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This annual report uses recycled printing paper from responsibly-managed sources.

Serving the nations

annual report 2010

www.sacombank.com.vn

02 Message from the Board of Directors

SACOMBANK PROFILE

06 Vision – Mission – Core Values08 Historical Milestones10 2010 Event Highlights

GROWTH EVALUATION AND DEVELOPMENT STRATEGY

14 An Evaluation of the 2001–2010 Growth Strategy16 Major Financial Indicators 17 “2011-2020 Development Strategy” for Regional Expansion

REPORTS

22 Report from The Board of Directors24 Report from The Board of Management32 Report from The Board of Supervisors

ORGANIZATION AND WORKFORCE

36 Organization Chart38 Board of Directors40 Board of Supervisors42 Board of Management44 Human Resource Policy

EQUITY OWNERSHIP STRUCTURE

50 Equity Ownership Structure51 Profit Distribution and Dividend Payment52 Ownership Structure53 Investor Relations Activities

FINANCIAL STATEMENTS

56 Single-entity Financial Statements68 Financial Performance of Subsidiaries in 201070 Consolidated Financial Statements126 Internal Audit Evaluation

ADDITIONAL INFORMATION

130 Contributing to the Development of Communities132 National and International Awards136 Distribution Network148 Agency Network

TABLE OF CONTENTS

Serving the nationsAnnual Report 2010

Serving the nations

The year 2010 marked the successful completion of Sacombank’s 2001 – 2010 Growth Strategy and built the foundation for Regional Expansion for the new decade (2011- 2020).

In the 2010 Annual Report, we are privileged to present Sacombank’s achievements in the last 19 years and would also like to take this opportunity to set out our plans and projections for the future. In reviewing Sacombank’s progress, the bank is highly motivated by the trust, interest and strong support bestowed upon it from shareholders, investors, customers and both domestics and international strategic partners.

To realize the guiding principle “For the community”, Sacombank implemented the joint initiative of “Local development” to steer its action plan comprising of four perspectives:

(1) Immediate financial capacity enhancement;

(2) Network expansion;

(3) Human resource development; and

(4) Investment in technology.

The four perspectives and Local development for the community principle were selected as the theme for 2010 Annual Report. They will be elaborated in the introduction pages to Sacombank’s eight operational locations in Indochina, including seven in Vietnam and the international market comprising Laos and Cambodia.

Throughout the reports of the Board of Management, Board of Supervisors and the Board of Directors, we shall introduce the concept of an “Integrated organization, Centralized management and Decentralized administration”, which has guided Sacombank’s professionalism and prepared the bank for international expansion.

In addition, for this year’s annual report, Sacombank uses recycled printing paper from responsibly-managed sources for the protection of ecology and environment. Thus, the Bank commits to contributing to the prosperity of the country.

32 Annual Report 2010 Serving the nationsServing the nations

On behalf of the Board,

Dang Van ThanhChairman

• The bank implemented several projects, using IT to standardize, digitize and automate business processes to increase work efficiency. It successfully carried out the data warehouse project and other reform plans, such as quality improvement program, risk management, internal audit, sales tactics update. These were implemented to encourage staff motivation, dynamism and innovation.

• Using experiences gained and weaknesses identified in the implementation of 2001-2010 Plan, Sacombank has formulated the “2011-2020 Growth Strategy” with clear objectives and resolutions.

In the recent past (2008-2010), Sacombank experienced a slower growth compared to the earlier seven years. However, the bank overcame the economic slowdown and considered it as an opportunity for the future expansion.

During the initial implementation of the 2011–2020 Growth Strategy, Sacombank and most Vietnamese enterprises encountered unexpected fluctuations of the interest rates, sudden foreign exchange movements and inflationary trend. It is anticipated that uncertainties in the global economy have long lasting impact on the Vietnam economy.

Nevertheless, the Board of Directors will do its best to fulfill its responsibilities to customers, shareholders, strategic partners, potential investors and community. In the spirit of “Preventing and pushing forward”, the Board is committed to comply strictly with the Government and State Bank Vietnam’s regulations to curb inflation. Meanwhile, the

Board will make greater efforts to achieve the targets that were set out at the shareholders’ meeting on 02 April 2011. Improving adaptability and competitiveness of the bank with respect to solvent operations, effective management and sustainable growth will remain the primary focus.

As such, in preparation for growth over the next five years, we shall channel our efforts on improving operational efficiency, management capacity upgrading, resolving inadequacies and improving the bank’s adaptability and competitiveness during this period.

In closing, we seek the understanding and support from shareholders, strategic partners and current and potential investors that will enable and motivate us to overcome the difficulties and challenges that lie ahead.

Message from the Board of Directors

Dear shareholders, strategic partners and potential investors,

Despite a slow and unstable recovery of the global economy and imbalances of the Vietnam economy, Sacombank is pleased to report an average growth rate of 25-30% in Vietnam. It has complied with all solvency indicators and met the regulations of the State Bank of Vietnam. The bank has also accomplished all the targets set out for the period 2001 - 2010, achieving an average annual growth of 64%.

We are proud of Sacombank’s consistent demonstration of diligence. Besides the increase in chartered capital, from VND190 billion in early 2001 to VND9,179 billion as at 31 December 2010, the Bank has also accumulated over VND4,600 billion in capital surplus and provision funds, not to mention accumulated assets of approximately VND2,500 billion (subject to re-evaluation).

We are proud that Sacombank has kept its head above the global economic downturn and saw it as an opportunity for introspection, practicing the maxim of “preventing and pushing forward” through action plans as below:

• The “improve by learning” movement has greatly benefited staff in upgrading their skill sets and increasing their adaptability. The Sacombank Golden Idea competition has contributed innovative ideas to enhance the bank’s uniqueness and increased its competitiveness.

• The bank’s re-engineering process was accelerated by refining and sharpening its vision, mission, core values, business strategy and management regulations, as well as re-allocating resources and rebuilding the company’s culture.

In preparation for growth over the next five years, we shall channel our efforts on improving operational efficiency,management capacity upgrading, resolving inadequacies and improving the bank’s adaptability and competitiveness during this period.


SACOMBANK PROFILE SACOMBANK PROFILE

Scope of Operations

Sacombank is allowed to conduct:• Deposit taking, receiving foreign capital, funding

business capital requirements;• Local and international payments, transactions,

and funds transfers;• Trading and investing in gold, foreign currency,

and securities;• Other services offered by foreign banks in line

with those allowed by the State Bank of Vietnam

Operation network

366 transaction offices in Indochina (as of 31 December 2010)

Number of Employees

8,507 employees (as of 31 December 2010)

Share Listing

Sacombank was listed on the Hochiminh City Stock Exchange (HOSE) on 12 July 2006.Stock category: Common sharesStock code: STBPar value: VND10,000 per shareNumber of shares: 917,923,013 (as of 31 December 2010)Number of shareholders: 74,132 individuals and organizations (as of 17 January 2011)

Foreign strategic partners

Dragon Financial Holdings (UK)

ANZ Bank

Auditor

PricewaterhouseCoopers (Vietnam) LimitedAddress: 4th floor, Saigon Tower, 29 Le Duan Street, District 1, HCMC, VietnamTel: (84 8) 38 230 796 – (84 8) 38 251 947www.pwc.com

Shareholder Relations

Share capital management unit14th floor, 266-268 Nam Ky Khoi Nghia, Ward 8, District 3, HCMC, VietnamTel: (84 8) 39 320 420 (Ext: 2523)Fax: (84 8) 39 320 392

Investor Relations

External Affairs Department5th floor, 266-268 Nam Ky Khoi NghiaWard 8, District 3, HCMC, VietnamTel: (84 8) 38 469 516 (Ext: 1653, 1654)Fax: (84 8) 39 320 646

General InformationVision – Mission – Core ValuesHistorical Milestones2010 Event Highlights

Contact name

SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK (SACOMBANK)

Head office

266-268 Nam Ky Khoi Nghia StreetWard 8, District 3, Hochiminh City (HCMC), VietnamTel: (84 8) 39 320 420 – Fax: (84 8) 39 320 424www.sacombank.com.vn

Incorporation

Sacombank was incorporated on 21 December 1991, with a chartered capital of VND3 billion. It was established through the merger of Go Vap Economic Development Bank and three community credit institutions: Tan Binh, Thanh Cong, and Lu Gia

Chartered Capital

VND9,179,230,130,000 (as at 31 December 2010)

Article of Incorporation number

05/GP-UB dated on 3 April 1992 by the People’s Committee of Hochiminh City

Business license number

059002 dated on 13 January 1992 by Department of Planning and Investment of Hochiminh City (32nd registration on 16 November 2010)

Tax code

0301 103 908

Account number

453100804 (Bank name: State Bank of Vietnam - HCMC Branch)

SWIFT code

SGTTVNVX


General Information



PioneeringSacombank will lead or initiate new growth areas when faced with challenges.

Novel, Dynamic and InnovativeSacombank believes that change is a constant and is also the force of development. The bank must adopt new and creative thinking that will dynamically transform challenges into opportunities.

High Commitment Sacombank commits that all staff will continuously improve, by means of training and development to ensure that they consistently exercise professionalism in providing the highest service quality to its customers and partners.

Core ValuesSocial Responsibility Sacombank lives by its slogan of “Serving the Nations” and that corporate social responsibility is deeply embraced by every staff member.

Making a DifferenceSacombank believes in making a difference in all aspects of its operations thereby creating optimal competitive advantage.


To be the first modern multi-fuctional retail bank in Indochina.

To maximize value for customers, investors and staff and upholding our highest commitment to corporate social responsibility.

Vision

Mission



SACOMBANK PROFILE SACOMBANK PROFILEGeneral InformationVision – Mission – Core ValuesHistorical Milestones2010 Event Highlights

Historical Milestones


1991 Formed from the merger of community credit institutions. Sacombank was among the first joint stock banks incorporated in Hochiminh City.

1993 Opened its branch office in Hanoi. It was the first bank to provide express remittance service between Hanoi and Hochiminh City. The service has greatly reduced physical cash transactions in Vietnam’s two largest cities.

1995 Held the unusual general shareholder meeting to restructure the Bank and drew up its first 5-year Strategic Plan. Mr. Dang Van Thanh was appointed as the Chairman. This event marked a significant milestone for Sacombank.

1997 Issued shares at par value of VND200,000 per share, and became the first bank to make public offering. The Bank’s shares attracted almost 9,000 shareholders, and increased its chartered capital to around VND71 billion.

1999 Inaugurated its Head Office at 278 Nam Ky Khoi Nghia, District 3, HCMC.

2001 Dragon Financial Holdings (UK) took a 10% equity stake of the bank. This paved the way for subsequent capital contributions, from the International Finance Corporation (IFC) of World Bank in 2002, and ANZ Bank in 2005. The bank was able to leverage from the management experience, banking technology, risk management, staff training and development through its cooperation with these strategic shareholders.

2002 Set up its first subsidiary, namely Sacombank Asset Management (Sacombank-SBA), initiating the first cross-selling of package banking services.

2003 It is the first company to receive permission to establish a Join Venture Securities Investment Fund (VietFund Management – VFM). It is a join venture between Sacombank (51% ownership) and Dragon Capital (49% ownership).

2004 Signed a contract with Swiss-based Temenos Company to use the T24 core banking system in all its branches to improve the Bank’s operation, management, and e-banking service provision.

2005 Opened Eighth of March Branch, Vietnam’s first bank for women entrepreneurs.

2006 First Vietnamese bank to be listed on the HOSE with a chartered capital of VND1,900 billion.

More subsidiaries were set up, namely Sacombank Remittance Express (Sacombank-SBR), Sacombank Leasing (Sacombank-SBL), and Sacombank Securities (Sacombank-SBS).

2007 Set up the Hoa Viet Branch to serve Vietnam’s Chinese speaking community.

Expanded its operation network in the Southwest, Southeast, Southern Central Region & Western Highlands.

2008 In March, the Bank built the region’s most advanced data centre to store computerized records and files.

In May, Sacombank Group was formed to provide financial solutions for corporations and individuals.

In November, Sacombank Jewelry (Sacombank-SBJ) was set up.

In December, a branch was opened in Laos. Sacombank was the first Vietnamese bank to have an overseas office.

2009 In May, Sacombank was rated a “gold” stock by the financial market. It has been a blue-chip stock since listing on the HOSE and has attracted many local and foreign investors.

In June, a branch was opened in Phnom Penh. The bank achieved its aim of expanding into Indochina to support cross border enterprises of Vietnam, Laos, and Cambodia.

In September, the bank upgraded the core banking system from Smartbank to T24 R8 in all its transaction offices.

2010 It has successfully completed all 2001-2010 targets, with a growth rate of 64% per year. Building a firm foundation while making necessary changes in the restructuring process, the Bank is now taking actions to achieve the 2011 - 2020 targets.



monthly income of VND60 million and above. In early November 2010, Sacombank collaborated with China UnionPay, the leading bankcard association in China, to launch the Sacombank UnionPay international credit cards.

4. On 9 October 2010, Sacombank signed a second credit contract, valued at USD20 million with Proparco (a subsidiary of Agence Francaise de Développement - AFD) during the Annual Meeting of IMF/WB. Witnessed by Mr. Tran Minh Tuan, Deputy Governor of Vietnam State Bank, this contract facilitated Sacombank in providing medium and long-term capital to Vietnamese small and medium sized enterprises.

5. In October 2010, the motto “Serving the Nations” was officially adopted and made known publicly in Indochina.

6. In November 2010, during the trip with Vietnam’s Government leaders, the State Bank Governor, Mr. Nguyen Van Giau visited Sacombank’s Phnom Penh Branch. He also praised the Bank for its contribution to the diplomatic relations between Vietnam and Laos.

7. On 16 November 2010, Sacombank increased Chartered capital from VND6,700 billion to VND9,179 billion.

8. Following its market research on the Indochina region, Sacombank-SBJ and Sacombank-SBS officially opened their subsidiaries in Cambodia and Laos.

9. Foreign currencies remitted through the Sacombank’s system in 2010 amounted to USD1.3 billion, a 45% increase from 2009. This positioned Sacombank as the leading commercial bank in Vietnam, in terms of collecting and paying foreign currencies.

10. In the year 2010, Sacombank completed seven IT projects that were aimed at enhancing its management and operational capacity. This includes Data Warehouse, Information Management System, Currency and Treasury Trading, Central International Payment, Trade Funding Process Management, Personnel Management, and E-banking.

5 7 8


1. In 2010, Sacombank planned a series of quality improvement programs:

Programs CommencementProductivity and Quality (Five S Program)

Mystery Shopper (MS)January 2010

Internal Credit Categorizing System (contracting with Ernst & Young Vietnam, Ltd.)

June 2010

Sacombank Gold Ideas July 2010

Sales Stimulus Package (SSP) October 2010

2. In 2010, seven new offices of branches, namely Phu Quoc, Binh Tay, Binh Thanh, Lam Dong, Cho Lon, Dong Thap, and Vinh Long, were inaugurated and went into operation. Total investment of those constructions reached VND263 billion. In addition, new offices of four branches also started their constructions this year; those branches are Laos, An Giang, Tra Vinh, and Khanh Hoa. Total investment for those projects reached VND474 billion.

3. On 1 April 2010, Sacombank became the first bank in Vietnam to issue International Platinum Credit Cards, specially catered to customers with a

3

6

4

2010 Event Highlights



Central Business District, Hochiminh City

[Platform for growth and development]

Sacombank is one of the first joint stock banks in Hochiminh City. It affirmed its pioneer role by providing high quality financial services and understanding the local market to become the largest economic and financial entity in Indochina.

HOCHIMINH CITY IN THE SOUTH

• Serving niche markets: Women Entrepreneur (Eighth of March Branches) and Chinese Community (Hoa Viet Branches);

• Premier Banking for High Net worth Individuals: Visa Platinum Cards, UnionPay, Asset Management.

Network AdvantageAs at 28 February 2011, its network coverage in Hochiminh Region is 114 transaction points, including 1 transaction department, 16 branches and 97 sub-branches.

Competitive Advantage

cambodia

vietnam

laos

HCMC

15GROWTH EVALUATION AND DEVELOPMENT STRATEGY GROWTH EVALUATION AND DEVELOPMENT STRATEGY


With the foundation laid and experience gained in the last 10 years, we are committed to taking the opportunities and overcoming the challenges to increase shareholder wealth and enhance customer and staff satisfaction. We also wish to realize the aspirations and meet the expectations of Sacombank’s founding members through effective implementation and complete attainment of objectives set out in the 2011-2020 Growth Strategy.

AREAS OF IMPROVEMENT

Sacombank endured many hardships in overcoming the economic challenges in implementing the Growth Strategy. However, both management and staff realized that it is not time to rest yet. There are still some shortcomings and further efforts must be taken to gain greater success in the future.

Resources: Sacombank took advantage of favorable opportunity to accelerate operational growth particularly in the total assets, chartered capital and the branch network. However, the IT infrastructure and human resource capacity have not match the rapid growth of the bank.

Management and product development: The IT infrastructure and human resources development have been identified as weak spots providing inadequate support to product development, as confirmed by results of market research and product evaluation. The inadequacies led to a mismatch between product features and customer needs. The Bank is currently re-organizing itself to deliver best in class banking products and services.

Risk management: Sacombank is working towards upgrading its risk management system to comply with international standards and in line with Vietnam’s banking industry. Currently, Sacombank is one of few commercial banks with an effective risk management system, as shown in its daily reporting of operational safety indicators related to credit, market and operation risks.

An Evaluation of the 2001–2010 Growth StrategyMajor Financial Indicators“2011-2020 Development Strategy” for Regional Expansion

An Evaluation of the 2001–2010 Growth Strategy: Acceleration

The last decade saw major upheavals in international economics, politics and society. The most dramatic was the global financial crisis that sparked off in the United States in 2007. The economic crisis resulted in widespread recession, inflation and rising public debts especially in the European continent. The aftershocks of that crisis still lingered on during 2010.

Despite the difficult economic conditions, Sacombank managed to attain significant achievements through innovation, dynamism and determination in its strategy implementation.

ACHIEVEMENTS

The 10-year Growth Strategy was endorsed by Decision 193/2001/QD/HDQT and that Sacombank achieved all planned objectives with an average growth rate of an average of 53%-64%.

u Total assets: Compared to 2001, the total assets have increased by 45 times to VND141,799 billion at end 2010. Growing 54.7% pa, it is 17 times faster than the industry average. The asset growth far exceeded its target of 20-22%. Also, there is a higher percentage of earning assets (from 76.5% in 2008 to the present 83%).

u Chartered capital: In order to improve operational efficiency, achieve sustainable growth, gain shareholders’ trust and customer loyalty and to enhance its brand reputation, the bank increases its chartered capital by an average growth of 53.7% pa. Its chartered capital moved up from VND190 billion in 2001 to VND9,179 billion in 2010, an increase of 48 times, that exceeded the industry’s 15-times multiple.

u Funding: Sacombank attained an average funds growth of 54.4% pa, which is more than twice of the industry (24% pa). It exceeded the planned target of 20-22% pa.

u Loans: In the past decade, Sacombank’s average loan growth was 53.1% pa-twice the industry rate (at 27% pa). Also, the bank controlled credit quality effectively. It has the lowest percentage of bad debts (less than 1%) compared to the industry’s 2.5% by the end of 2009 and 2010 and 2.13% in 2008.

u Financial performance: Sacombank took advantage of available opportunities and applied its resources to create operational growth thereby increasing its average annual profit before tax by 64.2%.

u Solvency and safety: With a view to expand regionally in the next 10 years, Sacombank has maintained safe operational standards and in compliance with international benchmarks since 2007. Despite difficulties by the second half of the decade, Sacombank met all financial solvency ratios in accordance with the provisions of Circular 13/2010/TT/NHNN.

Upon completion of the last lap of a 10-year Growth Strategy (2001-2010), it is time for Sacombank to review its performance and plan for the future.


In addition, Sacombank is placing greater emphasis on risk management by conducting pre-checks and early warning system so as to mitigate the risks. In the final stage of the Growth Strategy, the bank is strengthening the Management Information System (MIS) so as to access relevant information in a timely manner. The bank continues to apply suitable risk management models of Basel II.



I. GROWTH TREND OF THE VIETNAM BANKING SECTOR

Vietnam is committed to the ascension roadmap of the World Trade Organization (WTO) in the banking and finance sector. Given that Vietnam’s banking industry is still in its infancy and the country has a young population, Vietnam’s banking market has much potential for development. As such, there is likely to be increased competition and banks need to review their growth plans and future role.

There is a trend for banks to differentiate themselves by specializing in retail, wholesale, microfinance, consumer lending and investment banking. Depending on its strengths, each bank will focus and delve into a defined growth model to tap its full potential. In turn, this will increase its market share and reduce its expenses and optimize its profits.

Although there will be more participants with a heightened competition in the financial market, the market itself will also expand as the economy develops. Thus, it is believed that there is room for growth in retail banking. However, poor technological infrastructure, low labor productivity and basic product offerings are obstacles for domestic banks. Banks must therefore develop clear objectives for retail banking, capital enhancement strategy, improving IT infrastructure, managing risks and diversifying their products and services. To be successful in the retail banking, financial institutions should build their core competencies to differentiate themselves and grow sustainably.

II. OVERVIEW OF SACOMBANK’S STRATEGY

Sacombank’s 2011-2020 Growth Strategy will continue with its vision of “becoming the leading Retail Bank in the Region” and operate with EFFICIENCY, SOLVENCY AND SUSTAINABILITY.

With such a vision, coupled with the mission of “continuous development of multi-purpose and practical financial solutions at reasonable cost to achieve value maximization for customers and shareholders; create appropriate career paths and improve livelihoods for employees; and contribute to the development of society and the community”, the Sacombank 2011-2020 Growth Strategy has set out its five core values:

(i) Pioneering;

(ii) Novel, Dynamic and Innovative;

(iii) High commitment;

(iv) Social Responsibility; and

(v) Making a difference.

III. STRATEGIC OBJECTIVES

Based on its vision of “becoming the leading Retail Bank in the Region”, Sacombank has developed several objectives, each with specific solutions and roadmaps:

1. Human resources strategy

The Bank plans to have 13,000 employees in 2015. Therefore, it will:

• Increase the employment of staff with appropriate capacity;

• Identify and groom current staff in preparation for promotion and succession;

• Prepare recruitment and training policies to stabilize the number of staff employees and maintain the attrition rate below 10% per year.

2. Banking technology strategy

IT plays a significant role in expanding operations. Based on the development pathway of a modern bank, Sacombank shall implement a strong IT strategy over the next 10 years, in order to:

“2011-2020 Development Strategy”for Regional Expansion

An Evaluation of the 2001–2010 Growth StrategyMajor Financial Indicators

Major Financial Indicators (Based on the Single-entity Financial Statements of Sacombank)

2010 2009 2008 2007 2006

Year-end

Total Assets (VND billion) 141,799 98,474 67,469 63,364 24,764

Equity Capital (VND billion) 13,633 10,289 7,638 7,181 2,804

Chartered Capital (VND billion) 9,179 6,700 5,116 4,449 2,089

Total Deposits (VND billion) 126,203 86,335 58,635 54,791 21,514

Total Loans (VND billion) 77,486 55,497 33,708 34,317 14,539

Distribution network (Number of transaction points) 366 320 247 207 159

Number of Staff 8,507 7,200 6,016 5,419 3,806

For the Year

Total Income 12,774 8,489 8,377 4,537 1,996

Total Expenses 10,348 6,588 7,286 3,085 1,452

Profit before tax 2,426 1,901 1,091 1,452 543

Profit after tax 1,799 1,484 973 1,280 408

Earnings per share (VND)* 2,422 2,771 1,869 2,732 2,226

Financial ratios

Capital Adequacy Ratio (CAR) (at least 9%) 9.97% 11.41% 12.16% 11.07% 11.82%

Loans/Assets 54.64% 56% 50% 54% 59%

Loans/Deposits 61.4% 64% 57% 63% 68%

Non-performance Loan (NPL) 0.52% 0.69% 0.62% 0.24% 0.72%

Overdue Debts/Outstanding Loans 0.56% 0.88% 0.996% 0.39% 0.95%

Non-interest income/Total operating income 30% 41% 57% 51% 33%

Operating expenses/Total expenses 18.78% 22% 15% 23% 27%

Earnings assets/Total assets 85.64% 85% 82% 85% 79%

Return on Equity (ROE) 15.04% 16.56% 13.14% 25.64% 17.41%

Return on Assets (ROA) 1.5% 1.79% 1.49% 2.91% 2.08%

* Based on the Consolidated Financial Statementsof Sacombank

An Evaluation of the 2001–2010 Growth StrategyMajor Financial Indicators“2011-2020 Development Strategy” for Regional Expansion “2011-2020 Development Strategy” for Regional Expansion



With the achievements obtained in the last 19 years, particularly outstanding results in the implementation of the 2001-2010 Development Strategy, Sacombank has the confidence to overcome future challenges and to fulfill the objectives stated in the “2011-2020 Growth Strategy”, in keeping to the Group’s maxim of EFFICIENCY, SOLVENCY, SUSTAINABILITY.

Sacombank will also continue to expand its partnerships, alliances and affiliations at home and abroad in order to become A LEADING MODERN AND MULTI-PURPOSE RETAIL BANK IN THE REGION and contribute to the development of the Vietnamese economy.


“2011-2020 Development Strategy” for Regional Expansion (continuation)


• Improve workforce productivity and provide a range of product and services of international standards, through the use of advanced technology (that is, continuous improvement and upgrading of the T24 core banking system);

• Improve the bank’s competitiveness and management capacity by implementing the remaining features of the core banking system and data warehouse, and continuous development of other technology projects (excluding the T24 System). The MIS shall be improved to support decision-making and implementation of the growth strategy as well as to scale up organizational performance.

3. Financial strategy

In the next 10 years, Sacombank shall:

• Enlarge the capital base. Accordingly, the Basel T1 shall be increased by 15%-20% per annum and T2 capital shall be applied to seek growth;

• Increase total assets by an average of 15%-20% per annum;

• Grow Profit before tax by an average of 17%-20%;

• Increase ROE (Profit after tax/Average Shareholders Equity) to 15%-17%;

• Increase ROA (Profit after tax/Average total assets) to 1.5%-1.7%.

4. Channel strategy

Sacombank aims to extend its branch network to 600 transaction points nationwide by 2020. Apart from Laos and Cambodia, the bank will also consider expanding to Malaysia, Singapore, the United States of America, Australia, Europe and other Southeast Asian countries.

5. Business strategy (funding and lending)

Business approach in the next 10 years:

• Total funding shall grow by an average of 15%-18% per annum in 2011-2020. Domestic funding shall represent 65%-85% of the total fund raised;

• Total loans shall grow by an average of 18%-20% per annum during 2011–2020.

6. Product and service strategy

• Focusing on retail banking product and services, with a gradual increase in fee based income. The ratio of total fee and commission income to total income shall reach an average of 12%-18% per annum within 2011-2020;

• Satisfying customers’ needs in retail banking and provide the market with reasonably priced financial product packages by cross-selling with partners and member companies of the Sacombank Group;

• Maximizing customers’ satisfaction by assuring product and service quality at home and abroad;

• Developing unique products and services to bring in operational effectiveness and improved competitiveness;

• Developing new services such as derivative products, structured products, debt instrument products among others.

7. Management strategy

• Improving Corporate Governance by using an advanced management model;

• Steadily developing the organization, human resources structure and operational model;

• Integrating Headquarters and transaction points for an effective forecasting system;

• Developing an advanced and professional risk management system in accordance with international standards;

• Improving internal audit process in accordance with international standards.


Thang Long Highway, Hanoi

[Pioneering in connecting the financial market]

Sacombank set up its first branch in Hanoi in 1993. By streamlining the branch operations in Hanoi and Hochiminh City, it helped Sacombank to start the first remittance service. The services reduced physical cash payments between the two largest cities of Vietnam. After 17 years in operation, the Sacombank brand is now known by its extensive coverage in the banking sector and multi-product lines to meet the growing demands of the biggest economic center in the north.

Payment service, loans to small and medium size enterprises (SMEs).

Network AdvantageAs at 28 February 2011, there are 41 transaction points in Hanoi Region, including 8 branches and 33 sub-branches.


HANOI CITY IN THE NORTH

HA NOI

LAOS

CAMBODIA

vietnam

23REPORTS REPORTS


3. Believing that “Tomorrow’s profitability depends on today’s analysis and forecasting and research and development capacity”, Sacombank set up a R&D Committee to obtain valuable data and results that can be drawn from analysis, forecasting and research and development. The bank researched on employee incentives to stimulate motivation, passion, creativity and innovation. It promoted Operation Quality Improvement Program and Sale Promotion programs.

4. The bank focused on improving and implementing policies and tools for inspection, control, internal audit and risk management. Credit risk management was strengthened through improved credit policies, overdue debt prevention and settlement. Notably, it promoted and applied the regional management model to eight regions to manage and operate its extensive network of offices in Indochina.

5. Through the implementation of the “2001-2010 Growth Strategy”, the Board of Directors is satisfied with the enhanced effectiveness and stability of Sacombank’s operations. Although there was slower growth in the last three years, the bank’s overall growth rate and business performance have been assured to grow, with an average annual growth rate of 64% for the past ten years.

6. The review of implementation effort in the 2001-2010 Plan, the Board of Directors and the Board of Management identified Sacombank’s weaknesses. They were operational quality development and system integration. The bank shall formulate solutions to correct these inadequacies in the future to strengthen its position in the domestic and regional markets.

As the bank begins its implementation of its plans, Vietnam is facing the possibility of a higher-than-expected inflation. This is a challenge that will affect its implementation plans in 2011.

Therefore, the Board of Directors has prudently made a decision to strictly comply with the Government’s monetary-tightening policy to curb inflation of Vietnam’s commercial banks, including Sacombank. Nevertheless, in the year 2011, it is still necessary to continue investing in re-engineering, modernization of the operational system, management tools, and business processes. These initiatives will provide the necessary stimulants to employees’ motivation, creativity and innovation, enabling key milestones to be achieved. At the same time, it is to build a stronger foundation for rapid growth in a sustainable manner in future. With the financial and monetary markets of Vietnam, Cambodia and Laos deemed to have great potential, the bank is confident that it will achieve greater heights.

Sacombank enjoys many competitive advantages, such as a solid financial capacity, extensive branch network governed by a new and dynamic management team, an advanced core banking system and the motivation to learn and grow. With the ambition to become the region’s leading retail bank and leveraging on the valuable experience gained from successful implementation of major policies and plans in the past decade, the Board of Directors is confident that Sacombank can fulfill or even surpass the objectives in the 2011 Plan. The Board also believes that the Bank can successfully implement the growth objectives planned for 2011-2015.

Report from The Board of DirectorsReport from The Board of ManagementReport from The Board of Supervisors

Report from The Board of Directors

The year 2010 ended with a slow recovery of the global economy. There were nervous financial markets, natural calamities and political upheavals. In Vietnam, we faced economic uncertainties, resulting from several interest rate changes, exchange rate fluctuations and inflationary tendencies created by the 2008 global financial crisis.

Nevertheless, the scale of its operations, management experience, energy and adaptability and the efficient execution of the strategy of defense and attack were its competitive advantage. In the end, the four-pronged approach to implement the “2001-2010 Growth Strategy” enabled the bank to succeed in meeting almost all targets for 2010. The bank also met all financial risk and solvency ratios, as stipulated by the State Bank. Over a 10-year period, the bank grew by 64%.

As Sacombank’s pillar of strength, the Board of Directors drew their wisdom from their 19-year experience and from past adversities, to implement the actions in 2010:

1. Applied its four-pronged approach, which included:

- Increasing its financial capacity rapidly;

- Expanding the branch network;

- Enhancing human resource capacity;

- Modernizing banking technology to meet the targets of the “2001–2010 Growth Strategy,” ensuring stable operations, effective management and sustainable development in line with State Bank Vietnam’s regulations and Sacombank’s expectations.

2. Improved Sacombank’s adaptability and competitiveness through process re-engineering of the systems, resource reallocation and culture. The bank undertaken project relating to workforce productivity, work performance, business performance, management capacity and customer service delivery. All these projects were re-aligned with IT systems to build a stronger operations thereby improving its standardization and integration capability.


25REPORTS REPORTS


u Loans

The range of Sacombank’s loan services improved remarkably. By providing diverse choices that satisfy increasing consumer demands for each market niche, the bank now taps the full potential of the market. It also contributes to socio-economic development of the areas where the bank is represented.

By end-December 2010, the total outstanding loans of Sacombank reached VND77,486 billion, representing an increase of VND21,989 billion (or 40%) year-on-year. Sacombank’s market share in 2010 continued to grow compared to the previous year, accounting for 3.6% of the total outstanding loans of the banking industry.


73%

136%

-2%

65%

40%

14,539

34,317 33,708

55,497

77,486 80,545

31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 2010p

TOTAL OUTSTANDING LOANS(in VND billion)

Growth rate

Report from The Board of Management I. SUMMARY 2010

1. Economic Overview

In 2010, the Vietnamese economy has it own set of challenges: (i) unsustainable macroeconomic balance due to low economic growth; (ii) capricious changes in prices of good and service and a high risk of inflation; (iii) reduction of foreign exchange reserves; (iv) depressed stock markets; (v) deficits in trade balance and balance of payments that created pressure on the USD/VND exchange rate; (vi) public debt exceeding the safety limit, coupled with low productivity of public investments. Moreover, natural disasters have affected livelihoods.

To cope with the challenges, the Government issued many policies and solutions, which have resulted in Vietnam maintaining its GDP growth rate at 6.78%, exceeding the planned target. Export turnover grew by 25.5% since 2009 while the trade deficit was controlled at 17.3% of the export turnover. This was lower than the expected 20%. The state revenue was 9.3% higher than estimated while the state expenditures was controlled at 98.4% of the budget. The social investment amount increased by 17.1% from 2009, equal to 41.9% of GDP. Overall in 2010, the total funding and loans of the banking sector increased by 27.2% and 29.8% respectively. The total payment facilities increased by 25.3%.

2. Sacombank performance in 2010

u Total assets

As of 31 December 2010, the total assets topped at VND141,799 billion, a 44% increase (VND43,325 billion) compared to start of year.

u Total funding

In 2010, from its close monitoring of market development and implementation of timely and flexible initiatives, Sacombank has developed and stabilized the capital funding from its customers. In addition, the Bank has been building a strong brand reputation as an international financial institution. Sacombank has diversified and increased its

funding sources through secondary markets. The dependence on local transactions was gradually reduced through Letters of Credit (L/C) with long-term refinancing at reasonable interest rates. On 31 December 2010, its total funding increased by 46% from late 2009 and achieved VND126,203 billion. Of this amount, funds raised from enterprises and retail customers residents was VND103,804 billion, increased by 32%, constituting 82% of the total funding. The market share of Sacombank deposit base has grown steadily annually and reached 4.8% (at end of 2010).

TOTAL FUNDING(in VND billion)

75%

7%

47%46%

21,514

54,791 58,635

86,335

118,830126,203

31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 2010p

Growth rate

155%

24,764

63,364 67,469

98,474

141,799135,000

TOTAL ASSETS(in VND billion)

31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 2010p


27REPORTS REPORTS


u Financial results

The bank’s outstanding performance was made possible because of its ability to manage the challenges, leverage the strengths of its branch network and the ability to identify and seize opportunities effectively.

