notes to the consolidated financial statements - Sacombank

Content
Message of the Chairman of the Board 4
Board of Directors 8
A Year with Outstanding Achievements 12
Consistence in its Sound Development 16
Board of Supervisors 24
Commitment with Society and Region 27
Human Resources Development 32
Board of Management 34
Major Targets of the 2008 Plan 38
Organizational Chart 44
Key Financial Indicators 45
Consolidated Financial Statement 48
Financial Report of Sacombank 96
Awards Bestowed Upon Sacombank 104
Ten Milestones 106
Investor Relation 112
Correspondent Banks 116
Distribution Network 130
Subsidiaries and Joint - Venture 146
1

2
ANNUAL REPORT 2007

Our Dreams:
OVER THE RAINBOW, DREAMS COME TRUE
3

ANNUAL REPORT 2007
MESSAGE OF THE CHAIRMAN OF THE BOARD
In addition, within 16 years of work experience, we feel
that its experience, track record and vision, will enable the
Bank to continually achieve stunning results. As the Bank
becomes more competitive and develops further, it will be the
bridge between our growing economy and that of our regional
counterparts, and thus securing our position as a world-class
retail bank.
Ladies and Gentlemen,
On behalf of Sacombank’s Board of Directors, I am pleased to present our Annual Report for the fi nancial year
period from January 1, 2007 to December 31, 2007.
AN IMMENSELY REWARDING 2007
This past year, Sacombank has witnessed tremendous development and growth, which has continued to
boost the Bank’s image and positioning as a leading retail bank in Vietnam. Throughout the year, we have not
only been attaining exceptional results but also surpassed all of our business objectives set for the year.
EVOLVING INTO A WORLD-CLASS RETAIL BANK
And as our economy continues to develop and expand swiftly, we will no doubt encounter challenges that will
present us with boundless opportunities to capitalize on such growth.
In addition, within 16 years of work experience, we feel that its experience, track record and vision, will
enable the Bank to continually achieve stunning results. As the Bank becomes more competitive and
develops further, it will be the bridge between our growing economy and that of our regional counterparts,
and thus securing our position as a world-class retail bank.
POISED FOR GREATER GROWTH
As Sacombank continues to steer itself into the new year with renewed vision and vigor, and synergizing our
member companies to form strategic multi-functional alliances, we will continue to secure and expedite our
growth.
With a solid business operations network, we Sacombank will be able to provide quintessential customer
services and value-added services for all of our clients. Consequently, we will continually attract more new
and potential customers.
4

THE SECRET OF OUR SUCCESS
Sacombank’s success rests on its vibrant and robust human resources, which has cultivated the unique
Sacombank living and working lifestyle.
By demonstrating their vibrancy, creativity, diligence, and sense of responsibility, our employees have enabled
us to overcome all diffi culties and challenges over the past year.
ACKNOWLEDGEMENTS
Therefore, I would like to thank all our staff members for their hard work. In addition, I would also like to take
this opportunity to thank our shareholders and our loyal customers for their faith in Sacombank and for their
unwavering support. I am looking forward for your continued support as the Board and Management leads the
Bank to the next stage of growth.
Thank you,
Mr. Dang Van Thanh - Chairman
Holding the Flagship of Sacombank for the last 12 Years
CHAIRMAN OF THE BOARD
DANG VAN THANH
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6
ANNUAL REPORT 2007
“Therefore, I would like to thank all our
staff members for their hard work. In
addition, I would also like to take this
opportunity to thank our shareholders
and our loyal customers for their faith
in Sacombank and for their unwavering
support. I am looking forward for your
continued support as the Board and
Management leads the Bank to the
next stage of growth.”

8
ANNUAL REPORT 2007
1
1. Mr. Dang Van Thanh
Chairman
2. Ms. Huynh Que Ha
First Vice Chairwoman
3. Mr. Nguyen Chau
Vice Chairman
4. Mr. Pham Duy Cuong
Member
5. Mr. Dominic Scriven
Member
2

3
6. Mr. John Law
Member
7. Mr. Dang Hong Anh
Member
8. Ms. Nguyen Thi Mai Thanh
Member
9. Mr. Tran Van Ngoc
Member
10. Mr. Bui Thanh Hai
4
Member
BOARD OF DIRECTORS
9

10
ANNUAL REPORT 2007

Our Beliefs:
BEING THERE AND SEEING IT, IS BELIEVING
11

A YEAR WITH OUTSTANDING ACHIEVEMENTS
By year end, many
fi nancial targets
were surpassed.
Most notable was
the VND1,452 billion
profi t that more than
doubled that of 2006,
and 21% over the
target set at the 2007
AGM of VND1,200
billion. Furthermore
other performance
indicators showed
exponential growth.
Compared to 2006,
the total mobilized
capital upped 151%
to reach VND54,041
billion; total loan
balance stood at
VND34,317 billion,
up 136%; and total
assets was up by
156% to VND63,364
billion. The above
performance was
derived from the
banking business,
excluding that of
subsidiaries and joint
ventures.
12
ANNUAL REPORT 2007
Sacombank’s remarkable achievements in 2007 have set the stage for its
growth strategy towards 2010.
With its aim to be the top modern retail bank in Vietnam, Sacombank has
strengthened its fi nancial capability, expanded its operation network, and
developed banking products and services that meet the customers’ demand
in the last 16 years.
On 16 August 2007, Sacombank almost doubled its chartered capital and
paid up equity to reach VND4,449 billion and VND5,948.7 billion respectively,
and became one of the fi ve Vietnamese commercial banks with the highest
funding. By year end, many fi nancial targets were surpassed. Most notable
was the VND1,452 billion profi t that more than doubled that of 2006, and 21%
over the target set at the 2007 AGM of VND1,200 billion.
Furthermore other performance indicators showed exponential growth.
Compared to 2006, the total mobilized capital upped 151% to reach VND54,041
billion; total loan balance stood at VND34,317 billion, up 136%; and total assets
was up by 156% to VND63,364 billion. The above performance was derived
from the banking business, excluding that of subsidiaries and joint ventures.
Holding its philosophy of “profi tability in sustainable market share”, Sacombank
continues to expand nationwide. As at end 2007, the operational network
consisted of 211 branches and transaction offi ces nationwide, an increase
of 132 transaction points within 12 months. The Bank is now represented in
all 13 Mekong Delta Region provinces and holds the top position among joint
stock banks. Then Women Entrepreneurs branch model was replicated Hanoi
City with the opening of the 8 March Branch on 8 August 2007. The Hoa Viet
Branch was opened on 8 October in Hochiminh City to cater for the Chinese
Community.

Sacombank is the fi rst Vietnamese bank allowed by
China’s central banking authorities to operate in Nanning
City of Guangxi Province. This paved the way to set up
a representative offi ce across the border in early 2008.
Meanwhile, the administrative and legal procedures are
being prepared for branch opening in Laos and Cambodia
in the second quarter of 2008.
In line with Vietnam’s global integration, Sacombank is
expanding its alliances with dominant local and foreign
partners to take advantage of the collective strength.
Such cooperation creates opportunities for Vietnamese
enterprises to improve their competitive position.
Sacombank in 2007 has allied with SJC Jewelry Company,
Bao Minh Insurance, Huu Lien A Chau Construction
Company, Truong Hai Automobile, Habubank and Military
Bank.
Sacombank has identifi ed organizational restructuring
as a crucial step for expansion. Since mid 2007, the
Bank has comprehensively restructured its management
mechanism including procedures, policies, regulations
and business processes, asset structure and funding
approaches from Head Offi ce to the branch network.
With this initiative, it brings consistent action between
executive management and the governing board. It is
also expected to provide more effective management
and stable development in 2008.
Service with a Smile
In 2007, an unprecedented event took place, in that
Sacombank became the only bank in Vietnam that
received two international banking awards, namely,
“Best Bank - Vietnam 2007” by Euromoney, and
“Vietnam Retail Bank of the Year 2007” by Asian
Banking and Finance. The recognition is based on the
criteria of strong development, business results, risk
management, IT application, management quality and
contribution to the fi nancial and banking sector. Also
according to a UNDP Top 200 Vietnamese Enterprises
Survey, Sacombank was ranked 26 th among all
enterprises and 4 th among all commercial banks.
With the aim to be a leading fi nancial group by 2010,
Sacombank is accelerating its fi nancial investment via
subsidiaries and joint ventures and expanding alliances
with local enterprises. At the Sacombank AGM in early
2008, the Bank forecasted total assets of VND93,000
billion, chartered capital of VND6,494 billion, and
pre-tax profi t of VND1,800 billion. This represents an
increase of 46%, 46% and 24% respectively.
International Awards
13

14
ANNUAL REPORT 2007
Our Vision:
WE HAVE A CLEAR VISION
BEYOND THE NOTICEABLE

CONSISTENCE IN ITS SOUND DEVELOPMENT
16
ANNUAL REPORT 2007
Towards Professionalism
After one year into WTO, the Vietnamese economy in 2007 had many positive changes.
The GDP grew 8.44%, FDI went up 69%, export value increased 21.5%, and the stock
exchange continued its attraction to local and foreign investors. The political and security
regime were stable. The country of Vietnam drew increasing international attention as
an investment spot. While the fi nancial market took a quantum leap in development,
the commercial banks were making breakthroughs in asset size, economic impact and
service quality. Against the positive outlook, the nation was not unhurt. During the year
the economy was affected by natural disasters, epidemics, insuffi cient infrastructures, low
competitiveness of businesses and two-digit infl ation. These limited potential growth.
Despite the economic circumstances, Sacombank in 2007 more than doubled its profi t
from the previous year. Meanwhile the overdue debt was limited to 0.39%, the lowest
compared to the past years. With effort and prominent achievements, Sacombank in 2007
was honored with 6 local awards and 12 international accolades granted by top economic
organizations.

Youth - Dynamic - Enthusiasm
Customers Contribute to Success
Despite the economic circumstances,
Sacombank in 2007 more than doubled its
profi t from the previous year. Meanwhile the
overdue debt was limited to 0.39%, the lowest
compared to the past years. With effort and
prominent achievements, Sacombank in
2007 was honored with 6 local awards and
12 international accolades granted by top
economic organizations.
Sacombank’s achievements in 2007 were attributed to the appropriate strategy adopted
by the Boards of Directors and Management. The ongoing organization restructuring and
the effective application of guidelines and policies continue to build upon Sacombank’s
core competencies. Most noteworthy is Sacombank’s strong fi nancial ability, network of
branches nationwide and dynamic staff. Furthermore its joint-ventures and subsidiaries
are doing well. The Bank made use of the practical cooperation and alliance with strategic
partners both at home and abroad. All the above resulted in better performance, effective
business processes and quality customer service.
Meanwhile the Bank is constantly identifying market niches to increase its market share by
attracting new and potential customers.
Through the management restructuring, staff training, service diversifi cation, risk
management and internal audit, Sacombank has made many achievements and are
represented below:
17

18
ANNUAL REPORT 2007
1. Equity
By end 2007 Sacombank’s chartered capital was VND4,449 billion, and represented an
increase of 113% up from last year and 23 times higher than 2001. This pushed the average
annual growth (over the past years) rate to 71%. Sacombank continues to be ranked high
in chartered capital amongst joint stock banks in Vietnam.
VND 190 billion
VND 272 billion
VND 505 billion
VND 740 billion
VND 1,250 billion
VND 2,089 billion
VND 4,449 billion
43%
86%
47%
69%
67%
113%
2001
2002
2003
2004
2005
2006
2007
2. Distribution Network
Sacombank set up 13 new branches and 46 offi ces in 2007 thereby increasing number of
transaction points to 211 over 44 provinces and cities. The branch outreach has become
the hallmark of Sacombank.

3. Total Assets
Total assets at end 2007 was VND64,573 billion which is 161% up from last year and 20
times higher than 2001. The earning assets accounted for 85%.
VND 3,134 billion
VND 4,296 billion
VND 7,304 billion
VND 10,395 billion
VND 14,454 billion
VND 24,776 billion
VND 64,573 billion
37%
70%
42%
39%
Energetic and Vigorous
71%
161%
2001
2002
2003
2004
2005
2006
2007
19

20
ANNUAL REPORT 2007
4. Capital Mobilization
The balance of mobilized capital at end 2007 was equivalent to VND55,692 billion, that is
an increase of 161% from last year, and exceeded forecast by 64%. VND1,003 billion was
entrusted by foreign fi nancial institutions.
VND 2,851 billion
VND 3,856 billion
VND 6,435 billion
VND 9,176 billion
VND 12,260 billion
VND 21,338 billion
VND 55,692 billion
Collective Strengths
35%
67%
43%
34%
74%
161%
2001
2002
2003
2004
2005
2006
2007

5. Loans and Debt Securities Investment
Total loan balance VND35,378 billion, an increase of 146% from last year and 15 times
more than 2001. The loans to individuals and households accounted for 49%. Sacombank
also allocated 19,4% assets to securities to minimize risks, enhancing profi tability and
controlling the liquidity.
VND 2,327 billion
VND 3,301 billion
VND 4,729 billion
VND 5,986 billion
VND 8,425 billion
VND 14,394 billion
VND 35,378 billion
42%
43%
27%
41%
71%
146%
2001
2002
2003
2004
2005
2006
2007
6. Investment Activities
Sacombank through joint ventures and business acquisitions diversifi ed its portfolio to
minimize investment risks. This served to boost business performance in the short and
long terms.
7. Local and International Payment
The volume of international payment in 2007 was USD3,048 million upped 59% up from
last year. Export payment accounted for USD401.7 million, which is 119% higher than last
year. The import volume reached USD1,693.7 billion, jumped 59% from a year before. The
local payment went up 36.6% to VND536,561 billion.
21

22
ANNUAL REPORT 2007
8. Profi t
The pretax profi t rose by 132%, against target to VND1,582 billion.
VND 40 billion
VND 79 billion
VND 125 billion
VND 198 billion
VND 313 billion
VND 611 billion
VND 1,582 billion
(2005, 2006 and 2007: based on Consolidated Financial Statement)
9. Key Financial Ratios (based on Financial Report of Sacombank)
•
•
•
•
•
•
98%
58%
58%
58%
95%
159%
Average Profi t/Chartered Capital : 39.16% (planned > 30%)
Average Profi t/Total Assets : 2.91% (planned > 2%)
Capital Adequacy Ratio : 11.07% (stipulated > 8%)
Short-term fund/Short and medium-term loan : 25.50% (stipulated

Sacombank in 2007 had a sterling fi nancial performance
after 16 years of operations. These achievements can
be attributed to our enthusiastic staff, customers and the
community. Our staff always did their best to follow the
vision set by senior management years ahead. The vision
will enable Sacombank to reach its 2010 goals and beyond
with confi dence.
The achievements of 2007 resulted from competitive
advantages. These were organization structures that allow
effective management, asset growth, fi nancial management,
human resources development, applying modern bank
technology, product diversifi cation, and identifying market
niches to increase market share and attracting new and potential
customers.
In 2008, the intermediate year of the 5-year plan (2006-2010),
Sacombank is determined to maintain a sound growth rate,
promoting its lead retail bank position.
At some stage, Sacombank will become a multi-purpose fi nancial
group, able to provide packaged fi nancial solutions to bring addedvalue
to customers and also accumulate funds for the Bank and
its member companies. The Bank plans to limit credit activities in
2008, especially those for speculation in real estate and securities.
With an annual growth rate of between 50% and 70%, Sacombank
can be expected to contribute to acceleration of industrialization and
modernization in Vietnam while maintaining its operations within safe
boundaries.
23
Congenial working enviroment

ANNUAL REPORT 2007
24
3
2

1
BOARD OF SUPERVISORS
1. Mr. Nguyen Tan Thanh Chief Supervisor
2. Mr. Le Van Tong Member
3. Mr. Doan Ba Tung Member
25

Sacombank
understands that
community social
responsibility brings
business success.
Doing business by
satisfying customers
results in citizen
happiness and national
prosperity.
Start yesterday...
Strengthen today...
Develop tomorrow...

“Start yesterday, Strengthen today, Develop tomorrow”, Sacombank understands
that community social responsibility brings business success. Doing business by
satisfying customers results in citizen happiness and national prosperity.
Sacombank Dream Incubation: The scholarship program has been started for poor
students to overcome diffi cult circumstances. This initiative impacts the grass root
community. The annual budget of the program amounted to billions of VND taken from
the Bank’s welfare fund since 2004. To date, it has granted thousands of scholarships
nationwide and received supportive feedback from the community. This scholarship
program has helped students all over the country to prepare for a better future. In
2007, the program supported about 2,000 students with a scholarship worth of VND1
million each.
Running for Community Health: The program was started to encourage community
health care. It was carried out in 42 cities and provinces over the country with the
participation of more than 40.000 athletes from agencies, universities, companies,
associations and unions. The budget is more than VND5 billion. Since 2003,
Sacombank has allocated VND1.2 billion to help improve public amenities where
Sacombank branches are located.
COMMITMENT WITH SOCIETY AND REGION
Enchancing Community Relations
New Year Charity: To practice the long-held Vietnamese tradition of “the untorn
cover the torn”, Sacombank with support from its associated companies hold a New
Year Charity annually to share the Spring Festival with downcast society and under-
privileged in Hochiminh City. More than 6500 senior citizens and children attended
the 2007 event. They came from Hochiminh City and as far as Binh Duong, Dong Nai,
Tien Giang, Ben Tre and Ba Ria Vung Tau provinces. The participants were invited
to enjoy cultural performances and received new year gifts from 100 managers of
27

28
ANNUAL REPORT 2007
Healthy and Wise
Sacombank. The idea stemmed from the Banks aim to help the downcast and under-
privileged and provide them with a light of hope.
Also in 2007, Sacombank contributed to hundreds of community programs including
funds for the poor and victims of orange agents, charitable eye surgery, clinics and
poor houses; supported orphanages, victims of natural disasters in Central Vietnam
and other charitable activities. About VND16 billion that mainly came from staff
contribution and welfare, was spent. In addition, the Bank’s 211 branches, from north
to south, has offered employment to 6,000 workers nationwide, contributing to the
economic development and raising awareness of banking to the nation.
Not putting profi t as its fi rst goal, Sacombank focuses on providing customer benefi ts
with a customer-oriented product “Sacombank– thanking you is not enough” was
designed as a gratitude program for customers. Sacombank has done extensive
research to launch particular products fi tting various customers with specifi c needs
such as saving, lending, consuming, overseas studying. The Bank also invested in
modern bank technology, extending its network to remote areas to serve customers
better. Special branches have been set up to serve special needs, such as, Women-
for-Women branches and Chinese Speaking Branches. Sacombank has always
treated customers as partners in development.

To appreciate the staff for their contribution, Sacombank offered preferential policies
to its staff, including salary, bonus, allowance and promotion. Union activities also
played an important role in its staff livelihoods by providing cultural performances,
fashion shows, sport activities. These events are geared to refl ect the dynamism and
youthfulness of Sacombank.
Sacombank committed to the shareholders in profi t maximization through value added.
The commitment is proven by the Bank’s 2007 performance that yielded better results
than forecasted at the 2006 AGM. In order to provide shareholders and investors with
timely and practical information, in October 2007, Sacombank started the Investor
Relation Division along with the Equity Management Team and Investor Report to
ensure shareholder rights and benefi ts are reported.
Human Resources Development
29

ANNUAL REPORT 2007
30

Our Partnership:
BUILT ON TRUST, WE DEPEND ON EACH OTHER
31

ANNUAL REPORT 2007
HUMAN RESOURCES DEVELOPMENT
In 2006, Vietnam became a WTO member. It pushed
the nation to integrate with the world fi nancial markets
and the local markets were opened to an infl ux of
foreign businesses.
The local enterprises and businesses, including
Sacombank, faced stiff competition with hiring qualifi ed
staff. Foreign corporations that invested in Vietnam
came prepared to offer higher compensations and
benefi ts that attracted candidates who possess better
qualifi cations and a greater level of skills. The cost of
certain staff benefi ts offered by foreign corporations
was beyond the budgets of local enterprises.
In 2007, the compensation gap between foreign
and local fi nancial institutions widened with the
opening of more banks, stock broking companies and
32
investment fi rms. There was diffi culty in recruitment of
qualifi ed staff as well as in retaining the better staff.
Sacombank’s leaders recognized the importance of
human resources. New talent management guidelines
were written to retain, retrain and retain the best staff.
Evidence of the success of the new guidelines is found
in consistent recruitment policy.
As end 2007, Sacombank has employed a total of 5,470
employees consisting 2,668 males and 2,802 females.
This ratio conforms to gender equity principle.
+ 1 Doctorate
+ 47 Masters (with 28% females)
+ 3.224 Bachelors (with 53% females)
+ 970 College/Intermediate diplomas (with 70%
females)
Solidarity Moves Mountain

Sacombank’s leaders recognized the importance of human
resources. New talent management guidelines were written to
retain, retrain and retain the best staff. Evidence of the success of
the new guidelines is found in consistent recruitment policy. As
end 2007, Sacombank has employed a total of 5,470 employees
consisting 2,668 males and 2,802 females. The ratio conforms to
gender equity principle.
Customers First
The workforce is young, dynamic and enthusiastic.
The following age groups apply:
+ Under 30 years of age: 3,906 staff (with 56%
females)
+ Between 30 and 40: 1,311 staff (with 40%
females)
+ Above 40: 253 staff (with 40% females)
To retain the best talent, the Bank is constantly looking
at ways to improve the staff’s living standards by
unsecured loans, vacation packages, healthcare,
sports and recreation, and art and cultural events.
For instance, the pay increase in March 2007 is
benchmarked to economic growth rates where several
staff categories received a 50% rise. Furthermore,
bonuses were given to staff on who achieved their
business targets during the year.
Bright Future
For career development, there were workshops and
seminars for all levels of staff. In doing so, the Bank
hopes to enhance customer service delivery through
an effective workforce that befi ts the award by
Euromoney as the “Best Bank in Vietnam 2007”.
33

ANNUAL REPORT 2007
6
1. Mr. Tran Xuan Huy General Director
2. Mr. Ho Xuan Nghiem First Deputy General Director
3. Mr. Hoang Khanh Sinh Deputy General Director
4. Ms. Nguyen Thi Thanh Mai Deputy General Director
5. Mr. Luu Huynh Deputy General Director
34
9
5
2

4
1
BOARD OF MANAGEMENT
3 7
6. Mr. Nguyen Van Thanh Deputy General Director
7. Mr. Nguyen Minh Tam Deputy General Director
8. Mr. To Thanh Hoang Deputy General Director
9. Mr. Dao Nguyen Vu Deputy General Director
35
8

ANNUAL REPORT 2007
36
Our Attitude:
THE TIP OF THE ICE BERG IS OBVIOUS,
BUT WHO ARE RUNNING DEEPER

ANNUAL REPORT 2007
MAJOR TARGETS OF THE 2008 PLAN
38
I. EXTERNAL ENVIRONMENT
▲ Socio-economic
Vietnam’s economy is expected to grow 9 percent in 2008. There will be greater
purchasing power as income levels increases. The living standards of ordinary people
will be enhanced resulting from the greater purchasing power, which is expected to
soar between 15 to 20 percent. The Government is expected to promulgate new
regulations to ensure that the Consumer Price Index (CPI) will rise less than that of
the GDP. Prices have not shown any signs of slowing down, as exports will continue
to exceed imports signifi cantly.
Trade fi nance is growing and peaking between 20 to 22 percent annually. Both
foreign investments and foreign direct investment (FDI) have not shown signs of
abating. It is evident that Vietnam’s restructuring policies are working and attracting
investors. The nation’s core investment capital, which focuses on industrial and
service sectors, will greatly enhance Vietnam’s new and expanding manufacturing
capacity and expand export its potential.
▲ Market Forces and Competition
As Vietnam enters its second year of
WTO ascension, there are opportunities
and challenges.
Increasing business activities and demand for housing will contribute signifi cantly
to the banking sector’s loans and advances. In 2008, as new economic zones will
be established in Hai Ha Province, Quang Ninh Province, Dong Nam in Nghe An
Province, Hon La in Quang Binh Province, and Nam Phu Yen Province, there are
further investment and development opportunities in banking services in those
areas.
Banking services will grow in response to market demands. This is especially felt
in the export-processing industrial zones. Besides the usual services and products,
banks are planning to pour more resources on investment consultancy, fi nancial
leasing and consulting for high-tech production projects.

