Annual Report 2009

Transcription

Annual Report 2009

Annual Report 2009
Table of contents
Capturing Opportunities
Orientation & Objectives
Corporate Overview
Organizational Structure Key Events in 2009
Message from Chairman of the Board of Directors Board of Directors
Board of Management Board of Supervisors
Department Heads
4
5
6
7
8
10
12
14
15
Energizing Capabilities
Report of the Board of Management
• Vietnam Economic Overview in 2009
• Operations Overview 2009
• Key Financial Highlights
• 2010 Business Plans
• Human Resources
• Information Technology
• Risk Management
18
19
20
21
22
23
24
25
Financial Statements 2009
Financial Statements
Long-term Investments
28
63
Sharing Success
Corporate Social Responsibility
Awards and Accolades
66
67
Extending Reach
Branches and Transaction Offices Network
70
Annual Report 2009 - 1
CAPTURING
OPPORTUNITIES
OCB’s board of directors and management effectively
sustains the Bank’s growth by providing clear
directions and decisive innovations. OCB is ready to
capture and maximize opportunities brought by the
Quick recovery of THE economy, driven by the aim to
become one of the leading retail banks in Vietnam in
the near future.
Orientation
Objectives
We aim to develop Orient Commercial JS Bank
into a universal bank with retail banking as
its core business. Orient Commercial JS Bank
set the target to become one of the top ten
Vietnamese Joint Stock banks in 2015, and
mature into a Financial Group in 2020.
To provide the best service to customers
and partners with the principle of equality,
mutual benefit and development.
To increase share value for shareholders.
To harmoniously provide benefits to
customers, shareholders, employees, and
communities.
Corporate Overview
Vietnamese name: Ngân hàng Thương mại Cổ phần
Phương Đông
English name: Orient Commercial Joint Stock Bank (OCB)
Head Office: 45 Le Duan Street, District 1, Ho Chi Minh
City, Vietnam
Operation license number 0061/NH-GP dated 13/04/1996
issued by the State Bank of Vietnam.
Business registration certificate number 059700 issued by
Investment and Planning Department of Ho Chi Minh City.
Telephone:
Fax:
Website:
Charter capital:
(84-8) 38 220 960 - 38 220 961
(84-8) 38 220 963
www.ocb.com.vn
VND 2,000 billion
As at the end of December 2009, OCB’s network was
present in 17 provinces and cities nationwide including
Head Office, Main transaction office, 22 Branches, 42
Transaction offices, 4 Savings funds.
Working staff: 1,435 employees
Strategic Partner owning over 10% of OCB’s charter
capital: BNP Paribas
BNP Paribas is one of the leading European groups in
the banking and finance sector and one of the world’s
six strongest banks according to Standard & Poor’s. The
Group possesses one of the largest global retail networks
covering 84 countries with 201,700 employees.
At present BNP Paribas owns 15% of OCB’s charter capital.
The two entities have established an effective partnership,
implemented a mutually beneficial alliance and executed
strategic projects to ensure OCB’s further sustainable
development.
Shareholder structure is as follows
10.957%
11.037%
Principal Shareholders Information
25.055%
OCB’s Principal Shareholders
1. BNP Paribas Bank (France)
2. Ben Thanh Group
3. Financial Management Board – Ho Chi Minh City
Committee of the Party
4. Bank for Foreign Trade of Vietnam (VCB)
5. Saigon General Service and Trading Corp (SAVICO)
37.951%
15%
State-owned corporations
Joint-Stock and limited liability companies
Foreign institutions
Individuals
State-owned credit institutions
Card Center
Corporate Banking
Development &
Business Management
Gold Trading
Center
Investment Department
TRANSACTION OFFICES, BRANCHES, REPRESENTATIVE OFFICES, SOCIAL SERVICE ENTITIES
e-Banking
Department
Retail Banking
Development &
Business Management
Financial Institutions
Department
Treasury Department
Treasury and
Investment Division
Marketing Department
Retail
Banking
Other Departments
SUBSIDIARIES
Infrastructure
Development
Warehousing
Legal & Compliance
Brand & Community
Relations
Administration
Credit Execution
Department
Loan Settlement
Department
Training Center
Human Resources
Commercial
Sponsorship Execution
Department
Treasury & Investment
Execution Department
Accounting
Strategy &
Development
Support Division
Payment Department
Implementation
Division
Internal Audit
Non-Credit Risk
Management
Finance
Finance & Accounting
Division
Credit & Investment
Risk Management
Risk Management
Division
Debt Management Committee
Investment Committee
Risk Management and
Profit Impact Board
Other Boards
Asset-Liability Management
Committee
Investment Committee
Human Resource Committee
Credit Committee
Credit Board
Strategy & Development Board
Board of
Management
Risk Management Committee
Board of
Directors
GENERAL BOARD OF SHAREHOLDERS
Office of the BOD
Corporate Relations
Department
Corporate
Banking
Internal Audit Department
Board of
Supervisors
Organizational Structure
Key Events in 2009
29 Dec 2009
OCB increased charter capital to VND 2,000 billion.
17 Dec 2009
OCB organized a ceremony to commemorate entering into a
partnership with IBM Vietnam.
12 Dec 2009
OCB held extraordinary General Board of Shareholders meeting
- 2009.
17 Nov 2009
Orient Commercial Joint Stock Bank – Trung Viet Branch held
groundbreaking ceremony for its new office in Da Nang City.
13 Nov 2009
Within the program of events in the Vietnam – France
Entrepreneur Forum which was organized in Hanoi by the
Embassy of France in cooperation with VCCI, Orient Commercial
JS Bank (OCB) signed a memorandum of understanding with
regards to the increase of shareholding ratio of BNPP (France)
in OCB to 20% in the year 2010 following the approval of the
State Bank of Vietnam and the Government.
16 Oct 2009
OCB started operations in Ganh Hao Transaction Office.
16 Sep 2009
OCB officially signed a contract with Ernst & Young Vietnam for
consultation services to improve the Internal Credit Rating system.
26 Aug 2009
Orient Commercial JS Bank signed an agreement with BNPP to
increase its capital contribution to OCB from 10% to 15%.
1 May 2009
Mr. Tran Van Vinh was officially appointed as the new CEO.
5 Feb 2009
OCB started the implementation of Core Banking System Project.
Mr. Nguyen Quang Tien - Chairman of the Board of Directors
We are fully aware of the coming challenges for OCB in
2010 and we will continue to do our best to improve the
Bank’s quality in operations. We are obliged by the trust
and support from customers, the considerable assistance
from local governing bodies, the significant contributions
from OCB’s Shareholders and wholehearted efforts from
OCB management and employees, all of which have helped
OCB to accomplish the planned targets and confidently
enter the brand new period of “shifting gears and achieving
stable development”.
8 - Orient Commercial Joint Stock Bank
Message from
Chairman of the Board of Directors
The unexpected course of events resulting from the
global financial and economic crisis negatively affected
several countries’ economies, Vietnam included.
OCB operations were not left unscathed in that
situation. However, the Bank learned from past
experiences and was able to optimize internal strengths
and weaknesses to accomplish the basic operational
objectives which were put forward by the General
Board of Shareholders in 2009, thanks to the concerted
and collaborative efforts from the entire management
team, officers, employees and shareholders. Some of
our accomplishments: profit before tax was 106.5%
compared to the plan; total assets increased 25.7%
compared to that of 2008; charter capital was raised
to VND 2,000 billion. On top of these, overall quality
of financial indicators was notably improved, thereby
contributing to the improvement of the Bank’s
competence and reputation.
Embarking in 2010, OCB still faces the consequential
difficulties and challenges resulting from the global
economic and financial crisis. Therefore, in order to
complete the planned targets and achieve sustainable
development in the coming period, OCB will
concentrate on the implementation of the following
major tasks: restructuring organizational mechanism;
developing Human Resources and Information
Technology; improving brand image by enhancing
financial capability, ensuring security, improving
operational quality, instituting risk management
regulations, reinforcing the cooperation of OCBBNPP strategic alliance and other partners with the
aim of broadening the Bank’s range of domestic and
international banking services to increase the Bank’s
growth rate. OCB attempts to take advantage of the
economic recovery and develop into a preferred Retail
Bank and become one of the leading banks in Vietnam
in the near future.
The investment in physical facilities in several cities
and provinces such as Bac Lieu, Can Tho, Quang Nam,
Da Nang, among others was fully executed in terms
of basic construction; the investment in Information
Technology project (Core Banking) was implemented
and the systematic connection is scheduled to be
completed in May 2010; other utility services were also
launched, such as deposit and loan applications made
online or through SMS and centralized transaction to
enhance quality and contribute to the improvement of
the Bank’s stature.
We are fully aware of the coming challenges for
OCB in 2010 and we will continue to do our best
to improve the Bank’s quality in operations. We are
obliged by the trust and support from customers, the
considerable assistance from local governing bodies,
the significant contributions from OCB’s Shareholders
and wholehearted efforts from OCB management
and employees, all of which have helped OCB to
accomplish the planned targets and confidently enter
the brand new period of “shifting gears and achieving
stable development”.
The establishment and formation of the Bank’s set of
ethical Code of Conduct for business, in addition to the
development of community relations have formed the
base of OCB’s Corporate Culture.
Thank you very much.
In general, besides the accomplishment of planned
targets raised in the General Board of Shareholders, OCB
achieved security and stability in banking operations as
well as enhanced operational quality and strengthened
investment activities to build a firm foundation for the
Bank’s further development in the future.
NGUYEN QUANG TIEN
Board of Directors
seated:
Mr. Nguyen Quang Tien
standing (from left to right):
Mr. Huynh Phuoc Long
Mr. Than Hai Thanh
Ms. Vo Thi Lien Chi
Mr. Nguyen Van Ba
Mr. Nguyen Kien Tuong
Mr. Michel Chevalier
Mr. Nguyen Quang Tien (MBA) has 21 years of experience as Director of
Saigon General Service and Trading Corporation (Savico) and held other
posts in various companies. He also became the Chairman of the Board
of Directors of Savico in 2005-2007. Mr. Tien took up the position of Vice
Chairman for OCB in 2001 and became Chairman of the Board of Directors
since August 2006. He also holds other important posts such as CEO of Ben
Thanh General Corporation; Chairman of Saigon Ford Limited Company and
Member of the Board of Directors of Ben Thanh Land Joint Stock Company.
He made significant contributions to OCB, especially in management
and development strategy planning, steering the Bank towards its aim to
become one of the biggest financial institutions in Vietnam. He was awarded
the Second and Third Labor Medal by the Government.
Ms. Vo Thi Lien Chi
Mr. Huynh Phuoc Long obtained a Bachelor’s degree in
Economics in 1989 and afterwards worked for the Department
of Management and Finance in Ho Chi Minh City People’s
Committee from 1995 to 2007. He has worked at the Head
Office of Ho Chi Minh City People’s Committee since 2007.
He obtained an additional Bachelor’s degree in Politics
at Press Sub - Institute in 2003. He was appointed in
the following positions: Deputy Manager of Business
Management under the Department of Management and
Finance by the Head Office of Ho Chi Minh City People’s
Committee in 2004; Deputy Manager of the Department
of Investment and Capital Management in 2007 and
Manager of the Department in 2009. He has made
considerable contributions in the course of his work.
Ms. Vo Thi Lien Chi has been a member of the Board
