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Briefing
Global economy
U.S economy will strongly rebound in 2012 EU temporarily settled down debt crisis China is facing a crisis? Cashflow into commodities reached 5 month highest Gold holdings by funds hit record

Domestic economy
CPI 02/2012 rose by 1.37% against last month Commercial banks are categorized into 4 groups

The State Bank of Vietnam regulated credit growth for each group

Economic-Financial Report, 02/2012

The gap between international and domestic gold price narrowed Gas rose the 4th time in this year to VND 472,000 /12kg bottle,
- highest ever

Gasoline faced the pressure of price increase

Stock market
Investors turned positive towards stock market,
liquidity strongly improved

Liquidity on HNX rose by 150% against Jan

Compiled by Editorial and Data analysis Department, CafeF

Banking shares caught favor, especially HBB, STB, EIB Foreign cashflow poured into banking sector,
net buying reached 1 year higherst

Address: Tel: Fax: Email:

18th floor, VTCOnline building, 18 Tam Trinh, Hanoi 04 3974 3410 - Ext: 295 04 3974 4082 info@cafef.vn

Trading time is extended from 03/05 VFM set up open fund for investing into VN30 Enterprises showed 3 year losses, minus equity

Real estate
Nam An Khanh urban area was allowed to continue Hanoi is going to construct 9 international commercial centers Vietnam retail market fell from no 1 to no 23 Proposal for the set up of Vietnam Construction Bank

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Stock market data Outstanding real estate projects Top 100 richest on Vietnam stock market

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EconomicFinancial report 02/2012

GLOBAL ECONOMY
U.S economy to make movements in 2012 According to NABE (National Association for Business Economics), economists improved their forecast upon works, new house sale and enterprises ratios: GDP growth is predicted at 2.4%, higher than 1.6% as previously stated in 2011. Unemployment rate 2012 stays around 8.3% - better than 8.9% predicted in 11/2011. In 2013. employment growth will considerably climb which will push unemployment rate to 7.8%. Enterprises investment in 2012 is predicted with a strong growth, possibly to 8.1% and remain at 7.3% in 2013. Industrial manufacturing is expected at 3.5% in 2012 and 3.3% in 2013. The temporary solution to European debt crisis Significant cashflows into frontier markets To the end of 02/2012, German, Finland, Netherlands and others in Eurozone officially agreed upon a second bail-out of euro 130 bil (USD 170 bil) for Greece as S&P downgraded credit rating of this country from CC to D - selective bankruptcy after the agreement of biggest restructure of national debts ever. European Commission warned about an Eurozone crisis at the beginning of 2012 on a 0.3% growth. GDP of 27 countries are predicted to make no movement in 2012. China facing a crisis? World Bank (WB) and Development Research centre (DRC) of China seriously warned about a crisis if they keep nurturing state owned groups. Analysts from WB and DRC gave their warnings: in the following years, GDP of China will remarkably fall, the whole economy will get trapped on medium income situation, bankingfinance will drown themselves into crisis. Among main stock indexes, 9 with slowest growth are of frontier markets where average capitalization value only reaches USD 30 bil, 95% lower than emerging ones. While MSCI rose by 11% in 2012, the main index of Bangladesh stock market, Sri Lanka fell by at leat 8% due to obligatory increase in basic interest rate. Stock markets showed downward signs due to concerns on growth of small economies, which already stay lower than bigscaled emerging markets in 3 recent years will not prove themselves in 2012. MSCI of 25 frontier markets rose by 2.8% in 2012, 13 percentage point lower than emerging markets index. The sole solution is a wide and deep economic reform. As predicted by U.S analysts, after a long period of exponential growth, GDP of China will remain at only 6.8% in 2012 and slightly climb downwards to 6.6% in 2013-2016. WB expertise gave advice on a range of policy aiming at economic freedom including changing big state owned groups, firms into commercial ones. For real estate market. there have been easing methods. To the end of 02/2012, among 70 big citiesl, local authorities at Shanghai, Wuhu, Anhui announced initial supporting programs for residents in purchasing the second house. Simultaneously, monetary easing programs are still in progress with the very first movement announced at the end of 11/2011 after 3 years.

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Economic-Financial report 02/2012

Changes of main global indexes in 02/2012 (source: FT) Changes in price of main items in 2 months (source: CafeF)

Supply concerns overwhelmed Due to accelerating intensity between Iran and the West on nuclear matters. gasoline remained popular issue in Feb. On 02/20, Iran immediately stops selling to Britain and France in revenge of EUs sanctions from 07/01. There goes warnings for a shortage of 3 mil barrels/day worldwide without Iran supply . Main rubber producers in South East Asia entered its dry season; droughts in south America countries with corn, wheat and bean while Brazil started its cane pressing period at later days against other years due to unfavorable weather raised market concerns, pushing rubber, cereals and crude cane price to 5 month highest. Money into commodities hit 5 month high Speculators and funds made 5 month highest investment into commodities. Main items include precious metals, oil, soybean, corn and wheat . Data by EPFR Globala channel specializing in fund activitiesin 2 final weeks of Feb, USD 1.4 bil was poured into commodity funds, in which USD 800 mil is into gold and precious metals. Gold holdings of funds hit record On a belief that gold will hit record this year due to monetary easing programs and accelerating gasoline price pushing inflation, funds incessantly purchased over 32 tons of gold in Feb, raising their holding to 2,407.17 tons highest ever.

