Top 10 Stand Out From The Rest

According to a survey by VietNamNet of 27 listed banks that have published their individual financial reports for the fourth quarter of 2023, employee income at many banks has decreased compared to the same period last year as banks have had to cut spending. However, the differentiation only occurred in the bottom half of the rankings (see table below).

In terms of average income of bank employees in 2023 (including salary and allowances), Techcombank still shows "outstanding every day" when continuing to lead the industry with an average monthly income of 45 million VND/person.

Of which, the income from pure salary alone is 38 million VND/person/month. Both types of income increased by 2 million VND/month compared to 2022.

Only Techcombank can meet the income of over 40 million VND/month for employees. Meanwhile, MB Bank, which ranks second in the whole system in terms of remuneration, pays an average monthly income to employees, which is also approaching this number, with 39.75 million VND.

Thus, the average income of MB employees remains almost unchanged compared to 2022.

Coming in third is the "big guy" Vietcombank with an average income per employee of 37.65 million VND/month, an increase of 1.94 million VND compared to 2022.

To achieve this increase, Vietcombank had to spend nearly VND1,000 billion more for 22,700 employees last year. The bank's total salary and allowance expenditure amounted to more than VND10,000 billion.

With a sharp increase in employee salaries of 4.5 million VND/person/month over the past year, TPBank unexpectedly approached the average monthly income of 36.68 million VND.

VietinBank and BIDV came next with average employee income of VND34.68 million (up VND3 million) and VND32.95 million (up VND1.8 million), respectively.

With more than 20,000 employees, VietinBank and BIDV are among the Top 3 banks (along with Vietcombank) spending the most on employees, from 9.3 to 10.7 trillion VND last year.

The top 10 banks with the best employee benefits also include familiar names: VIB, VPBank, MSB and HDBank.

In particular, the average income of VIB employees last year increased by 2 million VND, up to 32 million VND/month (of which salary was 22.26 million VND).

The income of bankers working at VPBank also increased by 2 million VND, reaching 30 million VND/person/month, of which salary income is 28.95 million VND.

Although still in the Top 10, the average income of MSB and HDBank employees has decreased sharply compared to 2022.

For MSB, the average employee income decreased by 5 million VND/month to 29.08 million VND (in 2022 it was 34.49 million VND).

Meanwhile, the average income of HDBank employees decreased by 7 million VND compared to 2022, when it was 29 million VND/person/month.

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Techcombank continues to lead in employee benefits. Photo: Hoang Ha.

Many banks cut payroll

While there has been no significant change in staff, the decline in income of MSB and HDBank employees stems from the policy of cutting operating costs. This has also been a common policy of many banks in the past year and will certainly continue in 2024.

Banks with employee income decreasing compared to 2022 include: Sacombank (VND 28 million/month, down VND 1 million); SeABank (VND 26.5 million, down VND 500,000), PGBank (VND 22 million, down VND 1 million), OCB (VND 21 million, down VND 4 million), Bac A Bank (VND 19.3 million, down VND 4 million), VietBank (VND 19 million, down VND 800,000).

Notably, the average income of Eximbank employees decreased the most, down 8 million VND to only 19 million VND/person/month.

Thus, 9/27 banks recorded a decrease in employee income in 2023.

However, these are not the banks with the lowest employee income in the system. In 2023, although ACB Chairman Tran Hung Huy danced in the rain causing a "storm" that made his personal image as well as ACB famous, in reality, this bank continued to be "at the bottom" in terms of employee benefits.

Although it has increased by 1 million VND compared to 2022, ACB employees are still the lowest paid people in the banking industry when the salary and allowances received each month are only 12.9 million VND.

ACB has more than 13,000 employees (this number is equivalent to VPBank, even surpassing LPBank, Techcombank and MB) but the salary and allowance expenditure for the whole year is only 2,000 billion VND.

Meanwhile, SHB Bank does not separate the salary and allowance expenses for employees in the financial report. Instead, SHB only discloses the "employee expenses" item, including salary, allowances, salary-based expenses (health insurance, social insurance, unemployment insurance), other allowances, etc. with an average expense of 37 million VND/person/month (an increase of 2 million VND compared to the same period).

AVERAGE INCOME RANKING (SALARY + ALLOWANCES) OF BANK EMPLOYEES IN 2023 (million VND/month)
STT BANK AVERAGE INCOME CHANGES FROM 2022
1 TECHCOMBANK 45 2
2 MB 39.75 0.2
3 VIETCOMBANK 37.65 1.94
4 TPBANK 36.68 4.58
5 VIETINBANK 34.68 3
6 BIDV 32.95 1.81
7 VIB 32 2
8 VPBANK 30 2
9 MSB 29 -5
10 HDBANK 29 -7
11 SACOMBANK 28 -1
12 NAM A BANK 26.5 2
13 SEABANK 26.49 -0.5
14 ABBANK 24.3 5
15 NCB 23.6 2
16 LPBANK 22 5
17 PGBANK 22 -1
18 BVBANK 21 0.5
19 KIENLONG BANK 21 -1
20 OCB 21 -4
21 BAC A BANK 19.3 -4
22 VIET A BANK 19 2
23 SAIGONBANK 19 0
24 EXIMBANK 19 -8
25 VIETBANK 17 -0.8
26 ACB 12.9 1
27 SHB (including salary expenses) 37 2

Among the reports on employee and leadership income of banks, the move at LPBank is the most notable when the average employee income increased by 5 million VND, up to 22 million VND/month. However, the remuneration for the board of directors (BOD), the board of supervisors (BOS) and the salary and bonus for the board of general directors of LPBank decreased sharply compared to 2022.

Specifically, the remuneration for LPBank's Board of Directors in 2023 is VND 8,527 billion, down 58% compared to 2022. The remuneration for the Supervisory Board is VND 3,369 billion, down 49%. At the same time, the salary and bonus fund for the Board of Directors is VND 15,699 billion, down 54% compared to the previous year.

Similarly, at Vietcombank, the remuneration fund for the Board of Directors decreased by 11% to VND16.78 billion and the remuneration for the Supervisory Board decreased by 12% to VND4.79 billion. However, Vietcombank spent a lot of money on salaries for the Board of Directors with the figure reaching VND39.54 billion, a sharp increase of 169%.

At Sacombank, after-tax remuneration for the Board of Directors and the Board of Supervisors is VND 29.9 billion and VND 14.663 billion, respectively, up 22% and 34% compared to 2022. Meanwhile, Sacombank's executive board received after-tax salary and bonus of VND 68.917 billion, up 6.8% compared to 2022.