Vietnam ranked among 10 countries with world’s lowest unemployment rate

Vietnam has created more than eight million new jobs in the last five years, making it one of the ten countries with the lowest unemployment rate in the world.

An overview of the online conference for for the Labor, Invalids and Social Affairs sector held on January 11 in Hanoi. Photo: Do Huong (VGP)

The information was released by Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung at the online conference on assessing the implementation of goals and tasks in 2020 and discussing orientations in 2021 for the labor sector held in Hanoi on January 11.

Mr. Dung said that so far, Vietnam has sent  more than 635,000 workers abroad, exceeding 27% of the 2020 target. 

The overall unemployment rate among those in the working age was 2.48%, in urban areas, a decrease of less than the expected rate of 4%. Labor proportion in the agriculture, forestry and fishery sector decreased from 45% in 2015 to 32% in 2020.

Addressing the event, Deputy Prime Minister Vu Duc Dam said that, over the past time, sustainable poverty reduction has achieved impressive results, contributing to social stability and increasing people's confidence in the government policies.

Up to now, 99.7% of the families of revolution contributors gained a living standard equal to or higher than the average standard. There are 3% of the population and 100% of social welfare beneficiaries are eligible for regular subsidy and no poor households of people with meritorious services. The elderly and disabled people have received support according to regulations.

During 2015-20, Vietnam was one out of 30 countries applying the multidimensional poverty reduction criteria. With the efforts of the whole political system, the country is expected to have lowered its national average poverty rate from 58.1% in 1993 to 2.75% by the end of 2020, thereby helping Vietnam complete 10 years ahead the Millennium Development Goals.

However, there is still a part of the population living in extremely underprivileged and needy situation. The Ministry of Labor, Invalids and Social Affairs will strengthen coordination between State agencies and mass organizations in the political system, especially with social organizations, businesses and kind-hearted people to form a network that brings the achievements of development to all people, especially the vulnerable ones.

According to Minister Dung, the plan for the next 5 years between 2021-2025 is to develop a synchronous, modern and efficient labor market with highly qualified human resources to meet the rapid and sustainable development and the competitiveness of the economy.