Japanese firms in Vietnam raise wages every year: report
Japanese firms in Vietnam offer their employees a stable raise every year, a new report on hiring and business culture by Vietnam-based HR consulting firm Navigos Group has found.
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The report, which was conducted this month, surveyed 470 candidates and 220 hiring experts from Japanese firms in Vietnam.
Eighty six percent of surveyed firms raise employees’ wages yearly. An increase of 5-10% is common, occurring at 62% of all firms surveyed.
Candidates and hiring experts have different opinions on what makes a Japanese firm attractive to workers. Top choices for hiring experts include “an attractive salary and benefit package” and “stable job outlook,” while candidates believe “a professional working environment” and “professional working attitudes” are what prompt them to apply in the first place.
“Japanese firms should make use of their business culture to enhance their brands’ public image and attract workers,” said Navigos director Gaku Echizenya.
Vietnam is also seen as an attractive destination for Japanese firms as it was named second best country to expand abroad in a 2017 survey conducted by the Japan External Trade Organization.
“The Vietnamese economy is in good shape now and the middle class population has been increasing, which has led to growing consumption,” Japan Times quoted Hiroshi Yoneyama, director of JETRO’s International Economy Division, as saying.
Japan was Vietnam's largest foreign investor last year, pouring in US$9.11 billion, or 25.4% of total FDI, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
The Vietnam Chamber of Commerce and Industry is also working with SME Support, Japan to bring more Japanese small and medium enterprises to Vietnam and vice versa.
"Many large Japanese corporations are already present in Vietnam, offering quality and competitive products in familiar markets. In the near future, when Japanese small and medium enterprises strengthen their investments in Vietnam, I am confident there will be more cooperation opportunities in new markets," said Hoang Quang Phong, vice chairman of the Vietnam Chamber of Commerce and Industry.
