notes to the consolidated financial statements - Sacombank

Explanation about the meaning
of finger print
Scientists have proved that the finger print of each person is unique, unchanged
and can be identified for differences. On the basis of such differences,
finger print is used in replace of signatures in important documents to affirm
the responsibility of each person. Moreover, with modern science and technology,
finger print identification methods widely applied in security systems
for not only enhancing safety but also being a development trend of future
technology.
Accordingly, with a finger print image – the key design concept of the 2011
Annual Report, Sacombank wants to express its own hallmark through proud
achievements for 20-years development, and also confirms its commitments
to the sustainable secured banking operation and toward to the top modern
and high-technology bank in the region.

ContEnt
03
MESSAGE
02 Major financial indicators
03 Mission - Vision - Core values
05 General information
07 Message from the chairman of the Boad of Directors
09 Words of gratitude
ORGANIZATION
21 Organization chart
23 Introduction to the Board of Directors
27 Introduction to the Board of Supervisors
29 Introduction to the Board of Managements
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ANNUAL REPORT 2011
31
11 53
20 YEARS’ INNOVATION AND DEVELOPMENT
13 Incorporation and development
15 Historical milestones
17 2011 event highlights
21
REPORTS
33 Report of the Board of Management
35 Report of the Board of Supervisors
37 Report of the Board of Directors
43 Performance results of subsidiaries
45 Credit rating results
47 Objectives and plans for 2012
51 Strategic orientation for 2011 - 2020 period
CORPORATE GOVERNANCE
55 Human resources management
57 Techonology management
59 Financial management
63 Network development
65 Risk management
67 Information for shareholders
73 Social responsibility
77
FINANCIAL STATEMENTS
79 Single entity financial statements
88 Consolidated financial statements
161 Distribution network

MAJOR FINANCIAL INDICATORS
(in VND billion) 2008 2009 2010 2011
Year-end
Total Assets 67,469 98,474 141,799 140,137
Equity Capital 7,638 10,289 13,633 14,224
Chartered Capital 5,116 6,700 9,179 10,740
Total Deposits 58,635 86,335 126,204 111,513
Total Loans
Entire Year
33,708 55,497 77,486 79,429
Total Income 8,377 8,489 12,774 18,729
Total Expenses 7,286 6,588 10,348 15,989
Profit before tax 1,091 1,901 2,426 2,740
Profit after tax 973 1,484 1,799 2,033
Earnings per share (VND)
(Based on the Consolidated Financial Statement)
1,896 2,771 2,373 2,241
Financial ratios
Capital Adequacy Ratio (CAR) (at least 9%) 12.16% 11.41% 9.97% 11.66%
Loans/Assets 50% 56% 54% 57%
Loans/Deposits 57% 64% 61% 71%
Non-performance Loan (NPL) 0.62% 0.69% 0.52% 0.56%
Overdue Debts/Outstanding Loans 0.996% 0.88% 0.56% 0.85%
Non-interest income/Total operating income 57% 41% 30% 16%
Operating expenses/Total expenses 15% 22% 19% 21%
Earnings assets/Total assets 82% 85.00% 85.64% 84.36%
Return on Equity (ROE) 13.14% 16.56% 15.04% 14.60%
Return on Assets (ROA) 1.49% 1.79% 1.50% 1.44%
ANNUAL REPORT 2011 2

Mission
To maximise value for customers, investors and
staff and uphold our highest commitment to
corporate social responsibility.
Vision
To be the first modern multi-functional retail
bank in the region.
Core Values
Pioneering
Sacombank will lead or initiate new growth areas when
faced with challenges.
Novel, Dynamic and Innovative
Sacombank believes that change is a constant and is also
the force of development. The Bank must adopt new and
creative thinking that will dynamically transform challenges
into opportunities.
High Commitment
Sacombank commits that all staff will continuously improve,
by means of training and development, to ensure
that they consistently exercise professionalism in providing
the highest service quality to its customers and partners.
Making a Difference
Sacombank believes in making a difference in all aspects of
its operations thereby creating optimal competitive advantage.
Social Responsibility
Sacombank lives by its slogan of “Serving the nations” and
that corporate social responsibility is deeply embraced by
every staff member.
3
ANNUAL REPORT 2011

ANNUAL REPORT 2011 4

SACoMBAnK
PRoFILE
GENERAL INFORMATION
Vietnamese name : Ngân hàng Thương mại Cổ phần Sài Gòn Thương Tín
English name : Saigon Thuong Tin Commercial Joint Stock Bank
Abbreviated name : Sacombank
Date of incorporation : 21 December 1991
Charter capital : VND10,739,676,640,000 (as at 31 December 2011)
Head office : 266-268 Nam Ky Khoi Nghia Street, District 3, HCMC
Telephone : +848 39 320 420
Fax : +848 39 320 424
Email : info@sacombank.com
Website : www.sacombank.com.vn
SWIFT code : SGTTVNVX
Tax code : 0301103908
A PIONEER AMONG VIETNAMESE BANKS
n The first bank listed on the stock exchange of Vietnam.
n The first Vietnamese bank to expand internationally,
establishing a branch in Laos and a subsidiary bank in
Cambodia.
n The only Vietnamese bank to initiate banking models
exclusively for women (8 March Branch) and for the
Chinese-speaking community (Hoa Viet Branch).
n The first Vietnamese bank to receive sponsored
capital contributions and technical assistance from
international financial institutions including IFC, ADB,
Proparco and FMO,…
5
Best Retail Bank of Vietnam
Best Corporate Governance and Investor
Relations Bank in 2011
ANNUAL REPORT 2011
n The first Vietnamese commercial joint stock bank to
build and launch an international-standard Data Center
(in 2008).
n The first Vietnamese commercial joint stock bank to
conduct a comprehensive restructuring (in 2002) and
apply international accounting standards in financial
reporting and analysis (in 2004).
n In 2011, Sacombank was recognised by the world
community through numerous prestigious awards:
Best Foreign Exchange
Provider in Vietnam in
2009, 2010, 2011
Best International Payment Bank
Best Cash Managing Bank
Bank of The Year 2011

9
REGION BRANCH
8
7
3
2
5
1
4
6
TRANSACTION
OFFICE
ATM POS
Domestic 71 331 763 1,803
1 HCMC 17 97 240 950
2 Hanoi 8 33 72 291
3 South Western 14 71 164 129
4 South Eastern 6 36 66 56
5 Northern Central Coastal 7 34 72 216
6 Southern Central Coastal & Central Highlands 9 33 76 114
7 Northern 10 27 73 47
Foreign 5 1 7 -
8 Cambodia 4 - 5 -
9 Laos 1 1 2 -
TOTAL
76 332
408
770 1,803
MESSAGE
ANNUAL REPORT 2011 6

MESSAGE FRoM tHE CHAIRMAn oF tHE BoARD oF DIRECtoRS
TO SHAREHOLDERS, INVESTORS AND STRATEGIC PARTNERS
Dear shareholders, investors and strategic partners,
For Sacombank, 2011 was an important transitional year. Following a restructuring process that began ten years ago,
2011 saw the Bank’s successful completion of the development of a sound banking architecture in accordance with
international standards. At the same time, Sacombank put in place the framework needed to achieve its goal of becoming
a leading retail bank in the Indochina region within the next 10 years. This historic mission takes place in the context of
the slow recovery of the world economy, signs of double economic depression in Europe, high inflation in Vietnam, and
the continued stagnation of our country’s young stock exchange.
Despite such great challenges, Sacombank in 2011 drew upon its skilled managerial staff at all levels, and its deep
understanding and strict implementation of the Government’s Resolution 11 on monetary tightening to control inflation,
to fulfill the achievement of the Bank’s 2001-2010 business objectives, and receipt of a Third-Class Labor Order from the
State President on the occasion of the Bank’s 20th anniversary. This is a firm foundation and good preparation for the
grand voyage the Bank will embark upon in the next 10 years.
Nonetheless, the Board of Directors is aware that a constant focus on adaptability and competitiveness is needed, due
to the changes brought by rapid globalisation, the inherent weaknesses of the country’s economy in general, and the
7
ANNUAL REPORT 2011

shortcomings of intensive concentration of resources for market expansion by each enterprise in particular. Sacombank
is no exception to these facts. We must, therefore, recognise the Bank’s weaknesses and shortcomings, and then “rethink,
redesign and reconstruct” its architecture, including its institutional structure, people and technologies.
In implementing the business plan for 2012, and in the context of continued stagnation of the stock market, we will face
numerous difficulties and challenges. However, we have numerous strengths to work with, including a strong network
of Branches, Centers, Subsidiaries and a Subsidiary Bank across the Indochina region; nearly ten thousand skilled and
dedicated employees; a sound operating platform connecting advanced business and management processes based
on the current modern T24/R11 core banking system; and lastly, a thirst for learning and a strong will to adapt and grow.
While aware of the Bank’s inherent shortcomings, we are fully confident in our ability to turn challenges into opportunities
and to comprehensively fulfill the objectives and tasks set out for this year and the whole 2011-2015 period.
The extreme difficulties and risks in the current market have spurred the Board of Directors to carefully reconsider
the balance between STRENGTHENING and DEVELOPMENT of the business – and the focus at the current time is
STRENGTHENING. Likewise, we must balance SAFETY with EFFICIENCY, where SAFETY is a focus. With this in mind, we
have determined that the 2011-2020 period will see us concentrate on in-depth investments rather than extensive
developments, and we will strive to add, increase, properly allocate and efficiently use resources; promote to the highest
extent core capabilities; strictly and effectively implement the Bank’s restructuring plan within the framework of the
Government’s and the State Bank Governor’s policy on commercial bank restructuring, focused on asset restructuring.
The ultimate goal is a financial structure with an optimal financial model in accordance with international standards and
best practices, and ensuring operational safety, efficiency, and sustainable development.
The Board of Directors looks forward to continued sympathy, sharing, support, cooperation and encouragement from
our shareholders, investors and strategic partners. We consider this as a firm mainstay and a motivating force for us to
confidently fulfill the business objectives and tasks for 2012, contributing to the development of a sound commercial
banking system in Vietnam and completing the critical mission of a commercial bank in the development of the country
of Vietnam towards wealth and prosperity.
Yours faithfully,
On behalf of the Board of Directors
Dang Van Thanh
Chairman
MESSAGE
ANNUAL REPORT 2011 8

WoRDS oF GRAtItUDE
“Among the strongest forces driving Sacombank’s development over the last 20 years to become
one among the few strong commercial joint stock banks of Vietnam are the Bank’s highly motivated
staff; the strong support from shareholders; the love, trust and loyalty of customers; and the
leadership and great assistance from officials of the central and local regulatory agencies, the
mass media, etc. All these have combined to create a great foundation for Sacombank to grow
confidently and sustainably.”
Nowadays, Sacombank is considered a pioneer among
commercial joint stock banks in Vietnam, being the first
to reform its operations, expand its market and cooperate
with international strategic partners. Among the strongest
forces driving Sacombank’s development over the last 20
years to become one among the few strong commercial
joint stock banks of Vietnam are the Bank’s highly
motivated staff; the strong support from shareholders; the
love, trust and loyalty of customers; and the leadership
and great assistance from officials of the central and local
regulatory authorities, the mass media, etc. All these have
combined to create a great foundation for Sacombank to
grow confidently and sustainably.
Sacombank would like to extend its gratitude to
70,000 existing shareholders and investors. Many of
these friends have been with Sacombank from the very
challenging start-up days, and others have supported and
trusted in Sacombank since the Bank issued shares publicly
in 1997, through its listing on the Hochiminh City Stock
Exchange in 2006 under the ticker STB, and up to now.
9
ANNUAL REPORT 2011
We would like to extend a special gratitude to our domestic
and foreign strategic shareholders, who have actively
supported us in terms of technology, capital resources,
management expertise and technical support in areas like
risk management. This support has formed the basis for
Sacombank’s great advances to catch up with the world’s
financial and monetary industry standards
Sacombank would like to celebrate its nearly 10,000
current staff members as well as generations of staff
during the past 20 years, who have made constant
contributions to the development of the Bank. We would
like to celebrate the committed founders; the skilled and
visionary leaders; the experienced and dedicated Board
of Management; the capable managers as well as the
loyal and diligent staff members who have supported the
Bank with their service over the years. All have gathered
together to create an extraordinary positive force. They
have combined to give Sacombank a rich corporate culture
that has been refined over 20 years and handed down from
generation to generation. Sacombank would like to thank
you for such precious contributions, which are significant
intangible assets that drive the growth and development
of Sacombank now and in future.

From the left, Mr Dang Van Thanh - Chairman of the Bank shows gratitude to committed founders: Mr Nguyen An Chuyen, Mr Phan Thanh
Da, Mr Ta Quang Van, Mr Vo Dinh Bien on the Sacombank 20 th years anniversary celebration.
Sacombank would like to thank the 1,335,000 individual customers and 60,000 corporate customers and partners
that have trusted our financial products and services, and have accompanied Sacombank for 20 years. We would like to
sincerely thank our customers for their loyalty and trust, and for electing Sacombank as the “Best Products and Services
Provider in 2011.”.
We understand that our customers are the strictest teachers and the most loyal friends that help Sacombank to mature as
an enterprise and strive to lead the market in launching quality products and services, and adding value to the lives and
businesses of millions of customers across Indochina..
Sacombank would like to express its deep gratitude to Ministries and ministerial agencies; the State Bank of Vietnam;
the People’s Committee of HCMC and cities under central authority; the People’s Committees of provinces countrywide;
authorities in Laos and Cambodia; the State Securities Commission; the HCMC Stock Exchange; the Hanoi Stock Exchange;
the Securities Depository Center; and other authorities that have given instructions, monitoring, supervision and strong
support to Sacombank for the past 20 years.
Sacombank would like to deeply thank the mass media broadcasters, editors and reporters who have communicated
information on the business activities of Sacombank to the public and to domestic and overseas markets. Sacombank
views the mass media as a mirror with which to look at itself, and is always willing to listen to positive and negative
feedbacks from the public. We are very grateful for the opinions, cooperation and encouragement from the press and
the public.
ANNUAL REPORT 2011 10

In early 1990s, in the context of the credit crisis, Saigon Thuong Tin Commercial
Joint Stock Bank (Sacombank) was incorporated on the basis of
merger and combination of the four most stable credit institutions at
that time. With the ambition for forming a new banking model heading
for a sustainable career, Sacombank overcame many challenges, constantly
innovated for adaptation (1991-2000), made constant efforts for
reaching higher and further (2001-2010), and has affirmed its position
as the top commercial bank in the financial market of Vietnam and the
region (2011-2020).
After 20 years of development, Sacombank has been matured in various
aspects, growing from the initial VND3 billion of charter capital to
VND10,740 billion today , and from 100 first employees to a strong workforce
of 10,000 successive employees of skills and passions. Sacombank
is currently one of the top commercial banks of Vietnam with a wide network
of 408 transaction offices in all over Indochina, and relationships
with 14,721 agencies under 811 banks in 86 countries and territories in
the world.
time impression
20 YEARS’ INNOVATION AND DEVELOPMENT