The banking industry will continue to re-engineer its systems and processes to
international best practices and meeting the demand for seamless service delivery.
More foreign banks will enter Vietnam and new local banks will be set-up by major
business groups. These new entrants will compete with established local and foreign
banks in all market segments.
Commercial banks will accelerate their expansion plans to increasing their transaction
networks and more banking services will be developed to attract customers.
According to Sacombank analysis, the 100% foreign-owned banks will be allowed
to operate fully resulting in stiff competition.
II. INTERNAL ENVIRONMENT
▲ Strengths
Sacombank is among the most-capitalized banks in Vietnam. It also has a high profi le
in the banking sector in recent years. Sacombank’s trademark is that of a large and
unique retail network covering all cities and provinces nationwide, reliable customer
relationships and sustainable strategic partners, locally and internationally.
Sacombank staff is equipped with both skills and the right attitude to ensure that
business goals and growth potential are met.
▲ New Initiative
The banking sector as a whole has an imbalance between the supply and demand
of skilled staff. The imbalance is acutely felt in the sales function. Sacombank is
taking active steps to train its staff and to embark on a talent management initiative
whereby the best staff is retained.
▲ Products and Services Opportunity
The robust economy has led to a high level of business activities which in turn
increased the demand for banking services. A new generation of banking products
and services must be developed to meet the demand.
Since Vietnam small and medium enterprises (SMEs) uneffectively utilize banking
services, Sacombank provides seminars and forums in order to raise their awareness
Economic integration promotes closer collaboration between international and local
institutions making a trend towards joint venture investment set up.
The prestige and trademark of Sacombank are thriving well and will be maintained.
39

40
ANNUAL REPORT 2007
▲ Challenges
Human resource with relevant experience and qualifi cations is scarce and poses an
obstacle in the growth of the banking and fi nance sector.
The demand of customers is increasing in sophistication. Customers demand
banking products and services that offer multiple features and of high quality service
delivery.
Opening up the banking and fi nance sector to facilitate growth and advancement is
necessary. However, organizations with strong fi nancial capacity but do not have
the understanding, to venture beyond their core business. Consequently, in the short
term there will be increased competition. In the longer term this may distort the
market.
III. BUSINESS GOALS 2008
▲ General Goals
Growing further by improving its legal framework, upgrading the operational
processes, continuing with organization restructuring and making effective utilization
of the capital are the targets of Sacombank in the year 2008.
▲ Specifi c Goals
Continuing with organization restructuring to harness the cumulative strength of the
staff;
Applying modern banking technology to banking practices and regulations;
Promoting investments through subsidiaries, joint ventures, and co-operating
companies;
Developing new products and services to meet sophisticated demands;
Diversifying capital usage structure;
Raising the importance of risk management;
Strengthening alliances with subsidiaries, joint-venture companies and partners;
Enhancing skills and knowledge of banking staff through executive development
programs;
Improving staff appraisal and reward system;
Implementing effective management policies to enhance operations and
performance;
Expanding the operating network with an additional 96 new transaction offi ces,
covering 47 of the 64 cities and provinces nationwide;
Opening branches in Laos and Cambodia and Representative Offi ce in China.
On The Same Boat For

Sacombank’s Development
▲ Key Financial Indicators:
Chartered capital reaches approximately VND6,494 billion, up 46%;
Total assets reach over VND93,000 billion, up 46%;
Mobilizing capital reaches over VND80,000 billion, up 45%;
Total outstanding loans reach around VND45,000 billion, up 30%;
Pre-tax profi t rises more than VND1,800 billion, up 24%;
Some fi nancial indicators on the quality of performance in 2008:
+ Capital Adequacy Ratio (CAR) : 11% – 12 %
+ Return on Assets (ROA) : 2% – 2,5%
+ Return on Average Chartered Capital : 29% – 30%
+ Overdue Loan rate : < 2%
The achievements of 2007 have demonstrated the Bank’s strength and
confi dence to carry out business plans in 2008. We believe that Sacombank
will overcome challenges to ensure that the Bank continues to grow
robustly. The staff will all endeavor to work hard so that 2008 will be another
successful year and that we will inch closer to completing our four year
development strategy to 2010.
41

ANNUAL REPORT 2007
42

Our Faith:
A GIANT CAN BE COMMANDED, WHEN WE
ALL FOCUS ON THE SAME OBJECTIVES
43

ANNUAL REPORT 2007
Organizational Chart
44
BOARD OF DIRECTORS
OFFICE
SHAREHOLDERS
BOARD OF DIRECTORS
BOARD OF
MANAGEMENT
BOARD OF
SUPERVISORS
CORPORATE BANKING
INDIVIDUAL BANKING
TREASURY
INVESTMENT
OPERATION
SUPPORT SERVICES
IT
� Product Development and Marketing Department
� Trade Finance Department
� Financial Institution Unit
� Product Department
� Marketing Department
� Card Center
� Capital Management Department
� Forex
� Currency Product Department
� Northern Currency Trading Center
� Investment Department
� Project Department
� Planning Department
� Policy Department
� Account & Finance Department
� Risk Management Department
� Evaluation Department
� Administration Department
� Basic Construction Department
� Training Center
� Setttlement Department
� External Affairs Department
� Infrastructure Department
� Research Department
� Development Department
� Internal Audi Department
� Human Resources Department
TRANSACTION CENTRE/BRANCHES IN REGION SUBSIDIARIES

KEY FINANCIAL INDICATORS
(based on Financial Report of Sacombank)
YEAR-END 2002 2003 2004 2005 2006 2007
Total Assets (billion VND) 4,296 7,304 10,395 14,456 24,764 63,364
Equity Capital (billion VND) 352 645 965 1,882 2,804 7,181
Chartered Capital (billion VND) 272 505 740 1,250 2,089 4,449
Market Capitalization (billion VND) N.A N.A N.A N.A 15,044 29,140
Mobilizing Capital (billion VND) 3,737 6,354 9,176 12,272 21,514 54,791
Outstanding Loan (billion VND) 3,253 4,715 5,986 8,425 14,539 34,317
Distribution Network (transaction offi ces) 55 75 90 103 159 207
Total number of Employees 1,063 1,488 1,865 2,654 3,806 5,419
ENTIRE YEAR
Unit: billion
VND
Total Income 347 618 836 1,209 1,996 4,537
Total Expenses 268 493 638 903 1,452 3,085
Pre-tax Profi t 79,2 125,1 198,0 306,1 543,3 1452,1
Net Profi t 53,9 90,2 151,2 234,4 407,9 1280,2
Earnings Per Share (EPS) N.A N.A N.A 2,425 2,226 3,983
FINANCIAL RATIOS
Unit: %
Capital Adequacy Ratio (CAR) 8,37 10,06 10,49 15,4 11,82 11,07
Short-term Deposits / Medium and Long-term Loans 21,42 9,4 5,68 19,1 15,54 25,5
Outstanding Loan / Total Assets 77 65 58 58 59 54
Outstanding Loan / Mobilizing Loan 86 74 65 69 68 63
Non-performance Loan / Total Outstanding Loans N.A N.A N.A 0,55 0,72 0,24
Overdue Debt / Total Outstanding Loans 0,57 0,56 1,07 0,88 0,95 0,39
Non-credit Income / Total Income 15 26 31 30 33 51
Operationing Expenses / Total Expenses 30 28 29 28 27 23
Net Interest Margin (NIM) 4,1 3,6 3,6 4,04 4,08 3,39
Investment Assets / Total Assets 87 86 84 81 79 85
Net Profi t / Average Equity Capital (ROE) 18,31 18,09 18,78 16,47 17,41 25,64
Net Profi t / Average Total Assets (ROA) 1,45 1,55 1,71 1,89 2,08 2,91
45

ANNUAL REPORT 2007
Our Goals:
THE SKY HAS NO LIMITS
46

ANNUAL REPORT 2007
CONSOLIDATED FINANCIAL STATEMENT
CORPORATE INFORMATION
The Banking Licence No. 0006/NH-GP dated 5 December 1991.
Board of Directors:
The Banking Licence was issued by the State Bank of Vietnam (“the SBV”) for
a period of 50 years from the date of the licence.
Mr Dang Van Thanh Chairman
Ms Huynh Que Ha First Vice Chairwoman
Mr Nguyen Chau Vice Chairman
Mr Dominic Scriven Member (appointed on 19 March 2007)
Mr John Law Member
Mr Tran Van Ngoc Member
Ms Nguyen Thi Mai Thanh Member
Mr Dang Hong Anh Member
Mr Bui Thanh Hai Member (appointed on 19 March 2007)
Mr Pham Duy Cuong Member (appointed on 19 March 2007)
Board of Supervisors:
Mr Nguyen Tan Thanh Chief Supervisor
Mr Le Van Tong Supervisor
Mr Doan Ba Tung Supervisor
Board of Management:
Mr Tran Xuan Huy General Director (appointed on 5 July 2007)
Ms Phan Bich Van General Director (resigned on 5 July 2007)
Mr Ho Xuan Nghiem First Deputy General Director
Mr Hoang Khanh Sinh Deputy General Director
Ms Nguyen Thi Thanh Mai Deputy General Director
Mr Luu Huynh Deputy General Director
Mr Nguyen Quang Trung Deputy General Director (resigned on 25 June 2007)
Mr Tao Thanh Danh Deputy General Director
Mr Nguyen Minh Tam Deputy General Director (appointed on 6 August 2007)
Mr Nguyen Van Thanh Deputy General Director (appointed on 16 July 2007)
Mr To Thanh Hoang Deputy General Director (appointed on 6 August 2007)
Mr Dao Nguyen Vu Deputy General Director (appointed on 26 June 2007)
PRINCIPAL ACTIVITIES
The principal activities of Sacombank (“the Bank”) are to mobilise short, medium and long-term capital in the form
of time deposits, demand deposits, certifi cates of deposit; receive investment funds; receive capital from local and
overseas fi nancial institutions; grant short, medium and long-term loans; discount commercial paper, bonds and
valuable documents; investments in associate, joint-ventures and other companies; provide settlement services
to customers; deal in foreign exchange, gold; provide international settlements services; investment in bonds and
other securities; provide investment and asset management services, other banking services.
The Bank’s registered offi ce 266-268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City.
The Bank’s auditors PricewaterhouseCoopers (Vietnam) Limited.
48

STATEMENT OF THE RESPONSIBILITY
OF THE BOARD OF GENERAL DIRECTORS IN RESPECT OF THE CONSOLIDATED
FINANCIAL STATEMENTS
The Board of General Directors is responsible for preparation of the consolidated fi nancial statements which give
a true and fair view of the fi nancial position of the Group as at 31 December 2007 and of its results of operations
and cash fl ows for the year then ended. In preparing these consolidated fi nancial statements, the Board of
General Directors is required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and estimates that are reasonable and prudent; and
• prepare the consolidated fi nancial statements on a going concern basis unless it is inappropriate to presume
that the Group will continue in business.
We, the Board of General Directors is responsible for ensuring that proper accounting records are kept which
disclose, with reasonable accuracy at any time, the fi nancial position of the Group and which enable consolidated
fi nancial statements to be prepared which comply with the basis of accounting set out in Note 2 to the consolidated
fi nancial statements. The Bank’s Board of General Directors is responsible for ensuring compliance with
Vietnamese Accounting Standards and prevailing regulations applicable to banks and other credit institutions
operating in SR Vietnam. We are also responsible for safeguarding the assets of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
We hereby approve the accompanying consolidated fi nancial statements on page 52 to page 93 which give a
true and fair view of the fi nancial position of the Group as at 31 December 2007 and of its results of operations
and cash fl ows for the year then ended, in accordance with Vietnamese Accounting Standards and prevailing
regulations applicable to banks and other credit institutions operating in SR Vietnam.
For and on behalf of the Board of General Directors
────── ───────────────────────
── ─ ── ─ ────────────────
Tran Xuan Huy
General Director
Hochiminh City, SR Vietnam
6 March 2008
49

ANNUAL REPORT 2007
INDEPENDENT AUDITOR’S REPORT
TO SHAREHOLDERS OF SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
We have audited the accompanying consolidated fi nancial statements of Saigon Thuong Tin Commercial Joint
Stock Bank (“the Bank”) and its subsidiaries (together, “the Group”), which comprise the consolidated balance
sheet as at 31 December 2007, the consolidated income statement and consolidated cash fl ow statement for the
year then ended, and a summary of signifi cant accounting policies and other explanatory notes.
Board of General Directors’ Responsibility for the Consolidated Financial Statements
Board of General Directors of the Bank is responsible for the preparation and fair presentation of these
consolidated fi nancial statements in accordance with Vietnamese Accounting Standards and prevailing regulations
applicable to banks and other credit institutions operating in SR Vietnam. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated
fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit. We
conducted our audit in accordance with Vietnamese and International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the consolidated fi nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated fi nancial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the consolidated fi nancial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s
preparation and fair presentation of the consolidated fi nancial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the consolidated fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit
opinion.
50

INDEPENDENT AUDITOR’S REPORT
TO SHAREHOLDERS OF SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
Opinion
In our opinion, the consolidated fi nancial statements give a true and fair view, in all material respects, of the
fi nancial position of the Group as at 31 December 2007, and its fi nancial performance and cash fl ows for the year
then ended in accordance with Vietnamese Accounting Standards and prevailing regulations applicable to banks
and other credit institutions operating in SR Vietnam.
John J. Gavin Nguyen Hoang Nam
AC No. N.0293/KTV AC No. 0849/KTV
Authorised signatory
PricewaterhouseCoopers (Vietnam) Limited
Ho Chi Minh City, SR Vietnam
Audit report number HCM1975
6 March 2008
As indicated in Note 2.1 to the consolidated fi nancial statements, the accompanying consolidated fi nancial
statements are not intended to present the fi nancial position and results of operations and cash fl ows in
accordance with accounting principles and practices generally accepted in countries and jurisdictions other
than SR Vietnam, and furthermore their utilisation is not designed for those who are not informed about SR
Vietnam’s accounting principles, procedures and practices.
51

CONSOLIDATED BALANCE SHEET
A ASSETS
FORM B 02/TCTD - HN
As at 31 December
2007 2006
Notes Million VND Million VND
I Cash and precious metals 3 3,335,063 2,827,452
II Balances with the State Bank of Vietnam 4 3,878,785 993,590
III Placements with and loans to other credit institutions 5 4,656,456 2,019,529
IV Trading securities
1 Trading securities 6 4,155,081 263,631
2 Less: Provision for diminution in value of trading securities 6 (13,012) -
V Derivatives and other fi nancial assets 7 4,911 1,060
VI Loans, advances and fi nance leases to customers
1 Loans, advances and fi nance leases to customers 8 35,378,147 14,394,313
2 Less: Provision for losses on loans, advances and
fi nance leases to customers 9 (177,573) (81,418)
VII Investment securities
1 Available-for-sales securities 10.1 7,249,397 191,555
2 Held-to-maturity securities 10.2 1,927,916 1,873,469
3 Less: Provision for diminution in value of
investment securities 10.1 (3,512) -
VIII Investment in other entities and long-term investments
2 Investments in joint-ventures 11 130,630 110,604
3 Investments in associate companies 11 80,652 -
4 Other long-term investments 12 1,284,326 669,973
5 Less: Provision for diminution in value of long-term
investments - -
IX Fixed assets
1 Tangible fi xed assets 13 590,400 416,535
2 Leased assets 15 22,831 17,812
3 Intangible fi xed assets 14 406,582 273,866
XI Other assets 16 1,665,795 804,211
TOTAL ASSETS 64,572,875 24,776,182
52
ANNUAL REPORT 2007
The notes on pages 57 to 93 are an integral part of these consolidated fi nancial statements.

CONSOLIDATED BALANCE SHEET (continued)
FORM B 02/TCTD - HN
B LIABILITIES AND SHAREHOLDERS’ EQUITY
As at 31 December
2007 2006
Notes Million VND Million VND
I Due to Government and borrowings from the
State Bank of Vietnam 17 750,177 107,000
II Deposits and borrowings from other credit institutions 18 4,508,977 815,473
III Deposits from customers 19 44,231,944 17,511,580
V Funds received from Government, international and
other institutions 20 1,003,293 374,668
VI Certifi cates of deposits and bonds 21 5,197,380 2,529,299
VII Other liabilities 22 1,531,445 567,816
TOTAL LIABILITIES 57,223,216 21,905,836
VIII SHAREHOLDERS’ EQUITY
Capital and reserves attributable to equity
holders of the Bank
1 Capital 23 5,662,485 2,248,726
2 Reserves 24 452,645 185,474
5 Retained earnings 24 1,234,529 436,146
TOTAL SHAREHOLDERS’ EQUITY 7,349,659 2,870,346
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 64,572,875 24,776,182
CONTINGENCIES AND COMMITMENTS 41 8,751,437 3,434,170
─────────────── ─────────────── ───────────────
──────────
Nguyen Viet An Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
6 March 2008
The notes on pages 57 to 93 are an integral part of these consolidated fi nancial statements.
53

CONSOLIDATED INCOME STATEMENT
FORM B 03/TCTD - HN
Year ended 31 December
2007 2006
Notes Million VND Million VND
1 Interest and similar income 26 3,383,002 1,669,505
2 Interest and similar expenses 27 (2,231,130) (989,139)
Net interest income 1,151,872 680,366
3 Fees and commission income 28 291,083 146,212
4 Fees and commission expenses 29 (97,685) (26,547)
II Net fee and commission income 193,398 119,665
III Net gain from dealing in foreign currencies and gold 30 100,815 4,178
IV Net gain from trading of trading securities 32 599,873 7,471
V Net gain from disposal of investment securities 33 208,599 135,954
5 Other incomes 6,050 11,453
6 Other expenses (2,514) (863)
VI Net other income 3,536 10,590
VII Income from investments in other entities 34 183,490 104,271
VIII General and administrative expenses 35 (741,225) (408,264)
IX Operating profi t before provision for credit losses 1,700,358 654,230
X Provision for credit losses 9 & 22.1 (118,387) (42,902)
XI Profi t before tax 1,581,971 611,328
7 Business income tax – current 37 (184,074) (141,200)
8 Business income tax – deferred - -
XII Business income tax (184,074) (141,200)
XIII Net profi t for the year 1,397,897 470,128
Earnings per share for profi t attributable to the
equity holders of the Bank during the year
- Basic as c
25 VND/share VND/share
V
33,983 3,983 83 2,226
─────────────── ─────────────── ───────────────
──────────
───────────────
Nguyen Viet An Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
6 March 2008
54
ANNUAL REPORT 2007
The notes on pages 57 to 93 are an integral part of these consolidated fi nancial statements.

CONSOLIDATED CASH FLOW STATEMENT
(Indirect method) FORM B 04/TCTD - HN
CASH FLOWS FROM OPERATING ACTIVITIES
Year ended 31 December
2007 2006
Million VND Million VND
01 Net profi t before tax 1,581,971 611,328
Adjustments to reconcile net profi t for the year to net cash fl ows
from operating activities:
02 Depreciation and amortisation 47,550 34,617
03 Provision for credit losses and diminution in value of investments 134,911 42,082
04 Interest income (450,464) (210,177)
05 Interest expenses 419,955 169,426
06 Loss/(gain) on disposal of fi xed assets 1,132 (6,659)
08 Gains on disposal of investments in other entities and other long-term
investments and dividend income
CASH FLOW FROM OPERATING ACTIVITIES BEFORE
(392,089) (240,225)
CHANGES IN OPERATING ASSETS AND LIABILITIES
Changes in operating assets
1,342,966 400,392
11 Increase in placements with and loans to other credit institutions (2,812,714) (288,172)
12 Increase in trading securities and investment securities (10,977,012) (716,255)
13 Increase in derivatives and other fi nancial assets (3,851) -
14 Increase in loans and advances to customers (20,989,516) (5,969,519)
15 Decrease in interest receivable 12,919 93,040
17 Increase in other operating assets
Changes in operating liabilities
(373,079) (138,575)
18 Increase /(decrease) in borrowings from the State and SBV 643,177 (63,370)
19 Increase in placements and borrowings from other credit institutions 3,685,958 313,073
20 Increase in deposits from customers 26,720,364 7,044,422
22 Increase in funds received from Government, international
and other institutions 628,625 211,038
23 Increase in valuable papers issued 2,668,081 1,572,753
24 Decrease in accrued interest expenses (103,991) (58,959)
25 Increase in other operating liabilities 583,590 128,349
NET CASH FLOWS FROM OPERATING ACTIVITIES
BEFORE BUSINESS INCOME TAX 1,025,517 2,528,217
26 Business income tax paid (133,739) (121,915)
27 Payment from reserves (81,613) (32,871)
NET CASH FLOWS FROM OPERATING ACTIVITIES 810,165 2,373,431
The notes on pages 57 to 93 are an integral part of these consolidated fi nancial statements.
55

ANNUAL REPORT 2007
CONSOLIDATED CASH FLOW STATEMENT
(Indirect method) (continued) FORM B 04/TCTD - HN
CASH FLOWS FROM INVESTING ACTIVITIES
Year ended 31 December
2007 2006
Million VND Million VND
01 Purchase of fi xed assets and construction in progress (405,376) (428,201)
02 Proceeds from disposal of fi xed assets 1,680 81,057
03 Payments on disposal of fi xed assets (2,812) (74,398)
07 Cash paid for investments in other entities (812,200) (499,522)
08 Proceeds from disposal of investments in other entities and other
long-term investments 310,604 229,170
09 Dividend income 151,927 104,271
II NET CASH FLOWS FROM INVESTING ACTIVITIES (756,177) (587,623)
CASH FLOWS FROM FINANCING ACTIVITIES
01 Increase in chartered capital 3,163,073 625,317
04 Dividend paid in cash (44) (84,730)
III NET CASH FLOWS FROM FINANCING ACTIVITIES 3,163,029 540,587
IV NET INCREASE IN CASH AND CASH EQUIVALENTS 3,217,017 2,326,395
V CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 5,470,571 3,144,176
VII CASH AND CASH EQUIVALENTS AT END OF THE YEAR 8,687,588 5,470,571
Cash and cash equivalents are made up of:
Cash and precious metals 3,335,063 2,827,452
Balances with the State Bank of Vietnam 3,878,785 993,590
Placements with other credit institutions 1,473,740 1,649,529
8,687,588
5,470,571
─────────────── ─────────────── ───────────────
Nguyen Viet An Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
6 March 2008
The notes on pages 57 to 93 are an integral part of these consolidated fi nancial statements.
56

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
1 GENERAL INFORMATION
Sai Gon Thuong Tin Commercial Joint Stock Bank (herein referred to as “the Bank”) is a Vietnamese jointstock
bank registered in the Socialist Republic of Vietnam.
Banking Licence No. 0006/NH-GP was granted to the Bank by the State Bank of Vietnam (“the SBV”)
effective 5 December 1991. The licence is for a period of 50 years and stipulates a share capital of
VND3,000 million. The Bank commenced its operation on 21 December 1991. The Bank’s chartered
capital as at 31 December 2007 is VND4,448,814 million.
The Bank’s Head Offi ce had been located at No. 278 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh
City. In December 2007, the Bank’s Head Offi ce was moved to the new address at 266 -268 Nam Ky Khoi
Nghia Street, District 3, Ho Chi Minh City. The Bank has one Head Offi ce, two transaction offi ces, 62
branches and 143 transaction offi ces nationwide.
As at 31 December 2007, the Bank had the following subsidiaries, associate and joint venture:
Subsidiaries
Assets Management
Company
Sacombank Leasing
Company
Sacombank Securities
Company
Sai Gon Thuong Tin
Remittance Express
Company
Associate
Saigon Thuong Tin
Investment Company
Joint venture
Viet Fund Management
Company
Operating
Licence
Nature of
business
% direct
shareholding
by the Bank
% indirect
shareholding
through
subsidiary
Total %
shareholding
by the Group
4104000053 Asset
management
100% 0% 100%
04/GP-NHNN Leasing activities 100% 0% 100%
4104000197 Securities
activities
90/QD-NHNN Money
remittance
4103006689 Investment
activities
01/GPDT-
UBCKNN
58/QD-UBCK
Managing
investment fund
100% 0% 100%
100% 0% 100%
11% 15% 26%
51% 0% 51%
As at 31 December 2007, the Bank had 5,419 employees (2006: 3,806 employees).
57

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted for the preparation of these consolidated fi nancial statements
are set out below.
2.1 Basis of preparation of consolidated fi nancial statements
The consolidated fi nancial statements have been prepared in millions of Vietnamese Dong using the
historical cost convention and in accordance with Vietnamese Accounting Standards and prevailing
regulations applicable to banks and other credit institutions operating in SR Vietnam. Accordingly, the
consolidated fi nancial statements are not intended to present the fi nancial position and results of operations
and cash fl ows in accordance with jurisdictions other than SR Vietnam. The accounting principles and
practices utilised in SR Vietnam may differ from those generally accepted in countries and jurisdictions
other than SR Vietnam.
2.2 Fiscal year
The Group’s fi scal year is from 1 January to 31 December.
2.3 Foreign currencies
The consolidated fi nancial statements are prepared in million Vietnamese Dong.
Transactions arising in foreign currencies are translated at rates ruling on the transaction dates. Monetary
assets and liabilities denominated in foreign currencies at each month end are translated at the rates
of exchange ruling at the month end date. Foreign exchange differences from monthly revaluation are
recorded in the foreign currency difference reserve in the consolidated balance sheet and transferred to
the consolidated income statement at the end of the year.
2.4 Consolidation
58
ANNUAL REPORT 2007
(i) Subsidiaries
Subsidiaries are those companies over which the Group has the power to govern the fi nancial and
operating policies. Subsidiaries are consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date on which control ceases.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group.
The cost of an acquisition is measured as the fair value of the assets given, equities instruments
issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to
the acquisition. Identifi able assets acquired and liabilities assumed in a business combination are
measured initially at their fair value at the acquisition date, irrespective of the extent of the minority
interest. The excess of cost of acquisition over the fair value of the Group’s share of identifi able
assets acquired is recorded as Goodwill. Goodwill is recognised in expenses (if it is of low value)
and otherwise amortised in a uniform manner during its estimated useful life (if it is of high value).
The useful life of goodwill should be properly estimated as the time during which sources embodying
economic benefi ts are recovered by the Group. Such useful life is not beyond 10 years from the date
of recognition. If the cost of acquisition is less than the fair value of the net assets of the subsidiary
acquired, the difference is recognised directly in the consolidated income statement.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.4 Consolidation (continued)
(i) Subsidiaries (continued)
Inter-company balances, transactions and unrealised gains on transactions between those companies
and the Group are eliminated. Unrealised losses also eliminated unless transactions provide evidence
of an impairment of the asset transferred. The accounting policies of subsidiaries have been changed
where necessary to ensure the consistency with the policies adopted by the Bank.
(ii) Minority interest
Minority interest is the portion of the profi t or loss and net assets of a subsidiary attributable to equity
interest that are not owned, directly or indirectly through subsidiaries, by the parent.
(iii) Associates and joint-ventures
Associates are all entities over which the Group has signifi cant infl uence but not control, generally
accompanying a shareholding of between 20% and 50% of the voting rights.
Joint-venture is a contractual arrangement whereby the Group and other parties undertake an
economic activity which is subject to joint control.
The Group uses the equity method for consolidating its investments in associates and joint-ventures.
The Group’s share of its associates’ and joint-ventures’ post acquisition profi ts or losses is recognised
in the consolidated income statement. When the Group’s share of losses in an associate and jointventure
equals or exceeds the carrying amount of its investment in the associate and joint-venture,
the Group does not recognise further losses in its consolidated fi nancial statements, unless it has
obligations to pay on behalf of the associate and joint-venture. Accounting policies of associates
and joint-ventures have been changed where necessary to ensure consistency with the policies
adopted by the Bank.
2.5 Interest income and expenses
The Group records interest income and expense on an accruals basis. Interest income from non-performing
loans is not accrued and is recognised on an actual collection basis. Interest income is derecognised
when a loan becomes overdue and is recorded in off-balance sheet. Interest income on overdue loan is
recognised in the consolidated income statement on receipt.
2.6 Fees and commissions income
Fees and commission income consists of fees received for settlement services, treasury services,
guarantees services, securities brokerage services and other services. Fees on guarantees services and
securities brokerage services are recognised on an accrual basis. Fees and commissions arising from
settlement services, treasury services and other services are recognised on receipt.
59

