vlpc bao cao thuong nien 2008

7/27/2019 VLPC Bao Cao Thuong Nien 2008

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cng ty c phn din vit loviet - lao poWer joint stock companny

bo co thng ninannual report year

2008


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I. PHT BIU CA CH TCH HI NG QUN TRVt qua kh khn, pht trin bn vng.

II. LCH S HOT NG1. Ngnh ngh kinh doanh2. Qu trnh pht trin3. Cc s kin quan trng nm 20084. nh hng pht trin

III. BO CO CA HI NG QUN TR1. Kt qu hot ng trong nm2. Cc thay i ch yu3. Trin vng v k hoch pht trin

IV. BO CO CA BAN TNG GIM C1. Kt qu hot ng trong nm2. K hoch nm 2009

V. T CHC V NHN S1. C cu t chc2. Tm tt l lch Hi ng qun tr, Ban kim sot v Ban Tng gim c3. Thay i nhn s ca B my qun l trong nm4. S lng cn b cng nhn vin v chnh sch i vi ngi lao ng

VI. BO CO TI CHNH1. Bo co ca Hi ng qun tr Cng ty2. Bo co ca Kim ton vin c lp3. Bo co Ti chnh hp nht nm 2008 tm tt(theo s liu bo co ti chnh c kim ton)a. Bng cn i k ton hp nhtb. Bo co kt qu kinh doanh hp nht

VII. CC D N U T1. Cc d n c cp php u t2. Cc d n k Bin bn ghi nh ang trong giai on chun b u t3. Cc d n ang nghin cu u t, s k Bin bn ghi nh trong thi gian ti

VIII. CC CNG TY C LIN QUAN1. Cng ty nm gi trn 50% vn iu l ca Cng ty c phn in Vit Lo2. Cng ty c trn 50% vn iu l do Cng ty c phn in Vit Lo nm gi3. Tm tt v tnh hnh hot ng ca cc cng ty con

IX. THNG TIN C NGCc d liu v c ng

X. THNH TCH V S CNG NHN CA X HI NM 2008

I. SPEECH OF CHAIRMAN OF BODSViet Lao Joint Stock Company: Overcoming challenges, developing sustainably

II. COMPANY HISTORY1. Scope of Business2. Process of Development3. Outstanding Events in 20084. Development orientation

III. REPORT OF BOARD OF DIRECTORS1. Outstanding results in 20082. Changes in 20083. Prospect and Development Plan

IV. REPORT OF DIRECTORATE1. Achievement2. Development Plan

V. PERSONEL1. Organization Structure2. Short resume of the Board of Directors, Board of Inspection and Directorate3. Changes in Managerial Personnel4. Numbers of Employees and policies applied to them

VI. FINANCIAL REPORTING1. Report of the Board of Directorate2. Auditors report3. Summary of Consolidated nancial statements in 2008(According to the data of audited nancial report)a. Consolidated Balance Sheetb. Consolidated Income Statement

VII. INVESTMENT PROJECTS1. Projects that have been granted Investment License2. Projects that have achieved MOU Signing3. Projects being in study progress

VIII. RELATED COMPANIES1. Companies that holds more than 50% of share capital of VLPC2. Companies of which VLPC holds more than 50% of share capital3. Summary of operation situation of the subsidiary companies

IX. INFORMATION OF SHAREHOLDERS

X. ACHIEVEMENTS AND PRIZES IN 2008

CNG TY C PHN IN VIT - LO

BO CO THNG NIN NM 2008

VIET - LAO POWER JOINT STOCK COMPANY

ANNUAL REPORT YEAR 2008


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3Bo co thng nin 2008 - VLPC3

Bo co thng nin 2008 - VLPC3




Bo co thng nin 2008 - VLPC 2008 Annual Report - VLPC 3





Bo co thng nin 2008 - VLPC

Bo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

54

Cng ty c phn in Vit Lo:

Vt qua kh khn,pht trin bn vng

Nm 2008, nn kinh t th gii tri qua nhng din biny bt ng, suy thoi kinh t xy ra trn phm vi ton thgii nh hng tiu cc n nn kinh t Vit Nam, lm phttng, gi tiu dng tng, nhp tng trng kinh t suy gimr rt. Trc nhng tc ng xu ca tnh hnh kinh t thgii v trong nc, VLPC gp rt nhiu tr ngi trong victm ngun vn ti tr cho cc d n ang thc hin u t tiCHDCND Lo, c bit l D n Thy in Xekaman 3 angtrong giai on thi cng cao im. Gia thi im li suttrn th trng ln cao n mc nh im, cung tin tr nnkhan him, vic tm c ngun vn ti tr m vn m boc c bn cc ch tiu kinh t, ti chnh ca d n l iu vcng kh khn. Tuy nhin, bng s nng ng, quyt on,sng to v quyt tm ca Ban lnh o cng tp th CBCNVCng ty, Hp ng ti tr vn tn dng cho d n Thu inXekaman 3 c k kt gia VLPC v Ngn hng Natixis,CH Php tr gi 131 triu USD, gip Cng ty vt qua c giai

on kh khn nht.Nm 2008 cng l nm ghi nhn nhng n lc ca VLPC vidanh hiu c bu chn l d v n - l - c.

Bc sang nm 2009, tnh hnh kinh t th gii v trong ncvn cha th thot khi vng xoy ca khng hong. Nn kinht va thot khi nguy c lm pht li phi i mt vi nguyc gim pht. Nn kinh t vn cn tim n nhiu kh khn vc nhiu din bin phc tp kh lng hn, to ra nhiu chi, nhng cng tim n khng t ri ro cho cc doanh nghip.Tuy nhin, vi bn lnh v kinh nghim ca mt doanh nghip vng vng vt qua khng hong nm 2008, VLPC s tndng tt nhng c hi v s hon thnh xut sc k hochnm 2009.

Thay mt Hi ng qun tr, ti xin trn trng cm n s gip

ca Chnh ph, cc B, ngnh hai nc Vit Nam - Lo,s ng h ca Qu C ng v c bit l tinh thn lao ngsng to hng say ca tp th CBCNV trong sut thi gian qua xy dng v th ca VLPC nh ngy hm nay. Ti tin tngrng, VLPC s tip tc nhn c s ng h v bng ni lcca chnh mnh vt qua kh khn, thch thc, hon thnhthng li k hoch nm 2009 v nhng nm tip theo.

Viet Lao Power Joint Stock Company:

Overcomingchallenges, sustainabledevelopment

In 2008, the world economy experienced many unexpectedchanges. The economic recession spreading all over theworld gave bad impact on the Vietnamese economy, whichled to the increase in ination, increase in the consumptionprice index, and the drastic decline of the economy. Under thesituation of such bad world and domestic economy, VLPC hadmuch difculty in nding sources to nance the investmentprojects in Lao PDR especially Xekaman 3 HydropowerProject, which was in the peak period of execution. At thetime of high interest rate and shortage of money supply, thearrangement of capital to nance for the projects as well as toensure the economic and nancial indicators of such projectswas something very difcult. However, with the decisiveness,creativeness and determination of the management boardand all staff of the Company, the Credit Financing Agreement

($131 millions) for Xekaman 3 Hydropower Project was signedbetween VLPC and Natixis Bank, France, which helped theCompany get over the most difcult period.

The year 2008 also witnessed the efforts of VLPC with thereward t e f v - l pdr -c.

Entering the year 2009, the world and domestic economyseems not to get out of the spiral of recession. The economywhich has just got over the risk of ination may face the riskof deation. The economy still contains many challenges andunexpected changes, which will bring both chances and risksto the enterprises. However, with the stuff and experience ofone enterprise getting over the crisis in 2008, VLPC is goingto take full advantage of chances and successfully fulll itsplan in 2009.

On behalf of the BODs, I would like to say great thanks tothe help of the Governments of Vietnam and Lao PDR, thesupport of the Shareholders and especially the enthusiasmand creativeness of all staff during past period for thecontribution to the current status. I strongly believe that VLPCwill continuously receive the support and will, by its internalforce, overcome all challenges to fulll its tasks in 2009 andthe following years.

I. PHT BIU CA CH TCH HQT CNG TY I. SPEECH OF CHAIRMAN OF BODS


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1. Ngnh ngh kinh doanh

a) u t xy dng cc d n thy in, cc cng trnh ng dy, trm bin th in.b) Kinh doanh in nng.c) u t pht trin, kinh doanh cc cng trnh cng nghip, giao thng, thy li, dn dng, cng trnh k thut

h tng th v khu cng nghip.d) Kho st, thit k, t vn, xy dng, lp t cc cng trnh in.e) Nhn y thc u t ca cc t chc v c nhn.f) Nhn thu xy lp cc cng trnh cng nghip, giao thng, thy li, dn dng, bu in, sn bay, bn cng,

cng trnh k thut h tng th v khu cng nghip.g) Sn xut kinh doanh vt liu xy dng.h) Thi cng lp t my mc, thit b, kt cu kim loi.i) Bun bn vt t, thit b cng ngh ngnh: in, xy dng.

j) u t trong v ngoi nc cc cng trnh theo hnh thc xy dng kinh doanh - chuyn giao (B.O.T).k) u t xy dng v kinh doanh Nh my Thy in Xekaman3 v cc nh my thy in khc ti Cng ha

Dn ch Nhn dn Lo.l) Kinh doanh dch v Khch sn, nh hng v vn phng cho thu.

II. LCH S HOT NG CA CNG TY

1. Scope of Business

a) Investment in construction of hydropower projects, transmission line projects and transformer stations.

b) Trading in electricity.c) Investigation, design, consulting, construction, installation of electrical works.d) Contracting to build civil engineering, trafc, hydraulic, airport, harbor, post ofce projects and technical

infrastructure of urban and industrial zones.e) Producing and trading in construction materials.f) Execution, installation of machineries, equipments and metal structures.g) Trading in electrical construction materials and process equipment unit.h) Domestic and overseas investment in projects in the form of Building - Operation - Transfer (B.O.T).i) Investment, construction and operation of Xekaman 3 Hydropower Plant in Lao PDR.j) Trading in hotel service, restaurants and ofce for lease (excluding trading in Bar, Karaoke, and dance hall).

II. COMPANY HISTORY


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2. Qu trnh pht trinCng ty c phn u t v Pht trin in Vit - Lo c thnh lp theo quyt nh s 1477/TTg-QHQT, ngy11/09/2002 ca Th tng Chnh ph Vit Nam, vi mc tiu l u t xy dng cc d n thu in ti Lo theohnh thc Xy dng - Vn hnh - Chuyn giao (BOT) bn in v Vit Nam, nhm thc hin ni dung Hip nhhp tc v pht trin nng lng in - mt lnh vc trng tm trong vic hp tc kinh t gia Chnh ph hai ncVit Nam - Lo, gp phn cung cp ngun nng lng in cho Vit Nam v Lo.

Ngy 12 thng 03 nm 2003, i hi ng c ng Cng ty hp v thng qua ngh quyt thnh lp Cng ty vis vn iu l ng k ban u l 1.080 t ng bao gm cc c ng sng lp: Tng cng ty Sng (60% VL);Tng cng ty in lc Vit Nam (10%VL); Tng cng ty XD cng trnh giao thng 5 (10% VL); Tng cng ty XDcng trnh giao thng 8 (10% VL); Tng cng ty XD min Trung (5% VL); Tng cng ty u t Pht trin thv Khu cng ngip Vit Nam (5% VL). Ngy 11 thng 07 nm 2003, Cng ty c S K hoch v u t H Nicp Giy php kinh doanh v chnh thc i vo hot ng.