InCoRPoRAtIon AnD DEVELoPMEnt
SACOMBANK - STRENGTHS OF A 20-YEAR-OLD YOUNGSTER
Coming into existence in the midst of challenges
(1991-1995)
In the early 1990s, in the midst of the credit crisis, the State
Bank of Vietnam gave permission for Go Vap Economic
Development Bank to merge with three credit cooperatives:
Tan Binh, Thanh Cong and Lu Gia, to form Saigon Thuong
Tin Commercial Joint Stock Bank (Sacombank) on 21
December 1991 with a charter capital of VND3 billion.
Sacombank was one of the first commercial joint stock
banks to be incorporated in Vietnam. This creation of an
open market to boost the banking service sector was an
important step in terms of contributing to the general
development of the economy and represented an
important reform by the State Bank of Vietnam.
Born during the transitional stage of the country’s
emerging economy, when the credit market was volatile
and Vietnam did not yet have a modern finance and
banking sector, Sacombank was a pioneer in the banking
business, succeeding through a process of self-help,
self-learning and self-adjustment. During this period,
Sacombank achieved some of its key objectives in terms
of restructuring its systems and organisation by improving
the performance of the apparatus and systematically
eliminating the limitations of the old framework. As a
result of these efforts, the Bank enjoyed high growth
effectiveness, lowering the ratio of bad debts, ensuring
safety in capital regulation, basic interest rate; and ensuring
the quality of credit, accounting, audits and controls.
Pioneer in innovation (1996-2000)
In a new open economy like Vietnam’s during the period
of 1996-2000, capital resources for development were in
urgent need. For commercial joint stock banks in particular,
capital increase was a vital requirement for meeting
business needs, and the question of how and where to
raise capital that was a secure and safe financial resource
was a significant challenge for all banks. In this context,
Sacombank was also always “hungry” for capital and the
capital shortage created an onerous pressure on the Bank’s
business activities.
Faced with these circumstances, Sacombank turned
challenges into opportunities by convincing the
regulatory agencies to allow it to issue shares to the public
13
ANNUAL REPORT 2011
at a par value of VND200,000 per share. This initiative and
effort yielded results that were beyond expectations for
Sacombank. The unprecedented fund raising campaign
in Vietnam was a tremendous success with over 9,000
shareholders contributing capital through the purchase
of shares. Sacombank became the first public commercial
joint stock bank in Vietnam. This was considered a unique
case in the Vietnamese finance-banking sector at the
time and paved the way for other strong capital raising
opportunities with the involvement of foreign partners.
Through this initiative, Sacombank became a pioneer in
the diversification of ownership through equitisation,
and the improvement of capabilities to attract capital and
opportunities for cooperation with experienced foreign
investors who are financially strong. This opened up a
period of management under an equitisation framework,
eliminating non-transparency and focusing on long-term
objectives and strategies.
During this period, Sacombank built a firm and stable
foundation and started to show the stature of a modern
bank ready for global integration.
Rising higher, going further (2001-2005)
With a somewhat radical viewpoint for the time,
Sacombank saw international cooperation as an
indispensable component for Vietnamese enterprises in
their efforts towards global integration. Sacombank started
to cooperate with big international partners as early as
2001. The first international organisation with which
Sacombank cooperated was Dragon Capital, a subsidiary
of the financial group Dragon Financial Holdings (United
Kingdom). This paved the way for later capital contribution
by the International Financial Company (IFC) and ANZ
Bank. With the involvement of foreign strategic partners,
Sacombank received support in relation to information
technology, risk management, human resources training
and development and banking corporate governance in
accordance with international standards.
In June 2004, Sacombank signed a contract for launching
the T-24 Core Banking System with TEMENOS (Switzerland),
which started the Bank’s process of banking technology
modernisation during the economic integration. The T-24

Core Banking System helped Sacombank gain access to
advanced banking technologies to serve the financial and
monetary market needs while at the same time increasing
its professionalism in a fast growing economy.
By the end of the period of 2001-2005, Sacombank had
risen to the top position in the commercial banking sector
in Vietnam with a broad network of branches in 31 out of 64
provinces and in cities nationwide. All these encouraging
achievements gave Sacombank more confidence in
promoting its core strengths to fulfill objectives and tasks
during the period of 2006-2010. Sacombank’s aim was to
become the first modern multi-functional retail bank in
Vietnam.
Affirming its position (2006-2010)
During the period of 2006-2010, Sacombank focused
on implementing four groups of solutions: (i) increase of
financial capacity, (ii) expansion of the business network, (iii)
modernisation of the banking technology, (iv) development
of quality human resources in order to be fully equipped for
global integration and to keep pace with the growth in the
world’s finance-banking sector.
In addition to the increase of financial capacity through the
issuance of shares on the stock exchange in 2006, during this
period, Sacombank implemented its strategy of cross-border
expansion of its network. Identifying the opportunities
and importance of the two strategic markets of Laos and
Cambodia, Sacombank was one of the first commercial
joint stock banks of Vietnam to open branches in these two
neighboring countries. This gave the Bank a strong foothold
to affirm its position as a modern Vietnamese retail bank in
the Indochinese region.
Coming into the third decade of its development,
Sacombank has prepared plans, solutions and scenarios
for its new journey, supported by renewed strength and
confidence in its ability to overcome difficulties. Having
experienced three financial crises in Vietnam, the region
and the world in only two decades, and with its policy
of safe operation, efficient business and sustainable
development, Sacombank is extremely confident about
the next five years, and is well on its way to achieving its
goal of becoming the top retail bank in Indochina.
ANNUAL REPORT 2011 14

HIStoRICAL MILEStonES
21 December 1991: Sacombank was one of the first
commercial joint stock banks to be incorporated in Ho Chi
Minh City through the merger of Go Vap Bank for Economic
Development and three credit cooperatives: Tan Binh, Thanh
Cong and Lu Gia Cooperatives.
1993: Sacombank opened its Hanoi Branch, creating
significant opportunities for growth in the northern
Vietnamese market. As the first commercial bank in HCMC to
have a branch in the capital city, Sacombank was a pioneer in
providing quick money transfer services between Hanoi and
HCMC, reducing the use of cash between the country’s two
biggest economic hubs.
1995: Sacombank established an advanced management
model working on a regular basis (referred to as the Permanent
Committee of the Board of Management) to give direct
instructions and supervision, institutionalise managerial
principles step by step and control all aspects of the Bank’s
operations.
1996: Sacombank issued shares vat a par value of
VND200,000 per share to the public to raise capital.
1997: Sacombank was the first bank to establish credit
groups outside its urban market coverage (where no
Sacombank Branches were based) to meet capital needs in
rural communities and contribute to the improvement of the
living conditions of farmer households and the reduction of
usury in the economy.
1999: Sacombank opened its headquarters building at
No. 278 Nam Ky Khoi Nghia Street, District 3, HCMC. It was the
first spacious and sizeable head office building of a commercial
joint stock bank at that time. This event marked a turning
point in Sacombank’s confidence and led it to make greater
advancements in its foreign operations..
2001: Sacombank received investment capital from foreign
shareholders. The first foreign shareholder was the financial
group Dragon Financial Holding (UK), which contributed
10% of the charter capital. This was followed by capital
contribution from the International Financial Company (IFC)
and ANZ Bank, raising the foreign shareholders’ capital to 30%
of the charter capital. Hence, Sacombank received assistance
in relation to managerial experience, banking technology, risk
management, human resources training and development
from its strategic shareholders at an early stage.
2002: The diversification of Sacombank’s financial services
products started with the incorporation and operation of
Sacombank Asset Management Company (Sacombank-SBA).
This was followed by the incorporation of other companies
specialising in the money remittance sector (Sacombank-SBR),
finance lease sector (Sacombank-SBL), and the gemstones and
jewelry sector (Sacombank-SBJ) in order to meet the increasingly
diverse demands of customers.
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ANNUAL REPORT 2011

20 YEARS’ INNOVATION AND DEVELOPMENT
2003: Promoting international cooperation, Sacombank
was the first Vietnamese enterprise to be allowed to
incorporate the VietFund Management Company (VFM), a
joint venture between Sacombank and Dragon Capital.
2004: Sacombank launched its core banking system
through cooperation with Temenos Company (Switzerland).
This investment marked Sacombank’s commitment to
improving management and operational quality, promoting
electronic banking services and being ready to approach the
new-generation advanced banking technology in order to
optimise banking operations.
2005: Sacombank opened a banking model for women.
This was the first exclusive banking model for women in
Vietnam, and was set up by Sacombank for “the development
of modern Vietnamese women.”
2006: Sacombank was the first commercial joint stock
bank of Vietnam to be listed on the stock exchange with
total listed shares valued at VND1,900 billion. The listing
of Sacombank’s shares (trading symbol STB) on the Stock
Exchange of HCMC is evidence of Sacombank’s prospects for
development, and safe and sustainable growth.
2008: Sacombank opened a branch in Laos and started
its market expansion plan across the Indochinese region.
Sacombank was the first Vietnamese commercial joint
stock bank to open a branch in Laos, contributing to the
promotion of Vietnam-Laos commercial and investment
cooperation relationships. Following the success of the Lao
Branch, on 23 June 2009, Sacombank continued to expand
its operations into Cambodia, marking the completion of its
market strategy in Indochina.
2009: Sacombank completed its Core Banking System
upgrade from Smartbank to T24, version R8 over its
entire system, and opened and put into operation the
first international-standard modern Data Center among
the commercial joint stock banks of Vietnam in 2008.
The application of this new banking technology by
Sacombank was aimed at supporting its development
strategies in the new period as well as the development
of an advanced banking technology infrastructure; the
improvement of corporate governance, management and
sustainable development capabilities; the development of
diverse banking services, and the promotion of non-cash
payments; risk management and the enhancement of the
confidentiality of the banking information system.
2010: Sacombank successfully completed its
development strategies for 2001-2010, achieving an
average growth rate of 64% per annum.
ANNUAL REPORT 2011 16

2011 EVEnt HIGHLIGHtS
1. 22 February 2011 – Sacombank opens Phu Tho and Thai Nguyen Branches
In order to expand its network as well as to increase its market share in the North, Sacombank put into operation
the two Branches of Phu Tho and Thai Nguyen. Through taking this initiative, Sacombank has been able to better
understand the financial demands of enterprises and individuals, launch specific products and services, bring in
business opportunities and assist people in trade villages to increase incomes, and contribute to the development of
new and prosperous rural communities in accordance with the Government’s policies in the new development period
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ANNUAL REPORT 2011
2. 3 March 2011 - Sacombank opens Sacombank
Imperial Asset Management Service Center
With the aim of business expansion, diversification of
products and services targeting the high-end segment
and specialisation, as well as keeping up with the
general development trends of the financial sector in
Vietnam and the world, Sacombank set up Sacombank
Imperial Asset Management Service Center, located
on the 11th floor of the Sacombank Building at 266 –
268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh
City. Sacombank Imperial provides packaged financial
solutions to customers who are high net worth
individuals and need advice to manage effectively idle
liquid assets and large-value investments.
3. 29 March 2011 – Laos Deputy Prime Minister
visits Sacombank
On their trip to Vietnam, the senior delegation of the
Lao People’s Democratic Republic led by Deputy Prime
Minister cum Minister of Foreign Affairs, Thongloun
Sisoulith, visited Sacombank. His Excellency Thongloun
Sisoulith highly appreciated Sacombank’s achievements,
especially its pioneering business expansion into Laos
through the operation of its Lao Branch established in
2008. Thongloun Sisoulith also said that the Government
and people of Laos had issued supportive policies to
encourage Vietnamese businesses to expand their
operations in Laos. This visit gave Sacombank a special
opportunity to express its interest in further future
cooperation.

4. 30 March 2011 – Sacombank and FMO sign a loan contract for US$150 million
20 YEARS’ INNOVATION AND DEVELOPMENT
Under the Contract, FMO agreed to offer Sacombank a loan of US$25 million and required that other financial
organisations, including Proparco, Norfund, BIO and DEG, syndicate loans totalling US$150 million. The signing ceremony
took place during a visit to Vietnam by the Crown Prince, Princess Máxima, and Minister of Agriculture and Foreign Trade
of the Kingdom of the Netherlands along with a delegation of representatives of 80 Dutch enterprises. Borrowing funds
from foreign financial organisations and institutions helps Sacombank not only improve its financial capacity but also
expand its relationships as well as create opportunities for access to technical assistance packages from these co-lenders
ANNUAL REPORT 2011 18

5. 7 April 2011 – Ho Chi Minh City Leader Visits
Sacombank Phnom Penh
Sacombank was honored to welcome a delegation of
HCMC’s leaders led by Madam Nguyen Thi Hong, Vice
Chairwoman of the People’s Committee of HCMC, on
their visit to Sacombank’s Phnom Penh Branch. Madam
Nguyen Thi Hong highly appreciated Sacombank’s
business achievements and expressed her support for
Sacombank to continue to boost its strengths; she also
expressed her willingness to actively cooperate and
assist Vietnamese enterprises that invest in Cambodia,
thus contributing to strengthening the bilateral
economic relations between the two countries.
6. 14 April 2011 – Sacombank successfully deploys
Data Warehouse using Oracle Exadata solution
Sacombank was the first Vietnamese commercial joint stock bank to officially announce its successful deployment of
a Data Warehouse Project – a concentrated data warehouse solution that supports forecasts and analyses to facilitate
effective business decision making. The Data Warehouse was built on the basis of the Oracle Business Intelligence
technology running on Oracle’s Exadata data server system, which was launched successfully for the first time in Vietnam
under this project. On this basis, Sacombank and Oracle will provide customers with modern and multi-functional
banking products and services.
7. 5 October 2011 - Sacombank sets up 100% foreign invested bank in Cambodia
19
Saigon Thuong Tin Cambodia Commercial Joint Stock
Bank (Sacombank Cambodia Plc) is a subsidiary bank
of Sacombank and is an independent entity, which has
independent accounts and was incorporated under
Cambodian laws. The subsidiary bank is headquartered
at 60 Norodom Avenue, Sangkat Chey Chumnas Ward,
Khan Daun Penh District, Phnom Penh City, Cambodia.
Sacombank Cambodia has an operational term of 99
years as a commercial bank with charter capital of 38
million United States Dollars (US$38,000,000).
This important event marked a transitional point in
Sacombank’s development strategies and enhanced
Sacombank operating capabilities in Cambodia in
particular and in Indochina in general.
8. 26 October 2011 – Sacombank officially increases its charter capital to VND10,740 billion
According to the charter capital increase plan approved by the Annual General Meeting of Shareholders 2010,
Sacombank officially announced its new charter capital of VND10,739,676,640,000 (ten trillion, seven hundred and
thirty-nine billion, six hundred and seventy-six million, six hundred and forty thousand Vietnamese Dong only).
ANNUAL REPORT 2011

20 YEARS’ INNOVATION AND DEVELOPMENT
9. 20 December 2011 – Sacombank honored to receive Third-Class Labor Order from State President
On the occasion of its 20th anniversary (21 December 1991 – 21 December 2011), Sacombank was honored to receive
the Third-Class Labour Order from the State President for its outstanding achievements for the period of 2006-2010 and
contributions to the development of Socialism and the protection of the Fatherland under the Decision No. 2413/QD-
CTN dated 15 December 2011. This is a noble reward from the State which recognises the outstanding achievements
of Sacombank over 20 years of indefatigable efforts, and gives Sacombank great encouragement and motivation in the
next ten-year period.
ANNUAL REPORT 2011 20

oRGAnIzAtIon CHARt
Management and Supervision
SHAREHoLDER CoMMIttEE
BoARD oF DIRECtoRS BoARD oF SUPERVISoRS internal audit
Operations
CEo
HR &
tRAnInG
• Human
Resource
Department
• Traning Center
21
• Investment sector
ANNUAL REPORT 2011
FInAnCIAL InVEStMEnt CoUnCIL
* CREDIt CoUnCIL
• Board of Research & Development
• Board of Productivity & Quality
• Financial Institutions Department
• Balance Sheet Management Department
PERSonAL
BAnKInG
• Personal Banking
• E - Banking
• Contact Center
CoRPoRAtE
BAnKInG
• Corporate Banking
tREASURy
• Capital Market
Department
• Forex Department
• Northern Region
Treasury Center
tRAnSACtIon
CEntER
Board of Directors’ office
CREDIt
• Appraisal
Department
InFoRMAtIon
tECHnoLoGy
• IT Department
• Data Center
(*) Besides Credit Council, Financial Investment Council and Risk Management Committee, the Organization also includes:
Executive Councils include: Peformance Review Council, Debt Management Council Traning Council, Procurement Council,,...
Management Committees include: Personal Committee, Strategy and Policy Development Committee, Reward and Compensation Committee
Overdue Loan Review Committee, IT Modernzation Steering Committee, Re-engineering Committee.