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.7 Loans, advances and fi nance leases to customers
60
ANNUAL REPORT 2007
Short-term loans are those with a repayment date within one year of the date the loan was advanced,
medium-term loans and fi nance leases are those with a fi nal repayment date between one and fi ve years
of the date the loan was advanced or the lease was given and long-term loans are those with a repayment
date of more than fi ve years from the date the loan was advanced or the lease was given.
Loan classifi cation and provision for losses are made in accordance with Decision No. 493/2005/QĐ-
NHNN dated 22 April 2005 and Decision No.18/2007/QĐ-NHNN dated 25 April 2007 of the Governor of
the State Bank of Vietnam. These decisions are applied prospectively on the basis that the decisions are
considered as guidance to assist the Group to better estimate its loan loss provision.
Loans, advances and fi nance leases to customers are classifi ed into fi ve groups based on the payment
arrears status and other qualitative factors as follows:
Group 1: Current
- Undue debts which, according to the Group’s assessment, could be fully recovered, both principal and
interest, when they fall due;
- Debts which are overdue for less than 10 days and according to the Group’s assessment, could be fully
recovered, both overdue principal and interest in accordance with the remaining payment schedule.
Group 2: Special mention
- Debts which are overdue from 10 days to 90 days;
- First-time rescheduled debts which, according to the Group’s assessment, could be fully recovered,
both principal and interest, within the rescheduled payment term.
Group 3: Sub-standard
- Debts which are overdue from 91 days to 180 days;
- First-time rescheduled debts, except for debts which are classifi ed in Group 2;
- Debts of which interest was waived or reduced because customer was not able to fully repay interest
in accordance with the payment schedule.
Group 4: Doubtful
- Debts which are overdue from 181 days to 360 days;
- First-time rescheduled debts which are overdue for less than 90 days within the rescheduled payment
term;
- Second-time rescheduled debts.
Group 5: Bad
- Debts which are overdue for more than 360 days;
- First-time rescheduled debts which are overdue for more than 90 days within the rescheduled
payment term;
- Second-time rescheduled debts which are overdue within the second-time rescheduled payment
term;
- Debts which are rescheduled for 3 times or more;
- Frozen debts and debts which are awaiting resolution.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.7 Loans, advances and fi nance leases to customers (continued)
Where a customer owes more than one debt to the Group, and has any of its debts transferred to the group
of debts with higher risk, the Group is obliged to classify the remaining debts of such customer into groups
of debts with higher risk corresponding with their level of risk.
The Group shall actively classify those debts into groups of debts with higher risk corresponding with their
level of risk in the following situations:
- There are indications of adverse impact to the customer’s business environment and sector;
- Customer’s fi nancial ratios or repayment capability is weakened;
- Customer does not accurately, completely and promptly provide the Group its fi nancial information
for the Group’s assessment of customer’s repayment capability.
Provision for losses on loans, advances and fi nance leases to customers
The determination of specifi c provision for credit risk is calculated using set rates applied to each group of
debts as follows:
Provision rates
Group 1 - Current 0%
Group 2 - Special mentioned 5%
Group 3 - Sub-standard 20%
Group 4 - Doubtful 50%
Group 5 - Bad 100%
The specifi c provision is calculated based on net credit exposure of each borrower which equals to loan
balance or lease balance as at 30 November less value of collateral assets. The value of these assets is
market value discounted at predetermined percentage for each kind of collateral assets.
In accordance with the Decision 493/2005/QD-NHNN dated 22 April 2005, a general provision is also
required and should be equal to at least 0.75% of total balance of loans, advances and fi nance leases to
customers as at 30 November, and excluding the total balance of loans, advances and fi nance leases to
customers which are classifi ed as bad. This level of the general provision is required to be achieved within
5 years from the effective date of the Decision 493/2005/QD-NHNN.
2.8 Credit commitments
Credit commitments are classifi ed into fi ve groups based on quantitative and qualitative factors as
follows:
Group 1: Current
- Undue commitments which, according to the Group’s assessment, could be fully settled when they
fall due.
Group 2: Special mentioned
- Undue commitments which, according to the Group’s assessment, could not be fully settled when
they fall due.
61

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.8 Credit commitments (continued)
Group 3: Sub-standard
- Undue commitments which, according to the Group’s assessment, could not be fully settled when
they fall due;
- Due commitments which are overdue for less than 30 days.
Group 4: Doubtful
- Undue commitments which, according to the Group’s assessment, could not be fully settled when
they fall due;
- Due commitments and contingencies which are overdue from 30 days to 90 days.
Group 5: Bad
- Undue commitments which, according to the Group’s assessment, could not be fully settled when
they fall due;
- Due commitments which are overdue for more than 90 days.
Provision for losses on credit commitments
The determination of specifi c provision for losses on credit commitments is calculated using set rates
applied to each group of credit commitments as follows:
Provision rates
Group 1 - Current 0%
Group 2 - Special mentioned 5%
Group 3 - Sub-standard 20%
Group 4 - Doubtful 50%
Group 5 - Bad 100%
The specifi c provision is calculated based on net credit exposure of each customer which equals to credit
commitment balance as at 30 November less value of collateral assets. The value of these assets is
market value discounted at predetermined percentage for each kind of collateral assets.
In accordance with the Decision 493/2005/QD-NHNN dated 22 April 2005, a general provision is also
required and should be equal to at least 0.75% of total balance of guarantees, loan commitments and
settlement acceptances as at 30 November and excluding guarantees and commitments which are
classifi ed as bad. This level of provision is required to be achieved within 5 years from the effective date
of the Decision.
2.9 Investments
62
ANNUAL REPORT 2007
(i) Trading securities
.
Trading securities are securities held for trading and are acquired principally for the purpose of
selling in the short-term or if so designated by Management.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.9 Investments (continued)
(i) Trading securities (continued)
Listed trading securities are initially stated at cost of acquisition. Subsequently, they are measured at
cost less provision. Provision is made where there is a diminution in value of listed trading securities.
Unlisted securities are stated at cost of acquisition because fair values for unlisted securities cannot
be measured reliably.
Gains or losses from disposal of trading securities are recognised in the consolidated income
statement and are reported on a net basis.
(ii) Held-to-maturity securities
Held-to-maturity debt securities are those securities with fi xed or determinable payment and fi xed
maturities that the Group’s management has the positive intention and ability to hold to maturity.
(iii) Available-for-sale securities
Available-for-sale securities are those intended to be held for an indefi nite period of time, which may
be sold in response to needs for liquidation or changes in interest rates, exchange rates or equity
prices.
Held-to-maturity and available-for-sale securities are stated at cost of acquisition. Post-acquisition
interest income of debt securities is recognised in the consolidated income statement on an accrual
basis. Pre-acquisition interest income of debt securities is deducted against the cost of acquisition.
(iv) Investments in other entities
2.10 Fixed assets
Investments in other entities comprise shareholding of less than 20% in unlisted companies. These
investments are stated at market value at the acquisition date. The difference between market
value and acquisition cost is recognised in the consolidated balance sheet as a deferred expense
or deferred income. These deferred expenses or income are then amortised to the consolidated
income statement. Provision is made where there is a diminution in value of these investments.
Since fair values for unlisted securities cannot be measured reliably, these investments are
recognised at cost of acquisition. Dividends are recognised in the consolidated income statement
when the Group’s right to receive payment is established.
Tangible and intangible fi xed assets
Fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure
that is directly attributable to the acquisition of the fi xed assets.
63

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.10 Fixed assets (continued)
Depreciation
Fixed assets are depreciated on the straight-line method to write off the cost of the assets over their
estimated useful lives. The principal annual rates used are:
Annual rates
2007 2006
Buildings 2% 2.22%
Offi ce equipments 10-12.50% 12.50-20%
Motor vehicles 10% 10%
Other assets 10% 10%
Computer software 12.50% 20%
Land use rights are amortised, using the straight-line method over a range from 45 years to 50 years in
accordance with the terms indicated in the land use right certifi cate. Land use rights which are granted for
an indefi nite term are carried out at cost and not amortised.
During the year, the Bank changed the depreciation rates of its fi xed assets in order to provide more
reasonable estimated useful lives of those assets (See Note 13 and Note 14).
Gains and losses on disposals are determined by comparing net disposal proceeds with the carrying
amount and are recognised as income or expense in the consolidated income statement.
2.11 Leased assets
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of
ownership are classifi ed as fi nance leases. Finance leases are capitalised at the inception of the lease at
the lower of the fair value of leased property or the present value of the minimum lease payments. Each
lease payment is allocated between the liability and fi nance charges so as to achieve a constant rate on
the fi nance balance outstanding. The corresponding rental obligations, net of fi nance charge, are included
in long-term borrowings. The interest element of the fi nance cost is charged to the consolidated income
statement over the lease period. The property, plant and equipment acquired under fi nance leases are
depreciated over the shorter of the useful life of the asset or the lease term.
Leases where a signifi cant portion of the risks and rewards of ownership are retained by the lessor are
classifi ed as operating leases. Payments made under operating leases are charged to the consolidated
income statement on a straight-line basis over the period of the lease.
2.12 Gold
Gold is revalued at each month end. The differences arising from monthly revaluation are recorded in
foreign exchange difference reserve and transferred to the consolidated income statement at the balance
sheet date.
2.13 Cash and cash equivalents
64
ANNUAL REPORT 2007
For the purpose of the consolidated cash fl ow statement, cash and cash equivalents comprise cash and
precious metals, demand deposit at the State Bank of Vietnam, demand and term deposits at banks with
the original term not longer than 90 days (2006: this item was demand and term deposits at banks with less
than 90 days maturity from the balance sheet date.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.14 Derivative fi nancial instruments
Derivatives are recorded in a balance sheet account at contract value on the date which a derivative
contract is entered into and revalued subsequently at their fair value. Gains or losses from realisation of
derivatives are recognised in the consolidated income statement. Unrealised gains or losses are recognised
in consolidated balance sheet foreign currency difference reserve and transferred to the consolidated
income statement at the balance sheet date.
2.15 Provisions
Provisions are recognised when: the Group has a present legal or constructive obligation as a result of past
events; it is probable that an outfl ow of resources will be required to settle the obligation; and the amount
has been reliably estimated. Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outfl ow will be required in settlement
is determined by considering the class of obligations as a whole. A provision is recognised even if the
likelihood of an outfl ow with respect to any one item included in the same class of obligations may be
small.
Provisions are measured at the present value of the expenditures expected to be required to settle the
obligation using a pre-tax rate that refl ects current market assessments of the time value of money and
the risks specifi c to the obligations. The increase in the provision due to passage of time is recognised as
interest expense.
2.16 Provision for severance allowances
In accordance with Vietnamese labour laws, employees of the Group are entitled to a severance allowance
based on their years of service. This will be paid as a lump sum when the employee leaves the Group.
Provision for severance allowance is made in accordance with Circular 07/2004/TT-BTC dated 9 February
2004 and Circular 82/2003/TT-BTC dated 14 August 2003 issued by the Ministry of Finance. Accordingly,
a provision for severance allowances equal to 2% of total basic salary of the year was made as at the
balance sheet date.
2.17 Taxation
Business income tax expense is recognised in the consolidated income statement based on current income
tax and deferred income tax.
Current income tax is the amount of business income tax payable or recoverable in respect of the current
year taxable profi t and the current tax rates.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the fi nancial statements. Deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of occurrence affects neither accounting nor taxable
profi t or loss. Deferred income tax is determined at the tax rates that are expected to apply to the fi nancial
year when the asset is realised or the liability is settled, based on tax rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profi t will be
available against which the temporary differences can be utilised.
65

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2.18 Related parties
Enterprises and individuals that directly, or indirectly through one or more intermediaries, control, or are
controlled by, or are under common control with the Bank and its subsidiaries are related parties of the
Group. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Bank
and its subsidiaries that gives them signifi cant infl uence over the enterprise, key management personnel,
including directors and offi cers of the Bank and close members of the family of these individuals and
companies associated with these individuals also constitute related parties.
In considering each possible related party relationship, attention is directed to the substance of the
relationship, and not merely the legal form.
2.19 Dividend distribution
Dividend distribution to the Group’s shareholders is recognised as a liability in the consolidated fi nancial
statements in the period in which the dividends are approved by the Group’s shareholders.
3 CASH AND PRECIOUS METALS
31 December 31 December
2007 2006
Million VND Million VND
Cash on hand 1,663,115 951,646
Gold 1,669,744 1,875,117
Valuable documents 2,204 689
BALANCES WITH THE STATE BANK OF VIETNAM (“SBV”)
66
ANNUAL REPORT 2007
3,335,063 2,827,452
31 December 31 December
2007 2006
Million VND Million VND
Obligatory reserves 3,117,609 767,464
Demand deposits 761,176 226,126
3,878,785 993,590
An obligatory reserve in Vietnamese dong is required to be deposited with the SBV. The balance is
adjusted once per month and is calculated as 10% of the average balance of customer deposits with terms
within one year and 4% of the average balance of customer deposits with terms from above one year to
two years, excluding term deposits with terms greater than two years, in the preceding 30 days.
Balances at the SBV also include other deposits for clearing and settlement.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
5 PLACEMENTS WITH AND LOANS TO OTHER CREDIT INSTITUTIONS
31 December 2007
Denominated
in foreign
Denominated currencies
in VND and gold Total
Million VND Million VND Million VND
Placements with other credit institutions
Demand deposit 332,365 253,827 586,192
Term deposits 4,004,458 64,456 4,068,914
4,336,823 318,283 4,655,106
Loans and advances to other credit institutions
Short-term loans 1,350 - 1,350
4,338,173 318,283 4,656,456
31 December 2006
Denominated
in foreign
Denominated currencies
in VND and gold Total
Million VND Million VND Million VND
Placements with other credit institutions
Demand deposits 126,685 207,940 334,625
Term deposit 1,440,000 244,904 1,684,904
6 TRADING SECURITIES
1,566,685 452,844 2,019,529
31 December 31 December
2007 2006
Million VND Million VND
Debt securities
Government debt securities 3,500,000 -
Equity securities
Equity securities issued by other local credit institutions 89,673 -
Equity securities issued by local corporates 565,408 158,836
655,081 158,836
Other trading securities - 104,795
Less: provision for diminution in value of trading securities (13,012) -
4,142,069 263,631
67

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
6 TRADING SECURITIES (continued)
Categorised as listed and unlisted trading securities hereunder:
31 December 31 December
2007 2006
Million VND Million VND
Debt securities
Non-listed 3,500,000 -
Equity securities
Listed 197,056 158,836
Non-listed 458,025 -
655,081 158,836
Other trading securities
Non-listed - 104,795
Less: provision for diminution in value of trading securities (13,012) -
7 DERIVATIVES AND OTHER FINANCIAL ASSETS
68
ANNUAL REPORT 2007
4,142,069 263,631
31 December 2007
Total contract
value (at the
foreign exchange Total contract value
rate at the (at the foreign exchange rate
contract date) at 31 December)
Assets Liabilities
Million VND Million VND Million VND
Derivative currency fi nancial instruments
- Swap contracts 785,076 4,911 -
31 December 2006
Total contract
value (at the
foreign exchange Total contract value
rate at the (at the foreign exchange rate
contract date) at 31 December)
Assets Liabilities
Million VND Million VND Million VND
Derivative currency fi nancial instruments
- Swap contracts 163,431 1,060 -

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
8 LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS
Loans, advances and fi nance leases to customers were analysed as follows:
8.1 Analysis by type of customers
31 December 31 December
2007 2006
Million VND Million VND
Loans to domestic businesses and individuals 34,938,504 14,168,605
Discounted notes and valuable papers 23,425 16,296
Financial lease 181,223 15,513
Loans funded by Government, international and other institutions 232,162 190,249
Loans instructed by the Government 463 933
Frozen and awaiting resolution loans 2,370 2,717
8.2 Analysis by industry
35,378,147 14,394,313
31 December 31 December
2007 2006
Million VND Million VND
Trading 11,170,849 4,770,867
Agriculture and forestry 1,695,544 772,862
Manufacturing and processing 10,081,980 4,356,553
Construction 2,304,339 905,835
Individual and community services 2,892,887 712,990
Warehousing, transportation and communication 714,632 325,692
Training and education 1,108,328 613,891
Estate agents and consultants 2,171,155 523,872
Hotels and restaurants 472,583 383,130
Others 2,765,850 1,028,621
8.3 Analysis by group
35,378,147 14,394,313
31 December 31 December
2007 2006
Million VND Million VND
Current 35,244,771 14,256,735
Special mentioned 51,968 33,474
Sub-standard 5,930 44,746
Doubtful 13,268 27,381
Bad 62,210 31,977
35,378,147 14,394,313
69

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
8 LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS (continued)
8.4 Analysis by maturity
31 December 31 December
2007 2006
Million VND Million VND
Short-term 21,731,963 9,506,775
Medium-term 6,472,460 3,069,462
Long-term 7,173,724 1,818,076
8.5 Analysis by currency
35,378,147 14,394,313
31 December 31 December
2007 2006
Million VND Million VND
Denominated in VND 27,231,369 11,329,776
Denominated in foreign currencies and gold 8,146,778 3,064,537
8.6 Analysis by geography
35,378,147 14,394,313
31 December 31 December
2007 2006
Million VND Million VND
Ho Chi Minh City 18,727,702 8,322,928
Mekong Delta 4,579,773 1,507,007
Central and Eastern 7,234,516 3,459,383
Northern 4,836,156 1,104,995
8.7 Analysis by type of business entiry
70
ANNUAL REPORT 2007
35,378,147 14,394,313
31 December 31 December
2007 2006
Million VND Million VND
State-owned enterprises 280,937 81,270
Joint-stock companies 4,962,200 1,262,893
Limited companies 9,997,319 5,202,214
Private companies 2,224,820 971,807
Co-operatives 121,069 80,152
Joint ventures 129,871 40,569
100% foreign-owned enterprises 240,727 10,085
Individuals 17,379,225 6,736,947
Others 41,979 8,376
35,378,147 14,394,313

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
9 PROVISION FOR LOSSES ON LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS
Provision for losses on loans, advances and fi nance leases to customers as at 31 December comprises:
31 December 31 December
2007 2006
Million VND Million VND
Specifi c provision 27,744 21,888
General provision 149,829 59,530
177,573 81,418
9.1 Specifi c provision for losses on loans, advances and fi nance leases to customers
2007 2006
Million VND Million VND
As at 1 January 21,888 19,750
Charge for the year 11,538 2,582
Utilisation during the year (5,682) (444)
At 31 December 27,744 21,888
The specifi c provision for losses on loans, advances and fi nance leases to customers as at 31 December
2007 was calculated in accordance with Decision 18/2007/QD-NHNN dated 25 April 2007 regarding
modifi cation and supplementation of regulations on loan classifi cation, making and using loan loss
provision. The specifi c provision for losses on loans, advances and fi nance leases to customers as at
31 December 2006 was calculated in accordance with Decision 493/2005/QD-NHNN issued by the State
Bank of Vietnam. As a result of applying Decision 18/2007/QD-NHNN, the specifi c provision is lower than
that it would otherwise have been.
(*) Loans are written off at the discretion of the Bank Risk Management Committee when they consider
that all reasonable efforts for recovery of doubtful loans, including legal actions, have been exhausted.
Loans are written off in accordance with the requirements of Decision 493/2005/QD-NHNN.
9.2 General provision for losses on loans, advances and fi nance leases to customers
2007 2006
Million VND Million VND
As at 1 January 59,530 26,153
Charge for the year 90,299 33,377
At 31 December 149,829 59,530
General provision was made in accordance with Decision 493/2005/QD-NHNN. Each year, the Group
provides 20% of the forecast general provision level which is required to be achieved in total by the fi fth
year from the effective date of the Decision.
71

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
10 INVESTMENT SECURITIES
10.1 Available-for-sale securities
31 December 31 December
2007 2006
Million VND Million VND
Debt securities
Government debt securities 474,324 -
Debt securities issued by other local credit institutions 5,336,390 -
Debt securities issued by local corporate 1,099,722 -
6,910,436 -
Equity securities
Equity securities issued by other local credit institutions 37,550 -
Equity securities issued by local corporate (*) 301,411 191,555
338,961 191,555
Less: provision for diminution in value of
available-for-sale securities (3,512) -
7,245,885 191,555
(*) Included in available-for-sale securities is VND115,945 million of VF1 fund certifi cates which are
managed by VietFund Management Company which is the joint venture between Sacombank and
Dragon Capital, a shareholder of the Bank.
10.2 Held-to-maturity securities
72
ANNUAL REPORT 2007
31 December 31 December
2007 2006
Million VND Million VND
Debt securities
Government debt securities (*) 1,435,124 1,435,116
Debt securities issued by other local credit institutions 363,156 333,568
Debt securities issued by local corporate 129,636 104,785
1,927,916 1,873,469
Less: provision for diminution in value of
held-to-maturity securities - -
1,927,916 1,873,469
(*) Included in Government bonds is VND237.000 million of education bonds which are currently
pledged at the State Bank of Vietnam (refer to Note 17) and at VietinBank (refer to Note 18).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
11 INVESTMENTS IN ASSOCIATE AND JOINT-VENTURE
31 December 2007 31 December 2006
Carrying Carrying
At cost value At cost value
Million VND Million VND Million VND Million VND
Investment in joint-venture 51,000 130,630 51,000 110,604
Investment in associate 78,000 80,652 - -
11.1 Movement of investments in associate and joint-venture
129,000 211,282 51,000 110,604
2007 2006
At 1 January 110,604 9,387
Addition 78,000 45,390
Share of net profi t in the year 110,925 74,613
Dividend received (76,091) (18,013)
Share of payments made from reserves (12,156) (773)
11.2 The Group’s investments in associate and joint-venture
211,282 110,604
31 December 2007 31 December 2006
Nature of % At cost % At cost
business Details Shareholdings Million VND Shareholdings Million VND
Associate
Saigon Thuong Tin Investment Capital 26% (11% by 78,000 0% -
Investment Company (*) activities contribution the Bank
and 15% by
Sacombank
Securities
Company)
Joint-venture
VietFund Management Managing Capital 51 51,000 51 51,000
Company investment contribution
fund and
fi nancial
consulting
73
129,000 51,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
12 OTHER LONG-TERM INVESTMENTS
The Group’s other long-term investments are investments in other entities with shareholding of less than
11% comprise the following companies:
31 December 31 December
2007 2007
Nature of At cost At cost
Name business Million VND Million VND
Credit institutions
Housing Development Commercial Joint Stock Bank Banking 2,682 1,908
Nam Do Commercial Joint Stock Bank Banking 1,634 1,634
Habubank Commercial Joint Stock Bank Banking 68,235 39,156
Military Commercial Joint Stock Bank Banking 14,241 11,713
Total investment in credit institutions 86,792 54,411
Non credit institutions (corporations)
Unlisted corporations (*) 1,197,534 615,562
Total investments in non credit institutions 1,197,534 615,562
Total investment in other entities 1,284,326 669,973
(*) Included in investments in non credit institutions is VND101,800 million of VF2 fund certifi cates which
are managed by VietFund Management Company which is the joint venture between Sacombank
and Dragon Capital, a shareholder of the Bank
13 TANGIBLE FIXED ASSETS
CURRENCY: Million VND
Offi ce Motor Other
Buildings equipment vehicles assets Total
Historical cost
At 1 January 2007 279,709 159,436 49,990 9,781 498,916
New purchases 7,225 51,151 31,046 5,547 94,969
Transfers from construction in progress
and purchase of fi xed assets (Note 16.1) 63,583 43,589 5,455 3,073 115,700
Disposals (1,523) (109) (2,616) (57) (4,305)
74
ANNUAL REPORT 2007
At 31 December 2007 348,994 254,067 83,875 18,344 705,280
Accumulated depreciation
At 1 January 2007 20,524 46,560 13,872 1,425 82,381
Charge for the year 6,170 19,200 7,194 1,427 33,991
Disposals - (38) (1,450) (4) (1,492)
At 31 December 2007 26,694 65,722 19,616 2,848 114,880
Net book value
At 1 January 2007 259,185 112,876 36,118 8,356 416,535
At 31 December 2007 322,300 188,345 64,259 15,496 590,400
As mentioned in Note 2.10, the change of depreciation rates of tangible fi xed assets results in a lower
charge of VND8,688 million of depreciation expense in 2007.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
INTANGIBLE FIXED ASSETS
CURRENCY: Million VND
Computer Land use
software rights Total
Historical cost
At 1 January 2007 71,100 212,886 283,986
New purchases 369 577 946
Transfers from construction in progress and
purchase of fi xed assets (Note 16.1) 12,859 129,942 142,801
At 31 December 2007 84,328 343,405 427,733
Accumulated depreciation
At 1 January 2007 9,964 156 10,120
Charge for the year 9,469 1,562 11,031
At 31 December 2007 19,433 1,718 21,151
Net book value
At 1 January 2007 61,136 212,730 273,866
At 31 December 2007 64,895 341,687 406,582
As mentioned in Note 2.10, the change of depreciation rates of intangible fi xed assets results in a lower
charge of VND5,448 million of depreciation expense in 2007.
15 FINANCE LEASE ASSETS
CURRENCY: Million VND
Motor vehicles
Historical cost
At 1 January 2007 18,096
New leases 7,546
At 31 December 2007 25,642
Accumulated depreciation
At 1 January 2007 284
Charge for the year 2,527
At 31 December 2007 2,811
Net book value
At 1 January 2007 17,812
At 31 December 2007 22,831
75

