CEOs in state owned conglomerates receive tens of millions of dong

How much the CEOs of Petrolimex (petroleum importer and distributor) and EVN (the Electricity of Vietnam) receive for their jobs every month is the thing that most people are interested in.

EVN’s General Director Pham Le Thanh once revealed that the average pay to EVN’s workers in 2009 was 7.3 million dong, saying that this was a modest pay level.

In fact, the income was really not modest in Vietnam, if noting that garment workers could receive 2 million dong a month in the same year, while the ones with the monthly income of 10 million dong and higher would be listed as high income earners.

Nguyen Tien Tung, Deputy Chief Inspector of the Ministry of Labor, War Invalids and Social Affairs, said the total income of power workers were 5.929 million dong a month in 2008, 7.308 million dong in 2009 and 7.628 million dong in 2010.

In 2010, the average pay to the workers of the holding company was 14.105 million dong. The average income of every worker in the power transmission sector was 11.103 million dong, while every worker in the power generation sector 10.387 million dong and a worker in power distribution was 6.765 million dong.

The members of the board of directors of EVN received 37 million dong a month on average. The then President Dao Van Hung got the highest pay, 51 million dong a month.

The income of the President of Petrolimex, the petroleum distributor which has reported the loss worth trillions of dong is really the dream of many people.

Despite the big loss of 1,423 billion dong as confirmed by the State’s Chief Auditor Dinh Tien Dung in 2011, Bui Ngoc Bao, President of Petrolimex could receive 58 million dong a month, a bit lower than the 2010’s pay level of 70.7 million dong.

As such, the two state owned economic groups still give the sky high pay levels to their workers and key personnel, despite the heavy losses.

PNJ’s “woman general” receives 111 million dong

111 million dong a month is the pay offered to the CEO of the Phu Nhuan Jewelry Company PNJ Cao Thi Ngoc Dung in 2011. Besides, the CEO also received the bonus equal to 2.5 month salary.

Dung’s received 1.7 billion dong a year in total income for her both posts of CEO and President of PNJ.

Since PNJ is a private company, the pay is decided by the company itself after considering the ability of CEOs, while it does not have to follow the salary mechanism stipulated for state owned enterprises.

Real estate big guy receives 240 million dong a month

Though 240 million dong is the sky high monthly income for most of the Vietnamese, Doan Nguyen Duc, President of Hoang Anh Gia Lai Group, a big guy in different business fields, including real estate development.

Hoang Anh Gia Lai pays 240 million dong a month to Duc as the President of the Group, which means that he receives 2.88 billion dong a year.

Duc was on the second position in the list of the top stock millionaires released by VnExpress newspaper.

Techcombank’s CEO received 20 billion dong a year

Nguyen Duc Vinh. Former CEO of Techcombank received 20 billion dong a year when he still served at the bank.. This is the record pay offered to CEOs so far.

Techcombank, under the “reign” of Vinh obtained very brilliant achievements in both the total assets and turnover growth rate, about 30 percent per annum.

VietNamNet Bridge - November 14, 2012