FInAnCE
• Finance Planning
Department
• Accounting
Department
oPERAtIon
• International
Payment Center
• Domestic Payment
& Treasury
Department
• Forex Support
Sector
RISK
MAnAGEMEnt
• Risk
Management
Department
• Legal &
Compliance
Department
SUPPoRtInG
• Administration
Department
• Construction
Department
• External Affairs
Department
REGIonS
Regional
office
• Internal Audit
Sector
• Appraisal Sector
• Business
Support Sector
SUBSIDIARIES
(Card Center, Wealth Management Center, Security Center, Sacombank - SBL, Sacombank - SBA, Sacombank - SBJ,
Sacombank - SBR, Sacombank Cambodia Plc)
ORGANIZATION
Branches
• Personal Banking
Department
• Corporate Banking
Department
• Forex Sector
• Business Support
Department
• Accounting &
Administration
Department
Transaction
Offices
• Business Sector
• Business Support
Sector
ANNUAL REPORT 2011 22

IntRoDUCtIon to tHE BoARD oF DIRECtoRS
Mr. Dang Van Thanh
Chairman
23 years of experience in finance and banking
23
ANNUAL REPORT 2011
Ms. Huynh Que Ha
First Vice Chairwoman
9 years of experience in finance and banking
Mr. Nguyen Chau
Vice Chairman
23 years of experience in finance and banking

Mr. Pham Duy Cuong
Member
23 years of experience in finance and banking
Mr. Nguyen Ngoc Thai Binh
Member
6 years of experience in finance and banking
Mr. Dang Hong Anh
Member
6 years of experience in finance and banking
Mr. Lim Peng Khoon
Independent Member
44 years of experience in finance and banking
ORGANIZATION
ANNUAL REPORT 2011 24

ACtIVItIES oF tHE BoARD oF DIRECtoRS
Sacombank’s Board of Directors (BOD), with a term of five years, is responsible for managing the Bank, which comprises four
major tasks: planning, organisation, leadership and monitoring. The BOD comprises a Chairman, two Vice Chairpersons,
and four Members (one regular member, two semi-regular members, and one non-executive independent member).
Meetings are held once every quarter and may be held extraordinarily if required. At the beginning of the term, the
BOD elects a Chairman by secret ballot. The BOD Chairman approves the BOD with members working on a regular basis
(referred to as the Permanent Committee of the BOD) and assigns tasks to each member. Each assigned BOD member
takes charge of specific Councils or Committees/Boards based on their experience and availability, as follows:
n Councils, including: Credit Council, Asset Investment Council, Financial Investment Council, Reward/Disciplinary
Council, Loss Handling Council, and Training Council, among others. These Councils meet and decide all relevant
matters at the proposals of the Board of Management.
n Committees/Boards, including: Risk Management Committee, Development Strategies and Policies Committee,
Human Resources Committee, Remuneration and Incentives Committee, Steering Committee for Prevention and
Handling of Overdue Debts, Banking Technology Modernisation Board, and Restructuring Board, among others. These
Boards and Committees act as consulting bodies for the BOD on relevant matters, ranging from planning, organisation
and leadership to monitoring and assessing implementation.
25
ANNUAL REPORT 2011

ORGANIZATION
The Chairman of the BOD decides all matters under the BOD’s authority on its behalf during the intervals between BOD
meetings at the proposals of the Board of Management and the relevant Committees/Boards, and shall report to the BOD
at the nearest subsequent meeting. At the end of each month, quarter and six-month period, and at the end of the year,
the Chairman of the BOD shall preside over meetings on business tasks for the next period.
In general, with the defined functions and tasks of the management body of the Bank, and its responsibility to shareholders,
the BOD members have adequately performed their managerial roles, providing timely instructions and support to the
Board of Management and closely coordinating with the Board of Supervisors in the inspection and supervision of the
operations of the Bank and its subsidiaries. The BOD is not only a firm source of support for the Board of Management of
the Bank but also a central point of solidarity, leadership and planning for policies and legal frameworks in accordance
with the laws, regulations and the Bank’s development orientation. As a result, Sacombank has operated with increasing
stability, safety and efficiency, and has had outstanding achievements during its 20 years of development.
ANNUAL REPORT 2011 26

IntRoDUCtIon to tHE BoARD oF SUPERVISoRS
Mr. Nguyen Tan Thanh
Head
23 years of experience in finance and banking
Mr. Le Van Tong
Member
23 years of experience in finance and banking
27
ANNUAL REPORT 2011
Ms. Nguyen Thi Thanh Mai
Member
18 years of experience in finance and banking

ACtIVItIES oF tHE BoARD oF SUPERVISoRS
The Board of Supervisors (BOS) overlooks the Bank’s operations to provide an accurate assessment of its business activities
and financial position. It is directly elected by the General Meeting of Shareholders, and independent from the Board of
Directors (BOD) and the Chief Executive Officer (CEO). The BOS has the following tasks:
n Supervise compliance with the laws and the Bank’s
charter in the management of the Bank.
n Give instructions to and supervise the activities of the
Internal Audit function. Be responsible for internal
controls and inspection systems in accordance with the
regulations of the State Bank of Vietnam.
n Evaluate the financial statements of the Bank. Assess the
reasonableness, legality, truthfulness and creditability
of the Bank’s accounting and statistics, and prepare
financial statements for submission to the Annual
General Meeting of Shareholders.
n Monitor the status of capital management and use.
n Monitor service operating activities.
n Monitor investing activities.
n Monitor the management of the Bank’s assets, including
supervision of procurement, repairs and capital
construction, monitor compliance with treasury safety
assurance regulations.
The BOS carried out its tasks through the following activities:
n On the basis of macro-economic forecasts and internal
assessments on the operations of the Bank, the BOS set out
specific action plans from the beginning of the year, focused
on supervising and coordinating with the BOD and the Board
of Management (BOM) to achieve the Bank’s objectives.
Remuneration and expenditure of the BOD, the BOS and committees
ORGANIZATION
n By participating in Councils, Committees and Boards,
and meetings of the BOD, the BOS monitors compliance
with the laws and the Bank’s Charter on management,
and provides opinions on the revision and amendment
of business objectives and directions as well as
regulations and processes prepared and issued by the
BOD and the BOM, hence improving the effectiveness
of prior supervision and mitigating potential risks.
n Through a three-level control organisation consisting
of the BOS, Internal Auditors, and Regional Inspection
and Control Teams and BOS in subsidiaries providing
daily and weekly reports made by internal auditors, the
BOS controls and supervises the operations of domestic
and overseas Branches, departments in the Head Office
and Subsidiaries. In addition, each year, the BOS visits
Branches and Regional Offices to assess real business
operating situations and management activities, and to
collect and study feedbacks from Branches and Regional
Offices on advantages and disadvantages in operation,
and the timeliness and effectiveness of support from
Regional Offices and functional departments of the
Head Office for business units.
Under the above operating mechanism, the BOS has fully
controlled the operations of the Bank, ensuring safety,
efficiency and compliance with the laws.
The remuneration and expenditure of the BOD, the BOS and committees was approved by the General Meeting of
Shareholders at 1% of the profit after tax for the fiscal year 2011.
ANNUAL REPORT 2011 28

IntRoDUCtIon to tHE BoARD oF MAnAGEMEnt
Ông Mr. Tran Trần Xuan Xuân Huy
Tổng Chief giám Executive đốc Officer
Hơn Over 11 years’ năm experience kinh nghiệm in
trong finance lĩnh and banking. vực tài chính –
ngân Huy has hàng. accompanied
Là Sacombank người gắn in its liền strong với
những successes thành and công, transitions những
chuyển from 2007 mình to date. mạnh mẽ
của Sacombank trong giai
đoạn
and is
từ
a
2007
successful
đến nay.
businessman,
who was celebrated by
Ngoài the People’s ra, ông Huy Committee còn là một of
doanh HCMC nhân as a thành Businessman đạt, được of
Ủy Saigon. ban Nhân dân TP.HCM vinh
danh là Doanh nhân Sài Gòn
tiêu
BSc in
biểu.
Finance, BA in Teacher
Training.
Cử nhân Tài chính, Cử nhân
Sư phạm.
29
ANNUAL BÁO ANNUAL CÁO REPORT THƯỜNG 2011 NIÊN 2011
Ông Mr. Nguyen Nguyễn Dang Đăng Thanh
Phó Deputy Tổng CEO giám đốc
Phụ in charge trách of Khách Individual hàng and Cá Corporate nhân,
Doanh Services nghiệp and the và Card Trung Center tâm Thẻ
Hơn Over 11 years’ năm experience kinh nghiệm in
trong finance lĩnh and banking. vực tài chính
ngân Excellent hàng. performance in
Là developing người có the thành card tích market xuất
sắc and trong leading việc modern phát triển banking thị
trường services. thẻ và các dịch vụ
ngân BSc in hàng Economics, hiện đại specialising hàng đầu.
Cử in Monetary nhân Kinh Trading. tế chuyên
ngành Kinh doanh tiền tệ.
Ông Mr. Ly Lý Hoai Hoài Van Văn
Phó Deputy Tổng CEO giám đốc
Phụ in charge trách of Tiền Currency tệ
10 years’ năm kinh experience nghiệm in trong mon-
lĩnh etary vực trading. kinh doanh tiền tệ.
Là He has người made có significant đóng góp con- lớn
trong tributions lĩnh in vực monetary kinh doanh trad-
tiền ing, tệ, helping góp phần Sacombank quan trọng to
đưa win Sacombank prestigious đạt international được các
giải awards thưởng like quốc the Best tế uy Foreign tín cho
Ngân Exchange hàng Provider có dịch vụ Award, ngoại
hối which tốt it nhất was awarded Việt Nam for 4 năm four
liền. consecutive years.
Cử BSc in nhân Economics, Kinh specialising
tế chuyên
ngành in Monetary Kinh doanh Trading. Tiền tệ.
Ông Mr. Pham Phạm Nhat Nhật Vinh
Phó Deputy Tổng CEO giám đốc
Phụ in charge trách of Quản Risk lý Management
Rủi ro
10 years’ năm experience kinh nghiệm in regulato- và
chuyên ry matters môn and risk trong management. lĩnh vực
pháp He has lý made và quản important trị rủi ro. con-
Là tributions người có to nhiều the cống strategic hiến
quan plans trọng of Sacombank, cho các kế hoạch from
chiến restructuring lược của to the Sacombank formation
từ of hoạt an advanced động tái and cấu effective trúc đến
việc risk định management hình hệ thống system, quản
trị making rủi ro Sacombank tiên tiến, hiệu a quả; safe
góp and efficient phần đưa Bank. Sacombank
trở BA thành in Commercial Ngân hàng Law. an toàn,
hiệu quả.
Cử nhân chuyên ngành
Luật thương mại.

Ms. Quach Thanh Ngoc Thuy
Deputy CEO
in charge of Operations
20 years’ experience in
accounting, international
payment, evaluation and
investment.
Instrumental in securing
Sacombank’s position in
monetary markets, obtaining
recognition from
international organisations
as the Best Transaction
Bank and the Best
Cash Managing Bank in
Vietnam.
BSc in Business
Administration.
Mr. Nguyen Minh Tam
Deputy CEO
in charge of Foreign Operations
Over 17 years’ managerial
experience in finance and
banking.
He has made the biggest
contributions to
developing Sacombank’s
overseas branches and
subsidiary bank, turning
Sacombank into an international
brand.
Master in Economics.
BSc in Economics,
specialising in Statistics.
Mr. Dao Nguyen Vu
Deputy CEO
cum Director of the HCMC
Region
20 years’ experience in
credit operation and
credit risk management.
He turned the Ho Chi
Minh City Region into
the business leader in
the banking industry for
many years, making a
substantial contribution
to the Bank’s overall income.
BSc in Economics, specialising
in Banking.
Mr. Ha Van Trung
Finance Director
15 years’ experience in finance
and banking.
He has made important
contributions to planning
financial strategies
for Sacombank, targeting
the improvement of
the efficiency and performance
of the Bank
and adding value for
shareholders and customers.
MBA in Finance
and BSc in Business
Administration.
Ms. Nguyen Thi My Hanh
Chief Accountant
19 years’ experience in
accounting and auditing.
She has made contributions
to the safe and efficient
development of
Sacombank.
BSc in Finance and
Accounting.
BÁO CÁO ANNUAL THƯỜNG REPORT NIÊN 2011 2011 30

For 20 years, Sacombank has been determined with its own development
strategies, and confident in getting its own way to become the
pioneer bank in various fields. From period of operating under the
mobile credit institution ,then the commercial bank with the lowest
par value of listed shares in the banking sector, to the period of opening
special branches (Hoa Viet and 8 March branches), capital attraction
from the world financial institutions to Vietnam, and a pioneer of
expanding its business network in Laos and Cambodia, Sacombank
has gradually confirmed its strong steps by its own way.
Going its own way
REPORTS

REPoRt oF tHE BoARD oF DIRECtoRS
ON THE IMPLEMENTATION OF ITS MANAGEMENT TASKS IN 2011
2011 was the first year of implementation of the
Development Strategies for the period of 2011-2020,
and also saw the celebration of the 20th anniversary of
Sacombank (21 December 1991 – 21 December 2011).
It is now essential to create an impetus for outstanding
development achievements in subsequent years and make
an impression, showing Sacombank’s youthful force as
a 20-year-old youngster. However, this process started in
the context of on-going global economic depression, high
inflation in the country, and Sacombank itself trying to
overcome the consequences of a period of unsustainable
and rapid growth (2006 – 2007). Therefore, instead of
focusing on accelerating growth, the Board of Directors has
changed its strategic direction, based on this viewpoint:
“Reduction of extensive development, focus on intensive
investments, acceleration of the restructuring process
(mainly concentrating on structural and institutional
improvement), and modernisation of Sacombank’s
banking technology and training to improve the quality of
the human resources through which to create a foundation
for the next period of stable and sustainable development.”
Based on these strategic changes; strict implementation
of the regulations of the State Bank of Vietnam on credit
growth control, ceiling deposit interest rates and financial
safety indices, which helped to control high inflation; as
well as sharing of the difficulties with loyal customers and
small and medium-sized enterprises, Sacombank saw its
growth in 2011 slow down in various aspects compared
with previous years, except for the profit before tax, which
increased by 13% from 2010, yet only reaching 101% of
the target. Nevertheless, what is most reassuring is that
overdue debts and bad debts were handled well and
controlled effectively to be kept at 0.86% and 0.56% of
the total lending balance respectively; while the average
ratio of the entire Vietnamese banking industry was 3.4%.
Furthermore, most of the Bank’s financial safety indices
were in compliance with regulations.
As for the Subsidiaries’ performance in 2011, except for
SBJ Company, which had modest operating results with
profit before tax reaching only VND22.1 billion due to
strict compliance with the State Bank of Vietnam’s policy
on restriction of gold trading, other Subsidiaries achieved
impressive profit before tax as follows: SBA Company
earned VND110.6 billion of profit before tax, reaching
106% of the target; SBL Company earned VND75.02 billion,
reaching 107.2% of the target and increasing by 42.9%
33
ANNUAL REPORT 2011
from the previous year; SBR Company reached US$1.57
billion of remittance revenue, an increase of 20.6% from
the previous year and representing 17.4% of market share.
Meanwhile, Sacombank has focused its resources on
restructuring the Bank and its Subsidiaries and Subsidiary
Bank, upgrading the T-24/R8 Core Banking System to version
R11, and implementing a series of IT projects associated with
improving most of its core business policies, regulations
and processes, especially risk management processes in
accordance with international standards, to form a firm
foundation for operational and risk management activities
in subsequent periods. Through the Sales Stimulation
Project (SSP), last year, Sacombank provided training on
professional selling skills to the majority of its customer
relations staff, and reorganised the professional sales forces
in conjunction with the introduction of proper incentive
policies to improve business performance. Sacombank
also selected and provided knowledge and skills training
to over 500 potential officers who are to be added to the
next generation. In addition, the Bank gradually improved
the centralised management models, frameworks and
methods by business and operational division and applied
decentralised administration over Regions/Branches
by territory in order to strictly implement the principle
of “unified organisation – centralised management –
decentralised administration” and promote the highest
level of individual responsibility for managerial officers at
various levels.
On the other hand, Sacombank also focused on innovation
of internal cost pricing in accordance with international
standards and best practices in order to foster the proactive
decision making ability and creativity of direct business units
on the basis of “purchaser-seller agreement” and meeting
requirements relating to proper allocation and regulation
of resources to business lines and market segments to
ensure safety and efficiency. The Bank also innovated the
annual business planning and implementation activities
associated with five-year development objectives through
a clever combination of short-term benefits and longterm
development objectives in order to increase the
proactiveness, self-responsibility and flexibility of direct
business units in managing business plans, combined with
the coordination role of the heads of business divisions of
the Bank and system-wide functional departments.

