Economic&Financial Report Nov 2011 CafeF

8/3/2019 Economic&Financial Report Nov 2011 CafeF

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Economic

Financial

Report 11/2011

Compiled by Date analysis andEditorial division - CafeFAddress: CDC Building, 25 27 Le DaiHanh,Ha NoiTel: 04 39749300. Ext: 562Fax: 04 39744082Email: [email protected]

Golden sponsor

Briefing

Global economy 1

USD remarked stronger rise towards other assets in Nov

U.S public debts exceeded USD 15 thousand bil

6 central banks coordinated to prevent European crisis

Sell offs dominated on commodity market

Domestic economy 3

CPI rose by 0.39% against October

Processing industry took half of FDI

Import accelerated SBV strictly punished exceeding ceiling mobilization

Steel was sued for anti dumping in U.S

Domestic stock market 9

VN-Index fell 9.5%, HNX-Index 13.8%

Securities company changed leaders

After 3 months with net selling, foreign investors made net buying

Facing hardship, enterprises gave thoughts to restructure

Due to capital lack, enterprises sold shares to funds at low price

Real estate 12

Apartment stayed neglected without discount

With tax liabilities, ParkCity, Geleximcoconfronted being

uncertified

Loosen credit for certain real estate groups

Introduce Rail way real estate company

Stock data in 11/2011 15

Excluding BVH, MSN, VIC and VNM, HN-Index a 11/30/2011

stayed at 224.6, P/E and P/B on HOSE remained at 7.25 and 1.56.

Outstanding real estate projects 18

TOP 100 richest on Stocks Market 21

Finance and stock

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Economic Financial report in 11/2011

GLOBAL ECONOMY

breakdown due to debt crisiss effects after new

president appointments in both Italy and Greece,

Ireland and Portugese residents dismissed their

leaders after bailout receipt.

IMF could not independently finance for

European support: IMFs reserve for loan is

about euro 280bil which would be irrelevant if

used for merely one country. As warnings by

USB, market gave thoughts to a broken euro due

to unpredictable turn ups of bad circumstances

which stay out of politic handling.

China

China officially redirected monetary policy:On 11/30/2011, Chinese central bank reduced

obligatory reserve by 0.5 percentage points to

21% towards big commercial banks which took

effects since 12/05/2011. As clearly seen,

economic growth was put above inflation

restrain, regardless of a forming real estate

bubble risks.

PMI index for manufacturing sector in Nov slid to

49 lowest since 02/2009 and lower than 50.4 in

Oct.

FDI into China in 2011 may set records: As

released by Ministry of Commerce, FDI into

China in Oct grew by 8.8% against same prior

period to USD 8.33bil. This figure is 7.9% in

Sept. 10 month FDI rose by 15.9%. With

increasing number of enterprises penetrating for

market share, China may at second time set

records of inflow FDI.

Japan

Japan raised tax to improve income, reduce

debts: On 11/30, Japanese Congress approved

an urgent tax increase law, which allowed

government to level up income taxes within 25

years, to guarantee capitals for reconstructing

damaged areas from earthquake and tidal waves

on 03/11. Assets were sold to support

restructuring East North region.

U.S economy

Manufacturing gained good signs: Orders in Nov

2011 experienced 7 month strongest rise. Order

index also climbed to 56.7, PMI rose 2 points to

52.7.

USD remarked biggest rise against other

currencies: In Nov, USD index with 6 currencies

climbed 2.9% which reduced 11 month fall to 1%.

Government bond rate remained at 0.7, S&Ps

GSCI rose by 1.4%, MSCI slid 2.9%.

Public debts exceeded USD 15 thousand bil:

According to AFP, data released on Nov 16 by

State Treasury indicated a total loan overtakingUSD 15,000bil, 99% estimated U.S economic scale

in 2011. Since approval to raise official national

ceiling loan limit from USD 14,300 to 15,194bil,

figure gradually accelerated.

U.S economy confronted crisis: Regardless of

internal governments disability in hitting final target

for budget overspending, credit rating was still

remained at AAA by Fitch highest level. However,

economic outlook was downgraded to negative due

to loss of confidence on a decrease of budget

overspending.

Europe

6 central banks coordinated to prevent Europe

crisis: 6 central banks (Fed, Europe, Canada,

Britain, Japan and Swiss) agreed upon creating a

bilateral swap in order to guarantee supply of any

currency on generated demand. This program isvalidated till 02/01/2013. Overnight interest rate of

USD swaps slid 0.05 percentage point from

previous 0.1, validating from 12/05/2011.

Concerns on Italian crisis: Current government

Italy debts reached USD 2,600 bil. Minister of

Industry, Transportation and Infrastructure Corrado

Passera warned about an economy facing the edge

of crisis.

Europe witnessed fifth breakdown since debt

crisis: Spain social party remarked the fifth


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GLOBAL ECONOMY

Japanese economy lost recovery trends:

Import in Oct fell by 7.3%. Trade deficit was

recorded at Yen 273.8bil (USD 3.56bil).

Global stock market

Changes of main global indexes in 11/2011

(Source: FT)

Index Change

S&P 500 -1.17%

FTSE 100 -0.37%

CAC 40 1.04%

DAX 0.56%

Hang Seng 2.88%

Straits Times -4.48%

RTS -6.85%

S&P/ASX 200 0.31%

NZX 50 -2.43%

S&P 500 -1.17%

Commodity market

Sell offs dominated

Except oil, commodities significantly surged (5%

on average) within 15-25/11 due to incessant sell

offs on unexpected rise in Europe lending

expense, which raised concerns about disability

in controlling crisis. 3 days of month end, sell offs

ceased. Many turned back to commodities with

belief on a weakening USD and positive global

economic outlook. In general, commodity onlyfell by 1.9% against Oct.

Stay out of the trend, crude oil reached its 5

month highest due to worries upon nuclear

intense situation in Iran and punishment towards

Syria. In Nov, WTI rose by 12.4%.

Rubber fell

Natural rubber in Asia strongly fell due to Europe

debt crisis and floods in Thai Lan stopping autofactories operations. In Nov, rubber slid 22%

and nearly 40% against the early 2011.

Commodity Unit Price on30/11

Price on31/10

Comparedto year

beginning

WTI USD/barrel 100,39 92,56 9.9%

Brent USD/barrel 110,49 109,23 16.6%

Natural gas USD/gallon 3,548 3,934 -19.5%

Spot gold USD/ounce 1.745,40 1,725.20 22.8%

Bronze USD/ton 7,868.25 8,007.00 -18.0%

Corn USD/bushel 6,005 6,47 0

Bean USD/bushel 11,34 12,0750 -18.6%

Wheat USD/bushel 5,96 6,2825 -25.0%

Coffee USD/lb 2,3125 2,2695 -3.8%

Cacao USD/ton 2,310.00 2,696.00 -23.9%

Sugar US cent/lb 23,71 25,77 -26.2%

Thomson Reuters/Jefferies CRB Index on 19

crude materials and goods in 11 (Source: CRB)

Gold holding of ETFs reached records

Not out of sell off trend, but signs are mainly

from individual investors. Trust funds are still

making efforts for a 64 ton net buying, raise

holding amount to VND 2,356,002 tons.

SPDR Gold Trust biggest global gold fun

purchased 54.98 tons with total figure at the end

of 2012 of 1,298.53 tons.

Analysts opinion

Plamen Monovski, investment director of

Renaissance Asset managers with USD 2bil

stated that, due to raise in future monetary

supply and interest reduction, commodity price

will significantly increased.

Goldman Sachs investment bank predicted

that commodity is likely to raise by 15% in next


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12 months; in which Brent will reach127.5

USD/barrel; bronze USD 9,500/ton; Gold price

1,940/oz; corn 5.5 USD/bushel.

