Breaking Down The Steps. All salaries and bonuses are subject to PIT in Vietnam. The Index measures the ease of starting and conducting business in Vietnams 63 provinces, including whether informal fees are low. The amount of any Tet Bonus will be dependent on both company and employee performance, but typically ranges from smaller amounts of money (up to an entire months salary) to larger amounts of money (up to an entire years salary) depending on the company progress and goals. It is not unheard of that employees expect a 40% increase on their salary after one year. "Average Monthly Income per Capita in Vietnam from 2010 to 2021 (in Million Vietnamese Dong). Get in touch with Emerhub by filling in the form below and our consultants will reach out to you within a few working hours. Our team can help your business with its strategic direction. Business Solutions including all features. In cases where an employee works extra hours at night, they are paid extra in accordance with the applicable regulations. Since the late 1990s, after the Doi Moi transition to a free-market economy, Vietnams GDP grown rapidly compared to its Asian neighbours.
Salaries Women receive a salary of 204,297,750 VND. A jump to 10 to 15 years of experience provides them with a further 21% increment. Our services are designed to help foreign investors with compliance and best practices. Learn about the common mistakes to avoid when setting up a new company in Vietnam as a foreign investor and ensure successful incorporation. The following are the percentages in excess of standard that are to be applied in the event that certain work-related thresholds are crossed. Gain insights on overtime & compensation in our guide here. The Dezan Shira consultancy group makes an illustrative comparison between two port- and manufacturing-regions of Vietnam and China: Qung Ninh vs Guangdong. General Statistics Office of Vietnam. Vietnam attracted 962 new FDI projects in the first five months of the year, up from 578 in the same period last year. Rival car maker Honda said the extra money will largely be distributed to younger employees as starting salaries are boosted. It is a market standard to pay the 13th salary before the Lunar New Year after which employees considering a new position tend to leave their post. All rights reserved. As soon as this statistic is updated, you will immediately be notified via e-mail. December 29, 2021. What are the Average Salaries in Vietnam Based on Education? As the country continues to grow its economy, wages are expected to rise. General Statistics Office of Vietnam. The sectors paying the highest average salary in Vietnam are Mineral and Metallurgy (9.2million VND/month or $403/month), banking (7.6million VND/month or $333/month) while similar jobs within other sectors like Textile or Food pay a small 2.5 million VND ($109) to 3.1 million VND ($135) to their labors per month. Vietnam has a progressive system of income tax whereby the percentage of tax deducted from income increases as ones salary increases, according to the following brackets: The above table displays the gross tax-rate. What is a good salary in Ho Chi Minh? The Vietnamese government is considering whether to reduce the official work-week to just 40 hours/week. We interviewed top sourcing companies to get their tips & insights about sourcing products from Vietnam and the state of the industry. Home Blog Vietnam Hiring and salary standards in Vietnam. Confrontation, celebration and confetti: Photos of the week, Oscar-winning Banshees pub opens for real, Gods, goatskins and drums: Morocco's mystical musicians, Armageddon: The 3,000-year-old city behind the biblical story. Currently, you are using a shared account. Senior management and other valued employees may be given bonuses during these days as well, including in the form of share certificates with a vesting period, for which the corresponding stock can be sold only after the employee had worked for the company for a certain amount of time. According to a study by JobStreet, Vietnams average salary for fresh graduates increased from US$225 in 2017 to US$345 in 2019. An Introduction to Doing Business in Vietnam 2023 provides readers with an overview of the fundamentals of investing and conducting business in Vietna Let me show you how I can be of assistance. Vietnamese employees commonly join a company on a low salary with the expectation of a significant increase. From January 2021 an approval from the Labour Department will also be required. The ideal entry-level account for individual users. Read More Insider Insights on Finding Vietnamese Suppliers: Interview with Top Sourcing CompaniesContinue. You only have access to basic statistics. Many of Vietnams the older generation of workers were able to survive and prosper on low salaries, thanks to a low-cost of living especially having the luxury of home-ownership without mortgages.
