Vit Nam | Th trng c phiu

2017
Bo co ngn
Trin vng ngnh

Tng kt 2016 v trin vng th trng 2017

Th trng chng khon VN m u nm mi vi ct mc quan trng ln u tin vt qua

mc 700 im k t 2.2008. Nm 2016 cng l nm nh du nhiu s kin quan trng vi th
trng chng khon ni bt l rt nhiu doanh nghip nim yt trn sn trong c cc tn
tui ln nh Viet Nam Airlines, Sabeco, ACV, Novaland, Habeco, ng Qung Ngi n thi
im hin ti nu tnh c sn Upcom th vn ha th trng t con s 96 t USD tng gn
63% so vi con s 59 t USD u nm ngoi. D t l free float mt s doanh nghip ln cn
thp nhng vic a nim yt cc doanh nghip hng u VN nhiu lnh vc to nn mt
din mo mi cho th trng v thu ht nhiu nh u t c nhn ln cc t chc trong v
ngoi nc. Trong nm qua ch s Vnindex tng hn 150 im t mc 520 ngoi vic cc doanh
nghip kinh doanh t hiu qu cao cn l cu chuyn thoi vn cc doanh nghip v khng
loi tr mt s doanh nghip to nhng cn st gi nh SAB, ROS, MWG, VNM

Vn ha th trng 2012 - 2017 (t VND)

2,500,000

2,000,000

1,500,000

1,000,000

500,000

-
2012 2013 2014 2015 2016 2017

HOSE HNX UPCOM

n nay c hn 600 doanh nghip trn tng s 700 doanh nghip trn hai sn HOSE v HNX
cng b bo co ti chnh nm. Nhn tng th nm 2016 l mt nm kinh doanh kh hiu qu
ca cc doanh nghip nu xt trn kt qu li nhun. Nhiu iu kin thun li trong nm qua
nh gi nguyn vt liu mt s ngnh gim, gi xng du mc thp trung bnh 40 USD/thng,
li sut v t gi c iu hnh linh hot gp phn gip doanh nghip tr vng trc cc
cn sng nh hng ca th trng quc t.

Mi nm c mt s ngnh hot ng ni bt v tng trng to ng lc cho th trng. V

d ngnh du kh nm 2014, ngn hng 2015 v ngnh ti nguyn c bn (thp) nm 2016.

1 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

Dn u v vic mang li li nhun l nhm ngnh ngn hng nm nay vi li nhun trn 25
ngn t ng, chim 23% li nhun cc ngnh. Ngnh ngn hng cng tng trng li nhun
14.6% so vi nm 2015 nh mt s ngn hng hng u nh VCB, CTG, ACB. D vy do hot
ng trong nm ca khi ngn hng khng c nhiu thng tin ni bt v tin trnh x l n xu
cn ko di to s hoi nghi cho nh u t. Mt khc hot ng u t ca khi ngoi
cng kh yn ng vi ngnh ngn hng nn th gi c phiu ca nhm ngnh ny hu nh
khng bin ng nhiu trong nm. S ch ca th trng to cn sng gi c phiu ch bt
u nhiu hn vo thng 12 va qua khi nhiu c phiu gim kh su v tin tt v ngn
hng c cng b. Mt s ngn hng nh ACB, STB, CTG tng hn 20% ch sau 2 thng v
xu hng hin vn cn kh lc quan.

Li nhun cc ngnh 2013 - 2016 (t VND)

Du kh L2
Dch v ti chnh L2
Bo him L2
Ha cht L2
t v ph tng L2
in, nc & xng du kh t L2
Thc phm v ung L2
Hng & Dch v Cng nghip L2
Cng ngh Thng tin L2
Ngn hng L2
Hng c nhn & Gia dng L2
Y t L2
Bt ng sn L2
Bn l L2
Xy dng v Vt liu L2
Ti nguyn C bn L2

0 5,000 10,000 15,000 20,000 25,000 30,000

2016 2015 2014 2013

Ni bt nht l nhm ngnh ti nguyn c bn m phn ngnh nh hn l thp to cn

sng ln trong nm va qua. ng u l HPG vi li nhun 2016 t hn 6,600 t, tng
trng 89.4% v HSG hn 1,700 t, tng trng 145%. Mt s doanh nghip khc cng t
mc tng trng cao trong nm nh POM, NKG, KSB, VGS.

