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Vietnam limits minimum wage hike to 5.3%

Increase marks record low as ASEAN members vie for foreign business

A worker assembles a bicycle at a workshop in Hanoi. Vietnam's minimum wage growth has slowed substantially over the past few years.   © Reuters

HANOI -- Vietnam decided Tuesday to raise minimum wages by 5.3% next year, the lowest margin yet, amid fierce competition with other Southeast Asian countries to attract foreign business.

Labor unions had initially sought an increase of about 8%, while employers countered with 2%. The middle ground was agreed upon Tuesday at the National Wage Council, a state oversight body with representatives from both sides.

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