The recruitment industry in Vietnam is experiencing strong growth and plays a crucial role in meeting the manpower needs of businesses. Recruitment is not only about selecting suitable personnel for jobs, but also about searching for and attracting talented and potential candidates.
In the digital age, the recruitment industry has been utilizing technology tools and applications to enhance efficiency and save time in the candidate search process. Social networks and mobile applications have become useful tools for businesses to access and attract talent. Additionally, professional recruitment websites have emerged as indispensable platforms, providing consultancy services and assisting businesses in hiring personnel.
Currently, there are over 33 established recruitment websites that have become crucial and essential tools in job searching. With the advancement of information technology, online job searching has become easier and more convenient than ever before. Recruitment websites provide a vast platform for job seekers to search and apply for suitable job positions based on their skills and abilities. Thanks to smart filtering and search features, users can search by location, industry, salary level, and other factors to find the most suitable job. Recruitment websites not only help job seekers access new job opportunities but also provide useful tools and resources to enhance their job searching skills and build professional candidate profiles. Furthermore, users can schedule appointments online, participate in career counseling sessions, and even join online courses to improve their capabilities. With the popularity and credibility of recruitment websites, employers have also recognized the value of using this platform to find suitable candidates. Posting job advertisements on recruitment websites helps save time and effort compared to traditional candidate search methods. Additionally, companies can utilize data analysis tools to evaluate and select the most suitable candidates.
Updating the number of visits to recruitment websites in September 2023, Glints had 14,6 million visits, an increase of 87.2% compared to the previous month, with an average customer visit time of 13,3 minutes. TopCv had 5 million visits in September, a decrease of 10.27% compared to the previous month. It also had a high average visit time of 16.7 minutes, an increase of 28.88% compared to the previous month. Careerbuilder had 4,3 million visits in September, a decrease of 4.08% compared to the previous month, with an average visit time of 10.9 minutes.
The job market in Vietnam can be divided into three main groups: websites with high revenue and profit, websites experiencing growth, and websites with low growth.
Websites with high revenue and profit:
Vietnamworks
Vietnamworks was established in 2002 by Mr. Chris Harvey and is one of the leading job and recruitment websites in Vietnam, owned by Navigos Group Vietnam Joint Stock Company. After years of pursuing the mission "Move up," Vietnamworks has recently decided to switch to the mission "Empower Growth" - the journey to a fulfilling career. With the mission to accompany businesses and employees, Vietnamworks aims to help everyone develop to their fullest potential and find inspiration and motivation in their work. It is a long-term partner of many large corporations in Vietnam, such as Unilever, Samsung, Microsoft, etc. The target audience that the website focuses on is experienced workers with 2-3 years of experience in the industry. According to evaluations, Vietnamworks is one of the two recruitment websites that provide the most comprehensive tools for both candidates and employers. The website offers job opportunities in various fields.
Vietnamworks' net revenue in both 2020 and 2021 exceeds 400 billion VND. After-tax profit is equivalent to over 70 billion VND. By 2022, net revenue is expected to increase by over 30% and after-tax profit to reach nearly 90%.
Talentnet
Talentnet is a leading human resources company in Vietnam, founded by Ms. Hoa Nguyen in 2007 and headquartered in Ho Chi Minh City under the Talent Connection Joint Stock Company. Originally the human resources service department of PricewaterhouseCoopers Vietnam, Talentnet was established with the mission of "Making a difference in the lives of every business and worker." It has 6 branches in Vietnam: Hanoi, Ho Chi Minh City, Da Nang, Can Tho, Hai Phong, and Da Lat. The brand is certified ISO/IEC 27001:2013 and reinforced by international standards from two global partners, Mercer and ADP Streamline. Mercer is a world-leading company in salary surveys and human resources surveys, with over 80 years of experience and 20,500 employees operating in more than 180 countries. As for ADP (NASDAQ - ADP): It supports customers in building best practices to motivate employees to unleash their full potential by providing superior products, premium services, and expertise. The website interface at Talentnet does not have a lot of job information appearing at the top, unlike other recruitment websites.
Talentnet's net revenue has been continuously increasing in the past 2 years. Specifically, in 2020, it reached over 1,000 billion VND, with nearly a 10% increase in 2021, and a further increase of over 10% in 2022. In terms of after-tax profit, the company has maintained a positive growth momentum. In 2020, it earned nearly 25 billion VND, with an 8% and 16% increase in the following 2 years.
Websites is experiencing growth:
Glints
Glints is a multinational technology company founded in 2013. The company was established by Oswald Yeo, Looi Qin En, and Seah Ying Cong. In Vietnam, it is owned by Glints Vietnam Limited Liability Company. Glints is a technology platform that connects young talents with companies and job opportunities, targeting inexperienced workforce entering the market.
Glints' revenue in 2020 was approximately 2.8 billion, continuously increasing by more than 250% and 1000% in 2021 and 2022. However, the after-tax profits in 2020-2021 were losses of over 12 billion and 50 billion respectively. By 2022, despite still being in a loss, the after-tax profits have grown back by over 80%.
TopCV
TopCV was founded in 2014 and is headquartered in London, United Kingdom. Currently, this platform has expanded its operations in many countries worldwide, including Vietnam. It is owned by TopCV Vietnam Joint Stock Company and targets all job seekers in the market. TopCV's strategy is to help customers create an impressive CV that attracts employers. Therefore, in addition to providing ready-made templates for CVs, the brand also offers more detailed services such as using AI technology to evaluate customers' CVs, rewriting their CVs in a professional and attractive style. TopCV also has a customer support team available 24/7 to answer any questions and ensure customer satisfaction.
