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MONTHLY REPORT March, 2009MONTHLY REPORT March, 2009

ACCOUNTING

FINANCE

INVESTMENT

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• Vietnam Market Review– Inflation– Bond Market Overview– Interest Rates– FX rates

• 2009 February Accounting Results • Activities in March

– Accounting & Finance – Investment

• Plans for the Next Month– Accounting & Finance– Investment

Content

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A. Latest Released CPI• CPI in Mar 09 slightly decreased against Feb 09

Market Review

  

Mar 09 Feb-09

MOM YOY MOM YOY

CPI -0.17% 11.25% 1.17% 14.78%

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B. Bond Market Overview• Viet Nam’s bond market is in its initial stages, total bond

value accounted of 10.50% of GDP during 2008.• More than 533 government bonds being traded with

maturities ranging from 2 to 15 years

Market Review

Bond transaction in Secondary market

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Au

g 0

7

Se

p 0

7

Oct

07

No

v 0

7

De

c 0

7

Jan

08

Fe

b 0

8

Ma

r 0

8

Ap

r 0

8

Ma

y 0

8

Jun

08

Jul 0

8

Au

g 0

8

Se

p 0

8

Oct

08

No

v 0

8

De

c 0

8

Jan

09

50

100

150

200

250

300

350

400

VND bn

Amount

No. of trans

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C. Interest Rates • Base Rate remains unchanged at 7% in March• However, the Govt bond yields have slightly bounce

d since Feb due to the increasing supply

Market Review

5

8

11

14

17

20

Jan-0

8

Feb-0

8

Mar-

08

Apr-

08

May-0

8

Jun-0

8

Jul-08

Aug-0

8

Sep-0

8

Oct-

08

Nov-0

8

Dec-0

8

Jan-0

9

Feb-0

9

5yr Base Rate

Base Rate and 5yr Govt Bond Yield

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D. Foreign Exchange Rate• The USD liquidity in the VN market is not plentiful due to

the decreasing export value• FX at banks was stable and close to the upper bound of

the trading band, i.e. market expects higher FX rates.

Market Review

3% 5%

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2009 February Results

-

5,000

10,000

15,000

20,000

25,000 Premium Invesmtent income Expense

Trend of revenue and expense from July 08 to Feb 09

Expense increasing with expanding business

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-

2,000

4,000

6,000

8,000

10,000

Sale expesne Administration expense

Jan 09Jan 09 Feb 09Feb 09

Jan 09Jan 09 Feb 09Feb 09ActualActual BudgetBudget

Comparison of actual with budget

2009 February Results

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A. Accounting & Finance

Activities in March

1) Get agreement of Contract with Sacombank & IVB about premium collection and insurance payment

2) Prepare report of Fund splitting to submit to MOF

3) Tax finalization with deadline 31 Mar 2009

– PIT

– VAT

– CIT

4) Annual report for publication on newspaper

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B. Investment

Activities in March

1) Contact counterparties and professions to discuss the market, the economy situation, and etc.

2) Follow up bond market : primary & secondary markets (including the trading activities, auction results, official issuance plans)

3) Research on domestic banking industry (ex. Agribank) & on Domestic and Global economy.

4) Prepared the documents and reports for internal auditing

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A. Accounting & Finance

Plans for the Next Month

1) Preparation of Q1 2009 Auditing

2) Set up process of collection and payment

at DN office

3) Preparation Q1 2009 tax report

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B. Investment

Plans for the Next Month

1) Keep monitoring and analyzing the macro economy

and the bond market.

2) Study more product types in the domestic market for

enhancing the portfolio yields.

3) Prepare related applications and documents for esta

blishing the Fund Management Company

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Thank you for your attention