Briefing

GLOBAL ECONOMY 1

 Global food price (GFP) increased by 15% in the period from 10/2010 to
01/2011, food supply is under restrain
 Global capital flows picking new trend into commodity market’s funds
 Concern for a new oil crisis due to political turmoil in Middle East and North
Africa

Macroeconomic and  Global stock market gained positive increase

Viet Nam macroeconomic news 2

Financial Markets  CPI February increased by 2.09% compared to 01/2011
 FDI disbarment in two first months of 2011 reached USD 1.15 bil, a 4.5%
increase compared to 2010

Highlights in  SBV raised discount rate from 9% to 11%/year; average interbank

exchange rate from 18,932 VND/USD to 20,693 VND/USD
 Credit growth target in 2011 is reduced to below 20%
 Cancelling gold piece trading in free markets
February 2010  Gold price increased by 6.09%; USD 3.3%; Euro 5.1%

Viet Nam stock market 6

 After two upward sessions, stock market witnessed a strong downward
trend
 Foreign investors ended their 16 months of net buying on HOSE
 In two months of 2011, VND 5,249 bil dividend was paid
 KLS: Ask for shareholders’ opinion to change business operation structure

Real estate market 9

 Real estate market encountered difficulties due to exchange rate
modification
 Tightening real estate credit
 Ground land in certain projects in Ha Noi showed an artificial rise because
of speculation
 HCM market strengthened trading on western side

Stock Market Data Overview 12

 Basically, average P/E and P/B is 10.9 and 1.82 respectively
 Dividend paid in cash reached VND 5,258 bil (25% higher than total amount
Floor 22, Tower B Vincom City Tower, of capital mobilized through additional issuance)
191 Ba Trieu, Hanoi
Phone: 04 – 39743419. Line code: 562.  Total share supply in two first months of the year hit 1 bil shares
Fax: 04 – 39744082
Email: info@cafef.vn
Outstanding Real estate projects 15
 Economic – Financial Markets highlights in February

GLOBAL ECONOMY

 Concerns of a new oil crisis  Chinese economy taking second position in global
market
 On 11 February 2011, Egyptian president Hosni Mubarak
officially announced his resignation after 29 year reign.  In 2010, Chinese economy officially surpassed Japan to
 The mass protest kept enlarging after Friday preys in 7 remark itself as the second economy in the world after U.S.
other countries including Egypt, Iraq, Yemen, Jordan,  This is a historical milestone to both 2 economies: decline
Bahrain, Tunisia and Saudi Arabia. and a sought for direction of a sluggish Japanese economy,
 Libya – the country with biggest oil reserves in Africa – the pride and prudence of China as well as its increasing
witnessed its oil output decrease at least by 20% as global responsibility
international oil companies reduced operation.  In fact, the second position that GDP of China is taking is
 Political crisis in Middle East and North Africa exerted new only highly opinionated on numeric side. The main concern
threats of a new oil crisis. is its quality. Average income per head in China is only 1/10
of Japan. According to World Bank, 100 million people in
 Global capital flows picking new trend China, approximately Japan’s population, are living with an
average income of under USD 2/day.
 In the week ended on 23 February 2011, the amount of
capital flows into government bond funds, high interest  Global stock market
corporate bond funds in U.S recorded a 12 week increase.
Energy funds absorbed over USD 1 billion.
Changes of global indexes in 02/2011:
 Since the end of 2010, investors on global market
incessantly drove their attention to bond funds in newly Index Changes
emerging markets and global market which made capital Dow Jones 3.17%
flows into these funds enormously rose. S&P 500 3.67%
 Investors’ confidence suffered from a heavy loss as turmoil Nasdaq 3.19%
in Middle East and North Africa accelerated, inflation risk FTSE 100 1.18%
significantly arose. DAX 1.95%
Nikkei 225 3.80%
 Taking advantage of turmoil in oil producing countries,
Hang Seng 0.93%
energy funds pushed oil price to new levels. Since 2011,
capital inflows into those funds have grown by 149% S&P/ASX 1.08%
compared to the same previous period. Besides, USD 3 NZX 50 0.95%
billion has been put into funds in commodity markets.

 From middle January to present, more than USD 20 billion

 Commodity market
have been withdrawn from securities funds in newly
emerging markets.
Changes of main products in global markets in 02/2011:
 Food price accelerating
Product Newest price One year fluctuation
 According to WB, global food price (GFP) increased by
15% in the period from October 2010 to January 2011, Brent oil 113.61 47.41%
29% higher than 2009. Price of essential products such as WTI oil 98.35 24.68%
wheat, corns, sugar and oil significantly rose.
Natural gas 2.9853 46.86%
 China is facing its worst drought in 60 years and has used Bronze 444.65 33.55%
nearly USD 2 billion for solving damages. As China could
Gold 100oz 1,422 27.25%
not meet up with national food demand, the possibility of
importing food will greatly affect international food price. Silver 5000oz 3,429 108.26%

 Forecast of a depreciated USD when ECB rose its basic Corn 725 95.42%
interest rate put a bigger pressure on current food supply Wheat 783.5 58.76%
which is already strained.
Bean 1,367.50 43.61%
Cacao 2,390 10.70%
Coffee Robusta 2,330 83.75%
Coffee Arabica 273.25 111.25%
White sugar 727.5 14.24%
1
 Economic – Financial Markets highlights in February
DOMESTIC ECONOMY
Macro economy
Import: According to General Department of Vietnam
Custom, from 01/01 to 15/02/2011, net import figures reached
USD 2.1 billion – 24.8% export figures, in which net import in
the first half of February was USD 1.21 billion
CPI: CPI in February increased by 2.09% compared to
January 2011. Among 11 commodities used for calculating
CPI, only Post and communication group witnessed an
approximately 0.01% decrease. Food commodities and
services and Healthcare are two groups with strongest
increase in 11 commodities. Food price increased by 4.53%.
FDI: In February, about USD 600 million were disbursed,
making a total of USD 1.15 billion FDI disbursement in two
first months of 2011, a 4.15% rise compared to 2010. The
most noticeable figure was seen with First Solar Vietnam
Limited Company in manufacturing sector with a total capital
of over USD 1 billion, registered by Singapore enterprises in
Ho Chi Minh city. Another one is the project named “Da Nang
yacht limited company” registered by British Virgin investors
with a total capital of USD 174 million
Budget deficit: Budget deficit figure in 2011: VND 120,600
bil, 5.3% GDP. Estimated state budget revenue in 2011: VND
595,000 bil, a 12.7% increase compared to estimated figures
in 2010 in which domestic revenue from manufacturing –
business operations (excluding land using fees): VND
352,000 bil, a 19.3% rise compared to estimated figures in
2010.
2
Outstanding projects in February
 Transferring shares of Mong Duong thermal electricity projects
to foreign partners
AES group, the main investor of Mong Duong thermal electricity
factory (Quang Ninh), completed negotiation to transfer 49%
project’s shares to two foreign partners.
In detail, AES will transfer to Posco Power (Korea) and CIC (China)
30% and 19% respectively shares of AES electricity limited company
– Mong Duong TKV, the company responsible for Mong Duong
thermal electricity factory 2.
 Confiscating investment certificate of Ca Na steel project
The project of Vinashin – Lion venture limited company with a total
capital of nearly USD 9.8 is accepted for 50 years in operation since
the day of investment certificate. This is regarded as the biggest FDI
project in investment value in steel manufacturing as well as in Viet
Nam to the day of investment certificate in September 2008.
 Proposing Van Don airport project of USD 1 bil
In May 2010, Joinus (Korea) made a proposal for project
deployment in Quang Ninh with a total investment of over USD 1 bil.
Besides, Joinus expressed their intention to deploy the high way
project Ha Long – Van Dong with an overall capital for the two
projects is USD 2 bil.
 Japanese group intending to invest in Viet Nam refinery project
of USD 5.8 bil
Idemitsu Kosan would probably spend about 70% budget for Nghi
Son refinery project, however, according to their representatives,
70% could not be the last figure as there has been no certain
statements about the project’s scale.
This project includes capital from Petro Vietnam, Kuwait
international petro group, Idemitsu Kosan and Mitsui Japan chemical
group.
 Economic – Financial Markets highlights in February