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
16 OTHER ASSETS
31 December 31 December
2007 2006
Million VND Million VND
Construction in progress and purchase of fi xed assets (note 16.1) 301,550 250,591
Accrued interest income 705,195 267,650
Advances for Head Offi ce rental (Refer to Note 42) 51,896 52,656
Receivables from customers (*) 254,387 99,824
Advances and internal receivables 17,405 10,664
Deferred expenses 185,579 87,833
Other assets (**) 149,783 34,993
1,665,795 804,211
(*) Included in receivables from customers is VND218.811 million of receivables in relation to outstanding
currency SWAP transactions.
(*) Included in other assets is VND85,490 million of collateral assets which will be used to compensate
for bad debts. Ownership of these assets has been transferred to the Bank.
16.1 Construction in progress and purchase of fi xed assets
2007 2006
Million VND Million VND
At 1 January 250,591 231,732
Additions 400,037 382,658
Transfer to fi xed assets (Note 13 and Note 14) (258,501) (354,836)
Other transfers (90,577) (8,963)
At 31 December 301,550 250,591
17 DUE TO GOVERNMENT AND BORROWINGS FROM THE STATE BANK OF VIETNAM
76
ANNUAL REPORT 2007
31 December 31 December
2007 2006
Million VND Million VND
Borrowings by means of discounting, rediscounting valuable
papers (Refer to Note 10.2) 750,177 107,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
18 DEPOSITS AND BORROWINGS FROM OTHER CREDIT INSTITUTIONS
31 December 2007
Denominated
in foreign
Denominated currencies
in VND and gold Total
Million VND Million VND Million VND
Deposits from other credit institutions
Demand deposits 105,474 12,484 117,958
Term deposits 3,429,022 526,997 3,956,019
3,534,496 539,481 4,073,977
Borrowings from other credit
institutions (Refer to Note 10.2) 435,000 - 435,000
3,969,496 539,481 4,508,977
31 December 2006
Denominated
in foreign
Denominated currencies
in VND and gold Total
Million VND Million VND Million VND
Deposits from other credit institutions
Demand deposits 75,417 3,139 78,556
Term deposits 402,016 334,901 736,917
19 DEPOSITS FROM CUSTOMERS
19.1 By type of deposits
477,433 338,040 815,473
31 December 31 December
2007 2006
Million VND Million VND
Current deposits 6,920,888 2,804,635
Term deposits 7,370,800 913,110
Saving deposits 29,018,490 13,382,195
Margin deposits 912,472 382,092
Deposits for specifi c purposes 9,294 29,548
44,231,944 17,511,580
77

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
19 DEPOSITS FROM CUSTOMERS (continued)
19.2 By currency
31 December 2007
Denominated in
Denominated foreign currency
in VND and gold Total
Million VND Million VND Million VND
Current deposits 6,478,010 442,878 6,920,888
Term deposits 6,962,661 408,139 7,370,800
Saving deposits 25,460,817 3,557,673 29,018,490
Margin deposits 108,516 803,956 912,472
Deposits for specifi c purposes 8,277 1,017 9,294
39,018,281 5,213,663 44,231,944
31 December 2006
Denominated in
Denominated foreign currency
in VND and gold Total
Million VND Million VND Million VND
Current deposits 2,510,991 293,644 2,804,635
Term deposits 907,591 5,519 913,110
Saving deposits 10,976,685 2,405,510 13,382,195
Margin deposits 34,174 347,918 382,092
Deposits for specifi c purposes 29,226 322 29,548
19.3 Analysis by type of business entity
78
ANNUAL REPORT 2007
14,458,667 3,052,913 17,511,580
31 December 31 December
2007 2006
Million VND Million VND
State-owned enterprises 3,250,644 780,358
Local private companies 7,239,189 1,916,537
100% foreign-owned enterprises 940,402 341,385
Individuals 31,454,697 14,268,927
Others 1,347,012 204,373
44,231,944 17,511,580

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
20 FUNDS RECEIVED FROM GOVERNMENT, INTERNATIONAL AND OTHER INSTITUTIONS
31 December 31 December
2007 2006
Million VND Million VND
Funds received from RDF 243,451 133,905
Funds received from FMO 175,467 190,763
Funds received from SMEDF 84,375 50,000
Funds received from IFC 500,000 -
1,003,293 374,668
Funds received from the Rural Development Fund (“RDF”) are fi nanced by the World Bank for a term from
one to fi ve years at interest rate of 0.68% per month. These funds are lent to borrowers in accordance
with the Decision No. 25/QD-NH21 dated 31 January 1997 issued by the Governor of the State Bank of
Vietnam. These funds will mature in 2010.
First fund received from Financierings – Maatschappij Voor Ontwikkelingslarden (“FMO”), a bank in
the Netherlands, are used to fi nance lending activities to Vietnamese enterprises which meet certain
requirements given by FMO. Interest is paid semi-annually at the average rate of Vietcombank, Bank for
Investment and Development of Vietnam, Asia Commercial Bank and HSBC plus 1.5% p.a. This fund will
mature in 2009.
Second fund received from Financierings – Maatschappij Voor Ontwikkelingslarden (“FMO”), a bank in the
Netherland, are used for the sole purpose of making housing loans to retail non-business clients which
meet certain requirements given by FMO. Interest is paid semi-annually at the average rate of 6 month
deposit of Vietcombank, Bank for Investment and Development of Vietnam, Asia Commercial Bank and
HSBC. This fund will mature in 2016.
Funds received from the Small and Medium Enterprise Development Fund (“SMEDF”) are fi nanced by
the European Commission. The funds are used to fi nance Vietnamese small and medium enterprises
who meet certain conditions required by the project. The interest rate is quoted as either a fi xed rate or
fl oating rate. Fixed rate is equal to the rate paid by the Government on its most recently issued fi ve year
bonds less a discount rate. Variable rate is equal to the reference interest rate less a discount rate and is
determined every six months thereafter. Reference interest rate is the average 6 month VND deposit rate
of Vietcombank, Incombank, Bank for Investment and Development of Vietnam and Bank for Agriculture
and Rural Development. Discount rate is applied to each type of interest rates and is fi xed by the lender
on an annual basis. Discount rate for the fi rst year of credit facility is 0.5% for fi xed rate or 1% for variable
rate. These funds will mature in 2010.
Funds received from the International Finance Corporation (“IFC”) are used to fi nance Vietnamese
individuals to purchase and repair houses. The maximum lending period is 10 years and lending currency
is Vietnamese dong. The interest rate is determined by a fi xed component plus a margin of 1.5% p.a.
Prepayment is made each six monthly, starting from 2009. These funds will mature in 2017.
79

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
21 CERTIFICATES OF DEPOSIT AND BONDS
31 December 2007
Denominated in
Denominated foreign currency
in VND and gold Total
Million VND Million VND Million VND
Short-term - 3,791,898 3,791,898
Medium-term 300,090 1,105,392 1,405,482
300,090 4,897,290 5,197,380
31 December 2006
Denominated in
Denominated foreign currency
in VND and gold Total
Million VND Million VND Million VND
Short-term 3 2,107,610 2,107,613
Medium-term 1,540 420,146 421,686
22 OTHER LIABILITIES
80
ANNUAL REPORT 2007
1,543 2,527,756 2,529,299
31 December 31 December
2007 2006
Million VND Million VND
Accrued interest expenses 586,709 270,745
Remittance in transit payable 13,611 496
Other taxes payable 95,992 39,568
Payables to customers 34,032 13,555
Unearned interest income 170,283 6,991
Payables to counterparties for margin gold trading 285 806
Dividends payable 5,518 5,656
Other payables (*) 592,267 212,998
Provision for severance allowance 4,557 5,360
General provision for losses on contingencies and
commitments (note 22.1) 28,191 11,641
1,531,445 567,816
(*) Included in other payables is VND219,874 million of payables in relation to the outstanding currency
SWAP transactions.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
22 OTHER LIABILITIES (continued)
22.1 General provision for losses on credit contingencies and commitments
2007 2006
Million VND Million VND
As at 1 January 11,641 4,698
Charge for the year 16,550 6,943
As at 31 December 28,191 11,641
General provision was made in accordance with Decision 493/2005/QD-NHNN. Each year, the Group
provided 20% of the forecast general provision level which is required to be achieved in total by the fi fth
year from the effective date of the Decision.
23 CAPITAL
23.1 Share Capital
31 December 31 December
2007 2006
Million VND Million VND
Issued and fully paid chartered capital 4,448,814 2,089,413
In accordance with Offi cial Letter No. 544/NHNN-HCM dated 14 April 2007 issued by the State Bank of
Vietnam - Ho Chi Minh City Branch, the Bank’s chartered capital was increased to VND4,448,814 million.
Number of Ordinary Share Total share
shares shares premium capital
Million VND Million VND Million VND
At 1 January 2006 125,000,000 1,250,000 158,365 1,408,365
Nominal value of shares issued 83,941,281 839,413 - 839,413
At 31 December 2006 208,941,281 2,089,413 158,365 2,247,778
Nominal value of shares issued 235,940,136 2,359,401 1,054,358 3,413,759
At 31 December 2007 444,881,417 4,448,814 1,212,723 5,661,537
As at 31 December 2007, the Bank did not hold any treasury shares.
23.2 Other capital
31 December 31 December
2007 2006
Million VND Million VND
Capital for fi nance of fi xed assets and capital construction 795 795
Others 153 1533
948 948
81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
24 RESERVES AND RETAINED EARNINGS
82
ANNUAL REPORT 2007
Reserve for Foreign
Retained supplementary Financial currency
earnings chartered provision difference Other
undistributed capital fund reserve reserve Total
At 1 January 2006 178,888 398,999 51,530 (4,124) 11,439 636,732
Consolidated net profi t for the year 470,128 - - - 470,128
Appropriation to reserves (100,360) 21,005 39,908 - 39,447 -
Dividends paid (84,030) - - - (84,030)
Transfer to chartered capital (24,500) (348,306) - - (372,806)
Other movements of reserves (3,980) 343 - 4,124 (28,891) (28,404)
At 31 December 2006 436,146 72,041 91,438 - 21,995 621,620
Consolidated net profi t for the year 1,397,897 - - - - 1,397,897
Appropriation to reserves (334,781) 73,668 149,594 - 111,519 -
Stock dividends (250,686) - - - - (250,686)
Dividends paid in cash (44) - - - - (44)
Other movements of reserves (14,003) - - - (67,610) (81,613)
At 31 December 2007 1,234,529 145,709 241,032 - 65,904 1,687,174
In accordance with Decree No. 146/2005/ND-CP dated 23 November 2005 issued by the Government, the
Bank is required to establish the following reserves:
• Reserve for supplementary chartered capital: 5% of the net profi t after business income tax each
year as a minimum statutory level is allocated. This allocation for 2007 has been accounted for in the
fi nancial statements for the year ended 31 December 2007. In addition, the Board of Management has
also proposed to allocate a further amount of VND107,945 million to the reserve for supplementary
chartered capital as a result of the 50% reduction in BIT for the year 2007. This plan has not refl ected
in the fi nancial statements for the year ended 31 December 2007 as it is to be ratifi ed at the 2008
Annual General Meeting. Therefore, the fi nancial statements for the year ended 31 December 2007
did not refl ect the further allocation in the reserve for supplementary chartered capital.
• Financial provision fund: 10% of the net profi t after the allocation to the above reserve is allocated
until the reserve balance reaches 25% of the current capital
Other reserves include the fund for investment and development and the welfare and bonus fund. The
allocation to welfare and bonus fund has been approved by the Board of Management of the Bank and the
2007 Annual General Meeting.
Dividend
Dividends for 2007 to be declared are not accounted for until they have been ratifi ed at the Annual General
Meeting. The Board of Management has planned to propose a dividend distribution at a rate of 15% in
the form of shares for the year ended 31 December 2007. The fi nancial statements for the year ended
31 December 2007 do not refl ect this plan, which, if subsequently ratifi ed, will be accounted for in the
shareholders’ equity as an appropriation of retained earnings in the year ending 31 December 2008.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
25 BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profi t attributable to the equity holders of the Bank
by the weighted average number of ordinary shares in issue during the year.
2007 2006
Profi t attributable to the equity holders of the Bank (million VND) 1,397,897 470,128
Weighted average number of ordinary shares in issue (share) 350,972,746 175,727,377
Basic earning per share (VND per share) 3,983 2,675
Weighted average number of ordinary shares in issues on the
assumption that the stock dividends were paid on
1 January 2006 (share) 211,238,969
Basic earnings per share with assumption that the stock dividends
were paid on 1 January 2006 (VND per share) 2,226
26 INTEREST AND SIMILAR INCOME
2007 2006
Million VND Million VND
On loans and advances to customers 2,508,197 1,367,965
On deposits at and loans and advances to other credit institutions 452,967 144,549
On investments 376,173 134,982
On fi nance lease 12,881 257
Other income from credit activities 32,784 21,752
27 INTEREST AND SIMILAR EXPENSES
3,383,002 1,669,505
2007 2006
Million VND Million VND
On deposits from customers 2,146,625 943,021
On borrowings from local credit institutions 31,007 19,174
On certifi cates of deposits and bonds 47,002 21,799
Others 6,496 5,145
28 FEES AND COMMISSION INCOME
2,231,130 989,139
2007 2006
Million VND Million VND
Guarantees 19,746 7,143
Settlement services 122,881 87,087
Cash services 18,531 13,062
Brokerage services 50,821 1,422
Other services 79,104 37,498
291,083 146,212
83

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
29 FEES AND COMMISSION EXPENSES
2007 2006
Million VND Million VND
Settlement and cash services 17,570 17,599
Brokerage services 13,086 600
Other expenses 67,029 8,348
30 NET GAIN FROM DEALING IN FOREIGN CURRENCIES AND GOLD
97,685 26,547
2007 2006
Million VND Million VND
Gains from dealing in foreign currencies and gold 178,808 132,099
Loss from dealing in foreign currencies and gold (34,632) (102,164)
Gain from revaluation of foreign currencies and gold 1,434 14,265
Loss from revaluation of foreign currencies and gold (44,795) (40,022)
31 MARGIN TRADING IN GOLD
100,815 4,178
During the year ended 31 December 2007, the Bank signed a certain number of margin contracts in gold
with counterparties. Margin deposits are required for these contracts and are held in the margin trading
accounts at the counterparties.
The face values of these contracts provide a basis for comparison with instruments recognised on the
balance sheet, but they do not necessarily indicate the amount of future cash fl ows involved or current fair
values of the contracts and do not therefore indicate the Bank’s exposure to credit or market price risks.
The contracts become favourable (gain) or unfavourable (loss) as a result of fl uctuations in market gold
prices relative to their terms. The aggregate contractual amount or face value of these contracts on hand,
the extent to which contracts are favourable or unfavourable and, thus the aggregate fair values of these
contracts can fl uctuate from time to time.
32 NET GAIN FROM TRADING OF TRADING SECURITIES
84
ANNUAL REPORT 2007
2007 2006
Million VND Million VND
Income from disposal of trading securities 612,885 7,471
Less: Provision for diminution in value of trading securities (13,012) -
599,873 7,471

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
33 NET GAIN FROM DISPOSAL OF INVESTMENT SECURITIES
2007 2006
Million VND Million VND
Income from disposal of investment securities 212,111 135,954
Less: Provision for diminution in value of investment securities (3,512) -
34 INCOME FROM INVESTMENTS IN OTHER ENTITIES
208,599 135,954
2007 2006
Million VND Million VND
From trading equity securities 5,511 4,514
From investment equity securities 14,318 2,434
From investments in associate and joint-venture 110,925 74,613
From investments in other entities 37,995 22,710
Other income 14,741 -
35 GENERAL AND ADMINISTRATIVE EXPENSE
183,490 104,271
2007 2006
Million VND Million VND
Tax, duties and fees 16,423 7,980
Salaries and related expenses 345,942 187,462
Depreciation and amortisation 47,551 34,617
Assets expenses 108,252 48,940
Administrative expenses 199,922 116,583
Deposit insurance premiums 23,135 12,682
36 VALUE ADDED TAX
741,225 408,264
Earned fees and commissions are subject to value added tax at the rate of 10% under the deduction
method, foreign currency and gold operations are subject to value added tax at the rate of 10% under the
direct method. All other banking activities of the Group are exempt from value added tax.
85

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
37 BUSINESS INCOME TAX (“BIT”)
2007 2006
Million VND Million VND
Current income tax 184,074 141,200
Deferred income tax - -
184,074 141,200
No deferred tax was recognised in the consolidated fi nancial statements as there were no material
temporary differences as at 31 December 2006 and 31 December 2007.
Business income tax charge at the rate of 28% for the year is based on the estimated taxable income and
is subject to the review and possible adjustment by the tax authorities.
2007 2006
Million VND Million VND
Net profi t before tax 1,581,971 611,328
Tax 451,425 157,969
Effect of:
Tax on income not subject to tax (37,605) (23,981)
Favourable tax treatment on income (*) (236,007) -
Tax on income from the transfer of land use right 192 -
Tax on expenses not deductible 6,069 7,212
184,074 141,200
(*) The Bank is exempted 50% of BIT rate (14%) for 2007 in accordance with Offi cial Letter No. 11924 TC/
CS dated 20 October 2004 issued by the Ministry of Finance regarding tax incentive for listed companies.
Sacombank Securities Company is exempted for BIT of 2007 in accordance with prevailing tax regulations
applicable for securities companies.
The Bank and its subsidiaries’ tax returns are subject to periodic examination and possible adjustment by
the Tax Authority.
The tax assessments for the year 2007 have not yet been fi nalised by the Tax Authority.
38 EMPLOYEES REMUNERATION
86
ANNUAL REPORT 2007
2007 2006
Million VND Million VND
Number of employees 6,101 4,288
Employees remuneration
Total salary fund 352,904 186,622
Bonus 57,623 15,674
Other income - -
Total remuneration 410,527 202,296
Average annual salary/employee 69.6 54.0
Average annual remuneration/employee 80.4 57.6

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
39 OBLIGATIONS TO THE STATE’S BUDGET
Movements during the year
1 December 31 December
2007 Payable Payments 2007
Items Million VND Million VND Million VND Million VND
VAT 1,810 45,985 (42,853) 4,942
BIT 35,294 184,074 (133,739) 85,629
Other taxes 1,795 27,395 (25,998) 3,192
Other fees 669 30,751 (29,191) 2,229
40 CUSTOMERS’ ASSETS HELD AS COLLATERAL
39,568 288,205 (231,781) 95,992
2007 2006
Million VND Million VND
Houses 35,367,477 16,234,101
Machines and equipments 1,141,487 569,290
Vehicles 2,064,869 1,335,135
Inventories 2,800,821 1,838,741
Valuable papers 7,525,131 605,464
Others 1,444,031 310,780
41 CONTINGENCIES AND COMMITMENTS
50,343,816 20,893,511
The aggregate amounts of outstanding guarantees, letters of credit and other commitments at the end of
the year were:
31 December 2007
Denominated
Denominated in foreign
in VND currencies Total
Million VND Million VND Million VND
Letters of credit at sight 20,198 5,852,919 5,873,117
Deferred letters of credit - 265,046 265,046
Payment guarantees 313,382 61,203 374,585
Performance guarantees 143,122 22,323 165,445
Bidding guarantees 78,457 4,283 82,740
Other guarantees 77,566 13,111 90,677
Foreign currency buying spot transactions - 528,866 528,866
Foreign currency selling spot transactions - 585,885 585,885
Foreign currency swap transactions 184,452 600,624 785,076
817,177 7,934,260 8,751,437
87

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
41 CONTINGENCIES AND COMMITMENTS (continued)
31 December 2006
Denominated
Denominated in foreign
in VND currencies Total
Million VND Million VND Million VND
Letters of credit at sight 448 2,102,967 2,103,415
Deferred letters of credit - 119,213 119,213
Payment guarantees 195,764 13,238 209,002
Performance guarantees 64,359 10,552 74,911
Bidding guarantees 36,105 5,859 41,964
Other guarantees 53,123 27,938 81,061
Foreign currency buying spot transactions - 317,110 317,110
Foreign currency selling spot transactions - 324,063 324,063
Foreign currency swap transactions - 163,431 163,431
349,799 3,084,371 3,434,170
In the normal course of business, the Group makes various commitments and incurs certain contingent
liabilities that are presented off balance sheet. The commitments and contingent liabilities include
guarantees, letters of credit, forex forward contracts and undue spot contracts. The Group does not
anticipate any signifi cant losses as a result of these transactions.
42 COMMITMENTS UNDER OPERATING LEASES
88
ANNUAL REPORT 2007
The future minimum lease payments under non-cancellable operating leases are as follows:
Offi ce rental
2007 2006
Million VND Million VND
Within 1 year 6,446 8,057
Between 1 and 5 years 19,337 19,337
Over 5 years 183,460 185,877
Total minimum payments 209,243 213,271
According to Offi ce Rental Lease Contract No. 39/2006/HDTVP dated 8 April 2006 between Sacombank
(lessee) and Tadimex (lessor), Sacombank committed to lease the building at 266-268 Nam Ky Khoi Nghia,
District 3, Ho Chi Minh City for a lease term of 39 years from 1 March 2007 to 28 February 2045 with
the total square of 20,317 m2. In accordance to the contract’s terms, the Bank has to advance a sum of
US$3,500,000 to Tadimex to part fi nance the construction of the building. This amount will be deducted
against the annual rental fee in 11 years with US$500,000 for the fi rst year and US$300,000 for the
following years from the lease commencement. Monthly rental fee for the fi rst year is US$6/m2/month for
the basement and US$12/m2/month for the other fl oors. The rental fee for the second year onwards will
increase by 1% annually.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
43 RELATED PARTY TRANSACTIONS AND BALANCES
During the year, the Group had the following transactions and balances with related parties:
2007 2006
Million VND Million VND
Transactions during the year
Interest expenses paid 7,560 4,176
Interest income received 1,039 847
Advance for offi ce rental 51,896 52,626
Dividends paid 107,180 53,789
Balances as at 31 December
Demand deposit balance 18,964 13,389
Term deposit balance 22,674 56,973
Loan balance 384,567 75,669
Guarantee balance - 7,012
Investments in debt securities 600,000 -
Repurchase agreements on securities 55,583 61,663
The remuneration of the Board of Management and Board of General Directors of the Bank for the year are
VND4,680 million (2006: VND3,900 million) and VND6,741 million (2006: VND3,813 million), respectively.
44 CONCENTRATIONS OF ASSETS AND LIABILITIES BY GEOGRAPHICAL AREA
Loans and Deposits and Derivatives
advances to borrowings from fi nancial Net
customers and customers and instruments trading and
other credit other credit Credit (total contract investment
institutions institutions commitments value) securities
Million VND Million VND Million VND Million VND Million VND
Domestic 35,379,497 48,740,921 713,447 - 14,811,478
Overseas - 1,003,293 6,138,163 785,076 -
35,379,497 49,744,214 6,851,610 785,076 14,811,478
89

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
45 FINANCIAL RISK MANAGEMENT
90
ANNUAL REPORT 2007
45.1 Interest rate risk
The table below summaries the Group’s exposure to interest rate risk.
CURRENCY: Million VND
As at 31 December 2007
Non- Floating
interest interest Up to 1
3-6 6-12
Over 5
Overdue bearing rate month 1-3 months months months 1-5 years years Total
Assets
Cash and precious metals - 3,335,063 - - - - - - - 3,335,063
Balances with the State Bank of Vietnam - 3,878,785 - - - - - - - 3,878,785
Placements with and loans to other credit institutions (*) - - - 2,834,398 821,058 1,000,000 1,000 - - 4,656,456
Trading securities (*) - 655,081 - 500,000 500,000 2,500,000 - - 4,155,081
Derivatives and other fi nancial assets - 4,911 - - - - - - - 4,911
Loans and advances to customers (*) 81,408 3,151,026 1,919,457 5,756,904 8,750,471 5,422,310 4,956,497 5,340,075 35,378,147
Investment securities (*) - 338,961 - - - 190,126 344,700 8,303,526 - 9,177,313
Investment in other entities and long-term investments - 1,495,608 - - - - - - - 1,495,608
Fixed assets - 1,019,813 - - - - - - - 1,019,813
Other assets (*) - 1,665,795 - - - - - - - 1,665,795
Total assets 81,408 12,394,017 3,151,026 4,753,855 7,077,962 10,440,597 8,268,010 13,260,023 5,340,075 64,766,972
Liabilities
Due to Government and borrowings from the State
Bank of Vietnam - - - 750,177 - - - - - 750,177
Deposits and borrowings from other credit institutions - - - 1,098,175 2,376,497 991,385 36,085 6,834 - 4,508,977
Funds received from Government, international and
other institutions - - 759,842 5,265 6,067 22,761 29,100 179,710 549 1,003,293
Deposits from customers - - - 17,576,288 15,726,285 5,498,894 4,360,077 1,066,366 4,034 44,231,944
Certifi cates of deposits and bonds - - - 892,609 2,501,387 717,444 624,299 461,640 - 5,197,380
Other liabilities - 1,531,446 - - - - - - - 1,531,445
Total liabilities - 1,531,446 759,842 20,322,514 20,610,236 7,230,484 5,049,561 1,714,550 4,583 57,223,216
Interest gap of balance sheet items 81,408 10,862,571 2,391,184 (15,568,660) (13,532,274) 3,210,113 3,218,449 11,545,473 5,335,492 7,543,756
Interest gap of off balance sheet items - - - - - - - - -
Total interest gap 81,408 10,862,571 2,391,184 (15,568,659) (13,532,274) 3,210,113 3,218,449 11,545,473 5,335,492 7,543,756
(*): the above balances exclude provision