Trn c s ni dung cc Hip nh hp tc v kinh t, vn ho, khoa hc k thut c k kt theo cc giai on vhng nm gia Vit Nam v Lo; Hip nh hp tc v nng lng in gia hai nc, ngy 06 thng 02 nm 2006,Th tng Chnh ph Vit Nam c vn bn s 207/TTg-QHQT, trong giao B Cng nghip ch o Cng ty cphn u t v Pht trin in Vit - Lo thc hin nghin cu u t v u t cc d n thu in nh: Xekaman3,Xekaman1, Xekaman4, ck Y Mn, v mt s d n thu in khc ti nc CHDCND Lo, nhm m bo mc tiun nm 2020, Vit Nam s nhp khu khong 7.000MW cng sut t Lo, ho vo li in quc gia Vit Nam.

ph hp vi s pht trin ca Cng ty, m bo thc hin c nhim v do Th tng Chnh ph Vit Nam giaocho cng ty, ng thi thc hin Ch o ca Th tng Chnh ph Vit nam ti Vn bn s 1524/VPCP-KTTH ngy22/3/2007 v c cu c ng v tng vn iu l thc hin u t cc d n ti nc CHDCND Lo.

Ngy 25/4/2007, i hi ng c ng Cng ty quyt ngh i tn Cng ty t tn gi CNG TY C PHN U TV PHT TRIN IN VIT - LO thnh:

Tn ting Vit: CNG TY C PHN IN VIT - LO Tn giao dch quc t: VIET - LAO POWER JOINT STOCK COMPANY Tn vit tt: VLPC

V tng vn iu l ca Cng ty t 1.080 t ng ln thnh 5.300 t ng.

Ngy 25 thng 6 nm 2007, S K hoch u t thnh ph H Ni cp Giy Chng nhn ng k kinh doanh sai ln 3 cho Cng ty vi tn gi l c v - l.

2. Process of DevelopmentViet-Lao Power Investment and Development Joint Stock Company (VLPID) was established in accordance with theDecision No. 1477/TTg-QHQT dated September 11, 2002 by the Prime Minister of Vietnam, with the purpose ofinvestment in construction of hydropower power projects in Lao PDR in the form of Construction-Operation-Transfer(BOT) to implement the Convention in Energy Development - a key sector of economic cooperation between the twoGovernments of Vietnam and Laos, supplying electrical energy for both Vietnam and Lao PDR.

On March 12, 2003, the General Assembly of Shareholders of VLPID held a meeting and passed a resolution on thecompany establishment with the initial total registered capital of 1,080 billion VND, which was contributed by suchoriginal shareholders as: Song Da Corporation (60%); Electricity of Vietnam (10%); Civil Engineering ConstructionCorporation No.5 (10%); Civil Engineering Construction Corporation No.8 (10%); Mien Trung Construction Corporation(5%); Industrial Zone and Urban Development and Investment Corporation of Vietnam (5%). On July 11, 2003, VLPIDwas granted Business Registration Certicate by Hanoi Authority of Planning and Investment and ofcially came intooperation.

Based on the contents of the Cooperation Conventions on Economy, Culture, Science and Technology signed annuallyand periodically between the Governments of Vietnam and Laos, the Cooperation Convention on Power Energybetween the two countries, on February 06, 2006, the Prime Minister of Vietnam issued the Letter No.207/TTg-QHQTto assign Ministry of Industry to direct VLPID to study and invest in such hydropower projects as Xekaman 3, Xekaman1, Xekaman 4, Nam Mo, Nam Kan, Sekong 3, Dak E Meule and some others in Lao PDR with the purpose of importingabout 7,000 MW of power output from Laos up to 2020 for synchronizing into the National Grid of Vietnam.

With a view to satisfying the development of the Company, fullling the tasks assigned by the Prime Minister, SongDa Corporation as a leading shareholder submitted to the Prime Minister to reorganize shareholder component andincrease the total registered capital of the Company, which was approved by the Prime Minister at the Ofcial Letter

No.1524/VPCP-KTKH of March 22, 2007. In its meeting of April 25, 2007, the General Assembly of Shareholders of theCompany decided to change the name of the Company as follows:

Name in Vietnamese: CNG TY C PHN IN VIT LO Name in English (for international transaction): VIET LAO POWER JOINT STOCK COMPANY Name in abbreviation: VLPC

and increase its total registered capital from 1,080 billion VND up to 5,300 billion VND (Five thousands three hundredsbillion Vietnam Dong).

On June 25, 2007, the Company was granted the third amendment of Business Registration Certicate by Ha NoiAuthority for Planning and Investment. The Company ofcially changed its name intov - l pw j sc.


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3. Cc s kin quan trng nm 2008

n 08/01/2008, ti th Ving chn, Chnh ph Lo v Cng ty c phnin Vit - Lo k kt Bin bn ghi nh d n Thu in k Y Mn. Ph Th tngthng trc Chnh ph Vit Nam Nguyn Sinh Hng, Ph Th tng thng trcChnh ph Lo Sm-sa-vt Lnh-s-vt cng on i biu cp cao Chnh ph hainc ti d l.

n 30/3/2008, cho mng thnh cng Hi ngh thng nh tiu vng sng Mkng ln th 3 t chc tith Ving chn, Chnh ph Lo v Cng ty c phn in Vit - Lo t chc l k kt Hp ng pht trind n Thu in Xekaman 1. Th tng Chnh ph Vit Nam Nguyn Tn Dng, Th tng Chnh ph Lo Bua-sn Bp-ph-vn cng on i biu cp cao Chnh ph hai nc ti chng kin bui l. Cng ngy, B Khoch v u t Lo trao cho Cng ty Giy chng nhn u t d n khch sn, vn phng cho thu ti th Ving chn.

n 17/4/2008, Cng ty TNHH in Xekaman 3 v Vatech Hydro GmbH tchc l k Hp ng cung cp thit b c in v dch v k thut ng b - D nThy in Xekaman 3.

n 16/6/2008, d n bt ng sn u tin - d n Khch sn v Vn phng cho thu ti th Vingchn do Cng ty c phn in Vit - Lo lm ch u t c khi cng xy dng. y l d n nm trong nhhng pht trin kinh doanh a dng ho ngnh ngh ca Cng ty.

n 24/7/2008, trong khun kh cuc hp gia k ln th 30 ca U ban linChnh ph hai nc Vit Nam - Lo, Ph Th tng thng trc Chnh ph VitNam Nguyn Sinh Hng v Ph Th tng thng trc Chnh ph Lo Sm-sa-vtLnh-xa-vt ti thm v kim tra tin thi cng trn cng trng xy dngNh my Thu in Xekaman 1.

n 28/8/2008, VLPC v Ngn hng Natixis, CH Php t chc l k Hp ng

tn dng ti tr D n thy in Xekaman 3

n 02/12/2008, Tng B th ng nhn dn cch mng Lo, Ch tchnc CHDCND Lo Chu-ma-ly Xay-nha-sn ti thm cng trng Xekaman

1 nhn dp k nim 33 nm Quc khnh nc CHDCND Lo.

3. Outstanding Events in 2008

j 08, 2008, The Signing Ceremony of MOU of Dak-E-Meule Hydropower Project between the Governmentof Laos and Viet-Lao Power Joint Stock Company was held in Vientiane Capital with the attendance of PermanentDeputy Prime Minister of the Government of Vietnam Nguyen Sinh Hung, Permanent Deputy Prime Minister of theGovernment of Laos Somsavath Lengsavath and high-level delegations of the both Governments.

m 30, 2008, In celebration of the success of the 3 rd Mekong Sub-region Summitheld in Vientiane Capital, the Government of Laos and Viet-Lao Power Joint StockCompany signed the Project Development Agreement (PDA) of Xekaman 1 HydropowerProject with the attendance of Vietnamese Prime Minister Nguyen Tan Dzung, Lao PrimeMinister Buason Bouphavane and high-level delegations of the both Governments. On thesame date, Viet-Lao Power Joint Stock Company was granted by Lao Ministry of Planningand Investment the Investment Certicate to invest in the Project of Hotel and Ofces forLease in Vientiane Capital.

a 17, 2008, Xekaman 3 Power Company Limited and Vatech Hydro GMH signed the Contract regarding theSupply of Complete Electro-mechanical Equipment and Technical Service for Xekaman 3 Hydro Power Project.

j 16, 2008, the rst real estate Project Hotel and Ofces for Lease in VientianeCapital, Lao PDR invested by VLPC was commenced. This Project was in the Companysorientation of diversifying its business lines.

j 24, 2008, under the framework of the 30th mid-term conference of the Cooperationsub-Committees of Vietnam and Laos, Standing Deputy Prime Minister of Vietnam Nguyen Sinh Hung and StandingDeputy Prime Minister of Laos Somsavath Lengsavath paid a visit to and examined the execution of Xekaman 1Hydropower Plant.

a 28, 2008, VLPC and Natixis, France held the signing ceremony of Credit Agreement for nancing Xekaman3 Hydropower Project.

d 02, 2008, the General secretary of Lao people's revolutionary party, the President of LaoPeople Democratic Republic Chumaly Saynhason paid a visit to the work site of Xekaman 1 HydropowerPlant on the occasion of 33 years of the Lao National Day.


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4. Development OrientationHaving been established to fulll the task assigned by thePrime Minister, with the shareholders from big EconomicGroups and Corporations having huge economic potentials,much experience in conducting business, the Company hasspecied the purposes and development orientation up to2020, at which VLPC shall have been the Vietnamese leadingCompany in producing and trading hydroelectricity in Lao

PPR. By 2020, VLPC shall achieve the total assets of 4.2billion USD, total electricity output of 14 billion kWh, totalannual average turnover of 600 million USD, and total annualaverage prot of 60 million USD. The Company has speciedthe purposes and development orientation as follows:

1. Investing in construction of hydropower projects in LaoPDR in the form of BOT with the installed capacity of 2,500MW, average electricity output of 10.0 billion KWh/year andtotal estimated investment budget of 3.0 billion USD.

2. Studying and investing in construction of hydropowerprojects in Cambodia in the form of BOT, under the directionof the Government, with the targeted installed capacity of1,000 MW, average electricity output of 4.0 bil lion KWh/yearand total estimated investment budget of 1.2 billion USD.

3. Diversifying business line by extremely developing the

water reservoir area of the hydropower projects such ascombining the production of electricity with tourism andaquaculture;

4. Investing in construction of an international standardthree-star hotel and ofces for lease in Vientiane Capital ofLao PDR;

5. Studying, cooperating and associating to invest inconstruction of electric transmission system from Lao PDR toVietnam and to other countries in the region;

6. Investing in other business lines in accordance with thelaws.

b :The Company struggles to achieve its goals by 2020 as follows:1. Total assets: 4.2 billion USD2. Total electric output: 14 billion kWh3. Total annual average turnover: 600 million USD4. Total annual aver``age prot: 60 million USD5. Dividends to be paid for shareholders: 30 percents per year.

With its great nancial potential, with the foundation being the traditional friendly relationship between Vietnam andLao PDR as well as enthusiasm and determination, VLPC is now ready to enter in to new development period.

4. nh hng pht trinVi nhim v c Th tng Chnh ph giao, vi thnhphn cc c ng l cc Tp on kinh t, Tng cng ty ln,c tim lc v kinh t, c kinh nghim trong sn xut kinhdoanh, VLPC xy dng chin lc, tm nhn n nm2020, theo VLPC phn u l doanh nghip sn xut vkinh doanh in nng hng u ca Vit Nam ti CHDCNDLo. Vo nm 2020, VLPC d kin c tng ti sn khong 4,2

t la M, tng lng in sn xut 14 t kWh, tng doanhthu bnh qun nm t 600 triu la M, tng li nhunbnh qun nm t 60 triu la M. Cng ty xc nh mctiu, nh hng pht trin nh sau:

1. u t xy dng cc d n thu in ti Lo theo hnhthc BOT vi mc tiu khong 2.500 MW tng cng sut lpmy, sn lng in bnh qun t 10,0 t kWh/nm, tngvn u t khong 3,0 t la M.

