Last month, Vietnam’s National Wage Council set the minimum wage increase for 2024, amounting to a 6% rise. This was decided on due to both inflation and the country’s economic growth—it being one of the fastest growing nations economically in the region.
The increase will be implemented in July 2024. As the minimum wage is region-based, the new minimum wages for each region is as follows:
- Region 1 (urban Hanoi and Ho Chi Minh City): 4,960,000 VND.
- Region 2 (Can Tho, Da Nang, Hai Phong and rural Hanoi and Ho Chi Minh City): 250,000 VND.
- Region 3 (Bac Ninh, Bac Giang, and Hai Duong): 220,000 VND.
- Region 4 (Others): 200,000 VND.
The forthcoming increase in Vietnam’s minimum wage follows a two-year pause in wage adjustments. As such, this situation might call for additional wage hikes in the near future.
