Macro Flash Note - Weak labor market could impact recovery in Q4

The number of people affected by COVID-19 surged. According to the General Statistics Office of Vietnam (GSO), the number of people affected by COVID-19 surged to 28.2 million in Q3 2021 (+15.4 million QoQ). Of the total, 4.7 million lost their jobs (accounting for 16.5%), 14.7 million had to temporarily suspend their production/business (accounting for 51.1%), 12.0 million had their working hours reduced (accounting for 42.7%) and 18.9 million had their income reduced (accounting for 67.2%).

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