Mc tng trng li nhun ca cc cng ty nm nay t 11%, gn gp i nm ngoi v gn

bng mc tng trng nm 2014. Vn c khong 45 nghip bo co l nm nay trong c
nhng DN l ln nh TTF (-1,621 t), OGC (-727 t), AGR (-415 t), VOS (-361 t), OCH (154 t).

2 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

Cc doanh nghip ng u ngnh tng tng li nhun tt nht vi VNM, SAB, VCB, MWG,
CTD, HPG, GAS. T sut tng trng li nhun c th khng bng mt s doanh nghip cng
ngnh nhng vi th phn ln v t l tng trng bn vng gip gi c phiu lun gi mc
n nh v v vy thu ht dng tin ln ca nh u t tham gia nm gi. Nm 2017 cc doanh
nghip nh VCB, ACB, MWG, CTD, DHG, VNM, SAB d bo vn c nhiu d a tng trng t
10%-20% v y l tin gip gi c phiu nng th trng.

Kt qu kinh doanh cc CP vn ha ln ca HOSE+HNX

KL CP LH Vn ha LN 2015 LN 2016 Tng trng PE

VNM 1,447 194,201 7,773 9,350 20.3% 20.70

VCB 3,598 141,212 5,314 6,826 28.5% 20.71
SAB 641 138,517 3,410 4,475 31.2% 30.55
GAS 1,910 114,801 8,534 7,075 -17.1% 15.93
VIC 2,628 112,894 1,216 1,554 27.8% 74.74
CTG 3,723 67,580 5,698 6,805 19.4% 10.15
BID 3,419 58,460 5,822 6,159 5.8% 9.49
ROS 411 57,362 116 419 261.0% 133.54
MSN 1,129 48,490 1,478 2,791 88.8% 16.99
BVH 680 42,938 1,128 1,348 19.5% 32.02
HPG 843 37,587 3,485 6,602 89.4% 5.66
NVL 514 35,067 415 1,662 300.0% 18.20
BHN 232 27,121 887 725 -18.3% 37.49
MWG 147 26,224 1,072 1,577 47.2% 15.68
MBB 1,709 23,978 2,496 2,863 14.7% 8.45
ACB 986 23,366 1,028 1,325 28.9% 20.22
FPT 459 20,441 1,931 1,991 3.1% 10.25
STB 1,804 17,802 1,146 373 -67.5% 49.39
CTD 65 14,627 666 1,422 113.5% 9.14
EIB 1,229 13,278 40 309 672.4% 41.79
SSI 480 10,237 852 877 2.9% 12.18
DHG 87 10,006 589 710 20.6% 14.04
HSG 197 9,680 715 1,754 145.3% 5.63
DPM 390 9,509 1,488 1,128 -24.2% 8.86
BMP 45 8,914 519 623 20.0% 14.13

Danh sch trn tng hp cc c phiu c vn ha ln nht sn HOSE v HNX. Cn mt s c

phiu Upcom cha a vo danh sch trn v trong tng lai khi chuyn sang nim yt trn
sn HOSE s thay i ng k top nhng c phiu ng u th trng.

Trong danh sch trn nu loi b mt s c phiu c bin ng bt thng nh ROS v cc

c phiu c PE qu cao nh VIC, STB, EIB th PE bnh qun th trng hin mc 16 mt mc
chp nhn c i vi cc c phiu u ngnh. Mt s c phiu c PE rt thp do li nhun

3 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

tng trng vt tri nm 2016 nh HSG, HPG c PE di 6 hay mt s CP ni ting nhng PE

ch khong 10 nh FPT, CTG, DPM, CTD.

Mt s ngnh ng ch nm 2017:

Ngnh Ngn Hng

8,000
Li nhun Ngn hng
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
VCB CTG BID MBB ACB SHB VIB STB EIB
2012 2013 2014 2015 2016

Trong nm 2016, li nhun ca khi ngn hng quc doanh VCB, CTG u c mc tng trng
li nhun vt tri so vi cc ngn hng thng mi khc. BID, MBB, ACB c mc tng trng
chm hn nhng ang dn thu hp cc khon n xu.

