Want to be in the loop?
subscribe to
our notification
Business News
MINIMUM REGIONAL WAGE TO INCREASE FROM 2016
[23-11-2015] Since January 1, 2016, monthly minimum wage for employees will surge from VND 2.4 million (US$114) to VND 3.5 million (US$166), according to Decree 122/2015/ND-CP on monthly minimum wage for employees. The beneficiaries include employees who work for companies, enterprises, cooperatives, cooperative groups, farms, households, individuals and agencies, organizations employing laborers.
The minimum wage will be applied for four different regions in Vi?t Nam as follows Region I: VND 3.5 million (US$ 166); Region II: VND 3.1 million (US$ 147); Region III: VND 2.7 million (US$ 128) and Region IV: VND 2.4 million (US$114).
The fresh decree also stipulates that employers are not allowed to cut or abolish wages when their employees do extra jobs, night-shift and hard and harmful work.
Decree 122 replaces Decree 103/2014/ND-CP, dated November 11, 2014.
Source: VNEP
Related News
CUSTOMS BUDGET REVENUE EXPERIENCES 3% DECLINE IN Q1
Vietnam’s import and export value reached a total of US$145.59 billion in the first quarter (Q1) of 2024, marking a year-on-year growth of 18.2%. However, the customs budget revenue saw a 3% year-on-year decline, amounting to VND71,520 billion in the quarter, thereby achieving 19.1% of the full-year target.
RAPID LAW IMPLEMENTATION MAY PROPEL MARKET FORTUNES
“Investors and developers are looking forward to the implementation of the new law, which will remove obstacles for a range of projects that are struggling due to stalled procedures and lack of legality. For them, the earlier the better,” he said.
NATION URGED TO BUILD ON ECO-IP MODEL
Industrial parks (IPs) involved in an initiative that aims to help push them into the realm of being classed as eco-parks have seen improvements across a string of indicators, according to a review event in Ho Chi Minh City last week.
YEN LU INDUSTRIAL PARK: NEW DESTINATION FOR INVESTORS
Bac Giang is a destination chosen by many domestic and foreign investors thanks to its locational advantages and its most opening and favorable investment policies. Assisted by local authorities, Capella Land Joint Stock Company has effectively invested in industrial zones, especially Yen Lu Industrial Park - a new destination for investors, to contribute to the province’s success in investment attraction.
DEMAND SOARS, POWER ECONOMY URGED
The serious electricity shortage in the northern region in May-June 2023 is a valuable lesson on the importance and pivotal role of ensuring electricity security for socioeconomic development.
OPTIMIZING LEGAL AND REGULATORY FRAMEWORKS FOR EFFICIENT PUBLIC INVESTMENT DISBURSEMENT
According to the Ministry of Planning and Investment, a 1% increase in public investment raises GDP by 0.058%, and each VND1 disbursed stimulates an extra VND1.61 from the non-state sector. However, plan implementation often falls short at around 80% annually, despite government efforts.