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Briefing
Global economy
USD remarked stronger rise towards other assets in Nov U.S public debts exceeded USD 15 thousand bil 6 central banks coordinated to prevent European crisis Sell offs dominated on commodity market

Domestic economy
CPI rose by 0.39% against October Processing industry took half of FDI Import accelerated SBV strictly punished exceeding ceiling mobilization Steel was sued for anti dumping in U.S

EconomicFinancial Report 11/2011

Domestic stock market


VN-Index fell 9.5%, HNX-Index 13.8% Securities company changed leaders

After 3 months with net selling, foreign investors made net buying Facing hardship, enterprises gave thoughts to restructure Due to capital lack, enterprises sold shares to funds at low price

Real estate
Compiled by Date analysis and Editorial division - CafeF Address: CDC Building, 25 27 Le Dai Hanh,Ha Noi Tel: 04 39749300. Ext: 562 Fax: 04 39744082 Email: info@cafef.vn
Apartment stayed neglected without discount With tax liabilities, ParkCity,

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Geleximcoconfronted

being

uncertified Loosen credit for certain real estate groups Introduce Rail way real estate company

Stock data in 11/2011

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Excluding BVH, MSN, VIC and VNM, HN-Index a 11/30/2011 stayed at 224.6, P/E and P/B on HOSE remained at 7.25 and 1.56.

Outstanding real estate projects


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TOP 100 richest on Stocks Market

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Economic Financial report in 11/2011

GLOBAL ECONOMY
U.S economy Manufacturing gained good signs: Orders in Nov 2011 experienced 7 month strongest rise. Order index also climbed to 56.7, PMI rose 2 points to 52.7. USD remarked biggest rise against other currencies: In Nov, USD index with 6 currencies climbed 2.9% which reduced 11 month fall to 1%. Government bond rate remained at 0.7, S&Ps GSCI rose by 1.4%, MSCI slid 2.9%. Public debts exceeded USD 15 thousand bil: According to AFP, data released on Nov 16 by State Treasury indicated a total loan overtaking USD 15,000bil, 99% estimated U.S economic scale in 2011. Since approval to raise official national ceiling loan limit from USD 14,300 to 15,194bil, figure gradually accelerated. U.S economy confronted crisis: Regardless of internal governments disability in hitting final target for budget overspending, credit rating was still remained at AAA by Fitch highest level. However, economic outlook was downgraded to negative due to loss of confidence on a decrease of budget overspending. Europe 6 central banks coordinated to prevent Europe crisis: 6 central banks (Fed, Europe, Canada, Britain, Japan and Swiss) agreed upon creating a bilateral swap in order to guarantee supply of any currency on generated demand. This program is validated till 02/01/2013. Overnight interest rate of USD swaps slid 0.05 percentage point from previous 0.1, validating from 12/05/2011. Concerns on Italian crisis: Current government Italy debts reached USD 2,600 bil. Minister of Industry, Transportation and Infrastructure Corrado Passera warned about an economy facing the edge of crisis. Europe witnessed fifth breakdown since debt crisis: Spain social party remarked the fifth
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breakdown due to debt crisiss effects after new president appointments in both Italy and Greece, Ireland and Portugese residents dismissed their leaders after bailout receipt. IMF could not independently finance for European support: IMFs reserve for loan is about euro 280bil which would be irrelevant if used for merely one country. As warnings by USB, market gave thoughts to a broken euro due to unpredictable turn ups of bad circumstances which stay out of politic handling. China China officially redirected monetary policy: On 11/30/2011, Chinese central bank reduced obligatory reserve by 0.5 percentage points to 21% towards big commercial banks which took effects since 12/05/2011. As clearly seen, economic growth was put above inflation restrain, regardless of a forming real estate bubble risks. PMI index for manufacturing sector in Nov slid to 49 lowest since 02/2009 and lower than 50.4 in Oct. FDI into China in 2011 may set records: As released by Ministry of Commerce, FDI into China in Oct grew by 8.8% against same prior period to USD 8.33bil. This figure is 7.9% in Sept. 10 month FDI rose by 15.9%. With increasing number of enterprises penetrating for market share, China may at second time set records of inflow FDI. Japan Japan raised tax to improve income, reduce debts: On 11/30, Japanese Congress approved an urgent tax increase law, which allowed government to level up income taxes within 25 years, to guarantee capitals for reconstructing damaged areas from earthquake and tidal waves on 03/11. Assets were sold to support restructuring East North region.

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Economic Financial report in 11/2011

GLOBAL ECONOMY
Japanese economy lost recovery trends: Import in Oct fell by 7.3%. Trade deficit was recorded at Yen 273.8bil (USD 3.56bil). Global stock market Changes of main global indexes in 11/2011 (Source: FT) Index S&P 500 FTSE 100 CAC 40 DAX Hang Seng Straits Times RTS S&P/ASX 200 NZX 50 S&P 500 Change -1.17% -0.37% 1.04% 0.56% 2.88% -4.48% -6.85% 0.31% -2.43% -1.17%
Commodity Unit Price on Price on Compared 30/11 31/10 to year beginning 100,39 110,49 3,548 92,56 109,23 3,934 9.9% 16.6% -19.5% 22.8% -18.0% 0 -18.6% -25.0% -3.8% -23.9% -26.2%

WTI Brent

USD/barrel USD/barrel

Natural gas USD/gallon Spot gold Bronze Corn Bean Wheat Coffee Cacao Sugar

USD/ounce 1.745,40 1,725.20 USD/ton USD/bushel USD/bushel USD/bushel USD/lb USD/ton US cent/lb 7,868.25 8,007.00 6,005 6,47

11,34 12,0750 5,96 2,3125 6,2825 2,2695

2,310.00 2,696.00 23,71 25,77

Commodity market
Sell offs dominated Except oil, commodities significantly surged (5% on average) within 15-25/11 due to incessant sell offs on unexpected rise in Europe lending expense, which raised concerns about disability in controlling crisis. 3 days of month end, sell offs ceased. Many turned back to commodities with belief on a weakening USD and positive global economic outlook. In general, commodity only fell by 1.9% against Oct. Thomson Reuters/Jefferies CRB Index on 19 crude materials and goods in 11 (Source: CRB) Gold holding of ETFs reached records Not out of sell off trend, but signs are mainly from individual investors. Trust funds are still making efforts for a 64 ton net buying, raise holding amount to VND 2,356,002 tons. SPDR Gold Trust biggest global gold fun purchased 54.98 tons with total figure at the end of 2012 of 1,298.53 tons.

Stay out of the trend, crude oil reached its 5 month highest due to worries upon nuclear Analysts opinion intense situation in Iran and punishment towards Plamen Monovski, investment director of Syria. In Nov, WTI rose by 12.4%. Renaissance Asset managers with USD 2bil stated that, due to raise in future monetary Rubber fell supply and interest reduction, commodity price Natural rubber in Asia strongly fell due to Europe will significantly increased. debt crisis and floods in Thai Lan stopping auto factories operations. In Nov, rubber slid 22% Goldman Sachs investment bank predicted that commodity is likely to raise by 15% in next and nearly 40% against the early 2011.
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Economic Financial report in 11/2011 12 months; in which Brent will reach127.5 USD/barrel; bronze USD 9,500/ton; Gold price 1,940/oz; corn 5.5 USD/bushel.