CPI in Nov rose by 0.39% againt Oct

In Nov, food and related services increased by

0.56% with bigger portion of food at 3.25%.

CPI in Nov increased by 17.5% compared to the

end of 12/2010 and 19.83% over prior year.

Average CPI 11 month gained a 18.62% rise

against same previous period.

Industrial manufacturing rose by 7%

Industrial manufacturing in 11/2011 rose by 5%

against last month and 8.1% against prior year.

In 11 months, rate will be increased 6.9%.11

month CPI climbed 6.9%.

Inventories strongly rose

In Nov, inventory index climbed 21.5%,

remarking a second consecutive dramatic rise

after 5.5% fall in Sept. High inventories could be

seen with:

Sector Rise

Electric cables and insulated cables 33.8%

Paper pulp, paper and covers 72.6%

Beer and malt 31.3%

Motorbikes 38.8%

Other plastic products 55.1%

Bed, wardrobes, chairs and tables 101%

Concrete, lime, mortar 64.2%Non heating porcelain, pottery 62.7%

11 month budget investment reached 84.5%

whole year target

Realized capital from State budget in Nov hit an

estimated VND 20.7 thousand bil. 11 month

figure was recorded at VND 170.6 thousand bil

84.5% whole year plan and a 8.8% rise against

2010.

Processing industry proportioned half of FDI

FDI to 10/20/2011 reached USD 12.7bil, 83.8%

same period in 2010. 11 month FDI

disbursement hit USD 10.05bil, 1% higher than

same period.

FDI mainly focused on processing industry with

over USD 6.24bil highest proportion of 49%.

DOMESTIC ECONOMY


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DOMESTIC ECONOMY

Budget gain mostly reached plan

Budget overspending to 10/15 stayed at VND

52.9 thousand bil.

To 11/15/2011, total State budget gain reached

an estimated VND 586.2 thousand bil, 98.5%

whole year plan with gains from crude oil hitting

VND 90.3 thousand bil, exceeding plan by

30.3%.

To 11/15/2011, State budget spending reached

an estimated VND 639.1 thousand bil, 88.1%

whole year plan with debt payments and aids

exceeding plan by 0.4%.

Excluding price factor, retail rose 4.1%

11 month retail volumes and revenue from

consumption service was estimated at VND

1,814 thousand bil, 23.5% same prior period and

4.1% on exclusion of price.

Export kept accelerating

Estimated export hit USD 8.6bil, 2.5% higher

than prior month and 22% against 2010. 11

month figure reached USD 87.2bil, 34.7% higher

than 2010.

Import turnover was estimated at USD 9.3bil, a

1.7% gain over prior month and 15.5% over prior

year. 11 month figure climbed 14% against 2010

to USD 96.1bil.

Net import was estimated at USD 700mil. 11

month volume stayed at USD 8.9bil, 10.2%export turnover. Excluding gold, 11 month net

import hit USD 9.2bil, 10.8% total export

turnover.

Noticeable macro events

Decree of Congress on interview, answer in

second meeting, Congress term XIII was

approved.

Transportation: 2012 was the year forredefining regulations in traffic control.

Control towards people and vehicles taking part

in traffic acitivities; increase in punishments for

traffic safety violations,are to be executed.

Agriculture:Increase investment in agriculture,assure a double level of 2005 2010 in the next

5 years.

In education:Initiatives for a fundamental and

throughout change, enhancement of human

resource quality to meet requirements of

industrialization, modernization and

globalization. There are strict regulations

towards corporation in education c with foreign

entities.

In financial field:

Execute market price reign with electricity,

gasoline, coal and other essential goods, supply

appropriate supports for policy entities. To 2015,

complete out of sector divestment.

Restructure and enable developments of stock,

bonds, insurance markets and investment funds

on an international standard to meet capital

demand.

Efficiently execute approaches to prevent

budget decrease; control transfer price;

construct a path for decrease budget

overspending.

In banking sector: Restructure commercial

bank systems, assure effective operation,

various products and services in response toeconomic development; assure no weak banks

lingering which negatively impacts economy

EVN Telecom is favored by many parties

Though there has not yet been a final decision

on transferring EVN Telecom to Viettel, EVN

Telecom was grasping great attention.

If transfer is made, Viettel will hold 50% national

3G fund. This means a death blow to small

companies and brings telecommunication

market back to exclusive period.


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VTC, Vietnammobile, Hanoi Telecomare

planning for purchase.

Auto and multifunctional Mechanic

industrial zone with total investment of USD

350mil were signed for commencement between

Quang Nam province and Columbus company.

This is a part of Open economic zone Chu Lai

(Quang Nam) on an area of 1,000ha.

Banking - FinanceMobilization

According to Ha Noi statistic department, total

mobilization in Nov hit VND 787,790bil 99.95%

previous month and 99.07% of Dec 2010.

In Ho Chi Minh, the figure reached an estimated

VND 886.9 thousand bil, 1.8% and 16.5% higher

than previous month and 2010 respectively.

Credit growth

Total outstanding credit loan at the end of Nov

in HCM was estimated at VND 753.8 thousand

bil - 9.1% higher than 2010. In which, foreign

currency portioned VND 224 thousand bil

28.7% total figure and a 13% rise against same

previous period; VND figure accounted for

71.3%, a 7.6% increase against same previous

period.

In Ha Noi, total outstanding loan rose by 1%

against previous month and 10.58% over

12/2010 to stand at VND 563,900bil. In terms of

period, short, medium and long term respectively

experienced a rise by 1.36% and 9.89%; 0.45%

and 11.66%.

Open market

From 31 Oct to 02 Dec, OMO helped SBV inject

VND 11,873bil into the market. Interest rate is

Ministry of Transportation will submit to

Government Merging plan between Jetstar

Pacific and Vietnam Airlines

Jetstar Pacific is owned by SCIC with focus on

cheap flights but due to inefficient operation, it

frequently faced losses. Merging is considered

the most feasible to save Jetstar from

bankruptcy.

If successful, Vietnma Airlines will hold

approximately 100% domestic market share

(currently 80%, followed by Jetstar with 17%).

still fixed at 14%/year.7 and 14 days are still

periods used in OMO.

Interbank market

Average overnight interbank rate of below 1

month during the month faltered around 11% -

15.7%. As reaching maximum rate of 14%/year

on market 1, this marked a difference withOctober.

Still, there were significant movements in 1 week

term. Below 1 month accounted for 60-70% total

trading value.

Bond market

Through bids of government bonds, VND

1,517bil were successfully mobilized. 3 year

bonds value reached VND 1,000bil at

12.1%/year. There was 1 failed session on Nov

10.


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DOMESTIC ECONOMY

In afterward sessions, a low trading volume was

recorded in only 1 term. On Nov 17 and 24, total

mobilized value was only VND 100bil and 17bil in

5 year term at 12.15%/year.

Exchange rate

Average interbank exchange rate remained

unchanged at VND 20,803. VND 21,011 is

maximum applicable level regulated by SBV.

Banks made no change with maximum value in

both bid and ask.

Free exchange rate cooled to neatly banks rate

due to obligatory application of Decree 95 on

administrative punishment towards monetary and

banking violations.

Gold market

Since Nov 04, with VBDQ Bao Tin Minh Chau

quoting its prices lower than market value of

VND500 thousand/oz, even reaching VND 1mil

sometimes, gold market tumbled. This was due to

concerns that a gold draft by SVB if approved

would delete all gold stores, except SJC.

Market turned out less quiet, mainly with selling

non SJC gold and purchasing SJC gold.

Entities manufacturing and trading non SJC gold

ceased operations.

Essential news

In the outset of commercial banks lending on

interbank market experienced overdue

repayments of interest, even principals, VCB

required these institutions to ensure their loans

with mortgages.

BIDV committed financing for 3 banks:

Ficombank, BacA bank and GP bank, totaling

VND 13,000bil.

SBV strongly punished exceeding maximum

level mobilizations of institutions, specifically HD

Bank with 17 staff dismissed or fined.

An up to VND 500mil administrative charge was

applied to entities violating Decree 95/ND-CP on

illegal foreign currencies quotes and trading.

State Bank governor answered queries in

Parliament meeting on popular issues such as:

restructure of banking system, managements on

gold market and interest rates, SBVs monetary

policies. There was revelation of 8 small

commercial banks with unsafe operations.

Prime Minister made commitments on quickly

dealing with weak banks against banking system

restructure without causing any bankruptcy,

guaranteeing peoples deposit rights.

Dealing with bad debts in commercial banks

remained a challenge with analysts assuminghardship in clarifying accurate bad debts

portion.

BIDV officially announced IPO progress in the

end of Dec. Bidding rate stayed at 3%

capitalized chartered capital.

Legal policies

On Nov 11, Circular 35 on information disclosure

of SBV was released. Accordingly, SBV willsupply 5/12 standard banking financial ratios

including: CAR, bad debts/ total outstanding

loans ratio, sections outstanding loans/total

outstanding loans, ROA and ROE.

On Nov 14, SBV issued Document no

8844/NHNN-CSTT on credit activities in two final

months of the year. In which, there is regulation

of 4 groups on real estate loans not included in

non-manufacturing outstanding figure.


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Commodity market

Consumption goods surged

Thanks to big discounts, commodities in Ha Noi

this Nov simultaneously slid 10-50%. Other

regions also witnessed discounts with Nov 11

and Nov 20.

Motorbikes unexpectedly cooled at the end of

the month at VND 2-3mil/unit on a weak

demand. In an effort to shore up demand, almost

items even ones with colossal orders were

reduced to below proposed levels.

Meat, fish increased while vegetables fell

Due to weak supply, pork and chicken climbed

10% against October.

Input pangasius set record at VND 29,000/kg on

demands of export; prawn hit historical level of

VND 2,35mil/kg. Others remained high.

Vegetables significantly surged by 30% against

Oct on a rising demand in winter harvest and

favorable weather conditions.

Constructing materials rose

As demand for house decorations and work

completion at the end of year turned positive,

constructing materials market warmed up.

With almost unchanged demand and decrease

in imported materials, steel was considered

experiencing fake price. Present market price

stayed higher than manufacturing level from

VND 3 to 4bil/ton.

Gasoline remained unmodified, stabilizing

fund use rose

On Nov 28, Ministry of Finance issued a

dispatch to gasoline trading enterprises without

modification on gasoline price and import tax for

these goods to remain current levels. Stabilizing

funds supporting value for gasoline productswas raised by VND 250/liter at realistic census

(from VND 300 to 550/liter); for oil products (diesel,

mazut) stayed at VND 300/liter.

Ron92 in Singapore based level for domestic

prices fell by USD 8.73 to USD 111.17USD/barrel, 10% lower than Oct. Gasoline in

Singapore stayed at 7.2% lower than closest

modification at Aug 26.

Unclean food dominated; fake products met

peak season

Illegal transfers of unclean food into domestic

market at huge volume were incessantly

discovered, specifically the case of 108 tons of

rotten chicken feet imported via Hai Phong port.

Two months countdown from Lunar new year,

domestic market was stirred up with fake

products, mainly in consumption category.

Imported agricultural and aquatic products into

China became favored.

Chinese tradesmen were accelerating collection

of different items such as dried aquatic products,

rice, sesame, beans to meet Lunar Tet demand,

which raised average price by 10% against Oct.

Rubber import in terms of quota almost froze as

China authority intended to transfer into official

forms. Compared to beginning of the year, rubber

stayed at 40% lower.

Rice import faced hard competition

Though 11 month rice import reached 6.8mil tons,year end situation showed disadvantages due to

harsh competition from India and Pakistan with

price lower by USD120/ton. Import price reduced

by USD 20/ton due to weak demand. Domestic

price also cooled after setting record.

Steel was sued for dumping in U.S

On 11/18, U.S department of commerce

announced its official investigation towards anti-

dumping and anti subsidy for carbon steel tube

of Vietnam. There are 10 enterprises under

DOMESTIC ECONOMY


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investigation from 04/01 to 09/11/2011 including

Asia Huu Lien JSC Co.,Ltd; Daiwa Lance

International Company, Hoa Phat Steel Pipe Co;

Hoa Sen Group; Hyundai-Huy Hoang Pipe; SeAH

This month, VN-Index slid 9.5% from 420.8 to

380.7, HNX- Index experienced same trend with

13.8% fall from 70.2 to 60.5 lowest ever

Trading volume on HOSE saw a slight decrease

against previous month, averaging 31.8 mil

shares/session approximately VND 528 bil.

However, end month sessions trading volume fell

below VND 500bil, with considerable rise of deals

as STB registered purchasing 100 mil treasury

stocks.

There are 2 new stocks on HOSE CNG and

HU1, 1 on Upcom NHN (Southern Ha Noi urban

development company owned by Times City)

with opening price at VND 30,000 then climbing

up to 43,000/share on Dec 01.

Among 306 listed shares on HOSE, there areonly 37 seen with upward trend, 10 remained

unchanged, others fell.

Decreases: Regardless of a below 10% slide of

Vn Index, there are shares with over 50% fall

such as PTC, and 40% such as KSH, KSA, PAC,

BGM on HOSE and SME, LCD, NHA,AGP,OCH

on HNX.

Steel Vina Corporation; Tianjin Lida Steel Pipe

Group; Vietnam Germany Steel Pipe JSC (VG-

Pipe); Vinapipe and Vingal Industries Co., Ltd.

Listing cancellation dominated: Out of

compulsory cases due to frauds and low ability in

meeting requirements such as DVD, VTA, FPC ,

a number asked for its listing to be cancelled such

as SQC, SGT, TBC, CSG, TRI, V11, S27. At the

end of this month, ORSs managing board agreed

upon cancelling listing which resulted in strong

sales by small shareholders.

STB registered purchase of 100 mil treasury

stocks from Nov 16 to Dec 16. There are

concerns as it takes over VND 130 bil for fulfilling

registration while STB had just issued 100 mil

shares on same price in Aug 2011. Besides, this

may result in a lower CAR which is not a favorable

choice at the moment.

Security companies changed managingmembers: In Thang Long company, MrLuu Trung

Thai replaced Mr Le Dinh Ngoc as General

Director; in Ocean company, Mr Bui Quang Bach

replaced Mr Vu Hong Son as General Director; in

FLC, Mr Pham Duc Thang replaced Mr Duong

Quang Trung as General Director. Previously,

within 6 weeks from Oct to Nov, 6 deputy general

directors were dismissed. Incessant changes in

labor force dominated from beginning of the yearwith 127 staff reduced in SSI (24.4%), 92 in SBS

(24%) and 56 in VND (19.8%

STOCK MARKET


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Security Commission collects opinions for

draft of Decree on set up and management of

stock funds, involving 2 types: with legal status

(public funds, separate funds, real estate stock

investment companies) and without legal status

(closed funds, member funds, real estate

investment funds).

For opened funds, according to Deputy Finance

Minister Tran Xuan Ha, decree related will be

published in Dec 2011.

Restructuring stock market: According to Mr

Tran Xuan Ha Deputy Finance Minister,

evaluation will be processed by State departments

with reference to Decree 226, then categorization

of stock market into groups which enables

appropriate solutions for restructuring. In quarter I,

risk management principles in stock trading are to

be issued. In quarter II, CAMELS is expected to

be revealed with a view to enhancing financial

safety for stock companies. In case of lengthening

trading limits previously studied, application is

expected in Feb 2012. However, for shortening

trading limits T+2, there was plan submitted to

MoF in Dec 2011 for execution in 2012.

