VNExpress-Sept 5
Being chairmen of giant corporations with revenues exceeding billions of dollars, some Vietnamese billionaires chose to draw zero salaries. According to the semi-annual audited financial report of Vingroup Company JSC, the enterprise has spent more than VND24 billion ($1.02 million) in remuneration for its leading members, including the board of directors (BOD), general directors and other management members. However, Vingroup Chairman Pham Nhat Vuong and several other BOD members did not receive a salary. The report added that Vuong, the richest billionaire in Vietnam, did not receive a salary in the first half of 2021 either. According to Forbes magazine, Vuong currently has a net worth of $5 billion. Similar to Vuong, other Vietnamese billionaires did not receive a salary. In fact, salaries are only a part of the total income package these billionaires can receive. Based on business results or specific contract terms, CEOs will receive income from stock options, bonus shares or bonuses related to business targets. Although the salary might be symbolic, they still receive hundreds of millions of dollars in stock bonuses due to income tax differences. It is not unusual for CEOs and chairmen of big corporations across the world to receive no remuneration or a symbolic salary of $1. In fact, salaries are only a part of the total income package these billionaires can receive. Based on business results or specific contract terms, CEOs will receive income from stock options, bonus shares or bonuses related to business targets. Although the salary might be symbolic, they still receive hundreds of millions of dollars in stock bonuses due to income tax differences. The same goes for Vietnamese billionaires. Read more at: https://e.vnexpress.net/news/business/vietnamese-billionaires-say-no-to-salaries-4507104.html