DOMESTIC ECONOMY
Sector Electric cables and insulated cables Paper pulp, paper and covers Beer and malt Motorbikes Other plastic products Bed, wardrobes, chairs and tables Concrete, lime, mortar CPI in Nov rose by 0.39% againt Oct In Nov, food and related services increased by 0.56% with bigger portion of food at 3.25%. CPI in Nov increased by 17.5% compared to the end of 12/2010 and 19.83% over prior year. Average CPI 11 month gained a 18.62% rise against same previous period. Non heating porcelain, pottery Rise 33.8% 72.6% 31.3% 38.8% 55.1% 101% 64.2% 62.7%

11 month budget investment reached 84.5% whole year target Realized capital from State budget in Nov hit an estimated VND 20.7 thousand bil. 11 month figure was recorded at VND 170.6 thousand bil 84.5% whole year plan and a 8.8% rise against 2010. Processing industry proportioned half of FDI FDI to 10/20/2011 reached USD 12.7bil, 83.8% same period in 2010. 11 month FDI disbursement hit USD 10.05bil, 1% higher than same period. FDI mainly focused on processing industry with over USD 6.24bil highest proportion of 49%.

Industrial manufacturing rose by 7% Industrial manufacturing in 11/2011 rose by 5% against last month and 8.1% against prior year. In 11 months, rate will be increased 6.9%.11 month CPI climbed 6.9%. Inventories strongly rose In Nov, inventory index climbed 21.5%, remarking a second consecutive dramatic rise after 5.5% fall in Sept. High inventories could be seen with:

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Economic Financial report in 11/2011

DOMESTIC ECONOMY
Budget gain mostly reached plan Budget overspending to 10/15 stayed at VND 52.9 thousand bil. To 11/15/2011, total State budget gain reached an estimated VND 586.2 thousand bil, 98.5% whole year plan with gains from crude oil hitting VND 90.3 thousand bil, exceeding plan by 30.3%. To 11/15/2011, State budget spending reached an estimated VND 639.1 thousand bil, 88.1% whole year plan with debt payments and aids exceeding plan by 0.4%. Excluding price factor, retail rose 4.1% 11 month retail volumes and revenue from consumption service was estimated at VND 1,814 thousand bil, 23.5% same prior period and 4.1% on exclusion of price. Export kept accelerating Estimated export hit USD 8.6bil, 2.5% higher than prior month and 22% against 2010. 11 month figure reached USD 87.2bil, 34.7% higher than 2010. Import turnover was estimated at USD 9.3bil, a 1.7% gain over prior month and 15.5% over prior year. 11 month figure climbed 14% against 2010 to USD 96.1bil. Net import was estimated at USD 700mil. 11 month volume stayed at USD 8.9bil, 10.2% export turnover. Excluding gold, 11 month net import hit USD 9.2bil, 10.8% total export turnover. Noticeable macro events Decree of Congress on interview, answer in second meeting, Congress term XIII was approved. Transportation: 2012 was the year redefining regulations in traffic control. for Control towards people and vehicles taking part in traffic acitivities; increase in punishments for traffic safety violations,are to be executed. Agriculture: Increase investment in agriculture, assure a double level of 2005 2010 in the next 5 years. In education: Initiatives for a fundamental and throughout change, enhancement of human resource quality to meet requirements of industrialization, modernization and globalization. There are strict regulations towards corporation in education c with foreign entities. In financial field: Execute market price reign with electricity, gasoline, coal and other essential goods, supply appropriate supports for policy entities. To 2015, complete out of sector divestment. Restructure and enable developments of stock, bonds, insurance markets and investment funds on an international standard to meet capital demand. Efficiently execute approaches to prevent budget decrease; control transfer price; construct a path for decrease budget overspending. In banking sector: Restructure commercial bank systems, assure effective operation, various products and services in response to economic development; assure no weak banks lingering which negatively impacts economy EVN Telecom is favored by many parties Though there has not yet been a final decision on transferring EVN Telecom to Viettel, EVN Telecom was grasping great attention. If transfer is made, Viettel will hold 50% national 3G fund. This means a death blow to small companies and brings telecommunication market back to exclusive period.
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Economic Financial report in 11/2011 VTC, Vietnammobile, planning for purchase. Auto and Hanoi Telecomare Ministry of Transportation will submit to Government Merging plan between Jetstar Pacific and Vietnam Airlines Jetstar Pacific is owned by SCIC with focus on cheap flights but due to inefficient operation, it frequently faced losses. Merging is considered the most feasible to save Jetstar from bankruptcy. If successful, Vietnma Airlines will hold approximately 100% domestic market share (currently 80%, followed by Jetstar with 17%).

multifunctional

Mechanic

industrial zone with total investment of USD 350mil were signed for commencement between Quang Nam province and Columbus company. This is a part of Open economic zone Chu Lai (Quang Nam) on an area of 1,000ha.

Banking - Finance
Mobilization still fixed at 14%/year.7 and 14 days are still According to Ha Noi statistic department, total periods used in OMO. mobilization in Nov hit VND 787,790bil 99.95% Interbank market previous month and 99.07% of Dec 2010. Average overnight interbank rate of below 1 In Ho Chi Minh, the figure reached an estimated month during the month faltered around 11% VND 886.9 thousand bil, 1.8% and 16.5% higher 15.7%. As reaching maximum rate of 14%/year than previous month and 2010 respectively. on market 1, this marked a difference with Credit growth October. Total outstanding credit loan at the end of Nov in HCM was estimated at VND 753.8 thousand bil - 9.1% higher than 2010. In which, foreign currency portioned VND 224 thousand bil 28.7% total figure and a 13% rise against same previous period; VND figure accounted for 71.3%, a 7.6% increase against same previous period. In Ha Noi, total outstanding loan rose by 1% against previous month and 10.58% over 12/2010 to stand at VND 563,900bil. In terms of period, short, medium and long term respectively experienced a rise by 1.36% and 9.89%; 0.45% and 11.66%. Open market From 31 Oct to 02 Dec, OMO helped SBV inject VND 11,873bil into the market. Interest rate is
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Still, there were significant movements in 1 week term. Below 1 month accounted for 60-70% total trading value.

Bond market Through bids of government bonds, VND 1,517bil were successfully mobilized. 3 year bonds value reached VND 1,000bil at 12.1%/year. There was 1 failed session on Nov 10.

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Economic Financial report in 11/2011

DOMESTIC ECONOMY
In afterward sessions, a low trading volume was recorded in only 1 term. On Nov 17 and 24, total mobilized value was only VND 100bil and 17bil in 5 year term at 12.15%/year. BIDV committed financing for 3 banks: Ficombank, BacA bank and GP bank, totaling VND 13,000bil. SBV strongly punished exceeding maximum level mobilizations of institutions, specifically HD Bank with 17 staff dismissed or fined. An up to VND 500mil administrative charge was applied to entities violating Decree 95/ND-CP on illegal foreign currencies quotes and trading. State Bank governor answered queries in Parliament meeting on popular issues such as: restructure of banking system, managements on gold market and interest rates, SBVs monetary policies. There was revelation of 8 small commercial banks with unsafe operations. Prime Minister made commitments on quickly dealing with weak banks against banking system restructure without causing any bankruptcy, guaranteeing peoples deposit rights. Dealing with bad debts in commercial banks remained a challenge with analysts assuming hardship in clarifying accurate bad debts portion. BIDV officially announced IPO progress in the end of Dec. Bidding rate stayed at 3% capitalized chartered capital. Legal policies On Nov 11, Circular 35 on information disclosure of SBV was released. Accordingly, SBV will supply 5/12 standard banking financial ratios including: CAR, bad debts/ total outstanding loans ratio, sections outstanding loans/total outstanding loans, ROA and ROE. On Nov 14, SBV issued Document no 8844/NHNN-CSTT on credit activities in two final months of the year. In which, there is regulation of 4 groups on real estate loans not included in non-manufacturing outstanding figure.

