Service sector to account for 60 percent of HCM City workers

HCM City will need to employ between 280,000-320,000 people in 2023 with nearly 60 percent of the number expected to join in nine key service industries, according to the Human Resources Forecast and Labour Market Information Centre.

Enterprises and organisations in HCM City will need to employ between 280,000-320,000 people in 2023 with nearly 60 percent of the number expected to join in nine key service industries, according to the Human Resources Forecast and Labour Market Information (Falmi) Centre.

Illustrative photo

Trade industry was announced to have the highest labour demand, accounting for 15.22 percent of the city's needs. In addition, some other service industries including banking and finance, real estate, tourism, and post and telecommunication make up 5.93 percent, 5.91 percent, 5.66 percent, and 5.45 percent of the city's labour demand, respectively.

Meanwhile, enterprises in four key industries are estimated to employ about 20.30 percent of the city's workforce this year, including 6.99 percent for information technology, 4.91 percent in mechanical engineering, 4.62 percent for the chemical - pharmaceuticals, and 3.78 percent for the food processing industry.

Falmi has forecasted that this year, the labour market in HCM City may follow two scenarios based on the development of the global economy.

In the first scenario, the global economy slows down and badly affects export firms, the city will need between 280,000-300,000 workers in 2023.

In the second scenario, if the global economy develops positively and local firms have more orders from overseas, the city may need between 300,000-320,000 labourers this year.