Le Thuy Hai signed a contract on Friday to take charge of V-League club The Vissai Ninh Binh through the end of the 2010 season.
The northern club said it would pay Hai VND100 million per month. This US$5,200-plus monthly salary is a record for a local coach.
In addition to the hefty sum, Hai will receive VND500 million if Ninh Binh wins the National Cup title.
Ninh Binh is currently in sixth place out of 14 in the table. Hai is required by his contract to help the club finish among the top five.
Hai, who helped Binh Duong earn two consecutive V-League championships in 2007-2008, will receive VND1 billion if the club finishes in the top two slots.
The club's manager Tran Tien Dai said Hai will be fired before the end of the contract if the club's results are not as good as expected.