The companies top for payroll in Vietnam
VietNamNet Bridge – In this list are the corporations in the fields of oil and gas, power and finance-banking.
In the banking sector, the list of the businesses that pay monthly salary of over VND18 million ($900) includes the Industrial and Commercial Bank of Vietnam (Vietinbank), Bank for Foreign Trade of Vietnam (Vietcombank) and Military Bank (MBBank).
According to a report of Vietinbank, it currently has 19,671 employees, down by 169 employees from late 2012. In the first three months of 2013, its staff received average salaries and allowances of VND21.01 million ($1,000) per month, compared to VND21.13 million per month in late 2012 and VND22.4 million in the same period of 2012.
In 2011, Vietinbank was the bank that paid highest salary and allowances to employees, with VND20.27 million/month on average. In 2012, on average, its employees received VND18.9 million per month.
Ranking behind Vietinbank is Vietcombank, with over VND19 million per month in the first quarter of 2013, down by 10 percent over last year.
In the top three equitized banks with the largest property in 2012, the staff of MBBank earned the highest income among the group of non-state banks with VND18 million per month.
In the telecommunications sector, the Military Telecom Corporation (Viettel) passed the Vietnam Posts and Telecommunications Group (VNPT) with huge profit last year - VND27 trillion in 2012. With high revenues, great profits, Viettel also pays the highest salaries among military businesses.
Mr. Le Dang Dung, deputy general director of Viettel, said the group has 25,000 employees and their average income is about VND18 million per month, compared to VND10 million per month at FPT and VNPT. The average income of a chief engineer with 5 years of experience at the Viettel Research and Development Institute is approximately VND32 million per month.
Dung also said that the group pays very high salary to its CEO and experts. Excellent experts, both Vietnamese and foreigners, can be paid as high as the CEO, without having high positions or doing management job.
Although Dung refused to disclose the highest wages for its officials and experts, a source said that some experts at Viettel are paid several hundreds of million dong per month.
Reportedly, Viettel has asked the government’s permission for applying a specialized payroll based on business results.
Another military business - Saigon Newport Company (SNP) – also pays average salary for its employees at VND18 million per month. Particularly in 2012, the SNP’s staff received 17 months of salary, or over VND300 million/person/year. This business is operating in the fields of port and logistics.
In the oil and gas sector, the National Oil and Gas Group (PetroVietnam) also pays wages of over VND15 million/month for its employees.
For business leaders, the Hoang Anh Gia Lai (HAGL) JSC paid about VND1.6 billion of rewards for its officials, including members of the Board of Directors and the Supervisory Board. The salary for HAGL Chairman DoanNguyen Duc is VND240 million/month or VND2.88 billion per year. Doan Nguyen Duc said he was satisfied with the salary, but this is only symbolic income.
Since 2007, the REE Corporation has paid about VNd100 million/month, equivalent to VND1.2 billion/year to the President and CEO Nguyen Thi Mai Thanh. In addition, every year, Mai Thanh and executive committee members also receive rewards based on REE’s excess of profit plan. Last year, these officials received nearly VND20 billion or rewards, more than four times over 2011.
At the Phu Nhuan Jewelry JSC (PNJ), in 2011, the salary and benefits of CEO Cao Thi Ngoc Dung was VND111 million/month. She also received a bonus equivalent to 2.5 months of salary. Total income of Dung was nearly VND1.6 billion in 2011 for the CEO position. In addition, she was paid VND10 million/month for the position of PNJ Chairman. In total, she earned VND1.7 billion in 2011.
The pay for the Board of Directors of the PetroVietnam Construction and Installation Corporation (PVC) in 2012 was over VND3 billion, for the Supervisory Board VND1.8 billion, down by VND800 million and VND600 million compared with 2011, respectively. Notably, in 2012, PVC got losses of VND1.847 trillion and earned profit of more than VND97 billion in 2011.
The Vietnam Petroleum Import-Export Corporation (Petrolimex) also paid high salaries for its executives, although in 2012, the group suffered heavy losses. According to the State Audit Agency, in 2012, the group incurred losses of VND1.671 trillion but its Deputy General Director was still paid VND40 million/month while the Chairman received over VND50 million/month.
The salary of two leaders of the two food corporation - Vinafood 1 and Vinafood 2 is also very high, with VND56.5 and VND79.75 million per month, respectively.
$1 = VND20,700