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STUDENT DETAILS

Student name: Phan Huỳnh Thanh Bách Student ID number: 21001463

Student name: Trần Trung Đại Student ID number: 21002025

Student name: Lý Thị Kim Dư Student ID number: 21000984

Student name: Đặng Dương Thanh Trúc Student ID number: 22000423

Student name: Trần Phương Vy Student ID number: 21001023

Student ID
Student name: Lương Hồng Yến number: 21000534

UNIT AND TUTORIAL DETAILS

Unit name: Consumer Behaviour -T223WSB-6 Unit number: CB-T223WSB-6

Tutorial/Lecture: Consumer Behaviour Class day and time: Wednesday, 8:00am

Lecturer or Tutor name: Đinh Tiên Minh

ASSIGNMENT DETAILS

Title: Session preparation- Chapter 2

Length: 40 slides Due date: 23/5/2023 Date submitted: 23/5/2023

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Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 1

 Student’s signature: Yen
Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 2

 Table of content

I. Abstract .......................................................................................................................................................................... 4

II. Introduction..................................................................................................................................................................... 6

III. The current situation of workforce in Vietnam..............................................................................................................7

IV. The causes of unemployment .......................................................................................................................................8

1. The impact of the covid-19 pandemic

............................................................................................................................................................................

2. Unemployment due to global recession

............................................................................................................................................................................

3. Natural unemployment

............................................................................................................................................................................

V. The impact of unemployment on Vietnam’s economy

.............................................................................................................................................................................................

10

1. The lack of workers affects the completion of the projects

............................................................................................................................................................................

10

2. Disbursement & Non-Performing Loan..............................................................................................................10

3. The quality of life of the citizen

............................................................................................................................................................................

11

VI. The solution to reduce unemployment

.............................................................................................................................................................................................

12

1. Building family planning........................................................................................................................................12

2. Government policies and initiatives........................................................................................................................12

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 3

 a. Raise demand........................................................................................................................................... 12   

b. Focus on creating good jobs in urban areas

...................................................................................................................................................................

13

c. Unemployment insurance

...................................................................................................................................................................

13

VII. Prospects and challenges............................................................................................................................................ 15

1. Prospects............................................................................................................................................................... 15

2. Challenges........................................................................................................................................................... 16

VII. Conclusion.................................................................................................................................................................. 18

VIII. References list............................................................................................................................................................ 19

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 4

 Abstract

The report's analysis of Vietnam's current unemployment rate focuses mostly on young people who are 15 years

old and older, moreover, unemployment in urban areas accounts for a higher proportion than in rural areas. The

main cause and the greatest impact on the labor force in Vietnam is the Covid-19 pandemic, which has weakened

the economy, leading to a series of factories having to lay off workers to maintain operations. Also, many political

issues are constantly talking about each other, causing the global economy to be depressed and also causing the

unemployment rate in Vietnam to increase. Vietnam in particular is developing and absorbing scientific and

technological breakthroughs; hence this nation's natural unemployment rate is high since the market demands a

competent labor source and extensive expertise. Following the Covid-19 outbreak, a lot of companies suffered

greatly from a shortage of labor resources, people's quality of living decreased, and a lot of enterprises failed,

which resulted in a high percentage of bad debt. Nevertheless, in addition to short-term solutions like raising

demand, enhancing unemployment insurance, and putting more emphasis on improving the quality of labor in rural

regions, the government has also developed a long-term program on family planning to address the aforementioned

issue. Vietnam also offers several opportunities for finding workers, including a variety of new sectors operating

there, new government economic initiatives aimed at luring international investors, and most importantly, a diverse

labor force. More employment is being created because of the tourist and service industries' prosperity. Together

with possible opportunities, problems from international competitiveness, the severe effects of the Covid-19

pandemic, and innovation in the way companies are structured are all reasons. protect against the increasing jobless

rate.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 5

 Introduction

An unemployed person is defined as a person who is willing to work at any time but cannot find any job. As a

result, they can pay living costs and have a large contribution to different kinds of crimes. If a person is not seeking

a job or cannot do it, the term unemployed cannot apply in this case. In 2019, the world’s unemployment was

around 6,18%, while the percentage of unemployment in Vietnamese labor was around 2,38%, considered a

country with a low unemployment rate, according to MacroTrends (n.d.). Moreover, women are less likely to enter

the labor market and are more at risk of unemployment than men in almost every part of the world. Since women

have to face many inequalities in the labor market and the responsibilities of the family (Anh, 2021).

