The study assesses the education and training of the youth labor force before and after the period of 2007 economic recession and their impact on the youth choice of employment. Using the data of Vietnam households living standard survey (VHLSS) in 2006 and 2008, research results show that training is an important factor in helping young people get good jobs in the labor market (in the formal sector wage work and business owner), particularly after economic downturn. Meanwhile, improving education only can support young people seeking employment in the formal sector. To develop youth labor force to overcome the difficulties caused by the decline in labor demand, the research results again provide the scientific basis for proposals of pritJrity technical and vocational skills training for youth. Besides that, it is necessary to support finance, technology and information to the youth and their families. Compared with previous studies in the same subject, this paper refers to four separate groups of youth: (i) the formal sector wqge work, (ii) the informal sector wage work, (iii) business owner, (iv) Self-employmentfor themselves and their families, and indicates that education and training have quite different impact on these groups. In addition, multinomial Logistic regression models included the risk of unemployment as one of dependent variables to reflect the fact that in the Vietnam labor market, any employment choices of young people have to consider to this risk.