In 2010, Profit Before Tax reached VND2,426 billion, up by 28% yoy and exceeded the planned target.

u Solvency & profitability

In 2010, Sacombank re-shaped the Asset Liability structure and gradually improved the imbalance of tenor between the two by increasing the medium- and long-term funds, raising funds from residents, especially increasing trust funds and issuing bonds. Sacombank focuses on investments in physical facilities. Such investments were made in accordance within planned budget and also to balance short-term cost to long-term benefits.

The abovementioned measures improved profitability, stabilized liquidity and ensured solvency as evidenced by:

Ratio of earning assets to total assets was 85.64%; Average return on equity (ROE) ratio reached 15.04%; and

Return on assets (ROA) ratio was 1.50%.

II. ADVANCEMENTS MADE IN 2010

u Risk management and secured operations

In 2010, Risk management focused on three areas: credit risks, market risks and operating risks. All operations were managed and monitored closely in compliance with regulations.

Sacombank is able to identify and manage the various risks to minimize exposure. The advanced IT platform and related tools facilitated integrated risk management, from the Headquarters to the individual business units. In particular, the bank fully complied with safety standards as guided by the State Bank Vietnam Circular 13, effective from 01 October 2010.

u Business Operations Re-engineering

Sacombank re-engineers its operations continuously and strategically in accordance with the external environment and internal priorities and the desired level of operations. In 2010, Sacombank innovatively implemented change in its business approach to become more customer-oriented. Notably, Sacombank focused on re-designing its products and services; improving the loan portfolio quality, customer service quality; enhancing competitiveness by appyling the advanced technology of its T24 core banking system; co-operating with subsidiaries and associates to launch package financial solutions; as well as increasing its overseas operations especially on foreign exchange and payment services.

uModernization of bank technology

Sacombank fully implemented seven IT projects in 2010 and will launch three additional IT projects in 2011. The new projects will integrate business processes and technology capacity to create a firm foundation for promoting operating standards and corporate governance.


PROFIT BEFORE TAX(in VND billion)

Growth rate

78%

167%

543

1,452

1,091

1,901

2,4262,400

-25%

74%

28%

2006 2007 2008 2009 2010 2010p

In addition, Sacombank enhances its credit risk management through the Overdue Debt Prevention and Settlement Committee and sub-committees. Credit quality has increased as evident in the continual drop in overdue and bad debts. As at 31 December 2010, the overdue and bad debts ratios were only 0.56% and 0.52% respectively. This is much lower than the industry average and the bank’s 2010 ceiling threshold (that is less than 2%).

u Services

In 2010, net fee and commission income reached VND926 billion, an increase of 33% year-on-year (yoy). Of this, the percentage of fee income from International Payments was the highest. The turnover amount of international payments reached USD5,726 million, up by 37% yoy. The export payments turnover had a significant increase with a corresponding decrease in import-related payments. Remittances and Guarantees services grew strongly in the year. Remittance turnover recorded VND2,834,292 billion, up 76% yoy. The value of Guarantees reached VND8,504 billion, up 73% yoy.

These achievements were made possible by Sacombank’s commitment to reduce dependence on interest incomes through various means. The bank formulated a stable income structure by improving import and export financing, accelerating guarantee services, revising current remittance products using advanced core banking technology and leveraging on its domestic and overseas network. Concurrently, e-banking products with new features were launched and the Customer Service Center was upgraded. The International Payment Center has also revised its business model to streamline administrative procedures and strengthened its advisory payment services.

u Card operations

In 2010, Sacombank made considerable advancements in its card operation. Using advanced technology, all card information is now stored on the system while card services are integrated to enable direct transactions through multiple channels (for example, mobile phones, Internet, ATM…). Sacombank has successfully connected to Banknet and Smartlink to provide many convenient services to customers.

Sacombank issued many new card products in 2010, such as Platinum, Family, Citimart, Vinamilk, Vien Thong A… Of these, the Co-brand Cards have attracted much attention and enabled sharing of clientele among partners. Besides, the Visa and Mastercard, Sacombank has also partnered with China’s largest card organization to issue the Sacombank UnionPay card. It is hoped that the increased number of Sacombank cards issued will provide greater market leverage and thus increase fee income.

A total of 279,674 cards were issued in 2010, a 94% increase yoy. As of 31 December 2010, the total number of cards in circulation increased to 590,036, of which 81% are debit cards, 6% credit cards and 13% prepaid cards. Total incomes from card services reached VND67 billion, up 47.5% yoy.

Report from The Board of Management (continuation)


21%48%

245%

59%33%

86 127

438

696

926

636

2006 2007 2008 2009 2010 2010p

NET FEE AND COMMISSION INCOME

(in VND billion)

Growth rate

29REPORTS REPORTS


Targets for Year 2011

u Non-financial objectives

In the year 2011, Sacombank shall channel its resources to (i) improve adaptability and competitiveness, (ii) enhance its competitiveness, (iii) strengthen and improve its service quality, and (iv) enhance operational efficiency. In order to accelerate its growth for 2011-2015, the bank shall steer its business units and staff towards capacity enhancement, creativity, self-discipline and accountability. It is aimed to provide a positive “push” and “pull” forces in the customer and product profitability and to achieve BUSINESS EFFICIENCY and SECURED SUSTAINABLE GROWTH.

u Key financial targets

Index 2011 Forecasts Percentage Increase/Decrease (+/-) from 2010

Total assets VND160,000 billion +12%

Equity Capital VND15,600 billion +14%

Chartered capital VND10,740 billion +17%

Total raised capital from customers VND120,000 billion +22%

Total outstanding loans VND90,500 billion +20%

Profit before tax VND2,700 billion +12%

u Operational safety indicators

Capital Adequacy Ratio (CAR) > 9%

Percentage of short-term capital granted to medium/long-term loans < 29%

Percentage of investment in fixed assets < 47%

Percentage of capital granted to subsidiaries < 25%

Percentage of capital contribution and purchase of shares < 40%

Ratio of loans to deposits < 80%

Percentage of overdue debts < 2.5%


provided. The bank saw continual improvements in its staff quality and have met human resource development requirements. III. BUSINESS PLAN IN YEAR 2011

1. General situation

u Global economy

The global economy in 2011 is expected face more challenges. The developed economies will possibly face a range of issues, such as inflation, high public debt, high unemployment, and climatic changes. The global economy is forecasted to grow between 3%-3.1% while the Asian region has estimated a 7% growth.

u Vietnam economy

The Vietnam economy achieved a high growth rate in recent years. It is unlikely to continue for the coming year. The National Assembly of Vietnam has approved the planned GDP growth rate to be around 7%-7.5% compared to 2010 with the following planned targets: total export turnover to grow 10%; a trade deficit not exceeding 18% of total export turnover; total development investment funds to be 40% of GDP; and the increase of consumer price index of below 7%.

u Banking environment in 2011

Based on the local and international economic outlook, the Government and State Bank Vietnam have affirmed the need to maintain strict compliance to the fiscal policy so that target economic growth rate is attained, inflation is controlled, trade deficit is reduced and finally social stability can be assured.

At a national level, the total payments flow is expected to increase from 21% to 24%. The increase in local growth is stipulated not to exceed 20%. Interest and exchange rates shall be maintained in line with macroeconomic factors to ensure safety of the banking system and effectiveness of state management.

uQuality management

Sacombank recognized that the most important role of quality management is to increase customer satisfaction. To this end, it launched many quality initiatives to improve customer service and streamlined customer service process. The initiatives have changed employees’ mindset and brought positive results.

However, Sacombank has yet to revamp its quality management and create an integrated customer service delivery system. In the future, Sacombank will continue to innovate and enhance its quality management with the guiding principle of “Customer’s satisfaction - Sacombank’s success.“

u Promotion of the network advantage

Sacombank had 366 transaction points (as at 31 December 2010), of which 363 are local transaction points and 3 are in neigboring countries (1 branch in Laos, 1 branch and 1 transaction office in Cambodia).

To better meet an increasing level of consumer demands, Sacombank continued to set-up after-hours banking. There are now nine after-hours transaction offices.

In growing a national branch network and regional transaction points, Sacombank’s business has become effective and serves as a strong foundation for achieving higher performance within 10 years.

u Human resources management

By late 2010, Sacombank has a total of 8,507 employees. Despite a tight labour market, the human resource capacity was enhanced with consistent staff training and development, competitive remuneration, good management practices and a professional working environment.

Staff training was provided on an average of 2 times per employee per year. The approaches of self-learning, on-the-job training and distant learning were



31REPORTS REPORTS



In the year 2010, the global economy, including Vietnam, faced many challenges. The banking sector in Vietnam was affected mainly by adverse global and local economic events, such as, rapid change of public policies and regulations of State Bank Vietnam. Despite the difficulties, Sacombank’s determination and sincere efforts have enabled it to meet almost all the 2010 targets. Moving forward, the bank shall continue to set optimistic targets and implement professional management approaches that are most appropriate and that fully embrace the learning spirit and ambition in the new growth phase.

In the year 2011, it is anticipated that the banking industry will continue to face many market changes and policy challenges. However Sacombank is determined to give its best efforts, and channel its resources to fulfil the annual plan. It is foreseen the measures taken in the year shall set a solid foundation towards the success of Sacombank‘s growth for 2011-2020.

“Customer’s satisfaction - Sacombank’s success”

u Tasks and key solutions

• To continue with the re-engineering process, giving priority to the management reorganization and human resource development, to facilitate Sacombank to grow regionally and to create an engaging and friendly work environment that will improve staff productivity and market competitiveness.

• To enhance adaptability to changes in market demands, so that challenges are turned into opportunities; to enhance the role of analyzing, forecasting and evaluating the business opportunities; to quickly identify inherent risks to ensure timely mitigation and precautionary interventions could be taken.

• To leverage on the strength of the T24 core banking system, to launch quickly new initiatives to increase customer satisfaction, and at the same time to enhance management tools.

• To continually increase its financial capacity by increasing share capital to fuel growth, as well as restructure the Asset–Liability model, with the objective to increase earning assets.

• To capitalize on its competitive advantage in the local and overseas markets to improve business

performance, in particular strengthening its sales force (in both quantity and quality); to promote cross-selling of products amongst member companies of the Sacombank Group to increase sales and improve financial performance.

• To innovate products and services in response to the needs, preferences and trends of the market and characteristics of each area and locality; to quickly launch e-banking products for expanding its customer base; to increase the product benefits and improve service quality that will result in increase of fee income.

• To control expenses by classifying them into different cost categories and applying cost management techniques to determine activities that need increases or reductions in the budget, thus avoiding resource wastage.

• To initiate quality management and to actively study, analyze and apply modern banking methodologies to improve financial performance.

• To understand and strictly apply regulations of State Bank Vietnam and aim to set international standards and practices; to monitor business activities to minimize risks and loss.



33REPORTS REPORTS


Evaluation of Bank Operations

u Management

The Board of Directors has demonstrated its capability through its Standing Committee of Directors in providing timely support to the Board of Management. The Standing Committee gave its full support on management decisions and worked closely with the Board of Supervisors for inspection and supervision of the operations for the bank and its subsidiaries.

u Operations

The Board of Management made excellent efforts in 2010 with constant monitoring of the market, following the guidance of the Board of Directors and implementing the assigned action plans. The management produced noteworthy financial results and met the planned targets, such as, profit before tax, total assets and branch expansion. The Board of Management worked closely with the Board of Supervisors in the inspection and supervision of operations. The management provided relevant information, reports and data for the Board of Supervisors to carry out its tasks.

u Internal audit

The Bank was diligent in laying the foundations of a strong internal audit and has over the years continually improve the audit process to be in line with its rapid expansion. There was an emphasis on self-checks and self-correction, and appointing Itinerant Directors and Transaction Managers to conduct checks as well. The control system comprises of risk management policies, processes and regulations, decentralization of power, levels of authorization and IT applications. The tasks of inspection and supervision were improved to attain better results. In year 2010, the bank did not face any material breaches and losses.

The Board of Supervisors formulated specific action plans jointly with the Board of Management and Board of Directors.

Recommendations

The scale of growth, expansion of branch network and increased number of subsidiary companies, means that the bank will need to strengthen its financial capacity and increase its borrowings from domestic and overseas financial institutions for further development, stability and effectiveness of banking operations.

To increase the operational effectiveness and productivity, human capital should be improved. This improvement will arise from having better human resource policies, including hiring of capable executives and increasing on-the-job training.


Report from the Board of Supervisors

Based on macroeconomic forecast and assessments of the internal operations in early 2010, the Board of Supervisors formulated specific action plans jointly with the Board of Management and Board of Directors.

Through participation in Councils, Committees, and Board of Management meetings, the Board of Supervisors has ensured that the bank operations complies with the laws, regulations and the charter of the Bank. It developed initiatives, revised objectives, and ensure the enforcement of regulations and processes that were directed and authorized by the Board of Management and the Board of Directors. This improved the effectiveness of risk mitigation through supervision.

The Board of Supervisors has supervised and monitored the operations of local and overseas branches, the departments in the Head Office and the subsidiary companies through a three-level supervision approach: (i) Board of Supervisors, Internal Auditor, Regional Inspection and Supervision Team, (ii) Board of Supervisors in subsidiary companies, and (iii) daily and weekly reporting from the Internal Auditor. During the year, the Board of Supervisors audited branches and regional offices to evaluate their business operations and management efficiency and collected feedback on to the strengths and weaknesses of existing processes. The effectiveness of support from Regional Offices and Head Office was also assessed.



Rice harvesting season, An Giang

[Strategic focus on rural development]

The first branch in Can Tho City was set up in 2001. By 2007, Sacombank is represented in the entire region. To support rural development, the bank recruited agricultural engineers, who were later trained as lending bankers to serve the farmers, small traders, and household businesses. This idea has proven to be effective for the farming production and rural financial market.

Loans to small traders; funding rice export of Vinafood; and loans for aqua farming.

Network AdvantageAs at 28 February 2011, the southwestern region has 71 transaction points, including 14 branches and 57 sub-branches.


SOUTHWESTERN REGION

vietnam

LAOS

DONG THAP

AN GIANG

LONG AN

VINH LONG

HAU GIANGTRA VINH

BAC LIEU

KIEN GIANG

CAN THO

CA MAU

SOC TRANG

TIEN GIANG

BEN TRE

ORGANIZATION AND WORKFORCE ORGANIZATION AND WORKFORCE


Organization ChartBoard of DirectorsBoard of SupervisorsBoard of ManagementHuman Resource Policy

Org

aniz

atio

n C

hart

SHAREHOLDERS COMMITTEE

BOARD OF DIRECTORS BOARD OF SUPERVISORS

CREDIT COUNCIL

GENERAL DIRECTOR

MA

NA

GEM

ENT

AN

D S

UPE

RVI

SIO

NO

PER

ATIO

NS

HR & TRAINING

PERSONAL BANKING

CORPORATE BANKING

TREASURY

TRANSACTION CENTER

CREDIT

INFORMATION TECHNOLOGY

FINANCE

OPERATION

RISK MANAGEMENT

SUPPORTING

REGIONS

Branches

Transaction Offices

Regional Office

Subsidiaries* (Card Center, Wealth Management Center, Security Center, Sacombank-SBL, Sacombank-SBA, Sacombank-SBS, Sacombank-SBR, Sacombank-SBJ)

(*) Besides Credit Council, Financial Investment Council & Risk Management Committee, the Organization also includes:Executive Councils include: Performance Review Council, Debt Management Council, Training Council, Procurement Council...Management Committees include: Personal Committee, Strategy and Policy Development Committee, Reward and Compensation Committee, Overdue Loan Review Committee, IT Modernization Steering Committee, Re-engineering Committee...

FINANCIALINVESTMENT COUNCIL

• Board of Directors’ Office

• Investment Sector

• Board of Research & Development• Board of Productivity & Quality• Financial Institutions Sector • Human Resource Department• Training Center • Personal Banking• E-Banking• Contact Center • Corporate Banking • Capital Market Department• Forex Department• Northern Region Treasury Center • Appraisal Department • IT Department• Data Center • Finance Planning Department• Accounting Department• ALM Sector • International Payment Center• Domestic Payment & Treasury Department • Forex Support Sector • Risk Management Department• Legal & Compliance Department • Administration Department• Construction Department• External Affairs Department • Internal Audit Sector • Appraisal Sector• Business Support Sector • Personal Banking Department• Corporate Banking Department• Forex Sector• Business Support Department• Accounting & Treasury Department• Administration Department • Customers Service Sector• Business Support Sector

• Internal Audit

(*)




Activities of Board of Directors

Members of Sacombank’s Board of Director (BOD) are elected to a five-year term. Four main roles of a member of the Board are planning, organizing, leading, and supervising. Serving in the Board are Chairman, 2 Vice Chairpersons, and 5 Members (1 member works full time and the other four members work part time). There is one mandatory meeting in each quarter, and there might be additional meetings for important occasions. “Majority rule” is the Board’s principle. Early in the term, the Board will elect its Chairperson by ballot voting. After the Chairperson is determined, the Board will then decide its standing members. Then, each member’s roles will be assigned accordingly.

Depending on their specialties and availability, each person will be in charge of a Council or a Committee:

• For Councils, there are Credit Council, Asset Investment Council, Financial Investment Council, Reward and Disciplinary Council, Training Council, etc., those Councils make decisions base on advices from the Board of Management. The decisions are only valid after approved by the Chairman (or a Delegate).

• For Committees, there are Risk Management Committee, Strategy and Development Strategy Committee, Workforce Committee, Remuneration and Compensation Committee, Crisis Management Committee, Overdue Debt Management Committee, Modernization Committee, Restructuring Committee, etc., those committees will regularly advise to the Board matters regard planning, organizing, leading, supervising, and reviewing the implementation process.

Standing members of the Board of Directors have four meetings per month (two internal meetings with the Board of Supervisors and two meetings with the Board of Management). At the meeting, the Chairman’s conclusions are monitored and supervised (base on the implementation) by the Board of Directors in the next session.


On behalf of the BOD, the Chairman makes the final decisions for any matters which arise during the interval between two meeting sessions. The decisions are recorded, and later on presented at the next meeting.

At the end of each month and each quarter, the Chairman’s task is to preside over the preliminary meetings, and there will be two additional preliminary meetings (at semi annual and year end). In each meeting, he will judge the company performance, and discuss measures for the next period.

Conscious of their roles and responsibilities to shareholders, the Board of Directors, particularly the standing members are highly committed to their duties and always strive to further improve their performance in the roles. They have Sacombank’s interests as their top priority and vigilantly keep themselves abreast with all operations in the organization. Serving as the fulcrum of support for the managers, the Board of Directors ensures a regulated system in the Bank through its leadership. The Board of Directors is the heart of Sacombank that plays a critical role in the Bank’s achievements.

Change of BOD’s Members in 2010

On 3 March 2010, Mr. Colin Simon Mansbridge, representative shareholder from ANZ Bank, submitted cessation as a member of the BOD. This has been approved by ANZ and is now waiting for approval by the State Bank.

Plan to Improve Effect of Banking Management

In 2010, Sacombank has continuously completed the company management, which is required and applicable to all the listed companies at the stock exchange, as per Decision No. 12/2007/QD-BTC dated on 13 March 2007 by the Ministry of Finance.

Board of Directors

(*) Standing members

MR. DANG VAN THANHChairman*

MR. HUYNH PHU KIETMember

MS. HUYNH QUE HA First Vice Chairlady *

MR. DANG HONG ANHMember

MR. NGUYEN CHAUVice Chairman *

22 years of experience in banking and finance sector


Served one term in Sacombank’s BOD

Chairman of Sacomreal

MR. PHAM DUY CUONGMember *




Chairman of Toan Thinh Phat Architecture Investment Construction Joint Stock Company

MR. DOMINIC T.C SCRIVENMember



Director for Dragon Capital UK and its subsidiaries

MS. NGUYEN THI MAI THANH Member



Chairman and CEO of Reetech






Activities of Board of Supervisors

The Board of Supervisors is voted by the General Shareholders’ Meeting, independent from the Board of Directors with the following tasks:

u Supervising operations and capital management including equity, raised capital, the compliance with policies, interest rate mechanism, the compliance to mandatory deposit; liquidity reserve to ensure the payment capacity and financial safety ratio.

u Supervising operations and capital management including equity usage, the compliance with fund management and usage, credit activities, discount and rediscount of short-term documents, credit guarantee and other kinds of guarantee for customers of capital loan and payment service; the compliance of lending policies interest rate mechanism, penalty and penalty relief.

u Supervising service business.

u Supervising investment activities.

u Supervising business results.

u Supervising and managing the Bank’s assets including inspecting purchasing activities, restoring and building of fixed assets; supervising the fulfillment of the Bank’s treasury safety regulation.

u Supervising the compliance with accounting policies including the regulations on financial management of the State and the Ministry of Finance issued for credit organizations; accounting rules to ensure the accuracy; appraising semi-annual consolidated financial report of Sacombank and subsidiaries in 2010 to ensure the transparency of financial situation to report during the annual shareholders’ meeting.

u Supervising the internal checking and auditing system.

Remuneration and Operational Expenses of BOD/BOS

• Remuneration and operational expenses of the Chairman were decided by the Board of Directors based on the working schedule of each person as approved at the General Shareholders’ Meeting.

• Remuneration of the Members the Board of Supervisors has been decided at the Annual Shareholders’ Meeting.

• The remuneration and operational expenses for the Board of Directors and Board of Supervisors in 2010 has been approved at the Annual Shareholder Meeting at 0.4493% of profit after tax.


Board of Supervisors


MR. NGUYEN TAN THANHChief Supervisor


MR. LE VAN TONGMember



MR. DOAN BA TUNGMember



Holding a Masters in Economics, Mr. Nguyen Minh Tam has more than 16 years of experience in banking and finance, with strong qualifications and knowledge on stock exchange and international payments. Mr. Tam joined Sacombank in 1995 and was appointed Director of Administration Department in 2002. Before taking on his present post as Deputy General Director of International Offices he was the Director of Tan Binh Branch in 2003 and Director of Corporate Banking in 2007.

Holding a BA degree with over 19 years of working experience in Sacombank, Ms. Thuy has been in charge of many important positions from branches to the headquarters. Ms. Thuy was previously Director of Corporate Banking (2008) before she assumed her current position as Deputy General Director of Operations.

Mr. Ly Hoai Van joined Sacombank in 2001 and was in charge of Forex Department. Prior to his current position as Deputy General Director of Treasury Division, he was appointed as Director of Treasury in 2008. Mr. Ly Hoai Van graduated with a Bachelor of Economics, major in Currency Trading in 2001.

MR. NGUYEN MINH TAM Deputy General Director, International Offices

MR. LY HOAI VANDeputy General Director, Treasury

MS. QUACH THANH NGOC THUYDeputy General Director, Operations


MR. DAO NGUYEN VUDeputy General Director & Regional Director of Hochiminh City

MR. NGUYEN DANG THANH Deputy General Director, Business

MR. TRAN XUAN HUYGeneral Director

Mr. Nguyen Dang Thanh graduated with a Bachelor of Economics major in Currency Trading from the University of Economics University in 1999. He joined Sacombank in 2000 as an R&D expert. Since then, he has taken on 11 different positions in the Bank, namely Secretary of Risk Management Committee, Secretary of the Board of Directors, Head of Marketing & Product Development Department, Personnel Director, Director of Training Center, Deputy Director of Saigon Branch, Head of Planning Department, Director of Administration Department, Chief of Joint Venture Project Committee, and Director of Card Center. Mr. Thanh was appointed as Deputy Director of Personal Banking and Card Center on 01 February 2010. In January 2011, he was assigned to the Corporate Banking Division.

Mr. Tran Xuan Huy joined Sacombank in May 2000 as an R&D expert. For the period 2002 to 2007, he held various positions including the senior expert of the BOD Office, Personal Assistant to the Chairman, Director of Personal Banking, and Deputy General Director of Personal Banking. He was appointed as General Director of Sacombank in July 2007. Mr. Huy graduated with a Bachelor’s degree from the University of Finance and University of Foreign Language. With more than 10 years of working experience in Sacombank, he has made significant contributions to the bank’s achievements. He always encourages solidarity and creativity amongst young leaders and staff.

Besides being a successful banker, Mr. Huy also devotes his spare time to community and economic development. He has been bestowed with the title “Outstanding Saigon Businessmen” by the People’s Committee of Hochiminh City.

Mr. Dao Nguyen Vu has been with Sacombank since the day of its incorproation. He has 18 years of experience in credit and risk management and has been the Deputy General Director and Regional Director of the Hochiminh City branch since 2007. His previous appointments include Director of Can Tho Branch (2002) and Director of Cho Lon Branch (2005). He graduated in 1992 with a Bachelor of Economics, major in Banking.

Ms. Do Thu Ngan joined Sacombank in 2005 and is the Deputy General Director and Director of Finance. Prior to this, she was the General Director of Sacombank-SBL from 2006 to 2010. She has more than five years of audit experience in Bourne Griffiths Vietnam and Deloitte Touch Tohmatshu and had worked for the Private Sector Development Fund of the International Finance Corporation (member of the World Bank Group). She graduated with a MBA from the University of Washington State (U.S.).

Mr. Luu Huynh joined Sacombank in 1995 and has more than 15 years of experience in financial and banking business. From 2001 to 2006, he was the Deputy Director of Tan Binh Branch and was subsequently appointed as Director of Danang Branch, followed by Director of Go Vap Branch. Prior to his current appointment as Deputy General Director of Credit Evaluation, Mr. Huynh was the Deputy General Director, in charge of the Central Region (2006) and Deputy General Director, in charge of the South-Eastern Region and Western Highlands Region (2008). He graduated with a Bachelor of Banking from the University of Banking in 1995.

Mr. Pham Nhat Vinh joined Sacombank in 2003. With more than 10 years of experience in law, he was appointed as Director of Supervision in 2009 and is presently the Deputy General Director of Risk Management. He holds a Bachelor of Business Law.

MS. DO THU NGANDeputy General Director, Finance

MR. LUU HUYNHDeputy General Director,Credit Evaluation

MR. PHAM NHAT VINHDeputy General Director,Risk Management

Board of Management (General Director and Deputy General Directors)


Changes to Board of Management in 2010

Mr. Hoang Khanh Sinh - Deputy General Director (resigned on January 21, 2010)Mr. Nguyen Van Thanh - Deputy General Director (resigned on January 22, 2010)Ms. Do Thu Ngan - Deputy General Director (appointed on January 22, 2010)Mr. Nguyen Dang Thanh - Deputy General Director (appointed on February 1, 2010)Ms. Quach Thanh Ngoc Thuy - Deputy General Director (appointed on February 5, 2010)Mr. Ho Xuan Nghiem - Deputy General Director (resigned on August 16, 2010)Mr. To Thanh Hoang - Deputy General Director (resigned on August 23, 2010)Mr. Ly Hoai Van - Deputy General Director (appointed on August 30, 2010)Mr. Pham Vinh Nhat - Deputy General Director (appointed on December 1, 2010)Ms. Nguyen Thi Thanh Mai - Deputy General Director (resigned on December 6, 2010)

Rights of the Board of Management

The remuneration for the Board of Management in 2010 accounted for 3.08% of the total salary expenses of the bank.



short-listed and 190 eventually selected. In 2011, despite the implementation of a more stringent selection process (comprising of qualifying tests and interview), the Potential Trainee Program attracted 8,500 applicants, of which 800 were short-listed and 320 students were selected.

Incentives to retain talents

Despite a difficult economy, the labor market has remained tight. As such, Sacombank provided attractive incentives, such as, Tet Bonus, public holiday allowance, quarterly once-off bonuses for outstanding staff and teams, local and overseas vacations, wage revision; performance-based remuneration; employee stock options scheme; low interest rates for staff loans; staff residential ownership scheme; better working environment; and staff family relief program. The bank also developed the Golden Idea program that awards employees who demonstrated creativity and innovation.

Notably, Sacombank conducted an on-line employee satisfaction survey for the first time. The survey gathered opinions and feedback of almost 5,000 Sacombank employees on improving staff policies.

In parallel with the above human resource initiatives, Sacombank also facilitated employees’ skill reassessment through periodic knowledge tests for 24 job functions at the branches. Under the program, approximately 4,000 branch staff

were tested. Besides the on-line knowledge test, Sacombank also organized KNOWLEDGE AND TALENT CONTESTS for employees with prizes worth up to VND20 million. The contests aimed to facilitate interaction among the departments and help employees enhance their knowledge and skills for improved productivity. In addition, the bank also organizes annual sports and cultural activities.

Sacombank gave outstanding performance and long-service awards. Medals were awarded to staff who served more than 10 years. It also honors Sacombank talents in the Golden Book.

In 2010, Sacombank upgraded the Human Resources Management System from centralized human resources data management at the Head Office to an integrated system with self-serve applications. The new system not only enables each staff to update their personal information, view evaluation results and relevant plans and policies, but also allows managers to utilize human resources information at their branches. In 2011, the system will be further upgraded to incorporate an online human resources dossier approval program. These projects are aimed to develop the bank’s web-based programs, which help to manage tasks and recognize staff performance in remote locations and stores inspection and evaluation tools. These projects will help Sacombank to create a dynamic, motivated and interesting work environment that encourage professionalism, transparency and fair working conditions for all.


Promoting and Attracting Human Resources

Besides maintaining a competitive compensation scheme and promoting Sacombank’s brand in the labor market, the Human Resources Department (HRD) has also established collaboration with universities and colleges in Hochiminh City for direct recruitment and internships for students. Sacombank is able to formulate human resource policies, which not only increase the number of staff for its growth but also create jobs for fresh graduates. From early 2011, Sacombank strengthened its cooperation with universities by conducting recruitment exercises, training programs, scientific research programs, site visits, provision of part-time jobs for students, as well as providing banking services for students.

In 2010, Sacombank launched the Potential Trainee Program targeted at senior students at universities and colleges in Hochiminh City. Interns were selected and assigned specific job functions that were based on the interns’ specific potential. The interns will complete their graduation thesis as stipulated during the internship. All internship-related expenses were covered by the bank. Upon completion of the internship, trainees who have exhibited good performance were employed to work at the branches where they interned. The Potential Trainee Program received very favorable response from the branch network and also captured the attention of the students in Hochiminh City. In 2010, the program attracted more than 4,500 applicants, of which 600 were

Human Resource Policy


To be one of the best workplaces in Vietnam, Sacombank adopts the workforce development objective of building a professional, modern and stimulating work environment to attract, manage, retail and nurture talent”.

To improve its human resource management, Sacombank has developed a range of initiatives based on:1. Findings from an internal

analysis of strengths and weaknesses of its existing talents;

2. Opportunities and threats of the banking industry, arising from existing and potential domestic and socio-economic conditions;

3. Bank’s strategic direction of its human resources; and

4. Organizational culture and staff welfare.




Training and development

Sacombank believes that professional human resource management is important in attracting talents. To this end a Competency Dictionary was developed. The Dictionary lays down the requirements, in terms of knowledge, skills and personal qualities for each managerial position. The Dictionary will be applied in recruitment, placement, training and staff development. With the issuance of a promotion ladder, training map and the syllabus description for each job function of the bank, staff can proactively plan their career paths.

In 2010, the Bank made its largest investment in human resource development. It provided staff training programs in the middle- and senior management levels, including branch directors, heads of transaction offices, managers or deputy managers and members of the Board of Trustees. The training programs helped managers to improve their soft skills, such as, image building, communication, team building and stress management. General training programs taught by qualified experts were also held for staff to improve work-related knowledge and skills.

Human Resource Policy(continuation)


Sacombank did not neglect career planning and skill development for non-executive staff. The bank regularly sends staff for seminars and training events. More than 200 courses were provided in the year, benefiting 12,000 participants.

In addition to the training programs, Sacombank set up an in-house lecturer team in various regions to develop internal training support tools, such as textbooks (including electronic textbooks) and e-learning. This served to expand training delivery in every operating area or region and thus increase the frequency of training.

Sacombank implemented many human resources management initiatives in 2010. These initiatives deployed attractive compensation schemes and incentive policies have demonstrated the Bank’s intention to recognize and reward its staff, as well as to create the best work environment for all.


Thi Vai Port, Ba Ria Vung Tau

[Vision and Initiative]

The idea of setting up its first loan unit in the former Song Be Province (now known as Binh Duong Province) was conceived in 2002. By 2007, Sacombank’s transaction network has fully covered the Southeastern region. In addition, it has greatly contributed to the economic development of the region by providing credit to SMEs through its large network.

• Providing capital for rubber, pepper, cashew nuts trading

• Providing Export Letter of Credits (L/C) to SMEs in economic trading triangle of Dong Nai, Binh Duong, Ba Ria Vung Tau.

Network AdvantageAs at 28 February 2011, the southeastern region has 37 transaction points, including 6 branches and 31 sub-branches.


SOUTHEASTERN REGION

LAOS

vietnam

BINH THUANDONG NAI

BA RIA VUNG TAU

BINH DUONG

TAY NINH

BINH PHUOC

EQUITY OWNERSHIP STRUCTURE EQUITY OWNERSHIP STRUCTURE


Profit distribution Plan in 2010

Profit Distribution and Dividend Payment

Item Clarification Rate Amount (VND)

1 Profit before tax 2,425,858,337,082 2 Non-dutiable income 154,757,138,106

3 Expenses not deductible in determining taxable liability

237,344,247,486

4 Business Taxable Income 2,508,445,446,462

5 2010 Business Income Tax Payable (4) X 25% 627,111,361,616

6 2009 Business Income Tax Arrears 187,390,491

7 Total Business Income Tax (5) + (6) 627,298,752,107

A Profit (after tax for allocation) (1) - (7) 1,798,559,584,975 B Transfer to Reserves to Chartered Capital A x 5% 89,927,979,249

C Transfer to Financial Reserve Fund (A - B) x 10% 170,863,160,573

D Profit (after tax, transfers and Obligation Fund) A - B - C 1,537,768,445,153E Transfer to Investment and Development Fund D x 0% - Transfer Bonus and Welfare fund 246,042,951,224F Transfer to Bonus fund D x 8% 123,021,475,612

G Transfer to Welfare fund D x 8% 123,021,475,612

H Dividend (Chartered capital x dividend ratio) 9,179,230,130,000 15% 1,376,884,519,500

Profit of previous year used to pay dividends 88,475,357,302I Profit (after tax, transfers, and dividend

payment)D - E - F - G - H 3,316,331,731

J Performance Bonus as per Shareholders’ Meeting Resolution

20% profit after Tax and Obligation fund 3,316,331,731

K Residual amount I - J -

Profit Distribution Plan in 2011

Equity Ownership StructureProfit Distribution and Dividend PaymentOwnership StructureInvestor Relations Activities

Changes in equity 2010

In 2010, Sacombank increased its chartered capital from VND6,700 billion to VND9,179 billion as approved at the 2009 Shareholders’ Meeting on 15 March 2010:

Number of Shares (2006-2010)

Increase in the number of shares over five years from 2006 to 2010:

• Type of share : Common share • Par value : VND10,000/share (ten thousand Vietnamese dong per share) • Beneficiaries : Existing shareholders and key officers• New share issuance ratios : 15% (share paid in dividends), 20% (new issue), 2% (for key

personnel) follow strictly the Resolution of the 2009 Shareholder Meeting.

