Topicunemployment and employment situation in vietnam and china due to the influence of covid 19

Unemployment rate concept: The unemployment rate is the percentage of the labor force that is unemployed.. The natural rate of unemployment The natural rate of unemployment means the p

HOA SEN UNIVERSITY

GROUP PROJECT

TOPIC UNEMPLOYMENT AND EMPLOYMENT SITUATION IN VIETNAM AND CHINA

DUE TO THE INFLUENCE OF COVID-19

Subject: Macroeconomics

Class: 0100_2231

Group 1

Group members: Trần Gia Minh (Leader) – 22114352

Lê Nguyễn Uyển My – 22115206Huỳnh Thịnh Nam – 22012471 Trần Huỳnh Thanh Hà – 22000205

Macc, CPA

Ho Chi Minh City, December 1 2022st

ABSTRACT

Hoa Sen University

Unemployment is always the most complex situation around the world After Covid-19, humanlife is very hard It isn’t difficult to know the appearance of the pandemic destroys all sides of theeconomy The workers lose their job and the business owners break down their major Thequality oflife decreases every day That’s terrible!

Besides that, there are several things that we need to pay attention to in this assignment

Unemployment is always the most complex situation around the world After Covid-19, humanlife is very hard It isn’t difficult to know the appearance of the pandemic destroys all sides of theeconomy The workers lose their job and the business owners break down their major Thequality oflife decreases every day That’s terrible!

Besides that, there are several things that we need to pay attention to in this assignment.Moreover, we use resources on the Internet, Macroeconomics knowledge, and our life experiences tocreate this assignment

At the opening we focus on the notion of the measure –the theoretical basis for unemployment,

we can open our knowledge to the world Depending on these conceptions, we open our minds toother countries Example: the big country has a long history That is China After recognizing thestatus of the other countries, we way back to Viet Nam Finally, we recapitulate all of the pieces ofinformation in this assignment and apply more effective solutions to overcome the consequences

2 | P a g e

Hoa Sen University

TABLE OF CONTENTS

TASK ASSIGNMENTS 6 TEAM MEMBER PERFORMANCE 9 PREFACE 12

TABLE OF CONTENTS

TASK ASSIGNMENTS 6

TEAM MEMBER PERFORMANCE 9

PREFACE 12

I THEORETICAL BASIS FOR UNEMPLOYMENT 13

1 Definition 13

2 Components of the measure of unemployment 14

2.1 Human Resources 14

2.2 Unemployment 14

2.3 Not in the workforce 14

3 Formula to calculate the labor force 14

3.1 The natural rate of unemployment 14

3.2 Cyclical unemployment rate 15

4 Labor force Participation Rate 15

4.1 Definition 15

4.2 Formula for calculating labor force ratio 16

5 Experienced Labor market 16

II REAL SITUATION OF UNEMPLOYMENT IN VIETNAM 18

1 Features of the country’s economy 18

2 Platform workforce 20

3 The heavy influence on all aspects of the country 21

3.1 About economy 21

3.2 About politics 22

3.3 About traditionality and society 23

4 Unemployment is an inevitable consequence 25

III UNEMPLOYMENT AFTER COVID – 19 – CHINA’S BIG PROBLEM 26

1 Lifes had been taken by Covid -19 26

3 | P a g e Hoa Sen University 2 The devastation of Covid – 19 in the big country – China 28

3 The influence in all aspects of the country 29

4 Unemployment problem in China 32

IV EFFECTIVE SOLUTIONS TO OVERCOME CONSEQUENCES 35

2 The devastation of Covid – 19 in the big country – China 28

3 The influence in all aspects of the country 29

4 Unemployment problem in China 32

IV EFFECTIVE SOLUTIONS TO OVERCOME CONSEQUENCES 35

CONCLUSION 39

REFERENCES 40

4 | P a g e Hoa Sen University FIGURES Picture 1: The terraced field farming culture in northern Viet Nam 18

