Recruitment demand in Vietnam during the last quarter of 2022 dropped 25% on average from the pre-pandemic level, reports Vietnam News, citing research from Vietnamese recruitment firm Navigos Group. For the month of December 2022, hiring demand fell by 42% compared to the pre-pandemic level, with Navigos citing the impacts of the global economic crisis and difficulties facing domestic businesses. The manufacturing, textiles, and maritime sectors witnessed a significant decrease in staffing demand owing to weak global consumer spending from major markets, high exchange rates, rising material costs, political instability, and high interest rates locally, Navigos noted.

Some industries that recorded a progressive decrease in labor demand during Q4 were office administration, marketing, and sales (down 50% from pre-pandemic); construction (down 50%); purchasing, material supply, and transport (down 53%); textiles and footwear (down 58%), and seasonal employment (down 50%). Several segments also saw a sharp decline in hiring needs in December regardless of their growth in the two previous months, including banking, consumer goods, insurance, and stock market with the fall rates varying between 13% and 45%.