Vietnam International Financial Center in HCMC proposes high salaries for executives

Ho Chi Minh City's People's Committee has submitted a proposal to the city's People's Council to establish a market-competitive salary scheme for personnel managing the Vietnam International Financial Center (VIFC-HCMC). The proposal suggests a monthly salary of VND450-850 million (approximately $27,000-$51,000) for the CEO, aligning with the city's target of around $32,000 per month (VND500 million). This salary level is deemed necessary for VIFC-HCMC, launched in February 2026, to achieve its ambitious goals of developing an international financial services ecosystem, attracting foreign capital, and connecting Vietnam's financial market with global markets. City authorities acknowledge that the current salary structure is insufficient to attract individuals with professional expertise, foreign language skills, international experience, and knowledge of international finance. The proposed salary for the VIFC-HCMC CEO is significantly higher than existing salary surveys in the city, with other executive and specialist positions also considered for above-market rates. However, the city government warns that current operating budgets can only sustain salaries for a few more months, and without the timely issuance of a special remuneration mechanism, a significant portion of employees face the risk of not receiving their salaries, potentially leading to resignations. This high salary proposal is seen as part of Vietnam's efforts to enhance its presence in the international financial market. Under its one-party system, the Vietnamese government prioritizes economic growth and is focusing on securing highly skilled talent to boost international competitiveness. This strategy is also viewed as a move to strengthen international economic ties, particularly amidst complex relations with China. Information source: VnExpress International