Picture 2: The economic infrastructure development in Viet Nam 19

Picture 3: The platform workforce in Viet Nam 20

Picture 4: Different choices – Dissimilar results 21

Picture 1: The terraced field farming culture in northern Viet Nam 18

Picture 2: The economic infrastructure development in Viet Nam 19

Picture 3: The platform workforce in Viet Nam 20

Picture 4: Different choices – Dissimilar results 21

Picture 5: The unemployed in Viet Nam 22

Picture 6: The politics in the Covid 19 23

Picture 7: The medical staff transport a dead person to the crematorium 23

Picture 8: People emigrate from big city to hometown 24

Picture 9: Small and medium businesses cut down on workers 25

Picture 10: Medical staff investigates the shuttered Huanan Seafood Market 26

Picture 11: Medical staff helped a patient at the Wuhan Red Cross Hospital in 2020 27

Picture 12: The overloaded healthcare system in China 27

Picture 13: Medical staff transports a patient to another hospital in China 28

Picture 14: Growth in 2022 shipments from China already expected to slow markedly 29

Picture 15: Chinese industrial output 30

Picture 16: Caixin/Markit China manufacturing PMI 31

Picture 17: The impact of Covid 19 on aviation and tourism services 32

Picture 18: Young Chinese are unemployed 33

Picture 19: Unemployment insurance in Viet Nam 35

Picture 20: Ministry of Labour in Viet Nam 36

Picture 21: War Invalids in Viet Nam 37

Picture 22: Social Affairs in Viet Nam 37

5 | P a g e

Hoa Sen University

TASK ASSIGNMENTS

TASKASSIGNMENTS

SIGNATURE

1 Definition

2 Components of the measure of unemployment

2.1 Human Resources 2.2 Unemployment 2.3 Not in the workforce

- Writing contents

- Presenter

- Checking and Evaluating contents

3.1 The natural rate of unemployment

3.2 Cyclical unemployment rate

4 Labor force Participation Rate 4.1 Definition

4.2 Formula for calculating labor force ratio

5 Experienced Labor market

- Writing contents

- Presenter

- Checking and Evaluating contents

1 Features of the country’seconomy

2 Platform workforce

3 The heavy influence on all aspects of the country

4 Unemployment is an inevitable consequence

IV EFFECTIVE SOLUTIONS TO OVERCOME CONSEQUENCES

1 Lifes had been taken by Covid -19

2 The devastation of Covid-19 in the big country -

- Writing contents

- PPTX

- Presenter

- Checking and Evaluating contents

Hoa Sen University

TEAM MEMBER PERFORMANCE

TEAM MEMBER PERFORMANCE

SIGNATURE

Note 100%

TEAM MEMBER PERFORMANCE

TEAM MEMBER PERFORMANCE

1 Definition

2 Components of the measure of unemployment

2.1 Human Resources 2.2 Unemployment 2.3 Not in the workforce

4 Labor force Participation Rate

4.1 Definition

4.2 Formula forcalculating labor force ratio

5 Experienced Labor market

1 Features of the country’seconomy

2 Platform workforce

3 The heavy influence on all aspects of the country

4 Unemployment is an inevitable consequence

IV EFFECTIVE SOLUTIONS TO OVERCOME CONSEQUENCES

1 Lifes had been taken by Covid -19

2 The devastation of

10 | P a g e

Hoa Sen University

Covid-19 in the big country - China

3 The influence in all aspects of the country

4 Unemployment problem

Covid-19 in the big country -

China

3 The influence in all

aspects of the country

Unemployment is always the most complex situation It is a fear of all countries around theworld Besides that, all members of our group have a lot of experience and knowledge about thissituation After Covid 19, unemployment is out of control We decided to focus on this topic andchoose it for our assignment

Moreover, there are no accidents If we don't open our minds to the world, we can't finish thisassignment Thanks a million to Mr Phung The Vinh The person who always imparts information inMacroeconomics to us The examples of the lesson are vivid The words are easy to remember Weusually feel like freedom in the garden of the lord That is the most exciting feeling in our life that

we have never forgotten

Because we have limited sights to recognize the world, there are some little mistakes and errors

in the topic that we can not fully cover On the other hand, we always try our best and learn by heart

to have all the best for the unemployment topic

12 | P a g e

Hoa Sen University

I THEORETICAL BASIS FOR UNEMPLOYMENT

1 Definition

Unemployment concept:

In macroeconomics, unemployment is the word for unemployed people who are of workingage, can work, or are looking for a job but have not yet

