With reference to the announcement by the authority in Vietnam, kindly be informed about the upcoming changes in the base and regional minimum wages in Vietnam, effective 1st July 2024.
- The base wage will increase from 1,800,000 VND to 2,340,000 VND.
- The regional minimum wage will rise from 4,680,000 VND to 4,960,000 VND.
Additionally, the maximum salary used for Social Insurance contributions will be capped at 20 times the base wage, and for Unemployment Insurance contributions, it will be capped at 20 times the regional minimum wage.
As a result of these updates, please note that there will be corresponding impacts on Social Insurance contributions and the Trade Union Fund for employees.
We thank you for your assistance and cooperation on this matter, please feel free to reach out to us if you require any further information or clarification.
On behalf of Link Compliance Group
Email: info@linkcompliance.com
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