CONTENTS · CONTENTS MESSAGE FROM CHAIRMAN MILESTONES IN 2011 OPERATIONAL HIGHLIGHTS ABOUT PG BANK...

1Annual Report 2011Petrolimex Group Commercial Joint Stock Bank

CONTENTSMESSAGE FROM CHAIRMAN

MILESTONES IN 2011

OPERATIONAL HIGHLIGHTS

ABOUT PG BANK

Overview

History

Awards and Recognition

Organizational Structure

Board of Directors

Board of Supervisors

Board of Management

Shareholders Information

PERFORMANCE REPORT

2011 Performance report

2012 Business plan

FINANCIAL STATEMENTS

OPERATIONAL NETWORK

Branch Network

Correspondent Bank Network

02

04

06

09

10

12

13

14

16

18

19

20

23

24

32

33

71

72

76

2 3Annual Report 2011Petrolimex Group Commercial Joint Stock Bank

Annual Report 2011Petrolimex Group Commercial Joint Stock Bank

Ladies and gentlemen,

The year 2011 ended with the imprint about a year full of difficulties and challenges for the global economy still lingering. Likewise, Vietnam has been battling bouts of economic instability: inflation rate surged to 18.13% whilst GDP growth rate stayed low at 5.89%; domestic investment dropped as result of monetary tightening policy and declining public investment; foreign investment shrunk due to the global economic instability. Regarding banking sector, increased non-performing loan and deteriorated liquidity continued to be enormous problems that the whole banking system is facing.

In that context, the mission to lead PG Bank to become one of the Vietnamese leading commercial joint stock banks in the fields of its competitive advantages required tireless efforts and consensus of the entire PG Bank family. However, looking from another perspective, this opened up wonderful opportunities to empower decisiveness, flexibility of PG Bank’s leaders as well as the creativity of PG Bank staff in managing and implementing business strategy.

Ladies and Gentlemen,

In the financial sector in general and in the banking sector in particular, customers’ trust is the key success factor. Competent customer support enables financial institutions to mobilize capital at reasonable costs and opens up a window of opportunities to provide customers with the optimal package services even in the extreme market conditions. Therefore, “ Develop Trust” is considered to be the business principle not only for PG Bank but also for all financial institutions.

Bearing that in mind, the management board identified that the business strategies in 2011 of PG Bank should focus on enhancing the service quality, ensuring operating safety and efficiency, and promoting brand to reach the outmost objective of building customers’ trust.

Based on that principle, PG Bank’s operation activities were carefully reviewed and implemented to achieve higher safety, quality and efficiency. In 2011, the establishment of quality supervising cross-checked teams carrying out monthly marking as well as putting Module Teller software into operation have remarkably improved the service quality at PG Bank’s transaction offices. Thanks to enormous efforts of the management board and the whole staff, PG Bank achieved fruitful success despite huge obstacles that the whole economy is facing. PG Bank not only succeeded in maintaining the leading position in forex trading but also impressively surpassed its profit target. With a boost in pre-tax profit of VND 594 billion, twice as high as that of 2010, PG Bank continued to be one of the most profitable commercial banks in Vietnam. In a meantime, the

bank continually remained strong liquidity position and sound asset quality with non-performing ratio was controlled at a much lower level than the sector average.

In addition to enhancing the quality and efficiency of business operation, PG Bank strengthened brand promotion programs and proactively took part in social welfare programs such as Assistance to students in exam season 2011, PG Bank joining hands for the community. These programs brought the positive image of PG Bank closer to customers and partners. This was also an important factor leading to the success of PG Bank brand name in 2011.

The year 2012 is forecasted to be a year full of challenges for the Vietnam banking system when the Government persists with the tightening monetary policy and the State Bank of Vietnam implements banking restructuring measures. In that circumstance, PG Bank’s orientation is to enhance the safety, services quality as well as operation efficiency by applying outstanding solutions, developing new services along with maintaining the leading position in the areas in which the bank has competitive advantages.

The mission for the year 2012 is really tough, however, we believe that with the support of shareholders, the close guidance of the Board of Directors, the management capability of the Executive Board as well as the determination and concerted efforts of PG Bank’s staff, the bank will continue to realize successfully the mission “Improve Quality, Strengthen Community and Develop Trust”.On behalf of PG Bank management board, I would like to convey my sincere thanks to our customers and partners for their support, our people for their steadfastness and teamwork, our shareholders for the continued faith in the bright future of the bank. May I wish you and your family a very happy, successful and prosperous new year.

Sincerely,

Chairman of Board of Directors,

Bui Ngoc Bao

MESSAGE FROM CHAIRMAN OF BOARD OF DIRECTORS



Honorably being awarded “A Rating” Bank and “Vietnam Excellent Brand” in 4 consecutive years

In 2011, PG Bank successfully carried out the mission “Develop Trust” when it continued to be rated as A Class by the State Bank of Vietnam based on capital adequacy and operation efficiency for the 4th consecutive year. In addition, PG Bank was awarded “Vietnam Excellent Brand 2011” by Vietnam Trade Promotion Agency (Ministry of Industry and Trade) and the Vietnam Economic News. PG Bank also has the honor to be one of three excellent units awarded with Emulation Flag 2011 by the Chairman of Hanoi People’s Committee. Moreover, thanks to its excellent performance, PG Bank was awarded Certificate of Merit by Ministry of Industry and Trade as well.

Standardizing transaction offices of the whole network with new brand identity

In 2011, PG Bank basically completed the brand identity for all transaction offices according to priority categories, in which spatial transaction identity in Tay Son transaction office was changed. PG Bank has applied the new brand identity for other transaction offices nationwide. This is a remarkable step in asserting the professionalism and dynamism of PG Bank with customers and other partners.

Opening new Head quarter in Mipec Tower, 229 Tay Son (Hanoi)

The opening of new head quarter in Mipec Tower is a clear evidence demonstrating the development and great potentials of PG Bank. The new large-sized, well-constructed head quarter is located in the highly populated area, affirming the commitment of PG Bank in improving service quality, and building the long term customer engagement.

Proactively taking part in community charity activities

In 2011, PG Bank took part in and sponsored a number of social charity programs such as “Terry Fox Run” to assist children suffering from cancer and heart disease; “Assistance to students in exam season 2011” and other programs to visit and present gifts to the abandoned elderly, the war invalids, orphaned children and children patients in the hospitals and Nurturing - Social Support Centres nationwide on special occasions.

Expanding the operation network to 74 branches and transaction offices nationwide

In 2011, PG Bank expanded its operation network in big cities. New transaction offices were opened in Hanoi, Hochiminh city, Quang Ninh, Bac Ninh, Long An, Vung Tau, etc. In 2012, PG Bank plans to open 5 more branches and 29 transaction offices to expand its operation and intensify the recognition of PG Bank brand nationwide.

MILESTONES IN 2011

Reviewing and enhancing service quality

In 2011, PG Bank established quality supervising teams among branches. These teams cross-checked each other without any notice beforehand in transaction offices and carried out monthly marking. In addition, Module Teller was put into operation that assisted bank tellers to carry out basic banking operations in a quicker manner, saving transaction time for customers. This is one of innovative practice which helped PG Bank realize the mission “Improve quality”.

Impressively surpassing the profit target, being one of the most profitable banks

At the end of 2011, the before-tax profit of PG Bank reached VND 594 billion, completing 106% plan of 2011, growing by 103% compared to 2010. Return on equity (ROE) and return on assets (ROA) were 22% and 2.6% respectively.

Maintaining the leading position in forex trading with the record volume

PG Bank was evaluated as one of the most dynamic members in forex trading in the inter-bank market with the record volume in 2011. The volume of foreign currency trading converted in USD reached 11.5 billion, increasing by 50% compared to 2010.



OPERATIONAL HIGHLIGHTS

In VND billion 2007 2008 2009 2010 2011

A.BUSINESS PERFORMANCE

Net interest income 73 139 295 517 1,096

Net non-interest income 11 71 138 148 73

Pre-tax Profit 57 92 230 293 594

B.FINANCIAL RATIOS

CAR 19.8% 26.9% 12.9% 20.6% 16.7%

NPL ratio 0.1% 1.4% 1.2% 1.4% 2.1%

ROE 13.8% 11.9% 16.6% 19.4% 22%

ROA 1.4% 1.2% 2.1% 1.6% 2.6%

C.OPERATIONAL SCALE

Total Assets 4,681 6,184 10,419 16,378 17,582

Total Oustanding Loans 1,918 2,365 6,267 10,886 12,112

Total Mobilized Funds 4,080 5,051 9,092 13,995 14,802

Owners’ equity 543 1,026 1,093 2,173 2,591

Transaction units 9 30 51 64 74

Number of employees 264 530 876 1,158 1,375

TOTAL ASSETS PRE-TAX PROFIT

2007

2007

2007

ROE

ROA

13.8%

1.4%1.2%

2.1%

1.6%

2.6%

25%

2.5%

3%

20%

2%

15%

1.5%

10%

1%

5%

0.5%

0%

0%

11.9%

16.6%

19.4%22%

2008

2008

2008

2009

2009

2009

2010

2010

2010

2011

2011

2011

264

9 30 51 64 74

530

876

1,158

1,375

TOTAL MOBILIZED FUNDS TOTAL OUTSTANDING LOANS

NON-PERFORMING LOANS

NPL 2%

OPERATION NETWORK

Transaction units Number of employees

574,681

4,0801,918

20072007

2007 2007

20082008

2008 2008

20092009

2009 2009

20102010

2010 2010

20112011

2011 2011

92

6,184

5,051

2,365

230

10,419

9,092

6,267

293

16,378

13,99510,886

59417,582

14,80212,112

Unit: VND billion

Unit: VND billion Unit: VND billion

Unit: VND billion



ABOUT PG BANK



Vision

To become a leading commercial joint stock bank offering outstanding quality financial and banking services based on highly competent, professional and dedicated personnel, and a world-class technology.

Philosophies

Moving towards a multi-functional banking model, in which giving priority to and applying differentiation strategy in the fields that PG Bank has competitive advantages:

Corporate banking: target at major shareholders and the shareholders’ clients and partners, small and medium enterprises.

Retail banking: focus on individual & household businesses

Investment banking: provide investment banking services to corporate customers

Core values

Compliance

Responsibility

Creativeness

Professionalism

Efficiency-orientation

Full name: PETROLIMEX GROUP COMMERCIAL JOINT STOCK BANKBank name in English: Petrolimex Group Commercial Joint Stock Bank

Name in abbreviation: PG Bank

Transaction name: Petrolimex Group Commercial Joint Stock Bank

Establishment license: No. 0045/NH-GP issued by The State Bank of Vietnam on November 13rd, 1993

Head quater: Floor 16, 23 and 24, Mipec Tower, 229 Tay Son street, Nga Tu So ward, Dong Da district, Hanoi, Vietnam.

Website: www.pgbank.com.vn

Email: [email protected]

Telephone number: (+84) 4 6281 1298

Fax: (+84) 4 6281 1299

Tax code: 1400116233

SWIFT code: PGBLVNVX

Auditing company: Deloitte Vietnam Limited

Floor 12A, Vinaconex Building, 34 Lang Ha street, Dong Da district, Hanoi, Vietnam

Tel: (+84) 4 6288 3568

Fax: (+84) 4 6288 5678



2005

2007

2008

2009

2010

2011

Petrolimex Group Commercial Joint Stock Bank (PG Bank), formerly known as Dong Thap Muoi Rural Joint Stock Bank came into operation according to establishment license No.0045/NH-GP issued by the State Bank of Vietnam dated November 13rd, 1993.

History

Awards and Recognition

Vietnam National Petroleum Group (Petrolimex) and Saigon Security Incorporation (SSI) officially became major shareholders with strong commitments to support business activities of the bank.

January : Successfully launching i-Flex (FLEXCUBE) Core Banking software

November: Officially providing international payment and carrying out selling and buying foreign exchange in the foreign market

December: Chartered capital increased to VND 1.000 billion

October: PG Bank was licensed to carry out commodity derivatives transaction

Officially launching Flexicard – All-in-one multi-function card with two initial capabilities of debit and petroleum prepaid. Flexicard is the first prepaid petroleum card in Vietnam

December: Officially being granted permission to reallocate Head office from Dong Thap to Hanoi by the State Bank Governor

March: Successfully issuing VND1,000 billion of convertible bond

December: Chartered capital officially increased to VND 2,000 billion from convertible bond

December: Officially opening new Head quarter in Mipec Tower, 229 Tay Son (Ha Noi)

January : The bank was permitted to convert into an urban joint stock bank

February: The bank officially changed name to Petrolimex Group Commercial

Joint Stock Bank (PG Bank)

June: Grand opening of PG Bank Hanoi – the first full service branch

October: Chartered capital officially reached VND 500 billion

December: Grand opening of PG Bank Sai Gon – the first branch in the South Grand opening of PG Bank Da Nang – the first branch in the Central

“A Rating” Bank in 2007(awarded by the State Bank of Vietnam)


Vietnam Excellent Brand in 2008 (awarded by Vietnam Economic News and Trade promotion Agency - Ministry of Industry and Trade)

Vietnam Excellent Brand in 2009(awarded by Vietnam Economic News and Trade promotion Agency - Ministry of Industry and Trade)

Vietnam Top Trade Services in 2009(awarded by Ministry of Industry and Trade )


Vietnam Excellent Brand in 2010(awarded by Vietnam Economic News and Trade promotion Agency - Ministry of Industry and Trade)

Top 100 Vietnam Top Trade Services in 2010(awarded by Ministry of Industry and Trade)


Certificate of Merit for 2010 Excellent performance(awarded by Ministry of Industry and Trade)

Vietnam Excellent Brand in 2011 (awarded by Vietnam Economic News and Trade promotion Agency - Ministry of Industry and Trade)

Certificate of Merit of Vietnam Social Insurance in 2011(awarded by Vietnam Social Insurance)

Emulation Flag in 2011 (awarded by Chairman of Hanoi People’s Committee)



Organizational structure



Board of Directors

1 2 3

4 5 6

7 8 9

1. Mr. BUI NGOC BAOChairman

Mr. Bui Ngoc Bao is a PhD in Economics. At present, he is the Secretary of Party Committee cum Chairman of Board of Directors of Vietnam National Petroleum Group (Petrolimex) – the largest shareholder of PG Bank. With his outstanding performance during working time, he was honorably awarded a number of certificates of merits by the Prime Minister and Vietnam General Confederation of Labour. As the Chairman of Board of Directors of PG Bank, he has made remarkable contribution to mapping out the orientation for PG Bank’s development and he has always provided the timely support and guidance for the sound operation of PG Bank.

2.Mr. TRAN LONG ANMember

Mr. Tran Long An is a member of Board of Directors cum Chairman of Board of Supervisors of Petrolimex. Mr. An finished High-level Politicial Theory course after completing the Bachelor of Accounting. He has held a number of important roles in member companies of Vietnam National Petroleum Group such as Chief Accountant of Lubricating Oil Company No.01, Deputy Director of Petrolimex Petrochemical Joint Stock Company. During his work experience, he has been awarded with certificates of merits by the Prime Minister, Vietnam General Confederation of Labour and Ho Chi Minh Communist Youth Union.

3. Mr. NGUYEN QUANG DINHMember cum CEOMr. Nguyen Quang Dinh has nearly 20 years of experience in accounting and finance. He holds a Bachelor degree in accounting from Academy of Finance (formerly University of Financial and Accountancy). He also completed Business Administration course of Heley Management College (UK). Through prolonged commitment with PG Bank since it was transformed into urban commercial joint stock bank in the role of Chief Executive Officer, he has made outstanding contribution to leading PG Bank to overcome challenges and achieve great success. With his excellent performance during working time, he has been awarded the certificate of merit of Ministry of Industry and Trade and Hanoi People’s Committee.

4. Ms. NGUYEN THI THANH HA Member

Ms. Nguyen Thi Thanh Ha is currently the Financial Director of Saigon Security Incorporation (SSI), the second largest shareholder of PG Bank. Ms. Ha holds Master degree in banking and finance. With nearly 20 years of experience in large domestic and foreign financial organizations, she has made significant contribution to setting up and developing the strategies for PG Bank.

5. Mr. NGUYEN MANH HAIMember cum Head of Investment DivisionMr. Nguyen Manh Hai is a Member of Board of Representatives of Vietnam Active Fund – VFA; Member of Board of Supervisors of Petrolimex Aviation Fuel Joint Stock Company; Head of Investment Division of PG Bank. He is a MBA Valedictorian graduated from IE Business School, Madrid, Spain and holds Bachelor of Art in Business and Management from University of Reading, United Kingdom. With more than 7 years of management experience in finance and

banking, he has certain contribution to the strong development of the Investment Division of PG Bank. In September 2010, he was appointed to be Head of Investment Division and has been a Member of Board of Directors since April, 2011.

6. Mr. VO VAN HIEPIndependent Member

Mr. Vo Van Hiep is Director of VI (Vietnam Investments) Partners, LLC and Member of Board of Directors of Chitin Vietnam Joint Stock Company. He holds MBA degree of Harvard University – the world’s leading university and a Bachelor degree from West Point – United States Military Academy. He has 14 years of management experience in finance and banking in large financial institutes such as Citi Group, VN Partners and Deutsche Bank. He was appointed to be Independent Member of Board of Directors in April 2011.

7. Mr. TRAN NGOC NAMMember

Mr. Tran Ngoc Nam is currently the Deputy General Director of Petrolimex and the spokesperson of the Group from March 14th, 2012. Thanks to excellently fulfilling his duty, he has been honorably awarded with the certificate of merit by the Prime Minister. Holding a Bachelor degree in accounting and having more than 20 years of experience in the accounting and finance, he has devoted to PG Bank since the transformation to urban commercial joint stock bank and has made significant contribution to establishing and developing banking management system.

8. Mr. DINH THANH NGHIEPMember cum Deputy CEOMr. Dinh Thanh Nghiep used to be the Director of Dong Thap Muoi Rural Join Stock Bank, the former name of PG Bank. After the bank was transformed into an urban joint stock bank, he has been a member of Board of Directors cum Deputy General Director of PG Bank. He graduated from University of Economics Ho Chi Minh City and Ho Chi Minh City University of Law. He has also completed the High-level Political Theory training program. With many years of experience in senior manager position, he has made great contribution to leading PG Bank overcome challenges and difficulties to achieve the fruitful success as at present.

9. Mr. LE MINH QUOCMember

Mr. Le Minh Quoc is a PhD in Physical Geology in Russia. Currently, he is the Chairman of Member’s Council of Viet Nang Co. Ltd.; Deputy Director of Mipec Joint Stock Company; Director of Mipecland JSC. With more than 15 years of experience in management, he has made valuable contribution to the development of PG Bank.