DOMESTIC ECONOMY

Finance - Banking

 Interest rate  To the end of February, total outstanding loan estimated by

SBV increased by 3.4%. In non manufacturing sector, the
- VND interest rate:
 figure was recorded at VND 431,000 billion, proportioning
 Mobilizing interest rate at the beginning of February 18.7% of total outstanding credit. Among 42 credit institutions
remained almost unchanged at 13.5 – 14%/year. nationwide, 18 have a non manufacturing outstanding credit
 In the second half of February, interest rate dramatically of below 25%, 24 remain a high level.
increased to 17%/year as commercial banks announced .
different discount programs.
 Exchange rate
 Short term lending interest rate for agricultural, export  On 11/02/2011, SBV officially increased average interbank
sections is 12.5 – 14.5%/year, other business sections is exchange rate from 18,932 VND/USD to 20,693 VND/USD
16 – 18%/year; non – business sections is 18 – 20%/year. (9.3% higher, also the highest increase in history) and
- USD interest rate: decreased exchange trading amplitude from +-3% to +-1%.
 At the beginning of February, mobilizing interest rate  On the following days, interbank exchange rate was flexibly
remained stable: demand deposit 0.2 – 0.5%/year, under modified instead of remaining fixed in a long period as
12 months 4.2 – 5.8%/year, over 12 months 4.5 – 6%/year, before. However, unpredictable movements on free markets
the highest rate was recorded at 6.24%/year for 12 month forced SBV to use many refraining measures.
deposit of Navibank.
 Lending interest rate showed little fluctuation and is
recorded at 6 – 6.6%/year for short term loans, 7 –
8%/year for medium and long term loans.
.

 Interest rate policies in February

 17/02, SBV (State Bank of Vietnam) increased discount

rate from 9% to 11%/year, overnight interest rate of
interbank electric payments and lending in offset payments
of SBV to banks is 11%. This move is to refrain inflation
and tighten monetary.
 Government officially approved the suggestion of SBV
governor to reduce credit growth in 2011 to under 20% in
combination with other governing policies to reduce money
supply by VND 100,000 billion
 22/02, SBV increased OMO interest rate from 11% to
12%/year. Therefore, since 05/11/2010, SBV has made 6
increase to OMO interest rate from 8.75% to 12%/year
(3.25% in 3 and a half month).
 Narrowing gaps between open and interbank market, 7
day interest in interbank market is 13.1%/year, 1.1%
difference, SBV wants to reduce dependency of
commercial banks as well as limit money supply to
domestic market.
 Gold market
 Credit growth
According to unofficial figures to 25/02, total credit growth
reached a 3.27% increase compared to 2010. In which, VND
credit growth is 0.9%, foreign currency credit is 11%. This is
due to exchange rate modification which made outstanding
loan (in VND) is accounted for a 7.18% change.
3
Red line: interbank exchange rate
 On 19/02, unofficial exchange rate even reached 22,200
VND/USD – 22,400 VND/USD (bid - ask) but gradually
decreased at the end of the month to 21,950 VND/USD –
22,000 VND/USD (bid – ask).
 According to SBV report, foreign currency status of banks
was -2.5% before Tet holiday and +2% after Tet holiday,
even +2.5% in some certain periods which showed that they
had foreign currencies on hand but were not willing to sell.
Commercial banks still charged fee for foreign currency
exchange and 2 exchange rates existed at the same time.
 Gold price affected by USD price: Ending February, gold
price was recorded at VND 2.16 mil, a 6.09% increase
compared to the end of January. This strong growth is rather
generated from USD price movements in domestic free
market than global gold price.
 Canceling trading gold piece in free market: In quarter
II/2010, SBV will present to Government the Decree on
managing and trading gold towards focusing on certain
import points, cancelling trading gold piece in free market;
preventing smuggling activities.
 Economic – Financial Markets highlights in February

DOMESTIC ECONOMY

According to SBV, the process will follow a gradual basic not to  In the 24/02 session, only VND 825 bil in total VND 6,000
damage the economy bil of Government bonds issued by Treasury was offered,
 Open gold trading floor is exposed to a VND 500 mil an equivalent of 13.5%. Long term bonds were not
penalty: According to the draft Decree on Administrative purchased as bidders ask for a high interest rate.
Sanction in Monetary and Banking sector of SBV, trading  Consolidated business profit of banks 2010
foreign currencies against official exchange rate, charging
illegal trading fee could be exposed to a penalty of VND 75  STB: Profit before tax quarter 4/2010 reached VND 585.4
mil, 25 times higher than the present level (VND 3 mil). bil, 2010 VND 2,591.2 bil; profit after tax quarter for
Open gold trading floor will be under the heaviest fine of reached nearly VND 364 bil, 2010 VND 1,095.5 bil, EPS
VND 500 mil. 2010 is VND 2,411/share.

