The Vietnamese Ministry of Transport has agreed to the proposal of employing foreign chief executive officer (CEO) submitted by Vietnam Motors Industry Corp. (Vinamotor), local media said.
The State-run Vinamotor, which makes automobiles, motorbikes and mechanical products, will thus be the second corporation under the ministry to hire foreign executive officers after the Vietnam Shipbuilding Industry Corp. (Vinashin).
Under the proposal, both Vietnamese and foreign candidates will have equal opportunities.
Candidates must have at least three years’ experience in management of a mechanical engineering company with an annual turnover of VND1,000 billion (US$62.5 million).
Foreigner candidates must be fluent in Vietnamese while Vietnamese must be fluent in a widely used foreign language.
Remuneration for the successful Vietnamese will be VND30-40 million/month (US$2,500), while successful foreigner is offered VND50-60 million/month (US$3,750).
In addition, bonuses will be presented based on the company’s performance.
Vinamotor must seek approval from the government for any foreign CEO it selects.
It is highly probable that a Vinamotor subsidiary will trial employment of a foreign executive officer before the practice spreads through the group.
Vinamotor, the largest domestic carmaker, will reach a production capacity of 100,000 cars a year as several construction facilities are completed this year. Most of Vinamotor vehicles are made under the Hyundai technologies.
The State-run firm plans to manufacture 19,300 automobiles in 2006, up 42.49 per cent compared with last year’s output in 2006.
Late last year, Vinashin, Vietnam’s largest shipbuilder, obtained permission from the government to apply the foreign CEO-hiring scheme. However, no concrete regulations have been drawn up so far.
VietNamNet
Vietnamese
