Average salary in Vietnam in 2024

What is the salary in Vietnam in 2024? In the second quarter of 2024, the average monthly income for workers was 7.5 million VND (Vietnamese dong), which equals about 300 USD (Source: General Statistics Office).

In this article, I’ll look at how salaries in Vietnam differ by industry, region, age, and gender to give you a clear understanding of income across the country.

Key takeaways

• Average annual salary: 90,000,000 VND
• Average monthly salary: 7,500,000 VND (300 USD)
• Median salary: 14,900,000 VND/month
• Minimum hourly wage: Starting at 16,600
• Minimum monthly salary: 3,450,000 VND
• Gender pay gap: 71%

Average salary in Vietnam

According to the General Statistics Office of Vietnam, in 2024, the average monthly salary is 7,5 million VND (300 USD).

This is a bit lower than the first quarter but higher than the same period last year. Over H1 2024, workers’ average income increased by 7.4% or 519,000 VND compared to H1 2023. So, though there are small fluctuations, overall income is up.

Median salary in Vietnam

The median salary is the amount at the middle of the pay scale – half of workers earn more, and half earn less. It gives a better idea of what most workers make, without being influenced by very high or very low salaries.

According to SalaryExplorer.com, the median salary in Vietnam is 14,900,000 VND/month, which is about 600 USD. This is what a typical worker earns in the country.

Minimum wage rates in Vietnam

A minimum wage is the lowest amount of money that employers must pay their workers. It’s to ensure that people can earn enough to cover basic living expenses.

In Vietnam, the minimum salary varies by region to match the cost of living. The country is divided into four regions, with Region One having the highest minimum wage and Region Four the lowest.

From 1 July 2024, the Vietnamese government sets new minimum wages through Decree 74/2024/ND-CP. The minimum monthly salary is now 4.96 million VND in Region I, 4.41 million VND in Region II, 3.86 million VND in Region III and 3.45 million VND in Region IV. These wages are higher than last year, following the trend of steady increases to help workers cover basic needs.

The government sets the minimum wage in Vietnam and adjusts it regularly to ensure workers can cover basic living expenses. This is part of the efforts to improve living standards and fair pay across the country.

Factors impacting Vietnam’s average salary

• Economic growth: A growing economy means higher wages due to more business activities and investments. Vietnam’s integration into the global economy has also influenced wage trends, with certain skilled professions seeing salary increases due to international demand.
• Inflation: Rising cost of living may prompt companies to increase salaries to help workers manage expenses.
• Industry demand: Tech, finance and manufacturing sectors offer higher wages as they need skilled workers.
• Regional differences: Salaries are generally higher in urban areas like Hanoi and Ho Chi Minh City compared to rural areas.
• Education: Higher education and specialized skills lead to better paying jobs.
• Age: Experience and seniority affect salary levels, older workers often earn more.
• Gender: Though there’s progress, gender pay gap still exists, women generally earn less than men in the same position.

Average salary in Vietnam by region

In 2024, average salaries in Vietnam vary significantly by region, reflecting the different economic conditions and cost of living across the country. In general, urban and industrialized areas have higher wages while rural and less developed areas have lower average income. The salary range varies significantly, with urban areas like Ho Chi Minh City offering higher wages compared to rural regions.

• Southeast Region: Leading the country, the Southeast region which includes Ho Chi Minh City has the highest average salary of 9.3 million VND/month. This is due to its status as Vietnam’s economic hub with many industries and businesses concentrated here, driving up wages.
• Red River Delta: Following closely is the Red River Delta region which includes Hanoi. The average salary here is 8.6 million VND/month, benefiting from the region’s strong economic growth and development.
• Mekong Delta: In the Mekong Delta, the average salary is 7 million VND/month. This region is known for its agriculture and fisheries which, while important, typically offer lower wages than industrial areas.
• North Central and High Central Coast: This region has an average salary of 6.5 million VND/month. Although lower than the more developed regions, the presence of some industrial zones and tourism helps sustain wages.
• Central Highlands: With an average salary of 5.6 million VND/month, the Central Highlands is mostly rural with agriculture being the main source of income, resulting in lower average wages.
• Northern Midland and Mountains: The lowest average salary is in the Northern Midland and Mountains region at 5.5 million VND/month. This area is largely rural and less developed, hence lower wages.

