Ho Chi Minh City approves market-based salaries for International Financial Center

The Ho Chi Minh City People's Council has approved a resolution to implement a market-based salary and bonus mechanism for personnel working at the executive agency of the Vietnam International Financial Center (VIFC) in Ho Chi Minh City.

To attract and retain high-quality talent with international experience and specialized financial expertise, the proposed salary structure varies by position. The Chief Executive Officer (CEO) is slated to receive between 450 million and 850 million VND per month. Other leadership roles include the Chief Operating Officer (COO) earning 200 million to 400 million VND, and the Chairman receiving 140 million to 200 million VND.

The city noted that current standard civil service salary scales, which average approximately 11.6 million VND per month, are insufficient to compete with the private sector. This is particularly critical as approximately 88% of the current workforce at the agency are not civil servants. The total estimated annual budget for this salary and bonus policy is approximately 99.648 billion VND, initially funded by the city budget before transitioning to autonomous revenue sources once the agency meets specific conditions.