Sacombank Eng

Annual Report 2012

266 - 268 Nam Ky Khoi Nghia Street, Ward 8, District 3, HCMC I Hotline: 1900 5555 88 Fax: (+84) 83 9320 424 I Email: [email protected] I Swift Code: SGTTVNVX

Sacom

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nnual Rep

ort 2012 | N

ew D

irection with Strong

Values

DIRECTIONWITH

VALUES

NEWSTRONG

Our success is built upon the strong values we created for our customers, shareholders, employees and the community. With strong values such as strong foundation, strong enterprise, strong capabilities, strong capital and strong commitment, we are able respond swiftly to market dynamics with new direction in the areas of product innovation, business breakthrough, market frontiers, investment opportunities and sharing hope with the community.

We are Sacombank.

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37 Organization structure 38 About the BOD and its report 44 About the BOS and its report 46 About the BOM Matters related to the BOD, BOS and BOM 50 Risk management in 2012 53 Human resources management

57 Information for shareholders 60 Performance of STB shares in 2012 63 Performance of Subsidiaries

65 Sustainable development report 67 joining hands for the community

71 Separate financial statements 83 Consolidated financial statements Notes to the consolidated financial statements 174 Explanation about the consolidated financial statements 176 Distribution network

3 Message from the Chairman of the BOD

15 Financial indicators 16 Strategic orientation for the 2011-2020 period 18 Business performance in 2012 26 Business plan for 2013 30 2012 event highlights 34 2012 awards

TABLE OF CONTENTSNEW DIRECTION WITH STRONG VALUES

NEW INNOVATION WITH STRONG FOUNDATION

NEW BREAKTHROUGH WITH STRONG ENTERPRISE

NEW FRONTIERS WITH STRONG CAPABILITIES

NEW OPPORTUNITIES WITH STRONG CAPITAL

NEW HOPE WITH STRONG COMMITMENT

2012 FINANCIAL STATEMENTS

EDITORIAL TEAM

CHIEF EDITORMr. Phan Huy KhangChief Executive Officer

DEPUTY CHIEF EDITORMr. Ha Van TrungDeputy CEO cum Finance Director

MEMBERMs. Tran Thi BinhCommunications & Marketing Manager

DESIGNED & PRODUCED byAquarius Vietnam

7 Vision - Mission - Core Values 8 General information 10 Incorporation and development historical milestones 12 Network

Annual Report 2012 3

Dear shareholders, investors and strategic partners,

Over 21 years of incorporation and development (21st December 1991 – 21st December 2012), through all the ups and downs, Sacombank of today is proud to hold the position of one of the leading Vietnamese commercial joint stock banks, with total assets of over VND150 trillion, equity capital over VND14 trillion and especially a large network of 420 business locations in 48 out of 63 provinces and cities of Vietnam and in Laos and Cambodia.

In 2012, despite various difficulties and challenges, Sacombank still maintained its growth rate, expressed in material indicators, such as deposit in economic organizations and residents grows by over 24%, loan growth by over 20%, bad debts controlled at the safe level in accordance with the regulations of the State Bank of Vietnam. As for profits, under the slogan of “Side by side, we grow” and sharing with customers to go through the temporary hard time of the economy, by means of product packages with preferential interest rates, preferential service fees and low-interest-rate credit packages exclusively for small and medium-sized enterprises and home businesses recently, Sacombank reserved the provision above prudent rate at more than VND2,000 billion; hence its profits before provision for risks amounted to VND1,315 billion and profits before tax were 39% of plan; this figure was much lower than initially expected, but was fairly satisfactory compared with the general level in the banking sector and some banks of the same scale, given the difficulties of the economy.

Implementing the policies of the Government, since 2012, Sacombank has conducted comprehensive thorough restructuring. In terms of corporate governance, Sacombank conducted a restructuring from financial portfolio to business model.

As for the Bank’s Development Strategy for the 2011-2020 period, it will persistently pursue the orientation “To be the first modern universal retail bank in the region”, with the strong focus on efficiency and sustainability. Key points in the Development Strategy for the new period include labor productivity improvement, effective cost management and innovation of management methods and business processes, maximization of value and benefits for customer, in parallel with corporate governance improvement in order to ensure safer and more efficient operation.

MESSAGE FROM THE CHAIRMAN

Over 21 years of incorporation and development (21st December 1991 - 21st December 2012), through all the ups and downs, Sacombank of today is proud to hold the position of one of the leading Vietnamese commercial joint stock banks...

BILLIONVND1,315

VND151,282 BILLION TOTAL ASSETS

VND13,414 BILLION

VND10,740 BILLION

EQUITY CAPITAL

CHARTERED CAPITAL

PROFIT BEFORE TAX

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Annual Report 20124

and well fulfill the business plan for 2013. On behalf of the Board of Directors, the Board of Supervisors, the Board of Management and all the employees across the Sacombank network, I would like to take the honor to recognize and express my gratitude to you all for your valuable contributions and support for Sacombank in the past.

From the foundation built by Sacombank over the past 21 years, we will continue to preserve, promote and improve the good values, and adjust, in a timely manner, the operational shortcomings and defects in order to keep up with the development trends of the domestic and international finance and banking sector and develop Sacombank into a regional-level retail bank. In order to soon materialize Sacombank’s objectives, we hope and believe that we will continue to enjoy your support, cooperation, trust and loyalty in Sacombank’s journey to development in future.

Yours faithfully,

For the Board of Directors

Chairman

Pham huu Phu

In 2013, despite great difficulties, the world economy is forecast by international organizations to grow higher than in 2012. Along with the general objectives set out by the Government and the focal tasks of the Banking Sector in 2013, Sacombank has set out its orientation for 2013, i.e. SUSTAINABLE GROWTH AND REASONABLE EFFICIENCY. Accordingly, Sacombank will focus on: (i) prudent credit growth, in line with the orientation of the Banking Sector; (ii) step-by-step increase in the percentage of non-interest incomes to reach the sustainable income structure; (iii) investments in focus network expansion and increase in in-depth investments; (iv) innovations for a lean organization structure, with an expansion of the sales force.

Sacombank’s achievements today are based on the zeal and trust in the development strategy of the Board of Directors, the Board of Supervisors, the Board of Management and more than 10,000 employees of Sacombank in different periods; the strength of a broad transaction network; the financial strength; the modern technology system; the Leadership’s professionalism and proficiency shown in corporate governance and control and the dedication to client service by the well-trained employees of Sacombank. Moreover, Sacombank’s success results from the care and support from the State authorities; timely support and communication by the mass media agencies; the trust and good cooperation by investors and partners; and especially the trust, cooperation and loyalty of almost 2 million customers who are enterprises and individuals across the country, as well as in Laos and Cambodia. This is also a firm foundation strong motive force for us to confidently

SHAREHOLDERS63,894

CUSTOMERS

2,000,000

SACOMBANK’S BUSINESS ORIENTATION FOR 2013 IS SUSTAINABLE GROWTH AND REASONABLE EFFICIENCY.

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Annual Report 2012 Annual Report 20126 7

y Constantly maximize value for customers and shareholders

y Bring value to staff in terms of career development and wealth

y Contribute to the development of the community

To be the first modern universal retail bank in Vietnam and the region

1. Pioneering to be an explorer and accept challenges to discover new horizons

2. Novel, Dynamic and Innovative to turn difficulties and challenges into growth opportunities

3. High Commitment with the highest professionalism, dedication and prestige towards customers and partners

4. Social Responsibility under its slogan: ”Side by side, we grow”

5. Making a Difference with innovative breakthroughs in Products, Business Methods and Corporate Governance Models

V ISION

M ISSION

C ORE VALUE

Sacombank has had a strong foundation after 21 years’ operation, with over 10,000 employees, 416 business locations, modern technology system and stable financial capabilities. All is ready for its new innovations.

INNOVATIONWITH

FOUNDATION

NEWSTRONG

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Vietnamese name: Ngân hàng Thương mại Cổ phần Sài Gòn Thương Tín

English name: Saigon Thuong Tin Commercial Joint Stock Bank

Abbreviated name: Sacombank

Head office: 266-268 Nam Ky Khoi Nghia Street, District 3, HCMC

Telephone: (+84 8) 3932 0420

Fax: (+84 8) 3932 0424

Email: [email protected]

Website: www.sacombank.com.vn

Date of incorporation: 21 December 1991

Chartered capital: VND10,739,676,640,000 (as at 31 December 2012)

Date of listing: 12 July 2006

SWIFT code: SGTTVNVX

Tax code: 0301103908

Banking operations

• Receipt of demand deposits, term deposits, savings deposits and other types of deposits.

• Issuance of certificates of deposit, bills of exchange, bills of credit, bonds for raising funds domestically and abroad.

• Grant of credit in the form of:

- Lending;

- Discount and rediscount of commercial instruments and other valuable papers;

- Bank’s guarantee;

- Credit card issuance;

- Domestic factoring and forfeiting; international factoring and forfeiting with respect to banks allowed for international payments;

- Other forms of credit granting upon approval from the State Bank of Vietnam.

• Opening of payment accounts for customers.

• Provision of payment facilities.

• Provision of the following payment services:

- Rendering domestic payment services, including cheques, payment orders, banker’s orders, bank collection, letters of credit, banking cards, entrusted collection and payment services;

- International payment services and other payment services upon SBV’s approval.

GENERAL INFORMATION


SACOMBANK COMPLETED ITS CORE BANKING SYSTEM UPGRADE FROM SMARTBANK TO T24, VERSION R8 over its entire system, and opened and put into operation the first international-standard modern Data Center among the commercial joint stock banks of Vietnam in 2008.

SACOMBANK OPENED A BRANCH IN LAOS AND STARTED ITS MARKET EXPANSION PLAN ACROSS THE INDOCHINA REGION. Sacombank was the first Vietnamese commercial joint stock bank to open a branch in Laos, contributing to the promotion of Vietnam-Laos trading and investment cooperation relationships. Following the success of the Laos Branch, on 23 June 2009, Sacombank continued to expand its operations into Cambodia, marking the completion of its market strategy in Indochina.

1996

SACOMBANK WAS ONE OF THE FIRST COMMERCIAL JOINT STOCK BANKS TO BE INCORPORATED in HCMC through the merger of Go Vap Bank for Economic Development and 3 credit cooperatives: Tan Binh, Thanh Cong and Lu Gia Cooperatives.

PROMOTING INTERNATIONAL COOPERATION, Sacombank was the first Vietnamese enterprise to be allowed to incorporate the VietFund Management Company (VFM), a joint venture between Sacombank and Dragon Capital.

SACOMBANK WAS THE PIONEER BANK TO RECEIVE INVESTMENT CAPITAL FROM FOREIGN SHAREHOLDERS. The first foreign shareholder was the financial group Dragon Financial Holding (UK), which contributed 10% of the chartered capital. This was followed by capital contribution from the International Financial Corporation (IFC) and ANZ Bank, raising the foreign shareholders’ capital to 30% of the chartered capital.

SACOMBANK OPENED ITS HANOI BRANCH, CREATING SIGNIFICANT OPPORTUNITIES FOR GROWTH IN THE NORTHERN VIETNAM MARKET. As the first commercial bank in HCMC to have a branch in the capital city, Sacombank was a pioneer in providing quick money transfer services between Hanoi and Hochiminh City, reducing the use of cash between the country’s two biggest economic hubs.

SACOMBANK WAS THE FIRST BANK TO ESTABLISH CREDIT GROUPS OUTSIDE ITS URBAN MARKET COVERAGE (where no Sacombank Branches were based) to meet capital needs in rural communities and contribute to the improvement of the living conditions of farmer households and the reduction of usury in the economy.

THE DIVERSIFICATION OF SACOMBANK’S FINANCIAL SERVICES AND PRODUCTS

STARTED with the incorporation and operation of Sacombank Asset Management Company (Sacombank-SBA). This was followed by the incorporation and operation of other companies specializing in the money remittance sector (Sacombank-SBR), finance lease sector (Sacombank-SBL), and the gemstones and jewelry sector (Sacombank-SBJ).

SACOMBANK WAS THE FIRST BANK TO ISSUE SHARES at a par value of VND200,000 per share to the public to raise capital.

INCORPORATION AND DEVELOPMENTHISTORICAL MILESTONES

SACOMBANK LAUNCHED ITS CORE BANKING SYSTEM through cooperation with Temenos Company (Switzerland). This investment marked Sacombank’s commitment to improving management and operational quality, promoting electronic banking services and getting ready to approach the new-generation advanced banking technology in order to optimize banking operations for strong development in subsequent years.

SACOMBANK WAS THE FIRST COMMERCIAL JOINT STOCK BANK OF VIETNAM TO BE LISTED on the stock exchange with total listed shares valued at VND1,900 billion. The listing of Sacombank’s shares (trading symbol STB) on the Stock Exchange of HCMC is evidence of Sacombank’s prospects for development, and safe and sustainable growth.

This important event marked the transition to a new phase in the development and performance improvement strategy of Sacombank in Cambodia in particular and in Indochina in general, thus further promoting the good trading relationships of the business communities between Vietnam and Cambodia.

SACOMBANK OPENED A BANKING MODEL FOR WOMEN. This was the first exclusive banking model for women in Vietnam, and was set up by Sacombank for “the development of modern Vietnamese women.”

SACOMBANK INCORPORATED A WHOLLY FOREIGN-OWNED BANK IN CAMBODIA

STRUCTURAL CHANGE OF SHAREHOLDERS AND THE BOD to move to a new development period by succeeding previous development strategy and supplementing new appropriate elements.

Annual Report 201212

Archipelago

Archipelago

Sacombank Network

Interbank Transaction Offices

NETWORK

BUSINESS LOCATIONS

As at 31 December 2012

ATM POS

416 7802011 2012

3,155

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FinanCial ratios 2008 2009 2010 2011 2012

Capital Adequacy Ratio (CAR) (at least 9%) 12.16% 11.41% 9.97% 11.66% 9.53%

Loans/Assets 50% 56% 54.64% 57% 65%

Loans/Deposits 57% 64% 61.40% 71% 80%

Non-performing Loan (NPL) 0.62% 0.69% 0.52% 0.56% 1.97%

Overdue Debts/Outstanding loans 0.99% 0.88% 0.56% 0.85% 2.39%

Non-interest income/Total operating income 57% 41% 30.00% 16% 7.36%

Operating expenses/Total expenses 15% 22% 18.78% 21% 25.10%

Earnings assets/Total assets 82% 85.00% 85.64% 84.36% 86.37%

Return on Equity (ROE) 13.14% 16.56% 15.04% 14.60% 7.15%

Return on Assets (ROA) 1.49% 1.79% 1.50% 1.44% 0.68%

Year-enD 2008 2009 2010 2011 2012

Total Assets 67,469 98,474 141,799 140,137 151,282

Equity Capital 7,638 10,289 13,633 14,224 13,414

Chartered Capital 5,116 6,700 9,179 10,740 10,740

Total Deposits 58,635 86,335 126,204 111,513 123,753

Total Loans 33,708 55,497 77,486 79,429 98,728

entire Year

Total Income 8,377 8,489 12,774 18,729 17,619

Total Expenses 7,286 6,588 10,348 15,989 16,304

Profit before Tax 1,091 1,901 2,426 2,740 1,315

Profit after Tax 973 1,484 1,799 2,033 987

Earnings per share (VND)

(Based on the Consolidated Financial Statement) 1,896 2,771 2,373 2,241 1,029

FINANCIAL INDICATORS

Unit: Billion

* The financial indicators used in this Annual Report withdrawed from Sacombank 2012’s Audited Single-Entity Financial Statements (Excluding the Performance of Subsidiaries).

As one of the first commercial joint stock banks established in HCMC in 1991, Sacombank has become a pioneer in having flexible business solutions, issuing shares and getting listed on the stock exchange, receiving capital from foreign strategic partners, initiating banking models exclusively for women and the Chinese-speaking community, expanding business to Laos and Cambodia, etc. Pioneering and innovating continue to be among the core values of Sacombank in its new journey.

BREAKTHROUGH WITH

ENTERPRISE

NEWSTRONG

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STRATEGIC ORIENTATION FOR THE 2011-2020 PERIOD

Since 2012, Sacombank has conducted comprehensive thorough restructuring. In terms of corporate governance, Sacombank conducted a restructuring from financial portfolio to business model. As for the Bank’s Development Strategies for the 2011-2020 period, it will persistently pursue the orientation “To be the first modern universal retail bank in the region.” The Bank’s seven groups of strategic objectives continue to be performed, but with proper adjustments in terms of priority level and schedule of implementation in line with actual conditions.

human resources strategies are critical to the success of any organization, including Sacombank. In 2012, the Bank continued to boost human resources training and improvement in order to improve employee productivity and selling skills.

information technology strategies aim to ensure information technology is the foundation for modernizing the Bank’s network, expanding business partnerships and increasing utilities of products and services, as well as boosting the development of card and electronic banking products and services for strong growth in future. The objective of improving employees’ productivity will be achieved through utilising the technology infrastructure. The most important thing is to accelerate the progress of implementation of data

to create a stable basis for business activities. Full-package selling programs and increases of utilities for customers will be prioritised in order to maximize value to the customer. The target is that 100% of customers use at least two products or services of Sacombank. In addition, marketing strategies will be managed on a centralized basis, and internal and external communications will be increased to promote the brand and corporate culture of Sacombank.

Product and service strategies aim to improve the retail objective with a gradual increase in the percentage of service incomes in the income structure. Products and services must serve the objective of maximizing use of products and services by customer and are designed with multi-utility features in order to increase the frequency of use by customers. Especially, products and services must be unique and distinctive to improve the Bank’s competitiveness in the market, thus resulting in growth breakthroughs for the Bank.

Governance strategies continue the restructuring of the Bank’s organization for leanness and efficiency, an increase in the percentage of resources used for the sales force to improve marketing and product distribution capabilities. In the centralized governance model from the Headquarters to each business location, intermediate-level management will be enhanced;

exploitation projects in support of corporate governance, risk management, customer relationship management and effective resources allocation.

Financial strategies continue to develop a low-risk and sustainable financial structure. The Bank’s Asset-Liability portfolio will be strongly restructured in order to increase the percentage of profitable assets, improve the imbalance of terms between liabilities and assets, and improve the efficiency of use of capital resources through concentrating capital resources on core businesses. Furthermore, the efficiency of use of capital resources must be properly calculated and specifically analyzed for each business and each product line to boost the performance.

Distribution channel strategies are implemented with the aim of strengthening and developing the existing network, especially the network of Transaction Offices, in order to increase business activities, improve competitive edge, gain market share and expand market coverage. This is the period of improving the quality and efficiency of the distribution network. In the short term, Transaction Offices will be upgraded into “miniature branches” thus increasing competitiveness and business performance in each geographical area.

Business strategies will focus on retail activities, development of the personal customer base in order

checks and corrections will be boosted; and alerts and self-checks will also be promoted in order for making proper decisions.

In general, Sacombank’s Development Strategies for the 2011-2020 period focus on efficiency and sustainability. Emphases in the Development Strategies for the coming period include improvement of employees’ productivity; focus on effective cost management and innovation of governance methods and business processes; maximization of revenue per customer; as well as improvement of corporate governance activities with a view to ensuring safer and more efficient operations.

SACOMBANK’S DEVELOPMENT STRATEGIES FOR THE 2011-2020 PERIOD FOCUS ON EFFICIENCY AND SUSTAINABILITY.


Business PerFormanCe in 2012 1. total assets:

Sacombank’s total assets as at 31 December 2012 reached VND151,282 billion, an increase of VND11,145 billion, or 8%, from the beginning of the year. The structure of total assets changes with improvement of stability and safety criteria: Deposits from the market accounted for 76% of total assets, so the Bank enjoyed stable liquidity and was always ready to meet funding demands as well as cope with market changes.

2. Deposits:

As at 31 December 2012, total deposits across the Bank’s system reached VND123,753 billion, an increase of 11% from the beginning of the year.

Deposits from economic organizations and residents amounted to VND114,863 billion, an increase of 24% from the beginning of the year, and accounted for 3.6% of market share. Deposits in VND grew by 32% from 2011, equal to 105% of growth target for 2012. There were nearly 1.8 million depositors, an increase of 34% from the beginning of the year; these were mostly personal customers (an increase of over 435,000 people) and accounted for 97% of total number of customers.

There were positive changes in deposits, which were in line with Sacombank’s retail orientation and the monetary management viewpoint of the SBV. On the other hand, the economy’s recovery remains uncertain and cash flows in the economy have not been completely smooth, so the focus on stable growth of deposits from residents is a sustainable and highly feasible option.

To achieve this result, Sacombank has constantly developed proper products and focal stimulus programs for each market segment with flexible interest rates, promoted the advantages of the Bank’s brand and broad network, introduced internal incentives, expanded the sales force and improved employees’ selling skills in order to grow deposits at business units.

3. Credit operations:

As at 31 December 2012, total lending balance reached VND94,080 billion, representing 62% of total assets, an increase of VND15,631 billion, or 20% - twice as much as the growth rate of the banking industry (around 8.9%). Sacombank obtained a lending market share of

3.17%, slightly higher than at the beginning of the year.

Although the targeted group of borrowers was narrowed down due to the credit tightening policy of the SBV and stagnation in the manufacturing industry, and funding demands almost fell to the bottom of the market, Sacombank enjoyed satisfactory lending balance growth. The loan structure was improved, reflecting the Bank’s efforts in meeting requirements on improvement of credit quality and capital use efficiency:

• Debt balance in VND sharply increased. This was in accordance with the Government’s efforts in shifting currency transactions to the local currency and aimed at consistency with the current deposit structure of Sacombank.

• Distributed lending continued to be strengthened with measures for boosting lending to personal customers which has had good interest rate margin and low risks and served as a firm foundation for the Bank’s operations. This orientation helped satisfactorily meet market demands. For example: personal customers’ debt balance grew steadily month by month, the number of personal customers increased by 13,000 people from the beginning of the year; their loans were mostly to finance small business and production activities.

Credit quality: In the context of many enterprises going bankruptcy and bad debts becoming a big problem of the economy, Sacombank focused on prevention and handling of past-due debts, conducted close and smooth monitoring of past-due debts in each location, added members and rules of operation to the Sub-committee for Prevention and Handling of Past-due Debts, applied flexible measures in disposition of assets used for offsetting debts, rewarded business units which have handled well past-due debts, etc. As a result, the percentage of past-due debts of Sacombank was well controlled and stayed in the lowest group in the banking industry. As at 31 December 2012, Sacombank past-due debts accounted for 2.39% and bad debts 1.97%.

4. service business:

Sacombank’s total net revenues from services in 2012 were VND724 billion, accounting for 11% of total revenues. Of this, revenues from International Payment Services accounted for a large percentage; international payment revenues reached US$5,722 million, a decrease by US$93.6 million (or -2%) from

BUSINESS PERFORMANCE IN 2012

TOTAL DEPOSITS FROM ECONOMIC ORGANIZATIONS AND RESIDENTS REACHED VND114,863 BILLION, AN INCREASE OF 24% FROM THE BEGINNING OF THE YEAR.

2011. However, the structure of international payment revenues was improved, with a strong increase in exports, reducing the gap of exports to imports which prevailed like in previous years. Especially, remittance revenues sharply increased and reached VND4,294,897 billion, an increase of VND448,054 billion, equivalent to 11.6%, from 2011.

With efforts to gradually shift business activities away from dependence on credit incomes and boost modern banking services, Sacombank has focused on developing the retail segment, providing the market with financial services packages at reasonable prices, making a difference in products and services, innovating remittance products on the basis of exploiting the advanced core banking applications and taking advantage of the broad network nationwide and abroad, in order to deliver practical efficiency and improve the Bank’s competitiveness. As a result, the ratio of service incomes to total incomes has been gradually improved compared with previous years.


5. Card and electronic banking services:

The total number of cards in circulation up to 31 December 2012 had been 1.5 million, an increase of nearly 610,000 cards (+67%) from the beginning of the year. Debit cards accounted for 81.8%, credit cards 7.5% and prepaid cards 10.7%. There were totally 780 ATMs, an increase of 29 units; and 3,155 POS, an increase of 1,134 units, from the beginning of the year;

With the aim of bringing Sacombank’s card products to the leading position among commercial joint stock banks of Vietnam, the Card Center has made positive changes in its operations: reducing costs, improving employees’ productivity, strongly increasing the number of cards in circulation, developing new card products and services, and increasing revenues and profit.

Accordingly, total profit from card services grew impressively at a monthly average of over VND10 billion per month during the last months of the year, an increase of 2.8 times as much as in the first months of the year.

• Total revenues from card services reached VND169 billion, an increase of 30% from 2011, and accounted for 23% of total service revenues of the Bank. This result was equal to 103% of target in 2012;

• Profit before tax was valued at VND84 billion, an increase of 120 times as much as in 2011, and was equal to 144% of target. It is proved that promoting card service business is the right choice and meets market demands.

In addition, electronic banking services have recently seen positive and promising innovations in terms of service quality and business performance. Thanks to successfully implemented solutions (the Project for improvement of Internet Banking (IB) business performance, partnership with Infosys in preparation for upgrading the electronic banking system, sales promotion programs that meet the tastes of customers, etc.) impressive results have been achieved from electronic banking services: the number of IB transactions were 371,493, an increase of 200% from 2011 (or 251,493 IB transactions) and equal to 170% of target in 2012; Revenues from IB services amounted to around VND22.5 billion, 3.3 times as much as in 2011.

6. Business operation results:

In 2012, difficulties of the economy have penetrated into almost all industries, shown in stagnation in business and production activities, increases in inventories and

past-due debts, many enterprises going bankrupt, etc.Therefore, the Government has introduced various solutions to addressing economic difficulties, in which “accompanying and supporting enterprises” was one of the requirements set out by the SBV for commercial banks.

Accordingly, last year Sacombank supported and shared difficulties with enterprises across the country by maintaining reasonable interest rates; providing various credit packages with preferential interest rates to stabilize and stimulate manufacturing and create jobs for people; launching sales promotion programs with many partners for valorization and stimulation of consumption. Along with the objective of ensuring operational safety and increasing financial capabilities, the Bank made full provision for risks in accordance with the regulations of the SBV. Therefore, Sacombank only earned VND1,315 billion of profit before tax in 2012, equal to 39% of target in 2012. Although the Bank failed to earn targeted profit before tax in 2012, its core business profit remained stable and grew positively to reach 100% of target. This was a satisfactory result compared with the average result of the banking industry and that of some other banks of similar scale. This would be a firm foundation for Sacombank to grow safely and sustainably in subsequent years.

investmentsIn 2012, Vietnam’s economy saw many difficulties; high inflation rates; large inventories of enterprises remaining; reduced production scale; ceased operations or bankruptcies of enterprises; a frozen real estate market; and great changes in the stock market that worried investors. Facing these difficulties, Sacombank showed strong compliance with the State’s regulations and developed internal processes to ensure safety and improve efficiency in its investments. Sacombank also made timely decisions and conducted initial revaluation and restructuring of its investment portfolio to secure capital safety and create a firm foundation for its investment activities at present and in future.

Up to 31 December 2012, Sacombank’s investments have had significant contributions to its total incomes:

y Income from debt securities trading: VND2,475 billion;

y Income from capital securities trading: VND75,180 million;

TOTAL REVENUES FROM CARD SERVICES REACHED

AN INCREASE OF 30% FROM 2011, AND ACCOUNTED FOR 23% OF TOTAL SERVICE REVENUES OF THE BANK.

VND169 billion

y Provision for capital securities trading: VND458,683 million;

y Income from capital contributions and buying shares: VND155,615 million;

y Provision for capital contributions and buying shares: VND140,785 million;

In 2013, the country’s economy is forecast to continue to face great difficulties and unstable growth, which will significantly affect the investment activities of the Bank. Therefore, in addition to focusing on recovery of poorly-performing investments, Sacombank will continue to concentrate on restructuring its investment portfolio, target at highly profitable industries and control tightly capital resources to ensure compliance with regulations of the State Bank on investments, as well as maximize profit for the Bank.

BUSINESS PERFORMANCE IN 2012(continued)


2. Planning:

Planning activities saw a new advancement. The Online Planning Program has been studied, developed and applied successfully across the Bank’s system, reducing time for data entry and summary. This program features real-time interaction between coordination and implementation units, and provides a convenient platform for evaluation and management of plans flexibly, quickly and accurately. Business targets set out are fair, advanced and accordant with the economic characteristics of each geographic area and the actual capabilities of each business unit, while satisfying Sacombank’s general development requirements. In addition, depending on the actual situations of each business units and in each period, the Bank’s reward policy and the emulation programs among Divisions/Regions have been constantly innovated, and become real motive force for business units to strive for fulfilling their tasks.

3. implementation of projects for banking technology modernization:

In 2012, many projects for banking technology modernization were implemented successfully, ensuring timely connection between business processes and new products, improving the performance of servers and availability of application systems, expanding capabilities of meeting the requirements for transactions through automatic channels (Internet Banking, Mobile Banking, and SMS), expanding business and card service partnerships, upgrading the Sacombank Website, and supporting the programs of banking operation units.

4. risk management:

Risk management was conducted smoothly across the Bank’s system. The Automatic Credit Rating System was deployed successfully, and nearly 100% of new customers (local and overseas) have been rated and updated continuously to the system. With the consultancy of E&Y Company, Sacombank has completed its Expected Loss Calculation System used in credit granting as an important basis for minimizing credit risks at the Bank. Furthermore, focal risk management programs (the CIC Program, the Operational Risk Management System, and the Environmental Impact Assessment System) have provided active support for solutions to handling past-due debts and bad debts. As a result, the Bank’s past-due debts and bad debts were well controlled at fairly low levels compared with the entire banking industry.

5. self-inspection and self-correction:

Sacombank has been interested in conducting self-inspection and self-correction for years. As a result, business units are always highly self-conscious in improving themselves, enhancing business ethics for their employees and ensuring operation safety for the entire system. In addition to inspections at the Head Office, Regional Offices frequently coordinated with banking operation units to conduct periodical and extraordinary inspections at business locations to detect, alert and prevent in a timely manner risks and corruptions. Therefore, regulations of Sacombank, the banking industry and the State have always been strictly complied with.

Moreover, Internal Auditors have coordinated with the State authorities in audits and inspections, and disclosed information transparently in compliance with banking practices.

aChievements1. restructuring:

Restructuring is conducted on a frequent and continuous basis, requires much thinking and must be in accordance with actual business operation conditions of Sacombank. In 2012, Sacombank conducted a restructuring covering all the 3 lines of “Head Office – Regions – Branches” for a lean organization and ensuring the principle of “Consistent organization – Centralized management – Decentralized operation” as well as clear segregation of the 3 areas of “Business - Support - Monitoring”. The restructuring was on schedule and in line with the roadmap set out.

Restructuring plans all aim at customer orientation, expanding the workforce in charge of direct business operation activities, improving service quality and competitiveness, reducing costs, improving employees’ productivity, and ensuring tight control of risks within business units. So far, the new operation framework on all 3 lines across the Bank’s system has shown some advantages and delivered practical efficiency to the Bank.

6. human resources management and training:

The human factor is always the first priority of Sacombank in its development strategies. In 2012, the Bank launched the Online Individual Performance Evaluation Program, built the Competence Standards for Managerial Officials, innovated the Sacombank Potential Interns Program, organized the Sacombank Talent Contest, completed and put into use the E-learning Textbooks, the Framework Training Program Textbooks, developed in-house trainer teams in each Region, provided many richly informative training courses that meet general demands, etc. All is aimed at stabilizing and developing the human resources.

By late 2012, Sacombank had 10,419 employees, an increase of 759 people (+7.9%) from 2011. The Bank also provided 1,663 training courses with 33,618 attendances by employees, and developed an in-house trainer team of 660 members.

MANY PROjECTS FOR BANKING TECHNOLOGY MODERNIZATION WERE IMPLEMENTED SUCCESSFULLY, ENSURING TIMELY CONNECTION BETWEEN BUSINESS PROCESSES AND NEW PRODUCTS, IMPROVING THE PERFORMANCE OF SERVERS AND AVAILABILITY OF APPLICATION SYSTEMS...



7. Brand promotion activities:

Information about Sacombank was frequently monitored, processed and provided in full to regulatory agencies and the mass media; Sacombank’s brand and images have been expressed with increasing professionalism. With information technology support, the internal communication channel for employees worked effectively, as well as with innovations in organization, the emulation movements were warmly accepted by employees across the Bank’s system, and have become a sound playground for them.

Moreover, through communications, positive contributions by Sacombank to the banking industry and the community in the period of 2011-2012 were recognized by the State authorities and financial institutions through local and international awards, including: 4 foreign awards and 7 local awards, plus Emulation Flags and Certificates of Merit from the Government, the State Bank of Vietnam, the People’s Committees of provinces and cities.

8. Product and service research and development, and expansion of the customer base:

This is a focal task in Sacombank’s business development strategies since 2012. Accordingly, review/improvement of the existing set of products and services, research, development and launch of new products, and issue of multi-utility product and service packages to keep and develop customers, etc. were performed well last year.

With strong support from information technology, added-value products, services and frameworks for customers were adjusted and deployed to attract long-term and stable deposits from residents for use in distributed lending activities and meet market demands. Furthermore, products and services for corporate customers were developed in cross-sale packages by segment, industry and group of customers. Structured and derivative products were also developed for the International Payment and Remittance Service businesses (interest rate swaps, UPAS, etc.).

9. network development and improvement:

In 2012, Sacombank officially opened and put into operation 8 business locations, including 1 Branch (the Ha Tinh Branch), 6 Transaction Offices in Vietnam and 1 Branch in Cambodia (the Kampong Cham Branch, bounded by Central Highlands provinces of Vietnam), raising the total number of business locations of the Bank to 416, present in 48 out of 63 provinces and cities of Vietnam and in the two neighboring countries: Laos and Cambodia. In general, the network development task was well prepared and implemented on schedule, with new offices put into operation as soon as legally qualified.

In parallel with establishment of new business locations for market expansion and market share growth, the Bank had plans to improve the performance of its existing Transaction Offices to boost intrinsic strengths and exploit inherent potentials for growing in line with its current position. Accordingly, the Bank made in-depth analyses and assessments, and introduced various solutions to innovating its infrastructure, improving the quality of the human resources, increasing support tools in business operation activities, creating many incentives for boosting productivity and performance improvement at each Transaction Office across the system. So far, Transaction Offices have been improved to higher levels and ratings month after month last year.

saComBank’s network as at 31 DeCemBer 2012:

no. reGion /CountrYProvinCe/

CitY where it is BaseD

Business loCationstotalBranCh transaCtion

oFFiCesavinG

FunD

i. vietnam 48 72 336 1 4091 HANOI 1 8 33 412 NORTHERN REGION 10 10 27 373 NORTHERN CENTRAL

COASTAL REGION8 8 34 42

4 SOUTHERN CENTRAL COASTAL REGION & CENTRAL HIGHLANDS

9 9 34 1 43

5 SOUTHEASTERN REGION 6 6 38 446 HCMC 1 14 86 1007 SPECIALIzED REGION 7 33 408 SOUTHWESTERN REGION 13 10 51 61

ii. overseas 3 6 1 71 CAMBODIA 2 5 52 LAOS 1 1 1 2

entire Bank 78 337 1 416

SACOMBANK OPENED AND PUT INTO OPERATION 8 BUSINESS LOCATIONS, RAISING THE TOTAL NUMBER OF BUSINESS LOCATIONS OF THE BANK TO 416, PRESENT IN 48 OUT OF 63 PROVINCES AND CITIES OF VIETNAM AND IN THE TWO NEIGHBORING COUNTRIES: LAOS AND CAMBODIA.



material FinanCial tarGets

oPerational saFetY tarGets

BUSINESS PLAN FOR 2013

The banking industry’s focal task in 2013 has been determined to be: running tight and flexible monetary and financial policies; associating the financial policy with the monetary policy in pursuit of increasing macro-economic stability and ensuring reasonable growth with total payment facilities growing by 14-16% and credit by 12%; further lowering credit interest rates in accordance with inflation reduction; running foreign exchange rates according to market signals, protecting the value of the Vietnamese Dong; improving the gold market management policy; improving the balance of international payments and increasing foreign exchange reserves.

(+/-) 2012

172,000TOTAL ASSETS 14%BILLION VND

>9%CAPITAL ADEQUACY RATIO (CAR)

<25%SUBSIDIARY FUNDING RATIO

BILLION VND143,800TOTAL DEPOSITS 16%

BILLION VND108,600TOTAL LOANS 12%

<50%RATIO OF INVESTMENT IN FIXED ASSETS

<3%DELINQUENCY RATIO

BILLION VND16,418CHARTERED CAPITAL 53%

<29%RATIO OF CURRENT CAPITAL USED FOR LONG-TERM LENDING

BILLION VND2,800PROFIT BEFORE TAX 113%

<40%CAPITAL CONTRIBUTION PERCENTAGE FOR SHARE PURCHASE

saComBank’s FinanCial tarGets For 2013


orientation anD FoCal solutions:1. Boosting retail activities: All resources will be

focused on growing personal customers in 2013 by 35%, in order to create a firm foundation for stable business growth. Network advantages will be utilized to grow deposits from economic organizations and residents, with a focus on medium- and long-term deposits, in parallel with launches of fund-raising products specific to geographical areas, and in combination with focal and distinctive sales promotion programs to attract customers. Small-sized lending will be boosted and focused on areas of incentives, rural and agricultural production, export of goods, etc. to mitigate risks and comply with the national monetary policy;

2. Conducting the selling package approach: Selling programs with full product packages will be carried out to effectively exploit existing customers and prospects of business units under Sacombank and its Subsidiaries;

3. Promoting network advantage, improving employees’ productivity and performance: Investments will be made intensively to improve the business performance and scale of Transaction Offices, as well as increase employees’ productivity and performance in each business unit while focusing on effective cost management;

4. Diversifying products and services, with a breakthrough in the service business: Electronic banking services will be boosted, and the number of users of electronic banking services will be increased by developing relevant technologies and software applications. Therefore, service quality will be secured, transaction cost reduced, and contribution of profit to the Bank increased;

5. Developing the card service business: The card service business will be boosted with card service quality improved for a sharp growth in market share of card service business in 2013;

6. improving communication activities: Internal and external communications will continue to be increased to promote the brand and corporate culture of Sacombank;

In 2013, the banking industry is forecast to continue to face many intrinsic difficulties as well as new challenges, but with strong will to overcome all challenges and rich experience accumulated after 21 years of incorporation and development, plus flexible strategic orientation and solutions in accordance with market trends, combined with strong solidarity and determination of all the Bank’s employees, Sacombank will turn challenges into opportunities, strive for comprehensively fulfilling all the business targets for 2013, and continue to hold the position of one of the leading commercial banks of Vietnam.

7. enhancing restructuring activities: Business model and organization of each business unit will be reviewed and adjusted for a lean organizational structure, and more resources will be used for expanding the sales force. Corporate governance will be increased at any level and in any aspect, especially proactive monitoring and response to market developments for proper decisions to meet the Bank’s development requirements in the new period;

8. upgrading the training Center and improving human resources management: Advanced human resources management tools will be developed and applied to improve human resources quality to meet innovation and integration demands. Training activities of the Bank will be professionalized from the Head Office to business units;

9. improving capabilities to manage risks and handle past-due debts: The roles of intermediate units will be promoted in monitoring business activities for providing advice, support and resolution in a timely manner of matters arising in operations, with a view to mitigating risks, delivering efficiency and optimal profit for each Division, Region, business units and for the Bank;

10. Boosting the efficiency of information technology systems: Automation will be enhanced in products and services, business processes and the reporting system.

The year 2012 was seen as a year of difficulties of not only the Vietnamese economy but also the global economy. The banking sector was also affected as a result. For Sacombank, although some business targets were not achieved as expected, most of its growth targets showed stability and sustainability. The Bank’s financial indicators and risk provisioning fully met safety requirements of the SBV, thus enabling Sacombank to cope with crisis conditions and serving as a firm basis for it to grow strongly upon recovery of the economy. On the other hand, compared with the average level of the banking industry, Sacombank’s business operation results reflected strong determination, firm leadership of the management team of the Bank and the collaborative efforts of all its employees.

ALL RESOURCES WILL BE FOCUSED ON GROWING PERSONAL CUSTOMERS BY

35%

BUSINESS PLAN FOR 2013(continued)


19 JUN 2012 SACOMBANK LISTS 50 TOP PERFORMING COMPANIES IN VIETNAM

On 19 June 2012, Sacombank took the honour to be listed in the “50 top-performing companies in Vietnam in 2012” run by Nhip Cau Dau Tu Magazine in partnership with Thien Viet Securities Company. This is an in-depth survey and company ranking program in search of 50 top-performing companies in the stock market of Vietnam. The methodology for selection focuses on both quantitative and qualitative measures, in order to evaluate accurately the business performance of companies from various industries listed in the stock market of Vietnam, based on 4 growth indicators, including revenues, profit, return on equity, and return on average equity for 3 years, from 2009 to 2011. Moreover, the listed companies must meet three requirements: market cap of VND500 billion or more, annual revenue in three most recent years (2009-2011) at least VND200 billion, and profit after tax VND20 billion or more.

Mr. Phan Huy Khang – Chief Executive Officer (5th from left hand side), represented Sacombank to receive the certificate of “50 top-performing companies in Vietnam in 2012”.

3 Feb 2012 STB SHARES OF SACOMBANK WAS CHOSEN FOR THE VN30 GROUP

The Ho Chi Minh Stock Exchange (HOSE) organized the 2011 Market Summary Ceremony and made an announcement on the VN30 Index. The VN30 Index is calculated according to the market capitalization method, comprised of 30 items representing 30 companies listed in the HOSE. They account for around 80% of total market capitalization and 60% of total trading value in the entire market. Shares are selected for the VN30 group based on 3 criteria: capitalization, number of shares outstanding and high liquidity. STB shares of Sacombank are ranked first among the 30 items of the VN30 group, which shows the strong position and attractiveness of STB shares in the market.

29 Feb 2012 SACOMBANK AND COINSTAR INK REMITTANCE PAYMENT DEAL

Sacombank and Coinstar Money Transfer Company signed a deal for launching the “Coinstar Remittance Payment Services” for local individual customers with such currencies as USD and VND. The cooperation is to bring better benefits for remittance senders and receivers in and outside Vietnam as well as raise competitiveness of both sides in the field.

10 Feb 2012 MOODY’S AND S&P RATE SACOMBANK AS POTENTIALLY STABLE

Sacombank has been rated by the two global credit rating organizations, Moody’s and Standard & Poor’s (S&P), for the first time. The common comments of these organizations were that Sacombank was potentially stable, reflecting the quality of its business performance and its adaptability before the challenges of the Vietnamese and world economies. The comments and ratings were based on Sacombank’s business position, financial capacity, profitability, liquidity ratios, credit risk management, and capital adequacy ratio in correlation with the economic environment of Vietnam in general and the banking industry in particular.

1 2 3 4

2012 EVENT HIGHLIGHTS


2 NOV 2012 SACOMBANK REPLACES PERSONNEL OF THE BOARD OF DIRECTORS

According to a resolution of the Board of Directors of Sacombank, from 2 November 2012, Mr. Dang Van Thanh resigned from the position of Chairman of the BOD of Sacombank. The BOD of Sacombank has also agreed to elect Mr. Pham Huu Phu - Permanent Vice Chairman of the BOD - to the position of Chairman of the BOD in place of Mr. Dang Van Thanh.

Mr. Pham Huu Phu assumed the position of Chairman of the BOD of Sacombank from 2 November 2012. He was born in 1959 in Thua Thien - Hue Province, obtained a BSc degree from the University of Economics Ho Chi Minh City and has had 20 years’ experience in finance and banking. Mr. Pham Huu Phu has been a member of the BOD of Sacombank since 26 May 2012.

26 NOV 2012 SACOMBANK SIGNS A NEW E-BANKING SOLUTION CONTRACT WITH INFOSYS

Infosys - one of the leading technology consulting and e-banking software firms - entered into a contract of new E-Banking platform valued at US$5 million with Sacombank to help Sacombank developing better and more sophisticated internet banking products and services and improving customer satisfaction in the area of e-banking.

8

Mr. Nguyen Minh Tam - Sacombank Deputy CEO (right side) signed E-Banking Solution contract with Infosys.

9

03 JUL 2012 SACOMBANK APPOINTS MR. PHAN HUY KHANG CHIEF EXECUTIVE OFFICERUpon approval from the State Bank of Vietnam, Sacombank officially appointed Mr. Phan Huy Khang, Acting Chief Executive Officer, as Chief Executive Officer from 3 July 2012, and Mr. Phan Huy Khang is also the legal representative of Sacombank.

10 JUL 2012 FITCH RATINGS RATES SACOMBANK AS POTENTIALLY STABLE

The international credit rating organization Fitch Ratings recently announced that it rated Sacombank at level B/potentially stable. Accordingly, Fitch rated Sacombank’s Issue Debt Rating (IDR) and Stand-alone Credit Profile at level B/potentially stable. Sacombank’s IDR rating reflects the risks and challenges from the domestic business environment to the Bank’s financial independence capacity.

26 SEP 2012 S&P RAISES CREDIT RATINGS FOR SACOMBANK

Standard & Poor’s (S&P) has set out new credit ratings for some Vietnamese banks after this agency adjusted Vietnam’s Banking Industry Country Risk Assessment (BICRA) from group 10 (very high risks) to group 9 (high risks). Accordingly, Sacombank was raised credit ratings by S&P from B+ to BB- with a stable outlook. These credit ratings reflect the strong business position, equity and profit growth rate, risk management capabilities and the sufficient

5

7

6

liquidity level of Sacombank. S&P’s rating reflects the satisfactory quality of business performance and growth rate of Sacombank before the challenges of Vietnamese and world economies today. The raise of BICRA rating for the entire banking sector as well as the raise of credit ratings for Sacombank reflect the trust of this organization in the banking industry of Vietnam.

In addition to current services via Internet and mobile phones such as intra-bank and bank-to-bank transfers, bill payments (electricity, water, telecommunications, etc.), online deposits, airlines ticket purchase, prepaid card top up, etc., Sacombank’s customers can also use advanced functions and services such as personal financial management, liquidity management, online L/C, and particularly, corporate clients can submit payment orders via mobile phone after the E-Banking system upgrade in December 2013.

10 DEC 2012SACOMBANK ADOPTS THE INTERNATIONAL STANDARD ESMS

Sacombank officially became the first commercial bank in Vietnam to adopt the international standard Environmental and Social Management System (ESMS) with the support and consultation of PriceWaterhouse Coopers (PwC) Netherlands to strengthen the management of socio-environmental impact in credit lending to customers.

By adopting the ESMS, Sacombank will achieve the following: to manage risks arising from issues related to the social environment to avoid and reduce reputation risk, to increase efficiency in business operations and investment opportunities in the environmental protection activities; to show the highest responsibility and commitment to the environment and surrounding community. In particular, through the application of ESMS, Sacombank will facilitate to access and attract foreign funds.

10

2012 EVENT HIGHLIGHTS(continued)


BEST RETAIL BANK OF VIETNAM 2012Awarded by The Asian Banker Journal

BEST FOREIGN EXCHANGE PROVIDER IN VIETNAM 2009, 2010, 2011, 2012Awarded by Global Finance Magazine

BANK OF THE YEAR 2011Awarded by The Banker Magazine

ANNUAL REPORT AWARD 2011Awarded by League of American Communications Professionals (LACP)

2012 AWARDS

50 TOP PERFORMING COMPANIES IN VIETNAMCelebrated by Nhip Cau Dau Tu Magazine

CERTIFICATE OF MERIT: EXCELLENT LABOUR TEAM - FOR SACOMBANK IN 2011From the Governor of the State Bank of Vietnam

EMULATION FLAG OF THE STATE BANK OF VIETNAM IN 2011 FOR SACOMBANKFrom the Governor of the State Bank of Vietnam

THE STRONGEST BRANDS OF VIETNAM AWARD 2012Celebrated by Vietnam Economic Times

THIRD-CLASS LABOUR ORDER FOR OUTSTANDING ACHIEVEMENTS FOR THE PERIOD OF 2006-2010 AND CONTRIBUTIONS TO THE DEVELOPMENT OF SOCIALISM AND THE PROTECTION OF THE FATHERLANDFrom the State President

6th RANK IN THE TOP 500 VIETNAMESE COMPANIES IN 2012Announced by VietnamNet Newspaper

CERTIFICATES OF MERIT FOR SACOMBANK AND ITS PEOPLE (FOR OUTSTANDING ACHIEVEMENTS AND CONTRIBUTIONS TO FULFILMENT OF THE BANK’S TASKS IN 2010-2011)From the Governor of the State Bank of Vietnam

CREDIT REPORTING AWARDS FOR 3 CONSECUTIVE YEARS 2010-2011-2012Given by the Credit Information Center (CIC) – State Bank of Vietnam

BEST

FORE

IGN EXCHANGE PROVIDER AWARD

. 2011

EXCELLENCE IN RETAIL FINANCIAL SERVICESINTERNATIONAL AWARDS 2012 B E S T D I R E C T B A N K

35


(*) Besides Credit Council, the Organization also includes other Committees, Councils, Boards which found compliancing with legal regualtions and according to reality needs of particular periods.

