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September 08th, 2010

The Vietnam Daily

Markets at a Glance HoSE HNX MARKET COMMENTARY


1 day chg (%) -0.46% -2.26%
Close 458.44 132.59 With the losses we saw in global markets the initial weakness was less
Volume (share) 55,087,956 58,670,800 of a surprise than the rebound we saw in the VN-Index at the end of the
day. C13 is still the dark cloud that hangs above the market, but inves-
Value (USDmn) 71.46 74.35
tors nevertheless did find enough arguments to start getting back into
Gainers 51 54 equities today’s low. And even the announcement that VCB received the
Losers 176 250 approval for a 33% capital raising did not deter investors from buying the
Unchanged 32 23
bank’s shares. The high turnover in Hanoi also suggests that investors’
risk appetite is improving.

Foreign Activity So although it seems that the undertone of the market is still quite firm
Foreign Buy (USDmn) 9.44
for the moment, we have to keep in mind that sentiment is still fragile and
can change quickly with any major announcement. Technically speak-
Foreign Sell (USDmn) 6.08 ing both indexes did find good support at important levels today and the
Foreign Net (USDmn) 3.36 coming days could therefore prove to be very important for the direction
Foreign Turnover (%) 10.64%
of the markets over the coming weeks.

Industry Movers 1D chg Weight


(composite)
Basic Materials +0.29% 8.87%
Consumer Goods -0.30% 18.17%
Consumer Services -1.84% 2.89%
Financials -0.31% 43.24%
Health Care +0.06% 1.66%
Industrials -1.03% 16.32%
Oil & Gas +0.18% 2.33%
Technology -1.95% 0.69%
Telecommunications -0.68% 3.15%
Utilities -1.30% 2.67%

Fiachra Mac Cana


Head of Research
+848 3823 3299
fiachra.maccana@hsc.com.vn

Head Office
Level 1,2,3 Capital Place Building,
6 Thai Van Lung St., District 1, HCMC
T: (+84 8) 3 823 3299
F: (+84 8) 3 823 3301

Hanoi Office
6 Le Thanh Tong St.,
Hoan Kiem District, Hanoi Content
T: (+84 4) 3 9334693 Today’s Markets 2
F: (+84 8) 3 9334822
VCB - 1-H FY2010 Result 4
http://www.hsc.com.vn
Market Activity 9
HCMS <GO> Today’s OTC Prices 11
Markets at a Glance 12
Please read the important disclaimer at Today’s News 13
the end1of the document.
Page
September 08th, 2010

The Vietnam Daily

Today’s HCMC Market


HoSE - Intraday Movement
459 HCMC – The VN index edged lower again in slightly higher turnover of
458
VND1,391.96 billion or US$71.46 million. The index slipped 0.46% and
457
closed at 458.44. 51 shares gained while 176 shares fell. And 16 shares
went to the ceiling while 16 shares dropped to the floor. Foreigners ac-
456

455

454
counted for 12.81% of the buying value and 7.67% of the selling value.
453

452 The market opened lower and after a sharp but short lived rally fell again
451
to hit the daily low of 453.03 before rising steadily thereafter although we
still closed in negative territory. Today’s trading range was narrower at
450
9:00
9:05
9:10
9:15
9:20
9:25
9:30
9:35
9:40
9:45
9:50
9:55
10:00
10:05
10:10
10:15
10:20
10:25
10:30
10:35
10:40
10:45
10:50
10:55
11:00

just over 5 points while trading volume rose.

After the end of the first session, about 5.9 million shares were offered
HoSE - Total Bid Offer and around 7.3 million shares were bid. And then towards the end of
the day, around 7.7 million shares were offered with around 12.2 million
shares bid. Bids were lower than yesterday’s levels at the end of the first
session while offers were a tad higher again. Bids rose far more cau-
tiously today and closed sharply lower than yesterday’s closing levels.
Then offers were a bit higher again on yesterday’s closing levels. The
gap between bids and offers narrowed sharply on yesterday’s closing
levels although it was more a case of falling bids than rising offers.

In terms of the VN index VCB, BVH, MSN and DPM made the biggest
positive contribution. And VIC, CTG, VOS and SSI made the biggest
negative contribution. Major sectors were mixed to lower again today.

Foreign buying rose today in actual terms and was up also in percentage
HoSe Bid/Offer Spread (%) terms. Meanwhile foreign selling was down slightly in actual terms and
also in percentage terms. Foreigners were still active net buyers though
to the tune of VND71.62 billion worth of shares in HCMC. And we saw
twenty five transactions in the put through market today.

Foreigners were active buyers of KBC; HAG; BVH; FPT and KDC. They
also actively sold GIL; SJS; FPT; PVD and SSI. The put through mar-
ket was more active today and we saw 2 large and then some medium
sized and smaller deals accounting for 8.02% of total turnover. We saw
200,000 shares of VNM; 260,000 shares of HTV; 750.096 shares of GIL
and 260,000 shares of OGC amongst others in the put through market.
Foreigners were active in the GIL deal in the put through market today.

Among today’s most actives we had TLH leading the list with 2.62 mil-
lion shares traded and a 5% higher closing price at VND17,000. SSI
had to settle for second place with 1.76 million shares traded and a
VND700 lower closing price of VND28,500. VIS saw 1.76 million shares
change hands and a 3% higher closing price and DIC closed at ceiling
(VND26,900) on 1.47 million shares traded. BVH reached an intraday
high of VND51,000, the highest price since June of last year.

As for the five traded funds, VFMVFA was flat at VND7,700, VFMVF4 was
down 3.23% at VND6,000, VFMVF1 was flat at VND10,800, PRUBF1
was down 2.17% at VND4,500 and finally MAFPF1 closed flat once more
at VND4,600.

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September 08th, 2010

The Vietnam Daily

Today’s HANOI Market


HNX - Intraday Movement
136 Hanoi - The Hanoi market fell again while turnover rose further to
135 VND1,448.32 billion or US$74.35 million. The HN index lost 2.26% and
134 ended the day at 132.59. 54 stocks rose while 250 stocks fell. And 3
133
stocks went to the ceiling while 24 stocks dropped to the floor. Foreigners
132
accounted for 0.37% of the buying value and 0.81% of the selling value.
131
In total foreigners were net sellers still today to the tune of VND6.31 bil-
lion worth of shares. And we saw twenty large, medium and small sized
deals today in a more active put through session in Hanoi accounting for
130

5.02% of total turnover.


129
8:30

8:40

8:50

9:00

9:10

9:20

9:30

9:40

9:50

10:00

10:10

10:20

10:30

10:40

10:50

11:00

We saw 1,000,000 shares of PVV; 2,800,000 shares of AVS; 61,600


shares of VSP and also some smaller transactions in the put through
HNX - Total Bid Offer market. PVX continues to dominate the trading volume with 6.71 million
shares traded, but the shares slipped VND700 to VND23,700. PVX was
followed by KLS with 4.81 million shares and a 2.5% lower closing and
PVC with 2.96 million shares and a closing price of VND33,200.

HNX Bid/Offer Spread (%)

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September 08th, 2010

The Vietnam Daily

Vietcombank FY2010 1-H results and FY2010 outlook – despite reasonable growth
challenges remain. Reiterate HOLD.
Analyst - Nguyen Thi Thuy Linh

OPERATING INCOME 1H FY2009 1H FY2010 % y/y FY2010 Target % fulfilled FY2010 HSC % y/y
Forecast
Interest and similar income 7,581,534 9,554,476 26.0% 17,314,139 13.2%
Interest and similar expense (4,557,207) (5,296,889) 16.2% (9,517,020) 8.2%
NET INTEREST AND SIMILAR INCOME 3,024,327 4,257,587 40.8% 6,478,666 65.7% 7,797,120 20.0%
Fee and commission income 619,696 741,654 19.7% 1,441,023 5.0%
Fee and commission expenses (134,741) (230,924) 71.4% (317,846) -17.1%
NET FEE AND COMMISSION INCOME 484,956 510,730 5.3% 1,239,213 41.2% 1,123,177 13.5%
Net gain from dealing in foreign currencies 390,554 192,454 -50.7% 918,309 21.0% 459,155 -50.0%
Net gain from securities trading and investment 258,382 164,950 -36.2% 796,173 20.7% 246,347 -30.8%
Net gain from joint-ventures & association & dividend 224,389 56,806 -74.7% 426,437 13.3% 356,943 -10.0%
Other operating income 70,462 108,162 53.5% 128,006 84.5% 140,807 10.0%
TOTAL OPERATING INCOME 4,453,070 5,290,689 18.8% 9,986,804 53.0% 10,123,548 9.0%
TOTAL OPERATING EXPENSES (1,266,554) (2,112,208) 66.8% (3,985,600) 53.0% (3,834,655) 9.8%
NET OPERATING INCOME 3,186,516 3,178,481 -0.3% 6,001,204 53.0% 6,288,893 8.6%
Provision for loans to customers (256,746) (353,150) 37.5% (1,501,204) 23.5% (1,314,362) 87.4%
PROFIT BEFORE TAX 2,929,770 2,825,331 -3.6% 4,500,000 62.8% 4,974,532 -2.3%
Source: VCB, HSC estimates

Investment conclusion: 1-H result was on target led by decent growth in foreign currency denominated loans which offset weak-
ness in securities investment and FX trading. Higher interest rates and stable funding cost enabled NIM to rise sharply which
boosted interest income enormously. At the same time costs rose on higher staffing cost while NPL has risen sharply as they
applied new qualitative scoring for the first time. Based on HSC’s earnings model for VCB, we forecast that the company’s PBT
for FY2010 will come to VND4,974 billion (-2.6% y/y), higher than the bank’s target of VND4.5 trillion. The key driver will be net
interest income which we forecast can grow by 20% y/y in FY2010 to VND7,797 billion driven by credit growth of 18%. On the
bright side the bank is currently looking for a strategic partner after a long delay. VCB has lost ground in recent years as the post
IPO sequence has not worked according to plan and the failure to bring in a strategic partner has also meant they were not al-
lowed to raise new capital. Luckily this has now been lifted but they still face several challenges such as their exposure to Vinashin
debt before the bank can move forward. We forecast FY2010 forward BVPS and EPS would come to VND13,390 and VND2,704
respectively. At today’s price of VND38,000, or ex-right price of VND31,053, the stock is trading at a FY2010 forward PE and PB
of 11.48xs and 2.32xs respectively. This is a little higher than the average trading comparables for the financial sector in terms of
forward FY2010 PE of 11xs and PB of 1.8xs. Indeed the bank seems fully valued given its challenges and we reiterate our HOLD
rating on the stock.

