The Spectacular Salaries of Real Estate Bosses: Novaland Chairman’s Increase by 18 Times, Phat Dat Chairman’s Decrease Over 80% to 1 Billion VND per Month

Despite the unfavorable real estate market, many business leaders have experienced remarkable income growth in the past year.


The real estate market in 2023 has been sluggish, causing many businesses to tighten their belts and save money for long-term strategies. As a result, the salaries of most real estate executives have decreased compared to when the market was booming. On the contrary, a few leaders have still seen significant salary increases.

At Phat Dat Real Estate Development Corporation (stock code: PDR), Chairman of the Board of Directors Nguyen Van Dat received a salary of nearly 483 million dong in the last quarter, compared to nearly 2.2 billion dong in the same period last year. Over the course of 2023, Mr. Dat had a salary of 1,934 billion dong, compared to 11,972 billion dong in 2022. This means that the salary of the Chairman of PDR in the past year decreased by 84% compared to the same period.

In the last quarter of 2023, at PDR, the highest salary was received by Mr. Bui Quang Anh Vu – CEO, with a figure of over 1.4 billion dong in the last quarter of the year, a decrease of about 24% compared to the same period. In 2023, Mr. Vu’s salary reached 5,630 billion dong, nearly 3 times that of the Chairman. However, compared to the same period, Mr. Vu’s salary decreased by 27%.

In the fourth quarter of 2023, the total salary of the Board of Directors, the General Director’s office, the Chief Accountant, and the person in charge of administration at PDR was 5.3 billion dong, a decrease of about 40% compared to the same period last year.

At No Va Real Estate Investment Corporation (stock code: NVL), the person with the highest salary in the past year was Mr. Ng Teck Yow – CEO. Although he was newly appointed as Novaland CEO in March 2023, Mr. Ng Teck Yow received a salary of nearly 3.3 billion dong last year.

Ranked second in terms of salary at NVL in the past year is Chairman Bui Thanh Nhon with a salary of 1.1 billion dong, equivalent to 91.6 million dong per month. In contrast, last year, Mr. Nhon’s salary was only about 61.3 million dong. Since February 2023, Mr. Nhơn officially returned to the position of Chairman to steer the Novaland ship. Therefore, when returning as Chairman, his salary has increased nearly 18 times compared to the previous year.

At Nam Long Group Corporation (stock code: NLG), Nguyen Xuan Quang, Chairman of the Board of Directors, was the person with the highest income last year with a total of 5.14 billion dong, equivalent to 428 million dong per month, the same as last year. Second was Mr. Tran Thanh Phong, Deputy Chairman of NLG, with an income of 4.23 billion dong, equivalent to nearly 353 million dong per month.

Although the real estate market has been sluggish, the income of the Nam Long Group’s Board of Directors in the past year has remained unchanged.

At Construction Investment Development Corporation (stock code: DIG), in the past year, Mr. Nguyen Thien Tuan – Chairman of the Board of Directors received a salary of 1.95 billion dong, equivalent to 162.5 million dong per month. The person with the second highest salary at DIG is Mr. Nguyen Hung Cuong – Deputy Chairman of the Board of Directors, with a figure of nearly 1.5 billion dong, equivalent to 125 million dong per month.

At Dat Xanh Group (stock code: DXG), the salary paid to CEO Bui Ngoc Duc in the past year was nearly 2.8 billion dong, equivalent to over 233 million dong per month. However, Mr. Duc’s salary last year decreased by about 32.6% compared to the same period before that.

In addition, DXG paid salaries to other management members totaling over 9.5 billion dong in 2023, a decrease of 43% compared to the same period the previous year.

At Hai Phat Investment Corporation (stock code: HPX), the income of Mr. Do Quy Hai – Chairman of the Board of Directors, has halved from 1.2 billion dong last year to 600 million dong in 2023, equivalent to 50 million dong per month. On the other hand, the CEO of Hai Phat, Mr. Doan Hoa Thuan, had an income of 1.97 billion dong, an increase of 64.5% compared to the same period. Thus, Mr. Thuan’s income in 2023 reached nearly 164 million dong per month.

In general, in 2023, despite the market being somewhat unfavorable, the income of executives in some real estate companies mainly remained unaffected. In fact, some leaders saw a significant increase in their salaries.

Previous articleDragon Capital Chairman: “Long-term vision is needed, accepting necessary adjustments for a safer, more efficient, and higher quality market”
Next articleLandX Services reports a loss of 160 billion VND in 2023, cuts over 1,000 staff