Several banks in Vietnam are planning to give employees huge Tet bonuses this year.

Banks give huge Tet bonus (illustrative image)

According to an anonymous source, leaders of Vietcombank have decided to award employees with eight months’ worth of salary as a Tet bonus. The bonus will be divided into several parts.

Branches with outstanding performances will be awarded VND2bn (USD88,500). The branch's director will be given VND200m, VND150 to vice director and VND3m for employees. Vietcombank also awards VND400m for other branches with good results.

With 15,242 employees, it's estimated that Vietcombank may have to spend over VND2.6trn (USD115m) as Tet bonuses. Last year, Vietcombank had the highest average Tet bonus rate with VND90m per employee and may also rank first this year.

Last year, Vietcombank earned over VND8.2trn (USD363m) in pre-tax profits. It's also the first bank has the capability to buy back the bad debts from Vietnam Asset Management Company.

On December 13, Techcombank announced that it will give one month worth of salary to employees as a Tet bonus. In addition, depending on the productivity, the employees will be given from another month to six months’ worth of salary. The highest Tet bonus at Techcombank may reach VND154m (USD6,800).

Nguyen Duc Huong, vice chairman of LienVietPostBank, said they had had a good year with high profits but the Tet bonus would be the same as previous years. Huong said they didn't want a sudden spike in Tet bonuses because of various potential obstacles in the future.

This year, LienVietPostBank employees will be given from one to two months’ worth of salary.