Free job-ready training to continue under renewed partnership between financial services company and REACH.
Global financial services firm J.P. Morgan and local vocational training charity REACH announced a renewed partnership on April 26 in Hanoi that will see 800 disadvantaged youth in Vietnam access free job-ready training.
The partnership aims to help curb Vietnam’s rising youth unemployment rate and is based on a successful pilot program run in 2015, which saw 760 disadvantaged Vietnamese youth trained and over 85 per cent placed in stable jobs.
The JP Morgan-REACH initiative was announced at the inauguration of REACH’s new training facility in Hanoi’s Nam Tu Liem district, with those in attendance including Australian Ambassador to Vietnam, H.E. Hugh Borrowman, and USAID Vietnam Mission Director Mr. Joakim Parker.
“JP Morgan has committed $1 billion over the next five years toward programs focused on expanding access to opportunities and advancing economic mobility around the world,” said JP Morgan’s Senior Financial Officer Ms. Do Thu Ngan. This partnership forms part of JP Morgan’s global Work Readiness initiative.
“We want to expand the opportunities available to Vietnam’s youth, particularly those from disadvantaged backgrounds, by scaling effective work readiness programs, and REACH’s demand-led training model is definitely one of the most effective that we have seen,” Ms. Ngan added.
More than half of Vietnam’s unemployed are aged under 25 and this is because most graduates don’t have the skills employers really need, according to REACH Executive Director Ms. Pham Thi Thanh Tam.
“REACH works directly with business and industry groups to develop our training programs and this focus means that we have highly skilled and confident graduates that can gain meaningful employment,” she said.
REACH operates five training centers in Vietnam and has trained more than 12,500 students since it was established in 2004, with a focus on up-skilling young people from Vietnam’s most disadvantaged groups, including human trafficking and domestic violence victims, ethnic minorities, youth with disabilities and youth affected by HIV/AIDS.
The Vietnamese NGO provides job-ready training in industries where employers struggle to fill vacancies, such as IT, hospitality, tourism, retail, and beauty therapy.