The global economic landscape in the first nine months of 2024 has shown steady signs of improvement, even as challenges and variations persist across regions. Positive indicators include a rebound in trade, particularly in emerging markets in Asia, where Vietnam saw GDP growth of 6.82%, supported by increased export demand, loosened financial conditions, and continued inflows of foreign direct investment (FDI).
As of Q3 2024, the labour force reached around 52.5 millioni, with a low unemployment rate of 2.24%ii. Despite economic uncertainties, Adecco Vietnam recorded a resilience in job demand, with overall job orders holding stable compared to the same period last year, driven by robust hiring in Manufacturing and tentative signs of recovery in Banking and Financial Services. Industrials Sales also experienced a slight rise in demand, while hiring for back-office functions remained consistent year over year.
Manufacturing driving the recovery of labour market growth
In Q3 2024, the Manufacturing and Sourcing sectors saw a substantial rise in job orders, up by 35% year-over-year and over 50% from the previous quarter. This growth has been boosted by increasing export demand and FDI, particularly in the electronics, textile, garment, and renewable energy sectors. Northern Vietnam has been a focal point for FDI, with Taiwanese and Chinese firms expanding semiconductor and electronics manufacturing, driven by global semiconductor demand and Vietnam's emerging role in this sector as a key location for research, development and production.
Nguyen Thi Thu Phuong, Director of Permanent Recruitment Services, Adecco Vietnam, highlighted, “We are seeing an uptick in demand for specialised roles like Production Leaders, Quality Engineers, and Sourcing Managers, with Chinese language skills increasingly. This comes in the wake of significant FDI inflows, which reached US$24.78 billion in the first nine months of 2024, with over 60% directed toward manufacturing and processing industryiii.”
The Industrial Sales function also recorded a modest rise, notably in Mechanical and Electrical (M&E) roles as firms expand to navigate economic shifts.
Technology hiring has shown consistent growth, mainly driven by ongoing digital transformation trends, with high demand for Java, DevSecOps and cybersecurity skills. Truong Thien Kim, Associate Director of Permanent Recruitment Services, Adecco Vietnam, noted, “Although major global tech companies have faced some challenges, demand for talent in AI, digital hubs, and transformation projects remains solid. Nationwide hiring in tech has increased 35% year-over-year, with a slight 5% rise from Q2 2024.”
Banking and Financial services show strong rebounding signs
The Banking and Financial services sectors saw an upswing in hiring during Q3 2024, which has been partly supported by changes in financial conditions. Following several rate cuts by Vietnam's Central Bank, banks benefited from increased liquidity, which eased some pressures on their capital and helped improve hiring in areas like investment and relationship management. Job orders in this sector rose by 35% compared to the quieter period last year. Notably, there’s a heightened demand for Chinese-speaking professionals, underscoring tighter business ties between Vietnamese and Chinese markets. High-demand positions include Investment Managers, Corporate Relationship Managers, and Collection Specialists.
Back-office roles like Human Resources and Finance & Accounting have stayed steady, which matches industry priorities of cautious growth amid economic uncertainties. The notable increase in FMCG Marketing and Sales roles suggests that companies in this sector are investing in brand growth and market share expansion, likely driven by consumer spending recovery.
In Healthcare, hiring for nursing and medical technology roles remains stable but modest, reflecting the sector’s balanced approach to scaling operations while managing resources effectively. Key Account Managers and Sales and Marketing professionals are in high demand across both FMCG and Healthcare sectors.
Growing optimism for Q4 2024 and beyond
As the Talent market shows signs of recovery amid ongoing uncertainties, it’s crucial to adopt proactive steps to stay adaptable. Upskilling in high-demand areas like technology and manufacturing, networking with industry professionals, and staying informed about market trends can enhance career prospects. Focusing on core soft skills and continuous learning will further position individuals in a competitive landscape.
Nguyen Hoang Thanh Chuong, Head of Permanent Recruitment Service, Adecco Vietnam, observed, “After a challenging first nine months, foreign investment and a recovering global economy have supported recent momentum. Looking ahead, Q4 is expected to sustain this trend, with an anticipated rebound in real estate and continued demand for skilled talent across industries. Local talents should prioritise not only securing current opportunities but also preparing for future career advancements”.
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
i General Statistics Office of Vietnam
ii General Statistics Office of Vietnam
iii Ministry of Planning and Investment
Disclaimer:
The figures presented in this article, such as percentages or job volumes, are derived from our actual job activities with clients and candidates across a range of industries and sectors. These figures may vary due to factors such as investment plans or local talent supply. However, they do not represent data specific to any individual company or organization. For more information, please contact us at vn.info@adecco.com.
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