 Gold saving in banks will not be exposed to Personal
Income Tax: In Circular 12 newly issued by Ministry of
Finance, amending Circular 84 and 02 instructing Personal
Income Tax Law, the most important point is the
supplementation of some types of incomes that are tax –
free in terms of saving interest.
According to Circular 12, deposit interests that are free
from tax include personal income generated from deposit
interest in VND, gold, foreign currency in credit institutions
in terms of demand deposits, term deposits, saving
accounts, deposit certificate, promissory notes, bills and
other deposit types fully paying principal, interest for
depositors as agreed and interest from insurance
contracts. Therefore, gold depositors in terms of gold
certificates will not be exposed to Personal income tax.
 Government bonds
 Only in the bid session on 11/02/2011, the Treasury
successfully issued VND 4,650 bil over VND 5,000 tender
with agreed interest rate for 5 years, 3 years and 2 years is
11.2%/year, 11%/year and 10.9%/year respectively; short
term bonds outweighed long term bonds.
 In the two next sessions, the 21/02 session of Vietnam
bank for social policies, only 41.25% total tendering
volume was successfully offered, an equivalent of VND
3,300 bil, in which VND 3,000 bil of 2 year bonds were sold
out (interest rate 11%), VND 300 bil of 5 year bonds were
offered (interest rate 11.5%/year), 10 year bonds were not
purchased.
 ACB: EBIT quarter 4/2010 was recorded at over VND
1,100 bil, a 28% rise compared to quarter 4/2009; EBIT
2010 reached VND 3,100 bil, slightly increased 9% against
2009. Profit after tax in quarter 4/2010 reached more than
VND 850 bil, grew by 28% compared to quarter 4/2009;
2010 the figure is VND 2,340 bil, an insignificant rise of 6%
compared to 2009.
 VCB: EBIT quarter 4/2010 is VND 1,438 bil, 19% increase
compared to quarter 4 of 2009, EBIT 2010 reached
approximately VND 5,510 bil, increased by 10% against
2009. Profit after tax of parent company quarter 4/2010 is
nearly VND 1,140 bil, a 20% increase compared to 2009;
2010 is VND 4,200 bil, a 7.2% compared to 2009. EPS
2010 is VND 3,374/share
 Techcom bank EBIT 2010 is VND 2,750 bil ( 21%
increase compared to 2009)
 Millitary bank presented a 30% increase with EBIT 2010
is VND 2,000 bil.
 Meanwhile, Eximbank and Maritime Bank showed an
over 50% increase with EBIT 2010 of VND 2,378 bil (55%)
and VND 1,518 bil (51%) respectively.
 VIB reached a 72% growth with EBIT 2010 of VND
1,057 bil.
 CTG: Consolidated EBIT 2010 reached VND 4,540 bil, a
20.8% increase compared to 2009

Gold, USD price

SJC Ha Noi SBJ Sacombank

(VND million/ ounce) (VND million/ ounce) USD (VND) Euro (VND)
Ending 2010 35,90 – 36,02 36,07 – 36,09 20.850 – 21.000
Ending week 1/2011 35,40 - 35,47 35,60 - 35,70 21.020 - 21.100 26.600 - 27.150
Ending week 2/2011 35,53 - 35,62 35,51 - 35,61 21.000 - 21.070 27.900 - 28.100
Ending week 3/2011 35,20 - 35,28 35,23 - 35,39 20.980 - 21.050 28.400 - 28.550
Ending week 4/2011 35,35 -35,45 35,29 - 35,39 21.050 - 21.180 28.450 - 28.550
Ending week 6/2011 35,88 - 35,97 35,90 - 35,94 21.480 - 21.580 28.900 - 29.050
Ending week 7/2011 38,00 - 38,22 37,56 - 37,80 22.200 - 22.400 30.100 - 30.300
Ending week 8/2011 37,65 - 37,75 37,68 - 37,74 21.950 - 22.080 30.050 - 30.250
Ending 02/2011 37,52 - 37,61 37,59 - 37,63 21.840 - 21.880 29.940 - 30.007

4
 Economic – Financial Markets highlights in February

DOMESTIC ECONOMY

Commodity market

On 23/02, Prime Minister Nguyen Tan Dung signed the Decision to raise electricity price by 15.28% from 01/03.
Increasing
Compared to average price (excluding VAT) in 2010 of VND 1,058/kWh, the new price is VND 1,220/kWh which is
electricity
accounted for an upward level of nearly VND 160/kWh. Deputy of Ministry of Commerce and Trade, Hoang Quoc
price
Vuong, said that there is no certain proof whether electricity price will keep increasing or not.

On 24/02/2011, Ministry of Finance officially allowed enterprises to increase petro price from VND 16,400 to VND
Increasing 19,300, surpassing the 2008 record. Diezel rose by VND 3,550/liter to VND 18,300 VND. Oil increased from VND
gasoline price 15,100 to VND 18,200/liter. Mazut oil increased from VND 12,690 to VND 14,800/kg.
From 24/02: Reduce import tax of oil and mazut to 0%. On 14/01, Ministry of Finance also reduced import tax of main
gasoline products to 0%.

Honda only changed prices about 2% - 5% to support customers.

Ford Viet Nam : Compared to unmodified prices, newly proposed retail prices presented a positive gap form VND
37,2 mil to VND 66,5 mil/car.
Increasing
Toyota: New price list was announced after SBV changed VND/USD exchange rate. Trading level increased from
motorbike, car
VND 19,500 to VND 20,900.
price
GM Daewoo: Newly modified retail prices increased about 7.2% compared to old levels, approximately the same to
the effecting level of exchange rate to car prices.
Truong Hai: Modifying levels to Kia was lower than others.

On 01/02, gas price unexpectedly decreased more than VND 20,000/bottle. Retail gas price will stay around VND
303,000 – 307,000/ 12kg bottle.
Gas On 11/02, gas companies decided to increase gas price by VND 17,000 due to a 9.3% rise of exchange rate by SBV.
Retail gas price remained at VND 320,000/12 kg bottle.
On 28/02, each gas bottle price was added about VND 9,000 – 10,000/ 12 kg bottle. Consequently, retail gas price was
VND 329,000/ 12 kg bottle. The new price was officially in effect from 01/03.

On 11/02, Viet Nam Food Association unexpectedly reduce net export price of 5% broken rice from USD 520 to USD
500/ton, 25% broken rice from USD 498 to USD 480/ton in the context of many positive news effecting Viet Nam rice
export.
Rice
Private enterprises of Philippine would possibly purchase 660,000 tons of rice of Viet Nam.
O 11/02, in order to remain rice price at a beneficial level for farmers, VFA inquired its members to temporarily store 1
million tons of rice in spring crop (equivalent of 2 million tons of rice) from 01/03.

09/02, according to Viet Nam concrete Association, from the beginning of 02/2011, concrete enterprises officially
Concrete increased concrete price from VND 60,000/ton to offset certain input expenses. At present, concrete price is staying
around VND 900,000 – VND 1.36 mil/ton, depending on types and regions.