FY2010 1H result

• VCB announced audited 1-H FY2010 results recently with consolidated PBT of VND2,825 billion (down 3.6% y/y) on total
operating income of VND5,291 billion (up 18.8% y/y) and an NPL provision of VND353 billion (compared to VND257 billion in
1H FY2009). This was driven by growth in total loans of 8% year-to-date while deposits increased by 7.7% and total assets
declined by 3.8%. Out of total operating income, net interest income contributed 81% (up from a past average of 73%), fee
income 9.7% and forex income 3.6% (down from a normal average of 8%).

• In 1-H FY2010, net interest income rose sharply to VND4,258 billion, up 41% y/y, with 60% of this realized in Q2. 1-H NIM
edged up to 3.35%, compared to 2.63% in FY2009 and 2.57% in the 1H last year. Looking into credit growth by currency,
we noted that VND credit growth was just 0.4% YTD while credit growth denominated in foreign currency was 24% YTD (vs.
27.5% YTD for the whole sector). As a result VND-denominated outstanding loans accounted for 63% of the total loan book,
down from 67.3% in FY2009.

• In April VCB realized some profit from an investment portfolio managed by UBS, totaling US$36 million, or VND700 billion. We
understand that this amount was partly recorded in interest income, which helped to boost Q2 results.
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September 08th, 2010

The Vietnam Daily

• We saw a surge in demand for USD-denominated loans because of the significant discrepancy between VND and USD inter-
est rates, about 7-9%/year, a useful difference as exchange rate was very stable during that time. Vietcombank’s advantages
in foreign currency inflows helped it to take a large share of US dollar lending in the 1-H. funds. Lending and securities invest-
ments (mostly bonds) in foreign currency accounted for 98% of client’s foreign currency deposit. This was the highest ratio
ever, compared to 77% in FY2008 and 83% in FY2009. Lending rates for foreign currency denominated loans were about 6%
yearly, with 7% charged in some cases.

• Total customer deposit rose by 7.7% YTD to VND182 trillion. One of the purposes of Circular 03/2010/TT-NHNN was to en-
courage enterprises to sell their foreign currency to banks instead of keeping it on deposit. Many companies sold USD for VND
and then deposited the VND to enjoy higher interest rates. At the same time, other banks continuously raised deposit rates in
the 1-H to attract US$ from individuals. As a result, VCB’s customer deposit in foreign currency fell by VND1.7 trillion, or 2.6%
YTD. However VND deposits expanded by VND14.7 trillion, or 14.4% YTD.

• And out of VND65 trillion in client deposit held in foreign currencies, at least 26.5% was defined as demand deposit, carrying
a very low deposit rate of 0.1%/year for financial institutions or 0.2%/year for individuals and economic entities as per Circu-
lar 03/2010/TT-NHNN (effective since 11 February 2010). With regards to term deposit of economic entities, the ceiling rate
regulated by that Circular was just 1%.

• In terms of VND lending, negotiable interest rates have been allowed for medium and long-term loans since 26th February and
for short-term loans since 14th April. As a result lending rates at VCB increased from the previous ceiling rate of 10.5%/year to
12.5-13.5%/year for short-term loans and 14-15%/year for long-term loans. In the mean time, about 28.4% of clients’ deposit
in VND was paid demand deposit interest rates of 2.4% for institutional clients and 3% for individuals.

• We don’t have sufficient information to calculate average weighted deposit rates for either foreign currencies or VND, but
given their large institutional client base, VCB’s average cost of funds is still much lower than peers which helps keeps their
NIM higher than average.

• There was not much change in fee income during 1-H at VND511 billion, up 5.3% y/y. VCB’s market share in international pay-
ment was down slightly to 19.3% from 20.4% in FY2009, but as total export-import turnover increased settlement fee growth
was stable.

• Income from FX trading in Q1 reached VND201 billion, however, it slumped to a loss of VND9 billion in Q2. In sum they earned
VND192 billion in FX gains for the 1-H or down 51% y/y. Normally, spot foreign exchange generates the income while foreign
exchange swap activities records a loss. The lower result was driven by a decline in income from spot trading (which was
equal to just 30% of the FY2009 performance) and an increase in the proportionate loss from FX swaps (equal to 60% of last
year’s result).

• Income from securities trading and investment totaled VND165 billion, down 36% y/y. We all recall that the VNIndex in the
1-H FY2009 surged 118% while in the 1-H this year it moved just 15%. This obviously affected the bank’s securities trading
activities. In short, FX and securities trading businesses were affected negatively but, thanks to the good performance in core
banking business, interest income achieved impressive growth and fee income grew also. As a result total operational income
rose 18.8% y/y.

• Meanwhile the cost/income ratio in the 1-H came to 40%, the highest ever (37.6% in FY2009 and less than 30% previously).
We note the bank recorded higher staff cost. The approved ratio of staff cost/pre-staff cost income for FY2010 was 29.6%
(28.37% for FY2009) and the actual result came to 32% in the 1H.

• By the end of 1H FY2010, the bank has started to implement qualitative credit scoring and this immediately raised the bank’s
NPL. The NPL ratio for groups 3-5 increased to 4.1% from 2.5% in FY2009. And the proportion of overdue loans for groups
2-5 over total loans increased to 20% from 8.1% in FY2009. The bank currently holds a provision reserve for impaired loans
of VND5,012 billion based on scoring result as of 31 May 2010 as regulated by law. According to our own estimates, based on
1-H rating, the bank needs to make an additional provision of at least VND565 billion. Moreover, we are a little bit concerned
as we note the coverage ratio (reserve/NPL) for debts grouped 3-5 fell from 132% in FY2009 to 79% in 1H FY2010.

• Thanks to the improvement in client’s deposits, LDR (under the old definition) was maintained at 84%, the same as at FY2009
year-end. However, according to VCB, if calculated under the new Circular 13 which excludes demand deposits, the LDR
would be over 90%. CAR would be roughly 8%. This means the bank would have to restructure its assets considerably to raise
CAR to 9% by October 1st as required by Circular 13.

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September 08th, 2010

The Vietnam Daily

FY2010 Outlook

• You will recall that Vietcombank’s AGM approved the plan to raise capital by VND5.49 trillion from VND12.1 trillion to VND17.59
trillion in FY2010 in two phases. Phase 1, which was completed in mid-August, all shareholders were offered a rights issues
of 100:9.28 ratio at par to raise capital to VND13,224 billion. This plan was already endorsed in last year’s AGM, initially and
supposed to have been implemented already in FY2009 but got stuck due to SBV objections. Phase 2, planned for Q4 this
year, approved by the authorities recently, a rights issue of 33% at par will be issued to all shareholders at that point of time. In
total, current shareholders will be entitled to buy newly issued shares at a ratio 100: 45.3 at par. We think that the bank could
complete this in Q4.

• Of the newly raised capital, about VND1.2 trillion will be injected into VCB subsidiaries and joint-ventures of which, VND1 tril-
lion will be added to Shinhan-Vina bank, where VCB holds a 50% stake. Shinhan-Vina bank will anyway have to raise its own
capital to VDN3 trillion by the end of this year as regulated by the SBV. The rest of funds will be used by VCB to expand its
business whilst boosting CAR to 9% this year. In FY2009, VCB’s CAR came to only 8.11%, the lowest over the last 5 years.
This illustrates how much ground the bank has lost since listing due to its failure to attract a strategic partner and raise money
before now. This delay has seriously hamstrung the bank’s expansion plans.

• The bank has resumed its search for a suitable strategic partner this year. This is a bit of a sage but now of course the rules
have been changed to make this a little easier. Importantly the price a strategic partner would have to pay is no longer the
average bid price of VND107,000/share, but rather negotiable since last year. While an announcement this year is still pos-
sible, the bank will complete this process next year at the earliest due to the complex procedures. After that, VCB will issue
new shares to the strategic partners to increase capital.

• For FY2010, VCB targets total assets growth of 15% y/y, outstanding loans of 20%y/y, customer deposit growth of 23% y/y
and PBT of VND4.5 trillion, down 10.1% y/y. The company hopes to pay a dividend of 12% of par in cash, same as in FY2009,
or a 3.16% dividend yield based on today’s share price of VND38,000.

• Based on HSC’s earnings model for VCB, we forecast that the company’s PBT for FY2010 will come to VND4,975 billion (-
2.3% y/y), higher than the bank’s target of VND4.5 trillion. This forecast is driven by the deposit growth of 18% y/y, loan growth
of 18% y/y and assets growth of 12.9% y/y. These look fairly doable in the context of 1-H results apart from assets which needs
a bit of a rethink. In terms of total income this will continue to be driven by strong net interest income growth and to a much
lesser extent income from financial investment.

• We forecast net interest income can grow by 20% y/y to VND7,797 billion, in which interest income from fixed income would
decrease by VND624 billion, down 19% y/y and other interest income would increase by VND3,359 billion, up 28% y/y. As
mentioned FY2010 loan book growth is forecast by us to hit 18% y/y. There are two things: (1) Credit growth this year is
tougher this year as actual loan rates are still quite high although we also note that VCB has signed agreements to finance
EVN’s grand projects and Eco-park project of Hacinco, which are to be disbursed in 2H and (2) loan growth is being limited
due to the tough LDR conditions set out under Circular 13, effective from 1st October.

• And as of the end of 1-H, LDR as calculated under Circular 13 was 93%. Assuming that deposit composition will be the same
as at year-end, and deposit growth is 18% y/y as we forecast, then the limit for loan growth is VND155 trillion, or 9.5% y/y,
1.4% h/h to reduce LDR to 80%. However, HSC believes that the C13 LDR definition may soon be eased to include demand
deposits once more. Assuming Circular 13 is revised so that demand deposit is included in the deposit base, then we estimate
the limit for loan growth is VND166 trillion, or 16.9% y/y, 8.2% h/h to reduce LDR to 80%. Therefore we keep our credit growth
target of 17% and we forecast full year NIM will reach 3.84%, up from 2.86% last year due to the bank’s relative low cost of
funding in US$.

• We further forecast FY2010 fee income will increase by 13.5% y/y to VND1,123 billion as we think that Vietnam’s export and
import this year will increase by 20% and 26% respectively. In fact, in the first 3 months of FY2010, settlement turnover of the
bank increased by 17% YTD and the bank earned VND248 billion in fee income, up 25.3% y/y. In 2-H so far the US$ has risen
by 2% or so which is a favourable outcome for VCB’s FX trading, given its rich US$ reserves. We forecast that gains from FX
trading will increase by 141% h/h and reach VND460 billion for the whole year.

• With regards to income related to securities trading, securities investment and capital investment, HSC forecasts that this
will rise by VND415 billion (up 55% y/y) to total VND1,167 billion, of which about VND564 billion will be recorded in interest
income, however. In April VCB already realized profit from an investment portfolio managed by UBS. And they plan to restruc-
ture their portfolio by selling down some bank holdings such as EIB, Saigon Bank, Oriental bank and Gia Dinh Bank along

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September 08th, 2010

The Vietnam Daily

with some other stocks such as PVD. In July and August, the bank sold 5 million EIB shares and registered to sell additional
5 million shares. Also, VCB sold 68,000 PVD shares and registered to sell additional 2 million shares. We estimated VCB
can earn about VND164 billion in profits from these transactions, With this profit in hand and given the weaker market; HSC
forecasts they can make VND603 billion this year (down 19.8% y/y), 78% of financial income target this year of VND796 billion
(because a part of income from securities investment was recorded into interest income).