In addition, to ensure the highest level of efficiency and
the best use of the network scale of a retail bank, in 2011,
the Bank opened two new branches in Thai Nguyen and
Phu Tho Provinces, upgraded the Sacombank Phnom
Penh Branch into a Subsidiary Bank wholly owned by
Sacombank in Cambodia, and opened 42 more Transaction
Offices, increasing the total number of Transaction Offices
in the three countries of Vietnam, Laos and Cambodia to
408 by late 2011.
During the past 20 years, especially in 2011, with the
function of managing the Bank in accordance with the
Law on Credit Institutions, and with the four major tasks
of Planning, Organisation, Leadership and Monitoring, the
Board of Directors has spent a great deal of time and effort
on improving the Banking Architecture, including the
Superstructure and the Infrastructure; Legal Frameworks
and Support Tools, and developing quality Human
Resources and a firm operational platform on the basis of
the proper business model of a modern multi-functional
retail bank in a lean and cost-saving manner. The Bank has
also boosted to the highest level the passion, proactiveness
and creativity of employees through open transparent
incentive policies of the Bank and the inspirational and
change management ability of managerial officers at
various levels through which to increase the adaptability of
all staff members and improve the Bank’s competitiveness.
Therefore, despite slower growth in all aspects last year
compared with previous years, with a fairly complete
banking architecture and complete legal frameworks; a
fairly firm operational platform; fairly modern support tools
and fairly advanced risk management methods; along with
strong and professional sales forces, the Bank is well placed
to be able to achieve its objectives of SAFETY, EFFICIENCY
and SUSTAINABILITY in the near future, as defined in its
strategic plan for the period of 2011 – 2015.
Sacombank started to implement its 2012 plan in the
context of many difficulties and challenges still facing
the world economy and the domestic economy, while
its inherent weaknesses and shortcomings, although
overcome and corrected synchronously in 2011, still need
time to be eventually eliminated. Therefore, the strategic
REPORTS
policy of simultaneous defense and attack must be
maintained in order to deal with the impacts of the global
financial crisis of 2008-2009. Accordingly, EFFICIENCY is
still considered an important objective, but SAFETY is
the leading strategic task. On that basis, it is necessary
to continue improving fundamental elements, and to
focus on innovation, particularly in respect of the WAY
OF THINKING and METHODS for corporate governance
in general, especially risk management, and for financial
management in particular. Furthermore, the individual
role and responsibility, proactiveness and creativity of
members of the Board of Management must be promoted
to the highest level, with great promotion opportunities
and satisfactory incentives provided.
On the other hand, Sacombank’s Asset Portfolio and
Financial Structure will be restructured according to an
optimal financial model, with resources focused on core
capabilities; rapid and complete divestment from non-core
businesses; slowdown and minimisation of investment in
capital construction; rapid disposal of unused assets and
assets received for offsetting against loan debts; increase
in available funds; elimination of waste and performance
of strict saving; increase in incomes and decrease in
expenses; more added value created for customers;
increase in incomes for the Bank; increase in dividends for
Shareholders and improvement of the living standards of
employees across the entire network of the Bank.
So, in the context of the current economic challenges,
we only expect 2012 to be a year of focused stabilisation
in all aspects to ensure safety and efficiency. In addition,
it is necessary to add more resources, consolidate the
foundation, and continue innovating the operational
mechanism, corporate governance methods, and
incentive policies within the framework of the State Bank
of Vietnam Governor’s policy on restructuring commercial
banks of Vietnam in order to create the momentum
for breakthroughs in growth in subsequent years and
successfully fulfill the development objectives set forth for
the whole period of 2011 – 2020 in line with the Resolution
of the 2010 General Meeting of Shareholders at its annual
meeting on 2 April 2011.
THE BOARD OF DIRECTORS
ANNUAL REPORT 2011 34

REPoRt oF tHE BoARD oF SUPERVISoRS
Taking the responsibilities for monitoring compliance with the laws and regulations set by the State Bank of Vietnam
(SBV) across Sacombank’s system to ensure its stable growth, achievement of business objectives and adherence to the
laws and banking regulations, based on macro-economic forecasts and the Bank’s performance review, the Board of
Supervisors in 2011 performed the following specific action plans:
Hold periodic meetings between the Board of Supervisors and the Internal Auditors and the Risk Management team;
attend the meetings of the Board of Directors; provide comments on the development and implementation of business
plans; perform comprehensive monitoring of the Bank’s operations in various aspects with emphasis on the monitoring
and cooperation with the Board of Directors and the Board of Management to achieve the set objectives.
In 2011, as a tool of the Board of Supervisors, the Internal Audit system (consisting of the Internal Auditors at the Head
Office and the Regional Inspection and Supervision Team) performed audits of 408 transaction offices (100% of the total
number of transaction offices), 11 divisions/departments at the Head Office and 3 Subsidiaries (SBA, SBL, SBJ). Periodic
and extraordinary cash counts were performed at all transaction offices across the Bank’s system. The controls and
internal audit systems of the Bank proved their efficiency in the monitoring process to achieve the goal of prevention and
warning of any probable risks. In addition, the Internal Auditors have performed distant supervision of all business units
across the Bank’s system, gave timely warnings and identified any violations of the regulations for immediate response
and remediation as well as provided guidelines on business operations for different business units.
Assessment of the Board of Supervisors on the
Bank’s business activities:
n Management: The Board of Directors performed their
management role well, providing timely support and
instructions to the Board of Management in relation
to managerial tasks. The Board of Directors also closely
coordinated with the Board of Supervisors through
inspection and control of the operating activities of the
Bank and its subsidiaries.
n Operations: The Board of Management made
outstanding efforts in 2011, having consistently grasped
market developments in a timely manner and strictly
implemented the directives of the Board of Directors as
well as adhering to the plans of the Board of Directors.
These actions resulted in a number of praiseworthy
successes in the year in terms of profit before tax, total
assets, and business network expansion. The Board of
Management also coordinated closely with the Board
of Supervisors in monitoring and supervising operating
activities, and providing relevant information and data
to support the Board of Supervisors’ actions.
n Internal controls: The Bank has built and has always
been interested in the improvement of a system of
internal controls to meet the development needs of
the Bank. There was an emphasis on self-checks and
self-correction, and appointing Itinerant Directors and
Transaction Managers to conduct checks as well. The
control system comprises of risk management policies,
35
ANNUAL REPORT 2011
processes and regulations, decentralisation of power,
levels of authorisation and IT applications. The tasks
of inspection and supervision were improved to attain
better results.
n Risk management and treatment in Sacombank’s
control system.
Market risks
(i) Foreign exchange risk
According to economists, one of the biggest successes of
the monetary policy of 2011 lies in the foreign exchange
rate policy. With VND deposit rates being maintained high
while the applicable ceiling rate for USD deposits being
kept low, the foreign exchange rate between USD and
VND has been kept reasonably stable after it had been
sharply depreciated by 9% at the beginning of the year.
However, the foreign exchange rate climbed at certain
points in time during the year which was principally due
to gold speculation.
With the foreign exchange rate being quite stable in 2011
and efficient management of the foreign exchange risks,
Sacombank has not been affected severely by the foreign
exchange risks.
(ii) Interest rate risk
In 2011, given the scarcity of raised funds, banks’ race to
increase interest rates was intensified vigorously. However,
thanks to its policy on floating loan interest rates, Sacombank
successfully managed interest rate risks.

Liquidity risk
(i) High inflation of the local economy; (ii) The monetary
tightening policy; (iii) Interest rate competition among banks
Some banks fell into intensified liquidity problem. Liquidity
risk represented a significant risk faced by many banks.
Sacombank’s internal financial indicators related to
liquidity remained under control but at high limits, and
needed attention and handling. Some of the indicators
were the VND-denominated lending to fund-raising ratio,
the quick ratio in VND by day or week.
Credit risk
As at October 2011, according to the data of the SBV, bad
debts of the banking sector rose by 35.6% from 2010 and
hit 3.4% of the total lending balance.
Sacombank’s bad debt ratio as at 31 December 2011 was
0.56%, which was quite low compared with the average ratio
of the banking sector. The low ratio was attributed to the
Bank’s credit grant procedures being stringent. The Bad Debt
Prevention and Handling Board fulfilled well its advisory and
forecasting role and set out solutions for handling bad debts.
However, bad debts are forecast to increase highly in early
2012, and require further closer control to be in place.
The Internal Audit, as a tool of the Board of Supervisors
Results of evaluation of financial statements
The Board of Supervisors evaluated the quarterly, semiannual
and annual Financial Statements of the Bank in the
fiscal year 2011 and agreed to confirm the following results:
The financial statements of the Bank for 2011 were prepared
in the forms issued along with Decision No. 16/2007/QD-
NHNN dated 18 April 2007 of the State Bank of Vietnam
on “Financial Reporting Regulations for Credit Institutions”
and in accordance with Circular No. 09/2010/TT-BTC dated
15 January 2010 of the Ministry of Finance on “Guidance for
disclosure of information on the stock market,” Vietnamese
Accounting Standards and prevailing regulations.
The data reflected in the financial statements for
2011 are sufficient, timely, clear, accurate, truthful and
reasonable. They have been approved by the Audit
Committee of Sacombank and independently audited by
PricewaterhouseCoopers (Vietnam) Limited.
Sacombank’s financial position and indicators are within
the limits permitted for banks.
THE BOARD OF SUPERVISORS
ANNUAL REPORT 2011 36

REPoRt oF tHE BoARD oF MAnAGEMEnt
GENERAL SITUATION
1. Economic overview
In 2011, the world economy faced continued difficulties,
with high inflation and complicated European
sovereign debts hindering recovery. By the end of 2011,
the world economy had grown by 3.8% (lower than the
growth rate of 5.2% in 2010), whereas Asia’s economy
had grown by 7.2% and the economies of developing
countries showed growth of around 6.2%.
Last year, the Vietnamese economy faced high inflation,
capricious changes in foreign exchange rates and gold
prices, stock market stagnation, a frozen real estate
market, an unsustainable macro-economic balance,
a high increase in governmental debts, low efficiency
of public investments, shortcomings in policies on
economic regulation, and natural calamities and
epidemics that significantly affected people’s lives in
certain areas.
In response to these difficulties, the Government issued
a number of timely policies and solutions. As a result,
37
ANNUAL REPORT 2011
inflation was gradually brought under control in the last
months of the year, and the country’s GDP growth rate
was maintained at a level that was more satisfactory
than the general situation, albeit lower than in the
previous year. The details are as follows: CPI increased
by 18.12%; GDP grew by 5.89%; export value reached
US$96.3 billion, up by 33.3% from 2010; the trade deficit
was kept at under 10% of export value; and total social
investment increased by 5.7% from 2010 and was equal
to around 34.6% of GDP.
2. Banking industry
Implementing Resolution 11/NQ-CP of the Government,
the State Bank of Vietnam issued close and prudent
monetary policies to fulfill the objectives of credit
growth control, low total payment facilities, and
reasonable interest rates and foreign exchange rates in
order to control inflation, stabilise the macro-economy
and ensure social security. As a result, the financial and
money market has gradually been stable. Interest rates

and foreign exchange rates were controlled effectively and
more closely in accordance with the country’s objectives.
However, shortcomings at a number of banks, such as
liquidity risk, bad debts and non-compliance with the
laws, were revealed. The State Bank of Vietnam therefore
had to implement a policy on restructuring the banking
industry through the merger and acquisition of weaker
banks to ensure safety and transparency for the banking
industry as a whole..
In 2011, the total assets of the banking industry as a
whole increased by 13.5%. Raised capital and loans grew
by 9.9% and 10.9% respectively from the beginning of
the year. Bad debts increased sharply; the percentage
of bad debts of the industry as a whole was over 3%.
Operational risks, especially ethical risk, also increased.
OPERATING RESULTS IN 2011
1. Total assets
In the context of the general difficulties in the economy
and the risky business environment, by implementing
a policy of non-pressure on performance indices,
Sacombank’s total assets in 2011 slightly changed
compared to 2010. As at 31 December 2011, the
Bank’s total assets reached VND140,137 billion, a slight
decrease of 1% from the beginning of the year.
2. Capital raising activities
By the end of last year, Sacombank’s total raised capital
had reached VND123,315 billion (including gold
custody), a slight decrease of 2% from early last year,
representing 4% of the market share of the banking
industry. The portion of capital raised from economic
organisations and residents was VND104,218 billion, up
by 0.4% from early last year..
In general, since market developments and the State
Bank of Vietnam’s monetary tightening policy have
partly affected fund-raising activities, particularly the
reduction of gold and USD trading, the total raised
capital of the Bank grew more slowly than in previous years.
Strictly implementing Directive 02 of the State Bank
of Vietnam, Sacombank applied policies including not
participating in interest rate competition; keeping
deposit interest rates under 14%; making use of
its brand and network advantages to raise capital
from stable resident communities; and improving
its competitiveness by increasing the sales force and
improving their customer care skills. New products and
fund-raising programmes were also launched to satisfy
the needs of the new individual customer segments.
These new products and programmes were accordant
with the current market conditions and helped utilise
the Bank’s competitive advantage and reduce the fundraising
costs for the Bank somewhat. These programmes
included “Depositing Millions to Win Billions of VND”,
“The Wave of Billionaires”, “Phu Dong Savings”, products
related to the conversion of deposits in gold, and a
sales-based bonus programme for employees, etc.
Capital raised from financial institutions continued
to grow thanks to the Bank’s brand reputation and
well-established relationships. This led to a stable and
diversified operating capital structure for Sacombank. By
late 2011, trade refinancing was worth US$258 million,
an increase of US$123 million (91%); the entrusted fund
reached VND2,339 billion, up by VND105 billion (5%)
from the previous year, and the Bank had raised US$105
million of subdebt.
3. Credit activities
REPORTS
By 31 December 2011, the total customer debt
balance had reached VND78,449 billion, an increase of
VND1,090 billion, equivalent to 1.41%, from early last
year, accounting for 55.98% of total assets. Loans to the
non-manufacturing sector accounted for 16% of this.
In general, the lending growth rate was not high
because Sacombank applied a safe credit control
policy in line with market developments. In addition,
due to the impact of the Government’s policies on
restriction of lending to the non-manufacturing sectors
and stopping lending in gold, the number of eligible
borrowers was significantly reduced. Furthermore,
customers were encouraged not to accept loan debts
due to high market interest rates.
ANNUAL REPORT 2011 38

REPoRt oF tHE BoARD oF MAnAGEMEnt
Anticipating economic difficulties, Sacombank
actively implemented strong and consistent measures
to prevent and manage overdue debts through
the mechanism of the Overdue Debt Prevention &
Handling Boards and Sub-boards of business units.
Therefore, credit quality was secured and the overdue
debt ratio was kept lower than the average ratio of the
banking industry. Specifically, the overdue debt ratio of
Sacombank was 0.86% and its bad debt ratio was 0.56%
(the average ratio of the industry was 3.4%).
4. Interest rates and net interest incomes
In the context of high deposit interest rates, dispersed
lending was actively conducted by all business units,
combined with good control of fund-raising expenses
to maintain healthy gross margins for 2011. As a
result, net interest incomes were VND5,496 billion,
representing an increase of 71% from the previous year
and 124% of target. These satisfactory total interest
incomes contributed significantly to the overall profits
of the Bank.
The international-standard FTP framework, which
was officially launched at the beginning of the
year, represented an important advancement in
reformulating the method of calculating internal costs.
It changed the viewpoint on assessment of profits
contributed by business units, created support tools
for the calculation of important ratios like CPR, KPI, TOI,
etc. and created a basic platform for advanced business
administration. To date, the FTP framework has been
working effectively; it is largely automatic and can
monitor and assess the efficiency of each transaction.
5. Services business
Thanks to the modern core banking platform, which has
been frequently improved, along with the strengthened
professional sales force, a broad network at home and
abroad, and the application of a one-stop transaction
process in the entire system, the services business was
further improved during the year.
Total service income was VND935 billion, accounting
for 14.2%, an increase of 1% from 2010, exceeding the
target by 47%. The details of this income are as follows:
39
ANNUAL REPORT 2011
n International payment revenue reached US$5,731 million.
n Money transfer revenue was VND3,846,842 billion, an
increase of 36% from 2010.
n Guaranteed revenue grew sharply and reached
VND7,372 billion, an increase of 40% from 2010.
In addition to traditional services, the Internet banking
service was improved and brought many new benefits
to customers. The Sales Stimulation Programme
was launched across Sacombank’s network and has
engendered a more dynamic and professional way of
thinking about selling. Sacombank continued to invest
in and develop card services, which is making a larger
contribution to total service income. New products and
services were also targeted at internal customers, who
are employees of the Bank and its Subsidiaries.
6. Foreign exchange trading
By grasping business opportunities following market
developments, the Bank’s foreign exchange trading
activities brought in satisfactory results. The total
income from these activities was VND123 billion, an
increase of 173% from the previous year.
In addition, foreign exchange products were diversified
and provided customers with additional benefits. A
number of workshops were held for enterprises and
investors to familiarise customers with derivatives in
investment and risk management.
7. Card activity
The number of Sacombank’s cards in circulation by the
end of 2011 totaled 906,401, an increase of 316,365
from early last year (increase of 54%). Of these, debit
cards represented 78%, credit cards 7%, and prepaid
cards 15%.
The total number of ATMs was 751, an increase of 14%
from early last year. The total number of POSs was 2,201
which was an increase of 36% from 2010.
In 2011, card sales were boosted through direct
distribution channels like freelancers, and marketing
cooperation with schools, hospitals, trade centers,
etc. A number of card utilities continued to be tested,
updated and expanded. Some programmes like Plus

