Salaries in Vietnam are rising faster than in any other Southeast Asian country, according to a recent survey released by employment website Jobstreet.com.
The average annual growth rate of Vietnam’s payroll stands at 20-24 percent, compared to 14-20 percent in Thailand, the Philippines, Indonesia, Myanmar and Singapore.
In Vietnam, management and executive salaries grew fastest, at 26 and 35 percent respectively.
The survey found that 68 percent of companies operating in Vietnam want to expand their businesses in the future, so they have high recruitment demands. Jobstreetforecast that salary growth will continue with this demand.
Vietnam’s minimum wage, however, doesn’t enjoy such a large jump. On Monday, the prime minister signed off on a decree raising the minimum wage for 2018 by 6.5 percent, the lowest nominal bump in 11 years.
The rise brings the minimum wage for Region I to VND3.98 million ($175) a month. Region II to VND3.53 million, Region III to VND3.09 million and Region IV to VND2.76 million.
In Vietnam, there are four different minimum wage regions, which are supposed to reflect the cost of living in each area. Region I, including Hanoi and Ho Chi Minh City, has the highest minimum wage, while region IV, which is for rural areas, has the lowest.