• We mentioned 1-H cost to income ratio was 32% as approved by the AGM in April FY2010. However in June the authorities
threw this out and insisted on a ratio of just 29.6%. Therefore in the 2-H operation cost will have to be carefully managed and
can only be allowed to increase by 7.6% y/y in order to bring the ratio of staff cost to income ratio back down to 29.6% similar
to last year. To do this they will have to adjust down salaries and bonuses for the management team and staff and/or limit ad-
ditional recruitment.

• NPL ratio based on Article 6, Decision 493 of the bank for FY2009 was 2.47%, down from FY2008’s of 4.6% and lower than
the target for FY2009 at 3.5%. In its efforts to reduce NPL, the bank used about VND600 billion to write-off bad debt in the
year, reducing the NPL in absolute number terms. Also, a large part of the debts were collected or upgraded to better debt
groups in FY2009 following domestic economic development in the year. VCB also said that about 10% of VCB’s total loan
book in FY2009 was extended to to the group of steel trading companies and along with the increase in price of basic material
price, earnings performance of those clients improved and the relevant loans were upgraded to healthy groups and no longer
considered bad debts.

• For FY2010, the bank targets to curb NPL this year lower than 3.5% under Article 7, Decision 493, down from FY2009’s 4.5%.
The bank plans to achieve this target by improving the supervision in the appraisal and extension of loans and promoting the
collection of bad debts. We think that this is a bold step of the bank to be among the first banks to implement internal credit
rating as per Article 7 of Decision 493, thus showing credit risk exposure more clearly and incurring more provision expense.
However, given that SBV is drafting a legal document to regulate more strictly and enforce the implementation of Article 7 in
Decision 493, it seems that this step is inevitable for all banks. Still, we are quite concerned about VCB’s bad debt as its group
5 debt currently accounts for 1.51% of total loan book, higher than Tier 2 average of 0.51% and CTG’s of 0.27%. Group 5
debts are those overdue for more than 360 days, classified as “Loss” and to be written-off using provision reserve. Although
VCB has a rich provision reserve (VND5,012 billion, 2.5 times as much as total of 5 Tier 2 banks), its group 5 loan was equiva-
lent to 45% of the reserve (this number for Tier 2 banks was 53% and CTG 28%). This means that VCB’s group 5’s debts are
substantial although the bank still has capacity to clear it.

• In relation to the Vinashin exposure we understand that VCB may have about VND3 trillion or so of loans extended to Vinash-
in. And the latest Fitch report seems to confirm this but frankly it’s hard to get details as the bank is being fairly tight lipped. It’s
also early days yet as to how this will be resolved but it will certainly require extensive negotiation with both the government
and the shipping group itself. For the time being we have to assume that this will simply stay on the books as a normal loan
until it can be resolved.

• In terms of external ratings, Fitch has just downgraded ACB and VCB from D to D/E. They keep unchanged with BIDV at D/E
and Agribank at E category. Frankly we wonder how much information or analysis Fitch has done and given their spotty record
on the sovereign rating we suspect even less thought has gone into individual bank ratings. In fact these ratings for VCB and
ACB border in the absurd given they are now bracketed with BIDV.

• We forecast that for FY2010, VCB will spend VND1,314 billion for provision cost. This leads to PBT of VND4,974 billion, NPAT
of VND3,841 billion (down 2.6% y/y), and a final net profit for FY2010 of VND3,377 billion (-2.7% y/y). The equity value for
FY2010 therefore would be VND24,232 billion. FY2010 forward BVPS and EPS would come to VND13,390 and VND2,704
respectively. At today’s price of VND38,000, or ex-right price of VND31,053, the stock is trading at a FY2010 forward PE and
PB of 11.48xs and 2.32xs respectively. This is higher than the average trading comparables for the financial sector in terms of
forward FY2010 PE of 11xs and PB of 1.8xs.

• The bank does have some plus points: (1) Among the first banks to implement qualitative credit rating as per Article 7 of Deci-
sion 493, this gives us a clearer picture of credit risk, (2) liquidity position of the bank is always among the best; (3) it has a
healthy and stable income structure with about 30% of total income as non-interest income. Interest income has grown without
too much expansion in customer lending thanks to an active and efficient interbank operation. VCB’s strength in FX activities
is also a plus while the yield on its financial investment has been going up; and (4) there is potential for some capital surplus
and added valued brought about by the bank’s future strategic partner. On the other hand the bank needs to find a strategic
partner; deal with the Vinashin exposure and come up with a growth strategy. And become more of a private sector bank so
it gain more operational freedom. Overall we feel the bank is fully valued in a sector we don’t like much for the time being.

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The Vietnam Daily

KEY RATIO FY2005 FY2006 FY2007 FY2008 FY2009 1H FY2010


Size
No. of branches and sub-branches 123 146 205 273 322
No. of employees 6,558 7,277 9,190 9,056 10,401 10,546
Income per month per capital 5 6 11 15
Number of ATMs 565 705 1,090 1,244 1,530
Number of POS 5,500 7,800 9,700
Capital Adequacy Ratio
CAR 11.0% 11.9% 9.2% 9% 8.11%
Equity/Total Assets 6.2% 6.7% 6.9% 6.2% 6.5% 6.9%
Equity multiplier = TA/Equity 16.2 14.9 14.6 16.1 15.3 14.4
Asset quality
Risk assets to toal assets ratio 82.6% 79.5% 77.9% 73.0% 81.1% 84.4%
NPL ratio groups 3-5 3.44% 2.66% 3.29% 4.61% 2.47% 4.15%
NPL ratio groups 2-5 15.40% 10.48% 5.33% 7.33% 8.14% 20.02%
Loan loss coverage for NPL groups 3-5 68.10% 80.17% 65.48% 81.97% 132.20% 79.02%
Loan loss coverage for NPL groups 2-5 15.22% 20.33% 40.42% 51.60% 40.11% 16.37%
Liquidity
Liquid assets to total assets ratio 54% 58% 49% 48% 43% 36%
Loan to customer deposit ratio 58% 61% 69% 72% 84% 84%
LDR (including trusted funds and CDs) 53% 54% 64% 67% 81% 81%
Interbank borrowing to toal deposit ratio 12% 21% 18% 18% 27% 18%
Asset Performance
Total revenue/ Total assets 3.0% 3.0% 2.9% 4.0% 3.6% 2.1%
Net income/ Total revenue 31.4% 56.7% 41.6% 28.3% 42.2% 40.4%
Avg Earning assets/ Avg Total assets 92.9% 90.4% 89.6% 85.4% 83.2% 88.2%
Profitability & Efficiency
ROAA 1.01% 1.88% 1.31% 1.20% 1.64% 1.70%
ROAE 16.54% 29.11% 19.23% 18.45% 25.58% 25.22%
Average fund cost -2.57% -3.79% -4.43% -5.65% -4.12% -4.68%
Average gross yield 5.33% 6.62% 6.95% 9.63% 7.69% 8.61%
Net spread 2.76% 2.83% 2.51% 3.97% 3.58% 3.93%
Net interest margin 2.78% 2.78% 2.45% 3.70% 3.27% 3.84%
Net Interest income/total operating income 80.7% 75.7% 70.0% 74.4% 70.0% 80.5%
Cost to income ratio 23.6% 25.6% 28.5% 30.3% 37.6% 39.9%
Source: VCB reports; HSC calculation; (F) HSC forecasts

Page 8
September 08th, 2010

The Vietnam Daily

Market activity
HoSE HNX

Top 5 Gainers Top 5 Losers Top 5 Gainers Top 5 Losers

Ticker Price Chg % Ticker Price Chg % Ticker Price Chg % Ticker Price Chg %

MPC 35.7 1.7 5.00 DVD* 105 -39.00 -27.08 PJC 29.2 1.9 6.96 VC9 29.3 -2.20 -6.98
TLH 17.0 0.8 4.94 VOS** 14.4 -3.60 -20.00 SRA 24.7 1.6 6.93 TV3 17.4 -1.30 -6.95
VNA 19.3 0.9 4.89 L10 34.2 -1.80 -5.00 PVA 54.4 3.4 6.67 HCT 24.2 -1.80 -6.92
MHC 8.6 0.4 4.88 VNI 23.1 -1.20 -4.94 SMT 14.5 0.9 6.62 VE3 29.6 -2.20 -6.92
GIL 28.0 1.3 4.87 CTI 34.7 -1.80 -4.93 MIM 27.7 1.7 6.54 BTH 16.3 -1.20 -6.86

* The ex-right date ** New listed * The ex-right date ** New listed

Top 5 Active (by Volume) Top 5 Active (by Value) Top 5 Active (by Volume) Top 5 Active (by Value)

Ticker Volume % of Total Ticker USDMln % of Total Ticker Volume % of Total Ticker USDMln % of Total

TLH 2,620,780 5.0 VIS 4.1 6.3 PVX 6,714,300 12.4 PVX 8.1 11.5
SSI 1,763,930 3.4 SSI 2.6 3.9 KLS 4,807,100 8.9 PVA 5.2 7.4
VIS 1,759,550 3.4 TLH 2.3 3.4 PVC 2,962,200 5.5 PVC 5.0 7.1
DIC 1,471,460 2.8 DIC 2.0 3.0 TNG 2,127,100 3.9 AAA 4.0 5.7
ITC 1,455,630 2.8 ITC 1.9 2.9 PVA 1,856,100 3.4 KLS 3.8 5.4

* The ex-right date ** New listed * The ex-right date ** New listed

Top 5 Active by Foreigners (BUY) Top 5 Active by Foreigners (SELL) Top 5 Active by Foreigners (BUY) Top 5 Active by Foreigners (SELL)

Ticker Value % Ticker Value % Ticker Value % Ticker Value %

KBC 16,102,013 85.15% GIL 19,250,000 82.04% PGS 676,900 22.92% PVX 7,114,200 3.91%
HAG 14,828,600 72.29% SJS 10,523,835 37.42% DBC 437,440 2.58% PVC 2,838,320 2.92%
BVH 12,740,705 90.25% FPT 9,934,965 78.56% PVI 425,840 16.20% CVT 396,120 6.46%
FPT 10,828,625 85.62% PVD 9,488,620 74.20% SGH 370,950 96.01% SGH 386,350 100.00%
KDC 10,403,870 72.48% SSI 8,867,453 17.32% CTN 360,500 14.40% BVS 215,000 1.29%

* The ex-right date ** New listed * The ex-right date ** New listed

Foreign net buy/sell daily (VNDbillion)


