The Ruling Elite: Unveiling the Astronomical Salaries of Vietnam’s Maritime and Aviation Titans

State-owned enterprises (SOEs) have also disclosed substantial compensation and bonus figures for the first half of 2024.

Vietnam Maritime Corporation (VIMC): Most key executives received higher incomes in the first six months of 2024. Mr. Nguyen Canh Tinh, Member of the Board of Directors and General Director, earned the highest at VND 1.06 billion, a VND 177 million increase from the previous year. Mr. Nguyen Dinh Chung, Member of the Board of Directors, received VND 991 million, a VND 187 million increase. The Chairman of the Board of Directors, Mr. Le Anh Son, was the third-highest-paid executive with VND 973 million, a VND 135 million increase. The most significant increase went to Mr. Luong Dinh Minh, Head of the Supervisory Board, who earned VND 922 million, a VND 200 million increase.

Vietnam Airlines: Vietnam Airlines and its subsidiaries, associates, and affiliates comprise a group of 27 units as of Q2 2024. In the first half of 2024, the Chairman, Mr. Dang Ngoc Hoa, earned the highest compensation of nearly VND 572 million, about VND 60 million higher than the previous year. The General Director, Mr. Le Hong Ha, received nearly VND 507 million, a decrease of VND 54 million. Each of the six Deputy General Directors was paid VND 408 million, a reduction of approximately VND 40 million compared to the previous year.

Donaruco and VRG: Donaruco is one of VRG’s 99 subsidiaries as of Q2 2024. VRG’s reviewed consolidated financial statements for the first half of 2024 show that the company paid VND 1.8 billion in compensation to its Board of Directors members. The Chairman, Mr. Tran Cong Kha, earned over VND 371 million, an increase of more than VND 50 million compared to the previous year. The six members of the Board of Directors received a total of over VND 1.62 billion in compensation. On average, each Deputy General Director and Chief Accountant received VND 300-330 million, a slight increase from the previous year.

Vinafood II: As of Q2 2024, Vinafood II had 12 subsidiaries and six associated companies, with a total of 2,727 employees. The reviewed consolidated financial statements for the first half of 2024 show that Vinafood II paid VND 1.04 billion in compensation to its five Board of Directors members and five Supervisory Board members. The Chairman, Mr. Nguyen Huy Hung, received VND 288 million, an increase of VND 50 million compared to the previous year. Mr. Nguyen Tuan Vinh, Head of the Supervisory Board, was paid nearly VND 205 million, an increase of over VND 70 million. Similarly, the five members of the Board of Directors earned a total of VND 1.13 billion in the first half of 2024, with each member receiving between VND 204-256 million, a significant increase of VND 100 million per person compared to the previous year.

Song Da Corporation: Song Da Corporation (SJG) had 3,220 employees and managed 19 subsidiaries and ten joint ventures and associates as of Q2 2024. In the first half of 2024, SJG spent VND 2.3 billion on compensation for its Board of Directors and Board of Management, a decrease of 45% compared to the previous year. Specifically, the highest-paid person was the Chairman, Mr. Tran Van Tuan, who earned over VND 735 million, equivalent to about VND 122 million per month. Meanwhile, the income for the Supervisory Board decreased slightly to VND 734 million. The Head of the Supervisory Board, Mr. Nguyen Van Thang, experienced a significant drop in income from VND 785 million to nearly VND 490 million due to the presence of Mr. Ha Tuan Linh, who received nearly VND 245 million, in the Supervisory Board this year.

The MoLISA Inspectorate’s findings highlight the need for SOEs to align executive compensation with performance and adhere to labour regulations. These disclosures provide valuable insights into the compensation practices and financial performance of prominent SOEs in Vietnam.