• Issuing price : VND12,000 per share • Ex-date : 7 July 2010• Record date : 9 July 2010• Approval by HOSE: : Official document No. 899/TB-SGDHCM dated on 15 October 2010

by the Hochiminh City Stock Exchange (HOSE)• Official issue date : 22 October 2010• Number of issued shares : 247,887,713 shares, comprising:

(i) Shares to be paid by dividend- Number of shares registered for

distribution: 100,505,295

- Number of shareholders : 74,068- Number of shares distributed : 100,479,947- Number of fractional shares paid in

dividend : 25,348

- Dividend Ratio : 99.97%

(ii) Shares distributed to existing shareholders - Number of shares registered for

distribution : 134,007,060

- Number of shareholders : 74,068- Number of shares distributed : 134,007,060- Number of shareholders receiving

new shares : 45,440

- Share issuing allotment ratio : 100%

(iii) Shares distributed to key officers - Number of shares registered for

distribution: 13,400,706

- Number of shareholders : 1,301- Number of shares distributed : 13,400,706- Number of shareholders receiving

new shares: 1,301

- Share issuing allotment ratio : 100%

208,941,281

2006

444,841,417

2007

511,583,084670,035,300

2008 2009 2010

917,923,013


Unit: shares

Equity Ownership Structure

Items Percentage Sources and Applications

Profit after tax (for distribution) 100% Profit after tax of Sacombank

Pay 2011 dividends in shares 14%-20%Depend upon business result each year during 2011-2015, the BOD shall submit dividend distribution proposal to the

Annual Shareholders’ Meeting.Reserve for Chartered Capital Fund 5%

To be undertaken under the provisions of financial regulations for credit institutions

Financial Reserve Fund 10%

Investment and Development Fund 0%-5%

Bonus Fund 8%WelfareFund 8%

EQUITY OWNERSHIP STRUCTURE EQUITY OWNERSHIP STRUCTURE


Investor Relations Activities

In 2010, the Investor Relations Department (IRD) and Equity Management Unit have professionally enabled effective two-way communication between Sacombank and its shareholders and the investing community. The goal of IRD is to help the investing community receive the correct information so that they are able to provide a fair evaluation of Sacombank. The key initiatives in 2010 of IRD were:

• More than 100 meetings were held with financial institutions and investors, to deliver up-to-date information to investors, especially on financial data, transaction office network, business strategy and management appointments, among others;

• Publication of the Sacombank Quarterly Investor Bulletin, a bi-lingual (Vietnamese and English) journal to provide the latest information to investors;

• Wrote the Information Disclosure Manual, based on Circular 09 of The Finance Ministry of Vietnam

to ensure investors receive accurate information in a timely manner;

• Implemented two research projects about investors’ needs and aspirations of which the data was used to improve Sacombank’s investor relations activities;

• Provided answers to shareholders’ inquiries on share performance, dividend policies;

• Developed a public website for investors: http://www.sacombank.com.vn/en/investor

The projects and initiatives provide evidence that Sacombank commits to optimize value and profit for its shareholders who have supported the bank during its 19-year journey of development and for those who will continue to support the bank for many more years to come.


NHAÂ ÀÊÌU TÛBaãn tin

Thaáng 3 nùm 2011

Sacombank và chiến lược “Tiến về nông thôn”

Trang 4 - 6

Câu chuyện thanh khoản và lãi suất

Trang 18

Thị trường vàng và ngoại tệ quý I / 2011

Trang 20-21

Sacombank strategy for rural development

Page 8 - 9

Liquidity and interest rate

Page 19

Gold and forex market in the � rst quarter of 2011

Page 22-23


Thaáng 11 nùm 2010

Lễ ký kết thỏa ước tín dụng giữa Proparco và Sacombank dưới sự chứng kiến của ông Trần Minh Tuấn - Phó Thống đốc NHNN (thứ 3 từ trái qua) và ông Dương Quốc Anh - Chánh thanh tra NHNN (thứ 4 từ trái qua).

Ghi nhận Hội thảo “Nhận diện thách thức và cơ hội năm 2011”

Trang 4 - 6

Chính sách tiền tệ tiếp tục linh hoạt và thận trọng

Trang 12

Thị trường tiền tệ tìm kiếm niềm hi vọng mới

Trang 18-19

Quản trị nhân sự: Mỗi lãnh đạo là một ngọn lửa

Trang 30

Challenges and opportunities of Vietnam in 2011

Page 7 - 9

Exercising Prudence in Mone-tary Policy

Page 13

The Money Market seeks a new hope

Page 20-21

High Performance leadersPage 31


Thaáng 3 nùm 2011

Sacombank và chiến lược “Tiến về nông thôn”

Trang 4 - 6

Câu chuyện thanh khoản và lãi suất

Trang 18

Thị trường vàng và ngoại tệ quý I / 2011

Trang 20-21

Sacombank strategy for rural development

Page 8 - 9

Liquidity and interest rate

Page 19

Gold and forex market in the � rst quarter of 2011

Page 22-23


Thaáng 11 nùm 2010

Lễ ký kết thỏa ước tín dụng giữa Proparco và Sacombank dưới sự chứng kiến của ông Trần Minh Tuấn - Phó Thống đốc NHNN (thứ 3 từ trái qua) và ông Dương Quốc Anh - Chánh thanh tra NHNN (thứ 4 từ trái qua).

Ghi nhận Hội thảo “Nhận diện thách thức và cơ hội năm 2011”

Trang 4 - 6

Chính sách tiền tệ tiếp tục linh hoạt và thận trọng

Trang 12

Thị trường tiền tệ tìm kiếm niềm hi vọng mới

Trang 18-19

Quản trị nhân sự: Mỗi lãnh đạo là một ngọn lửa

Trang 30

Challenges and opportunities of Vietnam in 2011

Page 7 - 9

Exercising Prudence in Mone-tary Policy

Page 13

The Money Market seeks a new hope

Page 20-21

High Performance leadersPage 31

Type of shareholder STT NAME STAKE (%)

DOMESTIC

BOD

1 DANG VAN THANH 4.045

2 HUYNH QUE HA 1.386

3 NGUYEN CHAU 0.011

4 DANG HONG ANH 3.519

5 PHAM DUY CUONG 0.035

6 HUYNH PHU KIET 0.012

7 REETECH 3.665

BOS

8 NGUYEN TAN THANH 0.091

9 LE VAN TONG 0.055

10 DOAN BA TUNG 0.041

BOM

11 TRAN XUAN HUY 0.031

12 DO THU NGAN 0.013

13 LUU HUYNH 0.033

14 DAO NGUYEN VU 0.023

15 NGUYEN MINH TAM 0.002

16 PHAM NHAT VINH 0.005

17 QUACH THANH NGOC THUY 0.009

18 NGUYEN DANG THANH 0.008

19 LY HOAI VAN 0.009

CHIEF ACCOUNTANT 20 LE HUNG CUONG 0.002

OVERSEAS BOD 1 DRAGON FINANCIAL HOLDINGS LIMITED 6.657

TOTAL 19.653

Board of Directors, Board of Supervisors and Board of Management (As of 17 Jan 2011)

Ownership Structure

Local and Foreign Share Ownership (up to 17 Jan 2011)

Contributed Capital (VND) Percentage of Contributed Capital

Number of shareholders (person): 74,132

Strategic shareholders:

Dragon Capital 611,046,970,000 6.66

REE 366,428,400,000 3.66

ANZ 897,881,870,000 9.78

Shareholder structure Number of shareholders Contributed Capital(VND)

Percentage of Contributed Capital

Organization Local 319 1,586,342,310,000 17.28

Foreign 93 2,668,574,510,000 29.07

Individual Local 73,051 4,889,165,330,000 53.26

Foreign 669 35,147,980,000 0.38

Total 74,132 9,179,230,130,000 100



Fishermen’s morning haul, Cua Lo sea shore, Nghe An

[Linking business opportunities]

In 2003, Sacombank set up its first branch in Da Nang, providing banking services to seven provinces in the North Central Region including Nghe An, Quang Binh, Thua Thien Hue, Da Nang, Quang Nam, and Quang Ngai. It took seven years of hard effort in providing quality banking services to meet the demands of residents, in their demands for consumption and living, saving, business operations and investment. At the same time, Sacombank was able to attract low cost capital and opened investment opportunities, thus contributing to the local economy.

Local payment service, loans to small traders, and funding aqua farming for exports.

Network Advantage

As at 28 February 2011, it has network coverage of 37 transaction points in the north-central region, including 7 branches and 30 sub-branches.


NORTHERN CENTRAL REGION

LAOS

vietnamcambodia

NGHE AN

HA TINH

QUANG BINH

QUANG TRI

T.T.HUE DA NANG

QUANG NAM

QUANG NGAI


The Banking License No.

0006/NH-GP dated 5 December 1991

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

Board of Management Mr Dang Van Thanh ChairmanMrs Huynh Que Ha First Vice ChairmanMr Nguyen Chau Vice ChairmanMr Dominic Scriven Member Mrs Nguyen Thi Mai Thanh MemberMr Dang Hong Anh MemberMr Pham Duy Cuong Member Mr Huynh Phu Kiet Member

Board of Supervisors Mr Nguyen Tan Thanh Chief SupervisorMr Le Van Tong SupervisorMr Doan Ba Tung Supervisor

Board of Directors Mr Tran Xuan Huy General Director Mr Ho Xuan Nghiem Deputy General Director (resigned on 16 August 2010)Mr Hoang Khanh Sinh Deputy General Director (resigned on 21 January 2010)Mrs Nguyen Thi Thanh Mai Deputy General Director (resigned on 6 December 2010)Mr Luu Huynh Deputy General Director Mr Dao Nguyen Vu Deputy General Director Mr Nguyen Minh Tam Deputy General Director Mr Nguyen Van Thanh Deputy General Director (resigned on 22 January 2010)Mr To Thanh Hoang Deputy General Director (resigned on 23 August 2010)Mr Bui Van Dung Deputy General Director (resigned on 1 January 2011)Mrs Do Thu Ngan Deputy General Director (appointed on 22 January 2010)Mr Nguyen Dang Thanh Deputy General Director (appointed on 1 February 2010)Mrs Quach Thanh Ngoc Thuy Deputy General Director (appointed on 5 February 2010)Mr Ly Hoai Van Deputy General Director (appointed on 30 August 2010)Mr Pham Nhat Vinh Deputy General Director (appointed on 1 December 2010)

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 associate, 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, Hochiminh City

The Bank’s auditor PricewaterhouseCoopers (Vietnam) Limited

Single-entity financial statementsFinancial Performance of Subsidiaries in 2010Consolidated Financial StatementsInternal Audit Evaluation


SINGLE-ENTITY FINANCIAL STATEMENTSFor the year ended 31 december 2010

SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK

TABLE OF CONTENTS PAGE

Corporate information 57

Statement of the Board of General Directors 58 Independent auditor’s report 59

Balance sheet (Form B 02/TCTD) 61

Income statement (Form B 03/TCTD) 63

Cash flow statement (Form B 04/TCTD) 64

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

(*) For references on Notes to the single-entity financial statements, please visit http://www.sacombank.com.vn/en/investor/Pages/Financial-Statements.aspx



Corporate Information


PricewaterhouseCoopers (Vietnam) Ltd.4th Floor, Saigon Tower29 Le Duan Street, District 1Hochiminh City VietnamTelephone: (84-8) 3823 0796Facsimile: (84-8) 3825 1947

INDEPENDENT AUDITOR’S REPORT TO SHAREHOLDERSOF SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK We have audited the accompanying single-entity financial statements of Saigon Thuong Tin Commercial Joint Stock Bank (“the Bank”) which were approved by management on 14 March 2011. The financial statements comprise the balance sheet as at 31 December 2010, the income statement and cash flow statement for the year then ended, and explanatory notes to the financial statements including significant accounting policies.

Board of General Directors’ Responsibility for the single-entity Financial Statements

Board of General Directors of the Bank is responsible for the preparation and fair presentation of these financial statements in accordance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of 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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the 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 Bank’s internal control. 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 financial statements.

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

Independent auditor’s report

STATEMENT OF THE RESPONSIBILITY OF THE BOARD OF GENERAL DIRECTORS IN RESPECT OF THE SINGLE-ENTITY FINANCIAL STATEMENTS

The Board of General Directors is responsible for preparation of the single-entity financial statements which give a true and fair view of the financial position of the Bank as at 31 December 2010 and of its results of operations and cash flows for the year then ended. In preparing these financial statements, the Board of General Directors is required to:

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

that the Bank will continue in business.

We, 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 financial statements to be prepared which comply with the basis of accounting set out in Note 2 to the financial statements. The Board of General Directors is responsible for ensuring compliance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam. We are 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 SINGLE-ENTITY FINANCIAL STATEMENTS

We hereby approve the accompanying single-entity financial statements which give a true and fair view of the financial position of the Bank as at 31 December 2010 and of its results of operations and cash flows for the year then ended, in accordance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam.

Users of these single-entity financial statements should read them together with the Group’s consolidated financial statements as at and for the year ended 31 December 2010 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

────────────────────Tran Xuan HuyGeneral Director

Hochiminh City, SR Vietnam14 March 2011

Statement of the Board of General Directors


FINANCIAL STATEMENTSSingle-entity financial statementsFinancial Performance of Subsidiaries in 2010Consolidated Financial StatementsInternal Audit Evaluation



Opinion

In our opinion, the single-entity financial statements present fairly, in all material respects, the financial position of the Bank as at 31 December 2010, and its financial performance and cash flows for the year then ended in accordance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam.

──────────────────── ────────────────────Ian S. Lydall Le Van Hoa AC No. N.0559/KTV AC No. 0248/KTVChairman

PricewaterhouseCoopers (Vietnam) LimitedHochiminh City, SR VietnamAudit report number HCM269814 March 2011

As indicated in Note 2.1 to the financial statements, the accompanying 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.

Balance sheetIndependent Auditor’s Report (continued)

FORM B 02/TCTD

As at 31 December

2010 2009Notes Million VND Million VND

A ASSETS

I Cash and precious metals 3 12,570,956 8,489,625II Balances with the State Bank 4 3,618,830 2,633,881

III Placements with and loans to other credit institutions

5 16,376,008 14,244,987

IV Trading securities1 Trading securities 6 563,683 142,5512 Less: Provision for diminution in value of

trading securities6 (75,822) (1,749)

V Derivatives and other financial assets 7 7,082 609,445VI Loans and advances to customers1 Loans and advances to customers 8 77,359,055 55,247,9042 Less: Provision for losses on loans and

advances to customers9 (742,016) (511,656)

VII Investment securities1 Available-for-sales securities 10.1 19,118,540 9,348,4362 Held-to-maturity securities 10.2 2,007,504 369,8523 Less: Provision for diminution in value of

investment securities10.1 (10,002) (10,758)

VIII Investment in other entities and long-term investments

1 Investments in subsidiaries 11 1,768,200 1,797,2003 Investments in associate companies 11 - 51,0004 Other long-term investments 12 622,179 389,0285 Less: Provision for diminution in value of

Investments in other entities and long-term investments

11, 12 (103,767) (6,471)

IX Fixed assets1 Tangible fixed assets 13 1,177,309 1,118,7202 Leased assets 15 - 3,8803 Intangible fixed assets 14 1,267,739 869,074

XI Other assets 16 6,273,260 3,689,030TOTAL ASSETS 141,798,738 98,473,979





Income statementBalance sheet (continued)

FORM B 02/TCTD

As at 31 December2010 2009

Notes Million VND Million VND

B LIABILITIES AND SHAREHOLDERS’ EQUITY

I Due to Government and borrowings from the State Bank of Vietnam

17 4,819,974 3,614,333

II Deposits and borrowings from other credit institutions

18 15,476,345 2,391,387

III Deposits from customers 19 78,858,295 60,219,917V Funds received from Government,

international and other institutions 20 2,102,704 1,831,709

VI Certificate of deposits 21 24,946,136 18,277,476VII Other liabilities 22 1,962,175 1,850,156

TOTAL LIABILITIES 128,165,629 88,184,978

VIII SHAREHOLDERS’ EQUITYCapital and reserves attributable to equity holders of the Bank

1 Capital 23 10,851,871 8,078,1782 Reserves 24 1,136,459 859,2935 Retained earnings 24 1,644,779 1,351,530

TOTAL SHAREHOLDERS’ EQUITY 13,633,109 10,289,001

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

141,798,738 98,473,979

CONTINGENCIES AND COMMITMENTS 41 16,809,365 27,979,523

─────────────── ─────────────── ───────────────Luu Van Hoa Le Hung Cuong Tran Xuan HuyPreparer Chief Accountant General Director 14 March 2011

FORM B 03/TCTD

Year ended 31 December


1 Interest and similar income 25 10,741,751 6,768,8422 Interest and similar expenses 26 (7,531,961) (4,610,801)

I Net interest income 3,209,790 2,158,0413 Fees and commission income 27 1,173,375 836,6274 Fees and commission expenses 28 (247,692) (140,188)

II Net fee and commission income 925,683 696,439III Net (loss)/gain from dealing in foreign

currencies and gold29 (169,750) 282,231

IV Net loss from trading of trading securities 31 (45,834) (35,776)V Net gain from disposal of investment securities 32 15,233 18,2595 Other incomes 35 581,923 26,8356 Other expenses 35 (381,630) (94,325)

VI Net other income/(expense) 200,293 (67,490)VII Income from investments in other entities 33 477,658 592,021VIII General and administrative expenses 34 (1,944,108) (1,462,003)IX Operating profit before provision for credit

losses2,668,965 2,181,722

X Provision for credit losses 5,9,22 (243,106) (280,712)XI Profit before tax 2,425,859 1,901,0107 Business income tax – current 37 (627,299) (416,599)8 Business income tax – deferred 37 - -

XII Business income tax (627,299) (416,599)XIII Net profit for the year 1,798,560 1,484,411






Cash flow statement (continued)(Direct method)

Cash flow statement(Direct method)

FORM B 04/TCTD


2010 2009Million VND Million VND

CASH FLOWS FROM OPERATING ACTIVITIES

01 Received interest income and similar income 10,190,467 6,432,65202 Paid interest expense and similar expense (7,344,361) (4,597,235) 03 Received fee and commission income 925,683 696,43904 Net (loss)/gain on trading activities (foreign currencies,

gold and securities)(127,033) 404,772

05 Other income 141,716 21,30107 Cash paid to employees and related operating activities (1,708,120) (1,253,342)08 Business income tax paid (554,790) (315,267)

CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN OPERATING ASSETS AND LIABILITIES

1,523,562 1,389,320

Changes in operating assets09 Increase in placements with and loans to other credit

institutions(6,938,410) (1,798,852)

10 Increase in trading securities and investment securities (10,538,351) (740,935) 11 Decrease/(increase) in derivatives and other financial

assets602,363 (602,517)

12 Increase in loans and advances to customers (22,114,070) (21,573,633) 14 Increase in other operating assets (1,493,985) (586,570)

Changes in operating liabilities15 Increase in borrowings from the State and SBV 1,205,641 3,562,172 16 Increase/(decrease) in placements and borrowings from

other credit institutions13,084,958 (1,862,727)

17 Increase in deposits from customers 18,638,378 13,806,061 18 Increase in valuable papers issued 6,668,660 11,408,413 19 Increase in funds received from Government,

international and other institutions 270,995 817,247

21 (Decrease)/increase in other operating liabilities (153,318) 387,519 22 Payments from reserves (223,092) (166,799)

NET CASH FLOWS FROM OPERATING ACTIVITIES 533,331 4,038,699

FORM B 04/TCTD



CASH FLOWS FROM INVESTING ACTIVITIES01 Purchases of fixed assets (1,298,018) (1,215,719) 02 Proceeds from disposal of fixed assets 439,753 32,841 07 Cash paid for investments in other entities (363,270) (86,379) 08 Proceeds from disposal of investments in other entities

and other long-term investments407,334 901,857

09 Dividend income 127,201 259,646 II NET CASH FLOWS FROM INVESTING ACTIVITIES (687,000) (107,754)

CASH FLOWS FROM FINANCING ACTIVITIES01 Increase in chartered capital 1,768,894 817,374 04 Dividend paid in cash (240) (227) 06 Sale of treasury shares - 516,078 III NET CASH FLOWS FROM FINANCING ACTIVITIES 1,768,654 1,333,225

IV NET INCREASE IN CASH AND CASH EQUIVALENTS 1,614,985 5,264,170

V CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR

22,486,612 17,222,442

VII CASH AND CASH EQUIVALENTS AT END OF THE YEAR

24,101,597 22,486,612

Cash and cash equivalents are made up of:Cash and precious metals 12,570,956 8,489,625Balances with the State Bank of Vietnam 3,618,830 2,633,881Placements with other credit institutions 6,505,011 11,313,106Short-term valuable papers 1,406,800 50,000

24,101,597 22,486,612






Harvesting sugarcane, Gia Lai

[Pioneering in creating differentiation]

Sacombank began its operations in the Southern Central region in 2002. It was the first bank to provide banking services customized to local needs. The bank segmented the local market into aqua farming, cashew production, cultivation of coffee and pepper, forestry and agricultural production. Sacombank aims to become a specialist in financing the agriculture supply chain. It has linked distributors and suppliers to bring production equipment to each household business, contributing to local economic development.

Offering loans for wood exports; funding coffee cultivation, cashew, and aqua farming for exports.

Network AdvantageAs at 28 February 2011, there is a network of 35 transaction points in the south-central region & western highlands, including 9 branches and 26 sub-branches.


SOUTHERN CENTRAL REGION & WESTERN HIGHLANDS

cambodia

LAOS

VIETNAM

KON TUM

BINH DINH

GIA LAI

PHU YEN

DAK LAK

NINH THUAN

LAM DONG

DAK NONG

FINANCIAL STATEMENTS FINANCIAL STATEMENTS



u Sacombank-SBS netted a profit before tax of VND104.7 billion. Although the result is modest, it is a reasonable performance considering the slowdown of the global economy and the macroeconomic challenges of Vietnam.

The operations network in 2010 expanded with an additional 6 branches and 58 online agents located nationwide. It also set up three overseas subsidiaries including SBS Global Investment Pte Ltd in Singapore, Sacombank Securities Cambodia Public Limited Company in Cambodia, and a joint venture namely Lanexang Securities Public Company in Laos.

u Sacombank-SBJ made a profit before tax of VND31 billion, or 101.6% of planned target. This is a significant effort of the company given that the gold price fluctuated widely and was prone to sudden changes. After conducting a market research, the company decided to expand into Cambodia in April 2010 under the name SBJ-Cambodia with a chartered capital of USD3 million to provide services such as gold appraisal and gold refining, storing physical gold, etc.

Sacombank-SBJ shall manage its operations carefully to minimize the inherent risks in gold transactions. It shall analyze and forecast accurately before making decisions.

Generally, all subsidiaries performed well in 2010 but did not exploit the market potential as expected. The bank has guided each subsidiary in its strategy formulation to accelerate their operations and improve competitiveness, and yet have adequate risk controls. The aim is to double the growth of the Group.


Financial Performance of Subsidiaries in 2010

As at end 2010, the total assets of Sacombank and its subsidiaries reached VND152,387 billion, an increase of 46% (equivalent to VND48,368 billion) compared to the start of year. Given the trend of global integration, Sacombank has focused on fund raising, especially its chartered capital so as to increase its financial capacity that is appropriate to its scope of business. As at 31 December 2010, total equity topped VND14,018 billion, a rise of VND3,472 billion yoy.

In 2010, although there were many challenges in the financial markets, the subsidiaries of Sacombank worked at every opportunity to increase revenues. To this end, they achieved outstanding results. Cross-selling of products and services between the Group members was accelerated. Therefore, sales from cross-selling doubled that of 2009. For example, Sacombank introduces customers to Sacombank-SBL for leasing transactions, to Sacombank-SBA for asset management, to Sacombank-SBJ for short and long of gold investments, to Sacombank-SBR for remittance service via the bank’s transaction points. All the above has proven the growth of each subsidiary and the bank itself.

In 2010, the consolidated profit before tax reached VND2,560 billion, up 18% yoy.

II. FINANCIAL PERFORMANCE OF SUBSIDIARIES IN 2010I. BUSINESS RESULTS OF SACOMBANK IN 2010

u Sacombank-SBA achieved a profit before tax of VND95.97 billion, and exceeded the plan by 111.9%. The company leased the yard facilities and warehouses for storage of collateralized assets.

u Sacombank-SBL reported a profit before tax of VND52.51 billion, increasing 131.5% compared to 2009, or exceeding 31% against the plan. 80% of revenue came from finance leases. The company opened the Hanoi Branch on 11 June 2010 to expand its operations to the north.

u Sacombank-SBR gained a foreign exchange turnover of USD1.3 billion, exceeding 45% against the 2010 plan. This has propelled Sacombank-SBR to a top position in Vietnam for foreign exchange turnover. The company extended several service solutions to attract remittances in the traditional market; launched door-to-door money transfer services; increased the number of local remittance agents. As a result, the company could reduce costs and increase benefits. The profit before tax of Sacombank-SBR is VND5.4 billion, equal to 150.3% of target or increased by 76.7% compared to 2009. The ratio of profit over chartered capital was 63.8%.

In July 2010 Sacombank-SBR officially consolidated the payment system with Vina Money Transfer (currently the leading partner in Australia). This is an important event to complete its foreign exchange payment network that is considered of high importance in the coming 2011– 2020 growth strategy.


Corporate information

The Banking License No.

0006/NH-GP dated 5 December 1991

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

Board of Management Mr Dang Van Thanh ChairmanMrs Huynh Que Ha First Vice ChairmanMr Nguyen Chau Vice ChairmanMr Dominic Scriven Member Mrs Nguyen Thi Mai Thanh MemberMr Dang Hong Anh MemberMr Pham Duy Cuong Member Mr Huynh Phu Kiet Member

Board of Supervisors Mr Nguyen Tan Thanh Chief SupervisorMr Le Van Tong SupervisorMr Doan Ba Tung Supervisor

Board of Directors Mr Tran Xuan Huy General Director Mr Ho Xuan Nghiem Deputy General Director (resigned on 16 August 2010)Mr Hoang Khanh Sinh Deputy General Director (resigned on 21 January 2010)Mrs Nguyen Thi Thanh Mai Deputy General Director (resigned on 6 December 2010)Mr Luu Huynh Deputy General Director Mr To Thanh Hoang Deputy General Director (resigned on 23 August 2010)Mr Nguyen Minh Tam Deputy General Director Mr Nguyen Van Thanh Deputy General Director (resigned on 22 January 2010)Mr Dao Nguyen Vu Deputy General Director Mr Bui Van Dung Deputy General Director (resigned on 1 January 2011)Mrs Do Thu Ngan Deputy General Director (appointed on 22 January 2010)Mr Nguyen Dang Thanh Deputy General Director (appointed on 1 February 2010)Mrs Quach Thanh Ngoc Thuy Deputy General Director (appointed on 5 February 2010)Mr Ly Hoai Van Deputy General Director (appointed on 30 August 2010)Mr Pham Nhat Vinh Deputy General Director (appointed on 1 December 2010)

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 associate, 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, Hochiminh City

The Bank’s auditor PricewaterhouseCoopers (Vietnam) Limited

CONSOLIDATED FINANCIAL STATEMENTSFor the year ended 31 December 2010

SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK

TABLE OF CONTENTS PAGE

Corporate information 71

Statement of the Board of General Directors 72 Independent auditor’s report 73

Consolidated balance sheet (Form B 02/TCTD – HN) 75 Consolidated income statement (Form B 03/TCTD – HN) 77

Consolidated cash flow statement (Form B 04/TCTD – HN) 78

Notes to the consolidated financial statements (Form B 05/TCTD – HN) 80





PricewaterhouseCoopers (Vietnam) Ltd.4th Floor, Saigon Tower29 Le Duan Street, District 1Hochiminh CityVietnamTelephone: (84-8) 3823 0796Facsimile: (84-8) 3825 1947

Independent 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 is responsible for preparation of the consolidated financial statements which give a true and fair view of the financial position of the Group as at 31 December 2010 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:

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

to presume that the Group will continue in business.

We, the Board of General Directors are 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 Bank’s Board of General Directors is responsible for ensuring compliance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam. We are 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 75 to page 125 which give a true and fair view of the financial position of the Group as at 31 December 2010 and of its results of operations and cash flows for the year then ended, in accordance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam.

For and on behalf of the Board of General Directors,

────────────────────TRAN XUAN HUYGeneral Director

Hochiminh City, SR Vietnam14 March 2011

INDEPENDENT AUDITOR’S REPORT TO 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”), which were approved by management on 14 March 2011. The consolidated financial statements comprise the consolidated balance sheet as at 31 December 2010, the consolidated income statement and consolidated cash flow statement for the year then ended, and explanatory notes to the consolidated financial statements including significant accounting policies, as set out on pages 80 to 125.

Board of General Directors’ Responsibility for the Consolidated Financial Statements

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 and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated 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 the 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 control relevant to the Group’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 Group’s internal control. 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.

Statement of the Board of General Directors





Consolidated balance sheetIndependent auditor’s report (continued)

FORM B 02/TCTD - HN

As at 31 December


A ASSETSI Cash and precious metals 3 12,677,849 8,701,909II Balances with the State Bank 4 3,618,973 2,633,963III Placements with and loans to other credit

institutions5 21,209,735 15,200,238

IV Trading securities1 Trading securities 6 2,485,410 960,6702 Less: Provision for diminution in value of trading

securities 6 (205,257) (110,708)

V Derivatives and other financial assets 7 7,082 609,445VI Loans, advances and finance leases to customers1 Loans, advances and finance leases to customers 8 82,484,803 59,657,0042 Less: Provision for losses on loans, advances and

finance leases to customers 9 (820,603) (515,517)VII Investment securities

1 Available-for-sales securities 10.1 19,530,892 9,404,5972 Held-to-maturity securities 10.2 2,007,504 543,3523 Less: Provision for diminution in value of investment

securities 10.1 (13,065) (35,519)VIII Capital contribution and other long-term

investments2 Investments in joint-venture companies 11 - 2,5203 Investments in associate companies 11 - 82,1634 Other long-term investments 12 656,579 530,2535 Less: Provision for diminution in value of

long-term investments 12

(5,995) (11,875)IX Fixed assets1 Tangible fixed assets 13 1,602,394 1,365,4052 Leased assets 15 19,886 8,7533 Intangible fixed assets 14 1,513,239 1,106,732

XI Other assets 16 5,617,510 3,885,759TOTAL ASSETS 152,386,936 104,019,144

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2010, and its financial performance and cash flows for the year then ended in accordance with Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions operating in SR Vietnam.

──────────────────── ────────────────────IAN S. LYDALL Le Van HoaAC No. N.0559/KTV AC No. 0248/KTVChairman

PricewaterhouseCoopers (Vietnam) LimitedHochiminh City, SR VietnamAudit report number HCM269714 March 2011

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 80 to 125 are an integral part of these consolidated financial statements.





FORM B 02/TCTD – HN

As at 31 December


B LIABILITIES AND SHAREHOLDERS’ EQUITY

I Due to Government and borrowings from the State Bank of Vietnam 17 4,819,974 3,614,333

II Deposits and borrowings from other credit institutions

18 15,409,626 2,739,164

III Deposits from customers 19 78,335,416 60,516,273 V Funds received from Government, international

and other institutions 20 2,102,704 1,975,237VI Certificates of deposits and bonds 21 28,577,136 22,377,476

VII Other liabilities 22 8,447,105 2,019,760

TOTAL LIABILITIES 137,691,961 93,242,243VIII SHAREHOLDERS’ EQUITY

Capital and reserves attributable to equity holders of the Bank

1 Capital 23 10,930,982 8,078,178 2 Reserves 24 1,328,425 1,004,645 4 Foreign exchange differences 24 (650) -5 Retained earnings 24 1,759,560 1,463,937

TOTAL SHAREHOLDERS’ EQUITY 14,018,317 10,546,760

IX Minority interest 25 676,658 230,141

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

152,386,936 104,019,144

CONTINGENCIES AND COMMITMENTS 43 16,768,727 27,979,523


Consolidated income statement Consolidated balance sheet (continued)

FORM B 03/TCTD - HN



1 Interest and similar income 27 11,801,566 7,137,799 2 Interest and similar expenses 28 (7,911,015) (4,834,864) I Net interest income 3,890,551 2,302,9353 Fees and commission income 29 1,436,117 1,246,301 4 Fees and commission expenses 30 (293,359) (210,109) II Net fee and commission income 1,142,758 1,036,192III Net (loss)/ gain from dealing in foreign currencies

and gold 31(502,212) 314,108

IV Net gain from trading of trading securities 33 18,046 16,024 V Net (loss)/ gain from disposal of investment

securities34 (151,395) 83,940

5 Other incomes 37 552,415 35,676 6 Other expenses 37 (416,964) (108,687)

VI Net other income/ (expense) 135,451 (73,011)VII Income from investments in other entities 35 522,808 415,939 VIII General and administrative expenses 36 (2,177,733) (1,638,759) IX Operating profit before provision for credit losses 2,878,274 2,457,368X Provision for credit losses 5, 9, 22.1 (317,832) (282,429)XI Profit before tax 2,560,442 2,174,9397 Business income tax – current 39 (655,512) (508,346) 8 Business income tax – deferred 39 5,410 3,966

XII Business income tax (650,102) (504,380)XIII Net profit for the year 1,910,340 1,670,559

Minority interest 38,644 -Earnings per share for profit attributable to the equity holders of the Bank during the year - Basic 26 VND/share

2,422VND/share

2,771


The notes on pages 80 to 125 are an integral part of these consolidated financial statements.The notes on pages 80 to 125 are an integral part of these consolidated financial statements.