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
45 FINANCIAL RISK MANAGEMENT (Continued)
45.2 Currency risk
The table below summarises the Group’s exposure to currency risk at 31 December 2007. Included in the table are the Group’s assets and
liabilities at carrying amounts, categorised by currency.
CURRENCY: Million VND
As at 31 December 2007 VND USD GOLD EUR JPY AUD CAD Others Total
Assets
Cash and precious metals 743,232 507,333 1,669,744 132,046 21,011 92,168 95,012 74,516 3,335,063
Balances with the State Bank of Vietnam 3,505,112 373,672 - - - - - - 3,878,785
Placements with and loans to other credit
institutions (*) 4,338,174 231,489 - 7,069 8,455 41,450 11,435 18,384 4,656,456
Trading securities (*) 4,155,081 - - - - - - - 4,155,081
Derivatives and other fi nancial assets 186,108 257,210 - - - 33,648 - - 476,966
Loans and advances to customers (*) 27,231,369 4,641,930 3,470,201 34,647 - - - - 35,378,147
Investment securities (*) 9,169,175 8,138 - - - - - - 9,177,313
Investment in other entities and long-term
investments 1,495,608 - - - - - - - 1,495,608
Fixed assets 1,019,813 - - - - - - - 1,019,813
Other assets (*) 1,266,410 55,124 339,735 84 - 21 2 4,419 1,665,795
Total assets 53,110,081 6,074,896 5,479,680 173,846 29,466 167,287 106,449 97,320 65,239,026
Liabilities and shareholders’ equity
Due to Government and borrowings from the
State Bank of Vietnam 750,177 - - - - - - - 750,177
Deposits and borrowings from other credit 3,969,495 185,380 353,232 870 - - - - 4,508,977
institutions
Funds received from Government,
1,002,671 - 622 - - - - - 1,003,293
international and other institutions
Derivatives and other fi nancial liabilities - - 257,919 37,675 5,691 - 105,866 64,904 472,055
Deposits from customers 38,973,049 5,097,857 - 105,145 10,317 26,664 7,248 11,662 44,231,944
Certifi cates of deposits and bonds 300,089 214,233 4,683,058 - - - - - 5,197,380
Other liabilities 998,922 412,393 - 1,353 5,751 104,637 553 7,836 1,531,445
Capital and reserves 7,349,659 - - - - - - - 7,349,659
Total liabilities and shareholders’ equity 53,344,062 5,909,863 5,294,831 145,043 21,759 131,301 113,667 84,402 65,044,928
Net on-balance sheet position (233,981) 165,033 184,849 28,803 7,707 35,986 (7,218) 12,918 194,097
Net off-balance sheet position - 188,272 (180,544) (24,200) (6,821) (32,954) 10,204 (10,976) (57,019)
Total position (233,981) 353,305 4,305 4,603 886 3,032 2,986 1,942 137,078
91
(*): the above balances exclude provision

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
45 FINANCIAL RISK MANAGEMENT (Continued)
92
ANNUAL REPORT 2007
45.3 Liquidity risk
The table below analysed the Group’s assets and liabilities into relevant maturity grouping based on the remaining period at the balance sheet
date to the contractual maturity date.
CURRENCY: Million VND
Overdue Current
Over 5
years Total
1-5
years
3-12
months
1-3
months
Up to 1
month
Up to 3
months
As at 31 December 2007 Over 3
months
Assets
Cash and precious metals - - 3,335,063 - - - - 3,335,063
Balances with the State Bank of Vietnam - - 3,878,785 - - - - 3,878,785
Placements with and loans to other credit institutions (*) - - 2,834,398 821,058 1,001,000 - - 4,656,456
Trading securities (*) - - 4,155,081 - - - - 4,155,081
Derivatives and other fi nancial assets - - 4,911 - - - - 4,911
Loans and advances to customers (*) 5,930 75,478 2,813,612 4,893,711 14,288,523 6,127,479 7,173,415 35,378,147
Investment securities (*) - - - 7,249,397 1,927,916 - - 9,177,313
Investment in other entities and long-term investments - - - - - 1,284,326 211,282 1,495,608
Fixed assets - - - - - - 1,019,813 1,019,813
Other assets (*) - - 432,837 692,440 96,077 444,441 - 1,665,795
Total assets 5,930 75,478 17,454,687 13,656,606 17,313,516 7,856,246 8,404,510 64,766,972
Liabilities
Due to Government and borrowings from the
State Bank of Vietnam - - 750,177 - - - - 750,177
Deposits and borrowings from other credit institutions - - 1,098,175 2,376,497 1,027,470 6,835 - 4,508,977
Funds received from Government, international and
- - 5,265 6,244 87,762 555,495 348,527 1,003,293
other institutions
Deposits from customers - - 17,576,288 15,726,285 9,858,971 1,066,366 4,034 44,231,944
Certifi cates of deposits and bonds - - 892,609 2,501,387 1,341,744 461,640 - 5,197,380
Other liabilities - - 232,222 1,101,988 164,586 32,650 - 1,531,445
Total liabilities - - 20,554,736 21,712,401 12,480,533 2,122,986 352,561 57,223,216
Net liquidity gap 5,930 75,478 (3,100,049) (8,055,795) 4,832,984 5,733,261 8,051,949 7,543,756
(*): the above balances exclude provision

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
FORM B 05/TCTD - HN
46 COMPARATIVE FIGURES
Certain comparative fi gures in the consolidated fi nancial statements have been reclassifi ed to conform
with the current year’s presentation in compliance with Decision 16/2007/QD-NHNN dated 18 April 2007.
The consolidated fi nancial statements are approved by the Board of General Directors on 6 March 2008.
─────────────── ─────────────── ───────────────
── ──── ── ──── ─ ────
Nguyen Viet An Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
93

ANNUAL REPORT 2007
94

Our Determination:
EVERY WAVES LAUNCHED
AFTER ANOTHER FOR ETERNITY
95

ANNUAL REPORT 2007
FINANCIAL REPORT OF SACOMBANK
SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
BALANCE SHEET
A ASSETS
FORM B 02/TCTD
As at 31 December
2007 2006
Notes Million VND Million VND
I Cash and precious metals 3 3,334,708 2,827,315
II Balances with the State Bank of Vietnam 4 3,826,932 993,443
III Placements with and loans to other credit institutions 5 4,305,092 1,971,078
IV Trading securities
1 Trading securities 6 4,080,867 104,795
2 Less: Provision for diminution in value of trading securities 6 (2,547) -
V Derivatives and other fi nancial assets 7 4,911 1,060
VI Loans and advances to customers
1 Loans and advances to customers 8 34,315,817 14,539,100
2 Less: Provision for losses on loans and advances
to customers 9 (176,557) (81,317)
VII Investment securities
1 Available-for-sales securities 10.1 7,066,985 174,713
2 Held-to-maturity securities 10.2 1,909,112 1,839,901
3 Less: Provision for diminution in value of
investment securities 10.1 (698) -
VIII Investment in other entities and long-term investments
1 Investments in subsidiaries 11 1,394,000 484,000
2 Investments in joint-ventures 11 51,000 51,000
3 Investments in associate companies 11 33,000 -
4 Other long-term investments 12 666,209 414,170
5 Less: Provision for diminution in value of
long-term investments - -
IX Fixed assets
1 Tangible fi xed assets 13 579,452 410,236
2 Leased assets 15 18,738 14,912
3 Intangible fi xed assets 14 405,155 273,155
XI Other assets 16 1,551,639 746,557
TOTAL ASSETS 63,363,815 24,764,117
96

SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
BALANCE SHEET (continued)
B LIABILITIES AND SHAREHOLDERS’ EQUITY
FORM B 02/TCTD
As at 31 December
2007 2006
Notes Million VND Million VND
I Due to Government and borrowings from the
State Bank of Vietnam 17 750,177 107,000
II Deposits and borrowings from other credit institutions 18 4,099,140 956,825
III Deposits from customers 19 44,026,674 17,532,333
V Funds received from Government, international
and other institutions 20 1,003,293 374,668
VI Certifi cate of deposits 21 4,897,380 2,529,299
VII Other liabilities 22 1,406,517 460,309
TOTAL LIABILITIES 56,183,181 21,960,434
VIII SHAREHOLDERS’ EQUITY
Capital and reserves attributable to
equity holders of the Bank
1 Capital 23 5,662,485 2,248,726
2 Reserves 24 387,659 181,082
5 Retained earnings 24 1,130,490 373,875
TOTAL SHAREHOLDERS’ EQUITY 7,180,634 2,803,683
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 63,363,815 24,764,117
CONTINGENCIES AND COMMITMENTS 40 8,751,437 3,434,170
─────────────── ─────────────── ───────────────
── ─ ───────
Nguyen Viet An Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
6 March 2008
97

ANNUAL REPORT 2007
SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
INCOME STATEMENT
FORM B 03/TCTD
Year ended 31 December
2007 2006
Notes Million VND Million VND
1 Interest and similar income 25 3,312,607 1,667,190
2 Interest and similar expenses 26 (2,204,380) (994,384)
I Net interest income 1,108,227 672,806
3 Fees and commission income 27 188,554 117,227
4 Fees and commission expenses 28 (61,496) (31,297)
II Net fee and commission income 127,058 85,930
III Net gain from dealing in foreign currencies and gold 29 100,827 4,178
IV Net gain from trading of trading securities 31 478,679 746
V Net gain from disposal of investment securities 32 194,769 135,954
5 Other incomes 5,462 11,563
6 Other expenses (2,711) (2,011)
VI Net other income 2,751 9,552
VII Income from investments in other entities 33 255,933 58,848
VIII General and administrative expenses 34 (698,654) (381,959)
IX Operating profi t before provision for credit losses 1,569,590 586,055
X Provision for credit losses (117,472) (42,801)
XI Profi t before tax 1,452,118 543,254
7 Business income tax – current 36 (171,953) (135,344)
8 Business income tax – deferred - -
XII Business income tax (171,953) (135,344)
XIII Net profi t for the year 1,280,165 1,28 28 280, 0, 0,16 16 165 5
407,910
─────────────── ────── ── ─ ── ─ ───────
─────────────── ──── ── ──── ─ ─────────
───────────────
── ──── ── ──── ── ──── ─────────
─ ──
Nguyen Viet An
Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
6 March 2008
98

SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
CASH FLOW STATEMENT
(Indirect method)
CASH FLOWS FROM OPERATING ACTIVITIES
FORM B 04/TCTD
Year ended 31 December
2007 2006
Million VND Million VND
01 Net profi t before tax 1,452,118 543,254
Adjustments to reconcile net profi t for the year to net cash fl ows
from operating activities:
02 Depreciation and amortisation 44,447 34,096
03 Provision for for credit losses and diminution in value of investments 120,717 41,922
04 Interest income (450,464) (210,177)
05 Interest expenses 419,955 169,426
06 Loss/(gain) on disposal of fi xed assets 1,006 (6,659)
08 Gains on disposal of investments in other entities and other long-term
investments and dividend income (450,703) (195,548)
CASH FLOW FROM OPERATING ACTIVITIES BEFORE
CHANGES IN OPERATING ASSETS AND LIABILITIES 1,137,076 376,314
Changes in operating assets
11 Increase in placements with and loans to other credit institutions (2,760,635) (288,172)
12 Increase in trading securities and investment securities (10,983,666) (7,314)
13 Increase in derivatives and other fi nancial assets (3,851) -
14 Increase in loans and advances to customers (19,782,399) (6,114,306)
15 Decrease in interest receivable 25,596 93,118
17 Increase in other operating assets (369,779) (86,812)
Changes in operating liabilities
18 Increase/(decrease) in borrowings from the State and SBV 643,177 (63,370)
19 Increase in placements and borrowings from other credit institutions 3,136,547 439,333
20 Increase in deposits from customers 26,494,341 7,053,374
22 Increase in funds received from Government, international
and other institutions 628,625 211,038
23 Increase in valuable papers issued 2,368,082 1,572,753
24 Decrease in accrued interest expenses (104,973) (59,084)
25 Increase in other operating liabilities 615,377 25,889
NET CASH FLOWS FROM OPERATING ACTIVITIES BEFORE
BUSINESS INCOME TAX 1,043,518 3,152,761
26 Business income tax paid (123,857) (117,468)
27 Payment from reserves (66,243) (31,278)
NET CASH FLOWS FROM OPERATING ACTIVITIES 853,418 3,004,015
99

ANNUAL REPORT 2007
SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2007
CASH FLOW STATEMENT
(Indirect method) (continued)
CASH FLOWS FROM INVESTING ACTIVITIES
Year ended 31 December
2007 2006
Million VND Million VND
01 Purchase of fi xed assets (356,843) (421,563)
02 Proceeds from disposal of fi xed assets 1,680 81,581
03 Payments on disposal of fi xed assets (2,686) (524)
07 Cash paid for investments in other entities (1,238,695) (1,233,718)
08 Proceeds from disposal of investments in other entities and other
long-term investments 241,886 248,435
09 Dividend income 252,472 58,848
II NET CASH FLOWS FROM INVESTING ACTIVITIES (1,102,186) (1,266,941)
CASH FLOWS FROM FINANCING ACTIVITIES
01 Increase in chartered capital 3,163,073 625,316
04 Dividend paid in cash (44) (84,730)
III NET CASH FLOWS FROM FINANCING ACTIVITIES 3,163,029 540,586
IV NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS 2,914,261 2,277,660
V CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 5,421,836 3,144,176
VII CASH AND CASH EQUIVALENTS AT END OF THE YEAR 8,336,097 5,421,836
Cash and cash equivalents are made up of:
FORM B 04/TCTD
Cash and precious metals 3,334,708 2,827,315
Balances with the State Bank of Vietnam 3,826,932 993,443
Placements with other credit institutions 1,174,457 1,601,078
8,336,097 5,421,836
─────────────── ── ─ ───────────── ─────────────── ───────────────
───────────
Nguyen Viet An Le Hung Cuong Tran Xuan Huy
Preparer Chief Accountant General Director
6 March 2008
100

101

Our Potential:
BEYOND THE VASTNESS OF THE OCEAN

ANNUAL REPORT 2007
AWARDS BESTOWED UPON SACOMBANK
104
1. “Best Bank - Vietnam 2007” by Euromoney, The Institutional
Investor PLC;
2. “Vietnam Retail Bank of the Year 2007” by Asian Banking &
Finance;
3.“Best Small & Medium-sized Enterprises lending bank
in Vietnam” by the Small and Medium-sized Enterprises
Development Fund (SMEDF);
4. “Best Foreign Exchange Banks and Providers in Vietnam
2007” by Global Finance;
5. “Best Foreign Exchange Services Provider in Vietnam
2006” by Asiamoney and elected by the fi nancial institutions in the
Asia Pacifi c Region;

AWARDS BESTOWED UPON SACOMBANK
6. In 2007, 6 th -time winner “Best International Payment Bank”
by prestigious banks including Wachovia, Standard Chartered,
American Express, HSBC, Bank of America, Citigroup;
7. 1st Private Sector Commercial Bank and No. 26 out of 200
biggest enterprises in Vietnam by the United Nation Development
Programme (UNDP);
8. Ranked top grade by the State Bank of Vietnam’s Ranking
Board 2006;
9. The Certifi cate of Merit for Staff Excellent Achievements,
which contributed to the completion of the Bank Mission 2005
by the Governor of the State Bank of Vietnam;
10. The Certifi cate of Merit for Staff Excellent Achievements,
which contributed to the completion of the Bank Mission 2005
by The Chairman of Hochiminh City People Committee.
105

ANNUAL REPORT 2007
106
TEN MILESTONES
2. Appointing new General
Director, Mr. TRAN XUAN HUY
(*)
1. Following the success
of Hochiminh City March 8
Branch, specifi cally serving
ladies – the fi rst - of - its -
kind branch in Vietnam,
Sacombank opened Hanoi
March 8 Branch.
(*)
3. Increasing its chartered
capital to VND4,449 billion,
making it the leading
commercial joint stock
bank in terms of chartered
capital.

TEN MILESTONES
4. Winning two prestigious accolades: “Best Bank − Vietnam 2007” awarded by
Euromoney and “Vietnam Retail Bank of the Year 2007” awarded by Asian Banking and
Finance. Sacombank’s trademark was recognized both nationwide and worldwide.
5. Joinly establishing SacomInvest, further paving the way to a strong fi nancial group
107

ANNUAL REPORT 2007
108
TEN MILESTONES
6. Being the pioneer of opening Hoa Viet Branch which provides services to specifi c and
unique customers - Chinese community in Hochiminh City.
7. Being the fi rst commercial joint stock bank in Vietnam to mark the geographic
presence in all 13 cities and provinces of Mekong Delta Region with 14 branches
including Phu Quoc island. Sacombank continues to be the leading commercial joint stock
bank in terms of operations network covering 211 transaction points at 44/64 provinces and
cities nationwide.

TEN MILESTONES
8. Successfully organizing the
“Vietnam Financial Outlook” seminar,
bringing Vietnamese fi nancial market
to international banking and fi nance
institutions in Washington D.C., U.S.A.
10. Building new Head Offi ce
at 266 - 268 Nam Ky Khoi
Nghia Street, Hochiminh City,
further strengthening its longterm
commitment to customers,
shareholders and investors. The
new entity proves that the growth
has continually kept pace with the
urbanization processes.
9. Obtaining an offi cial
go - ahead to start
Representative Offi ce
in China, making the
beginning of an overseas
expansion.
109

ANNUAL REPORT 2007
110

Our Value:
NARROW VALUES DIVIDES, BUT
SHARED VALUES UNITES
111

ANNUAL REPORT 2007
INVESTOR RELATION
Throughout 2007 Sacombank is consistently ranked
among organizations whose shares have the highest
trading volumes. The Bank has accounted for between
5% and 7% of the total market capitalization and
therefore has signifi cant infl uence on the VN Index.
The stock recorded a strong rise trading at VND168,000
per share on 22 May 2007. This was an increase of
133,3% within the fi ve-month period from year-end
2006.
At the 2006 AGM, the shareholders approved a doubling
of its charter capital. It increased from VND2,089 billion
to VND4,449 billion on August 2007. The details are as
follows:
112
1. Paid 2006 dividend at 12% of shareholders’
equity, equivalent to VND259,729,540,000.
Throughout 2007
Sacombank is consistently
ranked among organizations
whose shares have the
highest trading volumes.
2. Rights issue with an exercise ratio of 1:1 and
a price of 1.5 times par value (VND15,000 per
share), equivalent to VND2,089,412,810,000.
3. Rights issue to key employees with an exercise
price of 1.5 times of par value (VND15,000 per
share), equivalent to VND20,000,000,000 billion.
On 13 August 2007, Mr. Tran Dac Sinh, General
Director of Hochiminh Stock Exchange, approved the
listing of Sacombank additional shares issued during
2007. A total of 235,940,136 additional shares with a
total value of VND2,359,401,360,000 were listed on 13
August 2007 and offi cially traded on Ho chiminh Stock
Exchange on 21 August 2007.
On 21 August 2007, the number of shares permitted
for foreign investors in Sacombank was incorrectly

posted by the Vietnam Securities Depository as 49%,
instead of the maximum 30%. Foreign investors took
this golden opportunity to buy STB shares. At the end
of day, a total of 2,058,810 STB shares were traded.
Foreign investors accounted for 50 percent of the total
stocks purchased equivalent to 1,209,380 shares.
The number of shares traded on 21 August 2007
was a record for STB’s trading volume. This proves
that Sacombank stock is sought-after in the market,
especially by foreign investment companies.
Two signifi cant events occurred in December 2007
resulting from renewed investment strategy of
signifi cant minority shareholders. On 20 December,
ANZ disclosed its registration to buy 703,172 STB
shares, increasing its stake in Sacombank to reach
10%. The IFC announced its decision to sell 8,917,620
shares on 24 December as part of restructuring its
investment portfolio. Following the IFC announcement,
foreign investors immediately registered their interest
to buy the IFC sold–off volume.
In 2007, Sacombank recorded high growth rates across
all business divisions, doubling the target growth rate
for the industry. Despite a rapid capital increase, the
ratios on capital adequacy and operating effi ciency
were maintained and improved. The ROE and ROA
were above the industry average as the additional
capital was injected into potential investments that
generated high returns.
With a positive outlook for the Vietnam banking industry
in 2008, Sacombank is set to record a high growth
rate.
113

ANNUAL REPORT 2007
Price
,
,
,
,
02/01/07
01/02/07
STB share performance year 2007
STB’s Performance year 2007
13/03/07
12/04/07
18/05/07
19/06/07
19/07/07
Date
20/08/07
20/09/07
22/10/07
Stock symbol STB
21/11/07
21/12/07
Listed date in Hochiminh Stock Exchange July 12, 2006
Outstanding shares 444,881,417 stocks
Par value per share 10,000 VND
Market capitalization (as at December 28, 2007) 29,139,732,813,500 VND
Level Jan Feb Mar Apri May June July Aust Sep Oct Nov Dec
High 100,000 108,000 167,000 147,000 168,000 156,000 64,000 57,500 71,000 74,000 69,500 70,000
Low 72,000 95,000 116,000 134,000 138,000 63,500 56,000 51,000 54,500 67,500 61,000 64,500
Average 85,614 99,321 147,364 141,778 154,273 77,667 60,750 54,348 61,868 70,239 66,364 66,389
114

Sacombank shareholder structure
(as at December 31,2007)
No. Type of shareholder Total stakes (VND) Share (%)
1 State owned enterprises 463,850,000 0,01
2 Foreign legal entities 1,324,365,840,000 29,77
3 Vietnamese legal entities 475,526,420,000 10,69
4 Foreign individuals 4,478,210,000 0,10
5 Vietnamese individuals 2,643,979,850,000 59,43
Total 4,448,814,170,000 100,00
List of Sacombank’s major shareholders
(as at December 31,2007)
No. Major shareholders Type of shareholder Total stakes Rate (%)
1 Australia and New Zealand Banking
Group Ltd (ANZ)
Foreign legal entities 437,250,000,000 9,83
2 Dragon Financial Holdings Ltd (DC) Foreign legal entities 388,277,990,000 8,73
3 International Finance Corporation (IFC) Foreign legal entities 339,247,610,000 7,63
4 Refrigeration Electrical Engineering
Corporation
Vietnamese legal entities 253,068,640,000 5,69
5 Dang Hong Anh Vietnamese individual 180,921,930,000 4,07
6 Dang Van Thanh Vietnamese individual 144,047,100,000 3,24
7 Chau Thi Van Vietnamese individual 116,937,050,000 2,63
8 Tran Thanh Son Vietnamese individual 92,919,600,000 2,09
9 Tran Van Ngoc Vietnamese individual 61,506,620,000 1,38
10 Huynh Que Ha Vietnamese individual 60,832,000,000 1,37
Total 2,075,008,540,000 46,64
115

ANNUAL REPORT 2007
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
116
1 Argentina
1 American Express Bank Ltd AEIBARB1
2 Deutsche Bank Ag DEUTARBA
2 Austria
1 Bank Austria Creditanstalt Ag BKAUATWW
2 Erste Bank Der
Oesterreichischen Sparkessen
Ag (All The Branches In Austria)
GIBAATWW
3 Raiffeisen Zentralbank Oesterreich
Ag
R ZBAATWW
4 Deutsche Bank Ag DEUTATWW
3 Australia
1 Abn Amro Bank N.V ABNAAU2B
Abn Amro Australia Ltd ABNAAU2S
2 Anz Banking Group ANZBAU2S
3 Bank Of America, N.A. BOFAAUSX
4 Citibank Limited, Sydney CITIAU2X
5 Commonwealth Bank Australia CTBAAU2S
6 Mizuho Corporate Bank Ltd,
Sydney Br
MHCBAU2S
7 S.T George Bank Ltd SGBLAU2S
8 Westpac Banking Corp
(All The Branches In Australia)
WPACAU2S
9 Jp Morgan Chase Bank CHASAU2XTSD
10 Ocbc OCBCAU2S
4 Bahrain
1 Bahrain Islamic Bank B.S.C BIBBBHBM
2 Grindlays Bahrain Bank Bsc © GRNDBHB1
3 Woori Bank, Manama HVBKBHBM
4 Standard Chartered Bank SCBLBHBM
5 Bangladesh
1 American Express Bank Ltd AEIBBDDXCTG
2 Woori Bank, Dhaka HVBKBDDH
3 Standard Chartered Bank SCBLBDDX
6 Belarus
1 Belinvestbank Jsc BLBBBY2X
(All The Branches In Belarus) BLBBBY2XBRD
2 Belpromstroibank BPSBBY2X
3 Minskcomplexbank MINKBY2X
7 Brazil
1 Banco Abn Amro Real S.A ABNABRSP
(All The Branches In Brazil) ABNABRSPBHE
2 Unibanco-Uniao De Bancos
Brassileiros
UBBR
3 Deutsche Bank Trust Company
Americas
DEUTBRSP
4 Banco Bradesco S.A BBDE
8 Bahamas
1 Bank Of America BOFABSN1
2 Scotiabank (Bahamas) NOSCBSNS
9 Belgium
1 Abn Amro Bank ABNABEBR
2 Bank Of America, N.A.Antwerp BOFABE3X
3 Ing Belgium Nv/Sa (Formerly
Bank Brussels Lambert Sa)
BBRUBEBB
(All The Branches In Belgium) BBRUBEBB010
4 Fortis Banque S.A/N.V (Formerly
Cenerale De Banque Sa).
GEBABEBB36A
(All The Branches In Belgium) GEBABEBB
5 Kbc Bank Nv KREDBEBB
(All The Branches In Belgium) KREDBEBB100
6 Sumitomo Mitsui Banking Corp SMBCBEBB
10 Bulgaria
Citibank CITIBGSF
11 Cambodia
1 Acleda Bank Plc ACLBKHPP
2 Cambodia Asia Bank CABCKHPP