Changes of main currencies against USD in 02/2012 (Source: FT)

GLOBAL MARKET

Commodities are considered to bring back highest benefits Average commodity price rose by 6.5% in Feb while stocks only marked a 4.8% rise, bond interest almost unchanged. USD index fell by 0.6%. For the first time since 07/2011, commodities exceeded other investment assets. With a 9.2% increase in two months and also highest in 10 months, commodities are presenting the best year beginning performance since 2008 on Feds commitment to maintain interest rate at near 0% to the end of 2014. Chinese central bank decreasing its obligatory reserve and approval of second bail out package for Greece.

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Economic-Financial report 02/2012

Specialists opinions According to analysts at Barclays Capital, investment towards commodities will probably rise by USD 40 bil or 10% this year. Oil, gold and copper will remain the most favorable items. According to Rabobank, tin, platinum, bean, coffee and cocoa consumption will exceed real demand, which means price will be strongly supported. As stated by HSBC, a decrease in gold price at the of of Feb and beginning of Mar only remained temporary. After that, market will recover and conquer the level of USD 1,800/oz.

CPI in February rose by 1.37% Food Houses and construction materials Food and related services Food (for storage) Others remained at lower than 1% or fell. CPI in 02/2012 rose by 2.38% against 12/2011 and 16.44% against prior year. Average price in 2 months increased by 16.85% over 2011. +2.73% +2.47% +2.11% -0.41%

DOMESTIC MARKET

Source: General Statistics Office Industrial consumption strongly fell Consumption indexes of processing, creating sector in 01/2012 considerably fell, remained at 76% of 12/2011 and 83% of 2011 due to a long Tet holiday accelerating inflation. Cables and insulated cables Wardrobes, chairs Concrete Steel Non-alcoholic drinks Footwear Wears (except for leather) Aquatic products -39.3% -38.8% -37.8% -34.0% -30.4% -21.7% -14.8% -10.4%

Basic macro indexes in 02/2012 against the same period

Industrial manufacturing rose by 10% Industrial manufacturing index in Feb rose by 10% over last month and 22.1% over 2011 which made a 3.9% rise in total: Electricity. gas. water Coal mining Processing +11.7% +5.0% +2.4%

Inventory at the end of Jan increased Inventory index at 02/01/2012 of processing sector rose by 17.4% over last year.

Processing is still facing troubles, leading to a lower growth in 2 months compared to 18.2% in 2011.

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Economic-Financial report 02/2012

DOMESTIC MARKET
State Budget investment in 2 month hit 11.5% whole year plan State Budget investment in Feb is estimated at VND 11.335 bil including: central capital VND 2,955 bil; local source VND 8,380 bil, In general, 2 month figure hit VND 22,030 bil 11.5% whole year plan. Manufacturing accounted for 2/3 FDI inflow FDI to 02/20/2012 reached USD 1,230.9mil, equal to 45.5% of prior year. Realized FDI in 2 months is about USD 1bil, a 9.1% fall against 2011. Manufacturing, processing took for USD 994.3mil. Hai Phong showed highest registered amount at USD 605.2mil66.4% total newly registered sources. State Budget changes took below 12% planned figure Gain from State Budget to 02/15/2012 hit an estimated VND 86.8 thousand bil-11.7% year plan, in which, domestic gain stood for VND 59.2 thousand bil-12%; gain from crude oil VND 11.3 thousand bil12.9%. Spending to 02/15/2012 was estimated at VND 100.7 thousand bil-11% year plan, in which, development spending VND 18.4 thousand bil-10.2%; economic-social development -military-governance VND 66.5 thousand bil-11.1%; loan repayment and sponsor VND 15.8 thousand bil-15.8%. Tourists to Vietnam rose by 27.1% International tourists to Viet Nam in 2 months hit an estimated 1,311,800a 27.1% rise against prior year. Retail and consumption service revenue rose by 22% Total retail and consumption service revenue in 2 months are estimated at VND 380,300bil22% higher than last year and 44% higher on excluding price factor. In which:

Commercial trading hit VND 297,900bil 78.3% total figure and a 20.6% rise. Restaurants and hotels reached VND 42,800bil 11.3% and a 25.6% rise. Service hit VND 35,900bil9.4% and a 31.7% rise Tourism hit VND 3,700bil 1% and a 17.1% rise. 2 month net export hit USD 628mil Export turnover in Feb is estimated at USD 8.2bil, a 15.6% rise against prior month and 66.3% against prior year, 2 month figure hit USD 15.3bil 24.8% higher than 2011. This rise was mainly contributed by Garment and textile USD 2.2bil a 25.4% increase; footwear USD 1bil-21% rise; electronic computers and equipments USD 856mil-62% higher; aquatic food USD 783mil15.6% increase. Others fell against 2011: Crude oil hit USD 1bil-1% lower; coffee UD 591mil-17.4%; Rubber USD 506mil-6.1%; Rice USD 297mil-3%; Steel USD 201mil-23.6%. Import turnover hit an estimated USD 9bila 30% rise against last month and 47% against prior year. 2 month figure hit USD 15.9bil11.8% higher than prior year. Many showed increase such as Machinery and equipments hit USD 2.3bil a 4.2% increase; Electronic, computers and components USD 1.7bil101.4% higher; Steel USD 960mil-16.6% higher. This was mainly because of increase in average volume and value of main items. 2 month net import is estimated at USD 628mil 4.1% total export turnover.

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Economic-Financial report 02/2012 FINANCEBANKING

Mobilization According to Hanoi General Statistic office , total mobilized figure hit an estimated VND 776,722bil. a 1.03% rise against last month and equal to 93.85% of 12/2011. In Ho Chi Minh city, the number was estimated at VND 776,722bil, a 1.03% rise against last month and equal to 93.85% of 12/2011. Mobilized figures of commercial banks took 57.8% total, a 11.9% increase against the same period. Credit growth In Ho Chi Minh city, oustanding loan at the end of Feb hit VND 755,600bil, rising by 0.7% against prior month, 2.6% against same period and 02.% against the end of 2011. In Hanoi, total outstanding loan balance stayed at VND 581,599bil, rising by 1.04% against prior month, equal to 99.23% of 12/2011, in which short term outstanding number increased by 1% and remained equal to 96.16%; medium and long term rose by 1.1% and stayed equal to 4.17%. OMO To the end of 02/28, SBV absorbed a net VND 111,365bil with terms at 7 and 14 days and interest rate at 14%/year. Interbank market Interbank trading was mainly at below 1 month term on incessantly dropping interest rates. Highest rate in Feb did not exceed 15%/year. At month end session, rate fell to below 11%/year 10.53%. This was due to an improvement in banks liquidity and unwillingness of big banks on lending to smaller entities or requirement of collaterals. Positive rate movements will pose a good base for market Is rate decrease shortly afterwards.

Bond market According to statistics by Ha Noi stock exchange, mobilized bonds in terms of bids at HNX reached VND 35,380bil 85.95% offer value, a 141% rise against 2011. Besides, winning rate dropped in almost terms. At month end session, winning rate for 3 year bonds fell to 11.3% compared to 1.9% at beginning of the month, 5 year rate also stayed at 11.35%/year lowest in both terms since 03/2011. USD exchange underwent its most stable period Interbank average exchange rate was maintained at VND 20,828/USD unchanged against the end of 12/2011 longest within 1 year. Ask price of USD of commercial banks remained stable, mainly at below ceiling level (VND 21,036) of around 60 dong and bid price at VND 20,800. This is due to a surplus supply and a weakening demand. SBV purchased USD at higher level than commercial banks by VND 40/USD, which is regarded as intentions to purchase foreign currencies in order to diversify national reserves.

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Economic-Financial report 02/2012

The gap towards global level was almost cancelled Despite strong fluctuations seen with global price. domestic level stayed around VND 45mil/oz. In general, it fell only VND 20 thousand in Feb. Thanks to this seemingly opposite movement, the gap between domestic and global price was narrowed from VND 1.2 1.4mil/oz at the start of month to VND 200-300 thousand/oz at the end of month, which is considered reasonable by SBV governor. However, people showed little attractions, which can been seen through a considerable fall in market trading. selling figures of big firms from 30-40%.

Outstanding news in Feb is that Eximbank announced its holding of 51% at Sacombank and asked for a re-vote of Sacombanks managing board. Banks announced their credit limit in 2012, mainly commercial banks in group I and II with 17% and 15% respectively. As instructed by SBV, leading banks with good structure and asset quality released credit supporting packages towards priority customers with lowest rate 13.5% of Vietinbank.
DOMESTIC COMMODITY MARKET

Food price set new levels After Tet holidays, commodity price, especially food and related services strongly climbed upwards. Despite decreases seen in middle of Feb, price still remarked a new level against before Tet. This increase was due to push by small merchants and restaurants, supply in fact showed no scarcity, even meat and vegetable price at farms strongly reduced. Gas price hit record

Gold price in 02/2012 (source: SJC)

After 2 increases in Jan totaling VND 32,000/12 kg bottle, retail level rose by VND 42,000/bottle in Feb (right after Tet) to VND 420-435,000/bottle. On 02/29, price kept accelerating the fourth time by VND 52,000 to 472-487 thousand/bottle, validated from 03/01 highest ever. On an exceptionally high gas price and to ensure inflation target, on 03/02. MoF decreased gas import tax from 5% to 0%. Afterwards, there was a drop by VND 16,000/12 kg bottle. This increase was due to a dramatic global rise. Domestic consumption surges seen with revenue of big firms falling by 30-40%. People change to other options such as coal, electricity, wood