ORGANIZATION STRUCTURE

Sacombank’s capabilities have been accumulated and proven over 21 years’ development, and have helped the Bank go through all the ups and downs of business while maintaining stable growth in all aspects. This results from great efforts of the Sacombank team in pursuing safe and efficient business strategy, enhancing capabilities in launching proper focal products, services and stimulus programs for each market segment; promoting brand and network advantages all over 3 Indochinese countries; developing internal incentives, strengthening the sales forces and improving customer care skills across the entire system. Sacombank also focuses on risk management following the mechanism of organizational consistency – management concentration – decentralized administration through a 3-tier governance framework: management, monitoring and support, in combination with promoting creativity and solidarity among staff in all the activities of the Bank.

shareholDers Committee

BoarD oF DireCtors BOARD OF SUPERVISORS

FINANCIAL INVESTMENT COUNCIL

CREDIT COUNCIL

Internal Audit

Board of Directors’ Office

HR AND TRAINING

TREASURY

CARD CENTER

CORPORATE BANKING

TRANSACTION CENTER

INFORMATION TECHNOLOGY

REGIONS Regional Offices

Transaction Offices/Saving Funds

Head Office/Branches

OPERATION

SUPPORTING

RISK MANAGEMENT Legal and Compliance Department

Accounting Department

Forex Department

Card Technology Department

Balance Sheet Management Department

Customer Service

Core Banking Operation Department

Board of Productivity and Quality

Personal Banking

Debt Management Department

Capital Management Department

Northern Region Treasury Center

Information Security and Confidentiality

Application Development Department

Financial Institutions Department

E-Banking

Risk Management Department

Planning Department

Capital Market Department

Systems Architecture Development

Communications and Marketing Department

Priority Banking

Infrastructure Technical Department

Investment Department

Administration Department

International Payment Center

Human Resource Department

Security Center

Domestic Payment Center

Training Center

Appraisal Department

Corporate Banking

FINANCE

Internal Audit SectorAppraisal SectorBusiness Support Sector

man

aGem

ent

anD

suPe

rvis

ion

oPer

atio

ns

SUBSIDIARIES (SACOMBANK-SBL, SACOMBANK-SBA, SACOMBANK-SBR, SACOMBANK-SBJ, SACOMBANK CAMBODIA PLC)

(*)

Ceo

PERSONAL BANKING

FRONTIERSWITH

CAPABILITIES

NEWSTRONG

36


aCtivities oF the BoarD oF DireCtors:Sacombank’s Board of Directors (BOD), with a term of five years, is responsible for managing the Bank with four major tasks: planning, organization, leadership and monitoring. The BOD comprises a Chairman, 2 Vice Chairmen and 4 Members, including a non-executive independent member.

Meetings are held once every quarter and may be held extraordinarily if required. In addition, the Permanent Committee of the BOD has weekly meetings with the Board of Management to give instructions on routine works. The Chairman of the BOD approves that some members work on a regular basis (referred to as the Permanent Committee of the BOD) and assigns tasks to each member. Each assigned BOD member takes charge of specific Councils or Committees based on the experience and availability, as follows:

- Councils, including: Credit Council, Asset Investment Council, Financial Investment Council, Reward/Disciplinary Council, Loss Handling Council, and Training Council, among others. These Councils meet and decide all relevant matters at the proposals of the Board of Management.

- Committees/Boards, including: Development Strategies and Policies Committee, Human Resources Committee, Risk Management Committee, Remuneration and Incentives Committee, Steering Committee for Prevention and Handling of Overdue Debts, Banking Technology Modernization Board, and Restructuring Board, among others. These Committees and Boards act as

ABOUT THE BOARD OF DIRECTORS

1. Mr. Nguyen Mien Tuan

2. Mr. Tram Khai Hoa

3. Mr. Pham Huu Phu

4. Mr. Tram Be

5. Mr. Phan Huy Khang

6. Ms. Duong Hoang Quynh Nhu

7. Mr. Kieu Huu Dung

From left to right:

consulting bodies for the BOD on relevant matters, ranging from planning, organization and leadership to monitoring and assessing implementation.

The Chairman of the BOD decides all matters under the BOD’s authority on its behalf on the basis of obtaining opinions from the BOD members and consultancy from the Committees and Councils. The Permanent Committee of the BOD handles matters arising during the intervals between BOD meetings on behalf of the BOD, and reports to the BOD at the nearest subsequent meeting. At the end of each month, quarter and six-month period, and at the end of the year, the Chairman of the BOD shall preside over meetings on assessment of the works already completed and business tasks for the next period.

In general, with the defined functions and tasks of the management body of the Bank, and its responsibility to shareholders, the BOD members have adequately performed their managerial roles, providing timely instructions and support to the Board of Management and closely coordinated with the Board of Supervisors in the inspection and supervision of the operations of the Bank and its subsidiaries. The BOD is not only a firm source of support for the Board of Management of the Bank but also a central point of solidarity, leadership and planning for policies and legal frameworks in accordance with the laws, regulations and the Bank’s development orientation. As a result, Sacombank has operated with increasing stability, safety and efficiency, and has had outstanding achievements over the past time.

Full name title experience in Finance - Banking sector

Mr. Pham huu Phu Chairman of BOD 21 years

Mr. tram Be Standing Vice Chairman of BOD 9 years

Mr. kieu huu DunG Vice Chairman of BOD 21 years

Mr. nGuYen mien tuan Member of BOD 15 years

Mr. Phan huY khanG Member of BOD 19 years

Mr. tram khai hoa Member of BOD 5 years

Ms. DuonG hoanG QuYnh nhu Member of BOD 6 years

Mr. DanG van thanh Member of BODResigned from 05/11/2012 24 years

Mr. DanG honG anh Member of BODResigned from 11/12/2012 7 years

Mr. tran Xuan huY Member of BODResigned from 16/03/2013 13 years


REPORT OF THE BOARD OF DIRECTORS

Regarding profit, incomes from core businesses (credit, services, and foreign exchange) grew well. However, in order to fully recognize of its financial position in 2012 and create a firm foundation for sustainable growth in subsequent years, Sacombank made timely and sufficient provisions (for credit risks, impairment of securities, and doubtful debts) in an amount of over VND2,054 billion. Therefore, its profit before tax only reached VND1,315 billion, equal to 39% of target.

Furthermore, business operation results in 2012 of the subsidiaries of Sacombank were fairly good compared with the market and amounted to VND113 billion of total profit before tax (70% of target). Noticeably, sacombank-sBl earned VND82 billion (93% of target) and controlled well its bad debts to 0.99% (Sacombank-SBL was considered as one of the few enterprises that best controlled bad debts in the finance lease industry nowadays) and sacombank-sBr earned over VND11 billion of profit before tax and US$1.67 billion of revenues, remaining in the first position by remittance revenues among commercial banks of Vietnam.

In general, compared with the targets set out in the Resolution of General Meeting of Shareholders in 2011, Sacombank achieved satisfactory results. However, for objective reasons, some important tasks are still being performed and will be completed in 2013. These tasks include:

1. issue of shares to raise chartered capital: In line with the Government’s policies on restructuring credit institutions, Sacombank has reviewed its structure and operations, made strict corrections and proper adjustments at the recommendations and under the guidelines of the inspectors of the SBV to further enhance operational safety and efficiency. Therefore, the task of raising chartered capital in line with the Resolution of the General Meeting of Shareholders in 2011 is slightly behind schedule. Currently, the Bank has obtained approval from the SBV and the SSC for increasing by 17% Chartered Capital (14% in dividends of 2011 and 3% in shares to be issued to key personnel) and will try to complete this issue of shares in the second quarter of 2013. The remaining portion of the increased capital under the Resolution will be carried forward to the 2013 plan, since it is related to the transfer of treasury shares and selection of foreign strategic partners.

2. search for foreign strategic partners: Implementing the policies of the General Meeting of Shareholders in 2011, the BOD has given instructions on searching for foreign strategic partners to further improve

financial capabilities and learn advanced corporate governance models. After some time of research, there have been currently some worldwide leading financial institutions actively working on negotiations for long-term strategic partnerships with Sacombank.

3. upgrade of the lao Branch into a subsidiary Bank: this task has also seen favorable progress. Currently, Sacombank has completed the transfer of funds to Laos, made ready other preparatory works, and is waiting for approval from the Bank of Lao PDR so that Sacombank Laos will officially operate as a Subsidiary Bank.

4. selection and merger with other suitable banks: Sacombank has made initial smooth steps in signing a comprehensive business cooperation contract with Eximbank on the basis of boosting each bank’s own strengths to obtain the highest mutual performance and, furthermore, considering the possibility of merging the two banks in 3-5 subsequent years. Sacombank is also studying possibilities of mergers/acquisitions with other credit institutions with business orientation and potentials suitable for the Bank.

aChievements anD limitations1. achievements

- ensuring stable operations: In the context of great changes in the economy and the transfer of management power of the BOD in 2012, the Bank stayed firm in all operations and resolved unsolved problems in a timely manner, thus further boosting intrinsic strength and maintain a proper growth rate in line with the developments of the banking sector. This can be seen as a remarkable achievement of Sacombank last year, especially given sensitive information that significantly affected its operations in 2012.

- restructuring the Bank: On the basis of boosting firm foundations (people, network, technology systems, etc.) and persistently pursuing the strategic orientation of becoming the first modern universal retail bank in the region, the new BOD conducted an overall restructuring of Sacombank’s operational system and has achieved initial satisfactory results. The Bank’s system is leaner on the principle of “Consistent Organization – Centralized Management – Decentralized Operation” so operational expenses have been reduced, and flexibility and performance have been improved.

The general difficulties of the finance and banking sector in Vietnam and the world in 2012, changes in governmental policies during the banking sector restructuring process, along with Sacombank’s own mistakes and shortcomings in management during several months of late 2011 and early 2012 and changes in the personnel of the Board of Directors and the Board of Management have created great challenges to Sacombank in selecting business strategies and running its business plan.

Accordingly, the BOD of Sacombank had flexible management and governance strategies for 2012 in the context of market changes, continue to adopt and promote firm foundations on the principle of “Safe Operations, Efficient Business and Sustainable Development” to affirm its position as a leading commercial bank in Vietnam. Although some targets have not been achieved as planned, Sacombank obtained fairly satisfactory results in 2012 compared with the industry average and some banks of the same scale.

imPlementation oF Business Plan For 2012In 2012, to properly play its planning, organization, leadership and monitoring roles, the Board of Directors worked in accordance with the Bank’s regulations through periodical and extraordinary meetings and weekly hand-over meetings with the BOM, and

monthly expanded meetings with leaders of regions and subsidiaries in order to grasp and exchange information and give instructions on implementation of important decisions of Sacombank.

Clearly understanding the strategic viewpoint of “eFFiCienCY is important but saFetY always remains the first priority”, strictly implementing the regulations of the SBV on tight control of credit disbursements and complying with the ceiling deposit interest rate policy, always securing financial safety ratios, in parallel with the principle of “growing together” to share difficulties and support the enterprise community through preferential interest rate lending packages for stimulation of business and production activities, Sacombank enjoyed stable growth in business operations in 2012. Accordingly, its total assets grew by 8% (while total assets of the group of commercial joint stock banks as a whole declined by 4.5% and those of the entire banking sector only grew by 2.54%); deposits from economic organizations and residents accounted for 93% of total deposits and grew by 24% from the previous year (while the banking sector saw a 1% growth in deposits); total lending balance increased by 24% from the beginning of the year (the banking sector 8.9%) and bad debt ratio had been 1.97% by the end of the year (an increase from 2011 but better than the average ratio of 8-10% of the entire banking sector). Sacombank was one of the three banks to be raised long-term credit ratings by S&P from B+ to BB- and kept short-term credit ratings at B level.


financial safety ratios and risk provisioning have been secured, and the SBV’s safety requirements were satisfied. Sacombank has been well-prepared to cope with crisis situations and obtained firm foundations for further growth.

aCtion Plan For 2013 anD orientation uP to 2015

2013 can be seen as an important transitional year for Sacombank in the process of implementing its Development Strategies for the period of 2011 – 2015 with a vision up to 2020, in the context of mixed opportunities and challenges in Vietnamese and world economies. Accordingly, the BOD has set out some important action plans for 2013 as follows:

1. Inheriting and continuing to implement the Objectives and Solutions on the Roadmap determined in the sacombank Development strategies for the period of 2011 – 2020 approved by the General meeting of shareholders in 2010, but with adjustment of the implementation schedule in accordance with current market conditions.

2. making the greatest efforts to fulfill the business plan for 2013. For example: total assets to grow by 14%; average deposits 16% (in which deposits from economic organizations and residents 22%); total lending balance to grow by 12%, and bad debts to be controlled at 3% in maximum and statutory financial safety ratios complied with; profit to reach VND2,800 billion and dividend payments ratio to be at 9-10%.

3. accelerating negotiations for selection of foreign strategic partners: in order to improve financial capabilities to meet development needs of Sacombank in future.

4. Boosting risk management and accelerating bad debt management through review of each debt and application of proper handling measures to improve efficiency and profit per Vietnam Dong used.

5. strongly boosting all the business activities, including: Focus on retail activities by developing the personal customer base; Diversification of products and services, especially modern banking services (Internet banking, mobile banking, telephone banking services) for more expanding more sustainable income sources and reducing dependence on credit operations; Increase of the card business market

- Developing customers: In the context of economic difficulties, Sacombank managed to not only keep existing customers but also attract nearly 500,000 new customers, at a growth rate of 40% from 2011. This can be seen as an extremely important achievement of the Bank in 2012. There was an impressive growth in the users of modern products and services of Sacombank, with card service users growing by 67% and electronic banking service users 200% from the previous year. In addition, according to results of a research conducted by AC Nielsen, the percentage of people aware of and interested in Sacombank’s products and services grew significantly (from 30% in 2010 to 40% in 2012), reflecting the effectiveness of its business strategies and brand promotion activities over the past time.

- Developing the network: In 2012, Sacombank made big progress in developing its network intensively, which is shown in the upgrading of a series of qualified Transaction Offices into a chain of potential Transaction Offices, each of which is in the scale of a miniature branch. With the decision-making authority improved, as well as other supports, potential Transaction Offices have gradually improved their competitiveness, kept stable growth rates and increased the percentage of their contributions to the Bank’s business operation results. Sacombank’s network has made a big progress in business performance.

- modernizing the Banking technology and governance: The roadmap for upgrading Sacombank’s technology system was on track; especially, new progress in risk management was made with a rating system which makes automatic continuous updates to the system. In addition, an Expected Loss Calculation System (supporting credit granting decision making and risk mitigation), a CIC Program, an Operational Risk Management System, an Environmental Impact Assessment System and support tools for automatic assessment reporting in order to improve managerial works are currently applied effectively at Sacombank.

- enhancing determination, solidarity and devotion among sacombank members: Shown in the zeal and trust of Leaders of multiple levels and over 10,000 employees in the Sacombank development strategies during different periods. Accordingly, combined with firm foundations in terms of good organization, a broad network, financial strength, modern technology systems, etc., the flexible and tight management and control by the Leadership and the solidarity,

professionalism and dedication of employees have helped Sacombank to grow increasingly stably and sustainably and soon become the first modern universal retail bank in the region.

2. limitations:

- non-interest incomes have not reached the expected percentage in the targeted income structure of Sacombank, mainly due to general market conditions and the tight management policy of the SBV. Furthermore, most of the Bank’s modern products and services are currently in their stage of “demand stimulus” with free-of-charge or discount schemes for customers’ experience. On the other hand, a subjective reason is that Sacombank’s selling efforts did not prove really effective and cross-sale programs for exploiting existing customers were not implemented effectively in 2012.

- Bad debt ratio and past-due debt ratio remained lower than the banking sector as a whole, but grew higher than in 2011 and the progress of handling bad debts and past-due debts was slow.

In addition, in 2012, performing the requirements of the Banking Supervisory Agency under the SBV, the BOD of Sacombank conducted a review of the collective responsibilities of the Board of Directors, the Board of Supervisors, and the Board of Management, as well as responsibilities of each individual involved in the violations mentioned in the Inspectors’ Conclusion. Accordingly, the Board of Directors of Sacombank strictly admitted its defects in failure to complete the tasks assigned by the General Meeting of Shareholders, its complaisance and lack of determination with respect to the violations of the laws by some individuals. On such basis, the Board of Directors set out solutions to rectification and relief of damages and risks to the Bank, attributed liability to violating individuals and applied strict sanctions against them.

In summary, exercising the tasks and powers assigned by the General Meeting of Shareholders, and despite great changes in the personnel of the Board of Directors and the Board of Management, impacts on the business activities from objective and subjective factors, failure to achieve some of the business targets set out by the General Meeting of Shareholders, the BOD led Sacombank through 2012 with new advancements. Most of the Bank’s business operation activities enjoyed high growth from 2011, the organization structure has been stabilized, some problems have been solved,

share and promotion of non-cash payment activities; Professionalization of marketing activities with an overall strategy in accordance with the Bank’s overall business strategies as well as strategies for specific geographical areas.

6. strengthening and further improving the performance of the transaction network, especially the Transaction Office network, through selling packages and an effective sale support policy in order to fully exploit customers of the Bank and its subsidiaries/subsidiary banks; in parallel with an effective policy on management and control of operational expenses to improve productivity and business performance.

7. improving the restructuring task. Strong and synchronous innovations of the organization structure and corporate governance policies to boost proactiveness and sense of self-control and self-responsibility in all activities, from the Head Office to the Regional Offices, Branches and Transaction Offices.

8. Focusing on improvement of the quality of the human resources and human resources policies, professionalizing training and development of successive personnel.

9. increasing internal communications and boosting transparency of information to disseminate the viewpoints/development orientation of the Leadership and promote the specific corporate culture of the Bank; thus creating strong consensus and determination in implementing the objectives and action plans for 2013. Simultaneously, transparent and proactive disclosure of information will continue to be made on the operations of the Bank in which investors are interested.

The tasks for 2013 will be onerous and with great pressure, but with a firm foundation after 21 years of operation and the consensus and teamwork of over 10,000 dynamic and dedicated employees, along with support from millions of customers and tens of thousands of shareholders, the BOD is ready with the greatest determination to implement successfully the Action Plans for 2013 and the Development Strategies for the period of 2011 – 2015.

REPORT OF THE BOARD OF DIRECTORS(continued)


1. Ms. Nguyen Thi Thanh Mai 2. Mr. Nguyen Van Ly3. Mr. Nguyen Tan Thanh 4. Mr. Le Van Tong

From left to right:

aCtivities oF the BoarD oF suPervisors:The Board of Supervisors (BOS) overlooks the Bank’s operations; conducts internal audits; controls and assesses the compliance with the laws, internal regulations, the Charter, resolutions and decisions of the General Meeting of Shareholders and of the Board of Directors. The BOS is directly elected by the General Meeting of Shareholders to implement the following tasks:

• Supervise compliance with the laws and the Bank’s Charter in the management of the Bank.

• Give instructions to and supervise the activities of the Internal Audit function; conduct independent and objective review and assessment of the internal controls.

• Evaluate the financial statements of the Bank. Assess the reasonableness, legality, truthfulness and creditability of the Bank’s accounting and statistics, and prepare financial statements for submission to the Annual General Meeting of Shareholders.

• Perform the internal audit function.

The BOS carried out its tasks through the following activities:

1. On the basis of macro-economic forecasts and internal assessments on the operations of the Bank, the BOS set out specific action plans from the beginning of the year, focused on supervising compliance with the policies and decisions of the BOD and the Board of Management to achieve the Bank’s objectives.

2. Through a three-level control organization consisting of the BOS, Internal Auditors, and Regional Inspection and Control Teams for monitoring and controlling internal audit activities, and providing daily and weekly reports made by internal auditors, the BOS controls and supervises the operations of domestic and overseas Branches, departments

in the Head Office and Subsidiaries. In addition, the BOS periodically visits Branches and Regional Offices to assess real business operating situations and management activities, and to collect and study feedbacks from Branches and Regional Offices on advantages and disadvantages in operation, and the timeliness and effectiveness of support from Regional Offices and functional departments of the Head Office for business units.

3. In 2012, the BOS requested internal auditors to audit 70 out of 72 branches, 2 overseas business units, 319 out of 336 Transaction Offices; 12 out of 28 operational units at the Head Office, 4 out of 4 Subsidiaries. Through the reports of internal auditors, the BOS fully understood the operational situations of the business units and provided instructions and issued documents reminding employees of compliance with regulations and raising awareness of risk prevention in performing works to ensure safety and efficiency in operations, provided alerts on highly risky industries and areas and requested for corrections in credit granting activities; requested for increasing management and confidentiality of usernames/passwords; requested for increasing management of assets received for offsetting debts in order to control tightly and improve the effectiveness of asset management by the Bank.

In its strategy for internal audit in 2013, the BOS will increase the frequency and time of audits at business units compared with previous years in order to ensure that material risks in all the operational aspects of business units across the Bank’s system are identified and detected through inspection and control. Information technology will be applied to enhance the effectiveness of remote supervision. The BOS will also closely coordinate with the BOD and the BOM to achieve the supervision objectives.

Full name title experience in Finance - Banking sector

Mr. Nguyen Tan Thanh Head 24 years

Mr. Nguyen Van Ly Deputy Head 24 years

Mr. Le Van Tong Member 24 years

Ms. Nguyen Thi Thanh Mai Member 19 years

ABOUT THE BOARD OF SUPERVISORS

REPORT OF THE BOARD OF SUPERVISORS


ABOUT THE BOARD OF MANAGEMENT* Updated on 31 December 2013

mr. Phan huY khanGmember of the BoD cum Chief executive officer

19 years’ experience in Finance and Banking.BSc degree in Banking and Credit - Advanced Business Administration Certification.He joined the Board of Management of Sacombank in April 2012 and was appointed Chief Executive Officer of Sacombank in July 2012. With skills and zeal, he is expected to bring in stronger development for Sacombank in subsequent years.

ms. DuonG hoanG QuYnh nhumember of the BoD cum Deputy Chief executive officer

6 years’ experience in Finance and Banking.MBA, BSc degree in Finance, and BA degree in English Linguistics.In June 2012, she was appointed to the position of Member of the BOD cum Deputy Chief Executive Officer in charge of Treasury.

mr. nGuYen minh tamDeputy Chief executive officer

18 years’ experience in Finance and Banking.MSc degree in Economics.He has been working for Sacombank from 1995 and was one of the founders to develop Sacombank’s overseas branches and subsidiary Bank. He is currently Deputy Chief Executive Officer of Sacombank in charge of Corporate Banking, Personal Banking, Card Center, and Overseas Business Areas.

mr. lY hoai vanDeputy Chief executive officer

12 years’ experience in monetary trading.MSc degree in Economics of Banking & Finance, BSc degree in Monetary Trading. He has been working for Sacombank from 2001. With the significant contributions in monetary trading activities, he was appointed Deputy Chief Executive Officer in charge of Currency in Aug 2010.

mr. ha van trunGDeputy Chief executive officer16 years’ experience in Finance and Banking.MSc degree in Finance - Banking, BSc degree in Foreign Trade Administration. He has been working for Sacombank from 2004. He has made important contributions to planning financial strategies for Sacombank. In October 2012, he was appointed Deputy Chief Executive Officer cum Chief Financial Officer.

mr. Phan Dinh tueDeputy Chief executive officer

29 years’ experience in Finance, Accounting and Business Administration.BSc degree in Business Administration - Foreign Trade Administration. Advanced Banking Management Certification.He joined the Board of Management of Sacombank from June 2012 and holds the position of Deputy Chief Executive Officer in charge of Credit.

mr. Bui van DunGDeputy Chief executive officer

24 years’ experience in Finance and Banking Technology.BSc degree in Mathematics and Economic Cybernetics.He has been working for Sacombank from 2001. He was assigned important tasks in implementing banking technology modernization projects. He was appointed Deputy Chief Executive Officer in charge of Information Technology in 2012.

ms. nGuYen thi le anDeputy Chief executive officer

9 years’ experience in Finance and Banking.BSc degree in Finance, Currency and Credit.She was appointed Deputy Chief Executive Officer of Sacombank in charge of Human Resource and Training in July 2012.

mr. le minh tamDeputy Chief executive officer

14 years’ experience in Finance and Banking.BSc degree in Finance and Credit.He has been working for Sacombank from 2002. He was appointed Deputy Chief Executive Officer in March 2012 in charge of Supporting.

ms. QuaCh thanh nGoC thuY Deputy Chief executive officer

21 years’ experience in Accounting, International Payment, Evaluation and Investment. BSc degree in Business Administration.She has worked for Sacombank since 1994 and currently held the position of a Deputy Chief Executive Officer in charge of Operations.

mr. ha ton trunG hanhDeputy Chief executive officer

29 years’ experience in Auditing.MSc degree in Economics, BSc degree in Finance and Banking, Certificate for the Professional Practice of Internal Auditing.He has joined Sacombank from June 2012 and held the position of Chief Internal Auditor. He was appointed Deputy Chief Executive Officer in charge of Risk Management in February 2013.


ChanGes in the memBers oF the BoarD oF manaGementIn 2012, Sacombank saw great changes in the personnel of the Board of Management. On 3 July 2012, upon approval from the State Bank of Vietnam, Mr. Phan Huy Khang was officially appointed Chief Executive Officer in place of Mr. Tran Xuan Huy.

In addition to the replacement of the Chief Executive Officer, Sacombank employed/appointed 11 new members to Deputy Chief Executive Officer positions, including Ms. Duong Hoang Quynh Nhu, Mr. Bui Van Dung, Mr. Phan Dinh Tue, Ms. Nguyen Thi Le An, Mr. Ho Doan Cuong, Mr. Nguyen Ba Tri, Ms. Ha Quynh Anh, Mr. Le Minh Tam, Mr. Ha Van Trung, Mr. Vo Anh Nhue and Mr. Ha Ton Trung Hanh.

Meanwhile, Mr. Nguyen Dang Thanh and Ms. Nguyen Hai Tam - former Deputy Chief Executive Officer have resigned from their positions from 14/05/2012 and from 28/02/2013. Mr. Pham Nhat Vinh - former Deputy Chief Executive Officer also resigned from April 2013.

MATTERS RELATED TO THE BOARD OF DIRECTORS, BOARD OF SUPERVISORS

AND BOARD OF MANAGEMENT

inComes, remuneration anD other BeneFits oF the BoarD oF DireCtors, the BoarD oF suPervisors anD the BoarD oF manaGement.Pursuant to the Resolution of the Annual General Meeting of Shareholders held in early 2012, the approved remuneration and operational expenses for the BOD and the BOS in 2012 were 2.5% of profit after tax. Actual remuneration of the BOD, the BOS and the BOM is recognized in Section 41 “Related Party Transactions” of the Notes to the Consolidated Financial Statements for 2012 in this report.

The actual paid remuneration this year was higher than 2011 because while covering operational expenses for existing members of the BOD, BOS, Sacombank made payments under its employment policies to the former members of the BOD who early resigned in a bid to recognize their contributions to the development of Sacombank as reported at the General Meeting of Shareholders in early 2012.

IN 2012, SACOMBANK SAW GREAT CHANGES IN THE PERSONNEL OF THE BOARD OF MANAGEMENT. IN ADDITION TO THE REPLACEMENT OF THE CHIEF EXECUTIVE OFFICER, SACOMBANK EMPLOYED/APPOINTED 11 NEW MEMBERS TO DEPUTY CHIEF EXECUTIVE OFFICER POSITIONS.

mr. Dao nGuYen vuDeputy Chief executive officer

21 years’ experience in Credit and Risk Management.BSc degree in Banking.He has working for Sacombank from 1993 and has made a substantial contribution to turning the business activities of Sacombank-Ho Chi Minh City Region into the business leader of the Bank for many years. In June 2007, he was appointed Deputy Chief Executive Officer in charge of operations in the Ho Chi Minh City Region.

mr. huYnh thanh GianGChief accountant

18 years’ experience in Accounting and Auditing.MSc/ BSc degree in Economics.He joined Sacombank from June 2012 and currently he is the Manager of Accounting Department cum Chief Accountant.

mr. vo anh nhueDeputy Chief executive officer

19 years’ experience in Finance and Banking.MSc/BSc degree in Economics.He has worked for Sacombank from 2004. In Oct 2012, he was appointed Deputy Chief Executive Officer cum Director of the Southwestern Region.

mr. ho Doan CuonGDeputy Chief executive officer

18 years’ experience in Finance and Banking.BSc degree in Business Administration.He joined Sacombank in 1995. In Oct 2012, he was appointed Deputy Chief Executive Officer cum Director of Southeastern Region.

mr. nGuYen Ba triDeputy Chief executive officer

19 years’ experience in Finance and Banking.BSc degree in Economics. He has been working for Sacombank from 1996. In 2012, he was appointed Deputy Chief Executive Officer cum Specialized Regional Director.

ms. ha QuYnh anhDeputy Chief executive officer

20 years’ experience in Finance and Banking.Bachelor of Laws (LLB) degree; BSc degree in Economics.She joined Sacombank in 1993. With important contributions to Sacombank in Hanoi Region, she was appointed Deputy Chief Executive Officer cum Director of the Hanoi Region in June 2012.

ABOUT THE BOARD OF MANAGEMENT(continued)


RISK MANAGEMENT IN 2012

With the aim of minimizing the occurrence of risks and minimizing the impacts of risks by means of effective tools, policies and frameworks, in 2012 Sacombank developed many tools and applied a series of solutions to risk management and achieved the following results:

1. Delinquency ratio was controlled at less than 2% throughout 2012.

2. Operational safety ratios have been kept in accordance with the regulations of the SBV.

3. Operational risks have been well controlled; the number of risk events and the degree of losses were lower than banking standards and lower than in 2011.

CreDit risks:

Credit risks are determined to be the first priority in risk management activities of Sacombank last year. From late 2011, Sacombank believed 2012 and subsequent years would be difficult years of the economy and the banking sector would be directly affected. And its prediction has come true: around 30% of enterprises went bankrupt, were dissolved or stopped operation; the real estate market stagnated; the stock market became uninteresting; some industries like iron and steel, seafoods and aquaproducts, rice, cashew nuts, etc. faced prolonged difficulties. These factors have significantly weakened the financial position of enterprises; their solvency with respect to bank loans became a big problem; while their collaterals, which are mostly real estates, are without liquidity. Therefore, past due debts arose, persisted and became bad debts for which the time to settle completely is hard to determined.

SACOMBANK’S PRINCIPLE IN RISK MANAGEMENT OVER THE PAST YEARS: “FREQUENT MONITORING - TIMELY ALERT - EFFECTIVE HANDLING”.

3. Debt management policy: It sets out all the measures for debt management and framework for handling each specific debt, in order to give guidance and support for the employees in charge to utilize debt handling options.

4. Credit granting decision making authority system: the authority in making credit granting decisions is developed by Sacombank on the principle of quick, safe and effective decision making. The decision making authority system is based on the criteria of credit quality, credit scale, and geographic areas.

5. In addition, Sacombank’s Administrative Regulations Documents consist of over 1,500 documents stipulating all the aspects of business, management, supervision, and operation in order to ensure strict compliance with the laws and accordance with Sacombank’s conditions, whereby all business opportunities are taken advantage of on the basis of proper management of risks.

Such results also came from effective advanced risk forecast, alert and scoring tools developed by Sacombank in accordance with Basel II standards, including:

1. Internal Credit Rating System (CRS): This is an effective and scientific automatic tool used by Sacombank for managing credit risks for both corporate and individual customers and financial institutions. This system scores customers based on qualitative and quantitative information in order to evaluate the risk exposure of each specific customer. Credit granting decision makers will use the results provided by the CRS as the basis for making credit granting decisions and perform the customer management policies. In terms of credit risk management, the CRS meets the requirement on restricting risks right from the start. Upon contact with customers, the system can calculate and quantify the risk exposure that such customers may cause to the Bank, thus providing directions for relevant individuals and business units to evaluate and approve the credit granting. The Internal Credit Rating System of Sacombank was developed with consultancy from IFC and has been put into operation since 2005, when

Given such difficulties, Sacombank maintained control and kept past due debts and bad debts at the lowest level compared with the average level of the local banking industry. Details are shown in the following chart:

BaD DeBt overview

1 3 4 5 6 7 8 10 11 12 13 14 15 17 18 19 20 21 22 24 25 26 27 28 29 31

20.840

20.835

20.830

20.825

20.820

20.815

20.810

20.805

47.00

46.75

46.50

46.25

46.00

45.75

45.50

45.25

XAU SJCUSD (50,100)

500

450

400

350

300

30.000

25.000

20.000

15.000

01/12 03/12 05/12 07/12 09/12 11/12

VNIndex STB

KLGD STB

2012 Dec 2013

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%

Volume: 17.188.480

VNINDEX: 17.188.480 HOSE: 379,27 HNX: 51,04

80M

40M

0

15.000.000

12.000.000

9.000.000

6.000.000

3.000.000

0

30.000

25.000

20.000

15.00001/12 03/12 05/12 07/12 09/12 11/12

31 Dec 2011 31 Mar 2012 30 June 2012 29 Sep 2012 31 Dec 2012

Bad debt (VND billion) Delinquency ratio (%)

Mon Dec 03,2012 Open: 377,94 High: 379,27 Low: 375,78 Close: 372,27

1,0071,212

1,951

6280.56%

0.79%

1.23%1.29%

1.97%

442

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

2.40%

2.20%

2.00%

1.80%

1.60%

1.40%

1.20%

1.00%

0,80%

0.60%

0.40%

To achieve such results, Sacombank has utilized the power of its Administrative Regulations Documents. Sacombank’s legal framework is completely built on the basis of anticipation of risks. It is continuously adjusted in accordance with actual situations on the basis of ensuring business performance within acceptable risk limits. Some typical documents include:

1. Credit policy: this is the highest regulation in credit granting, issued by the Board of Directors. It sets out all the matters related to credit granting, ranging from target customers, appraisal methods, how to review, monitor, etc. to risk limits in credit granting. The credit policy is frequently adjusted and updated in accordance with actual situations.

2. Credit risk management policy: This policy came into existence to meet the SBV’s requirements and Sacombank’s requirements for credit risk management, helping Sacombank with risk management orientation as well as proactive control, detection, prevention, handling and mitigation in a timely manner of risks arising from credit granting operations that may cause losses to Sacombank.

Sacombank was considered the first bank to have a Credit Rating System under international standards. In 2011, with the consultancy of the audit firm Ernst & Young, Sacombank made innovations to the System to make it more suitable for the Vietnam market and compliant with the regulations of the State Bank of Vietnam. Compliance with international standards and accordance with the characteristics of the Vietnam market is an important advancement towards satisfaction of international standards on risk management as shown in Basel II and Basel III. Currently, all the customers having credit relationships with Sacombank are evaluated and rated by this system.

2. Expected Loss Calculation System: Sacombank is implementing an Expected Loss Calculation System to calculate the Probability of Default (PD) of each customer, measure the specific risk of each loan (Loss Given Default - LGD) and estimate the debt balance at default by customer (Exposer At Default - EAD) according to the basic internal approach of Basel II. From the calculation of PD, LGD, and EAD, the Bank can determine the amount of the loan based on the risk that the loan may bring to the Bank (EL – Expected Loss).

market risk management

There have been great advancements in 2012. The market risk management system at Sacombank is operated according to this process: Market forecast - Business strategy planning - Real-time monitoring of market changes - Analysis of impacts on business activities - Risk mitigation solutions and utilization of market changes for business development.

The VAR management model, the models of management of maturity gap and interest rate gap, and the stress-testing technique were innovated and operated effectively, thus helping Sacombank to not only identify risks early but also look for business opportunities. A spotlight in market risk management is the role of the ALCO Committee. The importance of the ALCO Committee has been recognized for its proper decisions. The results achieved in 2012 were that all the safety indicators of Sacombank were within the limit permitted by the State Bank of Vietnam.


Following are some typical indicators:

1. Capital Adequacy Ratio (CAR) fluctuating at over 10%

2. Daily, weekly and monthly solvency ratios many times higher than stipulated in Circular 13.

3. Loan to deposit ratio less than 80%.

4. Ratio of current capital usef for long-term lending always less than 30%.

5. Total open positions to capital over 14%.

oPerational risk manaGement:

In 2012, a series of gaps in corporate governance, core banking system, business processes, etc. have been taken advantage of by external and internal evildoers to appropriate assets by issuing false warranty deeds, false savings books, making fake collateral documents, appropriating cash disbursed by the banks to customers, stealing money from ATMs, stealing PIN code of ATM card holders, etc. at many banks in 2012.

At Sacombank, operational risks, although not serious, have occurred in some cases and caused insignificant losses to the Bank, such as risks in installment financing to small business people at wet markets, risks in security and username protection, several breakdowns of the information technology system, etc. However, compared with the average level of the local banking industry, operational risks at Sacombank have always been controlled tightly.

Sacombank has run the policies and procedures on operational risk management in all the aspects of its operations:

1. For products and services, risk management is involved right before products and services are launched. When products and services are launched, the risk management team will assess them to give alerts if necessary. Matters related to Internet Banking, ATM cards, credit cards, etc. are detected and alerted by risk management divisions to relevant Units for their timely adjustments.

2. For the core banking system, the risk management team conducts reviews to fix the gaps and errors of the system, and issues information technology safety and security policies.

3. Regarding people-related risks, management tools have been applied, such as the Operational Risk Management Program, the CIC Information Management Program, the Social and Environmental Impact Assessment System, etc.

In addition, Internal Auditors play an important role in detection and prevention of risks through inspections, reviews, alerts and recommendations for the Board of Management’s timely adjustment of their policies, thus restricting risks from an early stage.

And, above all, in all the risk management areas, the relationship between risk management staff and operation staff and the consistency between regulations and support technology systems will decide the success or failure of risk management. Sacombank’s principle in risk management over the past years: “Frequent monitoring – Timely alert – Effective handling” has proved effective to the maximum and will continue to be pursued by Sacombank in subsequent years.

SACOMBANK’S EMPLOYMENT POLICIES ALWAYS TRY TO REMAIN ITS TOP POSITION AMONG COMMERCIAL BANKS IN VIETNAM THROUGH COMPETITIVE SALARY SCHEME AND A PROFESSIONAL WORK ENVIRONMENT.

HUMAN RESOURCES MANAGEMENT

The year 2012 witnessed unforeseeable changes in the economy of Vietnam in general and the finance and banking sector in particular. However, Sacombank’s employment policies always try to remain its top position among commercial banks in Vietnam through competitive salary scheme and a professional work environment. They are crucial elements to enhance staffs’ creativity and the solidarity of the Bank.

i. salarY sCheme anD remuneration

- The actual average salary per month per employee (excluding 13th month salary and premium pay) is approximately VND9.5 million/employee/month.

- Year-end bonuses: in addition to a 13th month salary, each employee enjoys a bonus of 1.5 times as their monthly salary (including 1 month’s premium pay and bonus according to individual performance review result, at an average amount of 1 month’s basic salary per employee (the basic salary is equivalent to 0.5 times as much as the monthly salary of an employee)).

- Average per capita income per month (VND million): VND14,7 million/employee/month.

ii. aPProPriate emPloYment PoliCies

With 10,419 employees to end of 2012, there are 70% less than 30 years of age on average and most of them are well trained and fully meet the Bank’s requirements on quantity and quality.

Recently Sacombank has improved and introduced job description for each position and career path for each job title. This helps employees to immediately clarify their career path upon joining Sacombank. In 2012, Sacombank has continued implementing long-term management training project for each position as well as for the managerial levels, Sacombank has also organized extracurricular activities to prove staff’s ability. Hence, individuals with excellence performance could be dedicated in time. Particularly, Sacombank Talent Contest 2012 held in 4Q was an opportunity for thousands of employees to confirmand honor professional values. The contest has discovered real talents to be planned as management staffs in the future.

In addition, Sacombank launched the Potential Internship Program 2012, which received and trained banking interns from universities, colleges and vocational schools in Ho Chi Minh City, Hanoi and the Mekong Delta provinces. As a result, Sacombank has maintained stable human resources while contributing to develop qualified human resources for banking sector.

Also in 2012, Sacombank has issued the Key Performance Indicators for managerial levels at branches. This standard describes detailed requirements about knowledge (speciality and socioeconomic), skills, qualitifications and personality of these managerial levels. These information would facility them to choose the suitable career path. It could be said that this KPIs are addressing directly to the positions and more realistic. In 2013, Sacombank will extend the scale of this project to higher managerial levels in the Bank.

RISK MANAGEMENT IN 2012(continued)


iii. traininG aCtivities

Last year, Sacombank has organized 1,663 training courses in which there are 142 managers participated in and were certified as Branch Director by the Natherlands Institute for Banking, Insurance and Investment and nearly 400 staffs participated in the Potential Transaction Office Manager programs across the country and abroad. With annual training budget of VND15 billion, these training programs are one of the most supporting factors to ensure and to stablize qualified staffs across the system.

Besides, Sacombank has been continuously organizing abroad training courses and seminars as well as other researches in the international banks such as practical training at Citibank, HSBC Hong Kong, or the field works at UOB Banks, Deutschbank, DBS, JPMorgan, Bank of American in Singapore in 2Q/2012.

Specifically, in 2012, Sacombank has implemented online training programs (e-learning) with four main features including: (1) Learning and testing on the computer which connecting to bank server anytime, (2) Record test results, allowing staff reviewing extensive knowledge, (3) Library with the intense professional knowledge, skills, (4) Forum to discuss studied topics in order to support staff despite of geographical difficulty.

Due to the external policy, Sacombank focuses on collaborating with domestic and foreign universities to plan research projects and training programs. One of the effective results of this is the “Modern Bank Management” book which used commonly for students. Currently, Sacombank has completed 21 specialized textbooks for training activities.

Key strategies to develop training activities for the 2013-2020 period:

1. Developing the comprehensive training system through the decentralized training activities.

2. Developing teaching staffs and materials.

3. Enhancing infrastructure and equipment for training activities.

“Human resource is the most valuable asset” of any enterprises. But it is only expressed when there is a serious investment to promote this value. Sacombank is endeavouring to build a continuous learning culture and to create values in the development of Sacombank in particular and of the banking sector in general.

workForCe Growth Chart

EMPLOYEES IN TOTAL IN 31 DEC 2012

10,419index/Year 2008 2009 2010 2011 2012

Total employees (person) 6,041 7,300 8,200 9,618 10,419

Average per capita income per month (VND million)

6.6 7.5 9.4 13.8 14.7

1991

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2012

2011

100 30

0 541

748 1,

093 1,46

7 1,86

52,

657

3,80

6

5,50

0 6,04

1

7,30

08,

200

9,61

8

10,4

19

55

(continued)

HUMAN RESOURCES MANAGEMENT


Sacombank’s chartered capital in 2012 remained unchanged from 2011. For some objective reasons, its plan to increase chartered capital in 2012 could not be carried out in accordance with the Resolution of the General Meeting of Shareholders in 2011.

INFORMATION FOR SHAREHOLDERS

numBer oF stB shares BY Year

ChanGes in share CaPital:

208,941,281

2006

511,583,084

2008

1,073,967,664

1,073,967,664

2011

444,881,417

2007

917,923,013

2010

670,053,300

2009 2012

Unit: million

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0

With strong financial position and structure, Sacombank has grasped good business opportunities, turned challenges into opportunities, and become the pioneer bank to receive capital resources at reasonable rates from international financial institutions to support small and medium-sized enterprises in Vietnam.

STRONGOPPORTUNITIES

WITHCAPITAL

NEW


shareholding structure(As at 28 December 2012)

shareholDinG struCture numBer oF shareholDers shareholDinG PerCentaGe to ChartereD CaPital

IndividualVietnamese shareholders 62,918 62.89%Foreign shareholders 688 0.34%

CorporateVietnamese shareholders 228 31.68%Foreign shareholders 60 5.09%

total 63,894

Transactions of STB shares by members of the BOD, BOS and BOM and their related persons up to 31 December 2012 included 2 purchases and 15 sales, with total transaction volume of 288,431,252 shares.

shareholders being members of the Board of Directors, Board of supervisors and Board of management as at 11 January 2013

no. Full name Current Position shareholDinG PerCentaGe

remarks

BoarD oF DireCtors1 Mr. PHAM HUU PHU Chairman of the BOD 0.00%2 Mr. TRAM BE Standing Vice Chairman 0.01%3 Mr. KIEU HUU DUNG Vice Chairman of the BOD 0.00%4 Mr. PHAN HUY KHANG Member of the BOD cum CEO 1.3%5 Ms. DUONG HOANG QUYNH NHU Member of the BOD cum Deputy CEO 0.57%6 Mr. TRAM KHAI HOA Member of the BOD 1.94%7 Mr. NGUYEN MIEN TUAN Member of the BOD 0.00%8 Mr. DANG VAN THANH Member of the BOD 3.976% Resigned in

05/11/20129 Mr. DANG HONG ANH Member of the BOD 3.459% Resigned in

11/12/201210 Mr. TRAN XUAN HUY Member of the BOD 0.04% Resigned in

16/03/2013

BoarD oF suPervisors11 Mr. NGUYEN TAN THANH Chief Supervisor 0.10%12 Mr. NGUYEN VAN LY Deputy Chief Supervisor 0.00%13 Mr. LE VAN TONG Member of the BOS 0.06%14 Ms. NGUYEN THI THANH MAI Member of the BOS 0.02%

BoarD oF manaGement15 Mr. PHAN DINH TUE Deputy CEO 0.00%16 Mr. NGUYEN MINH TAM Deputy CEO 0.01%17 Ms. QUACH THANH NGOC THUY Deputy CEO 0.01%18 Mr. LE MINH TAM Deputy CEO 0.01%19 Mr. DAO NGUYEN VU Deputy CEO 0.01%20 Mr. LY HOAI VAN Deputy CEO 0.01%21 Ms. NGUYEN HAI TAM Deputy CEO 0.01% Resigned in

28/02/201322 Ms. HA QUYNH ANH Deputy CEO 0.00%23 Mr. BUI VAN DUNG Deputy CEO 0.00%24 Ms. NGUYEN THI LE AN Deputy CEO 0.00%25 Mr. NGUYEN BA TRI Deputy CEO 0.00%26 Mr. HA VAN TRUNG Deputy CEO 0.01%27 Mr. VO ANH NHUE Deputy CEO 0.01%28 Mr. HO DOAN CUONG Deputy CEO 0.00%

tentative ProFit DistriBution in 2012

indicators notes PerCentaGe amount

1 Profit before tax 1,314,557,471,538

2 In which: Non-taxable income 210,034,363,309

3 Non-deductible expenses upon determination of taxable income

1,391,625,453,706

4 Taxable income 2,550,436,073,178

5 Corporate income tax payable in 2012 631,653,423,441

6 Corporate income tax payable in arrears in 2011 4,415,327,419

7 Current corporate income tax payable (5) + (6) 636,068,750,860

8 Deferred corporate income tax in 2012 308,915,125,183

9 Profit after tax including deferred Cit asset (1) - (7) +(8) 987,403,845,861

a Profit after tax for distribution (1) - (7) 678,488,720,679

B Transfer to Reserves for Supplementary Chartered Capital A x 5% 33,924,436,034

C Transfer to Financial Reserve Fund (A - B) x 10% 64,456,428,464

D Profit after tax and statutory reserves a - B – C 580,107,856,181

E Transfer to Investment and Development Fund D x 0%

transfer to Bonus and welfare Funds 81,215,099,866

F Transfer to Bonus Fund D x 7% 40,607,549,933

G Transfer to Welfare Fund D x 7% 40,607,549,933

H Dividend (Chartered capital x Dividend payout ratio) 9,739,676,640,000 6% 584,380,598,400

I Retained earnings of previous years 162,506,347,023

K Profit of the previous year used for dividend payment H- D- F- G 85,487,842,086

l Profit after tax, statutory reserves and dividend payment i - k 77,018,504,937

m residual profit including deferred Cit asset k+(8) 385,933,630,120

Unit: VND

INFORMATION FOR SHAREHOLDERS(continued)


PERFORMANCE OF STB SHARES IN 2012

2012 continued to be a year of uncertainty for the stock market of Vietnam and STB shares. In the context of economic difficulties, transactions in the stock market stagnated when the demands of both speculators and investors declined. At the close of business on 28 December 2012, VN Index reached 413.7 points, an increase of 63.7 points from early last year (equivalent to 18.2%); the average transaction volume for the whole year was 46,297,569 shares per session. The market saw fairly good recovery during the first months of the year thanks to positive macro-economic news as well as expectations that the market would escape the bottom of depression in 2011 when, in mid-August, the VN Index reached 437 points, an increase of 87.3 points (equivalent to 24.9%) from the beginning of the year. However, “the August Event” happened with sensitive information related to the finance and banking sector and has broken investors’ weak confidence. After this event, the market fell into prolonged recession from September to November and only recovered during year-end transactions, when the indexes strongly increased again, liquidity became better and investors have witnessed “green color” in consecutive transaction sessions in the stock market. Although the VN Index has still been unable to return to the peak of 486 points in May 2012, what happened can give investors hope of a brighter 2013 for the stock market of Vietnam.

