End of Year Lunch 2024: What Can We Expect in 2025

5th December, 2024

At this year’s End of Year Lunch, hosted by the Reverie Saigon, “What Can We Expect in 2025”, we were joined by the following panel:

  • Michael Kokalari, Chief Economist – VinaCapital
  • Ryosuke Kanemoto, CEO – Navigos Group Vietnam
  • An Vo, Managing Partner – Janus Executive Search & Talent Advisory
  • Richard Burrage, Board Advisor and Founder – Cimigo (Moderator)

We had over 60 executives in attendance. Here were the key takeaways:

Michael Kokalari, Vina Capital’s Chief Economist, discussed the potential impact of Trump on Vietnam, emphasizing that Vietnam’s unique position and competitive advantages, such as lower labor costs and a young demographic, will mitigate negative effects. He predicted a 3% depreciation of the Vietnam Dong next year and highlighted the need for better integration of university education with industry. 

Ryosuke and An from recruitment firms discussed the current hiring landscape, noting a shift towards employer-favorable conditions and the importance of creative compensation packages and holistic integration programs for retaining talent. The discussion highlighted the challenges of hiring senior-level talent locally versus internationally, emphasizing the need for cultural sensitivity, especially in Vietnam, where direct communication styles clash with local high-context approaches. 

AI’s impact on recruitment was noted, with AI tools aiding mass recruitment but not yet replacing senior roles. Salary increases for attracting talent from competitors were suggested to be 25% for mid-management and 20-25% for senior roles. The conversation also touched on the growing preference for startups among younger generations, the struggle to recruit R&D talent, and the potential of voluntary pension funds as a non-salary benefit.

Action Items

  • Review the compensation structure and consider adding more creative elements like ESOP, retention bonuses, etc.
  • Implement a more comprehensive onboarding and integration program covering organizational, cultural, logistical, and social aspects.
  • Identify opportunities to hire expatriate talent in areas like digital transformation, R&D, and international expansion.
  • Educate hiring managers on cultural differences and the need to adapt management styles when working with expatriates.

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