Welder Average Salary in Vietnam Pressure builds on S Korea to send Ukraine stockpiled ammo. Armageddon: The 3,000-year-old city behind the biblical story. Cost of Living in Vietnam: $700 to $1,400 per month. Vietnam is amazing for shopping. 35,000,000 / mo. if the company bases the salary rate on US dollars, then the compulsory social insurance, personal income tax and trade union payment must be converted into Vietnam Dong based on the Vietnamese government foreign exchange rate. In order to apply for a work permit for a foreign employee, the employer needs to provide sufficient reasons such as international experience, a good level of English and specialist skillset required for the position. 430,000 / hr. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Therefore, about 44% of the surveyed employees have to work overtime. (2023). Average monthly salary for paid workers and employees in Vietnam from 1st to 4th quarter 2021, by economic sector and unit (in million Vietnamese dong) [Graph]. Wage and salary in Vietnam are very dissimilar across occupations and contrast starkly between urban and rural areas. This year, companies including, Fast Retailing, which owns fashion chain Uniqlo and motor industry giants Toyota and Honda said they would increase their employees' pay. Average monthly income per capita in Vietnam from 2010 to 2021 (in million Vietnamese dong) [Graph]. Resources to Learn About Salaries and Tax in Vietnam, grown rapidly compared to its Asian neighbours, How to Properly Pronounce Nguyn in Vietnamese, How to Say Uncle and Auntie in Vietnamese, Dating a Vietnamese Woman: Differences with Western Women & What to Expect, Construction: 5.75 10 million VND ($256 $444 USD), Information technology: 6 9 million VND ($267 $400 USD), Engineering: 6 8 million VND ($267 $356 USD), Electrical work: 5.7 8.5 million VND ($253 $378 USD), Information technology: 9.5 20 million VND ($422 $889 USD), Finance: 7.2 15.75 million VND ($320 $700 USD), Construction: 10 15 million VND ($444 $667 USD), Marketing: 8 15 million VND ($356 $667 USD), Information technology: 15 27.5 million VND ($667 $1222 USD), 25% surveyed had over 70 million VND ($3111 USD), Finance: 25 70 million VND ($1111 $3111 USD), Administration / Secretarial: 20 million VND ($900 USD). Read More Save Money and Look Chic: Vietnams Top Fashion Brands for Value and QualityContinue. One thousand Vietnamese dong equals 0.043 U.S. dollars and 0.039 euros as of April 2023. Tet Bonus Pay Vietnamese Get Paid for 13 Months. Salaries do not tend to be a well-kept secret in Vietnam, so depending on the salary levels it is common that people ask for an increase before the first year is over if they feel that others are paid more for a similar level position.
Vietnam 2023 Data - 2024 Forecast - 2007-2022 Historical, source: General Statistics Office of Vietnam, Vietnam Factory Activity Shrinks at Softer Pace, Vietnam June Tourist Arrivals Rise 312% YoY, FDI Into Vietnam Rises 0.5% in January - June, Vietnam Industrial Output Growth Picks Up, Vietnam Retail Trade Slows to 16-Month Low, Vietnam GDP Growth Accelerates to 4.14% in Q2, Vietnam Cuts Several Policy Rates to Support Growth, Vietnam Widens Currency Trading Band to 5%, US Stocks Close Lower, Post Weekly Losses, Costa Rica Inflation Rate Falls the Most Since 2016, South African Stocks Advance on Friday, Still Books Weekly Fall, European Shares Enjoy Some Respite to End Week. Learn more about the investment opportunities in the market expansion of craft beer in Vietnam as a foreign investor. Expat Guide to Buying Property in Vietnam, How to Start an E-Commerce Business in Vietnam, Hanoi; Hai Phong; Ho Chi Minh City and its neighboring provinces of Dong Nai, Binh Duong, and Ba Ria; Vung Tau, Outskirts of Hanoi and Ho Chi Minh City; other large and medium-sized cities such as Da Nang, Nha Trang, and Can Tho, Smaller provincial cities and suburban districts, The least developed and sparsely populated rural and mountainous regions of Vietnam. Advanced users can use our Python/R/Matlab packages. Please create an employee account to be able to mark statistics as favorites. Some high-paying jobs provide two or three months of extra salary! This extra money is unlike the bonuses in the West, where such bonuses are only common among high-paying jobs, or are discretionary and performance-based. Even though it should not be the case, gender still does affect the average salary in Vietnam. As more international companies seek to diversity away from the increasingly difficult business environment in China, many are looking to Vietnam