Trading activities gained attention: SSIAM

registered purchasing 5mil and selling 2mil HVG

shares from 07 Oct to 07 Dec, HQCs chairman of

the board and his wife registered selling 3 mil and

7 mil respectively resulting in incessant selling

afterwards by shareholders, driving HQCs pricedown from VND 15,000 to 6,000/share; Korean

Group is going to invest VND 210 bil in Golden

Bridge stock company in terms of bonds purchase,

VCB sold all of its 50% equity in Shinhan Vina,

Vinatex is going to acquire a dying enterprise,

Carlsberg purchased 50% equity in Huda Hue,

Haverstock fund announced its purchase of Thai

Hoa Groups shares in terms of deals.

Government bounced back stock market: In an

interview with Parliament, Prime Minister stated

that there would be solutions for a rebound of

stock and real estate market. According to Deputy

Minister Vu Van Ninh, government required

Ministry of Finance to construct restructuring plans

and orientations with close connection to recovery

of domestic stock market. Additionally, Ministry of

Finance and Security Commission were required

to enhance supervising operations to guarantee a

safe and positive stock market.


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STOCK MARKET

Foreign trading

This month on HOSE, foreign investors purchased

70.3 mil units valuing VND 2,250bil and sold 89.3

mil units valuing VND 2,112bil. These, in terms of

volume constituted a 19mil unit net selling but in

terms of value made a VND 138bil net buying.

This marked the first net buying after 3 consecutive

months of net selling and helped raise 11 month

value to over VND 2,100bil.

On HNX, a VND 30bil net selling was made this

month which is due to unexpectedly significant

purchase of VIC shares Vincom of 2.3 mil units

valuing VND 212bil.

With 3.26 mil net buying VND 161bil FPT

remained in second top position.

A majority was contributed by Orchid Fund. To Nov

30, this fund purchased an additional 2.55 mil

shares, raising its holding figure to 17.56mil

8.13% FPT shares. From Nov 04, 2011 to Jan 04,

2012, it registered buying 6.38 mil.

MBB Military Bank grasped attention with 7.9milshares of net buying valuing VND 107bil.

The trend was favored by others such as KDC

(1.48mil units VDN 49.2bil), REE (3.7mil units

41.7bil), PNJ (1mil 36.8bil), DHG, CLG

On Dec 02, FTSE Vietnam ETF replaced ITC with

PNJ in its index basket, signaling the possibility of

its purchase PNJ in following sessions.

CLG CotecLand gained attention when Tama

Global Investment purchased 2mil of its shares to

become big shareholder with 20% equity holding.

Net selling was remarked with STB of over 13mil

units, VND 199bil. 100mil treasury stocks were

registered to be bought by this entity.

Following is HAG (3.1mil units 3.7bil), CTG

(2.5mil55.7bil), ITA, NTL

Thai Hoa group (THV) succeeded in selling USD

15mil shares to Haverstock Master Fund in terms

of dealing among big shareholders..

The most significant out floor trading is Carlberg

purchased 50% Huda Beers share which raised

its holding rate to 100%.

Top 10 net buying Top 10 net selling

Code

Volume(thousand

units) Value (VND bil) Code

Volume(thousand

units) Value (VND bil)

VIC 2304 212 STB -13045 -199

FPT 3265 161 HAG -3102 -74

MBB 7890 107 CTG -2509 -56

KDC 1481 49 ITA -4967 -39

REE 3685 42 NTL -1342 -24

PNJ 1041 37 PVF -2327 -24

DHG 340 22 PPC -2803 -19

MSN 161 22 SJS -1123 -19

CLG 1928 19 SSI -1043 -17

VCB 691 17 BVH -246 -15
http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./http://thai%20hoa%20group%20%28thv%29%20succeeded%20in%20selling%20usd%2015mil%20shares%20to%20haverstock%20master%20fund%20in%20terms%20of%20dealing%20among%20big%20shareholders./


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STOCK MARKET

Enterprise news

In harsh competiton, restructuring is favored.

SHC announced its Shareholders meetings

resolution of asset restructuring as it will sellassets with low or non profitability. Due to its 2

consecutive years of losses, this is essential step

to take.

Despite announcing its restructuring plan, SBS

continuously closed branches and changed staff.

TLS is going to liquidate assets of low

profitability together with staff change in order to

push non profitable asset value to 0.

Previously, on the way to get in top 5 biggest

paint brands in Viet Nam, ALP announced its

plan to restructure the entire group in terms of

acquisition. VOS, VFR set up plans for ship

liquidation.

Market price falling, enterprised gained

unexpected high dividends

Tan Mai wood, Sai Gon shoes announced their

dividend payments. Though 20 25% is quite

normal, these figures startled investors with

intervention of market price. As market price

went down, temporary dividend hit 48.65% and

44.44% despite public figure at 18% and 20% of

Sai Gon footwear (SSF) and Tan Mai wood

respectively.

Stocks got ignored

Statistics showed that 30 day average tradingvolume stayed below 0.1% total current listed

amount was observed with 400 enterprises.

SQC, NVB, RIC, IFS, STG, COM, SPP, TMS,

TMP, POM remained lowest liquidity as only

0.003% total listed amount was made at average

30 trading sessions.

Capital shortage pushed treasury stocks to

lower levels

Half a year since peak purchase period oftreasury stocks, market still finds itself stuck in

the bottom. Many enterprises registered selling

at lower than purchasing level within 35-65% for

fear of capital shortage next year specifically

SHN, NDN, SDH, FBT.

Other news

PVA: 92.42% of capital increase issuance

remained. PVX, PVC IDICO were unable todistribute 20mil shares.

ORS held unusual shareholders meeting for

approval of dismissal of managing boards

membership of Huynh Thi Huyen Nhu due to

fraud conviction; Ms Trieu Thi Huong Giang due

to charges on not being aware of her being

selected into Managing board. Also, listing

cancellation was agreed.

Regular violation in payment responsibility

towards stock trading and overdue for payment

support fund as committed made SME be

suspended from depository activities by VSD.

TAS received warnings from VSD due to its

unability in stocks trading payment.


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REAL ESTATE

Market news

Without great discounts, apartments

received little attention: In Ha Noi, there have

been transparent expectations towards falls in

land and especially apartment price. In HCM,

sell-offs by PV Landmark and An Tien projects

negatively spread impacts on others with higher

quotes. According to specialists, to the end of

year, sell offs will be likely to dominate once

enterprises lose control over interest. Even if

there are bankruptcies, banks will be of no

hesitation for collateral sell-offs.

PVL failed with sell offs: In first session on

Nov 08, PVL changed day to later and

regulations as well. The next one with 7 profiles

remarked 1 cancellation. Finally, 2 clients wonthe bid at VND 16.5mil/m2 and 4 at VND

16.8mil/m2.

Concerns on Parkcity, Geleximco

uncertified with land use rights (LUR) due to

tax liabilities: According to Ha Dong tax

agency, Vietnam international urban

development company investor of Le Trong

Tan new urban area (Parkcity), Ha Noi general

import export company (Geleximco), Nam

Cuong trading service company were noted

with highest tax liabilities of VND 152bil, 100bil

and 69bil respectively. They are 3/58 projects

with biggest fines for delays in tax payments in

Ha Dong. In case of not completing tax

liabilities, LURs will not be certified which would

negatively impact customers and investors as

well.

Geleximco, Van Canh experienced highest

fall in price: According to recent surveys,

within 2 weeks Van Canh slid VND 5-7mil/m2

with current offers at VND 42mil/m2 of small

area in big streets and 38mil/m2 of big area. In

case of Geleximco project, adjacent A area was

being offered at VND 68-70mil/m2, significantly

falling from peak market level of VND

100mil/m2

. In C area, offered price of adjacentapartments stayed around VND 40-42mil/m2 for

big street and 38mil/m2 for small ones.

