Want to be in the loop?
subscribe to
our notification
Business News
MINIMUM WAGE ASKED TO REMAIN UNCHANGED
The Ministry of Labour, Invalids and Social Affairs has recommended the minimum wage should stay the same this year as in 2020 due to the impact of the COVID-19 pandemic.
In documents sent to agencies for proposals on the regional minimum wage to report to the Government, the ministry said the National Wage Council agreed not to increase the minimum wage this year.
In 2020, about 101,700 enterprises had to temporarily suspend their operations, shut down or wait for dissolution procedures, up 13.9 per cent compared to 2019, according to the General Statistics Office.
The unemployment rate was 2.48 per cent, 0.31 per cent higher than that of 2019.
The number of workers aged 15 and over was 53.4 million, a decrease of 1.26 million people compared to 2019.
The average income of workers was at VNĐ6.62 million (US$287.42) per month, a slight decrease compared to 2019.
According to the council, with the CPI increase of 3.23 per cent in 2020, the regional minimum wage was actually higher than minimum living conditions by 2.28 per cent.
So workers could maintain a minimum standard of living with current wages.
The ministry also said that the COVID-19 pandemic continued to be complex in Việt Nam and abroad.
It is impossible to predict when COVID-19 will end and the extent of its impacts on the domestic socio-economic situation to the end of 2021.
The ministry believes it is not time to adjust the minimum wage this year to help businesses recover and enable workers to keep their jobs in the context of the pandemic.
Adjustments to the minimum wage could be considered on January 1, 2022, the ministry said.
As a result, the minimum monthly wage for workers in Region I, which covers Hà Nội and HCM City's urban areas, is set to remain at VNĐ4.42 million ($191.77), while that of those in Region II – covering Hà Nội and HCM City's rural areas, along with major urban areas in the country like Cần Thơ, Đà Nẵng and Hải Phòng – will be VNĐ3.92 million.
Workers in Region III, or provincial cities and the districts of Bắc Ninh, Bắc Giang and Hải Dương provinces, will earn at least VNĐ3.43 million a month, while those in Region IV, or the rest of the country, will receive a minimum of VNĐ3.07 million.
Source: VNS
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.