Day and Sacombank Plus in association with card sale
agencies were launched to increase the use of cards by
customers and sales of the commodities and services of
the Bank’s partners.
Total income from card services reached VND130 billion,
an increase of 88% from the previous year, representing
20% of the Bank’s total service income. The profit from
card-related activities totaled VND67 billion.
8. Administration expenses
During the year, business units throughout the system
continued to reduce costs and clearly understood the
viewpoint of Investment Expenses being Incurred
Expenses. The Bank continued to build and improve
the criteria for the material consumption standard,
standards on fixed asset investments, labour tools,
etc. in order to enable business units to shorten paper
processing time and improve professionalism.
9. Operating results
In the context of adverse market conditions, and with its
stance of sharing its customers’ difficulties, Sacombank
earned the targeted profits and secured the statutory
safety ratios, based on proper, timely and flexible
business policies, even though some of the business
results remained modest.
REPORTS
The Bank’s profit before tax was VND2,740 billion, an
increase of 13% from the previous year and equal to
101% of target.
10. Solvency & profitability
During the process of its development, Sacombank
has consistently combined three strategic objectives:
Safe Operation – Efficient Business – Sustainable
Development and complied with the State Bank of
Vietnam’s regulations, while heading for international
standards on financial safety.
Sacombank continued its strong restructuring of Assets
and Liabilities. During the year, Sacombank focused
on raising capital from residents and boosted capital
growth from foreign financial institutions. At the
same time, the Bank carefully selected borrowers and
restructured its credit portfolio and securities investment
portfolio. Furthermore, Sacombank allocated capital and
assessed the efficiency of capital use by business lines.
Its application of flexible internal costs stabilised the
liquidity of the Bank, ensured solvency and improved
profitability in the context of great changes in the market.
n Return on Equity (ROE) was 14.60%;
n Return on Assets (ROA) was 1.44%;
n Ratio of profitable assets to total assets was 84.36%.
ANNUAL REPORT 2011 40

ACHIEVEMENTS IN 2011
Risk management and safe operation
Risk management was implemented and understood
consistently throughout the system of Sacombank. As
a result, Sacombank fully met and complied with all the
applicable regulations of the State Bank of Vietnam. All
business activities have been managed, alerted and
monitored in order to identify, manage and minimise
potential risks. In addition, Sacombank has built and
successfully applied the Credit Rating Model, the Credit
Limit Monitoring Model, the Risk Provision System under
IFRS Standards, the Risk Factor Monitoring Model, and the
technology component in the Money Filtering and Anti-
Money Laundering Process under international standards,
thus enabling good corporate governance for the Bank in
the context of high increases in bad debts and overdue debts.
Restructuring
Following the restructuring achievements at the Bank over
recent years, Sacombank added a content component
named “Corporate Governance Innovation” to its
restructuring programme of “Organisation – Institution –
Products – Financial Structure” in 2011. Accordingly, the
Restructuring Board of the Bank launched practical, indepth
innovations relating to the activities of Sacombank’s
business units. The restructuring has contributed to
improving the business performance in line with the current
market situation. The innovations include: launching of
the programmes of “Reform of organisational structure
and corporate governance at the head office, branches
and transaction offices,” “Restructuring Subsidiaries in
accordance with the Group’s Corporate Governance
Model,” and the “One-stop Transaction Model.” Most of
these programmes have been implemented and applied
and have gradually shown their efficiency. Moreover, in
2011, innovative viewpoints were integrated into process/
procedure-making policies associated with information
technology, and business processes were put into actual use.
Banking technology modernisation
During the year, new banking technology projects
continued to be implemented, such as the management
reporting system, the customer information assessment
system, etc. In particular, the T24 operation process was
41
ANNUAL REPORT 2011
improved to reduce transaction time and improve the
performance of employees. The project for upgrading
the T24 R8 system to the T24 R11 system was initiated in
October 2011 in order to improve the functions of the core
banking system and application utilities.
Quality control and customer care
With the customer-oriented business philosophy of
“Customers’ satisfaction – Sacombank’s success,” last
year, Sacombank focused on improving customer service
quality by establishing the Productivity & Quality Board
and upgrading the Customer Service Center as a contact
point for coordination with relevant business units to
implement projects to conduct surveys on the needs and
tastes of customers, and a project for the innovation of
the customer service process. Sacombank also completed
technical projects related to the customer dealing service;
improved teller service quality and successfully launched
the One-stop Transaction Model. In addition, the Bank
provided a number of convenient and diverse products
and services that are specific to each geographical region
or area and integrated with advanced technologies. These
products and services offer many diverse choices to satisfy
the increasingly high demands of customers. Furthermore,
Sacombank thoughtfully organised the “Month of Gratitude
to Customers,” a well-prepared annual customer service
programme designed to bring satisfaction and comfort to
customers who use the Bank’s products and services.
Human resources management
In 2011, Sacombank implemented plans that focused on
the improvement of the productivity and service quality
of tellers, the management of human resources and
remuneration, the establishment of a core competencies
framework, potential manager training, succession
planning, and performance-based remuneration. These
plans were aimed at improving labour productivity,
creating a friendly and transparent working environment
and a proper compensation framework based on the skills
and abilities of each employee, and implementing the
strategy of the Board of Management on competitiveness
improvement and innovation of human resources
management in the current competitive environment.
By late 2011, the Bank had had a total of 9,596 employees,
an increase of 14.9% from 2010, and the resignation rate
was 9% in 2011.

Frequent training was provided through 203 training courses, with 9,153 employees participating, and a team of 458
internal trainers was developed. In addition, the Training Center coordinated with Hypertek Company to build a database
of trainers and electronic textbooks for professional training courses, and launched the E-learning Programme to enable
distance training activities for business units in 2011.
Brand promotion activities
Information about Sacombank and its Subsidiaries was frequently monitored, processed and provided in full to the mass
media. Information about Sacombank’s brand and culture was communicated internally to all employees. Furthermore,
attention was consistently paid to brand standardisation and promotion efforts in terms of images, information and
displays across the entire system of the Bank
In 2011, Sacombank was honored to win the following awards: “Bank of the Year in 2011,” “Best Cash Managing Bank
in 2011,” “Best Foreign Exchange Provider in Vietnam in 2011,” “Best Transacting Bank in Vietnam” and “Best Corporate
Governance and Investors Relations Bank in 2011” granted by The Banker, Global Finance, and The Asset magazines and
was awarded the “Third-Class Labour Order” by the State President..
In general, Sacombank has maintained and made progress in its brand promotion activities. However, in order to further
professionalise its brand promotion, Sacombank is conducting research into developing long-term branding strategies
to promote the Bank’s position as a multi-national bank.
Utilising the network advantage
In 2011, although the State Bank of Vietnam had introduced restrictions on opening new bank transaction offices,
Sacombank was able to expand its network as part of its network development strategies. By 31 December 2011,
Sacombank had officially opened and put into operation 42 new transaction offices, increasing the total number of
transaction offices of the Bank to 408. The Bank has a presence in 47 out of the 63 provinces/cities of Vietnam and in the
two neighbouring countries of Laos and Cambodia
In general, the Bank’s network development was managed well by business units in 2011. Sacombank has maintained its
position as the joint stock commercial bank with the widest network
ANNUAL REPORT 2011 42

PERFoRMAnCE RESULtS oF SUBSIDIARIES
In 2011, based on the viewpoint of Safety and Efficiency in business administration, the total consolidated assets of
Sacombank changed slightly from the beginning of the year. As at 31 December 2011, the total assets of Sacombank
were worth VND141,469 billion, of which profitable assets represented 83.9%.
Due to the difficulties in the domestic and world economies, as well as the stagnation of the stock market, the Bank
faced significant challenges in its operation, such as difficulties in increasing equity capital to improve its financial
capacity and meet business development needs. However, with its strong reputation, business scale and consistent
business performance, Sacombank has always been trusted by customers, investors, and shareholders. In particular,
the professional and flexible management by the management teams at various levels in the Bank helped Sacombank
achieve its equity capital target. Its total equity capital reached VND14,547 billion as at 31 December 2011, an increase of
VND529 billion from the previous year.
In 2011, local enterprises, including Sacombank’s Subsidiary Companies, were unable to avoid the impact of economic
challenges. However, with their extensive experience accumulated over many years, the Subsidiaries actively
implemented their defense and strengthening plans and made use of every market opportunity to launch appropriate
business solutions in order to exceed their assigned targets. In addition, product cross-sale activities between the Bank
and its Subsidiaries were boosted to help ensure that satisfactory results were achieved. The business units shared and
exploited each other’s existing customer bases through a wide network at home and abroad. Through this process,
practical economic benefits were obtained for each subsidiary and for Sacombank as a whole.
The consolidated profit before tax in 2011 was VND2,771 billion, an increase of 7.6% from 2010.
n Sacombank-SBA: This Subsidiary earned profit before tax of VND110.6 billion, or 106.1% of target. To achieve such
good results, the Company actively and fully used its existing warehousing system and efficiently managed the
mortgage of commodities pledged by customers;
n Sacombank-SBR: Foreign exchange remittance revenue totaled US$1.57 billion, an increase of 20.6% from 2010,
representing a 17.4% market share. This Subsidiary’s profit before tax was VND9.1 billion, an increase of 67.6% from
2010, equal to 106.7% of target. During the year, through the implementation of solutions to attract remitted capital
from traditional markets, building relationships with new partners, and the launch of a number of home delivery
money transfer products and services, the Company enjoyed increases in total incomes;
n Sacombank-SBL: This Subsidiary’s profit before tax was VND75.02 billion, an increase of 42.9% from 2010, exceeding
the target by 7.2%. Despite many difficulties in the financial leasing market last year, SBL utilised all of its business
opportunities and network advantages to cross-sell products and control credit quality;
n Sacombank-SBJ: This Subsidiary’s profit before tax was VND22.1 billion. In the context of the numerous changes in
the State Bank of Vietnam’s policies, which adversely affected gold trading activities, the Company made good use of
market opportunities and restructured its business activities with a focus on boosting jewelry trading. As a result, the
Company successfully met its business targets.
In order to keep pace with market developments and trends, in future, these Subsidiaries will continue to focus on their
core business, utilising their potential and strengths to develop in line with the Group’s orientation, and achieve the
required rate of return for Sacombank as scheduled.
43
ANNUAL REPORT 2011

BÁO CÁO KẾT QUẢ KINH DOANH
ANNUAL REPORT 2011 44

CREDIt RAtInG RESULtS
MOODY’S AND S&P’S RATE SACOMBANK AS POTENTIALLY STABLE
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has recently been rated by the two global credit rating
organisations, Moody’s and Standard & Poor’s (S&P’s), for the first time. The common comments of these organisations
were that Sacombank was potentially stable, reflecting the quality of its business performance and its adaptability before
the challenges of the Vietnamese and world economies. The comments and ratings were based on Sacombank’s business
position, financial capacity, profitability, liquidity ratios, credit risk management, and capital adequacy ratio in correlation
with the economic environment of Vietnam in general and the banking industry in particular.
That Sacombank invited the world’s leading credit rating organisations to rate the Bank is a clear indication of its strong
and consistent commitment to financial information transparency to the community of domestic and foreign investors as
well as its efforts to maintain and improve its quality, business performance and risk management towards international
standards and practices.
Criteria Rating Meanings
(Bank Financial Strength Ratings) E+/ potentially stable This result reflects:
n Large market share in the commercial joint
stock bank sector of Vietnam;
n High quality of Assets with low non-performing
loan ratio and the highest credit risk provision
ratio among Vietnamese banks;
n Balanced credit portfolio;
n Large chartered capital.
Domestic Currency Bank Deposits Rating B1/ potentially stable Among the 7 banks rated by Moody’s, Sacombank
is one of the 3 banks with B1 rating.
Foreign Currency Bank Deposits Rating B2/ potentially negative Potentially negative due to the national ceiling risk
limit on foreign currency deposits.
Domestic Currency Issuer Rating B1/potentially stable The B1 rating is equivalent to the credit rating of the
Vietnamese Government.
Foreign Currency Issuer Rating B1/ potentially negative The B1 rating is equivalent to the credit rating of the
Vietnamese Government. It is currently the highest
rating for Vietnamese enterprises.
45
ANNUAL REPORT 2011
Potentially negative due to the national ceiling risk
limit on foreign currency deposits.

Criteria Rating Meanings
Issue credit rating - ICR B+/B/stable S&P’s rated Sacombank based on the following factors:
n Strong business position;
n Weak capital and earnings;
n Moderate risk position;
n Above-average funding ability and moderate liquidity.
Stand-alone credit profile - SACP b+
Anchor b The starting point for the credit rating of a Vietnamese
commercial bank is ‘b’. Based on market developments in the
Vietnam market and the manner of operation of the banking
market, it was shown that there were still many macroeconomic
shortcomings, which were far from approaching
international practices. Such weaknesses have been
mitigated thanks to impacts of adequate deposits and low
dependence on outside capital resources.
Business position Strong Sacombank is the second biggest private bank in Vietnam
and earned a lending – funding market share of around
3.5% to 4.5%. The leadership team of the Bank has
progressive viewpoints and set out clear retail strategies. The
Bank has made great efforts in innovation of new products.
S&P’s rated the Bank’s diversification as moderate.
Capital & Earnings Weak Capital and earnings were unclear elements in the ratings by
S&P’s. S&P’s believed that Sacombank’s risk-adjusted capital
ratio of 4% would not change within the next 12-18 months.
That Sacombank kept a moderate credit growth would not
increase credit expenses and was considered by S&P’s to be
a factor affecting its profitability.
Risk position Moderate Credit expenses were controlled with the defense strategy
of Sacombank in order to minimise uncertainties from
outside. Sacombank continued to make innovations and
implemented sustainable risk management standards
as well as applying historical experience to keep credit
damages at low levels.
Funding & Liquidity Above average
and moderate
According to S&P’s, Sacombank’s ratio of loans to customer
deposits was better than that of the banking industry as
a whole and better than a number of banks with larger
business scale and networks. This reflected Sacombank’s
effective use of its network of branches and its active
funding efforts.
Sacombank’s liquidity was also moderate, shown by
its holding of highly liquid assets, which are enough to
compensate for short-term loans
REPORTS
ANNUAL REPORT 2011 46

oBJECtIVES AnD PLAnS FoR 2012
OVERALL MARKET FORECASTS
World economy
The world economy is recovering thanks to the growth
of emerging and developing economies, especially those
in the Asian region. However, slower growth along with
inflation, unemployment, budget deficits and sovereign
debt crises in some of the world’s largest economies have
created challenges affecting the recovery of the global
economy and the stability of the financial and monetary
sector of the world and Vietnam. The world economy
is forecast to grow by 3.6% and the world’s developing
economies by 6.2% in 2012 (Source: World Bank).
47
ANNUAL REPORT 2011
Domestic economy
The Government’s tasks for the period of 2011-2015 are to
reduce inflation, stabilise the macro-economy and maintain
a reasonable growth rate, as well as reform the growth
model and restructure the economy. Specific objectives
include reducing inflation to under 10%, achieving GDP
growth by around 6-6.5%; a total export value increase
by around 13%, a trade deficit of around 11-12% of total
export value; and total social investment and development
capital reaching around 33.5% of GDP.

