We have updated our 2019 Vietnam Payroll Quick Guide effective for payrolls after 1 January 2019, reflecting increased compulsory insurance contributions in certain circumstances. This guide helps employers and employees to understand general calculations and obligations with payroll and payroll related taxes and insurances in Vietnam.
Employers and employees should note that from 1 January 2019 the Vietnam Minimum Wages increases across the four specific Zones in Vietnam. This increase will also result in increases to the maximum cap for calculating Unemployment Insurance for all staff (both the employee and employer portions), along with detailing calculations for the newly applicable Social Insurance on foreign employees.
Employers should seek to incorporate these changes into their 2019 budgeting process, and understand how these changes impact on each of their employees.
Please contact Domicile Corporate Services if you would like to discuss your salary strategies, or how these changes impact your business.
Download our Quick Guide publication to Vietnamese payrolls below: