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Survey: retail and financial firms most eager to hire in Vietnam

A recent salary survey by Talentnet shows that the retail, banking, and insurance sectors are the most likely to increase their headcount to support business expansions in 2019.

Talentnet & Mercer announced its survey to 600 companies in Hanoi and Ho Chi Minh City
Talentnet & Mercer announced its survey to 600 companies in Hanoi and Ho Chi Minh City

With positive outlooks and ambitious plans ahead, 80 per cent of retail and financial firms in Vietnam are busy recruiting new staff members. According to the Talentnet & Mercer Salary Survey 2018, these industries are ranked among the top potential recruiters this year and the next.

“Business conditions in Vietnam are very good in 2018 and 2019, with national GDP forecasted as high as 6.9 per cent. In general, most businesses in Vietnam will expend their business this year and next year,” said Hoa Nguyen, senior director of Human Capital Solutions Service.

Salary is expected to increase at both foreign and domestic companies

The results by Talentnet & Mercer are in line with another survey released by the State Bank of Vietnam last month, in which 61 per cent of financial institutions in Vietnam said they are planning to hire new workers in the fourth quarter of 2018.

About half of the lenders in the state-conducted survey have expanded their workforce in the past three months, as they rolled out new products and improved service quality to meet rising demands from customers.

In terms of general hiring trends, the Talentnet & Mercer Survey noted that Vietnamese businesses are striving to compete against multinational firms in terms of talent attraction and retention. Specifically, Hoa Nguyen said Vietnamese businesses are coming to understand that salary and bonuses are simply the “bait” to attract and retain workers.

“The true “fishing rod” lies in professionalism and a solid, equitable business structure. This is true not only for attracting talents but also investors,” said Nguyen.

Multinational companies in Vietnam say that it is difficult to attract and retain sales positions

The Talentnet & Mercer survey this year welcomed the participation of 602 businesses from 16 different industries, with a salary database from over 314,000 employees all over Vietnam.

The survey is considered the largest and most detailed salary and remuneration report in Vietnam, providing practical information for businesses in planning and managing compensation, salary, benefits, and rewards.

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