2. Nghin cu u t v u t xy dng cc d n thu inti Cam-pu-chia theo s ch o ca Chnh ph di hnhthc BOT, vi mc tiu l 1.000MW tng cng sut lp my,sn lng in bnh qun t 4,0 t kWh/nm, tng vn ut khong 1,2 t la M.

3. a dng ho ngnh ngh kinh doanh trn c s khai thctrit vng lng h ca cc d n thu in nh kt hp

sn xut, kinh doanh in nng vi du lch, nui trng thusn;

4. u t xy dng mt khch sn 3 sao, tiu chun quc tv vn phng cho thu ti th Ving Chn - Lo.

5. Nghin cu u t, lin doanh, lin kt u t xydng h thng truyn ti in t Lo v Vit Nam v trongkhu vc.

6. Tham gia u t vo mt s ngnh ngh kinh doanhkhc.

c :VLPC phn u n nm 2020 t c cc ch tiu sau y:

1. Tng ti sn: 4,2 t USD2. Tng sn lng in sn xut: 14 t kWh3. Tng doanh thu bnh qun nm: 600 triu USD4. Tng li nhun bnh qun nm: 60 triu USD5. Li tc chia cho cc c ng: 30 %/nm

Vi kh nng ti chnh v nn tng l mi quan h hu ngh truyn thng Vit Nam - Lo, vi tt c lng nhit tnhv tm huyt, VLPC sn sng bc vo giai on pht trin mi cn nhiu th thch, nhng vi tinh thn

lc quan v tin tng hng ti tng lai.


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Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

1. Nhng nt ni bt ca kt qu hot ng trong nmNm 2008 l mt nm y bin ng i vi th gii ni chung v Vit Nam ni ring. Khng hong v suy gim kinht ton cu bt ngun t M v cc nc Ty u tc ng tiu cc n nn kinh t Vit Nam. Ngoi ra, trong nc,ch s gi tiu dng (CPI) lin tc tng, dn n lm pht nhy ln hai con s. Trc tnh hnh , Chnh ph thtcht chnh sch tin t bng cch tng li sut c bn ln cao, khin cung tin trn th trng tr nn khan him v hly tt yu ca n l cc doanh nghip thiu vn sn xut c bit l cc doanh nghip u t vo cc d n cnlng vn ln nh Cng ty C phn in Vit - Lo. Ngun cung tin khan him, li vay cao, gi c nguyn vt liu uvo tng vt t Cng ty trc v vn kh khn trong vic thu xp vn u t cho cc d n cng nh phi ng

thi m bo li ch kinh t v tin thc hin cc d n k kt.

Trc nhng kh khn thch thc trn, HQT n lc phn u cng ton th CBCNV Cng ty kp thi ra ccQuyt nh Cng ty va c th gii quyt c yu t kh khn nht l v vn, va c bn p ng cc yucu v tin thc hin cc d n trong bi cnh kh khn chung ca nn kinh t Vit Nam ni ring v nn kinht th gii ni chung.

2. Nhng thay i ch yu trong nmHi ng qun tr ch ng y quyn v thng xuyn tho lun vi Ban Tng gim c v k hoch thu xp vncho cc d n u t cng nh tin cc cng trnh ang thc hin u t thng qua cc ngh quyt thc hin,khc phc v vt qua giai on kh khn cng nh p ng nhng yu cu ca thc t.

3. Trin vng v k hoch pht trinVt qua nhng thch thc nm 2008, VLPC quyt tm duy tr v th hng u trong s cc nh u t Vit Nam ti

Lo, ng thi khng ngng nng cao nng lc v tm kim m rng u t sang cc ngnh ngh khc m Cng ty cu th tn dng ti a tim lc v ti chnh v nhn s, gp phn nng cao hiu qu u t.

Nm 2009 tip tc l mt nm kh khn ca kinh t th gi i ni chung v kinh t Vit Nam ni ring. vc dy nnkinh t ri vo khng hong nm 2008, Chnh ph cc nc a ra cc gi knh thch kinh t v h li sut cbn, trong c Vit Nam. Vic Chnh ph h li sut c bn xung cn mt na (7%/nm so vi mc nh 14%/nmthi im 11/6/2008), lm tng ngun cung tin trn th trng ni a, to iu kin thun li cho vic thu xp vncho cc d n u t. Ngoi ra, do tc ng ca suy gim kinh t ton cu, gi cc loi nguyn vt liu xy dng uvo tr v mc gi th trng hp l (gim khong 30%) so vi nm 2008 cng l mt li th rt ln i vi Cngty ang thc hin u t nh VLPC.

Trong nm 2009, VLPC quyt tm tn dng nhng c hi trn y nhanh hn na tin thc hin cc d n angthc hin u t t hiu qu cao nht cho d n, ng thi y nhanh vic nghin cu v u t cc d n mChnh ph hai nc Vit Nam v Lo giao cho VLPC theo cc Hip nh song phng k kt gia hai nc. thc hin c mc tiu i hi mt qu trnh lu di kh khn v phc tp, VLPC s n lc bin thch thc thnhc hi. l tip tc y mnh v tn dng mi quan h hu ngh hp tc vi nc bn Lo qua nm bt va ra nhng quyt nh u t ng n v t hiu qu. l khng ngng nng cao nng lc cn b, nhn vinCng ty v m rng ngnh ngh kinh doanh theo hng nh.

Hi ng qun tr kin nh thc hin chin lc, nh hng u t ca Cng ty trnh i hi c ng thng qua.Theo , VLPC phn u l doanh nghip sn xut v kinh doanh in nng hng u ca Vit Nam ti CHDCND Lo.Vo nm 2020, VLPC d kin c tng ti sn khong 4,2 t la M, tng lng in sn xut 14 t kWh, tng doanhthu bnh qun nm t 600 triu la M, tng li nhun bnh qun nm t 60 triu la M.

Mc tiu i hi VLPC phi thng xuyn gim st iu chnh chin lc pht trin cho ph hp; c i ngCBCNV nng ng, sng to v gii chuyn mn nghip v; c gii php thc hin chin lc v chng trnh hnhng cho tng giai on; nm bt kp thi nhng c hi u t ra quyt nh thch hp

1. Outstanding results in 2008The year 2008 was the one witnessing many changes to the world in general and Vietnam in particular. The globaleconomic crisis and decline which originated from the United States of America and the Western Countries gavenegative impact on the Vietnamese economy. In addition, the continuous increase i n the domestic consumption priceindex led to the double-digit ination. In that situation, the Government tightened the monetary policy by setting thehigh base interest rate, which led to the shortage of monetary supply in the market. As a result, enterprises hardlynded the capital for investment and production as specially an enterprise investing in big requiring capital projectslike VLPC. The shortage of money supply, high interest rate and high price of material input made the Company

difcult to arrange the nancing for the investment projects on one hand and to ensure the economic benets andthe progress schedule of such projects on the other hand.

Under the above challenge situation, BODs used their best effort to timely issue right Decisions. As a result, theCompany could not only resolve its biggest problem namely capital but also basically satisfy the requirements of theproject schedule in the context of the economic crisis in Vietnam and all over the world.

2. Changes in 2008BODs granted authority to and regularly discussed with the Directorate on the arrangement of capital for the investmentprojects as well as the time schedule of such projects so that resolutions was timely issued to catch investmentopportunities and to meet demands in busin ess-like and overcome the difcult time.

3. Prospect and Development PlanOvercoming the challenges in 2008, VLPC decisively maintain its position as one of the leading Vietnamese investors

in Laos. In addition, the Company continuously improves ists capacity and looks for more investment opportunitiesin other business lines that the Company has advantage to make full use of its nancial potential and personel andthereby increasing effecitiveness in investment.

The year 2009 seems to be stil l a difcult year of the world economy in general and Vietnamese economy in particular.In order to turn around the economy falling into crisis in 2008, the Governments brought out the Economic StimulusPackages as well as cut down the base interest rate and Vietnam was not an exception. The cutting down of the baseinterest rate by the Government (7% per year compared to the highest rate of 14% per year in June 11, 2008) led tothe increase in the money supply i n the domestic market, which provided favorable conditions for the arrangement ofcapital for the investment projects. Moreover, due to the impact of the world economic decline, the prices of inputs forconstruction turned back to the fair market price (about 30% decrease) compared to the year, which will also bringmuch advantage to the investment company like VLPC.

In 2009, VLPC determines to take full advantage of the oboe mentioned opportunities in order to fasten the constructionschedule of the projects being in the investment period as well as investigation and investment of the project whichwas assigned to VLPC by the Government of Vietnam and Laos under the bilateral agreements signed betweenthe two countries. The achievement of that goal surely requires a long complicated process. However, VLPC willchange the challenges into opportunities, that is, speeding up and making the best of friendly relationship with Laos,

improving the ability of personel and enlarging business lines persuant to the intended orientation.BODs steadily carries out strategy and investment orientation being passed by the general shareholder meeting underwhich VLPC shall be the leading overseas investor in hydroeclectricity. By 2020, VLPC shall achieve the total assetsof 4.2 billion USD, total electricity output of 14 billion kWh, total annual average turnover of 600 million USD, totalannual average prot of 60 million USD.

In order to achieve its goal, VLPC must regularly supervise to adjust the suitable strategy; building up active, creative,good qualication labor force; producing methods to carry out the strategy and action plan for each period;making full use of investment chance in order to timely make right decisions.

III. BO CO CA HI NG QUN TR III. REPORT BY THE BOARD OF DIRECTORS

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Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

IV. BO CO CA BAN TNG GIM C IV. REPORT OF THE DIRECTORATE

1. Kt qu hot ng trong nm

1.1 Hot ng u t

Trong iu kin hi nhp, khng hong ti chnh th gii

nm 2008 nh hng nng n n nn kinh t VitNam m nn nhn chnh l cc doanh nghip. Li sutcao cng vi lm pht hai con s khin Cng ty gprt nhiu kh khn trong vic thc hin mc tiu tin cng nh m bo hiu qu u t ca cc d n.

Th nht, li sut cao lm cho ngun cung tin khanhim khin cho vic huy ng vn ti tr cc d n gpkh khn. Ngoi ra, li sut cao cng nh hng ti hiuqu u t ca cc d n c ph duyt do lm tngchi ph li vay trong Tng d ton.

Th hai, lm pht cao n hai con s lm tng chi phu vo, lm gim hiu qu u t ca d n. c thcc d n u t ca Cng ty ti nc bn Lo u tptrung ti nhng a im gip ranh bin gii gia VitNam v Lo. Do iu kin th trng ca Lo khng png c kh nng cung ng nguyn vt liu u vo

,cng vi iu kin a hnh bt li, nn phn ln nguynvt liu u vo phc v xy dng u phi a t VitNam sang. Do , s bin ng gi ti Vit Nam nhhng trc tip n hiu qu th c hin d n u t caCng ty. Ngoi ra, cng nh bao doanh nghip khc, ccnh thu thi cng d n cng gp v vn kh khn dotc ng ca khng hong kinh t, khin cho nh thukhng c ngun lc thi cng dn n tin thicng cng trnh b chm.