In terms of net revenue, TopCV has achieved continuous growth. In 2020, the revenue reached nearly 2.8 billion, increased by over 100% in 2021, and astonishingly increased to over 15 billion in 2022. However, the after-tax profits did not maintain stability like the revenue. In 2020, the company recorded a loss of nearly 2 billion, increased by over 120% in 2021, and incurred a loss of 31.8 billion in 2022.
ITViec
ITViec is a technology company from Vietnam, specializing in recruitment and human resources development in the field of information technology. It is owned by IT Viec Joint Stock Company and was founded in 2012 by Anh Nguyen, a Vietnamese individual who has worked in the United States and has experience in the technology industry.
The company's revenue has consistently reached a high level and maintained stable growth. The revenue for 2020 was 44.5 billion, increasing by 56% and 8% in 2021 and 2022, respectively. The post-tax profit has also maintained a similar upward trend. With a result of nearly 6 billion in 2020, it reached nearly 20 billion in 2021 and decreased insignificantly to nearly 20 billion in 2022.
CareerBuilder
CareerBuilder is a multinational technology company. It was founded in 1995 and has its headquarters in Chicago, Illinois, United States. In Vietnam, it is owned by CareerBuilder Joint Stock Company. The website targets experienced workers in various industries and provides job opportunities across multiple fields. The website is considered to have the most convenient features to support both candidates and employers.
The company's revenue has consistently remained at a high level. Specifically, it reached over 100 billion in 2020, increased by over 5% in 2021, and continued to grow by nearly 30% in 2022. Although there were losses of nearly 2 billion and 4 billion in 2020 and 2021, respectively, the post-tax profit in 2022 increased significantly by over 3,000%.
Websites with low growth:
Vieclam24h
Vieclam24h is a website owned by Viec Lam 24h Joint Stock Company, established in 2009 with the goal of effectively and quickly connecting employers and job seekers. In 2022, Vieclam24h continuously merged recruitment brands in the Vietnamese market. For example, in May 2022, it merged with the website viectotnhat.com, in September 2022, it merged with the website mywork.com, and on December 5, 2022, it merged with the website timviecnhanh.com. This consolidation of job websites has increased job opportunities for seekers and allowed employers to access over 18,000 profiles, reducing resource costs and focusing on system upgrades. Vieclam24h primarily targets high school and university graduates with no experience in the labor market. The website provides job opportunities in various fields.
The company's net revenue in 2020 reached nearly 70 billion VND, but it decreased by over 25% in 2021. However, in 2022, the company experienced an increase of over 80% in revenue. The company's net profit after tax in 2020 was over 20 billion VND. However, the following two years saw continuous negative profits with over 100% loss in 2021 and over 30 billion VND loss in 2022.
Careerlink Vietnam
CareerLink Vietnam is one of the leading recruitment companies in Vietnam. Established in 2002, it is owned by CareerLink Limited Liability Company. The company primarily targets job seekers with at least 1 year of experience in the industry. The website provides job opportunities in various fields. Additionally, the brand also recruits for companies with headquarters and work abroad. In addition to recruitment, CareerLink also provides consultancy and guidance for studying in Japan for students.
The company's net revenue has been maintained at a stable level, reaching around 20 billion VND. The net profit after tax of the company has fluctuated. It recorded a loss of over 2 billion VND in 2020, a more than 100% increase in 2021, and a loss of over 500% in 2022.
MyWork
MyWork Joint Stock Company was established in 2010 with the goal of providing effective and convenient IT solutions for businesses. MyWork focuses on the segment of inexperienced and newly entered labor, providing opportunities for work in various fields. In September 2022, MyWork officially merged with the Vieclam24h website to create the most optimized recruitment website in terms of market data.
The revenue of the recruitment brand has continuously decreased in the past 2 years. Specifically, in 2020, the revenue reached over 25 billion, in 2021 it decreased by nearly 50%, and in 2022 it continued to decrease by over 10%. The post-tax profit has been fluctuating. In 2020, it reached over 2 billion, in 2021 it incurred a loss of over 200%, and in 2022 it rebounded by increasing over 100%.
123Job
The Job123 brand, owned by VNP Group Joint Stock Company, was established in 2010. The website interface of Job123 and TopCV are quite similar. The target audience of this brand is all the labor force currently available in the market, providing opportunities for work in various fields.
The revenue from 2020 to 2022 fluctuated around 30 billion. From a loss of nearly 18 billion in 2020, the company unexpectedly made a profit of over 66 billion dong in 2021. It is unclear whether this profit comes from core activities or other activities. In 2022, the company recorded a post-tax profit of nearly 16 billion dong.
The recruitment website has become an important tool, providing a convenient platform for job seekers and recruiters to interact. One of the great opportunities is the rapid development of the information technology and telecommunications industry in Vietnam. With the increasing number of internet users and the popularity of smartphones, recruitment websites will have the ability to reach a large number of potential candidates. This creates an opportunity for recruitment companies to search for and attract talent everywhere, not just in major cities. However, along with opportunities come challenges. One of them is the fierce competition among recruitment websites. With the development of information technology, more and more new companies are entering this market. This creates a race to attract users and recruiters. Recruitment websites must ensure that they provide the best user experience, from a user-friendly interface to intelligent search features and interaction capabilities. Another challenge is user trust. In an online environment, users need to have confidence in recruitment websites to share personal information and search for jobs. To overcome this challenge, recruitment websites must ensure information security and build a reliable evaluation and feedback system from users.
2023 brings a promising future for recruitment websites in Vietnam. The development of technology and the increase in internet users create great opportunities for connecting candidates and recruiters. However, to succeed, recruitment websites need to face competitive challenges and build trust from users.
Source: Vietdata's 2022 market report on recruitment websites in Vietnam.
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