Despite the country GDP is reported with constant growth over 5% YOY, in the first six months of 2024, Vietnam's job market has not shown positive signs of recovery. However, improvement has been made in various sectors such as Manufacturing and Export as Adecco Vietnam recorded a slight increment at 5% in job order intake compared to the same period last year, while the Tech and Financial market has been very low in demand with 10% less of job orders from employers.
The outlook for first half of 2024 remains cautiously positive as economic performance in the first quarter of 2024 has improved in Southeast Asia countries including Vietnam, hence the recruitment market has shown a fair demand for talents in sales & marketing for Industrial markets, quality and production professionals in Manufacturing and Sourcing sectors.
Technology and Digital Transformation Driving Employment
Despite a downtrend in job orders, Tech sector remains a strong driver of employment. Ms. Truong Thien Kim, Associate Director of Permanent Recruitment Services, Adecco Vietnam said: "Digital transformation is key, leading to a surge in tech-related roles across various industries. Higher demand for roles such as Data Engineers, AI Engineers, Developers, etc. is observed. With the rapid growth of AI driven applications, concerns for data protection have also increased, paralleling the rising demand for Cybersecurity experts." Asian companies, particularly from Japan and China, mostly require Developers and Designers work full-time in the office. In contrast, companies from the US, Europe and Australia continue to support hybrid working arrangements and, in specific cases, offer 100% remote work as part of their employee satisfaction policies. For non-tech roles such as Sales Managers, Account Managers, and BD Directors, employers prefer candidates with a strong local network and typically offer hybrid working arrangements to foster company culture while allowing for employee flexibility.
As Vietnam solidifies its role as a Manufacturing hub, there is a growing need for skilled workers in this sector. Job orders received by Adecco Vietnam for this industry showed a 10% increase compared to H1-2023. There is a notable trend in hiring senior and experts in quality, sourcing and process excellence in manufacturing domain. As Vietnam gears toward becoming a green manufacturing hub and facilitating the export of made-in-Vietnam products to developed markets [1], the demand for Environmental Engineers goes higher.
The Healthcare sector continues to be a major focus of the Vietnamese government under the current five-year plan (2021-25) [2]. As smart healthcare environment with implementation of electronic health records (EHRs) and electronic payments has boosted the digitisation in both private and public sector, hiring demand for talents within the tech-applicable solutions to the industry has been increased with vacancies for Digital Application experts and Solution Sales professionals while the need for traditional roles maintains in pharmaceutical sectors ie. Medical Manager, Product Manager and Key Account Manager.
Significant investments from global giants like Intel, Samsung, and Qualcomm have boosted job opportunities in the Semiconductor industry. The Vietnamese government’s ambitious plans to train 50,000 engineers by 2030 further underscore the growth potential in this sector [3]. Positions in chip design remain highly sought after and become the “war” for talents among global and foreign enterprises in Vietnam market with very high demand for engineers.
Media & Marketing still record stable job orders, with roles like Account Manager and Creative Lead continuing to see annual recruitment. Notably, this sector is on the way to being dominated by technology and AI, as AI can take over many tasks such as content writing, script development, planning, ideation, and creative production.
The Finance & Banking and Professional Services sectors are experiencing hesitancy in hiring due to various volatilities. Tier 2 banks in Vietnam are expanding their digital banking teams, following the trend set by Tier 1 banks in previous years. However, the insurance sector is experiencing layoffs and personnel cuts.
An urgence to sharpen the capabilities of local talents
There is a growing trend of overseas professionals, particularly from India and SEA countries, seeking jobs in Vietnam, making it an increasingly attractive destination for expats. To nurture and maintain the competitiveness of Vietnamese talent, it is crucial to focus on developing in-demand skills for today’s dynamic workforce.
Aside from certain specialised industries, the recent trend is toward "localisation", with many businesses and multinational corporations focusing on recruiting and developing local talent for Director or Department Head positions. As Vietnam continues to draw foreign investment, there is a growing preference for candidates proficient in English and other foreign languages to improve communication with international partners. The demand for Mandarin-speaking professionals is rising across various sectors. Companies are increasingly seeking Mandarin-speaking candidates, such as in Manufacturing sector, back-office functions (HR, Finance, Legal), and technical trading and engineering sectors (especially for Sales roles).
Emerging trends highlight the importance of digital literacy and proficiency in technologies like AI, machine learning, and blockchain, which are vital for adapting to an agile market. Employers increasingly favour candidates with a blend of technical skills and business acumen, along with the ability to work independently using digital collaboration tools. The capacity to navigate and thrive in a rapidly changing work environment is highly valued.
Seize the opportunities amidst the transformation
“The job market is shifting away from traditional low-skilled jobs, creating more opportunities for higher-skilled roles. Companies are raising their expectations but are also offering greater benefits and returns. By embracing continuous learning and skill development, Vietnamese professionals can ensure they remain competitive and capitalise on the evolving job landscape. The key to thriving in this transformative era is to stay agile, adaptable, and open to new opportunities”, said by Chuong Nguyen, National Head of Permanent Recruitment, Adecco Vietnam.
- Ends -
Contact our experts:
Nguyen Hoang Thanh Chuong
Head of Permanent Recruitment Service, Adecco Vietnam
Nguyen Thi Thu Phuong
Director, Permanent Recruitment Service, Adecco Vietnam
Truong Thien Kim
Associate Director, Permanent Recruitment Service, Adecco Vietnam
About Adecco Vietnam
Established in Vietnam in 2011, Adecco Vietnam – a member of The Adecco Group - is the leading Payroll, Recruitment & Outsourcing Agency in Vietnam. We provide one-stop solutions for all Human Resources needs. Operating for more than 60 years, The Adecco Group has 39,000+ passionate employees in 5,000+ branches across 60 countries and territories worldwide.
Website: adecco.com.vn
Sources:
[1] https://vir.com.vn/vietnam-to-become-green-manufacturing-hub-by-2050-through-net-zero-approach-92022.html
[3] https://nld.com.vn/sap-co-de-an-nhan-luc-khung-nganh-cong-nghiep-ban-dan-196240304211036571.htm