Tet falls at the end of January 2025.
In mid-December Taekwang Vina, a Korean-owned shoe manufacturer in the southern province of Dong Nai, announced bonuses for over 35,000 employees of 1.5 times their monthly salary payable in January 2025.
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Taekwang Vina workers receive Tet "lucky" money after returning to work after the festival at the start of 2024. Photo by VnExpress/An Phuong |
President of the Taekwang Vina Union, Dinh Sy Phuc, said this benefits workers since salaries rise in the new year due to the annual minimum wage increase.
"This is the company's best Tet bonus since the pandemic."
He added that the bonuses have increased by 10-11% from last year, and total payments would exceed VND500 billion (US$19.6 million).
Saigon Food, a food manufacturer in HCMC, has earmarked VND32 billion ($1.3 million) for Tet and other bonuses for its 2,000 employees.
A 17% rise in exports in 2024 and hitting profit targets allow the company to offer high bonuses and retain workers.
HR director Tran Kieu Oanh said all employees would receive a Tet bonus equivalent to one month's salary.
Production workers will also get a performance bonus equal to another month's pay, bringing their average total bonus to VND22 million ($863).
Employees will also receive seniority bonuses of up to VND8.5 million ($334).
Oanh said the bonuses would be 10% higher than in 2023.
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Workers at Saigon Food in HCMC. Photo by VnExpress/An Phuong |
Other companies and industry associations also reported higher bonuses this year.
Pham Xuan Hong, chairman of the HCMC Textile and Garment – Embroidery Association, said Vietnam's textile exports have achieved the year's target, with the earnings estimated at $45 billion.
Steady orders, especially in the year's second half, helped boost the performance of many businesses, he said.
According to the association, orders are expected to increase next year.
But many businesses face labor shortages, forcing them to improve salaries, bonuses and benefits to attract and retain workers.
A survey of over 700 companies in 18 industries by Anphabe, a Vietnamese social networking and employment platform, found signs of economic recovery and a rebound in workforce numbers.
Some 42% of businesses achieved 3-10% growth in revenues, while 15% achieved double-digit growth.
Some 33% of companies plan to increase hiring at the end of 2024, up from 19% last year, while 9% expect to reduce their workforce, down from 14% a year ago.
Thanh Nguyen, CEO of Anphabe, said the improving economy has helped businesses stabilize operations and offer better welfare policies, especially salaries and bonuses.
Last year 50% of workers received a pay raise, and this figure rose to 59% in 2024.
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Workers at an electronics factory in the Tan Thuan export processing zone in HCMC. Photo by VnExpress/Le Tuyet |
Nguyen Thi Thuy, vice president of the Vietnam Textile and Garment Union, said this year's business indicators are better than last year's, leading to higher Tet bonuses.
She said many southern textile companies had orders for the whole of 2024.
Even in the most challenging business year of 2023, textile companies paid at least one month's Tet bonus, she said.
Bonuses are based on workers' average annual incomes, and range from 1.5 to 2 times the monthly salary this year.
Pham Van Tuyen, deputy director of the Binh Duong Department of Labor, War Invalids, and Social Affairs, said businesses in the southeastern province saw steadier operations and production compared to 2023, and salaries and allowances had increased, resulting in higher bonuses.
Data from nearly 1,700 companies shows that Tet bonuses this year— average, highest, lowest—have all increased from last year.
For instance, the average bonus in Binh Duong has risen from VND6.8 million ($267) in 2023 to VND8.77 million ($344.5) this year, a nearly 29% increase.
While Tet bonuses are not mandatory under the law, companies have long paid them.
The Ministry of Labor, War Invalids, and Social Affairs has asked provinces to report salary and bonus plans for the New Year and Lunar New Year by Dec. 15.