05/13/2020

VIETNAM MARKET STRATEGY: A Post COVID-19 outlook

Executive summary

• By April 23rd, after a week of no new Covid-19 infections, Vietnam government had started a full reboot to life with a relative sense
of normalcy again.

• It’s no surprise that Vietnam macro data for April was extremely weak. Industrial production declined -10.5% YoY in April. Retail
sales also plunged -26% YoY. According to MWG management, Vietnamese people have high saving rate, hence consumer
spending has been kept decent YTD. Weak consumption will likely be more pronounced in 2H2020.

• Regarding stimulus package, in terms of credit package, this is mostly being carried out by individual banks’ discretion, but SBV
has provided support by lowering the policy rate twice, by 1-1.5% in total. In terms of fiscal package and social package, direct
support to enterprises and impacted workers was initially at $2.6 bn USD (1% of GDP).

• Public investment disbursement is expected to play a much greater role in 2020. In total, the size of planned disbursement is huge
(~USD 30 bn, or 2.2x of 2019 actual disbursement), and a lot of workarounds have been introduced to accelerate the pace of
action. On fiscal balance, the budget deficit might be 3.6% in the base case. In an absolute worst-case scenario, the Ministry of
Finance estimates the budget deficit could be around 5-5.1% of GDP.

• Despite the request from the National Assembly, the Government did not opt to revise the 2020 growth target immediately. The
Ministry of Planning and Investment prefer to wait for the 2Q20 data results to gather 1H assessment before providing the updated
estimate on 2020 GDP growth. However, the Prime Minister provided a guideline, in which he thinks that the IMF estimate of GDP
growth at 2.7% YoY is much too low and the 2020 target for GDP growth should be more than 5% YoY, while inflation should be
kept lower than 4% YoY. We also revise down our base case forecast for Vietnam GDP growth to 4.75% under certain assumptions
(pandemic ends in June; public investment disbursement at 75% of plan; growth accelerates from 4Q; FDI picks up in 3Q; Tourism
picks up in 4Q).

• In our base case, 2Q 2020 should mark the bottom in terms of earnings for most sectors, except for banks. Banks might see more
NPLs surfacing 1 or 2 quarters later as a side effect of loan-restructuring activities.

• As we cannot fully exclude the worst case scenario at the moment, it might still be a risky endeavor to be exposed to sectors that
are the most sensitive to a coronavirus resurgence, including airlines, retail, and hospitality. Furthermore, consumption behavior for
these sectors also have changed since the pandemic, and we might not see demand to recover to pre-pandemic levels. On the other
hand, if the base case scenario happens, then these sectors will be the ones that can recover at the strongest pace.

• For the other sectors, we pick the companies that can well ride out the crisis, and can rebound quickly when the pandemic comes
to an end. Our Top 5 calls include BVH (benefit from strong appetite for life insurance during and after the pandemic; low downside
risk), VEA (motorbike sales expected to be resilient after the pandemic; high dividend yield), VTP (benefit from the rise in e-commerce
activities), ACB (best pick in banking sector), and HPG (public investment theme).

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 Table of Contents

Executive summary ......................................................................................................................................................................... 1

Coronavirus containment update ..................................................................................................................................................... 3

Vietnam economy highlights in April ............................................................................................................................................... 4

Update on government supporting measures .................................................................................................................................. 5

Public investment: 2020-2021 key macro catalyst .......................................................................................................................... 6

Update on 2020 GDP growth scenario ............................................................................................................................................. 7

Vietnam Equity Market Outlook ........................................................................................................................................................ 8

Recommendation ............................................................................................................................................................................. 9

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 Coronavirus containment update

Vietnam’s aggressive virus containment measures (with widespread support from the general population) has showed initial success.
Despite being the 15th most populous country in the world, cases within Vietnam has been extremely low, ranking 2 nd in the world for
countries with populations over 60 million people. Only Ethiopia has managed to keep cases lower than Vietnam (although the number
of active cases in Vietnam is 4 times lower than Ethiopia’s- and with zero deaths in Vietnam). In short, all developed and emerging
markets around the world have higher coronavirus caseloads than Vietnam. In detail, during the 3 month period from the first infection in
Jan 23rd, 2020, total infections have been just 288, with 252 recovered. Most of the recent new cases are imported ones, as Vietnam
started to repatriate its people back to Vietnam from around the world. Underreported cases is unlikely in our opinion, given the relative
freedom of social media in Vietnam (generally unfettered access to Facebook, Twitter, Youtube, etc.), as well as the presence of
international observers, such as the WHO as well as the US Center for Disease Control and Prevention (CDC) in the country (with offices
in both Hanoi and HCMC).