11

22

33

4 5

2. Ms. TRINH THI QUYNH HUONGMember

Graduating from University of Finance and Accounting, Ms. Trinh Thi Quynh Huong has more than 20 years of experience in accounting and treasury in Joint Stock Commercial Bank for Foreign Trade of Vietnam. She was appointed to be Member of Board of Supervisors in September 2010.

3. Mr. NGUYEN QUANG NGHI Member

Holding Master degree in accounting and Bachelor of Art in finance, Mr. Nguyen Quang Nghi has held many important roles in Ha Long Fisheries Corporation and Petrolimex Thai Nguyen. He was appointed to be Member of Board of Supervisors in September 2010.

1. Mr. NGUYEN QUOC TRUNGChairman

Mr. Nguyen Quoc Trung is currently in charge of internal supervising of Total Refinery and Marketing Asia. Graduating from the Vietnam University of Commerce in 1993, Mr. Trung has more than 17-year management experience in big companies such as Chief Accountant of Castrol BP Petco Ltd., Chief Financial Officer of PTN Chemical Co., Ltd. and Schmidt Vietnam Co., Ltd. He was appointed as the Chairman of Board of Supervisors in September 2010.

1. Mr. NGUYEN QUANG DINH*Chief Executive Officer cum Member of BOD

(Refer to “ Introduction of Board of Directors”)

2. Mr. NGUYEN TIEN DZUNGDeputy CEO

In charge of Corporate Banking

Mr. Nguyen Tien Dzung holds Master degree in banking and finance from CFVG (Centre Franco-Vietnamien de formation à la Gestion) and The National Economics University. Before joining PG Bank, Mr. Dzung has 15 years of management experience in large banks such as Head of Corporate Banking of Woori Bank – Hanoi Branch, Deputy Director of Techcombank - Hoan Kiem Branch. In December 2009, he was appointed to be Deputy CEO of PG Bank.

3. Mr. NGUYEN HONG DUCDeputy CEO

In charge of Financial Institutions, Human Resources & Administration, Marketing and Network Development

Mr. Nguyen Hong Duc holds Master degree in Business Administration from Asia Institute of Technology (AIT) and Bachelor degree from University of Foreign Trade. Mr. Duc has more than 18 years of experience in finance & banking and held many important roles including Deputy CEO of Chinfon Bank – Cambodia Branch, Vice-Chairman & Head of Financial Institutions of

Citibank, Deputy CEO of Global Petro Commercial Joint Stock Bank and Tien Phong Commercial Joint Stock Bank. He was appointed to be Deputy CEO of PG Bank in May 2011.

4. Mr. DINH THANH NGHIEP*Deputy CEO cum Member of BOD

In charge of the South Business

(Refer to “ Introduction of Board of Directors”)

5. Mr. NGUYEN THANH TODeputy CEO

In charge of Treasury

Holding a Master degree in Business Administration from Southern California University for Professional Studies, California, U.S.A and a Bachelor degree in Economics from Banking Academy, Mr. Nguyen Thanh To has more than 20 years of experience in finance and banking. Before joining PG Bank, he had long involvement in senior management including Deputy Director of Global Treasury Department – Joint Stock Commercial Bank for Foreign Trade of Vietnam; Deputy Director of Vietnam Finance Company, Hong Kong - based; Deputy CEO of Vinaconex - Viettel Finance Joint Stock Company. He has also attended intensive courses on money trading, foreign exchange and financial market products in many countries.

Board of Supervisors Board of Management



Name Share type Number of shares % Holdings

1 Vietnam National Petroleum Group (Petrolimex)

Common 80,000,000 40.00%

2 Saigon Securities Inc. (SSI) Common 19,955,500 9.98%

Total 99,995,500 49.98%

Name Title Number of shares % Holdings

1 Nguyen Quoc Trung Chairman - -

2 Trinh Thi Quynh Huong Member - -

3 Nguyen Quang Nghi Member - -

Total 0 0%

Shareholders Number of shareholders Number of shares % Holdings

Organizations 11 122,034,414 61.02%

State 1 80,000,000 40.00%

Foreign - - -

Others - 42,034,414 21.02%

Individuals 1,637 77,965,586 38.98%

Total 1,649 200,000,000 100.00%

Name Title Number of shares

% Holdings

1 Bui Ngoc Bao Chairman 44,000 0.022%

2 Tran Long An Member 298,500 0.149%

3 Nguyen Quang Dinh Member cum CEO 22,000 0.011%

4 Nguyen Manh Hai Member cum Head of Investment Division 11,200 0.006%

5 Le Minh Quoc Member 9,314,000 4.660%

6 Dinh Thanh Nghiep Member cum Deputy CEO 2,047,948 1.024%

7 Tran Ngoc Nam Member - -

8 Nguyen Thi Thanh Ha Member - -

9 Vo Van Hiep Member - -

Total 11,737,648 5.872%

Name Title Number of shares % Holdings

1 Nguyen Quang Dinh CEO cum Member of BOD 22,000 0.011%

2 Dinh Thanh Nghiep Deputy CEO cum Member of BOD 2,047,948 1.024%

3 Nguyen Tien Dzung Deputy CEO -

4 Nguyen Thanh To Deputy CEO -

5 Nguyen Hong Duc Deputy CEO -

Total 2,069,948 1.0350%

SHAREHOLDERS STRUCTURE

SHAREHOLDERS INFORMATION(Last updated on 31/12/2011)

SHAREHOLDINGS OF BOARD OF DIRECTORS

SHAREHOLDINGS OF BOARD OF MANAGEMENT

LIST OF MAJOR SHAREHOLDERS

SHAREHOLDINGS OF BOARD OF SUPERVISORS

VIETNAM NATIONAL PETROLEUM GROUP (PETROLIMEX)Vietnam National Petroleum Group (Petrolimex) is the biggest shareholder of PG Bank, currently holds 40% of charter capital. Petrolimex is one of key economic organizations with the given economic and political responsibilities of ensuring and developing the state capital as well as playing the main role in regulating, stabilizing and developing the petroleum market and refinery products to proactively service the industrialization and modernization process of the country. At present, the Group provides about 54% to 55% of domestic oil and gas market with nation-wide network of 6,100 group-owned stations and retail-owned stations under the brand name of Petrolimex. Besides the core business, Petrolimex also invested in other fields, such as designing, mechanics, insurance, banking, etc and achieved great success.

In 2011, the total revenue of Petrolimex reached VND 177,000 billion and contributed VND 24,000 billion into the State budget.

The operational network includes:

Domestic:• 01 Head office

• 42 domestic petroleum limited companies

• 23 joint stock companies

• 03 associated companies

• 03 joint ventures

Foreign:• 01 limited company in Singapore

• 01 limited company in Laos

• 01 representative office in Cambodia

SAIGON SECURITIES INC. (SSI)Saigon Securities Inc. is the second largest shareholder of PG Bank after Petrolimex, currently holds 9.98% of charter capital. SSI is one of the leading financial institutions in Vietnamese market. With strong financial capability and professional personnel, SSI is the first financial institution in Vietnam to provide diversified financial services and products according to the international standards. The company committed to provide customers with high quality products and services. Therefore, SSI has attracted not only domestic investors but also internationally recognized financial institutions such as ANZ, Daiwa, JP Morgan, HSBC, Credit Suisse, Citigroup, Morgan Stanley, Deutsche Bank, Barclays, Wells Fargo, etc. Besides, with a large number of activities that bridge the investors and the market, SSI is also the gateway into the Vietnamese market of international investors.

SSI’s operational network:• 01 Head quarter

• 06 branches

• 04 transaction offices

• 03 subsidiaries

• 04 associated companies

Introduction of major shareholders



PERFORMANCE REPORT



19%

70%

11%

19%

2007 2008 2009 2010 20112007 2008 2009 2010 2011

OVERVIEW OF VIETNAM ECONOMY AND BANKING SECTOR IN 2011

2011 continued to be a difficult year for Vietnam economy when at the same time, facing the complicated and unpredictable changes of the world economy and solving internal problems. Looking back the past year, the economy has achieved encouraging results such as trade deficit was USD 9.8 billion, much lower than the initial plan; budget deficit was reduced to 4.9% GDP and the quality of FDI disbursement increased. Nonetheless, there are numerous challenges including GDP growth rate of 5.89% - the 10 year low; inflation hiked to 18.13%; high lending rate caused adverse impacts on the production and business activities of enterprises; real estate market got frozen while the stock market continuously hit the new bottoms; investors’ confidence dropped sharply. In that context, the Government has adjusted target from high economic growth to curbing inflation and stabilizing the macro economy.

As one of the hardest hit sectors by macro policies of the Government and the State Bank of Vietnam, Vietnam banking sector has gone through a year with a lot of ups and downs. The target of credit growth was reduced; the demand for credit went down; non-performing loan increased while liquidity, operational and interest rate risks became clear and forced banks to map out suitable strategies. The State Bank of Vietnam persisted with tight, cautious and flexible monetary policies to limit overheated credit growth, reduce inflation rate, stabilize the gold and foreign currency market, direct the capital flows to production and business sector and make the banking sector healthier.

Under these circumstances, thanks to high consensus from all staff, PG Bank is proud to overcome a difficult path and gain encouraging achievements.

CAPITAL MOBILIZATIONWith capital mobilization identified as the central task in 2011, from the beginning of the year, PG Bank focused on diversifying mobilized products and effectively implementing promotion programs. Moreover, the capital mobilization policy was timely and flexibly adjusted to maintain the bank’s fund stability while still ensuring its proper growth in different periods at reasonable costs.

PG Bank’s overall funding strategy is to develop a diversified, appropriate and highly stable funding base. Capital mobilized from individuals and organizations – the most solid source -always accounts for the largest proportion in the capital structure. Besides, with a constantly high shareholders’ equity, PG Bank’s capital adequacy ratio (CAR) was always ensured.

As at 31/12/2011, the total mobilized fund rose by 6% to VND 14,802 billion, largely driven by VND 11,444 billion customer deposits, accounting for 77%.

Unit: VND billionCAPITAL MOBILIZATION

CREDIT ACTIVITIESComplying with the State Bank’s policy on controlling credit growth, as well as forecasting the challenges of macro environment, right from the beginning of 2011, PG Bank actively executed prudent credit policy and gave credit quality the first priority. As at 31/12/2011, the total outstanding loans increased only by 11.2% to VND 12,112 billion. Meanwhile, various measurements, notably tight supervision throughout the process of disbursement, have been employed, which help the bank maintain good credit quality with non-performing loan ratio being consistently lower than the sector average figure. At the same time, the loan structure was kept stable at suitable level with short-term outstanding loans occupying 70% of total loans.

In 2011, PG Bank continued to direct credit to high potential and low risk manufacturing sectors including petroleum, aquatic products, agricultural and forestry products, textile, etc. The ratio of non-productive outstanding loans was 7.06% of the total, dipped by 11.61% compared to 2010 and well below limit required by the State Bank.

Starting as a bank serving highly potential rural areas, PG Bank has greater insight into this market segment. With this competitive advantage, PG Bank has always been focusing on developing agricultural and rural credit, especially in the South West. Credit sources granted by PG Bank have significantly contributed to the development of many industries such as aquatic products export processing, raising catfish, trading agricultural equipments. especially in Dong Thap province – the bank’s birthplace. In 2011, PG Bank was granted VND 400 billion preferential loans by the State Bank to continue giving credit support to agriculture and rural areas.

In 2011, PG Bank continued to participate in Stage of Small and Medium Enterprises Finance Program (SMEFP III) – a project in which qualified participants have access to ODA funds from Japan in medium and long term at favorable interest rate. Effective utilization of these funds has enabled the bank to offer favorable lending schemes to qualified enterprises, which in turn has helped to enhance the bank reputation regarding large scale international financial projects.

CAPITAL MANAGEMENT 2011 continued to be a successful year of PG Bank’s capital management and trading activities on money market. In the extremely difficult business environment when banking system faced severe liquidity constraints, PG Bank still could well control its liquidity position which was appreciated by the State Bank and partners in the interbank market. Moreover, besides ensuring required adequacy rates, PG Bank managed and utilized the capital effectively. Interbank loans and deposits, interest rate derivatives, and Government bonds trading activities have been boosted to bring high profits for the Bank and lift the prestige of PG Bank in the domestic and foreign markets.

In 2011, profit from capital trading in the interbank market reached above VND 31 billion. Investment in Government bonds and interest rate swap grew strongly, of which profit from interest rate swap reached VND 1.3 billion and profit from trading Government bonds reached VND 3.47 billion.

OUTSTANDING LOANS BY TERM AS AT 31/12/2011

TOTAL OUTSTANDING LOANS

Short term

Medium term

Long term

Unit: VND billion

4,0805,051

9,092

13,99514,80216,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

14,000

12,000

10,000

8,000

6,000

4,0001,918 2,365

6,267

10,886

12,112

2,000

0

2011 PERFORMANCE REPORT



85%

8%

7%

2008

4.1

0

2

4

6

8

10

12

14

6.6

7.7

11.5

2009 2010 2011

FOREIGN EXCHANGE TRADING

PG Bank continued to be one of the leading commercial banks in terms of volume and effectiveness in foreign exchange trading. Profit in 2011 increased 170% to VND 108 billion.

The total trading volume of the bank in 2011 was USD 11.5 billion, increased by 49.6%, of which trading volume in the interbank market reached USD 6.4 billion, 41% higher compared to 2010 and accounted for 55% the total trading volume.

FX TRADING VOLUMEUnit: USD billion

COMMODITY DERIVATIVES

Commodity derivatives service, which has been implemented since 2009, continued to be facilitated and gained encouraging results. Consumer scale kept growing, customer base was diversified, of which there was a large number of customers who make transactions frequently with stable amount. In 2011, profit from this activity hit VND 2.3 billion, up by 44% compared to 2010.

In 2011, PG Bank offered online orders for customers and received positive feedbacks. Besides, PG Bank also provided customers with tools to query information, update situation of commodity market quickly and adequately. PG Bank’s customers could connect and make online trading to most famous international commodity exchanges such as CME, ICE, and LME.

CROSS-BORDER REMITTANCE AND TRADE FINANCE

In 2011, profession practice guidelines have been reviewed and standardized to increase service quality and best support the bank’s customers. Besides, the application of Module Teller – automatic accounting software which helped minimize transaction processing mistakes and shorten transaction time from 30 to 60% - has been highly appreciated by the customers.

In addition, the tasks of expanding correspondent bank network have been emphasized given its importance to the development of cross-border remittance and trade finance activities. In 2011, PG Bank established correspondent bank relationship with 20 financial institutions, including 15 foreign ones, lifting the number of financial institutions in PG Bank correspondent network to 295 financial institutions over 54 countries in the world.

Thanks to higher service quality and wider operational scope, volume of cross-border remittance and trade finance in 2011 sharply soared. Specifically, the total transactions processed in the year reached 196,569 transactions, an increase of 45%. The number of issued LCs reached 447 LCs totaling USD 245 million. Inward collection reached 136 items, worthed USD 16.2 million, raised by 32% in terms of value. Export payment reached 467 transactions, amounting to USD 73 million.

CARD SERVICE

With two functions: Prepaid and Debit, PG Bank’s Flexicard has become the first petroleum payment card in Vietnam, which is accepted in 2,100 petrol stations of Petrolimex. Post-issuance activities have been speeded up and started to gain impressive achievements.

In 2011, the total number of newly issued cards was 117,980 cards. Noticeably, the number of debit cards soared sharply. The total number of issued Flexicard was nearly 600,000 cards, 5 times higher than that of 2009 – the first year Flexicard was introduced.

Besides the massively increasing number of cards issued, the total value of card transactions also kept growing. Particularly, the total transaction via POS at petroleum service stations reached 5.3 million transactions. The total payment value via Flexicard was VND 6,407 billion, up by 39%, comprising 66.02% of total payment volume via domestic card, taking the leading role in this field.

CORPORATE FINANCE ADVISORY

Corporate finance advisory is a new business activity with low risks and huge potential growth. Along with its traditional products, the introduction of corporate finance advisory services helped the Bank provide lump-sum product packages to fully meet the demand of corporate customers.

After nearly 2 years of operation, corporate finance advisory service has achieved encouraging results. In 2011, the total net profit from this activity was VND 2.7 billion.

Some outstanding consultant deals conducted by PG Bank were consultancy on purchasing Chevron Laos Limited of Vietnam National Petroleum Group (Petrolimex); consultancy on issuance of corporate bonds.

INFORMATION TECHNOLOGY

Defining that information technology is the core foundation to effectively implement modern applications/services, the information technology system of PG Bank has been continuously improved. PG Bank’s Core banking has been applying the latest technology from Oracle FLEXCUBE – one of the leading banking solutions widely applied by nearly 400 financial institutions from 125 countries in the world.

System security is always given the first priority. Firewall system, detecting security vulnerabilities and antivirus system have been installed to prevent attacks from outside and inside the system to the Bank’s server. In addition, PG Bank has installed stand-by server far from the main center, meeting the safety criteria under the international standards, to ensure connections from branches to stand-by center when the main system has severe problems. Procedures of dealing with problems have been continuously updated and improved.

With the motto of working towards professional serving style, Contact center system with the only number 1900555574, automatic debt reminder system via SMS and email came into effect in 2011. Internet Banking has been consistently improved and has reaffirmed its outstanding advantages in assisting customers to make transactions conveniently, safely and fast. Besides, the international Visa card project is in the completion period, and the product is expected to be launched in July 2012.

CARD STRUCTURE AS AT 31/12/2011

PrepaidDebitMultifuction



HUMAN RESOURCE MANAGEMENTIn PG Bank, we understand that human beings are the decisive factor for business success. Thus, human resource management was extremely focused by the bank’s leaders. The human resource strategy, including policies of recruitment, practical training and competitive remuneration package has not only attracted qualified and experienced staff but also raised employee commitment with the bank. We aim at building an organization where people want to work and are supported to deliver their best.

Recruitment

With our public, transparent and fair recruitment process, PG Bank has recruited a large number of qualified and suitable employees. Recruitment methods are diversified to boost the quality of recruitment.

As at 31/12/2011, the total number of employees increased 19% to 1,373 people. The qualification of employees was ensured with 85% of total staff holding a Bachelor degree and above.

Training

In 2011, PG Bank successfully arranged 40 training courses for 2,608 turns of trainee with the total training time amounting to 1,692 hours. Besides outsourcing training programs, PG Bank continues to develop internal lecturer team both in quantity and in quality. In 2011, internal lecturers conducted 11 training courses for 1,276 trainees with the total time of 400 hours. The courses were appreciated for their valuable contents and high applicability.