Li sut v lm pht cao l hai yu t bt kh khngkhng th lng trc c, l hu qu, l h ly cakhng hong ti chnh th gii. cng l hai yu t, hainguyn nhn ch yu khin cho mc tiu tin thchin cc d n u t ca Cng ty khng c nh khoch ra.

1. Achievement

1.1 Investment

In the context of international integration, the world

economic crisis in 2008 gave bad impact on Vietnameconomy and Vietnamese enterprises were its victims.High interest rate and double-digit ination made VLPCnd it difcult to ensure the schedule and investmentbenets of the projects.

Firstly, high interest rate led to the shortage of moneysupply. Consequently, it was difcult to arrange thenancing for the projects. In addition, the high interestrate also gave bad impact on the investment benet ofthe approved project because it led to the increase in theinterest cost in the General Estimate.

Secondly, double-digit ination led to the increase inthe input costs and decrease in the investment benetof the projects. All projects invested by VLPC locate inthe Laos-Vietnam border areas. Due to the weak marketof Laos and the adverse terrain, most material input for

construction had to import from Vietnam. Therefore,the price uctuation in Vietnam directly affected theinvestment benet of the projects. Besides, like manyother enterprises, the contractors of the projects facedmany challenges caused by the effect of the economiccrisis, which made them unable to sati sfy the constructionschedule.

The high interest rate and ination were the twounforeseeable and unavoidable factors. They were theconsequences of the world economic crisis. These werethe two main reasons that made the Company not meetthe schedules of the projects.

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10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC 2008 Annual Report - VLPC 10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPC10Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

t 2008 863.369.000.000 vn. t :

* d t X 3

+ Cc mc tin chnh t hc hin nm 2008:. Hon thnh ph duyt Tng mc u t iu

chnh, c cp Giy chng nhn u t iuchnh ti Vit Nam.

. Ph duyt B nh mc n gi v Tng d toncng trnh.

. Hp ng Tng thu c k gia Cng tyTNHH in Xekaman 3 v Tng cng ty Sng .

. K cc Hp ng cung cp thit b v dch v kthut quan trng nh: Hp ng Cung cp thitb c kh thu cng v dch v k thut vi lindanh Cng ty C kh lp my Sng v Vinnghin cu c kh (thng 02/2008); Hp ng

Cung cp thit b c in v dch v k thut viNh thu VATECH Hydro GmBh (thng 4/2008).

. K Hp ng Bo him mi ri ro trong xy d ngv lp t cng trnh vi Tng cng ty Bo himDu kh Vit Nam (thng 4/2008).

. Hon thnh cng tc thi cng v nghim thuhon thnh giai on xy lp hng mc cngtrnh phc v chng l nm 2008.

t 2008:

863,369,000,000 vnd :

* X 3 hw p

+ Milestone schedules in 2008:. Completing the approval of Adjusted Total

Investment Capital; being granted the AdjustedInvestment License in Vietnam.

. Approval of the norm and unit price and theGeneral Estimate of the Project.

. Xekaman 3 Power Company Limited and SongDa Corporation signed the General ContractionContract.

. Signing important contract regarding the supplyof equipment and technical services such as:Contract for supply of hydraulic-mechanicalequipment and technical services with the Joint

Venture Song Da Mechanical Assembling JointStock Company and the Institute for mechanicalstudy (February, 2008); Contract for the Supplyof Complete Electro-mechanical Equipment andTechnical Service with VATECH Hydro GmBh(April, 2008).

. Signing the insurance policy for all risk inconstruction and installation of the Project withPetroVietnam Insurance Joint Stock Corporation(April, 2008).

. Completing the execution and delivery taking ofthe construction and installation of the anti-ooditems in 2008.

+ g 704.835.042.000 vn.t :

Ch ph xy dng: 465.366.845.000 VN Chi ph khc: 48.845.116.000 VN Chi ph thit b: 158.895.943.000 VN Li vay: 31.727.138.000 VN

+ t 704,835,042,000 vnd :

Construction costs: 465,366,845,000 VND Miscellaneous costs: 48,845,116,000 VND Equipment costs: 158,895,943,000 VND Interest costs: 31,727,138,000 VND

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11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC 2008 Annual Report - VLPC 11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPC11Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

* d t X 1+ Cc mc tin chnh thc hin nm 2008:

. Pha Lo cp giy chng nhn mi trng s 070, 071,074, 075/VPTT-UBTNNMT ngy 14/01/2008

. Pha Lo cho php khi cng trin khai trc mt s hngmc nh h mng cng dn dng, p dng b tri (Vn bns 504/BTKCP ngy 14/3/2008).

. B Cng Thng ph duyt Quy hoch u ni cc nhmy Thu in Nam Lo v nh my Thu in Xekaman1 vo h thng in Vit Nam ti Quyt nh 2719/Q-BCTngy 08/5/2008.

. K Hp ng pht trin D n ngy 30/3/2008;

. Nm 2008 k kt cc 08 hp ng v ph lc hp ng vitng gi tr: 230.119.679.486 ng.

. Hon thnh cng tc s tuyn nh thu gi thu III.3.2: Cungcp thit b c in Cng trnh Thu in Xekaman 1.

. Hon thnh kho st phc v TKKT giai on II.

. Ph duyt TKKT giai on I (Quyt nh 02/Q-HQT ngy22/01/2008)

. Ph duyt TKKT giai on II Phn tuyn nng lng Cngtrnh Thu in Xekaman 1 v TKKT cng trnh Thu inXekaman Xanxay.

. Ph duyt Tng mc u t hiu chnh theo Quyt nh s45/Q-HQT ngy 02/6/2008; Trin khai lp b nh mcn gi

+ g 131.474.623.000 vn. t :

Ch ph xy dng: 89.032.638.000 VN Chi ph khc: 42.189.553.000 VN Li vay: 252.432.000 VN

* X 1hw p+ Milestone schedules in 2008:

. The Government of Laos issued the Environmental Certicate No.070, 071, 074, 075, dated January 14, 2008.

. The Competent Authority of Laos granted the License to carry out some items in advance such as thefoundation pit of the diversion intake, left-side dam (the Ofcial Letter No.504 dated March 14, 2008).

. The Ministry of Industry and Trade of Vietnam approved the Connection Planning of Hydropower Plants in the

South of Laos and Xekaman 1 Hydropower Plant into the electric grid of Vietnam at the Decision No.2719,dated May 08, 2008.. Signing the Project Development Agreement on March 30, 2008.. In 2008, eight contracts and their schedules were signed with the total value of 230,119,679,486 VND.. Completing the prequalication of Bidders of the Package III.3.2: Supply of electro-mechanical equipment for

Xekaman 1 Hydropower Plant.. Completing the Investigation for Technical Design phase II.. Approval of the Technical Design phase I (Decision No.02 dated January 22, 2008).. Approval of the Technical Design phase II for the energy route part of Xekaman 1 Hydropower Plant; approval

of the Technical Design of Xekaman Sanxay Hydropower Plant.. Approval of the Total Adjusted Investment Capital at the Decision No.45, dated June 02, 2008; beginning to

prepare the norm and unit price set.

+ t 131,474,623,000 vnd :

Construction costs: 89,032,638,000 VND Miscellaneous costs: 42,189,553,000 VND Interest costs: 252,432,000 VND

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* d t X 4+ c 2008:. K Bin bn ghi nh b sung vi Chnh ph Lo.. K hp ng vi cc n v t vn v vic lp D n u t v cc Bo co chuyn ngnh.. Trin khai cng tc r ph bom mn, vt n phc v cng tc kho st lp D n u t v cc Bo co

chuyn ngnh.. Tin hnh thi cng ng phc v kho st.. Tin hnh kho st phc v lp D n u t, trin khai lp D n u t v cc Bo co chuyn ngnh.

+ g 9.990.000.000 vn. t : Ch ph xy dng: 2.500.000.000 VN Chi ph khc: 7.490.000.000 VN

* d k v c

+ c 2008:

. Hon thnh Cp php u t ti Lo v Vit Nam.. T chc L khi cng cng trnh.

. Hon thnh lp v trnh duyt K hoch u thu.

. Hon thnh TKBVTC hng mc nh chnh mc kt cu phn mng.

. Hon thnh TKBVTC ton b hng mc nh ph tr.

. Hon thnh lp v trnh ph duyt H s TKBVTC cc hng mc ca d n.

. Hon thnh th nghim nn tnh cc.

+ g 6.698.673.000 vn. t : Ch ph xy dng: 1.268.000.000 VN Chi ph khc: 4.729.000.000 VN Chi ph hot ng v mua sm TSC: 701.000.000 VN

* X 4 hw p+ m 2008:. Signing the Amended MOU with the Government of Laos.. Signing the Contract with the Consultants regarding the preparation of FS and the Specialist Reports.. Deploying the detection and disposal of bombs, mines and explosive objects for the preparation of FS and the

Specialist Reports.. Execution of roads serving the Investigation.. Carrying out the Investigation for the preparation of FS; preparing the FS and the Specialist Reports.

+ t 9,990,000,000 vnd : Construction costs: 2,500,000,000 VND Miscellaneous costs: 7,490,000,000 VND

* h of f l p v

+ m 2008:

. Being granted the Investment License in Laos and Vietnam.. Holding the Underground Breaking Ceremony of the Project.

. Completing the preparation and submission for approval of the Bidding Plan.

. Completing the Construction Drawing Design of the foundation of the main Building.

. Completing the Construction Drawing Design of the Auxiliary Building.

. Completing the preparation of Construction Drawing Design Document of all Projects Items and submissionfor approval.

. Completing the test of cylinder static compression.

+ t 6,698,673,000 vnd : Construction costs: 1,268,000,000 VND Miscellaneous costs: 4,729,000,000 VND Operation and Fixed Asset Procurement Costs: 701,000,000 VND


13/41

1.2 Cng tc t chc, o to

* v :

VLPC xy dng m hnh t chc ph hp vi nhim v sn xut kinh doanh trong tng thi k, bao gm ccphng chc nng v cc Ban qun l d n, gm c:+ Vn phng.+ Phng Ti chnh k ton+ Phng Kinh t k hoch+ Phng K thut+ Phng T vn php lut+ Vn phng i din ti Lo+ Ban d n Xekaman 1

+ Ban d n Xekaman 4* v :

VLPC lun coi chin lc o to pht trin trnh , nng lc qun l, lnh o v lm vic ca cn b, nhnvin l mt trong cc u tin hng u.

Vic tuyn dng nhn s c thng bo rng ri v trn c s trnh , nng lc ph hp vi ngnh ngh cntuyn dng. Vi mc tiu l xy dng v pht trin i ng nhn vin thnh tho v nghip v, chuyn nghipv phong cch lm vic, VLPC lun la chn cn b, nhn vin c tham gia kho hc nng cao trnh nghip v nh: qun tr doanh nghip, bi dng quc t v qun l d n, bi dng nghip v gim st thicng xy dng cng trnh, nghip v u thu, t chc o to ngoi ng cho CBCNV....

1.2 Organization and training

* oz:

VLPC built up the organization model suitable with periodic business task including functional departments and projectdepartments:+ Administrative Ofce.+ Finance - Accounting Department+ Economic and Planning Department+ Technical Department+ Legal Consulting Department+ Representative Ofce in Laos+ Xekaman 1 Project Department

+ Xekaman 4 Project DepartmentIn order to implement the projects effectively, the Company built up the organization and personnel training modelfor subsidiary company promptly in the preparation period of the projects.

* t:

VLPC always considers training personnel to improve their professional qualication, leadership and managementskills as one of the rst priorities.

