Average Wage in Vietnam 2024:
Comprehensive Guide on Salaries and Minimum Income

11/11/2024

If you’re curious about the average wage in Vietnam, you’re in the right place. Vietnam’s economic landscape is evolving rapidly, and so are the income levels across various industries. Whether you’re a business planning to outsource to Vietnam or someone looking for job opportunities, knowing the average wage in Vietnam gives you a solid foundation to make informed decisions. Let’s break down the numbers and factors shaping salaries in Vietnam in 2024.

Average Wage in Vietnam 2024: Comprehensive Guide on Salaries and Minimum Income

What is the Average Wage in Vietnam?

The average salary in Vietnam has been steadily rising, with 2024 showing promising growth across various sectors. Nationally, the average monthly salary is around 7.5 million VND (approximately 300 USD), showing an increase from previous years. However, salaries differ depending on the region and industry.

  • Hanoi: The capital city offers the highest average salary, with an annual income of 295 million VND (roughly 12,000 USD).
  • Ho Chi Minh City: Close behind, with an average salary of 281 million VND (11,600 USD).
  • Haiphong: Another key industrial hub, where average salaries sit at 254 million VND (10,600 USD)

These figures highlight a growing economy with competitive wages, particularly in IT, engineering, and healthcare sectors.

Key Factors Influencing Average Wage in Vietnam

Several factors influence the Vietnam average income:

  1. Location: Major cities such as Hanoi and Ho Chi Minh City offer higher salaries due to the concentration of industries and businesses. Smaller provinces may offer lower wages but often have a lower living cost.
  2. Industry: Sectors like Information Technology, Finance, and Healthcare tend to have higher wages. For instance, a software engineer in Hanoi can earn between 20-40 million VND/month (approximately 800-1600 USD), while professionals in healthcare might see an average of 27 million VND/month
  3. Experience: Senior-level professionals and those with specialized skills earn significantly more than fresh graduates or junior employees. For example, a senior project manager in Vietnam can earn over 55 million VND/per month, while entry-level positions may start at around 9 million VND/per month.

Key Factors Influencing Average Wage in Vietnam

Understanding Vietnam’s Minimum Wage

In addition to average salaries, the Vietnam minimum wage is also a crucial metric. As of 2024, the minimum wage varies by region, ranging from 4.68 million VND (approximately 190 USD) in high-cost areas like Hanoi and Ho Chi Minh City to 3.25 million VND (130 USD) in rural provinces

The government adjusts these wages annually to reflect inflation and economic conditions, ensuring that basic living standards are met for all workers.

Salary Trends Across Key Industries

Industries like IT, construction, and finance are driving wage growth in Vietnam:

  • IT & Software Development: The demand for tech professionals remains high, with average salaries ranging from 12 million VND for juniors to over 50 million VND for senior developers
  • Banking & Finance: As the economy grows, so does the need for financial analysts, accountants, and investment bankers, with salaries averaging 30 million VND/month
  • Tourism & Hospitality: Vietnam’s booming tourism industry ensures a steady demand for hospitality professionals, with average monthly earnings ranging from 8 to 26 million VND, depending on experience

How Does Vietnam Compare Globally?

Vietnam’s wages, while growing, remain competitive compared to Western nations. This is why the country continues to be a hotspot for outsourcing, especially in the tech sector, where costs can be up to 50% lower than in European markets

Vietnam presents an attractive talent pool at highly competitive rates for companies looking to optimize operational costs.

Final Thoughts: Navigating Vietnam’s Salary Landscape

As Vietnam continues its upward economic trajectory, salaries are expected to grow across all sectors. If you’re an employer, this is a great time to tap into the country’s talent pool, and if you’re a job seeker, continuous skill development will help you take advantage of these trends.

Understanding the average wage in Vietnam gives you the upper hand in making career or business decisions. By staying informed about salary trends, industries, and regional differences, you can better navigate Vietnam’s dynamic job market.

If you’re looking for HR solutions, staffing, or payroll services, NIC Global offers expert insights and tailored solutions to meet your needs. Reach out to us for more information on how to optimize your HR strategy in Vietnam.

For contact and support:

Facebook: NIC Global – Human Resource Solutions
Linkedin: NIC Global Sourcing JSC
Website: www.nicvn.com
Email: [email protected]
Hotline: 0981.23.43.76
Address:

  • Hanoi Office: No. 3A Thi Sach, Pham Dinh Ho Ward, Hai Ba Trung District, Hanoi, Vietnam
  • Ho Chi Minh City Office: Dakao Center Building, 35 Mac Dinh Chi, District 1, Ho Chi Minh City, Vietnam

See more:
Payroll service
Staffing service
EOR service

Your Tailored

HR Solution

Share on

Facebook
LinkedIn

    LIÊN HỆ VỚI CHÚNG TÔI

    Bài viết liên quan

    Boost Training Efficiency with Internal HR Benchmarking Strategies
    Boost Training Efficiency with Internal HR Benchmarking Strategies

    Boost Training Efficiency with Internal HR Benchmarking Strategies 12/11/2024 Training efficiency isn’t just about comparing your results to industry standards. Sometimes, the best solutions are found within your own company. Internal HR benchmarking can uncover hidden strengths and strategies that help businesses close skill gaps faster and optimize training resources. What is Internal HR Benchmarking […]

    EOR
    Leveraging EOR for Efficient Business Expansion in Southeast Asia

    Scaling Smart: Leveraging EOR for Efficient Business Expansion in Southeast Asia 07/11/2024 Expanding your business into Southeast Asia (SEA) isn’t just about tapping into a market of over 655 million consumers and a GDP exceeding $3 trillion. It’s about navigating complexities that require strategic precision. With diverse legal systems, cultural norms, and dynamic economic landscapes, entering […]

    Focus on Growth: Simplify Employee Management with Employer of Record Service
    Simplify Employee Management with Employer of Record Service

    Focus on Growth:  Simplify Employee Management with Employer of Record Service 07/11/2024 Managing local or global employees involves navigating a labyrinth of payroll systems, compliance regulations, and administrative tasks. For companies venturing into international markets, these challenges multiply. The more time and resources you spend managing these complexities, the less you can devote to strategic […]

    Giải pháp nhân lực thiết kế riêng biệt​

    Để lại email, nhận tin tức và tài liệu mới nhất về lĩnh vực nhân sự