Remuneration package

In the beginning of 2011, PG Bank implemented annual pay rise to all staff considering inflation rate and staff’s KPIs. Accordingly, the average salary of employees was ensured to be competitive in the market. The average income of PG Bank staff was above VND 10 million, increasing by 10% compared to 2010. Besides the income policies, other incentive schemes have been improved. Annually, the bank organizes health check-up clinics on regular basis for staff in prestigious and modern medical centres. The honor ceremonies and awarding commemorative medals for outstanding and dedicated staff were periodically organized, showing the bank’s gratitude for staff’s continuous contribution. Besides, PG Bank’s staff was given many incentives when using the bank’s service.

Thanks to these incentive policies, PG Bank was proud to be one of the four banks in Hanoi receiving the Certificate of merit from Vietnam Social Insurance in 2011.

Trade Union activities

In 2011, Trade Union activities in PG Bank witnessed remarkable development with profound impression. The Union organized a large number of practical and exciting activities, which indicated the role and the goal of being the representative to protect the rights and improving the employees’ living quality. The valuable support as well as healthy and interesting union activities became the intangible glue and nuclear to get labors united in the PG Bank house.

85%

10%5%

RISK MANAGEMENTFully aware of the crucial role of risk management in determining the success of a financial institution in today’s fast changing and competitive business environment, PG Bank has always committed to develop and integrate a thorough risk management process into the strategic plans of the bank as well as every business activities taken.

The structure of risk management in PG Bank is thoroughly organized as the followings:

Risk management committees: Credit Committee and Assets and Liabilities Management Committee (ALCO).

Risk management (RM) Division including departments of Credit RM, Market RM, Operational RM, Credit Supervision and Debt Collection, Credit Management

Different levels of authorities controlling and managing risks in business unit

Of which, RM Division is an independent unit specializing in risk management of the whole system and directly reports to the Board of Management. The official establishment of this division in 2010 can be seen as a significant step towards professionalism and international standards in risk management of PG Bank, ensuring risk control independent and separate from business units. In addition to the supervision and management of the Board of Directors and Board of Management, a large number of documents were issued to standardize the risk management system such as: Regulations on Risk management, internal regulations on interest rate, liquidity, and operational risk management. With gradual improvement in organization structure and operation regulations, the Division has shown the important role in supervising, minimizing and preventing risks in the whole system.

In 2011, when the whole banking system suffered from the economic downturn and high risks of non-performing loans increase as well as liquidity deterioration, risk management has been more focused and consolidated, not only inside the RM Division but also in all units of entire system.

Issuing additional procedures regarding business operation, loss management and reviewing, amending, supplementing existing regulations was carried out in parallel, which help improve and standardize professions as well as minimize the risks and potential losses.

Moreover, risk control and supervision were also enhanced. Along with re-appraisal of credit proposals, in 2011, the RM Division strictly conducted distance credit supervision, and performed off-site credit reviews. RM Division also assessed the operational risks in Headquarters’ divisions such as Card center, Operation Division, Treasury Division.

With those continuous efforts, risk management activities in PG Bank have gained encouraging results. Developing in a fierce competitive environment, facing challenges from the economic downturn and tight monetary policies, PG Bank kept well controlling credit quality. The rate of non-performing loans of PG Bank at the end of 2011 was lower than the sector average figure.

Head of RM Division

Credit riskmanagementDepartment

Credit

management

Operational riskmanagementDepartment

Market riskmanagementDepartment

CreditSupervision

and Debt Collection

QUALIFICATIONS

Higher education

Colleges and Vocational Schools

Others

TRAINING STATISTICS

Traing courses Training hoursTrainess

2010 2011

32

1,312

2,4442,608

1,692

40



BRAND AND NETWORK DEVELOPMENT

In 2011, PG Bank achieved great success in building and promoting the brand name. The new brand identity system was implemented in the whole system. Transaction offices were standardized under the new identity, of which PG Bank Tay Son with the friendly, modern and standard transaction space was the first transaction office designed according to the new identity system, laying the foundation for the construction of other transaction offices all over the country. This is an important step to affirm the professional and dynamic image of PG Bank in the eyes of customers and partners.

In addition, PG Bank speeded up the promotion campaign to widely promote the image of the bank. The brand promotion tasks were comprehensively conducted via different forms of media, from the national information channel to local ones, on big posters and moving billboards in Hanoi. The efforts to get PG Bank closer to the public started to be effective. The image and brand name of PG Bank have made the imprint in the market, especially in Hanoi.

The operational network of PG Bank was developed quite fast in the last year. Until the end of the year, PG Bank further opened 12 transaction offices and saving counters, successfully transformed 5 transaction offices, raised the total number

of branches and transaction offices nation-wide to 74, covered all key provinces and cities in the country such as Hanoi, Hochiminh city, Hai Phong, Quang Ninh, Bac Ninh, Hai Duong, Da Nang, Can Tho, Dong Thap, Dong Nai, Binh Duong, Ba Ria – Vung Tau, etc. The increasing popularity of the bank have met the increasing demand of customers, as well as promoted the image of PG Bank closer to the public.

The year 2011 continued to remark the recognition from prestigious organization to PG Bank’s service quality through valuable awards, including: the fourth consecutive year to receive “A Class Bank” awarded by the State Bank of Vietnam, “Vietnam Excellent Brand” awarded by Vietnam Trade Promotion Agency (Ministry of Industry and Trade) and Vietnam Economic News; especially, PG Bank was honorably one of the three institutions to receive the Emulation Flag in 2011 awarded by Chairman of Hanoi People’s Committee. Those awards are great encouragement and lively evidence for the mission of “Trust consolidation” of PG Bank, especially in the period that the financial and monetary market are facing significant uncertainties.

The support from customers is a crucial factor for PG Bank to gain remarkable achievements. In order to show the gratefulness towards the customers, last year, PG Bank launched many promotion programs which increase benefits for customers such as “Spring travel and picking luck”, “Preferential overdrawn loans and preferential trust loans”, “Frequent customers”, “Businessmen day – the golden preferential month”. “Preferential loans for business with PG Bank”, “Saving Deposits, double happiness with PG Bank”, “Golden account”. These programs received positive feedbacks from customers, actively supporting the capital mobilization activities of the Bank.

SOCIAL ACTIVITIES

We bear in mind that our growth depends on the economic vitality of communities. That is why we have made corporate social responsibility a fundamental way we do business.

With the motto “Strengthen Community”, year 2011 remarked numerous activities of the Bank towards the community, in which we paid special attention to study and talent encouragement activities. PG Bank study encouragement fund is operating effectively and timely supporting staff’s children who achieve excellent academic results. Furthermore, PG Bank contributed to the program “Assistance to student in exam season 2011” organized by Hochiminh City Student Assistance center (SAC) to practically support university candidates in the entrance exam 2011.

Besides, PG Bank’s members also actively participated in charity programs, joining hands with social organizations to ease the pains, partly share difficulties with unfortunate lives. In the action program “Joining hands for the community” of the bank, all the staff voluntarily donated to social charity funds such as Gratitude fund and Charity fund for the poor. Especially, PG Bank organized many programs to visit and give presents to the elderly people, war invalids, orphans and child patients in hospitals, social support and nurturing centers all over the country on the occasions of the Children day, Mid-Autumn festival, Christmas, War invalids and Martyrs’ Day, etc. The bank also took part in and sponsored social charity programs such as “Terry Fox Run” to assist children suffering from cancer and heart disease; supported citizens in the Central affected by flood, repaired and upgraded memorial houses, built public works such as Culture centers and kindergarten to support poor and mountainous villages, etc.

Along with the programs towards the community, the bank paid close attention to staff’s lives, giving timely and necessary assistance to employees who unfortunately faced difficulties or caught in serious diseases, etc to help them overcome personal issues. Those practical actions partially reflect the mutual assistance culture of PG Bank’s staff.



FINANCIAL STATEMENTS

On the basis of 2011 performance and 2012 economic forecast, considering available and future resources, PG Bank has mapped out the business plan for 2012 as follows:

To focus on promoting fund-raising activities, ensure credit growth and maintain safety ratios in accordance with SBV’s requirements;

To improve management system, internal control system, strengthen credit risk management, ensuring the rate of non-performing loans of less than 2%;

To strongly develop retail banking services on the basis of exploiting maximum advantages of distribution channels of Petrolimex Group and PG Bank; to launch new products and services such as money transfer services, collection services through petrol stations system;

To keep exploiting and promoting the competitive advantages of forex trading;

To improve and create breakthrough in terms of service quality;

To facilitate promotion, communication to lift the position and image of PG Bank;

To increase operating efficiency and better control operating expenses;

To achieve an ROE of 25%; to raise chartered capital to 3,000 billion.

2012 BUSINESS PLANTOTAL ASSETS

TOTAL MOBILIZED FUNDS

TOTAL OUTSTANDING LOANS

PROFIT BEFORE TAX

594

720

700

680

660

640

620

600

580

560

25,685

17,582

2011 2012

30,000

25,000

20,000

15,000

10,000

5,000

0

13,932

2011

2011

2012

2012

14,500

14,000

13,500

13,000

12,500

11,500

11,000

21,989

14,802

2011 2012

25,000

20,000

15,000

10,000

5,000

0

Unit: VND billion

Unit: VND billion

Unit: VND billion

Unit: VND billion

12,00012.112

700



No.: 1334/Deloitte-AUDHN-RE

To: The Shareholders, the Boards of Directors and Management Petrolimex Group Commercial Joint Stock Bank

We have audited the accompanying balance sheet of Petrolimex Group Commercial Joint Stock Bank (“the Bank”) as at 31 December 2011, the related statements of income and cash flows for the year then ended, and the notes thereto (collectively referred to as “the financial statements”), as set out from page 5 to page 39. The accompanying financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Vietnam.

RESPECTIVE RESPONSIBILITIES OF THE BOARD OF MANAGEMENT AND AUDITORSAs stated in the Statement of the Board of Management on page 2 and page 3, these financial statements are the responsibility of the Bank’s Board of Management. Our responsibility is to express an opinion on these financial statements based on our audit.

BASIS OF OPINIONWe have conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

OPINIONIn our opinion, the accompanying financial statements give a true and fair view of, in all material respects, the financial position of the Bank as at 31 December 2011 and the results of its operations and its cash flows for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System, Financial Reporting Regime applicable to credit institutions under regulations of the State Bank of Vietnam and prevailing relevant regulations in Vietnam.

AUDITORS’ REPORT

Dang Van KhaiAuditor

CPA Certificate No. 0758/KTV

Tran Thi Thuy NgocDeputy General Director

CPA Certificate No. D.0031/KTV

For and on behalf of

DELOITTE VIETNAM COMPANY LIMITED31 March 2012

Hanoi, S.R. Vietnam

The Board of Management of Petrolimex Group Commercial Joint Stock Bank (“the Bank”) presents this report together with the Bank’s financial statements for the year ended 31 December 2011.

THE BOARDS OF DIRECTORS AND MANAGEMENT

The members of the Boards of Directors and Management of the Bank who held office during the year and at the date of this report are as follows:

STATEMENT OF THE BOARD OF MANAGEMENT

BOARD OF DIRECTORS

Mr. Bui Ngoc Bao Chairman

Mr. Dinh Thanh Nghiep Member

Mr. Tran Long An Member

Ms. Nguyen Thi Thanh Ha Member

Mr. Le Minh Quoc Member

Mr. Tran Ngoc Nam Member

Mr. Cung Quang Ha Member (resigned on 26 April 2011)

Mr. Nguyen Thanh Binh Member (resigned on 26 April 2011)

Mr. Nguyen Quang Dinh Member (assigned on 26 April 2011)

Mr. Nguyen Manh Hai Member (assigned on 26 April 2011)

Mr. Vo Van Hiep Member (assigned on 26 April 2011)

BOARD OF MANAGEMENT

Mr. Nguyen Quang Dinh Chief Executive Officer

Mr. Dinh Thanh Nghiep Deputy Chief Executive Officer

Mr. Nguyen Tien Dzung Deputy Chief Executive Officer

Mr.Nguyen Thanh To Deputy Chief Executive Officer

Mr. Nguyen Hong Duc Deputy Chief Executive Officer (assigned on 4 May 2011)

Mr. Nguyen Van Hao Chief Financial Officer cum Chief Accountant

BOARD OF MANAGEMENT’S STATEMENT OF RESPONSIBILITYThe Board of Management of the Bank is responsible for preparing the financial statements of each year, which give a true and fair view of the financial position of the Bank and of its business operation results and cash flow for the year. In preparing these financial statements, the Board of Management is required to:

Select suitable accounting policies and then apply them consistently;

Make judgments and estimates that are reasonable and prudent;

State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the financial statements;

Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Bank will continue in business; and

Design and implement an effective internal control system for the purpose of properly preparing and presenting the financial statements so as to minimize errors and frauds.

The Board of Management is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the financial position of the Bank and that the financial statements comply with Vietnamese Accounting Standards, Vietnamese Accounting System, Financial Reporting Regime applicable to credit institutions as regulated by the State Bank of Vietnam and prevailing relevant regulations in Vietnam. The Board of Management is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.

The Board of Management confirms that the Bank has complied with the above requirements in preparing these financial statements.

For and on behalf of the Board of Management,

Nguyen Quang DinhChief Executive Officer

31 March 2012

Deloitte VietNam Company Limited

12A Floor, Vinaconex Tower

34 Lang Ha Street, Dong Da District

Ha Noi, Viet Nam

Tel: +84 4 6288 3568

Fax: +84 4 6288 5678

www.deloitte.com/vn



NO. ITEMS Notes 31/12/2011 31/12/2010

B LIABILITIES AND OWNERS’ EQUITY

I Borrowings from the State Bank of Vietnam and the Government

15 400,000,000,000 -

II Deposits and borrowings from other credit institutions

16 3,357,571,095,529 3,228,776,452,944

1 Deposits of other credit institutions 3,357,571,095,529 3,228,776,452,944

III Deposits of customers 17 10,925,179,046,121 10,704,750,380,539

IV Grants, trusted investments and borrowings at risk of credit institutions

18

117,083,650,000 61,473,102,431

V Issuance of valuable papers 1,977,401,615 -

VI Other liabilities 189,294,063,267 209,911,845,311

1 Interest, fees payable 120,582,549,562 102,856,830,927

2 Other payables and liabilities 19 54,686,396,355 95,849,734,429

3 Other provisions 19 14,025,117,350 11,205,279,955

Total liabilities 14,991,105,256,532 14,204,911,781,225

VII Equity and reserves 2,590,976,073,869 2,173,412,860,701

1 Equity 20 2,000,000,000,000 2,000,000,000,000

2 Reserves 21 81,430,997,127 41,451,420,351

3 Foreign exchange difference 22 5,122,354,443 18,313,909,327

4 Retained earnings 20 504,422,722,299 113,647,531,023

TOTAL LIABILITIES AND OWNERS’ EQUITY 17,582,081,330,401 16,378,324,641,926

BALANCE SHEET (Continued)As at 31 December 2011

NO. ITEMS 31/12/2011 31/12/2010

I Contingent liabilities

1 L/C commitments 825,908,592,385 760,191,942,766

2 Other guarantees 935,129,577,641 637,378,727,269

II Commitments

1 Other commitments 2,533,163,902,198 2,730,886,557,450

OFF-BALANCE SHEET ITEMS

Nguyen Quang Dinh

Chief Executive Officer

31 March 2012

Nguyen Van HaoChief Financial Officer

FORM B 02/TCTDUnit: VND

NO. ITEMS

A ASSETSI Cash on hand, gold, precious stonesII Balances with the State Bank of VietnamIII Cash, gold with other credit institutions and loans to other credit institutions1 Cash, gold at other credit institutions

IV Derivatives and other financial assets V Loans to customers1 Loans to customers

2 Provision for loan losses

VI Investment securities1 Available-for-sale securities

2 Provision for diminution in value of investment securities

VII Long-term investments1 Other long-term investments

2 Provision for diminution in value of long-term investments

VIII Fixed assets1 Tangible fixed assets

a Cost

b Accumulated depreciation

2 Intangible fixed assets

a Cost

b Accumulated depreciation

IX Other assets1 Receivables

2 Interest, fees receivable

3 Other assests

31/12/2011

228,299,047,661748,922,723,773

1,403,467,339,527

1,403,467,339,527

119,715,05811,928,233,217,836

12,112,037,242,993

(183,804,025,157)

2,022,497,195,7602,085,817,170,899

(63,319,975,139)

55,643,662,41985,659,289,537

(30,015,627,118)

267,484,183,742

230,417,000,726

306,690,724,227

(76,273,723,501)

37,067,183,016

55,630,960,298

(18,563,777,282)

927,414,244,625652,890,671,648

232,016,766,494

42,506,806,483

31/12/2010

194,340,569,73264,737,768,121

1,788,385,034,019

1,788,385,034,019

1,724,955,120 10,781,226,644,314

10,886,497,072,935

(105,270,428,621)

1,941,704,728,8171,953,204,637,363

(11,499,908,546)

91,016,641,088

93,104,233,546(2,087,592,458)

150,284,147,438

125,102,877,542

167,191,928,937

(42,089,051,395)

25,181,269,896

35,782,759,718

(10,601,489,822)

1,364,904,153,2771,141,126,476,670

173,780,566,932

49,997,109,675

Notes

56 7

89

10

11

12

13

14

BALANCE SHEETAs at 31 December 2011 FORM B 02/TCTD

Unit: VND

TOTAL ASSETS 17,582,081,330,401 16,378,324,641,926



FORM B 04/TCTD Unit: VND

CASH FLOW STATEMENTFor the year ended 31 December 2011

NO. ITEMS 2011 2010

CASH FLOWS FROM OPERATING ACTIVITIES

01 Interest income and similar income 5,845,167,374,500 3,110,689,777,740

02 Interest expense and similar expenses (4,782,511,565,468) (2,662,335,916,177)

03 Net cash receipts from services 45,447,481,086 72,718,322,985

04 Difference of cash receipts and cash disbursements from business activities (dealing in foreign currencies, gold, and securities)

30,461,470,973 37,752,733,452

05 Net cash generated from other activities 44,305,173,197 41,458,972,656

06 Cash payment for employees and management (624,396,303,936) (384,834,466,823)

07 Corporate income tax paid (132,002,771,278) (98,961,034,948)

Operating profit before movements in assets and working capital

426,470,859,074 116,488,388,885

Movements in operating assets (593,413,158,341) (6,182,451,473,993)

08 Decrease in cash, gold and loans to other credit institutions 384,917,694,492 215,024,978,113

09 (Increase) in trading securities (132,612,533,536) (980,743,718,530)

10 Decrease/(Increase) in derivatives and other financial assets 1,605,240,062 (1,724,955,120)

11 (Increase) in loans to customers (1,197,754,698,148) (4,478,821,780,856)