Consolidated cash flow statement (continued)(Direct method)

Consolidated cash flow statement(Direct method)

FORM B 04/TCTD - HN



CASH FLOWS FROM OPERATING ACTIVITIES01 Received interest income and similar income 11,044,188 6,744,166 02 Paid interest expense and similar expense (7,635,424) (4,773,564)03 Received fee and commission income 1,142,758 1,036,192 04 Net (loss)/gain on trading activities (foreign currencies, gold and

securities)(564,117)

335,667 05 Other income 60,727 15,780 07 Cash paid to employees and related operating activities (1,883,135) (1,395,784)08 Business income tax paid (646,034) (348,997)

CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN OPERATING ASSETS AND LIABILITIES

1,518,963 1,613,460

Changes in operating assets09 Increase in placements with and loans to other credit institutions (8,269,040) (2,286,697)10 Increase in trading securities and investment securities (11,758,386) (1,440,867)11 Decrease/(increase) in derivatives and other financial assets 602,363 (602,517)12 Increase in loans and advances to customers (22,830,717) (24,651,178)14 Increase in other operating assets (714,847) (435,102)

Changes in operating liabilities15 Increase in borrowings from the State and the SBV 1,205,641 3,562,172 16 Increase/(decrease) in placements and borrowings from other

credit institutions 12,653,733 (1,749,189)17 Increase in deposits from customers 17,819,143 14,387,453 18 Increase in valuable papers issued 6,199,660 14,718,413 19 Increase in funds received from Government, international and

other institutions 127,467 960,775 21 Increase in other operating liabilities 6,129,037 339,94022 Payments from reserves (249,375) (192,307)

I NET CASH FLOWS FROM OPERATING ACTIVITIES 2,433,642 4,224,356

FORM B 04/TCTD - HN



CASH FLOWS FROM INVESTING ACTIVITIES01 Purchases of fixed assets (1,574,225) (1,430,381)02 Proceeds from disposals of fixed assets 488,085 34,657 07 Cash paid for investments in other entities (195,321) (681,476)08 Proceeds from disposal of investments in other entities and

other long-term investments 750,769 2,028,764 09 Dividend income 75,503 60,863

II NET CASH FLOWS FROM INVESTING ACTIVITIES (455,189) 12,427CASH FLOWS FROM FINANCING ACTIVITIES01 Increase in chartered capital 1,768,894 817,374

Increase in capital contributed by minority interest in subsidiaries

310,154 -

04 Dividends paid - (229)06 Proceeds from selling treasury shares - 516,078

III NET CASH FLOWS FROM FINANCING ACTIVITIES 2,079,048 1,333,223 IV NET INCREASE IN CASH AND CASH EQUIVALENTS 4,057,501 5,570,006V CASH AND CASH EQUIVALENTS AT BEGINNING

OF YEAR23,619,729 18,049,723

VII CASH AND CASH EQUIVALENTS AT END OF YEAR 27,677,230 23,619,729Cash and cash equivalents are made up of:Cash and precious metals 12,677,849 8,701,909 Balances with the State Bank of Vietnam 3,618,973 2,633,963 Placement with other credits institutions as demand and term of original maturity within 3 months 9,973,608 12,233,857Short-term valuable paper issued by a credit institution with maturity within 3 months 1,406,800 50,000

27,677,230 23,619,729


The notes on pages 80 to 125 are an integral part of these consolidated financial statements.The notes on pages 80 to 125 are an integral part of these consolidated financial statements.




Notes to the consolidated financial statementsFor the year ended 31 December 2010 (continued)

FORM B 05/TCTD - HN

81Serving the nations



Annual Report 201080 Serving the nations

1 GENERAL INFORMATION

Sai Gon Thuong Tin Commercial Joint Stock Bank (herein referred to as “the Bank”) is a Vietnamese joint-stock bank registered in the Socialist Republic of Vietnam. Banking License No. 0006/NH-GP was granted to the Bank by the State Bank of Vietnam (“the SBV”) effective 5 December 1991. The license is for a period of 50 years and stipulates a share capital of VND3,000 million. The Bank commenced its operation on 21 December 1991. The Bank’s chartered capital as at 31 December 2010 was VND9,179,230 million.

The Bank’s Head Office locates at No. 266-268 Nam Ky Khoi Nghia Street, District 3, Hochiminh City. The Bank has one Head Office, 1 transaction office, 69 branches (including one branch in Laos and one branch in Cambodia) and 296 transaction offices nationwide.

As at 31 December 2010, the Group had the following subsidiaries:

Operating License

Nature of business

% direct shareholding by the Bank

% indirect shareholding through subsidiary

Total % shareholding by the Group

Sacombank Asset Management Company

4104000053 Asset management

100% 0% 100%

Sacombank Leasing Company

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

Sacombank Joint Stock Securities Company

4104000197 Securities activities

56.39% 0% 56.39%

Sacombank Remittance Express Company

90/QD-NHNN Money remittance 100% 0% 100%

Sacombank Jewelry Company

4104003812 Process and trade gold and precious metals

100% 0% 100%

Sacombank Securities Cambodia PLC

Co.0297E/2010 Securities activities

0% 56.38% 56.38%

Sacombank Securities Global Investment PTE Ltd

200908462W Securities investment

0% 28.76% 28.76%

Sacombank Jewelry Cambodia PLC

Co.0275E/1010 Process and trade gold and precious metals and gemstone

0% 99.98% 99.98%

Sacombank Tech Company 0305584790 IT services, IT equipment trading and others

0% 100% 100%

Asia Alliance Capital PTE. Ltd 200908535G Financial service 0% 28.76% 28.76%

As at 31 December 2010, the Bank had 8,507 employees (2009: 7,200 employees).

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted for the preparation of these consolidated financial statements are set out below.

2.1 Basis of preparation of consolidated financial statements

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

The consolidated financial statements are measured in Vietnamese Dong and presented using millions of Vietnamese Dong. Transactions arising in foreign currencies are translated at rates ruling on the transaction dates. 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 consolidated balance sheet and transferred to the consolidated income statement at the end of the year.

2.4 Consolidation

(i) SubsidiariesSubsidiaries are those companies over which the Group has the power to govern the financial and operating policies. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases.The results of operations of a subsidiary are included in the consolidated financial statements as from the date of acquisition, which is the date on which control of the acquired subsidiary is effectively transferred to the buyer. The results of operations of a subsidiary disposed of are included in the consolidated income statement until the date of disposal which is the date on which the parent ceases to have control of the subsidiary. The difference between the proceeds from the disposal of the subsidiary and the carrying amount of its assets less liabilities as of the date of disposal is recognised in the consolidated income statement as the profit or loss on the disposal of the subsidiary. Where there is a partial disposal of an interest in a subsidiary and there is no loss of control, the profit or loss arising on the partial disposal is included in the consolidated income statement for the year.The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. 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

Notes to the consolidated financial statementsFor the year ended 31 December 2010

FORM B 05/TCTD - HN






FORM B 05/TCTD - HN FORM B 05/TCTD - HN

8382 Serving the nationsServing the nations




Annual Report 2010

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

2.4 Consolidation (Continued)

(i) Subsidiaries (Continued)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. The excess of cost of acquisition over the fair value of the Group’s share of identifiable assets acquired is recorded as Goodwill. Goodwill is recognised in expenses (if it is of low value) and otherwise amortised in a uniform manner during its estimated useful life (if it is of high value). The useful life of goodwill should be properly estimated as the time during which sources embodying economic benefits are recovered by the Group. Such useful life is not beyond 10 years from the date of recognition. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the consolidated income statement. Inter-company balances, transactions and unrealised gains on transactions between those companies and the Group are eliminated. Unrealised losses 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 Group’s consolidated 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) All resulting exchange differences arising from the conversion of the subsidiary’s financial statements for consolidating into the Group’s consolidated financial statements are recorded in the foreign exchange difference reserve under the Group’s equity until the disposal of the subsidiary.

(ii) Minority interestMinority 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-venturesAssociates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Joint-venture is a contractual arrangement whereby the Group and other parties undertake an economic activity which is subject to joint control. The Group uses the equity method for consolidating its investments in associates and joint-ventures. The Group’s share of its associates’ and joint-ventures’ post acquisition profits or losses is recognised in the consolidated income statement. When the Group’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 Group 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.

2.5 Interest income and expenses

The Group records interest income and expense on an accruals basis. Interest income from non-performing loans is not accrued and is recognised on an actual collection 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 consolidated income statement on receipt.

2.6 Fees and commissions income

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

2.7 Loans, advances and finance leases to customers

Short-term loans are those with a repayment date within one year of the date the loan was advanced, medium-term loans and finance leases are those with a final repayment date between one and five years of the date the loan was advanced or the lease was given and long-term loans are those with a repayment date of more than five years from the date the loan was advanced or the lease was given. Loan classification and provision for losses are made in accordance with Decision No. 493/2005/QD-NHNN dated 22 April 2005 and Decision No.18/2007/QD-NHNN dated 25 April 2007 of the Governor of the State Bank of Vietnam. These decisions are applied prospectively on the basis that the decisions are considered as guidance to assist the Group to better estimate its loan loss provision. 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 rescheduled 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 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 payment schedule.








Annual Report 2010

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

2.7 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 more than 90 days within the rescheduled

payment term;- Second-time rescheduled debts which are overdue within the second-time rescheduled

payment term;- Debts which are rescheduled for 3 times or more;- Frozen debts and debts which are awaiting resolution. 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.

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 loan balance or lease balance as at 30 November 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 the Decision 493/2005/QD-NHNN dated 22 April 2005, a general provision is also required and should be equal to at least 0.75% of total balance of loans, advances and finance leases to customers, and excluding the total balance of loans, advances and finance leases to customers which are classified as bad. This level of the general provision is required to be achieved within 5 years from the effective date of the Decision 493/2005/QD-NHNN.

2.8 Credit commitments

Credit 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.

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 credit commitments

The determination of specific provision for losses on credit commitments is calculated using set rates applied to each group of credit 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 credit commitment balance as at 30 November 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 the Decision 493/2005/QD-NHNN dated 22 April 2005, a general provision is also required and should be equal to at least 0.75% of total balance of guarantees, loan commitments and settlement acceptances and excluding guarantees and commitments which are classified as bad. This level of provision is required to be achieved within 5 years from the effective date of the Decision.








Annual Report 2010

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.9 Investments

(i) Trading securitiesTrading securities are securities 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 stated at cost of acquisition. Subsequently, they are 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. Gains or losses from disposal of trading securities are recognised in the consolidated income statement and are reported on a net basis. Cost of securities disposed is determined by using the weighted average method. For debt securities acquired at discount or premium, the discount or premium is allocated over the holding period of these securities.

(ii) Available-for-sale securitiesAvailable-for-sale securities are those intended to be held for an indefinite period of time, which may be sold in response to needs for liquidation or changes in interest rates, exchange rates or equity prices. Available-for-sale securities are initially stated at cost of acquisition. Subsequently, they are measured at cost less provision. Provision is made for available-for-sale securities eligible for being freely traded in the market and where there is a diminution in value of these securities.Gains or losses from disposal of available-for-sale securities are recognised in the consolidated income statement and are reported on a net basis. Cost of securities disposed is determined by using the weighted average method. For debt securities acquired at discount or premium, the discount or premium is allocated over the holding period of these securities.

(iii) Held-to-maturity securitiesHeld-to-maturity debt securities are those securities with fixed or determinable payment and fixed maturities that the Group’s management has the positive intention and ability to hold to maturity. Held-to-maturity securities are initially stated at cost of acquisition. Subsequently, they are measured at cost less provision. Provision is required if there is evidence of a long-term decline in the value of the securities or in the case where the Group cannot recover its investments.Post-acquisition interest income of held-to-maturity securities is recognised in the consolidated income statement on an accruals basis. Pre-acquisition interest income of held-to-maturity securities is deducted against the cost of acquisition. For debt securities acquired at discount or premium, the discount or premium is allocated over the holding period of these securities.

(iv) Other long-term investmentsOther long-term investments comprise shareholding of less than 20% in investees. These investments are initially stated at cost of acquisition. Provision is made where there is a diminution in value of these investments.

Dividends are recognised in the consolidated income statement when the Group’s right to receive payment is established.

2.10 Fixed assets

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

DepreciationFixed assets are depreciated on the straight-line method to write off the cost of the assets over their estimated useful lives. The principal annual rates used are:

Annual rates2010 2009

Buildings 2% 2%Office equipments 12.5% - 33.3% 10% - 12.50%Motor vehicles 16.7% 10%Other assets 10% 10%Computer software 20% 12.50%

During the year, the Bank changed the depreciation rates of its fixed assets in order to provide more reasonable estimated useful lives of those assets (See Note 13 and Note 14).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. Gains and losses on disposals are determined by comparing net disposal proceeds with the carrying amount. Proceeds from disposals of fixed assets are recognised as other income and net book values of the assets are recognised as other expense in the consolidated income statement.

2.11 Leased assets

Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership 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 consolidated income statement over the lease period. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of the asset or the lease term.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 consolidated income statement on a straight-line basis over the period of the lease.








Annual Report 2010

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.12 Gold

Gold is revalued at each month end. The differences arising from monthly revaluation are recorded in foreign exchange difference reserve and transferred to the consolidated income statement at the balance sheet date.

2.13 Cash and cash equivalents

For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise cash and precious metals, demand deposit at the State Bank, demand and term deposits at banks with an original maturity of three months or less.

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 exchange rate of each period end. Gains or losses from realisation of derivatives are recognised in the consolidated income statement. Unrealised gains or losses are recognised in consolidated balance sheet as foreign currency difference reserve and transferred to the consolidated income statement at the balance sheet date.

2.15 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 present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligations. The increase in the provision due to passage of time is recognised as interest expense.

2.16 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 up to 31 December 2008. This will be paid as a lump sum when the employee leaves the Group. Provision for severance allowance is made in accordance with Circular 07/2004/TT-BTC dated 9 February 2004 and Circular 82/2003/TT-BTC dated 14 August 2003 issued by the Ministry of Finance. Accordingly, a provision for severance allowances was made for up to 31 December 2010.

2.17 Taxation

Business income tax expense is recognised in the consolidated income statement based on current income tax and deferred income tax. Current income tax is the amount of business income tax payable or recoverable in respect of the current year taxable profit and the current tax rates. 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 accounting nor 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.

2.18 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 Bank and its subsidiaries are related parties of the Group. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Bank and its subsidiaries that gives them significant influence over the enterprise, key management personnel, including directors and officers of the Bank 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.

2.19 Dividend distribution

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

2.20 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 will be used for capital expenditures or revenue expenditures which are qualified to be used from the fund.








Annual Report 2010

3 CASH AND PRECIOUS METALS

31.12.2010 31.12.2009Million VND Million VND

Cash on hand 3,092,865 2,124,103 Gold 9,584,243 6,571,802 Valuable documents 741 6,004

12,677,849 8,701,909

4 BALANCES WITH THE STATE BANK


Deposits at the State Bank of Vietnam (“SBV”) 3,336,797 2,161,245Deposits at the State Bank of Laos 117,059 58,574Deposit at the National Bank of Cambodia 165,117 414,144

3,618,973 2,633,963

Included in deposits at the State Bank of Vietnam is the obligatory reserve. 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. While the balance is adjusted once per month and is calculated as 4% (as at 31 December 2009: 7%) of the average balance of customer deposits with terms within one year in foreign currencies and 2% (as at 31 December 2009: 3%) 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 regulations of Laos.

Included in deposits at the National Bank of Cambodia is the restricted balance of US$3.8 million (as at 31 December 2009: US$1.5 million) for capital contribution which is equal to 10% of the contributed capital of Cambodia branch.

5 PLACEMENTS WITH AND LOANS TO OTHER CREDIT INSTITUTIONS

31 December 2010

Denominated in VND

Denominated in foreign

currencies and gold Total

Million VND Million VND Million VND

Placements with other credit institutionsDemand deposits 165,057 3,760,751 3,925,808Term deposits 12,438,775 4,718,796 17,157,571

12,603,832 8,479,547 21,083,379Loans and advances to other credit institutionsShort-term loans 127,163 - 127,163Less: Provision for losses on loans and advances to credit institutions (807) - (807)

126,356 - 126,35612,730,188 8,479,547 21,209,735

31 December 2009

Denominated in VND




Placements with other credit institutionsDemand deposits 802,758 2,331,661 3,134,419Term deposits 4,191,092 7,626,815 11,817,907

4,993,850 9,958,476 14,952,326Loans and advances to other credit institutionsShort-term loans 172,278 77,147 249,425Less:Provision for losses on loans and advances to credit institutions (1,513) - (1,513)

170,765 77,147 247,9125,164,615 10,035,623 15,200,238








Annual Report 2010

6 TRADING SECURITIES


Debt securities Debt securities issued by other credit institutions 366,336 -Debt securities issued by local corporations 646,435 -Debt securities issued by overseas corporations 42,561 -

1,055,332 -Equity securitiesEquity securities issued by other local credit institutions 656,008 320,993 Equity securities issued by local corporations 774,070 432,476

1,430,078 753,469Other trading securities - 207,201 Total trading securities 2,485,410 960,670Less: provision for diminution in value of trading securities (205,257) (110,708)

2,280,153 849,962

Categorised as listed and unlisted trading securities hereunder:


Debt securities Non-listed 1,055,332 -

1,055,332 -Equity securitiesListed 886,789 455,103 Non-listed 543,289 298,366

1,430,078 753,469 Other trading securitiesNon-listed - 207,201Total trading securities 2,485,410 960,670Less: provision for diminution in value of trading securities (205,257) (110,708)

2,280,153 849,962

7 DERIVATIVES AND OTHER FINANCIAL ASSETS31 December 2010

Total contract value (at the foreign

exchange rate at the contract date)

Total book value (at the foreign exchange rate at 31 December)

Assets Liabilities


Derivative currency financial instruments- Forward contracts 225,951 3,519 -- Swap contracts 2,510,386 3,563 -

2,736,337 7,082 -

31 December 2010Total contract value

(at the foreign exchange rate at

the contract date)

Total book value (at the foreign exchange rate at 31 December)

Assets Liabilities


Derivative currency financial instruments- Forward contracts 737,900 27,870 -- Swap contracts 9,929,204 581,575 -

10,667,104 609,445 -

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 customers31.12.2010 31.12.2009

Million VND Million VND

Loans to domestic businesses and individuals 79,817,625 58,888,029 Financial lease 558,126 387,389 Loans funded by Government, international and other institutions 334,386 248,791Loans to foreign businesses and individuals 1,773,061 130,929Frozen and awaiting resolution loans 1,605 1,866

82,484,803 59,657,004

Included in loans and advances to customers is VND2,750,325 million (As at 31 December 2009: VND779,817 million) advanced to related parties of Sacombank (Note 47).








Annual Report 2010

8 LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS (continued)

8.2 Analysis by industry


Trading 11,793,222 13,271,046 Agriculture and forestry 9,004,173 4,134,744 Manufacturing and processing 26,790,896 15,642,150 Construction 5,515,353 3,916,325 Individual and community services 7,223,953 7,609,948 Warehousing, transportation and communication 2,040,598 1,079,682 Training and education 2,173,843 1,586,989 Estate agents and consultants 2,802,582 5,507,615 Hotels and restaurants 897,198 759,403 Others 14,242,985 6,149,102

82,484,803 59,657,004

8.3 Analysis by group


Current 82,010,384 59,168,761 Special mentioned 29,899 104,235 Sub-standard 31,454 35,487 Doubtful 60,776 167,615 Bad 352,290 180,906

82,484,803 59,657,004

8.4 Analysis by maturity


Short-term 51,904,547 38,586,238 Medium-term 16,282,072 10,113,472 Long-term 14,298,184 10,957,294

82,484,803 59,657,004

8 LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS (continued)

8.5 Analysis by currency


Denominated in Vietnamese Dong 68,483,419 52,027,447 Denominated in foreign currencies and gold 14,001,384 7,629,557

82,484,803 59,657,004

8.6 Analysis by geography


Hochiminh City 38,430,655 28,500,650 Mekong Delta 10,854,857 7,969,334 Central and Eastern 19,796,391 14,658,972 Northern 11,629,839 8,528,048 Overseas 1,773,061 -

82,484,803 59,657,004

8.7 Analysis by type of business entity


State-owned enterprises 2,583,839 3,635,197 Joint-stock companies 19,909,520 9,724,253 Limited companies 23,484,859 16,988,663 Private companies 4,253,642 3,737,866 Co-operatives 268,760 287,264 Joint ventures 167,258 8,066 100% foreign-owned enterprises 270,002 353,105 Individuals 30,876,486 24,890,792 Others 670,437 31,798

82,484,803 59,657,004








Annual Report 2010

9 PROVISION FOR LOSSES ON LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS

Provision for losses on loans, advances and finance leases to customers as at 31 December comprises:


Specific provision 218,921 102,587 General provision 601,682 412,930

820,603 515,517

9.1 Specific provision for losses on loans, advances and finance leases to customers


As at 1 January 102,587 40,483 Charge for the year 119,253 65,148 Utilisation during the year (*) (2,919) (3,044) At 31 December 218,921 102,587

The specific provision for losses on loans, advances and finance leases to customers as at 31 December 2009 was calculated in accordance with Decision 18/2007/QD-NHNN dated 25 April 2007 and Decision 493/2005/QD-NHNN issued by the State Bank of Vietnam.

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

9.2 General provision for losses on loans, advances and finance leases to customers


As at 1 January 412,930 211,269 Charge for the year 188,752 201,661 At 31 December 601,682 412,930

General provision was made in accordance with Decision 493/2005/QD-NHNN. Accordingly, general provision as at 31 December 2010 was made at a rate of 0.75% of the total loan balance from Group 1 to Group 4 as at 30 November 2010.

10 INVESTMENT SECURITIES

10.1 Available-for-sale securities31.12.2010 31.12.2009


Debt securitiesGovernment debt securities (*) 3,842,042 1,817,590 Debt securities issued by other local credit institutions (*) 11,509,286 5,314,652 Debt securities issued by local corporations (**) 3,649,922 2,149,685

19,001,250 9,281,927 Equity securitiesEquity securities issued by other local credit institutions - 1,036 Equity securities issued by local corporations 529,642 121,634

529,642 122,670 Total available-for-sale securities 19,530,892 9,404,597 Less: provision for diminution in value of available-for-sale securities

(13,065) (35,519)

19,517,827 9,369,078

(*) Included in Government debt securities and debt securities issued by other local credit institutions are VND3,079,826 million (As at 31 December 2009: VND1,703,785 million) and VND1,632,240 million (As at 31 December 2009: VND2,180,000 million), respectively which are currently pledged at the State Bank of Vietnam (Note 17).

(**) Included in debt securities issued by local corporations is VND850,000 million (As at 31 December

2009: VND850,000 million) of corporate bonds issued by related parties of Sacombank that will mature in 2011, 2012 and 2013 (Note 47).

10.2 Held-to-maturity securities31.12.2010 31.12.2009


Debt securitiesGovernment debt securities (*) 204,170 318,039Debt securities issued by other local credit institutions 1,253,334 173,500Debt securities issued by local corporations (**) 550,000 51,813

2,007,504 543,352Less: provision for diminution in value of held-to-maturity securities - -

2,007,504 543,352

(*) Included in Government debt securities is VND200 billion which is currently pledged at the State Bank of Vietnam (Note 17).

(**) Included in debt securities issued by local corporations is VND500 billion of corporate bonds issued by a related party of Sacombank (Note 47).

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11 INVESTMENTS IN ASSOCIATE AND JOINT-VENTURE

31.12.2010 31.12.2009At cost Carrying value At cost Carrying value

Million VND Million VND Million VND Million VND

Investment in joint-venture - - 3,382 2,520 Investment in associate - - 51,000 82,163

- - 54,382 84,683

11.1 Movement of investments in associate and joint-venture


At 1 January 84,683 135,824 Increase in contributed capital in associate/joint venture 51,000 3,382 Share of net profit in the year (Note 35) 4,665 13,979Share of payments made from reserves (2,042) (1,417) Dividend received - (6,027) Decrease in contributed capital in the disposed associate (80,037) (78,000)Recovery of share of accumulated (profit)/loss in the disposed associate

(27,642) 16,979

Transfer to other long-term investments (21,959) -Recovery of share of accumulated profit in the disposed associate due to its transfer to other long-term investments (Note 11.2)

(6,148) -

Reclassify an investment from associate to subsidiary (2,520) -Others - (37)At 31 December - 84,683

11

INVE

STM

ENTS

IN A

SSO

CIA

TE A

ND

JO

INT-

VEN

TUR

E (c

ontin

ued)

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ts in

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nd jo

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re

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up’s

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iate

and

join

t-ven

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com

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31 D

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31 D

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Nam

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ines

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ls%

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illio

n VN

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D%

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illio

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und

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(*)

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t fun

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ital

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%51

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82,1

63

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d (*

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n-

--

51%

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520

--

54,3

8284

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(*)

Dur

ing

the

year

, the

Ban

k so

ld m

ajor

ity o

f its

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ent C

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nd o

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held

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ding

in th

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s at

31

Dec

embe

r 201

0.

Ther

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e, th

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men

t was

recl

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to o

ther

long

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ified

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ts in

sub

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here

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, thi

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as b

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cons

olid

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nsol

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tate

men

ts o

f the

Gro

up.








Annual Report 2010

12 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:

31 December 2010

31 December 2009

NameValue

Million VNDValue

Million VND

Credit institutionsUnlisted credit institutions 97,195 1,634

Non credit institutions (corporations)Listed corporations 149,409 -Unlisted corporations 409,975 528,619Total long-term investments in other entities 656,579 530,253Less: provision for diminution in value of other long-term investments (5,995) (11,875)Net value of long-term investments in other entities 650,584 518,378

13 TANGIBLE FIXED ASSETS

CURRENCY: Million VND

Buildings Office

equipmentMotor

vehiclesOther

assets Total

Historical costAt 1 January 2010 659,687 739,338 146,790 68,244 1,614,059New purchases 16,570 73,852 12,034 178,892 281,348Transfers from construction in progress and purchase of fixed assets (Note 16.1) 167,741 223,304 30,544 2,203 423,792Transfers from finance lease assets (Note 15) - - 5,343 - 5,343Disposals (83,102) (212,114) (6,433) (1,667) (303,316)At 31 December 2010 760,896 824,380 188,278 247,672 2,021,226

Accumulated depreciationAt 1 January 2010 44,353 159,235 35,664 9,402 248,654Charge for the year 18,609 155,110 29,015 17,296 220,030Transfers from finance lease assets (Note 15) - - 1,652 - 1,652Utilised Science and Technology Development Fund (Note 22.2) - 10,602 - - 10,602Disposals (6,913) (52,346) (2,339) (508) (62,106)At 31 December 2010 56,049 272,601 63,992 26,190 418,832

13 TANGIBLE FIXED ASSETS (continued)CURRENCY: Million VND

Buildings Office

equipmentMotor

vehiclesOther

assets Total

Net book valueAt 1 January 2010 615,334 580,103 111,126 58,842 1,365,405At 31 December 2010 704,847 551,779 124,286 221,482 1,602,394

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 2009: VND53,012 million) and accumulated depreciation of VND11,246 million (As at 31 December 2009: VND644 million). The accounting policy for those fixed assets is different from similar assets with are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and Technology Development Fund – used (Note 22.2).As mentioned in Note 2.10, the change of depreciation rates of tangible fixed assets results in a higher charge of VND56,000 million of depreciation expense in 2010.

14 INTANGIBLE FIXED ASSETSCURRENCY: Million VND

Computer software

Land use rights

Other intangible

fixed assets Total

Historical costAt 1 January 2010 203,124 965,954 380 1,169,458New purchases 6,722 1,081 36 7,839Transfers from construction in progress and purchase of fixed assets (Note 16.1) 147,268 483,161 - 630,429Disposals (1,104) (174,815) (51) (175,970)At 31 December 2010 356,010 1,275,381 365 1,631,756

Accumulated depreciationAt 1 January 2010 52,323 10,273 130 62,726Charge for the year 44,991 5,894 216 51,101Utilised Science and Technology Development Fund (Note 22.2) 8,509 - - 8,509Disposals (87) (3,695) (37) (3,819)At 31 December 2010 105,736 12,472 309 118,517

Net book valueAt 1 January 2010 150,801 955,681 250 1,106,732At 31 December 2010 250,274 1,262,909 56 1,513,239








Annual Report 2010

14 INTANGIBLE FIXED ASSETS (continued)

Included in computer software are fixed assets funded by Science and Technology Development Fund were historical cost is VND42,949 million (As at 31 December 2009: VND41,975 million) and accumulated depreciation is VND8,509 million (As at 31 December 2009: Nil). The accounting policy for those fixed assets is different from similar assets with are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and Technology Development Fund – used (Note 22.2).As mentioned in Note 2.10, the change of depreciation rates of intangible fixed assets results in a higher charge of VND9,100 million of depreciation expense in 2010.

15 FINANCE LEASE ASSETS Motor vehicles

Million VND

Historical costAt 1 January 2010 12,864New leases 16,728Transfer to tangible fixed assets (Note 13) (5,343) At 31 December 2010 24,249

Accumulated depreciationAt 1 January 2010 4,111 Charge for the year 1,904Transfer to tangible fixed assets (Note 13) (1,652)At 31 December 2010 4,363

Net book valueAt 1 January 2010 8,753At 31 December 2010 19,886

16 OTHER ASSETS

31.12.2010 Million VND

31.12.2009Million VND

Construction in progress and purchase of fixed assets (Note 16.1) 1,153,791 922,974 Accrued interest income 1,795,941 985,277 Receivable to the State Budget (i) 92,942 129,125Advances for office rental (ii) 55,159 41,666 Receivables from customers (iii) 1,161,897 1,121,409 Advances and internal receivables 49,630 72,164 Deferred expenses 555,026 362,422 Dividends receivable 35,645 12,347Deferred tax assets (Note 39.1) 9,376 3,966Gold consigned to a subsidiary (iv) 33,087 -Other assets (v) 675,016 234,409

5,617,510 3,885,759

16 OTHER ASSETS (continued)

(i) Receivable from the State Budget is VND75,839 million (31.12.2009: VND129.125 million) interest receivable which arose from the interest subsidy programs of the Government.

(ii) Included in this balance is the advance of VND35,959 million (2009: VND41,666 million) for Head Office rental as disclosed in Note 44.

(iii) Included in receivables from customers is VND256,111 million (as at 31 December 2009: VND240,008 million) of collateral assets which will be used to compensate for bad debts. The Bank is in legal procedure to transfer ownership of these assets to the Bank or in process to realise these assets for recovery.

(iv) This amount represents gold consigned to Sacombank Jewelry Company for trading purpose.(v) Included in other assets is VND55,513 million (2009:VND167,222 million) of collateral

assets which will be used to compensate for bad debts. Ownership of these assets has been transferred to the Bank.

16.1 Construction in progress and purchase of fixed assets


At 1 January 922,974 689,728 Additions 1,364,971 1,265,579 Transfer to fixed assets (Note 13 and Note 14) (1,054,221) (825,219) Other transfers (79,933) (207,114) At 31 December 1,153,791 922,974

17 DUE TO GOVERNMENT AND BORROWINGS FROM THE STATE BANK OF VIETNAM


Borrowings by means of discounting, rediscounting valuable papers (Note 10) 4,688,802 3,573,907Long-term borrowings from the State Bank of Vietnam funded by international institutions 131,172 40,426

4,819,974 3,614,333








Annual Report 2010

18 DEPOSITS AND BORROWINGS FROM OTHER CREDIT INSTITUTIONS

31 December 2010

Denominated in VND




Deposits from other credit institutionsDemand deposits 106,474 11,306 117,780Term deposits 11,527,133 975,847 12,502,980

11,633,607 987,153 12,620,760

Borrowings from other credit institutions 16,314 2,772,552 2,788,86611,649,921 3,759,705 15,409,626

31 December 2009

Denominated in VND




Deposits from other credit institutionsDemand deposits 9,914 16,600 26,514Term deposits 30,600 905,646 936,246

40,514 922,246 962,760

Borrowings from other credit institutions 841,193 935,211 1,776,404881,707 1,857,457 2,739,164

19 DEPOSITS FROM CUSTOMERS

19.1 By currency and term

31 December 2010

Denominated in VND

Million VND

Denominated in foreign currency and gold

Million VNDTotal

Million VND

Current deposits 10,827,390 1,484,520 12,311,910Term deposits 9,708,048 700,461 10,408,509Saving deposits 46,588,387 8,213,927 54,802,314Margin deposits 158,574 583,794 742,368Deposits for specific purposes 68,630 1,685 70,315

67,351,029 10,984,387 78,335,416

31 December 2009

Denominated in VND

Million VND


Million VNDTotal

Million VND

Current deposits 8,995,290 1,003,288 9,998,578Term deposits 5,248,772 517,765 5,766,537Saving deposits 37,664,472 6,214,072 43,878,544Margin deposits 143,281 649,481 792,762Deposits for specific purposes 75,571 4,281 79,852

52,127,386 8,388,887 60,516,273

19.2 Analysis by type of business entity


State-owned enterprises 2,815,282 3,519,237 Local private companies 7,392,839 8,570,435 100% foreign-owned enterprises 233,187 159,614 Individuals 58,146,487 47,118,031Others 9,747,621 1,148,956

78,335,416 60,516,273








Annual Report 2010

20 FUNDS RECEIVED FROM GOVERNMENT, INTERNATIONAL AND OTHER INSTITUTIONS


Funds received from RDF 402,992 367,315Funds received from FMO 104,859 267,452Funds received from SMEDF 36,875 64,375Funds received from IFC 406,250 468,750Funds received from ADB 394,448 448,525Funds received from PROPARCO 757,280 358,820

2,102,704 1,975,237

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. Fund received from Financierings – Maatschappij Voor Ontwikkelingslarden (“FMO”), a bank in the Netherland, are 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. This fund will mature in 2016. 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. Discount rate for the first year of credit facility is 0.5% for fixed rate or 1% for variable rate. These funds will mature in 2013. 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 2009. These funds will mature in 2017.

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.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.

21 CERTIFICATES OF DEPOSITS AND BONDS

31 December 2010

Denominated in VND

Million VND


currency and gold

Million VNDTotal

Million VND

Short-term 4,501,935 17,629,939 22,131,874Medium-term 5,567,484 877,778 6,445,262

10,069,419 18,507,717 28,577,136

31 December 2009

Denominated in VND

Million VND


Million VNDTotal

Million VND

Short-term 2,004,713 14,179,946 16,184,659 Medium-term 4,608,408 1,584,409 6,192,817

6,613,121 15,764,355 22,377,476








Annual Report 2010

22 OTHER LIABILITIES


Accrued interest expenses 1,206,003 930,412 Remittance in transit payable 59,531 50,655 Payables to the State Budget 255,809 211,781 Payables to customers 12,150 401,244 Unearned interest income 37,119 12,481 Payables to employees 69,457 47,895 Dividends payable 5,617 5,363 Other payables 406,284 210,970 Provision for severance allowance 15,794 7,748 General provision for losses on contingencies and commitments (Note 22.1) 52,388 41,855Science and Technology Development Fund (Note 22.2) 80,245 99,356Gold borrowings for trading purpose 693,356 -Payables in relation to gold margin trading in Cambodia 2,631,213 -Advances from investors for bond brokerage contracts 2,922,139 -

8,447,105 2,019,760

22.1 General provision for losses on credit contingencies and commitments


As at 1 January 41,855 27,564Charge for the year 10,533 14,291As at 31 December 52,388 41,855

General provision was made in accordance with Decision 493/2005/QD-NHNN. Accordingly, general provision as at 31 December 2010 was made at a rate of 0.75% of total loan contingency and commitment balance classified from Group 1 to Group 4 as at 30 November 2010.

22 OTHER LIABILITIES (Continued)

22.2 Science and Technology Development Fund31.12.2010 31.12.2009


Science and Technology Development Fund - not yet used (*) 4,040 5,013Science and Technology Development Fund-used (**) 76,205 94,343

80,245 99,356

(*) Movement of Science and Technology Development Fund – not used:


At 1 January 5,013 -Addition during the year (Note 36) - 100,000Utilisation during the year (973) (94,987)At 31 December 4,040 5,013

(**) Science and Technology Development Fund-used:


At 1 January 94,343 -Used for purchases of fixed assets 973 94,987Decreases by accumulated depreciation of fixed assets financed by this fund (19,111) (644)At 31 December 76,205 94,343

23 CAPITAL

23.1 Share capital


Issued and fully paid chartered capital 9,179,230 6,700,353

In accordance with Official Letter No. 1657/NHNN-HCM02 issued by the State Bank of Vietnam - Hochiminh City Branch, the Bank’s chartered capital was increased to VND9,179,230 million.

