In the draft of the Government Decree prescribing statutory minimum wages, the Ministry of Labor, Invalids and Social Affairs proposed to increase the statutory minimum wages by 6% at the current level which is suggested to apply from July 1st, 2024.
Regarding the statutory minimum wages, the level for each region are suggested as follows: Region I: 4,960,000 VND/month, Region II: 4,410,000 VND/month, Region III: 3,860,000 VND/month, Region IV: 3,450,000 VND/month.
These proposed statutory minimum wages increased from 200,000 VND to 280,000 VND (equivalent to an average increase rate of 6%) compared to the current statutory minimum wage.
By law, the statutory minimum wage per month is the minimum wage used as the basis for any agreement between employers and employees on monthly salary and payment thereof. The job- or position-based salary of an employee who ensures the monthly normal working hours and has fulfilled his/her labor productivity norms or tasks as agreed shall not be lower than the statutory minimum wages per month.