Recruitment is widely announced in order recruit employees with good qualication and satisfying the demand ofjobs. With the view to developing a good labor force with high professional skills and professional working style, VLPCalways provides favorable conditions for its employees to involve in training courses to improve their qualication suchas Business Administration, International Project Management, Construction Supervision, Bidding Courses, ForeignLanguage Courses, etc.


14/41


1.3 Cng tc xy dng ng, hot ng ca cc t chc on th

. c x

thc hin nhim v c giao, ng B VLPC thnh lp thnh cc chi b:

+ Chi b K hoch - Vn phng+ Chi b Ti chnh k ton+ Chi b K thut - T vn php lut+ Chi b Ban d n Xekaman 1

Tng s ng vin trong cng ty l 44 ng vin. Di s ch o ca ng y Cng ty, ccchi b xy dng v pht trin i ng cn b, nhn vin y v s lng, c phm chto c, c trnh , nng lc cao; thng xuyn tuyn truyn, gio dc ng vin, CBCNVv ng li ca ng, chnh sch v php lut ca Nh nc.

Tt c cc cp y ng, t ng u n cc Chi u u phi xy dng Quy ch hot ngph hp vi tnh hnh v nhim v mi; xy dng k hoch o to, bi dng cn b nngcao trnh chuyn mn, nghip v chnh tr theo quy nh v tiu chun cn b.

Nng cao cht lng ng vin mi; thc hin ng quy trnh trong vic bi dng, gip ,thm tra h s l lch, xt kt np ng i tng, ng tiu chun. Trong nm 2008, ngb Cng ty c 18 on vin u t ca Cng ty i hc lp bi dng kt np ng, tchc kt np ng cho 07 ng ch.

Lnh o cc t chc Cng on, on Thanh nin kp thi kin ton t chc xy dng khoch hot ng ph hp vi tnh hnh nhim v mi ca Cng ty trong tng giai on.

. h c

Cng on Cng ty kt hp vi on thanh nin Cng ty tuyn truyn vn ng cn b,nhn vin t chc cc phong tro thi ua lao ng sn xut, tch cc tham gia hc tp ccNgh quyt, ch trng chnh sch ca ng, Chnh ph,...

Kt hp vi cc on th thc hin bo v quyn li chnh ng, hp php v nng cao vicchm lo, ci thin iu kin sng v lm vic cho ngi lao ng, c bit l ngi lao ngang cng tc trong iu kin kh khn nh cng trng d n Thu in Xekaman 3, cngtrng d n Thu in Xekaman 1.

. h c h c m

on thanh nin t chc tuyn truyn ph bin ng li, chnh sch ca ng v Nhnc; qun trit cc ch th, ngh quyt ca ng b cc cp v ca on Cng ty n tng

on vin; t chc tuyn truyn su rng ti on vin thanh nin v cc ngy l ln cadn tc trong nm vi cc hnh thc sinh ng v phong ph. ph hp vi m hnh tchc cng nh a bn hot ng ca cc cng ty trc thuc, BCH on Cng ty thnhlp 02 chi on c s thnh vin l Chi on Cng ty TNHH in Xekaman 3 v Chi onC quan Cng ty.

1.3 Establishment of Communist Party Organization and Unions

. e f c p oz

In order fulll assigned tasks, VLPCs Party Committee established four Cells:

+ Planning - Administrative Ofce Cell+ Finance and Accounting Department Cell+ Technical - Legal Consulting Department Cell+ Xekaman 1 Project Department Cell

There are 44 Party Members in the Company. Under the direction of the Companys PartyCommittee, all Cells were well organized and performed their duties considerately inpropagandizing policies of the Party and Laws of the State to their Party Members.

Party Committee at all levels, from Party Committee to Cell Committee, had to produce theirown operation rules as well as training programs in order to improve the professional andpolitical qualication of each Party Member.

The Companys Party Committee always satised the process of cultivating, investigatingcurriculum vitae to enrolling the right member into the Party. In 2008, VLPCs Party Committeeappointed 18 outstanding staff to participate in class on communist sympathizer, admitted 07comrades to the Party.

The Trade and Youth Union timely arranged organization suitable with the Companys tasks ineach period.

. a f t u

Trade Union together with Youth Union mobilized all employees in the Company to involve in themovements and to study Resolutions and policy of the Party and Government.

The Trade Union coordinated with other unions to preserve the proper and legal rights ofall employees. The Union also paid much attention to the working conditions for employeesespecially the ones who worked in sit es Xekaman 3 and Xekaman 1 Hydropower Project.

. a f h c m c y u

The Youth Union propagandized and popularized policy of the Party and State to its membersthereby grasping thoroughly instructions, resolutions of party committee at all levels. In addition,the Youth Union also widely propagandized the national holidays to its members under variousactivities. The Youth Union established two union locals, that is, Xekaman 3 Power CompanyLimited Youth Union Branch and Company Organization Youth Union Branch.

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2. K hoch nm 2009Mi trng hot ng nm 2009 s tip tc bin ng theo chiu hng rt phc tp, to rac c hi v thch thc cho cc doanh nghip. Theo d bo ca cc nh kinh t th nn kinht th gii nm 2009 cha th phc hi v khi phc tng trng do hu qu ca cuckhng hong ti chnh ton cu nm 2008 l i. Nm 2009 c d bo s l mt nm tiptc kh khn i vi cc doanh nghi p sn xut hng ha thng mi v dch v. Tuy nhin,i vi mt cng ty thc hin u t nh VLPC th nm 2009 khng phi l khng c nhng

c hi pht trin mnh hn bi nhng l do sau:

Th nht, khi phc kinh t, Chnh ph cc nc phi s dng cc gi kch thch kinht, h li sut cho vay. Nh vy s lm tng ngun cung tin trn th trng, khin vic huyng vn ti tr cho cc d n thun li hn vi mc li vay hp l hn v nh vy s lmtng hiu qu u t.

Th hai, do tc ng ca khng hong ti chnh m gi c cc loi hng ha dch v tr vmc gi th trng hp l. Vic s dng cc gi kch thch kinh t ca cc chnh ph trongngn hn s lm cho chi ph u vo ca cc doanh nghip sn xut hng ha gim xungko theo gi ca sn phm bn ra gim. iu ny ng ngha vi chi ph nguyn vt liu uvo phc v xy dng cc d n s gim xung, do lm tng hiu qu u t.

n , 2009, vlpc x q :

y nhanh tin thc hin cc d n u t c cp php. Thc y hon tt giai on chun b u t cc d n k bin bn ghi nh Tm kim cc ngun ti tr thc hin cc d n

o to nhn lc k cn

vlpc x 2009 :

D n Thy in Xekaman 3: Hon thnh h thng ng giao thng v vn hnh (ng16B, ng b tri D4, ng b phi D3...); thi cng ng b cc hng mc cng trnh(Hon thnh Ca nhn nc, Hm ph s 3, Hm ph s 4, Ging nghing s 2, Thp iup, hon thnh o t p trn, o v gia c hm dn nc, o h mng Nh my,cng tc BTCT Trm phn phi,...)

D n Thy in Xekaman 1: Hon tt cc th tc u t, thnh lp cng ty d n; khicng cng trnh chnh, hon thnh ngn sng t 1.

D n Khch sn v Vn phng cho thu ti Ving Chn: Hon thnh khi nh ph tr; honthnh phn xy dng khi nh chnh.

D n Thy in Xekaman 4: Hon thnh cng tc lp v ph duyt D n u t; k Hpng pht trin d n.

D n Thy in k Y Mn: Hon thnh cng tc kho st phc v lp d n u t vtrin khai lp D n u t.

D n Thy in Xekaman 2 v Xekaman 2A: K Bin bn ghi nh; trin khai cng tc kho stphc v lp D n u t.

2. Development Plan in 2009In 2009, the business and investment environment is expected to be complicated, whichwill bring both chances and challenges for enterprises. Economists believe that the worldeconomy is not going to recover and restore growth rate in 2009 due to the impact tothe world economic crisis in 2008. The year 2009 is predicted to be still a difcult year forcommercial and service enterprise. However, being an investment company, VLPC may

have chances to speed up its development because of the following reasons:

Firstly, the Governments must bring out the Economic Stimulus Packages as well andcut down the base interest rate in order to restore the economies. As a result, the moneysupply will increase, which makes the mobilization of capital for projects easier with suitableinterest rate and thereby increasing the effectiveness of the investment.

Secondly, the price of almost commodities drops to the fair market price. The use of theEconomic Stimulus Packages by Governments will lower the input cost for productionenterprise in short term, which leads to the lower price of the outputs. As a result, the inputcosts for construction of projects will decrease and thereby increasing the effectiveness ofthe investment.

i 2009, f vlpc :

implement the projects that has been granted license as proposed schedule complete preparation period of projects which MOU has been signed nd nancial resource for the projects train personnel

vlpc 2009 fw:

Xekaman 3 Hydropower Project: to complete the construction of the communication routeand operation road system (Road 16B, Left-bank Road D4, Right-bank Road D3 ...); toimplement the construction of all items of the Project (Water Intake, Auxiliary TunnelNo.3, Auxiliary Tunnel No.4, Inclined Shaft No.2, Surge Tank, excavation of rock and soil ofthe dam, excavation and reinforcement of water tunnel, excavation of the powerhousesfoundation, etc).

Xekaman 1 Hydropower Project: to complete all investment procedures and theestablishment of the Project Company; to commence the main work and river closingstage 1.

Hotel and Ofces for Lease Project in Vientiane: to complete the auxiliary Building; tocomplete the construction of the main Building.

Xekaman 4 Hydropower Project: to complete the preparation and approval of FS; to signthe Project Development Agreement.

Dak E Meule Hydropower Project: to complete the investment for the preparation of FS; to carryout the preparation of FS.

Xekaman 2 and Xekaman 2A Hydropower Project: to sign the MOU; to implement the investigationfor the preparation of FS.

2928


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t k 2009:

VT : 1000 ng

Vi n lc chung ca tp th cn b, nhn vin, VLPC s phn u hon thnh k hoch pht trin trong nm2009 gp phn vo s thnh cng chung trong tm nhn ca VLPC n nm 2020.

s f i p 2009:

With the determination and consent of its ofcers and staff, VLPC struggles to fulll the development plan in 2009 andthereby contributing to its success of the development plan by 2020.