21/02, coffee price in domestic market passed VND 43 mil/ton – the highest level in history. Importing price of 2.5%
Coffee broken black in HCM port, FOB, passed USD 2,130/ton. Concerning about 1994 “historical event” made coffee price
slightly go downward a few days

On 19/02, many southern steel companies spontaneously increased product price. Vietnam Steel JSC (Pomina Steel)
and Vina Kyoei steel venture added VND 500,000/ton for both rolled steel and bar steel. Southern Steel company
Steel
raised their price by VND 300,000/ton.
At present, steel price of these companies remains at VND 17.7 – 18 bil/ton (included VAT).

From 01/03, many transportation types increased their service price by 15 – 20%. Coach increased by VND
Transportation 40,000/flight, taxi increased by VND 1,500/km; truck increased by 15 – 20%; bus is under price subsidy, price is about
service to increase by 15% but exposed to threats of losing customers; airline submitted for a 20% rise in ticket price from
March but has not been approved.

5
 Economic – Financial Markets highlights in February

STOCK MARKET
Shares with biggest influence on Vn Index in February
After Tet holiday, the faint upward trend in only two sessions
was soon replaced by a continuously strong downward trend Number of
afterwards. points
Price Price contributing to
Unfavorable movements in February reflected forehead Stock on on % decrease of Vn -
difficulties such as high interest rate, high exchange rate, symbol 28/01 28/2 change Index
tightening credit, inflation… BVH 89.0 71.5 -19.7% -11.25
However, market administrators showed positive signs such as HAG 56.0 48.0 -14.3% -3.31
the intention to allow selling – buying stocks in the same
PVF 25.3 21.0 -17.1% -2.48
session; draft on margin trading rate.
DPM 42.6 36.2 -15.0% -2.30
Strong decrease of VN – index was generated from the fall in
HPG 38.7 31.8 -17.8% -2.08
stocks with high attribution to Vn – Index such as BVH: (-
19.7%); SSI, KBC (-18%), PVF (-17%), DPM (-15%), FPT, KBC 37.0 30.3 -18.1% -1.87
HAG (-14.3%).. SSI 29.8 24.4 -18.1% -1.79
VNM 93.5 88.5 -5.3% -1.67

15 symbols with high influence on Vn - Index FPT 63.0 54.0 -14.3% -1.65
SJS 67.0 51.0 -23.9% -1.52
Overall Total -29.90
Stock Listed value
No market % accrued
symbol (VND bil) Vn-Index 510.6 461.4 -9.64% -49.23
proportion

1 BVH 51,035 10.3% 10,3% Number of

points
2 MSN 44,056 8.9% 19,1%
Price Price contributing to
3 VIC 42,334 8.5% 27,6% Stock on on % increase of Vn -
4 VNM 31,247 6.3% 33,9% symbol 28/01 28/2 change Index

5 HAG 20,974 4.2% 38,1% VIC 94.5 107.0 13.2% 4.52

6 EIB 15,735 3.2% 41,3% VPL 44.4 53.0 19.4% 1.46

7 DPM 13,870 2.8% 44,0% CTG 24.3 26.5 9.1% 0.34

8 STB 13,126 2.6% 46,7% KAC 24.3 27.8 14.4% 0.07

9 PVF 12,960 2.6% 49,3% BT6 23.3 25.0 7.1% 0.05

10 PVD 10,631 2.1% 51,4% FDC 29.0 31.6 9.0% 0.04

11 FPT 10,517 2.1% 53,5% VSC 62.5 65.5 4.8% 0.03

12 HPG 9,917 2.0% 55,5% NHW 15.3 16.2 5.9% 0.02

13 VPL 9,805 2.0% 57,5% DVP 38.0 39.0 2.6% 0.02

14 KBC 9,049 1.8% 59,3% SCD 27.3 28.5 4.4% 0.01

15 SSI 8,497 1.7% 61,0% Total 6.56

Total 303,752 61,0% Vn-Index 510.6 461.4 -9.64% -49.23

6
Trading
volume (mil)
 Economic – Financial Markets highlights in February

STOCK MARKET

VN index HNX Index Top 10 increase on HNX Top 10 decrease on HNX

Value % Value %
Average trading value/session (VND bil) 839.68 466.12 Price Price Price Price
Stock % Stock %
on on on on
Average trading amount/session (mil share) 35.43 27.4 symbol change symbol change
28/2 28/1 28/2 28/1
Index change (unit) -49.23 -9.64 -10.71 -10.04
HDO 22.4 16.3 37.4% NGC 10.7 16.8 -36.3%
Average trading value/session changes
(VND bil) -73.29 -8.03 0.15 0.03 SDC 24.3 19.2 26.6% MCL 7.1 10.2 -30.4%
Average trading amount/session change
(mil share) -0.05 -0.15 2.25 8.95 YSC 20.5 16.5 24.2% KHB 20.4 28.8 -29.2%
DNC 18.1 14.9 21.5% SHC 5.8 8.1 -28.4%
VIX 10.9 9.0 21.1% TAG 30.0 41.0 -26.8%
GHA 21.6 18.3 18.0% SSS 15.4 20.8 -26.0%
SJ1 26.3 22.8 15.4% PCG 7.3 9.8 -25.5%
LUT 24.9 21.7 14.6% VFR 15.9 21.3 -25.4%
TDN 22.7 19.9 14.1% V15 12.8 17.0 -24.7%
KST 16.7 14.7 13.6% SCR 20.9 27.6 -24.3%

Top 10 increase on HoSE Top 10 decrease on HoSE

Price Price Price Price
Stock % Stock %
on on on on
symbol change symbol change
28/2 28/1 28/2 28/1
VPL 53.0 44.4 19.4% SBS 18.8 28.1 -33.1%
KAC 27.8 24.3 14.4% DVD 18.9 25.6 -26.2%
VIC 107.0 94.5 13.2% DCC 21.3 28.6 -25.5%
TDC 12.8 11.6 10.1% SJS 51.0 67.0 -23.9%
CTG 26.5 24.3 9.1% CSM 23.0 29.9 -23.1%
FDC 31.6 29.0 9.0% SRC 22.7 29.5 -23.1%
BT6 25.0 23.3 7.1% DIG 29.5 38.0 -22.4%
NHW 16.2 15.3 5.9% BBC 16.4 21.1 -22.3%
7 VSC 65.5 62.5 4.8% FPC 5.6 7.2 -22.2%
SCD 28.5 27.3 4.4% VES 10.0 12.8 -21.9%
 Economic – Financial Markets highlights in February

