Building on Vietnam’s Recent COVID-19 Success: A Job-Focused Analysis of Individual Assessments on Their Finance and the Economy

Abstract

Despite the harmful effects of the COVID-19 pandemic on income and employment loss around the globe, hardly any formal study exists on household finance and future economic expectations in poorer countries. We offer an early study that aims to fill this gap from the labor market angle. We implemented and analyzed a new web-based rapid assessment survey immediately after the removal of lockdown measures in Vietnam, a low-middle income country that has received widespread recognition for its successful fight against the pandemic. We find that having a job is strongly and positively associated with better finance and more income and savings, as well as more optimism about the resilience of the economy. Further disaggregating employment along the security dimension into different types of jobs such as self-employment and jobs with permanent and short-term contracts, we find those with permanent job contracts to have fewer job worries and better assessments for the economy. Individuals with good health tend to have more positive evaluations for their current and future finance, but there is mixed evidence for those with higher educational levels. These findings are relevant for the ongoing fight against the pandemic and post-outbreak labor policies, especially in a developing country context.