In 2023, hiring activity held steady across highly regulated industries such as pharmaceutical, healthcare, beer and tobacco, with companies bringing on varying numbers of in-house lawyers.
“Most in-house teams at small and mid-sized companies are lean, typically compromising just one to three employees,” relates Silvia Quirino, Senior Manager at Robert Walters Vietnam. “Larger teams are more common in bigger companies with more than 2,000 employees.”
Conversely, demand for lawyers was subdued in stagnant sectors such as the real estate and constructions industries.
Read on to find out more about Silvia’s expectations for Vietnam’s labour market and hiring trends for Legal and Corporate Governance professionals in 2024.
Looking ahead from the hiring market in 2023, Silvia says that law firms will remain relevant in the business landscape in the year ahead.
“Companies that don’t need to have an in-house lawyer engaged within the company will continue to tap on law firms to support them in their legal needs,” she states.
The industry will be on a lookout for talent with mergers and acquisitions (M&A) experience. International exposure will also be highly valued, as well as relevant industry experience as Silvia notes that companies tend to hire candidates with the same industry experience and previous experiences working with government and local authorities.
Legal and compliance managers will be highly sought after in the coming year. There will also be strong demand for legal counsel, especially those with M&A experience.
Silvia reveals that Legal and Corporate Governance professionals tend to be driven by factors such as career progression, competitive salaries and work-life balance. Companies that address these points will therefore do better at attracting and retaining talent in the year ahead.
“Discuss and set out career progression opportunities. This can be in the form of new, interesting projects or opportunities to gain regional exposure,” she suggests. “Being able to provide remote or hybrid work models and flexibility in work hours also helps.”
“It is a candidate-driven market with only a limited pool of qualified candidates,” notes Silvia. “Therefore, salaries will increase substantially, particularly for experts in sectors like the pharmaceutical, healthcare, beer and tobacco, where demand for talent is higher.”
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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With a background in accounting and finance, Silvia joined Robert Walters in 2011. Leveraging global recruitment expertise, she has successfully built and currently manages the HR and Legal teams.
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