Noticeable news This Feb, SBV issued Direction 01 on execution of monetary policies and assurance of effective and safe banking operations in 2012. This direction clearly divided banking group into 4 smaller ones in order to manage credit growth. Credit institutions are required to focus their lending operations on priority sections such as agriculture, export and restrict lending at unfavorable sectors at 16% in the whole 2012. According to SBV, there will be about 10 banks under merging and acquisition, SBV has well prepared for these activities in the following time. Despite there is incentives for voluntary, SBV will force weak banks if necessary.

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Economic-Financial report 02/2012

Gasoline faced pressure of price increase Due to incessant global increaseas, which marked 11% higher at the end of Feb against the most recent modified date on 08/26/2011, enterprises claimed their losses of VND 2,000 2,500/liter. On 02/21, MoF decreased oil import tax from 4% to 0%, mazut and diesel import tax from 5% to 3%. Despite this, enterprises still complained their losses at VND 1,000/liter while agencies had its commissions cut down. Resourcing firms said that, on an incessantly global rise, there may be an increase approved at the beginning of Mar. Farmers faced hardship on a falling price Cassava, onion, cane, cashew and dry coconut continuously downward (at average 20-50%) revealed hardships towards peasants. Rice also fell neatly to VND 5,000/kg against VND 6,000 previously. Pork in Cuu Long river delta hit 1 year lowest at VND 48,000 50,000/kg; eggs fell to below VND 2,000 which made peasants heavily suffer . In contrast, coffee, rubber, pepper strongly rose thanks to global demand. Agricultural, aquatic product export entered difficulties Rice export entered a hard phase due to falling demand, especially low quality rice export almost froze. Rubber export into China strongly reduced due to local authorities pushing into main methods. However, price made an impressive climb to 4 month highest in line with global changes. Scarcity on input materials as well as disagreements towards illegal elements used (e.g EnroFloxacin in shrimps) filled aquatic enterprises with difficulties. Since Mar, there will be many countries coming to Vietnam for quality revision such as Korea, US, EU.

STOCK MARKET
This Feb, there were 13 sessions seen with increase and 8 in opposite trend. VN-Index closed at 423.6; 9.2% higher than prior month; HNX-Index reached 68.7; 13.4% higher. Market flourished thanks to official operation of VN30 from 02/06, 5 stocks with highest proportions include STB, EIB, VIC, MSN, VNM, VN30 basket accounted for 60% market volume and these components were strongly bought. Trading volume significantly rose on both floors. HOSE reached an average of 55.84mil units/session, 60% higher than prior month, about VND 845bil/ session, 54% higher than Jan. Specifically, 2 final sessions (28 and 29), matching value exceeded VND 1,000bil with total trading volume of over 84mil units on 02/28 and trading value of VND 2,200bil on 02/29. On HNX, a sudden rise in trading volume was mainly due to a giant amount of Habubank (HBB). Averagely, trading volume reached 55.84mil units/session VND 455.5bil (152.43% and 154.68% higher than prior month in terms of trading volume and value). Especially, the session on 02/28 witnessed an outbreak ever of trading volume with 135.74mil units.

Bank stocks dominated Average trading volume of Habubank reached 8mil units/session. In general, the figure in Feb hit 167.96 mil units over 14% total on HNX. Significantly impacted by merging and acquisition, banking stocks considerably increased. On deleting its date of finalizing rights in 02/21 to attend shareholders meeting. Sacombank left an open question to the story of Eximbank-Sacombank. Since when, STB witnessed 4 sessions with maximum increase. SEC requested Sacombank and Eximbanks Chairman for an explaination. Before that, Eximbank sent a letter inquiring the re-selection of Managing board and announced its authorization of 51% voting rights.

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Economic-Financial report 02/2012

STOCK MARKET
Code ACB CTG EIB STB VCB HBB NVB MBB Price at 01/29 23.2 24.2 17.9 22.5 27.2 5.7 8.0 14.3 Price at 01/31 21.2 23.0 14.8 19.0 23.4 4.8 8.0 11.3 Change 9.4% 5.2% 20.9% 18.4% 16.2% 18.8% 0.0% 26.5% ATV 10 session (mil units) 1.04 0.82 3.54 2.43 0.88 14.52 0.05 6.44

Trading time on HOSE from 03/05 is as follow: Stock and fund certificates Morning Off Continuous matching II Afternoon Closing periodic matching Put through Opening periodic matching Continuous matching I Put through 9h00'-9h15' 9h15'-11h30' 9h00'-11h30' 11h3013h00 13h00'13h45' 14h45'14h00' 13h00'14h15'