Exchange rate Average interbank exchange rate remained unchanged at VND 20,803. VND 21,011 is maximum applicable level regulated by SBV. Banks made no change with maximum value in both bid and ask. Free exchange rate cooled to neatly banks rate due to obligatory application of Decree 95 on administrative punishment towards monetary and banking violations. Gold market Since Nov 04, with VBDQ Bao Tin Minh Chau quoting its prices lower than market value of VND500 thousand/oz, even reaching VND 1mil sometimes, gold market tumbled. This was due to concerns that a gold draft by SVB if approved would delete all gold stores, except SJC. Market turned out less quiet, mainly with selling non SJC gold and purchasing SJC gold. Entities manufacturing and trading non SJC gold ceased operations. Essential news In the outset of commercial banks lending on interbank market experienced overdue repayments of interest, even principals, VCB required these institutions to ensure their loans with mortgages.
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Economic Financial report in 11/2011

DOMESTIC ECONOMY Commodity market


Consumption goods surged Thanks to big discounts, commodities in Ha Noi this Nov simultaneously slid 10-50%. Other regions also witnessed discounts with Nov 11 and Nov 20. Motorbikes unexpectedly cooled at the end of the month at VND 2-3mil/unit on a weak demand. In an effort to shore up demand, almost items even ones with colossal orders were reduced to below proposed levels. Meat, fish increased while vegetables fell Due to weak supply, pork and chicken climbed 10% against October. Input pangasius set record at VND 29,000/kg on demands of export; prawn hit historical level of VND 2,35mil/kg. Others remained high. Vegetables significantly surged by 30% against Oct on a rising demand in winter harvest and favorable weather conditions. Constructing materials rose As demand for house decorations and work completion at the end of year turned positive, constructing materials market warmed up. With almost unchanged demand and decrease in imported materials, steel was considered experiencing fake price. Present market price stayed higher than manufacturing level from VND 3 to 4bil/ton. Gasoline remained fund use rose unmodified, stabilizing (from VND 300 to 550/liter); for oil products (diesel, mazut) stayed at VND 300/liter. Ron92 in Singapore based level for domestic prices fell by USD 8.73 to USD 111.17 USD/barrel, 10% lower than Oct. Gasoline in Singapore stayed at 7.2% lower than closest modification at Aug 26. Unclean food dominated; fake products met peak season Illegal transfers of unclean food into domestic market at huge volume were incessantly discovered, specifically the case of 108 tons of rotten chicken feet imported via Hai Phong port. Two months countdown from Lunar new year, domestic market was stirred up with fake products, mainly in consumption category. Imported agricultural and aquatic products into China became favored. Chinese tradesmen were accelerating collection of different items such as dried aquatic products, rice, sesame, beans to meet Lunar Tet demand, which raised average price by 10% against Oct. Rubber import in terms of quota almost froze as China authority intended to transfer into official forms. Compared to beginning of the year, rubber stayed at 40% lower. Rice import faced hard competition Though 11 month rice import reached 6.8mil tons, year end situation showed disadvantages due to harsh competition from India and Pakistan with price lower by USD120/ton. Import price reduced by USD 20/ton due to weak demand. Domestic price also cooled after setting record. Steel was sued for dumping in U.S On 11/18, U.S department of commerce

On Nov 28, Ministry of Finance issued a dispatch to gasoline trading enterprises without modification on gasoline price and import tax for these goods to remain current levels. Stabilizing funds supporting value for gasoline products was raised by VND 250/liter at realistic census

announced its official investigation towards antidumping and anti subsidy for carbon steel tube of Vietnam. There are 10 enterprises under

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Economic Financial report in 11/2011

investigation from 04/01 to 09/11/2011 including Asia Huu Lien JSC Co.,Ltd; Daiwa Lance International Company, Hoa Phat Steel Pipe Co; Hoa Sen Group; Hyundai-Huy Hoang Pipe; SeAH

Steel Vina Corporation; Tianjin Lida Steel Pipe Group; Vietnam Germany Steel Pipe JSC (VGPipe); Vinapipe and Vingal Industries Co., Ltd.

STOCK MARKET
This month, VN-Index slid 9.5% from 420.8 to 380.7, HNX- Index experienced same trend with 13.8% fall from 70.2 to 60.5 lowest ever Trading volume on HOSE saw a slight decrease against previous month, averaging 31.8 mil shares/session approximately VND 528 bil. However, end month sessions trading volume fell below VND 500bil, with considerable rise of deals as STB registered purchasing 100 mil treasury stocks. There are 2 new stocks on HOSE CNG and HU1, 1 on Upcom NHN (Southern Ha Noi urban development company owned by Times City) with opening price at VND 30,000 then climbing up to 43,000/share on Dec 01. Among 306 listed shares on HOSE, there are only 37 seen with upward trend, 10 remained unchanged, others fell. Decreases: Regardless of a below 10% slide of Vn Index, there are shares with over 50% fall such as PTC, and 40% such as KSH, KSA, PAC, BGM on HOSE and SME, LCD, NHA,AGP,OCH on HNX. Listing cancellation dominated: Out of compulsory cases due to frauds and low ability in meeting requirements such as DVD, VTA, FPC , a number asked for its listing to be cancelled such as SQC, SGT, TBC, CSG, TRI, V11, S27. At the end of this month, ORSs managing board agreed upon cancelling listing which resulted in strong sales by small shareholders. STB registered purchase of 100 mil treasury stocks from Nov 16 to Dec 16. There are concerns as it takes over VND 130 bil for fulfilling registration while STB had just issued 100 mil shares on same price in Aug 2011. Besides, this may result in a lower CAR which is not a favorable choice at the moment. Security companies changed managing members: In Thang Long company, Mr Luu Trung Thai replaced Mr Le Dinh Ngoc as General Director; in Ocean company, Mr Bui Quang Bach replaced Mr Vu Hong Son as General Director; in FLC, Mr Pham Duc Thang replaced Mr Duong Quang Trung as General Director. Previously, within 6 weeks from Oct to Nov, 6 deputy general directors were dismissed. Incessant changes in labor force dominated from beginning of the year with 127 staff reduced in SSI (24.4%), 92 in SBS (24%) and 56 in VND (19.8%
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Economic Financial report in 11/2011 Security Commission collects opinions for draft of Decree on set up and management of stock funds, involving 2 types: with legal status (public funds, separate funds, real estate stock investment companies) and without legal status (closed funds, member funds, real estate investment funds). For opened funds, according to Deputy Finance Minister Tran Xuan Ha, decree related will be published in Dec 2011. Restructuring stock market: According to Mr Tran Xuan Ha Deputy Finance Minister, evaluation will be processed by State departments with reference to Decree 226, then categorization of stock market into groups which enables appropriate solutions for restructuring. In quarter I, risk management principles in stock trading are to be issued. In quarter II, CAMELS is expected to be revealed with a view to enhancing financial safety for stock companies. In case of lengthening trading limits previously studied, application is expected in Feb 2012. However, for shortening trading limits T+2, there was plan submitted to MoF in Dec 2011 for execution in 2012. Trading activities gained attention: SSIAM registered purchasing 5mil and selling 2mil HVG shares from 07 Oct to 07 Dec, HQCs chairman of the board and his wife registered selling 3 mil and 7 mil respectively resulting in incessant selling afterwards by shareholders, driving HQCs price down from VND 15,000 to 6,000/share; Korean Group is going to invest VND 210 bil in Golden Bridge stock company in terms of bonds purchase, VCB sold all of its 50% equity in Shinhan Vina, Vinatex is going to acquire a dying enterprise, Carlsberg purchased 50% equity in Huda Hue, Haverstock fund announced its purchase of Thai Hoa Groups shares in terms of deals. Government bounced back stock market: In an interview with Parliament, Prime Minister stated that there would be solutions for a rebound of stock and real estate market. According to Deputy Minister Vu Van Ninh, government required Ministry of Finance to construct restructuring plans and orientations with close connection to recovery of domestic stock market. Additionally, Ministry of Finance and Security Commission were required to enhance supervising operations to guarantee a safe and positive stock market.

