VietNamNet Bridge – The question remains unanswered. In Vietnam, the income of a person not only comes from official sources or salaries, but from other sources as well.

The information that Doan Nguyen Duc, President of Hoang Anh Gia Lai, one of the 10 Vietnamese richest stock millionaires, received 3 billion dong in 2011 for the post of president of the group has become a hot topic for discussions. The incomes companies’ CEO and presidents receive turn out to be more huge than people could imagine.

Deputy General Director of Hoang Anh Gia Lai Group Vo Truong Son has revealed that the labor contract Hoang Anh Gia Lai signed with Duc, stipulates that Duc receives the monthly pay of 240 million dong a month, which means that the total annual pay to the “big guy” reaches 2.88 billion dong.

Duc said that he is satisfied with the sum of money, but he “does not care much about the source of income.”

Managers of many other big enterprises also receive similar huge salaries. In 2011, Cao Thi Ngoc Dung, President of Phu Nhuan Jewelry Company (PNJ) received 1.6 billion dong in salary and bonus, and the allowance of 120 million dong for the title of the chair of the board of directors.

Dung, who undertakes the two positions as President and CEO of PNJ, earns 1.7 billion dong a year.

In March 2012, the Refrigeration Engineering Enterprise (REE) reported at the shareholders’ meeting that from 2007 to 2011, the salary offered to REE’s CEO – Nguyen Thi Mai Thanh was 100 million dong a month.

In 2011, with the net profit of 513.64 billion dong, the total pay to the board of directors and the supervision board was 2.568 billion dong.

REE suggested maintaining the monthly salary for CEO at 100 million dong in 2012. Besides, the managers would get bonuses on the excessive profits.

The current REE’s CEO is Thanh, who has been a well-known CEO in Vietnam, who has obtained big achievements during her 25 years of working as manager. The woman has been recognized as deserving credit for equitizing REE, which was once a state owned enterprise and put REE’s shares into transactions on the stock market.

The salaries of the managing directors at foreign invested enterprises in Vietnam are also sky high. A survey by Tower Watson conducted at 165 foreign invested enterprises in Vietnam showed that managers receive 1.05 billion dong for 12-month salaries on average, 95 million dong for the 13th month salary, i.e. the total net income of 1.6 billion dong.

Nguyen Duc Vinh, former CEO of Techcombank, one of the biggest joint stock banks in Vietnam, is considered the CEO with the highest income in Vietnam: he earned 20 billion dong, or 1 million dollars in 2011.

In principle, the salaries banks’ CEO’s receive would never be made public, and the salaries would be negotiable between the banks’ owners and CEO’s, except state owned banks.

There were three levels of incomes for bank CEO’s in 2011. The highest level was the one received by Nguyen Duc Vinh, 20 billion dong a year and 1.6 billion dong a month.

The second highest level was offered to experienced and well known CEO’s, who got 400-600 million dong a month, or 4.8-7.2 billion dong (20,000-30,000 dollars a month).

The third group of CEO’s received approximately 200 million dong a month, or 10,000 dollars. Meanwhile, managers of small banks with modest income could pocket nearly 100 million dong a month.

In Vietnam, the monthly income of 10 million dong is considered “high income”.

One dollar is equal to 21,000 Vietnam dong.

Source: Dat Viet