Viet Nam to Cut Public Sector Jobs and Budgets

Viet Nam plans to reduce public sector jobs by 20% and cut billions from government budgets as part of a reform aimed at streamlining operations and boosting economic growth. The proposal, set to be presented to parliament, includes reducing ministries from 30 to 22 and targeting cuts across various sectors.

The government aims to eliminate 20% of public sector jobs within five years, with 100,000 workers potentially facing redundancy or early retirement. The reforms are expected to save $4.5 billion, though concerns about the impact on skilled workers and government stability remain.