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 6

III. The current situation of workforce in Vietnam

Employed workers aged 15 and over in the third quarter of 2021 were 47.2 million, which reduced to 2.7 million,

compared to the same period in 2020 (National Institute for Finance, 2021). The social distancing due in 2021

disrupted all production activities. Therefore, the unemployment rate in 2021 Vietnam was considered to be high.

However, from 2022 it tended to decrease significantly and continued until the beginning of 2023.

The unemployment rate in urban areas is 10.54%, higher than in rural areas at 3.84 % (TU VTV, 2022). Although

the Vietnamese unemployment rate is low, there is a local labor shortage in many provinces and cities across the

country. The local shortage situation is caused by labor that cannot be recruited or recruited but has not yet met the

business needs of the enterprise.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 7

IV. The causes of unemployment

The current unemployment in developing countries is increasing due to many fluctuations which affect the

economy. According to the General Statistics Office, Vietnam is also a country, facing a high unemployment rate

of 2.32% in 2022. However, the cause of increasing unemployment is not only affected by covid but also by other

reasons.

1. The impact of the covid-19 pandemic.

It is the factor that has the strongest impact on the unemployment rate. Not only Vietnam but also the world are

also severely affected. Millions of workers in the United States have fallen into a precarious job situation that is

difficult to return to (Blustlen et al.2020). In Vietnam, 897.5 thousand people lost their jobs, 1.3 million people,

reducing the national economy by 4% by 2020. (Huong et.al 2020)

2. Unemployment due to global recession.

It is a type of cyclical unemployment and will occur in different economic periods. After the covid pandemic, the

economy will recover, but in 2022, high inflation will cause negative consequences in countries. The financial

crisis, economic recession, and global increase in inflation led factories and businesses to reduce human resources.

Moreover, Vietnam is a big exporter, so when inflation increases globally, the Vietnamese economy will be greatly

affected, and lead to higher unemployment than during the 2020 epidemic.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 8

3. Natural unemployment.

The level of labor in Vietnam, with many limitations, is not enough to meet the requirements of foreign

manufacturing companies. As a developing country chosen by foreign companies for investment, the level of

expertise is not high, and the style is unprofessional. This unemployment also leads to an increase in friction in

employees finding suitable personal work to meet the required level of business and the desired salary of

employees.

Seasonal unemployment refers to periods of rest after a season or a strong period of the year. Most Vietnamese

people take agriculture as a main source of income, but the agricultural sector will harvest seasonally, so there will

be months when people will be unemployed.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 9

V. The impact of unemployment on Vietnam’s economy.  

Vietnam's economy is greatly affected by unemployment. There are three most common consequences of how

unemployment impacted Vietnam's economy are listed below.

1. The lack of workers affects the completion of the projects. 

According to (Lao Động Thất Nghiệp Tăng Cao, Lo Lắng về Sức Cạnh Tranh Của Nền Kinh Tế, 2021), the rate at

which building projects were finished, was also impacted by the rising unemployment rate. The Cat Linh-Ha Dong

Railway and the Long Thanh International Aviation Airport were two construction projects worth mentioning

because it was both delayed by more than two years. This had an impact on air travel as well as road traffic,

causing congestion and crowding.

2. Disbursement & Non-Performing Loan.

According to (Dồn Sức Giải Ngân Vốn Đầu Tư Công, 2022), the disbursement rate was impacted by the length of

the projects. According to the Ministry of Finance, the rate of investment capital disbursement fell by 0.68% in

2021. There were 39 central agencies, 21 localities, and 4 ministries, agencies, and localities that had disbursement

rates that, on average, were below 50% and below 20%, respectively.

The Economic Committee noted that non-performing loan was still at a high level. There was still uncertainty on

how much of the entire debt issued to the Asset Management Company of Credit Institutions (VAMC) would be

handled. Moreover, non-performing loan was 483.2 trillion VND at the end of April 2021, up around 1.78% across

the board for the entire system of credit institutions (Tin Bộ Tài Chính, 2021).

3. The quality of life of the citizen.

According to (Dương, 2022), numerous enterprises in the US and Europe forced to reduce their raw material

expenditures or their employees because the inflation was happening. Businesses that must cut orders were also

forced to cut staff, which impacted employment, income, and life.

