The 2023 financial report of KIS Vietnam Joint Stock Securities Company revealed that its CEO, Mr. Park Won Sang, earned a total of 14.2 billion VND in salary, bonuses, and allowances for the year. In contrast, the entire Board of Directors of KIS Vietnam received only 5.5 billion VND in compensation for the same period.
Mr. Park Won Sang is a South Korean businessman, born in 1963, and holds a master’s degree. He has been serving as the CEO of KIS Vietnam since 2017.
Prior to this role, Mr. Sang had extensive experience in the financial industry in South Korea. He worked at the Korea Credit Bank from 1991 to 1999 and then moved to Woori Camtech.
In June 2000, he joined Winz Consulting, where he spent three years before moving to Dongwon Securities. He then progressed to the Dongwon Financial Group from November 2003 to March 2006.
Mr. Park Won Sang
From 2006 to 2014, Mr. Sang worked in various investment and securities companies in South Korea. He then had a brief stint as a regional manager in the retail division of a company in 2015.
Between 2016 and 2017, he served as a regional manager in the retail division of another investment and securities company before taking on the role of CEO at KIS Vietnam in 2017, which he holds to the present day.
2023 Business Results
In 2023, KIS Vietnam experienced an 18.5% decline in operating revenue compared to the previous year, amounting to 2.42 thousand billion VND. This included 381 billion VND from securities brokerage, 522 billion VND from loans and receivables, and 1.38 thousand billion VND from financial assets measured at fair value through profit or loss (FVTPL).
Notably, the company did not generate any revenue from financial advisory services in 2023, despite this segment contributing 4.7 thousand billion VND to their revenue in 2022.
Operating expenses decreased by 32% from 2.4 thousand billion VND in 2022 to 1.65 thousand billion VND in 2023. The largest expense incurred in 2023 was the loss on the sale of financial assets measured at FVTPL and securities brokerage costs, totaling 264 billion VND.
KIS Vietnam recorded a total accounting profit before tax of 581 billion VND, more than triple that of the previous year. After deducting corporate income tax, the company’s accounting profit after tax stood at 465.6 million VND, 3.12 times higher than in 2022.
According to the 2023 financial report, Mr. Park Won Sang’s annual income was 14.2 billion VND, equivalent to 1.18 billion VND per month.
This salary is significantly higher than that of his peers in other securities companies. It is double the salary of VNDirect’s CEO, Mr. Nguyen Vu Long, who earned 7.6 billion VND in the same period, and 2.25 times higher than the salary of SSI’s CEO, Mr. Nguyen Hong Nam, who made 6.3 billion VND.
Other CEOs with top incomes include the former CEO of SHS Securities, Mr. Vu Duc Tien, who earned 7.8 billion VND in 2023, and HSC Securities’ CEO, Mr. Trinh Hoang Giang, who made 9.6 billion VND in the same year.
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