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Economic Financial report in 11/2011

STOCK MARKET Foreign trading


This month on HOSE, foreign investors purchased 70.3 mil units valuing VND 2,250bil and sold 89.3 mil units valuing VND 2,112bil. These, in terms of volume constituted a 19mil unit net selling but in terms of value made a VND 138bil net buying. This marked the first net buying after 3 consecutive months of net selling and helped raise 11 month value to over VND 2,100bil. On HNX, a VND 30bil net selling was made this month which is due to unexpectedly significant purchase of VIC shares Vincom of 2.3 mil units valuing VND 212bil. With 3.26 mil net buying VND 161bil FPT remained in second top position. A majority was contributed by Orchid Fund. To Nov 30, this fund purchased an additional 2.55 mil shares, raising its holding figure to 17.56mil 8.13% FPT shares. From Nov 04, 2011 to Jan 04, 2012, it registered buying 6.38 mil. MBB Military Bank grasped attention with 7.9mil shares of net buying valuing VND 107bil. The trend was favored by others such as KDC (1.48mil units VDN 49.2bil), REE (3.7mil units 41.7bil), PNJ (1mil 36.8bil), DHG, CLG On Dec 02, FTSE Vietnam ETF replaced ITC with PNJ in its index basket, signaling the possibility of its purchase PNJ in following sessions. CLG CotecLand gained attention when Tama Global Investment purchased 2mil of its shares to become big shareholder with 20% equity holding. Net selling was remarked with STB of over 13mil units, VND 199bil. 100mil treasury stocks were registered to be bought by this entity. Following is HAG (3.1mil units 3.7bil), CTG (2.5mil 55.7bil), ITA, NTL Thai Hoa group (THV) succeeded in selling USD 15mil shares to Haverstock Master Fund in terms of dealing among big shareholders.. The most significant out floor trading is Carlberg purchased 50% Huda Beers share which raised its holding rate to 100%.

Top 10 net buying Volume (thousand units)


2304 3265 7890 1481 3685 1041 340 161 1928 691

Top 10 net selling Volume (thousand units)


-13045 -3102 -2509 -4967 -1342 -2327 -2803 -1123 -1043 -246

Code
VIC FPT MBB KDC REE PNJ DHG MSN CLG VCB

Value (VND bil)


212 161 107 49 42 37 22 22 19 17

Code
STB HAG CTG ITA NTL PVF PPC SJS SSI BVH

Value (VND bil)


-199 -74 -56 -39 -24 -24 -19 -19 -17 -15

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Economic Financial report in 11/2011

STOCK MARKET
Enterprise news
In harsh competiton, restructuring is favored. SHC announced its Shareholders meetings resolution of asset restructuring as it will sell assets with low or non profitability. Due to its 2 consecutive years of losses, this is essential step to take. Despite announcing its restructuring plan, SBS continuously closed branches and changed staff. TLS is going to liquidate assets of low profitability together with staff change in order to push non profitable asset value to 0. Previously, on the way to get in top 5 biggest paint brands in Viet Nam, ALP announced its plan to restructure the entire group in terms of acquisition. VOS, VFR set up plans for ship liquidation. Market price falling, enterprised unexpected high dividends gained Capital shortage pushed treasury stocks to lower levels Half a year since peak purchase period of treasury stocks, market still finds itself stuck in the bottom. Many enterprises registered selling at lower than purchasing level within 35-65% for fear of capital shortage next year specifically SHN, NDN, SDH, FBT. Other news PVA: 92.42% of capital increase issuance remained. PVX, PVC IDICO were unable to distribute 20mil shares. ORS held unusual shareholders meeting for approval of dismissal of managing boards membership of Huynh Thi Huyen Nhu due to fraud conviction; Ms Trieu Thi Huong Giang due to charges on not being aware of her being selected into Managing board. Also, listing cancellation was agreed. Regular violation in payment responsibility towards stock trading and overdue for payment support fund as committed made SME be suspended from depository activities by VSD. TAS received warnings from VSD due to its unability in stocks trading payment.

Tan Mai wood, Sai Gon shoes announced their dividend payments. Though 20 25% is quite normal, these figures startled investors with intervention of market price. As market price went down, temporary dividend hit 48.65% and 44.44% despite public figure at 18% and 20% of Sai Gon footwear (SSF) and Tan Mai wood respectively. Stocks got ignored Statistics showed that 30 day average trading volume stayed below 0.1% total current listed amount was observed with 400 enterprises. SQC, NVB, RIC, IFS, STG, COM, SPP, TMS, TMP, POM remained lowest liquidity as only 0.003% total listed amount was made at average 30 trading sessions.

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Economic Financial report in 11/2011

REAL ESTATE
Market this month remained quiet with few trades and low liquidity, especially in Ha Noi ground land sector. Medium price apartments are in their balance with real demand.

Market news
Without great discounts, apartments received little attention: In Ha Noi, there have been transparent expectations towards falls in land and especially apartment price. In HCM, sell-offs by PV Landmark and An Tien projects negatively spread impacts on others with higher quotes. According to specialists, to the end of year, sell offs will be likely to dominate once enterprises lose control over interest. Even if there are bankruptcies, banks will be of no hesitation for collateral sell-offs.

Geleximco, Van Canh experienced highest fall in price: According to recent surveys, within 2 weeks Van Canh slid VND 5-7mil/m2 with current offers at VND 42mil/m2 of small area in big streets and 38mil/m2 of big area. In case of Geleximco project, adjacent A area was being offered at VND 68-70mil/m2, significantly falling from peak market level of VND 100mil/m2. In C area, offered price of adjacent apartments stayed around VND 40-42mil/m2 for big street and 38mil/m2 for small ones.

Policies
PVL failed with sell offs: In first session on Nov 08, PVL changed day to later and regulations as well. The next one with 7 profiles remarked 1 cancellation. Finally, 2 clients won the bid at VND 16.5mil/m2 and 4 at VND 16.8mil/m2. Loosening credit limits for real estate categories: On 11/14/2011, SBV issued dispatch no 8844/NHNN-CSTT on loosening credit limits for projects, purchase, rent, build or repair low income houses, loans on house purchase granted from salaries, works with completing period before 01/01/2012.

Concerns on Parkcity, Geleximco uncertified with land use rights (LUR) due to tax liabilities: According to Ha Dong tax agency, Vietnam international urban development company investor of Le Trong Tan new urban area (Parkcity), Ha Noi general import export company (Geleximco), Nam Cuong trading service company were noted with highest tax liabilities of VND 152bil, 100bil and 69bil respectively. They are 3/58 projects with biggest fines for delays in tax payments in Ha Dong. In case of not completing tax liabilities, LURs will not be certified which would negatively impact customers and investors as well.

