The Government’s target of creating 1.7 million new jobs next year is expected to be unevenly distributed, with the bulk in the private and foreign investment sectors, and the minority in State-owned companies.
In 2001, the public sector employed up to 59.5 percent of the labour market, while the private sector had only 29.4 percent. But by 2007, the private sector had expanded to 50.2 percent of the labour market while the public sector dropped to 28.3 percent.
Employment in the foreign-invested sector nearly doubled from 11.5 percent in 2001 to 21.5 percent in 2007.
Still, while the public sector lags behind in both employment share and job creation, it has received the largest amount of investment, or 43.3 percent of total capital invested in the economy.
The non-State sectors have been the main driver behind the robust growth in the labour market in recent years, with the Government setting a target of a total of half a million private companies by 2010.
However, the private sector is beginning to feel the impact of the global financial crisis as domestic consumption falls, overseas markets contract and credit are tightened, experts have said.
Source: VNA
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