Want to be in the loop?
subscribe to
our notification
Business News
REGIONAL MINIMUM WAGE TO SURGE 6.5% IN 2018
The regional minimum wage will increase by 6.5% in 2018, representing the lowest rise, according to the National Wage Council. The Council convened the third meeting on August 7 in Ha Noi to make the final decision on the proposal on salary hike in 2018 before submitting it to the PM.
Accordingly, the minimum wage will be applied for four different regions in Việt Nam as follows Region I: VND 3.98 million (US$ 189); Region II: VND 3.53 million (US$ 168); Region III: VND 3.09 million (US$ 147) and Region IV: VND 2.76 million (US$131).
Vice President of the Viet Nam General Confederation of Labor Mai Duc Chinh assessed that the minimum wage hike has yet satisfied employers. However, the rise showed that laborers shared difficulties with businesses. However, the 6.5% minimum wage rise will only meet minimum living standards until late 2020.
Vice President of the Viet Nam Chamber of Commerce and Industry Hoang Quang Phong was also unsatisfied with the rise. Mr. Phong reported that in the first seven months, over 73,000 enterprises were founded. About 50,000 others were dissolved or temporally suspended. He suggested laborers not rely on minimum wage increase but do their best to improve skills; promote labor disciplines, and raise labor productivity.
The minimum wage rise was supposed to meet 92-96% of minimum living standards.
Source: VGP
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.