MINIMUM AND AVERAGE SALARY IN VIETNAM

Vietnam is located in Southeast Asia on the Indochina Peninsula. It borders on Laos, Cambodia, China and is washed by the South China Sea. It is a socialist state, whose economy has not only increased but also significantly transformed over the past decade. In particular, there has been a decline in the share of agriculture and a rise in industrial production.

Salary in Vietnam

Vietnam has a population of about 97.3 million. According to World Bank experts, Vietnam's economy will grow by an average of 7% annually in the coming years, which is 0.5% higher than China's. Accordingly, the income level of local workers and the general welfare of residents will increase. Let's find out what salaries in Vietnam in 2020.

Minimum salary in Vietnam

According to the Vietnamese government, the official minimum wage in Vietnam in 2020 varies from 3.07 to 4.42 million Vietnamese dong per month depending on the region, which is equivalent to 130-190 US dollars at the current exchange rate. Compared to last year, the growth rate was 5.7%.

Note. In 2019, the minimum wage growth in Vietnam was 5.3%, in 2018 it was 6.5% and in 2017 it was 7.3%.

Minimum wage in Viet Nam in 2020:

  • Region I (Hanoi and Ho Chi Minh City) – 4,420,000 VND per month

  • Region II (rural areas of Hanoi and Ho Chi Minh City and the cities of Kantho, Danang and Haiphong) – 3,920,000 VND per month

  • Region III (Bac Ninh, Bac Jiang, Hai Duong and Wing Phuk provinces) – 3,430,000 VND per month

  • Region IV (remaining settlements) – 3,070,000 VND per month

Average salary in Vietnam

According to local recruitment agencies, the average salary in Vietnam in 2020 is 6 million VND per month ($255). However, surveys of Vietnamese workers in 150 different companies show that they need an average of 6.5 million VND for monthly needs. Therefore, about 44% of the surveyed employees have to work overtime.

Important. According to the databases of Vietnamese reputable recruitment portals, Ho Chi Minh City is the most attractive city to earn money. Then comes Hanoi.

The highest salaries in Vietnam are in finance/investments, banking, IT, marketing and civil engineering. The lowest salaries are in administration/chancellery, customer service, accounting and trade. Depending on the profession and region, Vietnamese income can vary dozens of times.

Vietnam has low unemployment and inflation rates (2% and 5.4%), and the income tax rate in 2020 ranges from 5 to 35%. It is an interesting fact that Vietnam today is one of the world leaders in terms of the growth dynamics of rich people among the local population. Between 2010 and 2016 alone, the share of wealthy citizens in the country increased by 320%.

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