Workers' income increased by 7.4%

In the second quarter alone, the average monthly income reached VND7.5 million, down VND137,000 compared to the first three months of the year but up VND490,000 compared to the same period last year. The reason is that additional allowances, bonuses, and benefits for the Lunar New Year are often paid at the beginning of the year.

Average monthly income increased in most economic sectors, with some outstanding sectors including: water supply, waste management and treatment activities 9.1 million (up 17.4%); production and distribution of electricity, gas, hot water, steam 11.2 million (up 15.2%); finance, banking and insurance 12.4 million (up 10.6%); real estate business 11.2 million (up 6.9%).

The market in the first half of 2024 had a bright spot when the employed population reached 51.4 million people, an increase of 195,700 people (up 0.38%) over the same period last year. The country is still in the golden population structure period with an abundant working-age population, increasing annually.

There are still 1.06 million people of working age unemployed nationwide, accounting for about 2.27% and unchanged compared to the same period last year. The unemployment rate of young people aged 15-24 is 8%, more than 2.5 times higher than the general unemployment rate of working age people nationwide. This is a young, qualified workforce, so the demand for jobs is high, with many opportunities to choose the right job rather than temporary jobs. The unemployment rate of urban youth is 1.5 times higher than that of rural areas.

More than 70% of workers have not received primary or higher education, which is a major challenge facing the labor market, raising the urgency of improving the quality of human resources. Informal workers still account for more than 65% of the total employed workforce in the country, showing that although the market has recovered, it is not yet sustainable.

According to the General Statistics Office, the average consumer price index (CPI) in the first 6 months of the year also increased by 4.08% compared to the same period in 2023. This index increased due to many factors, notably the price of food and catering services increased by 4%. Of which, food alone increased by 15.76%; foodstuffs by 2.05%; eating out increased by 4.13%.

The price index of the housing, electricity, water, fuel and construction materials group increased by 5.5%. Of which, the price of rented and owned houses increased by 4.95%; the price of electricity increased by 9.45%; the price of tap water increased by 10.15%; and the price of housing maintenance materials increased by 1.87%. The price index of the education group increased by 8.58% due to some provinces and cities increasing tuition fees for the 2023-2024 school year. The group of medicines and medical services increased by 7.07%.

In order to control inflation, the General Statistics Office recommends that competent authorities consider not adjusting prices of many types of state-managed services at the same time, avoiding the same time as the basic salary increase from July 1. Price adjustments of state-managed goods should also not be concentrated in the last months of the year, when consumer demand increases.