On June 30th, 2024, the Government issued Decree No. 74/2024/ND-CP stipulating the minimum wage for employees working under labor contracts, according to which the regional minimum wage will increase by 6% compared to the current rate, specifically as follows:
| Region | Minimum monthly wage
(Unit: Vietnamese dong/month) |
Minimum hourly wage
(Unit: Vietnamese dong/hour) |
| I | 4,960,000 | 23,800 |
| II | 4,410,000 | 21,200 |
| III | 3,860,000 | 18,600 |
| IV | 3,450,000 | 16,600 |
The regional minimum wage as prescribed is the lowest level used as a basis for enterprises and employees to negotiate and determine salaries.
This Decree takes effect from July 1st, 2024.