Source: VnExpress.net

Average salary in Vietnam by age

Salaries generally increase as people get older, reflecting their growing experience. Overall, salaries tend to rise with age until the late 30s, after which they gradually decline. This trend shows how experience and career advancement affect earnings, with a slow reduction in pay as workers get closer to retirement.

According to 2021 data:

• For those aged 15-19, the average monthly salary is 2,944,300 VND, which is typical for entry-level positions. As individuals reach their early 20s, earnings rise to an average of 4,802,000 VND.

• Salaries keep climbing in the late 20s and early 30s.
• Workers aged 25-29 earn around 5,794,100 VND per month, and those aged 30-34 make about 6,321,100 VND.
• The highest average salary is seen in the 35-39 age group, at 6,701,500 VND, reflecting their advanced roles and experience.

• After age 39, salaries start to decline.
• Workers aged 40-44 earn an average of 6,653,100 VND, and this drops further to 6,420,300 VND for those aged 45-49.
• For individuals aged 50 and older, the average salary falls to 5,011,900 VND. This decrease may be due to approaching retirement or moving to less demanding jobs.

Average salary in Vietnam by professions

• In Vietnam, salaries differ based on occupation, type of employment, and industry. Generally, workers in the state sector earn more than those in non-state or foreign sectors. The average salary for state employees is 7,663,200 VND per month, higher than the 5,518,800 VND earned by non-state workers and the 7,133,500 VND earned by those in foreign firms.

• When breaking down salaries by occupation, leaders earn the most at 13,310,700 VND per month, reflecting their significant responsibilities. Professionals come next with an average of 9,378,500 VND, showing the high value placed on specialized skills. Technicians and associate professionals earn 7,654,000 VND, while clerks make 7,059,000 VND. Service workers and market sales workers average 6,179,300 VND, and skilled agricultural, forestry, and fishery workers earn 4,858,900 VND. Craftspeople earn 6,319,200 VND, indicating a decent wage for skilled manual labor.

• In terms of employment type, own account workers, who run their own businesses, have the highest average salary at 15,725,700 VND. Self-employed individuals earn 6,706,900 VND, which is more than the 6,673,500 VND earned by wage workers. Unpaid family workers earn just 61,900 VND, highlighting the low compensation for this role. Cooperative members average 6,518,600 VND.

• Certain industries also show significant salary differences. Workers in agriculture, forestry, and fishery sectors have the lowest average salary at 3,570,900 VND. In contrast, those in industry and construction earn 6,544,400 VND, while workers in the services sector have the highest average at 6,909,800 VND.

Average salary in Vietnam by education

People’s salaries in Vietnam vary widely based on their level of education:

• Those with a Doctorate degree earn the most, with an average salary of 692,376,000 VND per year. This high salary reflects the advanced skills and knowledge required for these roles.

• People with a Master’s degree earn about 582,919,500 VND a year. This is also a strong income, though slightly less than that of Doctorate holders.

• Those with a Bachelor’s degree make an average of 450,553,500 VND annually. This shows that having a university degree can lead to a good salary.

• High school graduates earn around 369,097,500 VND per year. While this is less than what people with higher degrees earn, it still provides a solid income.

• Those with some college education earn about 353,824,500 VND each year. This is close to the salary of high school graduates, showing that some additional college experience can be beneficial.

• At the lower end, people with less than a high school education earn an average of 155,275,500 VND annually. This shows a big difference compared to those with higher education levels.

Gender pay gap

In 2024, Vietnam ranks 72nd in the World Economic Forum’s Global Gender Gap Report, with a gender parity score of 71.5%. This score is higher than both the global and regional averages for East Asia and the Pacific, reflecting progress but also highlighting areas where significant gaps remain.

• One of the most pressing issues is the gender pay gap. In 2021, the average monthly salary for women was nearly 29% lower than that of male workers, a disparity that is particularly stark among older workers and those in the agricultural sector. Women in Vietnam also bear a heavier burden of domestic work, which often limits their participation in the formal workforce and contributes to the pay gap (Country Gender Equality Profile).

