With the acceleration of globalization, overseas employment has become an increasingly popular choice for more and more companies. Vietnam, as one of the Southeast Asian countries, has an eye-catching labor market. This article will introduce the content of Vietnam's country profile, labor conditions, visa policies and minimum salary restrictions to help companies better understand the Vietnam market, while also providing references for job seekers to understand overseas employment.
1. Country Profile
Vietnam is one of the Southeast Asian countries, located between China's southern region, Laos and Cambodia. It is a developing country with abundant natural and human resources. Vietnam's economic development is rapid, with GDP growth reaching 7.02% in 2019, making it one of the fastest growing countries in Southeast Asia. In addition, the Vietnamese government is actively promoting economic transformation and upgrading, increasing investment in the field of science and technology innovation to provide a better business environment for companies.
2. Labor Conditions
Vietnam is a populous country with nearly 100 million people. At the same time, Vietnam's labor market is also very active and competitive. The level of education in Vietnam continues to improve and it has become one of the countries in Asia with relatively high education levels. In addition, Vietnam's relatively low labor costs have attracted many foreign companies to set up production bases in Vietnam.
3. Visa Policies
In order to attract more foreign investment companies to Vietnam, the Vietnamese government has formulated a series of preferential policies. Among them, visa policies are an important means of attracting foreign talents to work in Vietnam. According to Vietnamese government regulations, foreign employees need to apply for a work permit and work visa within Vietnam. A work permit refers to the permit document that foreign employees need to obtain before working in Vietnam, while a work visa refers to the entry permit document that foreign employees need to process after entering Vietnam.
4. Minimum Salary Restrictions
In order to protect the rights and interests of domestic laborers, the Vietnamese government stipulates minimum salary standards. According to the latest regulations, from January 1, 2021onwards, the minimum wage standard for R&D positions in Vietnam is VND 2.92million/month (about RMB 8,500/month). In addition, according to Vietnamese law, the wages of foreign employees must not be lower than the salary standards for Vietnamese employees in equivalent positions.
5.Conclusion
Overall, Vietnam, as a developing country, has great potential in terms of human resources and economic development. The Vietnamese government is also actively promoting the improvement of the business environment and technological innovation and upgrading. For companies, choosing to establish production bases in Vietnam or recruit Vietnamese local employees are both good options. However, companies need to reasonably set employee compensation standards while complying with local laws and regulations to safeguard employee rights and interests and corporate interests.