New Common minimum salary & Regional minimum salary with effect from 01 July 2024-Up

Dear Sir/Madam,

Please kindly be advised that on 30th June 2024, Vietnamese Government just issued Decree No. 73/2024/ND-CP stipulating common minimum salary for Officials, Public Employees and Armed Forces and

1. Decree No. 74/20224/ND-CP regulating minimum regional salary for the Employee working under a labor contract with effect from 1st July 2024.

 

Common minimum salary/month

Maximum Monthly Salary subject to SI-HI

(equal to 20 times of common minimum salary)

2.340.000 VNĐ 46.800.000 VNĐ

 

2. Pursuant to Decree No. 73/2024/ND-CP, from 1st July 2024, common minimum salary as well as maximum monthly salary subject to Social Insurance – Health Insurance (SI - HI) are as follows:

Region Regional Minimum Salary

Maximum Monthly Salary subject to UI

(equal to 20 times of regional minimum salary)

Per month Per hour
I 4.960.000 VNĐ 23.800 VNĐ 99.200.000 VNĐ
II 4.410.000 VNĐ 21.200 VNĐ 88.200.000 VNĐ
III 3.860.000 VNĐ 18.600 VNĐ 77.200.000 VNĐ
IV 3.450.000 VNĐ 16.600 VNĐ 69.000.000 VNĐ


Pursuant to Decree No. 74/2024/ND-CP, from 1st July 2024, minimum regional salary per month and per hour as well as maximum monthly salary subject to Unemployment Insurance (UI) are as follows:

The salary increment may affect the Employer’s budget and the Employee’s benefits. For detailed information, please kindly contact Faro Vietnam’s HR Consultancy team.

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