as an alternative for thei base of manufacturing (see our list of popular brands that have much or most of their manufacturing in Vietnam). So much so that the average salary in Vietnam differs between people doing the same job with the same level of experience but with different levels of education. statistic alerts) please log in with your personal account. On his own journey learning Vietnamese, he realized the best way to learn a language is to embed the lessons in stories, cultural insights and history. Learn about an employer of record is and how you can use it to improve or expand your business. Apart from years of experience, education also has a huge role to play. Pregnant women: Women that are in their 7thmonth of pregnancy and women with babies under 12 months are not allowed to work overtime, work at night, or take long-distance business trips. 5. The first type is the common minimum wage VND 1,490,000 (~US$64) which is used to calculate salaries for employees in state-owned organizations and enterprises, as well as to calculate the social contribution for all enterprises (i.e., the maximum social contribution is 20 times the common minimum wage). Districts: Anh Sn, Con Cung, Din Chu, Lng, Qu Chu, K Sn, Nam n, Ngha n, Qu Phong, Qu Hp, Qunh Lu, Tn K, Thanh Chng, Tng Dng, Yn Thnh, Districts: Cam L, Cn C, ak Rng, Gio Linh, Hi Lng, Hng Ha, Triu Phong, Vnh Linh, Districts: Qunh Nhai, Mng La, Thun Chu, Ph Yn, Bc Yn, Mai Sn, Sng M, Yn Chu, Mc Chu, Sp Cp, Vn H, Districts: ng Hng, Hng H, Kin Xng, Qunh Ph, Thi Thy, Tin Hi, V Th, Districts: Chim Ha, Hm Yn, Lm Bnh, Na Hang, Sn Dng, Yn Sn, Districts: Lc Yn, M Cang Chi, Trm Tu, Trn Yn, Vn Chn, Vn Yn, Yn Bnh, Districts: Hoi Nhn, An Lo, Ph Ct, Ph M, Tuy Phc, Ty Sn, Vn Canh, Vnh Thnh, Hoi n, Districts: Ba T, c Ph, Minh Long, M c, L Sn, T Ngha, Tr Bng, Ty Tr, Sn Ty, Sn H, Ngha Hynh. If the company has any branches or affiliate companies in a different subregion, the region-based minimum wage will be applied to all employees of those offices. As a Premium user you get access to background information and details about the release of this statistic. One thousand Vietnamese dong equals 0.044 U.S. dollars and 0.039 euros (as of January 2022). Employee benefits are not as generous as in Western countries: there is no mature system of 401K contributions/superannuation, nor do employees typically receive shares or get stock-options. There are limitations on the number of overtime hours an employee is allowed to work. We try to be impartial as possible, but readers are solely responsible for the risks when making any travel plans or investments or purchases. This is the average monthly salary including housing, transport, and other benefits. Why Foreign Companies Relocate to Vietnam? Pregnant women that are performing heavy work, must either be transferred to lighter work or decrease daily work time by an hour, while maintaining the same total pay. Vietnam attracted 962 new FDI projects in the first five months of the year, up from 578 in the same period last year. We highlight some top Vietnamese fashion brands that are also affordale some are suppliers for top Western brands! Districts: L Thy, Qung Ninh, B Trch, Qung Trch. 2011-2021 Emerhub Limited. WebWage & Salaries for Vietnam from General Statistics Office of Vietnam for the GNI release. Contact personnel near you. 8. Fashion giant Uniqlo to raise pay by up to 40%, Japan was the future but it's stuck in the past, US allies voice unease at cluster bombs for Ukraine, Zelensky visits Snake Island as war enters 500th day, Eight killed in Russian strike in Lyman - Ukraine. And the younger the employee, often the steeper the increase. I can help you find and connect with an advisor, get guidance, search resources, or share feedback about this site. Salary Variance. To use individual functions (e.g., mark statistics as favourites, set "Average monthly salary for paid workers and employees in Vietnam from 1st to 4th quarter 2021, by economic sector and unit (in million Vietnamese dong)." 