HSBC Vietnam Employee Earnings Soar to $35,100, Despite Declining Bank Profits

Despite a decline in profits, the average earnings of employees at HSBC Vietnam increased by 6.6% to VND925 million (US $35,100) in the previous year. This expenditure on salaries and bonuses for its 1400-strong workforce amounted to around VND1.3 trillion, as revealed in the company’s most recent financial report.

Comparative Income Analysis

The increase in HSBC Vietnam’s average salaries brought the monthly income per employee to VND77 million, which is one of the highest in Vietnam. In contrast, the average monthly income at MB bank was VND49 million, Techcombank was VND48 million, and Vietinbank was VND45 million.

Financial Performance

However, despite the increased pay, HSBC Vietnam didn’t fare as well financially. The pre-tax profit for the British banking giant’s Vietnamese branch dropped by 7% to VND4.14 trillion, while the operating income remained constant at VND8.74 trillion.

HSBC in Vietnam

HSBC, one of the world’s leading financial institutions, established its legal presence in Vietnam in 2009, a full 14 years after it opened its first branch in the country.

Foreign banks operating in Vietnam, like HSBC, often enjoy capital benefits due to support from their parent companies and primarily cater to corporate foreign clients or concentrate on retail banking.