Billionaires still rich despite zero dong salaries

The H1 financial reports of VIngroup (VIC) and Vinhomes showed that the board of directors was paid VND24.1 billion and VND24.8 billion, respectively. However, Pham Nhat Vuong, president of Vingroup and other members of the boards of directors did not receive remuneration. Besides Vuong, Nguyen Dieu Linh, Vice President, and Yoo Ji Han, who has just become an independent member of the board of directors, also received zero dong. The other individuals received from VND517 million to over VND1 billion.

At Hoa Phat Group (HPG), its president Tran Dinh Long and other members of the board of directors did not receive remuneration for H1.

Nguyen Dang Quang, president of Masan Group, also said no to a salary.

Meanwhile, Truong Gia Binh, president of FPT and Nguyen Thi Thanh Phuong of Ban Viet Securities have received salaries of zero dong for many consecutive years.

Though the businessmen did not receive wages, their incomes were still big as they received tens of billions of dong worth of dividends each year.

Vuong of Vingroup, for example, who has 2.16 billion VIC shares, including 1.17 million shares indirectly through holding 92.88 percent of shares at the Vietnam Investment Group JSC, has stock assets of $6.6 billion if considering VIC share prices. Meanwhile, Forbes reported that Vuong’s assets are $4.9 billion.

Hot seats at banks

SCB has issued a decision on dismissing Truong Khanh Hoang from the post of acting CEO, starting from August 12. Hoang, born in 1986, was appointed to the post of acting CEO of SCB in May 2021. He is well known as a shining face in the club of 8X generation finance CEOs.

Hoang worked as acting CEO of SCB for 15 months. Before he took the office as acting CEO, SCB changed the posts of CEO three times just within 10 months.

SHB’s board of directors has just issued the decision on appointing Ngo Thu Ha to the post of CEO. Ha, with a doctorate in economics, has 28 years’ experience in finance and banking and held the post of deputy CEO of SHB for 11 years.

Meanwhile, NCB has appointed Nguyen Dinh Tuan to the post of deputy CEO of the bank. Tuan, born in 1980, has a master’s degree from the National Economics University 9 and has 15 years’ experience. At the same time, Duong Thi Le Ha, acting CEO of NCB, will no longer hold the post as per her proposal. Ha is now deputy CEO of the bank.

At SeABank, Le Thu Thuy received the decision on no longer undertaking the post of CEO after a 5-year tenure. However, she will continue managing the bank as deputy chair.

New CEO appointed after 2-year vacancy

Not only commercial banks, but large enterprises have also reported changes in the leadership. Coteccons has appointed Vo Hoang Lam, 44, to the post of CEO, starting from August 5. Lam has worked for Coteccons for 17 years. He became a member of Coteccons’ board of directors last April.

In August 2020, Coteccons approved the resignation of CEO Nguyen Sy Cong due to the end of the tenure. The board of directors then appointed Vo Thanh Liem to the post of acting CEO. In March 2021, the tenure ended and the board of directors did not extend Liem’s term. The post of CEO had been vacant for two years until it was assigned to Lam.

Hoa Binh Construction Group (HBC) has released a resolution on Le Viet Hieu’s termination of the holding of the post of CEO at the group, beginning July 23, 2022.

Hieu, born in 1992, is the son of HBC’s president Le Viet Hai. Hieu is known as the youngest high-ranking manager and one of the 9X generation young CEOs in the business market. Nearly one month after the resignation, Hieu was appointed to the post of deputy president of HBC.

FLC’s president sends letter to investors

In his letter to shareholders, FLC’s president Le Ba Nguyen said the company is making every effort to be cooperative in information exposure in order to soon remove FLC shares from the list of shares for transaction suspension or information restriction.

In late March 2022, former president of FLC Group Trinh Van Quyet was arrested for the manipulation and concealment of securities information. At the extraordinary shareholders’ meeting in 2022, Nguyen was appointed to the post of FLC president.

Duy Anh