More than 50% of workers optimistic about Vietnam’s economic prospects

A recent report from recruitment firm Navigos suggested more than 50% of workers are optimistic about Vietnam’s economic prospects this year, while 31% say the economy will decline.

Source: Navigos.

However, the report, which was conducted base on a survey on 6,000 employees from 35 working fields, suggested “optimism about economic growth is in inverse proportion to respondents’ working position, i.e: the higher the respondents’ position, the less optimistic.”

Under the report, nearly 58% of fresh graduates are optimistic about Vietnam’s economic stability or growth. The figures in Team Leader/Supervisor group and Heads/ Deputy Heads of department are 53% and 50% respectively.

At C-level, 51% think the economy will stabilize and grow, but nearly 35% say it will decline.

Source: Navigos.

Meanwhile, the survey revealed 26% of employees experienced pay cuts from 10-50% compared to their salary before the Covid-19 pandemic, while 74% still enjoy the same income level.

The senior group, namely the Executive Board, C-level, is the most impacted by the pandemic. As such, 40% of respondents belonging to this group went through salary reduction at different rates. The group of Director/Associate Director is at the second place with 32% suffering pay cuts.

Navigos’ research also pointed out the fact that only 30% of employees were satisfied with the current benefits, and 20% were dissatisfied with the current situation.

Looking forward in 2021, 61% of employees are expected to get a pay raise by 3-20%, and 10% to face salary reduction.

When asked whether candidates are looking for a new job or not, 52% of respondents said they would seek for a job in the next 3-6 months;13% would find a job within the next 12 months.

Given the current difficult economic situation, 13th-month salary is now at the first place among bonuses or benefits that employees receive as 82% of respondents voted for it, followed by health and medical care benefits and travel, meal and cell phone allowances at 51% and 31% respectively.

For employees, 74% of respondents said that the criterion ‘salary, bonus and welfare’ is the most important factor they consider when switching their jobs, followed by promotion opportunities and training and development opportunities at 37% and 34% respectively.