Not

es to

the

cons

olid

ated

fina

ncia

l sta

tem

ents

For t

he y

ear e

nded

31

Dec

embe

r 201

0 (c

ontin

ued)

FOR

M B

05/

TCTD

- H

N

Ann

ual R

epor

t 201

011

1S

ervi

ng th

e na

tions


FORM B 05/TCTD - HN




23 CAPITAL (continued)

23.1 Share capital (continued)Number

of sharesOrdinary

sharesShare

premiumTreasury

sharesTotal share

capitalMillion VND Million VND Million VND Million VND

At 1 January 2009 493,317,814 5,115,831 1,212,723 (351,924) 5,976,630Nominal value of shares issued - stock dividends

76,714,800 767,148 - - 767,148

New issues to existing shareholders

81,737,416 817,374 - - 817,374

Sale of treasury shares 18,265,270 - 164,154 351,924 516,078

At 31 December 2009 670,035,300 6,700,353 1,376,877 - 8,077,230Nominal value of shares issued -stock dividends 100,479,947 1,004,799 - - 1,004,799New issues to existing shareholders

134,007,060 1,340,071 268,014 - 1,608,085

New issues to employees New issues to shareholders of subsidiaries

13,400,706

-

134,007

-

26,802

79,111

-

-

160,809

79,111

At 31 December 2010 917,923,013 9,179,230 1,750,804 - 10,930,034

23.2 Other capital


Capital for finance of fixed assets and capital construction 795 795Others 153 153

948 948

24

RES

ERVE

S A

ND

RET

AIN

ED E

AR

NIN

GS

CU

RR

ENC

Y: M

illio

n VN

D

Ret

aine

d ea

rnin

gs

Res

erve

for

supp

lem

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ry

char

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nanc

ial

prov

isio

n fu

nd

Fore

ign

exch

ange

di

ffere

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er re

serv

esTo

tal

At 1

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uary

200

998

4,34

030

7,22

334

4,19

6-

145,

287

1,78

1,04

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onso

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et p

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for t

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ear

1,67

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9-

--

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559

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tion

to re

serv

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(767

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ble

(227

)-

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356

(818

)(4

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(148

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)(1

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to m

inor

ity in

tere

st-

(1,8

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(9,8

20)

-(1

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7)(2

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31

Dec

embe

r 200

91,

463,

937

384,

573

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566

-15

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6 2,

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--

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(576

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916

3,08

7,33

5








Annual Report 2010

24 RESERVES AND RETAINED EARNINGS (continued)

Dividend A dividend of 15% for 2009 in shares was ratified at the 2010 Annual General Meeting on 15 March 2010 and was reflected in the consolidated financial statements for the year ended 31 December 2010.Dividends for 2010 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 rate of 15% for the year ended 31 December 2010. The consolidated financial statements for the year ended 31 December 2010 do not reflect this plan, which, if subsequently ratified, will be accounted for in the shareholders’ equity as an appropriation of retained earnings in the year ending 31 December 2011.

25 MINORITY INTERESTCURRENCY: Million VND

Ordinaryshares

Share premium

Retained earnings

undistributed

Foreign currency

difference reserve

Other reserves Total

At 1 January 2010 206,800 - - - 23,341 230,141Additional capital 345,605 61,189 - - - 406,784Share of profit - - 32,673 - - 32,673Share of reserve allocated - - - 730 4,416 5,146Share of payment of reserve - - - - (580) (580)Reclassification of a joint venture to a subsidiary 3,249 - (766) - - 2,483At 31 December 2010 555,654 61,189 31,907 730 27,177 676,658

26 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.

2010 2009

Profit attributable to the equity holders of the Bank (million VND) 1,910,340 1,670,559Net profit used to determine basic EPS (million VND) 1,910,340 1,670,559Weighted average number of ordinary shares in issue (share) 788,885,573 602,950,755Basic earnings per share (VND per share) 2,422 2,771Weighted average number of ordinary shares in issues on the assumption that the stock dividends were paid on 1 January 2010 (share)

819,602,217

Basic earnings per share with assumption that the stock dividends were paid on 1 January 2010 (VND per share) 2,331

27 INTEREST AND SIMILAR INCOME2010 2009


On loans and advances to customers 9,445,629 5,596,375 On deposits at and loans and advances to other credit institutions 763,421 602,432On investments 1,411,635 849,868 On finance leases 75,379 47,130 Other income from credit activities 105,502 41,994

11,801,566 7,137,799

28 INTEREST AND SIMILAR EXPENSES 2010 2009


On deposits from customers 6,034,561 3,930,703 On borrowings from local credit institutions 1,350,735 460,271 On certificates of deposits and bonds 462,161 419,931 Others 63,558 23,959

7,911,015 4,834,864

29 FEES AND COMMISSION INCOME


Guarantees 106,293 86,430Settlement services 573,819 575,716Cash services 151,593 60,157Brokerage services 116,534 138,224Warehouse lease and management, property valuation 58,817 162,511 Other services 429,061 223,263

1,436,117 1,246,301

30 FEES AND COMMISSION EXPENSES


Settlement and cash services 68,740 41,345 Brokerage services 26,924 27,832Other expenses 197,695 140,932

293,359 210,109








Annual Report 2010

31 NET (LOSS)/ GAIN FROM DEALING IN FOREIGN CURRENCIES AND GOLD


Gains from dealing in foreign currencies and gold 1,145,348 1,017,439Loss from dealing in foreign currencies and gold (1,421,044) (722,651)Gain from revaluation of foreign currencies and gold 367,468 65,976 Loss from revaluation of foreign currencies and gold (593,984) (46,656)

(502,212) 314,108

32 MARGIN TRADING IN GOLD

On 6 January 2010, the State Bank of Vietnam issued Circular No. 01/2010/TT-NHNN to require all credit institutions in Vietnam to stop their overseas gold margin trading activities and close overseas margin gold trading accounts by 31 March 2010. Accordingly, the Bank has not entered into any transactions since the effective date of this Circular and also closed its margin trading accounts in compliance with this regulation.

33 NET GAIN FROM TRADING OF TRADING SECURITIES


Income from disposal of trading securities 121,029 177,391Less: Losses from disposal of trading securities (8,435) (155,832)Less: Provision for diminution in value of trading securities (94,548) (5,535)

18,046 16,024

34 NET (LOSS)/ GAIN FROM DISPOSAL OF INVESTMENT SECURITIES


Income from disposal of investment securities 56,991 69,700Less: Losses from disposal of investment securities (230,840) (127,703)Reversal of provision for diminution in value of investment securities 22,454 141,943

(151,395) 83,940

35 INCOME FROM INVESTMENTS IN OTHER ENTITIES


From trading equity securities 71,093 37,410From investment equity securities 10,106 -From investments in associate (Note 11.1) 4,665 13,979 From investments in other entities 17,602 35,800Recovery of the shared profit in the disposed associate (Note 11.1) (33,790) -Reversal of provision for investments in other entities 5,880 -Other income (*) 447,252 328,750

522,808 415,939

(*) Included in other income are a gain from the additional disposal of the Bank’s shareholding in Sacombank Securities Joint Stock Company amounting to VND352,500 million (2009: VND328,750 million) and a gain from the partial disposal of the Bank’s shareholding in VietFund Management Company amounting to VND95,252 million.

36 GENERAL AND ADMINISTRATIVE EXPENSES


Tax, duties and fees 45,250 42,554 Salaries and related expenses 1,021,646 747,374 Depreciation and amortisation 273,035 134,535 Assets expenses 344,133 223,112 Administrative expenses 425,381 333,994 Deposit insurance premiums 68,288 57,190 Science and Technology Development Fund (Note 22.2) - 100,000

2,177,733 1,638,759








Annual Report 2010

37 NET OTHER INCOME/(EXPENSE)


Other income Proceeds from disposals of fixed assets 488,085 - Other income 64,330 35,676

552,415 35,676

Other expensesExpenses on disposals of fixed assets (413,361) 88,791 Other expense (3,603) 19,896

(416,964) 108,687Net other income/(expense) 135,451 (73,011)

38 VALUE ADDED TAX

Earned fees and commissions are subject to value added tax at the rate of 10% under the deduction method, foreign currency and gold operations are subject to value added tax at the rate of 10% under the direct method. All other banking activities of the Group are exempt from value added tax.

39 BUSINESS INCOME TAX (“BIT”)


Current income tax 638,716 500,163 Income tax on land use right transfer 16,796 8,183 Current income tax 655,512 508,346Deferred income tax (Note 39.1) (5,410) (3,966)

650,102 504,380

Business income tax charge is based on the estimated taxable income of the Bank and its subsidiaries and is subject to the review and possible adjustment by the tax authorities.


Net profit before tax 2,560,442 2,174,939Tax 665,072 557,408Effect of:

Tax on income not subject to tax (69,763) (104,998)Tax on expenses not deductible 68,008 37,694Additional BIT paid for previous years (*) 2,363 29,754BIT deduction applied for the Bank’s subsidiaries as SME - (19,695)Income tax on land use right transfer 16,796 8,183Tax overprovided in previous yearsDeferred tax

(26,964)(5,410)

-(3,966)

650,102 504,380

(*) The additional BIT paid is resulted from the tax assessment of the Tax Authorities.

39.1 Deferred income tax

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. Year end balances are as follows: The gross movement in the deferred income tax assets is as follows:


Beginning of the year 3,966 -Credit to the income statement 5,410 3,966End of the year 9,376 3,966

The deferred income tax assets arises from the provision for diminution in value of unlisted investments and severance allowance of a subsidiary.








Annual Report 2010

40 EMPLOYEES REMUNERATION


Number of employees 8,354 7,200Employees remunerationTotal salary fund 731,409 559,266Bonus 210,922 186,474Total remuneration 942,331 745,740Average annual salary/employee 87.6 87.4Average annual remuneration/employee 112.8 103.6

41 OBLIGATIONS TO THE STATE BUDGET

Items1 January 2010

Million VND

Movements during the year 31 December 2010

Million VNDPayable

Million VNDPayments

Million VND

VAT 7,824 206,852 (202,693) 11,983BIT 191,473 655,512 (646,034) 200,951Other taxes 10,796 72,934 (59,840) 23,890Other fees 1,688 129,091 (128,896) 1,883

211,781 1,064,389 (1,037,463) 238,707

42 CUSTOMERS’ ASSETS HELD AS COLLATERAL


Real estates 78,416,701 59,798,014 Machines and equipments 3,115,119 2,575,469Vehicles 6,276,691 4,862,606 Inventories 8,987,689 5,490,823 Valuable papers 22,286,831 5,738,972Others 3,146,935 4,730,108

122,229,966 83,195,992

Customers’ assets held as collateral are recorded off balance sheet and valued in accordance with State Bank of Vietnam regulations.

43 CONTINGENCIES AND COMMITMENTS

The aggregate amounts of outstanding guarantees, letters of credit and other commitments at the end of the year were:

31 December 2010

Denominated in VND

Million VND


currenciesMillion VND

TotalMillion VND

Letters of credit at sight - 4,202,877 4,202,877Deferred letters of credit - 985,313 985,313Borrowing guarantees 17,720 - 17,720Payment guarantees 1,064,093 38,281 1,102,374 Performance guarantees 377,537 32,261 409,798 Bidding guarantees 92,787 3,219 96,006 Other guarantees 201,199 167,752 368,951Foreign currency buying spot transactions - 2,161,302 2,161,302Foreign currency selling spot transactions - 2,275,581 2,275,581Foreign currency paid swap transactions 65,688 2,444,591 2,510,279Foreign currency received swap transactions 7,940 2,630,586 2,638,526

1,826,964 14,941,763 16,768,727

31 December 2009

Denominated in VND

Million VND


currenciesMillion VND

TotalMillion VND

Letters of credit at sight - 2,995,053 2,995,053 Deferred letters of credit - 1,090,929 1,090,929 Borrowing guarantees 15,231 - 15,231 Payment guarantees 918,945 6,040 924,986 Performance guarantees 234,223 27,224 261,447 Bidding guarantees 56,432 1,141 57,573 Other guarantees 162,943 5,809 168,752 Foreign currency buying spot transactions - 1,019,089 1,019,089Foreign currency selling spot transactions - 702,370 702,370Foreign currency paid swap transactions 727,335 10,133,039 10,860,374 Foreign currency received swap transactions 751,268 9,132,451 9,883,719

2,866,378 25,113,145 27,979,523

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.








Annual Report 2010

44 COMMITMENTS UNDER OPERATING LEASES

The future minimum lease payments under non-cancellable operating leases are as follows:

Office rental31.12.2010 31.12.2009


Within 1 year 34,049 31,948Between 1 and 5 years 175,423 164,595Over 5 years 1,209,037 1,179,663Total minimum payments 1,418,509 1,376,206

According to Office Rental Lease Contract No. 39/2006/HDTVP dated 8 April 2006 between Sacombank (lessee) and Tadimex (lessor), Sacombank committed to lease the building at 266-268 Nam Ky Khoi Nghia, District 3, Hochiminh City for a lease term of 39 years from 1 March 2007 to 28 February 2045 with the total space of 20,317 square metres. In accordance with the contract’s terms, the Bank advanced a sum of US$3,500,000 to Tadimex to part finance the construction of the building. This amount will be deducted against the annual rental fee over 11 years with US$500,000 for the first year and US$300,000 for the following years from the lease commencement. Monthly rental fee for the first year is US$6/square metre/month for the basement and US$12/square metre/month for the other floors. The rental fee for the second year onwards will increase by 1% annually. Sacombank has a strategic investment in Tadimex.

45 CAPITAL COMMITMENTS


Tangible and intangible fixed assets 495,554 816,445

46 GUARANTEE COMMITMENTS

On 22 October and 22 November 2010, Sacombank Asset Management Company, one of the Bank’s subsidiaries, signed contracts with a local bank to guarantee for a related party of Sacombank, to borrow money from a local bank for a total credit facility of VND100 billion. According to the contracts, Sacombank Asset Management Company has used VND100 billion of term deposits at this local bank to secure the loan exposure of this related party. These guarantee commitments will be expired in April and May 2011.

47 RELATED PARTY TRANSACTIONS AND BALANCES

During the year, the Group had the following transactions and balances with related parties:


Transactions during the yearInterest expenses paid 15,707 1,433 Interest income received 349,054 121,797 Dividends paid 126,051 250,440 Expenses for assets leasing 28,392 28,392Income from sales of assets 17,893 -Fee income - 8,298

Balances as at 31 DecemberDemand deposit balance 1,208,819 47,759 Advance for office rental 35,959 41,666 Loan balance 2,750,325 779,817Investments in debt securities 1,350,000 850,000 Repurchase agreements on securities - 52,965 Investments - 10,952Loan guarantee 100,000 100,000Other payables 38,281 -Other receivables 306,601 -

The remuneration of the Board of Management and Board of General Directors of the Bank for the year are VND9,732 million (2009: VND8,487 million) and VND15,719 million (2009: VND14,485 million), respectively.

48 CONCENTRATIONS OF ASSETS AND LIABILITIES BY GEOGRAPHICAL AREA

Loans and advances to

customers and other credit institutions

Deposits and borrowings

from customers and other credit

institutionsCredit

commitments

Derivatives financial

instruments(total contract

value)

Net trading and

investment securities

Million VND Million VND Million VND Million VND Million VND

Domestic 80,838,905 121,493,619 1,944,848 983,096 23,762,240

Overseas 1,773,061 2,931,263 5,188,190 1,793,879 43,244

82,611,966 124,424,882 7,183,038 2,776,975 23,805,484

Not

es to

the

cons

olid

ated

fina

ncia

l sta

tem

ents

For t

he y

ear e

nded

31

Dec

embe

r 201

0 (c

ontin

ued)

FOR

M B

05/

TCTD

- H

N

Ann

ual R

epor

t 201

0

Not

es to

the

cons

olid

ated

fina

ncia

l sta

tem

ents

For t

he y

ear e

nded

31

Dec

embe

r 201

0 (c

ontin

ued)

FOR

M B

05/

TCTD

- H

N

Ann

ual R

epor

t 201

0

122

Ser

ving

the

natio

ns

123

Ser

ving

the

natio

ns

49

FIN

AN

CIA

L R

ISK

MA

NA

GEM

ENT

49.1

In

tere

st ra

te ri

sk

The

tabl

e be

low

sum

mar

ies

the

Gro

up’s

exp

osur

e to

inte

rest

rate

risk

.

C

UR

REN

CY:

Mill

ion

VND

As a

t 31

Dece

mbe

r 201

0O

verd

ueNo

n-in

tere

st

bear

ing

Up to

1 m

onth

1-3

mon

ths

3-6

mon

ths

6-12

mon

ths

1-5

year

sO

ver 5

yea

rsTo

tal

Asse

ts

Cas

h an

d pr

ecio

us m

etal

s -

12,6

77,8

49-

--

--

-12

,677

,849

Bala

nces

with

the

Stat

e Ba

nk

--

3,61

8,97

3-

--

--

3,61

8,97

3Pl

acem

ents

with

and

loan

s to

oth

er c

redi

t ins

titut

ions

(*)

--

10,2

10,8

564,

735,

967

3,90

3,61

22,

359,

836

--

21,2

10,5

42Tr

adin

g se

curit

ies

(*)-

1,43

0,07

817

,525

-35

0,00

068

7,80

7-

-2,

485,

410

Der

ivativ

es a

nd o

ther

fina

ncia

l ass

ets

-7,

082

--

--

--

7,08

2Lo

ans

and

adva

nces

to c

usto

mer

s (*)

474,

419

-26

,091

,248

49,1

11,6

993,

433,

207

1,54

0,04

91,

694,

700

139,

481

82,4

84,8

03In

vest

men

t sec

uritie

s (*)

-52

9,64

21,

003,

970

1,71

2,91

52,

571,

765

3,66

2,96

611

,879

,016

178,

122

21,5

38,3

96In

vest

men

t in

othe

r ent

ities

and

long

-term

inve

stm

ents

-65

6,57

9-

--

--

-65

6,57

9Fi

xed

asse

ts

-3,

135,

519

--

--

--

3,13

5,51

9O

ther

ass

ets

(*)

-5,

617,

510

--

--

--

5,61

7,51

0To

tal a

sset

s 47

4,41

924

,054

,259

40,9

42,5

7255

,560

,581

10,2

58,8

558,

250,

658

13,5

73,7

1632

0,78

515

3,43

2,66

3

Liab

ilitie

s D

ue to

Gov

ernm

ent a

nd b

orro

win

gs fr

om th

e St

ate

Bank

of V

ietn

am

--

4,69

0,89

35,

957

8,22

518

,048

83,3

9613

,455

4,81

9,97

4D

epos

its a

nd b

orro

win

gs fr

om o

ther

cre

dit i

nstit

utio

ns

--

6,30

3,16

34,

593,

625

2,72

7,27

31,

255,

115

530,

450

-15

,409

,626

Fund

s re

ceive

d fro

m G

over

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t, in

tern

atio

nal a

nd o

ther

inst

itutio

ns

--

1,69

6,45

4-

31,2

5031

,250

250,

000

93,7

502,

102,

704

Dep

osits

from

cus

tom

ers

-80

2,68

250

,490

,430

20,6

80,6

543,

043,

681

2,45

8,03

785

9,74

718

578

,335

,416

Cer

tifica

tes

of d

epos

its a

nd b

onds

--

10,5

11,9

388,

379,

244

1,95

3,21

87,

069,

659

663,

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Oth

er lia

biliti

es

-8,

447,

105

--

--

--

8,44

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5To

tal l

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litie

s -

9,24

9,78

773

,692

,878

33,6

59,4

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763,

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10,8

32,1

092,

386,

670

107,

390

137,

691,

961

Inte

rest

gap

of b

alan

ce s

heet

item

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4,41

914

,804

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(32,

750,

306)

21,9

01,1

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495,

208

(2,5

81,4

51)

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87,0

4621

3,39

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,702

Inte

rest

gap

of o

ff ba

lanc

e sh

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tem

s-

--

--

--

--

Tota

l int

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t gap

474,

419

14,8

04,4

72(3

2,75

0,30

6)21

,901

,101

2,49

5,20

8(2

,581

,451

)11

,187

,046

213,

395

15,7

40,7

02

(*)

the

abov

e ba

lanc

es e

xclu

de p

rovi

sion

.

49

FIN

AN

CIA

L R

ISK

MA

NA

GEM

ENT

(Con

tinue

d)

49.2

C

urre

ncy

risk

The

tabl

e be

low

sum

mar

ises

the

Gro

up’s

exp

osur

e to

cur

renc

y ris

k at

31

Dec

embe

r 20

10. I

nclu

ded

in th

e ta

ble

are

the

Gro

up’s

ass

ets

and

liabi

litie

s at

car

ryin

g am

ount

s, c

ateg

oris

ed b

y cu

rren

cy.

CU

RR

ENC

Y: M

illio

n VN

DA

s at

31

Dec

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r 201

0VN

DU

SDG

OLD

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JPY

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DC

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l

Ass

ets

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h an

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s 1,

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286

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252,

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112,

910

113,

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49Ba

lanc

es w

ith th

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ate

Bank

2,

981,

271

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--

--

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3,61

8,97

3Pl

acem

ents

with

and

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s to

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redi

t ins

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ions

(*)

12,7

30,9

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600,

757

6,28

9,73

726

5,10

522

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100,

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25,5

3717

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,210

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Trad

ing

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ritie

s (*

)2,

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--

--

--

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410

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ial a

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nces

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Liab

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d sh

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Due

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the

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tnam

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--

--

--

-4,

819,

974

Dep

osits

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bor

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ings

from

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redi

t ins

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ions

11

,649

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3,66

7,47

9-

111

--

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,114

15,4

09,6

26Fu

nds

rece

ived

from

Gov

ernm

ent,

inte

rnat

iona

l and

oth

er in

stitu

tions

95

0,24

51,

152,

459

--

--

--

2,10

2,70

4D

eriv

ativ

es a

nd o

ther

fina

ncia

l liab

ilitie

s-

75,9

3033

,500

-96

,604

275,

242

111,

775

45,2

3663

8,28

7D

epos

its fr

om c

usto

mer

s 67

,297

,878

10,6

85,3

981,

120

232,

193

8,44

012

,649

7,18

290

,556

78,3

35,4

16C

ertifi

cate

s of

dep

osits

and

bon

ds10

,069

,419

108

18,5

07,6

09-

--

--

28,5

77,1

36O

ther

liabi

lities

3,

977,

700

3,37

7,87

779

0,96

32,

260

5124

,394

14,2

8425

9,57

68,

447,

105

Cap

ital a

nd re

serv

es14

,018

,317

--

--

--

-14

,018

,317

Tota

l lia

bilit

ies

and

shar

ehol

ders

’ equ

ity

112,

802,

349

18,9

40,3

5719

,333

,192

234,

564

105,

095

312,

285

133,

241

487,

482

152,

348,

565

Net

on-

bala

nce

shee

t pos

ition

4,

253,

370

(3,3

72,3

18)

(266

,567

)45

3,00

53,

788

48,1

5614

,450

588,

500

1,72

2,38

4N

et o

ff-ba

lanc

e sh

eet p

ositi

on-

1,08

4,48

3-

(560

,355

)(2

4,68

5)(8

3,01

5)(2

8,97

9)(5

01,7

27)

(114

,278

)To

tal p

ositi

on4,

253,

370

(2,2

87,8

35)

(266

,567

)(1

07,3

50)

(20,

897)

(34,

859)

(14,

529)

86,7

73

1,60

8,10

6

(*)

the

abov

e ba

lanc

es e

xclu

de p

rovi

sion

.


FORM B 05/TCTD - HN

125Serving the nations



Annual Report 2010

Not

es to

the

cons

olid

ated

fina

ncia

l sta

tem

ents

For t

he y

ear e

nded

31

Dec

embe

r 201

0 (c

ontin

ued)

FOR

M B

05/

TCTD

- H

N

Ann

ual R

epor

t 201

012

4S

ervi

ng th

e na

tions

49

FIN

AN

CIA

L R

ISK

MA

NA

GEM

ENT

(con

tinue

d)

49.3

Li

quid

ity ri

sk

The

tabl

e be

low

ana

lyse

d th

e G

roup

’s a

sset

s an

d lia

bilit

ies

into

rele

vant

mat

urity

gro

upin

g ba

sed

on th

e re

mai

ning

per

iod

at th

e ba

lanc

e sh

eet d

ate

to th

e co

ntra

ctua

l m

atur

ity d

ate.

CU

RR

ENC

Y: M

illio

n VN

DO

verd

ueC

urre

nt

As

at 3

1 D

ecem

ber 2

010

Ove

r 3

mon

ths

Up

to 3

m

onth

sU

p to

1 m

onth

1-3

mon

ths

3-12

mon

ths

1-5

year

sO

ver 5

yea

rsTo

tal

Ass

ets

Cas

h an

d pr

ecio

us m

etal

s -

-12

,677

,849

--

--

12,6

77,8

49B

alan

ces

with

the

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.

50 COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform to the current year’s presentation. The consolidated financial statements are approved by the Board of General Directors on 14 March 2011.

──────────── ─────────────── ──────────────Luu Van Hoa Le Hung Cuong Tran Xuan HuyPreparer Chief Accountant General Director

FINANCIAL STATEMENTS FINANCIAL STATEMENTS


• The Internal Auditor confirmed that the internal controls of Sacombank fulfilled the objectives of risk management and complied with the provisions of the laws and the internal regulations of Sacombank. In addition, this system has been applied effectively and efficiently.

Sacombank has built and continually improved its internal controls to meet the growth of the Bank. In particular, focus was on (i) self-examination and self-correction; (ii) appointment of itinerant Directors and Transaction Managers to conduct examinations; (iii) including risk management to the control system and procedures; (iv) developing processes and regulations; (v) decentralization, authorization and IT system and; (vi) improving inspection and supervision to achieve better results.

• Summarizing the opinion formed from risk audits conducted throughout last year, the Internal Auditor believes that the internal controls has been effective in helping operating business units of Sacombank to comply with regulations despite the rapid growth of staff force and the expansion of branch network.

Business Results of Sacombank in 2010 Financial Performance of Subsidiaries in 2010Consolidated Financial StatementsInternal Audit Evaluation

Responsibility and Scope of Internal Audit

The main responsibility of internal audit is to provide an opinion on the bank’s financial statements, effectiveness of the internal control, and level of compliance of the business units.

Our target of internal audit for 2010 included the Operations Departments, Transaction Offices, Branches, and Subsidiaries.

Audits were conducted on level of compliance with the provisions of banking laws, Vietnam audit accounting standards, and internal regulations of Sacombank. In addition, strict adherence to business ethics and formulated and implemented the audit plan, in accordance with State Bank Vietnam Decision No. 37/2006/QD-NHNN relating to regulations for internal audit of credit institutions.

The purpose of issuing a professional opinion on the effectiveness of the bank’s internal control is to provide assurance to the readers of financial statements, Board of Management and Board of Supervisors. In addition, it also serves to inform the Board of Trustees of operations under its control so that the Board can give due consideration for improvements on the effectiveness of their internal control.

Opinion of the Internal Auditor

Having conducted audits on quarterly, half-yearly and annual financial statements, and having analyzed separate and consolidated financial statements, as well as monitored the risk indicators in accordance to regulations, the Internal Auditor hereby confirmed that:

• Sacombank 2010 Financial Statements were prepared in accordance to State Bank Vietnam Decision No. 16/2007QD-NHNN dated 18 April 2007 on the financial reporting of financial institutions, Circular 09/2010/TT-BTC dated 15 January 2010 issued by the Ministry of Finance on guidelines governing information disclosure to the stock market, and the Vietnamese Accounting Standards and other existing regulations.

In all material aspects, the data and figures reflected in Sacombank 2010 Financial Statements represents a true and fair view of the operations. They have been approved by the Audit Committee of Sacombank and have been independently audited by an international audit firm (PriceWaterhouseCoopers).

The financial indicators of Sacombank are within the permissible limits set by regulations of the banking industry.

Internal Audit Evaluation

In the year 2010, based on macroeconomic forecast and assessments of the internal operations of the Sacombank, the Internal Auditor prepared action plans, introduced risk audits, applied more resources for auditing operations and processes deemed as high risk, and strengthened its supervision.

Business Results of Sacombank in 2010 Financial Performance of Subsidiaries in 2010Consolidated Financial StatementsInternal Audit Evaluation


Plucking tea leaves, Thai Nguyen

[Enabling key growth drivers]

In 2003, when Sacombank entered the north, it had a clear strategy to serve the farmers and ethnic minorities in the remote rural areas. Special branches were set up to create business opportunities for the traditional handicraft villages, initiated the start-up of modern rural production centers.

Loans to traditional handicraft village.

Network Advantage

In February 2011, the bank set up the Thai Nguyen and Phu Tho branches, contributing to a total of 33 transaction points in the north, including 9 branches and 24 sub-branches.

Competitive Advantages

NORTHERN REGION

vietnam

THANH HOA

HA TAY

PHU THO

LAOS

cambodia

BAC NINH

HAI DUONG

HUNG YEN HAI PHONG

QUANG NINH

LANG SONTHAI NGUYEN

ADDITIONAL INFORMATION ADDITIONAL INFORMATION


On November 1, 2010, the International S t a n d a r d i z a t i o n Organization officially launched the International Standard ISO 26000:2010 “Guidance on Social Responsibility” in Geneva, Switzerland.

Under this guideline, social responsibility is considered the proper conduct of an organization, and voluntary concession is thus a decisive move towards sustainable development.

• The bank organized welfare activities such as the Eighth of March International Women’s Day celebration, International Children’s Day celebration, helping needy employees’ family; as well as sport and cultural activities such as football, music festival, etc., as incentives to improve staff productivity and promote company loyalty.

• In 2010, to encourage an exchange of experience amongst the Vietnamese enterprises, Sacombank organized 8 seminars on Corporate Governance in Hochiminh City, Phu Quoc, An Giang, Gia Lai, Tay Ninh, Vinh Long and Hau Giang. Through these seminars, the bank hopes to raise the overall standards for customer services in Vietnam. It demonstrated commitment to work with the local enterprises to enable the country to better integrate into the global economy.

• To develop a civilized urban lifestyle, Sacombank set up the first public toilets in

ISO 26000 is established for a sustainable world.

Tan Phu District of Hochiminh City. Besides installing quality toilet equipment, the bank mobilized resources to maintain the public facility. These public toilets were welcomed by the local government and community. Currently, Sacombank continues to expand this model to other districts in Hochiminh City and other localities to help protect the environment and cultivate a civilized urban lifestyle.

In addition to the annual programs, Sacombank participated in community-centered projects, such as, constructing houses for war invalids and martyrs’ families, sponsoring charity centers, and participating in government and charity movements.

In its expansion in Indochina, Sacombank is creating jobs for over 8,500 young workers and, together with local enterprises, making practical contributions to economic development and social improvements to Indochina’s banking industry.

Contributing to the Development of Communities National and International Awards Distribution NetworkAgency Network

Contributing to the Development of Communities

In its integration with the global economy, Sacombank is aware of its responsibilities, not only to its customers, shareholders and employees, but also to the external environment, the community and the society. The bank aims for sustainable growth in line with the ISO 26000:2010 standard.

The guiding force that drives Sacombank has always been based on two factors: customer satisfaction and communal responsibility, thus bringing happiness and prosperity to the community. In 2010, action plans, reflecting the spirit of “Serving the Nations”, were implemented.

• Developing operating standards aimed at achieving an effective, secured and sustainable growth for all stakeholders. While the profit motive is important, Sacombank also balances long-term benefits for all stakeholders, comprising investors, shareholders, customers, partners, employees and the community.

• The bank granted over 2,000 Nurturing Your Dreams Scholarships totaling VND2.3 billion to needy students nationwide to facilitate their studies and achieve dreams.

• The bank organized a cross-country run award called Running for Community Health in 45 provinces and cities to promote the wellness movement in the community, particularly career development for the nation’s youth.

• 4,500 Sacombank park-benches were donated to parks, cultural centers, schools, airports, ect. totaling VND2 billion to serve the communities where the bank operates.

• The bank organized the “Spring Charity Festival in the Year of the Cat 2011”, funded by Sacombank’s employees through its Welfare Fund and Labor Union Fund, which raised a total amount of VND3 billion. The event was held to share the joy of the Tet holiday with over 6,000 elderly, orphans and disabled children in Hochiminh City.

• The bank organized visits and donated rice and other food supplies to people in the flooded areas of Quang Binh, Quang Tri, Nghe An, Ha Tinh and Ninh Thuan, totaling nearly VND400 million, providing relief provision after natural calamities.

Contributing to the Development of Communities National and International Awards Distribution NetworkAgency Network

Sacombank is aware of its responsibilities, not only to its customers, shareholders and employees, but also to the external environment, the community and the society.

The public toilets model



87“Best Annual Report 2010” Award for 2009 Annual report which was

organized by the Hochiminh Securities Exchange (HOSE), Hanoi Securities Exchange (HNX), Investment Newspaper, and Dragon Capital.

Certificate of Merit granted to Mr. Dang Van Thanh, chairman of Sacombank for contributing to city development (awarded by the HCMC People’s Committee on the 15th anniversary year of the HCMC Disability Children Aid Association (under Decision No. 2652/QD-UBND, dated 18 June, 2010).

9Best Cash Management Bank in Vietnam 2010 (awarded by The Asset of Hong Kong).

10Best Cash Management Bank in Vietnam 2010 (awarded by Finance Asia Hong Kong).

Best Retail Bank in Vietnam 2009 (awarded by The Asian Banker)

12Best Foreign Exchange Provider in Vietnam 2010 (awarded by Global Finance)

Contributing to the Development of Communities National and International AwardsDistribution NetworkAgency Network

1234

Certificate of Merit for Contribution to Socialism Strengthening and National Defense (awarded by the Prime Minister, Decision No. 1820/QD-TTg, dated 10 September, 2010).

2010 Flag of Excellence for Performance (awarded by the Government of Vietnam, Decision No. 1056/QD-TTg, dated 8 July, 2010)

2010 Flag of Excellence for Performance (awarded by the Governor of the State Bank of Vietnam, Decision No. 596/QD-NHNN, dated 23 March, 2010).

State Bank Vietnam Certificate of Merit (Second Rural Finance Project) awarded under Decision No. 1100/QD-NHNN, dated 7 May, 2010).

56

Certificate of Merit for Contribution to Finance Industry (awarded by the HCMC People’s Committee Decision No. 3183/QD-UB, dated 20 July, 2010).

Vietnam Golden Star 2010 (awarded by the Vietnam Young Entrepreneurs Association)

National and International Awards


11


Rubber plantation, Laos

[Leading in development footprint in Indochina]

In 2008, Sacombank was the first Vietnamese commercial bank to open in Vientiane City in Laos. The branch has contributed to the cross-border trade between Vietnam and Laos and gradually providing banking services to the Lao enterprises and consumers.

Banking Services and Products:• Retail and Corporate deposits in LAK, USD, and THB;• Short, medium, and long term loans for enterprises;• International Payment Services in the form of Letter

of Credit (L/C), Document against Acceptance (D/A) and Document against Payment (D/P)…

• Inward and Outward Remittance service between Laos and Vietnam and between US and Laos.