I THEORETICAL BASIS FOR UNEMPLOYMENT

1 Definition

Unemployment concept:

In macroeconomics, unemployment is the word for unemployed people who are of workingage, can work, or are looking for a job but have not yet

Unemployment rate concept:

The unemployment rate is the percentage of the labor force that is unemployed Changingeconomic conditions will affect the unemployment rate to increase or decrease depending on themacro situation When the economy is in recession, job opportunities will become scarce Somebusinesses will lower their workforce and their input recruiting rate That makes the unemploymentrate increase The country's resources must be plentiful for the unemployment rate to have decreased,which indicates a thriving economy That is on the way to good growth and development

The concept of measuring unemployment:

Through the above two definitions, the unemployment measure can recognize as a measure tofind the proportion of people without work in a country Measuring unemployment is a job thatrequires high precision, and it is much more complicated than imagined The assessment ofunemployment rates indicates the level of labor market development and forecasts the possibility ofinflation

As previously discussed, the number of persons is used to calculate the unemployment rate.They include those who are seeking employment and are unemployed but yet of working age andcapable of working The minimum age to work in Vietnam under the current labor force is fifteenyears old Moreover, the retirement age for men is 60 years old, and for women are full 55 years old

It is as same as China

Currently, unemployment data will be collected and measured by the Bureau of LaborStatistics (BLS) This statistic will be looked into by looking at the local companies, the realemployment, labor demand, and workers' retirement ages After measuring data on the labor market,economists and governments will make policies to monitor and predict changes in the economy overtime

13 | P a g e

Hoa Sen University

The unemployment index is calculated using the formula:

Unemployment rate (%) = (Number of unemployed / Labor force) * 100

In there

The number of unemployed is the number of workers without a job

The unemployment index is calculated using the formula:

Unemployment rate (%) = (Number of unemployed / Labor force) * 100

In there

The number of unemployed is the number of workers without a job

The entire number of working and unemployed employees is known as the labor force

2 Components of the measure of unemployment

The measurement of the unemployment rate can only be accurate when it comes to identifyingpeople in the labor force The labor force will include people of working age, and able to work Theyinclude those who are employed and those who are unemployed BLS will evaluate based on reality.Such as salary, working time, and so on That employees will need to meet to consider employment.Three main components make up the measure of unemployment

2.1 Human Resources

Human resources include people of working age and able to work and are employed, paid forone hour or more to participate in the production of the goods and create wealth material orproviding services for a paycheck

2.2 Unemployment

Unemployment includes people of working age They can work but do not have a job or workunpaid They are in the process of looking for work, are sacked by their employers, and are part ofthe labor force that is jobless

2.3 Not in the workforce

The labor force includes people without paid workers who are not looking for work Thisconcept contains people under and outside work, such as children, retirees, full-time students, andthose unable to work

3 Formula to calculate the labor force

3.1 The natural rate of unemployment

The natural rate of unemployment means the percentage of the total adult population that isunemployed in the labor force of an area or country

14 | P a g e

Hoa Sen University

The number of people who only hunt for jobs that are best suited to their interests, and talentsand disregard other jobs are referred to as frictional unemployment

Structural unemployment means the number of people is underemployed because the number ofjobs on the market does not provide enough for their employment needs

The labor force means people who are employed and unemployed from 16 years old and over in the

The number of people who only hunt for jobs that are best suited to their interests, and talentsand disregard other jobs are referred to as frictional unemployment.

Structural unemployment means the number of people is underemployed because the number ofjobs on the market does not provide enough for their employment needs

The labor force means people who are employed and unemployed from 16 years old and over in thearea or country

The natural unemployment rate is derived by dividing the number of persons in the labor force

by the total number of people who are underemployed or waiting for the proper positions for them.Then, multiply one hundred to express as a percentage

3.2 Cyclical unemployment rate

Cyclical unemployment rate means the percentage of the total adult population that isunemployed in the recession period or the expansionary phase of the business cycle

The unemployment rate means the percentage of people who are unemployed in the total people

of labor force

The frictional unemployment rate means the percentage of people who only look for jobs thatare best suited to their interests, and abilities, and ignore other jobs in the total people of the laborforce