Those who lost their jobs would first be forced to rely on unemployment benefits because they would have no

other source of income (Lê, 2002). Second, this had an impact on their own lives, possibly delaying their children's

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 10

schooling and posing health risks. As a result, depression was exacerbated by unemployment, making people more

susceptible to errors (L. sư N. V. Dương, 2022).  

Finally, unemployment had an impact on societal safety. Social evils like stealing and gambling were on the rise,

in addition to the numerous rallies and strikes. Also, the level of support for the government among workers fell

sharply. This was why it causes social unrest (L. sư N. V. Dương, 2022).

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 11

VI. The solution to reduce unemployment.

2. Building family planning

The population of the country is on an increasing trend, according to an estimate in 2022, our country's population

is 99.46 million people, an increase of nearly 1 million people compared to 2021. According to (Dân số Việt Nam

mới nhất, 2022), Vietnam's population will increase by an average of 2,041 people per day in 2023. When a

country becomes overpopulated, it will lead to unemployment, because there are fewer jobs to support many

people. Rising unemployment gives rise to crimes, such as theft, as people want to feed their families and provide

them with basic comforts in life. One of the reasons for the population explosion is the high birth rate, currently

ranked 5th in Southeast Asia. Households must establish family price planning to reduce the rate of natural

increase and control the current population explosion.

3. Government policies and initiatives.

The government needs to set the strategies to decrease the unemployment rate: 

a. Raise demand.   

The decrease in aggregate demand is one of the causes of the current unemployment situation, when demand

decreases, it will lead to crises and businesses will have to reduce production to ensure profits. Therefore, the

government needs to take measures to stimulate consumer demand and increase output to reduce the current

unemployment situation. Typically, in early 2009, the government decided to use $2 billion to support loans for

businesses and continue to boost investment and consumption demand ( Gói Kích Cầu và Kinh TẾ VN). While

developing distribution networks, and retail systems, especially in remote areas to provide essential supplies

and consumer goods. With the increase in aggregate demand, businesses need to continue to improve

production and hire more workers to improve output to increase profits. When businesses expand production, it

will create more jobs for workers and partially solve the current unemployment situation.

b. Focus on creating good jobs in urban areas.

Unemployment occurs mostly in urban areas, the main reason is that people tend to move to urban areas in

search of development opportunities. This leads to a population explosion in urban areas and causes

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 12

unemployment due to a lack of work but a surplus of workers. To solve urban unemployment, the government

needs to implement policies that promote the development of industries and services, provided that workers

have specialized knowledge and skills to bring value to the economy and higher-income for workers. In

addition, it is necessary to accelerate the progress of urbanization and strongly develop satellite economic

zones and industrial parks with sustainable and synchronous development of the commodity market, land

market, capital market, labor market, and credit market.

c. Unemployment insurance

Develop regulations that compel workers to participate in unemployment insurance to provide financial support

to unemployed workers. Employees eligible for unemployment insurance will receive benefits in terms of

monthly counseling sessions, as well as the opportunity to find employment opportunities and a new job.

However, many workers do not want to participate in unemployment insurance because they must pay the

premium with their salary. Therefore, the government needs to adjust the unemployment insurance premium to

suit employees to ensure that after completing the fee, employees can still afford to spend on other needs.

According to (LuatVietnam, 2022), the employee's contribution rate = 1% x Monthly salary on which

unemployment insurance premiums are based. Unemployment benefits, vocational training, training support,

participation in career.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 13

VII. Prospects and challenges.

1. Prospects

One of the Southeast Asian countries with the fastest economic growth in Vietnam (World Employment and Social

Outlook: Trends 2021, 2021). Vietnam's economy has undergone many ups and downs recently, but the

Government has been working hard to apply new economic policies and new economic sectors with the help of

investors and investors, government funding. In addition, the growth and diversification of the tourism and service

industries have also helped reduce the unemployment rate in Vietnam.

To minimize the harm caused by unemployment, the Vietnamese government has made many efforts to introduce

policies to change the way the country is managed, operated, and developed, such as investment incentive

programs, or trade liberalization agreements that will encourage foreign enterprises to invest more money and

create more new jobs. According to Dung and Hanh (2014), the unemployment rate fell from 2.74% in Q2 2013 to

2.41% in Q4 2020. This proves that government programs deliver giving people more job options.