117
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
3 Cambodian Commercial Bank Ltd SICOKHPP
4 Canadian Bank Ltd CADIKHPP
5 Singapore Banking Corporaton Ltd CSBCKHPP
6 Foreign Trade Bank Of Cambodia FTCCKHPP
7 Cambodian Public Bank Ltd CPBLKHPP
8 Anz Royal Bank (Cambodia) Ltd ANZBKHPP
9 National Bank Of Cambodia NCAMKHPP
12 Canada
1 Bank Of America, N.A. BOFACATT
2 Bank Of Nova Scotia NOSCCATT
3 HSBC BANK, CANADA HKBCCATT
4 Intesabci Canada BCITCATT
5 Royal Bank Of Canada ROYCCAT2
6 Bank Of Montreal BOFMCAT2
13 Cayman
1 Bankamerica Trust And Banking
Corp.
BOFAKYK1
14 Chile
1 Banco De Chile
(All Branches In The World)
BCHICLRM
2 J.P.Morgan Chase Bank, N.A CHASCLRM
3 Banco Itau Chile ITAUCLRM
15 China
1 Abn Ambro Bank ABNAHKHH
2 Allied Commercial Bank COXICNBA
3 American Express Bank AEIBHKHX
4 Agricultural Bank Of China
(All Branches In China)
ABOCCNBJ
5 Anz Banking Group Limited ANZBCNSHBJG
6 Bank Of America, N.A. BOFACN3XBEI
7 Bank Of Ayudhya AYUDHKHH
8 Bank Of China BKCHHKHH
9 Bank Of China( All Baranches In
China)
BKCHCNBJ
10 Bank Of Nova Scotia NOSCHKHH
11 Bank Of Nova Scotia NOSCCN22
12 Bank Of Tokyo BOTKHKHH
13 Bank Sinopac SINOHKHH
14 Citi Bank CITICNSXBJG
15 China Everbright Bank EVERCNBJ
(All Branches In China) EVERCNBJCC1
16 China Construction Bank PCBCCNBJ
(All Branches In China) PCBCCNBJAHX
17 Chiyu Banking Corp. Ltd CIYUHKHH
18 Chongqing Commercial Bank CQCBCN22
19 Dalian City Commercial Bank DLCBCNBD
20 Dah Sing Bank Ltd DSBAHKHH
21 Erste Bank Der
Oesterreichischen Sparkessen
Ag
GIBAHKHH
22 Esun Commercial Bank Ltd. ESUNHKHH
23 Fujian Industrial Bank FJIBCNBA
24 Industrial And Commercial Bank
Of China
UBHKHKHH
25 Wachovia Bank PNBPHKHH
26 Fortis Bank Asia Hongkong GEBAHKHH
27 Fortis Bank S.A/N.A GEBACNSH
28 Woori Bank HVBKCNSH
29 Hsbc HSBCHKHHHKH
(Focus On Shanghai) HSBCCNSH
30 Hong Kong And Shanghai
Banking Corp. Ltd
CBLICHKHK
31 Hangseng Bank HASEHKHH
32 Huanan Bank HNBKHKHH
33 Industrial And Commercial Bank
Of Cn
ICBKCNBJ
(All Branches In China) ICBKCNBJZJP
34 Jpmorgan Chase Bank CHASHKHH
35 Kbc Bank KREDCNSX
36 Mizuho Corporation Bank Ltd MHCBCNBS
37 Qingdao International Bank QIBKCNBQ
38 Ufj Bank Limited SANWCNBJ
39 Shenzhen Development Bank SZDBCNBS
(All Branches In China) SZDBCNBSFSB
40 Shinhan Bank SHBKCNBX
41 Standard Chartered Bank SCBLCNSXBJG
42 Sumitomo Mitsui Banking Corp SMBCHKHH
43 Standard Bank Asia Limited JFCOHKHH
44 United Overseas Bank Limited UOVBHKHH
45 Wing Hang Bank WIHBHKHH
46 Hsh Nordbank HSHNHKHH
47 Natexis Banques BFCECNSH

ANNUAL REPORT 2007
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
48 Ing Bank, Hk INGBHKHH
49 Bank Of Communications,Cn COMMCNSH
50 Bank Of New York,Hk IRVTHKHX
51 Bnp Paribas BNPAHKHH
52 Guangdong Development Bank GDBKCN22
53 Dbs Bank DHBKHKHH
54 Bangkok Bank Public Company
Limited
BKKBHKHH
55 Bank Of Shanghai BOSHCNSH
56 Deutsche Bank Ag DEUTHKHH
57 The Bank Of East Asia BEASHKHH
58 Bayerische Hypo Und Vereinsbank,
Hong Kong
BVBEHKHH
59 Ocbc OCBCHKHH
60 Bank Of Nanjing NJCBCNBN
61 China Minsheng Banking Coporation MSBCCNBJ
62 Citic Industrial Bank CIBKCNBJ
63 Guiyang Commercial Bank GYCBCNSI
16 Cook Islands
Anz Banking Group ANZBCKCR
17 Croatia
Hvb Bank Croatia D.D BACXHR22
18 Czech Republic
1 Hvb Bank Crech Republic A.S BACXCZPP
2 Ceska Sporitelna As GIBACZPX
3 Ing Bank Nv.Cz INGBCZPP
4 Deutsche Bank Ag DEUTCZPX
19 Denmark
1 Abn Amro Bank ABNADKKK
2 Danske Bank A/S DABADKKK
3 Fortis Bank FTSBDKKK
4 Nordea Bank Denmark NDEADKKK
20 East Timor
Anz Banking Group Limited ANZBTPDI
21 Egypt
118
Bank Of Nova Scotia NOSCEGCA
22 Fiji
Anz Banking Group Limited ANZBFJFX
23 Finland
1 Danske Bank DABAFIHX
2 Nordea Bank Finland NDEAFIHH
3 Sampo Bank PSPBFIHH
4 Oko Osuspankkien Bank OKOYFIHH
24 France
1 Abn Amro Bank ABNAFRPP
2 Anz Banking Group ANZBFRPX
3 Bank Of America, N.A BOFAFRPP
4 Banque De Neufl ize,
Schulumberger
NSMBFRPP
5 Banque Scalbert Dupont S.A CMCIFR2E
6 Credit Industriel Et Commercial CMCIFRPP
7 Kbc Bank KREDFRPP
8 Ing Bank Fr INGBFRPP
9 Mizhuho Corporation Bank Ltd MHCBFRPP
10 Sumitomo Mitsui Banking Corp SMBCFRPP
11 Societe Generale SOGEFRPP
12 Credit Lyonais CRLYFRPP
13 Fortis Bank Fr BPARFRPP
14 Bnp Paribas (All Branches) BNPA
15 Calyon BSUIFRPP
16 Natixis CCBPFRPPPAR
25 Germany
1 American Express Bank AEIBDEFX
2 Abn Amro Bank N.V
Niederlassung Deutschland
ABNADEFF
3 Anz Banking Group Limited ANZBDEFF
4 Bank Of America, N.A BOFADEFX
5 Bayerische Hypo- Und
Vereinsbank Ag
(All The Branches In Germany)
HYVEDEMM
6 Commerzbank( All Br In The World) COBA____
7 Bhf Bank BHFBDEFF
8 Danske Bank DABADEHH
9 Deutsche Bank Ag DEUTDE
(All The Branches In Germany) DEUTDEFF614
10 Dresdner Bank Ag DRESDEFF
(Bremer Bank) DRESDEFF290

119
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
11 Fortis Bank, Niederlassung
Deutschland
GEBADE33
12 J.P.Morgan CHASDEFX
13 Hamburger Sparkasse Ag HASPDEHH
14 Lansdesbank Baden Wuerttemburg SOLADEST
15 Ufj Bank Limited SANWDEDX
16 Sumitomo Mitsui Banking Corp SMBCDEDD
17 Mizhuho Corporation Bank Ltd MHCBDEDD
18 Natexis Banques Populaires BFCEDEDD
19 Scandinaviska Enskilda Baken
(Seb Ag)
ESSEDE5F
20 Dz Bank Ag GENODEFF
21 Europaeisch-Iranische Handelsbank EIHBDEHH
22 Hsh Nordbank Ag HSHNDEHH
23 Landesbank Hessen Thueringen HELADEHH
24 Bayersche Landerlank BYLADEMM
26 Greece
1 American Express Bank AEIBGRAX
2 Bank Of America, N.A BOFAGR2X
3 Standard Chartered Grindlays
Bank Limeted
GRNDGRAA
27 Hungary
1 Kereskedelmi Es Hitelbank Rt OKHBHUHB
2 Erste Bank Hungary Rt GIBAHUHB
3 Hvb Hungary Rt BACXHUHB
4 Ing Bank, Hu INGBHUHB
5 Budapest Bank BUDAHUHB
28 India
1 American Express Bank AEIBINDXMAS
2 Bank Of America, N.A BOFAIN4XCCU
3 Bank Of India, In BKIDINBB
4 Citi Bank CITIINBX
5 Hsbc HSBCINBB
6 Mizuho Corporate Bank Ltd MHCBINBB
7 Standard Chartered Bank SCBLINBB
8 Bank Of Nova Scotia, The NOSCINBB
9 Union Bank Of India UBININBB
10 Deutsche Bank Ag DEUTTWTP
11 Jp Morgan Chase Bank CHASINBX
29 Indonesia
1 Abn Amro Bank ABNAIDJA
2 American Express Bank AEIBIDJX
3 Anz Banking Group ANZBIDJX
4 Bank Of America, N.A BOFAID2X
5 Bank Rakyat Indonesia
( All Branches In Indonesia)
BRINIDJA
6 Citibank N.A. CITIIDJX
7 Woori Bank (Bank Korea Surya) HVBKIDJA
8 Hsbc HSBCIDJA
9 Lippo Bank LIPBIDJA
10 Standard Chartered Bank SCBLIDJX
11 Bank Of China BKCHIDJA
12 Bank Of Tokyo-Mitsubishi BOTKIDJX
13 Bank Nisp NISPIDJA
14 Bank Of Danamon Indonesia BDINIDJA
30 Iran
Export Development Bank Of Iran EDBIIRTH
(All Branches In Iran)
31 Israel
1 Union Bank Of Israel Ltd
( All Branches In Israel))
UNBKILIT
2 Citibank CITIILIT
3 Israel Discount Bank IDBLILIT
4 Mercantile Discount Bank Ltd BARDILIT
5 Bank Leumi Le Israel B.M LUMIILIT
32 Ireland
Bank Of America, N.A BOFAIE3X
33 Italy
1 Abn Amro Bank ABNAITMM
2 American Express Bank AEIBITMX
3 Banca Intesa Spa (Formerly
Intesabci Spa)
BCITITMM
(All The Branches In Italy) BCITITMM400
4 Banca Delle Marche Marche Spa BAMAIT3A
(All The Branches In Italy) BAMAIT3A001
5 Banca Monte Dei Paschi Di
Siena S.P.A
PASC____
6 (All Branches In The World)

ANNUAL REPORT 2007
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
34 Japan
1 Abn Amro Bank ABNAJPJT
2 American Express Bank AEIBJPJX
3 Anz Banking Group ANZBJPJX
4 Bank Of America, N.A BOFAJPJX
5 Bank Of Tokyo Mitsubishi BOTKJPJT
6 Wachovia Bank PNBPJPJX
7 Woori Bank HVBKJPJT
8 Hsbc HSBCJPJT
9 Ing Bank N.V INGBJPJT
10 The Mizuho Corporate Bank Ltd MHCBJPJT
12 Hana Bank (Formerly Seoul Bank) BSEOJPJT
13 Resona Bank Ltd DIWAJPJT
14 Shinhan Bank SHBKJPJXFUK
15 Standard Chartered Bank SCBLJPJT
16 Calyon (Credit Agricole Indosuez, Jp) BSUIJPJT
17 Sumitomo Mitsui Banking Corp SMBCJPJT
18 United Overseas Bank UOVBJPJT
19 Bank Of Nova Scotia, The NOSCJPJT
20 Mizuho Bank, Ltd MHBKJPJT
21 Dbs Bank DBSSJPJT
22 First Commercial Bank FCBKJPJT
23 Tokushima Bank TKSBJPJZ
24 Ocbc OCBCJPJT
120
7 Unione Di Banche Italiane S.C.P.A.
(Formerly Banca Lombarda E
Piemontese)
BLOPIT22
8 Banco Popolare Di Verona E
Novara Scrl Verona
VRBPIT2V
9 Bank Of America, N.A BOFAIT2X
10 Ing Bank, It INGBITMM
11 Banca Agricola Mantovana Spa BAMNIT22
12 Fortis Bank GEBAITMM
13 Banca Popolare Di Vicenza Scparl BPVI...
14 Banca Nazionale Del Lavoro S.P.A. BNLI....
15 Unicredito Italiano UNCRIT
16 Banca Dell’artigianato E
Dell’industria Spa
BAIBIT22
17 Iccrea Banca -Istituto Centrale
Del Credito Cooperativo
ICRAIT
18 Banca Popolare Dell’emilia
Romagna
BPMOIT22
19 Banca Popolare Di Bergamo BEPOIT22
25 Bayerische Hypo Und
Vereinsbank
BVBEJPJT
26 Deutsche Bank Ag DEUTSGSG
35 Jersey, C.I
1 Bank Of America, N.A BOFAJEJX
2 Standard Chartered Grindlays
Bank
GRNDJESX
3 Bhf-Bank Jersey, Ltd BHFBJES1
36 Korea
1 Abn Amro Bank ABNAKRSE
2 American Express Bank AEIBKRSX
3 Anz Banking Group ANZBKRSX
4 Bank Of America, N.A BOFAKR2X
5 Citi Bank CITIKRSX
6 Daegu Bank DAEBKR22
7 Wachovia Bank PNBPKRSX
8 Hana Bank HNBNKRSE
9 Woori Bank HVBKKRSE
10 Hsbc HSBCKRSEBSN
11 Industrial Bank Of Korea IBKOKRSE
12 Jeonbuk Bank Ltd. JEONKRSE
13 Jeju Bank JJBKKR22
14 Kookmin Bank CZNBKRSE706
15 Korea Exchange Bank KOEXKRSE
16 Pusan Bank PUSBKR2PMAS
17 Standard Chartered Bank SCBLKRSE
18 Shinhan Bank SHBKKRSE
19 Sumitomo Mitsui Banking Corp SMBCKRSE
20 Bank Of Nova Scotia, The, Seoul Br NOSCKRSE
21 Mizuho Corporate Bank, Ltd MHCBKRSE
22 Jp Morgan Chase Bank CHASKRSX
23 Ocbc OCBCKRSE
24 National Agricultural Cooperative
Federation
NACFKRSE
25 Kyongnam Bank KYNAKR22
37 Kuwait
National Bank Of Kuwait NBOKKWKW
38 Laos
1 Lao- Viet Bank LAOVLALA

121
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
2 Banque Pour Le Commerce
Exterieur Lao
( All Branches In Laos)
42 Macau
Hsbc HSBCMOMX
43 Malaysia
COEBLALA
39 Latvia
Parex Bank PARXLV22
(All Branch In Latvia) PARXLV22SAL
40 Lebanon
1 American Express Bank AEIBLBBX
2 Hsbc Bank Middle East BBMELBBX
41 Luxembourg
1 Abn Amro Bank
(Thông Báo Lc Tập Trung Về
Brussels)
ABNALULL
2 American Express Bank AEIBLULX
3 Danske Bank International S.A DABALULL
4 Bhf Bank Intl BHFBLULL
5 Banque Generale Du Luxembourg BGLLLULL
1 Abn Amro Bank ABNAMYKL
2 Bank Of America, N.A BOFAMY2X
3 Bank Of Nova Scotia NOSCMYKL
4 Citi Bank CITIMYKL
5 Hsbc HBMBMYKL
6 Hong Leong Bank Berhad HLBBMYKL
7 Kbc Bank N.V KREDMYKX
8 Rhb Bank Berhad RHBBMYKL
9 Standara Chartered Bank SCBLMYKX
10 Mizuho Corporate Bank, Ltd MHCBMYKA
11 Malayan Banking Berhad
(Maybank)
MBBEMYKL
12 Deutsche Bank Ag DEUTMYKL
13 Jp Morgan Chase Bank CHASMYKX
14 Ambank Berhad ARBKMYKL
15 Eon Bank Berhard EOBBMYKL
44 Malta
Erste Bank Ltd GIBAMTM1
45 Mauritius
Mauritius Commercial Bank
Ltd.,The
MCBLMUMU
46 Mexico
1 Banco Del Bajio BJIOMXML
2 Bank Of America, N.A BOFAMXMX
47 Myanmar
Central Bank Of Myanmar CBMYMMMY
48 Netherlands
1 Abn Amro Bank ABNANL2A
2 Bank Of America, N.A BOFANLNX
3 Fortis Bank, Nl FTSBNL2R
4 Hollandsche Bank-Unie N.V HBUANL2R
5 Ing Bank INGBNL2A
6 Kbc Bank N.A KREDNL2A
7 Mizuho Corporate Bank
Nederland N.V
MHCBNL2A
8 Rabobank Nederland Utrecht Nl
(All Member Rabobanks)
RABONL2U
9 Deutsche Bank Ag DEUTNL2A
49 New Zealand
1 Citi Bank CITINZ2X
2 Anz Banking Group ANZBNZ22102
3 Hsbc HSBCNZ2A
4 National Bank Of New Zealand
( All Branches In New Zealand)
NBNZNZ22
5 Westpac Banking Corporation
(For All New Zealand Branches)
WPACNZ2W
50 Norway
1 Skandinaviska Enskilda Banken ESSENOKX
2 Dnb Nor Bank Asa DNBA
51 Pakistan
1 American Express Bank AEIBPKK1
2 Standard Chartered Bank SCBLPKKX

ANNUAL REPORT 2007
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
52 Panama
122
Mizuho Corporate Bank MHCBPAPA
53 Palestinian Territory, Occupied
Standard Chartered Grindlays
Bank
54 Papua New Guinea
GRNDPS22
Anz Banking Group ANZBPGPX
55 Philippines
1 American Express Bank AEIBPHMX
2 Anz Banking Group ANZBPHMX
3 Asian Development Bank ASDBPHMM
4 Bank Of America, N.A BOFAPH2X
5 Bank Of Philippines Islands BOPIPHMM
6 Citi Bank CITIPHMX
7 Development Bank Of The
Philippines
DBPHPHMM
8 Mizuho Corporate Bank Ltd,
Manila Br
MHCBPHMM
9 Union Bank Of The Philippines UBPHPHMM
10 Standard Chartered Bank SCBLPHMM
56 Poland
1 Danske Bank Polska DABAPLPW
2 Bank Polska Kasa Opieki Spolka
Akcyjna
PKOPPLPW
3 Fortis Bank, Pl PPABPLPK
4 Raiffeisen Bank Polska S.A RCBWPLPW
5 Deutsche Bank Ag DEUTPLPX
6 Hongkong And Shanghai
Banking Corporation
57 Portugal
HSBCPLPW
1 Finibanco S.A FBCOPTPP
2 Fortis Bank-Suc, Portugal GEBAPTPL
3 Banco Bpi Sa BBPIPTPL
58 Qatar
1 Standard Chartered Grindlays
Bank
GRNDQAQX
2 Hsbc Bank Middle East BBMEQAQX
3 Intl Bank Of Qatar IBOQQAQA
59 Romania
1 Abn Amro Bank (Tập Trung Về
Frankfurt)
ABNAROBU
2 Hvb Bank BACXROBU
3 Romanian Commercial Bank RNCBROBUAB0
(All Other Branches In Romania) RNCBROBUTR0
4 Raiffeisen Bank S.A. RZBRROBU
60 Russia
1 Bank Of America, N.A (Moscow) BOFARUM1
2 Bank For Foreign Trade VTBRRUMM
( All Branches In Russia)
3 Bank Of Moscow, The Moscow MOSWRUMM
4 Natexis Banques Populaires BFCERUMM
5 Promsvyazbank PRMSRUMM
6 European Trust Bank CEURRUMM
7 Sberbank SABRRUMM
8 Guta Bank CBGURUMM
9 International Moscow Bank IMBKRUMM
61 Samoa
Anz Banking Group ANZBWSWW
62 Singapore
1 Abn Amro Bank ABNASGSG
2 American Express Bank AEIBSGSX
3 Anz Banking Group ANZBSGSX
4 Bank Of America, N.A BOFASG2X
5 Bank Of Nova Scotia NOSCSGSG
6 Bank Of Tokyo-Mitsubishi Ltd BOTKSGSX

123
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
7 Banque Bruxelles Lambert S.A BBRUSGSX
8 Bayerische Hypo- Und
Vereinsbank Ag
BVBESGSG
9 Citi Bank CITISGSG
10 Dbs Bank Ltd DBSSSGSG
11 Deutsche Bank Ag DEUTSGSG
12 Fortis Bank GEBASGSG
13 Hsbc HSBCSGSG
14 Hana Bank HNBNSGSG
15 Ing Bank INGBSGSG
16 Jpmorgan Chase Bank Singapore CHASSGSG
17 Kbc Bank (Singapore) Ltd KREDSG2X
18 Malayan Banking Berhad MBBESGSG
19 Mizuho Corporate Bank Ltd MHCBSGSG
20 National Bank Of Kuwait NBOKSGSG
21 Natexis Banques Populaires BFCESGSG
22 Rabo Bank RABOSGSG
23 Nordea Bank, Se NDEASGSG
24 Oversea-Chinese Banking
Corporation Limited
OCBCSGSG
25 Standara Chartered Bank SCBLSGSG
26 Sumitomo Mitsui Banking Corp SMBCSGSG
27 Skandinaviska Enskilda Baken ESSESGSG
28 Bank Of New York,Sg IRVTSGSX
29 United Overseas Bank UOVBSGSG
30 Bank Of India BKIDSGSG
31 Woori Bank HVBKSGSG
32 Ubs Ag UBSWSGSG
33 Rzb RZBASGSG
34 Krung Thai Bank Pcl KRTHSGSG
35 Dz Bank GENOSGSG
36 Societe Generale SOGESGSG
37 Calyon CRLYSGSG
63 Slovakia
1 Slovenska Sporitelna GIBASKBX
2 Ing Bank INGBSKBX
3 Unibanka A.S.(Unicredito Italiano
Group)
64 Solomon
Anz Banking Group ANZBSBSB
65 South Africa
1 Standara Chartered Bank SCBLZAJJ
2 Nedbank Ltd NEDSZAJJ
66 Saudi Arabia
National Commercial Bank NCBKSAJE
67 Spain
1 Bank Of America, N.A BOFAES2X
2 Bankinter S.A BKBKESMM
3 Banco De Valencia S.A VALEESVV
4 Banca Popular Espanol POPUESMM
(All Branches)
5 Caixa D’estalvis I Pensions CAIXESBB
6 (All Branch In Spain) CAIXESMM
7 Caja De Ahorros De Valencia CVALESVV
8 Caja De Ahorros Del Mediterraneo CAAMES2A
9 Caixa D’sestalvis De Catalunya
(All Br In Spain)
CESCESBB
10 Den Danske Bank Internation S.A DABAES21
11 Kbc Bank N.V KREDESM1
12 Banco De Sabadell S.A. BSABUS3X
13 Banco De Sabadell S.A. BSABESBB
14 Fortis Bank GEBAESMM
15 Banco Bpi S.A BBPIESMM
68 Sri Lanka
UNCRSKBX
1 Standard Chartered Grindlays Bank GRNDLKLX
2 Citi Bank CITILKLX
3 Bank Of Ceylon BCEYLKLX

ANNUAL REPORT 2007
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
69 Sudan
124
Omdurman National Bank OMDBSDKH
70 Sweden
1 Danske Bank DABASESX
2 Svenska Handelsbanken HANDSESG
(All Branches In Sweden) …
3 Skandinaviska Enskilda Banken ESSESESG
(All Branches In Sweden) ESSESESM
4 Nordea Bank, Se NDEASESS
5 Svenska Handelsbanken HANDSESS
71 Switzerland
1 American Express Bank AEIBCHGX
2 Banque Cantonale De Geneve BCGECHGG
3 Bipielle Bank(Suisse), (Gruppo
Bipielle)
BPLSCH22
4 Credit Suisse CRESCHZZ80A
(All Branch In Switzeland) CRESCHZZ30A
5 Bhf Bank (Schweiz) Ag BHFBCHZZ
6 Ing Belgium BBRUCHGT
7 Bnp Paribas S.A BPPBCHGG
8 Deusche Bank Ag DEUTCHZZ
9 Ubs Ag UBSWCHZH
( All Branches In Switzerland)
10 Fortis Bank GEBACHZZ
72 Taiwan
1 Abn Amro Taipei ABNATWTP
2 Anz Banking Group ANZBTWTP
3 American Express Bank AEIBTWTX
4 Bank Of America, N.A BOFATW2X
5 Bank Of Nova Scotia NOSCTWTP
5 Bank Of Tokyo - Mitsubishi Ltd BOTKTWTX
6 Bank Of Panhsin BBBKTWTP
7 Bank Sinopac SINOTWTP
(All Branch In Taiwan)
8 Jih Sun International Bank JSIBTWTP
9 Chinfon Commercial Bank CFCBTWTP010
10 China Trust Commercial Bank CTCBTWTP
11 Citi Bank CITITWTX
12 Esun Commercial Bank Ltd. ESUNTWTP
13 Hsbc HSBCTWTP
14 Hua Nan Commercial Bank HNBKTWTP
15 International Commercial Bank
Of China (Mega International
Commercial Bank Co. Ltd.)
24 Mizuho Corporate Bank, Ltd,
Taipei Br
MHCBTWTP
25 Hsinchu International Bank, Tw HCBATWTH
26 Tainan Business Bank TNBBTWTN
27 Taipei Fubon Commercial Bank TPBKTWTP715
28 First Commercial Bank FCBKTWTP
29 Jp Morgan Chase Bank CHASTWTX
30 Fortis Bank GEBATWTP
31 Ocbc OCBCTWTP
32 Bank Of Taiwan BKTWTWTP
73 Thailand
ICBCTWTP
16 Kbc Bank N.V KREDTWTX
17 Land Bank Of Taiwan LBOTTWTP
18 Sumitomo Mitsui Banking Corp SMBCTWTP
19 Scb SCBLTWTP
20 Ufj Bank Limited SANWTWTP
21 Union Bank Of Taiwan UBOTTWTP
22 United Overseas Bank UOVBTWTP
23 Wachovia Bank, Na PNBPTWTP
1 Abn Amro Bank N.V ABNATHBK
2 Anz Banking Group Limited ANZBTHB1
3 Bank Of America, N.A BOFATH2X
4 United Overseas Bank BKASTHBK
5 Bank Of Ayudhya AYUDTHB
6 Bank Of Tokyo-Mitsubishi Ltd BOTKTHBX

