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Monthly Report May 2010

Monthly Report May 2010. Accounting, Finance and Investment. Contents. 1. Activities. 2. Market updates. 3. Financial figures. 4. Plans. 1. Activities. Activities – Engaged projects. Investment. Cash/ Time deposits management. Evaluates to find new deposit counterparties.

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Monthly Report May 2010

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  1. Monthly Report May 2010 Accounting, Finance and Investment

  2. Contents 1. Activities 2. Market updates 3. Financial figures 4. Plans

  3. 1. Activities

  4. Activities – Engaged projects Investment Cash/ Timedepositsmanagement.Evaluates to findnewdeposit counterparties. Following up international & domestic bond market. Seeking opportunities for investing.

  5. Activities – Engaged projects Accounting & Finance The 2010 innovation & incentive program: BOD approved the proposal. The Auto-pay project :Signing contract with Sacombank. Parent audit visit : Working with auditors on related matters.

  6. Activities – Engaged projects Accounting & Finance (Cont.) The profit center project :Report of location has been sent out to BOD. The following report of location is for your reference

  7. Results by location (VND bn)

  8. 2. Market updates

  9. Interest Rates (%) • Interest rate is on the down trend recently. • Majority of banks have set the cap on deposit rate at 11.5%, except for some small JSCBs (Joint stock commercial banks). • Lending rate has been declined to 14% - 15%pa.

  10. Interest Rates (Cont.) • Reasons: • The government has asked the State Bank of Vietnam (SBV) to cut the interest rates to boost local business and productions, in a movement to help stabilize local macro economy. • State Bank of Vietnam has been boosting funds via open market operations since the start of 2010 to curve the lending rate.

  11. Foreign exchange rates 3.4% 17,491 - 18,544 Trend of USD/VND 5.4% 17,034 - 17,961 VND depreciated somewhat, but generally speaking, it’s stable.

  12. Foreign exchange rates (Cont.) In May 2010, • Official rate: 18,958 – 19,013 • Unofficial rate: 18,970 – 19,030 Reasons: • USD gets back the confidence as the evolution of the Greece’s situation. • VND might be still stable for the near future although the demand for USD is rising, but the supply of USD is relatively plenty.

  13. 3. Financial figures

  14. 1 3 2 4 YTD Apr 2010 Results Gross Premiums Sale Expenses Analysis of Premiums and Sale Exp.

  15. 1 YTD Apr 2010 Results

  16. YTD Apr 2010 Results (VND mil) 36%

  17. YTD Apr 2010 Results (VND bn) Jan Feb Mar Apr YTD

  18. 2 Gross Premiums

  19. Gross Premium (VND mil) 71% 127%

  20. Chart of Gross Premium (VND bn) A02 of 5.8b YTD 19.2b 71% budget

  21. 3 Sale Expenses

  22. Sale expenses (VND mil) 99% 151% Sale expenses are agent incomes, sale incentives, advertising, customer care…

  23. Chart of Sale expenses (VND bn) 99% budget YTD 16.8b

  24. 4 Analysis of Premium collections & Sale Expenses.

  25. Premiums / Sale exp. (VND bn) Premium 71% budget Sale Exp. 99% budget

  26. Sale expenses & Premiums Actual & Budget 2010 (%) • YTD Apr 2010 gross premiums has reached 71% only but the related expenses has closed to 99% YTD budget. • It has resulted in the loss on insurance trading as the revenues could not cover the sale expenses, such as agent incomes, sale incentives, advertising…

  27. 4. Plans

  28. Half-year of 2010 reporting & half-year audit conducted by Earns & Young. Introduction the 2010 innovation & incentive program to all staff. Work with IT to enhance the system: generating the cash reports & deposit monitoring. Plans – Accounting & Finance 1 2 3

  29. Investment project:schedule time and topic about financial market and do presentation. Keep following the progress of fund management company with ICC. Following up the international & domestic bond market, as well as cash managements. Plans – Investment 1 2 3

  30. Thanks for your attention.

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