midterm test module macroeconomics topic unemployment in vietnam during covid 19 pandemic in 2020 2021

FOREIGN TRADE UNIVERSITY FACULTY OF INTERNATIONAL ECONOMICS - - MIDTERM TEST Module: Macroeconomics Topic: UNEMPLOYMENT IN VIETNAM DURING COVID – 19 PANDEMIC IN 2020 – 2021 No Names Student ID Midterm Assignment - MacroEconomics Group Hanoi, June 2021 LIST OF CONTENTS LIST OF CONTENTS INTRODUCTION 1.1 Subject and scope of the study 1.2 Reasons to choose the topic .2 1.3 Methodology .3 CHAPTER 1: THEORETICAL FOUNDATIONS 1.1 Definition 1.2 Classification 1.3 Measurement 1.4 Cause 1.5 Effects CHAPTER 2: UNEMPLOYMENT IN VIETNAM DURING THE COVID 19 PANDEMIC 2.1 Unemployment in Vietnam 2.2 Causes .13 2.3 Effects .14 CHAPTER 3: SOLUTIONS .17 3.1 The State’s solutions 17 3.2 Solutions for businesses and employers 18 3.3 Solutions for employees 18 CONCLUSION .19 REFERENCES 20 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group INTRODUCTION The unemployment rate is an important macroeconomic indicator that is used to assess a country's socioeconomic progress through time Prior to the epidemic, Vietnam's working - age unemployment rate had been stably low, at 2.16% on average The pandemic has had a significant impact on the labor market, for example, altering the seasonal tendency of the labor force in different quarters of the year During the 2016 – 2019 period, the number of labor forces was consistently lowest in the first quarter, then gradually climbed in the following quarters before peaking in the fourth quarter However, in 2020, the number of workers began to fall in the first quarter, then significantly declined and reached a low point in the second quarter, before gradually recovering in the third and fourth quarters “Although the economy is improving, the workforce has yet to return to pre-pandemic levels in the fourth quarter”, according to the General Statistics Office in “Bao cao tac dong cua dich Covid-19 den tinh hinh lao dong, viec lam quy IV va nam 2020” (Vietnam General Statistics Office January 2021) Therefore, our team decided to choose topic “Unemployment in Vietnam during Covid – 19 pandemic in 2020 – 2021” Although the unemployment rate in Vietnam before Covid-19 pandemic has not been recorded as a matter of concern, the rate nowadays has been excessively high during the pandemic This paper collects data about the employment situation in Vietnam from the first quarter of 2020 till the first quarter of 2021 conducted by the General Statistics Office to get a clear picture of the current employment situation and from there suggest solutions to ease the crisis Our team aims to study the unemployment rate data for the period 2020-2021 and analyze the causes and effects as well as propose appropriate measures 1.1 Subject and scope of the study ● Subject: Unemployment in Vietnam ● Scope: During the epidemic period, from 2020 to 2021 1.2 Reasons to choose the topic The labor market is facing many difficulties, weaknesses and limitations, especially due to the heavy impact of the Covid-19 epidemic It is critical to comprehend the workforce's development and limitations during the current epidemic midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group period in order to improve it thoroughly in the future To have the most correct knowledge and comprehension of this subject, our team wishes to learn more about unemployment as well as strategies to reduce unemployment in our country 1.3 Methodology In this study, a data set of unemployment rate and the number of unemployed people in the period from 2020 to 2021 was obtained quarterly from Vietnam General Statistics Office (GSO) To perform the analysis, our team has collated and evaluated the data by comparing the numbers between quarters then drawing conclusions Our team would like to express our gratitude to Macroeconomics Lecturer… , for his guidance over the course of our studies midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group 1: THEORETICAL FOUNDATIONS 1.4 Definition  Working age population: In Vietnam, the legal working age is 15 Besides, the retirement age of male workers and employees is 60 years and 03 months while that of female workers is 55 years and 04 months  Labour force: the number of people who are employed plus the unemployed who are looking for work  Unemployment, according to the OECD (Organisation for Economic Cooperation and Development), is persons above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period The term includes people who are waiting to return to a job after being discharged, yet it does not include individuals who have stopped looking for work in the past four weeks  Briefly, both unemployed and employed people make up the “labor force,” or the subset of the population that is both able and interested in working Not included in the labor force are citizens not looking for jobs - for example, a stay – at - home mom, a college student, or a “discouraged worker” (someone who has stopped looking for work) 1.5 Classification 1.5.1 Classical unemployment Classical unemployment occurs when wages are set above the equilibrium level, causing the supply of labour to exceed the demand On the contrary, when wages fall below the