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Average Salary in Vietnam Q4, 2024

Average salaries in Vietnam vary by sector but in general Vietnam has a reputation for abundant, relatively low cost labour. This has been instrumental to its rise as a key global manufacturing hub. 

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.

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 in Vietnam

Monthly WageChange
Period/SourceVNDUS$VNDUS$%
Q1 20247,600,000299.33300,00011.824.11
Q2 20247,500,000295.39-100,000-3.94-1.32
Q3 20247,600,000299.33100,0003.941.33
Q4 20248,200,000322.96600,00023.637.89

Industry and construction, average salary in Vietnam

Monthly WageChange
VNDUS$VNDUS$%
8,400,000330.84300,00011.823.70
8,300,000326.90-100,000-3.94-1.19
8,500,000334.78200,0007.882.41
9,000,000354.47500,00019.695.88

Agriculture, forestry, and fisheries, average salary in Vietnam

Monthly WageChange
VNDUS$VNDUS$%
4,400,000173.30200,0007.884.76
4,400,000173.3000.000.00
4,300,000169.36-100,000-3.94-2.27
4,800,000189.05500,00019.6911.63

Service sector, average salary in Vietnam

Monthly WageChange
VNDUS$VNDUS$%
9,000,000354.47300,00011.823.45
8,700,000342.65-300,000-11.82-3.33
9,100,000358.41400,00015.754.60
9,700,000382.04600,00023.636.59

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 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.

Vietnam’s minimum wage, from July 1 2024

MonthlyHourly*
RegionVNDUS$VNDUS$
14,960,000$19525,306$0.99
24,410,000$17322,500$0.88
33,860,000$15219,694$0.77
43,450,000$13617,602$0.69

See also: Minimum Wage in Vietnam: Your Questions Answered

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.

Box 1: Company director salaries in Vietnam

The average salary of a company director in Vietnam is VND 2.5 billion or US$101,482 according to an analysis of 200 publicly listed companies performed by FiinGroup. The study also found that salaries of the directors at state owned enterprises–or SOEs–were much lower, coming in at VND 1.4 billion or US$56,830 a year.

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.

Incomes tax in Vietnam for average wage workers

Personal Income Tax in Vietnam–locally known as the PIT–is the tax applied to a worker’s income. This is a progressive tax with seven tiers. Most workers on the average wage in Vietnam should find they are subjected to a 10 percent personal income tax. That said, at peak periods and with overtime, average wage workers, particularly in manufacturing, may from time-to-time fall into the third tier which is 15 percent.

Progressive income tax rates, Vietnam, VND millions

TierAnnualMonthly%
1Up to 60Up to 55
2Between over 60 and 120Between over 5 and 1010
3Between over 120 and 216Between over 10 and 1815
4Between over 216 and 384Between over 18 and 3220
5Between over 384 and 624Between over 32 and 5225
6Between over 624 and 960Between over 52 and 8030
7Over 960Over 8035

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 industry overviews (stocks, manufacturing, coffee etcetera) which should give readers a deeper understanding of these industry-specific business environments. 

All of that said, Vietnam’s economy is rapidly developing and is ultra-dynamic and prone to change quickly. To keep tabs on what is happening, including the latest data on the average salary in Vietnam, foreign firms should make sure to subscribe to the-shiv.

Last updated January 7, 2025

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