J.P. Morgan partners with REACH to tackle youth unemployment


 Global financial services firm J.P. Morgan and  REACH yesterday announced a renewed partnership that will see 800 disadvantaged youth across 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, which attracted high profile guests including Australian Ambassador Hugh Borrowman and USAID Vietnam Mission Director Joakim Parker.
According to JP Morgan’s Senior Financial Officer Ms. Do Thu Ngan, the partnership forms part of JP Morgan’s global Work Readiness initiative.
“JP Morgan has committed US$1 billion over the next five years toward programs focused on expanding access to opportunity and advancing economic mobility around the world,” Ms. Ngan said.
“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.”
REACH operates five training centers across Vietnam and has trained more than 12,500 students since it was established in 2004, with a focus on upskilling young people from Vietnam’s most disadvantaged groups, including human trafficking and domestic violence victims, ethnic minorities, youth with a disability 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, according to Executive Director Pham Thi Thanh Tam.
“More than half of Vietnam’s unemployed are aged under 25 and this is because most graduates don’t have the skills that employers really need,” Ms. Pham said.
“REACH works directly with business and industry groups to our develop training programs and this focus means that we have highly skilled and confident graduates that can gain meaningful employment.”
(L-R):  JP Morgan’s Senior Financial Officer Do Thu Ngan,  Australian Ambassador Hugh Borrowman, REACH Executive Director Pham Thi Thanh Tam, and USAID Vietnam Mission Director Joakim Parker cut ribbons and announced the opening of the new training center

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