of Management since 1998. She is presently the chief
accountant of Ben Thanh General Company. From 1992 –
1997, she worked as chief accountant at Ben Thanh Travel
Service Company. She has a Bachelor’s degree in Economics
major in Business Administration, Accounting and Finance.
Vice Chairman
Mr. Nguyen Van Ba
Permanent Member
Mr. Nguyen Van Ba graduated from HCM University of
Economics in 1980. He also completed his Masteral course
in Banking and Finance at the same university. From 1982 –
1988, he served in the Vietnam People’s Army. Afterwards, he
became Director of Trading Center of Lam Ha Corporation
(HCMC). At present, he is CEO of An Loc JSC - Binh Duong
Province and also a member of the BOM of Phuong
Dong Securities JSC (ORS). Mr. Ba has made a significant
contribution as a permanent member since the inception
of OCB. He has taken part in many management activities
and contributed to OCB’s development during its 14 years
of operation.
Mr. Than Hai Thanh
Member
Mr. Than Hai Thanh graduated from HCM University of
Economics and received a Bachelor’s degree in Politics at the
School of Communist Party, Ho Chi Minh City. After 6 years
working for District 1 Import - Export Company, he took up
various management positions such as Vice Director and
Director of Ben Thanh Travel Service Company from 1990
to 2004. After 14 years working in the tourism industry,
he became CEO of Ben Thanh Tourism and Service Sole
Proprietorship Limited Company, Interim Chairman and
Deputy Secretary of Party Committee of the company and
Chief Supervisor in Saigon Post Limited Company.
Member
Member
Mr. Nguyen Kien Tuong graduated from the National
Economics University – Hanoi. He has 30 years of experience
in the banking and finance sector. In 2006, he obtained a PhD
in Business Administration from South California University
(USA). He also has a degree in Advanced Politics Reasoning
in Academy of Politics II HCMC. From 2000 to 2003, he
worked as the first Deputy Director of Chohung Vina Bank
(now Shinhan Vina Bank). From 2004 to present, he is the
Branch Manager and Secretary for Vietcombank – Southern
Saigon branch.
He has made considerable contributions to OCB’s business
operations as BOD member with his experience and
knowledge in banking and finance.
Member
He has 40 years experience in the banking industry at BNP
Paribas Bank – France as an expert in finance and economics,
and have held various positions in different countries, such
as: Analyst - Deputy CEO of BNP Manila Branch (Philippines),
Internal Inspector (Paris), Regional Manager of Latin America
– Marketing Department , Regional Manager of Europe and
Middle East, Regional Manager of Asia, Turkey and Israel
under International Retail Banking Department at emerging
markets. At present, he is the Regional Manager of Asia
– Latin America - International Retail Banking at BNPP in
emerging markets.
Board of Management
standing (from left to right):
Mr. Truong Dinh Long
Mr. Le Minh Quoc
Mr. Tran Cong Thanh
Mr. Tran Van Vinh
Mr. Nguyen Van Nam
Ms. Do Thi Thuy Nga
seated (from left to right):
Ms. Tran Thi Hai Yen
Mr. Lam Huu Hanh
Mr. Tran Van Vinh
CEO
Mr. Tran Van Vinh graduated from the University of Agriculture with a Bachelor’s
degree major in Agri-economics and received a Bachelor’s degree in Politics from
National Politics Academy – HCMC. He also obtained an MBA at Amos Tuck University,
USA in 2003. Mr Vinh was appointed as CEO of OCB in May 2009. He has 35 years
of experience with a successful banking career. He held several top management
positions in BIDV – HCMC such as Director, Deputy Director, among others. He
also worked for other banks such as the State Bank of Vietnam (1975 – 1979), Vice
Chairman of HDBank (1997 – 4/2009) and Member of Vietnam Bank Association’s
Committee (since 8/2009). He was awarded in the National Man of Competition by
the Prime Minister in 2009.
Mr. Truong Dinh Long
Ms. Tran Thi Hai Yen has a Bachelor’s degree in
Economics, Administration and Senior degree in
Politics. She has made great contributions as permanent
Deputy CEO and Secretary of Party Committee since the
inception of OCB. Her contribution was one of the key
factors contributing to OCB’s stable and sustainable
development during its 14 years of operation. She was
awarded in the National Woman of Competition by the
Prime Minister in 2009.
He was appointed as Deputy CEO of OCB since 3/2007.
He is responsible for the management admistration
of many branches in the East region, Central and
Highlands Vietnam consisting of Daklak, Trung Viet,
Khanh Hoa and Binh Duong. He is also in charge of the
Bank’s activities in investment, network development
and card, among others.
Permanent Deputy CEO
Mr. Lam Huu Hanh
Deputy CEO and Director of Main Transaction Office
Mr. Lam Huu Hanh has a Master’s degree in Banking –
Finance and Senior degree in Politics. He was appointed
Deputy CEO of OCB since 2004. He has played a notable
role in the accomplishment of annual business targets
of OCB.
Mr. Nguyen Van Nam
Deputy CEO and Director of Tay Do Branch
Mr. Nguyen Van Nam is a Bachelor of Law and Economics
graduate. He has over 20 years of experience in the banking
industry. He has made an outstanding contribution to the
expansion of OCB in Mekong Delta region.
Ms. Do Thi Thuy Nga
Deputy CEO and Director of Hanoi Branch
Ms. Do Thi Thuy Nga obtained a Bachelor’s degree in
Finance and Credit. She started her career at Vietcombank
Hanoi and had 13 years worth of experience in top
management positions in Vietcombank. She has made
significant contributions to the development of OCB as
well as the expansion of the Bank in the North.
Deputy CEO
With a Master’s in Business Administration, Mr. Long
joined OCB at the beginning of his career. After 3 years
working as Deputy Manager of Accounting Department
- OCB Head Office, he was appointed as Manager of
Phu Lam Branch, then Manager of OCB Khanh Hoa and
Manager of OCB Daklak.
Mr. Tran Cong Thanh
Deputy CEO
Mr. Tran Cong Thanh graduated with a Bachelor's
degree majoring in Banking and English, and a Master
in Business Administration. He has 17 years experience
in the banking industry. Prior to his appointment as
Deputy CEO of OCB, he was Deputy Director of BIDV –
HCMC and Deputy CEO of Navibank.
Mr. Le Minh Quoc
Deputy CEO
Mr. Le Minh Quoc holds an MBA from the university of
Lausanne - Switzerland. Fluent in English and French,
he has held excutive positions in BNP Paribas Bank
in Canada, France, Singapore and Taiwan. He was
appointed CEO of BNP ParibasBank in VietNam 20052008. As Deputy CEO of OCB since 2008, he has made an
important contribution to the mamagement of OCB’s
major operations and has been key to the success of the
strategic cooperation with BNP Paribas Bank.
Board of Supervisors
from left to right:
Ms. Tran Thi Thanh Ha
Ms. Nguyen Thi Thanh Ha
Ms. Le Thi Nguyet
Ms. Nguyen Thi Thanh Ha
Chief Supervisor
Ms. Nguyen Thi Thanh Ha has a Bachelor’s degree in Economics. She not only holds
the post of OCB’s Chief Supervisor at present but also works as Vice Chairlady of
Ben Thanh Trading & Service JSC and Permanent Vice Chairlady of Orient Securities
Corporation. She had 8 years previous work experience as CEO of Ben Thanh Trading
& Service JSC. From 1992 to present, she has worked for Ben Thanh General Trading
Company (Ben Thanh Trading & Service JSC) and held various posts such as Vice
Chairlady, CEO, Vice Director and Chief Accountant.
Ms. Tran Thi Thanh Ha
Member
Ms. Tran Thi Thanh Ha has a Bachelor’s degree in Economics and more than 12
years work experience with OCB. From 2002 to 2004, she worked as a Supervisor
at the Accounting Department of OCB Head Office. From 2004 to present, she was
appointed as a member of Board of Supervisors.
Ms. Le Thi Nguyet
Member
Ms. Le Thi Nguyet is presently a member of the Board of Supervisors as well as Chief
Accountant of Ben Thanh General Culture Joint Stock Company. She has a Bachelor’s
degree in Finance and Accounting and over 15 years of experience in accounting.
She held the post of Deputy Manager of Accounting Department and General
Accountant at Ben Thanh General Culture Company from 1997 – 2002.
Department Heads
front row (left to right):
middle row (left to right):
top row (left to right):
Ms. Cao Thi Kim Dung
Ms. Doan Thi Xuan
Mr. Luu Truong Han
Deputy Manager of HR Department
Ms. Le Phuong Chi
Head of Card Department
and Head of International Relations
Department
Ms. Tran Thi Kim Cuc
Head of Internal Control Department
Ms. Nguyen Khanh Thoai An
Deputy Manager of International
Payment Department
Ms. Nguyen Manh Thuy Chi
Deputy Manager of Treasury
Department in charge of Capital
Support and Gold and FX Trading
Chief Accountant and Head of
Accounting Department
Ms. Nguyen Le Hoang Lan
Head of IT Department
Ms. Nguyen Thi Hong Tham
Head of General Planning
Department
Ms. Lai Thu Van
Chief Internal Auditor
Mr. Phan Thanh Hai
Deputy Manager of Loan Settlement
Department
Head of Law Department
Ms. Huynh Thi Lan Anh
Head of Administration Department
Mr. To Thanh Son
Manager of CBS Project
Mr. Luong Van Canh
Head of Basic Construction
Department
Mr. Chau Minh Tuan
Head of Investment Department
ENERGIZING
CAPABILITIES
OCB has managed a feat of its own, energizing
capabilities in human resources, Information
Technology, new products & services to respond
to customer needs better and faster.
Mr. Tran Van Vinh - CEO
Despite the difficulties and challenges of 2009, Orient
Commercial JS Bank completed important objectives
and exceeded the targets set BY the General BOARD
of Shareholders
Vietnam Economic overview 2009
In 2009, Vietnam’s economy was off to a rocky start due to the repercussions of the financial crisis and
the world economic recession in 2008, causing a decrease in foreign direct and indirect investment
capital and import demand among others. At the beginning of 2009, timely promulgation of policies and
measures by the Government not only curbed economic downturn, actively prevented rising inflation
and ensured social stability, but also a GDP growth rate of 5.32%. Vietnam was one of the economies
which had positive growth in 2009.
The banking industry reported success in 2009. The system of credit organizations ensured safe practices
and continued to develop. The activities involving non-cash payment, utilizing modern information
technology and related services developed strongly. Total capital utilized throughout the economy
increased by 28.7% and credit increased by 37.7% versus 31/12/2008. However, there was a resulting
interest rate competition amongst commercial banks in order to raise capital. Also, the gold and foreign
exchange markets still suffered due to the conservative behavior of many corporations and individuals
in handling foreign currencies. The average rate of USD/VND in interbank market increased by 5.68%.
Despite the difficulties and challenges of 2009, Orient Commercial JS Bank completed important
objectives and exceeded the targets set by the General Board of Shareholders thanks in part to the
collaborative and concerted efforts from the Board of Management, Board of Directors and the entire
team of enthusiastic employees as well as the considerable and continued support from shareholders
and customers.
(continued)
Operations overview 2009
CAPITAL MOBILIZATION
• Last updated 31 December 2009, total called-up
capital of the whole system was VND 10,046 billion,
an increase of 22% in comparison with 2008.
• Balance of deposits from individuals and organizations
was VND 8,970 billion, accounting for 89.3% of total
capital funded mobilization; representing an increase
of VND 2,173 billion (increase rate of 32%).
• Balance of capital received from credit institutions
(converted to VND) was VND 1,029 billion, accounting
for 10.2% of total capital funded mobilization;
representing a decrease of VND 437 billion (decline
rate of 30%). On the other hand, OCB deposited and
loaned other credit institutions a total amount of
VND 1,050 billion.
• Capital for financing, venture capital was VND 48 billion,
accounting for 0.5% of total capital funded representing
an increase of VND 15 billion (increase rate of 46%).
• Stock investment and trade: VND 164 billion.
