- Active labor force improved further in Q3 2023. According to the General Statistics Office (GSO), Vietnam’s total labor force increased by 92,600 people QoQ , up 0.2%, and 546,000 people YoY, up 1.1% to 52.4 million in Q3 2023 with a labor force participation rate of 68.9%. This figure is unchanged QoQ but up from 68.7% in Q3 2022. (Figures 1 & 2).

- Employment in the industrial & construction sector inched up in Q3 2023. In Q3 2023, Vietnam added 87,431 jobs QoQ (+523,592 YoY), leading to a total employment of 51.3 million people. Of the total, employment in the services sector grew, adding 95,824 jobs QoQ (+0.5% QoQ) and 608,852 YoY (+3.1% YoY) to reach 20.4 million. In contrast, employment in the agriculture sector, and the forestry & fishery sector, decreased by 18,403 jobs QoQ (-0.1%) and 210,937 jobs YoY (-1.5%) respectively, totaling 13.8 million jobs. Notably, after a drop of 241,997 in Q2 2023, employment in the industrial & construction sector inched up 10,010 (+0.1% QoQ) to 17.1 million. (Figures 3 & 4).

- Uncertainty in the labor market remained as employment in the informal sector increased. The number of informal employment increased by nearly 43,900 people QoQ (+0.1% QoQ) and 340,000 people YoY (+1.0% YoY) to 33.4 million, accounting for 65% of total employment. In addition, the number of people working in the formal sector increased by around 43,500 QoQ (+0.2% YoY) and 183,000 YoY (+1.0%) to 18.0 million. (Figures 5 & 6).

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