At the close of business on 28 December 2012, STB shares reached a price of VND19,900 per share, up 7.57% from early that month and up 28.4% from early last year. In general, STB shares in 2012 fluctuated in line with the market: price hikes during the first months of the year, declines after “the August Event” and a year-end recovery.

ChanGes in CaPital ContriBution struCture

During the first months of the year, divestments by major shareholders like REE (42 million shares sold, equivalent to 3.92%), ANZ (103 million shares sold, equivalent to 9.61%), along with the appearance of the Major Shareholders Group (including Eximbank) made minor shareholders worried about the future of Sacombank. The actual purposes for withdrawal of the long-established shareholders are completely normal, for example, for restructuring of their investment portfolio (Dragon Capital) or concentration on their core businesses (REE, ANZ). Eximbank’s capital contribution to Sacombank showed that it highly

valued the growth potentials of Sacombank, and met the Board of Directors’ requirements, i.e. calling for cooperation/investment from committed investors to together target at developing Sacombank bigger and stronger.

2011 annual General meetinG oF shareholDers anD suCCessFul transFer oF manaGement Power at saComBank

On 26 May 2012, Sacombank held its 2011 Annual General Meeting of Shareholders. At the meeting, many important matters on the new shareholding structure and the business plan of the Bank for 2012 were approved, including: (1) A plan for increasing chartered capital from VND10,740 billion to VND14,176 billion (equivalent to an increase of 32%) in 2012; (2) Profit after tax for 2012 targeted at VND3,400 billion, an increase of 24% from 2011; (3) A plan for sale of at most 15% of shares to foreign strategic partners; (4) Policy on merger and acquisition (M&A) with other banks in the period of 2012 – 2015; and (5) Policy on equitization of Sacombank Lease and 2 Subsidiary Banks in Cambodia and Laos, among other matters. However, economic difficulties and adverse changes in the stock market over the past time caused many of these intentions impossible to be completed this year.

31/12/11 31/03/12 30/06/12 29/09/12 31/12/12

1 3 4 5 6 7 8 10 11 12 13 14 15 17 18 19 20 21 22 24 25 26 27 28 29 31

20.840

20.835

20.830

20.825

20.820

20.815

20.810

20.805

47.00

46.75

46.50

46.25

46.00

45.75

45.50

45.25

XAU SJCUSD (50,100)

500

450

400

350

300

30,000

25,000

20,000

15,000

Jan 2012 Mar 2012 May 2012 July 2012 Sep 2012 Nov 2012

VNIndex STB

2012 Dec 2013

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%

Volume: 17.188.480

VNINDEX: 17.188.480 HOSE: 379,27 HNX: 51,04

80M

40M

0

Trading Volume STB

15,000,000

12,000,000

9,000,000

6,000,000

3,000,000

0

30,000

25,000

20,000

15,000Jan 2012 Mar 2012 May 2012 July 2012 Sep 2012 Nov 2012

31/12/11 31/03/12 30/06/12 29/09/12 31/12/12

1 3 4 5 6 7 8 10 11 12 13 14 15 17 18 19 20 21 22 24 25 26 27 28 29 31

20.840

20.835

20.830

20.825

20.820

20.815

20.810

20.805

47.00

46.75

46.50

46.25

46.00

45.75

45.50

45.25

XAU SJCUSD (50,100)

500

450

400

350

300

30,000

25,000

20,000

15,000

Jan 2012 Mar 2012 May 2012 July 2012 Sep 2012 Nov 2012

VNIndex STB

2012 Dec 2013

12%

10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%

Volume: 17.188.480

VNINDEX: 17.188.480 HOSE: 379,27 HNX: 51,04

80M

40M

0

Trading Volume STB

15,000,000

12,000,000

9,000,000

6,000,000

3,000,000

0

30,000

25,000

20,000

15,000Jan 2012 Mar 2012 May 2012 July 2012 Sep 2012 Nov 2012

Source: Bloomberg, Sacombank

share inFormation

12 month price margin 15,500 – 26,500 ePs 1,029 P/B 1.78 Beta 0.73

total trading shares 973,967,664 Bv 11,551 roa 0.68% 2011 Dividend 14%

Capitalization (28 Dec 2012)

VND19,382 billion P/e 19.3 roe 7.15% 12 months average trading volume

1,406,672

PriCe movements anD traDinG volume From 3 Jan 2012 to 28 DeC 2012STB WAS ONE OF THE 5 SYMBOLS WITH THE HIGHEST SHAREHOLDING PERCENTAGE (6%) AND SAW THE STRONGEST INCREASE IN SHAREHOLDING PERCENTAGE LAST YEAR TO

+3.76%


Along with changes in the shareholding structure and the agreement in the General Meeting of Shareholders is the transfer of management power. Some former members of the Board of Directors withdrew for different reasons – including Mr. Dang Van Thanh who founded and has developed the Bank for 21 years. There was a smooth hand-over of management power to new members with expectations that all the business operations of Sacombank would continue to be strengthened and developed further in the financial market of Vietnam.

Positive ratinGs For saComBank BY CreDit ratinG orGaniZations

Despite many changes last year, Sacombank was always well rated by international credit rating organizations with stable outlook, reflecting the quality of Sacombank’s business performance and stable growth rate before the challenges of Vietnamese and world economies.

- In a report in September 2012, Moody’s rated Sacombank’s stand-alone credit profile at E+, equivalent to long-term credit rating at level B1, thanks to Sacombank’s current strengths. In addition, Moody’s recognized that Sacombank’s Capital Adequacy Ratio level 1 is higher than other local banks and its liquidity position is currently improved thanks to a 16% growth in deposits of personal and corporate customers, and its loan portfolio reduced by 3% from early last year.

- S&P also had a positive view about Sacombank when raising credit rating for the Bank’s long-term Issue Credit Rating from “B+” to “BB-”, and keeping its short-term Issue Credit Rating at “B-”, with a “stable” outlook for both ratings. In addition, S&P adjusted long-term credit ratings for Sacombank from “axBB” to “axBB+” and kept its short-term credit rating at “axB” according to the ASEAN Region’s scale.

stB shares are seleCteD in investment PortFolios oF etF FunDs

As already mentioned, the year 2012 saw many changes for the stock market in general and STB shares in particular; however, international investors still view STB shares as worth investing in. Last year, STB shares continuously appeared in higher percentages in the restructured investment portfolios of such ETF funds as Market Vectors Vietnam Index, FTSE Vietnam Index, etc. Currently in the investment portfolio of Market Vectors

Vietnam Index finalized as at 21 December, STB was one of the 5 symbols with the highest shareholding percentage (6%) and saw the strongest increase in shareholding percentage last year to +3.76%.

Furthermore, in the investment portfolio of the biggest ETF Fund in the world, iShare, STB accounts for 0.35% and ranks 3rd by percentage among the 7 Vietnamese symbols invested by iShare (including CTG, BVH, STB, MSN, VCB, VIC, and DPM).

saComBank announCes Business oPeration results For 2012

In January 2013, Sacombank announced the business operation results of the Parent Bank for 2012. In the context of difficulties and bad debts in the economy last year, the Bank made significant provision for risks, so its business operation results were affected. Last year, Sacombank’s profit before tax was VND1,315 billion, equivalent to 39% of target. Considering the scale and nature the business results of Sacombank in 2012 are in line with the viewpoint of safe and efficient operations.

In 2012, total assets of the Bank were improved stably and sustainably and grew by 8% from 2011. Deposits from economic organizations and residents grew by over 24% in the context of increasing competition, thanks to launches of products and services and focal stimulus programs suitable for each market segment; promotion of brand and nation-wide network advantages; as well as internal incentives and improvement of the sales force and selling skills in order to enlarge the scale of deposits at business units across the Bank’s system.

In general, adverse developments of the economy and the transfer of management power had certain impacts on Sacombank’s business operations last year, which led to lower business operation results than expected. The economy of Vietnam in general and the banking sector in particular are forecast to continue to face many challenges in 2013. The Leadership and employees of Sacombank have developed specific action plans and will make their best efforts to achieve business objectives and maximize value for Shareholders and Investors.

PERFORMANCE OF SUBSIDIARIES

In general, despite unfavourable economic conditions and great changes in the financial market, the Subsidiaries and Subsidiary Bank contributed significantly to the total profit of Sacombank in 2012. In future, the Subsidiaries and Subsidiary Bank will continue to make great efforts to boost all their business activities for sustainable growth and development in order to achieve the rate of return targeted by Sacombank.

SACOMBANK-SBJIn the context of the general economic difficulties and changes in the macro-economic policies, gold trading activities of enterprises were largely affected. However, with good analysis and forecast of the domestic and world gold market developments, as well as constant efforts of sales promotion in order to strongly boost jewellery trading, Sacombank-SBJ managed to maintain stable business operation and earned profit before tax of VND6.9 billion.

SACOMBANK-SBRRevenues from overseas national currency exchange through the Sacombank system reached over US$1.67 billion, an increase of 6.6% from the previous year and equal to 98.3% of target. This Subsidiary became one of the companies having the largest revenues from overseas national currency exchange in Vietnam. Sacombank-SBR earned profit before tax of VND11.2 billion, an increase of 23% from the previous year and equal to 81% of target. In 2012, the Company set out strong solutions to attracting overseas national currency exchange from traditional markets, increased marketing efforts in search of new markets, markets where there are many overseas Vietnamese residents, Vietnamese guest workers, etc. The Company also effectively applied information technology to payments and acknowledgement, shortened payment time for customers, increased payment revenues and reduced its business risks.

SACOMBANK CAMBODIAAfter one year’s conversion from the Phnom Penh Branch to a foreign wholly-owned Subsidiary Bank, by the end of 2012, Sacombank Cambodia had 5 business locations. As at 31 December 2012, its total deposits reached US$45 million, an increase of US$1.2 million from late 2011. Of this, deposits from economic organizations and residents amounted to US$23.1 million, an increase of US$8.9 million (or 64%) from 2011. Sacombank Cambodia provided loans of totally US$62.9 million, an increase of US$6.9 million (or 29%) from 2011. It earned profit before tax of US$1.5 million (equivalent to VND32 billion) and became one of the foreign banks earning the highest profit in Cambodia.

The year 2012 ended with many difficulties and challenges for the economy of Vietnam in particular and the world economy in general. The financial year policy in parallel with the tight monetary policy directly affected the operation of all the enterprises and the banking sector. Therefore, the Subsidiaries and Subsidiary Banks of Sacombank have been significantly affected by the general difficulties of the economy. With thorough understanding of the “Safety and Efficiency” viewpoint as well as richly experienced staff, the Companies strictly followed their business plan, set out various solutions to respond in a timely manner to changes in the market, made the most of business opportunities and the advantages of broad network at home and abroad, and thus maintained a stable growth rates and satisfactory business performance.

According to the audited consolidated financial statements, as at 31 December 2012, Sacombank’s total assets reached VND152,119 billion, an increase of 8% from 2011. Of this, profitable assets accounted for 86.08%; consolidated profit before tax was VND1,368 billion in 2012.

SACOMBANK-SBAThis Subsidiary earned profit before tax of VND13.4 billion. Besides performing well activities in support of the Parent Bank such as valuation for the purposes of credit granting and administration of mortgaged goods, the Company proactively exploited the warehouses put for lease beyond their capacity and attached services in order to increase incomes.

SACOMBANK-SBLDirectly impacted by the economic depression and poor absorption of capital by the economy, as at 31 December 2012, its outstanding balance from financial leasing amounted to VND964 billion, a decrease of 0.2% from the growth target. However, the Company maintained a stable outstanding balance by diversifying financial leasing products and restructuring the leasing portfolio. So, it earned significant profit and paved the way for and outstanding balance growth plan for next year. The Company earned profit before tax of VND81.6 billion, an increase of VND6.6 billion from 2011, equal to 93% of target. Moreover, non-performing loans were well controlled by Sacombank-SBL at 0.99% and the Company is considered as one of the few companies that best controlled non-performing loans in the financial leasing sector nowadays.

63

PERFORMANCE OF STB SHARES IN 2012(continued)


environmental anD soCial manaGement sYstem oF saComBank

In the current market, environmental and social responsibility attracts increasing interest from financial institutions and can be a core differentiating factor between a “good” financial institution and an “excellent” financial institution. Whether big or small in terms of business scale, a financial institution that views environmental and social responsibility and sustainable development as important areas can set the foundation for stabile, ethical and responsible growth.

In 2009, aware of the importance of sustainable development, Sacombank adopted Environmental Policies. Through such Environmental Policies, Sacombank has shown its commitment to providing financial services in an environmental and socially responsible manner; and environmental risks arising from the business activities of customers have been evaluated and classified at the same time as appraisal for credit granting.

In 2011, with financial support and agreement from Developed Financial Institutions (FMO, DEG, BIO, NORFUN), Sacombank requested for PricewaterhouseCoopers to consult on redevelopment of its Environmental and Social Management System (ESMS). This is an advanced ESMS that promotes the application of international standards and practices in order to mitigate negative impacts on the environment and the community, including: (i) United Nations Global Compact; (ii) United Nations Environment

SUSTAINABLE DEVELOPMENT REPORT

Program Finance Initiative: announcements of financial institutions on environment and sustainable development; (iii) Tripartite declaration of principles concerning multinational enterprises and social policy prepared by the International Labour Organization (ILO); (iv) International Finance Corporation (IFC) Performance Standards and the Equator Principles criteria for project financing.

The new ESMS system consists of: (i) Socio-environmental policies; (ii) Procedures of socio-environmental impact assessment; (iii) a Toolkit for socio-environmental impact assessment, as follows:

1. The Socio-environmental policies and procedures identify the scope of application to corporate/individual customers approved for credit granting by Sacombank for business and production purposes, and specify a consistent socio-environmental risk management model from the Board of Directors (taking the highest responsibility for socio-environmental risk management at Sacombank), the Board of Management (directly managing, leading and monitoring the management of the ESMS system) to each employee directly involved in the process of evaluation of socio-environmental risks arising from the business activities of customers and the transactions for which Sacombank is requested to finance.

2. Procedures of socio-environmental impact assessment: The procedures of socio-environmental impact assessment comprise the steps shown in the following chart:

Screening

Excluding Portfolio

Writing Social and Environmental

Report

Checking/Supervising the e�ects of

customers to the Social and Environment

Appraising the e�ects to the Social and

Environment at customers’ level

Appraising the e�ects to the Social and Environment at transaction level

High

Medium

Low

Submitting to responsible

authorities to get approval

Red Alert

Yellow Alert

Green Alert

Refusing/Referencing according to DFIs’

requirements

Asking for ESMS’ opinions

HOPEWITH

COMMITMENT

NEWSTRONG

“Side by side, we grow” is what committed by Sacombank in efforts of bringing the greatest value to its shareholders, customers, partners and employees. Sacombank is also the first bank in Vietnam to set out social and environmental policies in compliance with international standards, and conducts annual community development activities in the hope of contributing to the country’s development towards prosperity.

64


• General selection is to identify transactions that fall into the list of activities not approved for financing (Exclusion List). The selection results serve as alerts similar to a traffic light system, where green color means the transactions will be approved under a normal credit granting process, yellow color means deeper socio-environmental impact assessment steps will be required, and red color means such transactions are unacceptable.

• Customer-level socio-environmental impact assessment applies in case the transactions in question receive yellow color in the general selection result. The customer-level assessment focuses on evaluation of commitments to management of socio-environmental impacts from customers’ business activities, as well as the customers socio-environmental performance compared with industry standards and best practices. Results of this assessment level include: Above industry standard, At industry standard, Below industry standard and Weak.

• Transaction-level socio-environmental impact assessment applies in case the transactions in question receive yellow color in the general selection result. The transaction-level assessment helps identify and classify socio-environmental risks related to a specific transaction, including assessment of the effectiveness of management by customers of socio-environmental risks identified at the customer-level assessment and classification of risk exposure of the transaction as Level A (the category having bad and serious social and/or environmental impacts, and being of diverse, irreversible or unprecedented nature), Level B (the category having bad but less serious social and/or environmental impacts) or Level C (the category only having minimal or no adverse social and/or environmental impacts).

• Upon completion of customer-level and transaction-level assessments, the results of customers’ socio-environmental risks include High, Medium, or Low, which are the basis for deciding whether such transaction will be forwarded to the Social and Environmental Team for their comments before submission to an authorized person for making the relevant financing decision.

3. The Toolkit for socio-environmental impact assessment (in Excel) consists of a collection of questions used for performing the General Selection, Customer-level Assessment and Transaction-level Assessment.

By adopting the new ESMS system, Sacombank is able to assess and classify social and environmental risks arising from the business activities of customers and the transactions of customers that Sacombank intends to finance. Hence, Sacombank can identify possible social and environmental risks and the impacts of such risks on the business activities of Sacombank so that it can make proper financing decisions. In addition, Sacombank has also set up an ESMS Team for: (i) training of personnel directly involved in the assessments; and (ii) participation in the assessment of social and environmental impacts of customers.

The new ESMS system has been officially adopted across Sacombank’s network in Vietnam since the 8th of October 2012. Although the implementation of the new ESMS system may face many challenges in connection with possible changes in competition, with strong determination to become a pioneering bank in sustainable development in Vietnam, Sacombank will take this opportunity to differentiate from its competitors in the market and thus will have access to more international sponsors and investors interested in sustainable development. In addition, the new ESMS system also helps reduce negative socio-environmental impacts arising from the business activities of customers and impacts customers’ overall social and environmental performance. By doing so, Sacombank will contribute to building a more sustainable society for future generations.

After 3 months of implementation of the ESMS, all the new customers and refinanced customers of Sacombank will be fully assessed by the Bank for social and environmental impacts. Although there remained errors in the use of the assessment tool in selection of proper responses, such errors are insignificant. For the ESMS system to be further improved to deliver higher efficiency during application, Sacombank has plans to continue to carry out the following works: (i) continue to improve the capabilities of the team conducting ESMS-related works through training courses; (ii) integrate the socio-environmental impact assessment tool into the existing credit granting program; (iii) build a system for reporting loan portfolio, including information on socio-environmental impact assessment results, used for reporting, statistics, and evaluation.

jOINING HANDS FOR THE COMMUNITY

A customer-oriented approach in doing business and a community-oriented approach in community development activities are Sacombank’s guidelines of action for the happiness and prosperity of the community. Right from its early days, despite difficulties in business and limited resources for community development, Sacombank warmly responded to charity and community development activities. Especially, in recent years, when business activities have become stable and increasingly profitable, Sacombank is more able to conduct community development activities and show its corporate social responsibility.

• In 2004, the Scholarship Fund “sacombank - nurturing Dreams” came into existence with the aim of supporting needy students who show promise. The financial resources for this fund came from the appropriation of 1% of the annual net profit of Sacombank. In 2012, Sacombank granted more than 2,456 scholarships worth over VND3.7 billion in total to needy pupils and students with a high level of academic achievement and new valedictorians across the country in locations where Sacombank’s Branches are based.

• On 17 September 2012, implementing the policies of the People’s Committee of Ho Chi Minh City on supporting small business people to have better access to professional business style, contributing to building commercial culture and civilization in Ho Chi Minh City, Sacombank continued to coordinate with the People’s Committee of Ho Chi Minh City, the Department of Industry and Trade of Ho Chi Minh

City, the Vietnam Women’s Union of Ho Chi Minh City, the University of Economics Ho Chi Minh City, and the People’s Committees of districts to conduct the program “Training on Selling Skills for Small Business People at Wet Markets of Ho Chi Minh City” for the 4th time, with total expense of nearly VND650 million. This year’s training program attracted nearly 730 executives and 4,800 small business people at wet markets of 12 districts in HCMC.

• In 2012, Sacombank continued to accept sacombank Potential interns. The program of accepting students for internships at Sacombank is organized every year. Not only does this program give students the opportunity to access practical work experience, but it also serves as a large-scale personnel recruitment program for Sacombank through which students are chosen to share opportunities to accompany Sacombank and the financial and banking industry into the future.

A COMMUNITY - ORIENTED APPROACH IN COMMUNITY DEVELOPMENT ACTIVITIES ARE SACOMBANK.

SUSTAINABLE DEVELOPMENT REPORT(continued)


• Since 2004, Sacombank has officially organized the cross-country running prize “sacombank - running for community health” and made it an annual event on the occasion of opening ceremonies and anniversaries of the Branches across its entire system. In 2012, Sacombank organized the cross-country running prize in 46 out of 63 provinces and cities where Sacombank’s Branches are based, helping to promote the emulation movement called “wellness for start-up” among pupils, students and young people nationwide.

• 3 February 2013: Sacombank coordinated with the HCMC Relief Association for Handicapped Children to organize the “Year of the Snake Charity Festival” the at Phu Tho Indoors Sports Stadium (HCMC) for over 6,000 lonely elderly people, street children and needy disabled children who are supported and cared for in nursing homes, orphanages and charity houses in HCMC and neighboring provinces. This was the 10th consecutive year that Sacombank had organized the Charity Festival at the beginning of the New Year. So far, total funding of Sacombank for this program has been VND22.5 billion, appropriated from the Welfare Fund and Labor Union Fund of Sacombank and contributions from customers. The organization of the “Spring Charity Festival” on an annual basis shows Sacombank’s responsibility to the community, joining hands with the community to strive for a better life. As part of the “Year of the Snake Charity Festival” activities, from 14 to 20 January 2013, Sacombank visited, gave Tet wishes and presented 21 tons of rice, 1 ton of sugar, 100 kg of seasoning powder, 50 boxes of sweetened condensed milk and nearly VND320 million to some charity centers in HCMC,

Binh Duong, Dong Nai, Tra Vinh, Ben Tre, Tien Giang and Long An Provinces.

• In addition, in 2012, Sacombank participated in other activities such as: construction of houses of affection; sponsorship for charity houses; donation of stone benches to parks, cultural centers, schools and airports; contribution to a charitable fund for dioxin victims; contribution to the “For The Poor” Fund in provinces and cities in Vietnam and abroad, such as construction of houses of affection for needy people and Laotian mothers who have contributed to the revolution in Laos with total funding of US$5,000, sponsorship of eye surgery for needy blind people, support for victims of natural calamities, etc.

In general, Sacombank’s community development policies and activities are all aimed at supporting the vulnerable people in society in the most practical and effective manner possible, contributing to increasing social equality and showing the enterprise’s responsibility to the country.

All the community development policies and charity activities of Sacombank are based on the goal of supporting vulnerable groups in society in the most practical and effective manner, contributing to improve equality and showing its corporate social responsibilities.

no. ProGrams amount

1 Sacombank Scholarship “Nurturing Dreams” 3,772,950,000

2 “Running for Community Health” 7,620,000,000

3 Charity Program welcoming the New Year of the Snake 2013 4,316,000,000

4 Stone bench donation 1,677,860,000

5 Care for employees’ living conditions (March 8th, support for needy employees’ family, International Children’s Day June 1st)

2,615,708,000

total 20,002,518,000

69

jOINING HANDS FOR THE COMMUNITY(continued)


Separate financial statements

Consolidated financial statements and Notes for Consolidated financial statements

Explanations about Consolidated financial statements

STATEMENTS

2012FINANCIAL

seParate FinanCial statementsFor the year ended 31 December 2012

Contents The Bank’s information

Statement by the Board of General Directors Auditor’s report

Balance sheet (Form B 02/TCTD)

Income statement (Form B 03/TCTD)

Cash flow statement (Form B 04/TCTD)

Notes to the separate financial statements (Form B 05/TCTD)

(*) For detail information, please access website by: http://www.sacombank.com.vn/en/investor/Pages/Annual-Report.aspx

72

74

75

77

80

81

70


Banking Licence No. 0006/NH–GP dated 5 December 1991

The Banking Licence was issued by the State Bank of Vietnam (“the SBV”) for a period of 50 years from the date of the licence.

Business Registration Certificate No.0301103908 dated 13 January 1992

The Business Registration Certificate and its subsequent amendments were issued by the Planning and Investment Department of Ho Chi Minh City.

Board of Management Mr Pham Huu Phu Chairman (appointed on 2 November 2012)Mr Dang Van Thanh Chairman (resigned on 2 November 2012) MemberMr Tram Be Vice Chairman - Permanent (appointed on 26 May 2012)Mr Dang Hong Anh Member (appointed on 23 April 2012)Mr Tran Xuan Huy Member (appointed on 26 May 2012)Ms Huynh Que Ha First Vice Chairwoman (resigned on 26 May 2012)Mr Kieu Huu Dung Vice Chairman and independent member (appointed on 26 May 2012)Mr Tram Khai Hoa Member (appointed on 26 May 2012)Ms Duong Hoang Quynh Nhu Member (appointed on 26 May 2012)Mr Phan Huy Khang Member (appointed on 26 May 2012)Mr Nguyen Mien Tuan Member (appointed on 26 May 2012)Mr Lim Peng Khoon Member (resigned on 26 May 2012)Mr Pham Duy Cuong Member (resigned on 26 May 2012)Mr Nguyen Chau Member (resigned on 26 May 2012)Mr Nguyen Ngoc Thai Binh Member (resigned on 26 May 2012)

Board of Supervisors

Mr Nguyen Tan Thanh Chief SupervisorMr Le Van Tong SupervisorMs Nguyen Thi Thanh Mai Supervisor Mr Nguyen Van Ly Supervisor (appointed on 26 May 2012)

THE BANK’S INFORMATION

Board of General Directors

Mr Phan Huy Khang General Director (appointed on 3 July 2012)Mr Tran Xuan Huy General Director (resigned on 1 June 2012) Ms Quach Thanh Ngoc Thuy Deputy General DirectorMr Ly Hoai Van Deputy General DirectorMr Nguyen Minh Tam Deputy General DirectorMs Duong Hoang Quynh Nhu Deputy General Director (appointed on 14 June 2012)Ms Nguyen Thi Le An Deputy General Director (appointed on 24 July 2012)Ms Ha Quynh Anh Deputy General Director (appointed on 28 June 2012)Ms Nguyen Hai Tam Deputy General Director (appointed on 23 April 2012) (resigned on 28 February 2013)Mr Nguyen Ba Tri Deputy General Director (appointed on 26 July 2012)Mr Phan Dinh Tue Deputy General Director (appointed on 14 June 2012)Mr Bui Van Dung Deputy General Director (appointed on 29 March 2012)Mr Pham Nhat Vinh Deputy General Director (resigned on 1 October 2012)Mr Le Minh Tam Deputy General Director (appointed on 26 March 2012)Mr Dao Nguyen Vu Deputy General Director Mr Nguyen Dang Thanh Deputy General Director (resigned on 14 May 2012)Mr Vo Anh Nhue Deputy General Director (appointed on 1 October 2012)Mr Ho Doan Cuong Deputy General Director (appointed on 1 October 2012) Mr Ha Van Trung Deputy General Director (appointed on 10 October 2012)Mr Ha Ton Trung Hanh Deputy General Director (appointed on 28 February 2013)

LICENCED aCtIvItIES

The principal activities of Sacombank (“the Bank”) are to mobilise short, medium and long–term capital in the form of time deposits, demand deposits, certificates of deposit; receive investment funds; receive capital from local and overseas financial institutions; grant short, medium and long–term loans; discount commercial paper, bonds and valuable documents; investments in subsidiaries, associates, joint–ventures and other companies; provide settlement services to customers; deal in foreign exchange, gold; provide international settlements services; investment in bonds and other securities; provide investment and asset management services, other banking services.

the Bank’s registered office 266–268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City

the Bank’s auditor PricewaterhouseCoopers (Vietnam) Limited

THE BANK’S INFORMATION(continued)


StatEMENt OF tHE RESPONSIBILItY OF tHE BOaRD OF GENERaL DIRECtORS IN RESPECt OF tHE SEPaRatE FINaNCIaL StatEMENtS

The Board of General Directors of Saigon Thuong Tin Commercial Joint Stock Bank (“the Bank”) is responsible for preparation of the separate financial statements which give a true and fair view of the financial position of the Bank as at 31 December 2012 and of its results of operations and cash flows for the year then ended. In preparing these separate financial statements, the Board of General Directors is required to:

¾¾ select suitable accounting policies and then apply them consistently;¾¾ make judgments and estimates that are reasonable and prudent; and¾¾ prepare the separate financial statements on a going concern basis unless it is inappropriate to presume that

the Bank will continue in business.

The Board of General Directors is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Bank and which enable separate financial statements to be prepared which comply with the basis of accounting set out in Note 2 to the separate financial statements. The Board of General Directors is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

aPPROvaL OF tHE SEPaRatE FINaNCIaL StatEMENtS

We hereby approve the accompanying separate financial statements on page 77 to page 82 which give a true and fair view of the financial position of the Bank as at 31 December 2012 and of the results of its operations and cash flows for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam.

Users of these separate financial statements should read them together with the Group’s consolidated financial statements as at 31 December 2012 and of the results of its operations and cash flows for the year then ended in order to obtain full information on the financial position, results of operations and changes in financial position of the Group as a whole.

For and on behalf of the Board of General Directors

Phan Huy KhangGeneral Director

Ho Chi Minh City, SR Vietnam1 April 201

INDEPENDENt aUDItOR’S REPORt tO tHE SHaREHOLDERS OF SaIGON tHUONG tIN COMMERCIaL JOINt StOCK BaNK

We have audited the accompanying separate financial statements of Saigon Thuong Tin Commercial Joint Stock Bank (“the Bank”) which were approved by the Board of General Directors on 1 April 2013. The separate financial statements comprise the balance sheet as at 31 December 2012, the income statement and cash flow statement for the year then ended, and explanatory notes to the separate financial statements including significant accounting policies, as set out on page 77 to 82.

the Board of General Directors’ Responsibility for the separate Financial Statements

The Board of General Directors of the Bank is responsible for the preparation and fair presentation of these separate financial statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of separate financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

auditor’s Responsibility Our responsibility is to express an opinion on these separate financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit in order to obtain reasonable assurance as to whether the separate financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate financial statements. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of material misstatement of the separate financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the separate financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the separate financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the separate financial statements present fairly, in all material respects, the financial position of the Bank as at 31 December 2012, and its financial performance and cash flows for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam.

AudITOR’S REpORTSTATEMENT By THE BOARd OF GENERAl dIREcTORS


Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters:

¾¾ As set out in Note 13.1(ii)(a) of the separate financial statements, the Bank entered into an agreement with Mr. Dang Van Thanh, the Bank’s former Chairman and Mr. Dang Hong Anh, the Bank’s Vice Chairman on 5 December 2012. In accordance with this agreement, the Bank agreed to use the 7.435% stake (79,842,647 shares) of Mr. Dang Van Thanh and Mr. Dang Hong Anh in the Bank to settle underlying related loans, investments in bonds and other receivables at the total agreed value of VND1,596,853 million. Accordingly, these shares were classified as foreclosed assets in the Bank’s financial statements for the year ended 31 December 2012 at the value of VND1,596,853 million. In this case, the Bank has used its own shares as the foreclosed assets. However, the Bank has already reported this agreement to the State Bank of Vietnam in Letter No. 778/CV–KT dated 12 March 2013. The Bank has also informed the State Securities Commission and the Ho Chi Minh Stock Exchange about this agreement.

¾¾ As set out in Note 8.3 of the separate financial statements, in the year of 2012, the Bank granted to a number of companies certain significant loans for a short term of one year for long term purposes to refinance real estate projects. The total aggregate exposure of these loans as at 30 November 2012 and 31 December 2012 was VND7,954,894 million and VND9,019,894 million, respectively. As at 30 November 2012 and 31 December 2012, these loans were still performing and classified in Group 1 – Current. It is evidenced that these loans were granted inappropriately following Decision No.1627/2001/QD–NHNN dated 31 December 2001 regarding regulations on lending by credit institutions and Law on Credit Institutions No. 47/2010/QH12 in respect of conditions for lending, evaluation and decision on lending and monitoring of loan use purpose.

¾¾ As set out in Note 13.1 (iii) of the separate financial statements, in 2012, the Bank signed securities reserve repurchase agreements with a number of individuals. As at 31 December 2012, the total value of these agreements reduced to VND222,009 million from VND757,264 million as at 30 June 2012. This is a new business activity with material value to the Bank and the Bank has prepared its own accounting policy to apply for this activity as presented in Note 2.17. However, the Bank has stopped signing any new securities reserve repurchase agreement since September 2012.

Richard Peters Nguyen Hoang Nam

AC No. N.0561/KTV AC No. 0849/KTVDeputy General DirectorAuthorised signatory

PricewaterhouseCoopers (vietnam) LimitedHo Chi Minh City, SR VietnamReview report number HCM36391 April 2013

As indicated in Note 2.1 to the separate financial statements, the accompanying separate financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than SR Vietnam, and furthermore their utilisation is not designed for those who are not informed about SR Vietnam’s accounting principles, procedures and practices.

as at 31 December

2012 2011Notes Million vND Million vND

a aSSEtS

I Cash, gold, silver and gemstone 3 9,557,433 11,644,700II Balances with the State Bank 4 4,425,789 2,572,440III Placements with and loans to other credit institutions 7,959,841 9,672,9111 Placements with other credit institutions 5 3,350,221 8,693,7342 Loans to other credit institutions 5 4,648,231 980,5423 Less: Provision for losses on loans to other credit institutions 5 (38,611) (1,365)Iv trading securities 1,272,179 349,3551 Trading securities 6 1,424,765 504,7862 Less: Provision for diminution in value of trading securities 6 (152,586) (155,431)v Derivatives financial instruments and other financial assets 7 383,377 2,852vI Loans and advances to customers 92,669,316 77,669,3531 Loans and advances to customers 8 94,079,957 78,448,9282 Less: Provision for losses on loans and advances to customers 8.8 (1,410,641) (779,575)

vII Investment securities 19,922,640 24,368,1771 Available–for–sales investment securities 9.1 19,605,574 24,164,3012 Held–to–maturity investment securities 9.2 800,000 232,1243 Less: Provision for diminution in value of investment securities 9.1, 9.2 (482,934) (28,248)

vIII Investments in other entities and long–term investments 2,057,131 2,463,4181 Investments in subsidiaries 10 1,848,294 1,837,2944 Other long–term investments 11 477,202 783,5825 Less: Provision for diminution in value of investments in other

entities and long–term investments 10, 11

(268,365)

(157,458)IX Fixed assets 4,769,056 3,439,2541 Tangible fixed assets 12 2,434,763 1,847,129a. Historical cost 3,129,056 2,382,776b. Accumulated depreciation (694,293) (535,647)3 Intangible fixed assets 12 2,334,293 1,592,125a. Historical cost 2,609,166 1,757,306b. Accumulated amortisation (274,873) (165,181)XI Other assets 13 8,264,776 7,954,5141 Other receivables 13.1 4,547,096 4,753,7052 Fee and interest income receivables 2,168,218 2,220,9493 Deferred tax assets 34 308,915 –4 Other assets 13.2 1,954,125 979,8605 Provisions for losses on other assets 13.3 (713,578) –

tOtaL aSSEtS 151,281,538 140,136,974

BAlANcE SHEETAudITOR’S REpORT(continued)

FORM B 02/TCTD


Notes

as at 31 December

2012Million vND

2011Million vND

B LIaBILItIES aND EQUItY

I Borrowings from the Government and the State Bank of vietnam

14 – 2,129,609

II Placements and borrowings from other credit institutions 4,684,811 12,440,982

1 Placements from other credit institutions 15 1,088,945 6,277,167

2 Borrowings from other credit institutions 15 3,595,866 6,163,815

III Deposits from customers 16 107,086,505 74,799,927

v Capital financed, entrusted investments and other orrowings 17 4,204,909 4,526,227

vI valuable papers issued 18 7,776,549 17,616,708

vII Other liabilities 14,114,900 14,399,423

1 Fee and interest expense payable 1,282,341 1,284,859

2 Other liabilities 19.1 12,752,871 12,984,672

3 Other provisions 19.2 79,688 129,892

tOtaL LIaBILItIES 137,867,674 125,912,876

vIII EQUItY

1 Capital 10,905,440 10,961,760

a. Charter capital 20.1 10,739,677 10,739,677

b. Share premium 21 1,671,693 1,671,693

c. Treasury share 21 (1,506,878) (1,450,558)

d. Other capital 20.2 948 948

2 Funds of credit institution 21 1,517,850 1,426,322

3 Foreign exchange differences 21 79,046 79,046

5 Undistributed earnings 21 911,528 1,756,970

tOtaL EQUItY 13,413,864 14,224,098

tOtaL LIaBILItIES aND EQUItY 151,281,538 140,136,974

Luu van Hoa Huynh thanh Giang Phan Huy KhangPreparer Chief Accountant General Director 1 April 2013

OFF BaLaNCE SHEEt ItEMS

Notes

as at 31 December

2012Million vND

2011Million vND

I Contingent liabilities 10,987,417 8,263,238

1 Borrowing commitments 37 350,743 35,700

2 Letter of credit commitments 37 7,200,715 5,649,112

3 Other guarantees 37 3,435,959 2,578,426


FORM B 02/TCTDFORM B 02/TCTD

BAlANcE SHEET(continued)

BAlANcE SHEET(continued)


Notes

For the year ended 31 December

2012Million vND

2011Million vND

1 Interest and similar income 23 16,631,311 17,105,1512 Interest and similar expenses 24 (10,387,039) (11,609,503)

I Net interest income 6,244,272 5,495,6483 Fees and commission income 25 1,135,269 1,387,9364 Fees and commission expenses 26 (411,616) (452,496)

II Net fee and commission income 723,653 935,440III Net profit from dealing in foreign currencies, gold

and derivative instruments27 183,356 123,470

Iv Net profit/(loss) from trading of trading securities 28 3,585 (79,609)v Net loss from trading of investment securities 29 (387,086) (10,723)5 Other incomes 38,138 261,0396 Other expenses (80,164) (156,065)

vI Net other (expense)/income 32 (42,026) 104,974vII Income/(loss) from investments in other entities 30 14,829 (58,179)vIII General and administrative expenses 31 (4,092,172) (3,394,750)IX Operating profit before provision for credit losses 2.648.411 3.116.271X Provision for credit losses 5, 8.8,

13.3,19.2 (1,333,855) (376,041)

XI Profit before tax 1,314,556 2,740,2307 Business income tax – current 34 (636,069) (707,045)8 Business income tax – deferred 34 308,915 –

XII Business income tax (327,154) (707,045)

XIII Net profit for the year 987,402 2,033,185



2012Million vND

2011Million vND

CaSH FLOWS FROM OPERatING aCtIvItIES

01 Interest income and similar incomes received 16,517,688 16,441,214

02 Interest expense and similar expenses paid (10,398,239) (11,372,263)

03 Fee and commission income received 723,653 935,440

04 Net amount received from other operating activities (foreign currencies, gold and securities) 277,675 97,421

05 Other incomes 8,834 47,161

07 Payments to employees and for administrative expenses (4,260,250) (2,758,550)

08 Business income tax paid (715,146) (734,117)

NEt CaSH FLOW FROM OPERatING aCtIvItIES BEFORE CHaNGES IN WORKING CaPItaL 2,154,215 2,656,306

Changes in operating assets

11 Decrease in placements with and loans to other credit institutions 198,976 4,352,432

12 Decrease/(increase) in trading securities 2,097,150 (4,348,284)

13 (Increase)/decrease in derivative financial instruments and other financial assets

(380,525)

4,230

14 Increase in loans and advances to customers (16,672,350) (1,983,609)

16 Decrease/(increase) in other operating assets 408,044 (1,012,182)

Decrease in other operating assets as a result of converting Cambodia Branch into the subsidiary – 1,469,922

Changes in operating liabilities

17 Decrease in borrowings from the Government and the SBV (2,129,609) (2,559,192)

18 Decrease in placements and borrowings from other credit institutions (7,756,171) (2,939,188)

19 Increase/(decrease) in deposits from customers 32,286,578 (3,855,860)

20 Decrease in valuable papers issued (9,840,159) (7,329,428)

21 (Decrease)/increase in capital financed, entrusted investments and other borrowings (321,318) 2,292,350

23 (Decrease)/increase in other operating liabilities (1,190,080) 11,752,354

Decrease in other operating liabilities as a result from converting Cambodia Branch into the subsidiary – (305,659)

24 Payments from funds of credit institutions (229,684) (254,142)

I NEt CaSH FLOWS FROM OPERatING aCtIvItIES (1,374,933) (2,059,950)

(direct method)

FORM B 04/TCTDFORM B 03/TCTD

INcOME STATEMENT cASH FlOW STATEMENT



2012Million vND

2011Million vND

CaSH FLOWS FROM INvEStING aCtIvItIES

01 Purchases of fixed assets (758,683) (1,764,720)

02 Proceeds from disposals of fixed assets 18,788 174,973

07 Payments for investments in other entities (11,000) (150,223)

08 Proceeds from disposal of investments in other entities and other long–term investments 85,870 260,686

09 Dividend income and income from investments in other entities 155,615 141,991

Increase in investment as a result of converting Cambodia Branch into the subsidiary – (704,248)

II NEt CaSH FLOWS FROM INvEStING aCtIvItIES (509,410) (2,041,541)

CaSH FLOWS FROM FINaNCING aCtIvItIES

01 Increase in charter capital – 1,560,447

04 Dividends paid (40,103) (1,335,426)

05 Payments for purchasing treasury shares (56,320) (1,450,558)

III NEt CaSH FLOWS FROM FINaNCING aCtIvItIES (96,423) (1,225,537)

Iv NEt DECREaSE IN CaSH aND CaSH EQUIvaLENtS (1,980,766) (5,327,028)

v CaSH aND CaSH EQUIvaLENtS at BEGINNING OF tHE YEaR 18,774,569 24,101,597

vII CaSH aND CaSH EQUIvaLENtS at END OF tHE YEaR 16,793,803 18,774,569


cASH FlOW STATEMENT (direct method) (continued)

FORM B 04/TCTD

CONSOLIDatED FINaNCIaL StatEMENtSFor the year ended 31 December 2012

CONtENtS The Bank’s information

Statement by the Board of General Directors Auditor’s report

Consolidated balance sheet (Form B 02/TCTD – HN)

Consolidated income statement (Form B 03/TCTD – HN)

Consolidated cash flow statement (Form B 04/TCTD – HN)

Notes to theconsolidated financial statements (Form B 05/TCTD – HN)

84

86

87

89

92

93

95


THE BANK’S INFORMATION

Board of General Directors

Mr Phan Huy Khang General Director (appointed on 3 July 2012)Mr Tran Xuan Huy General Director (resigned on 1 June 2012) Ms Quach Thanh Ngoc Thuy Deputy General DirectorMr Ly Hoai Van Deputy General DirectorMr Nguyen Minh Tam Deputy General DirectorMs Duong Hoang Quynh Nhu Deputy General Director (appointed on 14 June 2012)Ms Nguyen Thi Le An Deputy General Director (appointed on 24 July 2012)Ms Ha Quynh Anh Deputy General Director (appointed on 28 June 2012)Ms Nguyen Hai Tam Deputy General Director (appointed on 23 April 2012) (resigned on 28 February 2013)Mr Nguyen Ba Tri Deputy General Director (appointed on 26 July 2012)Mr Phan Dinh Tue Deputy General Director (appointed on 14 June 2012)Mr Bui Van Dung Deputy General Director (appointed on 29 March 2012)Mr Pham Nhat Vinh Deputy General Director (resigned on 1 October 2012)Mr Le Minh Tam Deputy General Director (appointed on 26 March 2012)Mr Dao Nguyen Vu Deputy General Director Mr Nguyen Dang Thanh Deputy General Director (resigned on 14 May 2012)Mr Vo Anh Nhue Deputy General Director (appointed on 1 October 2012)Mr Ho Doan Cuong Deputy General Director (appointed on 1 October 2012) Mr Ha Van Trung Deputy General Director (appointed on 10 October 2012)Mr Ha Ton Trung Hanh Deputy General Director (appointed on 28 February 2013)

PRINCIPaL aCtIvItIES

The principal activities of Sacombank (“the Bank”) are to mobilise short, medium and long–term capital in the form of time deposits, demand deposits, certificates of deposit; receive investment funds; receive capital from local and overseas financial institutions; grant short, medium and long–term loans; discount commercial paper, bonds and valuable documents; investments in subsidiaries, associates, joint–ventures and other companies; provide settlement services to customers; deal in foreign exchange, gold; provide international settlements services; investment in bonds and other securities; provide investment and asset management services, other banking services.

the Bank’s registered office 266–268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City

the Bank’s auditor PricewaterhouseCoopers (Vietnam) Limited

(continued)THE BANK’S INFORMATION

Banking Licence No. 0006/NH–GP dated 5 December 1991

The Banking Licence was issued by the State Bank of Vietnam (“the SBV”) for a period of 50 years from the date of the licence.

Business Registration Certificate No.0301103908 dated 13 January 1992

The Business Registration Certificate and its subsequent amendments were issued by the Planning and Investment Department of Ho Chi Minh City

Board of Management Mr Pham Huu Phu Chairman (appointed on 2 November 2012)Mr Dang Van Thanh Chairman (resigned on 2 November 2012) MemberMr Tram Be Standing Vice Chairman (appointed on 26 May 2012)Mr Dang Hong Anh Member Mr Tran Xuan Huy Member (appointed on 26 May 2012)Ms Huynh Que Ha First Vice Chairwoman (resigned on 26 May 2012)Mr Kieu Huu Dung Vice Chairman and independent member (appointed on 26 May 2012)Mr Tram Khai Hoa Member (appointed on 26 May 2012)Ms Duong Hoang Quynh Nhu Member (appointed on 26 May 2012)Mr Phan Huy Khang Member (appointed on 26 May 2012)Mr Nguyen Mien Tuan Member (appointed on 26 May 2012)Mr Lim Peng Khoon Member (resigned on 26 May 2012)Mr Pham Duy Cuong Member (resigned on 26 May 2012)Mr Nguyen Chau Member (resigned on 26 May 2012)Mr Nguyen Ngoc Thai Binh Member (resigned on 26 May 2012)

Board of Supervisors

Mr Nguyen Tan Thanh Chief SupervisorMr Le Van Tong SupervisorMs Nguyen Thi Thanh Mai Supervisor Mr Nguyen Van Ly Supervisor (appointed on 26 May 2012)


INDEPENDENt aUDItOR’S REPORt tO tHE SHaREHOLDERS OF SaIGON tHUONG tIN COMMERCIaL JOINt StOCK BaNK We have audited the accompanying consolidated financial statements of Saigon Thuong Tin Commercial Joint Stock Bank (“the Bank”) and its subsidiaries (together, “the Group”) as at 31 December 2012 which were approved by the Board of General Directors on 2 April 2013. The consolidated financial statements comprise the balance sheet as at 31 December 2012, the income statement and cash flow statement for the year then ended, and explanatory notes to the consolidated financial statements including significant accounting policies, as set out on page 89 to 173.

the Board of General Directors’ Responsibility for the consolidated Financial Statements

The Board of General Directors of the Bank is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of separate financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit in order to obtain reasonable assurance as to whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Conclusion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2012, and its financial performance and cash flows for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam.

