Is Vietnam really at risk of a labour shortage?

There were 22.6 million people aged between 15 and 24 in Vietnam, in 2020, but by the end of 2022 that number had dropped to 20.7 million, and this is putting Vietnam at risk of a labour shortage, VN Express is reporting. The article discusses Vietnam’s ‘golden population’ structure and the country’s falling fertility rate, however, it fails to mention Vietnam’s official unemployment rate which is consistently remarkably low–usually 2 to 3 percent. Note, however, that a person only needs to perform one hour of paid work to be considered employed in Vietnam. In this context, it is difficult to accurately determine whether or not a labour shortage will be an issue as a result of an aging population. That is not to say it won’t create other problems–increased spending on social services and reduced tax revenues, for example.