STOCK MARKET

Foreign trading
Foreign investors ended 16 months of net buying on HoSE. At the end of 2009, Vien Dong pharmaceutical privately offered 3
After net selling VND 2,170 bil on 09/2009, foreign investors million shares for this fund at VND 80,500/share.
remarked their 16 months of successive net buying on HoSE – from
10/2009 to 01/2011 – valuing approximately VND 19,300 bil. Buying Selling Difference
value value Amount
Stock (Thousand (thousand (thousand Value
symbol units) units) units) (VND bil)
CTG 4688.5 723.8 3964.7 101.3
ITC 3824.7 295.8 3529.0 84.4
VND 5193.5 1136.5 4057.0 79.8
PVD 2447.5 1242.7 1204.7 71.5
VCB 2952.4 1267.8 1684.6 61.1
DPM 2527.0 1540.3 986.8 44.5
PVS 1748.6 243.5 1505.1 33.6
VCG 1260.9 356.0 904.9 19.7
VSH 2136.0 723.3 1412.6 17.8
PVX 2509.4 1671.5 837.9 16.1

Monthly net buying value (VND bil) Shares with biggest net buying value

Ending February, foreign investors made a net selling of VND 1.18

bil on HoSE and a net buying of VND 159 bil on HNX. Buying Selling Difference
value value Amount
Exchange rate modification played a vital role in influencing foreign
Stock (Thousand (thousand (thousand Value
activities. symbol units) units) units) (VND bil)
On changing stock value into USD, the bigger shares a foreign VIC 644.5 1661.7 -1017.2 -105.3
investor keeps, the more losses he encounters. According to SSI 2067.6 5058.3 -2990.7 -79.7
VinaCapital, exchange rate modification made NAV of VOF and
FPT 2544.1 3641.4 -1097.3 -68.8
VNI decrease by over 4% - not yet accounting the market fall
STB 1226.7 4208.5 -2981.8 -44.2
effects
HPG 978.3 1907.0 -928.7 -32.0
CTG is the symbol with highest net buying in February with an
ITA 2326.8 4253.3 -1926.5 -30.1
approximately 4 million units. Thanks to foreign demand, CTG price
KDC 137.6 581.2 -443.6 -22.9
made a 9% rise in February.
DVD 24.4 859.9 -835.5 -17.7
ITC remained the second position with 3.53 million units purchased,
REE 1073.9 2244.0 -1170.1 -16.9
equivalent of VND 84.4 bil. This big net buying figure is mainly
CTD 10.3 253.6 -243.3 -15.1
attributed by Vietnam Azalea Fund of Mekong Capital.
On 08/02, VI (Vietnam Investments) Fund I, L.P. – a fund related to Shares with biggest net selling value
IFC – made an agreement to purchase 5 million units of shares,
Other activities of foreign investors:
equivalent of 5% VNDirect’s capital, pricing VND 19,200/share. At
present, this share remains at VND 14,000/share.
 PSI sold 14.9% of their share to Nikko Cordial Securities – a
On net selling, VIC was recorded with the highest value of more
Japanese security company – at VND 15,000/share,
than 1 million units, equivalent of VND 105 bil. As VIC still remained
equivalent of approximately USD 6.9 mil. This price is 50%
upward trend in continuous months, foreign investors are trying to
higher than present market value of PSI – VND
protect their profits in the context of a gloomy market.
10,000/share
Besides, international bonds are still under the progress to convert
 CII planned to offer USD 15 mil convertible bonds to
into stocks. Convertible price is recorded at VND 60,000 – half of
Goldman Sachs after the USD 25 million offer before.
their present value.
 VOF fund of VinaCapital is going to sell all of their shares in
Beside VIC, other main stocks such as SSI, FPT, STB,
Ha Noi alcohol joint stock company – Halico (23.6%) which
HPG…which have been bought by foreign investors for more than
this fund is holding on behalf of Diageo Beverage Group –
one year – are now being sold despite the fall in their price
valuing USD 51.6 mil.
compared to the previous year.
 Mekong Enterprise Fund II, private equity investment fund of
BI Private Equity New Markets II K/S fund of Bank Invest sold more
Mekong Capital, announced their divestment from
than 1 million units of DVD shares at VND 20,000 and registered to
International commodity production joint stock company
sell another 1 million to reduce their holding amount to 1.6 million
(ICP) – X-men shampoo producer..
8 units.
 Economic – Financial Markets highlights in February

STOCK MARKET

Outstanding enterprise news in February

 In two months time, companies paid VND 5,249 bil
dividend
 It is impossible to collect the percentage of dividend in
cash received by investors/institutions which are used to
re – invest in stock market. However, this could be
considered as a potential source of money for market in
the forthcoming period.
 According to CafeF, in two first months of 2010, total
dividends paid to listed companies in cash are VND
5,249 bil. In which, CTG and EIB paid over VND 1,000 bil
in cash for dividend.
 The total dividend in cash enterprises registered to pay in
03/2011 reached VND 2,191 bil.
 Many enterprises continued to register paying dividends
to shareholders. Noticeably, VIC asked shareholders to
extract VND 2,300 bil from 2010 profit to pay dividend.
 Business results in 2010
 Profits of natural rubber enterprises: Thanks to industrial
growth as well as increase in importing value of rubber
industry in 2010, enterprises manufacturing, trading
natural rubber presented an over 50% growth compared
to 2009. In which, DPR, PHR remarked themselves with
a 80% profit growth.
 Profits of aquatic food enterprises in 2010: Strongly
diversifying. On being independent of feeding area and
business region, many enterprises gained positive
business results. On the contrary, many others
encountering difficulties in manufacturing materials,
trading barriers, capital made significant loss compared
to the same period last year. FMC had the highest profit
growth of 81.23%. BAS continued to make loss in 2010.
 VIC withdrew all of their 22.5 million shares of VIX,
equivalent of 75% capital, to focus on real estate business.
In the registry form, shares will be sold through agreement
and matching
 KLS: Ask for shareholders’ opinion to change its operation
structure. The new business structure will not include
brokerage and issuance guarantee. KLS is going to focus on
other fields such as real estate business, trade, electric…
through purchasing a big deal of shares in many enterprises
to regain control.
 DVD: Mrs Nguyen Thi Thanh Hue – wife of Mr Le Van Dung
– former Chairman of Board of Director and General Director
– has been selected to be Chairman of Board of Director and
temporary General Director of DVD since 23/03/2011
Before being the new Chairman, Mrs Hue is the Director of
Vien Dong Pharmaceutical joint stock company. She was
accepted by Board of Director to resign the current position
to be Chairman of Board of Director of DVD.
 SSI: Board of Director decided to convert each SSICB2010
bond at VND 35,639/share into one share at VND
10,000/share. This price is 47.3% higher compared to
market value at 01/03 of VND 24,200.