400

300 HoSE Hastc

193.0
200

83.9 79.2 70.3 71.6


100 62.7 56.9 68.8
48.7
35.7 21.8 30.5 36.5 45.3 31.6 19.0 26.3
7.7 3.7 3.6 8.0 1.8 3.7 1.7 0.9 13.9
0
-0.3 -2.0 -0.3 -0.3 -2.9 -1.9 -7.8 -1.3 -3.7 -4.5 -4.6 -8.6
-11.7 -6.2 -19.6
-8.0 -0.3 -1.3 -2.7 -6.3
-100

-200
8/10/2010

8/11/2010

8/12/2010

8/13/2010

8/16/2010

8/17/2010

8/18/2010

8/19/2010

8/20/2010

8/23/2010

8/24/2010

8/25/2010

8/26/2010

8/27/2010

8/30/2010

8/31/2010
8/5/2010

8/6/2010

8/9/2010

9/1/2010

9/6/2010

9/7/2010

9/8/2010

Page 9
September 08th, 2010

The Vietnam Daily

Market activity
HoSE HNX

Block deals (put-through) Block deals (put-through)

Ticker Volume (shares) Value (VND1,000) Ticker Volume (shares) Value (VND1,000)
ASM 110,000 7,385,000 AVS 2,800,000 31,080,000
CII 46,000 1,596,200 CSC 5,300 159,000
CTI 80,000 2,782,000 CVT 47,400 1,158,420
GIL 750,096 20,652,688 ECI 5,100 154,020
GMD 25,000 955,000 HDO 10,600 254,400
HBC 29,620 1,169,990 LTC 17,000 1,061,000
HPG 20,000 772,000 MKV 17,000 1,222,300
HRC 81,000 4,455,000 PHS 30,000 309,000
HSG 31,200 742,560 PLC 25,000 1,087,500
HTV 260,000 11,340,000 PVA 5,000 237,500
LCG 129,000 4,914,000 PVX 1,000,000 24,000,000
MCG 20,000 552,000 S91 11,900 445,060
NBB 30,000 2,490,000 S96 10,000 398,000
OGC 260,000 8,840,000 SHS 48,400 817,960
PDR 200,000 7,160,000 SME 100,000 2,690,000
PNC 48,000 494,000 SPP 15,000 379,500
PPC 20,000 268,000 TBX 15,000 555,000
SSI 40,000 1,120,000 TDN 75,600 2,268,000
STB 23,000 384,100 V15 50,000 2,000,000
TNT 230,000 6,946,000 VSP 61,600 2,372,600
VFMVF1 30,000 309,000 Total 4,349,900 72,649,260
VIS 117,660 5,471,190 Total % of market value 5.02%
VNM 200,000 17,600,000
VNS 72,000 2,498,400
VST 52,900 793,500
Total 2,905,476 111,690,628
Total % of market value 8.02%

Page 10
September 08th, 2010

The Vietnam Daily

Today’s OTc prices


Stock Ticker Trading price

FINANCE - BANK - SECURITIES

Military Bank MB 19,300


East Asia Bank EAB 14,500
An Binh Bank ABB 10,100
Viet Nam International Bank VIB 15,400
Vietnam Commercial Joint Stock Bank for Private Enterprises VPB 13,300
Hanoi Building Commercial Joint Stock Bank HBB 11,700
Orient Commercial Joint Stock Bank OCB 9,400
Southern Bank PNB 12,000
Saigon Commercial Bank SCB 8,800

HEALTH - PHARMACY - HOSPITALS

VIDIPHA VIDIPHA 10,000

FOOD - DRINK

Masan Foods MASAN 128,000


SABECO SABECO 34,900
VINACAFE VINACAFE 58,000
Vinh Hao Mineral Water VHWM 19,000

REAL ESTATE

Bong Sen Hotel Corporation BSHC 40,000

TECHNOLOGY

FPT Telecom FTEL 60,600


FPT Software FSOFT 60,200

TRANSPORTATION

Mai Linh Group MLG 9,600


Au Lac JSC ALC 18,600

The OTC price list is used for reference purpose only


Par value: VND10,000

Page 11
September 08th, 2010

The Vietnam Daily

Markets at a glance

Key indicators
HoSE HNX Top 38 stocks by market capitalisation - HSC FY2010 outlook
# of stocks in index 253 328 FY2009 (Audited) FY2010 (HSC forecast) y/y
Market Cap (USDmn) 27,265.37 5,953.76 Sales 183,500,440 234,227,751 27.64%
Weighted Forward P/E 2010 11.1 8.2 Net profiit 30,069,039 33,383,246 11.02%
Weighted P/B 2.5 2.7 EPS * 6,081 6,583 8.26%
* Weighted by market cap

Top 20 stocks by market capitalization


Outstanding Market cap Market cap EPS P/E P/B EPS P/E P/B EPS P/E
Ticker Price
Shares (VNDbil) (USDmil) 2008 2008 2008 2009 2009 2009 2010 2010

VCB* 38,000 1,210,086,026 45,983 2,361 975 39.0 2.8 2,871 13.2 3.0 2,130 17.8
BVH 50,000 626,709,079 31,335 1,609 1,171 42.7 3.5 1,501 33.3 3.5 1,257 39.8
VNM 88,000 353,055,550 31,069 1,595 7,015 12.5 2.7 6,771 13.0 2.8 7,636 11.5
CTG 19,900 1,517,297,280 30,194 1,550 N/A N/A N/A 2,028 9.8 1.9 1,626 12.2
MSN 49,000 485,399,820 23,785 1,221 N/A N/A 4.2 1,480 33.1 - 2,308 21.2
ACB 27,800 781,391,225 21,723 1,115 3,778 7.4 2.3 3,094 9.0 2.2 3,074 9.0
HAG 74,000 292,008,407 21,609 1,109 3,895 19.0 2.9 4,800 15.4 3.3 7,548 9.8
VIC 59,500 359,927,912 21,416 1,099 1,079 55.1 4.7 5,796 10.3 4.3 2,634 22.6
EIB 17,100 876,226,900 14,983 769 N/A N/A 1,306 13.1 - 1,447 11.8
STB 15,800 904,547,655 14,292 734 1,648 9.6 1.0 2,972 5.3 1.3 2,479 6.4
FPT 72,500 191,385,289 13,875 712 5,989 12.1 2.3 7,410 9.8 4.3 6,759 10.7
DPM 30,800 379,000,000 11,673 599 3,630 8.5 2.5 3,544 8.7 2.3 3,957 7.8
HPG 38,900 294,545,997 11,458 588 4,494 8.7 2.1 6,528 6.0 1.9 5,044 7.7
PVF 22,100 500,000,000 11,050 567 101 218.9 1.8 1,079 20.5 1.4 1,059 20.9
KBC 36,000 291,710,513 10,502 539 N/A N/A 2.0 3,292 10.9 N/A 2,831 12.7
SSI 28,500 351,111,742 10,007 514 1,718 16.6 1.7 5,483 5.2 1.3 2,181 13.1
SQC 96,500 100,000,000 9,650 495 N/A N/A N/A N/A N/A - N/A N/A
PVD 44,100 210,508,215 9,283 477 5,597 7.9 3.7 4,600 9.6 2.4 4,283 10.3
OGC 33,200 250,000,000 8,300 426 N/A N/A N/A N/A - -
SJS 68,000 100,000,000 6,800 349 4,393 15.5 2.9 8,149 8.3 2.1 10,296 6.6

