Ho Chi Minh City, April 14, 2021 - Professional recruitment services Michael Page Vietnam launched the Talent Trends 2021 Report, with a keen eye on the Vietnamese job market. The COVID-19 pandemic and the resulting economic downturn has had a significant impact across the Asia Pacific, and Vietnam was not spared. With that said, optimism is already starting to show, with about 50% of companies in Vietnam looking to increase their headcount and 30% maintaining status quo in 2021. Mark Donnelly, Director of Michael Page Vietnam says, “By all accounts, Vietnam has weathered the COVID-19 pandemic better than many of its neighbours in the region. Its tight and swift control of the situation not only kept the number of cases low by comparison, Vietnam’s economy, too, remained in a relatively good shape over 2020. While multinational companies based there were cautious on the recruitment front, domestic companies took the opportunity to ramp up their hiring activities and secure the best available talent.” This recruitment activity was evident, especially among Vietnam’s burgeoning technology sector. Startups and e-commerce, for instance, operated unabated throughout the year, and hiring demands within those sectors were healthy. In view of the economic demands, the sectors earmarked for highest hiring activity are fast moving consumer goods (FMCG), industrial/manufacturing, retail/e-commerce, healthcare/pharmaceuticals as well as technology. In addition to Vietnam’s anticipated employment activity, Mark Donnelly sees increased opportunities for the country’s high-potential individuals, “Looking ahead, Vietnam is well-positioned to bounce back from the ramifications of COVID-19. Once business and leisure travel resume, the economy should rebound quite quickly in due time. This should also put a lot of positive pressure on talent, especially for manufacturing, financial services, startups, and even, real estate.” According to the report, 58% of employed professionals anticipate looking for new opportunities in 2021 while another 34% is passively open to new role. 45% of respondents also say they do extensive research before applying for a job. This suggests increased employment activity in Vietnam within a savvy candidate pool who are becoming increasingly empowered with a wealth of information. Mark Donnelly advises, “We encourage businesses in Vietnam to focus on training and development for their employees, which will not only retain the very best talent in these trying times. It also readies the entire organisation for the eventual recovery phase.” In addition to recruitment insights and industry analysis on the Vietnamese job market, the report also shares new insights across the Asia Pacific market on related topics such as digital readiness, organisational structure, flexible working, leadership, performance management, and diversity and inclusion. Across the Asia Pacific region, the COVID-19 pandemic dealt a major blow to the global economy across all sectors and markets in 2020. Job vacancies dropped by 8% to 35% depending on the location. Several businesses reported a conservative approach to their hiring strategy, choosing instead to freeze or even reduce their headcount in order to reduce costs. However the reduced rate of hiring was not an indication that businesses shut out all qualified talent altogether. We saw very positive trends upward from Q2 to Q3, and Q4 versus Q3 2020. Optimism exists in 2021, as 42% of businesses in Asia Pacific said that they are already looking to increase headcount in the year. While the boundaries of work-life balance were debated in 2020, 4 in 5 employees were found to feel equally or more productive working from home, only 5% of them prefer to work completely remotely. This indicates a need for frequent social interaction with co-workers. With this, 51% of organisations evolved their performance evaluations. To reflect the times of crisis, management teams started reassessing individuals with greater importance placed on positive behaviours, 64% of companies rated team collaboration as the most valued employees attribute during times of crisis. #END# Editor’s note: The Michael Page Vietnam Talent Trends 2021 Report features insights and market sentiment in Asia Pacific on prominent recruitment and talent-related topics including digital readiness, organisational design, flexible work, leadership, performance management and diversity and inclusion. The results draw from a survey of 12 Asia Pacific markets, with over 5,500 businesses and 21,000 employees, of which 3,500-plus are directors or CXOs. For more hiring insights and salary trends in 2021, Michael Page spokespeople are available for media interviews in both English and Vietnamese. Media Contact: Germaine Lim via germainelim@michaelpage.com.sg or +65 9710 1760