9
 Economic – Financial Markets highlights in February
REAL ESTATE
Market news
In February 2011, real estate market gained many
negative information, however, land price tends to
present artificial increase, HCM city is encountering
difficulties in approaching customers,… price of type A
office in HCM decreased by 10% compared to the end of
2010.
 Asia – Pacific office market increased by 1.5%,
meanwhile price of type A office in HCM decreased by
10%.
 Asian office market grew thanks to a strong recovery in
Chinese market such as Hong Kong, Beijing due to the
extension on demand of financial sector and extension
on business operation of multinational groups.
 Type A office price in HCM decreased due to pressure
of supply surplus.
 Real estate market encountering difficulties due to
exchange rate fluctuation
 In February, USD/VND increased by 9.3% which
manipulated expense for customers buying houses on
USD because of exchange rate difference.
 Besides, input expense of real estate projects will be
doubled, especially luxury projects for importing
advanced equipments.
 Ground land in Ha Noi of some projects presenting
artificial increase due to speculation
 Land price in new metropolitan areas under
construction on the suburban Ha Noi such as Kim
Chung Di Trach, Thanh Ha, Cienco 5, Ha Phong,… is
raising their prices by 15 – 20% after a few quiet
months.
 According to analyst’s review, this is merely a
speculating activity to level up prices while real trades
remained low. At present, offering price of land around
Kim Chung Di Trach project 10.5m street wide is about
2
VND 41 – 43 mil/m , Thanh Ha is offered at VND 39 –
2
41 mil/m 11.5m street wide, Cienco 5 – Hai Phong
2
fluctuates around VND 18 -20 mil/m depending on
position.
10
 Land price in Soc Son increasing sharply
 In 5 months nearby, land price of some regions in Soc Son
doubled. In detail, land price in districts such as Tan Dan,
2
Minh Phu, Nam Son stays around VND 3 -4 mil/m ; Minh
2
Tri, Thanh Xuan VND 4 – 4.5 mil/m ,… In Bai Thuong, Nam
Cuong regions, average housing land is about VND 5 – 6
2 2
mil/m , on 35 street is VND 25 mil/m , Thanh Xuan VND 6 –
2
7 mil/m in residential area and inner ward is about VND 10
2
mil/m .
 This upward trend in price is generated from the news of
moving universities to Soc Son such as Viet Nam Trade
Union university, Economics – Technical Industry
University, National Institute for Clinical research and
tropical medicine,… and the news of developing
transportation infrastructure such as trans Asian road
project, 35 street, T2 railway station,…
 Type A office Ha Noi 2011 - 2013 – Lack of central ones,
surplus of western ones
 In the period 2011 – 2013, there will be no new type A
2
office around Hoan Kiem area until 2013 with 30,000m
new office. Besides, at present, office area in central area
2
is about 5,000m . Average leasing price stays around USD
2
42/m /month + VAT. This is released by Nathan
Cumberlidge – Vice President of Office leasing service of
CBRE Viet Nam.
 Meanwhile, supply of type A office in western area is
significantly increasing after the emergence of many new
big projects such as Cham Vit tower of more than
2 2
53,000km , Keangnam Land Mark Tower of 160,000 km ,
2
and Crown Plaza of 16,000 m …
 Ho Chi Minh real estate market increasing eastern trading
 The bustling trading atmosphere on eastern side of Sai
Gon river has enlightened the gloomy real estate market in
HCM recently. This is due to a high participating number of
Ha Noi investors – 60%. At present, grounding land
outnumbered other kinds in trading. According to Dat Ngoc
trading floor, trading number increased by 200% compared
to quarter IV/2010, irrespective of a continuous rise in land
price.
 Economic – Financial Markets highlights in February

REAL ESTATE
Policy news

 Tightening real estate credit  Ha Noi proposing constructing 6 highways

 Following Resolution No 11/NQ-CP on 24/02/2011 on main  Axis Belt II: Buoi – Nga Tu So – Vinh Tuy;
solutions in refrain inflation, stabilize macro economy, SBV
 Axis Belt III: Nam Thang Long – Thanh Xuan – Phap
issued Instruction No 01 on detailed measures to reduce
Van
speed as well as proportion of outstanding loan in non –
manufacturing sector against 2010, especially real estate,  Axis Highway 32: Hoang Quoc Viet - Buoi;
stock; until 30/06/2011, outstanding loan proportion in non –  Axis Phu Do – Yen Hoa – Belt II;
manufacturing sector is 22% of total maximum outstanding
 Axis Ton That Tung – Belt III – Belt 3.5;
loan; until 31/12/2011, this proportion will be at maximum
value of 16%.  Axis Phap Van – Minh Khai.

 If credit institutions can not follow this progress, SBV will apply a  Ha Noi considering Hong river crossing tunnel
double compulsory reserve. construction

 Ministry of Construction submitting temporary apartment
posession
 In February, there were rumors about Ministry of
Construction’s proposal about temporary apartment
possession. However, according to Mr Nguyen Manh Ha –
Head of Housing and Real estate market managing
department – Ministry of Construction stated that there has
not been any official announcement on this matter. Also
according to him, we had better diversify types of apartment
 Projects being modified due to planning progress of Ha
possession in order to give more choices to people.
 Universities moving out of urban area
 12 educational institutions will leave centre Ha Noi including
Trade Union University, University of Economic and Technical
Industries, University of Law Ha Noi, Foreign trade university,
University of Odonto and Stomatology, Hanoi school of public
health, Ha Noi Open university, Ha Noi school of high
technology, Ha Noi School of Medicine.
 On 25/02/2011, Permanent Ha Noi People’s Committee
met and made a submission on constructing Hong river –
crossing tunnel in terms of BT proposed by VinGroup
joint stocks company and Truong An company (Ministry
of National Defense).
 The location is from the ending side of Tran Hung Dao
across Hong rivier to Tu Dinh, Long Bien, about 18 –
20m wide, 3km long (including residential way).
Noi
 The information above was given by Mr Nguyen Tuan
Dinh – Deputy Director of Department of Planning and
Architecture Ha Noi in an interview. A specific example is
a whole range of projects around Nhue river will be under
modification due to an enormous area required for green
belt.

 According to Minister of Ministry of Education and Training

Pham Vu Luan, there is only a limited budget for investing in
infrastructure of universities, which made an investment of
VND bils to purchase a new area for those universities
impossible. The given solution is to legalize price of urban
land to generate new capital. “At present we have received
many offers for investment in the form of BT (construction –
transfer)” – head of one university said.