AudITOR’S REpORT

StatEMENt OF tHE RESPONSIBILItY OF tHE BOaRD OF GENERaL DIRECtORS IN RESPECt OF tHE CONSOLIDatED FINaNCIaL StatEMENtS

The Board of General Directors of Saigon Thuong Tin Commercial Joint Stock Bank (“the Bank”) is responsible for preparation of the consolidated financial statements which give a true and fair view of the financial position of the Bank and its subsidiaries (together, “the Group”) as at 31 December 2012 and of its results of operations and cash flows for the year then ended. In preparing these consolidated financial statements, the Board of General Directors is required to:

¾¾ select suitable accounting policies and then apply them consistently;¾¾ make judgments and estimates that are reasonable and prudent; and¾¾ prepare the consolidated financial statements on a going concern basis unless it is inappropriate to presume

that the Group will continue in business.

The Board of General Directors is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Group and which enable consolidated financial statements to be prepared which comply with the basis of accounting set out in Note 2 to the consolidated financial statements. The Board of General Directors is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

aPPROvaL OF tHE CONSOLIDatED FINaNCIaL StatEMENtS

We hereby approve the accompanying consolidated financial statements on page 89 to page 173 which give a true and fair view of the financial position of the Group as at 31 December 2012 and of its results of operations and cash flows for the year then ended, in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam.

For and on behalf of the Board of General Directors

Phan Huy KhangGeneral Director

Ho Chi Minh City, SR Vietnam2 April 2013

STATEMENT By THE BOARd OF GENERAl dIREcTORS


as at 31 December

Notes

2012Million vND

2011Million vND

a aSSEtS

I Cash, gold, silver and gemstone 3 9,703,738 11,857,270II Balances with the State Bank 4 4,598,716 2,807,350III Placements with and loans to other credit institutions 7,574,411 9,621,3091 Placements with other credit institutions 5 2,964,791 8,642,1322 Loans to other credit institutions 5 4,648,231 980,5423 Less: Provision for losses on loans to other credit institutions 5 (38,611) (1,365)Iv trading securities 1,272,179 349,3551 Trading securities 6 1,424,765 504,7862 Less: Provision for diminution in value of trading securities 6 (152,586) (155,431)v Derivatives financial instruments and other financial assets 7 383,377 2,852vI Loans, advances and finance leases to customers 94,887,813 79,726,5471 Loans, advances and finance leases to customers 8 96,334,439 80,539,4872 Less: Provision for losses on loans, advances and finance

leases to customers 8.8 (1,446,626) (812,940)vII Investment securities 19,983,644 24,368,1771 Available–for–sale securities 9.1 19,666,578 24,164,3012 Held–to–maturity securities 9.2 800,000 232,1243 Less: Provision for diminution in value of investment securities 9.1,9.2 (482,934) (28,248)

vIII Investment in other entities and other long–term investments 240,936 665,5113 Investments in associate companies 10 32,099 –4 Other long–term investments 11 477,202 822,9695 Less: Provision for diminution in value of long–term investments 11 (268,365) (157,458)IX Fixed assets 5,218,768 3,707,8631 Tangible fixed assets 12 2,768,831 2,105,523a Historical cost 3,648,790 2,722,323b Accumulated depreciation (879,959) (616,800)2 Leased assets 13 1,031 2,024a Historical cost 1,607 2,337b Accumulated depreciation (576) (313)3 Intangible fixed assets 14 2,448,906 1,600,316a Historical cost 2,739,315 1,769,943b Accumulated amortisation (290,409) (169,627)XI Other assets 8,254,943 8,362,48312345

Other receivables Accrued fees and interest incomes Deferred income tax assets Other assets Provision for losses on other assets

15.1

3615.215.3

4,690,528 2,193,462

308,9151,775,616 (713,578)

5,534,232 2,237,418

–590,833

–

tOtaL aSSEtS 152,118,525 141,468,717

cONSOlIdATEd BAlANcE SHEET FORM B 02/TCTD –HN

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters:

¾¾ As set out in Note 15.1(ii)(a) of the consolidated financial statements, the Bank entered into an agreement with Mr. Dang Van Thanh, the Bank’s former Chairman and Mr. Dang Hong Anh, the Bank’s Vice Chairman on 5 December 2012. In accordance with this agreement, the Bank agreed to use the 7.435% stake (79,842,647 shares) of Mr. Dang Van Thanh and Mr. Dang Hong Anh in the Bank to settle underlying related loans, investments in bonds and other receivables at the total agreed value of VND1,596,853 million. Accordingly, these shares were classified as foreclosed assets in the Group’s consolidated financial statements for the year ended 31 December 2012 at the value of VND1,596,853 million. In this case, the Bank has used its own shares as the fore closed assets. However, the Bank has already reported this agreement to the State Bank of Vietnam in Letter No. 778/CV–KT dated 12 March 2013. The Bank has also informed the State Securities Commission and the Ho Chi Minh Stock Exchange about this agreement.

¾¾ As set out in Note 8.3 of the consolidated financial statements, in the year of 2012, the Bank granted to a number of companies certain significant loans for a short term of one year for long term purposes to refinance real estate projects. The total aggregate exposure of these loans as at 30 November 2012 and 31 December 2012 was VND7,954,894 million and VND9,019,894 million, respectively. As at 30 November 2012 and 31 December 2012, these loans were still performing and classified in Group 1 – Current. It is evidenced that these loans were granted inappropriately following Decision No.1627/2001/QD–NHNN dated 31 December 2001 regarding regulations on lending by credit institutions and Law on Credit Institutions No. 47/2010/QH12 in respect of conditions for lending, evaluation and decision on lending and monitoring of loan use purpose.

¾¾ As set out in Note 15.1 (iii) of the consolidated financial statements, in 2012, the Bank signed securities reserve repurchase agreements with a number of individuals. As at 31 December 2012, the total value of these agreements reduced to VND222,009 million from VND757,264 million as at 30 June 2012. This is a new business activity with material value to the Bank and the Bank has prepared its own accounting policy to apply for this activity as presented in Note 2.17. However, the Bank has stopped signing any new securities reserve repurchase agreement since September 2012.

Richard Peters Nguyen Hoang Nam

AC No. N.0561/KTV AC No. 0849/KTVDeputy General DirectorAuthorised signatory

PricewaterhouseCoopers (vietnam) LimitedHo Chi Minh City, SR VietnamReview report number HCM36492 April 2013

As indicated in Note 2.1 to the consolidated financial statements, the accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than SR Vietnam, and furthermore their utilisation is not designed for those who are not informed about SR Vietnam’s accounting principles, procedures and practices.

The notes on pages 95 to 173 are an integral part of these consolidated financial statements.

AudITOR’S REpORT(continued)


OFF BaLaNCE SHEEt ItEMSas at 31 December

Notes

2012Million vND

2011Million vND

I Contingent liabilities 10,987,417 8,263,238

1 Borrowing commitments 39 350,743 35,700

2 Letter of credit commitments 39 7,200,715 5,649,112

3 Other guarantees 39 3,435,959 2,578,426


FORM B 02/TCTD –HN

as at 31 December

Notes

2012Million vND

2011Million vND

B LIaBILItIES aND EQUItY

I Borrowings from the Government and the State Bank of vietnam

16 – 2,129,609

II Deposits and borrowings from other credit institutions 4,730,526 12,823,5891 Deposits from other credit institutions 17 1,134,660 6,659,775 2 Borrowings from other credit institutions 17 3,595,866 6,163,814 III Deposits from customers 18 107,458,698 75,092,252v Capital financed, entrusted investments and other borrowings 19 4,545,100 4,713,679vI valuable papers issued 20 7,776,549 17,616,708vII Other liabilities 13,908,902 14,545,9971 Accrued fees and interest expenses 1,292,562 1,288,7682 Other liabilities 21.1 12,536,652 13,122,1293 Provision for other liabilities 21.2 79,688 135,100

tOtaL LIaBILItIES 138,419,775 126,921,834

vIII EQUItY1 Capital 10,905,440 10,961,760a. Charter capital 22.1 10,739,677 10,739,677b. Share premium 23 1,671,693 1,671,693c. Treasury share 23 (1,506,878) (1,450,558)d. Other capital 22.2 948 9482 Funds of credit institution 23 1,636,016 1,539,8993 Foreign exchange differences 23 87,640 87,2165 Undistributed earnings 23 1,069,643 1,958,008

tOtaL EQUItY 13,698,739 14,546,883

IX MINORItY INtERESt 23 11 –

tOtaL LIaBILItIES aND EQUItY 152,118,525 141,468,717


cONSOlIdATEd BAlANcE SHEET


(continued)

cONSOlIdATEd BAlANcE SHEET (continued)

The notes on pages 95 to 173 are an integral part of these consolidated financial statements. The notes on pages 95 to 173 are an integral part of these consolidated financial statements.


Year ended 31 December

2012Million vND

2011Million vND

CaSH FLOWS FROM OPERatING aCtIvItIES

01 Interest income and similar income received 16,757,667 17,296,36902 Interest expense and similar expense paid (10,368,650) (11,831,478)03 Fee and commission income received 686,489 1,041,39504 Net amount received/paid from other operating activities

(foreign currencies, gold and securities) 286,504

104,73205 Other (expense)/income (598) 52,07507 Cash paid to employees and for related operating activities (4,242,313) (2,859,254)08 Business income tax paid (750,858) (803,762)

CaSH FLOW FROM OPERatING aCtIvItIES BEFORE CHaNGES IN WORKING CaPItaL 2,368,241 3,000,077

Changes in operating assets11 Decrease in placements with and loans to other credit institutions 251,364 6,203,62512 Decrease/(increase) in trading securities 2,036,146 (4,348,284)13 (Increase)/decrease in derivative financial instruments and other

financial assets

(380,525) 4,23014 Increase in loans, advances and finance leases to customers (16,836,273) (4,274,644)16 Decrease/(increase) in other operating assets 647,271 (1,767,158)

Changes in operating liabilities17 Decrease in borrowings from the Government and

the State Bank of Vietnam (2,129,609) (2,559,192)18 Decrease in placements and borrowings from other credit

institutions (8,093,063) (2,564,000)19 Increase/(decrease) in deposits from customers 32,366,446 (2,508,916)20 Decrease in valuable papers issued (9,840,159) (7,329,428)21 (Decrease)/Increase in capital financed, entrusted investments

and other borrowings

(168,579)

2,479,802 23 (Decrease)/increase in other operating liabilities (1,532,085) 11,230,96024 Payments from funds of credit institution (283,004) (282,538)

NEt CaSH FLOWS FROM OPERatING aCtIvItIES (1,593,829) (2,715,466)

cONSOlIdATEd cASH FlOW STATEMENT FORM B 04/TCTD –HN

(direct method)cONSOlIdATEd INcOME STATEMENT


Notes

2012Million vND

2011Million vND

1 Interest and similar income 26 16,869,623 17,864,2672 Interest and similar expenses 27 (10,372,444) (12,022,040)

I Net interest income 6,497,179 5,842,227

3 Fees and commission income 28 1,292,300 1,685,5904 Fees and commission expenses 29 (605,811) (644,195)II Net fee and commission income 686,489 1,041,395III Net profit from dealing in foreign currencies, gold and

derivatives 30 218,164 204,268

Iv Net profit/(loss) from trading of trading securities 31 3,585 (186,449)v Net loss from trading of investment securities 32 (387,086) (10,723)5 Other incomes 95,324 508,4336 Other expenses (176,891) (402,357)vI Net other (expense)/income (81,567) 106,076vII Loss from investments in other entities 33 (83,412) (242,027)vIII General and administrative expenses 34 (4,154,236) (3,589,136)IX Operating profit before provision for credit losses 2,699,116 3,165,631

X Provision for credit losses 5, 8.8, 15.3, 21.2 (1,331,265) (394,957)

XI Profit before tax 1,367,851 2,770,6747 Business income tax – current 36 (674,396) (774,817)8 Business income tax – deferred 36 308,915 –

XII Business income tax (365,481) (774,817)

XIII Net profit for the year 1,002,370 1,995,857

XIv Minority interest – (70,574)Profit attributable to the equity holders of the Bank during the year

1,002,370 2,066,431

Earnings per share for profit attributable to the equity holders of the Bank during the year vND/share

- Basic earnings per share 24 1,029 2,241



The notes on pages 95 to 173 are an integral part of these consolidated financial statements. The notes on pages 95 to 173 are an integral part of these consolidated financial statements.


1 GENERaL INFORMatION

Saigon Thuong Tin Commercial Joint Stock Bank (herein referred to as “the Bank”) is a joint–stock bank registered in the Socialist Republic of Vietnam. Banking Licence No. 0006/NH–GP was granted to the Bank by the State Bank of Vietnam (“the SBV”) effective on 5 December 1991. The licence is for a period of 50 years from the date of the licence and stipulates an initial share capital of VND3,000 million. The Bank obtained Business Registration Certificate No. 0301103908 dated 13 January 1992 and subsequent amendments which were issued by the Planning and Investment Department of Ho Chi Minh City. The Bank commenced its operation on 21 December 1991. The Bank’s chartered capital as at 31 December 2012 is VND10,739,677million. The revised operation period of the Bank is 100 years.

The principal activities of the Bank are to mobilise short, medium and long–term capital in the form of time deposits, demand deposits, certificates of deposits; receive investment funds; receive capital from local and overseas financial institutions; grant short, medium and long–term loans; discount commercial paper, bonds and valuable documents; investments in subsidiaries, associates, joint–ventures and other companies; provide settlement services to customers; deal in foreign exchange, gold; provide international settlements services; investment in bonds and other securities; provide investment and asset management services, other banking services.

The Bank’s Head Office is located at No. 266–268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City. As at 31 December 2012, the Bank had one Head Office, one main transaction office, 72 branches (including one branch in Laos PDR), 337 transaction offices nationwide and one saving fund.

NOTES TO THE cONSOlIdATEd FINANcIAl STATEMENTS For the year ended 31 december 2012


Notes

2012Million vND

2011Million vND

CaSH FLOWS FROM INvEStING aCtIvItIES

01 Purchases of fixed assets (886,743) (1,873,541)02 Proceeds from disposals of fixed assets 24,496 414,05807 Payments for investments in other entities – (150,223)08 Proceeds from disposals of investments in other entities and

other long–term investments

106,770

260,56509 Dividend income 55,275 108,435

Net cash flow from converting a subsidiary into an associate – 79,046

II Net cash flows from investing activities (700,202) (1,161,660)

CaSH FLOWS FROM FINaNCING aCtIvItIES

01 Increase in charter capital – 1,560,447 04 Dividends paid (40,103) (1,337,624)05 Purchases of treasury shares (56,320) (1,450,558)

III Net cash flows from financing activities (96,423) (1,227,735)Iv Net decrease in cash and cash equivalents (2,390,454) (5,104,861)v Cash and cash equivalents at beginning of the year 25 19,523,985 27,677,230

Net decrease in cash and cash equivalents from disposal of a subsidiary – (3,048,384)

vII Cash and cash equivalents at end of the year 25 17,133,531 19,523,985


cONSOlIdATEd cASH FlOW STATEMENT


(direct method) (continued)

The notes on pages 95 to 173 are an integral part of these consolidated financial statements.


FORM B 05/TCTD-HN

Notes to the coNsolidated fiNaNcial statemeNts for the year ended 31 december 2012 (continued)

FORM B 05/TCTD-HN

NOTES TO THE cONSOlIdATEd FINANcIAl STATEMENTS For the year ended 31 december 2012 (continued)

2 SUMMaRY OF SIGNIFICaNt aCCOUNtING POLICIES

2.1 Basis of preparation of consolidated financial statements

The consolidated financial statements have been prepared in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR Vietnam. The consolidated financial statements have been prepared under the historical cost convention.

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with jurisdictions other than SR Vietnam. The accounting principles and practices utilised in SR Vietnam may differ from those generally accepted in countries and jurisdictions other than SR Vietnam.

2.2 Fiscal year

The Group’s fiscal year is from 1 January to 31 December.

2.3 Currency

The consolidated financial statements are measured in Vietnamese Dong and presented in million Vietnamese Dong.

Transactions arising in foreign currencies are translated at exchange rates ruling at the transaction dates. Foreign exchange different arising from these transactions are recognised in the income statement.

Monetary assets and liabilities denominated in foreign currencies at each month end are translated at the rates of exchange ruling at the month end date. Foreign exchange differences from monthly revaluation are recorded in the foreign currency difference reserve in the balance sheet and transferred to the income statement at the end of the year.

2.4 Consolidation

(i) Subsidiaries

Subsidiaries are those companies over which the Bank has the power to govern the financial and operating policies. Subsidiaries are consolidated from the date on which control is transferred to the Bank. They are de–consolidated from the date on which control ceases.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Bank. The cost of an acquisition is measured as the fair value of the assets given, equities instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date, irrespective of the extent of the minority interest.

1 GENERaL INFORMatION (continued)

As at 31 December 2012, the Bank had following subsidiaries and associate:

Operating Licence

Nature of business

% Direct shareholding by the Bank

% Indirect shareholding

through subsidiary

total % shareholding by the Group

SubsidiariesSacombank Assets Management Co., Ltd.

4104000053 Asset management

100% 0% 100%

Sacombank Leasing Co., Ltd.

04/GP–NHNN Leasing activities 100% 0% 100%

Saigon Thuong Tin Remittance Express Co., Ltd.

90/QĐ–NHNN Money remittance 100% 0% 100%

Saigon Thuong Tin Jewelry Co., Ltd.

4104003812 Process and trade gold and precious metals and gemstone

100% 0% 100%

HyperTech Co.,Ltd. 0305584790 IT services, IT equipment trading and others

0% 100% 100%

Sacombank Cambodia PLC

N.27 Banking 100% 0% 100%

Saigon Thuong Tin Cambodia Jewelry Co., Ltd

Process and trade gold and gemstone and gemstone 0% 99.98% 99.98%

associatesSon Tin Commodity Exchange Joint Stock Company

0309139367 Commodities exchange

0% 20% 20%

As at 31 December 2012, the Bank had 10,310 employees (31 December 2011: 9,596 employees).


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


2 SUMMaRY OF SIGNIFICaNt aCCOUNtING POLICIES (continued)

2.5 Form of record applied

The Bank uses accounting software to record its transactions.

2.6 Interest income and expenses

Interest income and expense are recognised on an accruals basis. Interest income is derecognised when a loan becomes overdue and is recorded off–balance sheet. Interest income on overdue loan is recognised in the income statement on receipt.

2.7 Fees and commissions income

Fees and commission income consists of fees received for settlement services, treasury services, guarantees services and other services. Fees on guarantees services are recognised on an accruals basis. Fees and commissions arising from settlement services, treasury services and other services are recognised on receipt.

2.8 Loans, advances and finance leases to customers

Measurement and recognition of loans, advances and finance leases to customers

Loans, advances and finance leases to customers are stated at the amount of principle outstanding less provision for loss on loans, advances and finance leases to customers.

Short–term debts are those with a repayment date within one year of the debt disbursement date, medium–term debt are those with a final repayment date between one and five years of the debt disbursement date and long–term debts are those with a repayment date of more than five years from the debt disbursement date.

Classification of loans, advances and finance leases to customers

Loans, advances and finance leases to customers are classified into five groups based on the payment arrears status and other qualitative factors as follows:

Group 1: Current– Undue debts which, according to the Group’s assessment, could be fully recovered, both principal

and interest, when they fall due;– Debts which are overdue for less than 10 days and according to the Group’s assessment, could be fully

recovered, both overdue principal and interest in accordance with the remaining payment schedule.

Group 2: Special mention– Debts which are overdue from 10 days to 90 days;– First–time extended debts which, according to the Group’s assessment, could be fully recovered,

both principal and interest, within the rescheduled payment term.

Group 3: Sub–standard– Debts which are overdue from 91 days to 180 days;– First–time rescheduled debts, except for extended debts which are classified in Group 2;– Debts of which interest was waived or reduced because customer was not able to fully repay interest

in accordance with the loan agreement.


2.4 Consolidation (continued)

(i) Subsidiaries (continued)

Inter–company balances, transactions and unrealised gains on transactions between those companies and the Group are eliminated. Unrealised losses are also eliminated unless transactions provide evidence of an impairment of the asset transferred. The accounting policies of subsidiaries have been changed where necessary to ensure the consistency with the policies adopted by the Bank.

Financial statements of foreign subsidiaries are converted for consolidating into the Bank’s financial statements as follows:

a) Assets and liabilities, both monetary and non–monetary, of the foreign subsidiary are translated at the closing rate;

b) Revenue, income and expense items of the foreign subsidiary are translated at the average exchange rate;c) Exchange differences arising from the conversion of the subsidiary’s financial statements are recorded in

the foreign exchange difference reserve under the Group’s equity.

(ii) Minority interest

Minority interest is the portion of the profit or loss and net assets of a subsidiary attributable to equity interest that are not owned, directly or indirectly through subsidiaries, by the parent.

(iii) associates and joint–ventures

Associates are all entities over which the Bank has significant influence but not control.

Joint–venture is a company whereby the Bank and other parties undertake an economic activity which is subject to joint control.

The Bank uses the equity method for consolidating its investments in associates and joint–ventures. The Bank’s share of its associates’ and joint–ventures’ post acquisition profits or losses is recognised in the consolidated income statement. When the Bank’s share of losses in an associate and joint–venture equals or exceeds the carrying amount of its investment in the associate and joint–venture, the Bank does not recognise further losses in its consolidated financial statements, unless it has obligations to pay on behalf of the associate and joint–venture. Accounting policies of associates and joint–ventures have been changed where necessary to ensure consistency with the policies adopted by the Bank.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN



2.8 Loans, advances and finance leases to customers (continued)

Provision for losses on loans, advances and finance leases to customers

The determination of specific provision for credit risk is calculated using set rates applied to each group of debts as follows:

Provision ratesGroup 1 – Current 0%Group 2 – Special mentioned 5%Group 3 – Sub–standard 20%Group 4 – Doubtful 50%Group 5 – Bad 100%

The specific provision is calculated based on net credit exposure of each borrower which equals to debt balance less value of collateral assets. The value of these assets is determined in accordance with Decision 493/2005/QD–NHNN and Decision 18/2007/QD–NHNN.

In accordance with Decision 493/2005/QD–NHNN dated 22 April 2005, a general provision is also required and should be equal to 0.75% of total balance of loans, advances and finance leases to customers and excluding the total balance of loans, advances and finance leases which are classified as bad.

Written off loans, advances and finance leases to customers classified as bad

Debts are written–off at the discretion of the Bank’s Risk Management Committee when they consider that all reasonable efforts for recovery of doubtful debts, including legal actions, have been exhausted. Debts are written–off in accordance with the requirements of Decision 493/2005/QD–NHNN.

After five (05) years since written–off, the debts will be eliminated from off Balance sheet only in the event that the clients are organisations or corporations which are in bankruptcy or in dissolution; or the clients are individuals being in death or lost.

2.9 Off–balance sheet commitments

Off–balance sheet commitments are classified into five groups based on quantitative and qualitative factors as follows:

Group 1: Current– Undue commitments which, according to the Group’s assessment, could be fully settled when they

fall due.

Group 2: Special mentioned– Undue commitments which, according to the Group’s assessment, could not be fully settled when

they fall due.

Group 3: Sub–standard– Undue commitments which, according to the Group’s assessment, could not be fully settled when

they fall due; – Due commitments which are overdue for less than 30 days.


2.8 Loans, advances and finance leases to customers (continued)

Group 4: Doubtful – Debts which are overdue from 181 days to 360 days;– First–time rescheduled debts which are overdue for less than 90 days within the rescheduled

payment term;– Second–time rescheduled debts.

Group 5: Bad– Debts which are overdue for more than 360 days;– First–time rescheduled debts which are overdue for 90 days and more within the rescheduled

payment term;– Second–time rescheduled debts which are overdue within the second–time rescheduled payment term;– Debts which are rescheduled for the third times or more;– Frozen debts and debts which are awaiting resolution.

In accordance with Decision 780/QD–NHNN dated 23 April 2012, credit ratings of rescheduled or extended debts of customers whose business and debt repayment ability are assessed to become positive after their debts are rescheduled or extended are remained unchanged. The Group has applied this Decision since the effective day.

Where a customer owes more than one debt to the Group, and has any of its debts transferred to the group of debts with higher risk, the Group is obliged to classify the remaining debts of such customer into groups of debts with higher risk corresponding with their level of risk.

The Group shall actively classify those debts into groups of debts with higher risk corresponding with their level of risk in the following situations:

– There are indications of adverse impact to the customer’s business environment and sector;– Customer’s financial ratios or repayment capability is weakened;– Customer does not accurately, completely and promptly provide the Group its financial information

for the Group’s assessment of customer’s repayment capability.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN



2.10 Investments (continued)

(a) Trading securities (continued)

Gains or losses from the disposal of trading securities are recognised net in the income statement. The costs of trading securities disposed are determined by using the weighted average method.

(b) Held–to–maturity investment securities

Held–to–maturity investment securities are debt securities, which the Group acquires for investment purpose with fixed or determinable payment and fixed maturities where the Bank’sBoard of General Directors has the positive intention and ability to hold until maturity. Held–to–maturity investment securities are not allowed to be sold off before the maturity date or transferred to trading securities or available–for–sale investment securities.

Held–to–maturity investment securities are initially stated at cost of acquisition. They are subsequently measured at cost less provision. Provision is required when there is evidence of a long–term decline in the value of securities or the Group cannot recover its investments. Premium and discounts arising from purchases of held–to–maturity investment securities are amortised to the income statement using the straight–line basis over the period from the acquisition dates to maturity dates.

Post–acquisition interest income of held–to–maturity investment securities is recognised in the income statement on an accruals basis. Pre–acquisition interest income of held–to–maturity investment securities is deducted against the cost of acquisition.

(c) Available–for–sales investment securities

Available–for–sales investment securities are defined as debt securities or equity securities, which are intended to be held for an indefinite period and may be sold at any time in response to needs for liquidation or changes in interest rates, exchange rates or equity prices.

Available–for–sales investment securities are initially stated at cost of acquisition. They are subsequently measured at cost less provision. Provision is made for available–for–sale investment securities eligible for being freely traded in the market and where there is a diminution in value of these securities. Premium and discounts arising from purchases of available–for–sale investment securities are amortised to the income statement using the straight–line basis over the period from the acquisition dates to maturity dates.

Gains or losses from disposal of available–for–sale securities are recorded net in the income statement. The costs of available–for–sale securities disposed is determined by using the weighted average method.

2.11 Other long–term investments

Other long term investments are investments in the equity of other entities of less than 20% of the voting rights and the Group is the founding shareholder or the strategic investor or has influence over the finance and operation of the investee via written agreement to send personnel to join the Board of Directors/Board of Management of the investee, and the investment is held for more than one year. These investments are initially stated at cost of acquisition and subsequently accounted at cost less provision.


2.9 Off–balance sheet commitments (continued)

Group 4: Doubtful – Undue commitments which, according to the Group’s assessment, could not be fully settled when

they fall due; – Due commitments and contingencies which are overdue from 30 days to 90 days.

Group 5: Bad– Undue commitments which, according to the Group’s assessment, could not be fully settled when

they fall due; – Due commitments which are overdue for more than 90 days.

Provision for losses on off–balance sheet commitments

The determination of specific provision for losses on off–balance sheet commitments is calculated using set rates applied to each group of off–balance sheet commitments as follows:

Provision ratesGroup 1 – Current 0%Group 2 – Special mentioned 5%Group 3 – Sub–standard 20%Group 4 – Doubtful 50%Group 5 – Bad 100%

The specific provision is calculated based on net credit exposure of each customer which equals to off–balance sheet commitment balance less estimated value of collateral assets. The value of these collateral assets is determined in accordance with Decision 493/2005/QD–NHNN and Decision 18/2007/QD–NHNN.

In accordance with Decision 493/2005/QD–NHNN dated 22 April 2005, a general provision is also required and should be equal to 0.75% of total balance of guarantees, loan commitments and settlement acceptances, excluding those are classified as bad.

2.10 Investments

Investments in securities are classified into three categories in accordance with Letter 2601/NHNN–TCKT dated 14 April 2009 issued by the SBV: i) trading securities, ii) held to maturity investment securities or iii) available for sale investment securities. The Group is required to classify investment securities into held–to–maturity investment securities, available for sale investment securities or trading securities at the purchase date.

(a) Trading securities

Trading securities are defined as debt securities or equity securities, which are held for trading and are acquired principally for the purpose of selling in the short–term or if so designated by Management.

Trading securities are initially recognised at cost of acquisition. They are subsequently measured at cost less provision. Provision is made for trading securities eligible for being freely traded in the market and where there is a diminution in value of these securities.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN



2.15 Fixed assets

Tangible and intangible fixed assets

Fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the fixed assets.

Depreciation

Fixed assets are depreciated using the straight–line method to write off the cost of the assets over their estimated useful lives. The principal annual rates used are as follow:

2012 2011Buildings 2%–5% 2%Office equipments 12.5% – 33.3% 12.5% – 33.3%Motor vehicles 10% 16.7%Other assets 4%–10% 10%Computer software 20% 20%

During the year, the Bank changed the depreciation rates of its certain fixed assets in order to provide more reasonable estimated useful lives of those assets (see Note 12).

Land use rights which are granted for a definite term are amortised, using the straight–line method over the terms indicated in the land use right certificate. Land use rights which are granted for an indefinite term are carried out at cost and not amortised.

Disposal

Gains and losses on disposals are determined by comparing net disposal proceeds with the carrying amount and are recognised in the income statement.

2.16 Leased assets

Leases of property, plant and equipment where the lessor has transferred substantially risks and rewards, are classified as finance leases. Finance leases are capitalised at the inception of the lease at the lower of the fair value of leased property or the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charge, are included in long–term borrowings. The interest element of the finance cost is charged to the income statement over the lease period. The property, plant and equipment acquired under finance leasing contracts are depreciated over the shorter of the estimated useful life of the assets or the lease term. However, if there is reasonable certainty that the lessee will obtain ownership by the end of the lease term, depreciation is calculated over the estimated useful life of the assets.

Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight–line basis over the period of the lease.

2.17 Securities reverse repurchase agreements

Securities purchased and under agreement to resell are not recognised as investments in the balance sheet. Cash paid for these transactions is initially recorded as an asset in other assets. These balances are subsequently measured at cost less provision. Provision for these transactions is determined based on Circular 228/2009/TT–BTC dated 7 December 2009 issued by the Ministry of Finance.


2.12 Provision for investments in securities and long term investments

In accordance with Circular 12/2006/TT–BTC issued by the Ministry of Finance (“MoF”) on 21 February 2006 and Letter 2601/NHNN–TCKT issued by the State Bank of Vietnam to credit institution on 14 April 2009, credit institutions are required to make provision for investment in securities and other long term investments in accordance with regulations applicable to corporate which is based on Circular 13/2006/TT–BTC issued on 27 February 2006. Circular 13 has been replaced by Circular 228/2009/TT–BTC issued on 7 December 2009 by the Ministry of Finance.

In accordance with Circular 228/2009/TT–BTC, no provision is required for securities which are not allowed to be freely traded in the market. Provision is required for securities which are freely traded in the market and for which the market value is below the book value.

Provisions are required for trading securities and available–for–sale investment securities when the net realisation value (the market value) is lower than the book value. Provision is required for held–to ¬maturity investment securities when there is indication of long term diminution in value.

Provisions for investment in equity in entities (such as limited liability companies, joint stock companies, partnership, joint ventures and other long term investments) are required if the entities make losses, except when the loss was anticipated in their business plan before the date of investment.

2.13 Provision for other assets

In accordance with Circular 12/2006/TT–BTC issued by the Ministry of Finance (“MoF”) on 21 February 2006, credit institutions are required to make provision for doubtful debts (excluding credit loss provision) in accordance with regulations applicable to corporate which is based on Circular 13/2006/TT–BTC issued on 27 February 2006. Circular 13 has been replaced by Circular 228/2009/TT–BTC issued on 7 December 2009 by the Ministry of Finance.

According to Circular 228/2009/TT–BTC, provision for doubtful receivables are provided primarily based on the overdue status of the receivable amount at the following rates:

Overdue status Provision rateSix months to one year 30%One to two years 50%Two to three years 70%Over three years 100%

2.14 Derivative financial instruments

Derivatives are recorded in a balance sheet account at contract value on the date which a derivative contract is entered into and revalued subsequently at the rate of exchange ruling at month end. Realised gains or losses are recognised in the income statement. Unrealised gains or losses are recognised in foreign exchange revaluation reserves on balance sheet at the month end and transferred to the income statement at the year end.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN



2.21 Current and deferred income tax (continued)

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of occurrence affects neither the accounting nor the taxable profit or loss. Deferred income tax is determined at the tax rates that are expected to apply to the financial year when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

2.22 Share capital

Ordinary shares in issue are classified as equity. Incremental costs directly attributable to the issuance of new shares or options are shown in equity as a deduction from the proceeds.

Where the Bank purchase the Bank’s equity share capital (treasury shares), the consideration paid, including directly attributable incremental costs, is deducted from equity attributable to the Bank’s equity holders until the shares are cancelled or reissued. Where such shares are subsequently sold or reissued, any consideration received less any directly attributable incremental transaction costs is included in equity attributable to the Bank’s equity holders.

2.23 Dividend distribution

Dividend distribution to the Bank’s shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the Bank’s shareholders.

2.24 Science and technology Development Fund

In accordance with applicable regulations and Letter No. 10186/NHNN–TCKT dated 24 December 2009 to the Bank issued by the State Bank of Vietnam, Science and Technology Fund is fully charged to general and administrative expenses when it is set up and credited to a specific account in other liabilities. Subsequently, this fund is used for capital expenditures or revenue expenditures which are qualified to be used from the fund.

2.25 Related parties

Enterprises and individuals that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with the Group are related parties of the Group. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Group that gives them significant influence over the enterprise, key management personnel, including directors and officers of the Group and close members of the family of these individuals and companies associated with these individuals also constitute related parties.

In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form.


2.18 Cash and cash equivalents

Cash and cash equivalents comprise cash, gold, silver and gemstone, demand deposit at the State Bank, demand and term deposits at other credit institutions with an original maturity of three months or less, Government bills and other valuable papers which qualify to be discounted at the State Bank of Vietnam, securities with term of original maturity within three months.

2.19 Provisions

Provisions are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the expenditures expected to be required to settle the obligation. If the time value of money is material, provisions will be measured at their present value using a pre–tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expenses.

2.20 Provision for severance allowances

In accordance with Vietnamese labour laws, employees of the Group are entitled to a severance allowance based on their years of service. This will be paid as a lump sum when the employee leaves the Group. A provision for severance allowance is made for the estimated liability for employment termination as a result of services rendered by employees. Pursuant to Law on Social Insurance, effective from 1 January 2009, the Group is required to contribute to an unemployment insurance fund managed by the Vietnam Social Insurance Agency. With the implementation of the unemployment scheme, the Group is no longer required to provide for the service period after 1 January 2009. However, provision for severance allowance as of 31 December 2012 is determined based on the employees’ number of years of service up to 31 December 2008 and their average salary for the six–month period prior to the balance sheet date.

2.21 Current and deferred income tax

Income taxes include all income taxes which are based on taxable profits including profits generated from production and trading activities in other countries that the Socialist Republic of Vietnam has not signed any double tax relief agreement. Income tax expense comprises current tax expense and deferred tax expense.

Current income tax is the amount of income taxes payable or recoverable in respect of the current year taxable profit and the current tax rates. Current and deferred tax should be recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, directly in equity.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


5 PLaCEMENtS WItH aND LOaNS tO OtHER CREDIt INStItUtIONS31 December 2012

Denominated invietnamese

Dong

Denominated in foreign

currencies and gold total

Million vND Million vND Million vNDPlacements with other credit institutionsDemand deposits with local credit institutions 64,312 325,655 389,967Demand deposits with oversea credit institutions – 2,336,054 2,336,054Term deposits with local credit institutions 124,250 – 124,250Term deposits with oversea credit institutions – 114,520 114,520

188,562 2,776,229 2,964,791Loans to other credit institutionsShort term loans to local credit institutions (*) 4,231,671 416,560 4,648,231

Less: Provision for losses on loans to other credit institutions (38,611) – (38,611)

4,193,060 416,560 4,609,6204,381,622 3,192,789 7,574,411

31 December 2011

Denominated invietnamese

Dong



Million vND Million vND Million vNDPlacements with other credit institutionsDemand deposits with local credit institutions 35,094 1,511,795 1,546,889Demand deposits with oversea credit institutions – 662,024 662,024Term deposits with local credit institutions 2,473,161 3,647,638 6,120,799Term deposits with oversea credit institutions – 312,420 312,420

2,508,255 6,133,877 8,642,132Loans to other credit institutionsShort term loans to local credit institutions 980,542 – 980,542Less: Provision for losses on loans to other credit

institutions (1,365) – (1,365)979,177 – 979,177

3,487,432 6,133,877 9,621,309

(*) Included in loans to other credit institutions at 31 December 2012 is a loan of VND1,900,000 million (at 31 December 2011: nil) granted to Southern Bank, a related party, and a major shareholder of the Bank. (See Note 45 for the outstanding loan balance of Southern Bank as of the date of the consolidated financial statements).

3 CaSH, GOLD, SILvER aND GEMStONE

as at 31 December

2012 2011Million vND Million vND

Cash in VND 1,811,308 2,920,570Cash in foreign currency 1,149,511 1,656,308Gold 6,742,322 7,279,669Valuable documents 597 723

9,703,738 11,857,270

4 BaLaNCES WItH tHE StatE BaNK (“SBv”)

as at 31 December


Deposits at the State Bank of Vietnam– In VND 3,303,102 1,388,927– In USD 480,421 1,070,778Deposits at the State Bank of Laos 642,267 112,796Deposits at the National Bank of Cambodia 172,926 234,849

4,598,716 2,807,350

An obligatory reserve is required to be deposited with the SBV. The balance is adjusted once per month and is calculated as 3% of the average balance of customer deposits with terms within one year in Vietnamese dong and 1% of the average balance of customer deposits with terms from above one year. The balance is adjusted once per month and is calculated as 8% of the average balance of customer deposits with terms within one year in foreign currencies and 6% of the average balance of customer deposits with terms from above one year.

Included in deposits at the State Bank of Laos is the restricted balance for capital contribution of Laos Branch at a minimum balance of 25% of contributed capital of Laos Branch and obligation reserve in accordance to the prevailing Laos regulations.

Included in deposits at the National Bank of Cambodia is a restricted balance of USD3.8 million (as at 31 December 2011: USD3.8 million) for capital contribution which is equal to 10% of the contributed capital of Sacombank Cambodia Bank.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


7 DERIvatIvES aND OtHER FINaNCIaL aSSEtS

31 December 2012

total contract value

(at the foreign exchange rate at

the contract date)

total book value (at the foreign exchange rate

at 31 December 2012)

assets

LiabilitiesMillion vND Million vND Million vND

Derivative currency financial instruments- Forward contracts 1,497,697 – 27,142 - Swap contracts 5,118,397 410,519 –

Total amount was recognised on derivatives financial instruments and other financial assets 6,616,094 410,519 27,142

- Call Options 916,094 – 17,565 - Put Options 747,182 20,450 –

Total amount was recognised in other assets 1,663,276 20,450 17,565

8,279,370 430,969 44,707

31 December 2011

total contract value

(at the foreign exchange rate at

the contract date)

total book (at the foreign exchange rate

at 31 December 2011)

assets

LiabilitiesMillion vND Million vND Million vND

Derivative currency financial instruments- Forward contracts 259,736 – 2,718 - Swap contracts 9,073,127 5,570 –

Total amount was recognised on derivatives financial instruments and other financial assets 9,332,863 5,570 2,718

- Call Options 216,677 – 1,104 - Put Options 217,553 1,680 –

Total amount was recognised in other assets 434,230 1,680 1,104

9,767,093 7,250 3,822

6 tRaDING SECURItIES

as at 31 December


Equity securitiesEquity securities issued by other credit institutions (*) 1,188,898 215,822Equity securities issued by local corporations 235,867 288,964

Total trading securities 1,424,765 504,786

Less: Provision for diminution in value of trading securities (152,586) (155,431)

1,272,179 349,355

(*) Included in equity securities issued by other credit institutions is VND914,432 million (As at 31 December 2011: nil) shares of related parties (Note 41).

as at 31 December


Equity securitiesListed 1,361,515 441,536Non–listed 63,250 63,250

Total trading securities 1,424,765 504,786

Less: Provision for diminution in value of trading securities (152,586) (155,431)1,272,179 349,355


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


8 LOaNS, aDvaNCES aND FINaNCE LEaSES tO CUStOMERS (continued)

8.3 By quality of loans

as at 31 December


Current (*) 93,932,651 79,840,392 Special mentioned 428,714 235,868 Sub–standard 312,084 101,981 Doubtful 764,210 193,335 Loss 896,780 167,911

96,334,439 80,539,487

(*) Included in current loans is VND9,019,894 million of a number of significant loans granted in the year of 2012 with the tenor of one year for the long term purposes to refinance real estate projects. Collateral assets for these loans are summarised as below:

31.12.2012Million vND

Land use rights and related expenses in relation to real estate projects 7,680,709Securities 976,346

8,657,055

8.4 By maturity

as at 31 December


Short–term loans 59,849,996 49,972,927 Medium–term loans 22,652,341 16,330,141 Long–term loans 13,832,102 14,236,419

96,334,439 80,539,487

8 LOaNS, aDvaNCES aND FINaNCE LEaSES tO CUStOMERS

Loans, advances and finance leases to customers were analysed as follows:

8.1 analysis by type of accounts

as at 31 December


Loans to domestic businesses and individuals 92,357,372 77,787,144 Discounted notes and valuable papers 1,514 548,706 Finance leases 943,715 923,953 Loans funded by Government, international and other

institutions 505.323 492.895Loans to foreign businesses and individuals 2,526,515 786,789

96,334,439 80,539,487

Included in loans and advances to customers are the loans of VND765,997 million (As at 31 December 2011: VND3,007,161 million) granted to the Bank’s related parties (Note 41).

8.2 By business sector

as at 31 December


Trading 10,905,997 12,286,051 Agriculture and forestry 10,343,891 9,276,180 Manufacturing and processing 28,548,070 29,064,738 Construction 13,030,751 5,638,495 Individual and community services 10,909,750 6,920,640 Warehousing, transportation and communication 2,724,649 2,035,586 Training and education 2,839,076 2,329,765 Estate agents and consultants 6,751,551 3,569,053 Hotels and restaurants 473,021 988,912 Others 9,807,683 8,430,067

96,334,439 80,539,487


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN



8.8 Provision for losses on loans, advances and finance leases to customers

Specific provision General provision totalMillion vND Million vND Million vND

As at 1 January 2011 218,921 601,682 820,603 Charge for the year 87,028 23,241 110,269 Bad debt written off during the year (47,067) (803) (47,870)Reversal due to disposal of a subsidiary (70,062) – (70,062)

As at 31 December 2011 188,820 624,120 812,940Charge for the year 544,369 91,484 635,853 Effect of foreign exchange differences – (1,701) (1,701)Bad debt written off during the year (466) – (466)As at 31 December 2012 732,723 713,903 1,446,626

9 INvEStMENt SECURItIES

9.1 available–for–sale investment securitiesas at 31 December


Debt securitiesGovernment bonds (i) 11,167,819 7,180,072 Debt securities issued by other credit institutions 5,934,083 12,927,090 Debt securities issued by local corporations (ii) 2,142,077 3,904,987 Debt securities issued by overseas corporations 61,004 –

19,304,983 24,012,149Equity securitiesEquity securities issued by other credit institutions 269,696 34,860 Equity securities issued by local corporations 91,899 117,292

361,595 152,152total available–for–sale securities 19,666,578 24,164,301 Less: Provision for diminution in value of available–for–sale

securities(104,934) (28,248)

19,561,644 24,136,053

(i) As at 31 December 2012, these bonds were all issued by the Government of Vietnam and a local government.

(ii) Included in debt securities issued by local corporations as at 31 December 2012 and 31 December

2011 is respectively VND0 million and VND300,000 million of corporate bonds issued by related parties of the Bank (Note 41).


8.5 By currency

as at 31 December


Denominated in Vietnamese Dong 82,720,987 64,090,562 Denominated in foreign currencies 13,613,452 16,448,925

96,334,439 80,539,487

8.6 By geography

as at 31 December


Ho Chi Minh City 48,437,790 35,387,512 Mekong Delta 13,457,269 11,153,599 Central and Eastern 20,467,422 21,223,154 Northern 11,445,443 10,821,827 Overseas 2,526,515 1,953,395

96,334,439 80,539,487

8.7 By type of customers

as at 31 December


State–owned enterprises 5,907,494 3,677,347 Joint–stock companies 27,063,884 20,086,296 Limited companies 26,137,288 23,774,054 Private enterprises 3,378,908 4,859,534 Co–operatives 89,861 127,391 Joint ventures 28,733 331,227 100% foreign–owned enterprises 175,948 264,200 Individuals 33,453,531 27,254,519 Others 98,792 164,919

96,334,439 80,539,487


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


10 INvEStMENtS IN aSSOCIatES (continued)

10.2 Movement of investments in associates at carrying valueYear ended 31 December


Beginning balance – –Increase in contributed capital in associates 18,481 –Transfer from other long–term investments 13,500 –Shared profit 118Closing balance 32,099 –

11 OtHER LONG–tERM INvEStMENtS

The Group’s other long–term investments are investments in other entities with shareholding of less than 11% and comprise the following companies:

as at 31 December


Credit institutionsListed credit institutions – 167,353 Unlisted credit institutions 1,634 1,634

1,634 168,987Non credit institutionsListed corporations (*) 213,653 266,835Unlisted corporations 261,915 387,147

475,568 653,982total long–term investments in other entities 477,202 822,969Less: Provision for diminution in value of other long–term

investments (268,365) (157,458)208,837 665,511

(*) Included in other long term investments is VND138,700 million investment in a listed entity which is also a related party of the Bank at 31 December 2012 (31.12.2011: nil) (Note 41).

9 INvEStMENt SECURItIES (continued)

9.2 Held–to–maturity investment securities as at 31 December


Debt securities issued by local corporations (*) 800,000 180,000Debt securities issued by overseas entities – 52,124

800,000 232,124Less: Provision for diminution in value of held–to–maturity

investment securities (*) (378,000) –422,000 232,124

(*) The balance as at 31 December 2012 is VND800 billion convertible bond issued by Sacombank Securities Joint Stock Company (“SBS”), a related party of the Bank (31 December 2011: nil). As at 31 December 2012, a provision of VND378,000 million was made for this convertible bond. (See Note 45 for the update on SBS).

The balance of VND180,000 million at 31 December 2011 is investment in bonds issued by a related party of the Bank (Note 41).

