Petroleum and gasoline firms halve Tet bonuses

February 13, 2015 | 10:59

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Many petroleum and gasoline firms had to reduce their Tet bonuses by half due to the decrease in oil prices, according to datviet.vn

“In the last quarter of 2014, gasoline stores lost billions of VND because of the continuous fall of oil prices, which caused a decrease in profit and, consequently, Tet bonuses,” said an employee of a petroleum store located on Xo Viet Nghe Tinh Street, Binh Thanh district, Ho Chi Minh City. He claimed bonuses declined by nearly 40 per cent compared to 2014.

A leader of a petroleum company in Binh Duong province stated that his company had to halve the Tet bonus this year and added “unlike in 2014, when our staff received two months’ salaries, this year they will only receive the thirteenth-month salary.”

Besides, in late December 2014, at a business meeting of the state-run Vietnam Oil and Gas Group (PetroVietnam ), vice managing director Le Minh Hong also said the Tet bonus would be between 100 and 150 per cent of the monthly salary. Specifically, it would be between VND20 million ($939) and VND22 million ($1,033).

A representative of a PetroVietnam subsidiary, Petrovietnam Fertilizer and Chemicals Corporation (DPM), stated “most employees at DPM will see a decrease in their Tet bonuses because of the affected business results in 2014.”

The reduction was explained by the decrease in oil prices which caused the revenues and profits of petroleum and gasoline firms to fall.

In 2014, the Dung Quat refinery earned VND127.8 trillion ($6 billion) in revenues and contributed VND23 trillion ($1.1 billion) to the state budget, a respective decrease of 15 and 18 per cent on year.

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