Moreover, large enterprises are encouraging industrialization and modernization by shifting from producing low-

value goods to higher-value products. In addition, significant investment in new economic sectors including

automation, renewable energy, and health benefits will also contribute to the development of a business-friendly

environment and increased employment for worker activities, especially for youth with professional qualifications

and knowledge of technology. According to the report Challenges when applying IFRS in Vietnam - KPMG

Vietnam (2022), the application of information technology and automation in economic sectors will create many

new job opportunities, but this requires workers to have the ability and skills to meet the needs of the economy

labor market.

In addition, a significant number of new employment possibilities will also be brought about by the growth of

tourism and services, particularly in developed tourist regions like Da Nang, Nha Trang, and Phu Quoc. According

to the Thị trường lao động Việt Nam (2022) In developed locations like Da Nang, Nha Trang, and Phu Quoc, the

unemployment rate in the fourth quarter of 2021 was 2.57%, down from the same time the previous year, and at

the same time, the number of workers in the tourist sector climbed by 0.92%.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 14

2. Challenges

Vietnam is confronting some significant difficulties despite its great opportunities. The International Labor

Organization (ILO) (2021) said that the labor market in Vietnam is facing many challenges such as global

economic dynamics, industrial transformation, and impacts negative effects of the COVID-19 pandemic.

Along with the benefits that new industries bring is the difficulty of shifting workers' skills. To satisfy the needs of

the job market, employees must upgrade their skills considering technological advancements and the rise of new

professions. The General Statistical Office (2021) reports that the unemployment rate increased in the second

quarter of 2021 compared to the same period last year, with around 10% of the jobless rate attributed to the

inability to adjust to the workplace. According to a different assessment by the Vietnam Research and

Development Center (2021), just approximately 21% of Vietnamese workers, are completely trained in the abilities

required for their employment.

More recently, the COVID-19 epidemic, which is having an impact on the Vietnamese and worldwide economies,

is to blame for the high jobless rate. Vietnam has implemented some efforts to manage the pandemic, but in the

process, it has also influenced job creation and company revenue, leading to the reduction or closure of numerous

firms. Thuy Duong’s study (2022) states that a significant number of businesses still closed their doors or reduced

their operations in 2021.

Finally, the Vietnamese economy must contend with growing challenges from the fiercer competition if it is to

continue growing prosperously and integrating with the rest of the world. The Comprehensive and Progressive

Agreement for Economic Partnership, which Vietnam signed in 2018, increased the breadth and depth of free trade

accords with nations in the area and throughout the world (Dao Mong Diep, 2019). As a result, Vietnamese

businesses must contend with fierce rivalry from international firms to reach the local market and engage in

exporting.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 15

 Conclusion

In conclusion, Vietnam is presently experiencing a difficult labor market scenario as a result of a number of

significant issues, including the most recent COVID-19 epidemic, the global economic crisis, and natural

unemployment.  These factors have contributed to rising unemployment, which has negatively impacted the

nation's economy. The lack of human resources has affected project completion dates, and bad debts have risen

because of businesses' failure to pay their bills. In addition, unemployment has lowered people's standards of

living. However, many approaches may be used to solve these problems, including the advancement of family

planning, governmental policies, and programs like boosting consumer demand and unemployment insurance. In

addition, the government may also improve the working environment to encourage production, generate

employment, and offer specialized training programs to give employees the skills they need to fulfill industry

demand.

In the future, Vietnam has many prospects for growth and development through improved new economic policies,

new economic sectors, and the expansion and diversification of the tourist and service sectors that will contribute

to the increase in the rate of jobs in Vietnam. Along with potential prospects are accompanied by challenging

obstacles including the COVID-19 pandemic's harmful effects, global economic integration, and industrial

transformation.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 16

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10. Lao động thất nghiệp tăng cao, lo lắng về sức cạnh tranh của nền kinh tế. (2021, July 22). BÁO SÀI GÒN GIẢI
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19. TU VTV, B. D. (2022, October 6). Hơn 1 triệu người thất nghiệp, thiếu lao động cục bộ tại nhiều tỉnh thành.
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https://www.macrotrends.net/countries/VNM/vietnam/unemployment-rate

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 18

21. World Unemployment Rate 1991-2023. (n.d.). World Unemployment Rate 1991-2023 | MacroTrends.
https://www.macrotrends.net/countries/WLD/world/unemployment-rate

22. Zhu, Y., Bashir, S., & Marie, M. (2022). Assessing the Relationship between Poverty and Economic Growth:
Does Sustainable Development Goal Can be Achieved?. Environmental Science and Pollution Research, 29(19),
27613-27623.

Group 1_CB-T223WSB-6_ Session preparation- Chapter 2| 19