 Until now, there has not been any university registering their
movement options with Ha Noi. The matter lies in the lack of
“arriving area”, not in the concern of dealing with “old place”.

11
 Economic – Financial Markets highlights in February

Appendix 1: Stock market overview on two first months 2011

1. Market review

By the end of 02/2011, despite a total

figure of listed companies of 779
(50% increase compared to the same
Market Scale HOSE HNX Upcom period in 2010), total capitalization
was recorded with a modest rise
Index 452.3 (-10%) 90.1 (-15.5%) 39.2 (-7.8%) (5%).
Total number listed companies 285 377 117
- New listed companies in the In two first months of 2011, there
latest 2 months 5 10 9 were 24 newly listed companies
(75% compared to 2010).

Capital (VND bil) 572,236 117,254 14,748 Basically, average P/E and P/B is
% Foreign ownership 15.5% 16.6% 3.1% 10.9 and 1.82 respectively.
Regardless of effects from BVH,
P/E 11.3 9.8 _
MSN, VIC, average P/E and P/B will
P/B 2.0 1.1 _ remain at 9.38 and 1.47.
(*) Data updated to 28/2/2011, in condition of lacking Q4 financial report of BVH

Dividend paid in cash reached VND 5,258 bil

(25% higher than total amount of capital
Money and Stock bids, orders in the first 2 months mobilized through additional issuance). In
2011 which, 2 banks (CTG and EIB) paid more than
Cash dividend (VND bil) 5,258 VND 3,300 bil dividend.
Cash received from capital raising issue (VND bil) 4,191 In accordance with an additional 200 million of
Cash received from auction, IPO in stock exchanges newly offered shares, the amount of shares
(VND bil) 21 issued for capital rising was recorded at VND
737 mil which made total share supply in two
Stocks increase by issue 737,885,202
first months of the year hit 1 bil shares.
Stocks increase by auction 2,142,400

Monthy
Unused
Sector change (+/- P/E P/B Capitalisation Compared to January, capitalization rate in
room
%) terms of business sector significantly
Technology -12.7% 8.7 1.5 57.4% 2.5% decreased. The most noticeable fall was
Industry -13.5% 8.7 0.7 82.8% 10.7% found in Fundamental Equipment (-20.1),
Petro -2.7% 8.6 1.8 39.8% 2.6% Industry (-13.5), Technology (-12.7)…
Public service -4.9% 12.7 1.0 76.2% 2.0% Despite a great deal of companies
Consumption
represented a decrease, Service and
service 2.9% 12.8 1.7 82.1% 2.5%
Consumption sector still made a rise by
Consumption
2%. This is explained by a 20% rise of VPL
goods -6.2% 9.5 2.4 59.2% 15.9%
(the company with biggest capitalization in
Finance -8.5% 13.6 2.1 49.7% 54.1%
this sector).
Fundamental
equipment -20.1% 7.8 1.8 65.9% 8.4% Financial sector with banking, finance, real
Healthcare -5.2% 7.4 1.5 47.0% 1.1% estate institutions remained the highest
proportion, 54% of total market
capitalization.

12
 Economic – Financial Markets highlights in February

2. Increase, decrease in stock price and trading scale of foreign investors

HOSE
Monthly Monthly In February, Vinpearl (VPL) and Vincom (VIC) showed the
average average most significant increase by 19.9% and 8.9% respectively.
Symbol % rise Symbol % fall
trading trading Vietinbank (CTG) also remained a high growth rate of
amount amount 13.2%, average trading amount reached approximately 1
VPL 19.9% 32,722 SBS -32.4% 208,591 million share/session.
VIC 18.9% 265,654 DVD -29.7% 115,908
KAC 15.4% 23,445 SRC -25.3% 117,763 On HNX, Container Hung Dao (HDO) rose the most rapidly
CTG 13.2% 971,416 DRH -24.8% 124,798 by 40% and also remained the highest liquidity in Top 10
FDC 10.1% 103,394 NVT -23.3% 631,438 symbols with strongest increase.
IFS 9.0% 46,443 VES -23.1% 30,978 Penny stocks and stocks of company with unfavorable
NSC 8.8% 3,129 BBC -23.0% 58,389 business result in quarter 4/2010 are two groups with
TDC 7.5% 363,163 DCC -22.5% 1,037 significant decrease. For example, SCR ( net loss of VND
BT6 7.2% 7,257 DIG -22.4% 124,243 7,4bil in quarter 4) fell by 27.6%, NVT (net loss of VND 12bil
DVP 6.6% 7,892 KSA -22.2% 259,534 in quarter 4) decreased by 23.3%.

Despite a positive business result in quarter 4, many stocks

such as DIG (VND 500 bil profit in 2010), BBC (VND 26 bil
HNX profit in quarter 4), KSA ( VND 61 bil profit in 2010)
Monthly Monthly remained their position in top strongest decrease this month
average average because of their over increase exceeding real value in the
Symbol % rise Symbol % fall previous period.
trading trading
amount amount
HDO 39.8% 115,656 NGC -36.3% 813
SDC 26.6% 38 MCL -33.6% 29,494
DNC 21.5% 106 KHB -30.9% 26,350
MCO 20.4% 1,500 SSS -30.1% 19,013
VIX 18.5% 31,931 SHC -28.4% 10,775
LUT 17.4% 31,169 VFR -28.1% 44,719
YSC 17.1% 69 TH1 -27.9% 10,019
TDN 14.4% 60,869 SCR -27.6% 256,169
SJ1 14.3% 969 TAG -26.8% 550
CAP 14.0% 4,206 V15 -25.9% 17,556

Net trading value of foreign investors on HoSE and HNX in these two first months reached VND 2,682 bil, a 69% increase compared to
2010 but a 40% decrease compared to the two previous months.

Following the downward trend after Tet Holiday, foreign investors made a net selling in 8/11 next sessions. CTG, VCB, PVD, ITC
remained the biggest net buying stocks while the most significant net selling was seen with VIC, SSI, FPT, STB.