During the stay-at-home request (starting from late March 27th to April 22nd), factories and essential services remained open. By April
23rd, after a week of no infections, the government had started a full reboot to life with a relative sense of normalcy again (essentially
switching to a more risk-based approach, prioritizing the assessment of individual districts rather than province-wide or nationwide).
Thus, schools, shopping centers, restaurants and cafés have opened again, as well as public transport (including ride hailing services or
airway, at full capacity and loading) and large public gatherings (like sport events) might be also allowed. However, it does not mean
things will be back to normal, but more to the “new normal”, i.e. wearing face mask in public, digital transformation is encouraged, sick
people are to stay home, no bar/karaoke allowed… and international tourist arrivals is still not allowed.

Covid-19 infection breakdown Daily new cases

25
16 0
20 6% 0%
7% 20

15

10

252 5
88%
0

Recovered Infection (+) Recovering (-) Death

Source: MoH Source: MoH

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 Vietnam economy highlights in April

As most of the global social distancing and/or lockdowns around the world has been during April, it’s no surprise that Vietnam macro
data for April was extremely weak. As inventory built up in 1Q20, industrial production declined -10.5% YoY in April across the board
(mining -10.7% YoY; manufacturing -11.3%; electricity – 6.9%). Samsung did not fully complete its production of its new S20 flagship
smartphone during March, which stacked on another contributing factor towards the April decline in industrial production. There was
also the temporary shutdown of several auto manufacturer assemblers, which certainly was yet another contributing factor. Retail sales
also plunged -26% YoY, as the hospitality segment dried up in April by -64.7% YoY.

Industrial Production Index (YoY, %) Public investment (funded by state budget, YoY, %)

15.00% 16.00%

14.00%
10.00%
12.00%
5.00% 10.00%

8.00%
0.00%
4/2016 4/2017 4/2018 4/2019 4/2020 6.00%
-5.00%
4.00%

2.00%
-10.00%
0.00%
-15.00% 4/2016 4/2017 4/2018 4/2019 4/2020

Source: GSO Source: GSO

The brighter spot might show itself in terms of inflation, as April CPI decreased by -1.54% MoM, largely driven by a lower gasoline price
(-19.56% YTD). The food and foodstuff price is still at a stubbornly high level, as the pork price continued to rise by 1.62% MoM, despite
price control efforts. On average, CPI increased by 4.9% YoY, higher than the government’s target.

Vietnam CPI in April, 2016-2020

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
4/2016 4/2017 4/2018 4/2019 4/2020
-1.00%

-2.00%

CPI (MoM) CPI (YoY, 4-month average)

Source: GSO

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 For FDI, the closure of external borders is making it hard for any traditional face-to-face negotiations or site visits, but the absolute figures
for FDI is still quite encouraging. For newly-registered FDI, the YTD gains of 26.9% YoY has been solely from the gas-fired power plant
in Bac Lieu, a $4 bn USD surge in January. Last but not least, the Vietnam National Assembly will reportedly move forward to ratify the
EU-Vietnam FTA (EVFTA) on the first day of the plenary session on May 20th, and might possibly also ratify the EU-Vietnam Investment
Protection Agreement. This movement is expected to support FDI in 2H 2020 and into 2021.

Foreign investment into Vietnam in April and year to date 2020. Unit: million USD

Apr-19 Apr-20 YoY growth 4M19 4M20 YTD growth

Disbursed FDI 1,577 1,300 -17.6% 5,697 5,150 -9.6%
Registered FDI 2,332 3,253 39.5% 7,451 9,850 32.2%
Newly-registered FDI 1,521 1,249 -17.9% 5,343 6,780 26.9%
Additional FDI 810 2,005 147.5% 2,109 3,070 45.6%
Portfolio Investment 1,461 524 -64.1% 7,147 2,480 -65.3%

Source: MPI

The Vietnamese currency gained 1% against the USD since the end of March, resulting in a loss of just -0.82% YTD. The only positive
development that would result in lifting up the currency was the decent trade surplus that had exhibited in the first quarter. One of the
variables to consider as to why the VND appreciated involves remittances from abroad. It should be no surprise to learn that a recent
report from the World Bank shows that 2020 remittance flows are projected to fall by about -13% in East Asia and the Pacific. Yet for
Vietnam, a decline of -13% could still be relatively positive, as it means 2020 remittances would amount to about $14.5 bn USD. In fact,
by the end of April, remittance flows to HCMC decreased by just -2% YoY, and most of the decline was during March and April.