10 INvEStMENtS IN aSSOCIatES

10.1 Balances of investments in associates

31 December 2012 31 December 2011at cost Carrying value at cost Carrying value

Million vND Million vND Million vND Million vND

Investments in associates 30,000 32,009 – –

Investment in associates is the investment of a subsidiary of the Bank in Son Tin Commodity Exchange Joint Stock Company (“STE”) on 20 May 2012. The indirect shareholding of the Bank in STE as at 31 December 2012 is 20%.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


12 taNGIBLE FIXED aSSEtS (continued)

Currency: Million vND

2011 BuildingsOffice

equipmentMotor

vehiclesOtherassets total

Historical costAt 1 January 2011 760,896 824,380 188,278 247,672 2,021,226 New purchases 2,567 60,214 36,096 23,396 122,273 Transfers from construction in progress

and purchase of fixed assets (Note 15.1(i)) 609,494 175,846 41,899 88,399 915,638

Decrease from disposal of a subsidiary (115,094) (55,536) (4,789) (19,260) (194,679)Transfers from finance lease assets

(Note 13) – – 492 10,610 11,102Converted a branch into a subsidiary – 2,448 287 45 2,780Disposals (111,082) (25,277) (8,120) (11,538) (156,017)Reclassification (11,546) (21,291) (1,404) 34,241 –At 31 December 2011 1,135,235 960,784 252,739 373,565 2,722,323

accumulated depreciationAt 1 January 2011 (56,049) (272,601) (63,992) (26,190) (418,832)Charge for the year (22,863) (139,431) (31,615) (64,946) (258,855)Transfers from finance lease assets

(Note 13) – – (334) (803) (1,137)Decrease from disposal of a subsidiary 8,026 29,013 1,675 5,196 43,910Utilised Science and Technology

Development Fund (Note 21.1.a) – (10,602) – – (10,602)Converted a branch into a subsidiary – (668) (76) (8) (752)Disposals 14,603 9,237 3,429 2,199 29,468 Reclassification 2,017 1,873 219 (4,109) –At 31 December 2011 (54,266) (383,179) (90,694) (88,661) (616,800)

Net book valueAt 1 January 2011 704,847 551,779 124,286 221,482 1,602,394 At 31 December 2011 1,080,969 577,605 162,045 284,904 2,105,523

Included in office equipment are fixed assets funded by Science and Technology Development Fund with historical cost of VND53,012 million (As at 31 December 2011: VND53,012 million) and accumulated depreciation of VND21,848 million (As at 31 December 2011: VND11,246 million). The accounting policy for those fixed assets is different from similar assets which are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and Technology Development Fund – used (Note 21.1.a).

12 taNGIBLE FIXED aSSEtSCurrency: Million vND

2012 BuildingsOffice

equipmentMotor

vehiclesOtherassets total

Historical costAt 1 January 2012 1,135,235 960,784 252,739 373,565 2,722,323 New purchases 5,594 72,182 53,695 23,243 154,714 Transfers from constructionin progress and purchase of fixedassets (Note 15.1(i)) 501,981 53,292 38,975 63,756 658,004Transfers from finance lease assets (Note 13) – – 1,594 – 1,594Increase from purchase of a subsidiary – 1,948 1,277 19,252 22,477 Other increases (*) 110,085 1,342 – – 111,427 Disposals (428) (9,277) (11,328) (2,505) (23,538)Other movements 1,719 (17) – 87 1,789 At 31 December 2012 1,754,186 1,080,254 336,952 477,398 3,648,790

accumulated depreciationAt 1 January 2012 (54,266) (383,179) (90,694) (88,661) (616,800)Charge for the year (34,371) (108,604) (17,445) (88,457) (248,877)Transfers from finance lease assets (Note 13) – – (247) – (247)Other increases (*) (14,015) (596) – – (14,611)Charge to Science and Technology Development Fund (Note 21.1.a) – (3,893) – – (3,893)Increase from purchase of a subsidiary – (1,517) (633) (6,763) (8,913)Disposals 14 6,722 5,674 886 13,296 Other movements 7 – – 79 86 At 31 December 2012 (102,631) (491,067) (103,345) (182,916) (879,959)

Net book valueAt 1 January 2012 1,080,969 577,605 162,045 284,904 2,105,523 At 31 December 2012 1,651,555 589,187 233,607 294,482 2,768,831

Included in office equipment are fixed assets funded by Science and Technology Development Fund with historical cost of VND53,012 million (As at 31 December 2011: VND53,012 million) and accumulated depreciation of VND25,743 million (As at 31 December 2011: VND21,848 million). The accounting policy for those fixed assets is different from similar assets which are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and Technology Development Fund – used (Note 21.1.a).

As mentioned in Note 2.15, the change of depreciation rates of tangible fixed assets resulted in a lower charge of VND25.554 million to the depreciation expense and Science and Technology Development Fund in the year.

(*) Other increases in historical cost and accumulated depreciation were due to the cancelation of the contracts signed with Thien Son Company to transfer the land use rights and assets of the warehouses no. MN I, II and III and warehouses Lot No. 1, 2, 3, 15, 16, 17, 18, 70, 75, 76 at Song Than I Industrial Park. Accordingly, these fixed assets were recognised again fully.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


14 INtaNGIBLE FIXED aSSEtSCurrency: Million vND

2012Land use

rightsComputer software

Other intangible

fixed assets total

Historical costAt 1 January 2012 1,385,866 384,041 36 1,769,943New purchases 18,182 2,166 – 20,348 Transfers from construction in progress and purchase of fixed assets (Note 15.1(i)) 653,880 89,594 – 743,474Other increases (*) 93,535 115,566 – 209,101 Reclassification 9,817 11 – 9,828 Increase from purchase of a subsidiary – – 241 241Disposals (13,219) (401) – (13,620)At 31 December 2012 2,148,061 590,977 277 2,739,315

accumulated depreciationAt 1 January 2012 (11,236) (158,365) (26) (169,627)Charge for the year (14,898) (75,618) (14) (90,530)Other increases (*) (12,494) (9,388) – (21,882)Utilised Science And Technology Development Fund (Note 21.1.a) – (8,590) – (8,590)Increase from purchase a subsidiary – – (36) (36)Reclassification – (6) – (6)Disposal – 262 – 262 At 31 December 2012 (38,628) (251,705) (76) (290,409)

Net book valueAt 1 January 2012 1,374,630 225,676 10 1,600,316

At 31 December 2012 2,109,433 339,272 201 2,448,906

Included in computer software are fixed assets funded by Science and Technology Development Fund with historical cost is VND42,949 million (As at 31 December 2011: VND42,949 million) and accumulated depreciation is VND25,689 million (As at 31 December 2011: VND17,099 million). The accounting policy for those fixed assets is different from similar assets which are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and Technology Development Fund – used (Note 21.1.a).

(*) Other increases in historical cost and accumulated depreciation were due to the cancelation of the contracts signed with Thien Son Company to transfer the land use rights and assets of the warehouses no. MN I, II and III and warehouses Lot No. 1, 2, 3, 15, 16, 17, 18, 70, 75, 76 at Song Than I Industrial Park. Accordingly, these fixed assets were recognised again fully.

13 FINaNCE LEaSE aSSEtS

2012 Motor vehiclesMillion vND

Historical costAt 1 January 2012 2,337 Additions by new purchase 864 Transfers to tangible fixed assets (Note 12) (1,594)At 31 December 2012 1,607

accumulated depreciationAt 1 January 2012 (313)Charge for the year (413)Transfers to tangible fixed assets (Note 12) 247 Other movements (97)At 31 December 2012 (576)

Net book valueAt 1 January 2012 2,024At 31 December 2012 1,031

2011 Motor vehiclesMillion vND

Historical costAt 1 January 2011 24,249 Additions by new purchase 594 Decrease from disposal of a subsidiary (11,404)Transfers to tangible fixed assets (Note 12) (11,102)At 31 December 2011 2,337

accumulated depreciationAt 1 January 2011Charge for the year (4,362)Decrease from disposal of a subsidiary (367)Transfers to tangible fixed assets (Note 12) 3,279At 31 December 2011 1,137

(313)

Net book valueAt 1 January 2011 19,886At 31 December 2011 2,024


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


15 OtHER aSSEtS

15.1 Other receivables as at 31 December


Construction in progress and purchase of fixed assets (i) 600,501 1,567,033 Foreclosed assets (*) 664,081 412,939 Foreclosed assets – Mr. Dang Van Thanh's family (ii)(a) 1,596,853 –Receivables from Dang Huynh Company (ii) (c) 312,645 –Receivables from Tin Viet Company (ii) (d) 427,503 –Securities reverse repurchase agreements (iii) 222,009 –Receivables from the State Budget (iv) 60,485 99,730 Advances and internal receivables 126,081 173,155 Advances for Head Office rental (Note 40) 29,827 31,087 Receivables from selling securities 107,937 290,223 Other receivables 542,606 1,324,886 Advances for a service agreement – 438,000 Deposit at another bank – 816,000 Recourse factoring (v) – 381,179

4,690,528 5,534,232

(*) These are foreclosed assets whose ownership right has been transferred to certain individuals delegated by the Bank.

(i) Construction in progress and purchase of fixed assetsYear ended 31 December


Beginning balance 1,567,033 1,153,791 Additions 849,271 1,932,399 Transfers to tangible fixed assets (Note 12) (658,004) (915,638)Transfers to intangible fixed assets (Note 14) (743,474) (408,330)Transfer to prepaid expenses and operating expenses (414,325) (184,645)Decrease due to disposal of a subsidiary – (10,544)

Closing balance 600,501 1,567,033

Main constructions in progress are cost of construction of office building and purchase of warehouse.

14 INtaNGIBLE FIXED aSSEtS (continued)Currency: Million vND

2011Computer software

Land use rights

Other intangible

fixed assets total

Historical costAt 1 January 2011 356,010 1,275,381 365 1,631,756New purchases 3,514 – – 3,514Transfers from construction in progress and purchase of fixed assets (Note 15.1(i)) 58,857 349,473 – 408,330Decrease from disposal of a subsidiary (25,599) (58,000) – (83,599)Converted a branch into a subsidiary 1,166 – – 1,166Disposals (9,910) (180,951) (363) (191,224)Reclassification 3 (37) 34 –At 31 December 2011 384,041 1,385,866 36 1,769,943

accumulated depreciationAt 1 January 2011 (105,736) (12,472) (309) (118,517)Charge for the year (59,913) (9,695) (4) (69,612)Utilised Science and Technology Development fund (Note 21.1.a) (8,590) – – (8,590)Decrease from disposal of a subsidiary 11,254 – – 11,254Converted a branch into a subsidiary 433 – – 433Disposals 4,189 10,910 306 15,405Reclassification (2) 21 (19) –At 31 December 2011 (158,365) (11,236) (26) (169,627)

Net book value

At 1 January 2011 250,274 1,262,909 56 1,513,239

At 31 December 2011 225,676 1,374,630 10 1,600,316

Included in computer software are fixed assets funded by Science and Technology Development Fund with historical cost is VND42,949 million (As at 31 December 2010: VND42,949 million) and accumulated depreciation is VND17,099 million (As at 31 December 2010: VND8,509 million). The accounting policy for those fixed assets is different from similar assets which are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and Technology Development Fund – used (Note 21.1.a).


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


15 OtHER aSSEtS (continued)

15.1 Other receivables (continued)

Accordingly, on 11 December 2012, the Bank signed liquidation minutes with the above borrowers, derecognised these loans and bonds and released related collateral assets to these borrowers. The Bank also recognised the full exposure of VND1,596,853 million as the total agreed value of these shares in other assets as repossessed assets.

(b) For those assets transferred to Thien Son Company previously by Sacombank (Warehouses MN1, MN2 and MN3) and Sacombank Assets Management Company (Warehouses Lot No. 1, 2, 3, 15, 16, 17, 18, 70, 75, 76 at Song Than I Industrial Park), Sacombank received them back and returned cash proceed of VND376,410 million to Thien Son Company by the following method:

- Net off with the outstanding loan exposure of VND215,477 million granted to Thien Son Company before;

- Settled those other losses to the Bank with regards to: Land use right at 40E Ut Tich (VND3,000 million), Land use right at Phuoc Trung, Ba Ria Vung Tau (VND1,800 million) and purchase of SacomReal valuation function (VND27,870 million).

- The remaining balance of VND128,263 million was used to net off with receivables from Tin Viet Company as mentioned in item (d) below.

(c) Cancelled the agreement in principle signed with Dang Huynh Company previously in relation to a lease of the land use right at Tan Kim Industrial Park. Dang Huynh Company is obligated to return the advance of VND362,645 million to Sacombank on the following basis:

- VND50,000 million was paid to Sacombank on 7 November 2012 - The remaining balance will be paid quarterly installment within 18 months from the first payment

as mentioned above.

As at 31 December 2012, the outstanding balance due from Dang Huynh Company was VND312,645 million.

(d) Transferred of 17 types of shares in the foreclosed assets at book value to Tin Viet Company at a total value of VND727,503 million. The payment will be made on the following basis:

- VND300,000 million was net off with the surplus arising from item (a) and (b) above;- The remaining balance will be paid semi–annually installment within 2 years.

As at 31 December 2012, the outstanding balance due from Tin Viet Company was VND427,503 million. This balance is secured by 17 types of shares sold as mentioned above.



(ii) Foreclosed assets from Mr. Dang van thanh and Mr. Dang Hong anh

This is the value of foreclosed assets as the Bank’s shares owned by Mr. Dang Van Thanh, the Bank’s former Chairman and Mr. Dang Hong Anh, the Bank’s Vice Chairman to settle for underlying related loans, investments in bonds and other receivables at the total agreed value of the Bank. The total of the settled exposures is VND1,596,853 million. These shares have been blocked at the depository accounts opened at Sacombank Securities Joint Stock Company. The Bank has already reported this agreement to the State Bank of Vietnam in Letter No. 778/CV–KT dated 12 March 2013. The Bank has also informed the State Securities Commission and the Ho Chi Minh Stock Exchange about this agreement.

On 5 December 2012, Sacombank signed an agreement with Mr. Dang Van Thanh and Mr. Dang Hong Anh. In accordance with this agreement, the following have been executed:

(a) Used the 7.435% stake (79,842,647 shares) of Mr. Dang Van Thanh and Mr. Dang Hong Anh in Sacombank at the agreed value of VND20,000/share to: (i) settle VND171,737 million receivable from Tin Viet as mentioned in item (d) below and (ii) extinguish VND1,425,116 million of the following credit exposures in accordance with another non–cancelable agreement signed between Sacombank and Mr. Dang Van Thanh and Mr. Dang Hong Anh and notarised by Public Notary of District 10 on 10 December 2012:

- Loan exposure granted to Saigon Thuong Tin Real Estate Company: VND678,227 million- Investment exposure in bonds issued by Saigon Thuong Tin Real Estate Company: VND329,386

million- Loan exposure granted to ThanhThanh Cong Company: VND18,023 million- Investment exposure in bonds issued by ThanhThanh Cong Company: VND192,341 million- Investment exposure in bonds issued by Dang Huynh Company: VND148,351 million - Loan exposure granted to Thanh Ngoc Company: VND58,788 million.

Under this agreement, Mr. Dang Van Thanh and Mr. Dang Hong Anh fully authorise the Bank’s Board of Management to perform any work in connection with ownership transfer of the above shares on behalf of them, including but not limited to the following:

- Purchase, sell and determine the ownership of these shares;- Liaise and work with Securities Depository Center and/or relevant State authorities and/or relevant

organisations and individuals to perform procedures in connection with these shares as follows:

o Decide to make purchase and sale orders and sign trading order ticket;o Deposit securities;o Withdraw or transfer cash;o Decide and sign documents relating to subscription for purchase of additionally issued shares

or transfer of call options for additionally issued shares arising from ownership of these shares in accounts;

o Perform relevant work and sign relevant documents on capacity of the account owner with respect to these shares in accordance with prevailing regulations.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN



15.3 Provisions for losses on other assets Year ended 31 December


Beginning balance – –Charge for the year 658,166 –Utilisation – –Reclassification from other liabilities (Note 21.2) 55,412 –Closing balance (*) 713,578 –

(*) Provision for other long term assets consists of VND615,505 million of provision for foreclosed assets at 31 December 2012 (at 31 December 2011: nil), VND74,050 million of provision for receivables from selling securities on deferred payment basis (at 31 December 2011: VND50,204 million), VND23,726 million of provision for securities reserve repurchase agreement (at 31 December 2011: nil) and VND297 million of provision for other assets (At 31 December 2011: nil).

16 BORROWINGS FROM tHE GOvERNMENt aND tHE StatE BaNK OF vIEtNaM

as at 31 December


Borrowings by means of discounting, rediscounting valuable papers – 2,129,609

17 PLaCEMENtS aND BORROWINGS FROM OtHER CREDIt INStItUtIONS

31 December 2012

Denominated in vND



Million vND Million vND Million vND

Placements from other credit institutionsDemand deposits 277,978 97,458 375,436 Term deposits – 759,224 759,224

277,978 856,682 1,134,660

Borrowings from other credit institutions 1,160,000 2,435,866 3,595,866

1,437,978 3,292,548 4,730,526



(iii) Securities reverse repurchase agreements

As at 31 December 2012, the Bank had outstanding reverse repurchase agreements singed with a number of individuals for underlying shares of Vietnam Thuong Tin Joint Stock Bank (VND50,000 million), Southern Joint Stock Bank (VND29,654 million) and Lien Viet Post Joint Stock Bank (VND142,356 million).

(iv) Receivables from the State Budget

Included in receivables from the State Budget is VND29,905 million (as at 31 December 2011: VND57,825 million) of interest arose from the interest subsidy programs of the Government.

(v) Recourse factoring

In August 2011, the Bank sold loans and related accrued interests of 9 customers to an individual by a factoring with recourse contract. The payment term is within one year since the date of the contract and will mature in August 2012. The recourse rights can be exercised if the buyer is unable to collect these debts after 1 or 2 years from the contract dates depending on each contract. As at 31 December 2012, the recourse rights have been exercised and therefore, these loans were recognised back in loans to customers and were reclassified in Group 5 – Bad debt.

15.2 Other assets

as at 31 December


Foreclosed assets (*) 1,079,464 –Deferred expenses 659,304 590,833 Other assets 36,848 –

1,775,616 590,833

(*) Foreclosed assets

Foreclosed assets are pledged assets which were used to compensate for bad debts including loans and receivables. Ownership of these assets has been transferred to the Bank.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


18 DEPOSItS FROM CUStOMERS (continued)

18.2 By currency (continued)31 December 2011

Denominated in vND

Million vND

Denominated in foreign currency

and goldMillion vND

totalMillion vND

Current deposits 10,231,530 1,670,458 11,901,988 Term deposits 6,196,720 813,981 7,010,701 Saving deposits 49,291,564 5,963,017 55,254,581 Marginal deposits 60,178 709,207 769,385 Deposits for specific purposes 100,401 55,196 155,597

65,880,393 9,211,859 75,092,252

Included in deposits from customers is VND970,356 million (As at 31 December 2011: VND39,747 million) balance with related parties (Note 41).

18.3 By type of customersas at 31 December

2012 2011vND vND

State–owned enterprises 4,900,183 3,827,212 Local private companies and joint stock companies 14,507,107 10,816,041 100% foreign–owned enterprises 457,283 335,014 Individuals 86,267,870 58,805,979 Others 1,326,255 1,308,006

107,458,698 75,092,252

19 CaPItaL FINaNCED, ENtRUStED INvEStMENtS aND OtHER BORROWINGSas at 31 December


Funds received from RDF (i) 584,599 572,560 Funds received from FMO (ii) 2,489,720 2,356,176 Funds received from SMEDF (iii) 2,500 15,000 Funds received from SMEFP (iv) 96,249 112,316 Funds received from IFC (v) 281,250 343,750 Funds received from ADB (vi) 271,645 370,524 Funds received from PROPARCO (vii) 653,679 801,077 Funds received from MLFIII (viii) 61,318 33,919 Funds received from NORFUND (ix) 104,140 104,010 Funds received from others (x) – 4,347

4,545,100 4,713,679

17 PLaCEMENtS aND BORROWINGS FROM OtHER CREDIt INStItUtIONS (continued)31 December 2011

Denominated in vND



Million vND Million vND Million vNDPlacements from other credit institutionsDemand deposits 391,283 10,188 401,471 Term deposits 4,289,000 1,969,304 6,258,304

4,680,283 1,979,492 6,659,775

Borrowings from other credit institutions 800,000 5,363,814 6,163,814

5,480,283 7,343,306 12,823,589 Included in deposits and borrowings from other credit institutions is VND203 million (as at 31 December 2011: VND515.839 million) deposits and borrowings from related parties (Note 41).

18 DEPOSItS FROM CUStOMERS

18.1 By type of depositsas at 31 December


Current deposits 13,133,828 11,901,988 Term deposits 12,965,106 7,010,701 Saving deposits 80,573,146 55,254,581 Marginal deposits 781,836 769,385 Deposits for specific purposes 4,782 155,597

107,458,698 75,092,252

18.2 By currency31 December 2012

Denominated in vND

Million vND


and goldMillion vND

totalMillion vND

Current deposits 11,966,559 1,167,269 13,133,828 Term deposits 11,285,826 1,679,280 12,965,106 Saving deposits 76,245,895 4,327,251 80,573,146 Marginal deposits 192,976 588,860 781,836 Deposits for specific purposes 1,922 2,860 4,782

99,693,178 7,765,520 107,458,698


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


19 CaPItaL FINaNCED, ENtRUStED INvEStMENtS aND OtHER BORROWINGS (continued)

(vi) Funds received from Asia Development Bank (“ADB”) are used to finance borrowers which are small and medium enterprises (“SME”) in Vietnam. The Credit Facility is not exceeding USD25 million and has a maximum term of 6 years. Interest rates are based on LIBOR. Interest is paid on 30 June and 31 December, annually. The fund will mature in 2015.

(vii) Funds received from Societe De Promotion Et De Participation Pour La Cooperation Economique S.A (“PROPARCO”) are used to finance or refinance medium and long term loans in USD to borrowers in Vietnam. The Credit Facility is not exceeding USD20 million and has a maximum term of 7 years. Interest rates are fixed or floating rates which are determined at the determination date. Interest is paid on 30 April and 31 October, annually. The fund will mature in 2016.

(viii) Funds received from Micro Credit Fund as a part of Rural Development Fund financed by World Bank (“MLFIII”). The funds are used to finance trade retailers. The funds bear a floating interest rate which is determined on each drawdown and will mature in 2031.

(ix) Funds received from Norwegian Investment Fund for Developing Countries (“Norfund”) for a credit facility of US$5 million for 5 years for granting loans to local borrowers at a floating rate of Libor 6 months plus 2.7% p.a.

(x) Funds received from Highway Development Company to entrust the Bank managing the funds. The funds are granted for 6 months at a fixed interest rate of 14% p.a.

20 vaLUaBLE PaPERS ISSUED 31 December 2012

Denominated in vND

Million vND


and goldMillion vND

totalMillion vND

Short–term 5,375,837 2,383,993 7,759,830 Medium–term 9,275 7,444 16,719

5,385,112 2,391,437 7,776,549

31 December 2011

Denominated in vND

Million vND


and goldMillion vND

total Million vND

Short–term 11,615,643 3,680,839 15,296,482Medium–term 1,910,102 410,124 2,320,226

13,525,745 4,090,963 17,616,708

Included in valuable papers issued is VND2,645 million (As at 31 December 2011: nil) balance with related parties (Note 41).

19 CaPItaL FINaNCED, ENtRUStED INvEStMENtS aND OtHER BORROWINGS (continued)

(i) Funds received from the Rural Development Fund (“RDF”) are financed by the World Bank for a term from one to five years at interest rate of 0.5% per year of balance in USD and from 10.08% to 10.3% per year of balance in Vietnamese Dong. These funds are lent to borrowers in accordance with the Decision No. 25/QD–NH21 dated 31 January 1997 issued by the Governor of the State Bank of Vietnam. These funds will mature in 2014.

(ii) Funds received from Financierings – Maatschappij Voor Ontwikkelingslarden (“FMO”), a bank in the Netherland, include 3 agreements as follow:

Fund used for the sole purpose of making housing loans to retail non–business clients which meet certain requirements given by FMO. Interest is paid semi–annually at the average rate of 6 month deposit of Vietcombank, Bank for Investment and Development of Vietnam, Asia Commercial Bank and HSBC Bank (Vietnam) Ltd. The fund will mature in 2016.

Loan agreement for funding US$105 million which is treated as tier 2 capital with term of 10 years and interest rate of USD-ISDA interest rate plus a margin of 5.5% per annum for the first five years and 7.7% per annum for the remaining years. The principle is paid at maturity date and interest is paid semiannually.

(iii) Funds received from the Small and Medium Enterprise Development Fund (“SMEDF”) are financed by the European Commission. The funds are used to finance Vietnamese small and medium enterprises who meet certain conditions required by the project. The interest rate is quoted as either a fixed rate or floating rate. Fixed rate is equal to the rate paid by the Government on its most recently issued five year bonds less a discount rate. Variable rate is equal to the reference interest rate less a discount rate and is determined every six months thereafter. Reference interest rate is the average 6 month VND deposit rate of Vietcombank, Incombank, Bank for Investment and Development of Vietnam and Bank for Agriculture and Rural Development. Discount rate is applied to each type of interest rates and is fixed by the lender on an annual basis. Discountrate for the first year of credit facility is 0.5% for fixed rate or 1% for variable rate. These funds will mature in 2013.

(iv) Funds received from the Small and Medium Enterprise Development Fund (“SMEDF”) are financed by Japan International Cooperation Bank. The funds are used to finance Vietnamese small and medium enterprises. The total facility is VND120 billion at a fixed interest rate equal the Government bond 364 days coupon rate determined at the latest bidding. The first facility from SMEDF II will mature in 2017 and the second facility from SMEDF III will mature in 2020.

(v) Funds received from the International Finance Corporation (“IFC”) are used to finance Vietnamese individuals to purchase and repair houses. The maximum lending period is 10 years and lending currency is Vietnamese dong. The interest rate is determined by a fixed component plus a margin of 1.5% p.a. Prepayment is made each six monthly, starting from 2010. These funds will mature in 2017.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


21 OtHER LIaBILItIES

21.1.a Science and technology Development Fund

as at 31 December


Science and Technology Development Fund – not yet used (i) 4,040 4,040Science and Technology Development Fund–used (ii) 44,528 57,013

48,568 61,053

(i) Movement of Science and Technology Development Fund – not yet used:



Beginning balance 4,040 4,040 Utilisation during the year – –Closing balance 4,040 4,040

(ii) Science and Technology Development Fund–used:



Beginning balance 57,013 76,205Decreases by accumulated depreciation of fixed assets financed by this fund

(12,485) (19,192)

Closing balance 44,528 57,013

21.2 Other provisionsas at 31 December


General provision for losses on credit contingencies and commitments (i)

79,688 79,688

Provision for receivables from customers (ii) – 55,41279,688 135,100

21 OtHER LIaBILItIES

21.1 Other liabilitiesas at 31 December


Remittance in transit payable 320,533 11,664 Payables to the State Budget 184,027 230,856 Payable to customers (i) 1,677,175 11,813,907 Added value gold contracts (ii) 7,864,467 –Unearned interest income 30,901 –Dividends payable (iii) 1,508,330 44,878 Payables to employees 42,608 470,505 Other payables 835,821 472,702 Provision for severance allowance 24,222 16,564 Science and Technology Development Fund (Note 21.1.a) 48,568 61,053

12,536,652 13,122,129

(i) Included in payables to customers are VND1,126,165 million (as at 31 December 2011: Nil) as certificates of deposits which have already matured and awaiting to pay back according to clients’ request and VND545,522 million as gold kept in custodian for customers (as at 31 December 2011: VND11,801,501 million) .

(ii) This is the total value of added value gold contracts.

(iii) Included in dividends payable as at 31 December 2012 is VND1,503,555 million in relation to the 2011 dividend which was ratified at the 2012 Annual General Meeting on 26 May 2012. As at 31 December 2012, the Bank has been waiting for approval of the State Bank of Vietnam and the State Securities Commission of Vietnam to pay these dividends to the shareholders.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


22 CaPItaL (continued)

22.1 Share capital (continued)

(a) Number of shares

as at 31 December

2012 2011Ordinary shares Ordinary shares

Number of shares registered 1,073,967,664 1,073,967,664

Number of shares issued 1,073,967,664 1,073,967,664Number of shares repurchased (100,000,000) (96,343,400)Number of existing shares in issue 973,967,664 977,624,264

b) Details of owners’ shareholding as at 5 February 2013

Ordinary shares %

Shareholding owned by corporations 398,495,407 37Shareholding owned by individuals 675,472,257 63Number of shares 1,073,967,664 100

(c) Movement of share capital

Number of shares Ordinary sharesMillion vND

At 1 January 2011 917,923,013 9,179,230New issues to existing shareholders 135,962,906 1,359,629 New issues to employees 20,081,745 200,818 Purchase of treasury shares (96,343,400) –At 31 December 2011 977,624,264 10,739,677Purchase of treasury shares (3,656,600) –At 31 December 2012 973,967,664 10,739,677

22.2 Other capitalas at 31 December


Capital for finance of fixed assets and capital construction 795 795Others 153 153

948 948

21 OtHER LIaBILItIES (continued)

21.2 Other provisions (continued)

(i) General provision for losses on credit contingencies and commitments



Beginning balance 79,688 52,388 Charge for the year – 27,300 Closing balance 79,688 79,688

(ii) Provision for receivables from customers



Beginning balance 55,412 – Charge for the year – 256,830 Utilisation – (201,418)Reclassification to other assets (*) (55,412) –Closing balance – 55,412

(*) During the year, the Bank reclassified the provision for receivables from customers from other liabilities to be presented in other assets (Note 15.3).

22 CaPItaL

22.1 Share capital

as at 31 December


Issued and fully paid chartered capital 10,739,677 10,739,677


FORM B 05/TCTD-HN


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23 MOvEMENtS IN OWNERS’ EQUItY (continued)

In accordance with Law on Credit Institutions No.47/2010/QH12 effective as of 1 January 2011 and Decree No. 57/2012 dated 20 July 2012 issued by the Government, the Bank is required to establish the following reserves:

¾¾ Reserve for supplementary chartered capital: 5% of the net profit after business income tax each year is allocated until the reserve balance reach 100% of current capital. The reserve for supplementary chartered capital will be transferred to chartered capital upon approval from the SBV.

¾¾ Financial provision fund: 10% of the net profit after business income tax each year is allocated until the reserve balance reaches 25% of the current capital.

Foreign exchange differences

Foreign exchange differences were arised from revaluation of investment to Sacombank Cambodia when converted the branch to be a subsidiary of the Bank.

Other reserves

Other reserves include the fund for investment and development and the welfare and bonus fund. The allocations to the fund for investment and development and welfare and bonus fund have been approved by the Board of Management of the Bank and the Annual General Meeting on 26 May 2012. The use of these funds is in accordance with the Bank’s Charter.

Dividend

A dividend of 14% for 2011 was ratified at the 2012 Annual General Meeting on 26 May 2012 and was reflected in the consolidated financial statements for the year ended 31 December 2012.

Dividends for 2012 to be declared are not accounted for until they have been ratified at the next Annual General Meeting. The Board of Management has planned to propose a dividend distribution at a range from 5% to 6% for the year ended 31 December 2012. The consolidated financial statements for the year ended 31 December 2012 do not reflect this plan, which, if subsequently ratified, will be accounted for in the shareholders’ equity as an appropriation of undistributed earnings in the year ending 31 December 2013.

(*) The purchases of treasury shares in 2011 and 2012 were conducted in accordance with the approval No. 30/BB–HĐĐTTC dated 1 November 2011 of the Bank’s Financial Investment Committee. The purchases were conducted in the period from 15 November 2011 to 16 January 2012.

23

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759,

560

13,9

39,2

06

Net

pro

fit fo

r the

yea

r–

––

––

––

–1,

995,

857

1,99

5,85

7 Ap

prop

riatio

n to

rese

rves

––

––

108,

517

209,

290

–28

2,78

3 (6

00,5

90)

–N

ew is

sues

to e

xistin

g sh

areh

olde

rs1,

359,

629

––

––

––

––

1,35

9,62

9 N

ew is

sues

to e

mpl

oyee

s20

0,81

8–

––

––

––

–20

0,81

8 Pu

rcha

se o

f tre

asur

y sh

ares

(*)

––

–(1

,450

,558

)–

––

––

(1,4

50,5

58)

Divi

dend

s pa

id b

y ca

sh–

––

––

––

–(1

,376

,885

)(1

,376

,885

)Ot

her m

ovem

ents

–

––

–87

,216

–

(517

)86

,699

U

tilise

fund

––

––

––

–(2

82,5

38)

–(2

82,5

38)

Tran

sfer

s to

min

ority

inte

rest

––

––

––

–10

6 74

,549

74

,655

De

crea

se fr

om d

ispos

al o

f a

subs

idia

ry–

––

–(4

6,37

2)(4

0,00

5)65

0(2

0,30

7)10

6,03

4–

At 3

1 De

cem

ber 2

011

10,7

39,6

7794

81,

671,

693

(1,4

50,5

58)

546,

358

828,

581

87,2

1616

4,96

01,

958,

008

14,5

46,8

83N

et p

rofit

for t

he y

ear

––

––

––

––

1,00

2,37

0 1,

002,

370

Appr

opria

tion

to re

serv

es–

––

–37

,483

75

,028

–

267,

187

(379

,698

)–

Purc

hase

of t

reas

ury

shar

es (*

)–

––

(56,

320)

––

––

–(5

6,32

0)Di

vide

nds

––

––

––

––

(1,5

03,5

55)

(1,5

03,5

55)

Recl

assif

icat

ion

––

––

34,1

31

(7,8

36)

–(2

6,29

5)–

–Ot

her m

ovem

ents

–

––

––

–42

4 –

(7,4

82)

(7,0

58)

Util

ise fu

nd–

––

––

(8,0

59)

–(2

75,5

22)

–(2

83,5

81)

At 3

1 De

cem

ber 2

012

10,7

39,6

7794

81,

671,

693

(1,5

06,8

78)

617,

972

887,

714

87,6

4013

0,33

01,

069,

643

13,6

98,7

39

Annual Report 2012 137Annual Report 2012136 Annual Report 2012 137

FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


25 CaSH aND CaSH EQUIvaLENtS

as at 31 December


Cash, gold, silver and gemstone 9,703,738 11,857,270 Balances with the State Bank 4,598,716 2,807,350 Placements with other credits institutions with demand and term of original maturity within 3 months 2,831,077 4,589,365Valuable papers which have maturity date within 3 months from purchasing date – 270,000

17,133,531 19,523,985

26 INtERESt aND SIMILaR INCOMEYear ended 31 December


On loans 13,617,818 13,625,019 On deposits 360,507 1,298,090 On investments 2,500,892 2,706,829 On finance leases 122,349 105,774 Other income from credit activities 268,057 128,555

16,869,623 17,864,267

27 INtERESt aND SIMILaR EXPENSESYear ended 31 December


On deposits 8,125,002 8,934,421 On borrowings 638,545 1,541,729 On certificates of deposits and bonds 1,416,600 1,448,125 Others 192,297 97,765

10,372,444 12,022,040

23 MOvEMENtS IN OWNERS’ EQUItY (continued)

MINORItY INtEREStCurrency: Million vND

Share capital

Share premium Undistributed

earnings

Foreign exchange

differencesOther

reserves total

As at 01 January 2011 555,654 61,189 31,907 730 27,178 676,658Net loss for the year – – (70,574) – – (70,574)Appropriation to reserves – – (3,975) – 3,975 –Payment from reserves – – – – (4,080) (4,080)Received dividends in period – – (33,149) – – (33,149)Disposal of a subsidiary (555,654) (61,189) 75,791 (730) (27,073) (568,855)

As at 31 December 2011 – – – – – –

Shared capital 11 – – – – 11

As at 31 December 2012 11 – – – – 11

24 BaSIC EaRNINGS PER SHaRE

Basic earnings per share is calculated by dividing the net profit attributable to the equity holders of the Bank by the weighted average number of ordinary shares in issue during the year.

Year ended 31 December2012 2011

Million vND Million vND

Profit attributable to the equity holders of the Bank (million VND)

1,002,370 2,066,431

Net profit used to determine basic EPS (million VND) 1,002,370 2,066,431 Weighted average number of ordinary shares in issue (share) 973,967,664 922,149,772 Basic earnings per share (VND per share) 1,029 2,241


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


31 NEt PROFIt/(LOSS) FROM tRaDING OF tRaDING SECURItIES



Income from trading of trading securities 19,236 85,170 Less: Expensesfor trading of trading securities (18,496) (158,657)Reversal/(charged) for diminution in value of trading securities 2,845 (112,962)

3,585 (186,449)

32 NEt LOSS FROM tRaDING OF INvEStMENt SECURItIES Year ended 31 December


Income from trading of investment securities 78,309 7,645 Less: Expenses for trading of investment securities (10,709) (122)Charge for provision for diminution in value of investment securities (454,686) (18,246)

(387,086) (10,723)

33 LOSS FROM INvEStMENtS IN OtHER ENtItIES Year ended 31 December


Dividend income from trading equity securities 32,356 34,665 Dividend income from investment equity securities 6,400 12,896 Dividend income from other long–term investments 16,519 25,229 Income/(loss) from disposal of long–term investments 6,842 (158,569)Share of profit of investment in associates 118 –Goodwill 1,981 –Provision charged for diminution in value of long–term investments (147,628) (156,248)

(83,412) (242,027)

28 FEES aND COMMISSION INCOMEYear ended 31 December


Guarantees 110,799 149,510 Settlement services 411,071 697,261 Cash services 120,255 131,736 Services for securities activities – 55,119 Rental activities 131,208 46,383 Other services 518,967 605,581 1,292,300 1,685,590

29 FEES aND COMMISSION EXPENSESYear ended 31 December


On settlement activities 101,310 89,809Postage and telecommunication 62,392 57,801 Commission 47,261 122,124 Other expenses 394,848 374,461

605,811 644,195

30 NEt PROFIt FROM DEaLING IN FOREIGN CURRENCIES, GOLD aND DERIvatIvES



Gains from dealing in foreign currencies, gold and derivative instruments 704,062 1,232,328Losses from dealing in foreign currencies, gold and derivative instruments

(428,478) (1,163,553)

Gains from revaluation in foreign currencies, gold and derivative instruments

25,059 188,613

Losses from revaluation in foreign currencies, gold and derivative instruments

(82,479) (53,120)

218,164 204,268


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


36 BUSINESS INCOME taX (“BIt”) (continued)



Current business income tax (672,990) (774,817)Income tax on land use right transfer (1,406) –Deferred business income tax 308,915 –

(365,481) (774,817)

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same taxation authority. The offset amounts are as follows:

as at 31 December


Deferred tax assets:Deferred tax asset to be recovered after more than 12 months 308,915 –

308,915 –

The movement in deferred tax assets during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:



Beginning of year – –Credited to the income statement 308,915 –

End of year 308,915 –

Deferred tax assets arose from provision for investment in held–to–maturity bonds (VND94,500 million), provision for long–term investments (VND42,727 million), provision for other assets (VND165,769 million) and severance allowance (VND5,919 million).

34 GENERaL aND aDMINIStRatIvE EXPENSESYear ended 31 December


Tax, duties and fees 115,870 96,029 Salaries and related expenses 2,101,396 1,944,550 Depreciation 339,820 328,834 Assets rental 528,510 421,408 Expenses related to assets rental and others 10,746 –Administrative expenses 963,156 718,188 Deposit insurance premiums 94,738 80,127

4,154,236 3,589,136

35 vaLUE aDDED taX

Earned fees and commissions are subject to value added tax at the rate of 10% under the deduction method. All other banking activities of the Bank are exempt from value added tax.

36 BUSINESS INCOME taX (“BIt”)

Business income tax charge at a rate of 25% for the year ended 31 December 2012 is based on the estimated taxable income and is subject to the review and possible adjustment by the tax authorities.



Net profit before tax 1,367,851 2,770,674

Tax 341,963 719,257Effect of:

Tax on income not subject to tax (27,633) (54,351)Tax on non–deductible expenses 368,751 104,465 Difference in tax rate of the overseas business activitiesDifference in tax ratio of the overseas business activities

- 1,291

5,361-

Underprovided for previous years 6,071 85 Adjustments relating to the cancellation of the sales of assets in prior year (Note 12 (*) and Note 14 (*)) (16,747) –

Income tax from land use right transfer 1,406 –Tax deduction (706) –

Current business income tax charge 674,396 774,817


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


39 CONtINGENCIES aND COMMItMENtS (continued)31 December 2012

Denominated in vND

Million vND

Denominated in foreign currencies

Million vNDtotal

Million vNDLetters of credit at sight 1,514 3,538,974 3,540,488 Deferred letters of credit – 2,108,624 2,108,624 Borrowing guarantees 35,700 – 35,700 Payment guarantees 1,421,269 63,487 1,484,756 Performance guarantees 350,177 24,167 374,344 Bidding guarantees 97,083 2,605 99,688 Other guarantees 318,914 300,724 619,638 Foreign currency buying spot transactions – 2,395,720 2,395,720 Foreign currency selling spot transactions – 2,313,784 2,313,784 Foreign currency buying swap transactions 55,478 14,151,758 14,207,236 Foreign currency selling swap transactions 1,482,623 12,447,245 13,929,868 Foreign currency received call options – 433,353 433,353 Foreign currency received put options – 435,106 435,106

3,762,758 38,215,547 41,978,305

In the normal course of business, the Group makes various commitments and incurs certain contingent liabilities that are presented off balance sheet. The commitments and contingent liabilities include guarantees, letters of credit, foreign currency forward contracts and undue spot contracts. The Group does not anticipate any significant losses as a result of these transactions.

40 OtHER COMMItMENtS as at 31 December


Commitments under operating lease (i) 10,377,425 1,523,112Capital commitments (ii) 195,009 364,148

Total minimum payments 10,572,434 1,887,260

(i) Commitments under operating lease represent the future minimum lease under a non–cancellable operating lease. According to Office Rental Lease Contract No. 39/2006/HDTVP dated 8 April 2006 and revised contract No.241/2012/HDTVP dated 19 December 2011 between Sacombank (lessee) and Tadimex (lessor), for leasing the building at 266–268 Nam Ky Khoi Nghia, District 3, Ho Chi Minh City with the term of 34 years from the initial contract date to 31 December 2045. Current monthly rental fees are VND364,500 (2011: VND128,755) and VND729,000 (2011: VND257,509) per square metre for the basement and the other floors, respectively. The rental fee for the year 2013 onwards will increase by 5% (2011: 1%) annually.

(ii) Capital commitments represent payable contractible value in relation with the purchase of assets or

construction in progress.

37 OBLIGatIONS tO tHE StatE BUDGEt

Items

1 January 2012

Million vND

Movements During the year 31 December 2012

Million vNDPayable

Million vNDPayments

Million vND

VAT (20,063) 201,874 (184,398) (2,587)BIT 172,006 674,396 (750,858) 95,544 Other taxes 39,700 314,439 (265,234) 88,905 Other fees 3,031 325,009 (325,875) 2,165

194,674 1,515,718 (1,526,365) 184,027

38 EMPLOYEES RENUMERatION Year ended 31 December


Number of employees 10,310 9,596Employees remunerationTotal salary fund 1,527,351 1,106,137Bonus 249,503 513,961Total remuneration 1,776,854 1,620,098Average annual salary/employee 148 115Average annual remuneration/employee 172 169

39 CONtINGENCIES aND COMMItMENtS

The aggregate amounts of outstanding guarantees, letters of credit and other commitments at the end of the period were:

31 December 2012

Denominated in vND

Million vND

Denominated in foreign currencies

Million vNDtotal

Million vNDLetters of credit at sight – 5,361,888 5,361,888 Deferred letters of credit – 1,838,827 1,838,827 Borrowing guarantees 331,906 18,837 350,743 Payment guarantees 1,781,095 57,731 1,838,826 Performance guarantees 353,719 23,405 377,124 Bidding guarantees 124,694 8,038 132,732 Other guarantees 426,567 660,710 1,087,277 Foreign currency buying spot transactions – 148,607 148,607 Foreign currency selling spot transactions – 341,487 341,487 Foreign currency paid swap transactions 158,148 10,021,045 10,179,193 Foreign currency received swap transactions 103,439 9,270,756 9,374,195 Foreign currency received call options – 1,664,515 1,664,515 Foreign currency received put options – 1,662,247 1,662,247

3,279,568 31,078,093 34,357,661


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

N

FORM

B 0

5/TC

TD-H

N

41

RELa

tED

PaRt

Y tR

aNSa

CtIO

NS

aND

BaLa

NCE

S (c

ontin

ued)

Year

from

1 J

anua

ry 2

011

to 3

1 De

cem

ber 2

011

Curre

ncy:

Mill

ion

vND

asso

ciat

esKe

y m

anag

emen

t

Parti

es re

leva

nt

to k

ey

man

agem

ent (

*)M

ajor

sh

areh

olde

rsOt

hers

tota

l

Inte

rest

inco

me

and

simila

r inc

ome

––

455,

904

––

455,

904

Inte

rest

exp

ense

and

sim

ilar e

xpen

ses

–84

8 40

,440

–

– 41

,288

Fee

and

com

miss

ion

inco

me

– –

9,77

8 –

–9,

778

Divi

dend

s pa

ymen

t–

––

–13

1,38

5 13

1,38

5Ge

nera

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adm

inist

ratio

n ex

pens

es–

–37

,834

–

–37

,834

Othe

r inc

ome

––

1,99

7 –

–1,

997

Othe

r exp

ense

––

384

––

384

Rem

uner

atio

n of

Boa

rd o

f Man

agem

ent

–18

,600

–

––

18,6

00Re

mun

erat

ion

of B

oard

of G

ener

al D

irect

ors

–24

,547

–

––

24,5

47

as a

t 31

Dece

mbe

r 201

2

Curre

ncy:

Mill

ion

vND

asso

ciat

esKe

y m

anag

emen

t

Parti

es re

leva

nt

to k

ey

man

agem

ent (

*)M

ajor

sh

areh

olde

rsOt

hers

tota

lPl

acem

ents

with

and

loan

s to

oth

er c

redi

t ins

titut

ions

––

–1,

900,

000

–1,

900,

000

Trad

ing

secu

ritie

s–

––

914,

432

–91

4,43

2Lo

ans

to c

usto

mer

s–

–76

5,99

7–

–76

5,99

7In

vest

men

t sec

uriti

es –

Hel

d–to

–mat

urity

––

800,

000

––

800,

000

Long

–ter

m in

vest

men

ts–

–13

8,70

0 –

–13

8,70

0Ot

her a

sset

s–

–66

,751

–

–66

,751

Depo

sits

and

borro

win

gs fr

om o

ther

cre

dit i

nstit

utio

ns–

–16

8 35

–

203

Depo

sits

from

cus

tom

ers

–10

9,81

3 86

0,54

3 –

–97

0,35

6Ce

rtific

ate

of d

epos

its–

2,64

5 –

––

2,64

5Ot

her l

iabi

litie

s–

529

26,3

78

––

26,9

07

41

RELa

tED

PaRt

Y tR

aNSa

CtIO

NS

aND

BaLa

NCE

S

Durin

g th

e pe

riod,

the

Grou

p ha

d th

e fo

llow

ing

trans

actio

ns a

nd b

alan

ces

with

rela

ted

parti

es:

Year

from

1 J

anua

ry 2

012

to 3

1 De

cem

ber 2

012

Curre

ncy:

Mill

ion

vND

asso

ciat

esKe

y m

anag

emen

t

Parti

es re

leva

nt

to k

ey

man

agem

ent (

*)M

ajor

sh

areh

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hers

tota

l

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rest

inco

me

and

simila

r inc

ome

––

932,

667

9,29

2 –

941,

959

Inte

rest

exp

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and

sim

ilar e

xpen

ses

–15

,629

13

5,22

0 31

4,92

7 –

465,

776

Fee

and

com

miss

ion

inco

me

–12

3,

758

––

3,77

0Fe

e an

d co

mm

issio

n ex

pens

es–

–38

2 –

–38

2Pu

rcha

se o

f deb

ts–

–1,

200,

000

––

1,20

0,00

0Re

mun

erat

ion

of B

oard

of M

anag

emen

t–

62,9

57

––

–62

,957

Rem

uner

atio

n of

Boa

rd o

f Gen

eral

Dire

ctor

s–

43,7

23

––

–43

,723

(*)

This

is ne

t inc

ome

of th

e Bo

ard

of M

anag

emen

t and

the

Boar

d of

Gen

eral

Dire

ctor

s af

ter d

educ

ting

pers

onal

inco

me

tax

(VN

D48,

096

mill

ion)

whi

ch w

as p

aid

by th

e Ba

nk a

nd re

cord

ed in

the

expe

nses

in 2

012.

