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Vietnam wage increases slow as ‘red hot’ market cools
Salary increases in Vietnam slowed to 16.5 percent in the year to end-March as a weakening economy cooled a “red hot” job market, according to an annual salary survey by Navigos Group, the country’s biggest recruiter.
Wages in the property sector gained the most, rising 23 percent, followed by financial services with a 22 percent increase, Navigos said in an e-mailed statement today. The average gross monthly wage jumped 19.5 percent in the prior 12 months, the biggest advance since Navigos started conducting Vietnam pay surveys in 2005.
“Even though the job-market may not be as red hot as before, there are still gaps between supply and demand in the labor market which is the key driver of the salary trend we are seeing,” Winnie Lam, Navigos’ director of human resources advisory services, said in the statement.
The Southeast Asian nation’s economic expansion slowed to 3.9 percent on-year in the first half as the global economic crisis cut demand for Vietnamese products and services. It grew 6.2 percent in 2008.
This year, 163 employers, mostly in manufacturing and information technology, and 13 other industries in Ho Chi Minh City and Hanoi, took part in the survey for Ho Chi Minh City-based Navigos.
The smallest salary increases were 6.1 percent in the automotive and motor vehicle sector, 7.64 percent for the hospitality and tourism industry, and for jobs in shipping, transportation and logistics, where pay increased 9.2 percent.
thanhnien, Bloomberg
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