Techcombank pays foreign CEO over $1mn in 2024
Techcombank pays foreign CEO over $1mn in 2024
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has disclosed that its foreign CEO earned over US$1 million in salary in 2024, reflecting an increase of nearly $62,800 from 2023.
A transaction at a Techcombank branch in Ho Chi Minh City, Vietnam. Photo: Quang Dinh / Tuoi Tre |
The last quarter of 2024’s financial report of Techcombank, headquartered in Hanoi, detailed the salaries and remuneration of its top executives, including chairman Ho Hung Anh, who earned over VND4.3 billion ($168,600) in salary last year, the same as in 2023.
Meanwhile, first vice-chairman Nguyen Dang Quang received nearly VND3.99 billion ($156,500), a slight jump from the previous year.
Other vice-chairmen, including Nguyen Thieu Quang, Nguyen Canh Son, and Ho Anh Ngoc, pocketed VND1.7 billion ($66,700), VND3.8 billion ($149,170), and over VND2.67 billion ($104,800), respectively.
Among the bank’s board of directors, Eugene Keith Galbraith, an independent board member, earned the most last year, at VND6.75 billion ($265,000), while Hoang Huy Trung, a full-time member and head of the supervisory board, received over VND5.13 billion ($201,400) in compensation.
However, the highest-paid individual at Techcombank was CEO Jens Lottner, who received a total of more than VND25.6 billion (over $1 million) in salary in 2024 – an increase of nearly VND1.6 billion ($62,800) from 2023.
His earnings significantly surpassed the average CEO income of only VND2.5 billion ($98,030) among publicly listed companies in 2023, according to Fiingroup, a Vietnamese provider of financial data, business information, and industry research.
Fiingroup reported that the highest-paid CEO in Vietnam in 2023 was from Kinh Bac City Development Holding Corporation (KBC) in Bac Ninh Province, getting VND17 billion ($666,800).
In 2024, Techcombank allocated VND6.894 trillion ($270.5 million) for employee salaries and benefits, a five-percent spike from 2023. This came as the bank’s pre-tax profit surged over 20 percent to VND27.538 trillion ($1.08 billion).
As a result, Techcombank employees received the highest average salary in the banking sector last year, making VND49 million ($1,920) per month per employee.
Over the full year, each employee was paid an average of VND590 million ($23,150), roughly equivalent to seven taels of SJC gold (1 tael = 1.2 troy ounces) at the year-end exchange rate.
Alongside Techcombank, many other banks and corporations in Vietnam also offered substantial executive and employee remuneration in 2024.
Ho Chi Minh City-based Nam Long Investment Corporation, a housing developer, paid its CEO Lucas Ignatius Loh Jen Yuh nearly VND12 billion ($471,000) in 2024, despite his only being appointed last March.
Meanwhile, its chairman Nguyen Xuan Quang raked in nearly VND4.7 billion ($184,500), down from VND5.2 billion ($204,170) in 2023.
In total, the enterprise allocated over VND56.25 billion ($2.21 million) for executive salaries and bonuses in 2024, reflecting an almost 12-percent climb from 2023, according to its financial report in 2024’s last quarter.
Similarly, Chaowalit Treejak, CEO and a board member of Ho Chi Minh City-based Binh Minh Plastics JSC, earned nearly VND6.2 billion ($243,250) last year, marking a 23-percent rise from 2023, translating to an average monthly salary of approximately VND520 million ($20,400).
