The National Wage Council has proposed a 6% increase, equivalent to an increase of 200,000 – 280,000 VND. Specifically, the minimum wage in region 1 is increased to 4.96 million VND; region 2 is 4.41 million VND; region 3 is 3.86 million VND and region 4 reaches 3.45 million VND. Wages in these regions are currently ranging from 3.25-4.68 million VND.

The hourly minimum wage is also increased by 6% from mid-2024. Specifically, region 1 is raised to 23,800 VND; region 2 is 21,200 VND; region 3 is 18,600 VND; region 4 is 16,600 VND.

Prior to mid-2023, the Wage Council had a meeting to discuss the increase of the regional minimum wage for 2024. However, at that time, the council could not fully assess the impacts and forecast the future economic and social situation.

The council also recognized that at that time, it did not have enough scientific and practical basis to propose adjustment plans and the timing of the minimum wage adjustment for 2024.

The National Wage Council decided to increase the regional minimum wage by an additional 6% from July 1st.

The second meeting of the National Wage Council resumed on December 20th, four months after the first negotiation.

The Vietnam General Confederation of Labor proposed two rate increases of 6.48% or 7.3%, starting from July 1st, 2024, together with the reform of state-regulated wages. The increase is based on the vibrant economy and the resurgence of business orders.

Meanwhile, the Vietnam Chamber of Commerce and Industry (VCCI) proposed an increase of 4.5-5%. After the negotiation, all 16 members of the Council voted to unanimously propose the Government to adjust the minimum wage by an additional 6%, increasing by 200,000-280,000 VND depending on the region.

Deputy Minister of Labor, War Invalids and Social Affairs Le Van Thanh, who is also the Chairman of the National Wage Council, assessed the 6% increase as a harmonious rate, sharing the difficulties of both workers and employers.

The proposed increase will take effect from July 1st, synchronized with the Party’s direction on the timing of implementing the reform of state-regulated wages, ensuring sufficient time for businesses to prepare plans and resources for implementation.

SOURCEcafef
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