We use an exchange rate of 19,480 for the US$/VND * EPS of 7 months FY2008

HoSE - 3mo HNX - 3mo

USD 250 600 USD 250 200

550
USD 200 USD 200 180

500
USD 150 USD 150 160

450

USD 100 USD 100 140


400

USD 50 USD 50 120


350

USD - 300 USD - 100


03-Aug

09-Aug

13-Aug

19-Aug

25-Aug

31-Aug

08-Sep
06-Jul

12-Jul

16-Jul

22-Jul

28-Jul
08-Jun

14-Jun

18-Jun

24-Jun

30-Jun
03-Aug

09-Aug

13-Aug

19-Aug

25-Aug

31-Aug

08-Sep
06-Jul

12-Jul

16-Jul

22-Jul

28-Jul
08-Jun

14-Jun

18-Jun

24-Jun

30-Jun

Page 12
September 08th, 2010

The Vietnam Daily

Today’s News
Vietnam Credit Growth + Sept 8) Vietnam Crude Oil Export From March 1, Vinacomin,
15% in Jan-Aug Falls to 4.9M Tons in Jan- the country’s top miner, raised
Total outstanding loans of lo- Vietnam Eximbank to Estab- Jul: Ministry coal prices for the power
cal banks grew at a slow rate lish VND300B Debt Manage- Vietnam exported 4.9 million industry by between 28.23%
of 2.1% in August, resulting ment Firm metric tons of crude oil valued and 46.6%.
in eight-month growth of 15% Vietnam Export and Import at $3 billion in the first seven Despite the hike, the prices
versus full-year target of 25%, Commercial JS Bank (EIB), or months of this year, the Minis- account for 55% to 60% of
said the Vietnam National Eximbank, said it would set up try of Industry and Trade said prices for other local consum-
Financial Supervision Com- a one-member debt manage- late Tuesday. ers and represent between
mittee. ment and assets exploitation The figures indicated decreas- 36% and 40% of the export
The country’s broadest mea- limited company (AMC). es of 45.6% and 20.1% from a prices.
sure of total money supply, Eximbank AMC will have a year earlier, respectively, the Vietnam is forecast to become
M2, rose 13% compared to registered capital of VND300 ministry attributed. an energy importer by 2015,
the full-year estimate of 20%, billion ($15.38 million), the Crude oil export revenues although it is still boosting coal
the committee added. Ho Chi Minh City-based listed accounted for 7.7% of the na- exports and is estimated to
This is the second consecu- lender said in a statement. tional gross export revenues in squander around $1 million
tive month the country’s credit Eximbank made a net profit the Jan-Jul. worth of energy each day due
growth has been slowdown of VND712.74 billion in the Of the figures, the Southeast to inefficient energy use. (Dau
though local corporate de- first half of this year. Its six- Asian country shipped abroad Tu Sept 8 p2)
mand remains high, the com- month earning per share was 497.6 million metric tons of
mittee was quoted by the Lao VND810. crude worth $284.3 million in ADB Lends $100M to Irriga-
Dong newspaper as saying At end-June, Eximbank had July, representing on-month tion Project in Vietnam
Wednesday. total assets of VND73.69 falls of 42% and 42.9% and The Asian Development Bank
The credits rose 2.91% in trillion, rising 12.6% from on-year tumbles of 52.4% and (ADB) will provide a $100-
June and 2.45% in July, the end-2009. Total deposits rose 47.8%, respectively. million loan to improve irriga-
committee noted without clari- 21.8% to VND47.23 trillion Australia was Vietnam’s tion infrastructure in Vietnam,
fying the growth of outstanding while total credits expanded top crude oil importer in the the state-run Vietnam News
loans in dong and in foreign 12% to VND42.55 trillion. seven-month period with 1.8 Agency said Sept 8.
currencies in the first eight (www.eximbank.com.vn, hsx. million metric tons valued at An agreement to this effect
months. vn Sept 8) $1.1 billion, an on-year fall of was signed between ADB and
A recent data from the State 23.5% in volume despite a rise the State Bank of Vietnam in
Bank of Vietnam has shown Vietnam Exports to ASEAN of 4.5% in value. Hanoi on September 7.
that the forex credit growth of Rise 20.4% in Jan-Jul It was followed by Singapore The Strengthening Water
banks in Ho Chi Minh City, the Vietnam fetched $6.17 bil- with 915.517 million metric Management and Irrigation
country’s largest economic lion from exported goods to tons worth $540.39 million, Systems Rehabilitation Project
and financial hub, still out- ASEAN in the first seven Malaysia with 637.211 million will repair the 50-year-old Bac
paced the dong one between months of this year, up 20.4% metric tons valued at $386.9 Hung Hai irrigation and drain-
Jan and Aug. from a year earlier, the Dau tu million and the U.S. with age system in the northern
At end-Aug, total credits of newspaper reported Wednes- 386.03 million metric tons provinces of Hung Yen, Hai
banks in HCM City rose to day. worth $231.78 million. (vina- Duong and Hai Phong.
VND620 trillion, in which loans This is the first time Viet- net.com.vn Sept 7) It will also build a new train-
in foreign currencies were up nam’s exports to the bloc has ing centre for the Water
28.5% from end-2009 versus surpassed its shipments to Foreign Investors Want to Resources University which
the modest dong credit growth the EU at $5.98 billion during Use Vietnam Coal to Feed is expected to be completed
of 5.8%. the period , said the Deputy Power Projects in June, 2016 and benefits
Local banks have ever been Minister of Industry and Trade Several foreign investors 14,200 people. (Vietnam Plus
warned of unsustainable credit Nguyen Thanh Bien was cited want to use coal produced in Sept 8)
growth since their total dong by the Dau tu newspaper as Vietnam to feed their power
loans increased only 4.5% in saying Wednesday. projects in the Southeast
the first half, compared to a Vietnam’s export staples to Asian country, an official said.
surge of 27% in forex credits ASEAN are crude oil, rice, Nguyen Manh Hung, deputy
with U.S. dollar being the seafood, apparel and elec- general director of the state-
majority. tronic spare parts. run Vietnam National Coal-
Such imbalance is likely to In early April, the Ministry of Mineral Industries Group
put more pressures on U.S. Industry and Trade forecast (Vinacomin) was cited by the
dollar supply at local banks Vietnam will export $8.88 bil- Dau tu newspaper as saying
since their dollar-denominated lion worth of goods to ASEAN that low domestic coal prices
deposits have been shrunk off this year. (Dau tu Sept 8 p1) are very attractive to foreign
over the months. (Lao Dong power investors.

Page 13
September 08th, 2010

The Vietnam Daily


Listed company in the HoSE
Number Ticker Company name Current Outstanding share
1 AAM Mekong Fisheries Joint Stock Company 8,100,000
2 ABT BenTre Aquaproduct Import & Export JSC 8,099,999
3 ACL Cuu Long An Hoang Fisheries Import and Export JSC 9,000,000
4 AGD Godaco Seafood Joint Stock Company 8,000,000
5 AGF An Giang Fisheries Import & Export JSC 12,859,288
6 AGR AgriBank Securities Joint Stock Coporation 120,000,000
7 ALP Alphanam JSC 41,339,994
8 ANV Nam Viet Corporation 66,000,000
9 APC An Phu Irradiation Joint - Stock Company. 8,640,000
10 ASM Sao Mai Construction Corporation 9,912,600
11 ASP Anpha Petrol JSC 22,829,996
12 ATA NTACO Joint Stock Company 10,000,000
13 BAS BASA JSC 9,600,000
14 BBC Bien Hoa Confectionery Corporation 15,420,782
15 BCE Binh Duong Construction and Civil Engineering Joint Stock Company 20,000,000
16 BCI Binh Chanh Construction Investment shareholding company 54,200,000
17 BHS Bien Hoa Sugar JSC 18,531,620
18 BMC Binh Dinh Minerals JSC 8,261,820
19 BMI Bao Minh Insurance Corporation 75,500,000
20 BMP Binh Minh Plastics JSC 16,741,516
21 BT6 Chau Thoi Concrete Corporation No.620 10,997,850
22 BTP Ba Ria Thermal Power Joint Stock Company 60,485,600
23 BTT Ben Thanh Trading & Service Joint Stock Company 8,800,000
24 BVH Bao Viet Holdings 573,026,605
25 CAD Cadovimex Seafood Import-Export And Processing JSC 8,000,000
26 CCI Cuchi Commercial And Industrial Developing Invesment JSC 9,000,000
27 CII Hochiminh City Infrastructure Investment JSC 50,054,000
28 CLC Cat Loi JSC 13,103,830
29 CLG Cotec Investment and Land-house Development Joint Stock Company 10,000,000
30 CMG CMC Corporation 63,536,267
31 CMT Information and Networking Technology Joint Stock Company 8,000,000
32 CMV Camau Trading Joint Stock Company. 8,049,986
33 CNT Construction and Materials trading JSC 8,000,000
34 COM Materials - Petroleum JSC 8,784,000
35 CSG Sai Gon Cable Corporation 29,742,020
36 CSM The Southern Rubber Industry JSC 25,000,000
37 CTD Cotec Construction Joint Stock Company 18,450,000
38 CTG Viet Nam Joint Stock Commercial Bank For Industry And Trade 121,211,780
39 CTI Cuongthuan Idico Development 15,000,000
40 CYC Chang Yih Ceramic JSC 1,990,530
41 D2D Industrial Urban Development JSC No.2 10,700,000
42 DAG Dong A Plastic Group Joint – Stock Company 10,000,000
43 DCC Descon Construction Corporation 10,300,000
44 DCL Cuu Long Pharmaceutical JSC 9,719,308
45 DCT Dongnai Roofsheet & Construction Material JSC 18,149,098
46 DDM Dong Do Marine JSC 12,244,495
47 DHA Hoa An JSC 10,099,670
48 DHC Dong Hai Joint Stock Company of Bentre 8,000,000
49 DHG Hau Giang Pharmaceutical JSC 26,662,962

Page 14
September 08th, 2010

The Vietnam Daily

50 DIC DIC Investment and Trading JSC 8,200,000


51 DIG Development Investment Construction JSC 70,000,000
52 DLG Duc Long Gia Lai Group Joint Stock Company. 29,100,000
53 DMC Domesco Medical Import & Export JSC 17,809,336
54 DPM PetroVietnam Fertilizer and Chemicals JSC 380,000,000
55 DPR Dong Phu Rubber JSC 40,000,000
56 DQC Dien Quang JSC 18,513,800
57 DRC Danang Rubber JSC 15,384,624
58 DRH Dream House Investment Corporation. 14,990,000
59 DTA De Tam Joint Stock Company. 10,000,000
60 DTL Dai Thien Loc Corporation. 38,800,000
61 DTT Do Thanh Technology Corporation 5,200,000
62 DVD Vien Dong Pharmaceutical Joint Stock Company 11,910,000
63 DVP Dinh Vu Port Investment & Development Joint Stock Company 20,000,000
64 DXG Dat Xanh real estate servise & contructions corporation. 8,000,000
65 DXV Da Nang Construction Buiding Materials and Cement JSC 9,900,000
66 EIB Vietnam Export Import Commercial Joint Stock Bank 876,226,900
67 FBT Ben Tre Forestry Aquaroduct Import Export JSC 15,000,000
Foreign trade development and investment Corporation of Hochiminh
68 FDC 14,297,699
city
69 FMC Sao Ta Seafood JSC 8,000,000
70 FPC Full Power JSC 13,106,292
71 FPT The Corporation for Financing and Promoting Technology 142,649,197
72 GDT Duc Thanh Wood Processing Joint Stock Company 10,372,365
73 GIL Binh Thanh Import-Export, Production And Trade JSC 10,219,818
74 GMC Saigon Garment manufacturing JSC 8,868,571
75 GMD General Forwarding & Agency Corporation 47,772,281
76 GTA Thuan An Wood Processing JSC 10,400,000
77 GTT Thuan Thao Corporation. 29,002,000
78 HAG HAGL JSC 270,465,458
79 HAI H.A.I Joint Stock Company 14,499,998
80 HAP Hapaco Joint-Stock Company 18,651,678
81 HAS Hanoi Post and telecomunication Construction & Installation JSC 8,000,000
82 HAX Hangxanh Motors Service JSC 8,055,846
83 HBC Hoa Binh Construction & Real Easte Corporaion 15,119,540
84 HCM HCM City Securities Cop 39,463,400
85 HDC Ba Ria - Vung Tau House Development JSC 8,128,000
86 HDG Ha Do Joint Stock Company 13,500,000
87 HLA Asia Huu Lien JSC 19,000,000
88 HLG Hoang Long Group JSC 29,580,711
89 HMC Hochiminh City Metal Corporation 21,000,000
90 HPG Hoa Phat Group JSC 196,363,998
91 HRC HoaBinh Rubber JSC 17,260,976
92 HSG Hoa sen Group 57,038,500
93 HSI General Materials Biochemistry Fertilizer JSC 10,000,000
94 HT1 Ha Tien 1 Cement JSC 110,000,000
95 HTV Hatien Transport JSC 10,080,000
96 HVG Hung Vuong Corporation 59,999,993
97 ICF Investment Commerce Fisheries Corporation 12,807,000
98 IFS Interfood ShareholdingJSC 6,875,359