18,500,000 / mo. The code also supplements cases where employers are permitted to organize overtime work for up to 300 hours per year these include manufacturing and export of electric and electronic products as well work requiring high technical qualifications. Here is a complete breakdown of the cost of registering a company in Vietnam. Craft beer in Vietnam: Investment prospects for foreign investors. To pay for these services, Vietnamese employees get 10.5% of their gross salary deducted (not including tax see below), while employers pay and additional 21.5%. m, Ba B, Ngn Sn, Bch Thng, Ch n, Ch Mi, Na R, Districts: Trng Khnh, H Qung, Bo Lc, Bo Lm, H Lang, Ha An, Nguyn Bnh, Phc Ha, Thch An, Tr Lnh, Thng Nng, Qung Uyn, Districts: Bun n, C Kuin, C MGar, Ea Kar, Ea Sp, Krng Ana, Ea Hleo, Krng Bng, Krng Bk, Krng Nng, Krng Pc, Lk, MDrk, Districts: C Jt, k Glong, k Mil, k Rlp, k Song, Krng N, Tuy c, Districts: in Bin, in Bin ng, Mng ng, Mng Ch, Mng Nh, Ta Cha, Tun Gio, Nm P. One exception is for new employees: they do not get a full Tet-bonus. *Region I covers urban Hanoi and Ho Chi Minh City, *Region II covers rural Hanoi and Ho Chi Minh City along with Da Nang, *Region III includes provincial cities and districts of Bac Ninh, Bac Giang, Hai Duong, Phu Tho, Binh Phuc and other provinces not listed in Region I and Region II. There are two kinds of minimum wages in Vietnam. This happened during the end of the collectivist Subsidy Era, prior to which there was no such thing as private property. Tax laws and regulations in Vietnam are continuously updated and refined. Foreigners that work in Vietnam are also exempted from PIT on various benefits such as relocation allowances for moving into the country, airfare to their home country, and education fees for their children. Vietnam has become an attractive market for foreign companies after experiencing rapid growth in its manufacturing, tech and IT sectors, all buoyed by the countrys relatively competitive wages. Despite the hike, when inflation is taken into account people's buying power continued to fall in real terms. In Japan costs of everyday items were also pushed higher by its weakening currency. Salaries are paid monthly and a 13th salary is expected, even if not requested. Vietnam revised regional minimum wages by an average of 6 percent from July 1, 2022, after almost two and a half years due to the pandemic. Employees that have worked at a company for less than one year are typically given a bonus that is prorated and based on their actual employment period. Are Italians ready to eat pasta made from insects? Were not talking about leviathan tech companies like Google, but small 10-40 person operations, usually depending on whether the workplace is a retrofitted house with a proper kitchen. A key attractor is Vietnams highly skilled and intelligent workforce but also the wage differential between Vietnam and China. Discover the different types of industrial parks in Vietnam to help you choose the right one for your manufacturing business. The average wage per person in Vietnam is around 3.45 million VND ($150) a month and differentiated by many factors. The wage increase applies to employees who work under labor contracts under the labor code which includes businesses, organizations, cooperatives, households, and individuals that hire employees on labor contracts. Official figures show that compared to a year earlier wages rose by 1.8% in May, the fastest pace in 28 years. You need at least a Starter Account to use this feature. to incorporate the statistic into your presentation at any time. It is also possible to motivate employees to stay with your company by paying more than one months salary as the 13th salary (Tet bonus). Foreign employers may base salary rates in either Vietnamese Dong or US Dollars, but salaries that are based in US Dollars must be converted into Vietnamese Dong. WebAverage salary in Vietnam. Managing personnel in Vietnam requires business to consider local, regional regulations and customs. Many Vietnamese work-places provide free home-cooked meals! All data are based on 11 salary surveys. 4.0M 6.0M 8.0M 10.0M 12.0M 14.0M 16.0M 18.0M <24 Average 5.8M median 5.1M 10% 2.6M 25% 3.6M 75% 7.2M 90% 9.8M 25-34 Average 8.3M How Much is the Average Salary of a Worker in Vietnam? In Vietnam, workers and employees in rural areas make around 6.2 million Vietnamese dongs per month on average, whereas, the salary in urban areas is slightly higher, at approximately 7.3 million Vietnamese dongs. The ideal entry-level account for individual users. May 16, 2023. The BBC is not responsible for the content of external sites. There are various kinds of bonuses that a company may grant its employees throughout the year. Currently, you are using a shared account. Salaries are different between men and women. Chinese factories boom while Japan's are in reverse, Motor giants announce biggest pay rises in decades. What is the Average Salary in Vietnam by different job titles? * * Estimated. Earlier this week, Japan's largest trade union Rengo said firms had agreed at annual labour talks to the largest pay increases in three