The impact of minimum wage changes on the labor market in Vietnam

Changing the minimum wage has many impacts on the labor market, including positive effects: Improving workers' lives, Reducing income inequality, Increasing work motivation, and negative: Increase costs for businesses, Increase the risk of job loss, Increase prices of products and services. Therefore, adjusting the base salary needs to be done in a considered manner to ensure benefts for workers and businesses, while maintaining the stability and development of the labor market. Studies conducted by many economists in many countries show that depending on the situation, increasing the minimum wage can have a negative, zero or positive impact on employment. This article analyzes the impact of the base salary on the labor market in Vietnam and the situation in the world, the current situation of building an increase in the base salary in Vietnam and the necessary points. Pay attention when building a roadmap to increase base salary.