VietNamNet Bridge - According to the International Labor Organization (ILO), only one-third of the labor force in Vietnam works in the formal sector and workers in the banking, technology, and real estate earn the highest pay.

According to a report titled "Vietnam’s wage policy in the context of a market economy and integration" of the ILO, Vietnam ranked eighth out of nine countries in the ASEAN region for the rate of personnel in the formal sector (who work for businesses recognized by the law, with income), behinds countries like Indonesia, Thailand, Cambodia, Myanmar ... and just before Laos.

However, according to the report, in recent years Vietnam has rapidly narrowed the gap with the world as the percentage of workers in the formal sector is expected to rise rapidly in the coming decades. Specifically, in 2013, the rate of workers with stable income accounted for 34.8% of the total workforce, doubling that of 1996.

In the formal sector, workers in the banking, financial and insurance sector earn the highest monthly average income, with VND7.23 million ($350). Workers in the scientific - information technology and real estate sector follow, with VND6.5 million and VND6.4 million ($200) per month. Notably, the survey also said that women working in the banking, financial, insurance and science – information technology sectors are often better paid than men.

In contrast, in the agricultural sector, which accounts for about half of the workforce, the rate of paid workers makes up just over 10% of formal employment in Vietnam. This leads to an average income of this group being the lowest, only VND2.63 million ($130) per month.

In the region, ILO commented that ASEAN has made great leaps in wage reform. From modest wage growth, in the last two years, this problem has significantly improved through increasing the minimum wage, and real wages in Indonesia, Thailand and Vietnam.

In Vietnam, in 2012, the average monthly wage reached VND3.8 million ($181), higher than that of Laos ($119), Cambodia ($121) and Indonesia ($174). As a member of the ASEAN Economic Community that is increasing integration, Vietnam is assessed to have tremendous growth over the next decade.

As the ASEAN Economic Community (AEC) will be formed in 2015, the ILO said the establishment of policies and reasonable salary will play an important role in helping Vietnam restructure and improve labor productivity and working conditions.

S. Tung