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Many business leaders refuse salaries, but still pocket big money

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The chair of Viet Capital Securities has received zero dong, and the CEO has refused a bonus worth an apartment, buy they still earn money through shares they hold.

Many business leaders refuse salaries, but still pocket big money

The document about the pay to the board of directors

The board of management of Viet Capital Securities JSC (VCSC) has made public the statement to the 2021 annual shareholders’ meeting with a series of issues related to pay and bonuses.

Members of the board of management, including Nguyen Thi Thanh Phuong, president; To Hai, member, Nguyen Bao Hoang, member; and four others once again stated they won’t receive salaries in 2021.

The board of directors has approved a bonus of VND7.7 billion for the board of directors. However, the board of directors only received VND3.85 billion as To Hai, CEO, refused the bonus to reduce the company’s operation cost.

Though refusing the pay and bonus as member of the board of directors, Hai still receives huge money from the Vietnam’s leading securities company.

Also in the document which has been released, VCSC states it plans to pay a dividend of 15 percent, or VND1,500 per share, to shareholders. With more than 37.7 million VCI shares he his holding, Hai would pocket VND56.6 billion.

As the VCI share price has increased by 3.5 times in the last eight months, Hai’s stock assets have increased by VND1.6 trillion to VND2.4 trillion.

In July 2020, Hai spent VND145 billion to buy 6 million VCI shares at VND24,000 per share. Meanwhile, VCI is now traded at VND65,000. The investment deal alone has brought the profit of VND246 billion to Hai.

Investors said many businessmen are refusing wages and bonuses.

Masan President Nguyen Dang Quang and the group’s board of management have not received wages for the last nine years, though Masan’s leadership is operating a big apparatus with revenue in 2021 expected to increase by 20-30 percent to VND100 trillion.

The group plans to budget no more than VND5 billion for the operation of the board of management, including dependent committees in 2021.

In previous years, many businesses applied the ‘zero dong wage’ policy for their board of management and board of supervision, such as FPTS, Phu Hung Securities and SBS. And SHB, Eximbank, Nam Kim Steel and QCG cut wages of managers when the companies faced difficulties.

In 2020, a stormy period for many businesses because of Covid-19, many of them did not lay off workers but cut managers’ wages.

At Vietjet, the wage for the board of directors was cut by 25 percent. A 20 percent cut was applied for deputy directors and 10 percent cut for heads of divisions.

FLC Group of billionaire Trinh Van Quyet has many times approved low wages for president, deputy presidents and members of the board of management – several million dong for each. 

V. Ha

Source: https://vietnamnet.vn/en/business/many-business-leaders-refuse-salaries-but-still-pocket-big-money-721486.html

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VN-Index drops with trade value surges

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VN-Index drops with trade value surges

An investor looks at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


Vietnam’s benchmark VN-Index fell 0.7 percent to 1,241.81 points Friday with trading value hitting a 10-session high.

The index stayed in the red throughout the day, dipping to around 1,231 points in the early afternoon before climbing and ending with a near 9-point fall. This is its biggest plunge in the last seven sessions.

Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, rose 10 percent to VND22.4 trillion ($975 million), the highest of the past 10 sessions.

The VN30 basket, comprising the largest 30 capped stocks, saw 22 tickers in the red, with VCB of state-owned lender Vietcombank and VNM of dairy giant Vinamilk the biggest contributors to the drop of VN-Index.

VCB fell 2.3 percent. The ticker has been going sideways around the VND100,000 level since February after climbing to a new historic peak of VND107,000 in early January.

VNM dropped 2.9 percent to a nine-month low. The ticker continued its downward trend that began in January, having lost 25 percent in four months.

VHM of real estate giant Vinhomes fell 1.6 percent to its lowest level since March 30.

BID of state-owned lender BIDV lost 1.5 percent, having fallen nearly 17 percent since its mid-January peak.

On the winning side, HPG of steelmaker Hoa Phat Group rose 2.4 percent, and CTG of state-owned lender VietinBank gained, 2.1 percent. They were the top tickers pushing up the VN-Index this session.

