Insights to salary information, labor market overview, industry hiring trends, and advice for both employers and employees in Vietnam.
The 8th edition of the Adecco Vietnam Salary Guide 2021 provides a detailed picture of current market offerings based on working experiences across key sectors and industries in Hanoi and HCMC. This issue also introduces an insightful infographic on the 2021 labor market overview in Vietnam.
Fill in the form here to download the full reportWe can all agree that 2020 was a challenging year for the Vietnamese economy. The COVID-19 outbreak interrupted trade and manufacturing activities. The tourism and aviation industries are among the hardest hit. FDI inflows to Vietnam last year fell by 25%. Business closings and mass layoffs caused the unemployment rate in urban areas to reach a 10-year high in Quarter 2/2020. Consequently, Vietnam's 2020 GDP growth was the lowest in the decade (2011 – 2020) at 2.91%.
However, thanks to the successful virus containment, Vietnam is considered a bright spot on the global economic map.
It continued to achieve a positive growth rate, which is among the highest in the world. Production and exportation sectors are strongly recovering from the initial impacts. The EU - Vietnam Free Trade Agreement (EVFTA), Vietnam - UK Free Trade Agreement (UKVFTA), and Regional Comprehensive Economic Partnership (RCEP) allow Vietnam to diversify its export markets and trading partners. More and more companies are reallocating their production chains to Vietnam as their factories in other countries are closing, and the US-China trade war is grinding on.
Besides, Vietnam is an attractive destination for foreign investors, including the U.S., Singapore, South Korea, China, Japan, etc. Vietnam national brand is ranked 33rd in the latest list of the world's 100 most valuable nation brands, moved up nine places from 2019.
The workforce landscape has been going through sharp fluctuations in 2020. Whether or not the labor market will bounce back in 2021 depends crucially on the spreading of COVID-19.
However, as firms are accelerating the digital transformation process, the need for IT-related roles, namely Data Engineer, Infrastructure Engineer, or CTO, is significantly increasing. Software Engineers and Software Architects with rich experience can earn a salary of over 100 million per month.
In the Healthcare industry, businesses have been focusing on strengthening their existing workforce. Internal training, re-evaluation, and re-assign are the most common practices that were adopted to improve employee efficiency. As a result, Sales Force Effectiveness and Talent Development professionals are highly sought after with a relatively high monthly salary, which is up to 80 million.
In the Financial sector, the top positions are Investment Director for private equities; Listed Equities Investment Director, Director of Investment Banking and Head of Equity Research for FDI securities firms; M&A Director, Group CEO, and Group CFO for companies funded by asset managers from Japan, South Korea, the USA, Europe, Hong Kong, and Singapore. The emerging demand for those vacancies can be considered a significant labor movement in the financial market in the fiscal years 2020 and 2021.
Other sectors that will seek more talents are Manufacturing, Fintech, Logistics, Agriculture, and Retail.
Published every year since 2014, Adecco Vietnam Salary Guide is a lodestar of comprehensive updated salary information, derived from Adecco expert market knowledge. We hope this release, with its key insights into market and industry hiring trends, will provide a broad overview of the Vietnam labor market. It can be a useful and effective tool for your strategic talent development planning and recruitment decision-making process in 2021.
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Ms. Huong Ho – Marketing Executive
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