Development orientation of the banking industry in 2012
Based on domestic and foreign economic prospects, the State Bank of Vietnam set out its objectives for 2012 as follows:
continue the close and flexible monetary policies to reduce inflation as a priority, stabilise the macro-economy and
keep economic growth at a reasonable rate; stabilise the currency and foreign exchange market in line with macroeconomic
developments; operate a safe financial and credit system, and comply with the laws on currency and banking.
Accordingly, total payment facilities will increase by around 14-16%, credit will grow by 15-17%, and interest rates and
exchange rates will be controlled reasonably in line with macro-economic balances and currency and foreign exchange
market developments.
PLAN FOR 2012
Overall objectives
Sacombank will focus all of its resources on: (i) improving adaptability; (ii) increasing competitiveness; (iii) improving
operational performance; (iv) creating competitive changes in service businesses and increasing the percentage of noninterest
incomes, service incomes and foreign exchange business in order to create a sustainable income framework for
Sacombank; (v) improving labour productivity and service quality at business units; (vi) implementing and thoroughly
understanding strict saving and waste prevention policies systemwide; (vii) promoting abilities, enhancing creativity,
self-control and self-responsibility in all business units and in all the Bank’s employees. All these activities are aimed at
fulfilling Sacombank’s plan for 2012 under the motto of SAFETY AND EFFICIENCY.
Key financial targets
Targets (VND billion) 2012 Plan (+/-) from 2011
Total assets 165,000 18 %
Equity 18,500 30 %
Charter capital 14,069 31 %
Total deposits from customers 124,800 20 %
Total lending balance 91,500 17 %
Profit before tax 3,800 39 %
Operational safety targets:
Capital Adequacy Ratio (CAR) > 9%
Ratio of current capital used for medium/long-term lending < 29%
Ratio of investment in fixed assets

oBJECtIVES AnD PLAnS FoR 2012
FOCAL TASKS AND SOLUTIONS
n Strictly follow the Strategies for the period of 2011-2015
for key targets in order to build detailed action plans
to achieve the objectives set out, ensuring payment of
14-16% dividends approved by the General Meeting of
Shareholders;
n Strictly comply with the regulations and policies of the
Government and the State Bank of Vietnam in relation
to business administration, ensuring that the safety
ratios of the industry are attained in accordance with
international standards;
n Focus resources on promoting fund-raising as a leading
objective in order to ensure the fund-raising – lending
balance, and gradually reduce the ratio of lending to
fund-raising to under 80% in the context of increasing
49
ANNUAL REPORT 2011
competition for fund-raising by various investment
channels;
n Promote network advantages to boost stable fundraising
from residential customers. The objective of
network development must be associated with fundraising
and service diversification.
n Promote the advantages and potential of each
geographical area to boost dispersed lending with focal
targets;
n Control credit growth in accordance with plans and
capital growth rates for each business unit. Continue
to review and restructure the customer base and

lending portfolio in accordance with the orientation
and characteristics of each geographical area/region in
order to ensure sustainability and efficiency;
n Review and assess the existing product system to make
improvements, whilst simultaneously studying and
developing new products which fit the characteristics
of each geographical area/region and are highly
competitive, especially in new markets such as Laos and
Cambodia;
n Research, develop and launch additional products
and services, especially Card, Electronic Banking,
Asset Management services, etc. in order to increase
the percentage of service incomes to create a growth
breakthrough in 2012 and subsequent years;
n Review and assess unprofitable assets in order to
increase available capital resources, tightly manage
liquidity and professionalise the use of funds raised;
n Monitor market developments and utilise opportunities
for investment in Government Bonds in order to improve
business performance and improve liquidity for the
Bank. Develop liquidity provision plans to enhance the
sense of initiative in business activities;
n Set out specific solutions for each business unit to
improve the business performance and productivity of
employees. Associate performance evaluation and job
assignments with productivity and quality;
n Improve the ability to coordinate and support the
business activities of Subsidiary Companies and overseas
operations, especially for the main business lines. Focus
on the objective of achieving the expected rate of
return set out. Simultaneously, increase inspection and
supervision in order to ensure safety in operation and
prevent probable risks;
n Increase resources to complete banking technology
modernisation projects early, especially the T24 upgrade
and Electronic Banking projects, creating a platform for
REPORTS
integrating modern technological applications into
advanced products and services and shortening the
transaction time for customers;
n Continue restructuring by increasing direct sales forces;
boost training in order to increase the sales forces in
accordance with the restructuring model, ensuring the
statutory ratios of Direct sales people : Indirect sales
people : Support people and Consultants : Tellers;
n Develop and complete the standard labour productivity
evaluation model for all job titles throughout the
Sacombank system for the purposes of training,
development and improvement of quality in operations,
focusing on direct sales people by means of salary
and bonuses to encourage improvement of business
efficiency and performance. In addition, continue to
work on maintaining a friendly working environment to
attract and retain talent.
In general, 2011 ended with great changes in the economy
and the Government’s macroscopic policies which have
significantly affected the operation of the banking sector.
However, with the rich experience and smart leadership of
the Board of Directors and the flexible, robust, responsible
and dynamic management by the Board of Management
along with the constant efforts of the Regions, Branches,
Subsidiary Companies and the Subsidiary Bank, Sacombank
has overcome all obstacles to fulfill its material plans and
objectives.
In 2012, it is forecast that Vietnam and other economies
will continue to face great difficulties. However, with
the advantage of the youthful force and zeal of over
ten thousand employees in the system across the three
countries of Vietnam, Laos and Cambodia; along with the
focus on self-help and the flexibility before changes in the
market, Sacombank is fully confident in its adaptability
and competitiveness and its determination to transform
challenges into opportunities and fulfil its business
plan for 2012, taking a firm step towards the successful
implementation of its Development Strategies for the new
period.
ANNUAL REPORT 2011 50

STRATEGIC ORIENTATION FOR 2011-2020 PERIOD
STRENGTHENING INTERNAL RESOURCES –
DEVELOPING SUSTAINABLY
2011 was a transitional year for the launch of the
Sacombank Development Strategies for the period
of 2011-2015, with a vision up to 2020 approved by
the 2012 General Meeting of Shareholders, with the
vision of becoming the “Top Retail Bank in the Region.”
Having experienced financial crises in the region (1997)
and the world (2008-2010), Sacombank has a thorough
understanding of the many challenges that the finance
and banking sector may face as the economy changes.
Accordingly, in its development strategies for each period,
Sacombank always sets out appropriate Objectives and
Solutions and a Roadmap, which are in line with the
development orientation of the Government and the
banking sector, and prepares back-up plans in response to
changes in the business environment. The focal point of the
development strategies for the new period of 2011-2020 is:
“Strengthening internal forces for developing sustainably.”
2011-2012 period: Stabilising and strengthening to
create a firm foundation
Vietnam is becoming ever more integrated into the world
economy and will be influenced by the general changes
in the global economy. The Vietnamese Government has
been introducing market-oriented economic reforms,
gradually eliminating protection for industries, especially
in the finance and banking sector, in order for the economy
to genuinely operate according to market rules. This will
create significant challenges for Vietnamese commercial
banks that find themselves in competition with large
global financial institutions that enter the domestic
market. To Sacombank, such challenges are regarded as
opportunities for development: competition will create the
motivation for Sacombank in particular and commercial
banks in general to constantly improve their business
model and management framework, improve service
quality and employee productivity, and remain constantly
innovative and creative to satisfy the needs of customers,
hence contributing to the development of the financial
and monetary market of the country.
According to many domestic and foreign experts,
Sacombank is among the few banks that have shown
strong and impressive growth in line with the development
trends of the country in the era of economic integration.
In the late 20th century, the name Saigon Thuong Tin
or Sacombank was virtually unknown in the financial
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ANNUAL REPORT 2011
market of Vietnam. However, only just over a decade later,
Sacombank has become the Bank of the Indochina Region
with a network covering almost two thirds of the country,
from Ca Mau to the Northeastern mountainous region,
along with its entry into the financial markets of Laos
and Cambodia over three years ago. The story is not only
about Sacombank’s large network, with 408 Transaction
Offices today, but also its impressive growth, showing the
financial strength of a dynamic, private bank which is brave
in thought and actions: its initial charter capital of VND3
billion has grown to VND10,740 billion today. All of this
shows that, for the past 20 years, Sacombank has chosen
the right development direction for itself and has a good,
up-to-date vision.
Those enterprises which have good business strategies
and long-term vision and are able to set their position and
business plans in line with the circumstances of the macroeconomy,
after the stages of incorporation, emergence
and strong development, will be able to overcome
saturation and depression to approach a strengthening
(maintaining stability) and sustainable development
period. Sacombank’s past and present experience shows
that 2011-2012 will be a “strengthening” period for the Bank
with proactive adjustment of business expansion plans,
focusing on maintaining all stable activities and/or proper
growth in accordance with the growth rate of the banking
industry and in harmony with the benefits of shareholders
and customers and ensuring the livelihoods and jobs of the
nearly 10,000 employees of the Bank. The Bank will then
launch business strategies that have proved to be strong in
order to maintain its position as the Top Commercial Bank
in Vietnam, or even the Top Commercial Bank in the Region.
2011-2020 period: Prioritising Strategic Solutions in
line with market moves
(i) Human resources development strategies:
Sacombank currently has almost 10,000 employees based
in 47 provinces and cities across Vietnam as well as in
Laos and Cambodia. Sacombank always considers human
resources development to be one of the core values and
the human resources as the most precious resources of
the Bank. Therefore, the human resources strategies of
the Bank for the 2011-2020 period were developed with a
view to strengthening the quality of the existing workforce
and attracting potential talent with professional and
selective recruitment policies, fundamental training based

on job position/title, and proper assignment of jobs and
segregation of responsibilities based on capabilities and
professional skills. At the same time, the Bank’s human
resources management policies in this period also target
the building of a core leadership team to carry out the
mission of inspiring zeal and enthusiasm in employees and
stimulating solidarity and dedication in each individual
in order to create the strength for the Bank to develop
sustainably. Hence, human resources will give the Bank a
competitive edge in the new era of development: an era of
intellectuality and creativity
(ii) Technology strategies continue to be one of the four
most important groups of strategies of Sacombank in
this period. After investing in the advanced core banking
platform in the previous period, from 2011, the Bank
continued to upgrade its banking technology system
to the most modern version in order to (1) improve the
productivity of operational employees and diversify and
modernise products and services like international banks;
(2) improve the competitiveness and corporate governance
capabilities of the Bank.
(iii) Financial strategies of Sacombank in the 2011-2020
period will serve as a firm platform for all activities of
business development, network promotion, service quality
improvement and productivity improvement, etc., to help
the Bank deserve the title of “the Bank of the Indochina
Region.” Accordingly, the Bank will restructure its Liability-
Asset portfolio properly to boost profit growth; increase
Total Assets and raised funds by looking for long-term
capital resources at reasonable costs through issuance of
bills of exchange and bonds in both domestic and overseas
markets; improve the efficiency of use of capital resources
through concentrating capital resources on core businesses,
and use expenses reasonably and allocate resources
properly for high-performance business activities.
(iv) Network strategies are implemented with the aim
of achieving the objectives of having 600 Transaction
REPORTS
Offices covering the whole territory of Vietnam, as well as
important provinces and cities of the two neighbouring
countries of Laos and Cambodia by 2020, and of having
Branches or Representative Offices of Sacombank set
up in Malaysia, Singapore, the United States of America,
Australia, Europe and some other countries in the ASEAN
Region. Accordingly, Sacombank’s solutions will focus on
strengthening the existing network and expanding the
reach of Transaction Offices to other geographical areas to
increase business activities, improve competitive edge and
gain market share and expand market coverage
“The risk of all risks is the human factor”; “Technology
is the result of intellectuality and creativity”; “Financial
strength is a firm foundation for all growths”; “the Network
is an effective tool for expanding markets and increasing
market share”, etc. These are the core solutions in the order
of priority, to which Sacombank will pay special attention
in the period of 2011-2020. On the basis of strengthening
the aforementioned key groups of Strategies, the
Strategies for Business – Product and Service Development
– Corporate Governance, etc. have also been studied and
developed by Sacombank with groups of solutions and
action plans interlaced and accordant with the trends of
the new era. Accordingly, specific business models, multiutility,
modern and geographically specific products and
services, as well as risk management policies according to
international standards, have also been studied, invested
in and launched across Sacombank’s entire system in this
period.
Based on the results achieved, the identified shortcomings
that need to be addressed and the lessons drawn from
previous periods, and on research and analysis of strengths,
weaknesses, opportunities and threats in the context of the
general difficulties in respect of the economy and modest
internal forces of the Bank, Sacombank is very confident in
its ability to achieve the objectives set out for the period of
2011-2020 in order to carry out its mission: “Serving the nations.”
“With proper and professional management by the Leaders at various levels, as well as the strong
and creative efforts of thousands of employees, along with the love and support of millions of
customers, shareholders and joint venture and affiliation partners, it is certain that the ambition
of the Founding Shareholders for a private Vietnamese bank to become the First Modern and
Multi-functional Retail Bank in the Region will soon come true.”
ANNUAL REPORT 2011 52

53
ANNUAL REPORT 2011

CORPORATE GOVERNANCE
With the aim of becoming a regional bank, Sacombank has focused on
building a modern information technology infrastructure system which
is one of the conditions for ensuring safe and effective operation for
Sacombank in the next 10 years.
At Sacombank, most of operation processes, from management, administration,
inspection, supervision to other functional operations, are
based on modern information technology infrastructure.
On the basis of the core banking system, Sacombank has met most of
requirements of technical standards, functionalities, synchronism and
connection for the effective operation management .
Going in parallel with technology
ANNUAL REPORT 2011 54

HUMAn RESoURCES MAnAGEMEnt
PEOPLE ARE THE MOST VALUABLE
RESOURCES
Sacombank considers its human resources to be a core
element in the four focal groups of solutions to improve
competitiveness and meet development requirements
in the new period. Based on this orientation, Sacombank
analysed and identified the strengths and weaknesses
of its existing resources in order to develop solutions to
improve the human resources management framework
in accordance with Sacombank’s cultural features and to
minimise risks arising from the human factor.
Developing an advanced management model
With the strategic objective of becoming the Top Retail Bank
in the Region based on the business philosophy of Safety
– Efficiency – Sustainability, Sacombank has developed its
Human Resources Management Strategies for the period
of 2011-2020 with four key models as follows:
(i) Modern recruitment model.
(ii) Flexible management model.
(iii) Attractive remuneration model.
(iv) Potential career development model.
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ANNUAL REPORT 2011
From the functional aspect, these four models represent
solutions to difficult human resources problems for which
not all Vietnamese enterprises can find comprehensive
solutions. In terms of the connection aspect, although
four different aspects of human resources are mentioned,
including, namely (i) recruitment; (ii) personnel
management; (iii) benefits and remuneration; (iv)
training and development, the full career picture of an
employee is described when he or she joins the “grand
family of Sacombank.” At Sacombank, employees do not
just have one job; they have many career development
opportunities.
In addition, Sacombank makes constant efforts to care
about job candidates. In order to do this, in addition
to regular training in professional skills and capacity
improvement and development of a customer careoriented
way of thinking for people in charge of human
resources management tasks, Sacombank has launched
two projects in parallel: incorporation of technology into
recruitment tools and research and application of a highly
quantitative candidate ability evaluation system. With

the proper implementation of these projects, combined
with branding strategies in recruitment on the basis of
corporate culture promotion to each market segment in
flexible and effective forms, Sacombank is step-by-step
affirming its strengths not only in enhancing brand value
in the financial market, but also by winning the trust of and
becoming a destination for potential job candidates in the
labour market.
Respecting talent – Considering people as the base
In most judgments about the future of Vietnam, the quality
of human resources is always the biggest concern. The
outdated education system has resulted in a lack of the
knowledge and skills required to meet the needs of the
era in many workers. Therefore, enterprises that directly
employ human resources have repeatedly affirmed that
the biggest obstacle to development is not finance, but
human resources issues. With these shortcomings in the
country’s human resources, enterprises have to retrain and
rebuild their own human resources to meet their needs.
Past experience has shown that enterprises with smart
and effective human resources strategies will enjoy great
achievements. In future, this will be even more important
when knowledge and creativity and emotional intelligence
become prerequisites for competition and development
Approaching this topical issue, Sacombank has built its
own effective human resources development strategies
in a distinctive manner. Creative, close and suitable
human resources policies are one of the most important
conditions for the Bank’s growth, in-depth development
and sustainability. Experience from the last 20 years has
given Sacombank a thorough lesson in human resources,
and in any of its plans for the future, people are always
placed at the centre.
In Sacombank’s system today, there are nearly 10,000
permanent employees, and each year, there will be on
average 1,000 new employees (the average growth
rate for employees in recent years and the expected
growth rate for the future is 10% per annum). With this
personnel employment scale, a lack of close strategies
from recruitment to training and retention would not only
represent a challenge, but would also increase the threat of
CORPORATE GOVERNANCE
a human resources crisis, especially as the history of human
resources training for the finance and banking sector of
Vietnam is too short and thin.
Looking at the full human resources picture of Sacombank
today and yesterday, especially the group of personnel at
the level of branch directors and managers of important
departments or higher, now including 400 people, some
of the most important and effective principles for “growing
people” and retaining people can be recognised.
n First, identification of potential and reliable, gifted
people and giving them big opportunities and attractive
promotion roadmaps.
n Second, excellent internal training capabilities
n Third, sharing of values, vision and missions in a very
thorough manner.
n Fourth, “giving” and “receiving” in a satisfactory and
balanced manner.
n Fifth, a mechanism that creates an environment for
individual creativity and individual roles, combined with
strict compliance and discipline and collective strength.
With this in mind, Sacombank has made efforts to build
modern management models in order to not only maintain
the existing human resources but also create the best
conditions to boost the abilities of each employee – this
will also build a firm foundation for the development of the
Bank.
In principle, the research and development of the human
resources management model at Sacombank still comply
with basic scientific theories. The difference is, according
to Sacombank’s consistent viewpoint “People are the most
valuable resources of an enterprise,” the Bank has tried
its best to create the best, most professional and most
effective working environment; Sacombank’s workplace
is where talented people gather to collectively deliver the
greatest strength of wisdom as a leverage for the strong
growth and emergence of Sacombank in the coming years.
ANNUAL REPORT 2011 56