Banking stocks showed a noticeable rise, strongest can be seen with MBB (26.5%), EIB (21%), STB and HBB (over 18%), only NVS stood still. Despite this trend, securities stocks only accelerated at the end of Feb. Prime Minister approved of the strategy for stock market Prime Minister signed Direction 08 on accelerating and improvising stock market control. Also, Prime Minister inquired MoF to conduct 12 points including merging 2 stock exchanges (planned in 2013), restructuring bond market, dissolution, merging weak securities companies... Besides, Prime Minister also approved of The development strategy for Viet Nam stock market 20112020 with total capitalization in 2012 of 70% GDP, which is currently 25% GDP. Extending trading time since 03/05 State Securities Commission of Vietnam approved changing trading time on two exchanges in 3 month experimental since 03/05. Accordingly, trading time will start from 9 a.m. HOSE ends matching at 14h. At present, 100% securities companies are ready for this change. During the interval between two periods of a day, investors are not to cancel their orders. Replacing T+1 for big slots with T+3.

On HNX, trading is continuous in 9h-11h30 a.m and 13h-14h15. Bonds Morning Off Afternoon Put through 9h00-11h30' 11h30-13h00' Put through Close 13h00'-14h15' 14h15'

Investors turned positive towards stock market Funds, securities markets, analysts turned out more positive towards stock market. Head of Investment Advisory Department of VNDIRECT stated that: there are still chances for long waves. Head of Analysis Department stated that: modification exposed a change for purchase. HSBC predicted that interest would fall at the end of quarter 1, market would stably recover in quarter II and III/2012. On answering CNBC, CEO of AIM fund said that: stock market is in its lowest valuation in ASEAN, besides, investment into construction, real estate, banking could bring back super profit of 400-500% in 36 months. According to CEO ManulifeAM, VN-Index can reach above 516 in 2012. Citigroup advised upon a long term vision towards economic development of Vietnam.

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Economic-Financial report 02/2012

STOCK MARKET

Open fund set up for investment into VN30 Vietnam Fund management (VFM) announced their submit of registration for open fund VFMVN30 specializing in elements of VN30 with initial capital of VND 50bil. Securities companies 16 companies reported loss of VND 2,200bil in 2011, only SME has not yet announced its business result. BVS, HPC and SVS recorded 2 consecutive year of losses. Experts comment According to Dr Vo Tri Thanh, deposits of residents in banking system are about USD 50-60bil, Mar-Apr will turn to economic bottom, expert investors will be able to catch this trend before 3 months, USD 1bil poured into market will turn into a huge amount. According to HSC, on a decrease by 1% of interest, listed firms will save VND 3,000bil. According to Minister Vuong Dinh Hue, bond interest at the end of Feb fell to below 11%/year, inflation hit 2.68% which bore a good time for interest decrease. Cashflow into banking reached 1 year highest sector, net buying

Also, CTG and STB remarked VND 70bil. However, on 03/01, foreign investors made a net selling of 21mil units of STB - VND 485bil. At present, foreign holding rate of MBB is 3.94%, of STB is 12.4%; no room left for ACB and EIB. Last month, ANZ transferred 103mil shares of STB for Eximbank. Others with net buying include MSN (VND 184bil), HPG (VND 95bil), ITA (74bil), JVC,PVD,... On net selling, there are only a few of over VND 10bil: PVS (36.3bil), TRC (VND 18bil)... This Feb, there are 2 private offers, mainly to Japanese investors including: Kinh Do (KDC) issued 14mil shares to Ezaki Glico, Japan-Vietnam medical equipments (JVC) issued 8mil shares to DI Asian Industrial Fund. Also, DI Asian Industrial Fund purchased 2mil shares from Chairman of JVC, raising its holding to 10mil shares - 3% chartered capital of JVC.
LISTED ORGANIZATIONS NEWS

Thousand bil profits of 15 could not fight against market profit falls In 2011, due to hardships such as high interest, increasing labor wages, high inventory many enterprises expressed heavy losses of thousand bil, pushing market total profit downward to VND 53,000bil - 13.63% lower than 2010. On the opposite, many proved themselves with considerable growth and high profit over VND thousand bil including: CTG, VCB, VNM, ACB, DPM, EIB, MBB, STB, MSN, FPT, PVS, BVH, HPG, HAG, PVD According to financial statements, 15 enterprises reported EPS (earning per share) of over VND 10,000/share including HGM, DPR, TRC, TCT, AGD, BMC, NNC, KTS, KSB, HHS, PHR, ACL, CNG, D11, VSC.

In Jan, foreign investors made a net selling of VND 2,057bil on HOSE - 28 month record, which was due to STB and VIC with net selling of VND 1,786bil and 757bil respectively. In Feb, foreign investors strongly disbursed on an upward market. For matching transactions on HOSE, foreign investors purchased 116mil but sold only 46mil units. In general, there was a net selling of VND 1,527bil on HOSE and 135bil on HNX-remarking the first net buying of over VND 1,000bil since 01/2011. Foreign cashflow strongly drove into banking shares, specifically MBB (15.2mil units - VND209bil) and VCB (7.5mil units - VND 198bil).

