Legal Counselling

Vietnam: Guidelines for classification of salaries paid to managers in State-owned enterprises

08:23, 30/10/2016

In 2016, Circular No. 31/2016/TT-BLĐTBXH was issued by the Ministry of Labor, War Invalids and Social Affairs of Vietnam, providing guidance on management of employees, salary, remuneration and bonus by organizations that are incorporated and operate as wholly state-owned single-member limited liability companies under the Law on Securities.

Specifically, salaries paid to full-time members of Boards of Directors, Directors General, Deputy Directors General and Chief Accountants of organizations that are incorporated and operate as wholly state-owned single-member limited liability companies are classified as follows:

- Salaries of full-time manager shall be classified in accordance with Section 2 of Circular No. 27/2016/TT-BLĐTBXH;

- The full-time chairman of Boards of Directors shall have the same pay rates as full-time Chairman of Member’s Councils or full-time presidents of companies; full-time members of Boards of Directors shall have the same pay rate as full-time members of Member’s Councils.

View more relevant provisions at Circular No. 31/2016/TT-BLĐTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam, effective from December 10, 2016.

- Thanh Lam -

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