Update on government supporting measures

In terms of credit package, this is mostly being carried out by way of the discretion of individual commercial banks, but the central banks
has provided support by lowering the policy rate twice, by 1-1.5% in total. More importantly, banks have been allowed to not classify
restructured loans as bad debt for coronavirus-impacted enterprises. With inflation now officially back on the downtrend, monetary easing
is not a hard decision to make. State-owned banks might take the lead here by cutting its own profit (and operating expenses) to cut the
lending rate further, using up to 40% of their 2019 earnings as the funding source per recent SBV guidance.

In terms of fiscal package and social package, the approved package has been summarized in the below table. As direct support to
enterprises and impacted workers was initially at $2.6 bn USD (1% of GDP), the government might expand this package by adding a tax
break/tax cut for other type of taxes: export tax, special consumption tax, environmental protection tax for gasoline or VAT refund to
aviation, tourism etc. The concessional period for these tax breaks will be extended from 5 to 12 months. However, what’s more important
to 2020 growth is not simply stemming the tide of financial pressure relating to tax obligations, cash handouts to impacted workers, or
hopes for the return of global demand. Instead, public investment disbursement is expected to play a much greater role in 2020, followed
by measures to increase domestic consumption.

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 Name Beneficiaries Detailed benefit Expected size Implementation
Debt restructuring without classifying as bad Starting with USD 12.7 bn (for
Credit
1 Impacted enterprises debt, new loan at preferential rate (0.5-2.5% new loan only) – but has no On-going
package
lower) limit.
98% of enterprises, including sectors
Fiscal CIT, VAT tax break + delaying land lease
2 like bank, property, auto, USD 7.6 bn
package payment for 5-month
hospitality….
Social
VBSP to lend at 0% to enterprises to pay salary
3 security Impacted enterprises and workers USD 2.6 bn Apr 2020
+ cash handouts to impacted workers
package
4 Other
Lower electricity price, business registration,
Cost cutting USD 1.4 bn Apr 2020
import tax
PIT cut Salaried workers Increase personal & dependent allowance USD 440 mn
CIT cut SMEs Early implementation, 20% to 15-17% USD 330 mn

Source: Vietnam government

Public investment: 2020-2021 key macro catalyst

Regarding public investment, updated figures from the Ministry of Planning and Investment show that by the end of April, public
investment was about VND 89.3 tn (nearly $4 bn USD), an increase of 30% YoY. While it’s quite a positive signal, it’s worth noting that
it’s about 19% of the 2020 plan, which is similar to last year’s level and implies room for improvement.

The 2020 plan for public disbursement was set at $20 bn, and the 2019 carry-over of undisbursed funds is $9.5 bn. In total, the size of
planned disbursement is huge (~USD 30 bn, or 2.2x of 2019 actual disbursement), and a lot of workarounds have been introduced to
shake things up and accelerate the pace of action. Here are some of the adjustments:

• To switch a lot of Public Private Partnership projects (PPP – basically the public and private sectors joins hands in investment) to
public investment, so the government could more easily facilitate disbursement.

• To classify the projects as “emergency” status, such as the upgrade of the Noi Bai and Tan Son Nhat airport, or some climate
change impact mitigation projects. This workaround could shorten the investment approval process, and
shake public investment out of its doldrums.

• To review the disbursement rate by September 2020 (for both the 2020 plan plus any carried-over investment from 2019) for all
domestic government organizations. Any organization with a rate below 60% will run the risk of having undisbursed funds instead
being transferred to other projects. For example, the more sluggish government organizations could find their funds diverted to
emergency transportation infrastructure, or projects to mitigate climate change impact.

• A mandate that by the end of January 2021, all undisbursed investment for the 2020 plan will be earmarked for two projects, the
North-South expressway and the My Thuan – Can Tho expressway (those to be switched to public investment status).

