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MONTHLY REPORT June, 2009 Accounting, Finance and Investment

MONTHLY REPORT June, 2009 Accounting, Finance and Investment. Presenter: Daryl Chen Investment Dept. 26th June 2009. Outline. A ctivities and Achievements for this month and Plans for next month. II. Financial report of May and revenue/expense analysis.

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MONTHLY REPORT June, 2009 Accounting, Finance and Investment

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  1. MONTHLY REPORT June, 2009 Accounting, Finance and Investment Presenter: Daryl Chen Investment Dept. 26th June 2009

  2. Outline • Activities and Achievements for this month and Plans for next month II. Financial report of May and revenue/expense analysis III. Economic indicators update and investment outlook

  3. This month activitiesand plans for next month Accounting Planning next month Activities this month

  4. This month activitiesand Achievements Finance • Monthly report : • VAT, PIT, Withholding tax report • 2. Changing banking authorize signatures to new EVP • 3. Cooperating with Internal Auditor

  5. Next month plan Finance • Q2 Auditing • “Related party report” to Head office Taiwan • Work with IT to improve some finance function

  6. Update news PERSONAL INCOME TAX * From Jan to June 2009 : exempt tax * From July to December 2009 : Apply as normal

  7. This month activities and Achievements Investment • Following up international and domestic bond market, including economic indicators and bond trading activities. • VND and USD time deposit rolling • Study municipal bond market for potential investment opportunity • Application form sent to Vietnam Securities depository (VSD) for switching custodian bank.

  8. Next month plan Investment • Sign custodian contract with IVB • Keep following the macro economy and bond market • Study corporate bond market for possible investment opportunities to enhance yields in 2H of this year.

  9. 2009 Actual financial income Trend of revenue and expense from Jan to May 09 ( mil VND)

  10. May 2009 financial income Expense performance ( mil VND) Sale expense Administration expense

  11. May 2009 financial income Summary budget performance

  12. May 2009 financial income-Sale Expense Summary budget performance

  13. May 2009 financial income-Administration Expense Over-budget part Under-budget part

  14. Economic indicators Higher pressure on CPI Since running the 4% interest subsidy in Feb09, the credit growth has increased significantly (4% MOM& 15% YTD) CPI numbers released in Hanoi and HCMCare leading the way of soaring. CPI of HMCM and Hanoi Credit Growth and Fund Mobilization

  15. Economic indicators Increase 5% official rate Widening trading band to 5% • Exchange rate: • Despite some measures taken by SBV, FX is still over-demanded. FX quoted by Commercial banks remains at the ceiling rateof SBV, commonly at 17,793-17,795. • Black market of FX was 18,100-18,200, relatively stable in June

  16. II. Investment Outlook • Money market: Deposit rate of VNDhand USDi • Deposit rate for VNDgenerally increased recently because of huge capital needs by banks to support loan subsidy policy. This trend can not be easily reversed  Short term VND TD is preferred • USD: To mitigate the hoarding of foreign exchange and facilitate enterprises to borrow foreign currencies, government tried to lower both USD deposit rate and lending rate. Extend tenor of USD TD • The average mobilizing rate is quoted as follows (source: SBV):

  17. Interest rate of government bonds is set to rise in 2H of 2009 due to following reasons： Heavy issuance (shortage of tax revenue) Expectation of rising CPI Heightened ceiling rate of primary auction => Favorable direction for interest re-invest in the future. II. Investment Outlook 5y Bonds 3y Bonds

  18. Thanks for your attention ～～ The End ～～

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