Hire your remote team in Vietnam

Only 399 EUR per employee per month

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Hiring a remote team in a country as Vietnam comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR)Ā solution helps companies hire remote employees in Vietnam. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

A remote team

1. Hire a remote team in Vietnam with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Vietnam, particularly if you don't have established local relationships. You can hire employees in Vietnam effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Viet Nam.

As an employer of record, we help you hire employees and run payroll services in Viet Nam, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Viet Nam.

It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.

If you wish to hire a remote team in Viet Nam or individually hire remote employees in Viet Nam, Rivermateā€™s global employer of record services will make sure that the process will be as seamless as possible for you.

Send us a message so we can talk about how Rivermateā€™s Employer of Record Viet Nam services can best help your company!

3. Hire a remote team in Vietnam

Vietnam is one of East Asia's most dynamic emerging economies. The country, which was once considered poor, has now moved into the lower-middle income bracket. It is thought to be a manufacturing export powerhouse. The manufacturing sector is crucial to Vietnam's GDP. It is one of the region's largest exporters; whether it is clothing, footwear, plastics, electrical machinery, or electronics, everything is manufactured and exported globally.

The country has one of the lowest rates of unemployment among developing countries. In 2019, only 2.04% of the total available workforce was unemployed, with an employment-to-population ratio of 68.9%. No surprise, Vietnam has emerged as the clear leader in low-cost manufacturing and sourcing when compared to other developing markets in the region.

According to the most recent World Bank ratings, Vietnam ranks 70th out of 190 economies in terms of ease of doing business; as a result, an increasing number of foreign firms are investing and expanding in Vietnam. Vietnam has built an excellent infrastructure to support the knowledge and service industries over the years.

4. Cost of living in Vietnam

Vietnam's cost of living is $622, which is 1.5 times less expensive than the global average. Vietnam ranked 139th out of 197 countries in terms of cost of living and 68th in terms of quality of life.

In Vietnam, the average after-tax salary is $441, which is enough to cover living expenses for 0.7 months.

5. Cost of renting in Vietnam

The cost of rent in Vietnam is roughly USD 321 per month or VND 7,395,410.

6. Major industries in Vietnam

One of the most important factors contributing to Vietnam's economic growth is its excellent digital infrastructure. In January 2021, the country's internet penetration was an impressive 70.3%, with 68.72 million internet users. According to the most recent data, Vietnam ranks 56 in the world for mobile speeds (average 45 Mbps) and 60 in the world for fixed broadband speeds (average 70 Mbps).

Every industry requires a reliable internet connection; the IT services and software industries rely entirely on it. Vietnam has an advantage over other countries in the region due to the large number of remote knowledge workers available at competitive wages.

7. Hiring cost in Vietnam

Many steps in the hiring process, such as screening candidates, interviews, onboarding, and training, necessitate time, expertise, and money. Hiring in a foreign country can be complicated and costly. As a result, most organizations seek the assistance of EOR services such as Skuad. Consider the cost of living in Vietnam's major cities for one person.

8. Employment laws Vietnam

Vietnam's National Assembly amended and approved a new Labor Code in January 2021. The amendments provide adequate employee protections and bring the code more in line with global best practices. The following are some key points from Vietnam's Labor Law.

- Employment Contracts - Definite-term contracts are limited to three years and must be renewed annually. Employers may also choose to use indefinite-term contracts. Foreigners are granted a two-year work permit, which must be renewed each year.

- Termination - The minimum notice period for a fixed-term employment contract is 30 days and 45 days for an indefinite-term employment contract.

- Working Hours - The maximum number of working hours in a week is 48. Overtime should be limited to 12 hours per day and 40 hours per month.

- Employees can take up to 12 paid leaves per year, in addition to 11 public and new year holidays.

9. Top skills Vietnam

Vietnam's HCI is 69%, which is higher than the average for East Asia and the Pacific region and lower-middle-income countries. Vietnam's labor force has grown steadily in recent years, providing young, low-cost, and highly skilled workers to national and global markets.

Ho Chi Minh and Hanoi are the most populous cities, as well as the centers of knowledge workers. Hai Phong, Da Nang, and Can Tho are three other major cities with excellent infrastructure and human resources. Vietnam has a large number of highly educated experts in cutting-edge technologies and skills such as web design, mobile development, data management, transcription, customer service, digital marketing, and accounting.

The top skills available in Vietnam include:

- Information Technology services

- Development and programming

- Accounting and sales

- Admin Support and Customer Service

- Data Science and Analytics

- Advertising and creative media

- Healthcare

- Legal consultation

- Travel and Tourism

10. Economic landscape in Vietnam

Following significant economic reform in 1986, Vietnam has become one of the world's fastest-growing economies. GDP per capita increased 2.7 times between 2002 and 2018, while poverty rates fell dramatically. The country's current labor force participation rate is around 77%, which is excellent for future economic growth.

The Vietnamese Dong (VND) is the country's currency; at the current exchange rate, $100 USD equals 2,303,866 VND. The cost of living for one person in 2020 was around 640 USD/ 14,744,743 VND, while the monthly minimum wage in Vietnam is 4.42 million VND or 14,240 USD. Unlike most other countries, Vietnam handled the Covid-19 pandemic admirably, and as a result, its economy was largely unaffected. It had one of the highest GDP growth rates in the world, with an estimated GDP of more than 340 billion USD.

11. Market size in Vietnam

Vietnam is one of the prime locations for investors focusing on the textile industry. Apart from this, there are many other business areas, including information and communications technology, automotive, pharmaceuticals, medical devices, and e-commerce, which see significant growth in the country. Interestingly, over the past few years, Vietnam has also become a key location for high-technology manufacturing. Companies like Nokia, Samsung, Intel, and LG Electronics have multi-billion dollar investments in the country.

12. Minimum wage in Vietnam

The following wages are the minimum salary for untrained employees per region.

In Region I, the minimum wage is VND 4,420,000. In Region II, the minimum wage is VND 3,920,000. In Region III, the minimum wage is VND 3,430,000. In Region IV, the minimum wage is VND 3,070,000.

The minimum salary for trained employees must be higher than at least 7% of the regional minimum base salary.

13.Why choose Rivermate to hire your remote team in Vietnam?

Establishing an entity in Vietnam to hire a team takes time, money, and effort. The labor law in Vietnam has strong worker employment protection, requiring great attention to details and a thorough awareness of local best practices. Rivermate makes expanding into Vietnam simple and effortless. We can assist you with hiring your preferred talent, managing HR and payroll, and ensuring compliance with local legislation without the hassle of establishing a foreign branch office or subsidiary. Our PEO and Global Employer of Record (EOR) solutions in Vietnam give you peace of mind so you can focus on running your business. Please contact us if you'd like to learn more about how Rivermate can help you hire employees in Vietnam via our Employer of Record (EOR) / PEO solution.

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