Foreign investors were net sellers for the fifth session in a row to the tune of VND330 billion, with the strongest pressure on VPB of private lender VPBank and HPG.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.44 percent while the UPCoM-Index for the Unlisted Public Companies Market dropped 0.41 percent.

Source: https://e.vnexpress.net/news/business/vn-index-drops-with-trade-value-surges-4267353.html

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Inflation fears begin as economy recovers

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Customers shop at a supermarket in HCM City. VNA/ Photo

HCM CITY — The cost of raw materials used in many industries have risen sharply in the last few months, putting pressure on the prices of many essential goods.

Instant noodles, seasoning, cooking oil, and others have seen prices increase by 7 -10 per cent since the end of 2020.

The price of meat and poultry has increased by 10 -15 per cent.

Nguyễn Thị Trâm, a pig farmer in Đồng Nai Province’s Thống Nhất District, said the price of a 25kg bag of bran has increased from VNĐ245,000 in October last year to VNĐ295,000 now.

Prices of raw materials used to make feed, such as corn, rice bran and fish flour, are also rising.

But farmers cannot hike poultry price since they have to compete with cheap imported products.

Globally, the prices of raw materials and fuels are expected to rise again as COVID is gradually controlled, vaccination is done on a large scale and production and trade recover.

Dr Nguyễn Ngọc Tuyến of the Academy of Finance predicted the consumer price index (CPI) to rise more than last year but remain below 4 per cent for the year, the target set by the National Assembly.

Nguyễn Anh Tuấn, director of the Ministry of Finance’s price management department, warned there would be pressure on prices this year because of the rise in fuel prices.

But a spokesperson for a large supermarket chain in HCM City said the price of each item would be carefully considered before any increase is made, and essential goods are not expected to be affected much in general. —

Source: https://vietnamnews.vn/economy/942930/inflation-fears-begin-as-economy-recovers.html

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FTA providing impetus for Việt Nam – Chile trade

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Deputy Minister of Industry and Trade  Đỗ Thắng Hải  (centre) poses for a group photo with participants of the meeting in Hà Nội. — Photo courtesy of MOIT

HÀ NỘI — Despite there being no commitments on services and investment in the Việt Nam – Chile Free Trade Agreement (FTA), the pact has boosted trade and economic ties between the two countries.

The view was shared at the fourth meeting of the Việt Nam – Chile free trade council, which was held online and chaired by Deputy Minister of Industry and Trade (MoIT) Đỗ Thắng Hải and Vice Minister of Trade at Chile’s Ministry of Foreign Affairs, Rodrigo Yanez on Thursday.

According to the Ministry of Industry and Trade’s European – American Market Department, the two countries have enjoyed robust relations over the years.

Despite the difficulties posed by the COVID-19 pandemic, two-way trade in 2020 topped US$1.28 billion, up 4.43 per cent year-on-year and 2.5-fold higher than the figure recorded in 2013, prior to the FTA coming into effect.

Chile is one of Việt Nam’s four largest trade partners in Latin America, while Việt Nam is the largest trade partner of Chile in ASEAN.

Goods trade in the first four months of this year rose 15.3 per cent year-on-year to $401.1 million, with Việt Nam’s exports standing at $321.3 million, up 11.8 per cent.

Both sides recognised the efforts made to implement the FTA.

The subcommittee for trade in goods discussed matters regarding tariffs and origin of goods and considered the application of electronic certificates of origin to simplify procedures for exporters in both countries.

Meanwhile, the subcommittee for hygiene and phytosanitation worked on import procedures for several agricultural products.

Việt Nam has begun risk analysis on Chilean kiwi fruit while the South American country said it will begin analyses of Vietnamese rambutan in July.

Both agreed to step up measures to help Vietnamese and Chilean businesses capitalise on the Việt Nam – Chile FTA as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after it is ratified by Chile. —

Source: https://vietnamnews.vn/economy/942657/fta-providing-impetus-for-viet-nam-chile-trade.html

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