There will be solutions in rebounding securities, real estate: As stated by Prime Minister Nguyen Tan Dung amid queries in Parliament meeting on 11/25, in macro stabilizing package, there will be portions for recovering securities, real estate and not enabling big difference between domestic and global gold price. In 2012, a tight fiscal policy is to be executed, ensuring budget overspending at below 4.8% GDP, remaining a safe public debt ratio, improving trade balance, reducing net import and raising foreign currency reserves.

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Economic Financial report in 11/2011 Reducing 50% land tax for certain economic Hiring level of urban land will rise by 40%: As institutions: In 2011 and 2012, land tax for stated by Mr Pham Dinh Thi (Deputy director of Tax several entities will be reduced by 50%. These department of MoF), from 01/01/2012, Tax law on include manufacturing enterprises, ones with use of non agricultural land will validate replacing annual payment for land hire who had to define current law on land tax. Accordingly, tax for area their base towards government regulations on within limit is 0.03%, exceeding limit portions will not collecting fees for land hire and ground including: be bigger than 3 times limit at 0.07%, 3 time limit entities have to redefine land hire price in new exceeding area is 0.15%. As calculated by Ministry of stabilizing period; entities ending exempting Finance, approximately 17mil units will be under period have to define their payment levels; control of this new law. For certain urban areas, entities using land before 03/01/2012 are under especially in Ha Noi and HCM, land use right tax will temporary payments and have to define official be raised by 40% against current amount. payable levels from 03/01/2011.

Enterprise operations
Propose to keep ceiling land price in Ha Noi in Vingroup sold tower B Vincom Ha Noi to 2012 at VND 86mil/m2: In submitting dispatch to Techcombank: Vingroup would transfer tower B HDND by People of Committee, land price in (office area) of Vincom Center Ha Noi at 191 Ba 2012 is based on frame by Government and Trieu to Techcombank Viet Nam simultaneously with remains stable as in 2011. There are only moving all its offices in Ha Noi to Vincom Village in changes for certain paths, locations, newly Sai Dong Long Bien in January 2012. Therefore, formed urban areas with advantageous location Techcombank will make 15 floors of this tower its and general planned area for urban development. main office. Accordingly, after being approved, land price list will be announced in Dec and valid from 2012. Introducing Railway real estate company: Railway real estate company (Rail way Land) held its opening No change in Ho Chi Minh land price in 2012: ceremony and announced chartered capital at over According to People of Committee, this is to VND 50bil (36% attributed by General rail way stabilize real estate market. Natural resource company) and planned to raise total amount to VND department was required to complete land price 200bil within 2011 -2012. 2012 dispatch to be approved in the upcoming meeting of HDND. Thus, this records third consecutive year with no change in annual land Signing contract on Management of Melia Da price quotes. Nang hotel: On 11/18, at Melia Ha Noi, ceremony for signing contract on management of Melia Da Nang hotel between Vistar and Melia hotels group International global leading group in hotel management was held.

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Economic Financial report in 11/2011

REAL ESTATE
CEO VinaCapital left Vinalands managing board: As announcement by Vinaland to its investors, from 11/11/2011, Mr Don Lam and Robert Gordon will no longer be members of Managing board. In replace, Mr Michel Casselman, Stanley Chou and Charles Isaac to become 3 new independent non executive members which keeps total number of Vinalands managing board at 7 members. Nam Viet withdrew from real estate project: On a freezing market, Nam Viet decided to cease its Hiep Binh Phuoc villa project and negotiated with investors to collect its previously attributed amount. According to its Managing boards policy, 7 members agreed to authorize Chairman of the board to execute negotiation. Results will be announced on arrival and opinions by other members in dealing with collected amount will be collected in documents.

CBRE and Nam Long signed strategic consultancy contract: CBRE Viet Nam and Nam Long investment joint stock company announced their agreement on strategic coordination towards Ben Luc new urban area of 355 ha in Long An. Accordingly, CBRE will supply strategic consultancy for retail section. The project also includes houses and universities beside other services and conveniences.

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Economic Financial report in 11/2011

Appendix 1: Security market data in Nov, 2011


1. Overview
Market scale Index - excluding BVH, VIC, MSN,VNM Total listed enterprises - newly in Nov Capitalization (VND bil) % owned by foreign investors P/E P/B - excluding BVH, VIC, MSN, VNM P/E P/B
(*) Data updated to 31/10/2011

HOSE 380.7 (9.5%) 224.6 304 3 528,329 14.7% 9.12 2.11

HNX 60.5(13.9%) 393 0 85,416 9.1% 7.78 1.15

Upcom 31.9 (3.9%) 131 3 21,636 1.9% _ _

Both Vn Index and HNX Index deeply fell by 9.5% and 13.9% respectively. Excluding BVH, MSN, VIC and VNM, Vn-Index at 11/30/2011 stayed at 224.6, P/B and P/E on HOSE hit 1.56 and 7.25.

7.25 1.56

_ _

_ _

Stock, money supply and demand in 11 months Dividends paid in cash (VND bil) - in Nov Gains on issuance to increase capital (VND bil) - in Nov Number of new shares after additional issuance - in Nov
The general downward trend was easily observed with falls in almost sectors. Strongest decreases remarked with Fundamental materials (-15.4%), Oil (-9.9%) and Public service (-9%) Health sector recorded highest foreign holding portions with 37% of room left. Others sectors grasped foreign attention are Oil and Technology with 54.1% and 57.4% of room left

27.227 1.003 13.712 5.559 2.813.547.171 1.011.600.622 Sector Technolody Industry Oil Public service Consumption service Consumption goods Finance Fundamental materials Health Changes (+/%)

Total dividends paid in cash in 11 months reached VND 27.2 thousand bil. Gains via share issues hit VND 13.7 thousand bil. Regarding 730mil MB shares and bluechips issuance to raise capital such as CTG, EIB, VNM, VCG, total supply figure in 11 months hit 5bil units.

P/E 8,2 6,2 5,5 8,8 13,3 11,2 9,7 4,8 7,2

P/B 1,4 0,7 1,1 0,7 1,8 2,4 2,7 1,2 2,0

Room left 57,4% 84,8% 54,1% 79,3% 84,0% 59,6% 58,6% 69,4% 37,4%

Cap rate 2,4% 7,7% 1,9% 1,6% 3,4% 23,4% 51,5% 5,9% 1,2%

-7,7% -6,8% -9,9% -9,0% -3,2% -2,2% -3,5% -15,4% -9,2%

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Economic Financial report in 11/2011

2. Stock price data In Nov, HOSE


Average monthly trading volume 111 27 141,937 18,682 2 3,895 4,785 6,869 214 59,046 Average monthly trading volume 224,114 6,308 72,956 6,648 202,639 962,050 190,453 33,117 20,182 14,187

Code CYC LGC CLG CMT HTL VNS SRF NSC ST8 VNM

% rise 47.6% 27.9% 24.4% 17.6% 11.4% 11.1% 9.5% 9.1% 8.7% 8.1%

Code PTC KSH KSA PAC BGM HQC SJS VKP AGR VES

% fall -60.0% -45.8% -45.3% -42.5% -41.4% -37.1% -36.8% -35.7% -34.7% -34.4%

On HOSE, Chang Yih (CIC) and Lu Gia (LGC) remained highest increase by 47.6% and 27.9%, both with low liquidity. Lowest liquidity was recorded with HTL (Truong Long auto JSC) - only 2 shares/session. Noticeably, if being second in top net selling the previous month, LGC stayed as second in top net buying this month. Strongest decrease was seen with PTC CTCP Dau tu va xay dung buu dien at 60%. Others were mainly in Mineral category (KSH, KSA, BGM) and real estate (HQC, SJS).

