Sky-high salaries at a state-owned corporation
The “eye-watering” salaries of a state-owned enterprise
The other members of the Members’ Council also receive high salaries of up to VND 1.15 billion/year/person, equivalent to VND 96 million/month/person.
Mr. Luong Quoc Viet, the full-time supervisor, earned VND 77 million/month for 3 months and VND 96 million/month for the remaining 9 months.
VATM is currently the provider of air navigation services for all civil aircraft, military transport at civil airports nationwide, and flight information regions managed by Vietnam. Examples include long-range air traffic control services, approach control services, aerodrome control services, flight information services, aeronautical advisory services, and alerting services.
In 2023, VATM handled more than 750,000 flights, 114.55% higher than the 2023 plan. Total revenue is estimated at over VND 3,600 billion, up 38.5% compared to 2022.
In 2024, VATM aims to continue providing air navigation services with stability, continuity, and smoothness, ensuring absolute flight safety for all flights within its responsibility.
VATM sets a target of more than 756,100 flight operations, an increase of 0.43%, with a total revenue of VND 3,600 billion. Pre-tax profit is expected to reach VND 1,108 billion, an increase of 0.45%, and a contribution of VND 2,108 billion to the state budget.
VATM focuses its resources on accelerating key projects such as Component 2 of the Air Traffic Management Projects for Long Thanh International Airport Phase 1, Ho Chi Minh Air Traffic Control Center (ATCC/HCM), and Dien Bien Air Traffic Control Tower to ensure timely completion according to the planned schedule, enhancing the quality and efficiency of investment activities.
Justification for the “astonishing” salaries at VATM
Previously, the Ministry of Labour, Invalids, and Social Affairs issued a consolidated decree on the pilot implementation of labor management, salaries, and bonuses for some economic groups and corporations. The decree took effect on April 1, 2024, and applies to three groups and corporations, including the Vietnam Posts and Telecommunications Group, Vietnam Airlines Corporation, and Vietnam Air Traffic Management Corporation.
According to the decree, the highest basic salary for the Chairman of the Members’ Council or the Board of Directors is VND 70 million. In addition, the basic salary for members of the Members’ Council or the Board of Directors, the Chief Supervisor, and the Supervisor is VND 60 million, VND 50 million, and VND 40 million, respectively.
Basic salaries for some positions in state-owned enterprises (screenshot)
Type 1 is applied to companies with the following criteria: equity capital of VND 10,000 billion or more; revenue of VND 30,000 billion or more; and having 10 management units (independent or dependent subsidiaries) or a total labor force of 5,000 employees or more.
Type 2 is applied to companies with the following criteria: equity capital of less than VND 10,000 billion; revenue of less than VND 30,000 billion; and having less than 10 management units or a total labor force of less than 5,000 employees.
Companies determine the type of company and the basic salary for members of the Members’ Council or the Board of Directors, the Chief Supervisor, and the Supervisor based on these criteria.
The planned salaries of the Members’ Council or the Board of Directors, the Chief Supervisor, and the Supervisor are determined based on the basic salary, profit, and the ratio of profit after tax to equity capital (hereinafter referred to as the profit ratio) planned compared to the profit and profit ratio achieved in the previous year.
The actual salary is based on the planned salary and the profit and profit ratio achieved compared to the plan, following the prescribed principles.
In cases where the profit and profit ratio exceed the plan, an additional amount is calculated and added to the salary (accounted for in expenses) according to the principle that for every 1% increase in profit compared to the plan, 2% of the salary is added, but the maximum additional amount is 2 months of the planned salary.
Mr. Le Hoang Minh, Chairman of VATM since August 2023
According to MarketTimes’ research, before becoming the Chairman of VATM in August 2023, Mr. Le Hoang Minh held the position of Deputy Director of Project Management Unit 85 under the Ministry of Transport. In 2012, he became the Chief of Staff of the Vietnam Road Maintenance Fund.
In 2020, the Fund was officially dissolved, and Mr. Minh had the authority to allocate road maintenance capital to localities, provinces, and cities for the maintenance and repair of national highways, bridges, ferry terminals, and tunnel projects for eight years. Shortly after, in April 2020, he was appointed as the Head of the Transport Infrastructure Department of the Ministry of Transport.
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