Vietnam’s National Wage council has approved a 6 percent pay raise for Vietnam’s minimum wage workers from July 1, 2024, VN Express is reporting. The Vietnam General Confederation of Labor had been pushing for between 6.48 percent and 7.3 percent whereas the Vietnam Chamber of Commerce and Industry, a peak business representative body, had suggested between 4.5 and 5 percent.
A few key points of note:
- The last minimum wage hike was in July of 2022;
- Inflation averaged 3.2 percent a year between 2012 and 2022;
- In the manufacturing sector average wages are already well above the minimum (around VND 7 million per month).