LAOS PEOPLES DEMOCRATIC REPUBLIC

vietnam

LAOS

cambodia



Bo Thoi Transaction Office Thi Tu Bo Thoi St., Hong Tien

Ward, Khoai Chau Dsit., Hung Yen Tel: (84 321) 3 920 690 Fax: (84 321) 3 920 689

Yen My Transaction Office 22 TT. Yen My St., Hung Yen

Tel: (84 321) 3 962 979 Fax: (84 321) 3 962 978

Phu Ly Transaction Office Group 1, National Highway 1A

ST., Minh Khai Ward, Phu Ly Dist., Ha Nam Tel: (84 351) 3 828 878 Fax: (84 351) 3 828 979

Van Lam Transaction Office Ngoc Quynh St., Nhu Quynh

Ward, Van Lam, Hung Yen Tel: (84 321) 3 785 614 Fax: (84 321) 3 785 613

Bac Ninh Branch 122 Tran Phu St., Dong Ngan

Ward, Tu Son Dist., Bac Ninh Tel: (84 241) 3 743 965 Fax: (84 241) 3 760 352

Tien Du Transaction Office Lim Ward, Tien Du Dist.,

Bac Ninh Tel: (84 241) 3 710 711 Fax: (84 241) 3 710 711

Tien An Transaction Office 340 Ngo Gia Tu St.,

Tien An Ward, Bac Ninh Tel: (84 241) 3 811 622 Fax: (84 241) 3 811 622

Que Vo Transaction Office 100 Area 1, Pho Moi Ward

Que Vo Dist., Bac Ninh Tel: (84 241) 3 635 853 Fax: (84 241) 3 635 854

Thanh Hoa Branch 126-128-130 Nguyen Trai,

Ba Dinh Dist., Thanh Hoa Tel: (84 37) 3 888 898 Fax: (84 37) 3 718 789

Phan Chu Trinh Transaction Office 2 Phan Chi Trinh St., Dien Bien

Ward, Thanh Hoa Tel: (84 37) 3 757 661 Fax: (84 37) 3 757 675

Bim Son Transaction Office 5 Nguyen Hue, Area 1 -

Ngoc Trao Ward, Bim Son Dist., Thanh Hoa Tel: (84 37) 3 771 884 Fax: (84 37) 3 771 887

Hoang Cau Transaction Office 163 Dang Tien Dong St.,

Trung Liet Ward, Dong Da Dist., Ha Noi Tel: (84 4) 35 379 961 Fax: (84 4) 35 379 960

Tran Duy Hung Transaction Office 82 Tran Duy Hung,

Trung Hoan Ward, Cau Giay Dist., Ha Noi Tel: (84 4) 37 834 176 Fax: (84 4) 37 834 175

Doc Ngu Transaction Office 147 Doc Ngu St,

Ba Dinh Ward, Ha Noi Tel: (84 4) 32 321 790 Fax: (84 4) 32 321 791

Dong Do Branch 363 Hoang Quoc Viet St.,

Nghia Tan Ward, Cau Giay Dist., Ha Noi Tel: (84 4) 37 915 299 Fax: (84 4) 37 915 289

Quan Hoa Transaction Office 243A Cau Giay, Quan Hoa

Ward, Cau Giay Dist., Ha Noi Tel: (84 4) 37 910 950 Fax: (84 4) 37 678 324

Tay Ho Transaction Office 258 Lac Long Quan St., Buoi

Ward, Tay Ho Dist., Ha Noi Tel: (84 4) 37 590 099 Fax: (84 4) 37 591 586

Le Duc Tho Transaction Office A1-1, A2-2 Le Duc Tho,

Tu Liem Dist., Ha Noi Tel: (84 4) 37 951 711 Fax: (84 4) 37 951 712

Nguyen Phong Sac Transaction Office 1st Floor - Lot A/D6 - Nguyen

Phong Sac (extension) - Cau Giay New Town, Dịch Vọng, Cau Giay Dist., Ha Noi Tel: (84 4) 37 678 228 Fax: (84 4) 37 678 229

NORTHERN REGION

Hung Yen Branch Km22 + 500, National Highway

5A, Ban Yen Nhan Ward, My Hao Dist., Hung Yen Tel: (84 321) 3 942 905 Fax: (84 321) 3 942 387

Pho Hien Transaction Office 279 Dien Bien St., Hung Yen

Tel: (84 321) 3 866 770 Fax: (84 321) 3 866 769

Tam Bac Transaction Office 102A Quang Trung St.,

Phan Boi Chau Ward, Hong Bang Dist., Hai Phong Tel: (84 31) 3 521 058 Fax: (84 31) 3 521 059

Lach Tray Transaction Office 288 Lach Tray St., Kenh Duong

Ward, Le Chan Dist., Hai Phong Tel: (84 31) 3 734 016 Fax: (84 31) 3 734 017

Lac Vien Transaction Office 176 Da Nang St., Lac Vien

Ward, Ngo Quyen Dist., Hai Phong Tel: (84 31) 3 719 956 Fax: (84 31) 3 719 957

Hoa Phuong Transaction Office 119-121 Dinh Tien Hoang St.,

Hoang Van Thu Ward, Hong Bang Dist., Hai Phong Tel: (84 31) 3 569 113 Fax: (84 31) 3 569 115

Thuy Nguyen Transaction Office 151 Bach Dang St., Thuy Nguyen Dist., Hai Phong Tel: (84 31) 3 916 755 Fax: (84 31) 3 916 775

Quang Ninh Branch 607 Le Thanh Tong St.,

Ha Long Dist., Quang Ninh Tel: (84 33) 3 696 789 Fax: (84 33) 3 696 966

Mong Cai Transaction Office 1 Tran Phu St., Mong Cai

Trade Center Ward, Mong Cai Dist., Quang Ninh Tel: (84 33) 6 258 688 Fax: (84 33) 6 258 226

Cam Pha Transaction Office 566 Tran Phu St., Cam Thuy

Ward, Cam Pha Dist., Quang Ninh Tel: (84 33) 3 868 682 Fax: (84 33) 3 868 648

Thai Nguyen Branch 66 Hoang Van Thu St.,

Hoang Van Thu Ward Thai Nguyen Dist., Thai Nguyen Tel: (84 280) 3 853 155 Fax: (84 280) 3 853 266

Phu Tho Branch 1482 Hung Vuong St., Gia Cam

Ward, Viet Tri City, Phu Tho Tel: (84 210) 3 666 555

Fax: (84 210) 3 868 333

Lam Son Transaction Office Area 6 Lam Son Ward, Tho Xuan Dist., Thanh Hoa Tel: (84 37) 3 535 588 Fax: (84 37) 3 535 578

Lang Son Branch 8 Ngo Quyen St., Vinh Trai

Ward, Lang Son Dist. Tel: (84 25) 3 716 324 Fax: (84 25) 3 716 325

Tan Thanh Transaction Office Kiot 86-88-90, Cua Khau Tan

Thanh, Lang Son Dist. Tel: (84 25) 3 888 579 Fax: (84 25) 3 888 581

Hai Duong Branch 30 Tran Hung Dao St.,

Tran Hung Dao Ward, Hai Duong Tel: (84 320) 3 833 208 Fax: (84 320) 3 833 209

Sao Do Transaction Office 119 Nguyen Trai 1 St.,

Chi Linh Ward, Hai Duong Tel: (84 320) 3 589 347 Fax: (84 320) 3 589 348

Phu Thai Transaction Office Pho Ga, Phu Thai Ward

Kim Thanh Dist., Hai Duong Tel: (84 320) 3 726 388 Fax: (84 320) 3 726 389

Ke Sat Transaction Office 158 Nga 5 Area, Trang Liet Ward,

Binh Giang Dist., Hai Duong Tel: (84 320) 3 773 371 Fax: (84 320) 3 773 372

Thong Nhat Transaction Office 144 Thong Nhat St., Le Thanh

Nghi Ward, Hai Duong Tel: (84 320) 3 848 318 Fax: (84 320) 3 848 319

Nguyen Luong Bang Transaction Office

Km1 Nguyen Luong Bang St., Pham Ngu Lao Ward, Hai Duong

Tel: (84 320) 3 898 857 Fax: (84 320) 3 898 858

Hai Phong Branch 62-64 Ton Duc Thang St.,

Tran Nguyen Han Ward, Le Chan Dist., Hai Phong Tel: (84 31) 3 719 999 Fax: (84 31) 3 719 991


Yen Vien Transaction Office 455 Ha Huy Tap St., Yen Vien

Ward, Gia Lam Dist., Ha Noi Tel: (84 4) 36 982 936 Fax: (84 4) 36 982 936

Trau Quy Transaction Office 74A-74B Voi Phuc Group St.,

Trau Quy Ward, Gia Lam Dist., Ha Noi Tel: (84 4) 36 763 070 Fax: (84 4) 36 763 071

Ngo Gia Tu Transaction Office 247 Ngo Gia Tu St.,

Long Bien Dist., Ha Noi Tel: (84 4) 36 522 055 Fax: (84 4) 36 522 066

Dong Anh Transaction Office Group 4 St.,

Dong Anh Dist., Ha Noi Tel: (84 4) 39 655 922 Fax: (84 4) 39 655 925

Thanh Tri Branch 337 Ngoc Hoi St., Van Dien

Ward, Thanh Tri Dist., Ha Noi Tel: (84 4) 36 814 855 Fax: (84 4) 36 814 856

Thuong Tin Transaction Office Pho Ga St., Thuong Tin Ward,

Ha Tay Dist., Hai Noi Tel: (84 34) 3 765 536 Fax: (84 34) 3 765 534

Truong Dinh Transaction Office 701 Truong Dinh St., Thinh Liet

Ward, Hoang Mai Dist., Ha Noi Tel: (84 4) 36 421 661 Fax: (84 4) 36 421 660

Dong Tam Transaction Office 168 Dong Tam St., Phuong Liet

Ward, Thanh Xuan Dist., Ha Noi Tel: (84 4) 36 285 422 Fax: (84 4) 36 285 421

Thang Long Branch 60A Nguyen Chi Thanh St.,

Lang Thuong Ward, Dong Da Dist., Ha Noi Tel: (84 4) 37 756 707 Fax: (84 4) 37 756 708

Doi Can Transaction Office 149G Doi Can St, Ba Dinh

Dist., Ha Noi Tel: (84 4) 37 227 361 Fax: (84 4) 37 227 362

Hoan Kiem Transaction Office 16E Duong Thanh St.,

Hoan Kiem Dist., Ha Noi Tel: (84 4) 39 232 140 Fax: (84 4) 39 230 822

Thuy Khue Transaction Office 153A Thuy Khue St.,

Tay Ho Dist., Ha Noi Tel: (84 4) 37 281 466 Fax: (84 4) 37 281 467

Ly Nam De Transaction Office 10A3 Ly Nam De St.,

Hang Ma Ward, Hoan Kiem Dist., Ha Noi Tel: (84 4) 37 478 418 Fax: (84 4) 37 478 419

Phan Dinh Phung Transaction Office 25A Phan Dinh Phung St.,

Ba Dinh Dist., Ha Noi Tel: (84 4) 38 489 971 Fax: (84 4) 38 489 970

8 Thang 3 Branch 193 Ba Trieu St., Le Dai Hanh

Ward, Hai Ba Trung Dist., Ha Noi Tel: (84 4) 39 743 833 Fax: (84 4) 39 743 823

Dao Tan Transaction Office 60 Dao Tan St., Cong Vi Ward,


Hanoi Branch 65 Ngo Thi Nham St.,

Hai Ba Trung Dist., Ha Noi Tel: (84 4) 39 437 372 Fax: (84 4) 39 432 988

Cho Mo Transaction Office 442 Bach Mai St., Trương Định

Ward, Hai Ba Trung Dist., Ha Noi Tel: (84 4) 62 781 707 Fax: (84 4) 62 781 700

Dinh Cong Transaction Office 12D18 Dinh Cong

New Town St., Dinh Cong Ward, Hoang Mai Dist., Ha Noi Tel: (84 4) 36 404 061 Fax: (84 4) 36 404 062

Bach Khoa Transaction Office 10 Ta Quang Buu, St.

Back Khoa Dist., Hai Ba Trung Dist., Ha Noi Tel: (84 4) 62 781 536 Fax: (84 4) 62 781 545

TRANSACTION DEPARMENT HCMC

266-268 Nam Ky Khoi Nghia St., Ward 8, Dist. 3, HCMC Tel: (84 8) 39 322 670 Fax: (84 8) 39 320 425

Tran Huy Lieu Transaction Office 62 Tran Huy Lieu St., Ward 12,

Phu Nhuan Dist., HCMC Tel: (84 8) 39 318 816 Fax: (84 8) 39 318 817

Nam Ky Khoi Nghia Transaction Office 278 Nam Ky Khoi Nghia St.,

Ward 8, Dist. 3, HCMC Tel: (84 8) 39 322 585 Fax: (84 8) 39 322 584

Dist. 3 Transaction Office 230 Nam Ky Khoi Nghia St.,


Phan Xich Long Transaction Office 159 Phan Xich Long, Ward 7,

Phu Nhuan Dist., HCMC Tel: (84 8) 35 178 887 Fax: (84 8) 35 178 886

Cach Mang Thang 8 Transaction Office 236-238 Cach Mang Thang 8 St.,


Pho Quang Transaction Office 3G Pho Quang, Ward 2 ,

Tan Binh Dist., HCMC Tel: (84 8) 39 979 887 Fax: (84 8) 39 979 883

HANOI REGION

Thu Do Branch 88 Ly Thuong Kiet, Cua Nam

Ward, Hoan Kiem Dist., Ha Noi Tel: (84 4) 39 428 095 Fax: (84 4) 39 428 085

Number 2 Transaction Office 54 Hang Bac St., Hang Bac


Dong Xuan Transaction Office 12 Tran Nhat Duat St., Dong Xuan


Linh Nam Transaction Office 183 Linh Nam St.,Vinh Hung

Ward, Hoang Mai Dist., Ha Noi Tel: (84 4) 36 462 335 Fax: (84 4) 36 462 337

Ha Thanh Transaction Office 25-27 Cua Bac St.,


Kim Nguu Transaction Office 286 Kim Nguu St.,

Hai Ba Trung Dist., Ha Noi Tel: (84 4) 36 320 491/492 Fax: (84 4) 36 320 490

Dong Da Branch 360 Tay Son St.,

Dong Da Dist., Ha Noi Tel: (84 4) 35 640 455 Fax: (84 4) 35 640 456

Ha Tay Transaction Office 737 Quang Trung St.,

Ha Dong Ward, Ha Tay Dist., Ha Noi Tel: (84 34) 3 824 047 Fax: (84 34) 3 824 047

Kim Lien Transaction Office 222 Xa Dan St., Phuong Lien

Ward, Dong Da, Dist., Ha Noi Tel: (84 4) 35 720 569 Fax: (84 4) 35 720 570

Khuong Ma Transaction Office 112 Nguyen Ngoc Nai St.,

Khuong Mai Ward, Thanh Xuan Dist., Ha Noi Tel: (84 4) 35 666 920 Fax: (84 4) 35 666 921

Hao Nam Transaction Office 100 Hao Nam St., O Cho Dua

Ward, Dong Da Dist., Ha Noi Tel: (84 4) 62 756 866 Fax: (84 4) 62 752 753

Van Quan Transaction Office 139A Chien Thang St.,

Tan Trieu Ward, Thanh Tri Dist., Ha Noi Tel: (84 4) 35 527 688 Fax: (84 4) 35 527 528

Long Bien Branch 484 Nguyen Van Cu St.,

Gia Thuy Ward, Long Bien Dist., Ha Noi Tel: (84 4) 36 522 055 Fax: (84 4) 36 522 066


Distribution Network(as of February 28, 2011)



Bong Son Transaction Office 243 Quang Trung St.,

Bong Son Town, Quy Nhon Dist., Binh Dinh Tel: (84 56) 3 961 370 Fax: (84 56) 3 961 373

Tay Son Transaction Office 311 Quang Trung, Phu Phong

Town, Tay Son Dist., Binh Dinh Tel: (84 56) 3 580 939 Fax: (84 56) 3 580 940

Tam Quan Transaction Office 288 National Highway 1A,

Tam Quan Town, Hoai Nhon Dist., Binh Dinh Tel: (84 56) 3 860 180 Fax: (84 56) 3 860 182

Nguyen Thai Hoc Transaction Office 265 Nguyen Thai Hoc,

Ngo May Ward, Quy Nhon City, Binh Dinh Tel: (84 56) 3 521 645 Fax: (84 56) 3 521 647

Phu Yen Branch 97 Nguyen Trai St., Ward 4,

Tuy Hoa Dist., Phu Yen Tel: (84 57) 3 893 341 Fax: (84 57) 3 893 342

Nam Tuy Hoa Transaction Office 374 Nguyen Van Linh St.,

Phu Lam Ward, Tuy Hoa Dist., Phu Yen Tel: (84 57) 3 851 851 Fax: (84 57) 3 851 850

Song Cau Transaction Office Tran Hung Dao St.,

Song Cau Town, Song Cau Dist., Phu Yen Tel: (84 57) 3 728 788 Fax: (84 57) 3 728 789

Nguyen Hue Transaction Office 291 Nguyen Hue, Ward 5

Tuy Hoa City, Phu Yen Tel: (84 57) 3 810 850 Fax: (84 57) 3 810 870

Khanh Hoa Branch 54A Yersin, Phuong Sai,

Nha Trang City, Khánh Hòa Tel: (84 58) 3 817 594 Fax: (84 58) 3 817 698

Ninh Hoa Transaction Office 290 Tran Quy Cap St., Ninh Hoa

Ward, Khanh Hoa Tel: (84 58) 3 630 864 Fax: (84 58) 3 630 863

Nha Trang Transaction Office 65 Nguyen Trai St., Phuoc Tien

Ward, Nha Trang City, Khanh Hoa Tel: (84 58) 3 515 495 Fax: (84 58) 3 515 708

Le Hong Phong Transaction Office 193 Le Hong Phong St.,

Phuoc Hoa Ward, Nha Trang City, Khanh Hoa Tel: (84 58) 3 889 192 Fax: (84 58) 3 889 194

Cam Ranh Transaction Office 134-136 National Highway 1,

Ba Ngoi Ward, Cam Ranh Dist., Khanh Hoa Tel: (84 58) 3 954 300 Fax: (84 58) 3 954 302

Van Ninh Transaction Office 128 Hung Vuong St.,

Van Gia Town,Van Ninh Dist., Khanh Hoa Tel: (84 58) 3 913 264 Fax: (84 58) 3 913 266

Ninh Thuan Branch 757 Thong Nhat,

Kinh Dinh Ward, Phan Rang - Thap Cham, Ninh Thuan Tel: (84 68) 3 832 300 Fax: (84 68) 3 832 301

Gia Lai Branch 38 Nguyen Thien Thuat St.,

Dien Hong Ward, Pleiku City, Gia Lai Tel: (84 59) 3 720 074 Fax: (84 59) 3 720 073

An Khe Transaction Office 02 Hoang Van Thu St., Tay Son

Ward, An Khe Dist., Gia Lai Tel: (84 59) 3 832 268 Fax: (84 59) 3 832 535

Chu Se Transaction Office 74B Hung Vuong St., Chu Se

Town, Chu Se Dist., Gia Lai Tel: (84 59) 6 258 006 Fax: (84 59) 6 258 009

Kon Tum Branch 73A Phan Dinh Phung St.,

Quang Trung Ward, Kon Tum City Tel: (84 60) 3 913 457 Fax: (84 60) 3 913 458

Dak Ha Transaction Office 297 Hung Vuong St., Dak Ha

Dist., Kon Tum Tel: (84 60) 3 826 789 Fax: (84 60) 3 826 788

Dak Lak Branch 130-132 Le Hong Phong St.,

Thong Nhat Ward, Buon Me Thuoc City, Dak Lak Tel: (84 500) 3 861 105 Fax: (84 500) 3 861 104

Eakar Transaction Office 3B Eakar Town, Eakar, Dak Lak

Tel: (84 500) 3 626 960 Fax: (84 500) 3 626 961

Buon Me Thuoc Transaction Office 362-364 Le Duan

Buon Me Thuoc City, Dak Lak Tel: (84 500) 3 861 102 Fax: (84 500) 3 861 101

Buon Ho Transaction Office 207 Hung Vuong St.,

Buon Ho Town, KrongBuk Ward, Dak Lak Tel: (84 500) 3 571 458 Fax: (84 500) 3 571 457

Dak Nong Branch Lot D1, Tam Thang Industrial

Park, Tam Thang Ward, Cu Jut, Dak Nong Tel: (84 501) 3 683 798 Fax: (84 501) 3 683 632

Dak Mil Transaction Office 61 Nguyen Tat Thanh St.,

Dak Mil Ward, Dak Nong Tel: (84 501) 3 751 898 Fax: (84 501) 3 751 897

Lam Dong Branch 5 Hai Ba Trung St., Ward 6,

Da Lat City, Lam Dong Tel: (84 63) 3 549 045 Fax: (84 63)3 549 047

Bao Loc Transaction Office 43 Le Thi Pha St.,

Bao Loc Ward, Lam Dong Tel: (84 63) 3 711 253 Fax: (84 63) 3 711 256

Duc Trong Transaction Office 456 National Highway 20,

Area 2, Lien Nghia Town, Duc Trong Dist., Lam Dong Tel: (84 63) 3 649 161 Fax: (84 63) 3 649 162

Quang Trung Transaction Office A1 - Suong Mai Restaurant

Area, Quang Trung St., Ward 9, Da Lat City, Lam Dong Tel: (84 63) 3 826 600 Fax: (84 63) 3 826 600

Lam Ha Transaction Office 51 Bo Lieng St., Dinh Van Town,

Lam Ha Dist., Lam Dong Tel: (84 63) 3 686 662 Fax: (84 63) 3 686 663

Da Lat Transaction Office 32 - Hoa Binh Area No.3-5

3 Thang 2 St., Ward 1, Da Lat City, Lam Dong Tel: (84 63) 3 511 082 Fax: (84 63) 3 511 083

SOUTHEAST

Binh Thuan Branch 126 Tran Hung Dao St.,

Phan Thiet City, Binh Thuan Tel: (84 62) 3 834 651 Fax: (84 62) 3 834 656

LaGi Transaction Office 63 Le Loi St.,

LaGi Town, Binh Thuan Tel: (84 62) 3 841 760 Fax: (84 62) 3 841 761

Phan Ri Cua Transaction Office 239 Thong Nhat St.,

Phan Ri Cua Town, Tuy Phong Dist., Binh Thuan Tel: (84 62) 3 972 699 Fax: (84 62) 3 972 686

Binh Phuoc Branch

Phu Thanh Area, Tan Phu Ward, Dong Xoai Dist., Binh Phuoc Tel: (84 651) 3 888 092 Fax: (84 651) 3 883 569

Phuoc Long Transaction Office

217 Area 2, Phuoc Binh Ward, Phuoc Long Dist., Binh Phuoc Tel: (84 651) 3 775 201 Fax: (84 651) 3 775 201

Binh Long Transaction Office 158 Area 4 Tran Hung Dao Ward,

Binh Long Dist., Binh Phuoc Tel: (84 651) 3 682 692 Fax: (84 651) 3 682 692

Chon Thanh Transaction Office Group 2, Area 4, Chon Thanh

Town, Chon Thanh, Binh Phuoc Tel: (84 651) 3 660 079 Fax: (84 651) 3 660 080

Binh Duong Branch 431 Binh Duong Highway,

Area 1, Phu Cuong, Thu Dau Mot, Binh Duong Tel: (84 650) 3 859 595 Fax: (84 650) 3 859 591


NORTHERN CENTRAL REGION

Nghe An Branch 72 Le Loi St.,Hung Binh Ward,

Vinh City, Nghe An Tel: (84 38) 8 600 777 Fax: (84 38) 8 600 677

Dien Chau Transaction Office 4 St., Dien Chau Ward,

Dien Chau Dist., Nghe An Tel: (84 38) 3 605 777 Fax: (84 38) 3 600 999

Quang Binh Branch 5 Quang Trung St.,

Hai Dinh Ward, Dong Hoi Dist., Quang Binh Tel: (84 52) 3 846 846 Fax: (84 52) 3 844 944

Bo Trach Transaction Office National Highway 1A

TK 2 St., Hoan Lao Ward, Bo Trach Dist., Quang Binh Tel: (84 52) 3 612 444 Fax: (84 52) 3 612 555

Dong Hoi Transaction Office 254 Tran Hung Dao St.,

Nam Ly ward, Dong Hoi Dist., Quang Binh Tel: (84 52) 3 847 847 Fax: (84 52) 3 855 444

Ba Bon Transaction Office Area 1, Ba bon Ward,

Quang Trach Dist., Quang Binh Tel: (84 52) 3 516 516 Fax: (84 52) 3 516 567

Bac Ly Transaction Office Bac Ly Ward, Dong Hoi City

Quang Binh Tel: (84 52) 3 853 853 Fax: (84 52) 3 853 999

Quang Tri Branch 43 Tran Hung Dao St., Ward 1,

Dong Ha Dist., Quang Tri Tel: (84 53) 3 555 889 Fax: (84 53) 3 555 890

Vinh Linh Transaction Office Huu Nghi Sub-Ward,

Ho Xa Ward,Vinh Linh Dist., Quang Tri Tel: (84 53) 3 614 888 Fax: (84 53) 3 622 261

Trieu Hai Transaction Office 220 Tran Hung Dao St.,

Ward 2, Quang Tri Tel: (84 53) 3 664 458 Fax: (84 53) 3 664 457

Dong Ha Transaction Office 86 Le Duan St., P.1,

Dong Ha, Quang Tri Tel: (84 53) 3 553 800 Fax: (84 53) 3 553 801

Huong Hoa Transaction Office 1 Sub-Ward St., Khe Sanh

Town Ward, Huong Hoa Dist., Quang Tri Tel: (84 53) 3 781 940 Fax: (84 53) 3 781 941

Lao Bao Transaction Office Tay Chinh Sub-Ward,

Lao Bao Ward, Huong Hoa Dist., Quang Tri Tel: (84 53) 3 778 888 Fax: (84 53) 3 778 887

Thua Thien Hue Branch 126 Nguyen Hue St., Phu Nhuan

Ward, Thua Thien Hue Tel: (84 54) 3 834 979 Fax: (84 54) 3 834 980

An Cuu Transaction Office 144 Hung Vuong St., Phu Nhuan


Phu Bai Transaction Office Khu 4, Phu Bai Town,

Huong Thuy Ward, Thua Thien Hue Tel: (84 54) 3 851 032 Fax: (84 54) 3 851 033

Tay Loc Transaction Office 172 (Formerly 02)

Nguyen Trai St., Tay Loc Ward, Thua Thien Hue Tel: (84 54) 3 539 366 Fax: (84 54) 3 539 365

Phu Xuan Transaction Office 49 Tran Hung Dao St., Phu Hoa


Huong Tra Transaction Office Area 9, Tu Ha Town Ward,

Huong Tra Dist.,Thua Thien Hue Tel: (84 54) 3 758 686 Fax: (84 54) 3 758 689

Phu Hoi Transaction Office 02 Ben Nghe St.,

Phu Hoi Ward, Thua Thien Hue Tel: (84 54) 3 839 002 Fax: (84 54) 3 839 004

Mai Thuc Loan Transaction Office 43 Mai Thuc Loan St., Thuan

Thanh Ward, Thua Thien Hue Tel: (84 54) 3 599 399 Fax: (84 54) 3 599 397

Da Nang Branch 130-130A-132 Bach Dang St.,

Hai Chau Dist., Da Nang Tel: (84 511) 3 582 612 Fax: (84 511) 3 582 613

Cho Con Transaction Office 225 Ong Bich Khiem St.,

Group 58, Cau Vong Ward, Hai Chau Dist., Da Nang Tel: (84 511) 3 866 368 Fax: (84 511) 3 866 369

Thanh Khe Transaction Office 568 Dien Bien Phu St.,

Thanh Khe Dong Ward, Thanh Khe Dist., Da Nang Tel: (84 511) 3 725 542 Fax: (84 511) 3 725 543

Son Tra Transaction Office 617 Ngo Quyen st.,

An Nhon Dong Ward, Son Tra Dist., Da Nang Tel: (84 511) 3 260 099 Fax: (84 511) 3 260 010

Cam Le Transaction Office 179 Ong Ich Duong St.,

Khue Trung Ward, Cam Le Dist., Da Nang Tel: (84 511) 3 247 000 Fax: (84 511) 3 696 700

Hoang Anh Plaza Transaction Office 1 Nguyen Van Linh St.,

Nam Duong Ward, Hai Chau Dist., Da Nang Tel: (84 511) 3 254 767 Fax: (84 511) 3 254 768

Hoang Dieu Transaction Office 202 Hoang Dieu St.,

Nam Duong Ward, Hai Chau Dist., Da Nang Tel: (84 511) 3 573 665 Fax: (84 511) 3 251 661

Lien Chieu Transaction Office 695 Ton Duc Thang,

Hoa Khanh Ward, Lien Chieu Dist., Da Nang Tel: (84 511) 3739 125 Fax: (84 511) 3739 124

Quang Nam Branch Lot 8, Trade Center,

Tam Ky Dist., Quang Nam Tel: (84 510) 3 821 821 Fax: (84 510) 3 821 820

Nam Phuoc Transaction Office 37 Group 2, Quarter 2,

Long Xuyen, Nam Phuoc Ward, Duy Xuyen Dist., Quang Nam Tel: (84 510) 3 777 123 Fax: (84 510) 3 777 125

Tam Ky Transaction Office 568 Phan Chu Trinh St.,

Tam Ky Dist., Quang Nam Tel: (84 510) 3 835 366 Fax: (84 510) 3 835 355

Hoi An Transaction Office 91 Tran Hung Dao St.,

Hoi An, Quang Nam Tel: (84 510) 3 911 031 Fax: (84 510) 3 911 266

Chu Lai Transaction Office Quarter 2, Nui Thanh Town

Ward, Nui Thanh Dist., Quang Nam Tel: (84 510) 3 571 766 Fax: (84 510) 3 571 755

Quang Ngai Branch 449 Quang Trung St.,

Quang Ngai Ward, Quang Ngai City Tel: (84 55) 3 715 555 Fax: (84 55) 3 715 557

Hung Vuong Transaction Office 361 Hung Vuong St.,

Tran Phu Ward, Quang Ngai City Tel: (84 55) 3 716 557 Fax: (84 55) 3 716 555

Binh Son Transaction Office Area 2, National Highway 1A

Chau O Town Ward, Binh Son Dist., Quang Nam Tel: (84 55) 3 523 434 Fax: (84 55) 3 523 437

SOUTH CENTRAL & HIGHLAND

Binh Dinh Branch 98 Mai Xuan Thuong St.,

Ly Thuong Kiet Ward, Quy Nhon Dist., Binh Dinh Tel: (84 56) 3 817 493 Fax: (84 56) 3 817 312

Dap Da Transaction Office Bang Chau Area, Dap Da Town

Ward, An Nhon Dist., Binh Dinh Tel: (84 56) 3 639 702 Fax: (84 56) 3 639 704

Le Loi Transaction Office 97 Le Loi St.,

Tran Hung Dao Ward, Quy Nhon Dist., Binh Dinh Tel: (84 56) 3 817 177 Fax: (84 56) 3 817 176


Distribution Network(continuation)



Dong Khanh Transaction Office 65-67 Tran Hung Dao St., Ward

6, Dist. 5, Ho Chi Minh City Tel: (84 8) 38 384 126 Fax: (84 8) 38 384 074

Le Dai Hanh Transaction Office 347 Le Dai Hanh St., Ward 13,

Dist. 11, Ho Chi Minh City Tel: (84 8) 39 650 442 Fax: (84 8) 39 650 443

Ba Thang Hai Transaction Office 276-280 3 Thang 2 St., Ward


Phu My Hung Transaction Office Dept.D1, No.9, My Hoang Area,

Phu My Hung, Dist. 7, Ho Chi Minh City Tel: (84 8) 54 121 631 Fax: (84 8) 54 120 923

Hong Bang Transaction Office 517 Hong Bang St., Ward 14,


Minh Khai Transaction Office 530-532 Nguyen Thi Minh Khai

St., Ward 2, Dist. 3, Ho Chi Minh City Tel: (84 8) 3 938 1801 Fax: (84 8) 3 938 1802

Cho Lon Branch 920-920A-920B Nguyen Chi

Thanh St., Ward 4, Dist. 11, Ho Chi Minh City Tel: (84 8) 39 555 280 Fax: (84 8) 39 556 139

Binh Tan Transaction Office 494-496 Kinh Duong Vuong St.,

Ward An Lac A, Binh Tan Dist., Ho Chi Minh City Tel: (84 8) 37 522 271 Fax: (84 8) 37 522 272

Phu Lam Transaction Office 63A Kinh Duong Vuong St.,

Ward 12, Dist. 6, Ho Chi Minh City Tel: (84 8) 37 515 257 Fax: (84 8) 37 515 246

Binh Phu Transaction Office 152 Cho Lon, Ward 11, Dist. 6,

Ho Chi Minh City Tel: (84 8) 37 551 723 Fax: (84 8) 37 551 724

Binh Chanh Transaction Office B1/16-B1/17 National Highway

1A, Hamlet 2, Binh Chanh, Binh Chanh Dist., Ho Chi Minh City Tel: (84 8) 37 608 140 Fax: (84 8) 37 608 141

Ly Thuong Kiet Transaction Office 104-106 Ly Thuong Kiet St.,


Lac Long Quan Transaction Office 349L-349K Lac Long Quan St.,


Lanh Binh Thang Transaction Office 294 - 294A Lanh Binh Thanh

St., Ward 11, Dist. 11, Ho Chi Minh City Tel: (84 8) 39 650 934/35/36 Fax: (84 8) 39 650 937

Au Lac Transaction Office 268 Au Co St., Ward 9, Tan

Binh Dist., Ho Chi Minh City Tel: (84 8) 39 753 296 Fax: (84 8) 39 753 299

Binh Tri Dong Transaction Office 234 Vanh Dai Trong St.,

Binh Tri Dong B Ward, Binh Tan Dist., Ho Chi Minh City Tel: (84 8) 38 170 520 Fax: (84 8) 38 170 521

Tan Binh Branch 224 Le Van Sy St., Ward 1,

Tan Binh Dist., Ho Chi Minh City Tel: (84 8) 39 907 202 Fax: (84 8) 39 907 205

Ba Queo Transaction Office 14/3A Truong Chinh St.,

Ward 13, Tan Binh Dist., Ho Chi Minh City Tel: (84 8) 38 495 010 Fax: (84 8) 38 495 010

Lu Gia Transaction Office 08 Street No.2, Lu Gia Hostel,


Ong Ta Transaction Office 785-785A Cach Mang Thang

Tam St., Ward 6, Tan Binh Dist., Ho Chi Minh City Tel: (84 8) 39 702 230 Fax: (84 8) 39 702 230