• Long-term investments: VND 145 billion.
Net gain from security activities was VND 44 billion (in
which revenue of contributed capital and purchased
shares was VND 10 billion) achieving an accounting
rate of return (ARR) of 14.24%.
b. Services and other businesses
Gold and Forex trade suffered some difficulties owing to
the limited supply of foreign currency and complicated
movements of foreign exchange and gold exchange. Net
revenue of Gold and Forex trade stood at VND 3.2 billion.
OCB Lucky Card: As at 31/12/2009, OCB issued 16,450
cards with the total cash withdrawal revenue of VND
165 billion and deposit balance of approximately VND
49 billion.
The issuance of OCB Lucky Card through VCB’s Card
system limited the development of utility services
related to cards and lessen the need for management
and settlement in ATM transactions.
CREDIT ACTIVITIES
Last updated 31/12/2009, total balance of loans was
VND 10,217 billion, an increase of 19% compared with 2008.
• Ratio based on customers:
- Individuals: VND 5,599 billion.
- Institutions: VND 4,618 billion.
c. Network development
• Ratio based on term length:
- Short term: VND 6,465 billion.
- Medium and long term: VND 3,752 billion.
• Rate of loans/capital funded: TT1: 1.14.
• Bad debts (group 3, 4, 5) accounting for 2.64% of total loans.
OTHER ACTIVITIES
a. Stock Investments
International Payment: The total revenue of ImportExport L/C, money transfer and collection services
reached the almost USD 80 million. Total charge fee
earned was VND 3.2 billion.
The total amount of invested capital and purchased
shares, as at 31/12/2009, stood at VND 309 billion, in
which:
In 2009, OCB established 3 new transaction units
namely: Ganh Hao Transaction Office under Bac Lieu
Branch; District 11 Savings Fund under Phu Lam Branch
and Hoc Mon Savings Fund under Phu Nhuan Branch.
The Bank closed Ba Trieu Transaction Office in Ha Noi in
order to move the Head Office of Ha Noi Branch in the
same venue. The Dien Bien Phu Transaction Point was
closed due to operational concerns.
As at 31/12/2009, OCB’s network included: Head Office,
Main transaction office, 22 Branches, 42 Transaction
offices, 4 Savings Fund in key provinces nationwide.
Key financial highlights
Unit: VND billion
Figures
2004
2005
2006
2007
2008
2009
Total assets
2,529
4,020
6,441
11,755
10,095
12,686
Loans
1,943
2,891
4,661
7,557
8,597
10,217
Capital funded mobilization
2,230
3,501
5,412
9,877
8,262
10,046
Charter capital
200
300
567
1,111
1,474
2,000
Shareholders’ equity
243
413
833
1,655
1,591
2,331
Total income
200
324
613
979
1,477
1,347
Total expense
156
257
471
748
1,396
1,075
Profit before tax
44
67
142
231
81
272
Profit after tax
33
50
104
169
65
206
1.56%
1.53%
1.99%
1.86%
0.60%
2.01%
21.93%
20.00%
23.99%
20.14%
5.03%
13.58%
9.61%
10.27%
13.50%
14.00%
15.74%
18.37%
12.51%
14.29%
18.82%
21.78%
18.3%
22.71%
16.84%
20.78%
21.64%
28.71%
Financial figures
ROA
(Return / Average total assets)
ROE
(Return / Shareholders’ equity)
Shareholders’ equity/ Total assets
Shareholders’ equity/ Total liabilities
CAR
(continued)
2010 Business Plans
I.General Objectives
Keep investing and restructuring Human Resources in
response to the new organizational structure; enhance
Information Technology applications into operations;
strengthen the Bank’s capacity for risk management and
operations management.
II. Quantitative Targets
1. Increase charter capital: at least VND 3,100 billion.
2. Profit before tax: at least VND 400 billion.
3. Increase average loan balance: 30%.
4. Increase average mobilized capital: 40%.
5. Bad debt ratio: < percentage prescribed by the State Bank.
6. Minimum shareholders’ income is 15% (in which
dividend yield is 10%).
III.Content and Solutions
1. Building development strategy for the period 2011 - 2015
Continue partnership with BNPP and other consultants
to build and implement strategic plan for 2011 – 2015,
concentrating on each step of development in terms of
viewpoints, visions, targets and measures.
2. Human Resources, Operational Functions and Efficiency
Local and overseas training (following the partnership
program with BNPP), recruit additional staff for the new
organizational system’s operation (phase 1) focusing on
business development in order to speed up the growth
in this period of time. Analyze cost of operations for an
appropriate policy on asset utilization and increase
productivity vs. output and waste prevention. Prepare
Focused Treasury Policy (FTP) in which capital expense
would be summed up from all units utilizing the Bank’s
capital.
3. Applying Information Technology
Complete Core banking system project to develop modern
banking services, multi-channel banking (SMS Banking,
Mobile Banking, Internet Banking, etc) to increase profit and
value-added services and build database for administrative
management and internal control.
4. Developing OCB brand
Build strategy on branding; complete procedures for listing
shares on HOSE; plan business strategy for the period 2011
– 2015 and set up banking operation quality management
system according to ISO.
5. Business development
5.1 Increase financial capacity
Implement financial solutions and issue new shares in
order to increase charter capital from VND 2,000 billion
to at least VND 3,100 billion by the end of 2010.
5.2 Capital Mobilization
Conduct research on the creation of new products
and services with the intention of increasing capital
mobilization, launching products to entice investment
deposits and loans from individuals and institutions and
broadening RDF medium and long-term capital sources
from foreign and domestic financial institutions.
5.3 Credit
Applying internal credit rating system for granting credit
to high-ranking customers with minimal or zero collateral;
promote consumer credit (in association with BNP Paribas
and Vietcombank); promote export and import finance,
especially at branches located in HCMC and key economic
areas; continue the settlement of bad debts and the ratio
of accrued interest as well as decrease bad debt ratio to less
than the percentage prescribed by the State Bank.
5.4 Risk Management and Capital Conservation
• Build Banking Operation Quality Management System
according to ISO.
• Improve the Bank’s risk management policies,
especially non-financial risk.
• Reorganize and reinforce Internal Control Department,
Debt Settlement Department and Risk Management
Department, etc.
5.5 Network Development
• Assess the practicality and develop directions of
subsidiaries.
• Survey potential regions for network development
and restructuring of Transaction Offices.
5.6 International Cooperative Relations
• Strengthen strategic cooperative relations with BNP Paribas
by focusing on OCB – BNPP alliance activities in order to
expand business beyond Vietnam.
• Establish Financial Institution Department (FI’s) to
broaden business cooperative relations with domestic
and international financial institutions.
(continued)
Human resources
We aim to develop Orient Commercial JS Bank into a
universal bank with retail banking as its core business.
Orient Commercial JS Bank set the target to become one
of the top ten Vietnamese Joint Stock banks in 2015, and
mature into a Financial Group in 2020. Hence, we are
fully aware of the importance of Human Resources – one
of the key factors contributing to OCB’s success in the
future.
Human resources play a vital role in the implementation
of OCB’s strategic orientation to become renowned
among the retail banks due to a rapid, secure and stable
growth rate. Fully aware of its importance, OCB paid
careful attention to the tasks of recruiting, planning
and training in order to improve the expertise and
professionalism of the Bank’s employees.
The current number of OCB employees is 1,435. Among
the staff, 32 have Masters degrees and 70% of the entire
staff has finished College and hold Bachelor’s Degrees.
Majority of the team are young with an average age of
30. In 2009, OCB held 7 overseas training courses for 30
managers and specialists to enhance their knowledge
and expertise. In addition, OCB, in cooperation with
different universities and training centers, held 91
domestic training courses for a total of 1,613 employees
in attendance.
Also, the staff planning process is always submitted for
consideration by the Board of Directors in preparation
for the next generation of OCB management. Personnel
considered for promotion are regularly trained and
qualified in management techniques and operational
skills. In 2009, OCB appointed 94 employees to various
positions ranging from Manager/Supervisor to Deputy
CEO, for a ratio of 73.43% out of 128 employees under
consideration.
On top of the enhancement programs to improve the
recruitment and training process in order to attract,
retain and develop the human resources, OCB also pays
great attention to salary policies and the creation of a
friendly and stimulating work environment. The Bank
also encourages employee’s passion and creativity
through numerous social welfare programs and Union
activities. The combination of all aforementioned factors
has helped OCB to build its own unique corporate culture
with a loyal and accomplished workforce.
(continued)
INFORMATION TECHNOLOGY
prepared and able to improve the outgoing service quality
with the aid of the management system professionallydesigned under the consultancy of BNPP specialists. The
result is an increasingly thorough and stable operation of
the IT system.
HEAD OF IT DEPARTMENT
SECURITY – QUALITY CONTROL
OPERATION
OPERATIONAL ANALYSIS &
APPLICATION DEVELOPMENT
TECHNOLOGICAL INFRASTRUCTURE &
COMMUNICATION
USER ASSISTANCE
The year 2009 marked a milestone when the manager
of the IT department through the approval of the Board
of Management and the partnership with BNP Paribas
(BNPP), completed the restructuring of the department
into a more professional and advanced unit capable
of meeting international standards in terms of risk
management and data security and recovery.
The current organizational module of OCB with full
functional units is based on the international quality
management module, ITIL V3 and ISO 20000.
An important achievement of the new organizational
module is the establishment of two new divisions, IT
Security and Quality Control. The two aforementioned
divisions are both “integral and essential” departments to
ensure the professionalism of IT management for larger
scale development.
Right after their establishment, an immediate partnership
between the two aforementioned divisions begun in
order to lay a solid foundation for IT procedures and
ensure stable development of other departments to
achieve more specific targets, transparent and optimized
quality and secure data processing.
Apart from Security and Quality Control, the Operations
Department is another important aspect in the whole IT
system. This department is in charge of the process of
operating and supervising new and existing IT systems to
ensure the constant and stable operation of the system
to serve the Bank’s customers. After the fieldwork training
course in France, the IT Operations department is now
The Operational Analysis and Application Development
Division is the pride of the IT Department. This division
is responsible for the tasks of analyzing operational
standards and assisting the building process of
operational procedures to satisfy business requirements.
The processes are professionalized with the participation
of diversely-experienced personnel with exceptional
management skills and further trained by BNPP specialists.
This department has accomplished many considerable
achievements and made a great contribution to the
success of IT in the previous year.
The established core components of IT department
have also undergone constant development in order
to complete the Core Banking System T24 project. The
Infrastructure Division kept track of modern applications for
the latest technologies as well as carried out considerable
research to boost the effectiveness of the optimization of
advancements on current banking services.
Throughout its operations in the year 2009, OCB has set
up a solid and state-of-the-art IT system ready to serve
banking operations:
• The WAN system with an additional reserve line
ensuring 24/7 connectivity;
• The internationally-standardized data center with
modern facilities and equipments ensuring 24/7
banking operations;
• The online transaction system of mobilization and
credit using internal management tools to meet the
requirements of product and service development,
internal control and supervision (to be replaced by
T24);
• Self-established data warehouse to satisfy the demands
of managing historical data to serve management
purposes;
• Cost-saving, centralized and security-enhanced
Internet management.
(continued)
RISK MANAGEMENT
As a commercial bank primarily offering retail banking
products, the OCB has pinpointed the main business risks
comprising credit risk, market risk, operational risk and
liquidity risk. In order to manage such risks effectively, the
Bank has identified, measured, controlled and managed
risks in compliance with the rules, procedures, transaction
settling process and divisions in the organizational structure.
In 2009, the Vietnamese economy has obviously been
influenced by the global economic downturn and financial
crisis. Despite the timely assistance provided by the
government’s economic stimulus package, the operations
of credit institutions in general and OCB in particular still
faced difficulties and undergone complicated movements.
In such a context, the issue of risk management must be
given first priority, especially interest rate and credit risks.
Under the guidance of the Board of Directors and Board
of Management, together with the assistance of the
experts from BNP Paribas – OCB’s Strategic Partner,
the risk management division of OCB has continued
to perform effectively. As at 2009 year end, the capital
adequacy ratio of OCB was 28.71%, which is 8% higher
than the minimum rate set by the Government. Credit
risk was kept at an acceptable level. Bad debt ratio
was controlled at 2.53%. Online lending - the product
of synergy among the Risk Management Division,
the Committee of Cooperative Project under Risk
Management and the IT Department - was successfully
launched into operation within 6 months of its initiation.
This is not only a brilliant first step for CBS (Core Banking
System) but also a vital precondition for many other
important projects (CIF, Management, Reporting, etc).
The bank developed tools for liquidity and interest
rate risk management based on the foundation of two
programs, namely Online Deposit and Online Loan. An
example of such management tools is the liquidity report
(VND, USD, gold and other foreign currencies) based on
debt repayment schedule, maturity schedule of contracts,
interest rate reports of input and output capital and
management tools for interbank capital transactions.
The Bank has
pinpointed the
main business risks
comprising credit
risk, market risk,
operational risk and
liquidity risk.
FINANCIAL
STATEMENTS 2009
FINANCIAL STATEMENTS 2009
Report of the Board of Directors
The Board of Directors of Orient Commercial Joint Stock Bank (“the Bank”) is pleased to present its report and the
financial statements of the Bank as at and for the year ended 31 December 2009.
THE BANK
The Bank is a joint stock commercial bank established in Vietnam in accordance with Banking License No. 0089/NH-GP
issued by the State Bank of Vietnam (“SBV”) on 13 April 1996 with the operational duration of 99 years.
The Bank’s principal activities are to provide banking activities throughout Vietnam.
Share capital
Since the date of its establishment, the Bank’s share capital has been approved by SBV as follows:
Share capital increased to
(VNDm)
SBV Approval
Date of issuance
70,000
Decision No. 89/QD-NH5
13 April 1996
93,736
Decision No. 182/2003/NHTP
24 February 2003
101,351
Decision No. 508/QD-NHNN
22 May 2003
137,130
Decision No. 270/NHNN-HCM02
01 March 2004
200,000
02 December 2004
300,000
Decision No. 2187NHNN-HCM02
03 November 2005
630,000
30 May 2006
1,000,000
24 May 2007
1,111,111
24 December 2007
1,474,477
29 October 2008
1.877.000
23 November 2009
2.000.000
Decision No. 9865/NHNN-TTGSNH
15 December 2009
Locations and branch network
The Head Office of the Bank is located at 45 Le Duan Boulevard, District 1, Ho Chi Minh City, Vietnam. As at 31 December
2009, the Bank has one (01) head office, one (01) main transaction office, twenty two (22) branches, forty two (42)
transaction offices and four (04) credit funds located in cities and provinces throughout Vietnam.
RESULTS AND DIVIDENDS
2009
VNDm
Net profit for the year
206,189
Dividend paid during the year
147,447
Retained earnings at the end of the year
211,067
The Bank has made advances for interim dividends of VNDm 147,477 during the year, and will offset with retained earnings
in accordance with the approval by the shareholders at the Annual General Meeting of Shareholders of the Bank.
Report of the Board of Directors (continued)
BOARD OF DIRECTORS
The members of the Board of Directors during the year 2009 and at the date of this report are:
Full name
Title
Date
Chairman
Appointed on 14 April 2006
Vice Chairman
Appointed on 11 June 2009
Mr. Nguyen Van Ba
Member
Member
Mr. Than Hai Thanh
Member
Member
Appointed on 11 June 2009
Ms. Vo Thi Lien Chi
Member
Mr. Nguyen Van Minh
Member
Resigned on 11 June 2009
BOARD OF MANAGEMENT
The members of the Board of Management during the year 2009 and at the date of this report are:
Full name
Title
Date
Mr. Tran Van Vinh
CEO
Appointed on 01 May 2009
Deputy CEO
Mr. Lam Huu Hanh
Deputy CEO
Mr. Nguyen Van Nam
Deputy CEO
Appointed on 29 March 2007
Mr. Truong Đinh Long
Deputy CEO
Appointed on 08 February 2007
Ms. Do Thi Thuy Nga
Deputy CEO
Appointed on 25 February 2008
Mr. Le Minh Quoc
Deputy CEO
Appointed on 01 March 2008
Mr. Tran Cong Thanh
Deputy CEO
Appointed on 01 July 2009
Mr. Vo Van Chau
CEO
Resigned on 01 May 2009
EVENTS SINCE THE BALANCE SHEET DATE
There have been no significant events occurring after the balance sheet date which would require adjustments or
disclosures to be made in the financial statements.
AUDITORS
The auditors, Ernst & Young Vietnam Ltd., have expressed their willingness to accept reappointment.
Report of the Board of Directors (continued)
STATEMENT OF THE MANAGEMENT’S RESPONSIBILITY IN RESPECT OF THE FINANCIAL STATEMENTS
The Bank’s management is responsible for the financial statements of each financial year which give a true and fair view
of the state of affairs of the Bank and of its results and cash flows for the year. In preparing those financial statements,
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 standards have been followed, subject to any material departures disclosed
and explained in the financial statements; and
•
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Bank will
continue its business.
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 to ensure that the accounting records comply with the
registered accounting system. It is also responsible for safeguarding the assets of the Bank and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The Bank’s Board of Management has confirmed to the Board of Directors that the Bank has complied with the above
requirements in preparing the accompanying financial statements.
This financial statements was reviewed and proposed to approve by the Bank‘s Internal Control Department.
APPROVAL OF THE FINANCIAL STATEMENTS
We hereby approve the accompanying financial statements which give a true and fair view of the financial position of
the Bank as at 31 December 2009, and its financial performance and its cash flows for the year ended then in accordance
with the Vietnamese Accounting Standards and Accounting System for Credit Institutions and complied with other
relevant regulations stipulated by the State Bank of Vietnam.
On behalf of the Board of Directors
Chairman
Ho Chi Minh City, Vietnam
25 February 2010
Independent auditors’ report
Reference: 60758138/1354143
INDEPENDENT AUDITORS’ REPORT
To:Board of Directors and Board of Management of
Orient Commercial Joint-Stock Bank
We have audited the balance sheet of Orient Commercial Joint-Stock Bank (“the Bank”) as at 31 December 2009, the
income statement, the cash flow statement for the year then ended and the notes thereto, as set out on pages 5 to
60 (“financial statement”). 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 Opinion
We conducted our audit in accordance with the Vietnamese and International Standards on Auditing applicable in
Vietnam. These standards require that we plan and perform the audit to obtain reasonable assurance to determine
whether 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 the Bank’s Board of Management, as well as evaluating the
overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, the accompanying financial statements, in all material aspects, give a true and fair view of the financial
position of the Bank as at 31 December 2009 and its financial performance and its cash flows for the year then ended in
accordance with the Vietnamese Accounting Standards and Accounting System for Credit Institutions and comply with
other relevant regulations stipulated by State Bank of Vietnam.
Ernst & Young Limited Viet Nam
Vo Tan Hoang Van Deputy General Director Registered Auditor
Certificate No. 0264/KTV Nguyen Phuong Nga
Auditor in-charge
Register Auditor
Certificate No. 0763/KTV
25 February 2010
Balance sheet
as at 31 December 2009
31/12/2009
VNDm
31/12/2008
VNDm
ASSETS
Cash, gold, jewelry, gemstones
Balances with State Bank of Vietnam (“the SBV”)
Placements with and loans to other banks
Placements with other banks
Loans to other banks
Provision for loans to other banks
Trading securities
Trading securities
Provision for impairment of trading securities
Derivatives and other financial assets
Loans and advances to customers
Loans and advances to customers
Provision for credit losses
Investment securities
Securities available-for-sale
Securities held-to-maturity
Provision for impairment of investment securities
Long-term investments
Investments in subsidiaries
Investments in joint ventures
Investments in associates
Other long-term investments
Provision for impairment of long-term investments
Fixed assets
Tangible fixed assets
Cost
Accumulated depreciation
Financial lease
Cost
Intangible fixed assets
Cost
Accumulated amortization
Investment properties
Cost
Other assets
Account receivables
Interest and fee receivables
Deferred tax assets
Other assets
In which: Goodwill
Provision for impairment of other assets
365,083
228,153
1,050,383
1,005,323
45,060
43,758
67,562
(23,804)
10,109,855
10,216,975
(107,120)
68,818
66,102
30,020
(27,304)
136,209
145,293
(9,084)
259,596
201,316
253,064
(51,748)
58,280
60,471
(2,191)
424,358
355,024
51,765
17,569
-
164,363
231,737
254,149
166,149
88,000
77,812
77,812
2,154
8,527,662
8,597,488
(69,826)
73,660
37,866
59,515
(23,721)
203,008
226,130
(23,122)
244,657
187,934
222,948
(35,014)
56,723
58,460
(1,737)
315,500
240,190
53,399
21,911
-
TOTAL ASSETS
12,686,213
10,094,702
Balance sheet (continued)
31/12/2009
VNDm
31/12/2008
VNDm
-
-
Deposits and borrowings from other banks
1,028,986
1,432,651
Deposits from other banks
1,027,150
1,430,875
1,836
1,776
8,051,896
6,796,187
5,549
-
47,783
33,175
Valuable papers issued by the Bank
917,629
-
Other liabilities
303,475
241,601
86,264
165,696
-
-
217,038
75,204
173
701
10,355,318
8,503,614
2,330,895
1,591,088
2,066,766
1,474,477
2,000,000
1,474,477
-
-
66,766
-
Treasury shares (buy back shares)
-
-
Preference shares
-
-
Other capitals
-
-
53,062
45,023
Foreign currency difference reserve
-
-
Asset revaluation reserve
-
-
211,067
71,588
12,686,213
10,094,702
LIABILITIES
Borrowings from the Government and the SBV
Borrowings from other banks
Customer deposits
Derivatives and other financial liabilities
Entrusted funds and loans exposed to risks to the Bank
Interest and fee payables
Deferred tax liabilities
Other payables
Provision for contingent liabilities and commitments
TOTAL LIABILITIES
OWNERS’ EQUITY
Capital and reserves
Capital
Share capital
Fund for capital expenditure
Share premium
Reserves
Retained earnings
TOTAL LIABILITIES AND OWNERS’ EQUITY
Balance sheet (continued)
OFF BALANCE SHEET ITEMS
