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Hire in Vietnam

Hire In Vietnam

Vietnam is one of the most dynamically emerging economies in East Asia. The country once considered poor has now moved into the lower-middle-income category. It is regarded as a manufacturing export powerhouse. Vietnam’s GDP is heavily dependent on its manufacturing sector. It is among the largest exporters in the region; be it clothes, footwear, plastics, electrical machinery, or electronics, everything is being manufactured and exported globally.

The country has one of the lowest unemployment rates among all developing nations. In 2019, only 2.04% of the total available workforce was unemployed, while the employment-to-population rate stood at an impressive 68.9%. No wonder, compared with other developing markets in the region, Vietnam has emerged as the clear leader in low-cost manufacturing and sourcing.

According to the latest World Bank Ratings, Vietnam ranks 70th among 190 economies in the ease of doing business; hence, a growing number of foreign companies are investing and expanding in Vietnam. Over the years, Vietnam has developed an excellent infrastructure to support knowledge and service industries.

Overview of Vietnam

Population: 96.50 million (2019)

Gross Domestic Product (GDP): 261.92 billion USD (2019)

Languages Spoken: Vietnamese, English, Chinese, French, Khmer, Nung, Hmong, Muong, Cham, and Tay.

Economic Overview

Vietnam witnessed significant economic reform in 1986, after which it has become one of the fastest-growing economies. Between 2002 and 2018, the GDP per capita increased by 2.7 times while poverty rates declined drastically. The current labor force participation rate is around 77%, which is excellent for the country’s future economic growth.

Vietnam’s currency is the Vietnamese Dong (VND); per the current exchange rate, 100 USD is equivalent to 2,303,866 VND. In 2020, the cost of living for one person was approximately 640 USD/ 14,744,743 VND, while the monthly minimum wage in Vietnam is 4.42 million VND or 14,240 USD. Unlike most other countries, Vietnam handled the Covid-19 pandemic very well; hence its economy remained largely unaffected. It was among the countries with the highest GDP growth globally, with an estimated GDP of over 340 billion USD.

Market Overview

Vietnam is one of the prime locations for investors focusing on the textile industry. Apart from this, there are many other business areas, including information and communications technology, automotive, pharmaceuticals, medical devices, and e-commerce, which see significant growth in the country. Interestingly, over the past few years, Vietnam has also become a key location for high-technology manufacturing. Companies like Nokia, Samsung, Intel, and LG Electronics have multi-billion dollar investments in the country.

Here is a glimpse at the top exports from Vietnam in 2020:

Product Group

Export in USD

Percentage share of total export

Electrical machinery

153.5 billion

44.1%

Machinery including computers

23.9 billion

6.9%

Footwear

23.8 billion

6.8%

Clothing

15.5 billion

4.5%

Home decor items

15.5 billion

4.4%

Internet Penetration and Speed

One of the most significant factors helping the economic growth in Vietnam is its excellent digital infrastructure. The internet penetration in the country stood at an impressive 70.3%, with 68.72 million internet users in January 2021. According to the latest data, Vietnam ranks 56 for mobile speeds (average 45 Mbps) and 60 for fixed broadband speed (average 70 Mbps) globally.

Reliable internet connection is essential for every industry; the IT services and software industry depend entirely on it. Vietnam has the edge over other countries in the region with a massive availability of remote knowledge workers at competitive wages.

Talent In Vietnam

Vietnam’s human capital index (HCI) stands at 69%, higher than the average for East Asia and the Pacific region and lower-middle-income countries. Vietnam’s workforce has grown consistently over the past few years, offering young, inexpensive, and highly skilled talents to national and global markets.

Ho Chi Minh and Hanoi are the most populated cities; they are also the hub of knowledge workers. Other major urban cities with excellent infrastructure and human resources include Hai Phong, Da Nang, and Can Tho. Vietnam offers a pool of well-educated experts in the latest technologies and skills such as web design, mobile development, data management, transcription, customer service, digital marketing, and accounting.

Top Skills in Vietnam

The top skills available in Vietnam include:

  • Information Technology services
  • Development and programming
  • Accounting and sales
  • Admin Support and Customer Service
  • Data Science and Analytics
  • Advertising and creative media
  • Healthcare
  • Legal consultation
  • Travel and Tourism

Top Skills by City in Vietnam

Hanoi

Profiles

Top Skills

Customer Service and Admin Support

Project Management, Data Entry, Virtual Assistance, Translation, Web Research, Customer Support

Web and Mobile Development

Web Development, Website Customization, and Migration, Full-Stack Development

Data Science and Analytics

Research, Data Engineering, Data Extraction, Data Scraping, AI Engineering

Digital Marketing

SEO, Editing, Website Audits, Market Research, Email Campaigns

Ho Chi Minh

Profiles

Top Skills

Accounting and Consulting

Management Consulting, Business Analysis, Bookkeeping, Accounting, Real Estate Consultant.