125
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
7 Thanachart Bank Public Co Ltd THBKTHBK
8 Citi Bank CITITHBX
9 Deutsche Bank DEUTTHBK
10 Hsbc HSBCTHBK
11 Krung Thai Bank Pcl KRTHTHBK
12 Mizuho Corporate Bank Ltd MHCBTHBK
13 Scb SCBLTHBX
14 Siam Commercial Bank Public Co., SICOTHBK
15 Siam City Bank Public Company Ltd SITYTHBK
16 Sumitomo Mitsui Banking Corp SMBCTHBK
17 Kasikornbank KASITHBK
18 Thai Military Bank Pcl TMBKTHBK
19 Uob Radanasin Bank Public
Company
RSBXTHBK
20 Bangkok Bank Public Company
Limited
BKKBTHBK
21 Export-Import Bank Of Thailand EXTHTHBK
22 Bankthai Public Company
Limited (Formerly The Union
Bank Of Banbkok)
UBOBTHBK
23 Jp Morgan Chase Bank CHASTHBX
24 Ocbc OCBCTHBK
74 Tonga
Anz Banking Group ANZBTONN
75 Turkey
1 Citibank CITITRIX
2 Turkiye Vakifl ar Bankasi T.A.O. TVBATR2A
3 Hsbc (All U.K. Offi ces) HSBCTRIX
4 Turk Dis Ticaret Bankasi DISB....
76 Ukraine
1 Privatbank PBANUA2X
(All Branch In Ukraine) …
2 Ukrsibbank KHABUA2K
(All Branch In Ukraine) …
3 Bank Pekao Ltd DEKRUA22
77 United Arab Emirates (Uae)
1 Standara Chartered Bank SCBLAEADABD
2 Bank Saderat Iran BSIRAEAD
3 Habib Bank Ag Zurich HBZUAEAD
4 Hsbc Bank Middle East Limited BBMEAEAD
5 National Bank Of Dubai Public
Joint Stock Company
NBDUAEAD
6 National Bank Of Abu Dhabi NBADAEAA
7 Mashreqbank Psc BOMLAEAD
78 United Kingdom
1 Abn Amro Bank N.V ABNAGB2L
2 American Express Bank AEIBGB2X
3 Anz Banking Group ANZBGB2L
4 Bank Of America, N.A BOFAGB22
5 Ing-Bhf Bank BHFBGB2L
6 Danske Bank DABAGB2L
7 Erste Bank Der Oesterreichischen
Sparkessen Ag
GIBAGB2X
8 Jpmorgan Chase Bank CHASGB2L
9 Kbc Bank N.V KREDGB2X
10 Wachovia Bank PNBPGB2L
11 Fortis Bank Sa/Nv GEBAGB22
12 Woori Bank HVBKGB2L
13 Hsbc (Formerly Midland Bank Plc) MIDLGB22
14 Hsbc (Hongkong And Shanghai
Banking Corp)
HSBCGB2L
15 Rabobank RABOGB2L
16 Ufj Bank Limited SANWGB2L
17 Shinhan Bank SHBKGB2L
18 SCB SCBLGB2L
19 Hana Bank (Formely Seoul Bank) BSEOGB2L
20 Sumitomo Mitsui Banking Corp SMBCGB2L
21 Natexis Banques BFCEGB2L
22 Standar Bank London Limited SBLLGB2L
23 Mizuho Corporate Bank Ltd MHCBGB2L
24 Bayerische Hypo Und
Vereinsbank London
HYVEGB2L
25 Ocbc OCBCGB2L

ANNUAL REPORT 2007
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
79 United States
28 Pacifi c Business Bank PBBKUS6L
29 Pnc Bank PNCCUS33
30 Ufj Bank Limited SANWUS33
31 Hana Bank (Formely Seoul Bank) BSEOUS33
126
1 American Express Bank AEIBUS33
2 Abn Amro Bank ABNAUS33
3 Anz Banking Group ANZBUS33
4 Atlantic Bank Of New York ABNYUS33
5 Bank Of America, N.A BOFAUS3N
(All Branch In Us) BOFAUS3M
6 Bank Of New York IRVT
7 Bank Of Tokyo-Mitsubishi Ltd BOTKUS33
8 Bank Of Nova Scotia NOSCUS33
9 Deutsche Bank Trust Company BKTRUS33
10 Chase Manhattan Bank CHASUS33
11 Citi Bank CITIUS33
12 Credit Lyonnasis CRLYUS33
13 East-West Bank EWBKUS66
14 Erste Bank Der Oesterreichischen
Sparkessen Ag
GIBAUS33
15 Far East National Bank FENBUS6L
16 Wachovia Bank PNBPUS3NNYC
17 Woori Bank HVBKUS6L
18 Harris Bank International Corp HATRUS33
19 Hsbc MRMDUS33
20 Israel Discount Bank Of New York IDBYUS33
21 International Finance
Corporation
IFCWUS33
22 Kbc Bank N.V KREDUS33
23 Korea Exchange Bank KOEXUS33
24 Metro Bank MBHOUS4H
25 Mizuho Corporate Bank Ltd MHCBUS33
26 M And T Bank MANTUS33
27 Mellon 1 st Business Bank MELNUS6L
32 Shinhan Bank SHBKUS33
33 Sovereign Bank SVRNUS33
34 Standard Chartered Bank SCBLUS33
35 Sumitomo Mitsui Banking Corp SMBCUS33
36 Union Bank Of California BOFCUS33LAX
37 Natexis Banques BFCEUS33
38 Guaranty Bank Of California GUBCUS6L
39 United Commercial Bank UCBHUS6S
40 Dbs Bank DBSSUS6L
41 Bank Of Tokyo-Mitsubishi
(Chicago Br)
BOTKUS4C
42 Ocbc OCBCUS33
43 Center Bank (Formerly California
Center Bank)
CCEBUS6L
44 Commerce Bank CBKCUS
45 National City Bank NATCUS33
46 American First National Bank AFNBUS4H
47 Cobank NBFCUS55
80 Uruquay
1 American Express Bank AEIBUYMM
2 Citibank CITIUYMM
81 Vanuatu
Anz Bank Ltd ANZBVUVX
82 Vietnam
1 Abn Amro Bank ABNAVNV5
2 Anz Banking Group ANZBVNVX
4 Bank Of Tokyo BOTKVNVX
Bank For Foreign Trade Of
Vietnam (All Branches In Vn)
5 Bank For Investment And
Development Of Vietnam
ANZBVNVX472
3 Bank Of China BKCHVNVX
BFTVVNVX
BIDVVNVX

127
CORRESPONDENT BANKS
No COUNTRY/BANK SWIFTCODE No COUNTRY/BANK SWIFTCODE
6 Chinfon Commercial Bank CFCBVNVX
7 Chohung Vina Bank
(Shinhanvina Bank)
SHBKVNVN
8 Citi Bank CITIVNVX
9 Citi Bank CITIVNVXHCM
10 Deutsche Bank DEUTVNVX
11 First Commercial Bank FCBKVNVX
Far East National Bank FENBVNVX
12 Hsbc HSBCVNVX
13 Industrial And Commercial Bank
Of Vietnam (All Branches In
Vietnam)
ICBVVNVX
14 Orient Commercial Joint Stock
Bank
ORCOVNVX
15 Scb SCBLVNVX
16 Shinhan Bank SHBKVNVX
17 Mizuho Corporate Bank Ltd,
Hanoi Br
MHCBVNVX
18 Natexis Banques Populaires BFCEVNVX
19 Southern Commercial Joint
Stock Bank
PNBKVNVX
20 Vietnam Export Import
Commercial Bank
EBVIVNVX
21 Vietnam Technological And
Commercial J.S Bank
VTCBVNVX
22 Woori Bank, Hanoi HVBKVNVX
23 Vp Bank, Vn VPBKVNVX
24 Hua Nan Commercial Bank HNBKVNVX
25 Sai Gon Commercial Bank SACLVNVX
26 An Binh Bank ABBKVNVX
83 Botswana
Standard Chartered Bank SCHBBWGX
84 Afghanistan
Standard Chartered Bank SCBLAFKA
85 Zambia
Standard Chartered Bank SCBLZMLX
86 Ghana
Standard Chartered Bank SCBLGHAC
87 Cameroon
Standard Chartered Bank SCBLCMCX
88 Slovenia
Bank Austria Creditanstalt D.D. BACXSI22
89 Iceland
Islandsbanki ISBAISRE
90 Jordan
Jordan Kuwait Bank JKBAJOAM

Our Achievements:
PARADISE ARE NOT FOUND BY
CHANGE BUT BY CHOICE

ANNUAL REPORT 2007
DISTRIBUTION NETWORK
130
Hanoi Region
1 Hanoi Transaction Center 88 Ly Thuong Kiet Street - Cua Nam - Hoan Kiem District - Hanoi City
Tel: (84 4) 9 428 095 Fax: (84 4) 9 428 085
1 Number 2 T.O .(*) 87 Hang Bac Street- Hang Bac - Hoan Kiem District- Hanoi City
Tel: (84 4) 9 261 392 Fax: (84 4) 9 261 392
2 Dong Xuan T.O 12 Tran Nhat Duat Street - Dong Xuan - Hoan Kiem District- Hanoi City
Tel: (84 4) 9 290 135 Fax: (84 4) 9 283 725
3 Hoan Kiem T.O 16E Duong Thanh Street - Hoan Kiem District- Hanoi City
Tel: (84 4) 9 232 140 Fax: (84 4) 9 230 822
4 Thuy Khue T.O 153A Thuy Khue Street - Thuy Khue - Tay Ho District- Hanoi City
Tel: (84 4) 7 281 466 Fax: (84 4) 7 281 467
5 Ly Nam De T.O 10A3 Ly Nam De Street - Hang Ma -Hoan Kiem District- Hanoi City
Tel: (84 4) 7 478 418 Fax: (84 4) 7 478 419
2 8th March Branch 248B Pho Hue Street- Pho Hue Ward - Hai Ba Trung District- Hanoi City
Tel: (84 4) 9 743 833 Fax: (84 4) 9 743 822
3 Hanoi Branch 65 Ngo Thi Nham Street - Hai Ba Trung District- Hanoi City
Tel: (84 4) 9 436 007 Fax: (84 4) 9 432 988
6 Cho Mo T.O 442 Bach Mai Street - Truong Dinh - Hai Ba Trung District- Hanoi City
Tel: (84 4) 2 781 707 Fax: (84 4) 2 781 700
7 Dinh Cong T.O 12D18 Dinh Cong New Urban Area - Dinh Cong - Hoang Mai District- Hanoi City
Tel: (84 4) 6 404 061 Fax: (84 4) 6 404 062
8 Bach Khoa T.O 10 Ta Quang Buu Street- Bach Khoa - Hai Ba Trung District - Hanoi City
Tel: (84 4) 2 781 536 Fax: (84 4) 2 781 545
4 Dong Da Branch 360 Tay Son Street- Dong Da District - Hanoi City
Tel: (84 4) 5 640 455 Fax: (84 4) 5 640 456
9 Number 3 T.O 65 Tran Dang Ninh Street- Cau Giay District- Hanoi City
Tel: (84 4) 7 930 094 Fax: (84 4) 7 910 950
10 Ha Tay T.O 737 Quang Trung Street- Ha Dong District- Ha Tay
Tel: (84 343) 552 398 Fax: (84 343) 824 047
(*) T.O. = Transaction Offi ce

5 Long Bien Branch 247 Ngo Gia Tu Street - Duc Giang - Long Bien District - Hanoi City
Tel: (84 4) 6 522 055 Fax: (84 4) 6 522 066
11 Yen Vien T.O 455 Ha Tuy Tap Street - Yen Vien - Gia Lam District - Hanoi City
Tel: (84 4) 6 982 936 Fax: (84 4) 6 982 936
6 Thanh Tri Branch 110 Khu cho Street - Van Dien - Thanh Tri District - Hanoi City
Tel: (84 4) 6 814 855 Fax: (84 4) 6 814 856
7 Thang Long Branch 60A Nguyen Chi Thanh Street - Lang Thuong - Dong Da District- Hanoi City
Tel: (84 4) 7 756 707 Fax: (84 4) 7 756 708
8 Cau Giay Branch 393 Hoang Quoc Viet Street- Cau Giay District - Hanoi City
Tel: (84 4) 7 915 299 Fax: (84 4) 7 915 289
Northern Region
9 Hung Yen Branch 13 - 39A Pho Noi Street - Ban Yen Nhan - My Hao District- Hung Yen
Tel: (84 321) 942 905 Fax: (84 321) 942 387
12 Pho Hien T.O 279 Dien Bien Street - Hung Yen
Tel: (84 321 )866 770 Fax: (84 321) 866 769
13 PGD Bo Thoi T.O Bo Thoi - Hong Tien - Khoai Chau District- Hung Yen
Tel: (84 321) 920 690 Fax: (84 321) 920 689
10 Bac Ninh Branch 202 Tran Phu Street - Tu Son District - Bac Ninh
Tel: (84 241) 743 965 Fax: (84 241) 760 352
14 Tien Du T.O Lim Town - Tien Du District - Bac Ninh
Tel: (84 241) 710 711 Fax: (84 241) 710 711
15 Tien An T.O 340 Ngo Gia Tu Street - Tien An District - Bac Ninh
Tel: (84 241) 811 622 Fax: (84 241) 811 622
131

ANNUAL REPORT 2007
DISTRIBUTION NETWORK
132
16 Dong Anh T.O 31 Cao Lo Street - Uy No - Dong Anh District - Hanoi City
Tel: (84 4) 9 653 801 Fax: (84 4) 9 653 800
11 Thanh Hoa Branch 2 Phan Chu Trinh Street - Dien Bien - Thanh Hoa
Tel: (84 373) 715 750 Fax: (84 373) 715 753
17 Nguyen Trai T.O 233 Nguyen Trai Street - Thanh Hoa
Tel: (84 373) 757 661 Fax: (84 373) 757 675
12 Lang Son Branch 8 Ngo Quyen Street - Vinh Trai District- Lang Son
Tel: (84 25) 716 324 Fax: (84 25) 716 325
18 Tan Thanh T.O Kiot 86-88-90 - Tan Thanh Border Gate’s Main Street - Lang Son
Tel: (84 25) 888 579 Fax: (84 25) 888 581
13 Hai Duong Branch 144 Thong Nhat Street - Le Thanh Nghi District - Hai Duong
Tel: (84 320) 833 208 Fax: (84 320) 833 209
19 Sao Do T.O 119 Nguyen Trai 1 Street - Sao Do Town - Chi Linh District - Hai Duong
Tel: (84 320) 3 589 347 Fax: (84 320) 3 589 348
20 Phu Thai T.O Pho Ga - Phu Thai Town - Kim Thanh District - Hai Duong
Tel: (84 320) 3 726 388 Fax: (84 320) 3 726 389
21 Ke Sat T.O 158 - Nga 5 Area - Trang Liet Commune - Binh Giang District - Hai Duong
Tel: (84 320) 3 773 371 Fax: (84 320) 3 773 372
14 Hai Phong Branch 62-64 Ton Duc Thang Street - Tran Nguyen Han - Le Chan District - Hai Phong CIty
Tel: (84 313) 719 999 Fax: (84 313) 719 991
22 Tam Bac T.O 102A Quang Trung Street - Phan Boi Chau - Hong Bang District - Hai Phong City
Tel: (84 313) 521 058 Fax: (84 313) 521 059
15 Quang Ninh Branch 607 Le Thanh Tong Street - Ha Long City - Quang Ninh
Tel: (84 33) 696 789 Fax: (84 33) 591 633

Central Region
16 Lam Dong Branch 32 Hoa Binh Street- 3th February Street - Da Lat City - Lam Dong
Tel: (84 63) 511 083 Fax: (84 63) 511 083
23 Bao Loc T.O 43 Le Thi Pha Street - Bao Loc - Lam Dong
Tel: (84 63)711 254 Fax: (84 63) 711 254
24 Duc Trong T.O 456 NH 20, Quarter 2 - Lien Nghia Town - Duc Trong - Lam Dong
Tel: (84 63) 649 161 Fax: (84 63) 649 162
25 Quang Trung T.O 26 Quang Trung Street - Da Lat City- Lam Dong
Tel: (84 63) 826 600 Fax: (84 63) 826 600
17 Binh Dinh Branch 98 Mai Xuan Thuong Street- Ly Thuong Kiet District- Quy Nhon - Binh Dinh
Tel: (84 56) 817 314 Fax: (84 56) 817 312
26 Dap Da T.O Bang Chau Area - Dap Da Town - An Nhon - Binh Dinh
Tel: (84 56) 639 702 Fax: (84 56) 639 704
27 Le Loi T.O 131 Le Loi Street- Tran Hung Dao Ward - Quy Nhon - Binh Dinh
Tel: ( 84 56) 817 177 Fax: (84 56) 817 176
28 Bong Son T.O 243 Quang Trung Street - Bong Son - Hoai Nhon - Binh Dinh
Tel: (84 56) 961 370 Fax: (84 56) 961 373
18 Khanh Hoa Branch 54A Yersin Street - Phuong Sai - Nha Trang City - Khanh Hoa
Tel: (84 58) 817 586 Fax: (84 58) 817 602
29 Ninh Hoa T.O 290 Tran Quy Cap Street - Ninh Hoa - Khanh Hoa
Tel: (84 58) 630 864 Fax: (84 58) 630 863
30 Nha Trang T.O 65 Nguyen Trai Street - Phuoc Tien - Nha Trang City - Khanh Hoa
Tel: (84 58) 515 495 Fax: (84 58) 515 708
31 Le Hong Phong T.O 193 Le Hong Phong Street- Phuoc Hoa - Nha Trang City - Khanh Hoa
Tel: (84 58) 889 192 Fax: (84 58) 889 194
32 Cam Ranh T.O 134-136 QL 1 - Ba Ngoi Ward - Cam Ranh - Khanh Hoa
Tel: (84 58) 954 300 Fax: (84 58) 954 302
133

ANNUAL REPORT 2007
DISTRIBUTION NETWORK
134
19 Phu Yen Branch 97 Nguyen Trai Street - Ward 4 - Tuy Hoa City - Phu Yen
Tel: (84 57) 893 341 Fax: (84 57) 893 342
33 Nam Tuy Hoa T.O 374 Nguyen Van Linh Street - Phu Lam - Tuy Hoa City - Phu Yen
Tel: (84 57) 851 850 Fax: (84 57) 851 850
20 Da Nang Branch 202 Hoang Dieu Street - Nam Duong - Hai Chau - Da Nang City
Tel: (84 511) 3 582 983 Fax: (84 511) 3 582 613
34 Cho Con T.O 225 Ong Ich Khiem Street - Group 58 Cau Vong - Hai Chau - Da Nang City
Tel: (84 511) 3 866 368 Fax: (84 511) 3 866 369
35 Thanh Khe T.O 568 Dien Bien Phu Street - Thanh Khe Dong - Thanh Khe - Da Nang City
Tel: (84 511) 3 725 542 Fax: (84 511) 3 725 543
36 Son Tra T.O 617 Ngo Quyen Street - An Nhon Dong - Son Tra - Da Nang City
Tel: (84 511) 3 260 099 Fax: (84 511) 3 260 010
37 Cam Le T.O 179 Ong Ich Duong Street - Khue Trung - Cam Le - Da Nang City
Tel: (84 511) 3 247 000 Fax: (84 511) 3 696 700
38 Hoang Anh Plaza T.O 1 Nguyen Van Linh Street - Nam Duong - Hai Chau - Da Nang City
Tel: (84 511) 3 254 767 Fax: (84 511) 3 254 768
21 Hoi An Branch 91 Tran Hung Dao Street - Hoi An Town - Quang Nam
Tel: (84 510) 911 286 Fax: (84 510) 911 266
39 Nam Phuoc T.O 37 Group 2 - Quarter 2 - Long Xuyen, Nam Phuoc
Nam Phuoc - Duy Xuyen - Quang Nam
Tel: (84 510) 777 123 Fax: (84 510) 777 125
40 Tam Ky T.O 568 Phan Chu Trinh Street - Tam Ky - Quang Nam
Tel: (84 510) 835 366 Fax: (84 510) 835 355
22 Thua Thien Hue Branch 126 Nguyen Hue Street - Phu Nhuan - Hue - Thua Thien Hue City
Tel: (84 54) 834 979 Fax: (84 54) 834 980
41 An Cuu T.O 144 Hung Vuong Street - Phu Nhuan - Hue - Thua Thien Hue City
Tel: (84 54) 814 181 Fax: (84 54) 814 243
42 Phu Bai T.O Khu 4 - Phu Bai Town - Huong Thuy - Thua Thien Hue City
Tel: (84 54) 851 032 Fax: (84 54) 851 033

43 Tay Loc T.O 172 (Formerly 02) - Nguyen Trai Street- Tay Loc - Hue - Thua Thien Hue City
Tel: (84 54) 539 366 Fax: (84 54) 539 365
44 Phu Xuan T.O 49 Tran Hung Dao Street - Phu Hoa - Hue - Thua Thien Hue City
Tel: (84 54) 513 865 Fax: (84 54) 513 850
23 Quang Binh Branch 254 Tran Hung Dao Street - Nam Ly - Dong Hoi City - Quang Binh
Tel: (84 52) 846 846 Fax: (84 52) 844 966
45 Bo Trach T.O NH1 A - TK 2 - Hoan Lao Street - Bo Trach - Quang Binh
Tel: (84 52) 612 444 Fax: (84 52) 612 555
24 Quang Tri Branch 43 Tran Hung Dao Street - 1 - Dong Ha - Quang Tri
Tel: (84 53) 555 889 Fax: (84 53) 555 890
46 Vinh Linh T.O Huu Nghi Sub-ward - Ho Xa Town - Vinh Linh - Quang Tri
Tel: (84 53) 217 862 Fax: (84 53) 622 261
47 Trieu Hai T.O 220 Tran Hung Dao Street - Ward 2 - Quang Tri - Quang Tri
Tel: (84 53) 664 458 Fax: (84 53) 664 457
48 Dong Ha T.O 86 Le Duan Street - Ward 1 - Dong Ha - Quang Tri
Tel: (84 53) 553 800 Fax: (84 53) 553 801
25 Dak Lak Branch 130-132 Le Hong Phong Street - Thong Nhat - Buon Me Thuot City - Dak Lak
Tel: (84 500) 861 105 Fax: (84 500) 861 104
49 Dak Nong T.O 43A National Highway 14 - Tam Thang Commune - Cu Jut - Dak Nong
Tel: (84 501) 683 798 Fax: (84 501) 683 632
50 Eakar T.O 3B TT Eakar - District Eakar - Dak Lak
Tel: (84 500) 626 960 Fax: (84 500) 626 961
51 Buon Ma Thuot T.O 362-364 Le Duan Street - Buon Me Thuot City - Dak Lak
Tel: (84 50) 861 102 Fax: (84 50) 861 101
26 Binh Thuan Branch 126 Tran Hung Dao Street - Phan Thiet City - Binh Thuan
Tel: (84 62) 834 655 Fax: (84 62) 832 115
135

ANNUAL REPORT 2007
DISTRIBUTION NETWORK
136
27 Gia Lai Branch Nguyen Thien Thuat Street - Dien Hong - Pleiku City - Gia Lai
Tel: (059) 720 074 Fax: (059) 720 073
52 KonTum T.O 73A Phan Dinh Phung Street - Quang Trung - KonTum town - KonTum
Tel: (84 60) 913 457 Fax: (84 60) 913 458
28 Ninh Thuan Branch 336 Thong Nhat Street- Phu Ha - Phan Rang City - Thap Cham - Ninh Thuan
Tel: (84 68) 832 300 Fax: (84 68) 832 301
29 Quang Ngai Branch 449 Quang Trung Street - Quang Ngai - Quang Ngai
Tel: (84 55) 715 555 Fax: (84 55) 715 557
Eastern Region
30 Binh Duong Branch 431 Binh Duong Avenue - Area 1, Phu Cuong -
Thu Dau Mot - Binh Duong
Tel: (84 650) 859 593 Fax: (84 650) 859 591
53 Thu Dau Mot T.O 77-79 Doan Tran Nghiep Street - Thu Dau Mot - Binh Duong
Tel: (84 650) 859 961 Fax: (84 650) 859 962
54 Ben Cat T.O 160 Group 6 - Cay San Hamlet - Lai Uyen - Ben Cat - Binh Duong
Tel: (84 650) 562 863 Fax: (84 650) 552 033
55 Di An T.O 12A/22 Tran Hung Dao Street - Binh Minh commune - Di An Town -
Di An - Binh Duong
Tel: (84 650) 734 840 Fax: (84 650) 734 841
56 Lai Thieu T.O C186A Group 18, Binh Duc Quarter - Lai Thieu -
Thuận An - Binh Duong
Tel: (84 650) 760 375 Fax: (84 650) 760 437
57 My Phuoc T.O Quarter 1 Binh Duong Avenue - My Phuoc - Ben Cat - Binh Duong
Tel: (84 650) 559 669 Fax: (84 650) 559 668
58 Tan Phuoc Khanh T.O 34 DT 746 Street - Tan Phuoc Khanh - Tan Uyen - Binh Duong
Tel: (84 650) 612 060 Fax: (84 650) 612 062