31/12/2009
VNDm
31/12/2008
VNDm
228
51
Letter of credit
24,984
39,865
Other guarantees
49,371
28,110
173
8,851
74,756
76,877
Contingencies
Credit guarantees
Commitments
Other commitments
Prepared by
Approved by
Approved by
Ms. Truong Ngoc Thanh
Accounting Department Controller
Ms. Doan Thi Xuan
Chief Accountant
Mr. Tran Van Vinh
CEO
25 February 2010
Income statement
for the financial year ended 31 December 2009
2009
VNDm
2008
VNDm
1,189,029
1,358,421
Interest and similar expenses
(715,372)
(1,098,080)
Net interest income
473,657
260,341
Fees and commission income
15,868
14,503
Fees and commission expenses
(8,113)
(5,970)
Net fees and commission income
7,755
8,533
Net gain from dealing currencies and gold trading
3,154
5,502
Interest and similar income
Net (loss) from securities trading
(42,159)
Net gain/(loss) from dealing securities investment
76,172
(21,881)
Other operating income
12,559
83,015
Other operating expense
(5,525)
(26,974)
Net gain from other activities
7,034
56,041
Gains from long-term investments
9,951
15,629
535,564
324,165
(122,522)
(92,736)
Depreciation and amortization charges
(18,350)
(11,357)
Other operating expenses
(84,644)
(103,250)
TOTAL OPERATING EXPENSES
(225,516)
(207,343)
Profit before provision for credit losses
310,048
116,822
Provision for credit losses
(38,437)
(35,338)
PROFIT BEFORE TAX
271,611
81,484
(65,422)
(16,451)
-
-
TOTAL OPERATING INCOME
-
OPERATING EXPENSES
Personnel expenses
Current enterprise income tax expense
Deferred income tax expense
Enterprise income tax expense
(65,422)
(16,451)
PROFIT AFTER TAX
206,189
65,033
1,396
586
Basic earrings per share (VND/share)
Income statement (continued)
for the financial year ended 31 December 2009
2009
VNDm
2008
VNDm
BEGINNING BALANCE OF RETAINED EARNINGS
71,588
168,591
Profit after tax
206,189
65,033
277,777
233,624
- Create to statutory reserves for the prior year
(11,654)
(49,587)
- Dividends for the prior period
(55,056)
(112,449)
211,067
71,588
RETAINED EARNINGS BEFORE APPROPRIATIONS
Less:
RETAINED EARNINGS FOR APPROPRIATION
Prepared by
Approved by
Approved by
Ms. Doan Thi Xuan
Chief Accountant
Mr. Tran Van Vinh
CEO
25 February 2010
Cash flow statement
as at and for the financial year then ended 31 December 2009
CASH FLOW FROM OPERATING ACTIVITIES
Interest and similar income
Interest and similar expenses
Fees and commission income received
Net amount of actual receipts from trading gold and foreign currencies
Recovery of bad debts previously written-off
Payments to employees and administration affairs
Enterprise income tax paid for the year
Net cash flows from operating activities before changes in net
operating assets and liabilities
Changes in operating assets
Decrease in placements with and loans to others banks
Decrease in trading securities
Decrease in derivatives and other financial assets
(Increase) in loans and advances to customers
Utilizations of provisions to write of (loan losses, investment securities,
long-term investments)
Decrease/(increase) in other assets
Changes in operating liabilities
Increase/(decrease) in borrowings from the Government and the SBV
(Decrease) in deposits and borrowings from other banks
Increase in customer deposit (including State Treasury)
Increase in valuable papers issued by the Banks (excluding issued
debts in financial activities)
Increase/(decrease) in entrusted funds and loans exposed
to risks to the Bank
Increase in derivatives and other financial liabilities
(Decrease)/increase in other liabilities
Reserves utilization in the year
Net cash flows from/(used in) operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of fixed assets
Proceeds from disposals of fixed assets
Disbursements for disposals of fixed assets
Purchases of investment property
Proceeds from disposals of investment property
Disbursements for disposals of investment property
Additional investments in other entities
Receipts from investment in other entities
Dividend receipts and profit shared from long-term investments
Net cash flows (used in) from investing activities
2009
VNDm
2008
VNDm
1,190,663
(794,804)
7,328
50,048
1,353
2,269
(194,576)
(50,590)
1,388,336
(1,073,425)
8,533
1,449
1,358
2,682
(171,376)
(34,062)
211,691
123,495
42,940
88,246
2,154
(1,619,487)
927,500
167,013
(1,040,050)
(1,671)
29,522
(8,296)
(45,492)
(403,665)
1,255,709
(2,599,256)
1,024,443
917,629
-
14,608
5,549
(34,396)
(3,615)
(40,050)
1,232
(17,627)
505,214
(1,507,088)
(91,754)
8,825
6,833
(1,610)
6,992
(43,981)
63,382
(35)
(16,944)
13,137
(70,714)
15,559
Cash flow statement (continued)
2009
VNDm
2008
VNDm
592.289
1,000
Proceeds from subordinated debts to increase tier 2 capital
-
-
Repayment of subordinated debts to reduce tier 2 capital
-
-
(147,447)
(133,485)
Purchases of treasury shares (buy back shares)
-
-
Proceeds from sale of treasury shares (buy back shares)
-
-
CASH FLOW FROM FINANCING ACTIVITY
Increase in share capital
Dividends paid
Net cash flows from (used in) financing activities
444,842
(132,485)
Net increase/(decrease)/ in cash and cash equivalents
879,342
(1,624,014)
Cash and cash equivalents at the beginning of the year
562,249
2,186,263
-
-
1,441,591
562,249
Foreign exchange difference
Cash and cash equivalents at the end of the year
In 2009, charter capital of the bank increased by VND 525,523 million through offering shares to BNP Paribas Bank
(existing shareholder) and to selective local partners.
Prepared by
Approved by
Approved by
Ms. Doan Thi Xuan
Chief Accountant
Mr. Tran Van Vinh
CEO
25 February 2010
Notes to the financial statements
1.
CASH, GOLD, JEWELRY, GEMSTONES
Cash on hand in VND
Cash on hand in foreign currencies
Monetary gold
Jewelry
31/12/2009
VNDm
98,767
13,624
205,823
46,869
31/12/2008
VNDm
107,092
16,925
40,346
-
365,083
164,363
31/12/2009
VNDm
31/12/2008
VNDm
228,153
231,737
2. BALANCES WITH THE STATE BANK OF VIETNAM (“SBV”)
Current account at SBV
Balances with the State Bank of Vietnam included settlement and compulsory deposits. In 2009, compulsory
deposits in VND and settlement deposits in foreign currencies earned annual interest at rates of 1.20% and 1.00%
respectively (31 December 2008: 8.50% p.a and 1.00% p.a respectively).
Under regulations of the SBV, the Bank was required to maintain certain cash reserves with the SBV in the form of
compulsory deposits, which were computed at 3.00% and 1.00% (2008: 6.00% and 2.00%) of customer deposits
in VND with original terms of less than 12 months and more than 12 months, respectively; and 7.00% and 3.00%
(2008: 7.00% and 3.00%) of customer deposits in foreign currencies with original maturities of less than 12 months
and more than 12 months, respectively. Accordingly, total required average compulsory deposits (in both VND and
foreign currencies) in December 2009 were VNDm 194,523 and USD 1,871,000.
During the year, the Bank has complied with the SBV’s requirements regarding the calculation and maintenance
of the compulsory deposits with the SBV.
3. PLACEMENTS WITH AND LOANS TO OTHER BANKS
Placements with other banks
Loans and advances to other banks
31/12/2009
VNDm
31/12/2008
VNDm
1,005,323
166,149
45,060
1,050,383
88,000
254,149
31/12/2009
VNDm
31/12/2008
VNDm
65,654
477,261
542,915
21,381
114,768
136,149
100,000
362,408
462,408
1,005,323
30,000
30,000
166,149
3.1 Placements with other banks
Demand deposits with other banks
- In VND
- In foreign currencies, gold (*)
Term deposits with other banks
- In VND
- In foreign currencies
Notes to the financial statements (continued)
3.2 Loans and advances to other banks
31/12/2009
VNDm
31/12/2008
VNDm
45,060
88,000
31/12/2009
VNDm
31/12/2008
VNDm
Securities issued by other local banks
24,430
40,482
Securities issued by local business entities
43,132
37,330
67,562
77,812
(23,804)
-
43,758
77,812
31/12/2009
VNDm
31/12/2008
VNDm
Listed
39,562
-
Unlisted
28,000
77,812
67,562
77,812
In gold
4.TRADING SECURITIES
Investments in securities for trading purpose as at 31 December included:
Equity securities
Provision for impairment of trading securities
The listing status of trading securities was as follow:
4.1 Provision for impairment of trading securities
31/12/2009
31/12/2008
Balance
VNDm
Provision
VNDm
Net amount
VNDm
Balance
VNDm
Provision
VNDm
Net amount
VNDm
Listed shares
39,562
14,844
24,718
-
-
-
Unlisted shares
28,000
8,960
19,040
77,812
-
77,812
67,562
23,804
43,758
77,812
-
77,812
5. DERIVATIVES AND OTHER FINANCIAL ASSETS
Total contract value (using
exchange rate at the contract
effective date)
Total book value
(using exchange rate at balance sheet date)
Assets
Liabilities Net balance
VNDm
VNDm
VNDm
VNDm
Foreign currency forward contracts
390,858
9,709
5,704
4,005
Foreign currency swap contracts
733,054
155
9,709
(9,554)
1,123,912
9,864
15,413
(5,549)
88,794
2,154
-
2,154
88,794
2,154
-
2,154
As at 31 December 2009
Currency derivatives
As at 31 December 2008
Currency derivatives
Foreign currency forward contracts
6. LOANS AND ADVANCES TO CUSTOMERS
Loans to domestic business entities, individuals
Trusted loans
Loan pending for resolution
Commercial bills and valuable papers loans
Other loans
31/12/2009
VNDm
10,186,030
20,723
10,086
136
10,216,975
31/12/2008
VNDm
8,581,114
11,436
4,938
8,597,488
31/12/2009
VNDm
9,726,117
221,376
57,924
50,178
161,380
10,216,975
31/12/2008
VNDm
7,972,257
378,147
148,043
44,560
54,481
8,597,488
31/12/2009
VNDm
31/12/2008
VNDm
6,464,570
4,871,995
2,722,841
1,029,564
10,216,975
2,632,695
1,092,798
8,597,488
6.1 Analysis of loans by quality
Current
Special mention
Substandard
Doubtful
Loss
6.2 Analysis of loans by original terms
Short-term loans
Medium-term loans
Long-term loans
6.3 Analysis of loans by ownership
The analysis details of the Bank’s loan portfolio by ownership as at year end were as follows:
31/12/2009
VNDm
Corporate loans
Other joint stock companies
Private limited liability company
Private enterprises
Central State-owned enterprises
State limited liability companies
Co-operatives
Foreign-invested enterprises
Individual loans
2,386,798
1,570,946
341,752
220,491
54,038
28,186
16,243
4,618,454
5,598,521
10,216,975
%
23.35
15.38
3.34
2.16
0.53
0.28
0.16
45.20
54.80
100.00
31/12/2008
VNDm
3,641,279
233,295
35,113
12,987
3,922,674
4,674,814
8,597,488
%
42.35
2.71
0.41
0.15
45.63
54.38
100.00
6.4 Analysis of loans by sectors
The analysis details of the Bank’s loan portfolio by sectors as at year end were as follows:
Households services
Trading, repair of motor vehicles, motorcycles,
personal appliances and households appliances
Other sectors
Processing industry
Constructions
Financial activities and consultancy services
Transportation, warehousing and
communications
Hospitality
Agricultural and forestry
Aquaculture
Financial services
Electricity, gas and water supply/distribution
Education and training
Health care and social relief activities
Community, social and personal service activities
Mining exploration
Sport and cultural activities
State governance and national defence:
Communist Party, unions, social obligations
International activity of organization
Science and technology activities
31/12/2009
VNDm
2,355,107
31/12/2008
VNDm
10,589
%
23.05
1,627,589
1,602,525
1,085,373
1,044,882
810,424
15.93
15.68
10.62
10.23
7.93
311,147
1,821,297
118,431
421,245
73,645
3.62
21.17
1.38
4.90
0.86
794,960
323,078
141,784
110,868
86,777
66,187
55,040
36,915
31,304
17,061
16,498
7.78
3.16
1.39
1.09
0.85
0.65
0.54
0.36
0.31
0.17
0.16
172,024
60,760
219,298
62,726
2,776
6,764
37,546
7,510
5,253,890
710
3,013
2.00
0.71
2.55
0.73
0.03
0.08
0.44
0.09
61.11
0.01
0.04
9,659
0.09
1,840
0.02
944
10,216,975
0.01
0.00
100.00
5,838
6,439
8,597,488
0.07
0.07
100.00
%
0.12
7.PROVISION FOR CREDIT LOSSES
The Bank prepares loan classification according to Decision 493/2005/QD-NHNN and Decision 18/2007/QD-NHNN.
Details of provision for credit losses on balance sheet as at 31 December were as follows:
Provisions for credit losses
31/12/2009
VNDm
31/12/2008
VNDm
107,120
69,826
173
701
107,293
70,527
Provision for contingent liabilities and commitments
Changes in the provision for credit losses in the current year were summarized below:
Specific provision
VNDm
General provision
VNDm
Total
VNDm
Beginning balance
28,216
42,311
70,527
Provision charged for the year