I.T. Services

Firmware Development, Linux Support, Programming, Automation, Python Scripting

Data Science and Analytics

Data Analysis, Python Machine Learning, Data Extraction, Data Mining

Translation and Writing

Translation Services, Medical Transcription, Teaching, Proofreading, Content Writing

Top Remote Job Profiles in Vietnam

The average hourly wage in Vietnam is 4.5 USD/99,300 VND. Below are a few top remote profiles, along with starting hourly rates.

Remote Profiles Jobs Available Hourly Wage in USD Hourly Wage in VND

IT Service and Software Development

Senior Embedded Engineer

30

691,159

Automation Scripts Developer

35

80,6353

Web Developer

40

921,546

Full-Stack Developer

40

921,546

Software Enginee

30

691,159

Accounting and Consulting

Investment & Strategic Manager

50

1,151,933

Business Analyst

30

691,159

Accountant

20

460,773

Real Estate Consultant

25

575,966

Customer Service and Admin Support

Project Management

20

460,773

Data Entry Specialist

10

230,386

Virtual Assistant

15

345,579

Translator and Researcher

12.5

287,983

Customer Service Assistant

15

345,579

Digital Marketing and Bilingual

Medical Linguist

30

691,159

English - Vietnamese Translator

10

230,386

English/Japanese-Vietnamese Interpreter

25

575,966

Content Writer

10

230,386

Copywriter

15

345,579

Data Science and Analytics

Senior Data Engineer

45

1,036,739

Machine Learning Engineer

30

691,159

Data Scraping Specialist

15

345,579

Data Analyst

12

276,463

Hiring Cost in Vietnam

The hiring process involves many steps like screening candidates, interviews, onboarding, and training, which require time, expertise, and money. The hiring process in a foreign country can be complex and costly. Hence, most organizations take the help of EOR services such as Skuad. Let’s look at the cost of living for one person in Vietnam and its major cities.

Cost of Living in Vietnam

Particulars

Monthly Cost in USD

Monthly Cost in VND

Cost of living per person (with rent)

650

14,975,129

Rent and Utilities

321

7,395,410

Food Expenses

200

4,607,732

Transport Cost

50

1,151,933

Cost of Living by City in Vietnam

City

Cost of Living in USD

Cost of Living in VND

Average Rent in USD

Average Rent in VND

Ho Chi Minh

735

16,933,415

391

9,008,116

Hanoi

624

14,376,124

288

6,635,134

Haiphong

528

12,164,413

270

6,220,438

Can Tho

571

13,155,075

260

5,990,051

Da Nang

728

16,772,145

387

8,915,961

Salary Structure for Various Roles in Vietnam

The highest average monthly salary may go up to 76.9 million VND/3000 USD. It is important to note that compensation depends on many factors like skills, education level, years of experience in the industry, and location.

The data below provides the average annual salary in various sectors.

Industries

Annual Salary in USD

Average Salary in VND

Construction

32,033

738,012,535

Insurance

20,601

474,638,666

Properties and Real Estates

18,674

430,233,276

IT and Programming

17,481

402,752,985

Hotels and Tourism

16,315

375,893,587

Finance and Banking

15,397

354,737,212

Automobile

13,527

311,665,593

Customer Services

13,144

302,835,106

Manufacturing

11,625

267,835,104

Education and University

11,417

263,051,923

Aviation and Shipping

7,950

183,163,613

Public Sector

4,885

112,565,710

Legal Services

24,205

557,654,441

Management and Business

27,186

626,343,671

Engineering

27,782

640,072,318

Average Annual Salary Comparison By City

City

Average Yearly Salary in USD

Average Yearly in VND

Da Nang

19,120

440,512,514

Ho Chi Minh

17,548

404,293,721

Hanoi

15,538

357,979,657

Can Tho

8,822

203,262,169

Employment Laws in Vietnam

In January 2021, Vietnam’s National Assembly amended and approved a new Labor Code. The amendments provide ample protections to the employees and make the code better aligned with global best practices. Below are a few key points of Vietnam‘s Labor Law.

  • Employment Contracts – Definite-term contracts are for a maximum of three years and must be renewed every year. Employers can also opt for indefinite-term contracts. Foreigners are offered a work permit for two years, which needs to be renewed every year.
  • Termination – The minimum notice period is 30 days for a definite term and 45 days for indefinite-term employment contracts.
  • Working Hours - The maximum duration of working hours per week is 48 hours. Overtime should not exceed 12 hours a day and 40 hours a month.
  • Holidays and Leaves - Employees can take up to 12 paid leaves; In addition, there are 11 public and new year holidays.

Conclusion: How Can Skuad Help You in Hiring in Vietnam?

Hiring in Vietnam is a multi-faceted task requiring in-depth knowledge of the laws, trends, hiring costs, living costs city-wise, and more. Skuad comes onboard as a one-stop solution handling every minute aspect of recruitment. It gives you the freedom and time to focus on your project and expansion plans without any hiring stresses. Connect with Skuad experts to know more.

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