Vietnam Macro Flash Note - Labor market continued to improve in Q1 2023

Unemployment rate edged down. According to the General Statistics Office (GSO), Vietnam’s total labor force increased by nearly 88,700 people QoQ and 1.0 million people YoY to 52.2 million in Q1 2023 with a labor force participation rate of 68.9%, which was unchanged vs Q4 2022 but up from 68.1% in Q1 2022. In addition, the unemployment and underemployment rates declined to 2.04% and 1.87%, which were their lowest levels since Q3 2019 and Q4 2020, respectively. 

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