Billionaire Pham Nhat Vuong has been forgoing his salary for years. Photo: VIC
Despite being the richest billionaire in Vietnam today (according to Forbes’ ranking), Pham Nhat Vuong, Chairman of Vingroup (HoSE: VIC), has been receiving a salary of 0 VND for the first six months of 2024.
This information is not new as, in recent years, billionaire Pham Nhat Vuong has not been taking any salary from the companies he leads as a senior executive.
Billionaire Pham Nhat Vuong currently holds over 18% of Vingroup’s capital, with a market value of more than VND 31,000 billion. In addition, he owns 100% of Vietnam Investment Group Joint Stock Company (the largest shareholder of Vingroup) and many subsidiaries, with an estimated value of nearly VND 5,700 billion.
Since March 2022, billionaire Pham Nhat Vuong has been the Chairman of VinFast. At the beginning of 2024, he took on the role of General Director and directly managed this electric vehicle company.
Earlier, at the 2024 Annual General Meeting of Vingroup held in late April, billionaire Pham Nhat Vuong stated that VinFast is the mission and future of Vingroup, so he will never give up on it. He affirmed that he would arrange his personal finances to continue sponsoring VinFast with a minimum of $1 billion.
Prior to that, in early 2023, Mr. Pham Nhat Vuong announced a donation of $1 billion to VinFast and Vingroup’s non-refundable sponsorship of $500 million, along with a $1 billion loan for the electric vehicle company for a maximum of five years.
Many Vietnamese Billionaires Forgo Their Salaries
Billionaire Pham Nhat Vuong is not the only “boss” in Vietnam who has been forgoing his salary in the past six months.
Mr. Nguyen Duc Tai, Chairman of the Board of Directors of Mobile World Investment Corporation, did not receive a salary in the first six months of 2024. Photo: MWG
According to the recently published consolidated financial statements for the first six months of 2024 of Mobile World Investment Corporation (HoSE: MWG), Mr. Nguyen Duc Tai, Chairman of the Board of Directors, did not receive a salary. Mr. Tai started forgoing his salary from the third quarter of 2023 when Mobile World Investment Corporation recorded a decline in business results. Similarly, two other members of the Board of Directors of Mobile World Investment Corporation, Mr. Doan Van Hieu Em and Mr. Tran Huy Thanh Tung, also received a salary of 0 VND in the first six months of this year.
At Tan Tao Investment and Industry Corporation (HoSE: ITA), Chairwoman of the Board of Directors, Dang Thi Hoang Yen, and Vice Chairman of the Board of Directors, Dang Quang Hanh, did not receive any salary or remuneration in the first half of this year.
Mr. Tran Dinh Long, Chairman of Hoa Phat Group, has also been receiving a salary of 0 VND for many years. Photo: HH
In addition, many other business leaders in Vietnam have been receiving a salary of 0 VND for many years, including Mr. Truong Gia Binh (Chairman of FPT), Mr. Tran Dinh Long (Chairman of Hoa Phat Group), Mr. Nguyen Dang Quang (Chairman of Masan), and Ms. Nguyen Thi Thanh Phuong (Vietcap Securities)…
In early April 2024, Forbes magazine published a list of the world’s billionaires in 2024. Vietnam had six familiar names, including Mr. Pham Nhat Vuong (Chairman of Vingroup, CEO of VinFast), Ms. Nguyen Thi Phuong Thao (Chairman of VietJet), Mr. Tran Dinh Long (Chairman of Hoa Phat Group), Mr. Ho Hung Anh (Chairman of Techcombank), Mr. Nguyen Dang Quang (Chairman of Masan Group), and Mr. Tran Ba Duong (Thaco).
According to Forbes’ 2024 ranking, the total wealth of Vietnam’s six USD billionaires reached $13.9 billion, an increase from $12.6 billion in the same period last year.
The Vingroup Chairman Offers Franchise Model for Charging Stations: Supermarkets and Cafes Get a Chance
The revenue-sharing model offers an attractive 750 VND/kWh of electricity charged, with a minimum commitment of a decade. This generous offer includes a guarantee to compensate charging station owners should V-GREEN cease operations prematurely.
