Navigos Group, an American human resources service provider in Vietnam, started to conduct the 2008 Vietnam Salary Survey on April 15 to offer clients the latest compensation update on the country’s rapidly developing labor market.
With the inclusion of 17 new job categories, the survey now covers almost every job group in the labor market, a total of 75 in all.
This year’s survey will attract a considerable number of participants from numerous industries throughout the country.
The survey relies on a competency-based approach, as utilized in previous conducted surveys. The approach places the focus on analyzing company and individual data to demonstrate how a dynamic range of information can affect remuneration.
The information will make the final report more comprehensive help companies analyze and compare gross salaries, net salaries, bonuses, and other criteria, for hundreds of different positions. It will also help answer critical questions regarding remuneration and data provision to measure a company’s competitiveness in the labor market.
The final survey report will be released in the third quarter of 2008-before annual salary reviews and adjustments occur-and presented in a bilingual version which improves accessibility for both English and non-English readers.
According to Winne Lam, the Himan Resource Advisory Services Director of Navigos Group, the average staff turnover rate was reported at almost 15 percent, which helped to force wages up by the end of last year.
Launched in 2005, Navigos Group’s Vietnam Salary Survey contains comprehensive information from Vietnam’s most knowledgeable human resource consultants. Based on international and local expertise and a strong methodological approach, these consultants are able to gather the latest and most reliable information on the local labor market.
Last year the 2007 Vietnam Salary Survey attracted 156 companies with a collective sample size of 28,000 employees from foreign-invested and local companies spanning 11 major industries, including financial services, manufacturing, IT and telecommunications.
Since 2003, the government has raised the minimum salary four times. Its latest increase was to VND540,000 (US$33) from VND210,000 (US$13) per month as of early 2008. However, laborers’ needs are not met.
Vietnam plans to apply a standard minimum wage for all sectors by 2010. (Investment, Vietnam Economic Times)
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