12 Decrease in provision 41,162,591,956 9,789,237,424

13 Decrease/(Increase) in other operating assets 309,268,546,833 (945,975,235,024)

Movements in operating liabilities 674,718,229,165 4,862,675,357,551

14 Increase/(Decrease) in borrowings from the Government and the State Bank

400,000,000,000 (180,596,921,861)

15 Increase in deposits of and borrowings from other credit institutions

128,794,642,585 1,263,355,378,587

16 Increase in deposits from customers (including State Treasury) 220,428,665,582 3,808,708,842,951

17 Increase/(Decrease) in issuance of valuable papers (excluding valuable papers in finance activities)

1,977,401,615 (50,000,000,000)

18 Increase in grants, trusted funds and borrowings at risk of credit institutions

55,610,547,569 61,473,102,431

19 (Decrease) in derivatives and other financial liabilities - (332,398,424)

20 (Decrease) in other operating liabilities (116,593,028,186) (15,336,416,133)

21 Cash outflow from reserves (15,500,000,000) (24,596,230,000)

I Net cash from/(used in) operating activities 507,775,929,898 (1,203,287,727,557)

NO. ITEMS Notes 2011 2010

1 Interest income and similar income 23 2,817,815,430,101 1,466,543,797,507

2 Interest expense and similar expenses 24 1,721,454,475,295 949,742,855,551

I Net interest income 1,096,360,954,806 516,800,941,956

3 Income from services 84,549,032,457 126,735,016,125

4 Expenses from services 39,101,551,371 54,016,693,140

II Net profit from services 25 45,447,481,086 72,718,322,985

III Net profit from dealing in foreign currencies

26 22,294,771,652 17,278,046,679

IV Net profit from dealing in trading securities 579,900,000 -

V Net (loss)/profit from trading investment securities

27 (49,943,933,853) 9,097,244,532

5 Other income 119,552,923,210 50,471,508,602

6 Other expenses 70,857,083,432 9,815,779,626

VI Net profit from other activities 48,695,839,778 40,655,728,976

VII Income from capital contribution, investments

6,371,850,154 7,763,906,900

VIII Operating expenses 28 453,389,242,797 282,539,675,378

IX Net profit from operating activities before credit provision expenses

716,417,620,826 381,774,516,650

X Credit provision expenses 122,031,707,218 88,903,694,145

XI Profit before tax 594,385,913,608 292,870,822,505

7 Current corporate income tax expense 29 148,131,145,555 74,059,553,383

XII Corporate income tax expense 148,131,145,555 74,059,553,383

XIII Profit after tax 446,254,768,053 218,811,269,122

XIV Earnings per share 2,231 1,459

INCOME STATEMENT For the year ended 31 December 2011

FORM B 03/TCTDUnit: VND

Nguyen Quang Dinh


31 March 2012




NOTES TO THE FINANCIAL STATEMENTS These notes are an integral part of and should be read in conjunction with the accompanying financial statements

FORM B 05/TCTD

1. GENERAL INFORMATION

Structure of ownership

Petrolimex Group Commercial Joint Stock Bank (“the Bank”), previously known as Dong Thap Muoi Rural Commercial Joint Stock Bank, was incorporated in the Socialist Republic of Vietnam in accordance with Business License No. 0045-NHNN dated 13 January 1993 issued by the Governor of the State Bank of Vietnam (SBV). According to Decision No. 368/QD-NHNN dated 8 February 2007 by the SBV Governor, Dong Thap Muoi Rural Commercial Joint Stock Bank was approved to change its name to Petrolimex Group Commercial Joint Stock Bank.

From January 2012, the Bank moved its head office to MIPEC Building – 229 Tay Son Street, Dong Da District, Hanoi. The movement was approved by the Governor of the State Bank of Vietnam according to Decision No. 03/QD-NHNN dated 5 January 2012.

As at 31 December 2011, the Bank had 16 branches.

The number of employees of the Bank as at 31 December 2011 was 1,375 (31 December 2010: 1,158).

Operating industry and principal activities

Principal activities of the Bank are to provide banking services and related financial services in Vietnam.

2. ACCOUNTING CONVENTION AND ACCOUNTING PERIOD

Accounting convention

The accompanying financial statements, expressed in Vietnam Dong (VND), are prepared under the historical cost convention and in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System applicable to credit institutions as per Decision No. 479/2004/QD-NHNN dated 29 April 2004 (and its amendments) issued by the SBV Governor and Financial Reporting Regime for credit institutions as per Decision No. 16/2007/QD-NHNN dated 18 April 2007 issued by the SBV Governor and prevailing relevant regulations in Vietnam.

Accounting period

The Bank’s financial year begins on 01 January and ends on 31 December.

3. ADOPTION OF NEW ACCOUNTING GUIDANCES

On 06 November 2009, the Ministry of Finance issued Circular No.210/2009/TT-BTC (“Circular 210”) guiding the application of International Financial Reporting Standards on presentation of financial statements and disclosures of financial instruments. The adoption of Circular 210 requires disclosures of certain financial instruments as well as the effect thereof on the financial statements. This Circular is effective for the financial year ending on or after 31 December 2011. The Bank has adopted Circular 210 and additional notes on this application to the financial statements for the year ended 31 December 2011 are set out in Note 35.

Cash and cash equivalents at the end of the year:

Nguyen Quang Dinh


31 March 2012


FORM B 04/TCTD Unit: VND

CASH FLOW STATEMENT (Continued)For the year ended 31 December 2011

NO. ITEMS 2011 2010

CASH FLOWS FROM INVESTING ACTIVITIES

01 Acquisition of fixed assets (159,346,995,870) (88,364,906,978)

02 Proceeds from sales, disposal of fixed assets

24,490,909 (110,602,125)

03 Cash outflow for investments in other entities

(200,849,317) (52,995,670,868)

04 Proceeds from investments in other entities

35,372,978,669 -

05 Proceeds from dividends, profits from long-term investments and capital contribution

312,000,000 390,000,000

II Net cash (used in) investing activities

(123,838,375,609) (141,081,179,971)

CASH FLOWS FROM FINANCING ACTIVITIES

01 Proceeds from issuing stocks and/or receiving capital from shareholders

- 1,000,000,000,000

02 Dividends and profit received (50,711,815,200) (145,892,118,000)

III Net cash (used in)/from financing activities

(50,711,815,200) 854,107,882,000

IV Net increase/(decrease) in cash 333,225,739,089 (490,261,025,528)

V Cash and cash equivalents at the beginning of the year

2,047,463,371,872 2,537,724,397,400

VI Cash and cash equivalents at the end of the year

2,380,689,110,961 2,047,463,371,872

31/12/2011 31/12/2010

VND VND

Cash and cash equivalents on hand 228,299,047,661 194,340,569,732

Deposits at the State Bank of Vietnam 748,922,723,773 64,737,768,121

Cash, gold at other credit institutions (under 3 months)

1,403,467,339,527 1,788,385,034,019

Total 2,380,689,110,961 2,047,463,371,872



4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Provisions for doubtful debts and commitments

Provisions for doubtful debts and commitments are made based on the management’s estimates on doubtful loans and commitments in accordance with Decision No. 493/2005/QD-NHNN dated 22 April 2005 and Decision No. 18/2007/QD-NHNN dated 25 April 2007 of the State Bank of Vietnam on the amendment and supplement of some articles of the regulations on classification of debts, provision appropriation and provision utilization to mitigate credit risk in credit institutions’ banking activities.

Specific provisions for loans and advances as at the balance sheet date (31 December 2011) are calculated based on the following provision rates applicable to loans as at 30 November 2011 after deducting the value of evaluated collaterals:

General provision for loan losses, losses on guarantees is made at 0.75% of the Bank’s calculated net exposure.

Net exposure is determined by adding the total amount of loans to customers (after deducting loans that have been fully provided for) with the total amount of guarantees as at the balance sheet date.

The provision for losses on guarantees is charged to the income statement. Reversed value is recorded as other income.

Trading securities and investment securities

Trading securities and investment securities comprise equity securities which are not held for investee controlling purposes and debt securities issued by the Government, other credit institutions, and economics entities. Securities held by the Bank for less than one year for the purpose of getting profit from price difference are classified as trading securities. Securities which the Bank has intention and ability to hold to maturity are classified as held-to-maturity securities. Other securities are classified as available-for-sale securities.

Trading securities and investment securities are classified in accordance with Official Letter No. 2601/NHNN-TCKT dated 14 April 2009 of the State Bank of Vietnam and are measured at historical cost. Provision for diminution in value of these securities is made in compliance with the above Official Letter and guidance of Circular No. 228/2009/TT-BTC dated 7 December 2009 issued by the Ministry of Finance. Accordingly, for listed equity securities, the Bank determines the value of the investments using closing prices as at the date of financial statements. When market price increases, profit will be offset against, but not exceed the provision made previously. The difference is not recorded as income until the securities are sold.

Group Outstanding status Provision rate

1 Current loans 0%

2 Special mentioned loans 5%

3 Sub-standard loans 20%

4 Doubtful loans 50%

5 Loss 100%

NOTES TO THE FINANCIAL STATEMENTS (Continued)These notes are an integral part of and should be read in conjunction with the accompanying financial statements

FORM B 05/TCTD


FORM B 05/TCTD

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe significant accounting policies, which have been adopted by the Bank in the preparation of these financial statements, are as follows:

Estimates

The preparation of financial statements are in conformity with Vietnamese Accounting Standards, Vietnamese Accounting System applicable to credit institutions in accordance with Decision No. 479/2004/QD-NHNN dated 29 April 2004 (and its amendments) issued by the SBV Governor, and Financial Reporting Regime for credit institutions as per Decision No. 16/2007/QD-NHNN dated 18 April 2007 issued by the SBV Governor requires the Bank’s management to make estimates and assumptions that affect the reported figures of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported figures of revenues and expenses during the financial year. Actual results could be different from those estimates.

Financial instruments

Initial recognition

Financial assets

At the date of initial recognition, financial assets are recorded at costs plus transaction cost which are directly attributable to the acquisition of the financial assets.

Financial assets of the Bank comprise of cash on hand, balances with the State Bank of Vietnam, deposits and loans to other credit institutions, loans, investment securities, long-term investments, other receivables and derivatives.

Financial liabilities

At the date of initial recognition, financial liabilities are recorded at costs net of transaction cost which are directly attributable to the issue of the financial liabilities.

Financial liabilities of the Bank comprise of borrowings from the Government and the State Bank of Vietnam, deposits and borrowings from other credit institutions, deposits from customers, grants, entrusted investments, borrowings at risks of other credit institutions, other payables.

Re-measurement after initial recognition

Currently, there is no regulation on re-measurement of financial instruments after initial recognition.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Derivatives

For foreign currency buying/selling forward contracts and currency swap contracts, the difference between the foreign currencies amount in VND committed to buy/sell translated in forward exchange rate and in spot exchange rate at the effective date of the contracts is recognized at the effective date of the contracts as assets - “Derivatives and other financial assets” if the difference is positive or as liabilities - “Derivatives and other financial liabilities” if the difference is negative. The difference is then credited/charged into “Profit/Loss from dealing in foreign currencies” during the terms of the contracts.

Loans

Loans are recorded at principal less written-off amounts and provisions for doubtful debts.




Intangible fixed assets and amortization (Continued)

Computer software

Computer software is recognized at the purchase prices of new software that is not an integral part of the related hardware. The computer software is amortized using the straight-line method over the period of 5 years.

Operating lease

Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Operating leases are charged to income statement on the straight-line basis as incurred over the lease term.

Foreign currencies

Transactions arising in foreign currencies other than VND are translated into VND at exchange rates ruling at the transaction dates. Foreign exchange differences arising from these transactions are recognized in the income statement.

Monetary assets and liabilities denominated in foreign currencies other than VND are retranslated into VND at the exchange rates prevailing on the balance sheet date. Exchange differences arising from the translation of these accounts are recognized in the income statement.

Commitments under forward foreign exchange contracts are retranslated at the exchange rates of contracts with same terms ruling at the reporting date. Exchange differences arising from the translation are recorded in the balance sheet.

Revenue

Interest income

Income from interest payments is recorded on accrual basis for the loans which are identified as being able to reclaim both principals and interests on time and the Bank shall not appropriate specific provisions according to prevailing regulations. The interest amounts which have been recorded as income, in the event that the customer could not pay on the maturity date, would be charged into operating expenses and credit institutions shall track off-balance sheet to urge the collection of those loans. When collected, interests are recored as income from operating activities.

Interest receivables from overdue loans arose during year shall not be recognized as income. Credit institutions shall track off-balance sheet to urge the collection, when collected, interests are recorded as income from operating activities.

Income from services

Income from transactions on providing services is recognized as the outcomes of the transactions are reliably identified. In case transactions on providing services relate to several accounting periods, income is recognized during the period based on the percentage of completion of the job at the balance sheet date. The result of transactions on providing services is identified when all of the following 4 factors are satisfied:

(a) The amount of revenue can be measured reliably;

(b) It is probable that the economic benefits associated with the transaction will flow to the Company;

(c) The percentage of completion of the transaction at the balance sheet date can be measured reliably; and

(d) The costs incurred for the transaction and the costs to complete the transaction can be measured reliably.


Long-term investments

Long-term investments include equity securities and investments in projects with the holding, recovery or payment period of more than 1 year for profit-taking purpose in the following circumstances (i) the Bank is the founding shareholder; or (ii) the Bank is the strategic partner; or (iii) the Bank obtains a certain controlling power in making, approving financial policies or operation through written agreements to appoint representatives joining the Boards of Directors/Management. Long-term investments are stated at cost. Provision for diminution in value of these investments is made in accordance with Circular No. 228/2009/TT-BTC dated 07 December 2009 issued by the Ministry of Finance.

Entrustment and trusted funds

Entrustment activities of the Bank comprise: complete entrustment and nominated entrustment. The value of investment from entrustment is recognized when entrustment contract is signed and entrustment funds are realized. Rights and obligations of the trustors and the trustees on profit and profit distribution, entrustment fees, and other rights and obligations are as specified in the signed contract.

Foreign exchange contracts

The Bank entered into forward foreign exchange and swap contracts to facilitate its clients to transfer, adjust or mitigate exchange rate risk or other market risks as well as to facilitate its own business activities.

Forward contracts are commitments to either purchase or sell a specified currency on a certain date in the future at a fixed exchange rate and will be settled in the future using this exchange rate.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation.

The cost of purchased tangible fixed assets comprises its purchase price and any directly attributable costs of bringing the assets to its working condition and location for its intended use.

Tangible fixed assets are depreciated using the straight-line method over their estimated useful lives as follows:

2011

Years

Buildings, structures 4 - 25

Machinery, equipment 4 - 7

Motor vehicles 6 - 10

Management tools 4 - 5

Others 5

Intangible fixed assets and amortization

Intangible fixed assets comprise land use rights and computer software.

Land use rights

Land use rights consist of expenses incurred for the acquisition of official land use rights. The initial cost of the land use right is recognized based on the expenses incurred and the value of the land approved by the Government at the date of acquisition. Land use rights granted for indefinite term are not amortized. Land use rights granted for definite term are amortized using the straight-line method over the duration of the right to use the land.


FORM B 05/TCTD


FORM B 05/TCTD




Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years (including loss carried forward, if any) and it further excludes items that are never taxable or deductible.

Deferred tax is recognised on significant differences between carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and are accounted for using balance sheet liability method. Deferred tax liabilities are generally recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Bank intends to settle its current tax assets and liabilities on a net basis.

There was no deferred tax asset and liability recognized as at 31 December 2010 since there was no significant difference between carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profit.

The determination of the tax currently payable is based on the current interpretation of tax regulations. However, these regulations are subject to periodic variation and their ultimate determination depends on the results of the tax authorities’ examinations.

Other taxes are paid in accordance with the prevailing tax laws in Vietnam.

31/12/2011 31/12/2010

VND VND

Cash on hand in VND 185,100,820,933 133,881,537,800

Cash on hand in foreign currencies 43,198,226,728 60,459,031,932

228,299,047,661 194,340,569,732

5. CASH ON HAND, JEWELS, PRECIOUS STONES


Revenue (Continued)

Dividends recognition

Cash dividends received from investment activities are recorded into the income statement when the receiving rights of the Bank are confirmed. For stock dividends, stocks that are distributed from profits of joint-stock companies shall not be recognized in the financial statements according to Circular No. 244/2009/TT-BTC dated 31 December 2009.

Borrowing costs

Borrowing costs are recognized on the accrual basis in the income statement when incurred.

Related parties

Related parties of the Bank are enterprises and individuals which directly or indirectly through one or several intermediaries hold control of the Bank and its subsidiaries; or under the control of the Bank and its subsidiaries; or under the control of both the Bank and its subsidiaries; associates and individuals which directly or indirectly hold voting power of the Bank and its subsidiaries which have significant influences on the Bank; chief management positions like directors, managers of the Bank. Close members in families of these individuals, these associates or associated companies of these individuals are also considered as related parties. The nature of relationships is considered when evaluating the relationships of each relate parties, not only under legal form.

Reserves

According to Decree No. 146/2005/ND-CP dated 23 November 2005 issued by the Government of Vietnam, credit institutions are required to make the following allocations to reserves before distribution of profits:

a. Reserve to supplement charter capital should be equal to 5% of the annual profit after tax and should not exceed the chartered capital of the Bank;

b. Financial reserve funds should be equal to 10% of the annual profit after tax, after deducting allocation to charter capital supplement reserve, losses carried forwards of previous years and other non-deductible expenses. The financial reserve funds can not exceed 25% of the Bank’s charter capital. Financial reserve funds are appropriated to cover losses incurred during the normal course of business;

c. Investment and development fund, bonus and welfare fund and other funds: are appropriated in accordance with Decision of the General Shareholders’ Meeting of the Bank. Appropriation ratios of these funds are determined by the Shareholders’ Meeting of the Bank, in compliance with laws and regulations.

The reserve to supplement charter capital supplement reserve and financial reserve funds as mentioned above shall not be distributed.

Off-balance-sheet commitments and guarantees

During the course of business, at any time, the Bank has outstanding credit commitments. These commitments are under form of approved loans. The bank also provides financial guarantees and letters of credit to guarantee the contract performance of customers to third parties. These transactions are recorded to financial statements when incurred or when related expenditures are incurred or received. Many of the contingent liabilities and commitments will expire without being advanced in whole or in part. Therefore, the amounts do not represent expected future cash flows.


