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Fewer job openings in financial services

Update: June, 20/2014 - 09:03
A report from the Institute of Manpower, Banking and Finance estimates that nearly 13,000 new graduates over the next four years will not seek jobs related to their major.— Photo dantri

HCM CITY (VNS) — Nguyen Thi Tuyet Anh of Dong Nai Province, who graduated last year in finance-banking from HCM City University of Technology, applied for five jobs but finally had to settle for one outside her major field.

One bank said she unqualified and had no experience, and the other four never responded.

Through her relatives, Anh heard about an opening for a public relations professional at a provincial hospital, for which she interviewed and was later hired.

A report from the Institute of Manpower, Banking and Finance estimates that nearly 13,000 new graduates over the next four years will not seek jobs related to their major.

This year, 40 per cent of new graduates are expected to get a job unrelated to their major or will remain unemployed.

Tran Anh Tuan, head of HCM City's Centre for Human Resource Forecast and Labour Information, said that the banking industry was undergoing restructuring, which has led to many lay-offs.

Tuan said there had been fierce competition among new graduates for jobs, especially people from the provinces who have moved to big cities to look for work.

The banking field is among the top five with the highest number of people who have been laid off, amounting to nearly 36 per cent of its workforce since last year.

The need for workers in the field for the first six months of the year fell by 18.16 per cent, Tuan said.

Finance, economic and banking will continue to see a drop in recruitment for the rest of the year.

The city will need 150,000 employees for the remaining six months, but most of these positions will be in sales, services, electronics-IT, textiles, tourism-hospitality, engineering, construction and communication.

Employment in accounting and auditing has also seen a downward trend.

The need for human resources in these two fields will account for only 6 per cent of the city's total human resources recruitment over the next three years.

Despite the falling numbers, more than 25 per cent of 13,930 surveyed high school students have chosen economy and finance, following the first choice, engineering technology.

The Academy of Finance has received 4,700 applications for this enrollment season, and the Banking Academy, 4,900 applications. Viet Nam University of Commerce has had 3,800 applications.

Viet Nam has 1,856 schools that train in the fields of accounting, finance-banking and business administration, and more than 30 per cent of the total number of students are enrolled in these fields.

Although universities and colleges have been warned about over-enrollment, they have continued to increase their enrollment quotas for these fields, Tuan said. — VNS

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