Techcombank continues to break its own salary records, with the average monthly income of its employees reaching an all-time high of VND 48 million (approximately USD 1,920) in 2024.

As of early February, 25 Vietnamese commercial banks had published their Q4 2024 financial statements, shedding light on the income landscape of bank employees. However, Eximbank, Agribank, and five banks under special control or mandatory transfer (SCB, DongA Bank, MBV, VCBNeo, and GPBank) have yet to disclose their reports.

Among the reporting banks, SHB and MB maintain their practice of not detailing salaries and benefits separately. Instead, they only disclose total personnel expenses, which include salaries, allowances, and contributions such as social insurance. As a result, the 2024 salary ranking temporarily includes data from 23 major and mid-sized banks.

Techcombank leads, HDBank surprises with highest salary increase

Techcombank once again topped the ranking with an average monthly employee income of VND 48 million, increasing by VND 3 million from 2023. This figure includes salaries, allowances, and other income.

If considering only base salary, Techcombank employees received an average of VND 41 million per month, up by VND 3 million year-over-year.

HDBank made an unexpected leap to second place, with an average employee income of VND 38.65 million (USD 1,545), reflecting the largest year-over-year salary increase in the banking sector - an impressive VND 9.9 million. This jump saw HDBank surpass traditional powerhouses like BIDV, Vietcombank, and VietinBank.

Vietcombank ranked third, with an average monthly income of VND 38.06 million (USD 1,522), followed closely by ACB, BIDV, and VietinBank, whose employees earned between VND 37.59 million and VND 37.83 million per month. Notably, BIDV employees saw a sharp increase of VND 4.87 million per month compared to 2023.

Declining salaries at TPBank and other institutions

On the flip side, TPBank saw the most significant decline in employee earnings, dropping by VND 2.5 million per month to VND 34.14 million. This decrease caused TPBank to fall from its previous fifth-place ranking to seventh.

Other banks experiencing salary declines included VIB, ABBank, LPBank, KienlongBank, and Saigonbank.

VIB’s average monthly income slightly decreased from VND 32.03 million to VND 31.29 million. However, base salaries at VIB increased by VND 3 million, reaching VND 25.07 million per month in 2024.

Despite the decline, VIB remained in the Top 10 highest-paying banks, alongside MSB (VND 33.64 million) and VPBank (VND 31.07 million).

Beyond the Top 10, several banks offered attractive compensation above VND 30 million per month, including NCB (VND 30.97 million), Sacombank (VND 30.87 million), and SeABank (VND 30.2 million). NCB was a surprise inclusion, increasing its employee earnings by VND 7.3 million compared to 2023.

Lowest-paid banking employees

Saigonbank and KienlongBank employees earned the lowest salaries among reporting banks, with monthly averages of VND 18 million and VND 20 million, respectively. Both saw a decrease of VND 1 million from 2023.

Base salaries at these institutions were also among the lowest, with Saigonbank paying VND 14 million per month and KienlongBank offering VND 18 million.

Executive compensation at major banks

Some banks, such as Sacombank, Vietcombank, and VPBank, disclosed executive compensation details, showing significant variations:

Vietcombank: Total board of directors' remuneration in 2024 was VND 13.95 billion, down nearly VND 3 billion from 2023. Chairman Nguyen Thanh Tung earned VND 1.642 billion, while the highest-paid board members, including Nguyen Thi Kim Oanh (VND 2.249 billion), Ho Quang (VND 2.081 billion), and Nguyen Manh Hung (VND 2.227 billion), received substantial payouts. Vietcombank’s executive salaries and bonuses totaled VND 17.46 billion, a 50% reduction from 2023.

VPBank: Chairman Ngo Chi Dung received VND 3.36 billion, while two vice chairmen, Bui Hai Quan and Lo Bang Giang, each earned VND 3.12 billion—unchanged from the previous year. VPBank’s executive salaries and benefits increased by VND 6 billion, reaching VND 63.43 billion in 2024.

Sacombank: Chairman Duong Cong Minh and board members received post-tax remuneration of VND 32.55 billion, up by VND 2.5 billion from 2023. However, post-tax compensation for Sacombank’s executive board dropped by VND 8 billion, totaling VND 60.95 billion.

Temporary rankings of average banking employee income in 2024 (in million VND/person/month)

Note: Agribank, Eximbank, MB, and SHB are not included in the rankings due to unavailable data.

Tuan Nguyen