FORM B 05/TCTD


FORM B 05/TCTD



31/12/2011 31/12/2010

VND VND

Loans to local economic entities and individuals 12,011,686,396,603 10,813,931,698,455

Loans by discounting commercial bills and other valuable papers

2,628,993,472 13,884,539,480

Loans by trusted funds, investments 97,721,852,918 58,680,835,000

12,112,037,242,993 10,886,497,072,935

Loan quality

31/12/2011 31/12/2010

VND VND

Current loans 11,553,561,102,982 10,638,632,618,755

Special mentioned loans 309,490,293,675 93,491,323,552

Sub-standard loans 66,165,001,497 54,757,949,012

Doubtful loans 40,021,386,886 68,742,363,635

Loss 142,799,457,953 30,872,817,981

12,112,037,242,993 10,886,497,072,935

Loans by terms

31/12/2011 31/12/2010

VND VND

Short-term loans 8,491,258,291,361 7,239,168,207,021

Medium-term loans 2,263,855,593,906 2,665,549,884,581

Long-term loans 1,356,923,357,726 981,778,981,333

12,112,037,242,993 10,886,497,072,935

Loans by currencies

31/12/2011 31/12/2010

VND VND

Loans in VND 9,448,405,165,746 8,946,518,380,347

Loans in foreign currencies, gold 2,663,632,077,247 1,939,978,692,588

12,112,037,242,993 10,886,497,072,935

8. LOANS TO CUSTOMERS

31/12/2011 31/12/2010

VND VND

Demand deposits 103,936,239,527 101,225,034,019

- In VND 18,058,799,014 23,995,953,713

- In foreign currencies, gold 85,877,440,513 77,229,080,306

Term deposits 1,299,531,100,000 1,687,160,000,000

- In VND 882,971,100,000 1,592,500,000,000

- In foreign currencies, gold 416,560,000,000 94,660,000,000

1,403,467,339,527 1,788,385,034,019

6. BALANCES WITH THE STATE BANK OF VIETNAM

The amount consists of compulsory reserve and current accounts. Under regulations of the State Bank of Vietnam on compulsory reserve, banks are permitted to maintain a floating balance at its compulsory reserve. In details:

According to Decision No. 1925/QD-NHNN dated 26 August 2011:

Compulsory reserve balances for VND deposits applicable to credit institutions:

- Compulsory reserve balance is 3% (31 December 2010: 3%) of the preceding month’s average balance for demand deposits and time deposits with terms of less than 12 months in VND;

- Compulsory reserve balance is 1% (31 December 2010: 1%) of the preceding month’s average balance for deposits in VND with terms of more than 12 months.

Compulsory reserve balances for deposits in foreign currencies applicable to credit institutions:

- Compulsory reserve balance is 8% (31 December 2010: 7%) of the preceding month’s average balance for demand deposits and time deposits with terms of less than 12 months in foreign currencies;

- Compulsory reserve balance is 6% (31 December 2010: 2%) of the preceding month’s average balance for deposits in foreign currencies with terms of more than 12 months.

- Compulsory reserve balance is 1% of the balance for deposits in foreign currencies from overseas credit institutions.

31/12/2011 31/12/2010

VND VND

Deposits at the State Bank of Vietnam 748,922,723,773 64,737,768,121

748,922,723,773 64,737,768,121

7. BALANCES WITH OTHER CREDIT INSTITUTIONS AND LOANS TO OTHER CREDIT INSTITUTIONS


FORM B 05/TCTD


FORM B 05/TCTD



8. LOANS TO CUSTOMERS (Continued)

Loans by sectors

31/12/2011 31/12/2010

VND VND

- Agriculture, forestry and fishery 1,554,968,745,083 251,382,340,814

- Mining industry 301,763,603,188 250,160,501,628

- Processing and manufacturing industry 4,246,270,053,142 1,610,343,793,808

- Distribution of electricity, gas, water and air condition 12,034,038,377 258,054,153,526

- Providing, management and processing of wastes and waste water 51,435,555,571 -

- Construction 1,046,219,755,785 938,806,545,461

- Retail, wholesale and repair of cars, motors and other motor vehicles 2,417,918,454,626 815,978,850,001

- Hospitality and beverage 85,661,622,898 247,645,455,113

- Logistics 962,582,955,277 1,018,831,229,753

- Information and telecommunication 46,222,173,478 -

- Finance, banking and insurance 30,363,687,476 85,714,373,208

- Science and technology 9,213,882,000 113,401,135,235

- Administration and support services 42,921,441,538 -

- Assets trading and consultancy - 158,689,275,594

- Training and education 1,308,470,590 -

- Medical and social support 25,091,425,767 27,070,448,437

- Arts and entertainment 9,524,547,148 -

- Individual-oriented services - 5,094,180,352,825

- Employment in household businesses, manufacturing of self-consuming

products and services

137,679,736,058 -

- Others 1,130,857,094,991 16,238,617,532

12,112,037,242,993 10,886,497,072,935

General provisions Specific provisions Total

VND VND VND

2010

Openning balance 41,170,361,500 5,905,703,183 47,076,064,683

Additions for the year 60,745,185,711 20,456,863,468 81,202,049,179

Reversal for the year (20,916,824,450) (2,090,860,791) (23,007,685,241)

Closing balance 80,998,722,761 24,271,705,860 105,270,428,621

2011

Openning balance 80,998,722,761 24,271,705,860 105,270,428,621

Additions for the year 31,310,100,420 77,487,049,504 108,797,149,924

Reversal for the year (22,258,044,040) (5,983,009,348) (28,241,053,388)

Utilised for the year - (2,022,500,000) (2,022,500,000)

Closing balance 90,050,779,141 93,753,246,017 183,804,025,157

9. PROVISIONS FOR LOANS LOSSES

8. LOANS TO CUSTOMERS (Continued)

Loans by types of customers and enterprises:

31/12/2011 31/12/2010

VND VND

- Central State-owned enterprises - 41,707,870,069

- One-member limited liability companies with 100% of charter

capital owned by the State

453,742,579,696 -

- Two or more-member limited liability companies with 50% of

charter capital or more owned by the State

32,759,416,618 -

- Other limited liability companies 3,188,983,174,306 -

- Joint stock companies with 50% of chartered capital or voting

shares owned by the State, or the State has the control power

according to the charter

781,554,641,576 -

- Local State-owned enterprises - 278,445,788,371

- State-owned limited liability companies - 532,067,563,858

- Private limited liability companies - 2,868,331,054,079

- State-owned joint stock companies - 309,077,956,081

- Other joint stock companies 5,201,172,060,087 4,099,263,192,844

- Partnership companies - -

- Private companies 201,269,651,363 213,027,781,628

- Companies with foreign investments 212,110,212,580 93,055,526,083

- Collective economy - Cooperatives 375,056,880,337 231,857,457,189

- Collective economy - Households and individuals 1,620,030,135,573 2,219,662,882,733

- Other organizations 45,358,490,857 -

12,112,037,242,993 10,886,497,072,935


FORM B 05/TCTD


FORM B 05/TCTD



31/12/2011 31/12/2010

VND VND

Other long-term investments

SSI Vision Fund (i) 30,000,000,000 30,000,000,000

VietFund Management - VF4 44,904,486,698 44,904,486,698

Petrolimex Jet Fuel Joint Stock Company - 7,500,000,000

VietFund Active (VFA) (i) 10,150,000,000 10,150,000,000

PTN Chemicals Co., Ltd. 604,802,839 549,746,848

85,659,289,537 93,104,233,546

Provision for diminution in value of long-term investments

(30,015,627,118) (2,087,592,458)

55,643,662,419 91,016,641,088

11. LONG-TERM INVESTMENTS

(i) The Bank is the founding shareholder of this Investment Fund and the Board of Management of the Bank determines that the investments are held for long-term investment purpose.

Buildings,structures

Machinery, equipment

Motor vehicles

Management tools

Others

Total

VND VND VND VND VND VND

COST

As at 01/01/2011 28,441,412,304 7,175,682,057 41,936,311,159 89,591,023,417 47,500,000 167,191,928,937

Additions 116,106,880,944 1,987,133,793 5,664,518,818 16,246,378,633 165,521,000 140,170,433,188

Disposals (498,901,200) - - (142,750,018) - (641,651,218)

Other decreases (10,037,156) - - (19,949,524) - (29,986,680)

As at 31/12/2011 114,039,354,892 9,162,815,850 47,600,829,977 105,674,702,508 213,021,000 306,690,724,227

A C C U M U L AT E D DEPRECIATION

As at 01/01/2011 9,316,486,017 899,697,290 10,401,404,078 21,444,557,193 26,906,817 42,089,051,395

Charge for the year 5,254,398,256 1,505,185,321 6,321,668,185 19,373,188,954 26,588,670 32,481,029,386

Other increases 1,710,469,998 19,165,276 99,474,120 96,353,467 - 1,925,462,861

Disposals (78,634,638) - - (137,366,893) - (216,001,531)

Other decreases - - - (5,818,610) - (5,818,610)

As at 31/12/2011 16,202,719,633 2,424,047,887 16,822,546,383 40,770,914,111 53,495,487 76,273,723,501

NET BOOK VALUE

As at 31/12/2011 127,836,635,259 6,738,767,963 30,778,283,594 64,903,788,397 159,525,513 230,417,000,726

As at 31/12/2010 19,124,926,287 6,275,984,767 31,534,907,081 68,146,466,224 20,593,183 125,102,877,542

12. TANGIBLE FIXED ASSETS

31/12/2011 31/12/2010

VND VND

Available-for-sale securities (*)

a. Debt securities 1,985,682,773,661 1,854,550,329,280

- Government securities 1,121,999,002,728 925,303,105,564

- Debt securities issued by other local credit institutions 281,481,487,879 432,047,223,716

- Debt securities issued by other local economic entities 582,202,283,054 497,200,000,000

b. Equity securities 100,134,397,238 98,654,308,083

- Equity securities issued by other local credit institutions 7,576,503,305 8,453,208,150

- Equity securities issued by other local economic entities 92,557,893,933 90,201,099,933

c. Provision for diminution in value of available-for-sale securities

(63,319,975,139) (11,499,908,546)

2,022,497,195,760 1,941,704,728,817

(*) The book value of bonds pledged for fund mobilization contracts as at 31 December 2011 is VND 1,572,334,000,000.

Details of debt securities

31/12/2011 31/12/2010

VND VND

Government bonds (i) 977,457,154,186 780,761,590,052

Urban development bonds (ii) 144,541,848,542 144,541,515,512

Corporate bonds (iii) 582,202,283,054 497,200,000,000

Other banks’ valuable papers (iv) 281,481,487,879 432,047,223,716

1,985,682,773,661 1,854,550,329,280

10. INVESTMENT SECURITIES

(i) Government bonds represent five-year bonds in VND issued by the State Treasury, earning interest at 8.65% p.a. to 11.8% p.a. Interest is payable annually;

(ii) Urban development bonds represent five-year and fifteen-year bonds in VND issued by Ho Chi Minh City People’s Committee, earning interest at 8.8% p.a. to 9.55% p.a. Interest is payable annually;

(iii) Corporate bonds include bonds in VND issued by economic entities with terms of five to ten years, earning interest at 9.4% p.a. to 18% p.a. Interest is payable annually;

(iv) Other valuable papers include ten-year bonds in VND issued by local credit institutions, earning interest at 9.8% p.a. to 15.3% p.a. Interest is payable annually.


FORM B 05/TCTD


FORM B 05/TCTD



14. RECEIVABLES (Continued)

(ii) Interest subsidiary program balances represent the amount subsidized to borrowing customers who are qualified for the interest subsidiary program of the Government. This amount will be paid to the Bank by the State Bank of Vietnam.

(iii) Deposit for purchase of office represents the prepayment to Military Petrochemical Joint Stock Company according to the office purchase contract. The Bank completed this transaction in 2011. Accordingly, the deposit was offset with the amount payable in 2011.

15. BALANCES OWED TO THE GOVERNMENT AND THE STATE BANK OF VIETNAM

The balance as at 31 December 2011 represents the loan from the State Bank of Vietnam according to the credit contract with term of 4 months and interest rate of 15% p.a.

16. DEPOSITS AND LOANS FROM OTHER CREDIT INSTITUTIONS

17. DEPOSITS FROM CUSTOMERS

31/12/2011 31/12/2010

VND VND

Current account 1,851,095,529 818,852,944

In VND 1,851,095,529 818,852,944

Term deposits 3,355,720,000,000 3,227,957,600,000

In VND 960,500,000,000 1,928,000,000,000

In foreign currencies, gold 2,395,220,000,000 1,299,957,600,000

3,357,571,095,529 3,228,776,452,944

31/12/2011 31/12/2010

VND VND

Demand deposits 1,572,790,720,435 1,962,051,538,087

In VND 1,431,807,871,413 1,749,341,520,747

In foreign currencies, gold 140,982,849,022 212,710,017,340

Term deposits 9,204,817,929,533 8,585,550,017,290

In VND 8,008,662,699,643 7,220,138,759,919

In foreign currencies, gold 1,196,155,229,890 1,365,411,257,371

Deposits for specific purposes 3,779,361,534 17,584,592,320

Margin deposits 143,791,034,619 139,564,232,842

10,925,179,046,121 10,704,750,380,539

31/12/2011 31/12/2010

VND VND

Economic entities 5,915,380,064,494 5,989,910,973,242

Individuals 5,009,798,981,627 4,714,839,407,297

10,925,179,046,121 10,704,750,380,539

Details by types of customers

Land use rightsVND

Computer softwareVND

OthersVND

TotalVND

COST

As at 01/01/2011 5,041,041,750 30,706,717,968 35,000,000 35,782,759,718

Additions 11,039,000,000 8,761,200,580 48,000,000 19,848,200,580

As at 31/12/2011 16,080,041,750 39,467,918,548 83,000,000 55,630,960,298

ACCUMULATED AMORTIZATION

As at 01/01/2011 - 10,575,239,810 26,250,012 10,601,489,822

Charge for the year - 7,941,537,472 20,749,988 7,962,287,460

As at 31/12/2011 - 18,516,777,282 47,000,000 18,563,777,282

NET BOOK VALUE

As at 31/12/2011 16,080,041,750 20,951,141,266 36,000,000 37,067,183,016

As at 31/12/2010 5,041,041,750 20,131,478,158 8,749,988 25,181,269,896

13. INTANGIBLE FIXED ASSETS

31/12/2011 31/12/2010

VND VND

External receivables (*) 630,935,463,721 1,130,069,838,110

Internal receivables 12,921,909,884 11,036,013,560

Fixed assets purchases 9,033,298,043 20,625,000

652,890,671,648 1,141,126,476,670

31/12/2011 31/12/2010

VND VND

14. RECEIVABLES

Deposits, mortgages 70,042,610,125 84,824,792,680

Balance due from the State Budget 6,175,601,089 8,978,626,318

Entrusted investments, securities brokerage (i) 508,070,605,135 924,627,080,000

Interest subsidiary program (ii) 7,999,948,671 15,131,189,734

Deposit for purchasing office (iii) - 25,693,363,566

Receivables from services 938,735,348 20,082,560,295

Other receivables 37,707,963,353 50,732,225,517

630,935,463,721 1,130,069,838,110

(*) Details of external receivables

(i) Represent the amount disbursed for entrustment and securities brokerage contracts. The bank bears risks from diminution in value of entrustment portfolio and credit risks incurred from the amount transferred to the trustees. The portfolio includes all unlisted securities of which corporate bonds accounts for 70%, therefore, there are no reliable transaction prices. The Bank management has assessed every investment based on the latest financial statements of issuers and believed no investment has significant diminution in value that need appropriation provision. The Bank management has assessed financial capability of the trustees and believed the Bank would able to recover all these entrustments.


FORM B 05/TCTD


FORM B 05/TCTD



Per Amended Business License Chartered Capital As at 31/12/2011

VND VND %

Vietnam National Petrolium Corporation

800,000,000,000 800,000,000,000 40.00%

Saigon Securities Incorporation

199,555,000,000 199,555,000,000 9.98%

Other shareholders 1,000,445,000,000 1,000,445,000,000 50.02%

2,000,000,000,000 2,000,000,000,000 100.00%

20. EQUITY (Continued)

Details of the Company’s chartered capital as at 31 December 2011 are as follows:

21. RESERVES

Developmentand invesment

fund

Financial

reserve fund

Reserve for chartered capital supplement fund

Bonus, welfare

fund

Total

VND VND VND VND VND

Opening balance 650,000,000 28,575,273,217 10,833,278,670 1,392,868,464 41,451,420,351

Allocation to funds

- 20,787,070,567 10,940,563,456 23,751,942,753 55,479,576,776

Decrease - - - (15,500,000,000) (15,500,000,000)

Closing balance 650,000,000 49,362,343,784 21,773,842,126 9,644,811,217 81,430,997,127

22. FOREIGN EXCHANGE DIFFERENCESForeign exchanges differences as at 31 December 2011 arose from the revaluation of assets and liabilities denominated in foreign currencies. According to Vietnamese Accounting Standard No. 10 and the Bank’s accounting policy, the differences should have been recognized in the income statement under profit from dealings in foreign currencies. However, due to temporary shortage of foreign currencies as at 31 December 2011 (and 31 December 2010), the Bank covered the short position on 4 January 2012 (and 5 January 2011) and incurred a loss. Therefore, the Bank did not recognize these differences in the income statement for the year ended 31 December 2011 (and the year ended 31 December 2010). Had the Bank followed Vietnamese Accounting Standard No.10 and its accounting policy, the item “Profit before tax” for the year ended 31 December 2011 would have increased by VND5,122,354,443 (and by VND 18,313,909,327 for the year 2010) and the item “Foreign exchange difference” in the balance sheet as at 31 December 2011 (and 31 December 2010) would have decreased by the same amount.

23. INTEREST INCOME AND SIMILAR INCOME

2011 2010

VND VND

Interest from deposits 482,075,709,553 157,449,889,903

Interest from loans to customers 2,007,484,695,318 1,111,822,915,784

Gain from trading and investing in debt securities

218,752,396,762 138,819,628,926

Other income from credit activities 109,502,628,468 58,451,362,894

2.817.815.430.101 1.466.543.797.507

18. GRANTS, TRUSTED INVESTMENTS, BORROWINGS AT RISK OF CREDIT INSTITUTIONS

19. OTHER PAYABLES AND LIABILITIES

31/12/2011 31/12/2010

VND VND

Trusted investments in VND(*) 117,083,650,000 61,473,102,431

117,083,650,000 61,473,102,431

(*) Represents trusted amounts received from the State Bank of Vietnam and lent to enterprises eligible for conditions regulated by Small & Medium Enterprise Development Fund Project. The interest rate is adjusted on quarterly basis equivalent to basic interest rate applicable to the last working day of the prior quarter announced by the State Bank of Vietnam less 1.5% p.a.

