Employees at State-run businesses earn the highest monthly salary of VND11.92 million on average, while the income of workers at foreign-invested and private enterprises is the lowest, the General Statistics Office reported at an October 13 press conference. 

The meeting to evaluate the development of enterprises across the country in 2017 was held by the Government, the Ministry of Planning and Investment and Vietnam Chamber of Commerce and Industry in Hanoi City.

Laborers work at a construction site in this file photo. According to the General Statistics Office, employees at State-run businesses earn the highest monthly salaries 

Statistics indicated that Vietnam saw employees earn a monthly average income of VND8.3 million in 2017, up 10.1% against 2016. State-owned enterprises paid employees the highest average wage at VND11.91 million per month, while workers at foreign-invested firms earned VND9.04 million per month, up 8.7%, and private firms paid their workers an average VND7.37 million per month, up 15.1%.

Laborers in the service sector received a monthly average income of VND9.41 million, while those in the industry and construction sectors earned VND7.76 million, and workers in the forestry and fishery sectors saw an average income of VND5.25 million per month.

A laborer’s monthly average income in the 2010-2017 period rose by 10.5% per year. In particular, the income for State employees increased 8.9% per year, while the incomes of laborers at private and foreign direct investment (FDI) firms grew by 11.6% and 11.4% per year, respectively. Workers in agro-forestry-fisheries sectors saw the lowest salary increase at 4.5% per year.

Laborers’ average incomes are not directly proportional to the expansion of enterprises. Although the number of State-owned firms is on a downward trend, large-scale businesses still received a huge amount of funding, equaling VND9,500 trillion for manufacturing, making up 19% of total capital for the entire business system. Meanwhile, private firms attracted VND17,500 trillion, rising a whopping 51.1%, and FDI enterprises VND5,900 trillion, up 18.1%, respectively.

In 2017, Vietnam saw total enterprises’ earnings amount to VND20,600 trillion, of which private enterprises represented VND11,700 trillion, up 20.2% against 2016, while FDI accounted for VND5,800 trillion and State-run firms generated VND3,100 trillion in revenues due to a decrease in the number of State-owned firms.

In terms of revenue, the industry, construction and service sectors posted the highest, while the agro-forestry-fisheries sector made up a modest 0.55% of total revenues in 2017.

Though FDI firms did not pay their laborers at the highest wage level, they reaped the highest profits at VND384,100 billion, representing 43.8% of total profits. Meanwhile, State-run and private enterprises generated VND200,900 billion and VND291,600 billion in profits, respectively.

Average income was also reflected through the profits in individual sectors. Industry and construction generated VND519,600 billion, up 16.4% against 2016, the service sector earned VND352,100 billion and the agro-forestry-fisheries sectors generated a mere VND5,000 billion in profits. The figures showed the performance of each sector, along with laborers’ salary levels.

Vietnam is home to 702,710 operational enterprises, of which 560,417 are profitable or have capital to maintain their businesses.

SGT