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Economic-Financial report 02/2012 LISTED ORGANIZATIONS NEWS

REAL ESTATE
Real estate market showed little sign of improvement. Ground land in Hanoi attracted little trading. After several apartments projects offered at average price at the middle of Jan and received positive signs, there are only a few trading for low and middle income apartments, luxury sector almost froze. Market news Nam Khanh project is allowed to continue: Prime Minister Nguyen Tan Dung held a meeting instructing on revision for the process of following regulated laws in utilizing capital and assets at Song Da Group. Hanoi people of Committee revised planning and instructed related parties to conduct as planned. Rental fee in Hanoi is one of the most expensive in Asia: According to the list Cities with the most expensive rental fee for 3 bedroom apartments in Asia in 2011 of ECA International, Hanoi keeps the 13 position in Asia and 53 in global. Ho Chi Minh city stays at 12th position in Asia and 52th in global. Rental fee for this kind of room rose from USD 2,750 to 3,080/month. Golden Palace of HUD3 was lowered by secondary investors: An apartment of 127 m2 in 18th floor in Golden Palace project at Ha Dong of HUD3 was offered at lower than first price of VND 3mil/m2 (19.2mil and 16mil). It leads to a VND 400 bil surge in value. Golden Place is now finishing its 24th floor. The whole building is planned at 30 floor with 2 basements. Hanoi is going to construct 9 international commercial centres: In 02/21, Hanoi people of committed discussed on General planning for commercial development on Hue street until 2020, vision 2030.

Enterprises survived on other profits Though difficult, investors can partially see if business operations showed any growth or not thanks to macro conditions. Other benefits grasped great attention and remained unpredictable. On a rough statistic, enterprises with big other benefits in 2011 include PVA, TET, FBT, KBC, POT, CYC, HBS, D2D, ALP, SMC, VFR, PVS Enterprises with minus equity, 3 consecutive years of losses On a minus equity or 3 consecutive years of losses, enterprise s listings will be cancelled. Up to present, there has been 3 such cases: VKP, BAS, VSP for 3 years wit losses and 3 for a minus equity: TRI, AGC, CAD. Enterprises missed out the plan at beginning of the year At the beginning of 2011, many big projects were approved by shareholders. However, due to a hard economy and other factors such as interest, inventory, many could not meet itheir plans, including BVS, DIG, GMD, HBB, SJS, ITA, KDC, HDG, ITC, GC, POM, PPC, PTL, PVA Hot issues on auditing TCT: After audit, profit in 2011 was decreased from VND 48.13bil to 47.76bil. Auditors also noted about VND 1.3bil provision for Ninh Dien mineral water JSC as inappropriate. NNC: Corporate income tax rose from VND 21.26bil to 28.77bil, pushing after tax profit downwards to VND 88.87 bil7.6% lower than VND 96.19bil before audit. PDC: Customer receivables and prepayment to sellers of VND 44.52bil from Duc Thuan company who is under the process of bankruptcy. Besides, short term debts exceeded VND 42.65bil short term assets.

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Economic-Financial report 02/2012

REAL ESTATE
5 among these 9 are regional shopping centres: Long Bien - Gia Lam, Soc Son, Chuc Son, Hoa Lac and Phu Xuyen urban area. Retail market from no1 to no23: According to global retail development of A.T.Kearneys 2011, Viet Nam is in 23th grade from no1 in 2008. Retail market in Vietnam continuously fell in terms of development as such as attraction for others compared to other emerging markets. At present, there are other hindrances such as high rental fee (USD 94/m2) at centre and USD 48/m2 for out of centre; inconvenient infrastructure and traffic system. Outstanding policies Cancelling obligatory authorization of 5 types of contract: Prime Minister Nguyen Tan Dung gave instructions on cancelling obligatory authorization of 5 types of real estate contracts and not yet applied to 9 other types. These 5 include: (1) leasing land use right; (2) transferring rights for agricultural land; (3) lending, allowing to stay at houses; (4) lending houses; (5) authorization of house management according to Decree 52/NQ-CP dated 12/10/2010. Proposing to set up Vietnam Construction Bank: Ministry of Construction submitted to SBV a proposal on setting up Vietnam Construction Bank of Real estate Association. This reveals a good way to pushing cashflow in such a hard period. This bank is to support in programs such as houses for the poor, students - pupils also mobilizing channel for real estate. Proposing of social houses: Ho Chi Minh city Construction Department asked Peoples Committee of Ho Chi Minh city on capital for constructing social houses. Construction department would like to convert into land use rights so that investors will supply their own in construction. On completion, these will be transferred into social funds. Price is referred to current market value, all the gains are to be transferred to social funds.

