Lunar New Year employee bonuses on upward trajectory

According to the Vietnam Chamber of Commerce and Industry, this year’s Lunar New Year bonuses have significantly improved compared to last year.

Some sectors such as textiles, garments, leather shoes, and services have reported relatively generous bonuses, ranging from tens to hundreds of US dollars. Some companies are willing to reward 3-4 months’ salary to employees with outstanding performance or who work overtime.

Dinh Sy Phuc, trade union chairman of Taekwang Vina, a South Korean textiles firm located in the southern province of Dong Nai, told VIR that the company’s union was preparing Lunar New Year gifts for workers along with a bonus.

“This year, the company spent $20.8 million on the bonus with the highest level being 150 per cent of a month’s salary, which is calculated based on the basic salary in collaboration with heavy, hazardous, and dangerous allowance,” Phuc said.

“Besides that, we also give gift packages worth VND500,000 ($21) to over 35,000 workers in collaboration with other allowances for employees in disadvantaged situations. The company organised a fair selling goods at promotional prices and also gave lucky money to employees,” Phuc said.

Taekwang Vina provides a free shuttle bus for workers to travel home for Lunar New Year and picks up them to return to Dong Nai after the holiday with incentivised ticket prices. Workers living far from the factory have two extra days off with full salary.

Garment 10 Corporation plans to award bonuses to more than 12,000 workers with approximately 1.6 months’ salary. According to general director Than Duc Viet, the corporation’s total revenue in 2024 reached around $196 million, a 10 per cent increase compared to the previous year. The average income reached nearly $416 per person per month, up 8 per cent from 2023.

“Due to the increase in the average income of workers, the actual bonuses received are also higher than last year,” Viet said. “Alongside the bonus policy, Garment 10 also has additional welfare policies such as giving housing rental assistance for workers, as well as arranging bus trips to take them back home to enjoy Tet.”

Some companies offer support for workers travelling home and back for the festive period, Photo: Le Toan

Wage rises

Average wages for 2024 and projected bonuses for workers during the festive season are expected to see steady growth across all business sectors.

According to the Hanoi Labour Confederation, bonuses for the start of 2024 are projected to have increased by as much as 200 per cent compared to the previous year, while bonuses for Tet are expected to rise by as much as 12.5 per cent on-year.

Foreign-invested enterprises are leading in Tet bonuses, with an average bonus of VND4.5 million ($188) per worker, with the highest individual bonus reaching $13,000, reflecting the 12.5 per cent increase. Private and state-owned enterprises are also reporting moderate bonus growth, with private firms offering an average bonus of $150 per worker.

Nguyen Huy Khanh, vice chairman of the Hanoi Labour Confederation, said, “Trade unions are engaging in dialogue and negotiations with employers to ensure fair and timely wage and bonus payments, while also prioritising workers’ welfare. Measures to prevent labour disputes and collective work stoppages during the holiday have been implemented to ensure workplace stability.”

This year, the confederation has outlined 10 key tasks for trade unions at all levels. These include organising major events such as Workers’ Month, facilitating dialogue between city leaders and union members, and supporting workers during the holiday, Khanh added.

According to the Department of Labour, Invalids, and Social Affairs of Ho Chi Minh City, the average bonus this year is $530 per person.

Elsewhere, Binh Duong Labour Federation said nearly 2,500 enterprises in the province have reported on Tet bonuses for 2025. The average bonus amount among these enterprises is $380, with the lowest being $200, applicable to employees who have worked for a full 12 months. The highest bonus amount offered by a foreign-invested enterprise reached $35,000.

Nguyen Van Duc, chairman of the Vietnam-Singapore Industrial Park trade union in Binh Duong, said that more than half of grassroots trade unions in companies, equivalent to about 200 units, have reported bonuses for workers.

“In addition to salaries, most grassroots trade unions reward employees with at least one month’s salary. Furthermore, some companies offer bonuses of 3.4 months, while others provide rewards of 5-6 months’ salary,” Duc said.

Retaining workers

Rising wages and bonuses reflect business efforts to improve workers’ livelihoods, fostering long-term loyalty and sustainable development amid increasingly competitive labour market conditions.

“Businesses are increasingly focusing on labour contracts, improving salaries, and bonuses to retain employees in the context of intensifying labour competition,” said Hoang Quang Phong, who is the vice chairman of the Vietnam Chamber of Commerce and Industry.

According to the Labour Code, Tet bonuses are part of the company’s cost structure and will be adjusted annually based on the business performance results. Therefore, the decision of whether a company provides bonuses equivalent to one month’s salary, a 13th-month salary, or even more is a private agreement and not mandatory by law.

Tran Thi Thanh Ha, head of the Labour Relations Department under the Vietnam General Confederation of Labour, said that trade unions at all levels are responsible for monitoring the payment process of the 13th-month salary and bonuses by companies according to their commitments.

“Although not mandatory, such bonuses have become an important factor in retaining the workforce in the current competitive labour market,” Ha said. “The bonuses for workers this year are on average 8 per cent higher than in 2023.”

Dinh Sy Phuc, trade union chairman of Taekwang Vina, told VIR, “There is a competition in the labour market between the electronics, garments, textiles, and footwear. Besides that, there is a movement of industrial hubs to their hometowns. Thus, we pay attention to taking care of the livelihoods of labourers, especially special holidays such as the Lunar New Year, so that they can be assured to work and stick with the company.”

Even in the context of falling orders and difficulties surrounding the leather and footwear industry, boards of directors also try to ensure the bonuses and allowance for employees, Phuc added.

A salary survey for 2025 conducted by the recruitment consultancy group Robert Walters, released in November, indicated that salary and benefits remain the top factors in creating job satisfaction for employees. Just under half of the participants said they highly valued competitive compensation packages. Some 77 per cent of respondents highlighted the role of compensation in determining their job satisfaction.

The survey also highlighted several important trends shaping how organisations approach the dynamic job market. A prominent focus is put on salary increment plans at many companies, with 82 per cent of surveyed companies indicating they will adjust and increase salaries in 2025.

Significantly, the survey revealed prominent trends in employees’ preference for foreign companies, with a striking 99 per cent expressing a desire to work for international companies. The main reasons include more attractive salaries, clear and structured career development paths, and the opportunity to experience a professional work environment following international standards.

Companies scramble to ensure Lunar New Year pay bonuses Despite massive difficulties due to the negative impacts of the COVID-19 pandemic, most businesses are trying to ensure salaries and Lunar New Year bonuses for employees.