Finance, Real Estate and IT face gloomy prospects
The year 2007 used to be the hay day of finance, real state and IT. However everything changed in 2008. That comes from the economic storm and Vietnam’s own internal difficulties.
Also the bankruptcy of a series of leading international banks and insurance companies explains why the banking finance sector shrinks. The situation is obviously seen in Vietnam now.
The Vietnam’s stock market continually drops down. Therefore, many brokerage agencies have to cut 20%-30% of their people or a cut considerable expenses. Many commercial banks also face the same situation, especially after many difficulties in the first six months of the year.
Mr Pham Quang Ngoc from the Vietnam Chamber of Commerce and Industry said that, there will be huge unemployment in the finance industry from the end of 2008 until 2009. After that the finance’s quality of human resources will be tightened.
IT – another hot industry in the recent years is suffering seriously from the economic downturn. According to many experts, the year 2009 will see many big departures in the IT industry, as about 10-15% many IT employees will become unemployed.
In July 2008, FPT – one of the top IT companies in Vietnam – decided to reduce 10% of its people. Also, there runs a rumor about the combination of three small companies into one to streamline organizational structure. That means many employees will become unemployed.
Construction, tourism and service industries still “hibernate”
The year 2009 continues to be a stable year for the construction, tourism and service industries. The main reason comes from the financial crisis that makes the purchasing power and demand slip down.
Mr Nguyen Xuan Vui, General Manager of Vietnam Air Service Company (Airserco) says when the economy is down, people rarely think of tourism and entertainment. Tours registered via his company have decreased sharply as compared to the beginning of 2008. He reveals “In 2009 if the economy doesn’t recover, we are forced to lay off our people”.
Medicine, pharmaceuticals, sales and marketing rise up again
At the recent seminar on Medicine – Pharmaceuticals held in HCMC, experts say the shortage of human resources in the Medicine – Pharmaceuticals industry as announced recently by the Ministry of Health is the reason for the industry’s development in 2009.
According to the seminar, on average annually, each pharmaceutical company recruits from 40 – 80 employees, mainly new graduates to do the job of medical representatives, employees working at pharmaceutical companies, hospitals and provincial and city services of health. This is not to mention the huge shortage of physicians and medical doctors.
This report also says, each year the industry also needs about 6,000 doctors, 1,500 pharmacists, 10,000 nurses and about 7,000 employees for other positions. As estimated, the Medicine – Pharmaceuticals industry will need over 74,000 people by 2010.
On the other hand, in the current economic downturn, the lagging business forces companies to think of ways to affirm their brand names and positions on the market. This is the opportunity for the media, marketing and sales to develop.
Ms Thuy Van (Hanoi) – employee of Khoa Do Media company, employees working at local advertising companies receive rather high monthly salary from USD500 – 1,000 and from USD3,000-5,000 at foreign advertising companies.