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Vietnam
- Recruitment landscape
- Economic indicators
- Labor market
- Working life
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Vietnam
Vietnam, with a GDP of $429.7 billion, ranks as the 34th largest economy worldwide. Key industries are food processing, garments, and mobile phones. A low unemployment rate of 1.6% suggests a robust labor market. With a stable working population and gender-balanced workforce participation, Vietnam has a moderate number of recruitment agencies.
Vietnam'S
AGENCY LANDSCAPE
500
Agencies operating in Vietnam
A high number of agencies indicates a mature recruitment industry, marked by strong talent demand, established labor laws and economic stability.
15-18%
Typical fee range
Countries with higher fees imply finding talent is harder to find whilst lower fees indicate a high-volume, commoditized market.
Vietnam'S
FEATURED AGENCIES
Adecco Group
99Owls Consultancy
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Vietnam'S
GROSS DOMESTIC PRODUCT (GDP) RATING
34
WORLD RANKED
Vietnam ranks 34th in the world by current economic output
$430B
NOMINAL GDP (US$)
GDP reflects the overall size and economic strength of the country’s economy.
11
APAC RANKED
Vietnam is the 11th biggest GDP in APAC out of 41 countries in the region
GDP GROWTH (%)
The above chart compares how Vietnam's GDP has grown, compared to the rest of the world and the APAC region in the last 7 years.
Positive growth indicates an expanding economy, while negative growth or recession signifies economic contraction. Strong growth can encourage hiring, but slower growth might lead to freezes or layoffs, influencing talent sourcing as businesses adapt to changing market conditions and demands.
Vietnam'S
CURRENCY AND CODE
₫
Country currency
VNM
Country ISO code
Vietnam'S
INFLATION RATE
3.7%
CURRENT RATE
▲0.4% INCREASE
Inflation represents the rate at which prices rise and purchasing power diminishes. High inflation may prompt employees to seek higher wages, potentially impacting company profitability. This situation could lead to budget constraints or hiring freezes, which might influence talent availability and sourcing strategies.
Vietnam'S
COST OF LIVING
COST OF LIVING INDEX EXPLAINED
The cost of living has a direct impact on salary expectations and the competitiveness of compensation packages. It can influence the appeal of certain locations-while high-cost areas may attract highly skilled professionals looking for higher salaries, lower-cost areas can appeal to companies looking to minimize salary expenses or candidates seeking a better work-life balance.
Vietnam'S
LABOUR STATISTICS
96M
POPULATION
With a population of 96,208,984, Vietnam is a medium sized country by global standards. Vietnam's youth population is close to the world average, suggesting a consistent influx of new workers, but may not see any significant growth. The working population in Vietnam is close to the world average, suggesting a stable labor market that can adequately meet the economy's demands. Vietnam's elderly population is close to the world average, suggesting a manageable dependency ratio, where the working-age population can effectively support the elderly.
Vietnam'S
RELIGION AND ETHNICITY
Religion
In religiously diverse countries, a broad sourcing and engagement approach whilst appealing to inclusive practices resonates with this candidate market. In contrast, in a homogeneous religious environment, understanding dominant cultural norms is often more important when engaging with talent.
Ethnicity
In ethnically diverse countries, there may be a greater variety of candidates with different cultural backgrounds and experiences. Employers may need to focus more on inclusive hiring practices to ensure they attract talent from across different ethnic groups.
Vietnam'S
UNEMPLOYMENT RATE
1.6%
CURRENT PERCENTAGE
▲0.07% INCREASE
Vietnam's unemployment rate is low, suggesting either a booming economy or reliance on foreign labour. Between 2022 and 2023, there was a small increase in unemployment, suggesting continued economic stability, with a slight dip in job availability
Vietnam'S
TOP PERFORMING INDUSTRIES
Top industries
Food processing
Garments
Mobile phones
Vietnam'S
GENDER DEMOGRAPHICS
RATIO OF MALES TO FEMALES (BY AGE)
LABOUR PARTICIPATION BY GENDER (%)
78
/
68
Male | Female
In Vietnam there is a low gap in participation rates between males and females, indicating a relatively balanced workforce particpation often reflective of strong gender equality policies or cultural norms supportive of equal gender parity.
Vietnam'S
WORKING LIFE
11DAYS
Minimum annual holidays
Minimum annual holidays reflect mandated leave. Hiring in countries with high allowances (over 25 days) will require emphasizing work-life balance when recruiting. In countries with fewer holidays (under 15 days), offering additional leave can enhance recruitment and set the organization apart.
40HRS
Average working full time week
Standard work is 8h/day, 40h/week, Mon-Fri. Overtime is paid at 150% on weekdays, 200% on days off, and 300% on holidays. Max 12h/day work allowed.
Vietnam'S
TOP BENEFITS
6MONTHS
Maternity leave
Maternity: 6-month paid leave after 3 months' contribution; includes 2 weeks before birth at 100% average salary by Social Security. Paternity: 5-day paid leave with 3 months' contribution, fully covered by Social Security. Parental: No specific policy in Vietnam.
30DAYS
Sick leave
Employees can take up to 30 days of paid sick leave at 75% salary, funded by Social Security. Extensions are granted individually.
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