38,244
19,758
58,002
Reversal of provisions during the year
(13,795)
(5,770)
(19,565)
Provision balance as at 30 November
52,665
56,299
108,964
Bad debts written-off in December
(1,671)
-
(1,671)
Ending balance
50,994
56,299
107,293
31/12/2009
VNDm
31/12/2008
VNDm
30,721
21,716
Securities issued by local business entities
35,381
16,150
66,102
37,866
(27,304)
(23,721)
Securities issued by the Government
30,020
59,312
-
203
30,020
59,515
68,818
73,660
8.INVESTMENT SECURITIES
Securities available-for-sale
Equity securities
Provision for impairment of securities available-for-sale
Securities held-to-maturity
8.1 Securities available-for-sale
Details of securities available-for-sale held by the Bank as at 31 December were as follows:
31/12/2009
31/12/2008
Cost
VNDm
% ownership
by the Bank
Cost
VNDm
% ownership
by the Bank
11,748.00
0.43%
-
-
Vietnam Export and Import Commercial
Joint Stock Bank
7,928.00
0.03%
-
-
Dong A Commercial Joint Stock Bank
5,242.00
0.04%
-
-
Saigon Hanoi Commercial Joint Stock Bank
3,357.00
0.06%
-
-
Asia Commercial Joint Stock Bank
1,445.00
0.01%
10,348.00
0.16%
Southern Asia Commercial Joint Stock Bank
1,001.00
0.04%
-
-
-
-
5,802.00
0.10%
Invesments in other banks
Vietnam Asia Commercial Joint Stock Bank
Saigon Commercial Joint Stock Bank
30,721.00
16,150.00
Investments in business entities
Vietnam Electric Cable Corporation
26,050.00
4.06%
-
-
Rubber Export Import Joint Stock Company
6,200.00
2.85%
-
-
Dong Tam Food Joint Stock Company
3,131.00
0.28%
-
-
0.40
0.00%
-
-
Refrigeration Joint Stock Company
-
-
6,555.00
0.81%
Pertrovietnam Fertilizer and Chemicals
Corporation
-
-
5,048.00
0.13%
Gemadept Corporation
-
-
5,005.00
1.05%
Saigon Securities Joint Stock Company
-
-
2,990.00
0.19%
Vincom Joint Stock Company
-
-
2,118.00
0.18%
Ho Chi Minh City Securities Corporation (HSC)
35,381.40
21,716.00
66,102.40
37,866.00
Details of provision for impairment of securities available-for-sale as at 31 December 2009 were as follow:
2009
VNDm
Beginning balance
Provision charged for the year (Note 29)
Closing balance
2008
VNDm
23,721
3,840
3,583
19,881
27,304
23,721
8.2 Securities held-to-maturity
31/12/2009
31/12/2008
Par value
Carying value
Par value
Carying value
VNDm
VNDm
VNDm
VNDm
Treasury Bill
20,000
20,000
10,000
10,000
Municipal Bonds
10,000
10,000
120
120
20
20
50,000
49,192
-
-
203
203
30,020
30,020
60,323
59,515
Government Bonds
Bonds of Asia Commercial
Joint-Stock Bank
These represented investments in long-term bonds issued by the Government or other banks and the Bank has
intention to hold them until maturity.
Government bonds have term of five (05) years and earn interest at rate of 8.35% p.a..
Treasury Bill issued by Statement Treasury has term from two (02) to five (05) years and has interest at rate ranging
from 8.00% p.a. to 8.60% p.a.. Interest is settled annually.
Municipal Bonds have term of 5 years issued by City Development Investment fund of Ho Chi Minh City and has
interest at rate ranging from 8.52% p.a. to 9.05%p.a..
9.LONG - TERM INVESTMENTS
Other long-term
investments
VNDm
Balance as at 1 January 2009
Increase in investments during the year
Decrease in investments in the year
226,130
2,264
(6,364)
Reclassify to trading securities
(22,832)
Reclassify to securities available-for-sale
(53,905)
145,293
Provision for impairment of long-term investment (Note 11.2, 29)
Balance as at 31 December 2009
(9,084)
136,209
9.1 Other long - term investments
Details of other long-term investments as at 31 December are as follow:
31/12/2009
Cost
VNDm
31/12/2008
Carrying
%
amount ownership
VNDm by the Bank
Cost
VNDm
Carrying
%
amount
ownership
VNDm by the Bank
Investments in other banks
Dong A Commercial Joint-Stock Bank
-
-
-
4,560
4,560
0.04%
Vietnam Export Import Commercial
Joint-Stock Bank
-
-
-
7,494
7,494
0.03%
Orient Securities Joint Stock Company
34,650
34,650
11.00%
34,650
34,650
11.00%
Vien Dong Assurance Joint Stock Company
11,890
11,890
3.96%
11,890
11,890
3.96%
Ben Thanh Real Estate Investment
Joint Stock Company
11,382
10,533
11.00%
11,382
11,382
11.00%
Saigon - Binh Chau Tourism
Joint Stock Company
9,688
9,688
9.26%
8,078
8,078
7.75%
Ben Thanh Non nuoc Tourism
Joint Stock Company
6,600
6,600
11.00%
6,600
6,600
11.00%
Investment in business entities
Saigon - Phu Quoc Tourism Joint Stock
Company
3,251
3,251
10.16%
3,251
3,251
10.16%
Saigon Tourism Hotel Joint Stock Company
3,000
3,000
10.00%
3,000
3,000
10.00%
Smartlink Card Services Joint Stock
Company
2,000
2,000
4.00%
2,000
2,000
4.00%
Saigon Ford Automobiles Ltd. Company
1,300
1,300
10.00%
1,300
1,300
10.00%
Saigon - Mui Ne Resort Joint Stock
Company
1,000
1,000
6.67%
1,000
1,000
6.67%
880
880
11.00%
880
880
11.00%
44,692
44,692
1.69%
44,038
44,038
1.54%
9,350
2,954
10.00%
9,350
9,350
10.00%
Dana Ford Automobiles Ltd. Company
Saigon Post & Telecommuncation
Joint Stock Company
Thanh Viet Fund Management
Joint Stock Company
Khanh Hoi Export - Import
Joint Stock company
2,550
2,550
0.84%
6,990
3,823
2.29%
Saigon A1 Fund
3,060
1,221
9.00%
3,060
3,060
9.00%
Ho Chi Minh City Securities Corporation
-
-
-
22,801
22,801
2.95%
Cable and Telecom Material Joint Stock
Company
-
-
-
22,832
2,877
0.38%
Printing Mechanics Joint Stock Company
-
-
-
1,924
1,924
9.82%
Vietnam Electric Cable Corporation
-
-
-
19,050
19,050
1.88%
145,293 136,209
226,130 203,008
9.2 Provision for impairment of long-term investment
31/12/2009
Balance
VNDm
Listed shares
Unlisted shares
Provision
VNDm
31/12/2008
Net amount
VNDm
Balance
VNDm
Provision
VNDm
Net amount
VNDm
2,550
-
2,550
52,623
23,122
29,501
142,743
9,084
133,659
173,507
-
173,507
145,293
9,084
136,209
226,130
23,122
203,008
10. FIXED ASSETS
10.1 Tangible fixed assets
Movements of tangible fixed assets during the year ended 31 December 2009 were as follows:
Buildings &
structures
VNDm
Machinery &
equipment
VNDm
Means of
transportation
VNDm
Others
fixed assets
VNDm
Total
VNDm
162,263
30,062
(17)
(225)
30,578
45
222,948
230
12
-
162,246
29,837
30,808
57
222,948
Newly purchased
13,081
11,047
11,289
-
35,417
Sold, disposed
(2,725)
(272)
(2,304)
Ending balance
172,602
40,612
39,793
9,520
15,737
(3)
(166)
Beginning balance after
reclassification
9,517
Depreciation for the year
Sold, disposed
Cost
Beginning balance
Reclassification
Beginning balance after
reclassification
(5,301)
57
253,064
9,750
7
35,014
157
12
-
15,571
9,907
19
35,014
4,206
7,493
6,182
15
17,896
(140)
( 272)
(750)
-
(1,162)
13,583
22,792
15,339
34
51,748
Beginning balance
152,743
14,325
20,828
38
187,934
Ending balance
159,019
17,820
24,454
23
201,316
Beginning balance
Reclassification
Ending balance
Net carrying amount
Other information about tangible fixed assets
Cost of tangible fixed assets fully depreciated but still in use
31/12/2009
VNDm
31/12/2008
VNDm
14,732
11,269
10.2 Intangible fixed assets
Movements of intangible fixed assets during the year ended 31 December 2009 were as follows:
Land use right
with definite term
Computer
software
Total
VNDm
VNDm
VNDm
56,568
1,892
58,460
1,910
101
2,011
58,478
1,993
60,471
Beginning balance
333
1,404
1,737
Amortization for the year
224
230
454
Ending balance
557
1,634
2,191
Beginning balance
56,235
488
56,723
Ending balance
57,921
359
58,280
Cost
Beginning balance
Purchased
Ending balance
Accumulated amortization
Net carrying amount
Other information about intangible fixed assets
Cost
VNDm
Accumulative
depreciation
VNDm
Net book
value
VNDm
Remaining of
depreciation term
VNDm
1,388
-
-
-
31/12/2009
VNDm
31/12/2008
VNDm
Constructions in progress
23,035
13,115
Other account receivables
331,989
227,075
355,024
240,190
Cost of fully intangible fixed assets amortized
but still in use
11. ACCOUNT RECEIVABLES
11.1 Constructions in progress
31/12/2009
VNDm
31/12/2008
VNDm
Binh Duong branch
7,132
7,253
An Hoa transaction office
4,616
1,883
Trung Viet branch
3,843
85
85/5 Tran Phu, Bac Lieu
3,267
386
Phuong Dong - Tay Nguyen project
1,764
-
54 Tran Hung Dao, Long Xuyen, An Giang
1,047
100
148B Nguyen Thi Thanh, Ca Mau
352
183
Trung Viet - Da Nang branch
352
207
Ha Noi branch
321
198
Ben Tre branch
192
173
Soc Trang branch
137
89
Phuong Dong - An Giang project
12
-
48-52 Nam Ky Khoi Nghia, Dist. 1
-
288
Office 2-4-6 Doan Nhu Hai
-
2,270
23,035
13,115
31/12/2009
VNDm
31/12/2008
VNDm
147,447
55,056
6,551
3,965
Acquisitions of fixed assets
78,814
42,141
Receivable of entrusted investment in Loc Viet Fund Management Co. (b)
58,771
81,540
Receivables from the State Budget
13,831
-
Advances for entrusted investments (c)
11,670
20,990
Office rental deposits
5,941
4,259
Receivables of dividends
2,304
-
11.2 Other account receivables
Receivables from internal
Advance for interim dividends (a)
Advances to employees
Receivables from outside
Receivables from Orient Securities Joint Stock Company
886
-
Deposits, mortgages, pledges
271
873
-
15,527
5,503
2,724
331,989
227,075
Receivable from Pacific Commercial Bank
Other receivables
12. OTHER ASSETS
31/12/2009
VNDm
31/12/2008
VNDm
Prepaid expenses
9,828
13,448
Foreclosed assets awaiting for resolution
7,294
7,953
447
510
17,569
21,911
31/12/2009
VNDm
31/12/2008
VNDm
1,027,150
1,430,875
1,836
1,776
1,028,986
1,432,651
31/12/2009
VNDm
31/12/2008
VNDm
2,671
2,042
91
87
2,762
2,129
In VND
411,429
1,340,746
In gold and foreign currencies
612,959
88,000
1,024,388
1,428,746
1,027,150
1,430,875
31/12/2009
VNDm
31/12/2008
VNDm
1,836
1,776
Materials in use
13. DEPOSITS AND BORROWINGS FROM OTHER BANKS
Deposits from other banks
Borrowings from other banks
13.1 Borrowings from other banks
Demand deposits
In VND
In foreign currencies
Term deposits
13.2 Borrowings from other banks
In foreign currencies
14. CUSTOMER DEPOSITS
14.1 Analysis by products
31/12/2009
VNDm
31/12/2008
VNDm
1,031,994
926,574
Demand saving deposits in VND
15,548
13,247
Demand deposits in foreign currencies
30,196
9,471
Demand saving deposits in foreign currencies
11,262
7,216
1,089,000
956,508
Term deposits in VND
2,557,667
1,705,836
Term saving deposits in VND
3,463,589
3,460,002
83,442
50,165
830,032
589,835
6,934,730
5,805,838
10,107
13,089
Demand deposits
Demand deposit in VND
Term deposits
Term deposits in gold, foreign currencies
Term saving deposits in gold, foreign currencies
Deposits for specific purpose
Margin deposits
Margin deposits in VND
Margin deposits in foreign currencies
7,009
7,500
11,050
13,252
18,059
20,752
8,051,896
6,796,187
31/12/2009
VNDm
31/12/2008
VNDm
2,506,220
1,620,799
565,519
599,444
75,884
16,663
3,147,623
2,236,906
4,694,492
4,384,221
209,781
175,060
8,051,896
6,796,187
14.2 Analysis by customers
Deposits from business entities
Private enterprises and others
State-owned enterprises
Foreign invested enterprises
Deposits from individuals
Deposits from others
15. ENTRUSTED FUNDS AND LOANS EXPOSED TO RISKS TO THE BANK
31/12/2009
VNDm
31/12/2008
VNDm
46,508
31,900
1,275
1,275
47,783
33,175
31/12/2009
VNDm
31/12/2008
VNDm
917,629
-
31/12/2009
VNDm
31/12/2008
VNDm
Payables to internal
25,659
12,666
Payables to outside
191,379
62,538
217,038
75,204
Entrusted funds from RDFII in VND
Other entrusted funds
16. VALUABLE PAPERS ISSUED BY THE BANK
Bills with term from 12 months to 5 years
17. OTHER PAYABLES
Total
18. STATUTORY OBLIGATION
Beginning balance
VNDm
Movements during the year
Ending balance
VNDm
Payables
VNDm
Paid
VNDm
693
65,422
50,590
Value added tax
6,885
2,014
8,840
59
Withholding tax
- 2,052
1,720
332
687
3,591
3,770
508
8,265
73,079
64,920
16,424
Enterprise income tax
Other taxes
15,525
The Bank has the obligation to pay Enterprise Income Tax (“EIT”) at the rate of 25% of taxable profits (2008: 28%).
The tax returns filed by the Bank are subject to examination by the tax authorities. As the application of tax laws
and regulations is susceptible to varying interpretations, the amounts reported in the financial statements could
change at a later date upon final determination by the tax authorities.
19. CURRENT ENTERPRISE INCOME TAX
The current tax payable is based on taxable profit for the year. The taxable profit of the Bank for the year differs
from the profit as reported in the income statement because it excludes items of income or expense that are
taxable or deductible in other periods due to the differences between the Bank’s accounting policies and the
