Vietnam's wages increase fastest in the region

While the salary increase rate of other countries in the region is around 16%, Vietnam shows the fastest salary growth rate at 24%.

At the press conference forecasting the Vietnamese labor market in 2018, Ms. C. Angie Phang - General Director of JobStreet.com Vietnam - commented that according to the results of a large-scale survey by JobStreet.com, there are many factors supporting the positive growth results of the Vietnamese labor market in 2018.

According to this survey, Vietnam has the fastest average annual salary growth rate in the region at a rate of 20% to 24%, and with the continued positive growth in recruitment demand, the salary growth rate will continue to increase in the coming time. At the same time, this organization predicts a large growth in job opportunities compared to other countries in the region, and Vietnamese job seekers also have the second highest happiness index in the region.

Vietnam is leading the region in salary increase rate.

Currently, the three industries with the fastest growing recruitment demand in the coming year in Vietnam are manufacturing; wholesale; construction, and engineering. Because Vietnam and Thailand are two countries in the region that are predicted to have an explosion in business growth - this is an important factor affecting labor recruitment.

The survey shows that business expansion accounts for 68% of recruitment priorities in Vietnam and 43% in Thailand. Accordingly, Vietnam is the country with the highest recruitment rate due to the need for business expansion in the region. Malaysia has a strong trend of personnel replacement and Singapore has frozen its recruitment market.

Vietnam's economic growth is quite positive with the driving force coming from FDI. In the first 10 months of 2017, FDI capital increased by 37.4% compared to the same period last year..This creates expected job opportunities in 2018. Manufacturing; wholesale; construction, engineering are also the three industries with the highest FDI inflows.

However, contrary to the optimistic forecast for the Vietnamese job market next year, there are still potential obstacles that directly affect the job market. Regarding external factors, businesses assess that finding candidates with skills, expertise, and compatibility with corporate culture are the biggest obstacles.

In particular, Vietnam is the only country with the highest demand for high-level candidates.qmanagement. And the fields that are seriously lacking skilled candidates are construction, computer - information technology.

From within the business, there are also many challenges, most notably the need for urgent recruitment with limited time, with more than 48% of attendees agreeing.

In addition to talent retention strategies, businesses have a long-term and solid recruitment plan to be able to recruit enough employees and limit sudden staff shortages. Especially, in the context of positive economic development in the coming period, it is still a big challenge for the Vietnamese labor market.

According to Zing