In Nove, HNX
Average monthly trading volume 55 317,827 632 23 36,918 255 1,336 332 4,927 2,505 Average monthly trading volume 149,082 282 3,618 14,864 51,005 17,659 8,659 14,073 8,505 4,745
Strongest increase both on HNX and the whole market is 50% by VXB (Ben Tre constructing materials). The second is 35.7% by FLC of FLC group which was recorded with an average trading volume of 300 thousand units/session. Stronges increase is SME of SME security company with 56.4%. This is also recognized with lowest market value (closing 11/30 at VND 1,700/share).

Code VXB FLC SGC HCT DNP ARM CT6 LM7 SVI NPS

% rise 48.8% 35.7% 31.4% 26.0% 25.6% 24.4% 21.7% 20.0% 19.7% 16.5%

Code SME LCD NHA APG OCH PXA HHL CCM SDU SKS

% fall -56.4% -54.6% -44.4% -44.2% -42.1% -38.5% -36.6% -35.5% -35.1% -34.1%

(*) S liu tnh ti ngy 30/11/2011

Top rise/fall on HOSE 11 months, 2011


Code VPL VTF VNM MSN GIL MCP AGD MKP APC DHG % rise 80.1% 63.4% 62.0% 58.7% 40.7% 40.6% 39.3% 35.6% 27.0% 24.1% Code SBS VES VKP KSA HQC NVT VSG CAD PPI SJS % fall -87.3% -85.1% -83.0% -82.9% -82.9% -79.1% -75.7% -74.4% -73.8% -73.0% Code CVN HTB CTB PTM ARM DHT RHC SJ1 BXH SVI

Top rise/fall on HNX 11 months, 2011


% rise 71.0% 62.7% 34.2% 32.2% 31.5% 30.4% 28.3% 27.5% 27.2% 22.7% Code SME SDU V11 SSS KTT VSP V15 SDB VE1 TIG % fall -86.0% -83.8% -80.8% -80.0% -79.3% -79.2% -78.3% -78.3% -77.5% -77.1%
In 11 months, strongest increase was seen with VPL (81.3%) and the other side was marked with SBS (87.3%), both of which are listed on HOSE. On HOSE, CVN recorded strongest increase with 71%. The opposite is SME which also remarked biggest fall since the beginning of the year.

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Economic Financial report in 11/2011

VNIndex 3. Foreign trading scale

HNXindex

Trading volume and value (Blue: index value, red: trading volume)

In Nov, a net buying of VND 135.4bil on HOSE and selling of 27.2 on HNX were recorded.

11 month strongest net selling/buying (VND bil) Code VNM FPT CTG KDC VCB PVD ITC VCG PNJ MSN SSI PVS BVH REE MBB Floor
HSX HSX HSX HSX HSX HSX HSX HNX HSX HSX HSX HNX HSX HSX HSX

Net buying 943.4 682.1 648.4 399.4 321.4 249.2 158.0 148.4 142.1 137.6 125.7 120.0 116.3 116.0 106.7

Code VIC STB HAG CTD CII TTP HVG ITA VPL HSG SAM NTL PPC SSC TDH

Floor
HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX HSX

Net selling -1,481.6 -339.7 -214.4 -214.1 -116.7 -84.1 -65.9 -52.1 -49.4 -43.4 -37.8 -37.8 -37.5 -35.8 -34.2
(*) unit: VND bil

Strongest net buying was recognized with VIC (VND 212bil), FPT (161) and MBB (107). On the opposite, STB grasped most attention with VND 200bil in Nov. In 4 years since 2008, net buying value of Nov has always remained lowest. Highest values in 11 months are VNM (VND 943.4bil), FPT (692.1) and CTG (648). Regarding net selling, with a total net value of VND 340bil in 11 months, STB took second highest position and let VIC lead the top with VND 1,482bil despite its net buying of VND 212 in Nov.

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Economic Financial report in 11/2011

Appendix 2: Outstanding real estate projects

No

Name

Investor

Total invest ment USD 30mil

Area

Location

Progress

Description

Ben Thanh Ho Tram tourism area

Ben Thanh Group

16 ha

Phuoc Thuan Xuyen Moc Ba Ria Vung Tau province

Commencing on 11/2011, completion is on quarter IV-2013 and into trading period I

The project is divided into 6 divisions with various resort types: garden villas, apartments, multi functional hotels for relaxation, entertainments, food as well as events, meetings, studies.

Full House

Green Oasis

9.6 ha

Full house eco park is located on a 9.6ha area, in which, 5.5ha is for period I . Truong Sa street, Hoa Hai ward, Ngu Hanh Son district, Da Nang city Under ground construction. Planned completion is on 2018. The project is divided into 2 divisions: Q1 faces seaside in Truong Sa street with 30ha including seaside villas, hotels, apartments, Q2 of 21.5ha includes street houses, villas, hotels, Commencement was on 07/24/2011, at present infrastructure construction was being progressed. As planned, in quarter 2/2012, streets for walking, street houses and Q2s infrastructure will be completed; in quarter 2/2014 Q1s villas and fundamental structure of Q2s villas, quarter 4/2016 hotel area and complex buildings. The project is located on both sides of main traffic axis of new city Nhon Trach, front side of street 1 with 53m, close to Administrative center, 25km away from HCM

The Empire Thanh Do Group

VND 10,000

51.5 ha

Phuoc An urban area

HUD group

VND 6,000

150 ha

Nhon Trach, Dong Nai

Under construction

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Economic Financial report in 11/2011 through 25C. House area is 66ha in which there are 512 single villas, 836 duplex villas, 1000 adjacent villas. Construction scale stays at 44%. 5 Ben Thanh tower Bitexco N/A 8,600m2 Le Thi Hong Gam Commencement on 2012. The project is located on 8,600m2, constructing are is 180.000m2 including 2 towers joined by foundation and located far from each other. In which, western tower is of 55 floors including offices for lease in lower part and hotels. Easter tower is of 48 hotels including luxury apartment for lease and services in hotels area. The project includes two 15 floor buildings and 1 are for trade, culture and sport with an area of 100,000m2.