• A two way street: investors must commit to a pre-defined disbursement timeline. If they fail to do so, the capital might be transferred
to other project, or the relevant government organization in charge of the decision will change the designated investor.

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 • Government organizations need to review the disbursement rate on a quarterly basis, and take full responsibility if they cannot fully
disburse the granted public investment in 2020.

Touching again upon the capacity to sustainably issue this stimulus package, we look at 2019 leftover revenue. We see this amount
approximates $5 billion USD, and we can also factor in a 2020 provision for that ($1.44 bn USD). This excess unused revenue effectively
serves as a buffer for the stimulus package.

All in all, we see a solid plan that the government will be able to keep the absolute state budget deficit at around $10 bn USD as planned.
As nominal GDP is looking to be lower than initially expected (for example $278 bn USD rather than $289 bn USD), the budget deficit
might be 3.6% rather than 3.44%. In an absolute worst case scenario (in which SOE divestment fails, current expenditure cuts fail to
tighten the belt, and public investment disbursement tips to full scale), the Ministry of Finance estimates the budget deficit could be
around 5-5.1% of GDP. However, we believe that even that level of deficit is acceptable, especially when viewed within a 10-year range.
If Vietnam doesn’t reach this worst case scenario, this period will hopefully be a blip in the radar on a 10-year timeline, which would
mean the stimulus package would be well suited in order to ensure minimal socioeconomic disruption during this time.

Update on 2020 GDP growth scenario

Despite the request from the National Assembly, the central government did not opt to revise the 2020 growth target immediately. This
essentially tells us that there should be no revision proposal to be submitted to the National Assembly meeting later this month. In more
detail, the Ministry of Planning and Investment believes that it’s too early to seriously broach the topic of post-pandemic scenarios.
Instead, they would prefer to wait for the 2Q20 data results by the end of June to gather a first-half assessment of the year before
providing the updated estimate on 2020 growth data. However, the Prime Minister provided a guideline, in which he thinks that the IMF
estimate of GDP growth at 2.7% YoY is much too low. He instead postulated that the 2020 target for GDP growth should be more than
5% YoY, while inflation should be kept lower than 4% YoY.

Government targets 2019 2020 initial target 2020 revised target in discussion
Real GDP growth 7.02% 6.80-7% 5.05-5.32%
CPI (average) 2.79% 3.59-3.91% < 4%
Budget balance -3.4% GDP -3.44% GDP -5% - 5.1% GDP
Export growth 8.1% 8% Undecided
Retail sale growth (Nominal) 11.80% 12% (low single digit)
International tourist arrival (mil pax) 18 20.5 5.5
Credit growth 13.7% 14% 14%

Given the running performance up to 4M 2020, below are our updated estimates for Vietnam GDP growth:

SSI estimates WORST CASE BASE CASE BEST CASE

2020 GDP growth 3.76% 4.75% 5.5%

Quarterly scenario
3.82% - 0.75% - 4.27% - 5.52% 3.82% - 2.31% - 5.98% - 6.67% 3.82% - 3.16% - 6.18% - 7.64%
(1Q-2Q-3Q-4Q)

Pandemic lasts for the whole year,
public investment disbursement at
Assumptions
60% of plan, 2H growth picks up
modestly.
Pandemic ends in June, public Full reopening in mid-May, public
investment disbursement at 75% of plan, investment disbursement at 90% of
growth accelerates from 4Q. FDI picks plan, growth accelerates in 3Q. FDI &
up in 3Q. Tourism picks up in 4Q. tourism picks up in 2Q.

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 Vietnam Equity Market Outlook

In our base case, 2Q 2020 should mark the bottom in terms of earnings for most sectors, except for banks. Many sectors already
reported weakness in demand in 1Q 2020, especially during March. For example, auto sales was reduced by 28.5% in 1Q 2020; Export
of textile & garment dipped by 7.51% YoY in March and a further drop is expected in 2Q. According to Saigon Cargo (SCS VN), cargo
volume declined -40% YoY in April, and volume should gradually recover in the coming months as more passenger flights are allowed
to handle cargo. Banks might see more NPLs surfacing 1 or 2 quarters later as a side effect of loan restructuring activities.

As discussed with listed companies, most corporations expect the global pandemic to ease in June (at least in Vietnam…) in the base
case which envisions the pandemic comes under control by the end of 2Q 2020. Most are applying cost cutting measures such as
salary/staff layoffs and curtailed marketing expenses, as well as negotiating with landlords or suppliers to reduce costs.

