Le Huu Thang, former general director of Vinacafe Bien Hoa JSC, Vietnam's leading instant coffee company, received up to VND1.8 billion ($75,900) in monthly payment on average in the first half of 2022.
In the six months, he received more than VND10.6 billion ($446,800) in total payment, while the figure for 2021 was VND19.5 billion, according to the company's audited financial statements.
However, in June 2022, Thang resigned from the position after more than a year of sitting in the "hot seat".
He was replaced by Doan Quoc Hung on June 30, 2022, however, Hung is now in the period of not receiving a salary or bonus from the company.
Vinacafe Bien Hoa, listed on the Ho Chi Minh City Stock Exchange as VCF, is known as the first instant coffee producer in Southeast Asia and has been operating since 1968. In the first phase, VCF developed its product portfolio as well as established an extensive distribution system, holding the top market share in the instant coffee industry and a leading position in the branded beverage industry in Vietnam.
Major shareholder Masan Beverage, a subsidiary of Masan Group, one of Vietnam’s largest listed conglomerates by market capitalization, currently owns a 98.97% stake in Vinacafe Bien Hoa.
In 2022, VCF achieved net revenue of VND2,207 billion ($93.04 million), equivalent to 2021. Due to the high cost of capital and financial expenses, its after-tax profit reached VND319 billion ($13.45 million), down 27.7% year-on-year.
According to the company, the reason for the decline in profit was a 30% decrease in net sales from cereals and instant coffee.