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Key sectors may cut workforce next year   2008-11-12 - VNA

Economists have warned that some key sectors including finance, real estate, tourism and information technology (IT) may reduce their workforces next year.

Human-resources consulting companies have said that the number of jobs in these sectors will become limited and enterprises will be able to use stricter recruitment policies to ensure the high quality of their workforce.

The world financial crisis has affected Vietnam’s finance market, and this will be particularly reflected in labour recruitment, they add.

According to human resource consultants, the financial sector in Vietnam has been hit hard by the recent collapse of a series of international banks.

The workforce in the financial sector will drop significantly next year.

The Ministry of Finance has said the sector will face a shortage of 13,500 workers in 2010 including 5,000 employees in securities; 5,000 in auditing; 3,000 in insurance; and 500 in the asset-appraisal segment. But the forecast may have to be reviewed in line with recent developments in the market.

The IT sector would also cut down on its workforce, with large and medium-sized companies reducing theirs by 30 percent, estimated Pham Ngoc Tuan, general director of the Sai Gon Postal Corporation. He said that about 10-15 percent of IT personnel would be unemployed next year.

The construction, automobile, tourism, services and real estate industries have already been heavily affected by the financial crisis.

Pham Cong Danh, president of the management board of Thien Thanh Trading and Construction Ltd Co said: “We have temporarily stopped recruiting manpower because we need to recalculate recruitment costs carefully to come up with the best investment strategy for human resources.”

The crunch is also being felt in the travel industry, said a tour operator in District 1, HCM City .

People are having financial difficulties and don’t want to think of travel, he added.

Nguyen Thi Minh Tam, director of the Navigos marketing and communications group, said with the current economic situation, the enterprises have to be careful in recruitment.

Choosing the right candidate is more important than picking those meeting 70 percent of requirements, she said.

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