Robert Walters Salary Survey: 67% of Vietnamese Professionals Optimistic about Pay Raise Prospects in 2024

9:41:39 AM | 1/18/2024

The recent Salary Survey 2024 conducted by Robert Walters, the world's leading specialist professional recruitment consultancy, reveals that in the face of economic challenges, the Vietnamese recruitment market is displaying remarkable resilience and optimism for 2024.

Despite uncertainties, the landscape expects stable salaries with regular increments. Key factors such as competitive compensation, enhanced well-being, and flexible working are prioritised by job seekers in most functions; while job security is also mentioned in some. Employers are on the look out for candidates with robust business partnering skills, emphasising sustainability and CSR in hiring. Stable salaries and pay raises are expected, especially in high-demand sectors like Accounting & Finance, Manufacturing & Engineering, Sales & Marketing, and Human Resources (HR).

Mr. Pham Tuan Phuc, Country Manager of Robert Walters Vietnam

Moving forward with confidence

The Vietnamese recruitment market is gearing up for a promising 2024, even in the aftermath of economic challenges experienced in the previous year. Notably, 59% of surveyed employees in Vietnam across all functions express a keen interest in exploring new career opportunities over the next 12 months. This inclination is fueled by a focused emphasis on sought-after benefits. Professionals strategically prioritise factors such as competitive compensation, enhanced well-being strategies, and the option for remote or flexible work arrangements.
Intriguingly, a substantial 67% of the surveyed Vietnamese professionals anticipate a pay raise in their future roles, reflecting a notable confidence in the country's job market. Furthermore, 62% of respondents express optimism regarding the availability of new and promising job opportunities. As professionals navigate the evolving employment landscape, this pursuit of enhanced benefits and the strong anticipation of positive career developments remain pivotal in shaping their career decisions in the coming year.

Salary increases and shifting recruitment focus

In line with this positive outlook, 62% of businesses in Vietnam are planning to implement pay raises, with expected increments ranging between 15% to 25% for job movers. The recruitment focus has shifted towards candidates with strong business partnering skills, placing high value on the ability to seamlessly integrate technical expertise with strategic insights. In fact, business partnering skills will feature as a key requirement in many roles in 2024. This demand is most prominent in the legal and finance sectors, as well as in human resources.

Moreover, companies are putting more spotlight on their values and commitment to corporate social responsibility (CSR) during their employer branding and hiring processes. According to Mr. Pham Tuan Phuc, Country Manager of Robert Walters Vietnam, this focus not only enhances corporate reputation but also fosters a positive work culture, engages employees, and attracts talents that align with shared values. Anticipated trends for the coming year include a heightened emphasis on measuring and reporting CSR initiatives as well as digital channels for promoting such initiatives, showcasing clear statistical evidence of a company's commitment to societal impact.

The survey's key findings also shows that companies exhibiting decisiveness and agility stand the best chance of attracting top talent in 2024. Therefore, Phuc advises companies to streamline their recruitment processes and clarify their hiring criteria to expedite decision-making. Beyond speed, companies should prioritise creating a positive candidate experience, as it significantly influences the company’s reputation and employer branding in the long run.

Phuc further suggests that companies should hire based on potential to tap into a broader candidate pool. "Once these talents are on board, employers can retain them by fostering a great company culture and environment that keeps them engaged and happy. To address competency gaps, invest in their training and development. Nurture and promptly reward them for their contributions through promotions or staying abreast of compensation and benefits benchmarks in the market."

New high-demand functions emerge for 2024

In the coming year, several functions stand out as high-demand sectors in Vietnam, namely Accounting & Finance, Engineering & Manufacturing, Sales & Marketing (with an emphasis on healthcare and consumer sector) and HR due to a scarcity of qualified professionals.

Accounting and Finance

The growing trend of Vietnam as a regional hub increases demand for candidates with regional experience, emphasising communication and stakeholder management skills. In 2024, salaries are expected to remain stable, although some companies will opt for higher salaries to win over top talent.

Engineering & Manufacturing

Hiring activities will gradually increase in the first half of 2024, driven by ongoing expansions and increased mergers and acquisitions, with emphasis on professionals with technical expertise, a people-centric approach, and a focus on continuous improvement. While salary increments are expected, market salaries are predicted to see only slight increases from 2023.

Sales & Marketing

In Sales & Marketing, the commercial sector is experiencing a transformation beyond routine replacements. Notably, new positions are emerging, especially in the consumer healthcare business, with candidates often transitioning from backgrounds in Fast-Moving Consumer Goods (FMCG). Standard salary increasing at usual rates is expected in the FMCG sector in 2024.

Human Resources

Human Resources is witnessing increased demand propelled by business partnering, transformation initiatives, and talent management needs. Companies seek professionals for strategic support in decision-making, business orientation, workflow refinement, and talent management. Salary increments are particularly anticipated for in-demand roles due to the tight talent pool.

Most Sought-After Roles in 2024 Across All Disciplines

Accounting & Finance: CFO, Finance Business Partner, Chief Accountant; Engineering & Manufacturing: Plant General Manager, Engineering Manager, Quality Manager; Sales & Marketing: Product Manager, Group Product Manager, Marketing Manager, Business Development Manager, Sales Manager/Head; Human Resources: HR Business Partners, Head of HR, L&D; Legal: Legal Counsel, Legal and Compliance Manager, Legal Counsel (M&A); Supply Chain, Procurement & Logistics: Supply Chain Director, Purchasing Director, Planning Manager; Tech & Transformation: Full-Stack Development, Cybersecurity, Cloud Computing; Digital: Sales for Advertising, Sales for Software/ERP/Cloud, Social Commerce; Technical Constructions: Project Director, Planning Manager, Project Manager

Van Luong - Vietnam Business Forum