The monthly average income of Vietnamese labourers in 2023 reached 7.1 million VND (over 291 USD) per person, up 6.9% compared to 2022, according to the General Statistics Office (GSO).

Meanwhile, the average income of male and female workers stood at 8.1 million VND and 6 million VND, respectively.

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In the fourth quarter of 2023, the living standard of workers was improved as the average income rose by 180,000 VND per month compared to the previous quarter to 7.3 million VND, or 2.5% quarter-on-quarter, nearly doubling the rate recorded in the fourth quarter of 2022 – the time just after the end of the COVID-19 pandemic.

Increase in average income in the last quarter of 2023 was seen across regions nationwide, with the Red River Delta region experiencing the highest growth of 3.5% quarter-on-quarter and 8.2% year-on-year. Meanwhile, the Southeast region recorded the lowest growth, approximately at 2.3%.

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Although income growth in the Southeast region is slower compared to other areas, it no longer leads in terms of unemployment rate among the working-age population. Notably, the unemployment rate in Ho Chi Minh City has decreased to 2.91% as many businesses have more orders and expand production, leading to an increasing demand for recruiting workers.

The office reported that localities nationwide have strengthened job transaction connections, contributing to increasing the number of employed labourers to 51.3 million people in the fourth quarter of 2023, up 130,000 compared to the previous quarter.

The growth was attributed to the fact that businesses sped up production in the final months of the year, which helped increase workers’ incomes compared to previous periods.

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Although Vietnam’s economy expanded by 5.05% in 2023, it missed the National Assembly’s targets. Dung expressed concerns as 2023 marked the third consecutive year of falling below the 5-year (6.5-7%) and 10-year (7%) plans. He noted that the per capita GDP for 2023 remains distant from the 2025 goal of US$4,700-5,000, posing a significant challenge to achieving the 5-year growth target.

This challenge raises concerns about potential economic setbacks, the trap of average income, the aging population challenge, and underutilization of the demographic dividend.

According to Cambridge, Average imcome is the average amount of money that workers earn in a particular industry, area, or economy during a particular period of time.

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In Germany in 2023, Economic development in Germany was dampened by high inflation, rising interest rates and weak foreign demand. According to current estimates by the Deutsche Bundesbank, real gross domestic product fell slightly by 0.1 percent in 2023, adjusted for calendar effects. • The effects of the weak economic development were also evident on the labour market. Unemployment and underemployment (excluding short-time work) rose significantly on average over the year. Even adjusted for Ukrainian nationals, there was an increase. • At the same time, total employment and employment subject to social security contributions increased slightly in the annual figures. • The reported demand for new employees has decreased noticeably, but remains at a comparatively high level. • Short-time working due to the economic situation remained at a moderate level over the course of the year compared to the long-term average. • The downward trend in the number of registered applicants in the vocational training market over the past few years has come to a halt in the careers counselling year 2022/23. • At the same time, roughly the same number of in-company training places were registered as in the same period last year.