tECHnoLoGy QUẢN TRỊ CôNG MAnAGEMEnt
NGHệ
KEY SOLUTIONS
Information Technology (IT) Solutions are among the four
important groups of strategies of Sacombank: (i) people, (ii)
technology, (iii) capital and (iv) network. In different periods,
the order of priority of these four groups of strategies may
change, but IT is being increasingly appreciated with time.
Through its historical milestones, Sacombank has always
applied modern technology to the management and
operation of its systems. With the aim of SAFE and EFFICIENT
development, the Bank focused on launching the following
IT solutions in 2011:
n Upgrade payment systems: upgrade the payment
systems according to the standards of the SWIFT
payment organisation in order to increase safety in
international payment transactions and improve
service quality. In addition, other domestic payment
systems have also been strengthened and restructured
step by step for more effective management, such as
centralised management of the CIATD system across
the entire network of the Bank, restructuring of the
payment systems in partnership with Citibank, HSBC,
Deustch Bank, telephone companies, power supply and
water supply companies, etc.;
n Launch applications that help improve employee
productivity: The e-office system aimed at developing
a general information portal which provides employees
with necessary information, research and work
scheduling tools, as well as incorporating paper business
processes into the system step by step in order to
minimise the time required for circulation of documents
and reduce expenses. Other management systems were
also launched and automated, such as a system for
managing important papers and publications, a cash
management system, and a system for evaluation of
employee KPIs;
n Launch innovations in the processes in the core
banking system, which is being upgraded to the new
version T24/R11, and other applications: requirements
for improvement of processes, simplification of data
entry steps and provision of additional management
requirements in order to ensure safety and efficiency
in the operation of the systems throughout 2011.
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ANNUAL REPORT 2011
Much attention was paid to solutions for refining and
automating data entry processes for payment and
money transfer subsystems inside and outside the
network. The automatic payment function was further
improved for corporate and individual customers
through the Electronic Banking channel.
n Launch a virtualisation system on a medium-level
storage platform: the medium-level storage system with
low investment cost and a large expansion capacity
served as a good platform for building a virtualisation
system and an initial platform for cloud-computing
applications in banking. This system has helped the
Bank reduce its expenses for storage space, electricity,
cooling system and system maintenance considerably.
In addition, the virtualisation system enhances system
safety and minimises the time required for launching
new systems.
On the basis of the technology platforms launched in 2011,
the information technology systems of the Bank have been
improved step by step and solutions have been developed
to meet increasing operational requirements from 2011 to
2020. Key solutions include:
n Diversify products and improve labour productivity.
Continuously upgrade the T24 system as scheduled.
Coordinate operations to constantly innovate
manipulation processes and improve the productivity
of operational employees;
Launch products and services on the e-channel;
n Improve competitiveness. Develop and complete the
Management Information System (MIS), heading for
development of a decision making support system and
a knowledge base of Sacombank;
Plan and deploy the upgrade of network infrastructure
to increase the speed of transaction processing and
meet the requirements for launching modern products
and services;

Data Center
Launch the virtualisation system in order to enhance the readiness of systems, reducing electricity charge and storage
space of servers at the Data Center.
n Operate with safety and confidentiality. Launch disaster recovery plans (DRP) in order to enhance the operational
stability of systems;
Develop a back-up Data Center for DRP solutions and satisfying the Bank’s needs. Implement the ISO27001 standard
for information security and confidentiality standardisation. Launch tools for monitoring IT services; launch the
Information Technology Infrastructure Library (ITIL) for standardisation of IT services.
n Ensure cost efficiency in the provision of IT services. Enhance the usability and the ability to share information
technology devices;
Make IT investments in accordance with the total investment cost of the owner (TCO), not only low starting costs.
Improve the knowledge and skills of employees to make the best use of IT resources.
n Enhance awareness of new information technology to ensure selection of the best solutions for the Bank in future.
ANNUAL REPORT 2011 58

FInAnCIAL MAnAGEMEnt
FINANCIAL RESTRUCTURING WITH THE AIM OF SAFETY AND EFFICIENCY
In 2011, the Vietnamese economy faced many challenges due to domestic difficulties and international uncertainties.
Macro-economic uncertainty and high inflation had a significant impact on the financial and monetary market. Affected
by the central bank’s monetary tightening policy, many banks with low VND liquidity had to raise deposit interest rates
sharply. The result was an increase in loan interest rates and a slowdown of business activities for enterprises. Numerous
enterprises decreased their demand for loans, impacting the credit growth rate in 2011 and credit growth was much lower
than in previous years. Consequently, the financial performance of many banks was significantly affected, and appropriate
adjustments were made to adapt to this new business environment.
In this economic environment, Sacombank actively and flexibly managed its business activities in line with the SAFE
OPERATION – EFFICIENT BUSINESS & SUSTAINABILITY approach after years of high growth compared with the average
growth rate of the banking industry. Therefore, the Bank’s growth rate in 2011 was controlled properly to achieve key
targets and exceed the planned profit goals within predetermined safety guidelines.
In 2012, the Bank anticipates a mixture of opportunities and challenges. The Government’s tight monetary policies are
expected to continue, with interest rates to be gradually reduced in order to help enterprises to overcome difficulties,
which means that banks will continue to face difficulties in attracting deposits. In addition, permissible limited credit
growth (around 15%-17%) will present a difficult problem for banks in terms of meeting customer demand and achieving
business performance goals.
On the other hand, bad debts and bad debt handling will continue to be a topical issue for the banking industry in 2012,
as the standard bad debt ratio is believed to be much higher than the quoted ratio of 3.4%. Therefore, safety and performance
indices, such as Capital Adequacy Ratio (CAR), rates of return (ROE, ROA), bad debt ratio and loan portfolio, etc. will be
closely controlled by the State Bank of Vietnam. Accordingly, the bad debt ratio and safety indices of each bank and the
banking industry as a whole may have an impact on people’s trust, and this is likely to be an important factor in the
restructuring of the banking sector and individual banks in future. In parallel, the requirement that banks improve their
financial capacity in line with the roadmap for accession to the WTO, the business performance pressure, the requirement
to enhance operating safety standards, etc. are urgent problems that need early resolutions; and the merger-consolidation
solution for certain weaker banks is likely to be an indispensable trend in future.
Those banks that can adapt to market developments, set out proper corporate resolutions and restructuring programs,
and capitalise on the opportunities will improve their financial position and competitive edge, thus creating breakthroughs
in the new development period.
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ANNUAL REPORT 2011

OBJECTIVES AND MANAGERIAL RESOLUTIONS OF SACOMBANK
In order to build a firm foundation, strengthen internal capabilities and achieve confident advancements, in its
Development Strategies for 2011-2015, Sacombank has set out some key business directions for the new period in order
to restructure its asset portfolio and financial structure. The specific objectives and resolutions include:
Objectives
1. Increase equity capital on the basis of making the most of supplementary capital, and use this capital effectively in
order to quickly improve financial capacity and operating safety indices
2. Grow total assets and increase the percentage of profitable assets; constantly improve capital use efficiency by
restructuring Assets - Liabilities with concentration of capital resources on core business activities;
3. Strive to achieve a Rate of Return not lower than the average rate of the group of top banks in Vietnam;
4. Keep financial indices and operating safety indices compliant with the regulations of the State Bank of Vietnam
and international standards.
ANNUAL REPORT 2011 60

FInAnCIAL MAnAGEMEnt
RESOLUTIONS
1. Reasonable increase in equity capital: According to
international and Vietnamese standards, one of the
areas that needs management’s attention is equity
capital in order to improve the Capital Adequacy
Ratio (CAR). The goal is to improve the Bank’s financial
capacity to overcome market difficulties. In equity
capital management, a reasonable growth rate is always
set out in order to ensure financial capacity. The success
of the capital increase strategy in the past should be
promoted again with mobilisation of capital from
residents from all walks of life, as well as all domestic
and foreign economic sectors. The Bank’s commitment
is to increase shareholders’ value, maintain a stable
dividend distribution rate, and ensure that the price of
its shares grows at a better rate than the market.
2. Development of supplementary capital to
increase equity capital: Taking advantage of the
brand reputation and creating and strengthening
relationships with international financial institutions
to attract supplementary capital at reasonable costs
in order to diversify capital resources, making stable
use of capital and increasing operating safety indices.
This is an important funding source to increase equity
capital and is also a long-term foreign currency capital
resource at reasonable costs, with which the Bank can
meet capital needs of the economy.
3. Restructuring of Assets and Liabilities in order to
increase the percentage of profitable Assets:
n For Liabilities: Diversifying the liabilities structure in
order to stabilise capital resources for business needs,
especially focusing on medium and long-term capital
resources through the following measures: (i) Creating
a mechanism for maintaining and developing capital
resources mobilised from economic organisations
and residents, with attention paid to customers that
have large and stable operational scale; (ii) Promoting
the Bank’s network strengths, especially the system of
Transaction Offices, in order to attract stable capital
resources from the local communities; (iii) Utilising
trusted funds from foreign financial institutions; (iv)
Studying capital markets and selecting the right time
to gradually increase the percentage of issued bonds
in order to stabilise capital resources in line with the
current and future development trends of the economy.
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ANNUAL REPORT 2011
n For Assets: Developing a reasonable and targeted
structure for each Asset item: (i) Restructuring and
diversifying the loan portfolio, better managing
changeable industries; (ii) Continuing dispersed
lending and import/export financing; improving the
ATM and POS systems; (iii) Reviewing and re-allocating
Assets in a reasonable manner, and minimising inefficient
assets in order to optimise the Bank’s capital structure.
4. Increase in asset use efficiency: Managing quality and
increasing asset use efficiency through the following
ratios: loan to deposit ratio, bad debt ratio, rate of
profitable assets to total assets; Rate of Return On
Equity (ROE); Rate of Return on Assets (ROA); Earnings
Per Share Ratio (EPS), etc.
5. Reasonable allocation of resources to each
core business sector: (i) Conducting analysis and
assessment to obtain grounds for optimal allocation of
capital resources in line with the strengths and features
of each business sector; (ii) Centralising coordination
among all business sectors of Sacombank for smooth
management and for the best business performance; (iii)
Allocating costs by product lines and programs based
on the principle of accurate and adequate calculation to
obtain grounds for the assessment of the effectiveness
of resource allocation and the introduction of proper
reward policies.
6. Market-oriented NIM (net interest margin):
Interest income represents a major percentage of the
income from operating activities at Vietnamese banks
currently, so a targeted NIM should be determined for
each period in order to establish an income structure
optimisation resolution. In addition, periodic reviews
of the asset portfolio should be conducted to further
increase the percentage of profitable assets. For nonprofitable
assets (except for fixed assets), it is necessary
to determine the time of holding and conversion into
cash, consider and determine the maximum value
of such assets and prevent additional non-profitable
assets from arising.
7. Compliance with financial and operating safety indices:
n Capital Adequacy Ratio (CAR): (i) Reviewing and
restructuring the Bank’s separate and consolidated

asset portfolio with risks with the aim of restricting
the growth of assets with a risk coefficient higher
than 100%; (ii) Using Equity Capital for the “core”
operating activities of the Bank, as the first priority;
(iii) Increasing charter capital as scheduled and
taking advantage of Sacombank’s brand reputation
to boost negotiations with international financial
institutions to increase supplementary capital at
reasonable interest rates;
n Liquidity: Ensuring optimal profitability, high liquidity
and strict compliance with regulations, as well as the
ability to pay financial obligations due and maintain
reasonable reserves. In addition to ensuring that
cash and cash equivalents are properly maintained, a
proper governmental bond portfolio should be held
continuously in order to ensure that liquidity is always
coordinated in an absolutely safe manner.
n Corporate governance: (i) Closely managing operating
risks; (ii) Monitoring ratios related to expenses and
incomes in order to assess and control expenses
in an efficient manner; (iii) Optimising operating
performance and efficiency through productivity
criteria for all business units across the Bank’s system;
(iv) Managing, supervising and developing the
Bank’s network comprehensively to make the best
use of network advantages, especially the system of
Transaction Offices.
With the increasing standardisation and restructuring
activities in line with economic changes, and with
its rich experience in development, Sacombank has
boosted its strengths; grasped opportunities to set
out financial restructuring objectives and resolutions
in order to improve itself; minimised business threats;
and made the necessary preparations to step into a
new development period.
“Sacombank’s core business strategy is to always ensure operating safety and business
performance at a stable and proper growth rate for each period. In the coming years, this strategy
will be further promoted in order to enhance the Bank’s position and competitive ability in the
financial and monetary market. Sacombank is making contributions to the sound development
of the banking sector of Vietnam during this period of restructuring and increasingly extensive
and intensive international integration.”
ANNUAL REPORT 2011 62

nEtWoRK DEVELoPMEnt
Network and strategic vision
With the aim of becoming the top modern multifunctional
retail bank in Vietnam, from its inception,
Sacombank has always had the ambition of bringing its
products and services to all people in all parts of Vietnam.
Sacombank pinpointed Network Development as one of
the four key solutions for realising this aspiration in its
Development Strategies for the period of 2001 – 2010 to
keep pace with the general development trends of the
economy in order to increase market share, expand its
markets and create a foundation for future sustainable
development.
Over the past 20 years, well aware of the strategic
importance of network expansion, Sacombank has
made great efforts to overcome the many difficulties
and challenges on its development journey, constantly
investing resources in specific geographical areas and
applying suitable and flexible solutions to exploit the
potential of the local markets to the maximum.
As a result, the network development strategy for
the past 10 years has been a complete success, and
Sacombank has become the commercial joint stock bank
with the largest business network in Vietnam in terms of
quantity and quality, as reflected by the achievement of
the following important milestones:
n On 11 October 2007, Sacombank’s network covered
13 provinces and cities in the Southwestern Region;
n On 28 December 2007, Sacombank covered 21
provinces and cities in the northern part of the
Central Coastal Region, the Southeastern Region and
the Central Highlands Region;
n Sacombank opened the first branch of a Vietnamese
commercial bank in Laos (on 12 December 2008) and
Cambodia (on 23 June 2009).
By late 2011, Sacombank’s network consisted of 408
transaction offices, and the Bank had a presence in 47 of
the 63 provinces and cities of Vietnam as well as in Laos
and Cambodia.
Network development requires significant investment in
terms of capital, infrastructure and facilities and human
resources, so it has a marked impact on the financial
indices and business performance of the Bank in the short
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ANNUAL REPORT 2011
term. However, thanks to the consistent implementation
of systematic and careful market surveys and research
in order to select the right operational areas that match
the potential and the growth rate of the local economy;
the launch of diverse and multi-utility products and
services which suit the specific characteristics of each
geographical area and whole-hearted, thoughtful and
professional customer service and care by its employees,
Sacombank’s network soon proves effective and efficient.
Most transaction offices were in a profitable position after
six months’ operation, making significant contributions to
the general development of the entire Bank. In addition,
with its large network, Sacombank has brought people
the opportunity to access capital resources and banking
products and services, meeting the increasingly high
demands of consumers, as well as providing assistance
to enterprises in business development. Therefore,
Sacombank has become a familiar and reliable brand in
the hearts of people and economic sectors in all parts
of the country, and affirmed its position and reputation
to domestic and foreign financial institutions and
organisations.
Solutions for boosting network strengths
With socio-economic development, people’s living
standards have improved, and requirements for banking
products and services have become increasingly diverse.
Therefore, banks with large networks will have a greater
advantage in terms of competition and increasing market share.
In the coming period, sticking to the strategic orientation
initially set out, Sacombank will continue to strengthen
and develop its business network. The network will be
used as leverage for growing revenues through radical
solutions with proper prioritisation and accordant with
existing resources in order to further improve business
performance with the following detailed solutions:
n First: comprehensive standardisation of the system
of existing transaction offices, creating a uniform
brand identity in the eyes of customers to improve
competitiveness;
n Second: continuation of research and surveys for
the establishment of new transaction offices, and
strengthening or relocation of low-performing
transaction offices to other operational areas;

n Third: building the business network as a network of
sales units that provide diverse products and services,
especially boosting operational scale at Transaction
Offices like downsized Branches, making transaction
offices active in growing incomes;
n Fourth: improvement of service quality to maintain
and develop a stable customer base comprising
local residents, development of a professional sales
and service development culture, and attracting
customers with high-quality products and impeccable
service;
n Fifth: constant upgrading of the banking technology
systems; maximising the exploitation of technological
applications in corporate governance activities;
development of new products, especially electronic
banking products, on the basis of modern technology
to provide more convenience to customers and
improve employee productivity;
4
35
8
55
13
75
16
90
18
103
37
159
n Sixth: training and improvement of the quality of
human resources to fulfill development strategies
and provide additional human resources when
needed in a timely manner.
In short, the network development activities throughout
Sacombank’s history have not only created a firm
foundation for the coming period, but also facilitate
customer access to modern financial products and
services, meet the needs and improve the living
standards of the people, assist enterprises in their
business expansion and performance improvement, and
contribute to the development of the local economy.
The success of the network development strategies of
Sacombank has affirmed the maturity and growth of
Vietnam’s commercial banking sector in the process of
global integration
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
43
207
44
247
45 45
310
number of transaction office Presented Location
CORPORATE GOVERNANCE
366
47
408
ANNUAL REPORT 2011 64