V n xu VCB mua li cc khon n xu bn cho VAMC v k t nm sau VCB s khng

cn phi trch lp d phng cc khon n ny. Trong nhm NH c c phn nh nc, BID c
khon trch lp d phng kh ln vi hn 9,000 t ng.

Nm nay cc ngn hng vn tip tc y mnh cc hot ng tng trng tn dng v y vn

l ngun thu chnh ca cc ngn hng. Mc chnh lch li sut u vo v ra cc ngn hng
quc doanh l 3.3% v khong 4.5% ngn hng thng mi c th s kh m rng thm do
ngn hng khng th tng li sut cho vay trong khi li sut huy ng li ang c xu hng
tng n. V di hn cc ngn hng s m rng nhiu sn phm ti chnh tiu dng v cc cng
c ti chnh phi tn dng khc. Mt s ngn hng c cc hot ng phi tn dng kh hiu
qu nh VPBank v Techcombank trong nm va qua.

4 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

4.50% NPL cc NH t 2014-2016

4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
CTG ACB MBB BID VCB SHB STB EIB
2014 2015 2016

Vo u nm ngi ng u chnh ph h m kh nng ni room ngnh ngn hng nhm

y mnh tin trnh ci t h thng v x l n xu. Vi khon n xu hin ti mc 200,000
t ng ti VAMC th cn mt ngun lc vn ln t bn ngoi. V khon n xu c th chia ra
nhm ngn hng l nhm ngn hng ln ang nim yt nh VCB, CTG, BID, MBB, ACB c
kh nng t x l n xu v ti c cu. Nhm cn li l mt s ngn hng yu km b mua 0
ng hu nh ang b ng v kh nng gim n xu v ti cu trc. Ku gi vn nc ngoi
mua li cng khng hiu qu v c rt t t chc quc t quan tm khi mua nhng ngn hng
dng ny m khng c quyn li g trong tng lai.

Cc t chc quc t v nh u t quan tm n room ca nhm ngn hng ln nim yt

nhiu hn. Room hin ti ca cc ngn hng thng mi l 30% v nhiu ngn hng chm
ngng ny t lu. Nhiu ngn hng mong mun nng t l room cho nc ngoi tng vn,
y nhanh tin trnh x l n xu v cng hng ti p dng Basels II. Vi cc ngn hng
thng mi c vn nh nc nh VCB, CTG .. th c th gii hn t l ni room t 35%-40%
trong khi cc ngn hng ngoi quc doanh c th nng ln 50%. Theo l trnh th im p dng
chun Basel II c 10 ngn hng s hon thnh vic th im bao gm VCB, BID, CTG, ACB, STB,
VIB, Techcombank, VPBank, MB, Maritime Bank. Trong hai ngn hng Techcombank v
VPBank s nim yt nm nay. V vy y nhanh p dng chun Basel II cc ngn hng cn
mt thm ngun lc vn ln ti c cu v c i vi cc ngn hng c trung v nh cha
nim yt. V vy trng tm trong nm nay cu chuyn ni room ngn hng, c bit l cc ngn
hng c c phn ln ca nh nc s quay tr li hm nng th trng.

Ngnh du kh

Va qua OPEC thc thi tha thun ct gim sn lng du cam kt trc v theo bo
co mi nht, trong thng 1, cc quc gia gim sn lng khong . Tnh trng tha du
ko di 3 nm qua v sau khi c s tham gia ca M tnh trng d cung tip tc cng thng
hn. Cc bin c chnh tr lin quan n Nga cng lm cuc khng hong gi du ti t hn m

5 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

nh im l thng 2 nm ngoi khi gi du xung mc thp nht di 30 USD/thng. Vic cc

nc tun th tha thun trong cc nc hng u nh Nga v Rp Saudi n lc cu gi
gip gi du tr c 55 USD/thng. Theo d bo tng trng nhu cu du ton cu s
tip tc tng trong nm 2017 khong 1,4 triu thng/ngy v nu tha thun ct gim ng
theo cam kt th gii chuyn gia d bo gi du c th ln mc 60-65USD/thng. Mt yu t
quan trng l cc cng thng chnh tr gia M v Nga du bt v t t cc lnh trng pht
lin quan thng mi s c ni lng. Nh cc nn kinh t ln nh Nga s c phc hi
v ngun cu v du kh s tng cao hn.

