Which industries are predicted to have the highest salaries in 2024?

Wages are expected to remain stable across all occupations in 2024. However, the demand for green jobs and green skills will increase.

This is the information provided in the 2024 Salary Guide officially published by ManpowerGroup Vietnam. This guide is for domestic and foreign enterprises looking for valuable human resources information about the Vietnamese labor market.

Stable salary

The salary guide provides a detailed overview of the market with 10 major industry groups including salaries for hundreds of positions at all levels based on actual data and forecast analysis by ManpowerGroup Vietnam experts.

The handbook points out the main characteristics of the Vietnamese labor market in 2023. Accordingly, salaries will remain stable in most industries. Despite unfavorable factors such as declining consumer spending or conflicts and geopolitical tensions around the world, salaries in 2024 in Vietnam are expected to remain stable.

In 2024, the banking and finance sector is forecast to hold the top position in the highest-paying occupations. This is followed by digitalization, communications and information technology, with the best-paying jobs in software and technology, and e-commerce.

In 2024, businesses will pay more attention to the physical and mental health of their employees. Business leaders are increasingly understanding the needs of employees and have more practical support policies. This year's job listings include the position of health and wellness director (for example, in the finance-banking sector) with salaries comparable to other professional positions, demonstrating the desire to help employees balance work and life.

In particular, 2024 is expected to see an increase in the trend of “green” jobs. The 2024 salary guide sees a significant increase in jobs related to sustainability/ESG (environment-social-governance), accompanied by generous salaries and bonuses. The position of HSE Specialist is paid around 1,200-2,000 USD/month while the salary of a person holding the position of HSE Manager can be up to 9,000 USD/month.

Green job recruitment is on the rise

The green transformation towards a brighter and more sustainable future is taking place globally. The adoption of ESG sustainability goals, once considered a distinguishing feature of a few large companies, is now becoming a widely adopted standard in business operations across all countries.

In Vietnam, Decision No. 1658/QD-TTg of the Prime Minister approved the National Strategy on Green Growth for the period 2021-2030, with a vision to 2050. This national goal has created new opportunities and challenges for both the workforce and businesses.

ManpowerGroup Vietnam experts said they have witnessed a significant increase in demand for green jobs and green skills across industries in recent years.

Simon Matthews, Regional Director, Southeast Asia, ManpowerGroup, said that not only has the term “green workforce” emerged, but the concept of “green” has also expanded. Businesses across all sectors are looking for skilled workers who can contribute to initiatives that help them move closer to their ESG goals, regardless of their expertise.

“About 70% of businesses globally have been actively recruiting for green positions and skills. In Vietnam, according to our data up to the first 11 months of 2023, the manufacturing and processing sector is the industry with the highest demand for green jobs with a rate of up to 33%,” said Mr. Simon Matthews.

The human resource market in Vietnam is still recording fierce competition, in which the demand for highly skilled personnel has increased significantly compared to the pre-pandemic period. Ms. Nguyen Thu Trang, Manpower Brand Director, ManpowerGroup Vietnam said: “If employers only rely on salary, it is still not enough to satisfy the diverse needs and desires of employees. Meanwhile, continuously increasing salaries and bonuses is not a feasible solution in the long term. Therefore, businesses need to break out of the rut and be more flexible in the problem of attracting and retaining talent.”

On the other hand, the pandemic has changed the expectations of both employers and employees, making them more focused on work-life balance. Ms. Trang commented: “Workers of all generations now expect to receive other benefits from businesses, such as paid parental leave, training and skill development, or flexible workplace options. The good news is that more and more businesses in Vietnam are really paying attention to this and quickly implementing appropriate strategies to attract and retain employees.”