Average Wage of Vietnamese People
According to a survey conducted by the General Department of Statistics in 2020, the average monthly wage in Vietnam was 4,249,150 VND (about $21,000). This is more than three times higher than the average wage of 1,387,000 VND (approximately 6,500 yen) in 2010, ten years ago, indicating that national income is increasing in line with economic development.
On the other hand, the average wage (monthly income) in Japan is about 360,000 yen, still more than 15 times higher than in Vietnam. Although the average wage of the Vietnamese people as a whole has increased significantly over the past decade, the number of Vietnamese workers who still want to work in countries with higher wages, including Japan, is expected to continue to increase.
Vietnam Labor Costs in Asia
Although labor costs in Vietnam are on the rise, the average wage in Vietnam is still low compared to other Asian countries.
According to a survey conducted by the Japan External Trade Organization (JETRO) in 2020, the monthly salary for local employees in the Japanese manufacturing industry in Vietnam is $250, compared to $531 in China, $447 in Thailand, $431 in Malaysia, and $360 in Indonesia.
Vietnam remains an attractive manufacturing base in the Asian region, where the manufacturing industry is expanding overseas in rapid succession.
Average Wages by Region
The increase in average wages for the country as a whole has also increased the disparity in average wages by region.
Average Wages Also Rise in Vietnamese Cities
Average wages also rose significantly in Hanoi, Ho Chi Minh City, Da Nang, and other cities. The average wage in Hanoi increased to VND6,205,000 (about ¥31,000), in Ho Chi Minh City to VND6,537,000 (about ¥32,000), and in Danang City to VND5,284,000 (about ¥26,000).
Wage growth in these cities has been driven by an increase in the percentage of people working in white-collar jobs such as IT engineers, finance, and clerical work, as opposed to jobs in agriculture, fishing, and factory workers.
On the other hand, in some places where agriculture and fishing remain the main industries, the rate of wage growth has only doubled. The wage gap between urban and rural areas is widening, and more and more young people, especially those living in rural areas, will go abroad to work in search of higher income.
Areas with the Highest Average Wages
In the 2020 survey, Binh Duong Province topped the list of provinces with the highest average wage, ahead of the capital Hanoi and Ho Chi Minh City. Binh Duong Province is located right next to Ho Chi Minh City and is home to over 2.4 million people. Binh Duong Province is also known as a region that actively encourages foreign investment, and many Japanese companies have established factories in large industrial parks such as the VSIP Binh Duong Industrial Park and My Phuoc Industrial Park.
Binh Duong Province is also known for the development of “Binh Duong New City” by Tokyu Corporation, which established “Becamex Tokyu,” a joint venture with local general contractor Becamex. This project will develop the entire city, including high-rise residential buildings, large-scale commercial facilities, and infrastructure such as roads and buses, and is expected to become a bedroom community for Ho Chi Minh City, which has already become overcrowded.
Conclusion
In this issue, we have explained average wages and labor costs in Vietnam. Although average wages are rising with economic development, they still remain low compared to other Asian countries as well as Japan. The trend of establishing manufacturing bases in Vietnam and of Vietnamese workers migrating to Japan will continue.
In addition, while average wage increases have been larger in urban areas, wage increases in rural areas have been smaller. However, as seen in the example of Binh Duong Province, there is a possibility that many foreign investments will be made in the capital city of Hanoi and neighboring areas of Ho Chi Minh City in the future, leading to significant economic development. It is necessary to continue to pay attention to the economies of regions outside the urban areas.
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