Thai Son Apartment

Thai Son general company Hung Viet limited and KRDF03

VND 1,000bil

20,000 m2

20 Cong Hoa HCM

Under commencement

The Eastern

VND 210bil

District 9, HCM

Under construction. Planned completion is in 2013. Under construction

The building is of 22 floors with an area of 87,000m2, on completion there will be 648 apartments with 56-112m2 each with various convenience such as swimming pool, gym centre and tennis court; meeting demand of medium segmentation. Total area 55,536.85m2 with 474 grounds including adjacent street houses averaging 110m2. Besides, there is 1 green park of 2,500m2 and public service area as well as primary school. The building is located on 3,203m2 with 21 floors, 3 basement floors which include 6 for trading centers, offices, 14 for luxury apartments and penthouse floor. The building is of 21 floors, 1 basement floor and 1 roof sited floor, constructed under 4 star standard. Floor 1 includes receptionist area, waiting hall and luxury bar;

Phuc Long urban area

Green land

55,536.5 m2

Skyview Tran Thai Tong Ocean Views

Phu My An limited

N/A

3,203 m2

Cau Giay, Ha Noi urban area

Commencement on 11/01/2011

10

Taseco

Hoang Sa street, Phuoc My ward, Son Tra district, Da

Completed foundation, under

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Economic Financial report in 11/2011 Apartment Nang. finish of basement. floor 2 includes food area and also luxury meeting halls; floor 3 and 4 includes rooms; floor 5 to 21 includes hotel apartments. The project includes 14 Sky villa apartments, 8 with 4 bedrooms of 362m2, 18 with 3 bedrooms of 224-249m2, 78 with 2 bedrooms of 134-162m2 and 124 with 1 bedroom and studio form 58-120m2. Average price was listed at VND 44-60mil/m2

11

The Costa Nha Trang

TD joint stock company

USD 147mil

Tran Phu, Nha Trang

Completed crude construction

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TOP 100 richest people on stock market updated to 12/02/2011


No Name Age Hometown Current occupation Posession Total value (VND bil)

Pham Nhat Vuong

43

Ha Tinh

VIC: Member of director boad

- VIC: 153,232,047 shares - VPL: 19,800,000 shares

14,952

Dang Thanh Tam

47

Ho Chi Minh

- KBC: chairman of director board, CEO - SGT: Member of director board - NVB: Member of director board

- SQC: 60,000,000 shares - KBC: 101,250,000 shares - ITA: 18,663,120 shares - SGT: 17,530,370 shares

6,983

Doan Nguyen Duc

48

Binh Dinh

- HAG: Chairman of director board

- HAG: 222,987,226 shares

5,129

Pham Thu Huong

__

- Mr Pham Nhat Vuong's wife

- VIC: 17,545,444 shares - VPL: 14,943,689 shares

2,701

Nguyen Hoang Yen

48

Ha Nam Ninh

- MSN: Member of director board

- MSN: 21,779,528 shares

2,548

Ho Hung Anh

41

Thua Thien Hue

- Techcombank: Chairman of director - MSN: 21,768,269 board shares - MSN: Deputy Chairman of director board

2,313

Pham Thuy Hang

37

Ha Tay

- VIC: Member of director board

- VIC: 19,291,212 shares

1,688

Nguyen Thuy Hoa

__

Big shareholder

- VIC: 18,303,057 shares

1,602

Tran Dinh Long

50

Hai Duong

- HPG: Chairman of director board

- HPG: 76,560,000 shares

1,470

10

Nguyen Van Dat

41

Quang Ngai

- PDR: Chairman of director board & CEO

- PDR: 76,800,000 shares

1,413

11

Nguyen Thi Kim Xuan

__

Big shareholder

- KBC: 43,432,647 shares - SQC: 6,900,000 shares - SGT: 7,452,178 shares

1,165

12

Pham Khac Phuong

__

Big shareholder

- VIC: 12,235,433 shares

1,071

13

Nguyen Thi Nhu Loan

51

Phu Yen

- QCG: Chairman of director board & CEO - QCG: 60,814,649 shares

911

14

Ha Van Tham

39

Bac Giang

- OGC, OCH: Chairman of director board

- OGC: 86,997,500 shares

783

15

Truong Thi Le Khanh

50

An Giang

- VHC: Chairman of director board & CEO

- VHC: 23,371,868 shares

771

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16

Truong Gia Binh

55

Da Nang

- FPT: Chairman of director board - FTC: Member of director board

- FPT: 15,634,856 shares

771

17

Dang Ngoc Lan

__

- Mr Nguyen Duc Kien's wife

- ACB: 38,512,975 shares

759

18

Nguyen Son

__

Big shareholder

- SQC: 7,523,100 shares

695

19

Nguyen Duc Kien

47

Ha Bac

- ACB: Deputy chairman of Founding board - ACB: 35,167,245 shares

693

20

Le Thi My Ngoc

__

Big shareholder

- NHN: 16,000,000 shares

688

21

Dang Thi Hoang Phuong

42

Hai Phong

- SQC: Chairman of director board, CEO. -KBC: Member of director board

- SQC: 4,670,000 shares - KBC: 21,937,500 shares

666

22

Phan Quang Dang

__

Big shareholder

- NHN: 14,000,000 shares

602

23

Phung Thi Chat

__

Big shareholder

- NHN: 14,000,000 shares

602

24

Hoang Quoc Lam

__

Big shareholder

- NHN: 14,000,000 shares

602

25

Dang Van Thanh

51

China

- STB: Chairman of director board

- STB: 42,699,482 shares

594

26

Dang Hong Anh

31

China

- SCR: Chairman of director board, CEO - STB: Member of director board

- STB: 37,146,967 shares - SCR: 8,927,134 shares

587

27

Tran Hung Huy

33

Tien Giang

- ACB: Member of director board & Deputy CEO

- ACB: 28,749,054 shares

566

28

Ly Dien Son

45

Vinh Long

- KDH: Chairman of director board & CEO

- KDH: 22,013,408 shares

539

29

Hoang Vinh Tuong

__

Big shareholder

- NHN: 12,000,000 shares

516

30

Chang Hen Jui

__

- Mrs Huynh Que Ha's husband

- STB: 35,273,354 shares

490

31

Nguyen Thi Huong Lan

__

- VIC: Member of director board (resigned - VPL: 6,120,000 shares on 10/10/2008)

477

32

Nguyen Duy Hung

49

Thanh Hoa

- SSI: Chairman of director board

- SSI: 28,705,036 shares

474

33

Tran Kim Thanh

51

China

- KDC, TRI: Chairman of director board - KDC: 14,507,302 shares - TLG: Deputy Chairman of director board - TLG: 200,000 shares

455

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34

Vu Thi Hien

__

- Mr Tran Dinh Long's wife

- HPG: 23,448,600 shares

450

35

Duong Ngoc Minh

55

HCM

- HVG: Chairman of director board, CEO -VTF: Chairman of director board -AGF: Member of director board

- HVG: 21,018,800 shares

446

36

Nguyen Thi Lan Anh

__

Big shareholder

- NHN: 10,000,000 shares

430

37

Bui Quang Ngoc

55

Hai Hung

- FPT: Deputy Chairman of director board - FIS: Member of director board - FPT: 8,087,163 shares - FTC: Member of director board

399

38

Chu Thi Binh

47

__

- MPC: Deputy CEO, Member of director board

- MPC: 17,475,010 shares

369

39

Nguyen Thanh Nghia

48

Binh Dinh

- DTL: Chairman of director board, CEO

- DTL: 18,769,727 shares - ABT: 1,548,892 shares

359

40

Nguyen Thi Dieu Hien

__

- Mr Nguyen Van Dat's wife

- PDR: 19,200,000 shares

353

41

Le Phuoc Vu

48

Quang Nam

- HSG: Chairman of director board

- HSG: 39,024,152 shares

351

42

Bui Phap

49

Binh Dinh

- DLG: Chairman of director board - DL1 : Member of director board

- DLG: 17,558,200 shares

338

43

Le Van Quang

53

__

- MPC: Chairman of director board & CEO

- MPC: 15,961,000 shares

337

44

Tran Mong Hung

58

Tien Giang

- ACB: Chairman of Founding board\

- ACB: 16,523,855 shares

326

45

Tran Le Nguyen

43

China

- KDC: Deputy Chairman of director board, - KDC: 9,631,085 shares CEO - TLG: 344,910 shares

