On the afternoon of February 15, the National Assembly discussed in the hall the Supplementary Project on Socio-Economic Development in 2025 with a growth target of 8% or more.
Speaking in the hall, Delegate Nguyen Thien Nhan (Ho Chi Minh City National Assembly Delegation) said that in addition to the economic growth target, it is also necessary to pay attention to and ensure sustainable human development.
From the lesson of Korea and Japan growing in double digits for more than 33 years and then almost staying unchanged for 29 years, Mr. Nguyen Thien Nhan said that from the beginning, they did not set a goal of maintaining the replacement fertility rate, so when they achieved the economic rate, the fertility rate did not reach it. Therefore, Mr. Nhan suggested that Vietnam implement 2 roadmaps including: Promoting the economy and maintaining the replacement fertility rate.
"To have 2 children for a woman, the salary of a working woman must be to support herself and her child. In other words, the salary of 2 people to work requires 4 people to support.
The world calls it a living wage, not a minimum wage. However, most developed countries are currently only announcing the minimum wage, which is actually to support themselves but not raise more children. Those who have to have a salary much higher than the minimum wage to raise their children. The biggest reason for the reduction in the replacement birth rate is that 2 people working for hire cannot raise enough 2 children" - the delegate analyzed.
Therefore, Mr. Nguyen Thien Nhan suggested that there should be a roadmap from now until 2030 to shift from the minimum wage to the minimum living wage. From here, the question arises, what is the minimum living wage?
Mr. Nguyen Thien Nhan gave an example, when asked about income, many people in Ho Chi Minh City said that the income of a couple must be about 20 - 21 million VND per month to cover 4 people in the family.
"So the average salary for a working person is 10.5 million VND/month. But currently, the minimum wage in region 1, including Ho Chi Minh City, is only 4.96 million. That is, to increase the minimum wage to the minimum wage, it must double. If it is not increased, many couples will not have children, or have few children because they cannot raise them" - Mr. Nhan said and said that from now until 2030, there needs to be a roadmap to gradually double the minimum wage. Only then can I ensure I have enough salary and have 2 children.
In case there are opinions on whether Vietnam is still attractive for investment if the salary increase is, Mr. Nguyen Thien Nhan said that "we are not worried about that".
Currently, the average salary per capita of 10.5 million VND/month is equivalent to 1.9 USD for 1 working hour, while currently it is only 0.95 USD/hour.
He cited that countries are currently paying a salary of 6.9 USD/hour, 7.26 times higher than Vietnam today; that is, Vietnam's living wage is only 27% of Korea's minimum wage.
Compared to Japan with a salary of 7.23 USD/hour, Vietnam is only equal to 26% of the minimum wage, this figure is equivalent to the US.
"They come to Vietnam to invest, if they increase their salary to the minimum living standard, it will only account for 12 - 27% of their minimum wage. 63 - 88% of them enjoy additional profits is also quite attractive" - Mr. Nhan said.
"A comparison like that shows that Vietnam's salary is still attractive enough to attract foreign investment. I propose placing the Vietnamese economic locomotive on two tracks: High growth; The railway is enough to live on so that the country is sustainable in terms of people, the nation is lasting, the people are happy, the country is rich and strong" - Mr. Nguyen Thien Nhan analyzed.