Tn d n K hoch u t nm 2009

Tng cng 2.388.205.491

D n Thu in Xkaman 3 1.542.051.556

D n Thu in Xkaman 1 655.159.743

D n Thu in Xkaman 4 83.804.119

D n Thy in k Y Mon 15.600.000

D n Thu in Xkaman 2 v 2A 3.000.000D n Khch sn v Vn phng cho thu tiVing Chn

73.590.000

Chi ph hot ng v mua sm ti sn c nh ca Cngty

15.000.000

Project Name Investment Plan in 2009

Grand Total 2.388,205,491,000

Xekaman 3 Hydropower Project 1,542,051,556,000

Xekaman 1 Hydropower Project 655,159,743,000

Xekaman 4 Hydropower Project 83,804,119,000

Dak E Moule Hydropower Project 15,600,000,000

Xekaman 2 and Xekaman 2A Hydropower Project 3,000,000,000Hotel and Ofces for Lease Project in Vientiane 73,590,000,000

Operation and Fixed Assets Consumption Costs of theCompany

15,000,000,000


17/41


1. C cu t chc

1. Organizational structure

DEPUTY DENERALDIRECTOR

VIET-LAO POWER

BUILDING CO.,LTD

DEPUTY DENERALDIRECTOR

CTY TNHH TA NHIN VIT - LO

VPD TI LO

V. T CHC NHN S V. PERSONNEL

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18/41

2. Tm tt l lch Hi ng qun tr, Ban Kim sot v BanTng gim c

2.1 Hi ng qun tr

Chc v : U vin HQTTrnh chuyn mn: K sThu liNm sinh: 1958

Title: Member of BODQualication: HydrologicalEngineer

Year of birth : 1958

Chc v: U vin HQTTrnh chuyn mn: Tin skinh tNm sinh: 1958

Title: Member of BODQualication: Doctor ofEconomic Science

Year of birth: 1958

Chc v: y vin HQTTrnh chuyn mn: C nhnlut, C nhn ti chnh ngn hngNm sinh: 1978

Title: Member of BODQualication: Bachelor of Laws,Bachelor of Banking Finance

Year of birth: 1978

B V TH BCH NGCMS VU THI BICH NGOC

NG V HNG TRNGMR. VU HONG TRUONG

Chc v: U vin HQTTrnh chuyn mn: K sXy dngNm sinh: 1967

Title: Member of BODQualication: Civil EngineerYear of birth: 1967

NG PHM VN TNGMR. PHAM VAN TANG

NG PHM C THNHMR. PHAM DUC THANH

Chc v: Ch tch HQTTrnh chuyn mn: K sXy dng cu hmNm sinh: 1961

Title: Chairman of BODQualication: Civil Engineer(for bridge and tunnels)

Year of birth: 1961

Chc v: U vin HQT kimTng gim c

Trnh chuyn mn: K sXy dng

Nm sinh: 1959

Title: Member of BOD andGeneral DirectorQualication: Civil Engineer

Year of birth: 1959

NG THI SNMR. THAI SON

NG NGUYN THNG LONGMR. NGUYEN THANG LONG


19/41

Chc v: U vin HQTTrnh chuyn mn: Thc sti chnh ngn hngNm sinh: 1963

Title: Member of BODQualication: Master in BankingFinance

Year of birth: 1963

Chc v: Thnh vin Bankim sotTrnh chuyn mn: C nhnkinh tNm sinh: 1974

Title: Member of Board ofInspection

Qualication: Bachelor of

EconomicsYear of birth : 1974

NG NGUYN MNH HUNMR. NGUYEN MANH HUAN

NG HUY HOIMR. DO HUY HOAI

2.2 Ban kim sot:

Chc v: y vin HQTNgh nghip:k s kinh t vqun tr doanh nghip du khm a chtNm sinh:1974

Title: Member of BODOccupation: Engineer foreconomics and business

administration of petroleumand geologyYear of birth :1974

Chc v: U vin HQTTrnh chuyn mn: CN HXy dng kin trc Sophia (Bugari),Thc s ngnh ngn hngNm sinh: 1957

Title: Member of BODQualication: Graduate fromSophia Civil Architectural

Engineering (Bulgaria), Masterin BankingYear of birth: 1957

NG NGUYN THNH TRUNGMR. NGUYEN THANH TRUNG

NG NGUYN HUY TAMR. NGUYEN HUY TUA

Chc v: Trng Ban kim sotTrnh chuyn mn: C nhnkinh t

Nm sinh: 1974

Title: Head of Board ofInspectionQualication: Bachelor of

EconomicsYear of birth: 1974

Chc v: Thnh vin Bankim sotTrnh chuyn mn: Thc skinh t

Nm sinh: 1978

Title: Member of Board ofInspectionQualication: Master in

EconomicsYear of birth: 1978

B L THANH VNMS. LE THANH VAN

NG NGUYN THANH SNMR. NGUYEN THANH SON


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Chc v: Ph Tng gim cTrnh chuyn mn: K sxy dng

Nm sinh: 1958

Title: Deputy General DirectorQualication: Civil EngineerYear of birth: 1958

Chc v: Ph Tng gim c -Gim c Cng ty TNHH To nhin Vit - Lo

Trnh chuyn mn: K skinh t xy dngNm sinh: 1957

Title: Deputy General Director Director of Viet-Lao PowerBuilding Company Limited

Qualication: Engineer of

Building EconomicsYear of birth : 1957

NG NGUYN XUN HINMR. NGUYEN XUAN HIEN

NG NGUYN CNGMR. NGUYEN CUONG

2.3 Ban Tng gim c

Chc v : UVHQT -Tng gim cTrnh chuyn mn:K s Xy dng

Nm sinh: 1959

Title: Member of BOD andGeneral DirectorQualication: Civil EngineerYear of birth: 1959

Chc v : Ph Tng gim cTrnh chuyn mn: C nhnkinh t

Nm sinh: 1971

Title: Deputy General DirectorQualication: Bachelor ofEconomics

Year of birth: 1971

NG NGUYN THNG LONGMR. NGUYEN THANG LONG

NG PHM VN VITMR. PHAM VAN VIET

Chc v: Ph Tng gim c- Gim c Cng ty TNHH inXekaman 3

Trnh chuyn mn: K sxy dng

Nm sinh: 1967

Title: Deputy General Director Chief Executive Ofcer ofXekaman 3 Power Co.Ltd

Qualication: Civil Engineer

Year of birth: 1967

NG PHM VN TNGMR. PHAM VAN TANG


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Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

3. THAY I NHN S B MY QUN L TRONG NM

3.1 Hi ng qun trTi Ngh quyt s 03/NQ-HC ngy 22 thng 8 nm 2009, i hi ng c ng nht tr thng qua vic thayi thnh vin Hi ng qun tr: ng Phm c Thnh thay th ng ng Th , gi chc y vin Hi ng quntr Cng ty.Ngy 30/9/2008, Tng cng ty Sng c ng Thi Sn i din phn vn gp 700 t ng ca TCT Sng ,gi chc v Ch tch Hi ng qun tr thay ng Mai Huy Tun. Ti Bin bn kim phiu ngy 22/10/2008, i hic ng Cng ty thng qua vic thay i thnh vin hi ng qun tr Cng ty: ng Thi Sn tham gia Hi ngqun tr thay ng Mai Huy Tun. Ngy 24/10/2008, Hi ng qun tr cng ty hp v Quyt ngh bu ng Thi Sngi chc v Ch tch Hi ng qun tr Cng ty.

Thnh vin Hi ng qun tr theo danh sch n ht ngy 31/12/2008:

ng Thi Sn - Ch tch HQT

ng Nguyn Thng Long - UVHQT kim Tng gim cng Nguyn Huy Ta - UVHQTB V Th Bch Ngc - UVHQTng Phm Vn Tng - UVHQTng V Hng Trng - UVHQTng Huy Hoi - UVHQTng Nguyn Thnh Trung - UVHQTng Phm c Thnh - UVHQT

3.2 Ban Kim sot: Trong nm 2008, khng c thay i thnh vin Ban kim sot.

3.3. Thay i Ban Tng gim c p ng yu cu qun l u t cc d n cng nh s linh hot v hiu qu ca B my iu hnh, Hi ngqun tr VLPC b nhim thm mt Ph Tng gim c Cng ty trc tip ph trch vic thc hin d n thy inXekaman 1:

Ngy 15/8/2008, Hi ng qun tr VLPC ban hnh quyt nh s 65/Q-HQT, b nhim ng Nguyn XunHin - K s xy dng gi chc v Ph Tng gim c Cng ty k t ngy 01/09/2009.

3.4. Thay i K ton trng: Trong nm 2008, khng c thay i K ton trng.

3. CHANGES IN MANAGERIAL PERSONNEL

3.1 Board of DirectorsWith the Resolution No.03/NQ-DHDCD of August 22, 2008, the General Assembly of Shareholders unanimouslyapproved the change of BOD members: Mr. Pham Duc Thanh would take a position as Member of BOD of theCompany replacing Mr. Dang The Do.On September 30, 2008, Song Da Corporation appointed Mr. Thai Son to be the representative of its equity capital of700 billion VND in the Company, to hold ofce as Chairman of BOD replacing Mr. Mai Huy Tuan. At the Munite datedOctober 22, 2008, the General Assembly of Shareholders of the Company unanimously approved the change of BODmember: Mr. Thai Son would participate in the BOD replacing Mr. Mai Huy Tuan. On October 24, 2008, the BOD helda meeting and decided to elect Mr. Thai Son to be the Chairman of BOD of the Company.

The List of members of BOD up to December 31, 2008:

Mr. Thai Son - Chairman of BOD

Mr. Nguyen Thang Long - Member of BOD and General DirectorMr. Nguyen Huy Tua - Member of BODMs Vu Thi Bich Ngoc - Member of BODMr Pham Van Tang - Member of BODMr. Vu Hong Truong - Member of BODMr. Do Huy Hoai - Member of BODMr. Nguyen Thanh Trung - Member of BODMr. Pham Duc Thanh - Member of BOD

3.2 Board of Inspection: No change of members in the year 2008

3.3. Change in the DirectorateIn order to meet the investment implementation of projects as well as exibility and effectiveness of the managementmachinery, the BOD of VLPC appointed one more Deputy General Director, who was directly responsible forimplementation of Xekaman 1 Hydropower Project:

On August 15, 2008, the BOD of VLPC issued the Decision No.65/QD-HDQT appointing Mr. Nguyen Xuan Hien, who isa Civil Engineer, to a position of Deputy General Director of the Company since September 01, 2009.

3.4. Change of Chief Accountant: No change of Chief Accountant in the year 2008.

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432008 Annual Report - VLPC

42Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC

4. S lng cn b nhn vin v chnh sch i vi ngi lao ng

4.1 S lng cn b, nhn vin

Tnh n ngy 31/12/2008, tng s cn b, nhn vin VLPC (bao gm c CBCNV cc Cng ty con) l 131 ngi, trong:Cn b qun l (t cp ph phng tr ln): 40 ngiNhn vin: 91 ngi.Trnh hc vn:+ Trnh trn i hc: 02 ngi+ Trnh i hc: 115 ngi+ Trnh cao ng, trung cp: 14 ngi

4.2 Mc lng bnh qun nm 2008 l: 6.000.000 VN/thng

4.3 Chnh sch o too to pht trin trnh , nng lc qun l, lnh o v lm vic ca cn b, nhn vin l mt trong cc u tin hngu ca VLPC, vi mc tiu l xy dng v pht trin i ng nhn vin thnh tho v nghip v, chuyn nghip vphong cch lm vic. Cc cn b, nhn vin Cng ty lun c c hi tham gia cc kha hc nghip v nng cao trnh

do VLPC chi tr chi ph hc tp.Trong nm 2008, Cng ty t chc cho CBCNV tham gia 08 lp o to bi dng chuyn mn nghip v vi 48 ltngi tham gia nh Lp bi dng quc t v qun l d n; Bi dng nng ngch vin chc chuyn mn nghipv; Bi dng nghip v nh gi xy dng; Bi dng nghip v u thu, ....Cng trong nm 2008, VLPC kt hp vi Hc vin Cng ngh v Gio dc ngn ng MEC Vit Nam t chc 02 lpo to ting Anh vn phng, t chc ti tr s Cng ty cho CBCNV vi 30 ngi tham gia.

4. Numbers of Employees and policies applied to them

4.1 Number of EmployeesThe total number of Employees of VLPC up to December 31, 2008 (including Employees working in the subsidiarycompanies) is 131 persons, of which:Managerial staff (from deputy manager level upwards): 40 personsEmployee: 91 persons.Education level:+ Post-graduate: 02 persons+ Tertiary education: 115 persons+ Secondary education: 14 persons

4.2 The average salary level of the year 2008: 6,000,000 VND/month

4.3 Training policyWith a view to developing its procient staffs with professional style of work, VLPC has given the top priority to trainingand developing ability of administration, management and working of the personnel. The company has usually givenopportunities to its personnel to take professional training courses, the expenses for which have been paid by theCompany.