Policies

Loosening credit limits for real estate

categories: On 11/14/2011, SBV issued

dispatch no 8844/NHNN-CSTT on loosening

credit limits for projects, purchase, rent, build orrepair low income houses, loans on house

purchase granted from salaries, works with

completing period before 01/01/2012.

There will be solutions in rebounding

securities, real estate: As stated by Prime

Minister Nguyen Tan Dung amid queries in

Parliament meeting on 11/25, in macrostabilizing package, there will be portions for

recovering securities, real estate and not

enabling big difference between domestic and

global gold price. In 2012, a tight fiscal policy is

to be executed, ensuring budget overspending

at below 4.8% GDP, remaining a safe public

debt ratio, improving trade balance, reducing

net import and raising foreign currency

reserves.

Market this month remained quiet with few trades and low liquidity, especially in Ha Noi ground

land sector. Medium price apartments are in their balance with real demand.


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Reducing 50% land tax for certain economic

institutions: In 2011 and 2012, land tax for

several entities will be reduced by 50%. These

include manufacturing enterprises, ones with

annual payment for land hire who had to define

their base towards government regulations oncollecting fees for land hire and ground including:

entities have to redefine land hire price in new

stabilizing period; entities ending exempting

period have to define their payment levels;

entities using land before 03/01/2012 are under

temporary payments and have to define official

payable levels from 03/01/2011.

Propose to keep ceiling land price in Ha Noi in

2012 at VND 86mil/m2: In submitting dispatch to

HDND by People of Committee, land price in

2012 is based on frame by Government and

remains stable as in 2011. There are only

changes for certain paths, locations, newly

formed urban areas with advantageous location

and general planned area for urban development.

Accordingly, after being approved, land price listwill be announced in Dec and valid from 2012.

No change in Ho Chi Minh land price in 2012:

According to People of Committee, this is to

stabilize real estate market. Natural resource

department was required to complete land price

2012 dispatch to be approved in the upcoming

meeting of HDND. Thus, this records third

consecutive year with no change in annual land

price quotes.

Hiring level of urban land will rise by 40%: As

stated by Mr Pham Dinh Thi (Deputy director of Tax

department of MoF), from 01/01/2012, Tax law on

use of non agricultural land will validate replacing

current law on land tax. Accordingly, tax for area

within limit is 0.03%, exceeding limit portions will notbe bigger than 3 times limit at 0.07%, 3 time limit

exceeding area is 0.15%. As calculated by Ministry of

Finance, approximately 17mil units will be under

control of this new law. For certain urban areas,

especially in Ha Noi and HCM, land use right tax will

be raised by 40% against current amount.

Enterprise operations

Vingroup sold tower B Vincom Ha Noi to

Techcombank: Vingroup would transfer tower B

(office area) of Vincom Center Ha Noi at 191 Ba

Trieu to Techcombank Viet Nam simultaneously with

moving all its offices in Ha Noi to Vincom Village in

Sai Dong Long Bien in January 2012. Therefore,

Techcombank will make 15 floors of this tower its

main office.

Introducing Railway real estate company: Railway

real estate company (Rail way Land) held its opening

ceremony and announced chartered capital at over

VND 50bil (36% attributed by General rail way

company) and planned to raise total amount to VND

200bil within 2011 -2012.

Signing contract on Management of Melia Da

Nang hotel: On 11/18, at Melia Ha Noi, ceremony

for signing contract on management of Melia Da

Nang hotel between Vistar and Melia hotels group

International global leading group in hotel

management was held.


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REAL ESTATE

CEO VinaCapital left Vinalands managing

board: As announcement by Vinaland to its

investors, from 11/11/2011, Mr Don Lam and

Robert Gordon will no longer be members ofManaging board. In replace, Mr Michel

Casselman, Stanley Chou and Charles Isaac to

become 3 new independent non executive

members which keeps total number of Vinalands

managing board at 7 members.

CBRE and Nam Long signed strategic

consultancy contract: CBRE Viet Nam and Nam

Long investment joint stock company announced

their agreement on strategic coordination towards

Ben Luc new urban area of 355 ha in Long An.

Accordingly, CBRE will supply strategic

consultancy for retail section. The project also

includes houses and universities beside other

services and conveniences.

Nam Viet withdrew from real estate project:

On a freezing market, Nam Viet decided to

cease its Hiep Binh Phuoc villa project and

negotiated with investors to collect its previouslyattributed amount. According to its Managing

boards policy, 7 members agreed to authorize

Chairman of the board to execute negotiation.

Results will be announced on arrival and

opinions by other members in dealing with

collected amount will be collected in documents.


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1. Overview

Appendix 1: Security market data in Nov, 2011

Market scale HOSE HNX Upcom

Index380.7 (-

9.5%)60.5(-

13.9%)31.9

(3.9%)

- excluding BVH, VIC, MSN,VNM 224.6

Total listed enterprises 304 393 131

- newly in Nov 3 0 3

Capitalization (VND bil) 528,329 85,416 21,636

% owned by foreign investors 14.7% 9.1% 1.9%

P/E 9.12 7.78 _

P/B 2.11 1.15 _

- excluding BVH, VIC, MSN, VNM

P/E 7.25 _ _

P/B 1.56 _ _

(*) Data updated to 31/10/2011

Stock, money supply and demand in 11 months

Dividends paid in cash (VND bil) 27.227

- in Nov 1.003

Gains on issuance to increase capital (VND bil) 13.712

- in Nov 5.559

Number of new shares after additional issuance 2.813.547.171

- in Nov 1.011.600.622

SectorChanges (+/-

%)P/E P/B

Roomleft

Caprate

Technolody -7,7% 8,2 1,4 57,4% 2,4%

Industry -6,8% 6,2 0,7 84,8% 7,7%

Oil -9,9% 5,5 1,1 54,1% 1,9%

Public service -9,0% 8,8 0,7 79,3% 1,6%

Consumptionservice -3,2% 13,3 1,8 84,0% 3,4%Consumptiongoods -2,2% 11,2 2,4 59,6% 23,4%

Finance -3,5% 9,7 2,7 58,6% 51,5%Fundamentalmaterials -15,4% 4,8 1,2 69,4% 5,9%

Health -9,2% 7,2 2,0 37,4% 1,2%

Both Vn Index and HNX Index

deeply fell by 9.5% and 13.9%

respectively.

Excluding BVH, MSN, VIC and VNM,

Vn-Index at 11/30/2011 stayed at 224.6,

P/B and P/E on HOSE hit 1.56 and 7.25.

The general downward trend was

easily observed with falls in almost

sectors. Strongest decreases

remarked with Fundamental

materials (-15.4%), Oil (-9.9%) and

Public service (-9%)

Health sector recorded highest

foreign holding portions with 37% of

room left. Others sectors grasped

foreign attention are Oil and

Technology with 54.1% and 57.4%

of room left

Total dividends paid in cash in 11 months

reached VND 27.2 thousand bil. Gains via

share issues hit VND 13.7 thousand bil.

Regarding 730mil MB shares and bluechips

issuance to raise capital such as CTG, EIB,

VNM, VCG, total supply figure in 11months hit 5bil units.


