Customers buy fruit and vegetables at Saigon Coop mart supermarket on Nguyen Trai Street, Hanoi. Vietnam is one of the most promising consumer markets in Asia Paciﬁc. — VNS Photo Truong Vi Finance expert Nguyen Tri Hieu told Vietnam News that improvements in the country’s labour market would be the key force driving private consumption growth while lower levels of inﬂation would also boost spending. According to reports from the General Statistics Office (GSO), labour market data for the second quarter of this year showed a decline in youth urban unemployment to 9.8 per cent from 10.6 per cent in the first quarter while overall urban unemployment remained stable at 3.1 per cent. Vietnam’s unemployment rate is forecast low, at 3.4 per cent of the total labour force in 2019 for all demographic groups, remaining constant from 2018. This level is projected to be retained over medium terms to 2023. The continued structural shift in manufacturing facilities from China to Vietnam, which is being expedited by uncertainty from the US-China trade war and the signing of the EU-Vietnam Free Trade Agreement on June 30 this year, has also provided a boost to the Vietnamese economy and improves the employment outlook. Besides, further underpinning the positive… Read full this story
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