It said 83 per cent faced challenges in recruiting at the professional level, 18 per cent at the executive level and 60 per cent at the management level.

The primary issue was their skill set requirements, with 74 per cent of companies saying they were unable to find people with the right skills at the right price and 64 per cent saying there are fewer qualified ready-to-hire candidates in the market.

The report was based on the 2023 Asia Pacific Market Pulse Survey - Vietnam market, which asked 143 organisations across various sectors to provide insights into the latest salary, bonus and recruitment trends.

Nguyễn Thị Thanh Hương, deputy CEO of Talentnet Corporation, said: "The report shows that hiring high-quality personnel is a priority for businesses in rebuilding their workforce after various fluctuations. [But] it is astonishing to see companies having difficulty hiring professionals.”

Some 66 per cent of organisations are currently offering a sign-on bonus to attract top management talent.

Executives receive an average of VNĐ500 million (US$21,107) though it could go up to VNĐ900 million ($37,994), managers get around VNĐ200 million ($8,442), and specialists get VNĐ80 million ($3,376).

Due to a scarcity of talent and intense competition, businesses are willing to offer such generous bonuses, the report said.

But multinational corporations typically do not offer them due to standardised policies across regions and subsidiaries.

Technology and life sciences are two industries experiencing growth in the current period due to the increasing demand for digitisation and heightened focus on health following the COVID-19 pandemic.

They are also less affected and influenced by the general economic context, according to Talentnet’s analysts.

The report referred to a “brain drain” suffered by businesses, with 89 per cent of organisations reporting loss of employees to rival organisations.

Forty nine per cent of employees cited a lack of growth opportunities and clear career path, while 49 per cent of organisations struggled with non-competitive salary structures.

The report also provides information on other welfare benefits such as retention bonus and the hybrid working model. — VNS