40 - 45 – 50 – 55 – 60 –
>65
Sum 19 24 29 34 39 44 49 54 59 64
Whole
country: 167,8 325,2 248,9 121,8 76,0 45,3 49,7 34,4 28,7 15,7 4,8
1.118,2
Urban
area: 61,0 147,7 140,2 63,0 37,5 20,3 26,8 19,0 12,1 6,5 2,5
536,6
Rural
area: 106,7 177,5 108,8 58,8 38,5 25,0 22,9 15,4 16,6 9,2 2,3
581,6
Table 1: Number of the unemployed aged 15 and above in quarter 1/2020

2.1.2 The second quarter of 2020:
The number of unemployed people in the second quarter of 2020 was roughly 1,3
million, which had increased by 192,8 thousand people compared to the previous
quarter.
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unemployment rate of the working age was 2,73%. In the second quarter of 2020, this
rate of the urban areas constituted 4,46%, which was the highest rate of the urban areas
in the past 10 years.
unemployed. The unemployment rate of young people was 6,98%, which had
increased by 0,3% compared to the same period of last year.
Age 15 - 20 - 25 – 30 – 35 – 40 - 45 – 50 – 55 – 60 –
>65
Sum 19 24 29 34 39 44 49 54 59 64
Whole
country: 139,7 270,6 236,0 183,8 133,5 106,3 95,3 84,3 46,6 25,6 14,5
1.336,2
Urban
area: 51,4 147,2 132,5 106,8 87,9 75,0 61,8 50,5 29,0 13,8 10,4
766,4
Rural
area: 88,4 123,4 103,5 76,9 45,6 31,3 33,5 33,8 17,5 11,9 4,1
569,8
2.1.3 The third quarter of 2020
The number of unemployed people in the third quarter of 2020 was roughly more
than 1,2 million, which had decreased by 63 thousand people compared to the previous
quarter.
unemployment rate of the working age was 2,50%. In the third quarter, this rate of the
urban areas constituted 4%, which had decreased 0,46% compared to the previous
quarter.
increased by 0,26% compared to the previous quarter. Nevertheless, this rate was 4,2
times higher than the unemployment rate of the adults (who are above 25 years old), as
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the unemployed rate of young people in Ha Noi and Ho Chi Minh city was
dramatically high (9,25% and 10,47% respectively).
Age 15 - 20 - 25 – 30 – 35 – 40 - 45 – 50 – 55 – 60 –
>65
Sum 19 24 29 34 39 44 49 54 59 64
Whole
country: 78,3 330,5 298,6 205,2 152,5 61,2 47,1 26,4 26,3 15,2 11,2
1.252,4
Urban
area: 24,3 160,6 165,4 119,8 94,0 41,2 28,6 15,8 14,8 9,7 5,1
679,5
Rural
area: 54,0 169,9 133,2 85,3 58,4 19,9 18,6 10,6 11,4 5,5 6,1
572,9
2.1.4 The fourth quarter of 2020
The number of unemployed people in the fourth quarter of 2020 was roughly
more than 1,2 million, which had decreased by 60,1 thousand people compared to the
previous quarter and increased by 136,8 thousand people compared to the same period
of last year.
unemployment rate of the working age was 2,37%. This rate of the urban areas
constituted of 3,68%, which had decreased by 0,32% comparing to the previous
quarter
decreased by 0,19% compared to the previous quarter.
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Age 15 - 20 - 25 – 30 – 35 – 40 - 45 – 50 – 55 – 60 –
>65
Sum 19 24 29 34 39 44 49 54 59 64
Whole
country: 70.4 340.5 215.0 171.4 127.5 84.4 64.0 56.5 48.9 9.7 4.5
1,192.9
Urban
area: 23.2 157.5 119.7 106.8 85.4 62.8 35.4 13.8 9.8 4.8 0.0
619.2
Rural
area: 47.2 183.0 95.4 64.6 42.1 21.6 28.7 42.7 39.1 4.9 4.5
573.8
2.1.5 The first quarter of 2021
The number of unemployed people in the first quarter of 2021 was approximately
1.1 million people, which had decreased by 137 thousand people compared to the
previous quarter and increased by 12,1 thousand people compared to the same period
of last year.
The unemployment rate of the working age was 2,42%, which had decreased by
0,38% compared to the previous quarter. This rate of the urban areas constituted of
3,19%, which had decreased by 0,51% comparing to the previous quarter
In the first quarter of 2021, the unemployment rate of forestry, agriculture, and fishery
was 3,88%. This rate of industry and construction industry constituted 1,51% while the
rate of services was lower (1.76%).
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Quarter 4 Quarter 1
2020 2021
Number of the unemployed (Thousands of people) 1 276,3 1 117,7
Include:
- Number of the unemployed people in working age
1 232,5 1 095,5
(Thousands of people)
- Number of unemployed people aged 15 - 24
433,4 407,9
(Thousands of people)
Unemployment rate (%) 2,45 2,19
Area:
- Urban area 3,43 2,96
- Rural area 1,93 1,76
Gender:
- Male 1,75 2,38
- Female 3,24 1,98
Unemployment rate in working age (%) 2,63 2,42
Area
- Urban area 3,70 3,19
Gender:
- Male 1,86 2,54
- Female 3,58 2,27
Unemployment rate of young people (%) 7,94 7,44
Area:
- Urban area 10,90 10,34
Gender:
- Male 5,87 7,66
- Female 10,36 7,17
Table 5: Unemployment of people aged 15 and above in quarter 1/2021
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2.2 Causes