Structural unemployment means the number of underemployed people because the number ofjobs on the market does not provide enough for their employment needs in the labor force The Cyclical Unemployment Rate of an area or country in the recession period or theexpansionary phase of the business cycle determines by taking the percentage of unemployed peopleminus the total frictional Unemployment Rate and Structural Unemployment Rate

4 Labor force Participation Rate

4.1 Definition

N Gregory Mankiw mentioned the concept of The Labor force Participation Rate in thePrinciples of Economics The Labor force Participation Rate shows the percentage of the adultpopulation in the labor force People in the adult population in the labor force group are people of

15 | P a g e

Hoa Sen University

working age This group includes people aged 16 and over who are employed or actively looking forwork (employed and unemployed) Mankiw outlined employed individuals who are full-time or part-time workers, company owners, or salaried employees who work unpaid for a family member'sbusiness Unemployed people are available for work, and those trying to find jobs did so in theinterim They also waited to be summoned back to a job, for example, after being laid off However,people are from 16 years to older not listed by Mankiw in this group, including those unable to work,

working age This group includes people aged 16 and over who are employed or actively looking forwork (employed and unemployed) Mankiw outlined employed individuals who are full-time or part-time workers, company owners, or salaried employees who work unpaid for a family member'sbusiness Unemployed people are available for work, and those trying to find jobs did so in theinterim They also waited to be summoned back to a job, for example, after being laid off However,people are from 16 years to older not listed by Mankiw in this group, including those unable to work,full-time students, homemakers, and retired The percentage of adults who are employed or activelyseeking employment is known as the labor force participation rate When this number is combinedwith the unemployment rate, it may show how the economy is currently doing in the nation, whichcan assist the government in developing strategies to deal with challenges or keep moving forward.Besides that, changing social, demographic, and economic trends cloud influence this Labor forceParticipation Rate.

4.2 Formula for calculating labor force ratio

The labor force participation rate means the percentage of the total adult people in the laborforce of the area or country

The labor force means people who are employed and unemployed from 16 years old and over inthe area or country

Adult population: The total number of mature people in an area or country

Based on the concept provided by N Gregory Mankiw, that is the percentage of the total adultpeople in the labor force The Labor force Participation Rate is calculated by people in the laborforce group divine all adult population in a country or area and then multiply one hundred to express

as a percentage

5 Experienced Labor market

This part of the essay will first discuss the definition of the Labor market so that it can be easier

to link and explain the Experienced labor market According to the information compiled from TheNew York Times, the Labor market is the place for meetings and exchanges between workers andemployers Like other market types, those who enter the labor force also wish to become owners ofprofit maximization The New York Times claims that firms fight to hire the finest people, whileemployees compete for the most fulfilling jobs But unlike other market kinds, the labor market only

16 | P a g e

Hoa Sen University

exchanges people (special products)—the labor force—instead of material things People who enterthe workforce must categorize and assess these commodities according to their unique qualities TheExperienced Labor market was developed as a result of the experiences, scientific study findings, orincomplete perceptions that the media previously generated, all of which have an impact on howthese items are classified and evaluated The experienced Labor market is a table of statistics reportabout the Labor force based on the above factors Employers who rely on the experienced labor

exchanges people (special products)—the labor force—instead of material things People who enterthe workforce must categorize and assess these commodities according to their unique qualities TheExperienced Labor market was developed as a result of the experiences, scientific study findings, orincomplete perceptions that the media previously generated, all of which have an impact on howthese items are classified and evaluated The experienced Labor market is a table of statistics reportabout the Labor force based on the above factors Employers who rely on the experienced labormarket are assisted in finding the best candidates for their companies, while employees who use it dothe same.

