Companies in Vietnam are adjusting well to the new normal
In 2021, the COVID-19 pandemic affected the recruitment market for Commerce & Finance roles differently than in 2020. In 2020, we saw hiring freezes and some recruitment searches were put on hold, as companies were afraid of making decisions in uncertain climates. In 2021 however, companies were still hiring, especially the trading and commercial offices based in Ho Chi Minh city and other big cities in Vietnam.
Nevertheless, some manufacturing companies in Vietnam had to close their operations because of the lockdown, which brought down recruitment volumes slightly. On the whole, most companies in Vietnam have already adjusted to the new normal, with recruitment and onboarding processes now being completely online and remote.
Silvia Quirino, Manager of Commerce Finance, Legal and HR at Robert Walters Vietnam, provides an update on the hiring market in 2021, and forecasts what lies ahead for candidates and hiring managers alike in 2022.
Business acumen and good technical skillsets
Silvia shares, “What stays true heading into 2022 is that Vietnam is still a candidate-driven market. Good accounting and finance candidates with business acumen and good technical skillsets tend to apply for multiple jobs when exploring the market, and they often get ahold of new opportunities very fast. Therefore, we expect companies will further speed up their selection process, so they don’t lose out on great candidates.”
She also adds, “Increasingly, we also expect companies to hire candidates that may not fit 100% for the position, but who present great potential to develop on the job. When hiring for new employees, the combination of technical skillsets and industry background should be kept flexible. Lastly, the recruitment process is now largely driven by the candidate experience. We can expect companies in Vietnam to find new ways and invest in efforts to improve the overall candidate experience they provide.”
Effective communication skills are highly sought after
Silvia reveals, “For 2022, we expect business-oriented candidates in finance positions, such as Financial Controller and Finance Business Partner, to be in high demand. Across the board, professionals with strong communication skills in both Vietnamese and English will also be highly sought after.”
“Those with international experience in finance will also be greatly valued because they can add value to their local teams and forge stronger connections with teams in headquarter and the wider region,” she explains further.
Win over the right talent
“Our advice to hiring managers in 2022 would be to hire based on potential. With this being a candidate-driven market, be open to hiring promising candidates that you can groom on the job. To improve the candidate experience in recruitment, hiring managers can consider using new tools and providing more information on their company culture to appeal to candidates. Get your line managers more involved in the process so they can help you win over the right talent,” Silvia highlights.
And she also points out, “For retention, line managers should have open conversations with their team members. Discussions about career progression, training and additional development plan will help existing talent feel valued and see that there are opportunities for growth.”
Talent with strong language and communication skills, and international experience will be sought to work closely with headquarters and regional teams.
Positive increase in remunerations
In 2022, salaries in Accounting and Finance are expected to remain similar to 2021 for support functions. However, roles in some niche industries like Tech and Fintech might see an increase in salaries.Find out more
Request access to our 2022 Salary Survey to benchmark salaries and find out the latest hiring and talent trends in Vietnam’s job market.