current tax policies, and it further excludes items that are not taxable or deductible. The Bank’s liability for current
tax is calculated using tax rates that have been enacted by the balance sheet date.
2009
VNDm
2008
VNDm
271,611
81,484
(9,951)
(15,629)
(799)
(8,593)
(3,207)
(52,023)
-
7,017
825
35
258,479
12,291
64,620
3,442
802
13,006
-
3
65,422
16,451
693
18,304
EIT paid during the year
(50,590)
(34,062)
EIT payable at the end of year
15,525
693
Profit before tax
Less:
Dividend income not subject to EIT
Interest from Treasury Bills not subject to EIT
Net gain from fixed asset disposed
Add:
Cost incurred to purchase Treasury Bills
Non-deductible expenses
Estimated current taxable profit
Estimated current EIT
EIT expense of gain from fixed asset disposed
Adjustment for under accrual of tax from prior year
Current EIT
EIT payable at beginning of the year
20. CAPITAL AND RESERVES
20.1 Statement of changes in capital and reserves
Change in the capital and reserves of the Bank in 2009 were described in the following table:
Items
Other capital
Share
Share Financial Supplementary belonging to
capital premium
reserve capital reserve owners’ equity
Retained
earnings
Total
VNDm
VNDm
VNDm
VNDm
VNDm
VNDm
VNDm
1,474,477
-
39,896
2,275
2,852
71,588
1,591,088
Increase in capital
525,523
66,766
-
-
-
-
592,289
Profit for the year
-
-
-
-
-
206,189
206,189
Additions to reserves
for prior year
-
-
6,178
3,252
2,224
(11,654)
-
Utilization during
the year
-
-
-
-
(3,615)
-
(3,615)
Dividend declared
of prior year
-
-
-
-
-
(55,056)
(55,056)
2,000,000
66,766
46,074
5,527
1,461
211,067
2,330,895
Beginning balance
Increase in the year
Decrease in the year
Closing balance
During the year 2009, the Bank has increased its share capital , details as follow:
Decision No.
Approval date
Forms of capital contribution
Increase in share capital from VND 1,474
billion to VND 1,877 billion
2531/NHNNHCM02
23/11/2009
Offered shares to existing sharholders
and selective local partners
Increase in share capital from VND 1,877
billion to VND 2,000 billion
9865/NHNNTTGSNH
15/12/2009
Sold shares to BNP Paribas Bank
Details of the Bank’s share capital were as follow:
31/12/2009
Contributed capital (shareholders,
members…)
Share premium
31/12/2008
Total
Ordinary
shares
Total
Ordinary
shares
VNDm
VNDm
VNDm
VNDm
2,000,000
2,000,000
1,474,477
1,474,477
66,766
66,766
-
-
2,066,766
2,066,766
1,474,477
1,474,477
Details of shares issued by the Bank were as follow:
2009
2008
200,000,000
147,447,700
200,000,000
147,447,700
10,000
10,000
Authorized shares (share)
Issued shares
- Ordinary shares (shares)
Shares in circulation
- Ordinary shares (shares)
Par value of outstanding shares (VND/share)
21. BASIC EARNING PER SHARES
Basic earnings per share amounts are calculated by dividing net profit after tax for the year attributable to ordinary
shareholders of the Group by the weighted average number of ordinary shares outstanding during the year.
Details of basic earnings per share of the Bank as follow:
2009
VNDm
2008
VNDm
Net profit after tax attributable to ordinary equity holders for
basic earnings
206,189
65,033
Net profit distributable to ordinary equity holders
206,189
65,033
147,735,658
111,210,652
1,396
586
2009
VNDm
2008
VNDm
8,872
82,684
1,137,310
1,211,582
Interest income from trading, investing in debt securities:
4,203
27,824
- Interest income from trading securities
4,203
27,824
38,644
36,331
1,189,029
1,358,421
2009
VNDm
2008
VNDm
651,227
1,077,399
2,774
19,623
Interest expense for valuable papers
11,403
-
Expense from other credit activities
49,968
1,058
715,372
1,098,080
Weighted average number of ordinary shares for basic earnings per
shares (shares)
Basic earning per shares (VND/share)
22. INTEREST AND SIMILAR INCOME
Interest income from placements with other banks
Interest income from loans and advances to customers
Other income from credit activities
23. INTEREST AND SIMILAR EXPENSE
Interest and similar expense from deposits
Interest and similar expense from borrowings
24. NET FEE AND COMMISSION INCOME
2009
VNDm
2008
VNDm
Fee and commission income from providing service
15,868
14,503
Fee and commission expense from providing service
(8,113)
(5,970)
Net fee and commission income
7,755
8,533
2009
VNDm
2008
VNDm
9,824
16,923
15,683
12,036
7,508
24
33,015
28,983
(14,635)
(9,181)
Expense for gold trading
(9,842)
(14,300)
Expense for currency derivatives
(5,384)
-
(29,861)
(23,481)
3,154
5,502
2009
VNDm
2008
VNDm
641
-
Expense from securities trading
(18,996)
-
Provision for impairment of securities trading
(23,804)
-
(42,159)
-
25.NET GAIN FROM DEALING IN FOREIGN CURRENCIES AND GOLD TRADING
Income from foreign currencies and gold trading
Income from foreign exchange spot
Income from gold trading
Income from currency derivatives
Expense from foreign currencies and gold trading
Expense for foreign exchange spot
Net gain from dealing in foreign currencies and gold trading
26. NET LOSS FROM SECURITIES TRADING
Income from securities trading
Net loss from securities trading
27. NET GAIN/(LOSS) FROM SECURITIES INVESTMENT
2009
VNDm
2008
VNDm
Income from securities investment
85,715
436
Expense from securities investment
(19,998)
(2,436)
Provision for impairment of securities available-for-sale
(3,583)
(19,881)
Provision for impairment of other long-term investments
(9,084)
-
Reversal of provision for impairment of long-term investment
23,122
-
Net gain/(loss) from securities investment
76,172
(21,881)
2009
VNDm
12,559
2008
VNDm
83,015
Other operating expense
(5,525)
(26,974)
Net other operating income
7,034
56,041
2009
VNDm
2008
VNDm
- From long-term investments
7,015
10,579
- From investment equity securities
2,227
1,414
55
1,144
654
2,492
9,951
15,629
28.NET OTHER OPERATING INCOME
29.GAINS FROM LONG-TERM INVESTMENTS
Dividend received from long-term investments:
- From trading equity securities
- Bonus shares
30. OPERATING EXPENSES
2009
VNDm
2008
VNDm
1,667
2,112
122,522
92,736
Asset expenditures
44,480
37,414
Administration affair expenses
49,733
47,265
7,114
4,694
Other tax and fee expenses
Personnel employees
Insurance expenses of customer deposits
Provision expense
-
23,122
225,516
207,343
31. CASH AND CASH EQUIVALENT
Cash and cash equivalents included in the cash flows statement comprised the following balances on the
balance sheet:
31/12/2009
VNDm
31/12/2008
VNDm
Cash on hand in VND
98,767
107,092
Cash on hand in foreign currencies
13,624
16,925
205,823
40,346
46,869
-
Current account with the SBV
228,153
231,737
Demand deposits with other banks
385,947
136,149
Placements with and loan to other local banks
with term of less than 3 months
462,408
30,000
1,441,591
562,249
Actual amount
2009
Actual amount
2008
1,435
1,338
99,052
77,358
2.Bonuses
5,222
-
3.Other income
8,081
6,729
112,355
84,087
5.Average salary per month
5.75
4.82
6.Average income per month
6.52
5.24
Monetary gold
Jewelry
32. EMPLOYEES’ INCOME
I.Total number of employees (persons)
II. Employees’ income (VNDm)
1.Total salary
4.Total income (1+2+3)
33. MARKET RISK
33.1 Interest rate risk
Not subject to
re-pricing of
Overdue interest rate
VNDm
VNDm
Re-pricing of interest rate in
Up to 1
month
VNDm
1 to 3
months
VNDm
3 to 6
months
VNDm
Total
VNDm
Assets
-
365,083
-
-
-
365,083
Balances with the SBV
-
-
228,153
-
-
228,153
Placements with and loans to
other banks (*)
-
507,468
542,915
-
-
1,050,383
Trading securities (*)
-
67,562
-
-
-
67,562
273,753
1,756,823
2,653,439
2,492,264
3,040,696
10,216,975
-
96,122
-
-
-
96,122
Loan and advances to customers (*)
Investment securities (*)
Long-term investment (*)
-
145,293
-
-
-
145,293
Fixed assets
-
259,596
-
-
-
259,596
Other assets (*)
-
424,358
-
-
-
424,358
273,753
3,622,305
Deposits and borrowings from
the SBV and other banks
-
1,026,224
2,762
-
-
1,028,986
Customer deposits
-
6,934,730
1,117,166
-
-
8,051,896
Derivatives and other financial
liabilities
-
5,549
-
-
-
5,549
Entrusted funds and loans
exposed to risks to the Bank
-
47,783
-
-
-
47,783
-
917,629
-
-
-
917,629
Other liabilities
-
303,302
-
-
-
303,302
Total liabilities
-
9,235,217
1,119,928
-
- 10,355,145
273,753
(5,612,912)
2,304,579
2,492,264
3,040,696
2,498,380
-
92,815
-
-
-
92,815
273,753
(5,520,097)
2,304,579 2,492,264 3,040,696
2,591,195
Total assets
3,424,507 2,492,264 3,040,696 12,853,525
Liabilities
Sensitive difference with on
balance sheet interest rate
Off balance sheet commitments
affecting sensitive difference
with interest rate of assets and
liabilities (net)
Sensitive difference with on and
off balance sheet interest rate
(*): Total assets represent gross carrying value which does not include provision
177
69
FX position off balance sheet
FX position on and off balance sheet
(108)
2,633
Total liabilities
FX position on balance sheet
2
2,631
-
2,525
-
2,321
-
204
Other liabilities
Customer deposits
Deposits and borrowings from the SBV and other banks
Liabilities
Total assets
Placements with and loans to other banks (*)
Cash, gold, jewely, gemstones
Assets
(691,662)
36,070
(727,732)
1,520,951
378,237
581,028
561,686
793,219
77,164
669,313
33,660
13,082
EUR as
translated USD as translated
VNDm
VNDm
159,720
-
159,720
444,999
2,549
389,250
53,200
604,719
139,637
212,390
-
252,692
Gold as
translated
VNDm
865
-
865
178
9
169
-
1,043
-
705
-
338
Other foreign
curencies as
translated
VNDm
Classification of assets and liabilities of which currencies are translated into VND as at 31 December 2009 as follow:
33.2 Currency risk
(531,008)
36,247
(567,255)
1,744,932
380,797
973,078
614,886
1,401,506
216,801
884,729
33,660
266,316
Total
-
Fixed assets
Other assets (*)
-
Derivatives and other financial
liabilities
Entrusted funds and loans
exposed to risks to the Bank
Other liabilities
130,989
6,584,092
126,707
454,342
-
5,549
5,224,174
773,320
2,386,718
120,277
-
-
12,730
142,764 (4,197,374)
-
-
-
-
-
-
-
142,764
-
-
-
789,410
39,562
831,503
228,153
365,083
51,691
2,350,344
173,497
426,834
1,275
-
1,495,210
253,528
2,402,035
147,447
74
-
-
2,035,634
-
218,880
-
-
Up to 1
month 1 - 3 months
VNDm
VNDm
Net liquidity difference
-
-
Customer deposits
Total liabilities
-
Deposits and borrowings from the
the SBV and others banks
Liabilities
130,989
-
Investment securities (*)
Long - term investments (*)
Total assets
-
-
Trading securities (*)
142,764
-
Placements with and loans to
other banks (*)
-
-
Up to 3
months
VNDm
130,989
-
-
Above 3
months
VNDm
Overdue
Assets
33.3 Liquidity risk
2,813,481
994,251
3,098
36,453
2,620
-
952,080
-
3,807,732
156,634
1,993
-
83,382
3,537,723
28,000
-
-
-
3 - 12
months
VNDm
Current
2,385,266
424,622
-
-
43,888
-
380,432
302
2,809,888
-
63,300
145,293
10
2,601,285
-
-
-
-
424,358
259,596
145,293
96,122
10,216,975
67,562
1,050,383
228,153
365,083
303,302
917,629
47,783
5,549
8,051,896
1,028,986
1,171,563
2,498,380
1,836 10,355,145
-
-
-
-
-
1,836
1,173,399 12,853,525
-
194,229
-
-
979,170
-
-
-
-
1 - 5 years
Above 5
VNDm years VNDm Total VNDm
Prepared by
Approved by
Approved by
Accounting department Controller
Ms. Doan Thi Xuan
Chief Accountant
Mr. Tran Van Vinh
CEO
25 February 2010
Long-term Investments
No.
Investors
Charter capital
Number of
shares
LONG-TERM INVESTMENTS
Ratio of owned
Value of Investment
shares to charter
capital
145,292,679,320
1
Orient Securities Corporation
240,000,000,000
2,640,000
34,650,000,000
11.00%
2
Viendong Assurance Corporation
300,000,000,000
1,189,000
11,890,000,000
3.96%
3
Ben Thanh Land Investment Corporation
80,850,000,000
889,350
11,382,000,000
11.00%
4
Saigon – Binh Chau Tourism Joint Stock Company
104,288,500,000
965,544
9,687,540,000
9.26%
5
Ben Thanh Non Nuoc Tourism Joint Stock Company
60,000,000,000
660,000
6,600,000,000
11.00%
6
Saigon-Phu Quoc Tourism Joint Stock Company
32,000,000,000
325,120
3,251,200,000
10.16%
7
Saigon-Tourane Tourism Joint Stock Company
30,000,000,000
300,000
3,000,000,000
10.00%
8
Smartlink Card Services Joint Stock Company
50,000,000,000
200,000
2,000,000,000
4.00%
9
Saigon Auto Joint Stock Company
13,000,000,000
-
1,300,000,000
10.00%
10
Saigon – Mui Ne Hotel & Tourism Joint Stock Company
15,000,000,000
100,000
1,000,000,000
6.67%
11
Dana Ford Automobiles Co. Ltd.
8,000,000,000
88,000
880,000,000
11.00%
12
