Nam Viet Corporation

July, 2010

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Agenda

• Vietnam Economy

• Aquaculture Industry

• Vietnam Stock Market

• Nam Viet Corporation

Vietnam EconomyA fast growing country

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Aquaculture IndustryOne of the main contributors to export turnover

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Vietnam stock markets:An attractive destination of investment

Source: Thang Long Securities

o P/E and P/B ratios have declined strongly after experiencing two-year market bubble and currently trading at fair (even cheap) value

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Vietnam stock markets:An attractive destination of investment

o Vietnam market looks to be attractive in terms of PE

Source: Thang Long Securities

o Market capitalization as percentage of GDP: around 37%, implying potential room for further growth and for new IPOs

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Nam Viet Corporation

Source: Ministry of Industry and Trade

No. COMPANYEXPORT VALUE

(USD)

1 NAVICO 159,340,795

2 MINH PHU SEAFOOD CORP 95,682,3933 PHUONG NAM Co 77,512,6514 HUNG VUONG CORP 71,847,0265 QUOC VIET CO.,LTD 67,428,6406 VINH HOAN CORP 66,680,5857 CANIMEX 65,056,6288 MINH HAI JOSTOCO 58,847,9089 SEAPRODEX MINH HAI 56,271,30010 STAPIMEX 53,852,437

Nam Viet – Top Exporter till 2008TOP 10 EXPORTERS OF AQUATIC PRODUCTS - 2007

TOP 10 EXPORTERS OF AQUATIC PRODUCTS JAN-MAY 2010

No. COMPANYEXPORT

VALUE (USD)

1 VINH HOAN CORP 46,126,662

2 MINH PHU SEAFOOD CORP 46,063,8863 SEAPRODEX AN GIANG 42,104,1864 HUNG VUONG CORP 40,136,0905 NAVICO 25,066,0606 QUOC VIET CO.,LTD 24,408,7407 VIET AN 23,452,3778 UT XI 19,328,4999 SEAPRODEX CA MAU 19,116,53210 HAI VIET 18,012,793

No. COMPANYEXPORT VALUE

(Million USD)

1 HUNG VUONG CORP 121,713

2 VINH HOAN CORP 110,1513 NAVICO 84,8294 VIET AN 57,2955 SEAPRODEX AN GIANG 55,1426 BINH AN 53,3167 THIEN MA 43,3158 CUU LONG AN GIANG 39,0969 HIEP THANH 33,946

10 SEAPRODEX CAN THO 33,791

TOP 10 EXPORTERS OF TRA-BASA 2009

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Nam Viet Performance & 2010 Target

In billion VND

In billion VND

2008 2009 2010 (e)in % in % in %

Sales 3,319.0 100% 1,859.0100% 3,319.0 100%

Net result (after tax) 97.7 2.94% (127.0) (6.83%) 128 5.6%

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STRENGTHS & OPPORTUNITIES WEAKNESSES & THREATS

• Expansion and diversification to diminish market concentration (main markets in 2010: Eastern European, the Middle East, the South American and the Asian markets)

• Keeps the policy of choosing reliable customers with low-risk to ensure its debt collectability

• Achieved most of main required certificates and one of only five Vietnamese companies having the Global GAP.

• A “family” company with 71.83% of stocks owned by the chairman’s family: quick in decision makings, less conflicts

• Used to be the top exporter for many years (till 2008) and capacity of the 3 processing plants currently is 1,500 tons per day (only after two companies)

• The unique company in the sector investing in Ferrochrome (hot)

• Increasing demand in the world,

• Oil spill in the Gulf of Mexico

• Recorded a big loss in 2008 and lost the Russian market

• High bad debt level

• High inventory level

• Production is highly under capacity high depreciation and production cost

• Too much depend on the chairman, weak management

• Increasing price of materials

SWOT Analysis

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ANV: A “brand name” and “growth” stock

Year Nam Viet Cromit

Revnue (billion VND) Profit(billion VND)

2011 2,666 99

2012 4,624 202

2013 5,440 278

A promising future coming from Nam Viet Ferrochrome Factory

(allowed to be exempted from income tax for four years starting from the year it generates a

taxable profit or three years after it generates revenue, whichever is earlier and receive a 50% reduction in income tax for the nine succeeding years)

High production capacity and on the way back to the top exporter position

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ANV: A stock with “financial secured situations”

2008 2009 2010 (e)in % in % in %

Sales 3,319.0 100% 1,859.0100% 3,319.0 100%

Net result (after tax) 97.7 2.94% (127.0) (6.83%) 128 5.6%

Long-term Assets (Fixed assets + Investment)

919.9 929.6 n/a

Current assets 1,739.9 1,270.5 n/aTotal assets 2,659.8 2,200.1 n/a

Stockholders’ equities 1,601.4 1,473.4 n/aLong term debts 76.4 56.0 n/aShort term debts 982.0 670.7 n/aTotal liabilites and equity 2,659.8 2,200.1 n/a

Cash 96.9 190.6 n/a

NAVICO’s short-term borrowings had been reduced from 762 bn VND at the beginning of 2009 to 498 bn VND by 31/12/2009 and the total current liabilities was 670.7 bn VND, accounting for only 45.5% of shareholder’s equity.

By the end of 2009, the Company borrowed 71 bn VND from Vietnam Development Bank secured by intangible fixed assets with interest rate from 6.9% to 11.04% per annum, and borrowed 48.2 bn VND from Vietcombank which was not required any secured assets and interest rate from 9.0% to 10.6% p.a

Recommend: MONITOR TO BUY (HOLD)

ANV: A good stock to for long-term investment

Ticker NameMarket Cap.

(bn VND) EPS 2009 EPS 2010 (e) P/E 2009 P/B 2009 ROA 2009 ROE 2009

MPC Minh Phu Seafood 2,107 3,417 4,286 8.6x 1.9x 10.9% 22.3%HVG Hung Vuong Corp 2,072 4,926 6,800 4.6x 1.1x 7.8% 17.1%VHC Vinh Hoan Corp. 1,406 6,427 6,883 7.4x 2.2x 13.7% 30.0%ANV Nam Viet Corp. 1,300 (1,947) 1,962 -10.x 0.9x -7.9% -12.0%ABT Bentre Aquaprod. 590 11,850 8,000 6.2x 1.3x 16.9% 20.6%TS4 Seafood J.S. Co.4 445 3,170 3,896 16.9x 2.8x 7.5% 15.5%AGF Angiang Fisheries 433 1,123 5,312 30.3x 0.7x 1.2% 2.3%ACL Cuu Long Fish 412 5,588 6,100 7.8x 2.2x 8.2% 28.3%AAM Mekong Fisheries 357 4,976 5,752 6.4x 1.1x 14.4% 16.7%AGD Godaco Seafood 323 2,779 4,200 14.0x 2.4x 7.3% 17.3%

Average 945 4,917(excl. ANV)

11.4x(excl. ANV)

1.7x 9.8%(excl. ANV)

18.9%(excl. ANV)

Nam Viet Industry (average)

2009 2010 (e) 2009 2010 (e)

Market Cap. (billion VND) 1,300 945

Earning per share EPS (VND) (1,947) 1,962 4,917

ROE (%) (12.0%) 8.7% 18.9%

ROA (%) (7.9%) 9.8%

Do not miss your investment opportunities with us…

THANK YOU FOR YOUR ATTENTION!

Nam Viet Corporation