Income of corporation presidents in Vietnam: Some earn billions, others earn zero

Real estate boss, selling gold earns billions

At Kien Giang Construction Investment Consulting Group Joint Stock Company (CKG), the salary and other income of Mr. Tran Tho Thang - Chairman of the Board of Directors - reached more than 11.7 billion VND, an average of nearly 1 billion VND per month.

Although higher than the combined income of all the board members, the real estate company chairman's income is still less than the previous year. In 2022, Mr. Thang received an income of nearly 14 billion VND.

Regarding CKG's audited business results in 2023, revenue reached VND 1,310 billion, down 10% compared to 2022. Profit after tax reached VND 155 billion, down 8%.

At Phu Nhuan Jewelry Joint Stock Company (PNJ), Ms. Cao Thi Ngoc Dung - Chairwoman of the Board of Directors - received the highest salary and remuneration in the Board of Directors with an average of 735 million VND/month, reaching more than 8.8 billion VND in 2023.

Meanwhile, Mr. Le Tri Thong, vice chairman of the board of directors and general director, receives a salary of 150 million VND/month and a salary of 572 million VND/month, equivalent to nearly 8.7 billion VND for the whole year.

According to the audited financial report for 2023, PNJ's revenue reached VND33,481 billion, down slightly by 2% compared to the previous year. Although revenue decreased, due to the reduction in cost of goods sold, PNJ's after-tax profit reached VND1,971 billion, up 8% and at a record high.

The audited financial report of Hoa Phat Group (HPG) does not show details of remuneration and bonuses for each leadership position.

The financial statement notes only show that the board of directors' salary for the whole year of 2023 is 66.22 billion VND, while last year it was 0 VND. Hoa Phat's board of directors consists of 7 members, so the estimated average salary per person is more than 9.4 billion VND.

The salary and bonus of the board of directors is more than 3.59 billion VND, down from more than 5.2 billion VND in 2022. HPG's board of directors consists of 3 people, each person receives an average of more than 1.16 billion VND.

In 2023, the revenue and profit of this largest steel enterprise in Vietnam will reach VND120,355 billion and VND6,800 billion, respectively, down nearly 16% and 19% compared to the previous year.

Chairman receives 0 VND salary

At Masan Group (MSN), Mr. Nguyen Dang Quang - Chairman of the Board of Directors - will not receive remuneration in 2023. Since 2020, the company's audited financial statements have shown that Mr. Quang has not received any remuneration.

Notably, not only Mr. Quang, all remaining members of the board of directors of this group also did not receive remuneration this year.

The report shows that only Mr. Danny Le - General Director of MSN - received 14.68 billion VND for the whole year of 2023, or about 1.22 billion VND/month, nearly 24% higher than in 2022.

According to the report, in 2023, MSN's cumulative revenue reached VND 78,516 billion, an increase of nearly 3% compared to 2022. However, after-tax profit only reached VND 1,869 billion, "evaporating" 60% compared to the previous year.

At FPT Corporation, Mr. Truong Gia Binh - Chairman of the Board of Directors and Mr. Bui Quang Ngoc - Vice Chairman as well as Mr. Do Cao Bao - Member of the Board of Directors have all received zero salary for several years.

Not only at Masan and FPT, many other businesses also do not receive remuneration. But it should be noted that remuneration is not the only source of income for business leaders to earn money.

For example, they do not receive salary, but as the head of a business with tens of millions of shares, each year they can receive tens of billions of dong in dividends...