The only correction to Black and White's reply; VNA no longer imposes a 10% pay cut per say in the first year! However, you still aren't paid the full $10.8K as some is retained during the first 6 months and paid back at the end of the 5 year contract, if you resign before the 5 years you lose that money, so in effect you are bonded upon joining. His assessment of the flying and the fleet situation is pretty accurate.
This salary has been in effect since at least 2007, it sucks! And the flying is getting harder and harder. VNA/agencies are tinkering at the fringes with the T & Cs but in effect it's all illusory, as the overtime is almost impossible to get, they have reinterpreted sicks days and days off (so you have basically lost your sick days ) and the CAAV is in their pocket, so if you need to fly over 100hrs per month (as the local FOs are pushed to do) they will just change the Regs to allow more flying...
VNA is attempting.... An IPO
in the first half of 2014 they posted a $3MUSD before tax profit, on $1.3BUSD revenue, so basically the airline massaged the figures, to try and fool themselves/investors that they made a profit. We are talking a fraction of 1% even before TAX.
Yes wide bodies are coming, but even accounting for fuel efficiencies etc they are going to have to pay for the 32-36 wide bodies coming plus 321/ATR. The Government is strenuously pushing for the IPO because they are tired of subsidizing the airline...
VietJet has taken 25-30% of the domestic market in just over 2 years and the Gulf Carriers and Turkish are making major in roads both in pax and cargo.
So while VNA has great potential, without decisive, forward thinking management, it will be a bumpy ride...
VNA should have already offered its pilots a 25% pay increase , so they could stock up on the pilots they need in anticipation of the new aircraft arriving! instead they have once again been short sighted and are losing pilots to the ME and China and now local pilots to VietJet.
As alluded to before, if your not absolutely desperate, hold off! Crunch time is coming and the T & C will have to improve or planes will start to be parked..
As Luke highlighted before, Vietnam has a pollution problem as well, and China at least compensate you and offer 4/4 and 6/3 contracts. A survey of salaries to the north, highlight that you can earn more on 4/4 (6months of work) than a VNA321 Capt can on 6/2 (9 months of work). If you don't have a dodgy police record or kidney stones, head to China..
Of course 777 FO at VNA is still pretty decent...
Note FOs who upgrade still lose 10% the first year! as well as trg costs, bond and no salary during sim and wating for license (6-8 weeks on avg)
Same for Capts who transition to new A/c.
Only new hires get full salary (see above for explanation)