31/12/2011 31/12/2010

VND VND

Other payables and liabilities 54,686,396,355 95,849,734,429

Internal payables 5,785,300,080 54,976,483,098

External payables (*) 45,155,818,986 35,765,484,834

Other debt assets 3,745,277,289 5,107,766,497

Other provisions 14,025,117,350 11,205,279,955

Provisions for commitments 14,025,117,350 11,205,279,955

31/12/2011 31/12/2010

VND VND

Taxes and amounts payable to the State Budget 37,184,118,386 24,490,154,644

Unearned revenues 3,541,424,656 7,229,027,397

Other payables 4,430,275,944 4,046,302,793

45,155,818,986 35,765,484,834

(*) Details of external payables

Chartered Capital (*) Retained earnings Total

VND VND VND

Opening balance 2,000,000,000,000 113,647,531,023 2,113,647,531,023

Profit in the year - 446,254,768,053 446,254,768,053

Distribution to funds (i) - (55,479,576,777) (55,479,576,777)

Closing balance 2,000,000,000,000 504,422,722,299 2,504,422,722,299

20. EQUITY

(i) Distribution to funds from retained earnings in 2010 was in accordance with the Decision of the General Shareholders’ Meeting dated 26 April 2011

(*) See Note 37


FORM B 05/TCTD


FORM B 05/TCTD



27. NET (LOSS)/PROFIT FROM TRADING INVESTMENT SECURITIES

28. OPERATING EXPENSES

29. CURRENT CORPORATE INCOME TAX

2011 2010

VND VND

Income from trading investment securities 103,027,797,584 299,862,864,037

Expenses on trading investment securities (101,151,664,844) (282,473,500,380)

Provision for diminution in value of investment securities (51,820,066,593) (8,292,119,125)

Net (loss)/profit from trading investment securities (49,943,933,853) 9,097,244,532

2011 2010

VND VND

Taxes, fees and charges 12,240,782,948 10,488,234,828

Employee expenses 201,134,963,656 129,506,892,904

In which:

- Salaries and allowance 183,690,030,645 116,600,329,028

- Salary-based costs 16,148,400,655 11,042,276,191

- Subsidiaries 1,296,532,356 877,561,298

Expenses on assets 94,899,111,524 67,679,457,383

In which:

Depreciation and amortization 40,443,316,846 29,810,654,911

Expenses on management activities 110,931,479,999 71,081,583,641

In which:

Per diem expenses 2,898,259,641 2,332,458,869

Expenses on customers’ deposit insurance, insurance premium 6,254,870,010 3,783,506,622

Provisions for diminution in value of long-term investments 27,928,034,660 -

453,389,242,797 282,539,675,378

2011 2010

VND VND

Profit before tax 594,385,913,608 292,870,822,505

Adjustments for taxable income

Less: non-assessable income 6,371,850,154 1,413,736,584

- Dividends received and profits paid 6,371,850,154 1,413,736,584

Plus: non-deductible expenses 4,510,518,765 4,781,127,603

Assessable income 592,524,582,219 296,238,213,524

Normal tax rate 25% 25%

Corporate income tax 148,131,145,555 74,059,553,383

2011 2010

VND VND

Interest expenses on deposits 1,621,436,847,690 822,209,196,306

Interest expenses on borrowings 53,369,049,976 25,272,822,302

Interest expenses from issuing valuable papers 30,398,473,529 100,227,091,636

Other expenses on credit activities 16,250,104,100 2,033,745,307

1,721,454,475,295 949,742,855,551

2011 2010

VND VND

Income from payment services 12,102,935,017 28,127,501,600

Income from guarantee activities - 2,903,201,024

Income from cashiering services 15,006,064,195 13,928,388,735

Income from trusted and agency services 3,187,910,475 1,926,074,968

Income from consulting services 18,330,504,162 20,650,265,697

Income from depository services 127,502,983 2,363,606,813

Others 35,794,115,625 56,835,977,288

Income from services 84,549,032,457 126,735,016,125

Expense on payment services 4,145,452,185 4,448,609,939

Postal cost on telecommunication 7,217,402,379 6,316,176,266

Expense on cashiering services 3,826,388,640 2,806,877,993

Expense on trusted and agency services 1,189,999,999 -

Expense on consulting services 1,073,704,427 261,741,788

Expense on commission, brokerage 4,705,257,547 4,764,482,951

Others 16,943,346,194 35,418,804,203

Expenses from services 39,101,551,371 54,016,693,140

Net profit from services 45,447,481,086 72,718,322,985

2011 2010

VND VND

Income from dealings in foreign currencies 61,488,544,241 67,498,789,979

Income from spot contracts (*) 31,883,791,466 58,085,663,201

Income from monetary derivative instruments 29,604,752,775 9,413,126,778

Expenses on dealings in foreign currencies 39,193,772,589 50,220,743,300

Expenses on spot contracts (*) 34,353,822,916 38,256,568,307

Expenses on monetary derivative instruments 4,839,949,673 11,964,174,993

Net profit from dealings in foreign currencies 22,294,771,652 17,278,046,679

24. INTEREST EXPENSES AND SIMILAR EXPENSES

25. NET PROFIT FROM SERVICES

26. NET PROFIT FROM DEALINGS IN FOREIGN CURRENCIES


FORM B 05/TCTD


FORM B 05/TCTD



31/12/2011 31/12/2010

VND VND

Commitments on nominal interest rate swaps 2,465,170,838,000 2,240,763,122,000

Commitments on purchase of spot foreign currencies 31,242,000,000 312,378,000,000

Commitments on foreign currencies swaps (purchase) 6,737,149,848 46,507,892,918

Commitments on foreign currencies swaps (sale) 6,858,125,000 48,234,566,557

Commitments on forward goods purchases 13,158,349,350 22,060,986,300

Commitments on forward goods sales 9,997,440,000 60,941,989,675

Total 2,533,163,902,198 2,730,886,557,450

34. CONTIGENT LIABILITIES AND COMMITMENTS

35. FINANCIAL INSTRUMENTS

Capital risk management

The Bank manages its capital to ensure that the Bank will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance.

The capital structure of the Bank consists of net debt and equity attributable to equity holders (comprising capital, reserves and retained earnings).

Significant accounting policiesDetails of the significant accounting policies and methods adopted (including the criteria for recognition, the bases of measurement, and the bases for recognition of income and expenses) for each class of financial asset, financial liability and equity instrument are disclosed in Note 4.

31/12/2011 31/12/2010

VND VND

Financial assets

Cash on hand, gold and precious stones 228,299,047,661 194,340,569,732

Balances with the State Bank of Vietnam 748,922,723,773 64,737,768,121

Cash, gold at other credit institutions and loans to other credit institutions

1,403,467,339,527 1,788,385,034,019

Derivatives and other financial assets 119,715,058 1,724,955,120

Loans to customers 11,928,233,217,836 10,781,226,644,314

Investment securities 2,022,497,195,760 1,941,704,728,817

Long-term investments 55,643,662,419 91,016,641,088

Others 848,776,680,455 1,254,137,009,686

Total 17,235,959,582,489 16,117,273,350,897

Details of book values of the Bank’s financial instruments are as follows:

30. BASIC EARNINGS PER SHARE

31. INCOME OF EMPLOYEES

32. TYPES AND VALUES OF CUSTOMERS’ MORTGAGES

Unit 2011 2010

Profit for earnings per share calculation VND 446.254.768.053 218.811.269.122

Number of shares outstanding at the beginning of the year

Shares 200.000.000 100.000.000

Number of shares issued in the year Shares - 100.000.000

Weighted average number of ordinary shares

Shares 200.000.000 150.000.000

Basic earnings per share VND 2.231 1.459

Items 31/12/2011 31/12/2010

VND VND

I. Total number of employees (at the end of the year/average)

1,375/1,287 1,158/1,005

II. Income of employees

1. Total salary funds 124,343,864,379 84,457,351,310

2. Bonus 34,823,198,909 27,655,798,283

3. Other income - -

4. Total income (1+2+3) 159,167,063,288 112,113,149,593

5. Average salary 8,057,534 7,003,097

6. Average income 10,302,742 9,296,281

31/12/2011 31/12/2010

VND VND

Properties (Houses, lands, vehicles) 8,988,191,104,769 9,176,210,061,515

Shares, bonds, valuable papers 1,672,882,676,513 1,456,263,318,155

Machinery and equipment 9,892,266,829,465 -

Others 4,411,102,903,770 10,682,807,397,585

Total 24,964,443,514,517 21,315,280,777,255

33. GEOGRAPHIC DENSITY OF ASSETS, LIABLITIES AND OFF-BALANCE SHEET ITEMSAs at 31 December 2011, most outstanding loan balances, deposits, credit commitments, derivative instruments and securities investment incurred domestically, except for deposits at foreign credit institutions with the amount of VND 37,970,167,093 (31 December 2010: VND 36,719,955,278).


FORM B 05/TCTD


FORM B 05/TCTD



35. F

INA

NCI

AL

INST

RUM

ENTS

(Con

tinue

d)

Inte

rest

rate

risk

(Con

tinu

ed)

INTE

REST

RAT

E RI

SK R

EPO

RT IN

VN

DA

s at

31

Dec

embe

r 201

1

Ove

rdue

Inse

nsit

ive

to

inte

rest

rate

0 - 1

mon

th1

- 3 m

onth

s3

- 6 m

onth

s6

- 12

mon

ths

1- 5

yea

rsA

bove

5 y

ears

Tota

l

I.A

sset

s 3

53,3

51,6

61,8

99

1,3

40,6

75,2

54,3

52

3,01

3,22

0,74

2,29

7 4

,040

,817

,275

,888

2,

834,

900,

004,

651

925

,043

,587

,405

1

,710

,956

,835

,587

27

0,57

3,39

1,63

1 14

,489

,538

,753

,710

1Ca

sh o

n ha

nd,

gold

, pre

ciou

s st

ones

- 1

45,3

92,7

76,3

00

--

--

--

145

,392

,776

,300

2Ba

lanc

es w

ith

the

SBV

-

- 74

2,66

4,43

1,72

3

- -

- -

- 7

42,6

64,4

31,7

23

3D

epos

its a

t and

lo

ans t

o ot

her

cred

it in

stitu

tions

-

- 6

23,0

58,7

99,0

14

196

,500

,000

,000

8

1,47

1,10

0,00

0

- -

- 9

01,0

29,8

99,0

14

4Av

aila

ble-

for-s

ale

secu

ritie

s

100

,089

,507

,238

5

0,00

0,00

0,00

0 23

0,00

0,00

0,00

0 1,

419,

789,

000,

000

256,

869,

643,

997

2,05

6,74

8,15

1,23

5

5Lo

ans

353,

351,

661,

899

1

,647

,497

,511

,560

3

,744

,227

,768

,650

2,7

03,4

28,9

04,6

51 6

95,0

43,5

87,4

0529

1,16

7,83

5,58

713

,703

,747

,634

9,

448,

421,

017,

386

6Lo

ng-t

erm

ca

pita

l co

ntrib

utio

n

- 85

,054

,486

,698

-

--

- -

- 8

5,05

4,48

6,69

8

7Fi

xed

asse

ts-

160

,317

,987

,336

-

- -

- -

16

0,31

7,98

7,33

6

8O

ther

s-

949,

910,

004,

018

-

- -

-

949,

910,

004,

018

IILi

abili

ties

- 1

,046

,418

,940

,971

8,57

9,19

4,05

4,70

3 1

,929

,941

,922

,537

2

61,1

18,5

23,5

97

191

,162

,724

,385

7

09,1

88,7

68

- 12

,008

,545

,354

,961

1Bo

rrow

ings

fr

om th

e G

over

nmen

t an

d th

e SB

V

-

- 4

00,0

00,0

00,0

00

- -

- -

- 4

00,0

00,0

00,0

00

2D

epos

its a

nd

borr

owin

gs

from

oth

er

cred

it in

stitu

tions

-

- 7

65,8

51,0

95,5

29

196

,500

,000

,000

-

- -

- 9

62,3

51,0

95,5

29

3D

epos

its fr

om

econ

omic

en

titie

s

-

- 4

,661

,803

,907

,136

1

,048

,323

,912

,119

1

01,0

17,9

85,4

45

122

,565

,044

,829

4

21,5

00,0

00

- 5

,934

,132

,349

,529

4In

divi

dual

sa

ving

acc

ount

s-

- 2

,751

,128

,538

,767

6

83,8

93,9

22,6

30

159

,757

,737

,596

6

8,59

7,67

9,55

6 2

87,6

88,7

68

- 3

,663

,665

,567

,317

5Iss

uanc

e of

va

luab

le p

aper

s

--

410

,513

,271

1

,224

,087

,788

3

42,8

00,5

56

- -

- 1

,977

,401

,615

6En

trus

ted

fund

s at

risk

s of

cre

dit

inst

itutio

ns

-

117

,083

,650

,000

-

- -

- -

- 1

17,0

83,6

50,0

00

7O

ther

s -

929

,335

,290

,971

-

- -

- -

- 9

29,3

35,2

90,9

71

IIIIn

tere

st ra

te g

ap35

3,35

1,66

1,89

9 2

94,2

56,3

13,3

81(5

,565

,973

,312

,406

)2,

110,

875,

353,

351

2,5

73,7

81,4

81,0

54

733

,880

,863

,020

1,

710,

247,

646,

819

270

,573

,391

,631

2,

480,

993,

398,

749

Ass

umed

that

long

- and

med

ium

-ter

m lo

ans

have

floa

ting

rate

with

the

date

s of

cha

ngin

g in

tere

st ra

te d

istr

ibut

e ev

enly

in th

e ne

xt 1

2 m

onth

s an

d in

tere

st ra

te e

qual

ly

alte

rnat

es in

all

term

s, ne

t int

eres

t inc

ome

(NII)

of t

he B

ank

in th

e ne

xt 1

2 m

onth

s is

as

follo

ws:

+

VND

inte

rest

rate

incr

ease

s by

1%

; NII

decr

ease

s by

VN

D 1

7.5

billi

on;

+

VND

inte

rest

rate

dec

reas

es b

y 1%

; NII

incr

ease

s by

VN

D 1

7.5

billi

on

Financial liabilities 31/12/2011VND

31/12/2010VND

Borrowings from the Government and the State Bank of Vietnam

400,000,000,000 -

Deposits and borrowings from other credit institutions 3,357,571,095,529 3,228,776,452,944

Deposits of customers 10,925,179,046,121 10,704,750,380,539

Grants, entrusted investments and borrowings at risks of other credit institutions

117,083,650,000 61,473,102,431

Issuance of valuable papers 1,977,401,615 -

Others 128,758,104,155 112,100,684,480

Total 14,930,569,297,420 14,107,100,620,394

35. FINANCIAL INSTRUMENTS (Continued)

Details of book values of the Bank’s financial instruments are as follows:

The Bank has not assessed fair value of its financial assets and liabilities as at the balance date since there are no comprehensive guidance under Circular 210 and other relevant prevailing regulations to determine fair value of these financial assets and liabilities. While Circular 210 refers to the application of IFRS on presentation and disclosures of financial instruments, it did not adopt the equivalent guidance for the recognition and measurement of financial instruments, including application of fair value, in accordance with IFRS.

Financial risks management

This section provides details on risks that the Bank might be exposed to and demonstrates the methods the Board of Management used to mitigate financial risks. The most potential risks are market risks, liquidity risks and credit risks.

35.1 Market risk

Interest rate risk

The Bank’s operations are subject to the risk of interest rate fluctuations to the extent that interest earning assets and interest-bearing liabilities mature at different times or in different amounts. Some assets have indefinite maturities or interest rate sensitivities and are not readily matched with specific liabilities. The Bank manages interest rate risk on centralized fund management principal. Interest rate risk is managed on weekly basis and maintained within the accepted risk limit in line with goals, strategies approved by the Board of Directors and policies set up by Assets and Liabilities Management Committee (ALCO). Interest rate risk is managed using 2 methods, namely interest rate sensitivity gap analysis method and the net value of equity method.


FORM B 05/TCTD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATEM

ENTS

(Con

tinue

d)Th

ese

note

s ar

e an

inte

gral

par

t of a

nd s

houl

d be

read

in c

onju

nctio

n w

ith th

e ac

com

pany

ing

finan

cial

sta

tem

ents

FORM

B 0

5/TC

TD




Currency riskThe Bank is exposed to currency risk in transactions denominated in foreign currencies. The Bank mainly uses VND and USD to record its transactions. As the Bank’s financial statements are prepared in VND, they are under effects of exchange rate fluctuations between foreign currencies and VND.

Items EUR translated USD translated Total

VND VND VND

Assets

1. Cash on hand, gold and precious stones

6,639,296,544 36,558,930,184 43,198,226,728

2. Balances with the State Bank of Vietnam

- 6,258,293,300 6,258,293,300

3. Deposits at and loans to other credit institutions

16,846,792,718 485,590,656,960 502,437,449,678

4. Loans to customers - 2,661,003,087,940 2,661,003,087,940

5. Capital contribution and long-term investments

- 604,803,464 604,803,464

6. Others - 84,879,994,324 84,879,994,324

Total assets 23,486,089,262 3,274,895,766,172 3,298,381,855,434

Liabilities and owners’ equity

1. Deposits and borrowings from the State Bank of Vietnam and other credit institutions

- 2,395,220,000,000 2,395,220,000,000

2. Deposits from customers 24,101,818,873 1,374,807,938,212 1,398,909,757,085

3. Others 107,552,791,705 463,759,863,949 571,312,655,654

Total liabilities and owners’ equity 131,654,610,578 4,233,787,802,161 4,365,442,412,739

On-balance sheet state of currency (108,168,521,316) (958,892,035,989) (1,067,060,557,305)

35.2 Liquidity risk

The Bank is exposed to liquidity risk in continuous withdrawals in short-term period, current accounts, matured deposits, capital withdrawal, guarantees, and payables in cash through derivative instruments.

The Bank pays special attention to effective management of the balance sheet and liquidity. Policy on liquidity risk management is based on regulations and scopes issued by the State Bank of Vietnam.