31 Dong Nai Branch 87-89 30th April Street - Thanh Bình - Bien Hoa City - Dong Nai
Tel: (84 61) 3 946 067 Fax: (84 61) 3 946 068
59 Long Khanh T.O 908B Hung Vuong Street - Xuan Loc - Long Khanh - Dong Nai
Tel: (84 61) 3 783 587 Fax: (84 61) 3 783 443
60 Ho Nai T.O 367/8 Ha Noi Highway, Quarter 5B - Tan Bien - Bien Hoa City - Dong Na
Tel: (84 61) 3 884 149 Fax: (84 61) 3 884 073
61 Bien Hoa T.O 141/5 National Highway 15 - Tam Hiep - Bien Hoa City - Dong Nai
Tel: (84 61) 3 913 518 Fax: (84 61) 3 913 513
62 Trang Bom T.O 82/3 Thanh Hoa Hamlet - Ho Nai 3 Commune - Trang Bom - Dong Nai
Tel: (84 61) 3 673 970 Fax: (84 61) 3 673 971
63 Gia Kiem T.O 112/4 - Tan Yen Hamlet - Gia Tan 3 Commune - Thong Nhat - Dong Nai
Tel: (84 61) 3 778 487 Fax: (84 61) 3 778 488
64 Long Binh Tan T.O C2/9 and 9B/2 Quarter 1 - Long Binh Tan - Bien Hoa - Dong Nai
Tel: (84 61) 834 680 Fax: (84 61) 834 680
32 Binh Phuoc Branch Phu Thanh Quarter - Tan Phu - Dong Xoai City - Binh Phuoc
Tel: (84 651) 888 092 Fax: (84 651) 883 569
65 Phuoc Long T.O 217 Quarter 2 - Phuoc Binh - Phuoc Long - Binh Phuoc
Tel: (84 651) 775 201 Fax: (84 651) 775 201
66 Binh Long T.O 158 Tran Hung Dao Street - Quarter 4 - Binh Long - Binh Phuoc
Tel: (84 651) 682 692 Fax: (84 651) 682 692
33 Ba Ria-Vung Tau Branch 67A Le Hong Phong Street - Vung Tau - Ba Ria - Vung Tau
Tel: (84 64) 553 333 Fax: (84 64) 553 336
67 Ba Ria T.O 3 Duong Bach Mai Street - Phuoc Trung - Ba Ria - Vung Tau
Tel: (84 64) 717 148 Fax: (84 64) 717 150
68 Chau Duc T.O 291-293 Hung Vuong Street - Ngai Giao - Chau Duc - Ba Ria - Vung Tau
Tel: (84 64) 963 011 Fax: (84 64) 963 033
69 Rach Dua T.O 196 30th April Street - Rach Dua - Vung Tau - Ba Ria - Vung Tau
Tel: (84 64) 615 298 Fax: (84 64) 615 194
137

ANNUAL REPORT 2007
DISTRIBUTION NETWORK
138
Hochiminh City
34 Hochiminh City 266-268 Nam Ky Khoi Nghia Street - Ward 8 - District 3 - Hochiminh City
Transaction Center Tel: (84 8) 9 322 670 Fax: (84 8) 9 320 425
70 Le Van Sy T.O 51 Tran Quang Dieu Street - Ward 14 - District 3 - Hochiminh City
Tel: (84 8) 9 318 816 Fax: (84 8) 9 318 817
35 Sai Gon Branch 211-213-215 Pham Ngu Lao Street - District 1 - Hochiminh City
Tel: (84 8) 8 360 243 Fax: (84 8) 8 368 598
71 Binh Thanh T.O 278 Xo Viet Nghe Tinh Street - Ward 21 - Binh Thanh District - Hochiminh City
Tel: (84 8) 5 122 359 Fax: (84 8) 5 122 008
72 Tan Dinh T.O 69 Phan Dinh Phung Street - Ward17 - Phu Nhuan District - Hochiminh City
Tel: (84 8) 9 903 675 Fax: (84 8) 9 903 683
73 Thanh Da T.O 714 Xo Viet Nghe Tinh District - Ward 25 - Binh Thanh District - Hochiminh City
Tel: (84 8) 5 116 107 Fax: (84 8) 5 116 108
74 Cao Thang T.O 4A Cao Thang District - Ward 5 - District 3 - Hochiminh City
Tel: (84 8) 8 335 646 Fax: (84 8) 8 335 646
75 District 1 T.O 6-8 Pho Duc Chinh Street- Nguyen Thai Binh Ward - District 1 - Hochiminh City
Tel: (84 8) 9 144 515 Fax: (84 8) 9 144 516
76 Ham Nghi T.O 87A Ham Nghi District - Nguyen Thai Binh Ward - District 1 - Hochiminh City
Tel: (84 8) 9 147 486 Fax: (84 8) 9 147 489
36 Hung Dao Branch 99A Nguyen Van Cu Street - Ward 2 - District 5 - Hochiminh City
Tel: (84 8) 9 232 800 Fax: (84 8) 9 232 799
77 Dong Khanh T.O 65-67 Tran Hung Dao Street - Ward 6 - District 5 - Hochiminh City
Tel: (84 8) 8 384 126 Fax: (84 8) 8 384 074
78 Nguyen Tri Phuong T.O 304-306 Nguyen Tri Phuong Street - Ward 4 - District 10 - Hochiminh City
Tel: (84 8) 8 347 458 Fax: (84 8) 8 345 043
79 Le Dai Hanh T.O 347 Le Dai Hanh Street - Ward 13 - District 11 - Hochiminh City
Tel: (84 8) 8 653 335 Fax: (84 8) 8 653 335
80 3th February T.O 276-280 3/2 Street - Ward 12 - District 10 - Hochiminh City
Tel: (84 8) 8 680 383 Fax: (84 8) 8 680 382
81 Phu My Hung T.O Unit D1,No. 9 My Hoang Quarter, Phu My Hung - District 7 - Hochiminh City
Tel: (84 8) 4 121 631 Fax: (84 8) 4 120 923
82 Hong Bang T.O 517 Hong Bang Street - Ward 14 - District 5 - Hochiminh City
Tel: (84 8) 8 552 207 Fax: (84 8) 8 552 214

37 Cho Lon Branch 485-487-489 Nguyen Chi Thanh Street - Ward 15 - District 5 - Hochiminh City
Tel: (84 8) 9 555 280 Fax: (84 8) 9 555 947
83 Binh Tan T.O 494-496 Kinh Duong Vuong Street - An Lạc A ward - Binh Tan District - Hochiminh City
Tel: (84 8) 7 522 271 Fax: (84 8) 7 522 272
84 Phu Lam T.O 63A Kinh Duong Vuong Street - Ward 12 - District 6 - Hochiminh City
Tel: (84 8) 7 515 257 Fax: (84 8) 7 515 246
85 Binh Phu T.O 50-52 Street No. 22, Binh Phu Residential Area - Ward 11 - District 6 - Hochiminh City
Tel: (84 8) 7 551 723 Fax: (84 8) 7 551 724
86 Binh Chanh T.O B1/16-B1/17 1 A National Highway - Hamlet 2,
Binh Chanh Commune - Binh Chanh District - Hochiminh City
Tel: (84 8) 7 608 140 Fax: (84 8) 7 608 141
87 Ly Thuong Kiet T.O 104-106 Ly Thuong Kiet Street - Ward 7 - District 10 - Hochiminh City
Tel: (84 8) 9 573 137 Fax: (84 8) 9 573 138
88 Lac Long Quan T.O 349L-349K Lac Long Quan Street - Ward 5 - District 11 - Hochiminh City
Tel: (84 8) 9 750 982 Fax: (84 8) 9 750 983
38 Tan Binh Branch 224 Le Van Sy Street - Ward 1 - Tan Binh District - Hochiminh City
Tel: (84 8) 9 907 202 Fax: (84 8) 9 907 205
89 Ba Queo T.O 14/3A Truong Chinh Street - Ward 13 - Tan Binh District - Hochiminh City
Tel: (84 8) 8 495 010 Fax: (84 8) 8 495 010
90 Lu Gia T.O 08 Street No. 2 - Lu Gia Quarter - Ward 15 - District 11 - Hochiminh City
Tel: (84 8) 8 651 204 Fax: (84 8) 8 651 204
91 Phu Tho Hoa T.O 303 Nguyen Son Street - Phu Thanh Ward - Tan Phu District - Hochiminh City
Tel: (84 8) 9 786 034 Fax: (84 8) 9 786 034
92 Ong Ta T.O 785-785A Cach Mang Thang 8 Street - Ward 6 - Tan Binh District - Hochiminh City
Tel: (84 8) 9 702 230 Fax: (84 8) 9 702 230
93 Tan Quy T.O 17 Go Dau Street - Tan Quy Ward - Tan Phu District - Hochiminh City
Tel: (84 8) 8 109 833 Fax: (84 8) 8 109 833
94 Tan Binh IP T.O Block IV-18 - No. 2 Tan Binh IP - Tay Thanh - Tan Phu - Hochiminh City
Tel: (84 8) 8 156 799 Fax: (84 8) 8 156 799
95 E Town T.O 364 Cong Hoa Street - Tan Binh District - Hochiminh City
Tel: (84 8) 8 125 701 Fax: (84 8) 8 105 702
139

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39 Go Vap Branch 94-96-98 Nguyen Oanh Street - Ward 7 - Go Vap District - Hochiminh City
Tel: (84 8) 8 943 648 Fax: (84 8) 8 941 918
96 Cho Cau T.O B74 To Ky Street - Dong Hung Thuan Ward - District 12 - Hochiminh City
Tel: (84 8) 7 150 828 Fax: (84 8) 7 150 828
97 Binh Hoa T.O 95 Le Quang Dinh Street - Ward 14 - Binh Thanh District - Hochiminh City
Tel: (84 8) 5 160 644 Fax: (84 8) 5 160 644
98 Go Vap T.O 120 Nguyen Van Nghi Street - Ward 5 - Go Vap District - Hochiminh City
Tel: (84 8) 8 941 001 Fax: (84 8) 8 941 001
99 Xom Moi T.O 20/401 Le Duc Tho Street - Ward 16 - Go Vap District- Hochiminh City
Tel: (84 8) 9 963 090 Fax: (84 8) 9 963 090
100 An Suong T.O 207-209 Truong Chinh Street - Ward Tan Thoi Nhat - District 12 - Hochiminh City
Tel: (84 8) 2 568 459 Fax: (84 8) 2 568 458
101 Thong Tay T.O 2/5 Quang Trung - Ward 11 - Go Vap District - Hochiminh City
Tel: (84 8) 8 958 561 Fax: (84 8) 9 967 984
102 Thanh Loc T.O 170 Ha Huy Giap Street - Ward Thanh Loc - District 12 - Hochiminh City
Tel: (84 8) 7 163 903 Fax: (84 8) 7 163 904
40 Hoc Mon Branch 19/4A Ly Thuong Kiet Street - Hoc Mon Town - Hochiminh City
Tel: (84 8) 8 910 179 Fax: (84 8) 7 103 545
103 Trung Chanh T.O 145/5 Nguyen Anh Thu Street - Trung Chanh Ward - Hoc Mon District -Hochiminh City
Tel: (84 8) 8 839 325 Fax: (84 8) 8 839 324
104 PGD Thoi An T.O 25/3 Le Van Khuong Street - Thoi An Ward - District 12 - Hochiminh City
Tel: (84 8) 7 177 308 Fax: (84 8) 7 177 310
41 Cu Chi Branch NH 22 - Tan Thong Hoi Street - Cu Chi District - Hochiminh City
Tel: (84 8) 7 901 262 Fax: (84 8) 7 900 262
105 An Nhon Tay T.O Cho Cu Street - An Nhon Tay - Cu Chi District - Hochiminh City
Tel: (84 8) 7 947 123 Fax: (84 8) 7 947 124
106 Tan Quy T.O PH 15 - Hamlet 12 - Tan Thanh Dong Ward - Cu Chi District - Hochiminh City
Tel: (84 8) 7 954 885 Fax: (84 8) 7 954 841
42 8th March Branch 192-194 Ly Thuong Kiet Street - Ward 8 - Tan Binh District -Hochiminh City
Tel: (84 8) 9 712 043 Fax: (84 8) 9 711 367

43 Thu Duc Branch 251 Vo Van Ngan Street - Linh Chieu Ward - Thu Duc Dsitrict - Hochiminh City
Tel: (84 8) 7 222 799 Fax: (84 8) 7 222 800
107 Kien Thiet T.O 83A Le Van Viet Street - Quarter 3, Hiep Phu Ward - District 9 - Hochiminh City
Tel: (84 8) 7 360 541 Fax: (84 8) 7 360 544
44 District 8 Branch 324 Chanh Hung Street - District 8 - Hochiminh City
Tel: (84 8) 8 508 340 Fax: (84 8) 8 508 341
108 Xom Cui T.O 409-411 Tung Thien Vuong Street - Ward 12 - District 8 - Hochiminh City
Tel: (84 8) 9 514 893 Fax: (84 8) 9 514 893
109 Rach Ong T.O 92-94 Nguyen Thi Tan Street - Ward 2 - District 8 - Hochiminh City
Tel: (84 8) 9 830 133 Fax: (84 8) 9 830 135
45 District 4 Branch 55-57 Hoang Dieu Street - Ward 4 - Hochiminh City
Tel: (84 8) 9 433 963 Fax: (84 8) 9 433 983
110 Tan Thuan T.O 384 Huynh Tan Phat Street - Binh Thuan Ward - District 7 - Hochiminh City
Tel: (84 8) 8 724 288 Fax: (84 8) 8 724 289
46 Hoa Viet Branch 382 A-B Tran Hung Dao Street - Ward 11 - District 5 - Hochiminh City
Tel: (84 8) 8 553 131 Fax: (84 8) 8 553 003
111 Phung Hung T.O 36-38 Phung Hung Street - Ward 13 - District 5 - Hochiminh City
Tel: (84 8) 8 553 007 Fax: (84 8) 8 553 013
47 District 10 Branch 187 Ngo Gia Tu Street - Ward 3 - District 10 - Hochiminh City
Tel: (84 8) 4 052 025 Fax: (84 8) 4 025 026
48 Tan Phu Branch 90-90A Luy Ban Bich Street - Hiep Tan Ward - District Tan Phu - Hochiminh City
Tel: (84 8) 9 737 303 Fax: (84 8) 9 737 312
49 Binh Thanh Branch 10-12 Le Quang Dinh Street - Ward 14 - Binh Thanh District - Hochiminh City
Tel: (84 8) 5 512 700 Fax: (84 8) 5 512 699
112 Thi Nghe T.O 39-41 Xo Viet Nghe Tinh Street - Ward 17 - Binh Thanh District - Hochiminh City
Tel: (84 8) 5 144 766 Fax: (84 8) 5 144 767
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50 Binh Tay Branch 286-288 Hai Thuong Lan Ong Street - Ward 14 - District 5 - Hochiminh City
Tel: (84 8) 4 052 300 Fax: (84 8) 4 052 323
113 Cho Lon T.O 47 Hau Giang Street - Ward 2 - District 6 - Hochiminh City
Tel: (84 8) 9 602 395 Fax: (84 8) 9 602 395
51 Tay Ninh Branch 149G 30th April Street - District 1 - Tay Ninh
Tel: (84 66) 810 414 Fax: (84 66) 810 419
114 Tan Chau T.O Tan Hoa Hamlet - Tan Phu - Tan Chau - Tay Ninh
Tel: (84 66) 759 023 Fax: (84 66) 759 004
115 Go Dau T.O Feb-24 Thanh Ha Hamlet - Go Dau - Go Dau - Tay Ninh
Tel: (84 66) 520 300 Fax: (84 66) 520 299
116 Hoa Thanh T.O Block 13-14 Block A, Commercial Center - Hoa Thanh - Tay Ninh
Tel: (84 66) 831 010 Fax: (84 66) 831 009
117 Trang Bang T.O Loc Du Quarter - Trang Bang - Tay Ninh
Tel: (84 66) 890 158 Fax: (84 66) 890159
Mekong Delta Region
52 An Giang Branch 56B Ton Duc Thang Street - My Binh - Long Xuyên - An Giang
Tel: (84 76) 956 515 Fax: (84 76) 956 515
118 Tan Chau T.O 123 Ton Duc Thang Street - Long Hung hamlet, Tan Chau Town -
Tan Chau - An Giang
Tel: (84 76) 534 282 Fax: (84 76) 534 284
119 Chau Phu T.O 6-7 Block A Street No. 1, Cai Dau Commercial Center
Cai Dau - Chau Phu - An Giang
Tel: (84 76) 685 856 Fax: (84 76) 685 858
120 Nui Sam T.O Block A 19 Group 19, NH 91, Vinh Dong 1 Sub-ward
Nui Sam - Chau Doc - An Giang
Tel: (84 76) 571 678 Fax: (84 76) 571 680

53 Can Tho Branch 34 A2 - Tra Noc 1 IP - Tra Noc - Binh Thuy - Can Tho
Tel: (84 71) 843 282 Fax: (84 71) 843 295
121 Ninh Kieu T.O 99 Vo Van Tan Street - Tan An - Ninh Kieu - Can Tho
Tel: (84 71) 811 022 Fax: (84 71) 810 523
122 Thot Not Town T.O 314 - National Highway 91 - Long Thạnh A - Thot Not - Can Tho
Tel: (84 71) 854 636 Fax: (84 71) 854 656
123 3th February T.O 174 B 3 3th February Street - Hung Loi - Ninh Kieu - Can Tho
Tel: (84 71) 740 611 Fax: (84 71) 740 609
124 Cai Khe T.O Block K - Tran Van Kheo - Cai Khe Commercial Center -
Ninh Kieu - Can Tho
Tel: (84 71) 761 687 Fax: (84 71) 761 688
54 Dong Thap Branch 43 Ly Thuong Kiet Street - 2 - Cao Lanh - Dong Thap
Tel: (84 67) 871 525 Fax: (84 67) 871 535
125 Sa Dec T.O 6-7 Nguyen Sinh Sac Street - 2 - Sa Dec - Dong Thap
Tel: (84 67) 772 355 Fax: (84 67) 772 360
126 Hong Ngu T.O 54-56 Hung Vuong Street - Hong Ngu - Dong Thap
Tel: (84 67) 562 998 Fax: (84 67) 839 888
55 Kien Giang Branch 281 Tran Phu Street - Vinh Thanh Van ward - Rach Gia - Kien Giang
Tel: (84 77) 875 797 Fax: (84 77) 875 737
127 Tan Hiep T.O 496 NH 80, Dong Thanh Hamlet - Thuan Dong A Commune -
Tan Hiep - Kien Giang
Tel: (84 77) 731 931 Fax: (84 77) 731 933
128 Rach Soi T.O 01C Cach Mang Thang 8 Street - Vinh Loi - Rach Gia - Kien Giang
Tel: (84 77) 913 718 Fax: (84 77) 913 719
129 Hon Dat T.O 47 Duong Hon Hamlet - Hon Dat town - Hon Dat - Kien Giang
Tel: (84 77) 786 134 Fax: (84 77) 786 134
130 Ha Tien T.O 16 Tran Hau Street - Dong Ho - Ha Tien - Kien Giang
Tel: (84 77) 260 230 Fax: (84 77) 260 300
56 Phu Quoc Branch 37 Hung Vuong, Security Group 10, Quarter 5 - Duong Dong -
Phu Quoc - Kien Giang
Tel: (84 77) 995 118 Fax: (84 77) 995 116
143

ANNUAL REPORT 2007
DISTRIBUTION NETWORK
144
57 Hau Giang Branch 31 3/2 Street , Area 3 - Vi Thanh - Hau Giang
Tel: (84 71) 876 075 Fax: (84 71) 876 950
131 Chau Thanh A T.O 9A NH 61, Tan Phu Hamlet - Tan Phu Thanh Chau Thanh A - Hau Giang
Tel: (84 71) 952 774 Fax: (84 71) 952 773
132 Nga Bay Town T.O 1/451 Trieu Au Street - Nga Bay - Nga Bay Town - Hau Giang
Tel: (84 71) 962 826 Fax: (84 71) 962 824
58 Bac Lieu Branch B1A Block B - Tran Phu Street, Bac Lieu Commercial Center - Bac Lieu
Tel: (84 781) 932 206 Fax: (84 781) 932 201
133 Ho Phong T.O 151-153 NH 1A - Hamlet 2 - Ho Phong Town - Gia Rai - Bac Lieu
Tel: (84 781) 671 484 Fax: (84 781) 671 494
59 Soc Trang Branch 65 Phu Loi Street - District 2 - Soc Trang
Tel: (84 79) 616 762 Fax: (84 79) 616 761
134 My Xuyen T.O 1 Provincial Road 8, Thanh Loi Hamlet - My Xuyen - Soc Trang
Tel: (84 79) 831 427 Fax: (84 79) 831 426
135 Hai Ba Trung T.O 118 Hai Ba Trung Street - Sub - Ward 1 - Soc Trang
Tel: (84 79) 622 624 Fax: (84 79) 622 621
60 Long An Branch 167-169 Hung Vuong Street - Tan An - Long An
Tel: (84 72) 831 592 Fax: (84 72) 831 597
136 Ben Luc T.O 90 Nguyen Huu Tho Street - Ben Luc Town - Ben Luc - Long An
Tel: (84 72) 633 443 Fax: (84 72) 633 442
137 Tan An T.O 8A Nguyen Dinh Chieu Street - Ward 1 - Tan An - Long An
Tel: (84 72) 553 799 Fax: (84 72) 553 699
138 Duc Hoa T.O Binh Tien 1 Hamlet - Provincial Road 825 -
Duc Hoa Ha Commune - Duc Hoa - Long An
Tel: (84 72) 763 976 Fax: (84 72) 763 978
61 Vinh Long Branch 156 Nguyen Hue Street - Vinh Long Town - Vinh Long
Tel: (84 70) 878 260 Fax: (84 70) 878 261
139 Binh Minh T.O 838 Ngo Quyen Street - Cai Von - Binh Minh - Vinh Long
Tel: (84 70) 741 262 Fax: (84 70) 741 272

62 Ben Tre Branch 16 Hai Ba Trung Street - Ben Tre Town - Ben Tre
Tel: (84 75) 839 115 Fax: (84 75) 839 116
140 Mo Cay T.O 320 - National Highway 60 - Mo Cay - Ben Tre
Tel: (84 75) 662 662 Fax: (84 75) 662 663
63 Tien Giang Branch 6 Dinh Bo Linh Street - District 2 - My Tho - Tien Giang
Tel: (84 73) 973 345 Fax: (84 73) 973 342
141 Cai Be T.O 875 - Hamlet 05 - Phu An Commune - Cai Lay - Tien Giang
Tel: (84 73) 925 777 Fax: (84 73) 925 776
142 Go Cong T.O 318 Vo Duy Linh Street - Ward 1 - Go Cong - Tien Giang
Tel: (84 73) 513 133 Fax: (84 73) 513 143
143 Cai Lay T.O 2/336 Area 5, Street 868 - Cai Lay Town - Cai Lay - Tien Giang
Tel: (84 73) 919 883 Fax: (84 73) 919 886
64 Tra Vinh Branch 40 Dien Bien Phu Street - Ward 2 - Tra Vinh
Tel: (84 74) 858 711 Fax: (84 74) 858 710
65 Ca Mau Branch 44 Ly Bon Street - Ca Mau
Tel: (84 780) 812 001 Fax: (84 780) 812 006
145

ANNUAL REPORT 2007
SUBSIDIARIES AND JOINT - VENTURE
146
SACOMBANK ASSET MANAGEMENT
COMPANY – AMC
Address: 25 Ly Thuong Kiet Street, Tan Binh District,
Hochiminh City
Telephone: (84 8) 9 717 268
Fax: (84 8) 9 717 274
SAIGON THUONG TIN REMITTANCE
EXPRESS – SACOMREX
Address: 266-268 Nam Ky khoi Nghia Street, District 3,
Hochiminh City
Telephone: (84 8) 9321 108
Fax: (84 8) 9321 106
SAIGON THUONG TIN SECURITIES COMPANY
– SACOMBANK SECURITIES
Address: 6 – 8 Pho Duc Chinh Street, Nguyen Thai Binh Ward,
District 1, Hochiminh City
Telephone: (84 8) 8214 888
Fax: (84 8) 8213 015

SUBSIDIARIES AND JOINT - VENTURE
SAIGON THUONG TIN LEASING COMPANY
– SACOMBANK LEASING
Address: 87A Ham Nghi Street, District 1, Hochiminh City
Telephone: (84 8) 9144 494
Fax: (84 8) 8211 472
VIETFUND MANAGEMENT COMPANY
Address: 8th Floor Bitexco Building,
19 - 25 Nguyen Hue Street, District 1, Hochiminh City
Telephone: (84 8) 9143 393
Fax: (84 8) 9143 392
147