living wage, many workers choose to drop out of the labour market and no longer look for jobs In countries which have public welfare systems supporting lowincome families, wages would have to be high enough to encourage people to opt for employment rather than what they receive through public welfare In addition, consumption of goods and services is the primary driver of increased demand for labor Higher wages result in workers having more income available to spend on goods and services Therefore, higher wages increase demand for labor and reduce unemployment midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group 1.5.2 Cyclical unemployment Cyclical unemployment is caused by businesses not having enough demand for labor to employ people who are looking for work at that point of the economic downturn within the business cycle Because of that, its name is derived from the frequent rise and fall in the business cycle According to Keynesian economics, cyclical unemployment is a natural result of the business cycle in times of recession: if all consumers become fearful at once, consumers will attempt to increase their savings at the same time, which means there will be a decrease in spending, and businesses will not be able to employ all employable workers 1.5.3 Frictional unemployment Frictional unemployment is the temporary transition from one job to another of workers It is sometimes called search unemployment and can be voluntary, based on the circumstances of the unemployed individual Frictional unemployment exists because mismatches can result between the supply and demand of the labour market Such mismatches can be related to skills, payments, work-time, locations, seasonal industries, attitude, tastes Frictional unemployment also includes new entrants (newly - graduated students) and re-entrants (former homemakers) Workers and employers can accept a certain level of imperfection, but not right away They will invest time and effort to find the best match This is beneficial to the economy since it results in a better distribution of resources However, if the search takes too long and mismatches are too frequent, the economy suffers as some work will stay undone If that happens, governments will find ways to reduce unnecessary frictional unemployment by providing education, training, advice, and assistance 1.5.4 Structural unemployment Structural unemployment is caused by the inconsistency between the skill sets of workers and the types of jobs available Structural unemployment occurs due to shifts in an economy, mainly when industries undergo technological advancements The difference between structural unemployment and frictional unemployment is that it lasts longer Structural unemployment may also rise by constant cyclical unemployment: the economy suffers from having long lasting low aggregate demand, many of the midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group 3.7 million, down 56 million arrivals, down 312000 billion VND total revenue from tourists, down to about 19 million USD (translate from Nhin lai nam 2020 cua du lich Viet Nam: Ung Covid-19, phuc hoi hoat dong, duoc the gioi vinh danh.; Trung tâm Thông tin du lịch; 29/12/2020) As a result, a considerable number of hotels like Sheraton, Metropole… have to stop taking customers and fire most of their employees The same thing goes to all the restaurants, because they are not allowed to open, so they fired their employees in order to survive Since the Covid-19 is still unstoppable in Vietnam, the service industry has not been able to return to its normal pace, which leads to the unemployment rate rising as high as ever Beside the service, the transportation was also been affected directly by the Covid-19 According to a survey by the Industry Union, the Covid-19 epidemic has severely affected workers in the transportation sector In which, especially affected are trade unionists, workers in taxi and railway transport units… Ultimately, we can see that the changes in the economy will bring the changes in unemployment On the other hand, the unemployment rate will also take effect dramatically, not just in the economy but also in society 2.3 Effects 2.3.1 Economic growth and inflation In the Covid-19 pandemic, Vietnam's economy has coped with major depressions, price of goods have decreased or the extreme vulnerability of global supply chains that were partially led to the large-scale unemployed situation in Vietnam An increase in the unemployment rate denoted an economy that has gone into a painful recession It is claimed because the gross domestic product is lower than potential, people not have enough money to pay for supplies; moreover, the national budget was cut down due to the loss in collecting taxes as well as national responsibility for supporting the “jobless” people The unemployment rate went high and also put the economy to the edge of inflation That people were not in production chains means the quantity of commodities decreased which directly brought about the rise in price of goods – main reason for the rising inflation This impact has been clearly shown in Vietnam right in 14 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group the first quarter of 