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Hanoi sees highest rise in wages
The average salary has grown 23.7% in Hanoi, the highest rise in the country, according to a salary survey.
The Vietnam Salary Survey 2008 Report undertaken by Navigos Group from April 2007 to March 2008 and released on Wednesday shows the Hanoi wage increase is nearly three percentage points higher than in HCMC, the nation's southern economic hub.
Despite the faster wage growth in Hanoi, HCMC still has higher salaries, says a report on the comprehensive salary survey in Vietnam by the leading recruiting and integrated human resource solutions provider.
For the second year, the financial services industry has recorded the highest salary rise compared with other industries.
The survey, which is based on the data analysis of 64,905 job holders at 206 companies operating in different parts of Vietnam, indicates pay levels of the financial services sector have surged 31.6% on average. One of the reasons is that that the banking sector in Vietnam grew strongly prior to the current economic slowdown.
The survey identifies higher salaries for professionals and managers working in the finance sector, with annual gross earnings of US$7,945 and US$19,591 respectively on average.
The consumer goods industry pays professionals and managers slightly lower at average US$7,504 and US$18,752 gross respectively per year. Meanwhile, the annual gross earnings are US$6,840 for professionals and US$14,588 for managers in the manufacturing sectors.
Educational attainment continues to be an important factor in determining salaries but only up to certain job levels. For entry level positions to junior level positions, employees with Masters degrees can earn an average gross pay of US$30,820 per year while Bachelors degree holders can earn US$10,263.
However, the salary survey shows education is less of a factor for higher positions as employees are gauged more on their specific skills and experience rather than their degrees.
The survey points out economic factors such as inflation and employee retention as the reasons behind salary increases this year, as employers have conducted additional salary reviews over the year.
More than 60 of the 206 corporate respondents reported salary reviews over the one-year period. Up to 91% of the companies performing ad hoc reviews reported conducting two reviews and 8.5% made three reviews, according to the survey.
Vietnamese companies reported slightly higher salary increases at 20.2% compared with other company types, as their continued attempt to catch up with the rest of the labor market. Wholly foreign-owned companies have hiked nearly the same by 20%.
Amongst the participants, 71% are foreign-invested companies and the rest are Vietnamese firms. Up to 57% of the survey participants are based in HCMC, 17% in the south-outside of HCMC, 17% in Hanoi and surrounding areas, and 9% in central Vietnam.
VNN
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