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Highest expected Tet bonus over VND1 billion, average wage down

The highest Tet bonus workers this year is VND1.07 billion, or over $41,000. The highest pay in 2020 was VND516 million a month.

The Ministry of Labor, War Invalids and Social Affairs (MOLISA) has released a report on 2020 wages and 2021 Tet bonuses.

 

 

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The Tet bonus record belongs to a private enterprise in HCM City which offers bonuses of up to VND1.07 billion. The highest wage for workers in 2020, VND516 million a month, was paid by an FIE (foreign invested enterprise) in HCM City.

The report shows that the pay in 2020 saw a slight decrease, and the bonus workers received for the New Year 2021 increased. The average Tet bonus is equal to one month salary.

According to the ministry, only 50 percent of the total 63,000 enterprises which had sent reports have Tet bonus plans. The other 50 percent of businesses did not have plans for Tet bonus as of the end of December 2020.

The reports from 63 provinces and cities showed that the average pay in 2020 was VND7.54 million a month, a decrease of 3 percent compared with 2019 (VND7.77 million a month).

The average pay at one-member limited companies where the State holds 100 percent of capital was VND9.1 million a month, a decrease of 2.5 percent. The figure was VND8.08 million a month, a decrease of 1.07 percent, for joint stock companies in which the state holds controlling stake.

Meanwhile, workers at private enterprises received VND7.13 million on average, down by 1.7 percent, FIEs VND8.12 million, down by 4 percent.

The highest salary in 2020, VND516 million, was paid to the managers at an FIE specializing in manufacturing and trading household use appliances in HCM City.

The other record high salaries were paid by an FIE in Binh Duong province (nearly VND500 million a month), a private enterprise in Da Nang (VND263 million), and a joint stock company where the state holds the controlling stake in Hanoi (VND185 million).

Regarding the 2021 New Year bonus, only 45 percent of total 63,000 businesses had reports about bonuses, and the average bonus was VND2.34 million per worker, an increase of 151 percent over 2020.

The companies with the State holding the controlling stake offered the highest average bonus, VND4.82 million. Private enterprises had the lowest average bonus level, just VND2.15 million.

The highest bonus, VND990 million, was given to managers at an FIE in the finance and banking sector in HCM City.

As for 2021 Tet bonus, the average bonus is equal to one-month pay (VND6.36 million), or 95 percent of the 2020 Tet bonus.

FIEs had the highest average bonus, VND6.99 million, up by 2 percent. 

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