13
 Economic – Financial Markets highlights in February

3. Business results statistics of listed companies on HOSE and HNX

A. Companies with exceptional profit in 2010 compared to 2009
% target
PAT 2009 PAT 2010 Profit growth Capitalisation Cap EPS
Symbol Floor achieved
(VND bil) (VND bil) (YoY) (VND bil) Order 2010
Profit2010
SRA HNX 0.01 2.76 26862% 22 616 1.57 N/A
KTB HOSE 2.45 198.10 7971% 608 130 7.39 N/A
THV HNX 0.68 36.82 5321% 418 173 0.67 N/A
BHC HNX 0.19 7.51 3800% 42 572 1.67 107%
KTT HNX 0.16 5.87 3594% 29 600 2.35 84%
VCG HNX 5.82 202.94 3386% 1.920 49 0.81 127%
PSI HNX 2.45 64.93 2550% 550 142 1.33 N/A
OGC HOSE 32.93 587.64 1684% 5.075 21 2.35 N/A
TCR HOSE 4.15 64.93 1464% 331 209 1.65 186%
AGC HNX 1.34 19.14 1330% 99 430 2.31 298%
PTL HOSE 12.76 180.44 1314% 1.050 85 1.80 162%
DQC HOSE 4.17 45.44 989% 610 129 1.89 101%
CTA HNX 0.97 10.21 954% 88 449 1.28 96%
VHG HOSE 1.98 20.42 929% 300 225 0.82 150%
SBA HOSE 3.92 40.10 924% 340 200 0.89 201%
DTA HOSE 2.50 25.44 919% 109 416 2.54 N/A
KSA HOSE 6.42 61.54 859% 409 179 4.78 N/A
OCH HNX 8.01 76.60 856% 1.760 57 0.77 N/A
SCR HNX 53.03 495.80 835% 2.050 47 4.96 102%
API HNX 6.10 54.19 788% 261 248 2.05 N/A
S96 HNX 5.76 45.18 684% 252 256 5.01 100%

B. Companies with net losses in 2 years

% target
PAT 2009 PAT 2010 Profit growth Capitalisation Cap EPS
Symbol Floor achieved
(VND bil) (VND bil) (YoY) (VND bil) Order 2010
Profit 2010
FBT HOSE -87.07 -46.87 N/A 86 454 N/A N/A
VKP HOSE -50.27 -35.68 N/A 34 587 N/A N/A
VTA HNX -34.56 -38.91 N/A 200 295 N/A N/A
MHC HOSE -32.61 -43.82 N/A 81 466 N/A N/A
BAS HOSE -3.73 -11.98 N/A 47 558 N/A N/A

C. Companies gaining profits after losses in 2009

Cap % target
PAT 2009 PAT 2010 Profit growth Cap EPS
Symbol Flooe (VND achieved
(VND bil) (VND bil) (YoY) order 2010
bil) Profit 2010
SRB HNX -1.06 3.03 N/A 64 503 0.52 74%
ILC HNX -3.20 5.06 N/A 53 540 1.25 84%
ANV HOSE -127.71 74.88 N/A 827 100 1.14 83%
SD8 HNX -8.38 1.97 N/A 27 605 0.70 65%
PTM HNX -1.59 0.06 N/A 17 629 0.04 3%
PDC HNX -59.75 1.90 N/A 126 389 0.13 373%
14 VSP HNX -359.60 1.53 N/A 1,101 81 0.04 1%
 Economic – Financial Markets highlights in February

APPENDIX 2: Updates on Outstanding real estate projects

No Project Investor Total capital Area Location Progress Description

1 Bemes Cau Private Cau Buou, Thanh Residential area Bemes Cau Buou include 3 buildings: CT6A,
Buou construction firm Tri, Ha Noi CT6B, CT6C with 1400 apartments, locating by street 70,
1 Lai Chau opposite with new residential area Cau Buou, Thanh Tri, Ha
Noi

2 Cleve Van Inpyung Viet Nam USD 421.5 7,63 ha New metropolitan Foundation and basement The project scale is 7.63ha with 7 slots for 15 high buildings,
2 2
Phu company mil area Van Phu, Ha under construction total ground area of 1,045,562 m including 914,440 m for
2
Dong commercial area, 131,123 m basement floor.

3 Hang Xanh Thuduc House VND 42,2bil 219 - 221 Xo Viet The building is 8 floor high (1 ground floor, 7 office floors and 2
2
commercial and Satraseco Nghe Tinh, ward 17, basement floors), total ground area 4,427.14 m (including 2
office Bình Thạnh street, basement floors) not accounting for middle floors, is for use,
HCM city leasing office, commercial service center and other services.

4 Phuoc Thang BR-VT Housing VND 4,424 123,8 ha Song Dinh, Vung Newly certificated The project includes 756 villas and 723 houses. High
metropolitan development bil Tau apartment block is composed of 8 buildings from 18 – 36
area joinst stock floors, resettling includes 3 buildings from 5 – 9 floors. Hotels
company in combination with apartment include 01 block of 21-36 floors.

2
5 49 ha Hodeco VND 1.287 49 ha Vung Tau Received investment Including 490 adjacent apartments with an area of 51,702 m ,
2
metropolitan bil certificate ground area of 154,000 m ; 433 apartments, land area of
2 2
area – Vung 128,010m , ground area 100,000 m and about 1,200
Tau condominiums, hotels, etc.

2 Including 3 blocks with 850 apartments. Slot 01 and 1a are 33

6 Hodeco Sea Hodeco VND 1.148 47.471m Ward 10, Vung Tau Received investment
floor high; slot 02 is 36 floor high. C1 and C2 hotel block are 21
Villade bil city certificate
floor high with 300 rooms.
2
7 High Agrexim joint VND 1.495 17.377m No 505 Minh Khai Preparing legal investment
apartment stock company bil street, Hn procedures
block 505
15
 Economic – Financial Markets highlights in February
Minh Khai

8 Nam Hoang Lang Son VND 500 bil 57ha Border gate Dong Technical infrastructure There are 1,400 adjacent land slots with area ranging from 85
2 2
Dong I manufacturing Dang – Lang Son under construction m to 110m and more than 100 villa slots with area from 250
2 2
and commercial m to 350 m .
joint stock
company

2
9 City Horse Real estate 11 VND 667.76 17.476m District 2, HCM city Fulfilled compensation and Including 762 apartments, blocks with 17 floors. Total business
2
district 2 joint stock bil submission for land use fee ground area is 60,543 m .
company

2
10 7A Thoai Real estate 11 VND 219 bil 3202m 7A Thoai Ngoc Hau, Estimated commencement The project is 20 floor high with 216 apartments
Ngoc Dau joint stock Hoa Thanh ward, on 6/2011
Highway company Tan Phu district,
HCM city

2
11 HUD3 - Hanel HUD3 and Hanel VND 540 bil 2.700m Nguyen Duc Canh Estimated commencement The project includes 21 normal floors, 1 basement floor with a
2
building street , Hoang Mai, on quarter 2/2011 total area of 58,000 m .
Ha Noi

12 Residential Viet Han VND 700 bil 17ha Long Hai town, Received investment
area Viet Han Phuoc Hung, Long certificate
5 Dien, Ba Ria Vung
Tau

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 or losses of investors when using information in this report.

16