With Vietnamese banks reporting substantial profits last year many of their employees are expecting higher Lunar New Year bonuses. The banking sector’s overall profit before tax increased by 40 percent year-on-year, according to the National Financial Supervisory Commission. Vietcombank, the largest bank by market capitalization, said in a recent report that its consolidated pre-tax profit was up 62 percent to VND18.3 trillion ($789.55 million).
TPBank said pre-tax profit doubled to VND2.26 trillion ($97.5 million), exceeding its target of VND2.2 trillion ($94.93 million). The lender’s profit has almost quadrupled against 2015.
Sacombank’s profit before tax of VND2.2 trillion ($94.93 million) was 20 percent higher than its target.
Bank employees are thrilled by the performance ahead of Tet, Vietnam’s Lunar New Year, which falls on February 5 this year.
Mai, a Sacombank worker who asked to be identified only by her given name, said: “Our bank’s profit is a few times that of 2017, so we hope to have a higher bonus.”
Minh Nhat of Orient Commercial Bank, said his bank determines Tet bonuses based on the performance of each branch and individual. Last year his most productive colleagues had received a five-month bonus, while everyone got at least a month’s salary as bonus. He hopes this year it would be even higher.
Le Minh Tan, director of the Ho Chi Minh City Department of Labor, Invalids and Social Affairs, told VnExpress that the highest Tet bonus this year is by a HCMC-based bank — VND1.17 billion ($50,493) for an employee.
Companies plan to pay VND3.4 million ($147) on average, 30 percent higher than last year, he added.
Three bank leaders said they are still calculating the rewards.
“We calculate rewards using personal KPI (key performance indicator) and branch productivity, so the bonus will vary between individuals,” one CEO said, adding that some employees would receive a three- or four-month bonus or even higher, while some would get nothing.