January 25, 2024, Ho Chi Minh City, Vietnam: Adecco Vietnam is pleased to publish the Vietnam Salary Guide 2024, providing you a comprehensive overview of the current market offerings in two major locations: Hanoi and Ho Chi Minh City. This year also marks the 11th consecutive release of Adecco Salary Guide. In this edition, we focus on:
- A snapshot of Vietnam’s employment market in 2023 and an outlook for 2024
- Research on "HR Landscape and Talent Market Outlook in 2024"
- Vietnam Salary Benchmarking, featuring salary ranges of 1,000+ positions across various sectors with market trends and expert advice for both employers and candidates
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A snapshot of Vietnam’s employment market in 2023 and an outlook for 2024
During the year 2023, global economic unrest has led to a decrease in demand worldwide, coupled with a significant rise in production and business costs. In particular, Vietnam witnessed a significant impact due to the downturn experienced in two major sectors: the Real estate market and Corporate bonds. Domestically, these sectors faced challenges, leading to reduced capital absorption by businesses and an escalating trend in bad debts, among other difficulties.
Within the first 10 months, the country witnessed the establishment and return to operation of 183.6 thousand new businesses, marking a 2.9% increase compared to the same period last year. However, the number of businesses withdrawing from the market has risen by 20%, reaching 146.6 thousand. Themes of business dissolution, workforce reduction, and cautious recruitment continue to dominate headlines (Source: General Statistics Office of Vietnam).
Despite these challenges, Vietnam’s economy is on a positive trajectory, supported by a series of measures from the Government. According to the assessment from the Ministry of Planning and Investment, all three drivers - investment, exports, and consumption - have promising growth opportunities in 2024. Export, in particular, is gradually gaining momentum from the late months of 2023. Retail and consumption are approaching double-digit growth, and the investment sector shows favourable opportunities in state investment, FDI, and private investment, especially in emerging areas like renewable energy and semiconductors.
HR Landscape and Talent Market Outlook 2024: From employer’s and employee’s perspective
Looking ahead at 2024, the job market reflects a cautious sentiment among businesses. Adecco Vietnam’s survey reveals that 74% of businesses expect limited to modest growth in 2024. 
Additionally, 37% plan to maintain their workforce size, while 35% intend to increase headcount by less than 25%. IT – Technology, Retail / Wholesale / Consumer Goods, and Education are sectors showing plan to increase recruitment. Conversely, 18% plan to cut down their workforce, a 8% increase compared to previous year, primarily in the Manufacturing and Property / Real Estate. It’s a focal point highlighting the ongoing challenges in the recruitment market expected for the upcoming year. 
In this ever-changing period, the top priority for recruiters is seeking candidates with change management and leadership skills (chosen by 47% of surveyed employers). Technological and digital skills are also highly valued. 
From the perspective of employees, the unpredictable job market has increased caution in searching new opportunities. According to our survey, 29% have no intention of changing jobs, while 36% are open to new opportunities but not actively seeking new employment in the next 12 months. 
Compared to our survey results in 2023 in Vietnam, where salary was chosen as the most important factor (with a significantly higher percentage compared to other factors), this year, opportunities for development, along with welfare benefits, take the lead in the voting table.
While analysing the top factors contributing to movement of talent across the APAC region, compensation & benefits also emerged as the most significant factor, with a total of 67% choosing it as their primary consideration when moving roles. In comparison with other countries within the region, Vietnam, at 57%, lags behind locations that are relatively more expensive, such as Hong Kong (88%), Singapore (82%), and South Korea (78%).
Consequently, salary expectations across APAC are high. In reality, Vietnam leads with 23% of respondents, followed by India at 21%, receiving a salary increase of over 20% in their current roles. In contrast, when changing employers, a significant 46% in Vietnam and 91% in India expect a base salary increase of over 20%.
Given the high salary expectations, organisations need to relook their pay strategies in 2024. Aligning employee salaries with market demands will be crucial to attract and retain top talent. The following sections in the salary guide will offer insights into the ideal pay ranges for various job roles based on Adecco Vietnam’s expertise & experience.
Vietnam Salary Guide 2024
“In this ever-changing and competitive landscape where businesses are cautious in selecting talents and highly skilled candidates are scarce with complex job expectations, we understand it would be tough for businesses to make decision regarding their workforce. With over 12 years of expertise in Vietnam market, we hope to offer an insightful perspective through this release to benefit both job seekers and HR professionals in shaping their strategic talent management and career development plans for 2024”, said by Thanh Le, Country Director, Adecco Vietnam.
About Adecco Vietnam
Established in Vietnam in 2011, Adecco Vietnam – a member of The Adecco Group - is the leading Payroll, Recruitment & Outsourcing Agency in Vietnam. We provide one-stop solutions for all Human Resources needs. Operating for more than 60 years, The Adecco Group has 39,000+ passionate employees in 5,000+ branches across 60 countries and territories worldwide.
Website: adecco.com.vn
For further information, please contact:
Ms. Linh Ngo – Marketing Manager
Email: linh.ngo@adecco.com