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Economists demand reporting of non-wage incomes of leaders of state-run corporations

Economists believe that the Ministry of Industry and Trade should require state-run corporations and groups to make public extra-salary incomes of their leaders.

Economists believe that the Ministry of Industry and Trade should require state-run corporations and groups to make public extra-salary incomes of their leaders.
Economists demand reporting of non-wage incomes of leaders of state-run corporations - 1

The headquarters of the Vietnam Electricity Group.

Economist Ngo Tri Long said the ministry recently only reported the monthly wages of leaders of corporations and groups. According to Long, these wages, not mentioning extra-salary incomes gives a skewed picture of their earnings, as much of their income is earned through methods other than collecting salary.

Long said that it is important to know be transparent about the extra-salary incomes of leaders, and that tax agencies should scrutinise them.

Economist Le Dang Doanh said Vocarimex reported profits in 2013 much higher than other corporations and groups, even though it has a much smaller revenue and number of employees.

According to the financial report of Vorcatimex, in 2013 the revenues of the whole year were more than VND4.1 trillion. However, management cost of the company more than VND66.9 billion, bringing the net profit to just VND48.4 billion.

According to Doanh, it is good news that the ministry released a report on the monthly incomes of the leaders of state-run corporations, since these businesses have a great impact on the nation's economy, but the ministry needs to take further steps to guarantee transparency.

Deputy Nguyen Thi Kha, a member of the Committee on Social Affairs of the National Assembly, said that the wages of leaders of state-run businesses must be in line with their companies' profits.

Kha also demanded that the ministry audit the profits and wages at these firms to ascertain whether earnings are fair or not, then publicly announced the incomes.

Content link: https://dtinews.dantri.com.vn/vietnam-today/economists-demand-reporting-of-non-wage-incomes-of-leaders-of-state-run-corporations-20140929145025530.htm