Over the past five years, Vietnam’s millions of young, motivated, and educated workers have experienced hard times, with 30% of employees in the banking industry losing their jobs. The situation is about to change, and that’s a golden opportunity for global human resource firms.
The economy is starting to improve, and as it does the labor market is expected to see more mergers of foreign and domestic human resource businesses — especially online services for Vietnam’s burgeoning Internet users.
So far this year, the American company CareerBuilder has bought Vietnam Online Network (VON) which owned one of the biggest job websites in Vietnam. Also, a Japanese investor bought 90% of the domestic site Vietnamwork for $22 million. And other foreign groups — including JobStreet, Asia’s biggest online job resource — are reportedly scrambling to make deals with domestic firms that have high volumes of Internet visitors.
All of this activity reflects a dramatic change in behavior over the past five years. Workers have shifted from print media to the Internet to look for jobs. Vietnam Internet Center research finds 31 million people (more than a third of Vietnam’s population) using the Internet.
That number is growing rapidly. The job market in Vietnam is expected to surge. And that means opportunity for human resource firms.