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Big bonuses at big conglomerates please staff

access_time Jun 19,2016 chat_bubble_outline 86 views
Many Vietnamese working for Vietnamese-owned enterprises can receive sky-high bonuses of up to hundreds of billions of dong.

Big bonuses at big conglomerates please staff

Masan Group (MSN) has released its ESOP (employee stock ownership plan) under which 9.35 million shares would be issued to employees as decided at the shareholders’ meeting.

MSN plans to issue shares in the first half of June and the employees who receive ESOP shares can sell the shares in the market for money. 

With the current market price of VND68,500 per share (the trading price on June 6), MSN’s key personnel can receive VND640 billion.

Prior to that, MSN also implemented some ESOPs as well. In 2013, Madhur Maini, general director of Masan Group, unexpectedly was added into the list of 30 richest stock millionaires after he got 6 million ESOP shares, worth over VND500 billion at that moment.
Many Vietnamese working for Vietnamese-owned enterprises can receive sky-high bonuses of up to hundreds of billions of dong.
Deputy general director Nguyen Thieu Nam also got 2 million more shares, worth VND180 billion.

The shareholders of Vinamilk, the nation’s leading dairy producer on May 21, approved the plan to issue 9.4 million ESOP shares at the price which doubles the book value (VND38,000 per share).

With the current market price of VND140,000, workers can make a profit of VND100,000 for every ESOP share he can buy.

The shareholders of Cotec-CoteCons (CTD) has also approved the plan to issue 2.33 million shares worth VND420 billion to its key personnel at two price levels of VND42,000 and VND70,000 per share, which are both much lower than the current market price of VND180,000.

This means that workers, who can buy the ESOP shares would make a fat profit of VND110,000-140,000 per share, or VND300 billion in total.

An observer noted that in this year’s shareholders’ meeting season, many enterprises got the nod from shareholders on large-scale ESOPs.

Thanh Thanh Cong Tay Ninh Sugar Company has released the list of employees who can buy ESOP shares. President Pham Hong Duong and Dang Huynh Uc My, a member of the board of directors, can buy 2.1 million shares out of 9.1 million shares to be issued on June 8-17 at the price just equal to 30 percent of the market price.

Saigon Securities Incorporated (SSI) has also approved the plan to issue 10 million shares at VND10,000 per share, or 50 percent of the market price.

The observer commented that unlike the previous years, nearly all the ESOPs submitted to shareholders’ meetings this year have been approved, which shows that shareholders can see the great benefits of the preferences designed for workers.

According to JobStreet, salaries have decisive effects to the labor productivity. The average salary for Vietnamese workers is just equal to 15-80 percent of that in other regional countries.

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M. Ha

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