Be

sides

, the

re w

ere

som

e sig

nific

ant t

rans

actio

ns w

ith re

late

d pa

rties

mad

e du

ring

the

year

of 2

012

as fo

llow

s:

(i)

On 2

8 Fe

brua

ry 2

012,

the

Bank

fore

clos

ed c

erta

in a

sset

s fro

m S

BS to

set

tle it

s du

e lo

ans.

The

tota

l val

ue o

f the

se lo

ans

is VN

D645

,521

mill

ion.

The

fore

clos

ed

asse

t por

tfolio

was

val

ued

at V

ND6

23,8

20 m

illio

n. T

he d

iffer

ence

was

reco

rded

as

a re

duct

ion

to th

e in

tere

st in

com

e w

hich

had

bee

n ac

crue

d be

fore

. The

val

ue

afte

r pro

visio

n of

thos

e fo

recl

osed

ass

ets

at 3

1 De

cem

ber 2

012

was

VN

D386

,264

mill

ion.

(ii)

The

agre

emen

t on

rece

ivin

g fo

recl

osed

ass

ets

of M

r. Da

ng V

an T

hanh

and

Mr.

Dang

Hon

g An

h is

pres

ente

d in

Not

e 15

.1 (i

i)


FORM B 05/TCTD-HN


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

N

43 FINaNCIaL RISK MaNaGEMENt

The Group’s business involves taking on risks in a targeted manner and managing them professionally. The core functions of the Group’s risk management are to identify all key risks for the Group, measure these risks, manage the risk positions and determine capitalallocations. The Group regularly reviews its risk management policies and systems to reflect changes in markets, products and best market practice.

The Group’s aim is to achieve an appropriate balance between risk and return and minimise potential adverse effects on the Group’s financial performance.

The Group defines risk as the possibility of losses or profits foregone, which may be caused by internal or external factors.

Risk management is carried out by a risk management department under policies approved by the Board of General Directors. The Risk Management Department identifies, evaluates and hedges financial risks in close co–operation with the Group’s operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non–derivative financial instruments. In addition, internal audit is responsible for the independent review of risk management and the control environment.

The risks arising from financial instruments to which the Group is exposed are financial risks, which includes credit risk, liquidity risk, market risk and operational risk.

43.1 Credit risk

Credit risk is the risk of suffering financial loss, should any of the Group’s customers, clients or market counterparties fail to fulfil their contractual obligations to the Group. Credit risk arises mainly from lending activities and financial guarantees under many ways.

The Group is also exposed to other credit risks arising from investments in debt securities and other exposures arising from its trading activities (‘trading exposures’), including non–equity trading portfolio assets, derivatives and settlement balances with market counterparties.

Credit risk is the single largest risk for the Group’s business; management therefore carefully manages its exposure to credit risk. The credit risk management and control are centralised in a credit risk management team, which reports to the Board of General Directors and head of each business unit regularly.

41

RELa

tED

PaRt

Y tR

aNSa

CtIO

NS

aND

BaLa

NCE

S (c

ontin

ued)

as a

t 31

Dece

mbe

r 201

1 Cu

rrenc

y: M

illio

n vN

D

asso

ciat

esKe

y m

anag

emen

t

Parti

es re

leva

nt

to k

ey

man

agem

ent (

*)M

ajor

sh

areh

olde

rsOt

hers

tota

l

Loan

s to

cus

tom

ers

––

3,00

7,16

1 –

–3,

007,

161

Inve

stm

ent s

ecur

ities

– A

vaila

ble–

for s

ale

––

300,

000

––

300,

000

Inve

stm

ent s

ecur

ities

– H

eld–

to–m

atur

ity–

–18

0,00

0 –

–18

0,00

0Ot

her a

sset

s–

–20

5,45

6 –

38,2

13

243,

669

Depo

sits

and

borro

win

gs fr

om o

ther

cre

dit i

nstit

utio

ns–

–51

5,83

9 –

–51

5,83

9De

posit

s fro

m c

usto

mer

s–

39,7

47

––

–39

,747

(*)

Parti

es re

leva

nt to

key

man

agem

ent a

re th

e fo

llow

ing

parti

es:

(i)

Entit

ies

are

cont

rolle

d or

join

tly c

ontro

lled

by k

ey m

anag

emen

t or c

lose

mem

ber o

f key

man

agem

ent’s

fam

ily.

(ii)

Entit

iesw

hich

key

man

agem

ent o

r clo

se m

embe

r of k

ey m

anag

emen

t’s fa

mily

has

sig

nific

ant i

nflu

ence

ove

r or a

re m

embe

rs o

f the

key

man

agem

ent p

erso

nnel

of

thes

e en

titie

s.

42

CON

CEN

tRat

ION

S OF

aSS

EtS

aND

LIaB

ILIt

IES

BY G

EOGR

aPH

ICaL

aRE

a

Plac

emen

ts

with

and

loan

s to

oth

er c

redi

t in

stitu

tions

Loan

s to

cu

stom

ers

Depo

sits

and

bo

rrow

ings

from

cu

stom

ers

and

othe

r cre

dit

inst

itutio

nsDe

posi

ts fr

om

cust

omer

sFu

nd re

ceiv

edCe

rtific

ate

of

depo

sits

Cred

it co

mm

itmen

ts

Deriv

ativ

es

finan

cial

in

stru

men

ts(to

tal c

ontra

ct

valu

e)

Net

trad

ing

and

inve

stm

ent

secu

ritie

sM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

D

Dom

estic

5,

162,

448

93,8

07,9

24

3,98

7,84

2 10

6,36

1,63

5 –

7,77

6,54

95,

114,

598

2,76

5,50

722

,213

,441

Over

seas

2,45

0,57

4 2,

526,

515

742,

684

1,09

7,06

3 4,

545,

100

–5,

872,

819

5,51

3,86

394

,100

7,61

3,02

2 96

,334

,439

4,

730,

526

107,

458,

698

4,54

5,10

0 7,

776,

549

10,9

87,4

178,

279,

370

22.3

07.5

41


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


43 FINaNCIaL RISK MaNaGEMENt (continued)

43.1 Credit risk (continued)

43.1.2 Credit risk limit control and mitigation policies (continued)

For secured loans, collateral is independently valued by the Group from which it applies specific discount rates to determine the maximum amount of loans that can be granted. The specific discount rates for each type of collateral are guided under Decision 493/2005/QD-NHNN dated 22 April 2005 and Decision 18/2007/QĐ-NHNN dated 25 April 2007 of the State Bank of Vietnam and are adjusted by the Group on case-by-case basis. When the value of collateral is reduced, the Group will ask the borrower to provide additional collateral to maintain the security over the loan exposure.

Credit related commitments mainly include letters of credit and financial guarantee contracts which carry the same credit risk as loans. Documentary and commercial letters of credit – which are written undertakings by the Group on behalf of a customer authorising a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions – are collateralised by the underlying shipments of goods to which they relate and therefore carry less risk than a direct loan. Issuance of financial guarantee contracts and letters of credit are subject to the same credit assessment and approval process as those for loans and advances to customers, unless the customer places 100% margin deposits for the related commitment.



43.1.1 Credit risk measurement and provisioning policies

(a) Loans and guarantees to customers

Credit risk measurement is carried out before and during loan period.

The Group has developed models to support the quantification of the credit risk. These rating and scoring models are in use for all key credit portfolios and form the basis for measuring default risks before and during loan period.

The Group applies Decision 493/2005/QD–NHNN dated 22 April 2005, Decision 18/2007/QĐ–NHNN dated 25 April 2007 and Decision 780/QD–NHNN dated 23 April 2012 of the State Bank of Vietnam for measurement of credit risk and estimate of provision for loans and guarantees to customers as presented in Note 2.8 and Note 2.9.

(b) Debt securities

The Group’s investment in debt securities are those issued by the Government, reputable credit institutions and economic organisations. The credit risk management is measured on a case–by–case basis when the Group assesses that the risk profile of the counterparty is changed. The investments in those securities are viewed as a way to gain a better credit quality mapping and maintain a readily available source to meet the funding requirement at the same time.

43.1.2 Credit risk limit control and mitigation policies

The Group manages credit risk by placing limits on exposures (for both on and off balance sheet exposures) in relation to one borrower, or groups of borrowers in accordance with regulation of the State Bank of Vietnam. In addition, exposure to credit risk is also managed through regularly reviewing the acceptance classes of collateral and analysing the ability of borrowers and potential borrowers to meet interest and capital repayment obligations.

The Group has a range of policies and practices to mitigate credit risk. The most traditional of these is the taking of security for funds advances, which is common practice. The principal collateral types for loans and advances are:

- Mortgages over residential properties; - Charges over business assets such as premises, machineries and equipment, inventory and accounts

receivable; - Charges over financial instruments such as debt securities and equities.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN




43.1.4 Collaterals

(i) Collaterals for loans and advances to customers

As a common practice in Vietnam, the Group normally takes security for loans and advances to customers. The main types of collateral obtained by the Group are as follows:

as at 31 December


Real estate 99,441,086 87,652,798 Machinery, tools 4,639,429 4,587,163 Vehicles 5,114,432 6,545,859 Inventories 6,011,755 7,686,786 Valuable papers 55,176,237 14,303,534 Others 11,688,724 5,983,998

182,071,663 126,760,138

Customers’ assets held as collateral are recorded off balance sheet at values determined by the Bank and not discounted in accordance with State Bank of Vietnam regulations.

(ii) For other assets

as at 31 December


Unlisted securities 869,859 –


43.1 Credit risk (continued) 43.1.3 Maximum exposure to credit risk before collateral held or other credit enhancements

The maximum exposure to credit risk of each financial asset group is the gross carrying amount reported in the balance sheet as follows:

as at 31 December


Credit risk exposures relating to on–balance sheet assets:Balances with the State Bank 4,598,716 2,807,350 Placements with and loans to other credit institutions 7,613,022 9,621,309 Loans and advances to customers:

– To individuals 33,453,531 27,507,141 – To corporate entities 62,880,908 53,032,346

Derivatives and other financial assets 383,377 2,852 Investment securities:

– Debt securities – available for sale 19,304,983 24,012,151 – Debt securities – held to maturity 800,000 232,124

Other financial assets 3,562,733 5,647,042

132,597,270 122,862,315

Credit risk exposures relating to off–balance sheet items:Financial guarantees 3,786,702 2,614,126 Letters of credit commitment 7,200,715 5,649,112

10,987,417 8,263,238

The above table represents a worst case scenario of credit risk exposure of the Group at 31 December 2012 and 31 December 2011 without taking account of any collateral held or other credit enhancements attached.


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

N

FORM

B 0

5/TC

TD-H

N

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.1

Cr

edit

risk

(con

tinue

d)

43.1

.5 C

redi

t qua

lity

Cred

it qu

ality

is s

umm

arise

d as

follo

ws:

as a

t 31

Dece

mbe

r 201

2

Bala

nces

with

th

e St

ate

Bank

Plac

emen

ts

with

and

loan

s to

oth

er c

redi

t in

stitu

tions

Loan

s an

d ad

vanc

es to

cu

stom

ers

Deriv

ativ

es

and

othe

r fin

anci

al

inst

rum

ents

Debt

sec

uriti

es

Othe

r fin

anci

al

asse

ts (*

)to

tal

Mill

ion

vND

Mill

ion

vND

Mill

ion

vND

Mill

ion

vND

Mill

ion

vND

Mill

ion

vND

Mill

ion

vND

Bala

nces

nei

ther

pas

t due

nor

pro

vide

d

4,59

8,71

6 7,

613,

022

90,4

88,2

72

383,

377

19,3

04,9

83

3,31

2,44

112

5,70

0,81

1Ba

lanc

es p

ast d

ue b

ut n

ot p

rovi

ded

(i)–

–3,

444,

379

––

–3,

444,

379

Bala

nces

with

pro

visio

n (ii

)–

–2,

401,

788

–80

0,00

0 25

0,29

23,

452,

080

Gros

s va

lue

4,59

8,71

6 7,

613,

022

96,3

34,4

39

383,

377

20,1

04,9

83

3,56

2,73

313

2,59

7,27

0Le

ss: p

rovi

sion

for c

redi

t risk

–(3

8,61

1)(1

,446

,626

)–

(378

,000

)(9

7,77

6)(1

,961

,013

)

Net

val

ue4,

598,

716

7,57

4,41

1 94

,887

,813

38

3,37

7 19

,726

,983

3,

464,

957

130,

636,

257

Prov

isio

n fo

r cre

dit r

isk

Spec

ific

prov

ision

–

–73

2,72

3 –

378,

000

97,7

761,

208,

499

Gene

ral p

rovi

sion

–38

,611

71

3,90

3 –

––

752,

514

–38

,611

1,

446,

626

–37

8,00

0 97

,776

1,96

1,01

3

(*)

Fina

ncia

l ass

ets

do n

ot in

clud

e fo

recl

osed

ass

ets.

Curre

ncy:

Mill

ion

vND

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.1

Cr

edit

risk

(con

tinue

d)

43.1

.5 C

redi

t qua

lity

(con

tinue

d)

as a

t 31

Dece

mbe

r 201

1Ba

lanc

es w

ith

the

Stat

e Ba

nk

Plac

emen

ts

with

and

loan

s to

oth

er c

redi

t in

stitu

tions

Loan

s an

d ad

vanc

es to

cu

stom

ers

Deriv

ativ

es

and

othe

r fin

anci

al

inst

rum

ents

Debt

sec

uriti

esOt

her f

inan

cial

as

sets

(*)

tota

lM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DM

illio

n vN

DBa

lanc

es n

eith

er p

ast d

ue n

or p

rovi

ded

2,

807,

350

9,6

21,3

09

78,3

74,3

93

2,85

224

,244

,275

5,53

0,13

512

0,58

0,31

4Ba

lanc

es p

ast d

ue b

ut n

ot p

rovi

ded

(i)–

– 1

,465

,999

–

––

1,46

5,99

9Ba

lanc

es w

ith p

rovi

sion

(ii)

––

699,

095

––

116,

907

816,

002

Gros

s va

lue

2,80

7,35

0 9

,621

,309

8

0,53

9,48

7 2,

852

24,2

44,2

755,

647,

042

122,

862,

315

Less

: pro

visio

n fo

r cre

dit r

isk–

(1,3

65)

(812

,940

)–

–(5

5,41

2)(8

69,7

17)

Net

val

ue2,

807,

350

9,61

9,94

479

,726

,547

2,85

224

,244

,275

5,59

1,63

012

1,99

2,59

8Pr

ovis

ion

for c

redi

t ris

k Sp

ecifi

c pr

ovisi

on

––

188,

820

––

55,4

1224

4,23

2Ge

nera

l pro

visio

n–

1,36

562

4,12

0–

––

625,

485

–1,

365

812,

940

––

55,4

1286

9,71

7. (*

) Fin

anci

al a

sset

s do

not

incl

ude

fore

clos

ed a

sset

s.

Curre

ncy:

Mill

ion

vND


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN




43.1.6 Concentration of risks of financial assets with credit risk exposure

(a) Geographical sectors

The following table breaks down the Group’s main credit exposures at their carrying amounts, as categorised by geographical region as at 31 December 2012 and 31 December 2011. For this table, the Group has allocated exposures to regions based on the country of domicile of the counterparties.

2012 vietnam Cambodia Laos totalMillion vND Million vND Million vND Million vND

Balances with the State Bank 3,783,524 172,926 642,266 4,598,716 Placements with and loans to other credit institutions 7,351,106 135,507 126,409 7,613,022Loans and advances to customers:– To individuals 33,038,244 – 415,287 33,453,531 – To corporate entities 60,769,680 1,310,768 800,460 62,880,908 Derivatives and other financial assets 383,377 – – 383,377 Investment securities:– Debt securities – available for sale 19,243,979 61,004 – 19,304,983 – Debt securities – held to maturity 800,000 – – 800,000 Other financial assets 3,495,894 60,515 6,324 3,562,733

At 31 December 2012 128,865,804 1,740,720 1,990,746 132,597,270

Credit risk exposures relating to off–balance sheet items:Financial guarantees 3,767,865 – 18,837 3,786,702 Letters of credit commitment 7,200,715 – – 7,200,715

At 31 December 2012 10,968,580 – 18,837 10,987,417



43.1.5 Credit quality (continued)

(i) Balances past due but not provided

as at 31 December 2012 Individual Corporate entity totalMillion vND Million vND Million vND

Loans to customers 1,073,085 2,371,294 3,444,379 Book value of collateral assets 1,078,956 2,502,389 3,581,345 Amount of undercollateralisation – – –


Loans to customers 580,217 885,782 1,465,999Book value of collateral assets 1,428,339 1,813,211 3,241,550Amount of undercollateralisation – – –

(ii) Balances with provision


Loans to customers 535,543 1,866,245 2,401,788 Debt securities – 800,000 800,000 Other financial assets – 250,292 250,292

Gross amount 535,543 2,916,537 3,452,080

Book value of collateral assets 1,090,236 1,604,831 2,695,067 Specific provision made 349,022 866,457 1,215,479


Loans to customers 183,545 515,550 699,095Other financial assets – 116,907 116,907Gross amount 183,545 632,457 816,002

Book value of collateral assets 333,854 741,622 1,075,476Specific provision made 124,314 119,918 244,232


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

NFORM B 05/TCTD-HN


43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.1

Cr

edit

risk

(con

tinue

d)

43.1

.6 C

once

ntra

tion

of ri

sks

of fi

nanc

ial a

sset

s w

ith c

redi

t ris

k ex

posu

re (c

ontin

ued)

(b)

Indu

stry

sec

tor

The

follo

win

g ta

ble

brea

ks d

own

the

Grou

p’s

mai

n cr

edit

expo

sure

s at

thei

r car

ryin

g am

ount

s, a

s ca

tego

rised

by

the

indu

stry

sec

tors

of t

he c

ount

erpa

rties

:

Curre

ncy:

Mill

ion

vND

2012

Fina

ncia

l in

stitu

tions

and

St

ate

Man

ufac

turin

gRe

al e

stat

e

Who

le–s

ale

and

reta

il tra

dePu

blic

se

ctor

Cons

truct

ion

agric

ultu

re

and

fore

stry

Othe

rsto

tal

Bala

nces

with

the

Stat

e Ba

nk4,

598,

716

––

––

––

–4,

598,

716

Plac

emen

ts w

ith a

nd lo

ans

to

othe

r cre

dit i

nstit

utio

ns (*

)7,

613,

022

––

––

––

–7,

613,

022

Loan

s an

d fin

ance

leas

es to

cus

tom

ers

(*)

5,51

6 28

,548

,070

6,

751,

551

10,9

05,9

99

10,8

95,1

62

13,0

30,7

5110

,343

,891

15,8

53,4

9996

,334

,439

Deriv

ativ

es a

nd o

ther

fina

ncia

l ins

trum

ents

409,

539

(26,

135)

(27)

––

––

–38

3,37

7De

bt s

ecur

ities

17,9

62,9

06

–1,

000,

000

––

1,14

2,07

7–

–20

,104

,983

Othe

r fin

anci

al a

sset

s (*

)1,

303,

550

179,

994

177,

956

91,9

85

123,

639

312,

784

169,

679

1,20

3,14

63,

562,

733

As a

t 31

Dece

mbe

r 201

231

,893

,249

28

,701

,929

7,

929,

480

10,9

97,9

84

11,0

18,8

01

14,4

85,6

1210

,513

,570

17,0

56,6

4513

2,59

7,27

0

Cred

it ris

k ex

posu

res

rela

ting

to o

ff–ba

lanc

e sh

eet i

tem

s ar

e as

follo

ws:

Fina

ncia

l in

stitu

tions

and

St

ate

Man

ufac

turin

gRe

al e

stat

e

Who

le–s

ale

and

reta

il tra

dePu

blic

se

ctor

Cons

truct

ion

agric

ultu

re

and

fore

stry

Othe

rsto

tal

Fina

ncia

l gua

rant

ees

–42

9,38

3 –

1,06

3,31

165

,320

472,

585

149,

194

1,60

6,90

93,

786,

702

Lette

rs o

f cre

dit c

omm

itmen

t–

3,89

7,03

0 –

220,

454

12,7

74

256,

528

201,

528

2,61

2,40

17,

200,

715

As a

t 31

Dece

mbe

r 201

2–

4,32

6,41

3 –

1,28

3,76

5 78

,094

72

9,11

335

0,72

24,

219,

310

10,9

87,4

17

(*) T

he a

bove

bal

ance

s ex

clud

e pr

ovisi

on.



43.1.6 Concentration of risks of financial assets with credit risk exposure (continued)

(a) Geographical sectors (continued)

2011 vietnam Cambodia Laos totalMillion vND Million vND Million vND Million vND

Balances with the State Bank 2,459,705 234,849 112,796 2,807,350 Placements with and loans to other credit institutions

9,133,350 165,177

322,782

9,621,309

Loans and advances to customers:– To individuals 27,016,129 324,513 166,499 27,507,141 – To corporate entities 51,569,963 842,093 620,290 53,032,346 Derivatives and other financial assets 2,852 – – 2,852 Investment securities:– Debt securities – available for sale 24,012,151 – – 24,012,151 – Debt securities – held to maturity 180,000 – 52,124 232,124 Other financial assets 5,642,075 – 4,967 5,647,042

At 31 December 2011 120,016,225 1,566,632 1,279,458 122,862,315

Credit risk exposures relating to off–balance sheet items:Financial guarantees 2,614,126 – – 2,614,126 Letters of credit commitment 5,649,112 – – 5,649,112

At 31 December 2011 8,263,238 – – 8,263,238


FORM B 05/TCTD-HN


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

N


43.2 Market risk

The Group takes on exposure to market risks, which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks arise from open positions in interest rate, currency and equity products, all of which are exposed to general and specific market movements and changes in the level of volatility of market rates or prices such as interest rates, credit spreads, foreign exchange rates and equity prices.

43.2.1 Foreign exchange risk

Foreign exchange risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Group was incorporated and operates in Vietnam, with VND as its functional currency. The major currency in which the Group transacts is VND. The exchange rate between VND and foreign currencies during the year fluctuated significantly. The Group’s loans and advances were mainly denominated in VND with the remainder mainly in USD. However, some of the Group other assets are in currencies other than the functional currency and USD. The Group management has set limits on positions by currency. Positions are monitored on a daily basis and hedging strategies used to ensure positions are maintained within established limits.

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.1

Cr

edit

risk

(con

tinue

d)

43.1

.6 C

once

ntra

tion

of ri

sks

of fi

nanc

ial a

sset

s w

ith c

redi

t ris

k ex

posu

re (c

ontin

ued)

(b)

Indu

stry

sec

tor (

cont

inue

d)

Cu

rrenc

y: M

illio

n vN

D20

11Fi

nanc

ial

inst

itutio

ns a

nd

Stat

eM

anuf

actu

ring

Real

est

ate

Who

le–s

ale

and

reta

il tra

dePu

blic

se

ctor

Cons

truct

ion

agric

ultu

re

and

fore

stry

Othe

rsto

tal

Bala

nces

with

the

Stat

e Ba

nk2,

807,

350

––

––

––

–2,

807,

350

Plac

emen

ts w

ith a

nd lo

ans

to o

ther

cr

edit

inst

itutio

ns (*

)9,

621,

309

––

––

––

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621,

309

Loan

s an

d fin

ance

leas

es to

cus

tom

ers

(*)

–29

,064

,737

3,5

69,0

52 1

2,28

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5 6

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,640

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95

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80

13,7

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18

80,5

39,4

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rivat

ives

and

oth

er fi

nanc

ial i

nstru

men

ts–

2,85

2–

––

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852

Debt

sec

uriti

es20

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– 2

,050

,008

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–

1

,554

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0,00

024

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,275

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r fin

anci

al a

sset

s (*

)2,

691,

924

184,

155

287,

513

200,

382

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4317

3,85

913

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939,

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2

As a

t 31

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mbe

r 201

135

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,251

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906,

573

12,4

88,3

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12

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5

Cred

it ris

k ex

posu

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rela

ting

to o

ff–ba

lanc

e sh

eet i

tem

s ar

e as

follo

ws:

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ncia

l in

stitu

tions

and

St

ate

Man

ufac

turin

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al e

stat

e

Who

le–s

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il tra

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blic

se

ctor

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truct

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agric

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re

and

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stry

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Fina

ncia

l gua

rant

ees

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349

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4

33

260

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97

101

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,536

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tters

of c

redi

t com

mitm

ent

–

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10

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96

210

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2

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84

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As a

t 31

Dece

mbe

r 201

11,

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3,3

96,8

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5,4

29

471

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7

7,82

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94

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3,

369,

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8

(*) T

he a

bove

bal

ance

s ex

clud

e pr

ovisi

on.


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

NO

TES

TO T

HE c

ON

SOlI

dAT

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INA

Nc

IAl

STAT

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TS

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ear e

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31

dec

embe

r 201

2 (c

ontin

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)

FORM

B 0

5/TC

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N

FORM

B 0

5/TC

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N

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.2

M

arke

t ris

k (c

ontin

ued)

43.2

.1 F

orei

gn e

xcha

nge

risk

(con

tinue

d)

Curre

ncy:

Mill

ion

vND

as a

t 31

Dece

mbe

r 201

1vN

DU

SDGO

LDEU

RJP

YaU

DCa

DOt

hers

tota

las

sets

Ca

sh, g

old,

silv

er a

nd g

emst

one

2,92

0,57

094

7,91

37,

279,

669

200,

977

56,6

7619

2,55

315

4,05

010

4,86

211

,857

,270

Bala

nces

with

the

Stat

e Ba

nk

1,

388,

927

1,3

30,0

81–

–

–

–

–

88

,342

2,

807,

350

Plac

emen

ts w

ith a

nd lo

ans

to o

ther

cre

dit i

nstit

utio

ns (*

) 3,

488,

797

4,83

1,62

3 1,

060,

800

26,7

9320

,716

142,

034

22,1

5629

,755

9,62

2,67

4Tr

adin

g se

curit

ies

(*)

504,

786

––

––

––

–50

4,78

6De

rivat

ives

fina

ncia

l ins

trum

ents

and

oth

er fi

nanc

ial a

sset

s –

–5,

259,

856

––

––

19,6

655,

279,

521

Loan

s an

d fin

ance

leas

es to

cus

tom

ers

(*)

64,0

90,5

6214

,573

,130

1,55

6,02

318

0,01

5–

––

139,

757

80,5

39,4

87In

vest

men

t sec

uriti

es (*

)24

,344

,301

––

––

––

52,1

2424

,396

,425

Othe

r lon

g–te

rm in

vest

men

ts (*

)82

2,96

9–

––

––

––

822,

969

Fixe

d as

sets

3,

670,

144

––

––

––

37,7

193,

707,

863

Othe

r ass

ets

6,95

5,14

330

9,71

884

3,93

337

16,

177

26,2

4912

,925

207,

957

8,36

2,47

3

tota

l ass

ets

108,

186,

199

21,9

92,4

6516

,000

,281

408,

156

83,5

6936

0,83

618

9,13

168

0,18

114

7,90

0,81

8

Liab

ilitie

s an

d eq

uity

Borro

win

gs fr

om th

e Go

vern

men

t and

the

Stat

e Ba

nk o

f Vie

tnam

2,12

9,60

9–

––

––

––

2,12

9,60

9De

posit

s an

d bo

rrow

ings

from

oth

er c

redi

t ins

titut

ions

5,

632,

840

7,19

0,06

9–

358

305

2–

1512

,823

,589

Deriv

ativ

es fi

nanc

ial i

nstru

men

ts a

nd o

ther

fina

ncia

l lia

bilit

ies

1,62

8,66

888

4,81

9–

1,21

0,06

060

,223

659,

684

812,

231

20,9

845,

276,

669

Depo

sits

from

cus

tom

ers

65,8

80,3

938,

634,

351

61,0

6919

0,10

99,

088

15,0

729,

332

292,

838

75,0

92,2

52Ca

pita

l fin

ance

d, e

ntru

sted

inve

stm

ents

and

oth

er b

orro

win

gs1,

189,

835

3,52

3,84

4–

––

––

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713,

679

Valu

able

pap

ers

issue

d13

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46,9

694,

043,

994

––

––

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,616

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Othe

r lia

bilit

ies

(*)

2,00

4,85

324

1,34

611

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2,12

21,

169

38,4

2816

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282,

731

14,4

10,8

97Ca

pita

l and

rese

rves

14,5

46,8

83–

––

––

––

14,5

46,8

83

tota

l lia

bilit

ies

and

equi

ty10

6,53

8,82

620

,521

,398

15,9

28,5

801,

402,

649

70,7

8571

3,18

683

8,29

459

6,56

814

6,61

0,28

6

Net

on–

bala

nce

shee

t pos

ition

1,64

7,37

31,

471,

067

71,7

01(9

94,4

93)

12,7

84(3

52,3

50)

(649

,163

)83

,613

1,29

0,53

2N

et o

ff–ba

lanc

e sh

eet p

ositi

on–

(1,9

61,5

05)

3,26

41,

048,

980

(13,

682)

354,

283

650,

684

(88)

81,9

36

tota

l pos

ition

1,64

7,37

3(4

90,4

38)

74,9

6554

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(898

)1,

933

1,52

183

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2,46

8

(*)

The

abov

e ba

lanc

es e

xclu

de p

rovi

sion.

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.2

M

arke

t ris

k

43.2

.1 F

orei

gn e

xcha

nge

risk

(con

tinue

d)

The

tabl

e be

low

sum

mar

ises

the

Grou

p’s

expo

sure

to c

urre

ncy

risk

at 3

1 De

cem

ber 2

012.

Cu

rrenc

y: M

illio

n vN

Das

at 3

1 De

cem

ber 2

012

vND

GOLD

USD

EUR

JPY

aUD

CaD

Othe

rsto

tal

asse

ts

Cash

, gol

d, s

ilver

and

gem

ston

e1,

811,

308

6,74

2,32

2 85

4,10

8 96

,439

15

,181

68

,455

79,5

6536

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9,70

3,73

8Ba

lanc

es w

ith th

e St

ate

Bank

3,

303,

102

–70

3,18

4 –

––

–59

2,43

04,

598,

716

Plac

emen

ts w

ith a

nd lo

ans

to o

ther

cre

dit i

nstit

utio

ns (*

) 4,

420,

233

–2,

957,

832

22,1

58

40,5

31

94,0

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64,4

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022

Trad

ing

secu

ritie

s (*

)1,

424,

765

––

––

––

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424,

765

Deriv

ativ

es fi

nanc

ial i

nstru

men

ts a

nd o

ther

fina

ncia

l ass

ets

– 4,

651,

188

––

––

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,507

4,71

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ans

and

finan

ce le

ases

to c

usto

mer

s (*

)82

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1,

429,

223

11,2

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237,

571

––

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stm

ent s

ecur

ities

(*)

20,4

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–

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stm

ents

(*)

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ts

4,84

4,84

4 –

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s (*

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1,83

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ets

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16,0

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72

358,

003

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171,

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3

Liab

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d eq

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Borro

win

gs fr

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vern

men

t and

the

Stat

e Ba

nk o

f Vie

tnam

––

––

––

––

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posit

s an

d bo

rrow

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from

oth

er c

redi

t ins

titut

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1,

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Deriv

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es fi

nanc

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men

ts a

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ther

fina

ncia

l lia

bilit

ies

1,04

6,46

3 –

2,72

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6 7,

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men

ts a

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row

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le p

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4 –

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s (*

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pita

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5 –

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tota

l lia

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and

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6,90

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Net

on–

bala

nce

shee

t pos

ition

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Net

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nce

shee

t pos

ition

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(1

91,9

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l pos

ition

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(*)

The

abov

e ba

lanc

es e

xclu

de p

rovi

sion.


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

NFORM B 05/TCTD-HN


43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.2

M

arke

t ris

k (c

ontin

ued)

43.2

.2 I

nter

est r

ate

risk

(con

tinue

d)

The

tabl

e be

low

sum

mar

ies

the

Grou

p’s

expo

sure

to in

tere

st ra

te ri

sk. I

t inc

lude

s th

e Gr

oup’

s fin

anci

al in

stru

men

ts a

t car

ryin

g am

ount

s, c

ateg

orise

d by

the

earli

er o

f co

ntra

ctua

l rep

ricin

g or

mat

urity

dat

es:

Curre

ncy:

Mill

ion

vND

as a

t 31

Dece

mbe

r 201

2Ov

erdu

eN

on–i

nter

est

bear

ing

Up

to

1 m

onth

1–3

mon

ths

3–6

mon

ths

6–12

M

onth

s1–

5ye

ars

Over

5

year

sto

tal

asse

ts

Cash

, gol

d, s

ilver

and

gem

ston

e–

9,70

3,73

8 –

––

––

–9,

703,

738

Bala

nces

with

the

Stat

e Ba

nk

––

4,59

8,71

6 –

––

––

4,59

8,71

6Pl

acem

ents

with

and

loan

s to

oth

er c

redi

t ins

titut

ions

(*)

–23

1,87

2 6,

981,

795

79,8

12

67,3

43

2,20

025

0,00

0–

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3,02

2Tr

adin

g se

curit

ies

(*)

–1,

424,

765

––

––

––

1,42

4,76

5De

rivat

ives

fina

ncia

l ins

trum

ents

and

oth

er fi

nanc

ial a

sset

s –

383,

377

––

––

––

383,

377

Loan

s an

d fin

ance

leas

es to

cus

tom

ers

(*)

2,40

1,78

8 –

18,4

74,4

96

69,6

05,9

02

1,10

1,83

4 1,

174,

627

2,83

1,31

174

4,48

196

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Inve

stm

ent s

ecur

ities

(*)

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1,59

6 1,

300,

000

2,35

5,00

0 2,

982,

199

2,60

0,00

010

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51,3

6520

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Othe

r lon

g–te

rm in

vest

men

ts (*

)–

509,

301

––

––

––

509,

301

Fixe

d as

sets

–

5,21

8,76

8 –

––

––

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218,

768

Othe

r ass

ets

(*)

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726,

979

2,53

6 10

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6,

363

222,

010

––

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1to

tal a

sset

s 2,

401,

788

26,5

60,3

9631

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72,0

51,3

474,

157,

739

3,99

8,83

713

,897

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795,

846

155,

221,

225

Liab

ilitie

s Bo

rrow

ings

from

the

Gove

rnm

ent a

nd th

e St

ate

Bank

of

Viet

nam

––

––

––

––

–

Depo

sits

and

borro

win

gs fr

om o

ther

cre

dit i

nstit

utio

ns–

–1,

427,

310

1,62

7,49

3 84

2,91

6 83

2,80

7–

–4,

730,

526

Depo

sits

from

cus

tom

ers

–78

1,83

6 67

,126

,985

14

,857

,568

4,

299,

856

17,0

08,6

123,

372,

217

11,6

2410

7,45

8,69

8Ca

pita

l fin

ance

d, e

ntru

sted

inve

stm

ents

and

oth

er b

orro

win

gs–

– 3,

923,

659

– 37

1,44

1 31

,250

218,

750

– 4,

545,

100

Valu

able

pap

ers

issue

d–

–2,

280,

573

1,42

6,16

8 2,

369,

265

1,70

0,44

796

– 7,

776,

549

Othe

r lia

bilit

ies

(*)

– 13

,829

,214

–

– –

– –

– 13

,829

,214

tota

l lia

bilit

ies

–14

,611

,050

74,7

58,5

2717

,911

,229

7,88

3,47

819

,573

,116

3,59

1,06

311

,624

138,

340,

087

Inte

rest

gap

of b

alan

ce s

heet

item

s 2

,401

,788

11

,949

,346

(4

3,40

0,98

4)54

,140

,118

(3

,725

,739

)(1

5,57

4,27

9)10

,306

,666

784,

222

16,8

81,1

38In

tere

st g

ap o

f off

bala

nce

shee

t ite

ms

––

––

––

––

–to

tal i

nter

est g

ap2,

401,

788

11,9

49,3

46(4

3,40

0,98

4)54

,140

,118

(3,7

25,7

39)

(15,

574,

279)

10,3

06,6

6678

4,22

216

,881

,138

(*) T

he a

bove

bal

ance

s ex

clud

e pr

ovisi

on.


43.2 Market risk (continued)

43.2.2 Interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Group manages interest rate risks by monitoring the level of mismatch of interest rates by terms on a periodic basis.


FORM B 05/TCTD-HN


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

N



43.2.2 Interest rate risk (continued)

Annual interest rate applied for outstanding balances:

Balances with the State Bankas at 31 December

2012 2011% %

Obligatory reserve in VND 1.20 1.20Obligatory reserve in USD 0.05 0.05

Placements and loans to other credit institutionsas at 31 December

2012 2011% %

Demand deposits with local credit institutions in VND 0.24 – 3.0 0 – 5Demand deposits with local credit institutions in foreign currencies 0 – 0.1 0 – 0.5Term deposits from overseas credit institutions in VND N/A N/ADemand deposits with overseas credit institutions in USD 0.01 – 0.2 0.01– 0.05Demand deposits with overseas credit institutions in other foreign currencies 0.45 – 0.86 0.2 – 0.73Term deposits with local credit institutions in VND 10 – 10.6 9.5 – 13.5Term deposits with local credit institutions in foreign currencies 3.16 – 3.5 0.02 – 10Short term loans to overseas credit institutions in VND N/A N/ATerm deposits with overseas credit institutions in foreign currencies 2.5 – 6 2Short term loans to local credit institutions in VND 3.2 – 15 19 – 28Short term loans to local credit institutions in foreign currencies 0.6 – 1.6 N/ABorrowings from the State Bank of Vietnam in foreign currencies N/A N/ADemand deposits with overseas credit institutions in VND N/A N/A

Loans to customersas at 31 December

2012 2011% %

Commercial loans in VNDShort–term 10 – 18 15.5 – 24Medium–term 13.2 – 20.8 12 – 22.8Long–term 7 – 20.5 7 – 22.16

Commercial loans in foreign currenciesShort–term 4 – 8.1 6.5 – 9Medium–term 0.6 – 6.5 5 – 9.5Long–term 3 – 8.5 4 – 8.5

Commercial loans in goldShort–term N/A 12Medium–term 3.3 – 4.2 3.3 – 4.6Long–term 3.48 – 7.1 3.48 – 8.4

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.2

M

arke

t ris

k (c

ontin

ued)

43.2

.2 I

nter

est r

ate

risk

(con

tinue

d)

Curre

ncy:

Mill

ion

vND

as a

t 31

Dece

mbe

r 201

1Ov

erdu

eN

on–i

nter

est

bear

ing

Up

to

1 m

onth

1–3

mon

ths

3–6

mon

ths

6–12

M

onth

s1–

5ye

ars

Over

5

year

sto

tal

asse

ts

Cash

, gol

d, s

ilver

and

gem

ston

e–

11,8

57,2

70–

––

––

–11

,857

,270

Bala

nces

with

the

Stat

e Ba

nk

–2,

807,

350

––

––

––

2,80

7,35

0Pl

acem

ents

with

and

loan

s to

oth

er c

redi

t ins

titut

ions

(*)

–45

45,

989,

547

1,75

2,86

41,

724,

461

155,

348

––

9,62

2,67

4Tr

adin

g se

curit

ies

(*)

–50

4,78

6–

––

––

–50

4,78

6De

rivat

ives

fina

ncia

l ins

trum

ents

and

oth

er fi

nanc

ial a

sset

s –

2,85

2–

––

––

–2,

852

Loan

s an

d fin

ance

leas

es to

cus

tom

ers

(*)

699,

095

–21

,756

,648

51,7

15,0

121,

762,

935

2,16

1,35

41,

848,

240

596,

203

80,5

39,4

87In

vest

men

t sec

uriti

es (*

)–

152,

151

3,24

5,28

72,

509,

485

4,46

3,70

24,

778,

009

9,07

0,05

717

7,73

424

,396

,425

Othe

r lon

g–te

rm in

vest

men

ts (*

)–

822,

969

––

––

––

822,

969

Fixe

d as

sets

–

3,70

7,86

3–

––

––

–3,

707,

863

Othe

r ass

ets

–8,

322,

700

–38

,828

945

––

–8,

362,

473

tota

l ass

ets

699,

095

28,1

78,3

9530

,991

,482

56,0

16,1

897,

952,

043

7,09

4,71

110

,918

,297

773,

937

142,

624,

149

Liab

ilitie

s Bo

rrow

ings

from

the

Gove

rnm

ent a

nd th

e St

ate

Bank

of V

ietn

am–

–2,

129,

609

––

––

–2,

129,

609

Depo

sits

and

borro

win

gs fr

om o

ther

cre

dit i

nstit

utio

ns–

–3,

443,

835

4,35

8,30

02,

020,

358

3,00

0,24

784

9–

12,8

23,5

89Ca

pita

l fin

ance

d, e

ntru

sted

inve

stm

ents

and

oth

er b

orro

win

gs

––

4,18

2,47

7–

218,

702

31,2

5025

0,00

031

,250

4,71

3,67

9De

posit

s fro

m c

usto

mer

s–

924,

982

57,2

40,1

158,

897,

701

1,72

9,58

61,

151,

399

5,14

4,33

04,

139

75,0

92,2

52Va

luab

le p

aper

s iss

ued

––

6,68

5,51

63,

322,

518

4,49

3,07

43,

107,

544

8,05

6–

17,6

16,7

08Ot

her l

iabi

litie

s (*

)–

14,4

10,8

97–

––

––

–14

,410

,897

tota

l lia

bilit

ies

–15

,335

,879

73,6

81,5

5216

,578

,519

8,46

1,72

07,

290,

440

5,40

3,23

535

,389

126,

786,

734

Inte

rest

gap

of b

alan

ce s

heet

item

s69

9,09

512

,842

,516

(42,

690,

070)

39,4

37,6

70(5

09,6

77)

(195

,729

)5,

515,

062

738,

548

15,8

37,4

15

Inte

rest

gap

of o

ff ba

lanc

e sh

eet i

tem

s–

––

––

––

––

tota

l int

eres

t gap

699,

095

12,8

42,5

16(4

2,69

0,07

0)

39,4

37,6

70(5

09,6

77)

(195

,729

)5,

515,

062

738,

548

15,8

37,4

15

(*) T

he a

bove

bal

ance

s ex

clud

e pr

ovisi

on.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN





Deposits from customersas at 31 December

2012 2011% %

Demand deposits in VND 2 2 Term deposits in VND 8 – 13 12 – 14Specialised fund deposits in VND – –Margin deposits in VND – –Term deposits in foreign currencies 0.1 0.1Demand deposits in foreign currencies 0.5 – 2 0.5 – 2Specialised fund deposits in foreign currencies – –Margin deposits in foreign currencies – –

43.2.3 Price risk

The Group is exposed to equity securities price risk. The price risk relating to held for trading equity securities is managed through the analysis of the market movement and investment decision is made based on the purpose of gaining profit in short term. Investments on available for sale equity investments are made based on business purpose of the Group taking into account of diversification in the investment portfolio.

43.3 Liquidity risk

Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations to repay depositors and fulfil commitments to lend. The Group’s treasury department is responsible for the liquidity management which is supervised by the Asset and Liability Committee (ALCO). The main management processes include:

¾¾ Monitor the day–to–day mobilisation and lending activities;¾¾ Maintain a portfolio of securities that can be easily converted into cash; and¾¾ Monitor the balance sheet liquidity ratios against the regulatory requirements of the SBV.




Debt securities:as at 31 December

2012 2011% %

Government bonds in VND 8.5 – 13.2 7.0 – 13.2Securities issued by other local credit institutions in VND 8.5 – 12.2 8.1 – 15.3Securities issued by local corporations in VND 13.0 – 18.5 13.0Debt securities issued by overseas entities in foreign currencies N/A 4.0

Borrowings from the Government and the State Bank of vietnamas at 31 December

2012 2011% %

Borrowings from the State Bank of Vietnam in VND – 14%Demand deposits with overseas credit institutions in VND – –

Placements and borrowings from other credit institutionsas at 31 December

2012 2011% %

Demand deposits from local credit institutions in VND 0 – 3 0 – 0.5 Demand deposits from local credit institutions in foreign currencies 0 – 0.3 0 – 0.05Demand deposits from overseas credit institutions in VND 0.2 – 3 1.2 – 3Demand deposits from overseas credit institutions in foreign currencies 0 – 0.3 0 – 0.3Term deposits from local credit institutions in VND N/A 9 – 13.5Term deposits from local credit institutions in foreign currencies 3.8 3Term deposits from local credit institutions in VND N/A N/ATerm deposits from overseas credit institutions in foreign currencies 2.5 – 4.5 2.47 – 4.5Short term borrowings from local credit institutions in VND 6 – 10 16.25 – 22.44Short term borrowings from local credit institutions in foreign currencies 3.15 – 3.8 3.3 –4.4Short term borrowings from overseas credit institutions in VND N/A N/AShort term borrowings from overseas credit institutions in foreign currencies 1.42 – 3.21 1.09 – 3.59


NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

NO

TES

TO T

HE c

ON

SOlI

dAT

Ed F

INA

Nc

IAl

STAT

EMEN

TS

For t

he y

ear e

nded

31

dec

embe

r 201

2 (c

ontin

ued

)

FORM

B 0

5/TC

TD-H

N

FORM

B 0

5/TC

TD-H

N

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.3

Li

quid

ity ri

sk (c

ontin

ued)

43.3

.1 O

n–ba

lanc

e sh

eet i

tem

s

The

tabl

e be

low

ana

lyse

d th

e Gr

oup’

s as

sets

and

liab

ilitie

s in

to re

leva

nt m

atur

ity g

roup

ing

base

d on

the

rem

aini

ng p

erio

d at

the

bala

nce

shee

t dat

e to

the

cont

ract

ual

mat

urity

dat

e:Cu

rrenc

y: M

illio

n vN

DOv

erdu

eCu

rrent

as a

t 31

Dece

mbe

r 201

2Ov

er

3 m

onth

sU

p to

3

mon

ths

Up

to

1 m

onth

1–3

mon

ths

3–12

m

onth

s1–

5 ye

ars

Over

5

year

sto

tal

asse

ts

Cash

, gol

d, s

ilver

and

gem

ston

e –

–

9,

703,

738

–

–

–

–

9,70

3,73

8Ba

lanc

es w

ith th

e St

ate

Bank

–

–

4,

598,

716

–

–

–

–

4,59

8,71

6Pl

acem

ents

with

and

loan

s to

oth

er c

redi

t ins

titut

ions

(*)

–

–

7,21

3,66

7 79

,812

69

,543

25

0,00

0 –

7,

613,

022

Trad

ing

secu

ritie

s (*

) –

–

1,

424,

765

–

–

–

–

1,42

4,76

5De

rivat

ives

fina

ncia

l ins

trum

ents

and

oth

er fi

nanc

ial a

sset

s –

–

38

3,37

7 –

–

–

–

38

3,37

7Lo

ans

and

finan

ce le

ases

to c

usto

mer

s (*

)1,

973,

930

427,

858

4,30

4,23

3 13

,443

,945

41

,759

,744

23

,182

,188

11,2

42,5

4196

,334

,439

Inve

stm

ent s

ecur

ities

(*)

–

–

12,9

62,7

19

1,00

0,00

0 4,

355,

000

2,14

8,85

9 –

20

,466

,578

Othe

r lon

g–te

rm in

vest

men

ts (*

) –

–

–

–

–

–

50

9,30

150

9,30

1Fi

xed

asse

ts

–

–

261

363

23,1

70

542,

309

4,65

2,66

55,

218,

768

Othe

r ass

ets

(*)

107,

937

–

1,55

9,20

0 2,

213,

305

2,22

6,61

0 1,

330,

569

1,53

0,90

08,

968,

521

tota

l ass

ets

2,08

1,86

7 42

7,85

8 42

,150

,676

16

,737

,425

48

,434

,067

27

,453

,925

17,9

35,4

0715

5,22

1,22

5

Liab

ilitie

s Bo

rrow

ings

from

the

Gove

rnm

ent a

nd th

e St

ate

Bank

of V

ietn

am–

––

––

––

–De

posit

s an

d bo

rrow

ings

from

oth

er c

redi

t ins

titut

ions

–

–

1,

400,

234

1,37

7,49

3 1,

702,

799

250,

000

–

4,73

0,52

6Ca

pita

l fin

ance

d, e

ntru

sted

inve

stm

ents

and

oth

er b

orro

win

gs –

–

16

,097

10

2,18

0 49

8,83

8 1,

733,

106

2,19

4,87

94,

545,

100

Depo

sits

from

cus

tom

ers

–

–

67,7

87,0

26

14,8

59,0

43

21,3

22,1

29

3,47

8,87

611

,624

107,

458,

698

Valu

able

pap

ers

issue

d –

–

2,

280,

573

1,42

6,16

8 4,

069,

712

96 –

7,

776,

549

Othe

r lia

bilit

ies

(*)

–

–

12,4

26,2

65

1,38

2,77

9 12

,152

8,

018

–

13,8

29,2

14

tota

l lia

bilit

ies

– –

83,9

10,1

95

19,1

47,6

63

27,6

05,6

30

5,47

0,09

62,

206,

503

138,

340,

087

Net

liqu

idity

gap

2,08

1,86

7 42

7,85

8 (4

1,75

9,51

9)(2

,410

,238

)20

,828

,437

21

,983

,829

15,7

28,9

0416

,881

,138

(*) T

he a

bove

bal

ance

s ex

clud

e pr

ovisi

on.