2020 when the Government is constantly facing problems for keeping inflation rate under 4% The paradoxical relation among economic growth, unemployment and inflation always exists in the market economy If the economic growth rate declines then the unemployment rate and inflation rate will rise equivalently and vice versa 2.3.2 Social Security In some cases, when the unemployment rate climbs, it can undermine the stability of a society Strikes, manifestations for pay rise and human right, stealing, gambling, drugs, prostitution may steadily escalate among communities However, according to the General Statistics Office announcement in 2020, Vietnam still remains stable Typically, residential life and social security was paid special attention from the Administration; national target programs on building new rural areas in the last few years were strongly promoted which contributed to improve citizens’ living standard and develop the infrastructure as well as raise the employment rate in the countryside Furthermore, unemployment also makes an impact on residents’ lifestyle and attitude towards entertaining services Because of low budgets, people have to reduce the cost for unessential services or even the cost for daily necessities decreases dramatically However, these issues are just temporary or leave any severe consequences 2.3.3 National political situation Although the pandemic is still uncontrolled and unpredictable, the employment rate remains unchanged, the State keeps calm and gives their best effort to solve the unemployment problems Due to the pressure that unemployment put on the Administration, several open policies were introduced to improve the current situation about unemployment In general, we cannot avoid such negative impacts caused by Covid-19 epidemic, especially the unemployment problem, though, we also cannot deny the effort that the Government has devoted to solving the problems as fast as possible to consolidate people’ faith in the Government => To sum up the main points, unemployment makes considerable impacts on numerous aspects of each country in the world in general and in Vietnam in particular 15 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group Sometimes, these whole consequences is unnoticed but it significantly affects our life in a negative way This is an important time for us to take action right now before it is too late to 16 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group 3: SOLUTIONS 3.1 The State’s solutions In the context of business and production activities being affected by the Covid19 epidemic, the State has been implementing some policies to support businesses to overcome difficulties Specifically, the State has issued policies to support capital and tax (tax exemption, tax reduction, extension of tax payment time) for businesses, allowing employers to suspend paying pension funds and death insurance benefit funds Moreover, businesses/employers facing financial difficulties are given a loan by the State in order to pay wages for their workers who have stopped working temporarily Business households with revenue of less than 100 million VND/year who have temporary suspension of business because of the epidemic will receive million VND/month from the State Since the Covid-19 pandemic is still not under control in the world, workers who not use their full potential tend to increase, the State needs to have policies to encourage employees to study and improve their qualifications in order to meet the needs of employer demand in the "new normal" On the other hand, it is necessary to focus on supporting employers to train and retrain workers to meet new requirements; promote connection of domestic labor supply and demand, associated with the international labor market Job exchanges and job support centers need to organize more online and face-toface activities to connect between employees and recruiters, quickly introduce new jobs and not let workers be interrupted in their career path Local authorities need to coordinate with job training units and businesses to open vocational classes and distance training courses for workers The State needs to consider and develop specific support packages for disadvantaged groups of workers (women, unskilled workers, workers in the informal economy) to bring more opportunities for them to find jobs, in order to make sure that they have income as a financial part to help themselves and their families get through this difficult time of the whole country 17 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group 3.2 Solutions for businesses and employers In order to maintain business operations during the complicated situation of the Covid-19 epidemic, businesses should apply digital transformation and modern technology to production stages so that machines and equipment can replace workers and therefore, social distancing can not affect production activities In addition, enterprises should pay more attention to online sales on e-commerce platforms (Tiki, Shopee,…), websites, social networks (Facebook, Instagram,…) besides selling on traditional channels Enterprises need to be able to adapt quickly, be flexible in changing business orientation and