As of 29 April, net profit of 67 companies under our coverage is estimated to be reduced by -13.4%, which is much lower than the
positive growth of 14.8% estimated in January, just before the Covid-19 outbreak took hold. 1Q 2020 of listed companies posted
accordingly, with a market P/E of 13.4x.

Should the base case scenario envisioning the virus becoming contained by mid-2020 manifests itself (at least within Vietnam), then
2021 will be a strong year and market P/E should be much lower. However, we cannot rule out the worst case scenario when the virus
can come back with the winter season and linger into 2021. Therefore, we applied a stress-test for Vietnam in order to provide a clear
picture on where the country stands, and if there is any difference with the situation in 2008/2011:

• First, we check leverage: Vietnam’s loan-to-GDP stood at 135.7% by end of 2019, which is high compared to regional countries.
However, we think that it would be fair to add corporate bond exposure, as this market has developed very strongly in the last 2-3
years. By end of 2019, corporate bonds only account for 11.45% of GDP. Overall, we see Vietnam’s current leverage level as
reasonably sufficient.

• Second, as the current credit cycle is mainly driven by consumer loans, we look at cash loans, which is the most risky part of
consumer loans. In our estimates, current cash loans by Top 3 Consumer Finance companies only account for less than 2% of
total outstanding loans, which is quite low in terms of risk quotient.

• Third, regarding the property market we do not see it playing a big role like it did in the previous crisis. This is mainly because of
tightened supply during the last 2-3 years. Speculation levels also do not point to an asset bubble at the present time.

• Last but not least, we estimate that cashflow of the two largest airlines (Vietnam Airlines and Vietjet Air) could sustain for approx. 2
quarters even in the worst-case (and unlikely) of no revenue being collected. However, if the virus comes back to Vietnam in the 4th
quarter of this year, then we might see a big risk for this sector.

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 Recommendation

As we cannot fully exclude the worst case scenario at the moment, we think it might still be a risky endeavor to be exposed to sectors that are the most sensitive to a coronavirus
resurgence, including airlines, retail, and hospitality. Furthermore, consumption behavior for these sectors also have changed since the pandemic, and we might not see demand
to recover to pre-pandemic levels. On the other hand, if the base case scenario happens, then these sectors will be the ones that can recover at the strongest pace, this would
definitely reflect in terms of the stock price.

For the other sectors, we pick the companies that can well ride out the crisis, and can rebound quickly when the pandemic comes to an end. Our recommendation for a 1 year
horizon has been listed in the table below, with our Top 5 being BVH, VEA, VTP, ACB, and HPG.

Average PER Dividend yield (%) ROE (%) Net profit growth (%)
Market Foreign
% Target Current daily value
Cap (mn Ownership
Ticker Upside Price (VND) Price (VND) traded 3M
USD) (%) 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020
(USD ‘000)
In 1yr In 1yr 29-Apr-20 29-Apr-20 29-Apr-20 29-Apr-20
ACB 24% 25,500 20,500 1,462 4,755 30% 9.3 6.3 5.4 0% 4% 0% 28% 25% 21% 143% 17% 6%
ACV 16% 68,600 59,300 5,538 459 4% 30.3 21.4 35.0 1% 15% 2% 23% 23% 11% 75% 16% -51%
BVH 43% 65,900 46,200 1,471 906 29% 60.5 46.9 28.5 1% 1% 2% 7% 6% 6% -29% -2% 11%
CTG 19% 23,800 20,000 3,195 7,512 30% 13.6 10.2 12.7 N.a N.a N.a 8% 13% 9% -29% 79% -23%
DPM 18% 16,900 14,300 240 695 16% 15.1 16.2 9.6 4% 8% 7% 9% 5% 9% 1% -46% 86%
FPT 26% 64,000 50,800 1,486 4,309 49% 9.9 12.6 10.2 5% 3% 4% 23% 25% 23% -11% 20% 9%
HPG 36% 29,300 21,500 2,547 7,290 37% 7.7 8.6 7.4 0% 0% 0% 24% 17% 18% 7% -12% 22%
IMP 30% 69,300 53,500 113 249 49% 24.1 16.6 15.4 3% 2% 2% 10% 11% 12% 18% 17% 20%
KDH 35% 28,300 20,950 489 310 44% 16.3 14.6 8.5 2% 2% 0% 12% 14% 16% 61% 24% 34%
NLG 48% 33,400 22,500 241 689 47% 6.1 7.0 6.3 0% 2% 2% 21% 15% 14% 106% -13% -10%
PNJ 15% 65,600 56,900 550 2,312 49% 14.4 15.9 13.0 2% 2% 3% 29% 29% 22% 32% 24% -10%
PVS 29% 14,700 11,600 238 2,213 15% 8.7 12.9 10.5 7% 4% 6% 5% 6% 5% 4% -30% -18%
VCB 14% 77,800 68,000 10,820 4,105 24% 16.1 20.1 17.5 1% 1% 1% 25% 26% 18% 94% 27% -11%
VEA 17% 44,300 38,000 2,166 395 6% 7.4 7.9 7.4 9% 9% 13% 32% 29% 25% 39% 8% -10%
VHM N.a N.a 63,600 8,976 2,810 15% 16.1 13.3 9.2 0% 0% 0% 51% 43% 33% 910% 50% 8%
VTP 21% 151,000 125,000 320 258 21% 29.6 28.8 16.5 1% 1% 1% 48% 46% 44% 64% 35% 30%
PHR 11% 50,000 45,200 263 1,141 9% 8.6 14.9 5.6 6% 8% 9% 25% 18% 38% 93% -28% 145%
PPC 11% 27,600 24,900 342 260 17% 5.2 7.2 8.9 15% 9% 8% 20% 22% 15% 31% 12% -25%
VNM 17% 116,000 99,000 7,396 6,492 58% 22.7 21.3 17.0 5% 5% 5% 41% 38% 37% -1% 3% 6%

