Remittances contributed by migrants account for 5% of Vietnam’s gross domestic product (GDP). International migration and internal migration in Vietnam have long played a very important role in the country’s socioeconomic development and they will continue to do so. Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam, shared that view with The Hanoi Times . Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam. Photos: IOM Vietnam “If you look at the GDP, up to 5% of the country’s GDP comes from remittances contributed by international migration and that’s only recorded remittances, so it should be a lot more,” she said. For that reason, when the migration governance is done right and well, there’s a lot of positive development and contributions to Vietnam when they return and with their remittances, Park added. In addition, there’s also a recognition that … [Read more...] about Migration significant to Vietnam’s socio-economic development: IOM
Banks raise interest rates
Salaries of mid- and senior-level employees to rise by 5-25%
According to the results of a recent salary survey conducted by Navigos, nearly 27% of respondents said salaries of middle- and senior-level employees will rise by from 5% to less than 10%, more than 23% said salaries will remain unchanged, more than 15% said salaries will increase by less than 5%, and nearly 12% said they will rise by 10% to 15%. Global Salary Survey 2023 conducted by Robert Walters in 31 countries, including Vietnam, said 88% of companies are willing to increase salaries by 15-25% this year. For employees in some sectors like the digital industry, salary hikes could be as high as 35% during the year. According to Navigos, many businesses are still in the post-pandemic recovery phase, and so have not been able to sharply increase salaries for their employees. However, over 50% of the surveyed firms said they will improve policies on salary, bonuses, allowances, and other benefits such as flexible working hours, educational opportunities, promotions, and … [Read more...] about Salaries of mid- and senior-level employees to rise by 5-25%