Coming off the highs of 2022, hiring sentiment for accounting and finance professionals in Vietnam cooled down in 2023, particularly across the real estate, renewable energy and technology industries.
“A substantial portion of finance professionals were impacted as companies instituted cost saving measures. Their teams were downsized, or even made completely redundant as some firms moved to outsourcing or shared service centers,” shares Mitchell Goddard, Manager at Robert Walters Vietnam, Commerce Finance.
In addition, venture capital firms also faced challenges with fund raising, leading to less cash flow on the market. However, private equity firms were still actively investing across a range of industries, with the healthcare and fast-moving consumer goods (FMCG) sectors emerging as some of the top beneficiaries.
Read on to find out more about Mitchell’s expectations for Vietnam’s labour market and hiring trends for Accounting & Finance professionals in 2024.
Over the past year, Mitchell observed that companies have stated a preference for local talent or Vietnamese candidates who are returning home after an extended stint abroad, instead of expats. This is a trend expected to continue moving into 2024.
Across senior positions such as CFO, companies will look for candidates who are not only strategic, but who can also be hands-on in helping the business grow in the market.
While hybrid work is still prevalent, Mitchell anticipates that more companies will begin calling their employees to resume work at the office full-time.
“More companies are choosing Vietnam as their regional or Southeast Asian hub. With that comes the need for larger, updated scopes. As more regional roles are created, there will be a heavy demand for communication and stakeholder management skills. Candidates with regional experience will also stand out,” says Mitchell.
More opportunities are in store for candidates with experience in manufacturing and supply chain finance as these industries continue to grow in Vietnam. However, Mitchell points out that these companies may be hindered by challenges with location when trying to attract top talent.
The most in-demand roles for 2024 will be CFO, finance business partner and chief accountant.
“Candidates are no longer looking for roles with higher salaries. Instead, they focus on the job scope and how much impact they can deliver for the business,” says Mitchell.
They also looking at whether a company and industry is stable as they are concerned about long-term prospects.
To attract and retain talent in 2024, he advises that companies communicate openly with candidates about the career growth prospects of all positions, highlighting regional exposure where possible. They will also do well to offer attractive benefits to keep employees motivated and loyal.
In 2024, salaries are expected to remain stable, with some companies opting for higher salaries to win over top talent. To retain existing employees, some companies will offer expanded benefits.
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in Vietnam.
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Accounting and Finance, Vietnam
Mitchell joined Robert Walters in 2016 in Tokyo and now manages the Commerce Finance team in Vietnam, focusing on recruiting mid to senior level positions. He was named a RW Global Top Achiever in 2022.
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