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Average Salary in Vietnam 2024: Quick Guide

Vietnam has a reputation for abundant low cost labour. This has been instrumental to its rise as a key global manufacturing hub. That said, wages can vary greatly across sectors and industries, and by region. 

This article discusses the average salary in Vietnam and provides a glimpse into what firms can realistically expect to pay their staff when starting a business in Vietnam.

Minimum wage in Vietnam

Vietnam’s minimum wage is decided by the National Wage Council (NWC) but officially approved by the government. Typically the NWC consults both industry groups and Vietnam’s only trade union, the Vietnam General Confederation of Labour. When a wage hike is set by the council it is submitted to the government for approval.

Vietnam’s last wage rise was in July of 2022, however, it was announced in December of 2023 that there would be a 6 percent wage rise from July 2024.

Vietnam’s minimum wage is set by region of which there are four. These are somewhat haphazard and determined relative to the cost of living. They are detailed in the decree linked below, but as a general guide, the higher the cost of living in an area the higher the minimum wage–Hanoi and Ho Chi Minh City, for example, are region one with the least developed areas, region four.

See also: Minimum Wage in Vietnam 2024: Your Questions Answered

Vietnam’s minimum wage, from July 1 2022

MonthlyHourly
RegionVNDUSDVNDUSD
14,680,000$19522,500$0.94
24,160,000$17320,000$0.83
33,640,000$15117,500$0.73
43,250,000$13515,600$0.65

Source: Decree 38/2022/ND-CP

Average salary in Vietnam by sector

The General Statistics Office of Vietnam keeps track of the average salary in Vietnam and reports quarterly on updates and changes. 

Whole economy, average salary

Monthly WageChange
Period/SourceVNDUS$VNDUS$
Q4 20226,800,000279.61
Q1 20237,000,000287.83200,0008.22
Q2 20237,000,000287.8300.00
Q3 20237,100,000291.94100,0004.11
Q4 20237,300,000292.59200,0008.02
Q1 20247,600,000304.61300,00012.02

Industry and construction, average salary

Monthly WageChange
Period/SourceVNDUS$VNDUS$
Q4 20227,700,000316.61
Q1 20237,900,000324.84200,0008.22
Q2 20237,800,000320.72-100,000-4.11
Q3 20237,900,000324.84100,0004.11
Q4 20238,100,000324.65200,0008.02
Q1 20248,400,000336.67300,00012.02

Agriculture, forestry, and fisheries, average salary

Monthly WageChange
Period/SourceVNDUS$VNDUS$
Q4 20224,000,000164.47
Q1 20234,100,000168.59100,0004.11
Q2 20234,100,000168.5900.00
Q3 20234,100,000168.5900.00
Q4 20234,200,000168.34100,0004.01
Q1 20244,400,000176.35200,0008.02

Service sector, average salary

Monthly WageChange
Period/SourceVNDUS$VNDUS$
Q4 20228,100,000332.92
Q1 20238,300,000341.14200,0008.22
Q2 20238,200,000337.03-100,000-4.11
Q3 20238,400,000345.25200,0008.22
Q4 20238,700,000348.70300,00012.02
Q1 20249,000,000360.72300,00012.02

Executive salaries in Vietnam

Executives working in Vietnam can command hefty pay packets. That said, these paychecks are usually quite a bit higher for foreign executives versus their domestic counterparts. 

Persolkelly puts out an annual Vietnam Salary Guide which provides data on a range of positions in accounting, banking and finance, construction and real estate, consumer goods, healthcare, hospitality, human resources and administration, information technology and telecommunications, and manufacturing and supply chain..

Vietnam salary guides, 2024

There are a number of high-profile human resources firms in Vietnam and most of them offer some form of salary guide. Wages outlined in these guides are focused on skilled professions. It should also be noted that foreign workers typically attract much higher wages than local workers.

These are some key Vietnam salary guides for 2024:

Entitlements in Vietnam

On top of their wages, workers in Vietnam have a number of entitlements enshrined in Vietnam’s Labour Code. This includes:

  • 12 days of annual leave;
  • Overtime including: time-and-a-half on regular days, double-time on weekends, and triple-time on holidays;
  • 11 public holidays each year;
  • Six months of parental leave; and
  • One to three days for weddings or bereavement.

When calculating the costs of doing business in Vietnam in terms of wages, these entitlements also need to be taken into consideration.

What’s next?

With a clear understanding of the average salary in Vietnam key decision makers should be able to more adequately assess the strengths and weaknesses of doing business in this rapidly developing economy. 

Moving forward, the-shiv has a broad range of how to guides for different business types (cafes, English centres, gyms etcetera), as well as monthly industry snapshots (stocks, manufacturing, coffee etcetera) which should give readers a deeper understanding of these industry-specific business environments. 

And finally, Vietnam’s economy is rapidly developing and is ultra-dynamic and prone to change quickly. To keep tabs on what is happening, readers should make sure to subscribe to the-shiv.

🡇 Get salary updates sent straight to your inbox 🡇

Updated 05/04/2024 – Added average salaries for Q4 2023 and Q1 2024.

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