Page 15
September 08th, 2010

The Vietnam Daily

99 IJC Becamex Infrastructure Development Joint Stock Company. 54,838,905


100 IMP Imexpharm Pharmaceutical JSC 11,659,820
101 ITA Tan Tao Industrial Park Corporation 203,843,228
102 ITC Investment and Trading of Real Estate Joint stock Company 23,028,896
103 KBC Kinh Bac City Development Share Holding Corporation 199,124,330
104 KDC Kinh Do Corporation 79,546,259
105 KDH Khang Dien House Trading and Investment Joint Stock Company. 33,200,000
106 KHA Khanh Hoi Import Export JSC 14,120,309
107 KHP Khanh Hoa Power JSC 20,890,068
108 KMR Mirae JSC 7,236,850
109 KSA Binh Thuan Hamico Mineral Joint Stock Company 12,868,800
110 KSB Binh Duong Mineral and Construction Joint Stock Company 10,700,000
111 KSH Ha Nam Mineral joint stock company 11,690,000
112 KSS Nari Hamico Minerals Joint Stock Company 11,800,000
113 L10 Lilama 10 JSC 9,000,000
114 LAF Long An Food Processing Export JSC 8,118,384
115 LBM Lam Dong Building Materials JSC 8,500,000
116 LCG LICOGI 16 Joint Stock Company 25,000,000
117 LGC Lugia Mechanical Electric JSC 8,283,561
118 LGL Long Giang Investment and Urban Development JSC 8,000,000
119 LHG Long Hau Corporation. 20,000,000
120 LIX Lix Detergent Joint Stock Company 9,000,000
121 LSS Lam Son Sugar and Sugarcane JSC 30,000,000
Vietnam Mechanization Electrification & Construction Joint Stock
122 MCG 13,200,000
Company
123 MCP My Chau Printing and Packing JSC 8,197,642
124 MCV Cavico Vietnam Mining and Construction JSC 8,061,006
125 MHC Hanoi Maritime Holding Company 13,555,514
126 MKP Mekophar Chemical Pharmaceutical Joint Stock Company 9,210,000
127 MPC Minh Phu Seafood Corp 70,000,000
128 MSN Ma San Group Corporation 476,399,820
129 MTG MTGAS JSC 8,000,000
130 NAV Nam Viet JSC 8,000,000
131 NBB NBB Investment Corporation 15,400,000
132 NHS Ninh Hoa Sugar Joint Stock Company 8,100,000
133 NHW Ngo Han Joint Stock Company 22,950,627
134 NKD North Kinhdo Food JSC 14,755,359
135 NNC Nui Nho Co-operation 8,768,175
136 NSC National Seed JSC 8,014,161
Transport Engineering Construction & Business Investment Stock
137 NTB 36,000,000
Company 584
138 NTL Tu Liem Urban Development JSC 16,400,000
139 NVN House Viet Nam Joint Stock Company 10,656,800
140 NVT Ninh Van Bay Real Estate Joint Stock Company 50,500,000
141 OGC Ocean Group.,JSC 250,000,000
142 OPC OPC Pharmaceutical Joint-Stock Company 8,190,000
143 PAC Dry Cell and Storage Battery JSC 20,535,272
144 PDR Phat Dat Real Estate Development Corp 130,200,000
145 PET Petrovietnam Tourism & Services JSC 55,472,000
146 PGC Gas Petrolimex JSC 26,499,823
147 PGD Petro Viet Nam Low Pressure GAS Distribution Joint Stock Company 33,000,000

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148 PHR Phuoc Hoa Rubber JSC 81,300,000


149 PHT Phuc Tien Trade Manufacture Joint Stock Company 11,000,000
150 PIT Petrolimex International Trading JSC 10,743,192
151 PJT Petrolimex Joint stock Tanker JSC 8,400,000
152 PNC Phuong Nam Cultural JSC 10,058,906
153 PNJ Phu Nhuan Jewelry JSC 39,999,921
154 POM Pomina Steel Corporation 163,000,000
155 PPC Pha Lai Thermal PowerJSC 326,235,000
156 PPI Pacific Property and Infrastructure Development and Investment JSC 10,014,753
157 PTC Post and Telecommunications Investment and Construction JSC 10,000,000
158 PVD PetroVietnam Drilling and Well Services JSC 157,883,789
159 PVF PetroVietnam Finance Joint Stock Corporation 500,000,000
160 PVT PetroVietnam Transportation JSC 147,600,000
161 PXI Petroleum Industrial & Civil Construction Joint Stock Company 30,000,000
162 PXM Mientrung Petroleum Construction Joint Stock Company. 15,000,000
163 PXS Petroleum Equipment Assembly And Metal Structure JSC 20,000,000
164 PXT Petroleum Pipeline & Tank Construction Joint Stock Company. 20,000,000
165 QCG Quoc Cuong Gia Lai Joint Stock Company 60,157,495
166 RAL RangDong Light Source and Vacuum Flask JSC 11,500,000
167 RDP RangDong Plastic JSC 11,500,000
168 REE Refrigeration Electrical Engineering Corporation 81,043,131
169 RIC Royal International JSC 15,570,714
170 SAM Cables And Telecom Materials JSC 65,399,216
171 SAV Import-Export & Economic Co-Operation JSC 9,963,450
172 SBA Song Ba Joint Stock Company. 45,000,000
173 SBC Saigon Beer Transportation Joint Stock Company 8,000,000
174 SBS Sacombank Securities Joint Stock Company 110,000,000
175 SBT Sucrerie De Bourbon Tay Ninh 44,824,172
176 SC5 Contrucstion No.5 JSC 10,320,000
177 SCD Chuong Duong Beverages JSC 8,500,000
178 SEC Gia Lai Cane Sugar Thermoelectricity Joint Stock Company 12,613,472
179 SFC Saigon Fuel Company 8,108,615
180 SFI Sea & Air Freight International 8,289,981
181 SGT Saigon Telecommunication and Technologies Corp 67,274,998
182 SHI Son Ha International Corporation 15,000,000
183 SJD Can Don Hydro Power JSC 29,899,629
184 SJS Song Da Urban & Industrial Zone Investment and Development JSC 80,000,000
185 SMC SMC Investment - Trading JSC 14,659,463
186 SPM S.P.M Corporation 14,000,000
187 SRC Sao Vang Rubber JSC 10,800,000
188 SRF Seaprodex Refrigeration Industry Corporation 8,020,066
189 SSC Southern Seed JSC 10,000,000
190 SSI Saigon Secirities Inc 153,333,471
191 ST8 Sieu Thanh JSC 9,466,028
192 STB Saigon Thuong Tin Commercial JS Bank 670,035,300
193 STG South Logistics Joint Stock Company 8,351,857
194 SVC SaiGon General Service JSC 24,995,573
195 SZL Sonadezi Long Thanh JSC 10,000,000
196 TAC Tuong An Oil JSC 18,980,200
197 TBC Thac Ba Hydropower Joint Stock Company 63,500,000

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198 TCL Tan Cang Logistics and Stevedoring Joint Stock Company 17,000,000
199 TCM Thanh Cong Garment and Textile JSC 37,438,243
200 TCR Taicera Enterprise JSC 8,450,167
201 TDC Binh Duong Trade and Development Joint Stock Company 20,000,000
202 TDH Thu Duc Housing Developing Corporation 25,250,000
203 TIC Tay Nguyen Electricity Investment JSC 16,582,600
204 TIE Telecommunications Industry Electronics Joint Stock Company 9,569,900
205 TIX Tan Binh Import – Export Joint Stock Company 12,000,000
206 TLG Thien Long Group Corporation 15,500,000
207 TLH Tien Len Steel Corporation Joint - Stock Company 54,000,000
208 TMP Thac Mo Hydro Power JSC 70,000,000
209 TMS Trans-Forwarding And Warehousing Corporation 10,102,626
210 TMT TMT Automobile Joint Stock Company 12,577,500
211 TNA Thien Nam Trading Import Export Corporation 8,000,000
212 TNC Thong Nhat Rubber JSC 19,250,000
213 TNT Tai Nguyen Corporation 8,500,000
214 TPC Tan Dai Hung Plastic JSC 20,546,000
215 TRA Traphaco JSC 10,198,150
216 TRC Tay Ninh Rubber JSC 30,000,000
217 TRI Sai Gon Beverages JSC 27,548,360
218 TS4 Sea Food JSC No. 4 8,470,350
219 TSC Techno- Agricultural Supplying JSC 8,312,915
220 TTF Truong Thanh Furniture Corporation 20,000,000
221 TTP Tan Tien Packaging Plastic JSC 14,999,998
222 TYA Taya Vietnam Wire and Cable JSC 5,578,493
223 UDC Urban Development and Construction Corporation 35,000,000
224 UIC IDICO Urban and House Development JSC 8,000,000
225 VCB Joint Stock Commercial Bank For Foreign Trade Of Viet Nam 112,285,426
226 VES Meca Vneco Investment and Electricity Construction JSC 9,007,500
227 VFC Vinafco JSC 20,000,000
228 VFG Viet Nam Fumigation Joint Stock Company 8,133,855
229 VHC Vinh Hoan Corp 30,000,000
230 VHG Viet Han Corporation 25,000,000
231 VIC Vincom JSC 199,627,238
232 VID Vien Dong Paper JSC 21,449,191
233 VIP Vietnam Petroleum Transport JSC 59,807,785
234 VIS Viet Nam - Italy Steel JSC 15,000,000
235 VKP Viky Plastic Joint Stock Company 8,000,000
236 VNA VINASHIP Joint Stock Company 20,000,000
237 VNE Vietnam Electricity Construction Corp 32,000,000
238 VNG Viet Nam Golf Tourism Joint Stock Company 13,000,000
239 VNH VIET NHAT SEAFOOD CORPORATION 8,023,071
240 VNI Vien Nam Land Investment Corporation 10,559,996
241 VNL Vinalink International Freight Forwarders 8,190,000
242 VNM Vietnam Dairy Products JSC 351,265,300
243 VNS Vietnam Sun Corporation 20,000,000
244 VPH Van Phat Hung JSC 20,083,285
245 VPK Vegetable Oil Packing JSC 8,000,000
246 VPL Vinpearl Tourism and Trading JSC 100,000,000
247 VRC Vung Tau Real Estate and Construction Joint Stock Company 10,116,910

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248 VSC Vietnam Container and Shipping JSC 9,624,628


249 VSG South VietNam CONTAINER Shipping JSC 11,044,000
250 VSH Vinh Son – Song Hinh Hydropower JSC 206,241,246
251 VST Viet Nam Sea Transport and Chartering Joint Stock Company 40,000,000
252 VTB Viettronics Tanbinh JSC 11,982,050
253 VTO Vitaco Petroleum Transportation JSC 60,000,000