The Covid-19 makes a vast amount of impacts on the economy and the
unemployed from all over the world, and Vietnam – a country which successfully
controls the pandemic – is not an exception. Here are some reasons why the Covid –
19 could make an impact on our unemployed status
2.2.1 Global recession
Since the economy still heavily depends on foreign investment and export, the
global recession causes more and more businesses to be dissolved, stopped operating,
and reduced production which leads to an increasing rate of unemployment.
2.2.2 Decrease in demand
The economic crisis caused by the Covid-19 epidemic is largely due to a decline
in demand when the number of consumers who have the need to buy goods and
services has decreased. For instance, this situation has caused the aviation industry to
be severely affected since many countries have restricted domestic circulation by
opening their borders by air in order to prevent the spread of the Covid-19. A
tremendous amount of airlines have to lay off workers to cut down costs. Other
industries are similarly affected, such as, in the retail sector, the unemployment rate
increased because stores had to close, turning to online sales.
2.2.3 Company’s policies
After 4 times being lockdown, having to make strategic changes and layoffs,
many companies have been forced to downsize or stop hiring new workers. Especially
in the nearest pandemic, the infection has happened in some big industries in Vietnam
so it is even harder for the employers to recruit new employees which leads to the
increase in unemployment.
2.2.4 Delay in importing vaccine
While other countries in Europe are celebrating the success in making vaccines
and starting to re-open the economy, Vietnam and some Asia countries are facing the
Covid-19 again. One of the reasons that leads to this situation is due to the delay in the
importing process of the vaccine to the citizens. The neglect of the Government at this
time makes the whole country struggle and makes the employees lose their job one
more time.
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2.2.5 Covid-19 impact on industries
Service industry has been providing most of the jobs in Vietnam; however, it is
affected the most during Covid-19. Since lockdown has happened all over the world,
people chose not to travel anymore which leads to disrupted tourism activities. Travel
demand has dropped sharply. The number of international visitors in 2020 was only
3.7 million, down 56 million arrivals, down 312000 billion VND total revenue from
tourists, down to about 19 million USD (translate from Nhin lai nam 2020 cua du lich
Viet Nam: Ung pho Covid-19, phuc hoi hoat dong, duoc the gioi vinh danh.; Trung
tâm Thông tin du lịch; 29/12/2020) . As a result, a considerable number of hotels like
Sheraton, Metropole… have to stop taking customers and fire most of their employees.
The same thing goes to all the restaurants, because they are not allowed to open, so
they fired their employees in order to survive. Since the Covid-19 is still unstoppable
in Vietnam, the service industry has not been able to return to its normal pace, which
leads to the unemployment rate rising as high as ever.
Beside the service, the transportation was also been affected directly by the
Covid-19. According to a survey by the Industry Union, the Covid-19 epidemic has
severely affected workers in the transportation sector. In which, especially affected are
trade unionists, workers in taxi and railway transport units…
Ultimately, we can see that the changes in the economy will bring the changes in
unemployment. On the other hand, the unemployment rate will also take effect
dramatically, not just in the economy but also in society.
2.3 Effects
2.3.1 Economic growth and inflation
In the Covid-19 pandemic, Vietnam's economy has coped with major
depressions, price of goods have decreased or the extreme vulnerability of global
supply chains that were partially led to the large-scale unemployed situation in
Vietnam.
An increase in the unemployment rate denoted an economy that has gone into a
painful recession. It is claimed because the gross domestic product is lower than
potential, people do not have enough money to pay for supplies; moreover, the
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national budget was cut down due to the loss in collecting taxes as well as national
responsibility for supporting the “jobless” people.
The unemployment rate went high and also put the economy to the edge of
inflation. That people were not in production chains means the quantity of
commodities decreased which directly brought about the rise in price of goods – main