• Despite these challenges, Vietnam has made strides in closing the gender gap, particularly in economic participation. From 2023 to 2024, gender parity in economic opportunities improved slightly, with a rise from 74.9% to 75.1%.
• Vietnam performs well in terms of professional and technical workers, where full gender parity has been achieved, and the gap in estimated earned income has nearly closed to 79.9%.
• However, women’s participation in the labor force has been declining, with a participation rate of 68.5% in 2024, down from a high of 79.9% in 2017. Additionally, women remain underrepresented in senior leadership roles, where gender parity is only 35.1%.

To address these gaps, Vietnam has implemented several initiatives aimed at reducing the gender pay gap and improving women’s representation in the workforce. Programs focused on increasing access to education and training for women, promoting female entrepreneurship, and encouraging greater female participation in leadership positions have been launched.

While these efforts have shown some success, particularly in educational attainment where gender parity has been achieved in secondary and tertiary education, the progress in closing the pay gap and increasing representation in senior roles remains slow.

Average salary in Vietnam compared to other countries

Average monthly salary in Vietnam is on the lower side compared to many countries, reflecting its position as a developing country. While Vietnam’s economy is growing, the average income is still low compared to global standards.

In 2024, the average monthly salary in Vietnam was about 300 USD, and the yearly average salary in vietnam is about 90 million VND, which is 3,600 USD.

• When we compare this with Japan, where people earn around 2,230 USD per month and 30,993 USD per year, the difference is clear. Japan’s average salary is much higher, showing the gap between a highly developed country and Vietnam.
• In Germany, the average annual salary is about 55,450 dollars, and in the United States, it’s about 65,470 USD per year. These figures are far above what most Vietnamese workers earn, highlighting the economic differences.
• Even when compared to other developing countries, Vietnam’s average salary is modest. For example, in Pakistan, the average salary is around 3,531 USD per year, which is less than in Vietnam, showing that Vietnam’s economy is a bit stronger. However, in Mexico, the average salary is about 11,715 USD per year, which is higher than in Vietnam but still much lower than in developed countries.

Hallmarks of Vietnamese labor market

• Economic growth: Vietnam’s economy is growing fast, moving from agriculture to industrial and service sectors. This means more demand for skilled workers and high salaries in those sectors.
• Young workforce: The country has a young workforce, many in their 20s or 30s just starting their careers. This keeps the overall average salary lower as entry level jobs pay less.
• Low average wage: The low wages in Vietnam attract foreign investors, especially in manufacturing. This creates jobs but keeps the average salary lower than more developed economies.
• Manufacturing hub: Vietnam is a major player in global manufacturing, especially in textiles, electronics and agriculture. Many foreign companies set up factories here due to low labor cost. This contributes to low average salary as many jobs in this sector are low skilled and low paid. But it also creates many jobs which stabilizes income.
• Informal jobs: The prevalence of informal jobs which usually pay less and have fewer benefits pulls down the average salary. These jobs are common in rural areas and among migrant workers.
• Urban migration: More people move to big cities where wages are higher. This trend helps to gradually increase the average salary. But the influx of workers also creates job competition which may slow down wage growth.

FAQ

Sources:

• https://www3.weforum.org/docs/WEF_GGGR_2024.pdf
• https://www.ilo.org/sites/default/files/wcmsp5/groups/public/@asia/@ro-bangkok/@ilo-hanoi/documents/publication/wcms_825083.pdf
• https://www.ilo.org/sites/default/files/wcmsp5/groups/public/@asia/@ro-bangkok/@ilo-hanoi/documents/publication/wcms_825083.pdf
• https://www.gso.gov.vn/en/data-and-statistics/2024/07/socio-economic-situation-report-in-the-second-quarter-and-six-months-of-2024/
• http://www.averagesalarysurvey.com/vietnam
• https://www.pwc.com/vn/en/publications/2024/240702-government-boosts-basic-and-minimum-salaries.pdf
• https://e.vnexpress.net/news/business/economy/southeast-tops-vietnam-in-average-salary-4769532.html

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