The Ministry of Labor, Invalids, and Social Affairs’ Inspectorate has just issued Inspection Conclusion No. 209/KL-TTr on the observance of labor regulations at Donaruco, a one-member limited liability company under the Vietnam Rubber Group. The inspection period was from January 1, 2022, to June 30, 2024.
One of the issues highlighted by the inspection was Donaruco’s practice of paying managers’ salaries without considering their contributions to the company’s production and business performance and their management, leadership, or control.
The company also violated labor regulations by not consulting with the Company Trade Union Executive Committee before deciding on salary payments. This is a breach of labor regulations regarding salaries, bonuses, and allowances in companies with state-owned capital.
Some state-owned corporations have also disclosed substantial salary and bonus payments for their executives on the stock exchange in the first half of 2024.
One notable example is the Vietnam Maritime Corporation – Joint Stock Company (VIMC, code MVN, on UPCoM), whose key leaders mostly enjoyed higher incomes in the first six months of the year.
Specifically, Mr. Nguyen Canh Tinh, Member of the Board of Directors and General Director, had the highest income with VND 1.06 billion for six months, an increase of VND 177 million compared to the same period last year.
Next was Mr. Nguyen Dinh Chung, Member of the Board of Directors, with an income of nearly VND 991 million for six months, an increase of VND 187 million compared to the same period.
The third-highest earner was Mr. Le Anh Son, Chairman of the Board of Directors, with an income of VND 973 million for six months, an increase of VND 135 million compared to the previous year.
The most significant increase in remuneration was for Mr. Luong Dinh Minh, Head of the Supervisory Board, who received VND 922 million for six months, VND 200 million more than the same period last year.
Source: VIMC
Another example is Vietnam Airlines Joint Stock Company (Vietnam Airlines, code HVN, on HoSE), which had 27 subsidiaries, 17 subsidiaries, and 8 affiliated companies as of the end of the second quarter of 2024.
In the first six months of this year, the highest-paid executive was Chairman Dang Ngoc Hoa, who earned nearly VND 572 million, about VND 60 million higher than the same period last year.
Following closely was General Director Le Hong Ha, who earned nearly VND 507 million in the first half, a decrease of VND 54 million compared to the same period. The six deputy general directors each received VND 408 million for six months, a decrease of about VND 40 million compared to the same period.
Source: HVN
Donaruco is one of 99 subsidiaries of Vietnam Rubber Group Joint Stock Company (VRG, code GVR, on HoSE) as of the end of the second quarter of 2024.
The reviewed semi-annual consolidated financial statements show that VRG spent VND 1.8 billion on remuneration for the members of the Board of Directors in the first half of this year. Of this, Chairman Tran Cong Kha earned more than VND 371 million for six months, an increase of over VND 50 million compared to the same period.
Meanwhile, the six members of the Board of Directors received a total remuneration of over VND 1.62 billion in the first half. On average, the five deputy general directors and the chief accountant each received VND 300-330 million for six months, a slight increase compared to the same period.
Source: GVR
As of the end of the second quarter of 2024, Vinafood II Joint Stock Company (Vinafood II, code VSF, on UPCoM) had 12 subsidiaries and 6 affiliated companies, with a total of 2,727 employees.
The reviewed semi-annual consolidated financial statements show that Vinafood II spent VND 1.04 billion on remuneration for the five members of the Board of Directors and the five members of the Supervisory Board. Of this, Chairman Nguyen Huy Hung earned VND 288 million for six months, an increase of VND 50 million compared to the same period.
Mr. Nguyen Tuan Vinh, Head of the Supervisory Board, received nearly VND 205 million in remuneration in the first half of this year, an increase of over VND 70 million compared to the same period.
Similarly, the five members of the Board of Directors received a total of VND 1.13 billion in salaries in the first half of this year. Each member received between VND 204-256 million for six months, an increase of up to VND 100 million per person compared to the same period.
Source: Vinafood II
Song Da Corporation – Joint Stock Company (code SJG, on UPCoM) had 3,220 employees and managed 19 subsidiaries and 10 joint ventures and associated companies as of the end of the second quarter of 2024.
In the first six months of this year, SJG spent VND 2.3 billion on remuneration for the Board of Directors and the Board of Management, a decrease of up to 45% compared to the same period. Specifically, the highest-paid executive was Chairman Tran Van Tuan, who earned over VND 735 million for six months, equivalent to about VND 122 million per month.
Meanwhile, the income for the Supervisory Board decreased slightly to VND 734 million for six months. The Head of the Supervisory Board, Mr. Nguyen Van Thang, saw a significant decrease in income from VND 785 million to nearly VND 490 million for six months because, in the previous year, Mr. Thang was the only member of the Supervisory Board receiving remuneration. In the first half of this year, there was an additional member, Mr. Ha Tuan Linh, who received nearly VND 245 million for six months.
