Directors' remuneration in a multi-member LLC

Hi DMS Lawyer in Vietnam! We are starting a new business in Vietnam. Can you advise me about regulations in relation to Remuneration of Directors in a multi-member LLC ?

Hi!

Remuneration, salary and bonus of Chairman of the Board of Members, Director, General Director and other managers in a multi-member LLC:

The company shall pay remuneration, salary and bonus to the chairman of the Board of Members, the Director or General Director and other managers following its business results and efficiency.

The remuneration and salary of the chairman of the Board of Members, the Director or General Director and other managers shall be included in business expenses in accordance with the law on corporate income tax and other relevant laws, and must be recorded as a separate item in annual financial statements of the company (Article 66 Law on Enterprises No. 68/2014/QH13 dated 11/26/2014).

The Director or General Director is not entitled to any increase in salary or bonus when the company is not able to pay all of its due debts (Clause Article 71 Law on Enterprises No. 68/2014/QH13 dated 11/26/2014).

Related topics:

Set up LLC with two or more members in Vietnam, with capital contributed by foreign investors

Set up 100% FDI company in Vietnam in the form of a single member LLC

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Remuneration of Directors in a multi-member LLC