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2. Stock price data

In Nov, HOSE

Code % rise

Averagemonthlytrading

volume

Code % fall

Averagemonthlytrading

volumeCYC 47.6% 111 PTC -60.0% 224,114

LGC 27.9% 27 KSH -45.8% 6,308

CLG 24.4% 141,937 KSA -45.3% 72,956

CMT 17.6% 18,682 PAC -42.5% 6,648

HTL 11.4% 2 BGM -41.4% 202,639

VNS 11.1% 3,895 HQC -37.1% 962,050

SRF 9.5% 4,785 SJS -36.8% 190,453

NSC 9.1% 6,869 VKP -35.7% 33,117

ST8 8.7% 214 AGR -34.7% 20,182

VNM 8.1% 59,046 VES -34.4% 14,187

In Nove, HNX

Code % rise

Averagemonthlytradingvolume

Code % fall

Averagemonthlytradingvolume

VXB 48.8% 55 SME -56.4% 149,082

FLC 35.7% 317,827 LCD -54.6% 282

SGC 31.4% 632 NHA -44.4% 3,618

HCT 26.0% 23 APG -44.2% 14,864

DNP 25.6% 36,918 OCH -42.1% 51,005

ARM 24.4% 255 PXA -38.5% 17,659

CT6 21.7% 1,336 HHL -36.6% 8,659LM7 20.0% 332 CCM -35.5% 14,073

SVI 19.7% 4,927 SDU -35.1% 8,505

NPS 16.5% 2,505 SKS -34.1% 4,745

Top rise/fall on HOSE

11 months, 2011

Code % rise Code % fall

VPL 80.1% SBS -87.3%VTF 63.4% VES -85.1%

VNM 62.0% VKP -83.0%

MSN 58.7% KSA -82.9%

GIL 40.7% HQC -82.9%

MCP 40.6% NVT -79.1%

AGD 39.3% VSG -75.7%

MKP 35.6% CAD -74.4%

APC 27.0% PPI -73.8%

DHG 24.1% SJS -73.0%

Top rise/fall on HNX

11 months, 2011

Code % rise Code % fall

CVN 71.0% SME -86.0%HTB 62.7% SDU -83.8%

CTB 34.2% V11 -80.8%

PTM 32.2% SSS -80.0%

ARM 31.5% KTT -79.3%

DHT 30.4% VSP -79.2%

RHC 28.3% V15 -78.3%

SJ1 27.5% SDB -78.3%

BXH 27.2% VE1 -77.5%

SVI 22.7% TIG -77.1%

In 11 months, strongest increase was

seen with VPL (81.3%) and the other

side was marked with SBS (87.3%),

both of which are listed on HOSE.

On HOSE, CVN recorded strongest

increase with 71%. The opposite is

SME which also remarked biggest

fall since the beginning of the year.

On HOSE, Chang Yih (CIC) and Lu Gia (LGC)

remained highest increase by 47.6% and 27.9%,

both with low liquidity. Lowest liquidity was recorded

with HTL (Truong Long auto JSC) - only 2

shares/session.

Noticeably, if being second in top net selling the

previous month, LGC stayed as second in top net

buying this month.

Strongest decrease was seen with PTC CTCP Dau

tu va xay dung buu dien at 60%. Others were

mainly in Mineral category (KSH, KSA, BGM) and

real estate (HQC, SJS).

Strongest increase both on HNX and the whole

market is 50% by VXB (Ben Tre constructing

materials). The second is 35.7% by FLC of FLC

group which was recorded with an average trading

volume of 300 thousand units/session.

Stronges increase is SME of SME security

company with 56.4%. This is also recognized with

lowest market value (closing 11/30 at VND

1,700/share).


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3. Foreign trading scale

11 month strongest net selling/buying (VND bil)

Code FloorNet

buyingCode Floor

Netselling

VNM HSX 943.4 VIC HSX -1,481.6

FPT HSX 682.1 STB HSX -339.7

CTG HSX 648.4 HAG HSX -214.4KDC HSX 399.4 CTD HSX -214.1

VCB HSX 321.4 CII HSX -116.7

PVD HSX 249.2 TTP HSX -84.1

ITC HSX 158.0 HVG HSX -65.9

VCG HNX 148.4 ITA HSX -52.1

PNJ HSX 142.1 VPL HSX -49.4

MSN HSX 137.6 HSG HSX -43.4

SSI HSX 125.7 SAM HSX -37.8

PVS HNX 120.0 NTL HSX -37.8

BVH HSX 116.3 PPC HSX -37.5

REE HSX 116.0 SSC HSX -35.8

MBB HSX 106.7 TDH HSX -34.2

(*) unit: VND bil

Strongest net buying was recognized with VIC (VND

212bil), FPT (161) and MBB (107). On the opposite, STB

grasped most attention with VND 200bil in Nov.

In 4 years since 2008, net buying value of Nov has always

remained lowest.

Highest values in 11 months are VNM (VND 943.4bil),

FPT (692.1) and CTG (648).

Regarding net selling, with a total net value of VND 340bil

in 11 months, STB took second highest position and let

VIC lead the top with VND 1,482bil despite its net buying

of VND 212 in Nov.

VNIndex HNXindex

Trading volume and value (Blue: index value, red: trading volume)

In Nov, a net buying of VND 135.4bil on HOSE and selling of

27.2 on HNX were recorded.


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No Name Investor Total

invest

ment

Area Location Progress Description

1 Ben Thanh

Ho Tram

tourism

area

Ben Thanh

Group

USD

30mil

16 ha Phuoc Thuan

Xuyen Moc Ba

Ria Vung Tau

province

Commencing on

11/2011,

completion is on

quarter IV-2013

and into trading

period I

The project is divided into 6 divisions with various resort

types: garden villas, apartments, multi functional hotels

for relaxation, entertainments, food as well as events,

meetings, studies.

2 Full House Green Oasis 9.6 ha Full house eco park is located on a 9.6ha area, in

which, 5.5ha is for period I .

3 The Empire Thanh Do Group VND

10,000

51.5 ha Truong Sa street,

Hoa Hai ward, Ngu

Hanh Son district,

Da Nang city

Under ground

construction.

Planned

completion is on

2018.

The project is divided into 2 divisions: Q1 faces seasidein Truong Sa street with 30ha including seaside villas,hotels, apartments, Q2 of 21.5ha includes streethouses, villas, hotels,

Commencement was on 07/24/2011, at present

infrastructure construction was being progressed. As

planned, in quarter 2/2012, streets for walking, street

houses and Q2s infrastructure will be completed; inquarter 2/2014 Q1s villas and fundamental structure of

Q2s villas, quarter 4/2016 hotel area and complex

buildings.

4 Phuoc An

urban area

HUD group VND

6,000

150 ha Nhon Trach, Dong

Nai

Under construction The project is located on both sides of main traffic axis

of new city Nhon Trach, front side of street 1 with 53m,

close to Administrative center, 25km away from HCM

Appendix 2: Outstanding real estate projects


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through 25C. House area is 66ha in which there are 512

single villas, 836 duplex villas, 1000 adjacent villas.

Construction scale stays at 44%.

5 Ben Thanh

tower

Bitexco N/A 8,600m2 Le Thi Hong Gam Commencement

on 2012.

The project is located on 8,600m2, constructing are is

180.000m2 including 2 towers joined by foundation and

located far from each other. In which, western tower is

of 55 floors including offices for lease in lower part and

hotels. Easter tower is of 48 hotels including luxury

apartment for lease and services in hotels area.

6 Thai SonApartment

Thai Songeneral

company

VND1,000bil

20,000

m220 Cong HoaHCM

Undercommencement

The project includes two 15 floor buildings and 1 are fortrade, culture and sport with an area of 100,000m2.

7 The

Eastern

Hung Viet

limited and

KRDF03

VND

210bil

District 9, HCM Under

construction.

Planned

completion is in

2013.

The building is of 22 floors with an area of 87,000m 2, on

completion there will be 648 apartments with 56-112m2

each with various convenience such as swimming pool,

gym centre and tennis court; meeting demand of

medium segmentation.

