An HR member of the Big4 team with higher salary and bonus than the Chairman and CEO

Vietcombank, the Joint Stock Commercial Bank for Foreign Trade of Vietnam, has recently released its financial report for the fourth quarter of 2023. In this report, the bank has disclosed the figures for the salaries, wages, and bonuses of the executives within the Board of Directors and the Executive Board.

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In 2023, Vietcombank spent more than 16.78 billion VND on remuneration for the Board of Directors, a decrease of 11% compared to 2022.

Among them, former Chairman of the Board Pham Quang Dung received 1.63 billion VND, equivalent to about 136 million VND per month. Mr. Dung stopped assuming the position of Chairman of the Board since January 1st after being transferred to Deputy Governor of the State Bank of Vietnam.

With the same income level as Mr. Dung, there are Mr. Do Viet Hung (Member of the Board of Directors in charge of Board activities since January 1st) and Mr. Nguyen Thanh Tung, Board member cum General Director. Other members of the Board of Directors received remuneration of around 2.3 – 2.5 billion VND in 2023.

In 2023, remuneration and rewards for the Control Board also decreased to 4.79 billion VND from the expenditure of 5.45 billion VND in 2022. Meanwhile, the expenditure for salary and bonuses for the Executive Board increased significantly from 14.69 billion VND to 39.55 billion VND.

At the Executive Board, former Deputy General Director Pham Manh Thang, although working for only 4 months in 2023 (retired from May 1st, 2023), received a salary and bonus of up to 995 million VND, equivalent to 249 million VND per month.

Other Deputy General Directors such as Mrs. Dinh Thi Thai, Mrs. Phung Nguyen Hai Yen, Mr. Le Quang Vinh, Mr. Dang Hoai Duc, Mr. Nguyen Viet Cuong, and Mr. Le Hoang Tung all received salaries and bonuses ranging from 2.2 – 2.5 billion VND in 2023, equivalent to an average income of 183 – 208 million VND per person per month.

Chief Accountant La Thi Hong Minh and Director of the Doan Hong Nhung Department, although newly appointed at the beginning of December, received salaries and bonuses of 1.5 billion VND and 1.9 billion VND respectively. This is understood to include income from the previous position before being appointed.

Details of remuneration and salary, bonuses of Vietcombank leaders. (Source: Q4 financial statement)

Most notably, Mr. Colin Richard Dinn, Director of Information Technology and Digital Transformation Cluster cum Director of Vietcombank Digital Banking Center, received a salary and bonus of up to 15.26 billion VND in 2023. On average, the monthly income of this department director reached 1.27 billion VND, more than 9 times higher than the income of former Chairman of the Board Pham Quang Dung and General Director Nguyen Thanh Tung. He is also the only foreign staff in the Executive Board of Vietcombank.

Mr. Colin Richard Dinn. (Photo: Vietcombank)

In addition to Mr. Colin Richard Dinn, another department director with outstanding high income is Mr. Tran Thanh Nam, with a salary and bonus received in 2023 of over 5 billion VND.

Regarding the income of employees, in 2023, Vietcombank spent more than 10,553 billion VND on salaries and allowances for employees, an increase of 10.3% compared to 2022. With an average number of employees of about 23,000, the average income of Vietcombank employees system-wide in 2023 is estimated at about 459 million VND, equivalent to 38.2 million VND per person per month.

SOURCEcafef
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