E - Town Transaction Office 364 Cong Hoa St., Tan Binh

Dist., Ho Chi Minh City Tel: (84 8) 38 125 701 Fax: (84 8) 38 105 702

Lang Cha Ca Transaction Office 315 Hoang Van Thu St.,


Thanh Binh Transaction Office 25 Ly Thuong Kiet St.,


Lac Hong Transaction Office 1016 Lac Long Quan St.,


Cong Hoa Transaction Office 298 Cong Hoa St., Ward 13,

Tan Binh Dist., Ho Chi Minh City Tel: (84 8) 38 107 880 Fax: (84 8) 38 107 884

Bau Cat Transaction Office 201-203-205 Bau Cat St.,

Ward 14, Tan Binh Dist., Ho Chi Minh City Tel: (84 8) 39 493 094 Tel: (84 8) 39 493 095

Go Vap Branch 94-96-98 Nguyen Oanh St.,

Ward 7, Go Vap Dist., Ho Chi Minh City Tel: (84 8) 38 943 648 Fax: (84 8) 38 941 918

Cho Cau Transaction Office A-58 - Area 2 To Ky St., Dong

Hung Thuan Ward, Dist. 12, Ho Chi Minh City Tel: (84 8) 37 150 828 Fax: (84 8) 37 150 828

Nguyen Van Nghi Transaction Office 134-136 Nguyen Van Nghi St.,

Ward 5, Go Vap Dist., Ho Chi Minh City Tel: (84 8) 38 941 001, Tel: (84 8) 38 954216

Xom Moi Transaction Office 20/401 Le Duc Tho St., Ward 16,

Go Vap Dist., Ho Chi Minh City Tel: (84 8) 39 963 090 Fax: (84 8) 39 963 090

Thong Tay Transaction Office 2/5 Quang Trung St., Ward 11,


Thanh Loc Transaction Office 170 Ha Huy Giap St., Thanh Loc

Ward, Dist. 12, Ho Chi Minh City Tel: (84 8) 37 163 903 Fax: (84 8) 37 163 904

Nguyen Thai Son Transaction Office 135-137 Nguyen Thai Son St.,


An Nhon Transaction Office 305-51/570 B Nguyen Oanh St.,


Phan Huy Ich Transaction Office 60/12 Phan Huy Ich St., Ward 12,


Hoang Mai Transaction Office 602 - 604 Le Duc Tho St.,


Hoc Mon Branch 38 Truong Chinh St., Area 6,

Tan Hung Thuan Ward, Dist. 12, Ho Chi Minh City Tel: (84 8) 35 926 001 Fax: (84 8) 35 926 010

Trung Chanh Transaction Office 145/5 Nguyen Anh Thu St.,

Trung Chanh, Hoc Mon Dist., Ho Chi Minh City Tel: (84 8) 38 839 325 Fax: (84 8) 38 839 324

Thoi An Transaction Office 25/3 Le Van Khuong St.,

Thoi An Ward, Dist. 12, Ho Chi Minh City Tel: (84 8) 37 177 308 Fax: (84 8) 37 177 310

An Suong Transaction Office 132/7 Truong Chinh - Area 5,

Tan Thoi Nhat Ward, Dist. 12, Ho Chi Minh City Tel: (84 8) 62 568 459 Fax: (84 8) 62 568 458


Thu Dau Mot Transaction Office 77-79 Doan Tran Nghiep,

Thu Dau Mot, Binh Duong Tel: (84 650) 3 859 961 Fax: (84 650) 3 859 962

Ben Cat Transaction Office 160 Group 6, Cay San

Hamlet, Lai Uyen, Ben Cat, Binh Duong Tel: (84 650) 3 562 863 Fax: (84 650) 3 552 033

Di An Transaction Office 12A/22 Tran Hung Dao,

Binh Minh Hamlet, Di An Town, Binh Duong Tel: (84 650) 3 734 840 Fax: (84 650) 3 734 841

Lai Thieu Transaction Office C186A, Group 18 - Binh Duc

Area, Lai Thieu, Thuan An, Binh Duong Tel: (84 650) 3 760 375 Fax: (84 650) 3 760 437

My Phuoc Transaction Office Area 1, Binh Duong Highway,

My Phuoc, Ben Cat, Binh Duong Tel: (84 650) 3 559 669 Fax: (84 650) 3 559 668

Tan Phuoc Khanh Transaction Office 34 Tel 746 Street,

Tan Phuoc Khanh, Tan Uyen, Binh Duong Tel: (84 650) 3 612 060 Fax: (84 650) 3 612 062

Dau Tieng Transaction Office 6/8 Area 2, Dau Tieng Town,

Dau Tieng, Binh Duong Tel: (84 650) 352 2997 Fax: (84 650) 352 2996

1K Highway Transaction Office 1 B Noi Hoa 2 Hamlet,

Binh An, Di An, Binh Duong Tel: (84 650) 3 772 223 Fax: (84 650) 3 772 226

Tay Ninh Branch 149G, 30 thang 4, Ward 1,

Tay Ninhh, Tay Ninh Tel: (84 66) 3 810 414 Fax: (84 66) 3 810 419

Tan Chau Transaction Office Area 2, Tan Chau Ward,

Tan Chau, Tay Ninh Tel: (84 66) 3 759 023 Fax: (84 66) 3 759 004

Go Dau Transaction Office Lot 2/24, Thanh Ha Area,

Go Dau ward, Tay Ninh Tel: (84 66) 3 520 300 Fax: (84 66) 3 520 299

Hoa Thanh Transaction Office Lot 13-14 Area, Row A - Trade

Center, Hoa Thanh, Tay Ninh Tel: (84 66) 3 831 010 Fax: (84 66) 3 831 009

Tan Bien Transaction Office Area 2, Tan Bien Town,

Tan Bien, Tay Ninh Tel: (84 66) 3 745 666/777 Fax: (84 66) 3 745 990

Trang Bang Transaction Office Area Loc Du, Trang Bang Ward,

Trang Bang, Tay Ninh Tel: (84 66) 3 890 158 Fax: (84 66) 3 890 159

Dong Nai Branch 87-89 30 Thang 4,

Thanh Binh Ward, Bien Hoa, Dong Nai Tel: (84 61) 3 946 067 Fax: (84 61) 3 946 068

Long Khanh Transaction Office Area 5, Xuan Hoa,

Long Khanh, Dong Nai Tel: (84 61) 3 783 587 Fax: (84 61) 3 783 443

Ho Nai Transaction Office 367/8, Hanoi Highway,

Area 5B, Tan Bien, Bien Hoa, Dong Nai Tel: (84 61) 3 884 149 Fax: (84 61) 3 884 073

Bien Hoa Transaction Office 141/5, National Highway 15,

Tam Hiep Ward, Bien Hoa, Dong Nai Tel: (84 61) 3 913 518 Fax: (84 61) 3 913 513

Trang Bom Transaction Office 82/3 Thanh Hoa Hamlet,

Ho Nai 3, Trang Bom, Dong Nai Tel: (84 61) 3 673 970 Fax: (84 61) 3 673 971

Gia Kiem Transaction Office 112/4 Tan Yen Hamlet,

Gia Tan 3, Thong Nhat, Dong Nai Tel: (84 61) 3 778 487 Fax: (84 61) 3 778 488

Long Binh Tan Transaction Office C2/9, 9B/2, Area 1,

Long Binh Tan, Bien Hoa, Dong Nai Tel: (84 61) 3 834 680 Fax: (84 61) 3 834 680

Long Thanh Transaction Office Group 1, Van Hai Area,

Long Thanh Town, Long Thanh, Dong Nai Tel: (84 61) 3 501 976 Fax: (84 61) 3 501 978

Dong Hoa Transaction Office National Highway 1A,

An Binh Hamlet, Trung Hoa, Trang Bom, Dong Nai Tel: (84 61) 3 868 819 Fax: (84 61) 3 868 820

Ba Ria - Vung Tau Branch 67A Le Hong Phong,

Ward 7, Vung Tau City, Ba Ria - Vung Tau Tel: (84 64) 3 553 333 Fax: (84 64) 3 553 336

Ba Ria Transaction Office 3 Duong Bach Mai, Phuong

Trung, Ba Ria - Vung Tau Tel: (84 64) 3 717 148 Fax: (84 64) 3 717 150

Chau Duc Transaction Office 291-293 Hung Vuong St.,

Ngai Giao, Chau Duc, Ba Ria - Vung Tau Tel: (84 64) 3 963 011 Fax: (84 64) 3 963 033

Rach Dua Transaction Office 196 30 Thang 4 St.,

Rach Dua, Vung Tau City, Ba Ria - Vung Tau Tel: (84 64) 3 615 298 Fax: (84 64) 3 615 194

Long Hai Transaction Office 72 Avenue 2, Phuong Hung,

Long Dien, Ba Ria - Vung Tau Tel: (84 64) 3 671 555 Fax: (84 64) 3 671 777

Tan Thanh Transaction Office Group 6, Doc Lap St.,

Ngoc Ha Area, Phu My, Tan Thanh, Ba Ria - Vung Tau Tel: (84 64) 3 895 757 Fax: (84 64) 3 895 759

HOCHIMINH CITY

Saigon Branch 211-213-215 Pham Ngu Lao St.,

Pham Ngu Lao ward, Dist.1, Ho Chi Minh City Tel: (84 8) 38 360 243 Fax: (84 8) 38 368 598

Tan Dinh Transaction Office 69 Phan Dinh Phung St.,

Ward 17, Phu Nhuan Dist., Ho Chi Minh City Tel: (84 8) 39 903 675 Fax: (84 8) 39 903 683

Vo Van Tan Transaction Office 291B - 291/1A Vo Van Tan St.,


District 1 Transaction Office No.63B Calmette St.,

Nguyen Thai Binh Ward, Dist. 1, Ho Chi Minh City Tel: (84 8) 39 144 515 Fax: (84 8) 39 144 516

Ham Nghi Transaction Office 87A Ham Nghi St.,

Nguyen Thai Binh Ward, Dist.1, Ho Chi Minh City Tel: (84 8) 39 147 486 Fax: (84 8) 39 147 489

Cong Quynh Transaction Office 260 Cong Quynh St.,

Pham Ngu Lao Ward, Dist. 1, Ho Chi Minh City Tel: (84 8) 39 259 260/61/62 Fax: (84 8) 39 259 263

Vo Thi Sau Transaction Office 38 Vo Thi Sau St., Tan Dinh

Ward, Dist. 1, Ho Chi Minh City Tel: (84 8) 38 206 375 Fax: (84 8) 38 207 345

Nguyen Cu Trinh Transaction Office 152 Tran Dinh Xu St.,

Nguyen Cu Trinh Ward, Dist.1, Ho Chi Minh City Tel: (84 8) 39 208 911 Fax: (84 8) 39 208 914

Hung Dao Branch 99A Nguyen Van Cu St., Ward 2,






Tan Phu Branch 47 Hoa Binh St., Tan Thoi Hoa

Ward, Tan Phu Dist., Ho Chi Minh City Tel: (84 8) 39 737 303 Fax: (84 8) 39 737 312

Phu Tho Hoa Transaction Office 303 Nguyen Son St., Phu Thanh


Tan Quy Transaction Office 17 Go Dau St., Tan Quy Ward,

Tan Phu Dist., Ho Chi Minh City Tel: (84 8) 38 109 833 Fax: (84 8) 38 109 833

Tan Binh Industrial Park Transaction Office Lot IV-18 No.2 Tan Binh Industrial

Park, Tay Thanh Ward, Tan Phu Dist., Ho Chi Minh City Tel: (84 8) 38 156 799 Fax: (84 8) 38 156 799

Au Co Transaction Office 615B Au Co St., Hoa Thanh


Le Trong Tan Transaction Office 143-145 Le Trong Tan St.,

(& 78 Son Ky), Son Ky Ward, Tan Phu Dist., Ho Chi Minh City Tel: (84 8) 38 165 685 Fax: (84 8) 38 165 687

Go Cat Transaction Office 768 - 770 Tan Ky - Tan Quy St.,

Binh Hung Hoa Ward, Binh Tan Dist., Ho Chi Minh City Tel: (84 8) 37 671 596 Fax: (84 8) 37 671 598

Le Van Quoi Transaction Office 246 Le Van Quoi St., Binh

Hung Hoa Ward, Binh Tan Dist., Ho Chi Minh City Tel: (84 8) 39 721 815 Fax: (84 8) 39 721 817

Luy Ban Bich Transaction Office 351 - 353Luy Ban Bich St.,

Hiep Tan Ward, Tan Phu Dist., Ho Chi Minh City Tel: (84 8) 39 737 303 Fax: (84 8) 39 737 311

Binh Thanh Branch 270B Bach Dang St.,

Ward 24, Binh Thanh Dist., Ho Chi Minh City Tel: (84 8) 35 512 700 Fax: (84 8) 35 512 699

Thi Nghe Transaction Office 89-91 Xo Viet Nghe Tinh St.,


Thanh Da Transaction Office 552A - 552B Xo Viet Nghe Tinh

St., Ward 25, Binh Thanh Dist., Ho Chi Minh City Tel: (84 8) 35 119 570 Fax: (84 8) 35 116 108

Binh Hoa Transaction Office 95 Le Quang Dinh St.,


No Trang Long Transaction Office 202-204 No Trang Long St.,


Binh Tay Branch 59-61-63-65 Hau Giang St.,


Cay Go Transaction Office 129A Minh Phung St., Ward 9,


Pham Van Chi Transaction Office 129-131 Pham Phu Thu St.,


Tran Van Kieu Transaction Office 24 Tran Van Kieu St., Ward 10,


Ba Hom Transaction Office 698 - 10 Avenue - Area 18

Binh Tri Dong Ward, Binh Tan Dist., Ho Chi Minh City Tel: (84 8) 37 620 760 Fax: (84 8) 37 620 765

SHOUTHWEST

An Giang Branch 56B Ton Duc Thang , My Binh,

Long Xuyen, An Giang Tel: (84 76) 3 956 515 Fax: (84 76) 3 956 515

Tan Chau Transaction Office 104 Ton Duc Thang, Long

Thanh, Tan Chau, An Giang Tel: (84 76) 3 534 282 Fax: (84 76) 3 534 284

Chau Phu Transaction Office 17 Tran Quang Khai, Cai Dau,

Chau Phu, An Giang Tel: (84 76) 3 685 856 Fax: (84 76) 3 685 858

Nui Sam Transaction Office Lot A 19 Group 19, National

Highway 91, Vinh Dong 1, Nui Sam, Chau Doc, An Giang Tel: (84 76) 3 571 678 Fax: (84 76) 3 571 680

Cho Moi Transaction Office Avenue 942 - Hamlet 2,

My Luong, Cho Moi, An Giang Tel: (84 76) 3 626 554 Fax: (84 76) 3 626 556

Chau Doc Transaction Office 88 Doc Phu Thu, Chau Phu A,

Chau Doc, An Giang Tel: (84 76) 3 260 262 Fax: (84 76) 3 260 264

Phu Tan Transaction Office 54 Aveneue 954, Phu My,

Phu Tan, An Giang Tel: (84 76) 3 582 444 Fax: (84 76) 3 587 955

Thoai Son Transaction Office 575 Nguyen Hue, Nui Sap,

Thoai Son, An Giang Tel: (84 76) 3 712 770 Fax: (84 76) 3 712 773

Tinh Bien Transaction Office 564-566 Avenue 91 - Xuân Hòa

Tinh Bien, Tinh Bien, An Giang Tel: (84 76) 3 751 751 Fax: (84 76) 3 751 754

Can Tho Branch 34 A2 Tra Noc 1,

Industrial Park, Tra Noc, Binh Thuy, Can Tho Tel: (84 710) 3 843 282 Fax: (84 710) 3 843 295

An Phu Transaction Office 228.1C - 228/1Đ,

Tran Hung Dao, An Nghiep, Ninh Kieu, Can Tho Tel: (84 710) 3 730 002 Fax: (84 710) 3 730 001

Ninh Kieu Transaction Office 96-98 Nguyen Thai Hoc,

Tan An, Ninh Kieu, Can Tho Tel: (84 710) 3 811 022 Fax: (84 710) 3 810 523

Thot Not Transaction Office 314 Avenue 91 -

Long Thanh A Area, Thot Not, Thot Not, Can Tho Tel: (84 710) 3 854 636 Fax: (84 710) 3 854 656

3 Thang 2 Transaction Office 174 B 3 Thang 2, Hung Loi,

Ninh Kieu, Can Tho Tel: (84 710) 3 740 611 Fax: (84 710) 3 740 609

O Mon Transaction Office 958/6 26 Thang 3, Chau Van

Liem, O Mon, Can Tho Tel: (84 710) 3 665 550 Fax: (84 710) 3 665 560

Cai Khe Transaction Office Lot L - K Tran Van Kheo,

Cai Khe, Ninh Kieu, Can Tho Tel: (84 710) 3 761 687 Fax: (84 710) 3 761 688

Cai Rang Transaction Office 415-418 NH 1A - Yen Ha Area,

Le Binh, Cai Rang, Can Tho Tel: (84 710) 3 527 537 Fax: (84 710) 3 527 538

Dong Thap Branch 56 Nguyen Hue St., Ward 2,

Cao Lanh City, Dong Thap Tel: (84 67) 3 871 525 Fax: (84 67) 3 871 535

Sa Dec Transaction Office 6-7 Nguyen Sinh Sac St.,

Ward 2, Sa Dec, Dong Thap Tel: (84 67) 3 772 355 Fax: (84 67) 3 772 360

Hong Ngu Transaction Office 54-56 Hung Vuong, An Thanh,

Hong Ngu, Dong Thap Tel: (84 67) 3 562 998 Fax: (84 67) 3 839 888

Thap Muoi Transaction Office 29/DTran Phu, My An,

Thap Muoi, Dong Thap Tel: (84 67) 3 941 676 Fax: (84 67) 3 941 679


Hiep Thanh Transaction Office 3A Nguyen Anh Thu St.,

Hiep Thanh Ward, Dist. 12, Ho Chi Minh City Tel: (84 8) 37 178 389 Fax: (84 8) 37 178 388

Trang Trau Transaction Office 19/4A Ly Thuong Kiet St.,

Hoc Mon, Hoc Mon Dist., Ho Chi Minh City Tel: (84 8) 38 910 179 Fax: (84 8) 37 103 545

Ba Diem Transaction Office 2/1A-2/1E Phan Van Hon St.,

Trung Lan Hamlet, Ba Diem Hoc Mon, Ho Chi Minh City Tel: (84 8) 35 901 658 Tel: (84 8) 3590 1525

Cu Chi Branch National Highway 22,

Thuong Hamlet, Tan Thong Hoi, Cu Chi, Ho Chi Minh City Tel: (84 8) 37 901 262 Fax: (84 8) 37 900 262

An Nhon Tay Transaction Office Cho Cu An Nhon Tay, Cu Chi,


Tan Quy Transaction Office Avenue 15 Hamlet 12,

Tan Thanh Dong, Cu Chi, Ho Chi Minh City Tel: (84 8) 37 954 885 Fax: (84 8) 37 954 841

Tay Bac Transaction Office National Highway 22, Area 5,

Cu Chi, Ho Chi Minh City Tel: (84 8) 37 924 159 Fax: (84 8) 37 924 158

8 Thang 3 Branch 41-43 Tran Cao Van St.,

( Row A - 1st Floor - Master Building), Ward 6, Dist. 3, Ho Chi Minh City Tel: (84 8) 35 218 318 Fax: (84 8) 35 218 319

8 Thang 3 - Nguyen Trai Transaction Office 234-226/216 Nguyen Trai St.,


Phong Lan Transaction Office 192-194 Ly Thuong Kiet St.,


Thu Duc Branch 231 Vo Van Ngan St.,

Linh Chieu Ward, Thu Duc Dist., Ho Chi Minh City Tel: (84 8) 37 222 799 Fax: (84 8) 37 222 800

Kien Thiet Transaction Office 83A Le Van Viet St., Area 3,

Hiep Phu Ward, Dist. 9, Ho Chi Minh City Tel: (84 8) 37 360 541 Fax: (84 8) 37 360 544

Binh Thai Transaction Office 220 Do Xuan Hop St.,

Phuoc Long A Ward, Dist. 9, Ho Chi Minh City Tel: (84 8) 37 281 973 Fax: (84 8) 37 281 974

An Phu Transaction Office 27 Tran Nao St., Binh An Ward,


Cat Lai Transaction Office 634 Nguyen Thi Dinh St.,

Area 2, Thanh My Loi Ward, Dist. 2, Ho Chi Minh City Tel: (84 8) 37 423 865 Fax: (84 8) 37 423 869

Thao Dien Transaction Office 18 Thao Dien St., Thao Dien

Ward, Dist. 2, Ho Chi Minh City Tel: (84 8) 35194 368 Fax: (84 8) 3 5194 372

District 8 Branch 324 Chanh Hung St., Dist. 8,


Xom Cui Transaction Office 409-411 Tung Thien Vuong St.,


Rach Ong Transaction Office 92-94 Nguyen Thi Tan St.,


Trung Son Transaction Office 29 - 31 9A Street - Trung Sơn

New Town, Binh Hung Ward, Binh Chanh Dist., Ho Chi Minh City Tel: (84 8) 54 317 123 Fax: (84 8 54 318 543

Binh Dang Transaction Office 287-289 Avenue 5 , Ward 5,


Pham The Hien Transaction Office 657 - 659A Pham The Hien St.,

Ward 4, Dist. 8, Ho Chi Minh City Tel: (84 8) 3 852 0220 Tel: (84 8) 3 852 0221

District 4 Branch 55-57 Hoang Dieu St., Dist. 4,


Tan Thuan Transaction Office 384 Huynh Tan Phat St.,

Binh Thuan, Dist. 7, Ho Chi Minh City Tel: (84 8) 38 724 288 Fax: (84 8) 38 724 289

My Toan Transaction Office 954-956 My Toan 3 Area -

Nguyen Van Linh Blvd, Tan Phong Ward, Dist. 7, Ho Chi Minh City Tel: (84 8) 54 103 944 Fax: (84 8) 54 103 959

Nha Be Transaction Office 83 Huynh Tan Phat St.,

Nha Be, Ho Chi Minh City Tel: (84 8) 38 738 827 Fax: (84 8) 38 738 826

Can Thanh Transaction Office 199/3 Duyen Hai, Mieu Ba

Hamlet, Can Thanh, Can Gio, Ho Chi Minh City Tel: (84 8) 37 861 601 Fax: (84 8) 37 861 604

Nguyen Thi Thap Transaction Office 172 Nguyen Thi Thap St.,

Binh Thuan Ward, Dist. 7, Ho Chi Minh City Tel: (84 8) 37 754 635 Fax: (84 8) 37 754 639

Hoa Viet Branch 382 A-B Tran Hung Dao St.,


Phung Hung Transaction Office 36-38 Phung Hung St., Ward


Ngo Quyen Transaction Office 271 Ngo Quyen St., Ward 6,


Han Hai Nguyen Transaction Office 278 - 280 Han Hai Nguyen St.,


Dien Bien Phu Branch 549 Dien Bien Phu St., Ward 3,


Nguyen Tri Phuong Transaction Office 335-337 Nguyen Tri Phuong St.,


Bac Hai Transaction Office Area A - 24 Truong Son St.,


Su Van Hanh Transaction Office 836-838 Su Van Hanh

(extension) St., Ward 13, Dist. 10, Ho Chi Minh City Tel: (84 8) 54 348 199 Fax: (84 8) 54 348.200

Maximark 3/2 Transaction Office 3C 3 Thang 2 St., Ward 11,


District 10 Transaction Office 187 Ngo Gia Tu St., Ward 3,

Dist. 10, Ho Chi Minh City Tel: (84 8) 54 052 025 Tel: (84 8) 54 052 026





COMMITMENT TO ENVIRONMENT AND COMMUNITY

Cai Be Transaction Office 875 Hamlet 5, Phu An Town,

Cai Lay, Tien Giang Tel: (84 73) 3 925 777 Fax: (84 73) 3 925 776

Go Cong Transaction Office 318 Vo Duy Linh, Ward 1,

Go Cong, Tien Giang Tel: (84 73) 3 513 133 Fax: (84 73) 3 513 143

Cai Lay Transaction Office 2/336 Area 5, Avenue 88, Cai

Lay Town, Cai Lay, Tien Giang Tel: (84 73) 3 919 883 Fax: (84 73) 3 919 886

Vinh Kim Transaction Office Vinh Thanh Hamlet, Vinh Kim

Town, Chau Thanh Dist., Tien Giang Tel: (84 73) 3 619 123 Fax: (84 73) 3 619 122

Cho Gao Transaction Office 130 - Lot 1, Area 2, Cho Gao

Town, Cho Gao, Tien Giang Tel: (84 73) 3 654 801 Fax: (84 73) 3 654 806

My Tho A Transaction Office 194 Ap Bac, Ward 5,

My Tho, Tien Giang Tel: (84 73) 3 977 901 Fax: (84 73) 3 977 906

Tra Vinh Branch 40 Dien Bien Phu, Ward 2,

Tra Vinh, Tra Vinh Tel: (84 74) 3 858 711 Fax: (84 74) 3 858 710

Cang Long Transaction Office 02-03 NH 53, Cang Long Town,

Cang Long, Tra Vinh Tel: (84 74) 3 884 411 Fax: (84 74) 3 884 409

Ca Mau Branch 44 Ly Bon, Ca Mau, Ca Mau

Tel: (84 780) 3 812 001 Fax: (84 780) 3 812 006

Nam Can Transaction Office H35, H36 Nguyen Tat Thanh,

Nam Can, Nam Can, Ca Mau Tel: (84 780) 3 730 996 Fax: (84 780) 3 730 999

Tac Van Transaction Office 120 Hamlet 3, Tac Van,

Ca Mau City, Ca Mau Tel: (84 780) 3 660 044 Fax: (84 780) 3 661 324

INTERNATIONAL

Laos Branch 175/02 Saylom, Ban Hatsady,

Chanthabury, Vientiane - Laos Tel: (00 856) 212 60 400 Fax: (00 856) 212 60 401/402

Phnom Penh Branch 60 Norodom Boulevard,

Sangkat Chey Chumnas, Khan Daun Pênh Phnom Penh - Cambodia Tel: (00 855) 23 223 422 Fax: (00 855) 23 223 433

Olympic Transaction Office 319-321 Preah Shihanouk

Boulevard, Sangkat Veal Vong, Khan 7 Makara, Phnom Penh - Cambodia Tel: (00 855) 23 223 420 Fax: (00 855) 23 223 402


Kien Giang Branch 137 Nguyen Hung Son,

Vinh Thanh Van, Rach Gia, Kien Giang Tel: (84 77) 3 875 797 Fax: (84 77) 3 875 737

Tan Hiep Transaction Office 496 NH 80, Dong Thanh

Hamlet, Dong Thanh A, Tan Hiep, Kien Giang Tel: (84 773) 731 931 Fax: (84 773) 731 933

Rach Soi Transaction Office 27 Cach Mang Thang Tam,

Vinh Loi, Rach Gia, Kien Giang Tel: (84 77) 3 913 718 Fax: (84 77) 3 913 719

Hon Dat Transaction Office 47 Duong Hon Hamlet, Hon Dat

Town, Hon Dat, Kien Giang Tel: (84 77) 3 786 134 Fax: (84 77) 3 786 134

Ha Tien Transaction Office 16 Tran Hau, Dong Ho,

Ha Tien, Kien Giang Tel: (84 77) 3 260 230 Fax: (84 77) 3 260 300

Minh Luong Transaction Office 30 NH 61, Minh Luong Town,

Chau Thanh, Kien Giang Tel: (84 77) 3 619 363 Fax: (84 77) 3 619 366

Kien Luong Transaction Office 16-17-18 Lot L2,

Ba Hon New Town Center, Kien Luong, Kien Giang Tel: (84 77) 3 751 951 Fax: (84 77) 3 751 954

Rach Gia Transaction Office 361-363 Nguyen Trung Truc,

Vinh Lac, Rach Gia, Kien Giang Tel: (84 77) 3 690 778 Fax: (84 77) 3 690 777

Phu Quoc Branch 52B 30 Thang 4 St., Area 1,

Duong Dong, Phu Quoc, Kien Giang Tel: (84 77) 3 995 118 Fax: (84 77) 3 995 116

An Thoi Transaction Office Area 3 An Thoi Town,

Phu Quoc, Kien Giang Tel: (84 77) 3 999 771 Fax: (84 77) 3 999 773

Hau Giang Branch 31 - 3 Thang 2, Area 3, Ward 5,

Vi Thanh, Hau Giang Tel: (84 711) 3 876 075 Fax: (84 711) 3 876 950

Chau Thanh A Transaction Office 9A NH 61, Tan Phu Hamlet,

Tan Phu Thanh, Chau Thanh A, Hau Giang Tel: (84 711) 3 952 774 Fax: (84 711) 3 952 773

Nga Bay Transaction Office 1/451 Trieu Au, Nga Bay,

Nga Bay, Hau Giang Tel: (84 711) 3 962 826 Fax: (84 711) 3 962 824

Long My Transaction Office 50-52 30 Thang 4, 2 Hamlet,

Long My Town, Long My, Hau Giang Tel: (84 711) 3 511 618 Fax: (84 711) 3 511 616

Bac Lieu Branch B1A - Lot B Tran Phu,

Bac Lieu Trade Center, Ward 3, Bac Lieu, Bac Lieu Tel: (84 781) 3 932 206 Fax: (84 781) 3 932 201

Ho Phong Transaction Office 151-153 NH 1A, Hamlet 2,

Ho Phong Town, Gia Rai, Bac Lieu Tel: (84 781) 36 712 484 Fax: (84 781) 3 671 494

Hoa Binh Transaction Office 20 - NH 1A, Hamlet A1, Hoa

Binh Town, Hoa Binh, Bac Lieu Tel: (84 781) 3 883 288 Fax: (84 781) 3 883 289

Phuoc Long Town Transaction Office 307A Noi O Hamlet, Phuoc Long,

Phuoc Long, Bac Lieu Tel: (84 781) 3 581 583 Fax: (84 781) 3 581 584

Soc Trang Branch 30 Tran Hung Dao, Hamlet 1,

Ward 2, Soc Trang City, Soc Trang Tel: (84 79) 3 616 762 Fax: (84 79) 3 616 761

My Xuyen Transaction Office 1 - Avenue 8, Thanh Loi

Hamlet, My Xuyen, My Xuyen, Soc Trang Tel: (84 79) 3 831 427 Fax: (84 79) 3 831 426

Hai Ba Trung Transaction Office 118 Hai Ba Trung, Hamlet 1,

Ward 1, Soc Trang, Soc Trang Tel: (84 79) 3 622 624 Fax: (84 79) 3 622 621

Vinh Chau Transaction Office 247A 30 Thang 4, Vinh Chau,

Vinh Chau, Soc Trang Tel: (84 79) 3 911 567 Fax: (84 79) 3 911 55563

Thanh Phu Transaction Office 126 NH 1A- Hamlet 3, Thanh

Phu, My Xuyen, Soc Trang Tel: (84 79) 3 690 044 Fax: (84 79) 3 690 033

Long An Branch 165-167 Hung Vuong,

Ward 2, Tan An, Long An Tel: (84 72) 3 831 590 Fax: (84 72) 3 831 594

Ben Luc Transaction Office 90 Nguyen Huu Tho,

Ben Luc, Ben Luc, Long An Tel: (84 72) 3 633 443 Fax: (84 72) 3 633 442

Tan An Transaction Office 25 Nguyen Dinh Chieu,

Ward 1, Tan An, Long An Tel: (84 72) 3 553 799 Fax: (84 72) 3 553 699

Duc Hoa Transaction Office Binh Tien 1 Hamlet,

825 Avenue, Duc Hoa Ha, Duc Hoa, Long An Tel: (84 72) 3 763 976 Fax: (84 72) 3 763 978

Can Giuoc Transaction Office Lot 7-8 TM Residential Area,

Area 2, NH 50, Can Giuoc, Can Giuoc, Long An Tel: (84 72) 3 741 717 Fax: (84 72) 3 741 719

Thu Thua Transaction Office 2/30B Phan Van Tinh,

Thu Thua, Thu Thua, Long An Tel: (84 72) 3 613 660 Fax: (84 72) 3 613 664

Can Duoc Transaction Office 22A NH 50 - Area 3, Can Duoc,

Can Duoc, Long An Tel: (84 72) 3 713 555 Fax: (84 72) 3 713 444

Moc Hoa Transaction Office 42A Hung Vuong, Moc Hoa,

Moc Hoa, Long An Tel: (84 72) 3 958 330 Fax: (84 72) 3 958 334

Vinh Long Branch 35B - 3 Thang 2, Ward 1,

Vinh Long City, Vinh Long Tel: (84 70) 3 878 260 Fax: (84 70) 3 878 261

Binh Minh Transaction Office 838 Ngo Quyen, Cai Von,

Binh Minh, Vinh Long Tel: (84 70) 3 741 262 Fax: (84 70) 3 741 272

Nguyen Hue Transaction Office 156 Nguyen Hue, Ward 2,

Vinh Long City, Vinh Long Tel: (84 70) 3 836 898 Fax: (84 70) 3 836 896

Tra On Transaction Office 15D - 16D, Gia Long, Area 1,

Tra On, Vinh Long Tel: (84 70) 3 772 727 Fax: (84 70) 3 772 728

Ben Tre Branch 14C1 Dong Khoi Highway,

Phu Khuong, Ben Tre City, Ben Tre Tel: (84 75) 3 839 115 Fax: (84 75) 3 839 116

Mo Cay Transaction Office 320 NH 60, Mo Cay Town,

Mo Cay Nam, Ben Tre Tel: (84 75) 3 662 662 Fax: (84 75) 3 662 663

Binh Dai Transaction Office 159/C Area 3, Binh Dai Town,

Binh Dai, Ben Tre Tel: (84 75) 3 742 743 Fax: (84 75) 3 742 744

Tien Giang Branch 6 Dinh Bo Linh, Ward 2,

My Tho, Tien Giang Tel: (84 73) 3 973 345 Fax: (84 73) 3 973 342




Street corner, Phnom Penh

[Embracing opportunities - Ushering success]

Sacombank became the first bank that expanded its network into Cambodia, when the Phnom Penh Branch opened its doors in 2009. The entry helped the bank bring new opportunities to the banking and finance industry of Cambodia, and affirm the bank’s role as the link for enterprises in Vietnam, Laos, and Cambodia. The presence of Sacombank in Cambodia and Laos has facilitated access into the Indochina market for member companies of the Samcombank Group.

Banking Services and Products:• 1-hour Remittance Service between Vietnam, Laos

and Cambodia through the Sacombank’s system.• Sacombank SBJ Gold Deposit Accounts per

Sacombank Safe Program.• Sacombank SBJ Gold Loan.• Flexi-Loans with competitive interest rates to small

enterprises.

KINGDOM OF CAMBODIA

vietnamCAMBODIA

LAOS



90 UNITED OVERSEAS BANK LIMITED91 “WACHOVIA BANK, NA, SHANGHAI

BRANCH (A DIVISION OF WELLS FARGO BANK, N.A.)”