Cc doanh nghip du kh VN chu tn tht nhiu nht khi gi du gim m in hnh l cc

doanh nghip nim yt trn sn u c kt qu kinh doanh st gim nng n. Mt s doanh
nghip nhn vin ch lm vic cn 1/3 thi lng nh trc v mt s khc phi ct gim
mnh nhn vin.

PVD l doanh nghip cho thu gin khoan gp nhiu kh khn nht vi lng cho thu gin
khoan gim hn 50% v gi cho thu cng gim mnh. Nm nay PVD cng khng t k hoch
lc quan hn nm ri v tp trung cung cp dch v ra th trng nc ngoi. Mt s doanh
nghip cn d bo l nh PVC. PVS th xy dng k hoch li nhun trc thu ch 700 t
ng, thp hn 30% so vi thc hin 2016 da trn kch bn gi du thp. Hu ht cc doanh
nghip u a ra kch bn bi quan v xy dng k hoch rt thp c th do vic bin ng
gi du l kh lng v mt phn vic xy dng k hoch thp s d t c hn.

Nhiu c phiu v th gi gim gn chm n cc vng y ca lch s nh PVD, PXS, PVB....

Mt khi gi du th gii hi phc trn 60 USD/thng s l iu kin thun li cc doanh
nghip du kh tng trng tr li. D quan im nm nay l thn trng nhng mt s c phiu
ph hp cho u t trung v di hn nh GAS, PVD, PVS.

Li nhun CP du kh (t VND)

2013 2014 2015 2016

GAS 12,288 14,123 8,534 7,075
PVS 1,576 1,975 1,517 987
PGS 179 140 111 342
PVD 1,883 2,419 1,664 120
PXS 76 124 110 88
PVC 79 211 106 -53
PVB 59 148 126 -54

Ngoi hai ngnh trn, cc ngnh xy dng, bt ng sn, dc, bn l, hng khng, chng
khon c nhiu thun li tng trng hn trong nm nay c bit l cc c phiu u ngnh

6 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

nh CTD, HBC, VIC, DXG, NLG, DHG, DMC, VNM, MWG, SAB, ACV, SSI, HCM, SKG. Mt s
thng tin quan trng cho th trng nm nay nh u t lu trong thi gian ti:

- Th trng th gii: mt s lo ngi v vn n Hy Lp c th quay li trong thng 6

ny nhng kinh t chung Chu u ang c nhng du hiu m hn nm 2016. Chng
khon M vn lc quan di nhim k tng thng mi. Gi du c th gi t mc
55USD tr ln v lc quan hn c th vt qua 60 USD.

- Li sut c th vn gi mc n nh hoc cao hn khi cc ngn hng ln phi chy

li nhun b vo cc khon n xu. NHNN xut cc ngn hng ln mua li n
xu t VAMC v iu ny c ngha cc NH ln s dng li nhun hng nm x l n
xu. Kh nng cc ngn hng ln s duy tr mc chnh lch li sut u vo v u ra
cao hn trong nm nay c ngun li nhun b p cc khon d phng.

- M room v ti cu trc ngn hng. S c nhiu hng m cho vic ni room v tham
gia vn t cc t chc nc ngoi.

- Hot ng thoi vn s tip tc cc doanh nghip VNM, SAB, HNB, HVN, Vinatex.

- Cc doanh nghip ln nim yt: VietJet Air, Trng Hi, Petrolimex, Techcombank.

- thi im ra bo co ny, ch s Vnindex ang mc quanh 700, PE ca sn HOSE

trung bnh 14 trong s c phiu c PE di 11 chim gn 60%. Cc CP vn ha ln
nht hin c PE 16, khng cch qu xa vi trung bnh. V vy c hi tng trng cho
th trng vn cn m rng.