8 Phuc Long

urban area

Green land 55,536.5

m2

Under construction Total area 55,536.85m2 with 474 grounds including

adjacent street houses averaging 110m2. Besides, there

is 1 green park of 2,500m2 and public service area as

well as primary school.

9 Skyview

Tran Thai

Tong

Phu My An

limited

N/A 3,203 m2 Cau Giay, Ha Noi

urban area

Commencement

on 11/01/2011

The building is located on 3,203m2 with 21 floors, 3

basement floors which include 6 for trading centers,

offices, 14 for luxury apartments and penthouse floor.

10 Ocean

Views

Taseco Hoang Sa street,

Phuoc My ward,

Son Tra district, Da

Completed

foundation, under

The building is of 21 floors, 1 basement floor and 1 roof

sited floor, constructed under 4 star standard. Floor 1

includes receptionist area, waiting hall and luxury bar;


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Apartment Nang. finish of basement. floor 2 includes food area and also luxury meeting halls;

floor 3 and 4 includes rooms; floor 5 to 21 includes hotel

apartments.

11 The Costa

Nha Trang

TD joint stock

company

USD

147mil

Tran Phu, Nha

Trang

Completed crude

construction

The project includes 14 Sky villa apartments, 8 with 4

bedrooms of 362m2, 18 with 3 bedrooms of 224-249m2,

78 with 2 bedrooms of 134-162m2 and 124 with 1

bedroom and studio form 58-120m2. Average price was

listed at VND 44-60mil/m2


22/27

No Age Hometown Current occupation PosessionTotal value (VND

bil)

1 Pham Nhat Vuong 43 Ha Tinh VIC: Member of director boad - VIC: 153,232,047shares- VPL: 19,800,000 shares

14,952

2 Dang Thanh Tam 47 Ho Chi Minh - KBC: chairman of director board, CEO- SGT: Member of director board- NVB: Member of director board

- SQC: 60,000,000 shares

- KBC: 101,250,000

shares

- ITA: 18,663,120 shares

- SGT: 17,530,370 shares

6,983

3 Doan Nguyen Duc 48 Binh Dinh - HAG: Chairman of director board - HAG: 222,987,226shares

5,129

4 Pham Thu Huong _ __ - Mr Pham Nhat Vuong's wife - VIC: 17,545,444 shares- VPL: 14,943,689 shares

2,701

5 Nguyen Hoang Yen 48 Ha Nam Ninh - MSN: Member of d irector board - MSN: 21,779,528shares

2,548

6 Ho Hung Anh 41 Thua Thien Hue - Techcombank: Chairman of directorboard- MSN: Deputy Chairman of director board

- MSN: 21,768,269

shares2,313

7 Pham Thuy Hang 37 Ha Tay - VIC: Member of director board - VIC: 19,291,212 shares 1,688

8 Nguyen Thuy Hoa _ __ Big shareholder - VIC: 18,303,057 shares 1,602

9 Tran Dinh Long 50 Hai Duong - HPG: Chairman of director board - HPG: 76,560,000 shares 1,470

10 Nguyen Van Dat 41 Quang Ngai - PDR: Chairman of di rector board & CEO - PDR: 76,800,000 shares 1,413

11 Nguyen Thi Kim Xuan _ __ Big shareholder - KBC: 43,432,647 shares- SQC: 6,900,000 shares- SGT: 7,452,178 shares

1,165

12 Pham Khac Phuong _ __ Big shareholder - VIC: 12,235,433 shares 1,071

13 Nguyen Thi Nhu Loan 51 Phu Yen - QCG: Chairman of director board & CEO - QCG: 60,814,649shares

911

14 Ha Van Tham 39 Bac Giang - OGC, OCH: Chairman of director board - OGC: 86,997,500shares

783

15 Truong Thi Le Khanh 50 An Giang - VHC: Chairman of director boar d & CEO - VHC: 23,371,868 shares 771

TOP 100 richest people on stock market updated to 12/02/2011

Name

GOLDEN SPONSOR Page 21


23/27

16 Truong Gia Binh 55 Da Nang - FPT: Chairman of director board- FTC: Member of di rector board - FPT: 15,634,856 shares 771

17 Dang Ngoc Lan _ __ - Mr Nguyen Duc Kien's wife - ACB: 38,512,975 shares 759

18 Nguyen Son _ __ Big shareholder - SQC: 7,523,100 shares 695

19 Nguyen Duc Kien 47 Ha Bac - ACB: Deputy chairman of Founding board - ACB: 35,167,245 shar es 693

20 Le Thi My Ngoc _ __ Big shareholder - NHN: 16,000,000shares

688

21 Dang Thi Hoang Phuong 42 Hai Phong - SQC: Chairman of director board, CEO.-KBC: Member of director board - SQC: 4,670,000 shares- KBC: 21,937,500 shares 666

22 Phan Quang Dang _ __ Big shareholder - NHN: 14,000,000shares

602

23 Phung Thi Chat _ __ Big shareholder - NHN: 14,000,000shares

602

24 Hoang Quoc Lam _ __ Big shareholder - NHN: 14,000,000shares

602

25 Dang Van Thanh 51 China - STB: Chairman of director board - STB: 42,699,482 shares 594

26 Dang Hong Anh 31 China - SCR: Chairman of director board, CEO- STB: Member of director board

- STB: 37,146,967 shares

- SCR: 8,927,134 shares587

27 Tran Hung Huy 33 Tien Giang - ACB: Member of director board &Deputy CEO - ACB: 28,749,054 shares 566

28 Ly Dien Son 45 Vinh Long - KDH: Chairman of director boar d & CEO - KDH: 22,013,408 shares 539

29 Hoang Vinh Tuong _ __ Big shareholder - NHN: 12,000,000shares

516

30 Chang Hen Jui _ __ - Mrs Huynh Que Ha's husband - STB: 35,273,354 shares 490

31 Nguyen Thi Huong Lan _ __ - VIC: Member of director board (resignedon 10/10/2008)

- VPL: 6,120,000 shares 477

32 Nguyen Duy Hung 49 Thanh Hoa - SSI: Chairman of director board - SSI: 28,705,036 shares 474

33 Tran Kim Thanh 51 China - KDC, TRI: Chairman of director board- TLG: Deputy Chairman of director board - KDC: 14,507,302 shares- TLG: 200,000 shares 455



24/27

34 Vu Thi Hien _ __ - Mr Tran Dinh Long's wife - HPG: 23,448,600 shares 450

35 Duong Ngoc Minh 55 HCM- HVG: Chairman of director board, CEO

-VTF: Chairman of director board

-AGF: Member of director board- HVG: 21,018,800

shares446

36 Nguyen Thi Lan Anh _ __ Big shareholder - NHN: 10,000,000shares 430

37 Bui Quang Ngoc 55 Hai Hung- FPT: Deputy Chairman of director board

- FIS: Member of director board

- FTC: Member of director board- FPT: 8,087,163 shares 399

38 Chu Thi Binh 47 __ - MPC: Deputy CEO, Member of directorboard - MPC: 17,475,010shares

369

39 Nguyen Thanh Nghia 48 Binh Dinh - DTL: Chairman of director board, CEO - DTL: 18,769,727 shares- ABT: 1,548,892 shares