In 2008, the Company organized 8 training courses with 48 participations to improve professional skills of personnelsuch as: International course of project management training, training course for promotion of scale of different ranksand grades of civil servants, training curse for valuation of building work, training course for bidding operationAlso, in 2008, VLPC cooperated with MEC Vietnam to organize 2 English courses in the companys headquarters withthe participation of 30 staffs


23/41

Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC 2008 Annual Report - VLPC

4.4 Ch khen thngCh khen thng cho cn b, nhn vin caVLPC gn lin vi kt qu thc hin v tin thchin cc d n u t. Hng nm, VLPC c ch khen thng hoc trnh ln cp trn khenthng: Bng khen ca Th tng chnh ph, Bngkhen ca B trng B Xy dng, chin s thi uangnh xy dng, chin s thi ua cp c s, cn bqun l gii, lao ng gii, lao ng tin tin.

4.5 Ch bo him x hi, bo himy tTt c cn b, nhn vin chnh thc ca VLPC uc tham gia ch bo him x hi v bo himy t ph hp vi B Lut Lao ng v Lut Bohim x hi Vit Nam.

4.6 Ch tin lngVLPC xy dng chnh sch tin lng linh hot vc tnh cnh tranh cao nhm pht huy tinh thnlao ng, lm vic v sng to ca cn b, nhnvin Cng ty. Ngoi mc lng c bn theo quy

nh ca php lut v tin lng, ngi lao ngcn c hng lng nng sut cn c vo mc hon thnh cng vic hng thng. Hng nmhoc 06 thng mt ln, tt c cn b, nhn vinCng ty c xt nng bc lng nng sut theoQuy ch tr lng ca Cng ty trn c s s tinb ca c nhn ngi lao ng, kh nng chuynmn nghip v v s ng gp cho s pht trinca VLPC.

4.7 Phc liThc hin cc chnh sch phc li ca Nh nc,khuyn khch CBCNV trong Cng ty tch cc laong, tng nng sut, VLPC thc hin thng nhk vo cc ngy l (30/4, 01/5, 02/9, Tt dnglch, Tt Nguyn n,...); khm sc khe nh k

cho ton th cn b, nhn vin; cp pht ngphc lm vic, ch ngh mt hng nm.

4.4 Commendation and rewardCommendation and reward for personnel of the Company go together with the result and progress of implementationof investment projects. The proposal of commendation and reward have been considered by the company each yearor submitted to higher authorities: Certicate of merit by the Prime Minister, by the Minister of Construction, Emulationghter in building industry, at grassroots level, Procient managerial staff, Procient laborer, Progressive labor.

4.5 Social and medical insurance systemsAll ofcial personnel of the Company have participated in the social and medical insurance systems in accordance withLabor Law and Social Insurance Law of Vietnam.

4.6 Wage systemVLPC has made a exible and competitive wage policy to develop and promote the spirit of creative working ofall personnel in the Company. All the personnel of the Company have been paid, in addition to the basic wage asstipulated in the wage laws, the productivity wage based on monthly completion of tasks. The increase of productivitywage rates are considered for every 6 months or each year for all the personnel in accordance with the Companyssalary regulations and based on progress made by each individual laborer, his professional ability and contribution todevelopment of the Company.

4.7 WelfareImplementing the welfare policies of the State, promoting the spirit of creative working of all personnel in the Company,

encouraging the increase of labor productivity in each employee, VLPC has given a periodic bonus on public holidaysand traditional festivals (April 30, May 01, September 02, Western New Year, Lunar New Year etc.); provided workinguniforms, given a periodic medical, annual vacations to all personnel.

4544


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46Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC

VI. BO CO TI CHNH VI. FINANCIAL REPORTS

1. Bo co ca Hi ng qun trHi ng qun tr Cng ty C phn in Vit - Lo (Cng ty) trnh by bo co ny v cc bo co ti chnh hpnht ca Cng ty v cc Cng ty thnh vin cho nm ti chnh kt thc ngy 31 thng 12 nm 2008.

CNG TY

Cng ty C phn in Vit - Lo l mt cng ty c phn c thnh l p ti Vit Nam theo Giy chng nhn ng k

kinh doanh s 0103002575, do S K hoch v u t thnh ph H Ni cp ngy 11 thng 7 nm 2003 v theo ccGiy chng nhn ng k kinh doanh iu chnh sau:

Theo Giy chng nhn ng k kinh doanh s 0103002575 do S K hoch vu t thnh ph H Ni cp ngy3 thng 11 nm 2008, Cng ty c chp thun thay i c ng sng lp. Danh sch c ng sng lp theo giy

chng nhn ng k kinh doanh iu chnh nh sau:

1. Report of the Board of ManagementThe Board of Management of Viet - Lao Power Joint Stock Company (the Company) presents its report and theCompany and its subsidiaries consolidated nancial statements for the year ended 31 December 2008.

THE COMPANY

The Company is a joint stock company established in Vietnam in accordance with Business Registration CerticateNo 0103002575 issued by the Department of Planning and Investment of Hanoi on 11 July 2003 and the followingAmended Business Registration Certicates:

Under the Amended Business Registration Certicate No. 0103002575, by the Department of Planning and Investmentof Hanoi on 03 June 2008, changes in the founding shareholders have been approved. The list of founding shareholdersis as follows:

T l nm gi c phn

sng lp (%)

Tng cng ty Sng 49 %

Ngn hng u t v pht trin Vit Nam 11 %

Tng cng ty in lc Du kh Vit Nam 10 %

Tng cng ty C phn Ti chnh Du kh 11 %

Cng ty Chng khon Ngn hng u t v Pht trin Vit Nam 10 %

Cng ty C phn th Sng 6 %

Tp on in lc Vit Nam 2 %

Tng cng ty C phn Bo him Du kh Vit Nam 1 %

100%

Shareholders Founding share ratio

Song Da Corporation 49%

Bank for Investment and Development of Vietnam 11%

PetroVietnam Power Company 10%

PetroVietnam Finance Joint Stock Corporation 11%

BIDV Securities Company 10%

Song Da Urban Joint Stock Company 6%

Vietnam Electricity Group 2%

PetroVietnam Insurance Joint Stock Company 1%

100%

Giy chng nhn ng k kinh doanh iu chnh s Ngy

0103002575 15 thng 12 nm 2003

0103002575 25 thng 6 nm 2007

0103002575 3 thng 11 nm 2008

Amended Business Registration Certicates No Date

0103002575 15 December 2005

0103002575 25 June 2007

0103002575 3 January 2008


25/41


48Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC

Cn c Bin bn kim phiu ngy 25 thng 3 nm 2008, i hi ng c ng biu quyt thng qua vic chuynnhng c phn ca Tng cng ty Sng cho Tp on Cao su Vit Nam tng ng 3,5 % vn iu l ca Cngty. T l nm gi c phn sau khi chuyn nhng v ti ngy lp bo co nh sau:

In accordance with the Vote counting result dated 25 March 2008, the Companys whole shareholders approved thetransfer of 3.5% chartered capital from Song Da Corporation to Vietnam Rubber Group. The Companys shareholdersafter the transfer and as of the reporting date are:

T l nm gi c phn (%)

Tng cng ty Sng 45,5 %

Ngn hng u t v pht trin Vit Nam 11 %

Tng cng ty in lc Du kh Vit Nam 10 %

Tng cng ty C phn Ti chnh Du kh 11 %

Cng ty Chng khon Ngn hng u t v pht trin Vit Nam 10 %

Cng ty C phn th Sng 6 %

Tp on Cao su Vit nam 3,5 %

Tp on in lc Vit Nam 2 %Tng cng ty C phn Bo him Du kh Vit Nam 1 %

100 %

Shareholders Founding share ratio

Song Da Corporation 45.5%

Bank for Investment and Development of Vietnam 11%

PetroVietnam Power Company 10%

PetroVietnam Finance Joint Stock Corporation 11%

BIDV Securities Company 10%

Song Da Urban Joint Stock Company 6%

Vietnam Rubber Group 3.5%

Vietnam Electricity Group 2%PetroVietnam Insurance Joint Stock Company 1%

100%


26/41


50Bo co thng nin 2008 - VLPCBo co thng nin 2008 - VLPC

HOT NG CA CNG TY L:

. u t xy dng cc nh my thu in, cc cng trnh ng dy,trm bin th, in;. Kinh doanh in nng;. Kho st, thit k, t vn, xy dng v lp t cc cng trnh in;. Nhn thu xy lp cc cng trnh cng nghip, giao thng, thu li, dn dng, bu in,sn bay, bn cng,

cng trnh k thut h tng th v cc khu cng nghip;. Sn xut v kinh doanh vt liu xy dng;. Thi cng lp t my mc, thit b, kt cu kim loi;. Bun bn vt t, thit b ngnh in v xy dng;. u t xy dng v kinh doanh Nh my Thu in Xekaman 3 ti nc Cng ho Dnch Nhn dn Lo; v. Kinh doanh dch v khch sn, nh hng v cho thu vn phng (khng bao gm kinhdoanh qun Bar, phng

ht karaoke, v trng).

Cng ty c tr s chnh ti Nh G10, phng Thanh Xun Nam, qun Thanh Xun, thnhph H Ni v Vn phng i din ti bn Savang, qun Chanthabouly, th Vientine,

nc CHDCND Lo.

Hin nay, Cng ty c hai cng ty con l Cng ty TNHH in Xekaman 3 (Cng ty Xekaman3) v Cng ty TNHH Viet - Lao Power Building (Cng ty Viet - Lao Power Buiding).

Cng ty Xekaman 3 l cng ty lin doanh c thnh lp ti nc CHDCND Lo theo Giyphp u t s 002 - 06 do U ban K hoch v u t Lo cp vo ngy 3 thng 1 nm2006. Bn lin doanh ca Cng ty Xekaman 3 l Cng ty in lc Lo, mt cng ty cthnh lp nc CHDCND Lo. Cng ty c tr s chnh ti bn Savang, qun Chanthabouly,th Vientine, nc CHDCND Lo. Hot ng chnh ca Cng ty Xekaman 3 trong nm2008 l xy dng Nh my Thu in Xekaman 3 nhm sn xut v cung cp in trongnc v xut khu.

Cng ty Viet - Lo Power Building l cng ty TNHH c thnh lp ti nc CHDCND theoGiy php u t nc ngoi s 043-08/KHT do B K hach v u t Lo cp ngy 2thng 4 nm 2008. Cng ty Viet - Lao Power Building c tr s chnh ti bn Hatsady Nua,qun Chanthabuouly, th Vientinane. Hot ng chnh ca Cng ty Viet - Lao power

Building trong nm 2008 l xy dng vn phng cho thu.

THE COMPANYS PRINCIPAL ACTIVITIES ARE AS FOLLOWS:

. Investment in building hydropower plants, power networks and transformer stations;

. Electrical energy trading;

. Investigation, design, construction and installation of hydropower projects;

. Investment in construction of civil engineering, trafc and irrigation works; urban andindustrial zones etc.;. Construction materials and equipments manufacturing and trading;. Construction and installation of structural metal machineries and equipments;. Electricity and construction materials and equipments trading;. Foreign and Domestic investment in the form of BOT;. Investment in building and trading Xekaman 3 Hydroelectric Power station in Lao PDR and. Business of hotels, restaurants, and ofce for lease (excluding bars, karaoke,discotheque).