35.F

INA

NCI

AL

INST

RUM

ENTS

(Con

tinue

d)

Inte

rest

rate

risk

(Con

tinue

d)IN

TERE

ST R

ATE

RISK

REP

ORT

IN U

SDA

s at

31

Dec

embe

r 201

1

Ass

umed

that

long

- and

med

ium

-ter

m lo

ans

have

floa

ting

rate

with

the

date

s of

cha

ngin

g in

tere

st ra

te d

istr

ibut

e ev

enly

in th

e ne

xt 1

2 m

onth

s;

asse

ts-li

abili

ties

stru

ctur

e is

sta

ble

and

inte

rest

rate

equ

ally

alte

rnat

es in

all

term

s, ne

t int

eres

t inc

ome

(NII)

of t

he B

ank

in th

e ne

xt 1

2 m

onth

s is

as

follo

ws:

+ U

SD in

tere

st ra

te in

crea

ses

by 1

%; N

II de

crea

ses

by U

SD 4

33,0

00

+USD

inte

rest

rate

dec

reas

es b

y 1%

; NII

incr

ease

s by

USD

433

,000

Ove

rdue

Inse

nsit

ive

to

inte

rest

rate

0 - 1

mon

th1

- 3 m

onth

s3

- 6 m

onth

s6

- 12

mon

ths

1-5

year

sA

bove

5 y

ears

Tota

l

I. A

sset

s 5

18,0

52

7,2

39,6

32

49,

543,

753

50,

581,

908

47,

304,

396

1,7

01,5

09

1,8

78,7

51

318

,149

1

59,0

86,1

50

1Ca

sh o

n ha

nd,

gold

, pre

ciou

s st

ones

- 1

,755

,278

-

- -

- -

- 1

,755

,278

2Ba

lanc

es w

ith th

e SB

V -

- 3

00,4

75

- -

- -

- 3

00,4

75

3D

epos

its a

t and

lo

ans

to o

ther

cr

edit

inst

itutio

ns

- -

23,

314,

320

- -

- -

- 2

3,31

4,32

0

4Lo

ans

518

,052

- 25

,928

,959

5

0,58

1,90

8 4

7,30

4,39

6 1

,701

,509

1

,878

,751

318,

149

128

,231

,724

5Lo

ng-t

erm

cap

ital

cont

ribut

ion

- 2

9,03

8 -

- -

- -

- 2

9,03

8

6O

ther

s -

5,4

55,3

16

- -

- -

- -

5,4

55,3

16

IILi

abili

ties

(2

2,26

6,17

4) 1

07,3

23,7

61

67,

422,

725

2,5

24,3

73

2,7

39,3

28

996

,448

-

158

,740

,461

1D

epos

its a

nd

borr

owin

gs fr

om

othe

r cre

dit

inst

itutio

ns

- -

66,0

00,0

00

49,

000,

000

- -

- -

115,

000,

000

2D

epos

its fr

om

econ

omic

ent

ities

-

- 9

,549

,122

1,30

0,00

0 -

- -

- 1

0,84

9,12

2

3In

divi

dual

sav

ing

acco

unts

-

- 3

1,77

4,63

9 1

7,12

2,72

5 2

,524

,373

2,73

9,32

8 99

6,44

8 -

55,

157,

513

4O

ther

s (2

2,26

6,17

4)

-

(22,

266,

174)

IIIIn

tere

st ra

te g

ap

518

,052

2

9,50

5,80

6 (5

7,78

0,00

8) (1

6,84

0,81

7) 4

4,78

0,02

3 (1

,037

,819

) 8

82,3

03

318

,149

3

45,6

90


FORM B 05/TCTD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATEM

ENTS

(Con

tinue

d)Th

ese

note

s ar

e an

inte

gral

par

t of a

nd s

houl

d be

read

in c

onju

nctio

n w

ith th

e ac

com

pany

ing

finan

cial

sta

tem

ents

FORM

B 0

5/TC

TD



Ove

rdue

m

ore

than

3

mon

ths

Ove

rdue

w

ithi

n 3

mon

ths

1

mon

th

1

- 3 m

onth

s

3

-12

mon

ths

1

-5 Y

ears

A

bove

5 y

ears

To

tal

USD

USD

USD

USD

USD

USD

USD

USD

I.In

flow

s -

683

,401

4

4,17

4,87

3 2

4,75

7,31

0 4

2,35

1,65

4 3

2,22

1,32

6 1

4,55

2,94

2 1

58,7

41,5

06

1Ca

sh o

n ha

nd, g

old

- -

1,7

55,2

78

- -

- -

1,7

55,2

78

2Ba

lanc

es w

ith th

e SB

V -

- 3

00,4

75

- -

- -

300

,475

3D

epos

its a

t and

loan

s to

ot

her c

redi

t in

stitu

tions

-

- 2

3,31

4,32

0 -

- -

- 2

3,31

4,32

0

4Lo

ans

to c

usto

mer

s -

683,

401

17,8

95,5

8122

,938

,871

39,6

23,9

9632

,221

,326

14,5

23,9

0412

7,88

7,07

9

5Lo

ng-t

erm

cap

ital

cont

ribut

ion

- -

- -

- -

29,0

38 2

9,03

8

6O

ther

s -

- 9

09,2

191,

818,

439

2,72

7,65

8 -

- 5

,455

,316

IIO

utflo

ws

- -

81,

208,

747

68,

013,

144

8,1

00,3

47

1,9

22,8

78

229,

557

159,

474,

673

1D

epos

its a

nd b

orro

win

gs

from

oth

er c

redi

t in

stitu

tions

- -

66,

000,

000

49,0

00,0

00

- -

- 11

5,00

0,00

0

2D

epos

its fr

om e

cono

mic

en

titie

s -

- 5

,473

,813

1,7

68,3

792,

799,

131

918

,277

229,

557

11,

189,

157

3In

divi

dual

sav

ing

acco

unts

-

- 32

,001

,108

17,2

44,7

65

5,30

1,21

6 1,

004,

601

5

5,55

1,69

0

4O

ther

s -

- (2

2,26

6,17

4)

-

(22,

266,

174)

L

iqui

dity

gap

683,

401

(37,

033,

874)

(43,

255,

834)

34,2

51,3

0730

,298

,448

14,3

23,3

85(7

33,1

67)

35. F

INA

NCI

AL

INST

RUM

ENTS

(Con

tinue

d)Li

quid

ity

risk

(Con

tinue

d)

35.

FIN

AN

CIA

L IN

STRU

MEN

TS (C

ontin

ued)

35.2

Liq

uidi

ty ri

sk (C

ontin

ued)

LIQ

UID

ITY

GA

P RE

PORT

IN V

ND

As

at 3

1 D

ecem

ber 2

011

LIQ

UID

ITY

GA

P RE

PORT

IN U

SDA

s at

31

Dec

embe

r 201

1

Ove

rdue

mor

e th

an 3

mon

ths

Ove

rdue

wit

hin

3 m

onth

s

Up

to 1

mon

th

1

- 3 m

onth

s

3 - 1

2 m

oths

1 - 5

yea

rs

A

bove

5 y

ears

Tota

l

VN

DV

ND

VN

DV

ND

VN

DV

ND

VN

DV

ND

I.In

flow

s 21

7,83

6,94

4,47

9 28

7,39

8,69

9,05

5 2,

626,

462,

957,

694

2,56

8,30

1,19

6,41

7 4,

862,

985,

298,

771

3,34

1,58

2,31

9,47

5 65

4,67

9,22

8,66

1 14

,559

,246

,644

,552

1Ca

sh o

n ha

nd, g

old

- -

185

,100

,820

,933

-

- -

- 1

85,1

00,8

20,9

33

2Ba

lanc

es w

ith th

e SB

V -

- 7

42,6

64,6

09,7

78

- -

- -

742

,664

,609

,778

3D

epos

its a

t and

loan

s to

othe

r cre

dit i

nstit

utio

ns

- 7

8,00

0,00

0,00

0 7

41,5

58,7

99,0

14

- 8

1,47

1,10

0,00

0 -

- 9

01,0

29,8

99,0

14

4Av

aila

ble-

for-

sale

se

curit

ies

- -

- 1

00,0

89,5

07,2

38

310

,000

,000

,000

1

,419

,789

,000

,000

256,

869,

643,

997

2,0

86,7

48,1

51,2

35

5Lo

ans

to c

usto

mer

s 21

7,83

6,94

4,47

9 20

9,39

8,69

9,05

5 7

98,8

20,3

93,9

66 2

,151

,575

,021

,173

3

,996

,559

,196

,762

1

,921

,793

,319

,475

1

52,4

37,4

42,4

76

9,4

48,4

21,0

17,3

86

6Lo

ng-t

erm

cap

ital

cont

ribut

ion

- -

- -

- -

85,

054,

486,

698

85,

054,

486,

698

7Fi

xed

asse

ts

- -

- -

- -

160,

317,

655,

490

160,

317,

655,

490

8O

ther

s -

- 1

58,3

18,3

34,0

0331

6,63

6,66

8,00

6 4

74,9

55,0

02,0

09-

- 9

49,9

10,0

04,0

18

IIO

utflo

ws

- -

7,8

93,6

07,3

10,7

52

2,3

68,3

23,8

09,2

11

1,3

79,1

38,4

17,2

17

859

,131

,158

,036

2

,059

,045

,949

,335

1

4,55

9,24

6,64

4,55

1

1Bo

rrow

ings

from

the

Gov

ernm

ent a

nd

the

SBV

- -

400

,000

,000

,000

-

- -

- 4

00,0

00,0

00,0

00

2D

epos

its a

nd

borro

win

gs fr

om o

ther

cr

edit

inst

itutio

ns

- -

765

,851

,095

,529

1

96,5

00,0

00,0

00

- -

- 9

62,3

51,0

95,5

29

3D

epos

its fr

om

econ

omic

ent

ities

- -

3,7

00,9

20,0

38,0

39

1,17

1,10

6,02

8,79

8 6

76,8

66,0

28,6

61

233

,265

,275

,529

5

8,21

0,30

4,43

9 5

,840

,367

,675

,466

4In

divi

dual

savi

ng

acco

unts

- -

2,7

54,4

52,7

98,7

51

689

,715

,262

,301

2

37,2

61,9

42,5

14

3,6

32,0

14,1

25

835

,644

,896

3

,685

,897

,662

,587

5Is

suan

ce o

f val

uabl

e pa

pers

- -

410

,513

,271

1

,224

,087

,788

3

42,8

00,5

56

- -

1,9

77,4

01,6

15

6En

trus

ted

fund

s at

risk

s fr

om o

ther

cr

edit

inst

itutio

ns

- -

117

,083

,650

,000

-

- -

- 1

17,0

83,6

50,0

00

7O

ther

s -

- 1

54,8

89,2

15,1

62

309

,778

,430

,324

4

64,6

67,6

45,4

86

- -

929

,335

,290

,972

8Ch

arte

red

capi

tal

- -

- -

- -

2,0

00,0

00,0

00,0

00

2,0

00,0

00,0

00,0

00

9Eq

uity

and

fund

s -

- -

- -

622

,233

,868

,382

-

622

,233

,868

,382

10Fo

reig

n cu

rren

cy

purc

hase

co

mm

itmen

ts

--

--

--

-

Liqu

idit

y ga

p

217

,836

,944

,479

287,

398,

699,

055

(5,2

67,1

44,3

53,0

58)

199

,977

,387

,206

3,48

3,84

6,88

1,55

42,

482,

451,

161,

439

(1,4

04,3

66,7

20,6

74)

1

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATEM

ENTS

(Con

tinue

d)Th

ese

note

s ar

e an

inte

gral

par

t of a

nd s

houl

d be

read

in c

onju

nctio

n w

ith th

e ac

com

pany

ing

finan

cial

sta

tem

ents

FORM

B 0

5/TC

TD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATEM

ENTS

(Con

tinue

d)Th

ese

note

s ar

e an

inte

gral

par

t of a

nd s

houl

d be

read

in c

onju

nctio

n w

ith th

e ac

com

pany

ing

finan

cial

sta

tem

ents

FORM

B 0

5/TC

TD



37. SUBSEQUENT EVENTS As at 30 December 2011, the Bank’s Board of Directors issued Resolution No. 13-2011/NQ-HDQT-PGB to approve the closing date for list of shareholders who has the rights to buy additional issued shares and paying dividends by shares. On 10 February 2012 the Bank completed paying dividends by shares, accordingly, chartered capital increased by VND 360 billion, current chartered capital was VND 2,360 billion as at the balance sheet date.

The Bank continues issuing an additional amount of 64 million shares which is equivalent to VND 640 billion in order to increase chartered capital to the compulsory level of VND 3,000 billion. The Bank was also approved by the State Securities Committee to extend the deadline for capital supplement to 20 April 2012 according to Decision No. 235/QD-UBCK dated 16 March 2012.

38. COMPARATIVE FIGURESComparative figures are those of the audited financial statements for the year ended 31 December 2010.

Nguyen Quang Dinh


31 March 2012


35.3 Credit risk The Bank is exposed to credit risk in lending activities, investing activities, when the Bank plays as the intermediary on behalf of customers or third parties or when the Bank issues guarantees. In addition, the Bank also is exposed to credit risk in off-balance sheet items through extended credit commitments or extended guarantees that the Bank has issued.

The Bank also is exposed to this threat when partners cannot fulfill their obligations as their ongoing concern is doubted. In order to monitor credit risk, the Bank does not favorably provide high credit for a specific customer, a sector or industry, related customers or sectors or industries, in a specific currency, a product or a region. Credit financing for a significant project or a significant amount is executed in a collective manner (under the approvals of levels and votes of Credit Committee with the participation of members of the Committee) to ensure objectivity.

Credit risk management is based on the establishment of limits/structure of credit risk management and lending portfolio management.

36. RELATED PARTIES In the year, the Bank had significant transactions with related parties as follows:

2011 2010

USD Equivalent VND (*) USD Equivalent VND (*)

Sales of foreign currencies to Vietnam National Petroleum Corporation

2,815,971,091.76 58,651,045,899,177 1,495,241,105.19 28,324,864,641,640

Proceeds from database and system management and operation fees

22,798,856,837 20,082,560,295

(*) Average exchange rate: 20,828 VND/USD (2010: 18,943 VND/USD)

31/12/2011 31/12/2010

VND VND

Deposits of Vietnam National Petroleum Corporation

553,538,643,087 317,688,441,768

Loans to subsidiaries of Vietnam National Petroleum Corporation

645,618,392,806 1,376,273,477,567

Remuneration of Board of Management and Board of Directors:

2011 2010

VND VND

Salaries and bonuses 10,184,990,571 8,848,068,586

NguyenVan HaoChief Financial Officer


FORM B 05/TCTD


FORM B 05/TCTD



OPERATIONAL NETWORK



Hoang Cau Transaction officeNo. 1 Vo Van Dung, O Cho Dua ward, Dong Da dist., Hanoi cityTel: 04 3537 9561

Kim Lien Transaction officeNo. 101A, C5, Kim Lien Dormitory, Kim Lien ward, Dong Da dist., Hanoi cityTel: 04 3576 5536

Trung Kinh Transaction officeNo. 47 Trung Kinh st., Trung Hoa ward, Cau Giay dist., Hanoi city

Tel: 04 3783 4032

Ha Dong Transaction officeNo. 12 Tran Phu st., Van Mo ward, Ha Dong dist., Hanoi cityTel: 04 3356 0710

Vo Thi Sau Transaction officeNo. 64-66 Vo Thi Sau st., Thanh Nhan ward, Hai Ba Trung dist., Hanoi cityTel: 04 3625 5075

Hoang Mai Transaction officeBox 7, Lotte 7 Den Lu 2, Hoang Van Thu ward, Hoang Mai dist., Hanoi city Tel: 04 3634 3591

Tay Do Transaction officeNo.729 Quang Trung st., Phu La ward, Ha Dong dist., Hanoi cityTel: 04 3311 9335

Kham Thien Savings counterNo. 340 Kham Thien st., Tho Quan ward, Dong Da dist., Hanoi city Tel: 04 3513 4602

Tu Liem Savings counterVilla 205, Vigracera Complex Dai Mo, Tu Liem dist., Hanoi city

Tel: 04 3783 4191

Lo Duc Savings counterNo.125 Lo Duc st., Dong Mac ward, Hai Ba Trung dist., Hanoi cityTel: 04 3972 8810

Tay Son Transaction office1st foor, Mipec Tower, No. 229 Tay Son st., Nga Tu So ward, Dong Da dist., Hanoi cityTel: 04 6277 0297

Thang Long BranchNo. 552 Nguyen Van Cu st., Gia Thuy ward, Gia Lam dist., Hanoi city Tel: 04 3876 0046

Duc Giang Transaction officeNo. 26 Duc Giang st., Duc Giang ward, Long Bien dist., Hanoi cityTel: 04 3655 7524

Trau Quy Transaction officeNo.7 Ngo Xuan Quang st., Trau Quy ward, Gia Lam dist., Hanoi cityTel: 04 3876 0046

Le Hong Phong Transaction officeNo. 71 Le Hong Phong st., Dien Bien ward, Ba Dinh dist., Hanoi city

Tel: 04 3734 7818

An Duong Transaction officeNo. 6 An Duong st., Yen Phu ward, Tay Ho dist., Hanoi cityTel: 04 3717 2890

Lac Long Quan Transaction officeNo. 105 Lac Long Quan st., Nghia Do ward, Cau Giay dist.,Hanoi city

Tel: 04 3759 1819

HA NOICard center16th floor, Mipec Tower, No. 229 Tay Son st., Nga Tu So ward, Dong Da dist., Hanoi city cityTel: 04 62811298

Hanoi BranchNo. 79 Ba Trieu st., Nguyen Du ward, Hai Ba Trung dist., Hanoi cityTel: 04 3944 8899

Nguyen Cong Hoan Transaction officeNo. 84/9 Ngoc Khanh st., Giang Vo ward, Ba Dinh dist., Hanoi cityTel: 04 3771 1342

Bach Khoa Transaction office No. 27 Ta Quang Buu st., Bach Khoa ward, Hai Ba Trung dist., Hanoi cityTel: 04 3623 0737

Trung Hoa Transaction office18T1-18T2 Trung Hoa Nhan Chinh, Le Van Luong st., Nhan Chinh ward, Thanh Xuan dist., Hanoi cityTel: 04 6026 2666

Thai Thinh Transaction officeNo. 192 Thai Thinhst., Lang Ha ward, Dong Da dist., Hanoi cityTel: 04 3514 9141

Nguyen Ngoc Nai Transaction officeNo. 227 Nguyen Ngoc Nai st., Khuong Mai ward, Thanh Xuan dist., Hanoi cityTel: 04 3566 6544

Truong Dinh Transaction officeNo. 402-406 Truong Dinh st., Tuong Mai ward, Hoang Mai dist., Hanoi cityTel: 04 3662 9236

HEAD OFFICE16th, 23rd and 24th floor, Mipec Tower, No. 229 Tay Son st., Nga Tu So ward, Dong Da dist., Hanoi cityTel: 84 4 6281 1298Fax: 84 4 6281 1299 Website: www.pgbank.com.vnEmail: [email protected]

BRANCH NETWORK

As at 20/03/2012, PG Bank’s operational network includes 75 transaction units, in which:

- 1 Head quarter

- 1 Card center

- 16 Branches

- 51 Transaction offices

- 6 Savings counters

Hanoi

Da Nang

Hochiminh city

Hai Phong

Can Tho

Long AnDong Thap

An Giang

Dong NaiBinh Duong

Khanh Hoa

Ba Ria Vung Tau

Quang Ninh

Bac Ninh

Hai Duong



HAI PHONGHai Phong BranchNo. 22 Ly Tu Trong st., Minh Khai ward, Hong Bang dist., Hai Phong city

Tel: 0313 822 238

Ngo Quyen Transaction officeNo. 147 Van Cao st., Dang Giang ward, Ngo Quyen dist., Hai Phong city

Tel: 0313727 596

Quang Trung Transaction officeNo. 73 Phan Boi Chau, Phan Boi Chau ward, Hong Bang dist., Hai Phong city

Tel: 0313529569

Le Chan Transaction officeNo. 158 To Hieu st., Trai Cau ward, Le Chan dist., Hai Phong cityTel: 0313 612 616

Lach Tray Transaction officeNo. 416 Lach Tray st., Dang Giang ward, Ngo Quyen dist., Hai Phong cityTel: 0313 261 222

CAN THOCan Tho BranchNo. 110 Cach mang thang 8, Cai Khe ward, Ninh Kieu dist., Can Tho city

Tel: 0710 3768 900

Ninh Kieu Transaction officeNo. 55A Nam Ky Khoi Nghia st., Ninh Kieu dist., Can Tho cityTel: 0710 3818 055

QUANG NINHQuang Ninh BranchNo. 156B Le Thanh Tong st., Ha Long city, Quang Ninh province

Tel: 0333 812 679

Cam Pha Transaction officeNo. 258 Tran Phu st, Cam Thanh ward, Cam Pha town, Quang Ninh provinceTel: 0333 968 879

Ha Tu Transaction officeNo. 204, Group 1, Zone 4, Ha Tu ward, Ha Long city, Quang Ninh provinceTel: 0333 635 966

DONG NAIDong Nai BranchNo. 16-17 Dong Khoi st., Bien Hoa city, Dong Nai province

Tel: 061 6250 777

BA RIA VUNG TAUBa Ria Vung Tau Branch

No. 05 Nguyen Thai Hoc st., ward 7, Vung Tau city, Ba Ria Vung Tau province

Tel: 064 3543 441

KHANH HOAKhanh Hoa BranchNo. 84 Quang Trung st., Loc Tho ward, Nha Trang city, Khanh Hoa province

Tel: 058 3521 919

BINH DUONGBinh Duong BranchNo. 153 Cach Mang Thang Tam st., Thu Dau Mot town, Binh Duong province

Tel: 0650 3865 678

DONG THAP Dong Thap BranchNo.132-134 Nguyen Hue, ward 2, Cao Lanh city, Dong Thap provinceTel: 067 3874 232

Cao LanhNo.198 Nguyen Trai st., Cao Lanh city, Dong Thap province

Tel: 067 3822 030

Sa DecNo.122 Hung Vuong st., ward 2, Sa Dec town, Dong Thap provinceTel: 067 3774 615

HAI DUONGHai Duong BranchNo. 1, Ho Chi Minh Avenue, Hai Duong city, Hai Duong ProvinceTel: 0320 3848 600

Dong Nam Cuong Transaction officeNo. 65, Thanh Nien st., Nam Cuong east urban area, Hai Duong city, Hai Duong ProvinceTel: 0320 3551 599

LONG ANLong An BranchNo. 304 Hung Vuong st., Tan An town, Long An provinceTel: 072 3525 454

Ben Luc Transaction officeNo. 159 Nguyen Huu Tho st., Ben Luc ward, Ben Luc dist., Long An provinceTel: 072 3639 224

AN GIANGAn Giang BranchNo. 56-58 Nguyen Trai st., My Long ward, Long Xuyen city An Giang province

Tel: 076 3941 249

BAC NINHBac Ninh BranchNo. 10 Nguyen Dang Dao st., Tien An ward, Bac Ninh city, Bac Ninh provinceTel: 0241 3893 500

Tu Son Savings counterThanh Ngoc Shopping center, Pho Moi, Tu Son town, Bac Ninh provinceTel: 0241 3745 798

Duong Thanh Transaction officeNo. 12 Duong Thanh st., Cua Dong ward, Hoan Kiem dist., Hanoi cityTel: 04 3923 3760

Cau Dien Transaction officeNo. 406 Ho Tung Mau st., Tu Liem dist., Hanoi cityTel: 04 3763 4613

To Hieu Transaction officeNo. 227 To Hieu st., Dich Vong ward, Cau Giay dist., Hanoi cityTel: 04 3791 6356

Pham Hung Transaction officeCEO Tower, HH2-1, Me Tri Ha New Urban Area, Pham Hung st., Tu Liem dist., Hanoi cityTel: 04 3787 6945

Tong Dan Transaction officeNo. 18B Tong Dan st., Trang Tien ward, Hoan Kiem dist., Hanoi cityTel: 04 3939 3343

Lai Xa Transaction officeBox 1, Lotte 7, Lai Xa Industrial Park, Kim Chung ward, Hoai Duc dist., Hanoi cityTel: 04 3366 0833

Phu Thuy Savings counterPhu Thuy Hamlet, Phu Thi ward, Gia Lam dist., Hanoi cityTel: 04 3871 7803

Dong Anh Savings counterNo. 55, zone 1B, Dong Anh ward, Dong Anh dist., Hanoi cityTel: 04 3965 6291

Minh Khai Transaction officeNo.122 Minh Khai st., Minh Khai ward, Hai Ba Trung dist., Hanoi cityTel: 04 3974 4866/3974 4862

HO CHI MINH CITYSai Gon BranchNo. 2.5 - 2.8 Phan Xich Long st., W.3, Binh Thanh dist., Hochiminh cityTel: 08 3517 8171

Tran Hung Dao Transaction officeNo. 223 Tran Hung Dao st., dist.1, Hochiminh cityTel: 08 3920 9101

Lac Long Quan Transaction officeNo. 482 Lac Long Quan st., ward 5, dist.11, Hochiminh city

Tel: 08 3975 2115

Ly Thai To Transaction officeNo. 49 Ly Thai To st., ward 1, dist.10, Hochiminh cityTel: 08 3830 1764

Le Hong Phong Transaction officeNo. 134/134A Le Hong Phong st., ward 3, dist.5, Hochiminh city

Tel: 08 3922 5368

Hoang Van Thu Transaction officeNo. 15 Hoang Van Thu st, dist.15, Phu Nhuan dist., Hochiminh city

Tel: 08 3995 9275

Pham Viet Chanh Transaction officeNo. 19 Pham Viet Chanh st., Nguyen Cu Trinh ward, dist.1, Hochiminh city, Vietnam

Tel: 08 3926 0383

Nguyen Thi Minh Khai Transaction officeNo. 188 Pasteur st., ward 6, dist.3, Hochiminh cityTel: 08 3824 2021

Hong Bang Transaction officeNo. 595 Hong Bang st, ward 6, dist.6, Hochiminh city

Tel: 08 3960 3318

Go Vap Transaction officeA0 Trade Area Hanh Thong Tay, Quang Trung st., ward 11, Go Vap dist., Hochiminh cityTel: 08 3921 2560

Le Van Sy Transaction officeNo. 380 Le Van Sy st., ward 2, Tan Binh dist., Hochiminh cityTel: 08 3991 5485

Tan Binh Transaction officeNo. 374 - 374A, Truong Chinh st., ward 13, Tan Binh dist., Hochiminh cityTel: 08 3812 4107

Phu My Hung Transaction officeNo. 29 My Hoang group, Nguyen Van Linh st., dist.7, Hochiminh city

Tel: 08 5412 4706

Nha Be Transaction officeNo. 67/3 Huynh Tan Phat st., Nha Be ward, Nha Be dist., Hochiminh cityTel: 08 3873 8972

Tan Phu Transaction officeNo. 313 Nguyen Son st., Phu Thanh wars, Tan Phu dist., Hochiminh cityTel: 08 3972 1055

DA NANGDa Nang BranchNo.143 - 145 Nguyen Van Linh st., Thanh Khe dist., Da Nang cityTel: 0511 3689 777



ITALY Intesabci S.P.A., Barletta

Intesa Sanpaolo S.P.A., Pescara

Intesa Sanpaolo S.P.A., Trento

Credito Valtellinese, Roma

Banca Di Roma S.P.A, Roma

Commerzbank, Milano

Cassa Di Risparmio Di Pistoia E Pescia S.P.A., Roma

Cassa Di Risparmio Di Fossano Spa, Roma

Deustche Bank, Milano

Pioneer Investment Management Spa, Milano

Mediocredito Centrale Spa, Roma

Bipop Carire Spa, Milano

SGSS SPA, Milano

Unicredit Banca Spa, Bologna

Unicredit SPA, Turin

Unicredit SPA, Abbiategra

Unicredit Banca Spa, Milano

Unicredit S.P.A, Abbiategrasso

Unicredit Bank AG Milan Branch, Milano

JAPAN ANZ, Tokyo

Hypo Vereins Bank, Tokyo

Citibank N.A, Tokyo

Commerzbank, Tokyo

Deutsche Bank, Tokyo

Woori Bank, Tokyo

IYO Bank, Matsuyama

OCBC, Tokyo

Wells Fargo, Tokyo

SMBC, Tokyo

Resona Bank, Tokyo

JORDAN Arab Bank Plc, Amman

KOREA ANZ, Seoul

Kookmin Bank, Seoul

IBK, Seoul

KEB, Seoul

Kyongnam Bank, Masan

Shinhan Bank, Seoul

Landesbank Baden-Wuerttemberg, Seoul

LAOS Lao-Viet Bank, Vientiane

Banque Pour Le Commerce Exterieur Lao, Vientiane

LATVIA Parex Bank Riga, Riga

MALAYSIA Citibank N.A, Kuala Lumpur

Fee Bank, Kuala Lumpur

May Bank, Kuala Lumpur

Middle East Invesment Bank, Labuan

OCBC, Kuala Lumpur

Standard Chartered Bank, Kuala Lumpur

MAURITIUS Bank International Indonesia, Port Louis

NIGERIA Standard Chartered Bank, Lagos

Citibank N.A, Lagos

NORWAY Nordea Bank Finland Plc, Oslo

PHILIPPINES ANZ, Manila

Standard Chartered Bank, Manila

POLANDRaiffeisen Bank Polska S.A., Warszaw

QATAR BNP Paribas, Doha

ROMANIA Credit Europe Bank (Romania) S.A, Romania

RUSSIA Citibank N.A, Moscow

Commerzbank, Moscow

Woori Bank, Moscow

Unicredit Bank Zao, Moscow

Raiffeisenbank Zao, Moscow

SINGAPORE ANZ Singapore, Singapore

BNP Paribas, Singapore

JP Morgan Chase Bank, Singapore Citibank N.A, Singapore

Commerzbank, Singapore

Credit Agricole CIB, Singapore

Chinatrust Commercial Bank, Singapore

DNB Nor Bank, Singapore

Fortis Bank NV, Singapore

Woori Bank, Singapore

ING Bank, Singapore

KEB, Singapore

Nordea Bank, Singapore

OCBC, Singapore

RZB-Australia Bank, Singapore

Standard Chartered Bank, Singapore

SMBC, Singapore

Landesbank Baden-Wuerttemberg, Singapore

UOB, Singapore

Qatar National Bank QNB, Singapore Rabobank, Singapore Branch, Singapore

SLOVAKIA Citibank N.A, Bratislava

CORRESPONDENT BANK NETWORK

AUSTRALIA ANZ, Melbourne

ANZ, Wellington

Citibank N.A, Sydney

OCBC, Sydney

AUSTRIA Bank Austria, Viena

Citibank N.A, Vienna

RZB-Australia Bank, Vienna

BAHRAIN Woori Bank, Manama

BANGLADESH Woori Bank, Dhaka

BELGIUM Commerzbank, Brussels

Deutsche Bank, Brussels

KBC Bank NV, Brussels

BRAZIL Citibank N.A, Sao Paolo

CAMBODIA ANZ Royal Bank, Phnompenh

Canadia Bank Plc, Phnompenh

Campubank, Phnompenh

Foreign Trade Bank Of Cambodia, Phnompenh BIDC, Phnompenh

May Bank, Phnompenh Union Commercial Bank, Phnompenh

Vattanac Bank, Phnompenh

CANADA Caisse Centrale Desjardins, Quebec

CHINA ANZ, Shanghai

Bank Of Jiujiang, Beijing

Citibank N.A, Shanghai

Citibank N.A, Hongkong

Commerzbank, Beijing

Commerzbank, Tianjin

Commerzbank, Shanghai

Fujian Haixia Bank, Fuzhou

Woori Bank, Beijing Woori Bank, Shanghai

Hua Xia Bank, Beijing

Industrial And Commercial

Bank Of China, Beijing

Linyi Commercial Bank, Beijing

OCBC, Shanghai

Wells Fargo, Shanghai

Standard Chartered Bank, Shanghai

Yinzhou Bank, Zhejiang

CZECH Unicredit Bank Czech Republic,A.S., Prague

DENMARK Nordea Bank Danmark A/S, Copenhaghen

FINLAND Nordea Bank Finland Plc, Helsinki

FRANCE BNP Paribas, Paris

Commerzbank, Paris

Bayerische Hypo Und Vereinsbank, Paris

GERMANY ANZ, Frankfurt

BHF Bank, Frankfurt

Commerzbank, Frankfurt

Deutsche Bank, Essen

Deutsche Bank, Bonn

Deutsche Bank, Frankfurt

Deutsche Bank, Munich

Sparkasse Dortmund, Dortmund

Hypo Vereins Bank, Munich

Standard Chartered Bank, Frankfurt

Landesbank Baden-Wuerttemberg, Stuttgart

NETHERLANDS BNP Paribas, Amsterdam

Commerzbank, Amsterdam Deutsche Bank, Amsterdam

HONG KONG ANZ, Hong Kong

BNP Paribas, Hong Kong

Commerzbank, Quarry Bay

Woori Bank, Central Of Hong Kong

OCBC, Central Of Hong Kong

Deutsche Bank, Hong Kong

Wells Fargo, Central Of Hong Kong

HUNGARY Commerzbank, Budapest

Unicredit Bank Hungary Zrt., Budapest

INDIA ANZ, Mumbai

Citibank N.A, Mumbai

Standard Chartered Bank, India

INDONESIA Citibank N.A, Jakarta

Deutsche Bank, Jakarta

Woori Bank, Jakarta

PT Bank OCBC NISP Tbk, Jakarta

OCBC, Jakarta

Standard Chartered Bank, Jakarta

IRELANDCitibank N.A, Dublin

Commerzbank, Dublin



SCB, Hochiminh city

SeABank, Hanoi

SHB, Hochiminh city

SMBC, Hochiminh city

Southern Bank, Hochiminh city

Standard Chartered Bank,

Hanoi

Techcombank, Hanoi

Tien Phong Bank, Hanoi

Trustbank, Long An

UOB, Hochiminh city

VIB, Hanoi

VietABank, Hochiminh city

Vietbank, Soc Trang

Vietcapitalbank, Hochiminh city

Vietcombank, Hanoi

Vietinbank, Operation Center, Hanoi

VP Bank, Hanoi

Western Bank, Can Tho

Woori Bank, Hanoi

Woori Bank, Hochiminh city

SOUTH KOREACitibank N.A, Seoul

Woori Bank, Seoul

OCBC, Seoul

Wells Fargo, Seoul

Standard Chartered Bank, Seoul

SPAIN BNP Paribas, Madrid

Commerzbank, Madrid

SRI LANKA Standard Chartered Bank, Colombo

Citibank N.A, Mawatha

SWEDEN Nordea Bank Finland Plc, Stockholm

SWITZERLAND BNP Paribas, Geneva

Credit Suisse, Zurich

Standard Chartered Bank, Geneva

TAIWAN ANZ, Taipei

Citibank Taiwan Ltd., Taipei

Citibank N.A, Taipei Branch, Taipei

OCBC , Taipei

Wells Fargo, Taipei

THAILAND Citibank N.A, Bangkok

OCBC, Bangkok

Standard Chartered Bank, Bangkok

SMBC, Bangkok

BNP Paribas, Bangkok

TUNISIA Citibank N.A, Tunis

TURKEY Citibank N.A, Istabul

HSBC, Istabul

Turkiye Garanti Bankasi A.S., Istabul

UKRAINE Citibank N.A, Kiev

UK ANZ, London

Commerzbank, London

Woori Bank, London

Bayerische Hypo Und Vereinsbank , London OCBC, London

Standard Chartered Bank, London

Wells Fargo Bank, N.A, London Branch, London

UNITED ARAB EMIRATESHSBC, Dubai

Habib Bank A G Zurich, Dubai

National Bank Of Furaijah, Dubai

Standard Chartered Bank, Dubai

USAANZ, New York

Citibank N.A, New York

Commerzbank, New York

Woori Bank, New York

Woori Bank, Los Angeles

May Bank, New York

Wells Fargo, Philladelphia

Wells Fargo, New York

Standard Chartered Bank, New York

US Bank, Boise

VIETNAM ABBank, Hochiminh city

ACB, Hochiminh city

Agribank, Hanoi

ANZ, Hanoi

Bangkok Bank, Hochiminh city

Bank of China, Hochiminh city

Baovietbank, Hanoi

BIDV, Hanoi

BNP Paribas, Hochiminh city

Chinatrust Commercial Bank,

Hochiminh city

Chinfon Bank, Hanoi

Citibank N.A, Hanoi

DaiABank, Bien Hoa

Deutsche Bank, Hochiminh city

DongA Bank, Hochiminh city

Eximbank, Hochiminh city

Far East Bank, Hochiminh city

First Commercial Bank, Hochiminh city

GP Bank, Hanoi

Habubank, Hanoi

HDBank, Hochiminh city

IBK, Hochiminh city

ICBC, Hanoi

JP Morgan Chase Bank, Hochiminh city

KEB, Hanoi

Kienlongbank, Kien Giang

LienvietPostBank, Hanoi

MDB, An Giang

MHB, Hochiminh city

Military Bank, Hanoi

MSB, Hanoi

NamA Bank, Hochiminh city

NASB, Hanoi

Natixis, Hochiminh city

Navibank, Hochiminh city

OCB, Hochiminh city

Ocean Bank, Hanoi

Sacombank, Hochiminh city

Saigonbank, Hochiminh city

SBV, Operation Center, Hanoi

CONTENTS · CONTENTS MESSAGE FROM CHAIRMAN MILESTONES IN 2011 OPERATIONAL HIGHLIGHTS ABOUT PG BANK...

Documents

Transcript of CONTENTS · CONTENTS MESSAGE FROM CHAIRMAN MILESTONES IN 2011 OPERATIONAL HIGHLIGHTS ABOUT PG BANK...