Vietnamese workforce sees more money in their wallets for 2024
The average monthly income of Vietnamese workers surged by 8.6 % annually to VND7.7 million (approximately US$304) in 2024, according to a press conference held by the General Statistics Office (GSO) in Hanoi on January 6.
Specifically, the average income of male workers was VND8.7 million while female workers earned VND6.5 million. Urban dwellers enjoyed even higher earnings, averaging VND9.3 million, compared to VND6.7 million in rural areas.
The fourth quarter of 2024 saw a notable rise in employment, with an estimated 52.1 million workers, reflecting a quarterly increase of 414,900 and an annual jump of 639,100. For the whole year, employment numbers hit 51.9 million, up 1.1% annually. Urban areas saw a substantial boost, with 19.9 million workers, up 831,200 from the previous year, while rural employment dipped by 246,100 to 32 million.
Unemployment figures also showed encouraging signs. The number of unemployed working-age individuals in Q4 fell to 764,600, down 98,800 from the previous quarter and 142,000 fewer than the same period in 2023.
This financial upturn is mirrored in the quality of life, with the minimum living standards increasing by 6.7% and average per capita income rising by 8.8%. The minimum wage saw a 6% hike starting July 1, 2024, directly improving the living standards of millions.
GSO Deputy General Director Nguyen Trung Tien highlighted Vietnam's growing demographic, with the population reaching 101.3 million, up by 1.03% from 2023. The demographic profile is improving, with lower birth rates and a stable replacement rate since 2005, alongside a commendable decrease in mortality and an increase in life expectancy, now at 74.7 years, thanks to improved medical and public health services.
The urban-rural population split stands at 39 million (38.5%) in cities and 62.3 million (61.5%) in rural areas. The gender balance is nearly even, with 50.6 million males (49.9%) and 50.7 million females (50.1%), yielding a sex ratio of 99.2 males per 100 females.
The population and housing census as of April 1, 2024 confirmed a total fertility rate of 1.91 children per woman and a sex ratio at birth of 111.4 boys for every 100 girls. Average life expectancy has increased, with men now living to 72.3 years on average and women to 77.3 years.
