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MONTHLY REPORT MAY, 2009MONTHLY REPORT MAY, 2009Accounting, Finance and InvestmentAccounting, Finance and Investment

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Outline

I.This month activities and Achievements

II. Up date Market news

III.Next month project

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This month activities and Achievements

1.1. Monthly report :Monthly report :

- Profit and LostProfit and Lost

- VAT, PIT, Withholding tax report VAT, PIT, Withholding tax report

2. Tax Code Registration for Da Nang Office 2. Tax Code Registration for Da Nang Office

3. Testing system, preparing for premium 3. Testing system, preparing for premium collection at Sacombank collection at Sacombank

I. Accounting and FinanceI. Accounting and Finance

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II. Investment

1) Following up international and domestic bond market, including key economic indicators and bond trading activities.

2) Prepared English-version business plan for applying the fund management company.

3) Prepared request letter for switching custodian bank.

This month activities and Achievements

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Apr Apr 2009 financial income

Trend of revenue and expense from Jan 09 to Apr 2009Trend of revenue and expense from Jan 09 to Apr 2009

( mil VND)( mil VND)

-

5,000

10,000

15,000

20,000

25,000

Jan Feb Mar Apr

Premium Investment income Expense

Expense 55,549

Invincome

43,166

Premium 15,184

YTD

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Expense performanceExpense performance

( mil VND)( mil VND)

Jan-09Feb-09

Mar-09

Apr-09

Jan-09 Feb-09

Mar-09

Apr-09

-

1,0002,000

3,000

4,0005,000

6,000

7,000

8,0009,000

10,000

Actual BudgetAdministration expenseAdministration expenseSale expenseSale expense

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Update news

PROPOSAL PROPOSAL

PERSONAL INCOME TAX PERSONAL INCOME TAX

* From Jan to June 2009 : exempt tax* From Jan to June 2009 : exempt tax

* * From July to December 2009 : 2 difference proposalsFrom July to December 2009 : 2 difference proposals

1.1. Decrease VND200,000/month Decrease VND200,000/month

2.2. Apply as normalApply as normal

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II. Vietnam NewsII. Vietnam News

1. CPI edged up in 2 consecutive months

CPI increased 0.44% MOM and 5.58% YOY

Vietnam CPI

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2. Trade balance.- Exports in May decreased by 12%

MOM or 7% YOY to $ 22.8 bn

- While imports slipped 6% MOM or 37% YOY to $23.99 bn

Vietnam swung into deficit first time of years to $1.12 bn

II. Vietnam NewsII. Vietnam News

Trade balance by monthly in 2009

Imp – Exp YOY

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3. Industrial production: increased gradually but still much lower than that of last year:

II. Vietnam NewsII. Vietnam News

-VND 56.6 trillion, 6.8% MoM or 4% YoY (much lower compared to YoY growth of 16 % in last year)

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II. Vietnam NewsII. Vietnam News

4. Money market remained unstable month with the gradually increasing of deposit rate at commercial banks:

Deposit rate for VND increased softly from 0.5 – 1.5% pa and stand around 8.5% - 9% pa Deposit rates in USD reduced by 0.5-0.7% pa: The average mobilizing rate is quoted as follows (source: SBV):

The average mobilizing rate CurrencyDemand 3 months 6 months 12 months

(% p.a) (% p.a) (%p.a) (% p.a)

Group of state- owned commercial banks

VND 2.88 7.30 7.50 7.85

USD 0.36 1.24 1.54 1.92

Group of joint-stock commercial banks

VND 2.87 7.68 7.87 8.12

USD 0.50 1.78 2.05 2.40

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II. Vietnam NewsII. Vietnam News

Exchange rate: -Selling price 17,785-17,788 - buying price was lower than selling price from 2-3 VND/USD.

Increase 5% official rate

Widening trading

band to 5%

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PROJECT NEXT MONTH

Implement budget in the system

Work with each departments in budget control

Prepare accounting closing for Q2 2009 and Financial Statement audited

Following up international and domestic bond market, including key economic indicators and bond trading activities.

Prepared English-version business plan for applying the fund management company

Prepared request letter for switching custodian bank.

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