359

40 Nguyen Thi Dieu Hien _ __ - Mr Nguyen Van Dat's wife - PDR: 19,200,000 shares 353

41 Le Phuoc Vu 48 Quang Nam - HSG: Chairman of director board - HSG: 39,024,152 shares 351

42 Bui Phap 49 Binh Dinh - DLG: Chairman of director board- DL1 : Member of director board

- DLG: 17,558,200 shares 338

43 Le Van Quang 53 __ - MPC: Chairman of director board & CEO - MPC: 15,961,000shares

337

44 Tran Mong Hung 58 Tien Giang - ACB: Chairman of Founding board\ - ACB: 16,523,855 shares 326

45 Tran Le Nguyen 43 China - KDC: Deputy Chairman of director board,CEO

- KDC: 9,631,085 shares

- TLG: 344,910 shares305

46 Dao Huu Hoang _ __ - SPM: Chairman of director board - SPM: 5,365,830 shares 284

47 Tran Thi Thu Diep _ __ Big shareholder - HPG: 14,706,000 shares 282

48 Dang Thi Hoang Ye 52 HCM - ITA: Chairman of director board - ITA: 38,013,140 shares 277

49 Nguyen Hong Nam 44 Thanh Hoa - SSI: Member of director board & DeputyCEO

- SSI: 15,687,968 shares 259

50 Doan Toi 57 Thanh Hoa - ANV: Chairman of director board & CEO - ANV: 29,950,000shares

246

51 Cao Thi Ngoc Dung 54 __ - PNJ: Chairman of Director board and CEO - PNJ: 6,088,920 shares 216



25/27

52 Huynh Que Ha 42 China - STB: Deputy Chairman of director board - STB: 14,630,774 shares 203

53 Le Van Huong 35 Quang Ninh - JVC: Chairman of di rector board & CEO - JVC: 13,310,000 shares 202

54 Hoang Minh Chau 53 Nam Dinh - FPT: Deputy Chairman of director board - FPT: 4,000,000 shares 197

55 Le Ngoc Anh _ __ - Mr Pham Phuc Toai's wife - HLG: 15,417,675 shares 196

56 Nguyen Thanh Nam 50 Quang Nam - FPT: Member of di rector board - FPT: 3,653,585 shares 180

57 Ha Hoai Nam 39 Ha Noi - KLS: Chairman of director board - KLS: 17,167,680 shares 177

58 Nguyen Thieu Quang _ __ - Mr Nguyen Thieu Nam's brother - MSN: 1,496,490 shares 175

59 Truong Thi Thanh Nhan 60 Da Nag - FPT: Deputy Chairman of director board - FPT: 3,480,738 shares 172

60 Nguyen Thuy Huong _ __ - Mr Nguyen Duc Kien's sister - ACB: 8,699,750 shares 171

61 Nguyen Thuy Lan _ __ - Mr Nguyen Duc Kien's sister - ACB: 8,699,750 shares 171

62 Nguyen Tuan Hai _ __ - ALP: Chairman of director board, CEO- AME: Member of director board

- ALP: 21,928,149 shares 171

63 Phan Ngo Tong Hung _ __ - FPT: Deputy Chairman of director board - FPT: 3,383,332 shares 167

64 Nguyen Manh Tuan 49 Ha Noi - HPG:Deputy Chairman of director board - HPG: 8,400,000 shares 161

65 Tran Tuan Duong 48 Nam Dinh - HPG: Deputy Chairman of director board,CEO - HPG: 8,400,000 shares 161

66 Pham Van Khuong 52 Ha Noi - VIC: Member of director board & DeputyCEO- PFV : CEO

- VIC:1,832,523 shares 160

67 Do Cao Bao 54 Thai Binh - FPT: Chairman of director board- FIS : Member of director board

- FPT: 3,123,198cp 154

68 Tran Phu My _ __ - Mr Tran Mong Hung's sister - ACB:7,433,290 shares 146

69 Nguyen Hoang Minh _ __ - KAC: Chairman of director board & CEO - KAC: 10,279,400cp 145



26/27

70 Pham Phuc Toai 55 Dong Thap - HLG: Chairman of direct or board & CEO - HLG: 11,111,307 shares 141

71 Le Thi Diu Minh _ __ Big shareholder - MPC:6,600,000 shares 139

72 Mai Kieu Lien 58 Can Tho - VNM: Chairman of direct or board & CEO - VNM:1,510,320 shares 138

73 Luong Tri Thin _ __ - DXG: Chairman of director board & CEO - DXG:13,245,375 shares 138

74 Nguyen Quang Hien 49 Ha Noi - SHB: Chairman of director board - SHB:21,007,443 shares 137

75 Nguyen Sy Thang _ __ - PGS: Chairman of director board - PGS:5,439,800 shares 128

76 Le Quang Tien 53 Thanh Ha - FPT:Deputy Chairman of director board - FPT:2,489,985 shares 123

77 Doan Gia Cuong 48 Ha Noi - HPG:Deputy Chairman of director board - HPG:6,300,000 shares 121

78 Nguyen Ngoc Quang 51 Ha Noi - HPG: Member of director board - HPG:6,300,000 shares 121

79 Nguyen Thi Bich Lien 47 Nam Dinh - DTL:Deputy Chairman of director board - DTL:7,181,775 shares 116

80 Dang Phuoc Thanh 54 Dong Thap - VNS: Chairman of director board - VNS:6,150,000 shares 111

81 Huynh Bich Ngoc 49 Vietnam- SBT : Chairman of director board

- SCR : deputy Chairman of director board

- BHS: Member of director board

- STB: 60,000,000 shares

- SCR: 21,800 shares

- BHS: 676,362 shares109

82 Nguyen Nhu Khanh _ __ Big shareholder - SBS:25,000,000 shares 108

83 Nguyen Thanh Loan _ __ - Mr Nguyen Thanh Nghia's daughter - DTL:6,635,708 shares 107

84 Doan Nguyen Thu 34 Gia Lai - HAG: Member of director board &deputy CEO

- HAG: 4,543,781 shares 105

85 Vuong Ngoc Xiem 49 China - KDC: Member of director board & deputyCEO - KDC: 3,297,441 shares- NKD: 829,669 shares

103

86 Nguyen Van An 55 Nghe An - THV: Chairman of director board, CEO- AGC: Chairman of director board

- THV: 23,887,500 shares 103

87 Pham Tan Huy Bang 50 Ha Noi - KLS: Member of director board - KLS:9,781,600 shares 101



27/27

88 Pham Thi Nhat Thanh _ __ Big shareholder - SBS:23,130,000 shares 99

89 Nguyen Ngoc Hai _ __ - Mr Nguyen Thai Binh's father - STB:7,144,560 shares 99

90 Nguyen Trong Thong 58 Ha Tinh - HDG: Chairman of director board - HDG:7,065,018 shares 94

91 Tran Uyen Nhan 35 China - NKG: Member of d irector board - HLA: 700,000 shares- NKG: 6,409,000 shares

94

92 Do Thi Kim Ngoc _ __ Big shareholder - POM:8,728,615 shares 93

93 Chau Kin Hang Kelvin 48 China - SQC: deputy CEO - SQC:1,100,000 shares 92

94 Nguyen Van Tuan 47 Quang Ngai - PDR: Member of director board - PDR:5,000,000 shares 92

95 Pham Thi Tuyet Mai _ __ - Mr Pham Van Khuong's wife - VIC:1,045,906 shares 92

96 Nguyen Manh Hung _ __ - Mr Nguyen Hong Nam's brother - SSI:5,433,680 shares 90

97 Tran Van Ngoc _ __ Big shareholder - STB:7,368,298 shares 89

98 Vo Thi Thanh _ __ - GTT: Chairman of director board - GTT: 15,093,000 shares 89

99 Vo Huu Chinh 57 Thai Binh - VOS: Chairman of director board- DXP : Chairman of director board

- VOS:22,417,700 shares 87

100 Vo Du Ngoc Tan 39 Ba Ria - Vung Tau - NBB: Member of director board - NBB: 1,800,000 shares 86

(*) Data updated to 12/2/2011

Disclaimer: The information herein is collected and edited by CafeF from public sources believed to be reliable, proved to be valuable for investors. However, we take no charge in any risk

exposed to investors on using this report.

Documents

Economic&Financial Report Nov 2011 CafeF