Vietnam considers new basis for social insurance premiums
The Vietnamese Ministry of Labour, War Invalids and Social Affairs has proposed changes to the social insurance premium payment basis in a draft revision of the national Law on Social Insurance. Employers and employees could pay premiums based on actual monthly salary fluctuations, instead of the fixed salary in labour contracts. The proposal aims to […]
Vietnam allocates USD 17 billion to education and training sector
Vietnam’s government has budgeted USD 17 billion for the nation’s education and training sector, accounting for 4.0% of the country’s total GDP in 2023, according to a recent Ken Research report. The Health Professions Education and Training for Health Systems Reform Project secured nearly USD 121 million in collaboration with the World Bank and the […]
Vietnam tackles pension problem for employees owed social insurance
Vietnam Social Insurance has submitted proposals to address the rising number of cases of social insurance contributions not being paid by businesses. By the end of 2022, debts from bankrupt or dissolved enterprises reached USD 171 million , impacting nearly 213,000 employees and their households. In response, Vietnam Social Insurance has proposed two methods for […]
Vietnam to increase health insurance contributions from July
Vietnam’s base salaries and minimum wages will rise by 20% from VND 1.5 million (USD 65) per month to 1.8 million (USD 77) per month, starting July 1. Though much of that rise will be taken up by increased health insurance contributions. The increase was finally approved in November 2022, having been originally planned for […]
Vietnam’s manufacturing workforce hit by mass layoffs
The ongoing global economic downturn has forced numerous Vietnamese firms to downsize their workforces, resulting in mass layoffs. Among the most recent affected companies has been PouYuen Vietnam Company, which has announced plans to terminate 2,300 positions. Similarly, Ampfield Vietnam Company has reduced its workforce from 700 to 100, citing a sharp decline in orders […]
Apple supplier invests USD 400 million for new plants
VIETNAM: Chinese display maker, BOE Technology Group Co Ltd., which supplies both Apple Inc. and Samsung Electronics Co, is planning to build two factories in Vietnam. According to a report from Reuters, citing two anonymous sources, the investment may total up to US$400 million. The firm is in talks to rent land in north Vietnam […]
New Vietnam passports to show birthplace info
New passports issued after January 1, 2023 will now include the place of birth of the individual. Surname, middle name and first names will also be printed on two separate lines to avoid mistakes in transactions and document issuance both locally and abroad. Meanwhile, old passports without birthplaces will remain valid until their expiry period. […]
Fewer hirings in Vietnam as consumer spending falls
Recruitment demand fell by 25% at the end of 2022. This is according to a study from Vietnam recruiting firm Navigos, which said that recruitment demand fell by 25% of pre-pandemic levels in the last quarter of 2022. Meanwhile, hiring demand fell by 42% compared to pre-pandemic level in December 2022, due to weaker global […]
Vietnam named fastest growing digital economy in SEA
A latest report by Bain and Temasek found that Vietnam is now the fastest-growing digital economy in Southeast Asia, with a Gross Merchandise Volume (GMV) growth of 28% year-on-year (YoY). According to the report, Vietnam will hit US$200 billion GMV by 2022. This latest figure comes three years earlier than previously predicted in 2016. The […]
Vietnam’s labour force urged to prepare for 4IR
The young Vietnamese workforce must be equipped with much-needed soft and digital skills to adapt to the demands of the Fourth Industrial Revolution (4IR), its Chamber of Commerce and Industry (VCCI) official said. Speaking at the Dialogue on Business Engagement on Skills Development for Employability of Young People, VCCI Secretary General Tran Thi Lan Anh […]
