A report announced by the State Audit of Vietnam showed that there is a big disparity in average salary between managers at state-owned corporations and groups and managers at their affiliates.
Petrolimex made a loss of VND1.42 trillion in 2011
In 2011, managers’ average income at Vietnam Northern Food Company No. 1 (Vinafood 1) was VND56.5 million (USD2,667) per month compared to VND6.5 million (USD309.5) for those at its affiliate Vinh Ha Food Processing and Construction JSC. Meanwhile, Vinh Ha Food Processing Construction JSC has the highest average salary among Vinafood 1's audited affiliates.
The situation was the same at Vietnam Northern Food Company No. 2 (Vinafood 2). The average monthly income of Vinafood 2’s managers was 79.74 million. Whereas the average was just VND11.17 million at Dong Thap Food Company which has the highest salary among Vinafood 2’s audited affiliates.
At Civil Engineering Construction Corporation No. 4 (Cienco4), the member council and deputy general director had an average monthly salary of VND39.9 million compared to just VND5.49 million for labourers.
The auditing result submitted to the National Assembly last November showed that in 2011 Petrolimex made a loss of VND1.42 trillion (USD67.6 million). In that year, the corporation chairman had a monthly salary of VND58 million and the members of the board of director’s salaries were VND42 million. The salary level for the head of the board of supervisors was VND41 million and deputy-general -director was VND40 million.
The salary unit cost at wholly state-owned enterprises is approved by the ministries of Labour, Invalids and Social Affairs and the Ministry of Finance. At joint stock companies, however, this is decided by the member council, said Nguyen Hong Long, an official from the State Audit of Vietnam.
Regarding the salaries of managers, Long said, Vinafood 1 and Vinafood 2 have made a profit and the salary unit cost is approved by the Ministry of Labour, Invalids and Social Affairs.
Vietnam National Petroleum Group (Petrolimex) is an exceptional case, he said, explaining that in spite of making a loss, it still offered a high salary unit price because the corporation has joined the market petroleum stabilisation.
According to the State Audit of Vietnam, a number of units at corporations and groups have not yet formed its salary unit price or initiated a suitable one.