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Listed company in the HNX
Number Ticker Company name Current Outstanding share
1 AAA An Phat Plastic and Green Environment JSC 9,900,000
2 ACB Asia Commercial Bank/Vietnam 770,574,378
3 AGC An Giang Coffee Joint Stock Company 8,300,000
4 ALT ALTA Company 4,692,310
5 AME ALPHANAM Mechanical Electric JSC,. 12,000,000
6 AMV AMERICAN VIETNAMESE BIOTECH INCORPORATION 2,100,000
7 APG ANPHAT SECURITIES JOINT STOCK COMPANY 13,500,000
8 APS Asia - Pacific Securities Joint Stock Company 26,000,000
9 AVS AU VIET SECURITIES CORPORATION 36,000,000
10 B82 JSC No 482 1,500,000
11 BBS But Son Cement Packaging JSC 3,000,000
12 BCC Bim Son Cement Joint Stock Co 95,661,397
13 BDB Binh Đinh Book and Equipment Joint Stock Company 1,126,474
14 BED Da Nang Educational Book and Equipment JSC 3,000,000
15 BHC Bien Hoa Concrete JSC 4,500,000
16 BHV Viglacera Ba Hien JSC 972,013
17 BKC Bac Kan Mineral JSC 3,748,300
18 BLF Bac Lieu Fisheries JSC 5,000,000
19 BPC Bim Son Packaging Joint-Stock Company 3,800,000
20 BST Binh Thuan Book and Equipment JSC 1,100,000
21 BTH Hanoi Electric Materials & Transformers Manufacturing JSC 3,000,000
22 BTS But Son Cement JSC 90,880,160
23 BVG Bacviet Steel JSC 9,750,948
24 BVS Bao Viet Securities JS Co 72,223,837
25 BXH Haiphong Cement Packing Joint-Stock Company 3,000,000
26 C92 Engineering Construction Joint Stock Co No 492 1,200,510
27 CAN Halong Canned Food Corporation 4,999,880
28 CAP Yen Bai Joint Stock Forest Agricultural and Foodstuff Co 1,090,000
29 CCM Can Tho Cement JSC 4,000,000
30 CDC Chuong Duong ACIC 6,447,715
31 CIC Cotec International & Construction JSC 2,718,596
32 CID Construction & Infrastructure Development JSC 1,082,000
33 CJC Central Area Electrical Mechanical JSC 2,000,000
34 CKV POST AND TELECOMMUNICATION TRADING JSC 4,050,000
35 CMC Construction and Mechanical JSC No 1 3,040,000
36 CMI Cavico Industry and Minerals JSC 5,700,000
37 CPC CAN THO PESTICIDES JOINT STOCK COMPANY 4,108,800
38 CSC Thanh Nam construction and investment Join Stock Company 2,500,000
39 CT6 Construction joint stock company no6 4,437,401
40 CTB Hai Duong Pump Manufacturing JSC 1,714,330
41 CTC Giai Lai Culture - Tourism Joint Stock Company 4,871,200
42 CTM VINAVICO Investment construction and mining JSC 2,677,800
43 CTN UnderGround works Construction JSC 4,814,400
44 CTS Vietinbank Securities 78,993,400
45 CVN Vinam Joint Stock Company 1,000,000
46 CTV CMC Joint Stock Company 4,000,000
47 CX8 CONSTREXIM NO 8 INVESTMENT AND CONSTRUCTION JSC 1,956,800
48 DAC Dong Anh Ceramic JSC 1,004,974
49 DAD Da Nang Investment and Development JSC 5,000,000

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50 DAE Educational Book JSC/Danang 1,498,680


51 DBC Bac Ninh Agricultural Products JSC 18,816,660
52 DBT Ben Tre Pharmaceutical Joint-Stock Company 3,000,000
53 DC2 Development Investment Construction Number 2 JSC 1,100,000
54 DC4 DIC No.4 JSC 2,139,996
55 DCS Dai Chau JSC 2,724,478
56 DHI Dien Hong Printing JSC 1,383,180
57 DHT Ha Tay Pharmaceutical JSC 4,122,602
58 DID DIC- DONG TIEN JOINT STOCK COMPANY 2,434,200
Duc Long Gia Lai Investment and Development of Public Project
59 DL1 1,500,000
Service JSC
60 DLR DALAT REAL ESTATE JOINT STOCK COMPANY 4,500,000
61 DNC HAIPHONG ELECTRICITY WATER MACHINE ASSEMBLY JSC 1,605,095
62 DNP DongNai Construction Plastic JSC 3,427,637
63 DNY DANA-Y STEEL JOINT STOCK COMPANY 15,000,000
64 DPC Da Nang Plastic Joint-Stock Company 2,237,280
65 DST Nam Dinh Educational Book and Equipment JSC 1,000,000
66 DTC Viglacera Dong Trieu JSC 1,000,000
67 DXP Doan Xa Port JSC 5,250,000
68 DZM Dzi An Manufacturing Public Limited Company 2,500,000
69 EBS Educational Book JSC/Hanoi 5,109,742
70 ECI Education cartography and illustration JSC 1,860,000
71 EFI Education financial investment JSC 3,570,000
72 EID Hanoi Education Development and Investment JSC 8,000,000
73 GGG Giai Phong Auto JSC 6,450,000
74 GHA Hai Au Paper JSC 1,289,480
75 GLT Global Electrical Technology Corporation 6,358,029
76 HAD Hanoi – Hai Duong Beer JSC 4,000,000
77 HBD Binh Duong PP Pack Making JSC 1,462,000
78 HBE Ha Tinh Book and Educational Equipment JSC 1,197,318
79 HBS Hoa Binh Securities Joint Stock Company 30,000,000
80 HCC Hoa Cam Concrete JSC 1,622,802
81 HCT Hai Phong Cement Transport and Trading JSC 2,016,385
82 HDO Hung Dao Container Joint Stock Company 4,304,672
83 HEV Higher Education and Vocational Book JSC 1,000,000
84 HGM Ha Giang Mineral and Mechanics joint stock company 6,000,000
85 HHC Hai Ha Confectionery JSC 5,475,000
86 HHG HOANGHA JOINT STOCK COMPANY 13,600,000
87 HHL Hong Ha Long An Joint Stock Company 2,748,270
88 HJS Nam Mu Hydropower JSC 6,000,000
89 HLC HaLam - TKV Coal JSC 9,300,000
90 HLY Viglacera Ha Long I JSC 1,000,000
91 HMH HAI MINH CORPORATION 5,438,790
92 HNM Hanoimilk JSC 12,500,000
93 HOM Hoang Mai Cement JSC 72,000,000
94 HPB PP PACK MARKING JOINT STOCK COMPANY 3,880,000
95 HPC Hai Phong Securities JSC 30,510,893
96 HPS Hoa Phat Construction Stone JSC 1,565,250
97 HST Hung Yen Book Publishing and Educational Equipment JSC 1,500,000
98 HTC HOCMON TRADE JOINT STOCK COMPANY 3,500,000
99 HTP Hoaphat Textbook Printing JSC 1,214,200
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100 HUT Tasco JSC 5,500,000


101 HVT Viet Tri Chemicals JSC 4,882,572
102 ICG Song Hong construction JSC 15,000,000
103 IDV Vinh Phuc Infrastructure Development Joint Stock Company 3,528,500
104 ILC International Labour & Services Joint Stock Co 4,052,732
105 INN Agriculture printing and packaging JSC 5,400,000
106 KBT KIEN GIANG BRICK TILE JOINT STOCK COMPANY 2,335,961
107 KHB Công ty cổ phần Khoáng sản Hòa Bình 1,270,000
108 KKC Produce and Trading Metal JSC 5,200,000
109 KLS Kim Long Securities Corp 89,099,998
110 KSD SOUTH EAST ASIA HAMICO EXPORT JSC 5,688,000
111 L18 Construction and Investment JSC No 18 3,500,000
112 L35 LILAMA ERECTION MECHANICAL JOINT STOCK COMPANY 3,265,155
113 L43 Lilama 45.3 JSC 3,500,000
114 L44 LILAMA 45.4 Joint Stock Company 4,000,000
115 L61 Lilama 69-1 JSC 7,015,000
116 L62 Lilama 69-2 JSC 3,000,000
117 LBE Long An Schoolbook & Equipment JSC 1,095,900
118 LCS LICOGI 16.6 JOINT STOCK COMPANY 2,500,000
119 LDP LAMDONG PHARMACEUTICAL JSC 1,700,000
120 LHC Lam Dong Invertment Hydraulic Construction Joint Stock 2,000,000
121 LIG LICOGI 13 JOINT STOCK COMPANY 6,000,000
122 LM3 LILAMA3 Joint Stock Company 5,150,000
123 LO5 Lilama 5 Joint stock Company 5,000,000
124 LTC Low Current Telecom JSC 2,500,000
125 LUT Luong Tai Construction JSC 5,510,000
126 MAC MARINE SUPPLY AND ENGINEERING SERVICE JSC 3,200,000
127 MCC HIGH – GRADE BRICK - TILE CO-OPERATION 4,668,300
128 MCO MCO Viet Nam JSC 4,103,929
129 MDC Vinacomin - Mong Duong Coal JSC 12,085,000
130 MEC Song Da Mechanical Assembling JSC 4,000,000
131 MHL Minh Huu Lien Joint Stock Company 2,000,000
132 MIC Quang Nam Mineral Industry Corp 1,489,240
133 MIH Ha Nam Import Export Joint Stock Company 4,000,000
134 MIM Mineral and Mechanical JSC 2,032,895
135 MKV Cai Lay Veterinary Pharmaceutical JSC 1,000,000
136 MMC Manganese Mineral Joint Stock Company 1,171,925
137 NAG Nagakawa Vietnam JSC 10,000,000
138 NBC Vinacomin - Nui Beo Coal JSC 6,000,000
139 NBP Ninh Binh Thermal Power JSC 12,865,500
140 NGC Ngo Quyen Processing Export JSC 1,200,000
141 NHA Ha Noi South Housing and Urban Development Corporation 5,890,000
142 NHC Nhi Hiep Brick-Tile JSC 1,520,771
143 NLC Naloi Hydropower JSC 5,000,000
144 NPS Phu Thinh-Nha Be Garment JSC 1,059,300
145 NSN 565 CONSTRUCTION – JOINT STOCK COMPANY 2,540,644
146 NST Ngan Son JSC 3,913,133
147 NTP Tien Phong Plastic JSC 21,668,998
148 NVC Nam Vang Corp 15,000,000
149 ONE ONE Corporation 2,644,928

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150 ORS Orient Securities Corporation 24,000,000