decades. [Online]. Accessed July 08, 2023. https://www.statista.com/statistics/1070860/vietnam-average-monthly-salary-by-economic-sector/. Found what you're looking for and enjoying this portal? Average monthly salary in Vietnam 2019-2021, by area, Employment by economic sector in Vietnam 2021, Number of employed people Vietnam 2021, by industry, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. The minimum monthly wage would be between 3.25 million dongs ($142) and 4.68 million dongs ($204.47) as of 2022. WebAPAX English English Teacher salaries - 25 salaries reported. Learn more about how Statista can support your business. In recent months, prices have gone up around the world as pandemic restrictions were eased and the war in Ukraine pushed up the cost of key goods such as oil and wheat. And within that, the average salaries in Vietnam range from 4,360,000 VND ($191) to 76,900,000 VND ($3371). Most state officers and employees has very low pay jobs, usually equal to 1/3 or 1/5, or even 1/10 the wage of the private officers in the same post, especially in some core professions such as education and medical care. As we have said that the average salary is 17,200,000 VND (753.42 USD) Per Month, the lowest average is 4,360,000 VND ($ 191.00) and the highest recorded payment is 76,900,000 VND 3,368.49 USD) every month of a year. The salary of the state officers in other industries like banking, petroleum or energy could be higher, but still not matched with the private sector employees. In addition, there is an even wider gap amongst different positions within an organization. (2021). Instead of having to finance a house, they were given houses from the Vietnamese government. Overall, this leads to much less work-life balance in Vietnam compared to the West. The Rise of Green Investments: Opportunities for Sustainable Investment in Vietnam. Men receive an average salary of 523,659,750 VND. READ MORE: Why Vietnamese salaries are so low (and why they cant stay that way). Use Ask Statista Research Service. In March, as the cost of living continued to jump, the country's Prime Minister Fumio Kishida urged employers to take action. The Trading Economics Application Programming Interface (API) provides direct access to our data. A paid subscription is required for full access. These benefits incentivize ESL companies to offer such benefits in lieu of monetary compensation. General Statistics Office of Vietnam. This is ostensibly a bonus, but almost every worker receives it regardless of performance Vietnamese people depend on the Tet bonus to meet their gift-giving and feasting obligations during the New Year celebration. In some cases, the gross salary may also include overtime pay, allowances and bonuses, as well as additional benefits. In the fourth quarter of 2021, the average monthly salary for paid workers and employees in the state economic sector was around 7.5 million Vietnamese dong.
Vietnam 2. TIP: Theoretically, labour laws are stronger in Vietnam, thanks to its socialist origins: on paper, there are strong policies like high severance and mandatory government approval before an employee can be fired. Read about our approach to external linking.
salary Average Salary in Vietnam The pay rises represent a "symbolic structural change in the Japanese economy," research analysts from Japanese investment bank Nomura said. 191.00) and the highest recorded payment is 76,900,000 VND 3,368.49 USD) every month of a year. In Chinas Guangdong, the 2022 minimum monthly wages are RMB 1,620 to 2,300 ($254 to $362 USD); whereas in Qung Ninh, the minimum wages range from ~$152 USD to $174 USD, or a factor of 0.6 to 0.48 (source). For decades, the salaries of many people in Japan barely moved as inflation had been almost non-existent. District Cao Lnh, Chu Thnh, Hng Ng, Lai Vung, Lp V, Tam Nng, Tn Hng, Thanh Bnh, Thp Mi. Since the differences in salaries between Ho Chi Minh City and Hanoi are relatively small, we have combined the results based on the level of seniority instead of geographical location. Average salary in Vietnam is 438,934,890 VND per year. In addition, the labor code also ensures minimum hourly wage rates for the relevant regions. Trading Economics welcomes candidates from around the world. [Online]. The most typical earning is 164,377,500 VND. With the cost of living dramatically different throughout Vietnam, the government divides the country into four salary regions for the purpose of issuing minimum wages, reflecting the economic realities of the urban/rural divide.
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