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Financial Economic report, 02/2012

Appendix 2: Outstanding real estate projects

No

Project

Investor

Total value USD 1.2 bil

Area

Location Binh Duong new central urban area

Progress

Description

Tokyu urban area

Becamex Tokyu JSC

714,524 m2

Commencing

Dinh Tram Sen Ho urban area

106ha

Viet Yen, Bac Giang

Planning 1/500

The project includes: adjacent houses, villas, apartments, complex areas, public works: education, cultural, sport centres. The project includes: rental apartments, commercial area and kindergartens, green area of 56%. Total ground area is about 130,000 m2, 13-15 floors, land use rate 4.48. Total investment is projected at VND 1,500bil. In period I, there will be 216 apartments and 3 floors of commercial centre, completed within 24 months. The project is of 26.5ha including: commercial adjacent houses (23.11%), garden houses (18.38%), single villas (7.44%), duplex villa (13.18%), green park (6.75%), public works (6.25%), internal traffic (24.89%).

Cong Hoa Garden

Kinh Do Land

VND 1,500 bil

3 ha

20 Cong Hoa street, Tan Binh district, Ho Chi Minh City

Commencing

Gold Hill

Greenland

VND 350bil

26,5 ha

Quang Bom town, Dong Nai

Commencing

Golden sponsor

Financial Economic report, 02/2012

National politics publishment households

Venture of Song Hong group,Song Hong construction 1, Golden urban area development and investment JSC

VND 1,300 bil

20,602 m2

North Co NhueChem urban area, Hanoi

Investment approved

Total investment is projected at VND 1,300bil. The area is about 20.602m2 with 766 houses. Completion is from quarter 1/2012 to 2014.

D.Palais de Louis

Tan Hoang Minh

VND 4,000 bil

4,791 m2

Nguyen Van Huyen, Hanoi

3rd floor construction

The project is 120m high with 27 floors and 4 basements for car-park, 2 ground floors for public services, 242 apartments of 120,9m2 to 260,8m2 and 2 penthouse of nearly 1000m2, 6 elevators, 2 elevators for goods, 2 swimming pools and 10 apartments in different styles. The project includes special designs including: 2 basement floors, 25 floors, 2 penthouses, roof top swimming pool with fully functional convenience; commercial centre, kindergartens, medical centre, swimming pools, spa

Sky View Phuong Thanh

Tri Tue Viet

Golden sponsor

Financial Economic report, 02/2012

Stock market data in February 2012 1. Overview

New shares from additional issuance - separately in Feb 233,642,693 179,788,731 Shares and money demand, supply in 2 months in 2012 Dividends paid in cash (VND bil) - separately in Feb Gains from capital raise issuance (VND bil) - separately in Feb 4,807 2,017 1,922 1,687
In Feb, dividends paid in cash hit VND 2,017 bil (mainly because of EIBs payment of 14% - VND 1,730 bil). Gains from additional issuance (exright date) reached nearly VND 1,700bil, mainly because MBBs capital raise issuance during the month. In Feb, VN-Index and HNX-Index represented exceptional increase by nearly 10%. Market capitalization in 3 floors at the end of Feb hit approximately USD 35bil. Excluding BVH, MSN,VIC and VNM, VN-Index at 02/29/2012 reached 328.6. P/E and P/B on HOSE stayed at 8.62 and 1.19.

Market scale Index - excluding BVH, VIC, MSN, VNM Number of newly listed - in Feb Capitalization (VND bil) % foreign ownership P/E P/B - excluding BVH, VIC, MSN, VNM P/E P/B
(*) Data updated to 02/29/2012

HOSE 423.6 (9.2%) 328.6 308 2 578,495 16.1% 11.21 1.62

HNX 68.7 (9.8%)

Upcom 34.4 (1.2%)

394 2 101,463 9.8% 9.28 0.94

131 0 23,064 3.2% _ _

8.62 1.19

_ _

_ _

All sectors expressed dramatic increase in Feb. Over 10% there are 4 sectors including: Industry (13.5%), Materials (11.8%), Finance (11.6%) and Energy (11.1%). Biggest proportioned shares are still seen with Finance sector (over 50%).

Sector Agriculture Consumption goods Energy Finance Health Industry Materials Real estate and constructions Service Technology and Telecommunication

Change (+/%) 7.9% 6.5% 11.1% 11.6% 6.3% 13.5% 11.8% 5.7% 4.6% 7.0%

P/E 3.8 11.1 6.7 13.1 7.7 11.5 8.8 16.6 6.2 8.0

P/B 1.1 2.5 0.9 1.8 1.6 0.7 1.2 1.2 0.8 1.6

Free room 71.3% 29.1% 74.6% 51.5% 38.7% 79.9% 75.2% 78.8% 78.3% 48.3%

Cap rate 5.1% 9.4% 4.3% 50.1% 1.3% 2.2% 4.4% 19.8% 1.4% 2.2%

Financial Economic report, 02/2012

2. Stock price
In Feb, HOSE Code % rise Average trading volume 475,520 28,297 36,372 5 215,381 707,572 64,688 23,744 692 568,265 Code CAD BAS CCL SGT ATA LGC CMT HAI CYC SVC % fall -57.9% -35.7% -28.9% -28.0% -21.3% -20.6% -19.3% -18.7% -17.9% -17.7% Average trading volume 13,440 17,430 375 2,391 11,132 5,004 6,549 9,415 216 27,976
The most impressive climb was seen with KSA (Binh Thuan Hamico mineral JSC) with 67.3%. Also, this remains positive liquidity with over 475 thousand shares/session. On the opposite side, CAD (Cadovimex aquatic products) remarked biggest fall by 60%. Together with VKP and BAS, this showed lowest market value at around VND 1,000/share.

