23,600 workers in the banking and insurance sectors in the first quarter of 2025

The labor market report for the second quarter of 2025 of the 24h Employment platform shows that in the banking industry, in 2024, Vietnam recorded more than 2,500 employees being streamlined from 8 major banks, and this trend continues this year.

This is the result of a series of large corporations cutting down on labor to optimize costs, streamline the apparatus and promote the application of technology to improve work efficiency.

Previously, according to the Labor Market Newsletter for the first quarter of 2025 of the Institute of State Organization and Labor, in the first quarter of 2025, financial, banking and insurance activities had a decrease of 23,600 employees.

Statistics from the Hanoi Employment Service Center show that since the beginning of the year, the financial, banking and insurance sectors have been the sectors with the strongest negative fluctuations in labor, showing that instability or restructuring is still taking place strongly. Economic recovery is intertwined with the low points of restructuring and personnel shifting.

The personnel fluctuations in this industry are also clearly demonstrated through the number of employees receiving monthly unemployment benefits at the Hanoi Employment Service Center. In June 2025 alone, the number of workers receiving unemployment benefits in the finance - banking - accounting - auditing sector continued to account for a high proportion, with 23.62%, although there was a decrease compared to 28.39% in May, this is still a high rate.

According to Mr. Vu Quang Thanh, Deputy Director of the Hanoi Employment Service Center, this shows that the process of restructuring and screening personnel in the industry is still continuing, even though it may have passed the most stressful period.

According to the Department of Employment, in 2025, the automation and digital transformation process may cause a part of the workforce without qualifications and skills to be eliminated. Workers need to proactively improve their skills and update new knowledge to adapt to changes in the job structure. At the same time, businesses need to create an attractive working environment, support training to retain human resources and develop sustainably in the current period of strong transformation.

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