305

46

Dao Huu Hoang

__

- SPM: Chairman of director board

- SPM: 5,365,830 shares

284

47

Tran Thi Thu Diep

__

Big shareholder

- HPG: 14,706,000 shares

282

48

Dang Thi Hoang Ye

52

HCM

- ITA: Chairman of director board

- ITA: 38,013,140 shares

277

49

Nguyen Hong Nam

44

Thanh Hoa

- SSI: Member of director board & Deputy - SSI: 15,687,968 shares CEO

259

50

Doan Toi

57

Thanh Hoa

- ANV: Chairman of director board & CEO

- ANV: 29,950,000 shares

246

51

Cao Thi Ngoc Dung

54

__

- PNJ: Chairman of Director board and CEO - PNJ: 6,088,920 shares

216

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52

Huynh Que Ha

42

China

- STB: Deputy Chairman of director board - STB: 14,630,774 shares

203

53

Le Van Huong

35

Quang Ninh

- JVC: Chairman of director board & CEO

- JVC: 13,310,000 shares

202

54

Hoang Minh Chau

53

Nam Dinh

- FPT: Deputy Chairman of director board - FPT: 4,000,000 shares

197

55

Le Ngoc Anh

__

- Mr Pham Phuc Toai's wife

- HLG: 15,417,675 shares

196

56

Nguyen Thanh Nam

50

Quang Nam

- FPT: Member of director board

- FPT: 3,653,585 shares

180

57

Ha Hoai Nam

39

Ha Noi

- KLS: Chairman of director board

- KLS: 17,167,680 shares

177

58

Nguyen Thieu Quang

__

- Mr Nguyen Thieu Nam's brother

- MSN: 1,496,490 shares

175

59

Truong Thi Thanh Nhan

60

Da Nag

- FPT: Deputy Chairman of director board

- FPT: 3,480,738 shares

172

60

Nguyen Thuy Huong

__

- Mr Nguyen Duc Kien's sister

- ACB: 8,699,750 shares

171

61

Nguyen Thuy Lan

__

- Mr Nguyen Duc Kien's sister

- ACB: 8,699,750 shares

171

62

Nguyen Tuan Hai

__

- ALP: Chairman of director board, CEO - AME: Member of director board

- ALP: 21,928,149 shares

171

63

Phan Ngo Tong Hung

__

- FPT: Deputy Chairman of director board

- FPT: 3,383,332 shares

167

64

Nguyen Manh Tuan

49

Ha Noi

- HPG:Deputy Chairman of director board

- HPG: 8,400,000 shares

161

65

Tran Tuan Duong

48

Nam Dinh

- HPG: Deputy Chairman of director board, CEO - HPG: 8,400,000 shares

161

66

Pham Van Khuong

52

Ha Noi

- VIC: Member of director board & Deputy CEO - VIC:1,832,523 shares - PFV : CEO

160

67

Do Cao Bao

54

Thai Binh

- FPT: Chairman of director board - FIS : Member of director board

- FPT: 3,123,198cp

154

68

Tran Phu My

__

- Mr Tran Mong Hung's sister

- ACB:7,433,290 shares

146

69

Nguyen Hoang Minh

__

- KAC: Chairman of director board & CEO

- KAC: 10,279,400cp

145

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70

Pham Phuc Toai

55

Dong Thap

- HLG: Chairman of director board & CEO

- HLG: 11,111,307 shares

141

71

Le Thi Diu Minh

__

Big shareholder

- MPC:6,600,000 shares

139

72

Mai Kieu Lien

58

Can Tho

- VNM: Chairman of director board & CEO - VNM:1,510,320 shares

138

73

Luong Tri Thin

__

- DXG: Chairman of director board & CEO

- DXG:13,245,375 shares

138

74

Nguyen Quang Hien

49

Ha Noi

- SHB: Chairman of director board

- SHB:21,007,443 shares

137

75

Nguyen Sy Thang

__

- PGS: Chairman of director board

- PGS:5,439,800 shares

128

76

Le Quang Tien

53

Thanh Ha

- FPT:Deputy Chairman of director board

- FPT:2,489,985 shares

123

77

Doan Gia Cuong

48

Ha Noi

- HPG:Deputy Chairman of director board

- HPG:6,300,000 shares

121

78

Nguyen Ngoc Quang

51

Ha Noi

- HPG: Member of director board

- HPG:6,300,000 shares

121

79

Nguyen Thi Bich Lien

47

Nam Dinh

- DTL:Deputy Chairman of director board

- DTL:7,181,775 shares

116

80

Dang Phuoc Thanh

54

Dong Thap

- VNS: Chairman of director board

- VNS:6,150,000 shares

111

81

Huynh Bich Ngoc

49

Vietnam

- SBT : Chairman of director board - STB: 60,000,000 shares - SCR : deputy Chairman of director board - SCR: 21,800 shares - BHS: Member of director board - BHS: 676,362 shares

109

82

Nguyen Nhu Khanh

__

Big shareholder

- SBS:25,000,000 shares

108

83

Nguyen Thanh Loan

__

- Mr Nguyen Thanh Nghia's daughter

- DTL:6,635,708 shares

107

84

Doan Nguyen Thu

34

Gia Lai

- HAG: Member of director board & deputy CEO

- HAG: 4,543,781 shares

105

85

Vuong Ngoc Xiem

49

China

- KDC: Member of director board & deputy - KDC: 3,297,441 shares CEO - NKD: 829,669 shares

103

86

Nguyen Van An

55

Nghe An

- THV: Chairman of director board, CEO - AGC: Chairman of director board

- THV: 23,887,500 shares

103

87

Pham Tan Huy Bang

50

Ha Noi

- KLS: Member of director board

- KLS:9,781,600 shares

101

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88

Pham Thi Nhat Thanh

__

Big shareholder

- SBS:23,130,000 shares

99

89

Nguyen Ngoc Hai

__

- Mr Nguyen Thai Binh's father

- STB:7,144,560 shares

99

90

Nguyen Trong Thong

58

Ha Tinh

- HDG: Chairman of director board

- HDG:7,065,018 shares

94

91

Tran Uyen Nhan

35

China

- NKG: Member of director board

- HLA: 700,000 shares - NKG: 6,409,000 shares

94

92

Do Thi Kim Ngoc

__

Big shareholder

- POM:8,728,615 shares

93

93

Chau Kin Hang Kelvin

48

China

- SQC: deputy CEO

- SQC:1,100,000 shares

92

94

Nguyen Van Tuan

47

Quang Ngai

- PDR: Member of director board

- PDR:5,000,000 shares

92

95

Pham Thi Tuyet Mai

__

- Mr Pham Van Khuong's wife

- VIC:1,045,906 shares

92

96

Nguyen Manh Hung

__

- Mr Nguyen Hong Nam's brother

- SSI:5,433,680 shares

90

97

Tran Van Ngoc

__

Big shareholder

- STB:7,368,298 shares

89

98

Vo Thi Thanh

__

- GTT: Chairman of director board

- GTT: 15,093,000 shares

89

99

Vo Huu Chinh

57

Thai Binh

- VOS: Chairman of director board - DXP : Chairman of director board

- VOS:22,417,700 shares

87

100

Vo Du Ngoc Tan

39

Ba Ria - Vung Tau

- NBB: Member of director board

- NBB: 1,800,000 shares

86

(*) Data updated to 12/2/2011

Disclaimer: The information herein is collected and edited by CafeF from public sources believed to be reliable, proved to be valuable for investors. However, we take no charge in any risk exposed to investors on using this report.

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