Despite 2nd fastest wage bump in Asia, Vietnamese workers barely make ends meet

Asian workers are expected to enjoy the highest real wage growth in the world in 2018, thanks to a growing economy and changes in the region’s economic structure, the Nikkei Asian Review reported. Vietnam is expected to see wage growth of 4.6 percent in 2018, making the country the second best performer in the region after India, according to a recent survey conducted by human resources company Korn Ferry, which tracks 20 million workers in 25,000 organizations in 110 countries. Salaries in Vietnam are growing strongly as private consumption has emerged as an engine of growth along with manufacturing exports, even though concerns remain over the country’s rising private debts and signs of property market bubble, said HSBC bank. Despite the sharp rise, average wages for laborers in Vietnam remain low, failing to meet their basic daily expenses. The average wage for a laborer in Vietnam reached VND5.5 million ($247.7) per month in the last quarter of 2017, up 7.8 percent over the same period of 2016, according to the General Statistics Office. “The pay is so poor. My monthly salary is over VND6 million, but after deductions for insurance, I make only a little of more than 5.5 million,” Nguyen Thi Chinh, a 30-year-old worker at a woodwork producer in Hanoi’s Quang Minh Industrial Park said. Chinh, who left her home village at the age of 20 to work in the city, said workers in her factory earn much more than the minimum wage, but it is still not enough.…

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