Source: SSI Research

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 1. ANALYST CERTIFICATION

The research analyst(s) on this report certifies that (1) the views expressed in this research report accurately reflect his/her/our own
personal views about the securities and/or the issuers and (2) no part of the research analyst(s)’ compensation was, is, or will be directly
or indirectly related to the specific recommendation or views contained in this research report.

2. RATING
Buy: Expected to provide price gains of at least 10 percentage points greater than the market over next 12 months

Outperform: Expected to provide price gains of up to 10 percentage points greater than the market over next 12 months.

Market Perform: Expected to provide price gains similar to the market over next 12 months.

Underperform: Expected to provide price gains of up to 10 percentage points less than the market over next 12 months.

Sell: Expected to provide price gains of at least 10 percentage points less than the market over next 12 months

3. DISCLAIMER
The information, statements, forecasts and projections contained herein, including any expression of opinion, are based upon sources
believed to be reliable but their accuracy completeness or correctness are not guaranteed. Expressions of opinion herein were arrived at
after due and careful consideration and they were based upon the best information then known to us, and in our opinion are fair and
reasonable in the circumstances prevailing at the time, and no unpublished price sensitive information would be included in the report.
Expressions of opinion contained herein are subject to change without notice. This document is not, and should not be construed as, an
offer or the solicitation of an offer to buy or sell any securities. This report also does not recommend to U.S. recipients the use of SSI to
effect trades in any security and is not supplied with any understanding that U.S. recipients will direct commission business to SSI. SSI
and other companies in the SSI and/or their officers, directors and employees may have positions and may affect transactions in securities
of companies mentioned herein and may also perform or seek to perform investment banking services for these companies.

This document is for private circulation only and is not for publication in the press or elsewhere. SSI accepts no liability whatsoever for
any direct or consequential loss arising from any use of this document or its content. The use of any information, statements forecasts
and projections contained herein shall be at the sole discretion and risk of the user.

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 4. CONTACT INFORMATION

Phuong Hoang Hung Pham Trang Pham

Deputy Managing Director, Associate Director Associate Director

Head of Research & Advisory Center hungpl@ssi.com.vn trangph@ssi.com.vn

phuonghv@ssi.com.vn

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Member of the Ho Chi Minh
Stock Exchange, Regulated by
the State Securities Commission
Floor 18th, Office Tower 2, Saigon
Centre, 67 Le Loi Street, Ben Nghe
Ward, District 1, Ho Chi Minh City
Tel: (84-28) 3636 3688
Fax: (84-28) 3636 3668
Email: info@ssi.com.vn
1C Ngo Quyen Street, Ha Noi City
Tel: (84-24) 3936 6321
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