43

FIN

aNCI

aL R

ISK

MaN

aGEM

ENt

(con

tinue

d)

43.3

Li

quid

ity ri

sk (c

ontin

ued)

43.3

.1 O

n–ba

lanc

e sh

eet i

tem

s (c

ontin

ued)

Cu

rrenc

y: M

illio

n vN

DOv

erdu

eCu

rrent

as a

t 31

Dece

mbe

r 201

1Ov

er

3 m

onth

sU

p to

3

mon

ths

Up

to

1 m

onth

1–3

mon

ths

3–12

m

onth

s1–

5 ye

ars

Over

5

year

sto

tal

asse

ts

Cash

, gol

d, s

ilver

and

gem

ston

e–

–11

,857

,270

––

––

11,8

57,2

70Ba

lanc

es w

ith th

e St

ate

Bank

–

–2,

807,

350

––

––

2,80

7,35

0Pl

acem

ents

with

and

loan

s to

oth

er c

redi

t ins

titut

ions

(*)

––

5,99

0,00

11,

752,

864

1,87

9,80

9–

–9,

622,

674

Trad

ing

secu

ritie

s (*

)–

–50

4,78

6–

––

–50

4,78

6De

rivat

ives

fina

ncia

l ins

trum

ents

and

oth

er fi

nanc

ial a

sset

s –

–2,

852

––

––

2,85

2Lo

ans

and

finan

ce le

ases

to c

usto

mer

s (*

)36

1,24

633

7,84

96,

123,

655

16,0

21,8

8328

,719

,198

16,9

00,5

2412

,075

,132

80,5

39,4

87In

vest

men

t sec

uriti

es (*

)–

–12

,291

,438

1,67

0,00

07,

749,

987

2,68

5,00

0–

24,3

96,4

25Ot

her l

ong–

term

inve

stm

ents

(*)

––

––

––

822,

969

822,

969

Fixe

d as

sets

–

–2,

282

1,70

028

,150

780,

427

2,89

5,30

43,

707,

863

Othe

r ass

ets

(*)

763

–3,

665,

461

739,

420

3,10

8,77

984

8,05

0–

8,36

2,47

3

tota

l ass

ets

362,

009

337,

849

43,2

45,0

9520

,185

,867

41,4

85,9

2321

,214

,001

15,7

93,4

0514

2,62

4,14

9

Liab

ilitie

s Bo

rrow

ings

from

the

Gove

rnm

ent a

nd th

e St

ate

Bank

of V

ietn

am–

–2,

129,

609

––

––

2,12

9,60

9De

posit

s an

d bo

rrow

ings

from

oth

er c

redi

t ins

titut

ions

–

–3,

443,

835

4,35

8,30

05,

020,

605

849

–12

,823

,589

Capi

tal f

inan

ced,

ent

rust

ed in

vest

men

ts a

nd o

ther

bor

row

ings

––

3,97

986

,097

498,

278

1,83

1,94

12,

293,

384

4,71

3,67

9De

posit

s fro

m c

usto

mer

s –

–58

,025

,111

8,90

5,81

72,

893,

056

5,26

1,12

47,

144

75,0

92,2

52Va

luab

le p

aper

s iss

ued

––

6,68

5,51

63,

322,

518

7,60

0,61

88,

056

–17

,616

,708

Othe

r lia

bilit

ies

763

–12

,868

,719

1,42

4,07

153

,650

63,6

94–

14,4

10,8

97

tota

l lia

bilit

ies

763

– 83

,156

,769

18,0

96,8

0316

,066

,207

7,

165,

664

2,30

0,52

812

6,78

6,73

4

Net

liqu

idity

gap

361,

246

337,

849

(39,

911,

674)

2,08

9,06

425

,419

,716

14,0

48,3

3713

,492

,877

15,8

37,4

15

(*) T

he a

bove

bal

ance

s ex

clud

e pr

ovisi

on.


FORM B 05/TCTD-HN


FORM B 05/TCTD-HN


45 SUBSEQUENt BaLaNCE SHEEt EvENtS

With regard to an investment of the Group (Note 9.2) in the bond issued by Sacombank Securities Joint Stock Company (“SBS”), auditor’s report of SBS for the year ended 31 December 2012 emphasised on the going concern of SBS. SBS has been recently under a special supervision by the State Securities Commission and was forced to be delisted on 25 March 2013 according to Notice No. 136/2013/TB – SGDHCM issued by the Ho Chi Minh City Stock Exchange on 23 February 2013.

As of the date of the consolidated financial statements, the outstanding balance of the loan to Southern Bank was reduced to VND500,000 million which accounts for 3,7% of the Group’s equity as at 31 December 2012.

The consolidated financial statements were approved by the Board of General Directors on 2 April 2013.

Luu van Hoa Huynh thanh Giang Phan Huy KhangPreparer Chief Accountant General Director


43.3 Liquidity risk (continued)

43.3.2 Other off–balance sheet items

Commitments on operating leases and capital commitments (Note 38) are analysed as follows:

Unit: Million vNDLess than

1 year1–5

yearsabove

5 years total

as at 31 December 2012Commitments on operating leases 142,012 633,685 9,601,728 10,377,425 Capital commitments 195,009 – – 195,009 337,021 633,685 9,601,728 10,572,434

as at 31 December 2011Commitments on operating leases 37,834 194,922 1,290,356 1,523,112Capital commitments 364,148 – – 364,148 401,982 194,922 1,290,356 1,887,260

44 FaIR vaLUE MEaSUREMENt

The financial assets and financial liabilities of the Group are measured at costs less provision for declining in assets value when applicable. Accordingly, the carrying values of the Group’s financial assets and financial liabilities can be different to their fair values.

Currently, the Group has not calculated the fair values of all of its financial assets and financial liabilities yet. The Group will present the fair values of its financial assets and financial liabilities when there are detailed guidance by the regulators.



+ Appropriation of funds for the financial reserve fund and the reserve fund for capital increase, both amounting totally to VND109,118 million (no appropriation was made in the financial statements for the 4th quarter of 2012).

+ Corporate income tax for 2012 was added by VND21,128 million.

2. In the income statement

Profit after tax in the audited financial statements increased by VND287,939 million from the unaudited financial statements (Profit before tax remained unchanged) for the following reasons:

- Deferred corporate income tax for 2012 increased by VND308,915 million.

- VND21,128 million was reduced due to an increase in CIT expenses.

Saigon Thuong Tin Commercial Joint Stock Company would like to provide you with the above explanation for your information.

Sincerely,

CHIEF EXECUTIVE OFFICER

Phan Huy Khang

Ho Chi Minh City, the Socialist Republic of Vietnam3 April 2013

However, the Bank has stopped signing any new securities reserve repurchase agreement since September 2012.”

• explanation: These are securities reserve repurchase agreements emphasized in the audited semi-annual financial statements for 2012 with a balance of VND757,264 million as at 30 June 2012. Currently, this balance remained at VND222,009 million of immature agreements and will be finalized according to the term of the agreements signed.

ii. DiFFerenCes in Data Between the auDiteD anD unauDiteD ConsoliDateD FinanCial statements

1. In the balance sheet

- Total assets in the audited consolidated financial statements increased by VND203,134 million from those in the unaudited consolidated financial statements for the following 2 reasons:

+ Compliance with accounting standards: deferred corporate income tax asset for 2012 was recorded at VND308,915 million. This is an interim difference upon confirmation of taxable incomes, arising when there is a difference between the recognized accounting expenses and the corresponding tax basis of each item.

+ Due to the difference between the time of finalization of accounts and the date of 31 December 2012, the rearrangement of Liability items into other assets and exclusion of some internal transaction entries, resulting in a reduction of total assets by VND105,781 million.

- Undistributed earnings in the audited financial statements increased by VND178,669 million from those in the unaudited consolidated financial statements for the following reasons:

+ Deferred corporate income tax assets in 2012 caused profit after tax to increase by VND308,915 million.

Pursuant to Circular No. 52/2012/TT-BTC dated 5 April 2012 of the Ministry of Finance providing “Guidelines on disclosure of information in the stock market” (Circular 52 in short), Clause 4 of Article 10 stating, “Where annual financial statements (FS) have been audited with qualified opinions / emphasis of matter, the audited entity must disclose an explanation on such qualified opinions / emphasis of matter,” and paragraph 6 of Clause 1 of Article 11 stating, “when there is an explanation concerning financial data disclosed by the company in accordance with the laws that are different from the financial data in the audited financial statements...”, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) hereby would like to explain about the emphasis of matter in its audited consolidated financial statements for 2012, as well as the differences in financial data between the audited and unaudited consolidated financial statements as follows:

i. reGarDinG the emPhasis oF matter in the auDiteD ConsoliDateD FinanCial statements For 2012:

1. emphasis 1: “As set out in Note 15.1(ii)(a) of the consolidated financial statements, the Bank entered into an agreement with Mr. Dang Van Thanh, the Bank’s former Chairman and Mr. Dang Hong Anh, the Bank’s Vice Chairman on 5 December 2012. In accordance with this agreement, the Bank agreed to use the 7.435% stake (79,842,647 shares) of Mr. Dang Van Thanh and Mr. Dang Hong Anh in the Bank to settle underlying related loans, investments in bonds and other receivables at the total agreed value of VND1,596,853 million. Accordingly, these shares were classified as foreclosed assets in the Group’s consolidated financial statements for the year ended 31 December 2012 at the value of VND1,596,853 million. In this case, the Bank has used its own shares as the foreclosed assets. However, the Bank has already reported this agreement to the State Bank of Vietnam in Letter No. 778/CV-KT dated 12 March 2013. The Bank has also informed the State Securities Commission and the Ho Chi Minh Stock Exchange about this agreement.”

• explanation: The total amount of VND1,596,853 million was agreed upon between the Bank and Mr. Dang Van Thanh and Mr. Dang Hong Anh for handling loans, investments in bonds and other receivables at

the request of Inspectors from the SBV. The Bank recognized it as foreclosed assets in its financial statements for the year ended 31 December 2012. The Bank has had a plan to handle these assets by 31 May 2013 at the latest.

2. emphasis 2: “As set out in Note 8.3 of the consolidated financial statements, in the year of 2012, the Bank granted to a number of companies certain significant loans for a short term of one year for long term purposes to refinance real estate projects. The total aggregate exposure of these loans as at 30 November 2012 and 31 December 2012 was VND7,954,894 million and VND9,019,894 million, respectively. As at 30 November 2012 and 31 December 2012, these loans were still performing and classified in Group 1 – Current. It is evidenced that these loans were granted inappropriately following Decision No.1627/2001/QD-NHNN dated 31 December 2001 regarding regulations on lending by credit institutions and Law on Credit Institutions No. 47/2010/QH12 in respect of conditions for lending, evaluation and decision on lending and monitoring of loan use purpose.”

• explanation: These loans aimed at financing property business for a one-year term. These loans are still immature; their interest has been paid in full and they are classified into Group 1 – Current. The lending appraisal, consideration and approval process has been conducted in compliance with the laws and the Bank’s internal regulations. These loans are being repaid part by part by the customers on schedule, and will be finalized in 2013. Up to 29 March 2013, the customers had repaid early VND1,198 billion of debts and the debt balance of this group of customers had been VND7,821 billion.

3. emphasis 3: As set out in Note 15.1 (iii) of the consolidated financial statements, in 2012, the Bank signed securities reserve repurchase agreements with a number of individuals. As at 31 December 2012, the total value of these agreements reduced to VND222,009 million from VND757,264 million as at 30 June 2012. This is a new business activity with material value to the Bank and the Bank has prepared its own accounting policy to apply for this activity as presented in Note 2.17.

EXPLANATION ABOUT THE CONSOLIDATED FINANCIAL STATEMENTS

No:1043/2013/CV-KT


head office 266-268 nam ky khoi nghia street, ward 8, District 3, hCmC hotline: 1900 5555 88 Fax: (84 8) 3932 0424

Phu Nhuan Transaction Office

197 Phan Dang Luu Street, Ward 1, Phu Nhuan District, HCMC Tel: (84 8) 3855 3007 Fax: (84 8) 3855 3013

Hoa Viet Branch

382 A-B Tran Hung Dao Street, Ward 11, District 5, HCMC Tel: (84 8) 3855 3131 Fax: (84 8) 3855 3003

Ngo Quyen Transaction Office

271 Ngo Quyen Street, Ward 6, District 10, HCMC Tel: (84 8) 3957 4338 Fax: (84 8) 3957 4335

Han Hai Nguyen Transaction Office

278 - 280 Han Hai Nguyen Street, Ward 9, District 11, HCMC Tel: (84 8) 3969 9903/04/05Fax: (84 8) 3969 9906

Long An Branch

165 - 167 Hung Vuong Street, Ward 2, Tan An City, Long An Province Tel: (84 72) 383 1590 Fax: (84 72) 383 1594

Ben Luc Transaction Office

90 Nguyen Huu Tho Street, Ben Luc Town, Long An Province Tel: (84 72) 363 3443 Fax: (84 72) 363 3442

Tan An Transaction Office

25 Nguyen Dinh Chieu Street, Ward 1, Tan An City, Long An Province Tel: (84 72) 355 3799/899 Fax: (84 72) 355 3699

Duc Hoa Transaction Office

531C Block 3, Duc Hoa Town, Duc Hoa District, Long An Province Tel: (84 72) 376 3976 Fax: (84 72) 376 3978

Can Giuoc Transaction Office

Lot 7-8 Residental Area, Block 2, Highway No.50, Can Giuoc District, Long An Provinde Tel: (84 72) 374 1717/8 Fax: (84 72) 374 1719

Thu Thua Transaction Office

2/30B Phan Van Tinh Street, Thu Thua Town, Thu Thua District, Long An Province Tel: (84 72) 361 3660/61/63 Fax: (84 72) 361 3664

I. SPECIAL REGION

Head Transaction Office

266-268 Nam Ky Khoi Nghia Street, Ward 8, District 3, HCMC Tel: (84 8) 3932 2670 Fax: (84 8) 3932 0425

Tran Huy Lieu Transaction Office

224B (former 184) Huynh Van Banh Street, Ward 11, Phu Nhuan District, HCMC Tel: (84 8 ) 3931 8816 Fax: (84 8) 3931 8817

Nam Ky Khoi Nghia Transaction Office

278 Nam Ky Khoi Nghia Street, Ward 8, District 3, HCMC Tel: (84 8) 3932 2585 Fax: (84 8) 3932 2584

Bach Dang Transaction Office

Ground Floor 121-123 Bach Dang Street, Ward 2, Tan Binh District, HCMC Tel: (84 8) 3932 5861/63 Fax: (84 8) 3932 5862

Phan Xich Long Transaction Office

159 Phan Xich Long Street, Ward 7, Phu Nhuan District, HCMC Tel: (84 8) 3517 8887/83/84/85 Fax: (84 8) 3517 8886

Cach Mang Thang Tam Transaction Office

236 - 238 Cach Mang Thang Tam Street, Ward 10, District 3, HCMC Tel: (84 8) 3526 4361/62/64/65 Fax: (84 8) 3526 4363

Pho Quang Transaction Office

3G Pho Quang Street, Ward 2, Tan Binh District, HCMC Tel: (84 8) 3997 9887/891/892 Fax: (84 8) 3997 9883

8/3 Branch HCMC

41- 43 Tran Cao Van Street, Ward 6, District 3, HCMC (Ground & Mezzanine Floor Area A - 1st Floor, Master Building) Tel: (84 8) 3521 8318 Fax: (84 8) 3521 8319

8/3 Nguyen Trai Transaction Office

224-226/216 Nguyen Trai, Ward 3, District 5, HCMC Tel: (84 8) 3838 0719 Fax: (84 8) 3838 0706

Phong Lan Transaction Office

192-194 Ly Thuong Kiet Street, Ward 8, Tan Binh District, HCMC Tel: (84 8) 3971 7153 Fax: (84 8) 3971 2040

Can Duoc Transaction Office

22A National Highway 50 - Block 3, Can Duoc Town, Can Duoc District, Long An Province Tel: (84 72) 371 3555/888 Fax: (84 72) 371 3444

Moc Hoa Transaction Office

42A Hung Vuong Street, Moc Hoa Town, Moc Hoa District, Long An Province Tel: (84 72) 395 8330/333 Fax: (84 72) 395 8334

Go Den Transaction Office

31 National Highway 1A, Long Binh Quarter, Long Hiep Ward, Ben Luc District, Long An Province Tel: (84 73) 363 7551/52/53/54/55 Fax: (84 73) 363 7556

Tien Giang Branch

6 Dinh Bo Linh Street, Ward 2, My Tho District, Tien Giang Province Tel: (84 73) 397 3345/33 Fax: (84 73) 397 3342/44

Cai Be Transaction Office

875 Block 05, Phu An Ward, Cai Lay District, Tien Giang Province Tel: (84 73) 392 5777 Fax: (84 73) 392 5776

Go Cong Transaction Office

318 Vo Duy Ninh Street, Ward 1, Go Cong District, Tien Giang Province Tel: (84 73) 351 3133 Fax: (84 73)351 3143

Cai Lay Transaction Office

2/336 Block 5, Highway No. 868, Cai Lay Town, Cai Lay District, Tien Giang Province Tel: (84 73) 391 9883 Fax: (84 73) 391 9886

Vinh Kim Transaction Office

Vinh Thanh Quarter, Vinh Kim Ward, Chau Thanh District, Tien Giang Province Tel: (84 73) 361 9123/124 Fax: (84 73) 361 9122

Cho Gao Transaction Office

130 - Block 1, Quarter 2, Cho Gao Town, Cho Gao District, Tien Giang Province Tel: (84 73) 365 4801/05 Fax: (84 73) 365 4806

My Tho A Transaction Office

194 Ap Bac Street, Ward 5, My Tho City, Tien Giang Province Tel: (84 73) 397 7901/905 Fax: (84 73) 397 7906

An Huu Transaction Office

Block 4, An Huu Ward, Cai Be District, Tien Giang Province Tel: (84 73) 376 7979/984 Fax: (84 73) 376 7984

Ben Tre Branch

14C1 Dong Khoi Boulevard, Phu Khuong Ward, Ben Tre City, Ben Tre Province Tel: (84 75) 383 9115 Fax: (84 75) 383 9116

Mo Cay Transaction Office

256 Block 2, Mo Cay Town, Mo Cay Nam District, Ben Tre Province Tel: (84 75) 3 662 662 Fax: (84 75) 3 662 663

Binh Dai Transaction Office

159/C Block 3, Binh Dai Town, Binh Dai District, Ben Tre Province Tel: (84 75) 374 2743 Fax: (84 75) 374 2744

Giong Trom Transaction Office

600 Block 2, Giong Trom Town, Giong Trom District, Ben Tre Province Tel: (84 75) 351 1113 Fax: (84 75) 351 1115

Cho Lach Transaction Office

137/14B Block 2, Cho Lach Town, Cho Lach District, Ben Tre Province Tel: (84 75) 387 1109/107/108 Fax: (84 75) 387 1106

Tra Vinh Branch

555 Nguyen Dang Street, Block 3, Ward 6, Tra Vinh City, Tra Vinh ProvinceTel: (84 74) 385 8711/15 Fax: (84 74) 385 8710

Cang Long Transaction Office

02 - 03 National Highway No.53, Cang Long Town, Cang Long District, Tra Vinh City Tel: (84 74) 388 4411 Fax: (84 74) 388 4409

Tieu Can Transaction Office

17, 30/4 Street, Block 1, Tieu Can Town, Tieu Can District, Tra Vinh City Tel: (84 74) 363 0996/997/998) Fax: (84 74) 363 0994

Cau Ngang Transaction Office

Minh Thuan A Quarter, Cau Ngang Town, Cau Ngang District, Tra Vinh City Tel: (84 74) 376 3113 Fax: (84 74) 376 3112

II. HA NOI REGION

Thu Do Head Transaction Office

88 Ly Thuong Kiet Street, Cua Nam Ward, Hoan Kiem District, Ha Noi City Tel: (84 4) 3942 8095 Fax: (84 4) 3942 8085

Hang Bac Transaction Office

87 Hang Bac Street, Hang Bac Ward, Hoan Kiem District, Ha Noi City Tel: (84 4) 3926 3467/4574 Fax: (84 4) 3926 1392

Dong Xuan Transaction Office

12 Tran Nhat Duat Street, Dong Xuan Ward, Hoan Kiem District, Ha Noi City Tel: (84 4) 3929 0135 Fax: (84 4) 3928 3725

Hoan Kiem Transaction Office

61A Duong Thanh Street, Cua Dong Ward, Hoan Kiem District, Ha Noi City Tel: (84 4) 3923 2140/0823 Fax: (84 4) 3923 0822

Thuy Khue Transaction Office

153A Thuy Khue Street, Thuy Khue Ward, Tay Ho District, Ha Noi City Tel: (84 4) 3728 1466 Fax: (84 4) 3728 1467

Ly Nam De Transaction Office

10A3 Ly Nam De Street, Hang Ma Ward, Hoan Kiem District, Ha Noi City Tel: (84 4) 3747 8418 Fax: (84 4) 3747 8419

Phan Dinh Phung Transaction Office

Phan Dinh Phung Street, Ba Dinh District, Ha Noi City Tel: (84 4) 3848 9971/72 Fax: (84 4) 3848 9970

8/3 Branch

193 Ba Trieu Street, Le Dai Hanh Ward, Hai Ba Trung District, Ha Noi CityTel: (84 4) 3974 3833 Fax: (84 4) 3974 3823

Dao Tan Transaction Office

60 Dao Tan Street, Cong Vi Ward, Ba Dinh District, Ha Noi City Tel: (84 4) 3211 5599 Fax: (84 4) 3211 5690

Ha Noi Branch

65 Ngo Thi Nham Street, Hai Ba Trung District, Ha Noi City Tel: (84 4) 3943 7372 Fax: (84 4) 3943 2988

Cho Mo Transaction Office

442 Bach Mai Street, Truong Dinh Ward, Hai Ba Trung District, Ha Noi City Tel: (84 4) 6278 1707 Fax:(84 4) 6278 1700

Dinh Cong Transaction Office

12D18 Dinh Cong New Urban, Dinh Cong Ward, Hoang Mai District, Ha Noi City Tel: (84 4) 3640 4061 Fax: (84 4) 3640 4062

Bach Khoa Transaction Office

10 Ta Quang Buu Street, Bach Khoa Ward, Hai Ba Trung District, Ha Noi City Tel: (84 4) 6278 1536 Fax: (84 4) 6278 1545

Linh Nam Transaction Office

183 Linh Nam Street, Vinh Hung Ward, Hoang Mai District, Ha Noi City Tel: (84 4) 3646 2335/36 Fax: (84 4) 3646 2337

Ha Thanh Transaction Office

25-27 Cua Bac Street, Ba Dinh District, Ha Noi City Tel: (84 4) 3927 5415 Fax: (84 4) 3927 5416

Kim Nguu Transaction Office

286 Kim Nguu Street, Hai Ba Trung District, Ha Noi City Tel: (84 4) 3632 0491/492 Fax: (84 4) 3632 0490

Dong Da Branch

360 Tay Son Street, Dong Da District, Ha Noi City Tel: (84 4) 3564 0455 Fax: (84 4) 3564 0456

Ha Tay Transaction Office

737 Quang Trung Street, Quang Trung Ward, Ha Dong District, Ha Tay Province Tel: (84 343) 824 047 Fax: (84 343) 824 047

Kim Lien Transaction Office

222 Xa Dan Street, Phuong Lien Ward, Dong Da District, Ha Noi City Tel: (84 4) 3572 0569 Fax: (84 4) 3572 0570

Khuong Mai Transaction Office

112 Nguyen Ngoc Nai Street, Khuong Mai Ward, Thanh Xuan District, Ha Noi City Tel: (84 4) 3566 6920 Fax: (84 4) 3566 6921

Hao Nam Transaction Office

100 Hao Nam Street, O Cho Dua Ward, Dong Da District, Ha Noi City Tel: (84 4) 6275 6866/6565 Fax: (84 4) 6275 2753

Van Quan Transaction Office

139A Chien Thang District, Tan Trieu Ward, Thanh Tri District, Ha Noi City Tel: (84 4) 3552 7688 Fax: (84 4) 3552 7528

Long Bien Branch

484 Nguyen Van Cu Street, Gia Thuy Ward, Long Bien District, Ha Noi City Tel: (84 4) 3652 2055 Fax: (84 4) 3652 2066

INSIDE VIETNAM (Updated from 31/12/2012)

DISTRIBUTION NETWORK


Yen Vien Transaction Office

455 Ha Huy Tap Street, Yen Vien Ward, Gia Lam District, Ha Noi City Tel: (84 4) 3698 2936 Fax: (84 4) 3698 2936

Trau Quy Transaction Office

74A&74B To Voi Phuc Street, Trau Quy Town, Gia Lam District, Ha Noi City Tel: (84 4) 3676 3070 Fax: (84 4) 3676 3071

Ngo Gia Tu Transaction Office

675 Ngo Gia Tu Street, Duc Giang Ward, Long Bien District, Ha Noi City Tel: (84 4) 3652 2055 Fax: (84 4) 3652 2066

Dong Anh Transaction Office

55 Block 4, Dong Anh Town, Dong Anh District, Ha Noi City Tel: (84 4) 3965 5922 Fax: (84 4) 3965 5925

Thanh Tri Branch

337 Ngoc Hoi Street, Van Dien Ward, Thanh Tri District, Ha Noi City Tel: (84 4) 3681 4855 Fax: (84 4) 3681 4856

Thuong Tin Transaction Office

Pho Ga Street, Thuong Tin Town, Thuong Tin Ward, Ha Tay Tel: (84 343) 765 536 Fax: (84 343) 765 534

Truong Dinh Transaction Office

701 Truong Dinh Street, Thinh Liet Ward, Hoang Mai District, Ha Noi City Tel: (84 4) 3642 1661 Fax: (84 4) 3642 1660

Dong Tam Transaction Office

168 Pho Vong Street, Phuong Liet Ward, Thanh Xuan District, Ha Noi City Tel: (84 4) 3628 5422/23/24 Fax: (84 4) 3628 5421

Thang Long Branch

60A Nguyen Chi Thanh Street, Lang Thuong Ward, Dong Da District, Ha Noi City Tel: (84 4) 3775 6707 Fax: (84 4) 3775 6708

Doi Can Transaction Office

149G Doi Can Street, Ba Dinh District, Ha Noi City Tel: (84 4) 3722 7361 Fax: (84 4) 3722 7362

Hoang Cau Transaction Office

163 Dang Tien Dong Street, Trung Liet Ward, Dong Da District, Ha Noi City Tel: (84 4) 3537 9961 Fax: (84 4) 3537 9960

Tran Duy Hung Transaction Office

82 Tran Duy Hung Street, Trung Hoa Ward, Cau Giay District, Ha Noi City Tel: (84 4) 3783 4176 Fax: (84 4) 378 34175

Doc Ngu Transaction Office

147 Doc Ngu, Ba Dinh District, Ha Noi City Tel: (84 4) 3232 1790/792 Fax: (84 4) 3232 1791

Dong Do Branch

363 Hoang Quoc Viet Street, Nghia Tan Ward, Cau Giay District, Ha Noi City Tel: (84 4) 3791 5299 Fax: (84 4) 3791 5289

Quan Hoa Transaction Office

243A Cau Giay Street, Quan Hoa Ward, Cau Giay District, Ha Noi City Tel: (84 4) 3791 0950 Fax: (84 4) 3767 8324

Tay Ho Transaction Office

71 Xuan La Street, Xuan La Ward, Tay Ho District, Ha Noi City Tel: (84 4) 3759 0099 Fax: (84 4) 3759 1586

Le Duc Tho Transaction Office

A1-1, A2-2 Le Duc Tho Street, Tu Liem District, Ha Noi City Tel: (84 4) 3795 1711 Fax: (84 4) 3795 1712

Nguyen Phong Sac Transaction Office

Level 1 - A/D6 Nguyen Phong Sac Street (extension) - Cau Giay New Urban, Dich Vong Ward, Cau Giay District, Ha Noi City Tel: (84 4) 3767 8228 Fax: (84 4) 3767 8229

III. NORTHERN REGION

Hung Yen Branch

Km22 + 500 National Highway No.5A, Ban Yen Nhan Town, My Hao District, Hung Yen Province Tel: (84 321) 394 2905 Fax: (84 321) 394 2387

Pho Hien Transaction Office

279 Dien Bien Street, Hung Yen City, Hung Yen Province Tel: (84 321) 386 6770 Fax: (84 321) 386 6769

Bo Thoi Transaction Office

Bo Thoi Town, Hong Tien Ward, Khoai Chau District, Hung Yen Province Tel: (84 321) 392 0690 Fax: (84 321) 392 0689

Yen My Transaction Office

22 Yen My Town, Yen My District, Hung Yen Province Tel: (84 321) 396 2979 Fax: (84 321) 396 2978

Van Lam Transaction Office

Ngoc Quynh Quarter, Nhu Quynh Town, Van Lam District, Hung Yen Province Tel: (84 321) 378 5614 Fax: (84 321) 378 5613

Van Giang Transaction Office

219 Pho Van Giang Street, Van Giang Town, Van Giang District, Hung Yen Province Tel: (84 321) 393 3505/506 Fax: (84 321) 393 3508

Bac Ninh Branch

122 Tran Phu Street, Dong Ngan Ward, Tu Son Town, Bac Ninh Province Tel: (84 241) 374 3965 Fax: (84 241) 376 0352

Tien Du Transaction Office

140-142 Ly Thuong Kiet Street, Lim Town, Tien Du District, Bac Ninh Province Tel: (84 241) 371 0711 Fax: (84 241) 371 0711

Nguyen Gia Thieu Transaction Office

113 Nguyen Gia Thieu Street, Suoi Hoa Ward, Bac Ninh City, Bac Ninh Province Tel: (84 241) 381 1622 Fax: (84 241) 381 1622

Que Vo Transaction Office

100 Block 1, Pho Moi Town, Que Vo District, Bac Ninh Province Tel: (84 241) 363 5853/852 Fax: (84 241) 363 5854

Thuan Thanh Transaction Office

89-91 Pho Ho, Ho Town, Thuan Thanh District, Bac Ninh Province Tel: (84 241) 377 5886 Fax: (84 241) 377 5339

Thanh Hoa Branch

126-128-130 Nguyen Trai Street, Ba Dinh Ward, Thanh Hoa City Tel: (84 373) 888 898 Fax: (84 373) 718 789

Phan Chu Trinh Transaction Office

753 Ba Trieu Street, Truong Thi Ward, Thanh Hoa City, Thanh Hoa Province Tel: (84 373) 757 661/62 Fax: (84 373) 757 675

Bim Son Transaction Office

73 Block 2, Ngoc Trao Ward, Bim Son Town, Thanh Hoa Province Tel: (84 373) 771 884/86 Fax: (84 373) 771887

Lam Son Transaction Office

Block 6, Lam Son Town, Tho Xuan District, Thanh Hoa Province Tel: (84 37) 353 5588 Fax: (84 37) 353 5578

Tinh Gia Transaction Office

232 Block 3, Tinh Gia Town, Tinh Gia District, Thanh Hoa Province Tel: (84 37) 872 7899 Fax: (84 37) 8727897

Lang Son Branch

8 Ngo Quyen Street, Vinh Trai Ward, Lang Son City Tel: (84 25) 371 6324 Fax: (84 25) 371 6325

Tan Thanh Transaction Office

Kiosk 86-88-90 Tan Thanh Border Main Road, Lang Son Province Tel: (84 25) 388 8579 Fax: (84 25) 388 8581

Hai Duong Branch

30 Tran Hung Dao Street, Hai Duong City, Hai Duong Province Tel: (84 320) 383 3208 Fax: (84 320) 383 3209

Sao Do Transaction Office

119 Nguyen Trai 1 Street, Sao Do Ward, Chi Linh Town, Hai Duong Province Tel: (84 320) 358 9347 Fax: (84 320) 358 9348

Phu Thai Transaction Office

Pho Ga Street, Phu Thai Town, Kim Thanh District, Hai Duong Province Tel: (84 320) 372 6388 Fax: (84 320) 372 6389

Ke Sat Transaction Office

158 Khu nga 5, Trang Liet Ward, Binh Giang District, Hai Duong Province Tel: (84 320) 377 3371 Fax: (84 320) 377 3372

Thong Nhat Transaction Office

31 Thong Nhat Street, Le Thanh Nghi Ward, Hai Duong City, Hai Duong Province Tel: (84 320) 384 8318 Fax: (84 320) 384 8319

Nguyen Luong Bang Transaction Office

Km1 Nguyen Luong Bang Street, Pham Ngu Lao Ward, Hai Duong City, Hai Duong Province Tel: (84 320) 389 8857 Fax: (84 320) 389 8858

Hoang Thach Transaction Office

DVTM VHTT Minh Tan Residential Area, Kinh Mon District, Hai Duong Province Tel: (84 320) 352 2969 Fax: (84 320) 352 2970

Hai Phong Branch

62-64 Ton Duc Thang Street, Tran Nguyen Han Ward, Le Chan District, Hai Phong City Tel: (84 31) 371 9999 Fax: (84 31) 371 9991

Tam Bac Transaction Office

102A Quang Trung Street, Phan Boi Chau Ward, Hong bang District, Hai Phong City Tel: (84 31) 352 1058 Fax: (84 31) 352 1059

Van Cao Transaction Office

197 Van Cao, Dang Giang Ward, Ngo Quyen District, Hai Phong City Tel: (84 31) 373 4016 Fax: (84 31) 373 4017

Lac Vien Transaction Office

176 Da Nang Street, Lac Vien Ward, Ngo Quyen District, Hai Phong City Tel: (84 31) 371 9956/955 Fax: (84 31) 371 9957

Hoa Phuong Transaction Office

119-121 Dinh Tien Hoang Street, Hoang Van Thu Ward, Hong Bang District, Hai Phong City Tel: (84 31) 356 9113/345 Fax: (84 31) 356 9115

Thuy Nguyen Transaction Office

151 Bach Dang Street, Nui Deo Town, Thuy Nguyen District, Hai Phong City Tel: (84 31) 391 6755/756/766/786 Fax: (84 31) 391 6775

Quang Ninh Branch

607 Le Thanh Tong Street, Ha Long City, Quang Ninh Province Tel: (84 33) 369 6789 Fax: (84 33) 369 6966

Mong Cai Transaction Office

01 Tran Phu, Mong Cai Mall, Mong Cai City, Quang Ninh Province Tel: (84 33) 625 8688 Fax: (84 33)625 8226

Cam Pha Transaction Office

566 Tran Phu, Cam Thuy Ward, Cam Pha Town, Quang Ninh Province Tel: (84 33) 386 8682 Fax: (84 33) 386 8648

Thai Nguyen Branch

66 Hoang Van Thu, Hoang Van Thu Ward, Thai Nguyen City Tel: (84 280) 385 3155 Fax: (84 280)385 3266

Phu Tho Branch

1482 Hung Vuong, Gia Cam Ward, Viet Tri City, Phu Tho Province Tel: (84 210) 366 6555/366 6868 Fax: (84 210)386 8333/366 6686

Ha Nam Branch

Block 1 Le Hoan, Minh Khai Ward, Phu Ly City, Ha Nam Province Tel: (84 351) 356 6666/382 8878 Fax: (84 351) 366 2222/382 8979

IV. NORTHERN CENTRAL REGION

Nghe An Branch

72 Le Loi, Hung Binh Ward, Vinh City, Nghe An Province Tel: (84 38) 860 0777/667 Fax: (84 38) 860 0677

Dien Chau Transaction Office

Group 4, Dien Chau Town, Dien Chau, Nghe An Province Tel: (84 38) 360 5777/678 Fax: (84 38) 360 0999

Hung Binh Transaction Office

85 Le Hong Phong, Vinh City, Nghe An Province Tel: (84 38) 869 6688/777 Fax: (84 38) 869 6678

Quan Banh Transaction Office

350 Nguyen Trai, Vinh City, Nghe An Province Tel: (84 38) 865 2777 Fax: (84 38) 865 2999

Quang Binh Branch

5 Quang Trung, Hai Dinh Ward, Dong Hoi, Quang Binh Province Tel: (84 52) 625 5255 Fax: (84 52) 384 4944/66/77

Bo Trach Transaction Office

1A National Highway TK2, Hoan Lao, Bo Trach, Quang Binh Province Tel: (84 52) 361 2444 Fax: (84 52) 361 2555

Dong Hoi Transaction Office

252 Tran Hung Dao Street, Nam Ly, Dong Hoi, Quang Binh Province Tel: (84 52) 384 7847/ 385 5666 Fax: (84 52) 385 5444

Ba Don Transaction Office

Area 1, Ba Don Town, Quang Binh Tel: (84 52) 351 6516/351 7517 Fax: (84 52) 351 6567

Bac Ly Transaction Office

Bac Ly Ward, Dong Hoi City, Quang Binh Tel: (84 52) 385 3853/385 3888 Fax: (84 52) 385 3999

Dong Son Transaction Office

81 Ly Thai To, Bac Nghia Ward, Dong Hoi City, Quảng Bình Tel: (84 52) 383 4834 Fax: (84 52) 383 4837

DISTRIBUTION NETWORK(continued)


Quang Tri Branch

43 Tran Hung Dao, Ward 1, Dong Ha, Quang Tri

Tel: (84 53) 355 5889 Fax: (84 53) 355 5890

Vinh Linh Transaction Office

Huu Nghi sub ward, Ho Xa Town , Vinh Linh, Quang Tri Tel: (84 53) 361 4888 Fax: (84 53) 362 2261

Trieu Hai Transaction Office

2220 Tran Hung Dao, Ward 2, Quang Tri, Quang TriTel: (84 53) 366 4458 Fax: (84 53) 366 4457

Dong Ha Transaction Office

86 Le Duan, Ward 1, Dong Ha, Quang TriTel: (84 53) 355 3800 Fax: (84 53) 355 3801

Huong Hoa Transaction Office

Sub ward 1, Khe Sanh Town, Huong Hoa, Quang TriTel: (84 53) 378 1940 Fax: (84 53) 378 1941

Lao Bao Transaction Office

Sub ward Tay Chinh, Lao Bao Town, Huong Hoa, Quang Tri Tel: (84 53) 377 8888/ 889 Fax: (84 53) 377 8887

Thua Thien Hue Branch

126 Nguyen Hue, Phu Nhuan Ward, Hue City, Thua Thien HueTel: (84 54) 383 4979 Fax: (84 54) 383 4980

An Cuu Transaction Office

144 Hung Vuong, Phu Nhuan Ward, Hue City, Thua Thien Hue Tel: (84 54) 381 4181 Fax: (84 54) 381 4243

Phu Bai Transaction Office

1227 Phu Bai Ward, Huong Thuy, Thua Thien Hue Tel: (84 54) 385 1032 Fax: (84 54) 385 1033

Tay Loc Transaction Office

172 (Old number: 02) Nguyen Trai, Tay Loc Ward, Hue City, Thua Thien Hue Tel: (84 54) 353 9366 Fax: (84 54) 353 9365

Phu Xuan Transaction Office

49 Tran Hung Dao, Phu Hoa Ward, Hue City, Thua Thien Hue Tel: (84 54) 351 3865 Fax: (84 54) 351 3850

Huong Tra Transaction Office

02 Doc Lap, Tu Ha Ward, Huong Tra, Thua Thien Hue Tel: (84 54) 375 8686 Fax: (84 54) 375 8689

Phu Hoi Transaction Office

02 Ben Nghe, Phu Hoi Ward, Hue City, Thua Thien Hue Tel: (84 54) 383 9002/ 003 Fax: (84 54) 383 9004

Mai Thuc Loan Transaction Office

43 Mai Thuc Loan, Thuan Thanh Ward, Hue City, Thua Thien Hue Tel: (84 54) 359 9399/ 398 Fax: (84 54) 359 9397

Branch Da Nang

1130-130A-132 Bach Dang, Hai Chau, Da Nang Tel: (84 511) 358 2612 Fax: (84 511) 358 2613

Cho Con Transaction Office

225 Ong Ich Khiem, Group 58, Cau Vong, Hai Chau, Da Nang Tel: (84 511) 386 6368 Fax: (84 511) 386 6369

Thank Khe Transaction Office

568 Dien Bien Phu, Thanh Khe Dong Ward, Thanh Khe, Da Nang Tel: (84 511) 372 5542 Fax: (84 511) 372 5543

Son Tra Transaction Office

783 Ngo Quyen, An Hai Bac Ward, Son Tra, Da Nang Tel: (84 511) 326 0099 Fax: (84 511) 326 0010

Cam Le Transaction Office

179 Ong Ich Duong, Khue Trung Ward, Cam Le, Da Nang Tel: (84 511) 324 7000 Fax: (84 511) 369 6700

Hoang Anh Plaza Transaction Office

1 Nguyen Van Linh, Nam Duong Ward, Hai Chau, Da Nang Tel: (84 511) 325 4767 Fax: (84 511) 325 4768

Hoang Dieu Transaction Office

202 Hoang Dieu, Nam Duong Ward, Hai Chau, Da Nang Tel: (84 511) 357 3665 Fax: (84 511) 325 1661

Lien Chieu Transaction Office

695 Ton Duc Thang, Hoa Khanh Ward, Lien Chieu, Da Nang Tel: (84 511) 373 9125/ 126 Fax: (84 511) 373 9124

Quang Nam Branch

Lot 8 Trade Center, Tam Ky City, Quang Nam Province Tel: (84 510) 382 1821 Fax: (84 510) 382 1820

Nam Phuoc Transaction Office

37 Group 2, Area 2, Long Xuyen, Nam Phuoc, Duy Xuyen, Quang Nam Tel: (84 510) 377 7123 Fax: (84 510) 377 7125

Tam Ky Transaction Office

566 Phan Chu Trinh, Tam Ky City, Quang Nam Tel: (84 510) 383 5366 Fax: (84 510) 383 5355

Hoi An Transaction Office

91 Tran Hung Dao, Hoi An, Quang Nam Province Tel: (84 510) 391 1031 Fax: (84 510) 391 1266

Chu Lai Transaction Office

262 Pham Van Dong, Area 2 - Nui Thanh Town, Nui Thanh, Quang Nam Tel: (84 510) 357 1766 Fax: (84 510)357 1755

Dai Loc Transaction Office

Area 7, Ai Nghia Town, Dai Loc, Quang Nam Tel: (84 510) 374 7476/ 475 Fax: (84 510) 374 7478

Quang Ngai Branch

449 Quang Trung, Quang Ngai, Quang Ngai City, Quang Ngai Tel: (84 55) 371 5555 Fax: (84 55) 371 5557

Hung Vuong Transaction Office

361 Hung Vuong, Tran Phu Ward, Quang Ngai City, Quang Ngai Tel:( 84 55) 371 6557/58/59 Fax: (84 55) 371 6555

Binh Son Transaction Office

Area 2, 1A National Highway, Chau O Town, Binh Son, Quang Ngai Tel: (84 55) 352 3434/35/36 Fax: (84 55) 352 3437

Ha Tinh Branch

37-39 Dang Dung, Area 7, Nam Ha Ward, Ha Tinh, Ha Tinh Tel: (84 39) 368 5234/ 5693 Fax: (84 39) 368 5686/ 5687

V. SOUTH & CENTRAL HIGHLAND REGION

Binh Dinh Branch

998 Mai Xuan Thuong, Ly Thuong Kiet Ward, Quy Nhon City, Binh Dinh Tel: (84 56) 381 7493 Fax: (84 56) 381 7312

Dap Da Transaction Office

Bang Chau Area, Dap Da Town, An Nhon, Binh Dinh Tel: (84 56) 363 9702 Fax: (84 56) 363 9704

Le Loi Transaction Office

97 Le Loi, Tran Hung Dao Ward, Quy Nhon City, Binh Dinh Tel: (84 56) 381 7177 Fax: (84 56) 381 7176

Bong Son Transaction Office

243 Quang Trung, Bong Son Town, Hoai Nhon, Binh Dinh Tel: (84 56) 396 1370 Fax: (84 56) 396 1373

Tay Son Transaction Office

311 Quang Trung, Phu Phong Town, Tay Son, Binh Dinh Tel: (84 56) 358 0939 Fax: (84 56) 358 0940

Tam Quan Transaction Office

288 1A National Highway, Tam Quan Town, Hoai Nhon, Binh Dinh Tel: (84 56) 386 0180 Fax: (84 56) 386 0182

Nguyen Thai Hoc Transaction Office

265 Nguyen Thai Hoc, Ngo May Ward, Quy Nhon City, Binh Dinh Tel: (84 56) 352 1645/ 646 Fax: (84 56) 352 1647

Phu Yen Branch

205, 207, 209, 211 Hung Vuong, Ward 5, Tuy Hoa City, Phu Yen Tel: (84 57) 389 3341 Fax: (84 57) 389 3342

Nam Tuy Hoa Transaction Office

374 Nguyen Van Linh, Phu Lam Ward, Tuy Hoa City, Phu Yen Tel: (84 57) 385 1851 Fax: (84 57) 385 1850

Song Cau Transaction Office

Tran Hung Dao, Xuan Phu Ward, Song Cau, Phu Yen Tel: (84 57) 372 8788 Fax: (84 57) 372 8789

Nguyen Hue Transaction Office

291 Nguyen Hue, Ward 5, Tuy Hoa City, Phu Yen Tel: (84 - 57) 381 0850/ 0868 Fax: (84 - 57) 381 0870

Khanh Hoa Branch

76 Quang Trung, Loc Tho Ward, Nha Trang City, Khanh Hoa Tel: (84 58) 381 7594 Fax:(84 58) 381 7698

Ninh Hoa Transaction Office

290 Tran Quy Cap, Ninh Hoa Ward, Ninh Hoa, Khanh Hoa Tel: (84 58) 363 0864 Fax: (84 58)363 0863

Nha Trang Transaction Office

65 Nguyen Trai, Phuoc Tien Ward, Nha Trang City, Khanh Hoa Tel: (84 58) 351 5495 Fax: (84 58) 351 5708

Le Hong Phong Transaction Office

193 Le Hong Phong, Phuoc Hoa Ward, Nha Trang City, Khanh Hoa Tel: (84 58) 388 9192 Fax: (84 58) 388 9194

Cam Ranh Transaction Office

134-136, 1 National Highway, Ba Ngoi Ward, Cam Ranh City, Khanh Hoa Tel: (84 58) 395 4300 Fax: (84 58) 395 4302