The Companys head ofce is located at G10 Building, Thanh Xuan Nam Ward, Thanh XuanDistrict, Hanoi, Vietnam and its representative ofce is located at Savang Village, ChanthaboulyDistrict, Vientiane, Lao PDR.The Company has two subsidiaries, Xekaman 3 Power Company Ltd. (the Xekaman 3Company) and Viet - Lao Power Building Co., Ltd (the Viet - Lao Power Building Company).

The Xekaman 3 Company is a joint venture company established in Laos under the InvestmentLicense No. 002-06, issued by Committee for Planning and Investment on 03 January 2006.The Xekaman 3 Company partner is Laos Electricity Company, a company incorporated in LaoPDR. The registered head ofce of the Xekaman 3 Company is at Savang Village, ChanthaboulyDistrict, Vientiane, Lao PDR. The principal activity of the Xekaman 3 Company in 2008 is toconstruct Xekaman 3 Hydroelectric Power Station to produce electricity for local consumptionand export.

The Viet - Lao Power Building Co., Ltd is a limited company incorporated in Lao PDR underthe Investment License No. 043-08/KHDT, issued by the Ministry of Planning and Investmentof Laos on 02 April 2008. The registered head ofce of the Viet - Lao Power Building Co., Ltdis located at Hatsady Nua Village, Chanthabouly District, Vientiane, Lao PDR. The principalactivity of the Viet - Lao Power Building Co., Ltd in 2008 is to construct ofces for rent.


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52Bo co thng nin 2008 - VLPC

KT QU HOT NG KINH DOANH

HI NG QUN TRCc thnh vin Hi ng qun tr trong nm 2008 v vo ngy lp bo co ny nh sau:

Hi ng qun tr

CC S KIN SAU NGY KT THC K K TON NM

Khng c s kin quan trng no xy ra k t ngy kt thc k k ton nm yu cu phi c cc iu chnh hocthuyt minh trong cc bo co ti chnh hp nht

KIM TON VIN

Cng ty TNHH Ernst & Young Vit Nam by t nguyn vng c tip tc lm cng tc kim ton cho Cng ty.

RESULTS

THE BOARD OF MANAGEMENTThe members of the Board of Management during the year and at the date of this report are:

Board of Management

EVENTS SINCE THE BALANCE SHEET DATE

There have been no signicant events occurring after the balance sheet date which would require adjustments or

disclosures to be made in the nancial statements.

AUDITORSThe auditors, Ernst & Young, have expressed their willingness to accept reappointment.

n v tnh: ng Vit Nam

2008 2007

Li nhun thun sau thu cho nm 9.492.242.777 1.458.953.494

Li nhun li vo cui nm 11.042.921.147 1.550.678.470

Currency: VND

2008 2007

Net prot after tax for the year 9,492,242,777 1,458,953,494

Retain earnings 11,042,921,247 1,550,678,470

Tn Chc v Ngy b nhim/min nhim

ng Thi Sn Ch tch B nhim ngy 22 thng 10 nm 2008

ng Mai Huy Tun Ch tch B nhim ngy 27 thng 9 nm 2006Thi gi chc ngy 22 thng 10 nm 2008

ng Nguyn Thng Long U vin

ng Th U vin Thi gi chc ngy 22 thng 8 nm 2008ng Phm c Thnh U vin B nhim ngy 22 thng 8 nm 2008

ng Phm Vn Tng U vin

ng V Hng Trng U vin

ng Nguyn Huy Ta U vin

ng Huy Hoi U vin

B V Th Bch Ngc U vin

ng Nguyn Thnh Trung U vin

Name Position Date of appointment/resignation

Mr. Thai Son Chairman Appointed 22 October 2008

Mr. Mai Huy Tuan Chairman Appointed on 27 September 2006Resigned on 22 October 2008

Mr. Nguyen Thang Long Member

Mr. Dang The Do Member Resigned on 22 August 2008

Mr. Pham Duc Thanh Member Appointed 22 August 2008

Mr. Pham Van Tang Member

Mr. Vu Hong Truong Member

Mr. Nguyen Huy Tua Member

Mr. Do Huy Hoai Member

Ms. Vu Thi Bich Ngoc Member

Mr. Nguyen Thanh Trung Member


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54Bo co thng nin 2008 - VLPC

CNG B TRCH NHIM CA BAN GIM C CNG TY I VI CC BO CO TI CHNH

HP NHT

Ban Gim c Cng ty chu trch nhim m bo cc bo co ti chnh hp nht cho tng nm ti chnh phn nhtrung thc v hp l tnh hnh hot ng, kt qu hot ng kinh doanh v tnh hnh lu chuyn tin t ca Cng tyv cc Cng ty thnh vin trong nm. Trong qu trnh lp cc bo co ti chnh hp nht ny, Ban Gim c Cngty cn phi:

. la chn cc chnh sch k ton thch hp v p dng cc chnh sch ny mt cch nht qun;

. thc hin cc nh gi v c tnh mt cch hp l v thn trng;

. nu r cc chun mc k ton p dng cho Cng ty v cc Cng ty thnh vin c c tun th hay khng vtt c nhng sai lch trng yu so vi nhng chun mc ny c trnh by v gii thch trong ccbo co ti chnh hp nht; v

. lp cc bo co ti chnh hp nht trn c s nguyn tc hot ng lin tc tr trng hp khng th chorng Cng ty s tip tc hot ng.

Ban gim c Cng ty chu trch nhim m bo vic cc s sch k ton thch hp c lu gi phn nh tnhhnh ti chnh ca Cng ty v cc Cng ty thnh vin, vi mc chnh xc hp l, ti bt k thi im no v mbo rng cc s sch k ton tun th vi h thng k ton c ng k. Ban gim c Cng ty cng chu trchnhim v vic qun l cc ti sn ca Cng ty v cc Cng ty thnh vin v do phi thc hin cc bin php thchhp ngn chn v pht hin cc hnh vi gian ln v nhng vi phm khc.Ban gim c Cng ty cam kt vi Hi ng qun tr rng Cng ty tun th nhng yu cu nu trn trong viclp cc bo co ti chnh hp nht.

PH DUYT CC BO CO TI CHNH HP NHT

Chng ti ph duyt cc bo co ti chnh hp nht km theo. Cc bo co ny phn nh trung thc v hp l tnhhnh ti chnh hp nht ca Cng ty v cc Cng ty thnh vin vo ngy 31 thng 12 nm 2008, kt qu hot ngkinh doanh hp nht v tnh hnh lu chuyn tin t hp nht cho nm kt thuc cng ngy ph hp vi Chun mc.cho tng nm ti chnh phn nh trung thc v hp l tnh hnh hot ng, kt qu hot ng kinh doanh v tnhhnh lu chuyn tin t ph hp vi Chun mc K ton v H thng K ton Vit Nam v tun th cc quy nh clin quan.

Thay mt Hi ng qun tr

Thi SnCh tch

Ngy 31 thng 3 nm 2009

STATEMENT OF MANAGEMENTS RESPONSIBILITY OF THE COMPANYS IN RESPECT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

The Companys management is responsible for the consolidated nancial statement of each nancial year which givesa true and fair view of the state of affairs of the Company and its subsidiaries and of its results and cash ows for theyear. In preparing those consolidated nancial statements, management is required to:

. Select suitable accounting policies and the apply them consistently;

. Make adjustments and estimates that are reasonable and prudent;

. State whether applicable accounting standards have been followed, subject to any material departuresdisclosed and explained in the nancial statements; and

. Prepare the consolidated nancial statements on the going concern basis unless it is inappropriate topresume that the Company will continue in business.

The Companys management is responsible for ensuring that proper accounting records are kept which disclose, withreasonable accuracy at any time, the nancial position of the Company and its subsidiaries and to ensure that theaccounting records comply with the registered accounting system. It is also responsible for safeguarding the assetsof the Company and its subsidiaries and hence for taking reasonable steps for the prevention and detection of fraudand other irregularities.The Companys management has conrmed to the Board of Management that the Company has complied with theabove requirements in preparing the accompanying consolidated nancial statements.

APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS

We hereby approve the accompanying consolidated nancial statements which give a true and fair view of theconsolidated nancial position of the Company and its subsidiaries as at 31 December 2008 and the results of itsconsolidated operations and consolidated cash ows for the year than ended in accordance with the VietnameseAccounting Standards and System and comply with relevant statutory requirements.

On behalf of the Board of Management

Thai SonChairman

31 March 2009


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29Bo co thng nin 2008 - VLPC29Bo co thng nin 2008 - VLPC29Bo co thng nin 2008 - VLPC29Bo co thng nin 2008 - VLPC29Bo co thng nin 2008 - VLPC29Bo co thng nin 2008 - VLPC


BO CO KIM TON C LP

Knh gi: Hi ng qun tr Cng ty C phn in Vit Lo

Chng ti kim ton bng cn i k ton hp nht vo ngy 31 thng 12 nm 2008 ca Cng tyC phn in Vit Lo v cc Cng ty con (Cng ty), bo co kt qu hot ng kinh doanh hpnht v bo co lu chuyn tin t hp nht cho nm ti chnh kt thc cng ngy v cc thuyt minhbo co ti chnh hp nht km theo (sau y c gi chung l cc bo co ti chnh hp nht)c trnh by t trang 6 n trang 33. Cc bo co ti chnh hp nht ny thuc trch nhim caBan gim c ca Cng ty. Trch nhim ca chng ti l a ra kin v cc bo co ti chnh hpnht ny da trn vic kim ton ca chng ti.

C s kin kim ton

Chng ti tin hnh kim ton theo cc quy nh ca cc Chun mc Kim ton Vit Nam v Quct c p dng ti Vit Nam. Cc chun mc ny yu cu chng ti phi lp k hoch v thc hinvic kim ton t c mc tin cy hp l v vic cc bo co ti chnh hp nht khng c saist trng yu. Vic kim ton bao gm vic kim tra theo phng php chn mu, cc bng chngv s liu v cc thuyt minh trn cc bo co ti chnh hp nht. Chng ti tin tng rng cng vickim ton ca chng ti cung cp c s hp l cho kin kim ton.

kin kim ton

Theo kin ca chng ti, cc bo co ti chnh hp nht phn nh trung thc v hp l tnh hnhti chnh ca Cng ty vo ngy 31 thng 12 nm 2008. Kt qu hot ng kinh doanh v tnh hnhlu chuyn tin t cho nm ti chnh kt thc cng ngy ph hp vi cc Chun mc k ton v Hthng K ton Vit Nam v tun th cc quy nh c lin quan.

INDEPENDENT AUDITORS REPORT

To: The Board of Management of Viet Lao Power Joint Stock CompanyWe have audited the consolidated balance sheet of Viet Lao Power Joint Stock Company and itssubsidiaries (the Company) as at 31 December 2008, and the consolidated income statement and

consolidated cash ow statement for the year then ended and the notes thereto as set out on pages 6to 32 (collectively referred to as the consolidated nancial statements). These consolidated nancialstatements are the responsibility of the Companys management. Our responsibility is to express anopinion on these consolidated nancial statements based on our audit.

Basis of opinion

We conducted our audit in accordance with Vietnamese and International Standards on Auditingapplicable in Vietnam. Those standards require the we plan and perform the audit to obtain reasonableassurance about whether the consolidated nancial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosures in theconsolidated nancial statements. An audit also includes assessing the accounting principles usedand signicant estimates made by the Companys management, as well as evaluating the overallpresentation of consolidated nancial statements. We believe that our audit provides a reasonablebasis for out opinion.

Opinion

In our opinion, the consolidate nancial statements give a true and fair view of the nancial positionof the Company as at 31 December 2008 and of the results of its operations and its cash ows for theyear the ended in accordance with the Vietnamese Accounting Standards and Sy

vlpc bao cao thuong nien 2008

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