Promoting the labor market in the latter months of the year

baophutho.vnAccording to functional sector estimates, the labor and employment market in Phu Tho may continue to experience problems owing to company production and commercial operations in the remaining months of 2023. In some manufacturing industries, a shortage of production orders pushes enterprises to slash manpower and working hours, hurting workers' lifestyle and pay. However, with prompt assistance solutions and the creation of circumstances for firms to develop production and business guided by the Provincial People’s Committee, the labor market has a potential to rebound in the last months of the year.

In the latter months of the year, Phu Tho New Generation One Member LLC boosted production and business to fulfill market demand.

In the first nine months of 2023, the province as a whole will have 710 newly registered firms with a total registered capital of more than VND 8,064 billion, representing a 1.3% increase in the number of enterprises and an 89.8% increase in registered capital over the previous year. The average registered capital of a newly founded firm was VND25.4 billion, up 87.4% from the previous year. There were 266 firms returning to operation, a 0.4% increase over the same time, with 210 of them being limited liability corporations, a 10.5% increase.

The Department of Labor, Invalids, and Social Affairs, under the direction of the Center for Employment Services - Vocational Education, surveys, analyzes, evaluates, and forecasts the labor and employment situation in the last months of the year. As a result, the Center has proactively connected with businesses both inside and outside the province, as well as schools and vocational education establishments that need to recruit workers and enroll students in vocational training; collaborating with the Provincial Industrial Park Management Board to capture business information and labor recruitment needs at businesses in Phu Tho province and neighboring provinces' industrial parks and clusters.

On that basis, synthesize, evaluate, and build a database to advise and introduce people to occupations, as well as providing assistance to individuals and organizations in need. The Center capitalized on business recruitment and employment needs by recruiting training students from domestic and foreign universities, colleges, and vocational education establishments in 466 units and businesses, achieving 105% of the 2023 plan, a 12% increase over the same period in 2022.

Phu Tho Mechanical and Electrical College improves competent worker training to fulfill company recruiting demands.

According to the findings of a survey on production and business trends of firms operating in the province’s processing and manufacturing industry in the third quarter of 2023 compared to the second quarter of 2023, 37.89% of enterprises reacted to the production situation. Production and business will be more difficult than in the second quarter of 2023 (production will be more difficult for 50% of state-owned firms, 38.46% of non-state enterprises, and 35.9% of FDI enterprises). In terms of orders in the third quarter of 2023 vs the second quarter of 2023, 38.04% of firms expected a decline in the number of new orders. In terms of workforce size, 26.32% of enterprises consider lowering labor size.

Ms. Nguyen Thi Minh Vuong, Deputy Director of the Provincial Vocational Education and Training Center, stated that strengthening propaganda and timely information on the labor market situation for functional units is critical at this time to Synchronously deploy the province’s current labor and employment solutions and policies. Based on labor market changes, the Center will continue to aggressively arrange sessions from now until the end of the year, as well as after Tet, in response to company recruiting needs and to strengthen the link between labor supply and demand. Periodic job transaction sessions, as well as online job transaction sessions, connect Northern provinces and cities. Carry out professional actions with utmost emphasis in order to best support companies and workers in obtaining employment, therefore assisting businesses in recruiting adequate personnel to fulfill production and business activities, workers in finding jobs, ensuring income, and stabilizing life during and after Tet.

Clearly, future labor market changes will be heavily influenced by company output and business conditions. According to the survey, the labor market trend in the final months of the year has 78.95% of businesses forecasting an increase in the number of employees while remaining stable (14.74% increased, 64.21% stable), with up to 72.13% of businesses forecasting an increase in the number of new export orders while remaining stable. The number of workers trained for three months or more with degrees and certificates is 248.8 thousand, representing a rate of 34.2% of trained workers, which is also one of the major conditions for Enterprises.

Examine and comprehend the situation of recruitment needs, production and business cuts of enterprises, particularly FDI enterprises, labor-intensive industries (garment, leather shoes, wood production) in order to develop a plan to connect labor supply and demand; Increase the frequency of organizing employment transactions, prioritize online employment transactions, and support workers when participating in employment transactions. Implementation of an unemployment insurance policy in a timely manner to assist workers who have lost their jobs in offsetting salary expenses, stabilizing their life, and providing immediate help for consultation, vocational skills training, and introducing individuals actively seeking for new opportunities.

Ngoc Tuan