Saigon Postel
425,000,000,000
719,230
44,692,300,000
1.69%
13
Thanh Viet Fund Management
88,000,000,000
880,000
9,350,000,000
10.00%
14
Khanh Hoi Import-Export Joint Stock Company
141,203,090,000
118,180
2,549,639,320
0.84%
15
Saigon Securities Investment Fund A1
33,350,000,000
300,000
3,060,000,000
9.00%
SHARING
SUCCESS
In conducting business, OCB always attaches priority to creating
programs that enable us to share our success with the community.
In 2009, the Bank has mobilized to provide flood relief assistance to
the Central Region as well as given a substantial contribution to the
“Grateful Fund”of University of Economics on the occasion of Teacher’s
Day in vietnam. OCB plans to continue these programs to contribute to
the development of the community and society as a whole.
Corporate Social Responsibility
photo will proved by client
1. Presented gifts and support to repair houses for OCB
employees in need: VND 40 million.
2. Constructed 4 Unified Houses for poor families in Vinh
Long, Soc Trang, Can Tho and Hau Giang provinces.
3. Supported the Gratitude Fund of the HCM University
of Economics and granted scholarships for deserving
students of Banking Faculty - University of Economics
of Ho Chi Minh City: VND 100 million.
4.Granted Nguyen Huu Canh scholarships for 144
children of OCB employees: VND 120 million.
5. Imparted financial assistance to people suffering from
severe storms in Central region: VND 160 million.
6. Offered gifts for more than 700 children on the
occasion of the Mid-Autumn Festival and Children’s
Day: VND 100 million.
7. Sponsored free medical check-up and medicine for
children of poor families in Ba Tri District – Ben Tre
Province: VND 10 million.
8. Provided care for 3 Mothers of Heroic Vietnamese in
Ho Chi Minh City and Ben Tre Province.
9. Participated in the sponsorship of Legendary Truong
Son Road Program organized by People’s Committee
of Quang Binh Province: VND 50 million.
10. Supported the Social Welfare Fund of District 1:
VND 300 million.
Awards & Accolades
Emulation Flag for “Best Performance
in Banking 2009”, awarded by the
State Bank of Vietnam.
Certificate for “Model of Strong and
Transparent Union Party 2009” granted
by the Party Committee of District 1.
Representative Entrepreneur of Commerce
and Service Cup granted by Industry and
Trade Journal - Ministry of Industry and Trade.
Enterprise of Social Responsibility Cup by
Commerce Journal – Ministry of Industry and Trade.
Certificate of “Reputable Stock Brand Name” and
“Model Public Company” granted by State Bank
of Vietnam and Credit Information Center.
Certificate of “Excellent Local Union” for
achievements in labor emulation movement
granted by the Labor Union of Ho Chi Minh City.
EXTENDING
REACH
OCB continuously extends its reach throughout the country
in order to provide services to more customers and gain more
grounds in growth.
Branches &
Transaction Offices Network
Head OFFICE: 45 Le Duan St., District 1, HCMC Tel: (08) 38.220.960 Fax: (08) 38.220.963
Ho Chi MINH CITY
HoChiMinh City Transaction Head Office
45 Le Duan St., District 1, HCMC
Tel: (08) 38.220.960 Fax: (08) 38.220.963
CU CHI Transaction Office
Block C1, D3 St.,Tay Bac Industrial Zone,
Cu Chi District, HCMC
Tel: (08) 37.925.443 Fax: (08) 37.925.442
TU XUONG Transaction Office
8 Tu Xuong St., Ward 7, District 3, HCMC
Tel: (08) 39.320.447 Fax: (08) 39.321.970
HOC MON Saving Fund
11/3 Ly Thuong Kiet St., Quarter 2,
Hoc Mon Town, HCMC
Tel: (08) 37.106.690 Fax:(08) 37.106.689
NGUYEN THAI BINH Transaction Office
194 Nguyen Cong Tru St., Nguyen Thai Binh Ward,
District 1, HCMC
Tel: (08) 39.142.252 Fax: (08) 39.142.254
TAN BINH Branch
435G - 435H Hoang Van Thu St., Ward 4,
Tan Binh District, HCMC
Tel: (08) 38.112.399 Fax: (08) 38.114.746
LE THANH TON Transaction Office
186 - 188 Le Thanh Ton St., BenThanh Ward,
District 1, HCMC
Tel: (08) 38.244.667 Fax: (08) 38.244.665
District 4 Branch
2 - 4 - 6 Doan Nhu Hai St., Ward 12, District 4,
HCMC
Tel: (08) 39.435.060 Fax: (08) 39 435.006
DONG KHOI Transaction Office
02 Dong Khoi St., Ben Nghe Ward, District 1,
HCMC
Tel: (08) 38.272.821 Fax:(08) 38.272.907
THU DUC Branch
390 Vo Van Ngan St., Binh Tho Ward,
Thu Duc District, HCMC
Tel: (08) 37.220.863 Fax: (08) 38.969.222
BEN THANH Branch
391A Tran Hung Dao St., Cau Kho Ward,
District 1, HCMC
Tel: (08) 38.385.026 Fax: (08) 38.385.043
CAT LAI Transaction Office
286 Nguyen Thi Dinh, Binh Trung Tay Ward,
District 2, HCMC
Tel: (08) 54.027.083 Fax:(08) 54.027.085
HAM NGHI Transaction Office
91A, Ham Nghi St., Nguyen Thai Binh Ward,
District 1, HCMC
Tel: (08) 38.223.665 Fax: (08) 39.141.699
GIA DINH Branch
81 Phan Dang Luu St., Phu Nhuan District, HCMC
Tel: (08) 35.511.855 Fax: (08) 35.511.856
TRAN HUNG DAO Transaction Office
982 Tran Hung Dao St., Ward 7, District 5, HCMC
Tel: (08) 39.233.255 Fax: (08) 39.238.663
KHANH HOI Transaction Office
246 Khanh Hoi St., Ward 6, District 4, HCMC
Tel: (08) 39.432.167 Fax: (08) 39.432.168
KINH TE Transaction Office
135 Tran Hung Dao St., Cau Ong Lanh Ward,
District 1, HCMC
Tel: (08) 39.207.709 Fax: (08) 39.207.712
PHU NHUAN Branch
146 Le Van Sy St., Ward 10, Phu Nhuan District,
HCMC
Tel: (08) 39.910.634 Fax: (08) 39.910.639
BAY HIEN Transaction Office
73 Truong Chinh St., Ward 12, Tan Binh District,
HCMC
Tel: (08) 39.490.913 Fax: (08) 38.490.672
GO VAP Transaction Office
664 Phan Van Tri St., Ward 7, Go Vap District, HCMC
Tel: (08) 39.895.721 Fax: (08) 39.892.983
PHU THO Transaction Office
1060 3/2 St., Ward 12, District 11, HCMC
Tel: (08) 39.628.804 Fax: (08) 39.627.778
NGUYEN TRI PHUONG Transaction Office
305 Nguyen Tri Phuong St., Ward 5, District 10,
HCMC
Tel: (08) 39.571.506 Fax: (08) 38.555.368
DAO DUY TU Transaction Office
279 Nguyen Tri Phuong St, Ward 5, District 10,
HCMC
Tel: (08) 39.571.142 Fax: (08) 39.571.160
SAI GON Transaction Office
228 Tran Hung Dao St., District 1, HCMC
Tel: (08) 54.042.662 Fax: (08) 54.042.663
CHAU VAN LIEM Saving Fund
34 Chau Van Liem St., Ward 10, District 5, HCMC
Tel: (08) 38.539.643 Fax: (08) 38.539.649
PHU LAM Branch
279 Nguyen Van Luong St., Ward 12, District 6,
HCMC
Tel: (08) 54.061.351 Fax: (08) 36.671.102
District 11 Saving Fund
248-250 Minh Phung St., Ward 2, District 11,
HCMC
Tel: (08) 39.698.534 / 35 Fax: (08) 39.698.532
TAN PHU Transaction Office
156 Nguyen Son St., Phu Tho Hoa Ward,
Tan Phu District, HCMC
Tel: (08) 39.787.490 Fax: (08) 39.787.491
DUY TAN Transaction Office
17 Pham Ngoc Thach St., District 3, HCMC
Tel: (08) 38.244.504 Fax: (08) 38.244.510
TAN THUAN Branch
533 Tran Xuan Soan St., Tan Kieng Ward,
District 7, HCMC
Tel: (08) 37.711.234 Fax: (08) 37.719.087
XOM MOI Transaction Office
695 Le Duc Tho St., Ward 16, Go Vap District,
HCMC
Tel: (08) 39.163.183 Fax: (08) 39.163.182
PHU MY HUNG Transaction Office
D2-20 Lot R19-1, My Toan 3 Quarter, Phu My
Hung Ward, District 7, HCMC
Tel: (08) 54.103.155 Fax: (08) 54.103.158
TRUONG CHINH Saving Fund
71 Truong Chinh St., Tan Thoi Nhat Ward,
District 12, HCMC
Tel: (08) 35.921.020 Fax: (08) 35.921.021
Eastern Region
CHO LON Branch
419 - 421 An Duong Vuong St, Ward 3,
District 5, HCMC
Tel: (08) 38.337.127 Fax: (08) 38.337.128
BINH DUONG Branch
233, Quarter 2, Binh Duong Mainroad, Phu Tho
Ward, Thu Dau Mot Town, Binh Duong Province
Tel: (0650) 3.812.592 Fax: (0650) 3.812.589
LAI THIEU Transaction Office
11DT 745 Cho Quarter, Lai Thieu Town,
Binh Duong Province
Tel: (0650) 3.762.628 Fax:(0650) 3.762.630
DI AN Transaction Office
4/19D Nguyen An Ninh St., Binh Minh Quarter,
Di An District, Binh Duong Province
Tel: (0650) 3.736.541 Fax: (0650) 3.736.543
DUC HOA Transaction Office
144C, Quarter 3, Duc Hoa Town ,
Long An Province
Tel: (072) 3.763.959 Fax: (072) 3.763.989
KIEN GIANG Branch
281 Nguyen Trung Truc St., Rach Gia Town,
Kien Giang Province
Tel: (077) 3.942.926 Fax: (077) 3.942.927
DONG NAI Branch
Lot 25-26 Dong Khoi St., Quarter 4,
Tan Hiep Ward, Bien Hoa City, Dong Nai Province
Tel: (061) 3.912.200 Fax: (061) 3.913.662
TAY DO Branch
25A Chau Van Liem St., Ninh Kieu District,
Can Tho City
Tel: (0710) 3.829.152 Fax: (0710) 3.829.411
HOA AN Branch
162 Hao Phung B Hamlet, Kinh Cung Town,
Phung Hiep District, Hau Giang Province
Tel: (0711) 3.869.108 Fax: (0711) 3.869.089
Central Region
AN PHU Transaction Office
78 Mau Than St., An Phu Ward, Ninh Kieu District,
Can Tho City
Tel: (0710) 3.827.423 Fax: (0710) 3.764.879
BAC LIEU Branch
B7-B9 Trade Center, Bac Lieu Town,
Bac Lieu Province
Tel: (0781) 3.829.985 Fax: (0781 ) 3.954.917
AN HOA Transaction Office
155 CMT8 St., An Hoa Ward, Ninh Kieu District,
Can Tho City
Tel: (071) 3.825.273 Fax:(071) 3.764.256
GANH HAO Transaction Office
Hamlet 3, Ganh Hao Town, Dong Hai District,
Bac Lieu Province
Tel: (0781) 3.844.426 Fax: (0781).3.844.688
DONG THUAN Transaction Office
Dong Hoa Hamlet, Dong Thuan Commune,
Thoi Lai District, Can Tho Province
Tel: (0710) 3.683.009 Fax: (0710) 3.683.299
SOC TRANG Transaction Office
47 Phu Loi St., Ward 2, Soc Trang Town ,
Soc Trang Province
Tel: (079) 3.827.222 Fax: (079) 3.620.198
PHUOC THOI Transaction Office
33/F Thoi Dong Hamlet, Phuoc Thoi Ward,
O Mon District, Can Tho City
Tel: (0710) 3.861.491 Fax: (0710) 3.660.889
HO PHONG Transaction Office
187 Highway 1A, Quarter 9, Hamlet 2,
Ho Phong Town, Gia Rai District, Bac Lieu Province
Tel: (0781) 3.672.116 Fax: (0781) 3.671.828
VINH LONG Transaction Office
87-89 Pham Thai Buong St., Quater 1, Ward 4,
Vinh Long Town, Vinh Long Province
Tel: (070) 3.853.259 Fax: (070) 3.853.254
Ha Noi Region
TRUNG VIET Branch
5 Dong Da St., Hai Chau District, Da Nang City
Tel: (0511) 3.887.899 Fax: (0511) 3.887.898
LIEN CHIEU Tansaction Office
691 Ton Duc Thang St., Lien Chieu District,
Da Nang City
Tel: (0511) 3.736.023 Fax: (0511) 3.736.026
HAI CHAU Transaction Office
Lot 01 Trieu Nu Vuong St., Hai Chau District,
Da Nang City
Tel: (0511) 3.866.999 Fax: (0511) 3.866.998
NUI THANH Transaction Office
118 Nui Thanh St., Hoa Thuan Dong Ward,
Hai Chau District, Da Nang City
Tel: (0511) 3.631.699 Fax: (0511) 3.631.698
THANH KHE Transaction Office
A37 Dien Bien Phu St., Thanh Khe District,
Da Nang City
Tel: (0511) 3.648.777 Fax: (0511) 3.649.985
KHANH HOA Branch
100 Hoang Van Thu St., Nha Trang City,
Khanh Hoa Province
Tel: (058) 3.820.883 Fax: (058) 3.820.880
DAKLAK Branch
105 Hoang Dieu St., Buon Me Thuot City, Daklak
Province
Tel: (0500) 3.817.685 Fax: (0500) 3.817.686
Western Region
LONG AN Branch
202-204 Hung Vuong St., Ward 2, Tan An Town,
Long An Province
Tel: (072) 3.829.160 Fax: (072) 3.829.166
BEN LUC Transaction Office
42 Quarter 3, Nguyen Huu Tho St., Ben Luc Town,
Long An Province
Tel: (072) 3.636.998 Fax: (072) 3.636.996
DONG THAP Transaction Office
158-160 Nguyen Hue St., Ward 2, Cao Lanh City,
Dong Thap Province
Tel: (067) 3.876.259 Fax: (067) 3.876.255
CA MAU Branch
184B Nguyen Tat Thanh St., Quarter 1, Ward 8,
Ca Mau City
Tel: (0780) 3.582.557 Fax: (0780) 3.550.385
PHAN NGOC HIEN Transaction Office
11A Tran Hung Dao St., Quater 6, Ward 5, Ca Mau
City, Ca Mau Province
Tel: (0780) 3.565.939 Fax: (0780) 3.565.949
AN GIANG Branch
264/1 Hung Vuong St., My Long Ward,
Long Xuyen City
Tel: (076) 3.945.126 Fax: (076) 3.945.127
HA NOI Branch
260-262 Ba Trieu St., Hai Ba Trung District,
Ha Noi City
Tel: (04) 39.361.033 Fax: (04) 39.361.034
MINH KHAI Transaction Office
110 Minh Khai St., Hai Ba Trung District,
Ha Noi City
Tel: (04) 36.245.231 Fax: (04) 36.243.781
LO DUC Transaction Office
206 Lo Duc St., Dong Mac Ward,
Hai Ba Trung District, Ha noi City
Tel: (04) 39.724.037 Fax: (04) 39.724.038
SAO VIET Transaction Office
299 Cau Giay St., 6th Floor CTM Building,
Ha Noi City
Tel: (04) 22.201.669 Fax: (04) 22.201.679
NGUYEN TRAI Transaction Office
248 Nguyen Trai St., Trung Van Commune,
Tu Liem District, Ha Noi
Tel: (046) 2.853.085 Fax: (046) 2.853.084
This page is left intentionally blank

Annual Report 2009

Transcription

Similar documents

OUR LOCATIONS - Kharafi National

7614f grain-vac - Krueger Grain Vacs

1445 with LEDs Watertight multipurpose luminaire

Welcome to - Serviced Office

Hotel Reservation Form

Administrative Headquarters of Soto Zen Buddhism Head Temples

KeScan Nuctech XT2100 Data Sheet

Download-Brochure

colour card - Hook and loop fasteners | Alfatex

nuctech™ cx6550bi