Employability has recently become the first target of the national higher education. Its model has been updated to catch the new trend of Industry 4.0. This paper aims at analyzing and ranking the determinants of undergraduate employability, focusing on business and economics majors in Ho Chi Minh City, Vietnam. In-depth interviews with content analysis have been primarily conducted to reach an agreement on a key group of factors: human capital, social capital, and identity. The Stochastic Fractal Search Algorithm (SFSA) is then applied to rank the sub-factors. Human capital is composed of three major elements: attitude, skill, and knowledge. Social capital is approached at both structural and cognitive aspects with three typical types: bonding, bridging, and linking. The analysis has confirmed the change of priority in employability determinants. Human capital is still a driver but the priority of attitude has been confirmed in the contemporary context. Then, social capital with the important order of linking, bridging, and bonding is emphasized. Skill, knowledge, and identity share the least weight in the model. It is noted that identity is newly proposed in the model but a certain role has been found. The findings are crucial for education strategies to enhance university graduate employability.

Abstract
1. Introduction
2. Literature Review
3. Research Methodology
4. Results and Discussion
5. Conclusions
References

• Hien Thi Thu DINH(Faculty of Accounting and Auditing, Ho Chi Minh City Open University, Vietnam.)
• Ngoc Nguyen Mong CHU(School of Economic Mathematics and Statistics, University of Economics Ho Chi Minh City, Vietnam.)
• Van Hong TRAN(Faculty of Accounting and Auditing, University of Finance – Marketing, Ho Chi Minh City, Vietnam)
• Du Van NGUYEN(School of Government, University of Economics Ho Chi Minh City, Vietnam.)
• Quyen Le Hoang Thuy To NGUYEN(Deputy Director, Office of Cooperation and Research Management, Ho Chi Minh City Open University, Vietnam) Corresponding Author