According to the Q4 2023 consolidated financial report of Mobile World Investment Corporation (MWG code), Chairman of the Board of Directors, Mr. Nguyen Duc Tai, earned a salary of 230 million VND in 2023. However, the majority of this amount (226.3 million VND) Mr. Tai received in the first 6 months of the year. In Q3 2023, the Chairman of Mobile World did not receive any salary. Therefore, Mr. Tai only received less than 4 million VND in the last quarter of the year.
A similar case is Mr. Doan Van Hieu Em – a member of the Board of Directors and Mr. Tran Huy Thanh Tung – a member of the Board of Directors and former CEO, also received a salary of nearly 4 million VND in Q4 2023. Mr. Hieu Em’s salary income in 2023 was 584.3 million VND. Meanwhile, Mr. Tung received a salary of 164.6 million VND last year, the lowest among the leaders of Mobile World.
The other 2 members of the Board of Directors of Mobile World are Mr. Dang Minh Luom and Mr. Robert Willett, whose incomes are 154.3 million VND and 137 million VND respectively in the last quarter of the year. Overall in 2023, Mr. Luom received nearly 686.3 million VND while the foreign member of the Board of Directors “pocketed” over 2.25 billion VND.
Thus, the top management of Mobile World received a total salary income of over 3.9 billion VND in 2023. This number is only less than half of 2022 and the lowest level since the retail company went public in 2014. During the period of booming business, the total income of the top management of Mobile World was often over 10 billion VND.
The difficult business situation in the past 2 years has significantly reduced the income of the top management of Mobile World. After a period of continuous profit growth year after year, this retail company started facing difficulties in the second half of 2022. Weakening purchasing power has led to a sharp decline in profits. 2022 was the first year Mobile World’s profit growth streak ended after nearly a decade.
The situation became even worse in 2023 as the competition intensified, forcing this retail company to join the price war. As a result, Mobile World recorded a more than 11% decrease in revenue compared to 2022, reaching nearly 118.280 trillion VND. Net profit was only about 168 billion VND, evaporating by 96% compared to 2022 and achieving only 4% of the annual target set.