7 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

Ph lc 1: Top cc CP vn ha ln nht th trng

M Sn Pricr S hu S hu T l S CP Lu Hnh Vn ha EPS pha P/E pha P/B
CK nh nc Free- Bnh Qun th trng long long
nc ngoi float (Marcap)

VNM HOSE 133,800 44.73% 53.44% 45.00% 1,446,546,971 194,201 6,464 20.70 8.76
VCB HOSE 39,300 77.11% 20.88% 10.00% 3,597,768,541 141,392 1,897 20.71 2.88
SAB HOSE 213,200 89.59% 9.68% 10.41% 641,281,186 136,721 6,978 30.55 12.08
GAS HOSE 59,000 95.76% 2.68% 5.00% 1,910,452,931 112,888 3,704 15.93 2.88
VIC HOSE 42,500 0.00% 10.04% 35.00% 2,628,220,367 112,103 569 74.74 4.25
ACV UPCOM 50,800 95.40% 3.36% 4.60% 1,709,326,931 110,330 1,002 50.59 4.37
CTG HOSE 18,550 64.46% 29.88% 10.00% 3,723,404,600 69,069 1,828 10.15 1.10
ROS HOSE 136,400 0.00% 0.06% 24.98% 410,635,417 58,652 1,021 133.54 12.02
BID HOSE 17,100 95.28% 1.24% 5.00% 3,418,715,300 58,460 1,802 9.49 1.37
HVN UPCOM 42,900 86.16% 8.79% 5.06% 991,760,295 51,133 2,480 16.80 3.18
MSN HOSE 42,000 0.00% 30.38% 40.00% 1,129,213,124 47,807 2,472 16.99 2.11
BVH HOSE 63,400 74.16% 24.92% 10.00% 680,471,434 43,142 1,980 32.02 3.25
MCH UPCOM 76,000 0.00% 0.38% 6.06% 518,760,117 41,022 5,165 14.76 3.72
HPG HOSE 44,350 0.00% 35.21% 55.00% 842,783,037 37,377 7,833 5.66 1.89
NVL HOSE 58,800 0.00% 10.96% 74.41% 514,281,918 34,655 3,231 18.20 3.86
BHN HOSE 117,300 81.79% 17.39% 0.85% 231,800,000 27,190 3,128 37.49 4.80
MWG HOSE 168,300 0.00% 49.00% 55.00% 147,002,283 25,901 10,730 15.68 6.75
MBB HOSE 14,150 32.42% 20.00% 55.00% 1,709,103,030 24,235 1,675 8.45 0.96
ACB HNX 23,900 0.00% 30.00% 65.00% 985,901,282 23,563 1,182 20.22 1.59
QNS UPCOM 110,000 0.00% 6.08% 73.03% 186,129,740 20,642 7,566 14.55 5.28
FPT HOSE 44,450 5.99% 49.00% 80.00% 458,863,626 20,418 4,338 10.25 2.14
STB HOSE 10,200 0.00% 8.60% 75.00% 1,803,653,429 18,397 207 49.39 0.80
CTD HOSE 198,600 0.00% 42.42% 40.00% 65,433,639 15,289 21,732 9.14 2.45
FOX UPCOM 95,500 50.16% 0.00% 3.85% 137,076,109 13,075 6,697 14.25 4.36
EIB HOSE 10,500 11.31% 27.98% 75.00% 1,229,432,900 12,909 251 41.79 0.96
SSI HOSE 20,800 0.00% 57.26% 65.00% 480,043,036 10,188 1,708 12.18 1.44
DPM HOSE 25,650 59.58% 20.38% 40.00% 389,719,260 10,038 2,894 8.86 1.25
DHG HOSE 114,600 43.59% 49.00% 35.00% 87,008,739 9,989 8,161 14.04 3.49
HSG HOSE 50,200 0.00% 29.39% 55.00% 196,559,829 9,866 8,922 5.63 2.16
MSR UPCOM 13,800 0.00% 28.91% 0.00% 719,447,328 9,701 153 90.32 0.85
DTK UPCOM 14,000 99.68% 0.01% 0.30% 643,696,733 9,520 21 656.35 1.60
VIB UPCOM 16,900 0.00% 29.80% 68.95% 623,942,373 9,474 900 18.65 1.08