151 PAN Pan Pacific Corp 7,000,000
152 PDC Phuong Dong Petroleum Tourism JSC 15,000,000
153 PGS Petro Vietnam Southern Gas JSC 15,000,000
154 PGT Saigon Petrolimex Gas Taxi Joint Stock Company 4,413,210
Constrexim - Phuc Hung investment construction and import - export
155 PHC 2,940,000
JSC
156 PHH Hong Ha Petroleum Joint Stock Company 5,000,000
157 PHS Fortunes Securities Corporation 30,000,000
158 PIV PIV Petro Investment and Valuation Joint Stock Company 1,200,000
159 PJC Petrolimex Hanoi Transportation and Trading JSC 1,563,150
160 PLC Petrolimex Petrochemical JSC 20,159,000
161 PMC Pharmaceutical and Medicinal Public Company 6,481,634
162 PMS Petroleum Mechanical JSC 5,200,000
163 POT Post and Telecommunication Equipment JSC 19,278,706
164 PPG Phu Phong Production-Commerce-Service JSC 3,815,880
165 PSC Petrolimex Saigon Transportation and Service JSC 2,000,000
166 PSI PetroVietnam Securities Incorporated 48,500,000
167 PTM THE PRECISION TOOLS AND CNC MACHINE J.S.C 1,302,300
168 PTS HaiPhong Petrolimex Transportation and Services JSC 3,480,000
169 PVA PetroVietnam Nghe An Construction JSC 4,500,000
170 PVC Drilling Mud JSC 15,971,735
171 PVE PetroVietnam Investment Consultancy and Engineering JSC 7,951,200
172 PVG Petrovietnam Nothern Gas JSC 26,617,000
173 PVI Petrovietnam Insurance JSC 103,550,000
174 PVL PetroVietnam Power Land Joint Stock Company 50,000,000
175 PVR PetroVietnam Premier Recreation Joint Stock Company 30,000,000
176 PVS Petroleum Technical Services JSC 173,803,431
177 PVX Petro Vietnam Construction JSC 150,000,000
178 QHD Viet- Duc Welding Electrode Joint Stock Company 2,742,270
179 QNC Quang Ninh Construction & Cement JSC 13,293,489
180 QST Quang Ninh Book and Educational Equipment JSC 1,350,000
181 QTC QUANG NAM TRANSPORTION CONSTRUCTION JSC 1,200,000
182 RCL ChoLon Real Estate JSC 2,500,000
183 RHC Ry Ninh II Hydroelectric JSC 3,200,000
184 S12 Song Da 12 JSC 5,000,000
185 S55 Song Da 505 JSC 2,490,100
186 S64 Song Da 6.04 JSC 2,000,000
187 S74 Song Da 7.04 JSC 4,000,000
188 S91 Song Da 9.01 JSC 1,459,500
189 S96 Song Da No 9.06 JSC 2,500,000
190 S99 Song Da 9.09 JSC 4,421,910
191 SAF Safoco Foodstuff JSC 2,706,000
192 SAP Textbook Printing JSC 1,286,984
193 SCC SongDa Cement JSC 1,974,100
194 SCJ Sai Son Cement JSC 4,760,000
195 SD1 Song Da No 1 Joint Stock Company 5,000,000
196 SD2 Song Da 2 JSC 4,853,500
197 SD3 Song Da 3 JSC 7,999,678
198 SD4 Song Da 4 Joint Stock Company 7,500,000
199 SD5 Song Da No 5 JSC 6,094,000
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200 SD6 Song Da No 6 JSC 6,000,000


201 SD7 Song Da 7 JSC 9,000,000
202 SD8 Song Da 8 JSC 2,800,000
203 SD9 Song Da No 9 JSC 14,999,878
204 SDA Song Da International Manpower Supply and Trading JSC 9,099,953
205 SDB Song Da 207 Joint stock company 5,500,000
206 SDC Song Da Consulting Joint Stock Co 1,800,000
207 SDD Song Da Investment & Construction JSC 4,296,049
208 SDE Song Da Electrical Engineering JSC 1,509,565
209 SDG CAN THO SADICO JOINT STOCK CORPORATION 5,000,000
210 SDH Song Da Infrastructure Construction JSC 5,175,000
211 SDJ SONG DA 25 JSC 3,676,800
212 SDN Dongnai Paint Corporation 1,349,641
213 SDP Song Da Trading and Transport JSC 5,000,000
214 SDS SongDa Construction and Investment JSC 1,400,000
215 SDT Song Da No.10 JSC 11,605,000
216 SDU Song Da Urban Investment Construction And Development 10,000,000
217 SDY Song Da Yaly Cement JSC 1,500,000
218 SEB MIEN TRUNG PID JOINT-STOCK CO 12,500,000
219 SED Phuong Nam Education Investment and Development JSC 8,000,000
220 SFN Saigon Fishing Net JSC 3,000,000
221 SGC Sagiang Import Export Corporation 5,956,402
222 SGD Educational Book JSC/Hochiminh 4,137,000
223 SGH Saigon Hotel Corporation 1,766,300
224 SHB Sai Gon - Hanoi Commercial Joint Stock Bank 200,000,000
225 SHC Saigon Maritime JSC 3,709,550
226 SHN Hanoi Investment General Corporation 8,702,000
227 SHS Saigon - Hanoi Securitities JSC 40,907,996
228 SIC Song Da Investment Development JSC 5,000,000
229 SJ1 Seafood JSC No.1 3,355,730
230 SJC Song Da 1.01 JSC 2,641,900
231 SJE Song Da No 11 JSC 4,955,300
232 SJM Song Da 19 JSC 1,500,000
233 SKS Song Da Transportation Construction JSC 2,500,000
234 SME SME SECURITIES CORPORATION 15,000,000
235 SMT Sam Cuong Material Electric and Telecom Corporation 2,500,000
236 SNG Song Da No 10.1 JSC 1,900,000
237 SPP SaiGon Plastic Packaging Joint Stock Company 3,500,000
238 SQC Sai Gon – Quy Nhon Mining Corporation 100,000,000
239 SRA Sara Vietnam JSC 1,000,000
240 SRB Sara JSC 5,650,000
241 SSM VNECO.SSM 2,749,504
242 SSS Song Da 6.06 JSC 2,500,000
243 STC Book and Educational Equipment JSC 5,456,330
244 STL Song Da - Thang Long Join Stock Company 10,000,000
245 STP Song Da Industry Trade JSC 3,500,000
246 SVI Bien Hoa Packaging JSC 3,873,100
247 SVS Viet Star Securities Corporation 13,500,000
248 TAG TRAN ANH DIGITAL WORLD JOINT STOCK COMPANY 4,506,821
249 TAS Trang An Securities Joint Stock Company 13,900,000

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250 TBX Thai Binh Cement JSC 1,011,400


251 TC6 Vinacomin - Coc Sau Coal JSC 10,000,000
252 TCS Vinacomin - Cao Son Coal JSC 10,000,000
253 TCT Tay Ninh Cable Tour JSC 3,197,000
254 TDN VInacomin - DeoNai Coal JSC 8,000,000
255 TET NORTHERN TEXTILES AND GARMENTS JSC (TEXTACO) 5,702,940
256 TH1 The Vietnam National General Export - Import JSC No.1 8,892,592
257 THB Thanh Hoa Beer JSC 11,424,570
258 THT Vinacomin - Ha Tu Coal JSC 9,100,000
259 TJC Trade and Transport Service JSC 3,000,000
260 TKC Tan Ky construction and real estate trading corporation 6,050,000
261 TKU Tung Kuang Industrial JSC 3,281,854
262 TLC Thang Long Telecommunications JSC 9,980,000
263 TLT Viglacera Thang Long Ceramic Tiles JSC 6,989,800
264 TMC Thu Duc Trading and Import Export JSC 4,000,000
265 TMX Cement Trading JSC 6,000,000
266 TNG TNG Investment & Trading JSC 5,430,000
267 TPH Ha Noi Textbooks Printing JSC 2,015,985
268 TPP TanPhu Plastic Joint Stock Copany 1,995,600
269 TSM TIEN SON CEMENT JOINT STOCK COMPANY 2,936,140
270 TST Telecommunication Technical Service JSC 4,800,000
271 TTC Thanh Thanh Joint Stock Company 5,992,348
272 TV2 Power Engineering Consulting JSC No.2 4,439,000
273 TV3 Power Engineering Consulting Joint Stock Company 2,940,000
274 TV4 Power Engineering Consulting JSC No.4 3,397,750
275 TXM Gupsum and Cement JSC 7,000,000
276 UNI Vien Lien JSC 4,414,257
277 V11 Construction JSC No 11 5,000,000
278 V12 CONSTRUCTION JOINT STOCK COMPANY NO 12 3,000,000
279 V15 Vinaconex 15 Joint Stock Company 6,000,000
280 V21 Vietnam Construction Joint Stock Company No.21 1,700,000
281 VBC Vinh Plastic and Bags JSC 1,898,364
282 VBH Viettronics Binh Hoa Electronic JSC 2,900,000
283 VC1 Construction JSC No 1 7,400,000
284 VC2 Viet Nam Construction JSC No 2 7,378,717
285 VC3 Vinaconex 3 JSC 7,920,400
286 VC5 Vinaconex 5 JSC 5,000,000
287 VC6 Vinaconex 6 JSC 3,800,000
288 VC7 Vinaconex 7 JSC 4,924,800
289 VC9 Construction JSC No.9 8,000,000
290 VCC Vinaconex 25 JSC 4,000,000
291 VCG Vietnam Construction and Import - Export JSCorporation 185,080,387
292 VCH Vinaconex infrastructure development & construction investment JSC 4,000,000
293 VCM VINACONEX TRADING AND MANPOWER JOINT 3,000,000
294 VCR Vinaconex Investment and Tourism development JSC 30,000,000
295 VCS Vinaconex Advanced Compound Stone JSC 15,000,000
296 VCV Vinaconex Transportation JSC 11,007,183
297 VDL Lam Dong Foodstuffs JSC 1,200,000
298 VDS VIET DRAGON SECURITIES CORPORATION 33,000,000
299 VE1 VNECO1 Electricity Construction Joint Stock Company 2,991,580

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300 VE2 Vietnam Electricity Construction 2 JSC 2,000,000


301 VE3 VNECO 3 Electricity Construction JSC 1,319,710
302 VE9 VNECO 9 Electricity Construction JSC 3,100,000
303 VFR Transport and Chartering Corp 15,000,000
304 VGP The Vegetexco Port JSC 6,039,938
305 VGS Vietnam Germany Steel Pipe JSC 12,328,510
306 VHH VIWASEEN - HUE Investment and Construction JSC 6,000,000
307 VHL Viglacera Ha Long JSC 7,750,000
308 VIG Viet Nam Industrial & Commercial Securities Corporation 15,000,000
309 VIT Viglacera Tien Son JSC 4,500,000
310 VIX VINCOM SECURITIES JOINT STOCK COMPANY 30,000,000
311 VLA Van Lang Technology Development and Investment JSC 1,080,000
312 VMC Machinery Erection & Construction JSC 6,500,000
313 VMG Vung Tau Petroleum Trading and Service JSC 9,600,000
314 VNC Vietnam Superintendence and Inspection JSC/The 7,826,800
315 VND VNDIRECT Securities Corporation 45,000,000
316 VNR Vietnam National Reinsurance Corp 67,218,440
317 VNT The Foreign Trade Forwarding and Transport JSC 5,468,100
318 VSP VINASHIN Petroleum Investment & Transport JSC 37,294,489
319 VTA Vitaly JSC 6,000,000
320 VTC VTC Telecommunications JSC 4,044,532
321 VTL Thang Long JSC 1,798,820
322 VTS Viglacera Tu Son Ceramic Jsc 1,290,455
323 VTV Cement Equipment and Transportation JSC 6,500,000
324 VXB Ben Tre Building Material Joint Stock Company 4,049,006
325 WSS Wall Street Securities company 16,800,000
326 XMC Vinaconex Xuan Mai Concrete and Construction JSC 9,440,740
327 YBC Yen Bai Cement and Mineral JSC 4,811,610
328 YSC Yen Son JSC 1,089,670

Page 26
September 08th, 2010

The Vietnam Daily

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