July 2024 Update: In the second quarter of 2024, a fall was recorded in the average salary in Vietnam of about 1.32 percent. This has brought the average salary on the whole to about VND 7.5 million which is about US$296.
Said fall can be attributed to the industry and construction, and service sectors which recorded falls of 1.19 percent and 3.33 percent, respectively. Wages in the agriculture, forestry and fisheries sectors remained unchanged.
Vietnam has a reputation for abundant low cost labour. This has been instrumental to its rise as a key global manufacturing hub. That said, wages can vary greatly across sectors and industries, and by region.
This article discusses the average salary in Vietnam and provides a glimpse into what firms can realistically expect to pay their staff when starting a business in Vietnam.
Average salary in Vietnam by sector
The General Statistics Office of Vietnam keeps track of the average salary in Vietnam and reports quarterly on updates and changes.
Whole economy, average salary in Vietnam
| Monthly Wage | Change | ||||
| Period/Source | VND | US$ | VND | US$ | % |
| Q3 2023 | 7,100,000 | 280.80 | 100,000 | 3.95 | 1.43 |
| Q4 2023 | 7,300,000 | 288.71 | 200,000 | 7.91 | 2.82 |
| Q1 2024 | 7,600,000 | 300.57 | 300,000 | 11.86 | 4.11 |
| Q2 2024 | 7,500,000 | 296.62 | -100,000 | -3.95 | -1.32 |
Industry and construction, average salary in Vietnam
| Monthly Wage | Change | ||||
| Period/Source | VND | US$ | VND | US$ | % |
| Q3 2023 | 7,900,000 | 312.44 | 100,000 | 3.95 | 1.28 |
| Q4 2023 | 8,100,000 | 320.35 | 200,000 | 7.91 | 2.53 |
| Q1 2024 | 8,400,000 | 332.21 | 300,000 | 11.86 | 3.70 |
| Q2 2024 | 8,300,000 | 328.26 | -100,000 | -3.95 | -1.19 |
Agriculture, forestry, and fisheries, average salary in Vietnam
| Monthly Wage | Change | ||||
| Period/Source | VND | US$ | VND | US$ | % |
| Q3 2023 | 4,100,000 | 162.15 | 0 | 0.00 | 0.00 |
| Q4 2023 | 4,200,000 | 166.11 | 100,000 | 3.95 | 2.44 |
| Q1 2024 | 4,400,000 | 174.02 | 200,000 | 7.91 | 4.76 |
| Q2 2024 | 4,400,000 | 174.02 | 0 | 0.00 | 0.00 |
Service sector, average salary in Vietnam
| Monthly Wage | Change | ||||
| Period/Source | VND | US$ | VND | US$ | % |
| Q3 2023 | 8,400,000 | 332.21 | 200,000 | 7.91 | 2.44 |
| Q4 2023 | 8,700,000 | 344.08 | 300,000 | 11.86 | 3.57 |
| Q1 2024 | 9,000,000 | 355.94 | 300,000 | 11.86 | 3.45 |
| Q2 2024 | 8,700,000 | 344.08 | -300,000 | -11.86 | -3.33 |
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.
Vietnam’s minimum wage, from July 1 2024
| Monthly | Hourly* | |||
| Region | VND | US$ | VND | US$ |
| 1 | 4,960,000 | $195 | 25,306 | $0.99 |
| 2 | 4,410,000 | $173 | 22,500 | $0.88 |
| 3 | 3,860,000 | $152 | 19,694 | $0.77 |
| 4 | 3,450,000 | $136 | 17,602 | $0.69 |
See also: Minimum Wage in Vietnam 2024: 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
| Tier | Annual | Monthly | % |
| 1 | Up to 60 | Up to 5 | 5 |
| 2 | Between over 60 and 120 | Between over 5 and 10 | 10 |
| 3 | Between over 120 and 216 | Between over 10 and 18 | 15 |
| 4 | Between over 216 and 384 | Between over 18 and 32 | 20 |
| 5 | Between over 384 and 624 | Between over 32 and 52 | 25 |
| 6 | Between over 624 and 960 | Between over 52 and 80 | 30 |
| 7 | Over 960 | Over 80 | 35 |
Source: Law on Personal Income Tax
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.
Last updated
- June 6 2024: Added section on personal income tax for average wage workers.
- May 5 2024: Added average salaries for Q4 2023 and Q1 2024.
- July 30: Updated minimum wage, added average salaries for Q2 2024.