Van Ninh Transaction Office

128 Hung Vuong, Van Gia Town, Van Ninh, Khanh Hoa Tel: (84 58) 391 3264/391 3265 Fax: (84 58) 391 3266

Cam Lam Transaction Office

1A National Highway, Nghia Dong Group, Cam Duc Town, Cam Lam, Khanh Hoa Tel: (84 58) 398 3788/398 3789 Fax: (84 58) 398 3786

QTK Thang Loi Transaction Office

124 Sinh Trung, Van Thanh Ward, Nha Trang City, Khanh Hoa Tel: (84 58) 381 3888/381 3887 Fax: (84 58) 381 3886

Ninh Thuan Branch

757 Thong Nhat, Kinh Dinh Ward, Phan Rang City - Thap Cham, Ninh Thuan Tel: (84 68) 383 2300 Fax: (84 68) 383 2301

Phan Rang - Thap Cham Transaction Office

336 Thong Nhat, Phu Ha Ward, Phan Rang City - Thap Cham, Ninh Thuan Tel: (84 68) 382 7334 Fax: (84 68) 382 7335

Gia Lai Branch

38 Nguyen Thien Thuat, Dien Hong Ward, Pleiku City, Gia Lai Tel: (84 59) 372 0074 Fax: (84 59) 372 0073

An Khe Transaction Office

02 Hoang Van Thu, Tay Son Ward, An Khe, Gia Lai Tel: (84 59) 383 2268/929/930/939 Fax: (84 59) 383 2535

Chu Se Transaction Office

748 Hung Vuong, Chu Se Town, Chu Se, Gia Lai Tel: (84 59) 625 8006/007 Fax: (84 59) 625 8009

Kon Tum Branch

73A Phan Dinh Phung, Quang Trung Ward, Kontum City, Kon Tum Tel: (84 60) 391 3457 Fax: (84 60) 391 3458

Dac Ha Transaction Office

297 Hung Vuong, Dak Ha Town, Dak Ha, Kon Tum Tel: (84 60) 382 6789 Fax: (84 60) 382 6788

Ngoc Hoi Transaction Office

77 Hung Vuong, Pleinkan Town, Ngoc Hoi, Kon Tum Tel: (84 60) 383 2836 Fax: (84 60) 383 2837

Dak Lak Branch

130-132 Le Hong Phong, Thong Nhat Ward, Buon Me Thuot City, Dak Lak Tel: (84 500) 386 1105 Fax: (84 500) 386 1104

Eakar Transaction Office

3B Eakar Town, Eakar, Dak Lak Tel: (84 500) 362 6960 Fax: (84 500) 362 6961

Buon Me Thuot Transaction Office

362-364 Le Duan, Eatam Ward, Buon Me Thuot City, Dak Lak Tel: (84 500) 386 1108 Fax: (84 500) 386 1101

Buon Ho Transaction Office

215-217 Hung Vuong, Buon Ho, Dak Lak Tel: (84 500) 357 1458/357 1459 Fax: (84 500) 357 1457

EaH’leo Transaction Office

565 Giai Phong, Eadrang Town, Eah’leo, Dak Lak Tel: (84 500) 377 6670/672/673 Fax: (84 500) 377 6671

Cu Kuin Transaction Office

16A EaKmar, Ea Bhoc, Cu Kuin, Dak Lak Tel: (84 500) 364 0990/992/993 Fax: (84 500) 364 0991



Dak Nong Branch

Lot D1 Tam Thang Industrial Zone, Tam Thang, Cu Jut, Dak Nong Tel: (84 501) 368 3798 Fax: (84 501) 368 3632

Dak Mil Transaction Office

61 Nguyen Tat Thanh, Dakmil Town, Dakmil, Dak Nong Tel: (84 501) 375 1898 Fax: (84 501) 375 1897

Kien Duc Transaction Office

40 Nguyen Tat Thanh, Kien Duc Town, DakR’Lap, Dak Nong Tel: (84 501) 370 2456 Fax: (84 501) 364 7961

Gia Nghia Transaction Office

90 Truong Dinh, Nghia Thanh Ward, Gia Nghia, Dak Nong Tel: (84 501) 354 5443/354 5444 Fax: (84 501) 354 5442

Lam Dong Branch

5 Hai Ba Trung, Ward 6, Da Lat City, Lam Dong City Tel: (84 63) 354 9045 Fax: (84 63) 354 9047

Bao Loc Transaction Office

43 Le Thi Pha, Ward 1, Bao Loc City, Lam Dong Tel: (84 63) 371 1253/ 254 Fax: (84 63) 371 1256

Duc Trong Transaction Office

713, 20 National Highway, Lien Nghia Town, Duc Trong, Lam Dong Tel: (84 63) 364 9161 Fax: (84 63) 364 9162

Quang Trung Transaction Office

A1 - Suong Mai Restaurant Area, Quang Trung, Ward 9, Da Lat City, Lam Dong Tel: (84 63) 382 6600 Fax: (84 63) 382 6600

Lam Ha Transaction Office

51 Bo Lieng, Dinh Van Town, Lam Ha, Lam Dong Tel: (84 63) 368 6662 Fax: (84 63) 368 6663

Da Lat Transaction Office

32 - Hoa Binh Area, 3-5, 3/2 Street, Ward 1, Da Lat City, Lam Dong Tel: (84 63) 351 1082 Fax: (84 63) 351 1083

Di Linh Transaction Office

671 Hung Vuong, Di Linh Town, Di Linh, Lam Dong Tel: (84 63) 379 2998 Fax: (84 63) 379 2999

VI. SOUTHEAST REGION

Binh Thuan Branch

364 Tran Hung Dao, Duc Thang Ward, Phan Thiet City, Binh Thuan Tel: (84 62) 383 2426 Fax: (84 62) 383 4656

Lagi Transaction Office

63 Le Loi, Lagi Town, Binh Thuan Tel: (84 62) 384 1760 Fax: (84 62) 384 1761

Phan Ri Cua Transaction Office

239 Thong Nhat Street, Lagi Town, Binh Thuan Tel: (84 62) 397 2699 Fax: (84 62) 397 2686

Phan Thiet Transaction Office

126 Tran Hung Dao, Phu Thuy Ward, Phan Thiet City, Binh Thuan Tel: (84 62) 383 5610 Fax: (84 62) 383 5609

Binh Phuoc Branch

Phu Thanh Quarter, Tan Phu Ward, Dong Xoai Town, Binh Phuoc Tel: (84 651) 388 8092 Fax: (84 651) 388 3569

Phuoc Long Transaction Office

5 Quarter, Long Phuoc Ward, Phuoc Long Town, Binh Phuoc Tel: (84 651) 377 5201 Fax: (84 651) 377 5201

Binh Long Transaction Office

Phu Binh Quarter, An Loc Ward, Binh Long Town, Binh Phuoc Province Tel: (84 651) 368 2692 Fax: (84 651) 368 2692

Chon Thanh Transaction Office

Block 2, Quarter 4, Chon Thanh Town, Chon Thanh District, Binh Phuoc Tel: (84 651) 366 0079 Fax: (84 651) 366 0080

Loc Ninh Transaction Office

Block 2A, Loc Ninh Town, Loc Minh District, Binh Phuoc Tel: (84 651) 356 6775/356 6776 Fax: (84 651) 356 6775

Bu Dang Transactino Office

245, Duc Lap Block, Duc Phong Town, Bu Dang District, Binh Phuoc Tel: (84 651) 397 4848/878/397 5868 Fax: (84 651) 397 5848

Binh Duong Branch

431 Binh Duong Boulevard, Phu Cuong Ward, Thu Dau Mot Town, Binh Duong Tel: (84 650) 385 9595/385 9596 Fax: (84 650) 385 9591

Thu Dau Mot Transaction Office

21A Cach Mang Thang Tam Street, Phu Cuong Ward, Thu Dau Mot Town, Binh Duong Tel: (84 650) 385 9961/ 385 5109 Fax: (84 650) 385 9962

Ben Cat Transaction Office

Block 5, Lai Uyen Ward, Ben Cat District, Binh Duong Tel: (84 650) 356 2863 Fax: (84 650) 355 2033

Di An Transaction Office

9/22 Tran Hung Dao Street, Binh Minh 2 Block, Di An Ward, Di An Town, Binh Duong Tel: (84 650) 373 4840 Fax: (84 650) 373 4841

Lai Thieu Transaction Office

C186A Block 18, Binh Duc Quarter, Lai Thieu, Thuan An Town, Binh Duong Tel: (84 650) 376 0375 Fax: (84 650) 376 0437

My Phuoc Transaction Office

Block 1, Binh Duong Boulevard, My Phuoc Town, Ben Cat District, Binh Duong Tel: (84 650) 355 9669 Fax: (84 650) 355 9668

Tan Phuoc Khanh Transaction Office

Khanh Hoa Ward, Tan Phuoc Khanh Town, Tan Uyen District, Binh Phuoc Tel: (84 650) 361 2060 Fax: (84 650) 361 2062

Dau Tieng Transaction Office

Ward 2, Dau Tieng Town, Dau Tieng District, Binh Duong Tel: (84 650) 352 2997/352 2998 Fax: (84 650) 352 2996

1K Highway Transaction Office

1 B, Noi Hoa 2 Quarter, Binh An Ward, Di An District, Binh Duong Tel: (84 650) 377 2223/24/25 Fax: (84 650) 377 2226

Phu Giao Transaction Office

Block 2, Phuoc Vinh Town, Phu Giao District, Binh Duong Tel: (84 650) 367 5141/ 143 Fax: (84 650) 367 5142

Tan Uyen Transaction Office

F4-F5 Block, Uyen Hung Commercial Resident, Uyen Hung Province, Binh Duong Tel: (84 650) 364 2927/ 929 Fax: (84 650) 364 2926

Tay Ninh Branch

149G Ward 1, Tay Ninh District, Tay Ninh Province Tel: (84 66) 381 0414 Fax: (84 66) 381 0419

Tan Chau Transaction Office

Tan Chau Town, Tan Chau Province, Tay Ninh Province Tel: (84 66) 375 9023 Fax: (84 66) 375 9004

Go Dau Transaction Office

KP4/9AC, Inner Ward, Go Dau Town, Go Dau District, Tay Ninh Province Tel: (84 66) 352 0300/ 2299 Fax: (84 66) 352 0299

Hoa Thanh Transaction Office

Hung Vuong Street, Block 1, Hoa Thanh District, Tay Ninh Province Tel: (84 66) 383 1010 Fax: (84 66) 383 1009

Tan Bien Transaction Office

Block 2, Tan Bien Town, Tan Bien District, Tay Ninh Province Tel: (84 66) 374 5666/ 777 Fax: (84 66) 374 5990

Trang Bang Transaction Office

Highway No.22, Loc Thanh Block, Trang Bang Town, Trang Bang District, Tay Ninh Province Tel: (84 66) 389 0158 Fax: (84 66) 389 0159

Dong Nai Branch

87- 89, 30/4 Street, Thanh Binh Ward, Bien Hoa City, Dong Nai Province Tel: (84 61) 394 6067 Fax: (84 61) 394 6068

Long Khanh Transaction Office

Block 5, Xuan Hoa Ward, Long Khanh Town, Dong Nai Province Tel: (84 61) 378 3587 Fax: (84 61) 378 3443

Ho Nai Transaction Office

11B/82 Block 1, Tan Bien Ward, Bien Hoa City, Dong Nai Province Tel: (84 61) 388 4149 Fax: (84 61) 388 4073

Bien Hoa Transaction Office

141/5, Highway No.15, Tam Hiep Ward, Bien Hoa City, Dong Nai Province Tel: (84 61) 391 3518 Fax: (84 61) 391 3513

Trang Bom Transaction Office

07 - Highway No.1A, Block 11, Thai Hoa Quarter, Ho Nai Ward, Trang Bom District, Dong Nai Province Tel: (84 61) 367 3970 Fax: (84 61) 367 3971

Gia Kiem Transaction Office

112/4 Tan Yen Quarter, Gia Tan 3 Ward, Thong Nhat District, Dong Nai Province Fax: (84 61) 377 8488

Long Binh Tan Trasaction Office

C2/9 and 9B/2 Block 1, Long Binh Tan Ward, Bien Hoa City, Dong Nai Province Tel: (84 61) 383 4680 Fax: (84 61) 383 4680

Long Thanh Transaction Office

Quarter 1, Van Hai Block, Long Thanh Town, Long Thanh District, Dong Nai Province Tel: (84 61) 350 1976/ 77 Fax: (84 61) 350 1978

Dong Hoa Transaction Office

Highway No.1A, An Binh Quarter, Trung Hoa Ward, Trang Bom District, Dong Nai Province Tel: (84 61) 386 8819 Fax: (84 61) 386 8820

Phuong Lam Transaction Office

Highway No.20, Thanh Tho 1 Ward, Tan Phu Disctrict, Dong Nai Province Tel: (84 61) 366 5455 Fax: (84 61) 366 5454

Ba Ria - Vung Tau Branch

67A Le Hong Phong Street, Ward 7, Vung Tau City, Ba Ria - Vung Tau Province Tel: (84 64) 355 3333 Fax: (84 64) 355 3336

Ba Ria Transaction Office

No.3 Bach Mai Street, Phuoc Trung Ward, Dương Bach Mai, Phuoc Trung Ward, Ba Ria - Vung Tau District, Ba Ria - Vung Tau Province Tel: (84 64) 371 7148 Fax: (84 64) 371 7150

Chau Duc Transaction Office

291 - 293 Hung Vuong, Ngai Giao Ward, Chau Duc District, Ba Ria - Vung Tau Province Tel: (84 64) 396 3011 Fax: (84 64) 396 3033

Rach Dua Transaction Office

No.196, 30/4 Street, Rach Dua Ward, Vung Tau City, Ba Ria - Vung Tau Province Tel: (84 64) 361 5298 Fax: (84 64) 361 5194

Long Hai Transaction Office

72, Street No.2, Phuoc Hung Ward, Long Dien District, Ba Ria - Vung Tau Province Tel: (84 64) 367 1555 Fax: (84 64) 367 1777

Tan Thanh Transaction Office

Block 6, Doc Lap Street, Ngoc Ha Quarter, Phu My Town, Tan Thanh District, Ba Ria - Vung Tau Province Tel: (84 64) 389 5757/ 58 Fax: (84 64) 389 5759

Xuyen Moc Transaction Office

223/6 Highway No. 55, Phuoc Buu Town, Xuyen Moc District, Ba Ria - Vung Tau Province Tel: (84 64) 377 7770/ 771,772 Fax: (84 64) 377 7774

VII. HOCHIMINH REGION

Sai Gon Branch

177-179-181 Nguyen Thai Hoc Street, Pham Ngu Lao Ward, District 1, HCMC Tel: (84 8) 3836 0243/ 3837 8778 Fax: (84 8) 3836 8598

Tan Dinh Transaction Office

129-131, 127-2nd Floor, and 133-1st Floor, Nguyen Huu Cau Street, Tan Dinh Ward, HCMC Tel: (84 8) 3820 4778/ 3820 4782/ 3820 4783 Fax: (84 8) 3820 4828

Vo Van Tan Transaction Office

291B - 291/1A Vo Van Tan Street, Ward 5, District 5, HCMC Tel: (84 8) 3833 5647/ 3929 3726 Fax: (84 8) 3833 5646

District 1 Transaction Office

No. 63B Calmette, Nguyen Thai Binh Ward, District 1, HCMC Tel: (84 8) 3914 4515 Fax: (84 8) 3914 4516

Huynh Thuc Khang Transaction Office

2 - 4 (Ground Floor) and 6 Huynh Thuc Khang Street, Ben Nghe Ward, District 1, HCMC Tel: (84 8) 3914 7486 Fax: (84 8) 3914 7489



Cong Quynh Transaction Office

260 Cong Quynh Street, Pham Ngu Lao Ward, District 1, HCMC Tel: (84 8) 3925 9260/ 61,62 Fax: (84 8) 3925 9263

Vo Thi Sau Transaction Office

38 Vo Thi Sau Street, Tan Dinh Ward, District 1, HCMC Tel: (84 8) 3820 6375/78 Fax: (84 8) 3820 7345

Nguyen Cu Trinh Transaction Office

1152 Tran Dinh Xu Street, Nguyen Cu Trinh Ward, District 1, HCMC Tel: (84 8) 3920 8911/12/13 Fax: (84 8) 3920 8914

Pham Ngu Lao Transaction Office

211-213-215 Pham Ngu Lao Street, Pham Ngu Lao Ward, District 1, HCMC Tel: (84 8) 3920 9471/72/73 Fax: (84 8) 3920 9474

Hung Dao Branch

99A Nguyen Van Cu Street, Ward 2, District 5, HCMC Tel: (84 8) 3923 2800 Fax: (84 8) 3923 2799

Dong Khanh Transaction Office

65-67 Tran Hung Dao Street, Ward 6, District 5, HCMC Tel: (84 8) 3838 4126 Fax: (84 8) 3838 4074

Le Dai Hanh Transaction Office

347 Le Dai Hanh Street, Ward 13, District 11, HCMC Tel: (84 8) 3965 0442 Fax: (84 8) 3965 0443

3 March Transaction Office

276-280, 3/2 Street, Ward 12, District 10, HCMC Tel: (84 8) 3868 0383 Fax: (84 8) 3868 0382

Hong Bang Transaction Office

517 Hong Bang Street, Ward 14, District 5, HCMC Tel: (84 8) 3855 2207 Fax: (84 8) 3855 2214

Minh Khai Transaction Office

530-532 Nguyen Thi Minh Khai Street, Ward 2, District 3, HCMC Tel: (84 8) 3938 1801/03 Fax: (84 8) 3938 1802

Cho Lon Branch

920-920A-920B Nguyen Chi Thanh Street, Ward 4, District 11, HCMC Tel: (84 8) 3955 5280 Fax: (84 8) 3955 6139

Binh Tan Transaction Office

467-469-471 Kinh Duong Vuong Street, An Lac Ward, Binh Tan District, HCMC Tel: (84 8) 3752 2271 Fax: (84 8) 3752 2272

Phu Lam Transaction Office

63A Kinh Duong Vuong Street, Ward 12, District 6, HCMC Tel: (84 8) 3751 5257 Fax: (84 8) 3751 5246

Binh Phu Transaction Office

152 Cho Lon Street, Ward 11, District 6, HCMC Tel: (84 8) 3755 1723 Fax: (84 8) 3755 1724

Binh Chanh Transaction Office

B1/16-B1/17 Highway No.1 A, Quarter 2, Binh Chanh Ward, Binh Chanh District, HCMC Tel: (84 8) 3760 8140 Fax: (84 8) 3760 8141

Ly Thuong Kiet Transaction Office

104-106 Ly Thuong Kiet Street, Ward 7, District 10, HCMC Tel: (84 8) 3957 3137 Fax: (84 8) 3957 3138

Lac Long Quan Transaction Office

349L-349K Lac Long Quan Street, Ward 5, District 11, HCMC Tel: (84 8) 3975 0982 Fax: (84 8) 3975 0983

Lanh Binh Thang Transaction Office

294 - 294A Lanh Binh Thang Street, Ward 11, District 11, HCMC Tel: (84 8) 3965 0934/35/36 Fax: (84 8) 3965 0937

Au Lac Transaction Office

268 Au Co Street, Ward 9, Tan Binh District, HCMC Tel: (84 8) 3975 3296 Fax: (84 8) 3975 3299

Binh Tri Dong Transaction Office

234 Vanh Dai Trong, Binh Tri Dong B Ward, Binh Tan District, HCMC Tel: (84 8) 3817 0520/22 Fax: (84 8) 3817 0521

Tan Binh Branch

224 Le Van Sy Street, Ward 1, Tan Binh District, HCMC Tel: (84 8) 3990 7202 Fax: (84 8) 3990 7205

Ba Queo Transction Office

14/3A Truong Chinh Street, Ward 13, Tan Binh District, HCMC Tel: (84 8) 3849 5010 Fax: (84 8) 3849 5010

Lu Gia Transaction Office

3 Way No.2 - Lu Gia Apartment, Ward 15, District 11, HCMC Tel: (84 8) 3865 1204 Fax: (84 8) 3865 1204

Ong Tan Transaction Office

785-785A Cach Mang Thang Tam Street, Ward 6, Tan Binh District, HCMC Tel: (84 8) 3970 2230 Fax: (84 8) 3970 2230

E-town Transaction Office

364 Cong Hoa Street, Tan Binh District, HCMC Tel: (84 8) 3812 5701 Fax: (84 8) 3810 5702

Lang Cha Ca Transaction Office

315 Hoang Van Thu Street, Ward 2, Tan Binh District, HCMC Tel: (84 8) 3845 4470 Fax: (84 8) 3845 4471

Thanh Binh Transaction Office

170 (Ground and 1st Floor), Ly Thuong Kiet Street, Ward 8, HCMC Tel: (84 8) 3971 8143/44/45/ 3 8691 547 Fax: (84 8) 3971 8146

Lac Hong Transaction Office

1016 Lac Long Quan Street, Ward 8, Tan Binh District, HCMC Tel: (84 8) 3975 2940/41/42 Fax: (84 8) 3975 2943

Cong Hoa Transaction Office

298 Cong Hoa Street, Ward 13, Tan Binh District, HCMC Tel: (84 8) 3810 7880/81/83 Fax: (84 8) 3810 7884

Bau Cat Transaction Office

201-203-205 Bau Cat Street, Ward 14, Tan Binh District, HCMC Tel: (84 8) 3949 3094 Fax: (84 8) 3949 3095

Go Vap Branch

94-96-98 Nguyen Oanh Street, Ward 7, Go Vap, HCMC Tel: (84 8) 3894 3648 Fax: (84 8) 3894 1918

Cho Cau Transaction Office

A-58 - Block 2, To Ky, Dong Hung Thuan Ward, District 12, HCMC Tel: (84 8) 3715 0828 Fax: (84 8) 3715 0828

Nguyen Van Nghi Transaction Office

134-136 Nguyen Van Nghi Street, Ward 5, Go Vap District, HCMC Tel: (84 8) 3894 1001/3985 5584 Fax: (84 8) 3895 4216

Xom Moi Transaction Office

20/401 Le Duc Tho Street, Ward 16, Go Vap District, HCMC Tel: (84 8) 3996 3090 Fax: (84 8) 3996 3090

Thong Tay Transaction Office

2/5 Quang Trung Street, Ward 11, Go Vap District, HCMC Tel: (84 8) 3895 8561 Fax: (84 8) 3996 7984

Thanh Loc Transaction Office

170 Ha Huy Giap Street, Ha Huy Giap Ward, District 12, HCMC Tel: (84 8) 3716 3903 Fax: (84 8) 3716 3904

Nguyen Thai Son Transaction Office

135-137 Nguyen Thai Son Street, Ward 4, Go Vap District, HCMC Tel: (84 8) 3588 8895/96 Fax: (84 8) 3588 8897

An Nhon Transaction Office

305-51/570 B Nguyen Oanh Street, Ward 17, Go Vap District, HCMC Tel: (84 8) 3984 8136 Fax: (84 8) 3984 8137

Phan Huy Ich Transaction Office

60/12 Phan Huy Ich Street, Ward 12, Go Vap District, HCMC Tel: (84 8) 3987 8586/587 Fax: (84 8) 3987 8584

Hoang Mai Transaction Office

602 - 604 Le Duc Tho Street, Ward 15, Go Vap District, HCMC Tel: (84 8) 3916 8660/661 Fax: (84 8) 3916 8662

Hoc Mon Branch

38 Truong Chinh Street, Block 6, Tan Hung Ward, District 12, HCMC Tel: (84 8) 3592 6001 Fax: (84 8) 3592 6010

Trung Chanh Transaction Office

145/5 Nguyen Anh Thu Street, Trung Chanh Ward, Hoc Mon District, HCMC Tel: (84 8) 3883 9325 Fax: (84 8) 3883 9324

Thoi An Transaction Office

25/3 Le Van Khuong Street, Thoi An Ward, District 12, HCMC Tel: (84 8) 3717 7308 Fax: (84 8) 3717 7310

An Suong Transaction Office

132/7 Truong Chinh Street, Block 5, Tan Thoi Nhat Ward, District 12, HCMC Tel: (84 8) 6256 8459 Fax: (84 8) 6256 8458

Hiep Thanh Transaction Office

3A Nguyen Anh Thu Street, Hiep Thanh Ward, District 12, HCMC Tel: (84 8) 3717 8389 Fax: (84 8) 3717 8388

Trang Trau Transaction Office

19/4A Ly Thuong Kiet Street, Hoc Mon Town, Hoc Mon District, HCMC Tel: (84 8) 3891 0179 Fax: (84 8) 3710 3545

Ba Diem Transaction Office

2/1A-2/1E Phan Van Hon Street, Trung Lan Quarter, Ba Diem Ward, Hoc Mon District, HCMC Tel: (84 8) 3590 1658/59/60/61 Fax: (84 8) 3590 1525

Cu Chi Transaction Office

345 Highway No.22 - Thuong Quarter, Tan Thong Hoi Ward, Cu Chi District, HCMC Tel: (84 8) 3790 1262 Fax: (84 8) 3790 0262

An Nhon Tay Transaction Office

1476 Way No.7 - Old Market Quarter, An Nhon Tay Ward, Cu Chi District, HCMC Tel: (84 8) 3794 7123 Fax: (84 8) 3794 7124

Tay Quy Transaction Office

1010 Way No.15 - Quarter 23, Tan Thanh Dong Ward, Cu Chi District, HCMC Tel: (84 8) 3795 4885 Fax: (84 8) 3795 4841

Tay Bac Transaction Office

805 Highway No. 22, Cu Chi Town, Cu Chi District, HCMC Tel: (84 8) 3792 4159 Fax: (84 8) 3792 4158

Thu Duc Branch

231 Vo Van Ngan, Linh Chieu Ward, Thu Duc District, HCMC Tel: (84 8) 3722 2799 Fax: (84 8) 3722 2800

Kien Thiet Transaction Office

83A Le Van Kiet Street, Block 3, Hiep Phu Ward, District 9, HCMC Tel: (84 8) 3736 0541 Fax: (84 8) 3736 0544

Binh Thai Transaction Office

270-272 Do Xuan Hop Street, Phuoc Long A Ward, District 9, HCMC Tel: (84 8) 3728 1973 Fax: (848)3728 1974

An Phu Transaction Office

27 Tran Nao, Binh An Ward, District 2, HCMC Tel: (84 8) 3740 2653/51/52 Fax: (84 8) 3740 2650

Cat Lai Transaction Office

634 Nguyen Thi Dinh Street, Block 2, Thanh My Loi Ward, District 2, HCMC Tel: (84 8) 3742 3865 Fax: (84 8) 3742 3869

Thao Dien Transaction Office

18 Thao Dien Street, Thao Dien Ward, District 2, HCMC Tel: (84 8) 3519 4368 Fax: (84 8) 3519 4372

District 8 Branch

324 Chanh Hung Street, District 8, HCMC Tel: (84 8) 3850 8340 Fax: (84 8) 3850 8341

Xom Cui Transaction Office

415-417 Tung Thien Vuong Street, Ward 2, District 8, HCMC Tel: (84 8) 3951 4893 Fax: (84 8) 3950 4403

Rach Ong Transaction Office

166-168 & 16P Nguyen Thi Tan Street, Ward 8, District 5, HCMC Tel: (84 8) 3983 0133 Fax: (84 8) 3983 0135

Trung Son Transaction Office

29 - 31 Street No. 9A - Trung Son Residental Area, Binh Hung Ward, Binh Chanh District, HCMC Tel: (84 8) 5431 7123 Fax: (84 8) 5431 8543

Pham The Hien Transaction Office

657 - 659A, Pham The Hien Street, Ward 4, District 8, HCMC Tel: (84 8) 3852 0220 Fax: (84 8) 3852 0221


55-57, Hoang Dieu Street, District 4, HCMC Tel: (84 8) 3943 3963 Fax: (84 8) 3943 3983

Tan Thuan Transaction Office

384, Huynh Tan Phat Street, Binh Thuan Ward, District 7, HCMC Tel: (84 8) 3872 4288 Fax: (84 8) 3872 4289

My Toan Transaction Office

954-956, My Toan 3 Area Street, Nguyen Van Linh, Tan Phong Ward, District 7, HCMCTel: (84 8) 5410 3944 Fax: (84 8) 5410 3959

Nha Be Transaction Office

83, Huynh Tan Phat Street, Nha Be Town, Nha Be District, HCMC Tel: (84 8) 3873 8827 Fax: (84 8) 3873 8826



Can Thanh Transaction Office

199/3 Duyen Hai Street, Mieu Ba Quarter, Can Thanh Ward, Can Gio District, HCMC Tel: (84 8) 3786 1601/02/03 Fax: (84 8) 3786 1604

Nguyen Thi Thap Transaction Office

172, Nguyen Thi Thap Street, Binh Than Ward, District 7, HCMC Tel: (84 8) 3775 4635/36/37/38 Fax: (84 8) 3775 4639/640

Phu My Hung Transaction Office

17 My Hoang Block, Tan Phong Ward, District 7, HCMC Tel: (84 8) 5412 1631 Fax: (84 8) 5412 0923

Dien Bien Phu Branch

549 Dien Bien Phu Street, Ward 3, HCMC Tel: (84 8) 3938 1870 Fax: (84 8) 3938 1871

Nguyen Tri Phuong Transaction Office

335-337 Nguyen Tri Phuong Street, Ward 5, District 10, HCMC Tel: (84 8) 3834 7458 Fax: (84 8) 3834 5043

Bac Hai Transaction Office

Block A - No. 24, Truong Son Street, Ward 15, District 10, HCMC Tel: (84 8) 5434 8190/92/93 Fax: (84 8) 5434 8191

Su Van Hanh Transaction Office

836-838, Su Van Hanh Street, Ward 14, District 10, HCMC Tel: (84 8) 5434 8199/201/202 Fax: (84 8) 5434 8200


187, Ngo Gia Tu Street, Ward 3, District 10, HCMC Tel: (84 8) 5405 2025 Fax: (84 8) 5405 2026

Tan Phu Branch

47, Hoa Binh Street, Tan Thoi Hoa Ward, Tan Phu District, HCMC Tel: (84 8) 3973 7303/3961 8725 Fax: (84 8) 3961 8725/3961 8736

Phu Tho Hoa Transaction Office

322 - 324 Nguyen Son Street, Phu Tho Hoa Ward, Tan Phu District, HCMC Tel: (84 8) 3978 6034 Fax: (84 8) 3978 6034

Tan Quy Transaction Office

32 - 32A - 30/1 Go Dau, Tan Quy Ward, Tan Phu District, HCMC Tel: (84 8) 3810 9833 Fax: (84 8) 3810 9833

Tan Binh Industrial Zone Transaction Office

62-64 Tay Thanh Street, Thanh Thanh Ward, Tan Phu District, HCMC Tel: (84 8) 3815 6799 Fax: (84 8) 3815 6799

Au Co Transaction Office

615B Au Co Street, Hoa Thanh Ward, Tan Phu District, HCMC Tel: (84 8) 3975 1531 Fax: (84 8) 3975 1533

Le Trong Tan Transaction Office

143-145 Le Trong Tan (and 79 Son Ky), Son Ky Ward, Tan Phu District, HCMC Tel: (84 8) 3816 5685/86 Fax: (84 8) 3816 5687

Go Cat Transaction Office

768 - 770 Tan Ky-Tan Quy, Binh Hung Hoa Ward, Binh Tan District, HCMC Tel: (84 8) 3767 1596/97 Fax: (84 8) 3767 1598

Le Van Quoi Transaction Office

246 Le Van Quoi Street, Binh Hung Hoa Ward, Binh Tan District, HCMC Tel: (84 8) 3972 1815 Fax: (84 8) 3972 1817

Luy Ban Bich Transaction Office

No 580 (Ground Floor &1st Floor), Hiep Tan Ward, Tan Phu District, HCMC Tel: (84 8) 3973 7303/304 Fax: (84 8) 3973 7311

Binh Thanh Branch

270B Bach Dang Street, Ward 24, Binh Thanh District, HCMC Tel: (84 8) 3551 2700 Fax: (84 8) 3551 2699

Thi Nghe Transaction Office

89-91 Xo Viet Nghe Tinh Street, Ward 17, Binh Thanh District, HCMC Tel: (84 8) 3514 4767 Fax: (84 8) 3514 4764

Thanh Da Transaction Office

552A - 552B Xo Viet Nghe Tinh Street, Ward 25, Binh Thanh District, HCMC Tel: (84 8) 3511 9570 Fax: (84 8) 3511 6108

Binh Hoa Transaction Office

95 Le Quang Dinh Street, Ward 14, Binh Thanh District, HCMC Tel: (84 8) 3551 0502 Fax: (84 8) 3516 0644

No Trang Long Transaction Office

202-204 No Trang Long Street, Ward 12, Binh Thanh District, HCMC Tel: (84 8) 3516 2227 Fax: (84 8) 3516 2285

Binh Tay Transaction Office

59-61-63-65 Hau Giang Street, Ward 2, District 6, HCMC Tel: (84 8) 3969 9351/52 Fax: (84 8) 3969 9361

Kim Bien Transaction Office

286 - 288 Hai Thuong Lan Ong Street, Ward 14, District 5, HCMC Tel: (84 8) 5405 2300 Fax: (84 8) 5405 2323/24

Cay Go Transaction Office

119-121-121A-121B Minh Phung Street, Ward 9, District 6, HCMC Tel: (84 8) 3969 8265/66 /67 Fax: (84 8) 3969 8264

Pham Van Chi Transaction Office

129-131 Pham Phu Thu, Ward 3, District 6, HCMC Tel: (84 8) 3967 6171/173 Fax: (84 8) 3967 6174

Tran Van Kieu Transaction Office

1240 Vo Van Kiet, Ward 10, District 5, HCMC Tel: (84 8) 3952 0301/302/296 Fax: (848) 3952 0300

Ba Hom Transaction Office

698 Way No.10 - Block 18, Binh Tri Dong Ward, Binh Tan District, HCMC Tel: (84 8) 3762 0760/61/62/63/64 Fax: (84 8) 3762 0765

VIII. WESTERN REGION

An Giang Branch

333 Tran Hung Dao, My Quy Ward, Long Xuyen Town, An Giang Province Tel: (84 76) 392 4924 Fax: (84 76) 392 4900

Tan Chau Transaction Office

231 Ton Duc Thang Street, Long Thanh Ward, Tan Chau Town, An Gian Province Tel: (84 76) 353 4282 Fax: (84 76) 353 4284

Chau Phu Transaction Office

49-51 Highway No.91, Cai Dau Town, Chau Phu District, An Giang Province Tel: (84 76) 368 5856/857 Fax: (84 76) 368 5858

Nui Sam Transaction Office

9 Tan Lo Kieu Luong, Vinh Dong Block, Nui Sam Ward, Chau Doc Town, An Giang Province Tel: (84 76) 357 1678 Fax: (84 76) 357 1680

Cho Moi Transaction Office

169 Way No.942, My Luong Town, Cho Moi District, An Giang Province Tel: (84 76) 362 6554 Fax: (84 76) 362 6556

Chau Doc Transaction Office

88 Dong Da, Chau Phu A Ward, Chau Doc Town, An Giang Province Tel: (84 76) 326 0262 Fax: (84 76) 326 0264

Phu Tan Transaction Office

115 Chu Van An, Phu My Town, Phu Tan District, An Giang Province Tel: (84 76) 358 2444/358 7933/44 Fax: (84 76) 358 7955

Thoai Son Transaction Office

575 Nguyen Hue, Nui Sap Town, Thoai Son District, An Giang Province Tel: (84 76) 371 2770/771/772 Fax: (84 76) 371 2773

Tinh Bien Transaction Office

564-566 Highway No.91, Xuan Hoa Block, Tinh Bien Town, Tinh Bien District, An Giang Province Tel: (84 76) 375 1751/52/53 Fax: (84 76) 375 1754

Long Xuyen Transaction Office

56B Ton Duc Thang, My Binh Ward, Long Xuyen City, An Giang Province Tel: (84 76) 395 6516 Fax: (84 76) 395 6515

Chau Thanh Transaction Office

393 Highway No.91, An Chau Town, Chau Thanh District, An Giang Province Tel: (84 76) 365 1444/555/666 Fax: (84 76) 365 1888

Can Tho Branch

95-97-99 Vo Van Tan, Tan An Ward, Ninh Kieu District, Can Tho City Tel: (84 710) 384 3295 Fax: (84 710) 384 3289/294

Tra Noc Transaction Office

34 A2 Tra Noc 1 Industial Zone, Tra Noc Ward, Binh Thuy District, Can Tho City Tel: (84 710) 381 1022 Fax: (84 710)381 0523

Thot Not Transaction Office

314 Highway No.91, Long Thanh A Block, Thot Not Ward, Thot Not District, Can Tho City Tel: (84 710) 385 4636 Fax: (84 710) 385 4656

3 February Transaction Office

174 B 3 Feb, Hung Loi Ward, Ninh Kieu District, Can Tho City Tel: (84 710) 374 0611 Fax: (84 710) 374 0609

O Mon Transaction Office

958/6 26 March, Chau Van Liem Ward, O Mon District, Can Tho City Tel: (84 710) 366 5550/570/580 Fax: (84 710) 366 5560

Cai Khe Transaction Office

81 - 83 Tran Van Kheo, Cai Khe Ward, Ninh Kieu District, Can Tho City Tel: (84 710) 376 1687 Fax: (84 710) 376 1688

An Phu Transaction Office

228.1C - 228/1Đ Tran Hung Dao, An Hiep Ward, Ninh Kieu District, Can Tho City Tel: (84 710) 373 0002/03/04 Fax: (84 710) 373 0001

Cai Rang Transaction Office

415-418 Highway No.1A, Yen Ha Area, Le Binh Ward, Cai Rang District, Can Tho City Tel: (84 710) 352 7537/39/40 Fax: (84 710) 352 7538

Vinh Thanh Transaction Office

1315B-1315C Vinh Quoi Quarter, Vinh Thanh Town, Vinh Thanh District, Can Tho City Tel: (84 710) 364 1999 Fax: (84 710) 364 1983

Dong Thap Branch

56 Nguyen Hue, Ward 2, Cao Lanh City, Dong Thap Province Tel: (84 67) 387 1525 Fax: (84 67) 387 1535

Sa Dec Transaction Office

3A - 6 - 7 Nguyen Sinh Sac, Ward 2, Sa Dec Town, Dong Thap Province Tel: (84 67) 377 2355 Fax: (84 67) 377 2360

Hong Ngu Transaction Office

54-56 Hung Vuong, An Thanh Ward, Hong Ngu Town, Dong Thap Province Tel: (84 67) 356 2998 Fax: (84 67) 383 9888

Thap Muoi Transaction Office

29/D Tran Phu, My An Town, Thap Muoi District, Dong Thap Province Tel: (84 67) 394 1676/677/678 Fax: (84 67) 394 1679

Kien Giang Branch

137 Nguyen Hung Son, Vinh Thanh Ward, Rach Gia City, Kien Giang Province Tel: (84 773) 875 797 Fax: (84 773) 875 737

Tan Hiep Transaction Office

496 Highway No.80, Dong Thanh Quarter, Dong Thanh A Ward, Tan Hiep District, Kien Giang Province Tel: (84 773) 731 931/34/35 Fax: (84 773) 731 933

Rach Soi Transaction Office

27 Cach Mang Thang 8, Vinh Loi Ward, Rach Gia City, Kien Gian Province Tel: (84 773) 913 718 Fax: (84 773) 913 719

Hon Dat Transaction Office

47 Duong Hon Quarter, Hon Dat Town, Hon Dat District, Kien Giang Province Tel: (84 773) 786 133/35/36 Fax: (84 773) 786 134

Ha Tien Transaction Office

155-157 Mac Thien Tich, Binh San Ward, Ha Tien Town, Kien Giang Province Tel: (84 776) 260 230/250/290 Fax: (84 776) 260 300

Minh Luong Transaction Office

30 Highway No.61, Minh Luong Town, Chau Thanh District, Kien Giang Province Tel: (84 773) 619 363/64/65 Fax: (84 773) 619 366

Kien Luong Transaction Office

16-17-18 Block L2, Ba Hon New Urban Mall, Kien Luong District, Kien Giang Province Tel: (84 773) 751 951/52 Fax: (84 773) 751 954

Rach Gia Transaction Office

361 - 363 Nguyen Trung Truc, Vinh Lac Ward, Rach Gia City, Kien Giang Province Tel: (84 773) 690 778/79 Fax: (84 773) 690 777

Giong Rieng Transaction Office

94-95 Inner Area, Giong Rieng Town, Giong Rieng District, Kien Giang Province Tel: (84 773) 654 572/573/570 Fax: (84 773) 654 574

Phu Quoc Branch

52B 30 April, Block 1, Duong Dong Town, Phu Quoc District, Kien Giang Province

Tel: (84 773) 995118 Fax: (84 773) 995 116

An Thoi Transaction Office

Block 3, An Thoi Town, Phu Quoc District, Kien Giang Province Tel: (84 773) 999 771 Fax: (84 773) 999 773

Hau Giang Branch

31, 3/2 Street, Area 3 - Ward 5, Vi Thanh City, Hau Giang Province Tel: (84 711) 387 6075 Fax: (84 711) 387 6950



Chau Thanh A Transaction Office

9A Highway No.61, Tap Phu, Phu Thanh Ward, Chau Thanh A District, Hau Giang Province Tel: (84 711) 395 2774 Fax: (84 711) 395 2773

Nga Bay Transaction Office

1041 Hung Vuong, Nga Bay Ward, Nga Bay Town, Hau Giang Province Tel: (84 711) 396 2826 Fax: (84 711) 396 2824

Long My Transaction Office

50-52, 30/4 Street, Hamlet 2, Long My Town, Long My, Hau Giang Tel: (84 711) 351 1618 Fax: (84 711) 351 1616

Chau Thanh Hau Giang Transaction Office

B25-B26, Way No.925, Nga Sau Town, Chau Thanh District, Hau Giang Province Tel: (84 711) 395 6764 Fax: (84 711) 395 6762

Bac Lieu Branch

B1A Block B, Tran Phu, Bac Lieu Mall, Ward 3, Bac Lieu City, Bac Lieu Province Tel: (84 781) 393 2206 Fax: (84 781) 393 2201

Ho Phong Transaction Office

151-153 Highway No.1A, Quarter 2, Ho Phong Town, Gia Rai District, Bac Lieu Province Tel: (84 781) 367 1484 Fax: (84 781) 367 1494

Hoa Binh Transaction Office

20 - Highway No.1A, Thi tran A1 Ward, Hoa Binh Town, Hoa Binh District, Bac Lieu Province Tel: (84 781) 388 3288 Fax: (84 781) 388 3289

Phuong Long Town Transaction Office

307A Inner Area Ward, Phuoc Long Town, Phuoc Long District, Bac Lieu Province Tel: (84 781) 358 1583 Fax: (84 781) 358 1584

Dong Hai Transaction Office

C24-C25 Ganh Hao Mall, Ganh Hao Town, Dong Hai District, Bac Lieu Province Tel: (84 781) 384 4588 Fax: (84 781) 384 4577

Soc Trang Branch

30 Tran Hung Dao, Block 1 - Ward 2, Soc Trang City, Soc Trang Province Tel: (84 79) 361 6762 Fax: (84 79) 361 6761

My Xuyen Transaction Office

1 Way No.8, Thanh Loi Ward, My Xuyen Town, My Xuyen District, Soc Trang Province Tel: (84 79) 383 1427 Fax: (84 79) 383 1426

Dong Khoi Transaction Office

106 Dong Khoi, Block1, Ward 4, Soc Trang City, Soc Trang Province Tel: (84 79) 362 2624 Fax: (84 79) 362 2621

Vinh Chau Transaction Office

247A 30 April, Vinh Chau Town, Vinh Chau District, Soc Trang Province Tel: (84 79) 391 1567 Fax: (84 79) 391 1555

Thanh Phu Transaction Office

126 Highway No.1A, Block 3, Thanh Phu Ward, My Xuyen District, Soc Trang Province Tel: (84 79) 369 0044/55/66 Fax: (84 79) 369 0033

Nga Nam Transaction Office

Block 15, 16, Nga Nam Mall, Mai Thanh The, Nga Nam Town, Nga Nam District, Soc trang Province Tel: (84 79) 352 4528 Fax: (84 79) 352 4522

Vinh Long Branch

35B 3/2 Street, Ward 1, Vinh Long City, Vinh Long Province Tel: (84 70) 387 8260 Fax: (84 70) 387 8261

Binh Minh Transaction Office

894 Ngo Quyen, Cai Von Ward, Binh Minh Town, Vinh Long Province Tel: (84 70) 374 1262 Fax: (84 70) 374 1272

Nguyen Hue Transaction Office

156 Nguyen Huy, Ward2, Vinh Long City, Vinh Long Province Tel: (84 70) 383 6898/97 Fax: (84 70) 383 6896

Tra On Transaction Office

15D - 16D Gia Long, Block1, Tra On Town Tel: (84 70) 377 2727/729 Fax: (84 70) 377 2728

Vung Liem Transaction Office

03B - 04B, Block 2, Vung Liem Town, Vinh Long Province Tel: (84 70) 397 1789 Fax: (84 70) 397 1788

Ca Mau Branch

164A Nguyen Tat Thanh, Ward 8, Ca Mau City, Ca Mau Province Tel: (84 780) 381 2001 Fax: (84 780) 381 2006

Nam Can Transaction Office

H35, H36 Nguyen Tat Thanh, Nam Can Town, Nam Can District, Ca Mau Province Tel: (84 780) 373 0996 Fax: (84 780) 373 0999

Minh Hai Transaction Office

44 Ly Bon, Ward 2, Ca Mau City, Ca Mau Province Tel: (84 780) 366 0044 Fax: (84 780) 366 1324

Song Doc Transaction Office

116 Group 3 Block 10, Song Doc Town, Tran Van Thoi District, Ca Mau Province Tel: (84 780) 389 2303/304 Fax: (84 780) 389 2555

OUTSIDE VIETNAM (Updated from 31/03/2013)

SACOMBANK CAMBODIA

60 Norodom Boulevard Sangkat Chey Chumnas Khan Daun Penh, Phnom Penh Tel: (855) 2322 3422 Fax: (855) 2322 3433

Olympic Branch

319 - 321 Preah Sihanouk Boulevard Sangkat Veal Vong, Khan 7 Makara, Phnom Penh Tel: (855) 2322 3420 Fax: (855) 2322 3402

Monivong Branch

537A – B Monivong Boulevard Sangkat Beoung Keng Kang 2 Khan Chamkarmon, Phnom Penh Tel: (855) 2322 3421 Fax: (855) 2321 4734

Chbar Ampeou Branch

577A – 578B National Road 1 Sangkat Chbar Ampeou II Khan Mean Chey, Phnom Penh Tel: (855) 2322 3418 Fax: (855) 2372 1571

Kampong Cham Branch

43 National Road 7, Sangkat Veal Vong Krong Kampong Cham, Kampong Cham Tel: (855) 4294 2800 Fax: (855) 4294 2801

Phsar Hengly Branch

25-27 A Street 271, Sangkat Tek Thla, Khan Sen Sok, Phnom Penh Tel: (855) 2388 1468 Fax: (855) 2388 1665

LAOS

175/02 Saylom, Ban Hatsady, Chanthabury, Vientiane - Laos Tel: (856) 2126 0400 Fax: (856) 2126 0402

Cho Sang Transaction Office

B#01-04 - 1st Floor - Cho Sang Trade Center, Chanthabury, Vientiane - Laos Tel: (856) 2128 5400 Fax: (859) 2128 5400

DISTRIBUTION NETWORK

The “soaring bird” icon is designed using the number “21” as a symbolic articulation of the sustainable development of Sacombank over the past 21 years. Flying upwards towards a common shared vision, the “soaring bird” radiates energy, perseverance and confidence, capturing the essence of Sacombank’s strong foundation, strong enterprise, strong capabilities, strong capital and strong commitment.

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