Vietnamese workers’ monthly income rises to $323 in Q4 2024

The average monthly income of workers in Vietnam reached VND8.2 million ($323.09) in the fourth quarter of 2024, an increase of VND550,000 or 7% from the previous quarter, according to the General Statistics Office.

Urban workers earned an average of VND9.8 million, while their rural counterparts made VND7.2 million. The banking and finance sector reported the highest growth, with incomes rising by 10.5%. The manufacturing and retail sectors followed, with increases of 11.7% and 9%, respectively.

For the entire year, workers’ average monthly income grew by 8.6% compared to 2023. The GSO’s data encompasses salaries, bonuses, and benefits received in the month preceding the survey.

Approximately 52.1 million people were employed in Q4 2024, marking a 415,000 increase from the previous quarter. Employment rose in the construction, services, and industrial sectors, while the agricultural and aquaculture sectors saw a decline. Informal workers accounted for over 60% of the total workforce.

Vietnam’s unemployment rate for 2024 dropped to 2.24% from the previous year. However, youth unemployment (ages 15-24) surged to 7.96% in the final quarter. The rate was higher in urban areas at 9.02% compared to 7.4% in rural regions. Rural areas accounted for 1.3 million unemployed young people, representing 10% of the nation’s total unemployed youth.

The GSO urged the government to adopt flexible monetary policies and manage interest rates effectively. It also called for close monitoring of essential goods prices, particularly fuel, and proactive natural disaster prevention measures to safeguard production and livelihoods.

By Hong Chieu – VnExpress.net – January 6, 2025