Five of the Southern Key Economic Zone’s eight cities and provinces have announced Lunar New Year (Tet) bonuses for their employees, showing enormous differences in the region.
The highest being paid to an individual is VND896 million ($37,920) from a company that makes wooden products in Binh Duong province. The lowest is VND100,000 ($4.24), from a firm in Binh Phuoc bordering Binh Duong.
Nguyen Van Lam, deputy director of Ho Chi Minh City Department of Labor, Invalids and Social Affairs, said a survey of 1,078 HCMC enterprises showed the average bonus for the Gregorian calendar New Year will be about VND3.1 million ($131), down 7.37% on last year.
However, the average Lunar New Year bonus will be VND12.8 million ($543), 45% higher, he added.
The city’s highest Tet bonus of more than VND756 million ($32,000) will be paid by a foreign-invested enterprise, much lower than last year’s highest of almost VND1.3 billion ($55,100). Meanwhile, this year’s most modest will be VND4.86 million ($206).
HCMC is currently home to nearly 249,000 enterprises with more than 2.8 million employees, including almost 1,600 companies inside export processing zones and industrial parks that hire more than 333,000 employees.
In Binh Duong province, 1,125 enterprises have made reports on their Tet bonuses, according to the provincial Department of Labor, Invalids and Social Affairs. The highest for the Year of the Cat is reported to be VND896 million ($37,990), while the most modest will be down at VND4.68 million ($198.4). The provincial average level is estimated at VND6.1 million (almost $259).
For the New Year, the top bonus will be VND38 million ($1,611) from a foreign-invested enterprise.
Meanwhile, the highest Tet bonus in Binh Phuoc is VND113.6 million ($4,817), by a private Vietnamese enterprise.
Dong Nai province has so far recorded the highest Tet bonus from a foreign invested company, at VND307 million ($13,017). The provincial average will be almost VND6 million ($254).
In Tay Ninh province, the average Tet bonus will be more than VND7 million ($297). The highest has been reported as VND200 million ($8,480) from a private Vietnamese enterprise. The most modest will be VND1 million ($42.4), also from a domestic private enterprise.
The Southern Key Economic Zone comprises HCMC, Vietnam’s largest economic hub, and the seven provinces of Dong Nai, Tay Ninh, Ba Ria-Vung Tau, Binh Duong, Binh Phuoc, Long An, and Tien Giang. It accounts for almost half of the country’s GDP.