Vietnam’s economy has slowed down in Q2/2019, with GDP growth of 6.7 percent over the same period in 2018. However, the Human Resources (HR) industry has witnessed a strong development, with the need to expand and build the manufacturing chain in Vietnam of multinational companies due to the US-China trade war.
Le Nguyen Ngoc Thanh, director of HCM City Office. Adecco Vietnam said that foreign direct investment reached a record of the number of newly registered projects in the first six months with the highest implemented capital in recent years. With new tensions from the US-China trade war, many corporations set factories in China that were pushing for establishment in the most appropriate optionVietnam. In addition, the development of financial technology companies (FinTech) and start-ups made talent search for sale, marketing, operation and service positions become more aggressive.
Nguyen Thu Ha, director of Hanoi Office said that recruitment demand often increased sharply in the second quarter, especially after the Lunar New Year, with an increase of 20-30 percent, only Hanoi office, focus on Banking, IT and Financial Technology industries.
Demand for talent is uneven among industries. Following the explosion in 2018, manufacturing led the recruitment race, with many large investors willing to “strong spending” to attract talent, both in maturity and in quantity.
Finance and e-commerce technology also has many big changes in attracting talents across the country. Wages and financial benefits remain a top priority for employees.
However, when asked about the reasons for retiring, the lack of opportunity to develop a career is the top reason, followed by better opportunities and bad relations with the boss. Therefore, to avoid talent bleeding, enterprises need to focus on attracting new talent and also foster existing employees.
The hottest positions in the market currently are management positions with many years of experience in many areas such as operation, accounting, human resources and business. Nguyen Thu Ha, director of Hanoi Office shared that the start of business was very essential, so companies needed to find experienced individuals with an extensive understanding of market, thereby helping the company set a solid foundation in Vietnam.
It is predicted that in the third quarter, the recruitment market would continue to be active with the construction of new production systems in Vietnam to replace the factory in China. Corporations will focus on hunting candidates in engineering and manufacturing industries.
Along with that, candidates with experience in business intelligence and data engineering will be placed on top by Fintech companies. However, with the foresight, foreign enterprises will also invest heavily in young, inexperienced talents, with the desire to build talent funds suitable to their own company culture.
