Want to be in the loop?
MINIMUM WAGE TO INCREASE 5.3%
An increase in the minimum wage moved a step closer yesterday after the National Wage Council agreed to increase basic salaries. The committee confirmed they will look at a rise of more than 5 per cent compared to last year.
The raise is equal to an increase of VNĐ160,000-200,000 (US$6.8-8.6) each month per labourer.
It is believed to be the lowest increase of the regional minimum wage so far.
The increase will be submitted to the Government for final approval.
The increase of the regional minimum wage was 7.3 per cent in 2017, equal to an increase of VNĐ180,000-250,000($7.7-10.7) and 6.5 per cent in 2018, equal to an increase of VNĐ180,000-230,000 ($7.7-9.9).
The decision was made after the third meeting of the council held in northern Hải Phòng City yesterday and chaired by Deputy Minister of Labour, Invalids and Social Affairs cum President of the National Wage Council Doãn Mậu Diệp.
Representatives from the Việt Nam Chamber of Commerce and Industry (VCCI), on behalf of employers and the Việt Nam General Confederation of Labour (VGCL), on behalf of employees, were also at the meeting.
They decided the monthly minimum wage for four different regions in Việt Nam to be Region I: VNĐ4.18 million (US$180); Region II: VNĐ3.71 million ($160); Region III: VNĐ3.25 million ($140) and Region IV:VNĐ 2.92 million ($126).
Region I covers urban Hà Nội and HCM City, II covers rural Hà Nội and HCM City along with urban Cần Thơ, Đà Nẵng and Hải Phòng cities, III applies to provincial cities and the districts of Bắc Ninh, Bắc Giang, Hải Dương and Vĩnh Phúc provinces and Regional IV takes care of the remaining localities.
Diệp said the increase was selected at 5.3 per cent after many discussions and was thought to be reasonable.
“It is the level that could cover a price slippage of 4 per cent each year and still ensure a small actual pay rise for labourers,” he said.
Additionally, the level was also affordable for employers to pay, he added.
Mai Đức Chính, vice president of VGCL, also said the increase was acceptable.
Chính said the 2018 regional minimum wage actually met about 92-94 per cent of the minimum living standards.
However, if fully calculated, it was necessary to increase the regional minimum wage by 7 per cent each year to both offset inflation and ensure a steady actual pay rise for the labourers, he said.
The increase for 2019 was only 5.3 per cent, it meant the pressure of adjusting the regional minimum wage for 2020 would not be small, he said.
The aftermath of the health crisis has prompted Vietnam to consider adjusting its economic growth target, with the recommendation that providing practical support for the private sector will help the economy achieve higher growth and create more jobs.
Despite unprecedented revenue-risk allocation in the draft Law on Public-Private Partnerships, international developers are urging Vietnam to make additional changes ahead of the National Assembly’s adoption to increase future bankability.
vernment has issued e-visa to citizens from 80 countries since July 1 this year, according to its latest Resolution No. 79/NQ-CP. Visitors with e-visas can enter Viet Nam at eight international airports, or arrive via land at 16 international border gates and via sea at 13 ports across the country.
Rooms and suites feature classic decor, soft sunlight and a natural indoor-outdoor flow. Laze in your living area or out on your balcony daybed, choosing from garden or river views.
Quang Ninh sustained its position as the most competitive province for the 3rd consecutive year, according to the Provincial Competitiveness Index released by the Viet Nam Chamber of Commerce and Industry (VCCI) and the US Agency for International Development (USAID) early this month.
The EU-Vietnam Free Trade Agreement (EVFTA) could boost Vietnam’s GDP by 2.4% and exports by 12% by 2030 and lift an additional 100,000-800,000 people out of poverty by 2030. Such benefits should be capitalized on as the country is aggressively responding to the Covid-19 pandemic.