reason for the rising inflation. This impact has been clearly shown in Vietnam right in
the first quarter of 2020 when the Government is constantly facing problems for
keeping inflation rate under 4%.
The paradoxical relation among economic growth, unemployment and inflation
always exists in the market economy. If the economic growth rate declines then the
unemployment rate and inflation rate will rise equivalently and vice versa.
2.3.2 Social Security
In some cases, when the unemployment rate climbs, it can undermine the
stability of a society. Strikes, manifestations for pay rise and human right, stealing,
gambling, drugs, prostitution may steadily escalate among communities. However,
according to the General Statistics Office announcement in 2020, Vietnam still
remains stable. Typically, residential life and social security was paid special attention
from the Administration; national target programs on building new rural areas in the
last few years were strongly promoted which contributed to improve citizens’ living
standard and develop the infrastructure as well as raise the employment rate in the
countryside.
Furthermore, unemployment also makes an impact on residents’ lifestyle and
attitude towards entertaining services. Because of low budgets, people have to reduce
the cost for unessential services or even the cost for daily necessities decreases
dramatically. However, these issues are just temporary or leave any severe
consequences.
2.3.3 National political situation
Although the pandemic is still uncontrolled and unpredictable, the employment
rate remains unchanged, the State keeps calm and gives their best effort to solve the
unemployment problems. Due to the pressure that unemployment put on the
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Administration, several open policies were introduced to improve the current situation
about unemployment.
In general, we cannot avoid such negative impacts caused by Covid-19 epidemic,
especially the unemployment problem, though, we also cannot deny the effort that the
Government has devoted to solving the problems as fast as possible to consolidate
people’ faith in the Government.
=> To sum up the main points, unemployment makes considerable impacts on
numerous aspects of each country in the world in general and in Vietnam in particular.
Sometimes, these whole consequences is unnoticed but it significantly affects our life
in a negative way. This is an important time for us to take action right now before it is
too late to do.
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CHAPTER 3: SOLUTIONS
3.1 The State’s solutions
In the context of business and production activities being affected by the Covid-
19 epidemic, the State has been implementing some policies to support businesses to
overcome difficulties. Specifically, the State has issued policies to support capital and
tax (tax exemption, tax reduction, extension of tax payment time) for businesses,
allowing employers to suspend paying pension funds and death insurance benefit
funds. Moreover, businesses/employers facing financial difficulties are given a loan by
the State in order to pay wages for their workers who have stopped working
temporarily. Business households with revenue of less than 100 million VND/year
who have temporary suspension of business because of the epidemic will receive 1
million VND/month from the State.
Since the Covid-19 pandemic is still not under control in the world, workers who
do not use their full potential tend to increase, the State needs to have policies to
encourage employees to study and improve their qualifications in order to meet the
needs of employer demand in the "new normal". On the other hand, it is necessary to
focus on supporting employers to train and retrain workers to meet new requirements;
promote connection of domestic labor supply and demand, associated with the
international labor market.
Job exchanges and job support centers need to organize more online and face-to-
face activities to connect between employees and recruiters, quickly introduce new
jobs and not let workers be interrupted in their career path. Local authorities need to
coordinate with job training units and businesses to open vocational classes and
distance training courses for workers.
The State needs to consider and develop specific support packages for
disadvantaged groups of workers (women, unskilled workers, workers in the informal
economy) to bring more opportunities for them to find jobs, in order to make sure that
they have income as a financial part to help themselves and their families get through
this difficult time of the whole country.
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3.2 Solutions for businesses and employers