The table of the Labor Market Experiences of Various Demographic Groups in the U.S for 2014below people from 25 to 54 years old having Labor force Participation rate higher and alsoUnemployment rate lower than Teenagers (age 16 – 19) Besides that, the unemployment rate in theU.S for Black people is higher than for White people in two groups (Adults of Prime Working Ageand Teenagers)

17 | P a g e

Hoa Sen University

II REAL SITUATION OF UNEMPLOYMENT IN VIETNAM

1 Features of the country’s economy

II REAL SITUATION OF UNEMPLOYMENT IN VIETNAM

1 Features of the country’s economy

Picture 1: The terraced field farming culture in northern Viet Nam

Viet Nam is a country that is famous for its paddy field Besides that, it isn’t hard to know theappearance of Vietnamese help the country increases every day Moreover, Viet Nam hasdemonstrated its differences and positionings over the world

That was a long time ago We gained freedom for our country We decided to set up theeconomy depending on the subsidized economy At that time, we ban all things of the bourgeois.Bourgeois was wrong, and everything of them was not good After that, the leader of our countryrealized that nobody is perfect, and we have just tried to be better Bourgeois had many good things,one of them being a market economy On the other hand, the Vietnamese are very brilliant We juststudied the excellent points of the bourgeois and banned fault things from them

18 | P a g e

Hoa Sen University

In a subsidized economy, the leader has given clear directives about how to supply food anddrinks In the market economy, all of the products are controlled freely depending on the notion ofthe market economy Everything was easy to solve situations and gain good results than past

In a subsidized economy, the leader has given clear directives about how to supply food anddrinks In the market economy, all of the products are controlled freely depending on the notion ofthe market economy Everything was easy to solve situations and gain good results than past.

Picture 2: The economic infrastructure development in Viet Nam

I think Viet Nam is a developing country, but we are agricultural and depend on farm products

If our country is a body, the heart will be an economy Everybody has a budget limit Our economy

is increasing spottily The inhabitance is swarming, and the infrastructures are modern in the city Onthe other hand, the population and infrastructures in the hometown are fine Society is developingevery year That is why we need to save the natural environment Besides that, the developingeconomy is as important as protecting the natural environment Especially, Tay Bac is a place Thatplace has many rare kinds of wood that are disappeared every year The villagers are growing theforest actively Because life is hard, they can not protect the forest 24/7 They were born and raised

in the jungle Although they love the timberland, their lives do not depend on the forest That is a badthing

19 | P a g e

Hoa Sen University

2 Platform workforce

2 Platform workforce

Picture 3: The platform workforce in Viet Nam

Viet Nam is a country that has a variety of labor forces The qualities of labor forces are fineand cheap They attract many investors from other countries Moreover, the quality of our lifeincreases every day It makes the labor force excellent The labor forces of Viet Nam are active andcan adapt very fast They are a large force to help our country become better in the future Nowadays, Viet Nam population is passing over their Golden population They have alreadybecome an aging population After the aging population in 2011, the rate of persons over sixty yearsold is 9.9% Besides that, people have good knowledge Their life will be better

In 2019, the total birth rate year was 2,09 babies per mother Moreover, the total fertility ratewas 1,83 babies per mother in the big city In the hometown, the birth rate was 2,26 babies permother The highest total fertility rate was 2,43 babies per mother in the northern midland andmountainous The place that had the fewest total fertility rate was 1,56 babies per mother in DongNam Bo

20 | P a g e

Hoa Sen University

Picture 4: Different choices – Dissimilar results

The social situation shows people have high knowledge and a lot of money They do not want

to have a baby On the other hand, the people are living on the mountain They do not have goodknowledge, and their lives are poor They have many babies The total birth rate is uneven Thenumber of senior citizens increases quickly They do not have pensions and allowances They will beheavy burdens on social security

3 The heavy influence on all aspects of the country

Covid 19 is a terrible epidemic for Viet Nam That is a fear of the Vietnamese that people inthis place have never forgotten Covid 19 is not only destroys everything in the economy but alsokills many people and wastes their assets It is a hell of Vietnamese Depending on theunemployment of the country, we have three points of view to calculate the damage:

3.1 About economy

The destruction of Covid shows the clearest in our economy About 19% of businesses stoppedworking or downsizing, and 98% of the labor forces, deliveries, and tourism industries can notoperate In July 2021, there were 79.673 businesses in bankruptcy This situation increased by25,5%, higher than in 2020

21 | P a g e

Hoa Sen University

At that time, there were several vital occupations affected by Covid 19 Examples: tourismindustry, logistics, airline industry, and so on The businesses broke down, the workers lost their job,and the unemployment rate and price of products increased