strategy It is necessary to develop a plan and strategy to improvise on a weekly or daily basis, build a scenario to prepare for the worst case so as to always be in a proactive position before changes and fluctuations happen It is also necessary to actively innovate and prepare a new business model because the previous processes, systems and principles may only be appropriate in the old context Firms should constantly connect with customers because customers are one of the reasons for the existence of businesses It is necessary to set up a quick response team to handle problems arising in labor safety, supply chain and production materials Liquidity management such as balancing cash flow, cutting unnecessary expenditures and closely monitoring debts also need to be focused during the pandemic Property acquisition plans should be shelved and firms should choose alternative solutions such as leasing the property to maintain a large enough reserve of cash Regarding the human resource factor, it is necessary to ensure the health and safety of employees by changing the way of working and training to online form and try to build a good management team 3.3 Solutions for employees Employees need to take care of their own health, well comply with the State's regulations on epidemic prevention and control as well as practice their ability to quickly adapt to changes in the way of working online Employees are also in need of actively cultivating, improving knowledge, learning soft skills, especially “digital transformation” skills to adapt to the recruitment market in the "post-covid 19" context and the Industrial Revolution 4.0 18 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group CONCLUSION Taking everything into account, unemployment has been a serious problem Although unemployment is natural and somewhat beneficial, its effects are also detrimental to society, especially in the Covid-19 pandemic Since it first broke out in 2020, Covid 19 has affected millions of people in Vietnam in various aspects, mainly jobs Unemployment rate escalated significantly in this particular time period The phenomenon is caused by the followings: stagnation of worldwide trading caused by global recession, reduction in consumers' expenditure which pushed companies to come up with policies to cut down the new ones and vulnerability of countries due to the delay in vaccine distribution Despite Vietnam’s success in handling Covid 19, it is still under heavy damage First and foremost, our economy is facing a recession Social security is also under threat Therefore, in order to help the situation to be under control, the Vietnam government has been bringing about solutions Vietnam has issued policies relating to tax and loans to help businesses out But still the Governments need to find a way to uplift job opportunities for the unemployed Companies have to improvise so that production can go on disregard for social distancing Ultimately, employees should quickly adapt to the new online working environment Unemployment has various negative impacts on every country in the world including Vietnam It is necessary for us to take part in stopping the pandemic so that everything returns to its normal state There are always two sides of a coin, hence unemployment is not entirely harmful It’s high time we take in consideration what benefits it brings to the table 19 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 Midterm Assignment - MacroEconomics Group REFERENCES Hong Thuan (2020) Chinh sach ho tro doi voi doanh nghiep bi anh huong Covid- 19 [online] thuvienphapluat.vn Available at: https://thuvienphapluat.vn/tintuc/vn/goroi-phap-ly-phat-sinh-do-covid-19/28156/chinh-sach-ho-tro-doi-voi-doanh-nghiep-bianh-huong-covid-19 [Accessed 11 June 2021] Ey.com, (2020) Chien luoc doanh nghiep - goc nhin tu khung hoang [online] Available at: https://www.ey.com/vi_vn/news/2020/eyp-vietnam-insights-intobusiness-strategy-with-crisis-approach0 [Accessed 11 June 2021] Vietnam government 2020, Bao cao dieu tra lao dong viec lam quy 2020, General Statistics Office, Hanoi, viewed 07 june 2021, Vietnam government 2020, Bao cao dieu tra lao dong viec lam quy 2020, General Statistics Office, Hanoi, viewed 07 june 2021, Vietnam government 2020, Bao cao dieu tra lao dong viec lam quy 2020, General Statistics Office, Hanoi, viewed 07 june 2021, Vietnam government 2020, Bao cao dieu tra lao dong viec lam quy 2020, General Statistics Office, Hanoi, viewed 07 june 2021, Vietnam government 2021, Thong bao cao chi tinh hinh lao dong, viec lam quy 1/2021, General Statistics Office, Hanoi, viewed 07 june 2021, Tourism Information Technology Center (29/12/2020) Nhin lai nam 2020 cua du lich Viet Nam: Ung Covid-19, phuc hoi hoat dong, duoc the gioi vinh danh [online] https://vietnamtourism.gov.vn Available at: https://vietnamtourism.gov.vn/index.php/items/35206? gclid=Cj0KCQjw5PGFBhC2ARIsAIFIMNfF8yO2iQq0jSXetkimouVyDlxgmLNRPTxBkipWgnlfqZuafiMG1UaAs-jEALw_wcB [Accessed June 6th 2021] 20 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021 midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021midterm.test.module.macroeconomics.topic.unemployment.in.vietnam.during.covid.19.pandemic.in.2020.2021