92 WELLS FARGO BANK N.A. HONG KONG BRANCH

93 WELLS FARGO BANK, N.A94 WING HANG BANK95 WOORI BANK (CHINA) LIMITED96 WOORI BANK SHANGHAI BRANCH97 YINZHOU BANK

COOK ISLANDS

1 ANZ BANKING GROUP

CZECH REPUBLIC

1 HVB BANK CRECH REPUBLIC A. S.2 CESKA SPORITELNA AS3 DEUTSCHE BANK AG4 KOMERCNI BANKA A.S.5 COMMERZBANK AG

DENMARK

1 ABN AMRO BANK7 DANSKE BANK A/S8 NORDEA BANK DENMARK9 SPAR NORD BANK10 SYDBANK A/S

EGYPT

1 BANK OF NOVA SCOTIA

FIJI

1 ANZ BANKING GROUP LIMITED

FINLAND

1 DANSKE BANK 2 NORDEA BANK FINLAND3 SAMPO BANK4 POHJOLA PANKKI OYJ (POHJOLA BANK PLC)

FRANCE

1 BANQUE DE NEUFLIZE, SCHULUMBERGER

2 CM-CIC CREDIT INDUSTRIEL ET COMMERCIAL - CIC

3 KBC BANK4 ING BANK FR5 SOCIETE GENERALE6 CREDIT LYONAIS7 FORTIS BANK FR8 BNP PARIBAS (ALL BRANCHES)9 CALYON10 HSBC FRANCE (FORMERLY HSBC CCF)11 NATIXIS

GERMANY

1 ABN AMRO BANK N.V NIEDERLASSUNG DEUTSCHLAND

2 ANZ BANKING GROUP LIMITED3 BAYERISCHE HYPO- UND VEREINSBANK

AG (ALL BRANCHES IN GERMANY)4 COMMERZBANK (ALL BRANCHES

WORLDWIDE)5 BHF BANK6 DANSKE BANK

7 DEUTSCHE BANK AG (ALL BRANCHES IN GERMANY)

8 COMMERZBANK AG (FORMERLY DRESDNER BANK AG)

9 FORTIS BANK, NIEDERLASSUNG DEUTSCHLAND

10 J.P.MORGAN11 HAMBURGER SPARKASSE AG12 LANSDESBANK BADEN

WUERTTEMBURG13 MIZHUHO CORPORATION BANK LTD14 SCANDINAVISKA ENSKILDA BAKEN (SEB AG)15 DZ BANK AG 16 EUROPAEISCH-IRANISCHE

HANDELSBANK17 HSH NORDBANK AG18 VOLKSBANK PFORZHEIM EG19 BAYERISCHE

LANDESBANK,NUERNBERG BRANCH

GHANA

1 STANDARD CHARTERED BANK

HUNGARY

1 ERSTE BANK HUNGARY RT2 ING BANK, HU3 K AND H BANK ZRT.(FORMERLY

KERESKEDELMI ES HITELBANK RT)4 UNICREDIT BANK HUNGARY ZRT.

INDIA

5 BANK OF AMERICA, N.A6 BANK OF INDIA, IN7 CITI BANK8 HSBC9 STANDARD CHARTERED BANK10 UNION BANK OF INDIA11 MASHREQBANK PSC.12 KARUR VYSYA BANK LTD.13 DEUTSCHE BANK AG14 AXIS BANK LIMITED

INDONESIA

2 ANZ BANKING GROUP3 BANK OF AMERICA, N.A4 BANK RAKYAT INDONESIA (ALL

BRANCHES IN INDONESIA)5 CITIBANK N.A.6 HSBC7 STANDARD CHARTERED BANK8 BANK OF CHINA9 BANK OF TOKYO-MITSUBISHI10 PT BANK OCBC NISP TBK11 BANK OF DANAMON INDONESIA12 BANK CENTRAL ASIA13 JP MORGAN CHASE BANK14 DEUTSCHE BANK AG16 PT. BANK CIMB NIAGA, TBK.

ISRAEL

1 UNION BANK OF ISRAEL LTD (ALL BRANCHES IN ISRAEL)

2 CITIBANK3 ISRAEL DISCOUNT BANK4 MERCANTILE DISCOUNT BANK LTD5 BANK LEUMI LE ISRAEL B.M.

ITALY

1 12 BANCA DELL’ARTIGIANATO E

DELL’INDUSTRIA SPA3 BANCA DELLE MARCHE SPA (ALL THE

BRANCHES IN ITALY)4 BANCA MONTE DEI PASCHI DI SIENA S.P.A.5 BANCA NAZIONALE DEL LAVORO S.P.A.6 BANCA POPOLARE DELL’EMILIA

ROMAGNA7 BANCA POPOLARE DI CREMA S.P.A.

(BANCO POPOLARE GROUP)8 BANCA POPOLARE DI CREMONA SPA

(BANCO POPOLARE GROUP)9 BANCA POPOLARE DI NOVARA SPA

(BANCO POPOLARE GROUP)10 BANCA POPOLARE DI VERONA-SGSP

SPA (BANCO POPOLARE GROUP)11 BANCO POPOLARE SOC. COOP.12 CASSA DI RISPARMIO DI LUCCA PISA

LIVORNO SPA (BANCO POPOLARE GROUP)13 CCREA BANCA, MILANO BRANCH14 “CREDITO BERGAMASCO S.P.A. (BANCO

POPOLARE GROUP) (ALL THE BRANCHES IN ITALY)”15 EFIBANCA S.P.A. (BANCO POPOLARE GROUP)16 ICCREA BANCA - ISTITUTO CENTRALE

DEL CREDITO COOPERATIVO17 ICCREA BANCA, FIRENZE BRANCH18 ING BANK, IT19 “INTESA SANPAOLO SPA (ALL THE

BRANCHES IN ITALY) (BCITITMM400 => BCITITMM453)”20 UBI BANCA (UNIONE DI BANCHE

ITALIANE) S.C.P.A21 UGF BANCA SPA22 UNICREDIT BANCA DI ROMA S.P.A.23 UNICREDIT BANK AG MILAN BRANCH24 UNICREDIT CORPORATE BANKING SPA25 UNICREDIT S.P.A.

JAPAN

1 THE ROYAL BANK OF SCOTLAND PLC (FORMER ABN AMRO BANK N.V.)

2 ANZ BANKING GROUP3 BANK OF AMERICA, N.A4 BANK OF TOKYO MITSUBISHI5 WACHOVIA BANK6 WOORI BANK7 HSBC8 THE MIZUHO CORPORATE BANK LTD9 RESONA BANK LTD10 SHINHAN BANK11 STANDARD CHARTERED BANK12 SUMITOMO MITSUI BANKING CORP13 UNITED OVERSEAS BANK14 BANK OF NOVA SCOTIA, THE15 MIZUHO BANK, LTD16 DBS BANK17 FIRST COMMERCIAL BANK18 TOKUSHIMA BANK19 OCBC20 BAYERISCHE HYPO UND VEREINSBANK21 DEUTSCHE BANK AG22 PHILIPPINE NATIONAL BANK TOKYO BRANCH23 HANA BANK24 CITIBANK JAPAN LTD.

Contributing to the Development of CommunitiesNational and International AwardsDistribution NetworkAgency Network

33 CHINA MINSHENG BANKING COPORATION34 CHIYU BANKING CORP. LTD35 CITI BANK36 CITI BANK37 CITIC BANK INTERNATIONAL LIMITED38 DAH SING BANK LTD39 DALIAN CITY COMMERCIAL BANK40 DBS BANK41 DBS BANK42 DBS BANK43 DBS BANK (CHINA) LIMITED44 DEUTSCHE BANK AG45 ESUN COMMERCIAL BANK LTD.46 EVERGROWING BANK47 FORTIS BANK ASIA HONGKONG48 FORTIS BANK S.A/N.A49 FORTIS BANK S.A/N.A50 FORTIS BANK S.A/N.A51 FUJIAN INDUSTRIAL BANK52 GUANGDONG DEVELOPMENT BANK53 GUANGXI BEIBU GULF BANK CO.,LTD54 BANK OF GUIYANG55 HANA BANK (CHINA) COMPANY LIMITED56 HANGSENG BANK57 HONG KONG INTERBANK CLEARING LIMITED58 HONGKONG AND SHANGHAI BANKING

CORPORATION LIMITED59 HONGKONG AND SHANGHAI BANKING

CORPORATION LIMITED60 HUA XIA BANK61 HUANAN BANK 62 INDUSTRIAL AND COMMERCIAL BANK OF

CHINA (ALL BRANCHES IN CHINA)63 ING BANK, HK64 JIANGSU JIANGNAN RURAL

COMMERCIAL BANK CO.,LTD.65 JPMORGAN CHASE BANK (CHINA)

COMPANY LIMITED BEJING BRANCH66 JPMORGAN CHASE BANK (CHINA)

COMPANY LIMITED SHANGHAI BRANCH67 JPMORGAN CHASE BANK, N.A., HONG

KONG BR.68 KBC BANK69 KBC BANK70 KBC BANK71 KOOKMIN BANK72 KOREA EXCHANGE BANK73 MASHREQBANK PSC.74 MIZUHO CORPORATE BANK LTD. HONG

KONG BRANCH75 NATIONAL BANK OF ABU DHABI76 OCBC77 OCBC78 ROYAL BANK OF SCOTLAND HK79 SHENZHEN DEVELOPMENT BANK (ALL

BRANCHES IN CHINA)80 SHINHAN BANK81 SOCIETE GENERALE (CHINA) LIMITED82 STANDARD BANK ASIA LIMITED83 STANDARD CHARTERED BANK (HONG

KONG) LIMITED84 SUMITOMO MITSUI BANKING CORP85 SUMITOMO MITSUI BANKING CORP86 SUMITOMO MITSUI BANKING CORP87 SUMITOMO MITSUI BANKING CORP88 SUMITOMO MITSUI BANKING CORP89 UNICREDIT BANK AG HONG KONG

BRANCH (HYPOVEREINSBANK HONG KONG BRANCH)

4 ABN AMRO BANK N.V5 THE ROYAL BANK OF SCOTLAND N.V.

(BELGIUM)

BULGARIA

1 CITIBANK2 UNICREDIT BULBANK AD.

CAMBODIA

1 ACLEDA BANK PLC2 CANADIAN BANK LTD3 SINGAPORE BANKING CORPORATON LTD4 FOREIGN TRADE BANK OF CAMBODIA5 ANZ ROYAL BANK (CAMBODIA) LTD6 NATIONAL BANK OF CAMBODIA7 KOOKMIN BANK CAMBODIA PLC

CAMEROON


CANADA

1 BANK OF AMERICA, N.A.2 BANK OF NOVA SCOTIA

CHILE

1 BANCO DE CHILE (ALL BRANCHES WORLDWIDE)

2 BANCO ITAU CHILE

CHINA

1 THE ROYAL BANK OF SCOTLAND N.V., (HONG KONG) BRANCH

2 (FOCUS ON SHANGHAI)3 ABN AMRO BANK N.V4 AGRICULTURAL BANK OF CHINA (ALL

BRANCHES IN CHINA)5 ANSHAN CITY COMMERCIAL BANK6 ANZ BANKING GROUP LIMITED7 ANZ BANKING GROUP LIMITED8 ANZ BANKING GROUP LIMITED9 BANK OF AMERICA, N.A.10 BANK OF AMERICA, N.A.11 BANK OF AMERICA, N.A.12 BANK OF AMERICA, N.A.13 BANK OF AMERICA, N.A.14 BANK OF BEIJING15 BANK OF CHINA16 BANK OF CHINA (ALL BRANCHES IN

CHINA)17 BANK OF COMMUNICATIONS,CN18 BANK OF COMMUNICATIONS,CN19 BANK OF HEBEI (FORMERLY

SHIJIAZHUANG CITY COMMERCIAL BANK)20 BANK OF NANJING21 BANK OF NEW YORK,HK22 BANK OF NOVA SCOTIA23 BANK OF RIZHAO24 BANK OF SHANGHAI25 BANK OF TOKYO26 BANK SINOPAC27 BNP PARIBAS28 CHINA CITIC BANK29 CHINA CONSTRUCTION BANK (ALL

BRANCHES IN CHINA)30 CHINA CONSTRUCTION BANK (ALL

BRANCHES IN CHINA)31 CHINA EVERBRIGHT BANK (ALL

BRANCHES IN CHINA)32 CHINA MERCHANTS BANK

AFGHANISTAN


ARGENTINA

1 DEUTSCHE BANK AG

AUSTRIA

1 BANK AUSTRIA CREDITANSTALT AG2 ERSTE BANK DER OESTERREICHISCHEN SPARKESSEN AG (ALL BRANCHES IN AUSTRIA)3 RAIFFEISEN ZENTRALBANK

OESTERREICH AG4 DEUTSCHE BANK AG5 RAIFFEISENLANDESBANK

NIEDEROESTERREICH – WIEN AG 6 HYPO ALPE-ADRIA-BANK INTERNATIONAL

A.G

AUSTRALIA

1 ABN AMRO BANK N.V2 ABN AMRO AUSTRALIA LTD3 ANZ BANKING GROUP4 BANK OF AMERICA, N.A.5 COMMONWEALTH BANK AUSTRALIA6 MIZUHO CORPORATE BANK LTD, SYDNEY

BR7 S.T GEORGE BANK LTD 8 WESTPAC BANKING CORP (ALL BRANCHES IN AUSTRALIA)9 JP MORGAN CHASE BANK10 OCBC11 HSBC BANK AUSTRALIA LIMITED12 BNP PARIBAS AUSTRALIA

BAHRAIN


BANGLADESH

1 WOORI BANK, DHAKA2 STANDARD CHARTERED BANK3 CITIBANK N.A.

BELARUS

1 BELINVESTBANK JSC (ALL BRANCHES IN BELARUS)

2 BELPROMSTROIBANK3 BELVNESHECONOMBANK OJSC4 BELROSBANK

BRAZIL

1 BANCO ABN AMRO REAL S.A (ALL BRANCHES IN BRAZIL)

2 BANCO BRADESCO S.A3 HSBC BANK, BRAZIL

BAHAMAS

1 SCOTIABANK (BAHAMAS)

BELGIUM

ABN AMRO BANK1 ING BELGIUM NV/SA (FORMERLY BANK

BRUSSELS LAMBERT SA) (ALL BRANCHES IN BELGIUM)

2 FORTIS BANQUE S.A/N.V (FORMERLY CENERALE DE BANQUE SA)

(ALL BRANCHES IN BELGIUM)3 KBC BANK NV (ALL BRANCHES IN

BELGIUM)


Agency Network



19 HSBC20 ING BANK21 INTESA SANPAOLO S.P.A. (FORMER

SANPAOLO IMI)22 JPMORGAN CHASE BANK SINGAPORE 23 KRUNG THAI BANK PCL24 MALAYAN BANKING BERHAD25 MIZUHO CORPORATE BANK LTD26 NATEXIS BANQUES POPULAIRES27 NATIONAL BANK OF KUWAIT28 NORDEA BANK, SE29 OVERSEA-CHINESE BANKING

CORPORATION LIMITED30 RABOBANK31 RZB 32 SKANDINAVISKA ENSKILDA BAKEN33 SOCIETE GENERALE34 STANDARA CHARTERED BANK35 SUMITOMO MITSUI BANKING CORP36 SVENSKA HANDELSBANKEN37 U.B.A.F. - UNION DE BANQUES ARABES

ET FRANCAISES38 UBS AG39 UNITED OVERSEAS BANK40 WOORI BANK

SLOVAKIA

1 SLOVENSKA SPORITELNA2 UNICREDIT BANK SLOVAKIA A.S

SOLOMON

1 STANDARD CHARTERED BANK2 DEUTSCHE BANK AG

SOUTH AFRICA

1 FIRSTRAND BANK LTD2 STANDARD BANK OF SOUTH AFRICA LTD3 STANDARD CHARTERED BANK

SAUDI ARABIA

1 NATIONAL COMMERCIAL BANK2 AL RAJHI BANK

SLOVENIA

1 UNICREDIT BANKA SLOVENIJA D.D.2

SPAIN

1 BANCO BILBAO VIZCAYA ARGENTARIA S.A.2 BANCO BPI S.A3 BANCO DE SABADELL S.A.4 BANCO DE VALENCIA S.A (ALL BRANCHES)5 BANCO ESPANOL DE CREDITO6 BANCO POPULAR ESPANOL, S.A.7 BANKINTER S.A8 BNP PARIBAS S.A. SUCURSAL EN ESPANA9 CAIXA D’ESTALVIS I PENSIONS10 CAJA DE AHORROS DE VALENCIA11 CAJA DE AHORROS DEL MEDITERRANEO12 CONFEDERACION ESPANOLA DE CAJAS

DE AHORROS

SRI LANKA

1 CITI BANK2 BANK OF CEYLON

SWEDEN

1 SVENSKA HANDELSBANKEN (ALL BRANCHES IN SWEDEN)

2 DANSKE BANK AS, SVERIGE FILIAL3 NORDEA BANK, SE4 SKANDINAVISKA ENSKILDA BANKEN5 SKANDINAVISKA ENSKILDA BANKEN6 “SKANDINAVISKA ENSKILDA BANKEN (ALL BRANCHES IN SWEDEN)”7 SVENSKA HANDELSBANKEN

SWITZERLAND

1 BANQUE CANTONALE DE GENEVE (*)2 BANQUE CANTONALE VAUDOISE BIPIELLE BANK(SUISSE), (GRUPPO

BIPIELLE)3 BNP PARIBAS S.A4 CREDIT AGRICOLE (SUISSE) SA (ALL

SWISS OFFICES)5 CREDIT SUISSE (ALL BRANCH IN

SWITZELAND)6 DEUSCHE BANK AG7 ING BELGIUM8 UBS AG (ALL BRANCHES IN

SWITZERLAND)9 ZUERCHER KANTONALBANK

TAIWAN

1 ABN AMRO TAIPEI2 ANZ BANKING GROUP3 BANK OF AMERICA, N.A4 BANK OF NOVA SCOTIA5 BANK OF PANHSIN6 BANK OF TAIWAN7 BANK OF TOKYO - MITSUBISHI LTD8 BANK SINOPAC (ALL BRANCH IN

TAIWAN)9 BNP PARIBAS TAIWAN10 BNP PARIBAS TAIWAN11 CHANG HWA COMMERCIAL BANK LTD.12 CHINA TRUST COMMERCIAL BANK13 CITI BANK14 CITIBANK TAIWAN LIMITED15 DEUTSCHE BANK AG16 ESUN COMMERCIAL BANK LTD.17 FIRST COMMERCIAL BANK18 HSBC BANK (TAIWAN) LIMITED19 HUA NAN COMMERCIAL BANK20 INDUSTRIAL BANK OF TAIWAN 21 “INTERNATIONAL COMMERCIAL BANK

OF CHINA (MEGA INTERNATIONAL COMMERCIAL BANK CO. LTD.)

(ALL BRANCH IN TAIWAN)”22 JIH SUN INTERNATIONAL BANK23 JP MORGAN CHASE BANK24 KING’S TOWN BANK25 LAND BANK OF TAIWAN26 MIZUHO CORPORATE BANK, LTD, TAIPEI BR27 OCBC28 SCB29 SHANGHAI COMMERCIAL AND SAVINGS

BANK LTD.30 STANDARD CHARTERED BANK, TAIPEI

BRANCH31 SUMITOMO MITSUI BANKING CORP32 TAICHUNG COMMERCIAL BANK33 TAIPEI FUBON COMMERCIAL BANK34 TAIPEI FUBON COMMERCIAL BANK CO., LTD35 TAIWAN BUSINESS BANK36 TAIWAN COOPERATIVE BANK37 THE HONGKONG AND SHANGHAI

BANKING CORPORATION LTD

38 UNION BANK OF TAIWAN39 UNITED OVERSEAS BANK40 WELLS FARGO BANK N.A., TAIPEI BRANCH41 WELLS FARGO BANK, N.A

THAILAND

1 ABN AMRO BANK N.V2 BANGKOK BANK PUBLIC COMPANY LIMITED3 BANK OF AMERICA, N.A 4 BANK OF AYUDHYA5 BANK OF TOKYO-MITSUBISHI LTD6 CALYON (FORMERLY CREDIT AGRICOLE

INDOSUESZ)7 CIMB THAI BANK PUBLIC COMPANY

LIMITED (FORMERLY BANKTHAI PUBLIC COMPANY LIMITED)

8 CITI BANK9 DEUTSCHE BANK10 EXPORT-IMPORT BANK OF THAILAND11 HSBC12 JPMORGAN CHASE BANK, N.A.,

BANGKOK BRANCH13 KASIKORNBANK 14 KRUNG THAI BANK PCL15 MIZUHO CORPORATE BANK LTD16 OCBC17 SIAM COMMERCIAL BANK PUBLIC CO.,18 STANDARD CHARTERED BANK (THAI) PCL19 SUMITOMO MITSUI BANKING CORP20 THAI MILITARY BANK PCL21 THANACHART BANK PUBLIC CO LTD22 THANACHART BANK PUBLIC COMPANY

LIMITED23 UNITED OVERSEAS BANK

TONGA

1 ANZ BANKING GROUP

TURKEY

1 CITIBANK2 FINANSBANK A.S.3 TURKIYE GARANTI BANKASI A.S.

UKRAINE

1 OJSC UNICREDIT BANK2 PRIVATBANK (ALL BRANCH IN UKRAINE)3 UKRSIBBANK (ALL BRANCH IN UKRAINE)

UNITED ARAB EMIRATES (UAE)

1 STANDARD CHARTERED BANK2 CITIBANK3 EMIRATES BANK INTERNATIONAL PJSC4 EMIRATES NBD BANK PJSC5 HABIB BANK AG ZURICH6 HSBC BANK MIDDLE EAST LIMITED7 MASHREQBANK PSC8 NATIONAL BANK OF ABU DHABI

UNITED KINGDOM

1 ABN AMRO BANK N.V2 ANZ BANKING GROUP3 BANK OF AMERICA, N.A4 BANK OF NOVA SCOTIA5 COMMERZBANK AG6 DANSKE BANK 7 DEUTSCHE BANK AG8 ERSTE BANK DER OESTERREICHISCHEN

SPARKESSEN AG


JORDAN

1 JORDAN KUWAIT BANK

KOREA

1 ABN AMRO BANK2 ANZ BANKING GROUP3 BANK OF AMERICA, N.A4 BANK OF CHINA5 BANK OF NOVA SCOTIA, THE, SEOUL BR6 CITI BANK7 DAEGU BANK8 HANA BANK9 HSBC10 INDUSTRIAL BANK OF KOREA11 JEONBUK BANK LTD.12 JPMORGAN CHASE BANK, N.A., SEOUL

BRANCH13 KOOKMIN BANK14 KOREA DEVELOPMENT BANK, THE15 KOREA EXCHANGE BANK16 KYONGNAM BANK17 LANDESBANK BADEN-WUERTTEMBERG18 MIZUHO CORPORATE BANK, LTD19 NATIONAL AGRICULTURAL

COOPERATIVE FEDERATION20 OCBC21 PUSAN BANK22 SHINHAN BANK23 STANDARD CHARTERED BANK24 “SUHYUP BANK (FORMERLY NATIONAL FEDERATION OF

FISHERIES COOPERATIVES)”25 SUMITOMO MITSUI BANKING CORP26 THE BANK OF NEW YORK MELLON,

SEOUL BRANCH27 U.B.A.F.-UNION DE BANQUES ARABES

ET FRANCAISES28 WELLS FARGO BANK, N.A29 WOORI BANK

KUWAIT

1 NATIONAL BANK OF KUWAIT

LAOS

1 BANQUE POUR LE COMMERCE EXTERIEUR LAO

2 LAO-VIET BANK

LEBANON

1 HSBC BANK MIDDLE EAST2 LEBANESE CANADIAN BANK

LUXEMBOURG

1 DANSKE BANK INTERNATIONAL S.A

MACAU

1 HSBC

MALAYSIA

1 AFFIN BANK BERHAD2 AMBANK BERHAD3 BANK OF AMERICA, N.A4 BANK OF NOVA SCOTIA 5 CIMB BANK BERHAD6 CITI BANK 7 DEUTSCHE BANK AG8 EON BANK BERHARD9 HSBC

10 J.P.MORGAN CHASE BANK BERHAD, KUALA LUMPUR

11 MALAYAN BANKING BERHAD( MAYBANK)12 OCBC BANK (MALAYSIA) BERHAD13 RHB BANK BERHAD14 RHB ISLAMIC BANK15 STANDARA CHARTERED BANK16 THE ROYAL BANK OF SCOTLAND

BERHAD (301932-A)

MAURITIUS 1 MAURITIUS COMMERCIAL BANK LTD.,

MEXICO

1 BANCO DEL BAJIO S.A.2 BANK OF AMERICA, N.A

MYANMAR

1 CENTRAL BANK OF MYANMAR

NETHERLANDS

1 ABN AMRO BANK2 ABN AMRO BANK3 ROYAL BANK OF SCOTLAND NV.4 DEUTSCHE BANK AG5 FORTIS BANK, NL6 HOLLANDSCHE BANK-UNIE N.V7 ING BANK8 KBC BANK NEDERLAND NV9 LANSCHOT BANKIERS NV F. VAN10 RABOBANK NEDERLAND UTRECHT NL

(ALL MEMBER RABOBANKS)

NEW ZEALAND

1 CITI BANK 2 ANZ BANKING GROUP3 HSBC ( ALL BRANCHES IN NEW ZEALAND)4 “WESTPAC BANKING CORPORATION (FOR ALL NEW ZEALAND BRANCHES)”

NORWAY

1 SKANDINAVISKA ENSKILDA BANKEN2 FOKUS BANK3 NORDEA BANK NORGE ASA

OMAN

1 BANKMUSCAT SAOG

PAKISTAN

1 STANDARD CHARTERED BANK2 DEUTSCHE BANK AG

PARAGUAY

1 BANCO BILBAO VIZCAYA ARGENTARIA PARAGUAY S.A.

2 HSBC BANK PARAGUAY3 INTERBANCO S/A4 SUDAMERIS BANK S.A.E.C.A.

PAPUA NEW GUINEA

1 ANZ BANKING GROUP

PHILIPPINES

1 ANZ BANKING GROUP2 ASIAN DEVELOPMENT BANK3 BANK OF AMERICA, N.A4 BANK OF PHILIPPINES ISLANDS5 CITI BANK

6 PHILIPPINE NATIONAL BANK7 STANDARD CHARTERED BANK

POLAND

1 BANK POLSKA KASA OPIEKI SPOLKA AKCYJNA

2 DANSKE BANK POLSKA3 DEUTSCHE BANK AG4 FORTIS BANK, PL5 HSBC BANK POLSKA SA6 ING BANK SLASKI SA7 RAIFFEISEN BANK POLSKA S.A

PORTUGAL

1 FINIBANCO S.A

QATAR

1 INTL BANK OF QATAR2 BNP PARIBAS3 STANDARD CHARTERED BANK

REUNION

1 BNP PARIBAS LA REUNION

ROMANIA

1 ABN AMRO BANK 2 HVB BANK3 RAIFFEISEN BANK S.A.4 ROMANIAN COMMERCIAL BANK

(ALL OTHER BRANCHES IN ROMANIA)

RUSSIA

1 JSC VTB BANK ( ALL BRANCHES IN RUSSIA)2 BANK OF MOSCOW, THE MOSCOW3 CHELYABINVESTBANK4 EUROPEAN TRUST BANK5 INTERNATIONAL BANK FOR ECONOMIC

CO-OPERATION6 INTERNATIONAL MOSCOW BANK7 JSC VTB BANK8 SBERBANK9 VTB 24 (JSC)10 WOORI BANK MOSCOW

SAMOA

1 ANZ BANKING GROUP

SINGAPORE

1 ABN AMRO BANK 2 ABN AMRO BANK N.V, SINGAPORE BRANCH3 ANZ BANKING GROUP4 BANK OF AMERICA, N.A5 BANK OF COMMUNICATIONS,

SINGAPORE BRANCH6 BANK OF INDIA7 BANK OF NEW YORK,SG8 BANK OF NOVA SCOTIA9 BANK OF TOKYO-MITSUBISHI LTD 10 BAYERISCHE HYPO- UND VEREINSBANK

AG11 BNP PARIBAS12 CALYON13 CITI BANK14 COMMERZBANK AG, SINGAPORE BRANCH15 DBS BANK LTD16 DEUTSCHE BANK AG17 FORTIS BANK18 HANA BANK


Agency Network(continuation)

ADDITIONAL INFORMATION


9 FORTIS BANK SA/NV10 HABIB BANK AG ZURICH11 HSBC (FORMERLY MIDLAND BANK PLC)12 HSBC (HONGKONG AND SHANGHAI

BANKING CORP)13 HSBC BANK USA, NATIONAL

ASSOCIATION, LONDON BRANCH14 JPMORGAN CHASE BANK 15 KBC BANK N.V16 KOREA EXCHANGE BANK17 MASHREQBANK PSC18 NATEXIS BANQUES19 OCBC20 ROYAL BANK OF SCOTLAND PLC21 SHINHAN BANK22 STANDARD BANK PLC23 STANDARD CHARTERED BANK24 WELLS FARGO BANK, N.A25 WOORI BANK

UNITED STATES

1 ABN AMRO BANK2 ABN AMRO BANK3 AMEGY BANK N.A4 ANZ BANKING GROUP5 BANCO BRADESCO S.A.6 BANK OF AMERICA, N.A7 BANK OF AMERICA, N.A8 BANK OF NEW YORK9 BANK OF NOVA SCOTIA10 BANK OF THE WEST11 BANK OF TOKYO-MITSUBISHI (CHICAGO BR)12 BANK OF TOKYO-MITSUBISHI LTD 13 BNP PARIBAS U.S.A - NEW YORK BRANCH14 BROWN BROTHERS HARRIMAN AND CO.15 CENTER BANK (FORMERLY CALIFORNIA

CENTER BANK)16 CHANG HWA COMMERCIAL BANK, LTD.,

NEW YORK BRANCH17 CHINA CONSTRUCTION BANK NEW

YORK BRANCH18 CITI BANK19 CITY NATIONAL BANK20 COBANK21 DBS BANK22 DEUTSCHE BANK A.G.23 DEUTSCHE BANK TRUST COMPANY24 EAST-WEST BANK25 GBC INTERNATIONAL BANK26 HABIB AMERICAN BANK27 HSBC28 INTERNATIONAL FINANCE CORPORATION29 ISRAEL DISCOUNT BANK OF NEW YORK30 JPMORGAN CHASE BANK, N.A.31 KASIKORN BANK PCL32 KEB LA FINANCIAL CORP.33 KEB NY FINANCIAL CORP34 KEYBANK NATIONAL ASSOCIATION35 KOOKMIN BANK36 M AND T BANK37 MALAYAN BANKING BERHAD38 MASHREQBANK PSC39 METRO BANK40 MIZUHO CORPORATE BANK LTD41 NEW YORK COMMERCIAL BANK

42 OCBC43 PNC BANK44 PNC BANK, N.A.45 RABOBANK NEDERLAND46 SHINHAN BANK47 STANDARD CHARTERED BANK48 STANDARD CHARTERED BANK49 STANDARD CHARTERED BANK50 SUMITOMO MITSUI BANKING CORP51 SUNTRUST BANK52 THE BANK OF NEW YORK MELLON,

NATIONAL ASSOCIATION53 WELLS FARGO BANK54 WELLS FARGO BANK (FORMALLY

KNOWN AS WACHOVIA)55 WELLS FARGO BANK (FORMALLY

KNOWN AS WACHOVIA)56 WELLS FARGO BANK (FORMALLY

KNOWN AS WACHOVIA)57 WELLS FARGO BANK (FORMALLY KNOWN

AS WACHOVIA)58 WELLS FARGO BANK (FORMALLY

KNOWN AS WACHOVIA)59 WELLS FARGO NA60 WOORI AMERICA BANK, NEW YORK61 WOORI BANK62 WOORI BANK

URUQUAY

1 CITIBANK N.A. URUGUAY

VANUATU

1 ANZ BANK (VANUATU) LTD

VIETNAM

1 AN BINH COMMERCIAL JOINT STOCK BANK2 ANZ BANKING GROUP3 ASIA COMMERCIAL BANK4 BANK FOR INVESTMENT AND

DEVELOPMENT OF VIETNAM5 BANK OF CHINA6 BANK OF COMMUNICATIONS CO.,LTD

HOCHIMINH CITY BRANCH7 BANK OF TOKYO MITSUBISHI UFJ, LTD.,

THE8 CHINA CONSTRUCTION BANK CORPORATION, HOCHIMINH BRANCH9 CITI BANK10 COMMONWEALTH BANK OF AUSTRALIA,

HOCHIMINH CITY11 CREDIT AGRICOLE CIB12 DBS BANK LTD., HOCHIMINH CITY

BRANCH13 DEUTSCHE BANK14 FIRST COMMERCIAL BANK15 GLOBAL PETRO COMMERCIAL JOINT

STOCK BANK16 HANOI BUILDING COMMERCIAL JOINT

STOCK BANK17 HONG LEONG BANK VIETNAM LIMITED18 HSBC BANK (VIETNAM) LTD.19 HUA NAN COMMERCIAL BANK, LTD.

HOCHIMINH CITY BRANCH20 ICBC HANOI BRANCH21 INDUSTRIAL BANK OF KOREA,

HOCHIMINH BRANCH

22 JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

23 JPMORGAN CHASE BANK, N.A.24 LIENVIET JOINT STOCK COMMERCIAL BANK25 MILITARY COMMERCIAL JOINT STOCK BANK26 NAM A COMMERCIAL JOINT STOCK BANK27 NATIXIS BRANCH IN HOCHIMINH CITY

(FORMERLY NATEXISPOPULAIRES, HOCHIMINH CITY)

28 ORIENT COMMERCIAL JOINT STOCK BANK29 PETROLIMEX GROUP COMMERCIAL JOINT

STOCK BANK30 SAIGON BANK FOR INDUSTRY AND

TRADE, THE31 SAIGON COMMERCIAL BANK32 SHINHANVINA BANK33 SOUTHEAST ASIA COMMERCIAL JOINT

STOCK BANK34 SOUTHERN COMMERCIAL JOINT STOCK BANK35 STANDARD CHARTERED BANK36 STANDARD CHARTERED BANK (VIETNAM)

LIMITED37 TAIPEI FUBON COMMERCIAL BANK38 THE HONGKONG AND SHANGHAI BANKING

CORPORATION LIMITED, HANOI BRANCH39 TIENPHONG COMMERCIAL JOINT STOCK BANK40 VIETNAM ASIA COMMERCIAL JOINT

STOCK BANK41 VIETNAM BANK FOR AGRICULTURE AND

RURAL DEVELOPMENT42 VIETNAM EXPORT IMPORT COMMERCIAL

J.S. BANK43 VIETNAM EXPORT IMPORT COMMERCIAL

J.S. BANK44 VIETNAM JOINT STOCK COMMERCIAL

BANK FOR INDUSTRY AND TRADE (FORMERLY VIETNAM BANK FOR INDUSTRY AND TRADE)

45 VIETNAM MARITIME COMMERCIAL STOCK BANK

46 VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK (FORMERLY VIETNAM JSC BK FOR PRIVATE ENTERPRISES)

47 VIETNAM TECHNOLOGICAL AND COMMERCIAL J.S BANK

48 WOORI BANK, HANOI

YEMEN

1 INTERNATIONAL BANK OF YEMEN Y.S.C.


Agency Network(continuation)

serving the nations - lacp

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