8 | Market Note
 Vit Nam | Th trng c phiu
2017
Bo co ngn
Trin vng ngnh

Ph lc 2: Kt qu kinh doanh 2016 theo ngnh

Tn S DN Li nhun rng Tng EPS EPS P/E
trng 2015 2016
2014 2015 2016 Li nhun
T T T % VND VND ln
VND VND VND
Ha cht L2 33 4,725 5,107 4,303 -15.7% 2,487 2,096 9.0
Thc phm v ung L2 46 12,573 15,900 20,468 28.7% 3,224 4,150 21.6
Ngn hng L2 9 22,001 22,346 25,613 14.6% 1,256 1,440 13.8
Ti nguyn C bn L2 48 4,716 4,983 9,631 93.3% 1,774 3,428 6.8
Truyn thng L2 23 126 146 162 10.8% 1,340 1,485 13.6
Hng c nhn & Gia dng L2 26 1,507 1,884 2,253 19.6% 2,445 2,924 11.6
Dch v ti chnh L2 24 125 2,676 1,080 -59.6% 1,052 425 24.5
Bt ng sn L2 53 6,012 7,109 8,663 21.9% 824 1,004 23.5
Y t L2 15 1,047 1,176 1,433 21.8% 3,881 4,727 13.7
Hng & Dch v Cng nghip L2 93 5,728 5,643 5,897 4.5% 1,923 2,010 11.3
Xy dng v Vt liu L2 139 5,150 7,918 10,856 37.1% 1,698 2,329 14.5
Bo him L2 6 2,128 2,338 1,934 -17.3% 1,795 1,485 31.1
Bn l L2 12 1,211 1,479 1,950 31.9% 3,917 5,164 15.3
in, nc & xng du kh t L2 29 19,191 12,672 11,118 -12.3% 3,426 3,006 13.8
t v ph tng L2 10 1,193 1,826 1,549 -15.2% 2,043 1,733 10.2
Cng ngh Thng tin L2 18 1,992 2,387 2,501 4.8% 2,553 2,676 10.5
Du lch v Gii tr L2 17 -322 866 648 -25.2% 1,287 963 16.8
Du kh L2 5 4,777 3,447 1,030 -70.1% 3,720 1,112 16.6

9 | Market Note
KHUYN CO
Chng ti ch s dng trong bo co ny nhng thng tin v quan im c cho l ng tin cy nht, tuy nhin chng ti khng bo m
tuyt i tnh chnh xc v y ca nhng thng tin trn. Nhng quan im c nhn trong bo co ny c cn nhc cn thn da
trn nhng ngun thng tin chng ti cho l tt nht v hp l nht trong thi im vit bo co. Tuy nhin nhng quan im trn c th
thay i bt c lc no, do chng ti khng chu trch nhim phi thng bo cho nh u t. Ti liu ny s khng c coi l mt hnh
thc cho bn hoc li ko khch hng u t vo bt k c phiu no. Cng ty SBS cng nh cc cng ty con v ton th cn b cng
nhn vin hon ton c th tham gia u t hoc thc hin cc nghip v ngn hng u t i vi c phiu c cp trong bo co
ny. SBS s khng chu trch nhim vi bt k thng tin no khng nm trong phm vi bo co ny. Nh u t phi cn nhc k lng vic
s dng thng tin cng nhng cc d bo ti chnh trong ti liu trn, v SBS hon ton khng chu trch nhim vi bt k khon l trc
tip hoc gin tip no do s dng nhng thng tin . Ti liu ny ch nhm mc ch lu hnh trong phm vi hp v s khng c cng
b rng ri trn cc phng tin truyn thng, nghim cm bt k s sao chp v phn phi li i vi ti liu ny.

Cng ty c phn chng khon Si Gn Thng Tn (Hi s)

278 Nam K Khi Ngha, Qun 3 TP HCM Vit Nam
Tel: +84 (8) 6268 6868 Fax: +84 (8) 6255 5957 www.sbsc.com.vn

TRUNG TM PHN TCH

Trng phng: Nguyn Hng Khanh
Email: khanh.ngh@sbsc.com.vn

Chi nhnh H Ni Chi nhnh Si Gn

Tng 6-7, 88 L Thng Kit Qun Hon
Kim H Ni Vit Nam
Tel: +84 (4) 3942 8076
Fax: +84 (8) 3942 8075
Email: hanoi@sbsc.com.vn
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