In order to maintain business operations during the complicated situation of the
Covid-19 epidemic, businesses should apply digital transformation and modern
technology to production stages so that machines and equipment can replace workers
and therefore, social distancing can not affect production activities. In addition,
enterprises should pay more attention to online sales on e-commerce platforms (Tiki,
Shopee,…), websites, social networks (Facebook, Instagram,…) besides selling on
traditional channels.
Enterprises need to be able to adapt quickly, be flexible in changing business
orientation and strategy. It is necessary to develop a plan and strategy to improvise on
a weekly or daily basis, build a scenario to prepare for the worst case so as to always
be in a proactive position before changes and fluctuations happen. It is also necessary
to actively innovate and prepare a new business model because the previous processes,
systems and principles may only be appropriate in the old context. Firms should
constantly connect with customers because customers are one of the reasons for the
existence of businesses. It is necessary to set up a quick response team to handle
problems arising in labor safety, supply chain and production materials.
Liquidity management such as balancing cash flow, cutting unnecessary
expenditures and closely monitoring debts also need to be focused during the
pandemic. Property acquisition plans should be shelved and firms should choose
alternative solutions such as leasing the property to maintain a large enough reserve of
cash. Regarding the human resource factor, it is necessary to ensure the health and
safety of employees by changing the way of working and training to online form and
try to build a good management team.
3.3 Solutions for employees
Employees need to take care of their own health, well comply with the State's
regulations on epidemic prevention and control as well as practice their ability to
quickly adapt to changes in the way of working online. Employees are also in need of
actively cultivating, improving knowledge, learning soft skills, especially “digital
transformation” skills to adapt to the recruitment market in the "post-covid 19" context
and the Industrial Revolution 4.0.
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CONCLUSION
Taking everything into account, unemployment has been a serious problem.
Although unemployment is natural and somewhat beneficial, its effects are also
detrimental to society, especially in the Covid-19 pandemic.
Since it first broke out in 2020, Covid 19 has affected millions of people in
Vietnam in various aspects, mainly jobs. Unemployment rate escalated significantly in
this particular time period. The phenomenon is caused by the followings: stagnation of
worldwide trading caused by global recession, reduction in consumers' expenditure
which pushed companies to come up with policies to cut down the new ones and
vulnerability of countries due to the delay in vaccine distribution.
Despite Vietnam’s success in handling Covid 19, it is still under heavy damage.
First and foremost, our economy is facing a recession. Social security is also under
threat. Therefore, in order to help the situation to be under control, the Vietnam
government has been bringing about solutions. Vietnam has issued policies relating to
tax and loans to help businesses out. But still the Governments need to find a way to
uplift job opportunities for the unemployed. Companies have to improvise so that
production can go on disregard for social distancing. Ultimately, employees should
quickly adapt to the new online working environment.
Unemployment has various negative impacts on every country in the world
including Vietnam. It is necessary for us to take part in stopping the pandemic so that
everything returns to its normal state. There are always two sides of a coin, hence
unemployment is not entirely harmful. It’s high time we take in consideration what
benefits it brings to the table.
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Midterm Test: Foreign Trade University Faculty of International Economics

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Midterm Test: Foreign Trade University Faculty of International Economics

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FOREIGN TRADE UNIVERSITY

FACULTY OF INTERNATIONAL ECONOMICS

No. Names Student ID

CHAPTER 1: THEORETICAL FOUNDATIONS

Unemployment rate = (Unemployed workers / Total labor force) x 100

CHAPTER 2: UNEMPLOYMENT IN VIETNAM DURING THE COVID 19

Table 1: Number of the unemployed aged 15 and above in quarter 1/2020

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