Vietnam mega corporation’s heads paid 30 times above average

By Bach Duong   July 7, 2016 | 03:43 am PT
The giant state owned corporation has paid its employees half of dozen million dollars in 2015. 

The State Capital Investment Corporation (SCIC)’s general director was paid over VND1.4 billion ($62,879) in 2015, 30 times above Vietnam’s average income of VND45.7 million.

Among 12 members of SCIC’s board of management, six individuals were paid more than VND1 billion last year, according to a report by SCIC on the company's pay in 2015.

The SCIC report shows that General Director Lai Van Dao’s pay was over $62,879 last year, equivalent to the average monthly stipend of $5,390.

Four other deputy general directors earned nearly VND1.3 billion and a member of the supervision board received VND1.1 billion in 2015.

The company employs 273 people in total who earn on average VND37 million per month. The pay includes salary, health insurance, social insurance, unemployment insurance, trade union fees and allowances.

SCIC’s representative told VnExpress their payroll complies with the law and reflects the company's business performance in 2015, the most profitable year in the company's history with pre-tax profit reaching VND8.4 trillion. 

SCIC is a state owned enterprise established in 2005. It aims at enhancing the efficiency of state capital utilization in other state enterprises with owner’s equity as of 2015 at VND34.75 trillion. The giant corporation still owns equity or shares in 197 enterprises including large ones like Vinamilk or FPT with the book value of over VND20 trillion, equivalent to 23 percent of SCIC's charter capital.

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