HCM city Tet bonus 2011: highest VN$ 376 million

According to sources from Ho Chi Minh City Export and Processing Zone Authorities (HEPZA), until now 40% of businesses have reported their Tet Tan Mao (Traditional New Year) bonus for 2011.

The highest individual bonus is VN$376 million (US$18,800) belonging to a domestic executive. The lowest individual bonus is VN$ 900,000 (US$45). Concerning foreign funded enterprises, the highest individual bonus is VN$ 120 million (US$6,000) and the lowest individual bonus is VN$1,200,000 (US$60).


Workers in a garments factory in Tan Tao Industrial Park.
Workers in a garments factory in Tan Tao Industrial Park.

Doi song & Phap luat newspaper state that except for some high-revenue industries like finance, banking, travel, FMCG, pharmacy and law consultancy, who offer a hefty bonuses of 10 to 20 months’ salary to their staff, many others have to make that decision on a much tighter budget.


A director of an import-export business in Hanoi said his company had to reduce the bonus to VN$ 1 million ($51.3) for each of its employees, compared with VN$1.5 million ($76.96) last year.


Similarly, many other companies, like the Vietnam Forest Cooperation award their staff around VN$7-8 million, equivalent to one month’s salary, the same level of bonus as last year.


In the construction and securities industry, on the other hand, employees saw a significant decrease of up to 50 percent in their year-end bonuses.


According to Nguoi Lao Dong, the highest bonus in the state-owned sector of Ho Chi Minh City is VN$6.3 million ($323.2). This sector also approved a plan to raise the salary for its employees after January 01, 2011.


According to Tien phong, Da Nang City reported the highest bonus of VN$244 million plus ($12,314) and the lowest of VN$500,000 ($25.65). The lowest and the highest bonuses in the state-owned sector in Da Nang is VN$1 million ($51.3) and VN$30 million ($1,539), respectively.


The 2011 Tet bonus gap between the highest and lowest in this central city is 500 times, compared to the 2,000-fold disparity in 2010. Da Nang ’s average bonus and salary is said to be higher than last year.


As usual, professionals working in the field of education, get the lowest bonus, or in some cases, nothing at all.


The Department of Labor, War Invalids and Social Affairs require enterprises to report their payment of salaries and bonuses, for each employee, before December 31, 2010.

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