Income down, but banking sector remains hot

Published: 16/04/2013 05:32



Commercial banks continue recruiting more officers, and though the average income decreased in 2012, bank officers still had sky high monthly salaries, which were the dream of the workers in other business fields.

High pay for workers…

Vietinbank has been leading the banking sector in the salaries it pays to its staff. In 2011, the bank’s pay was VND260 million on average. In, 2012, which was described as an unsatisfactory business year of the bank, every officer still received VND243 million.

As such, the monthly average income of every officer of Vietinbank was VND20.22 million, of which VND19.7 million from the monthly salaries and the remaining was from other sources.

In Vietnam, those, who can earn more than VND10 million a month are considered high income earners.

Analysts have noted that the decrease in the monthly average income of Vietinbank’s officers should be blamed on the increase of the personnel size, from 18,600 in 2011 to 19,800 in 2012, rather than the less satisfactory business result.

The Military Bank and Eximbank have also been named in the list of the banks with sky high incomes. Both of them paid VND209 million to every officer in 2012, or VND17.5 million a month. 

Every officer of the Military Bank received VND11 million from his fixed salary, and VND6 million as bonus and other incomes. Meanwhile, Eximbank paid VND14.8 million in salary and bonus, while the remaining VND2.5 million from other sources of income.

The noteworthy thing was that the banks still could pay high to their officers, even though the two banks’ personnel increased by 700 and 370 officers, respectively.

Vietcombank also had the number of officers increasing by 1,000 to 13,251 in 2012. Vietcombank officer’s income in the year was VND200 million, lower than the 2011’s level of VND220 million, which meant that every worker got VND16.6 million.

Rumors were spread out that ACB cut down its staff sharply in early 2012 after the bank got some troubles. However, a report released at the end of 2012 still showed that the bank still had 10,300 workers, an increase of 1,700 workers over 2011. 

ACB’s income decreased slightly from VND163 million in 2011 to VND160 million in 2012. The figure was just the fixed salary for every worker of the bank, which did not include the extra income from other sources.

While most of the banks cut down the pay fund, two banks still offered higher pay to their staff. Sacombank’s income slightly increased from VND169 million to VND172 million, while the number of workers rose from 9,600 to 10,310. Techcombank officers’ income jumped from VND 149 million to VND179 million.

… and boards of directors 

Lien Viet Post Bank paid VND45 billion in 2012 to the board of directors and the supervisory board, leading the banking sector in the pay for the board of management. As such, each member of the board received VND4 billion.

Eximbank also paid high to the board of directors and the supervisory board, about VND32 billion dong. Especially, the bank decided to extract 1.5 percent of the post tax profits to pay the key personnel.

Other banks also reportedly paid billions of dong to every member of the boards of management. Vietinbank’s members of the boards received VND14.2 billion. However, the sum is just equal to 0.23 percent of the post tax profit of the big bank. 


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