KSA DMC HU1 STG IDI VNE BMC SC5 LHG BGM

67.3% 61.0% 60.8% 50.6% 50.0% 48.4% 48.3% 47.5% 46.5% 45.7%

In Feb, HNX Code VDS TDN SD8 BDB V15 LDP SD1 HDO NHA TVD % rise 81.5% 70.0% 69.6% 64.7% 62.6% 61.5% 60.5% 58.6% 57.6% 57.1% Average trading volume 8,019 118,314 3,500 600 125,057 2,495 11,748 189,386 94,210 1,967 Code LM7 CMC HPR QHD CX8 YBC MKV ARM CTB VSP % fall -39.7% -34.4% -34.4% -32.9% -29.3% -28.6% -20.9% -20.0% -19.5% -19.5% Average trading volume 2,386 4,152 1,505 205 4,338 2,100 548 1,667 105 603,476
On HNX, highest rise was seen with VDS (Viet Dragon Stock) of 81.5%, followed by TDN and SD8 at 70%. Among this group, liquidity remained low. Considerable rise and positive trading are remarked with HDO, V15, TDN and NHA at averagingly 100,000 units/session. In top decrease, VSP noticeably fell by 20% with 600 thousand units/session. At below VND 4,000/share, this remained as lowest price level of VSP since its listing at the end of 2006.

(*) Date updated to 02/29/2012

Strongest rise/fall on HOSE 2 months in 2012 Code KSA DMC SC5 BMC HU1 BGM DIG STG PTC PVF % rise 105.0% 85.8% 84.0% 67.3% 67.1% 63.4% 57.7% 56.3% 55.3% 54.2% Code CAD LGC KTB VNG CTI VKP HAI CYC SFC SGT % fall -52.9% -48.4% -43.0% -40.2% -34.7% -33.3% -25.8% -25.8% -24.4% -23.4%

Strongest rise/fall on HNX 2 months in 2012 Code FLC TDN TC6 NHA PVL CCM HCC THT VC7 LDP % rise 117.1% 88.9% 81.2% 79.3% 79.3% 78.0% 75.5% 75.3% 73.0% 72.2% Code CMC DTC LM7 LUT SME QHD HCT VSP CTC KST % fall -57.6% -48.0% -43.8% -40.2% -40.0% -36.7% -36.5% -34.0% -29.5% -28.2%
In 2 months, strongest rise was seen with FLC (FLC group) on HNX of 117%. For increase of over 100%, there is also KSA on HOSE of 105%. There was no bluechips in these two lists as they mostly include small stocks with low liquidity which are trading at below book value.

Financial Economic report, 02/2012

3. Foreign trading scale in Feb, 2012

VNIndex,HNXIndexandnettradingvalueofforeigninvestorsduring02/28/201102/29/2012

This revealed strongest net buying by foreign investors in all Febs within 5 years with VND 1,664bil. In 2 months, foreign investors showed a net selling of VND 460bil, with separately VND 700bil on HOSE.

Strongest net buying/selling in 2 months, 2012 Code VCB MSN MBB FPT CTG PVD HPG JVC ITA KLS KDH DPM HAG SSI PGS Floor
HSX HSX HSX HSX HSX HSX HSX HSX HSX HNX HSX HSX HSX HSX HNX

Net buying 242.2 232.0 231.0 167.1 112.3 91.5 90.7 83.5 73.3 72.6 67.6 66.6 53.5 51.7 48.0

Code STB VIC PVS CTD CII TRC CSM GMD NTL HRC SCR SJS BHS DMC SDT

Floor
HSX HSX HNX HSX HSX HSX HSX HSX HSX HSX HNX HSX HSX HSX HNX

Net selling -1,882.2 -689.0 -35.4 -26.3 -24.6 -22.9 -15.8 -15.2 -15.2 -10.4 -8.0 -7.4 -6.8 -4.7 -3.9

Stronget net buying was mainly seen with bluechips and stocks in the list of VN30Index. Banking shares drove significant attentions from foreign investors. Specifically, net buying was considerably high with VCB (VND 242bil), MBB (VND 231bil), CTG (VND 112bil), however, big net selling was remarked with STB (VND1,882bil).

Blue: stocks in VN30Index

(*) unit: VND bil