Decreased Expectations: Jobseekers in HCMC Anticipate Lower Monthly Salaries Below $850

A recent survey conducted by the HCMC Forecasting Manpower Needs and Labor Market Information (FALMI) reveals that only 19% of jobseekers in Ho Chi Minh City now anticipate a monthly salary exceeding VND20 million ($850). This marks a significant decline of 46% compared to earlier this year. Additionally, the survey found that only 18.5% of businesses are willing to offer salaries above VND20 million to their employees.

Furthermore, the survey highlights that less than 25% of businesses are actively seeking employees for positions that offer a salary range of VND10-15 million, while 44% of jobseekers are seeking compensation within this range. FALMI’s deputy director, Do Thanh Van, attributes this decline in salary expectations to the economic challenges faced by the job market. Many factories have experienced a decrease in orders, leading to cost-cutting measures and layoffs.

The survey, which involved 42,800 businesses and 76,000 workers, also suggests that businesses are adjusting their recruitment criteria. Less than 20% of businesses are currently seeking college graduates, despite nearly 85% of jobseekers being graduates themselves. Nguyen Xuan Son, a director at recruitment company ManpowerGroup, explains that companies are reducing high-salary positions to minimize costs. Many are prioritizing temporary workers while awaiting an improvement in the economic situation.

Overall, the survey findings indicate a shift in jobseekers’ salary expectations as a result of the prevailing economic conditions. With businesses adjusting their recruitment strategies and reducing high-salary positions, the job market in Ho Chi Minh City is experiencing a notable change in compensation trends.