RISK MAnAGEMEnt
IMPROVEMENT OF EFFICIENCY IN COMPREHENSIVE RISK MANAGEMENT
Credit risk management in accordance with
international standards and practices
Facing increasing credit risks, Sacombank applied a
number of synchronous credit risk management solutions
in 2011 in accordance with the regulations of the State
Bank of Vietnam and international standards. The details
are as follows:
n Issued credit risk management policies covering all
matters related to credit granting, including: applicable
conditions, and methods of inspection, supervision,
management and recovery of loan debts in order to
limit the risks for each specific customer.
n Developed an advanced internal credit rating system
in cooperation with the international audit firm,
Ernst & Young, on the basis of the credit rating model
recommended by the advisor, IFC, to Sacombank in
2005. As a result, Sacombank has improved its internal
credit rating system in accordance with the new
regulations on qualitative classification of debts in
the policies issued by the State Bank of Vietnam (SBV)
in 2011. This system also develops criteria for scoring
credit ratings for customers by groups of industries for
which some distinctive credit products of Sacombank
are designed. This is an effective tool for evaluating
borrowers and making lending decisions and it helps
Sacombank assess accurately the risk exposure of each
loan and classify debts in accordance with international
practices, and serves as the basis for improving the
quality of credit management and proper provision
making. In 2012, Sacombank will continue to develop
the Expected Default Frequency of customers, hence
determining the amount of exposure created by
each customer in order to prepare plans to help the
customers and make provision for risks immediately
upon grant of credit.
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ANNUAL REPORT 2011
n Issued regulations relating to the system for
decentralisation of credit grant decisions to ensure that
all matters relevant to credit risks are communicated
and dealt with thoroughly from the headquarters to
branches. The decision-making system was developed
based on the experience, capabilities, knowledge and
ethics of the individuals involved in the process of
credit grant decision-making, and, above all, the risk
appetite of the Bank.
Moreover, Sacombank has built and successfully operated
the Credit Limit Supervision Model, the IFRS-based Risk
Provisioning System, the Risk Factor Supervision Model, and
a technology-based money filtering and anti-laundering
process according to international standards, etc. Thanks to
the above models and systems, the Bank can manage risks
effectively in the context of high increases in bad debts and
overdue debts.
Based on the principle of setting Safety as the top-priority
objective, the risk management activities have been carried
out carefully by Sacombank to create the best foundation
for overcoming challenges, grasping suitable business
opportunities in the market, boosting business performance
and fulfilling its business plan in 2011. Sacombank has also
promoted the role of Committees/Sub-committees in the
prevention and handling of overdue debts at the Head Office
and in the Regions in order to provide timely alerts and
solutions to overdue debt threats, thus succeeding in keeping
the bad debt ratio at only 0.56% and the overdue debt ratio
0.86% of the total lending balance in 2011.
Priority for liquidity and market risk management
In 2011, Sacombank successfully developed and applied a
liquidity risk and interest risk management model
recommended by its advisor, PwC. Based on this model,
Sacombank was able to forecast highly accurately the trends
of cash flows, interest rates, and customers’ past behaviours,
so that it could make proper adjustments to its business
activities in each period.
“At Sacombank, most employees involved in the business activities of the Bank are carefully
selected and trained systematically and scientifically in both professional knowledge and business
ethics in order to provide a workforce that is skilled, honest and responsible.”

Results for some operational safety indices of Sacombank as at 31 December 2011
Sacombank Stipulated by SBV
Percentage of current portion of medium/long-term loans 22.36% =9%
Single-entity capital adequacy ratio 11.66% >=9%
Solvency ratio on exchange date 21.40% >=15%
VND 156% >=100%
USD 355% >=100%
EUR 822% >=100%
GBP 19.872% >=100%
The human risk factor is set at the top
On the basis of the awareness that “the risk of all risks is the human factor,” Sacombank has set out specific groups of
solutions in order to minimise the risks relating to business ethics. The details are as follows
- First: focus on recruitment and professional training.
- Second: create a transparent working environment;
- Third: associate controls with processes, rules, decentralisation and application of information technology;
- Fourth: fair and timely rewards and punishments..
At Sacombank, most employees involved in the business activities of the Bank are carefully selected and trained
systematically and scientifically in both professional knowledge and business ethics in order to provide a workforce
that is skilled, honest and responsible.
With the aim of further improving the quality of business operations, last year, Sacombank focused resources on
strengthening, correction, improvement and restructuring and has achieved praiseworthy results. This has created a
firm ground for Sacombank to develop Safely and Efficiently in the coming years.
ANNUAL REPORT 2011 66

InFoRMAtIon FoR SHAREHoLDERS
CHANGES IN SHARE CAPITAL IN 2011
In 2011, Sacombank increased its charter capital from VND9,179 billion to VND10,740 billion, in accordance with the charter
capital increase plan approved by the General Meeting of Shareholders on 2 April 2011, as follows:
Type of shares: Common shares
Par value: VND10,000 (Ten thousand Vietnamese Dong per share)
Beneficiaries: Existing shareholders and key personnel
New share issuance ratios:
15% (cash dividends), 15% (new shares issued to existing
shareholders) and 2% (shares issued to key personnel) in accordance
with the Resolution of the 2010 AGM
Issuing price: VND10,000 per share
Ex-date: 10 August 2011
Record date: 12 August 2011
Approval by HOSE:
Official Letter No. 963/2011/TB-SGDHCM dated 29 November 2011
of the Ho Chi Minh City Stock Exchange
Official issue date: 7 December 2011
Number of shares issued: 156,044,651 shares, comprising:
Cash dividends
Payment ratio: 15% (VND1,500 per share)
Number of shareholders: 69,596
Dividend amount paid: VND1,337,129,746,500
Dividend payout ratio:
Shares distributed to existing shareholders
15%
Number of shares registered for
distribution:
137,688,451 shares
Number of shareholders: 69,084
Number of shares distributed: 137,688,451 shares
Number of shareholders receiving new
shares:
32.968
Share issuing allotment ratio:
Shares distributed to key personnel
100%
Number of shares registered for
distribution:
18,358,460 shares
Number of employees: 1,559
Number of shares distributed: 18,356,200 shares
Number of employees receiving new shares: 1,324
Share issuing allotment ratio: 99.99%
67
ANNUAL REPORT 2011

NUMBER OF STB SHARES BY YEAR
208,941,281
2006
444,881,417
2007
2008
511,583,084
2009
670,035,300
917,923,013
2010 2011
1,073,967,664
ANNUAL REPORT 2011 68

InFoRMAtIon FoR SHAREHoLDERS
PROFIT DISTRIBUTION AND DIVIDEND PAYMENT
Indicators Notes Percentage Amount
69
4.48%
23.53%
18.45%
ANNUAL REPORT 2011
53.54%
Vietnamese individual shareholders
Vietnamese corporate shareholders
Foreign individual shareholders
Foreign corporate shareholders
Unit: VND
1 Profit before tax 2,740,230,457,453
2 Corporate income tax payable 707,044,809,595
3 Profit after tax (1) - (2) 2,033,185,647,858
4 Gain from foreign exchange differences
revaluation at the end of the fiscal year
A Profit after tax (exclusive of gain from foreign
exchange differences)
2,310,374,727
(3) - (4) 2,030,875,273,131
B Transfer to Reserves for Supplementary Charter Capital A x 5% 101,543,763,657
C Transfer to Financial Reserve Fund (A - B) x 10% 192,933,150,947
D Profit after tax and statutory reserves A - B - C 1,736,398,358,527
E Transfer to Investment and Development Fund D x 0% -
Transfer to Bonus and Welfare Funds 225,731,786,609
F Transfer to Bonus Fund D x 7% 121,547,885,097
G Transfer to Welfare Fund D x 6% 104,183,901,512
H Dividend (Charter capital x Dividend payout ratio) 10,739,676,640,000 14% 1,503,554,729,600
In which profit of the previous year was used for
dividend payment
I Profit after tax, statutory reserves and dividend
payment
J Performance bonus as per General Meeting of
Shareholders’ Resolution
K Residual profit including gain from foreign
exchange differences
D - E - F - G - H 7,111,842,318
20% of profit after tax
& statutory reserves
0
5,159,556,168
I - J + (4) 4,262,600,877

SHAREHOLDING STRUCTURE AT 31 DECEMBER 2011
Total number of shareholders 69,602
Vietnamese individual shareholders 68,351
Vietnamese corporate shareholders 478
Foreign individual shareholders 696
Foreign corporate shareholders 77
SHAREHOLDERS BEING MEMBERS OF THE BOARD OF DIRECTORS, THE BOARD OF
SUPERVISORS AND THE BOARD OF MANAGEMENT
(As at 31 December 2011)
No. Full name Current Position Shareholding percentage
BOARD OF DIRECTORS
1 Mr. DANG VAN THANH Chairman of the BOD 3.98%
2 Mrs. HUYNH QUE HA First Vice Chairwoman of the BOD 1.38%
3 Mr. NGUYEN CHAU Vice Chairman of the BOD 0.01%
4 Mr. PHAM DUY CUONG Member of the BOD 0.04%
5 Mr. DANG HONG ANH Member of the BOD 3.46%
6 Mr. NGUYEN NGOC THAI BINH Member of the BOD 0.24%
7 Mr. LIM PENG KHOON Independent Member of the BOD 0.00%
BOARD OF SUPERVISORS
8 Mr. NGUYEN TAN THANH Chief Supervisor 0.10%
9 Mr. LE VAN TONG Member of the BOS 0.06%
10 Ms. NGUYEN THI THANH MAI Member of the BOS 0.02%
BOARD OF MANAGEMENT
11 Mr. TRAN XUAN HUY Chief Executive Officer 0.04%
12 Mr. NGUYEN DANG THANH Deputy CEO 0.01%
13 Mr. LY HOAI VAN Deputy CEO 0.01%
14 Mr. PHAM NHAT VINH Deputy CEO 0.01%
15 Ms. QUACH THANH NGOC THUY Deputy CEO 0.01%
16 Mr. NGUYEN MINH TAM Deputy CEO 0.03%
17 Mr. DAO NGUYEN VU Deputy CEO 0.03%
CORPORATE GOVERNANCE
Transactions of STB shares by members of the BOD, BOS and BOM and their related persons up to 5 December 2011
included 7 purchases and 13 sales, with total transaction volume of 159,379,737 shares.
ANNUAL REPORT 2011 70

InFoRMAtIon FoR SHAREHoLDERS
INVESTOR RELATIONS
In line with its Transparency Strategies, Sacombank is
committed to protecting the benefits of its shareholders
and investors. This business philosophy has received strong
support from investors and served as a basis for investors
to accompany Sacombank for the long term in its
development journey.
At Sacombank, great progress has been made in investor
relations activities, from performing the basic function of
required disclosure of information, to actively building and
developing investor relations to enhance the brand value
and image of Sacombank in the market. Always treating the
investors’ benefits as its highest priority, Sacombank has
constantly standardised the processes relating to its investor
relations activities in order to ensure that all of its activities
are conducted in line with the high standards required of a
listed organisation, especially when the stock market is on
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ANNUAL REPORT 2011
its way to comprehensive integration under WTO
commitments.
In 2011, Sacombank continued to strengthen and develop
professional investor relations activities according to the
following strategies:
n Active provision of information
With complicated developments in the economy,
especially the stock market of Vietnam, in 2011, investors
have been increasingly careful in their investment
decisions. Most medium/long-term investors only select
blue-chip shares to invest in because of their safe basic
financial indicators. STB shares, the most liquid shares
in the stock market, have always attracted a lot of
investors.

As a large and responsible listed organisation, Sacombank
has primarily focused on actively providing information
to investors and answering all their questions. Each
quarter, Sacombank issues the bilingual Investors Bulletin
in Vietnamese and English to provide updates on the
macro-economy and new regulations and policies of the
State Bank of Vietnam, and financial indicators of
Sacombank which are of interest to domestic and foreign
investors such as: the lending structure, growth of total
assets, profit, capital raised, debt balance, etc. In addition,
Sacombank has frequently met with domestic and foreign
investment funds; conducted in-depth research on the
needs and expectations of investors, and answered
questions and provided prompt feedback in response
to inquiries from the authorities and investors, etc. All of
these activities were aimed at best meeting investors’
need for information.
n Effective management of information on shares
As STB shares are among the most attractive shares on
the stock market of Vietnam, information relating to the
shares must be transparent and accurate because all
investor decisions need to be based on genuine, sufficient
and reliable information. Therefore, to Sacombank, the
management of information is no longer just an
obligation under the laws, but represents the responsibility
of a listed organisation to the community of investors.
In 2011, the key task in terms of investor relations was
to boost management of information relating to STB
shares, to maintain the value of STB shares in the market.
The Investor Relations team has actively and closely
monitored all information in the market that is related
to Sacombank and STB shares and implemented timely
solutions to minimise damage to the assets of the
shareholders and investors.
In addition, Sacombank has excelled in its role in modern
investor relations activities through active participation
in interviews conducted by newspapers and television
reporters, thus exerting a positive influence on
shareholders and investors. As the highest representatives
for the benefits of shareholders, with their position and
reputation, leaders of the Bank have consolidated the
trust of shareholders and investors in Sacombank by
showing up in a timely manner whenever necessary.
CORPORATE GOVERNANCE
TASKS AND SOLUTIONS FOR 2012
In 2012, with increasingly intensive international integration,
Sacombank has made ready plans to further develop investor
relations activities, and implement and promote additional
functions that are necessary for a modern and dynamic listed
organisation as follows:
n Improving Investor Relations activities
Sacombank is carrying out a comprehensive overhaul
of the Investor Relations Section on its official website.
Further, a lot of new content will be developed and the
quality of information will be improved. This will facilitate
access by shareholders, investors and financial analysts
to sufficient, accurate and genuine information.
n Further bettering the Investors Bulletin
As an official information channel, the Investors Bulletin
will be completely overhauled in 2012 in terms of both
form and content. Accordingly, readers will not only
receive updates on featured financial market news, but
will also have access to the latest and most comprehensive
information on the operational summary, analyses, and
assessments, as well as short-term development plans
of the Bank.
n Exploiting and building relationships with
international organisations
Due to the global economic depression, funds raised
from foreign investors have decreased significantly.
Therefore, Sacombank has focused its resources on
building relationships with international financial
institutions to raise funds and learn knowledge and
strategies relating to business development, as well as
the most modern corporate governance methods from
them in order to meet Sacombank’s needs for
development and international integration, especially
in preparation for strong expansion to other countries
in the region.
Over the 20 years of its development, Sacombank has built
firm confidence among customers, partners, shareholders
and investors. From this achievement, Sacombank will
continue to strengthen and develop investor relations
activities to enhance the brand value of Sacombank,
especially in this era of intensive internationalisation.
ANNUAL REPORT 2011 72

SoCIAL RESPonSIBILIty
“In business, Sacombank does not pursue profit at any price, and social responsibility is considered
an indispensable element of its business strategies. Through active investment in environmental
protection and anti-climate change programs and projects; the establishment of a study promotion
fund and a charitable fund; the launch of a gymnastics and sports practice movement in each
area of operation, etc., Sacombank is making practical contributions to the socio-economic
development of each region and country in which it has a presence, according to the motto Serving
the nations.”
ENVIRONMENTAL RESPONSIBILITY
With its awareness of the environmental pollution that is rapidly spreading through Vietnam, seriously affecting people’s
health and lifespan, and threatening the natural resources of the country, Sacombank, as a responsible financial institution,
has developed its Environmental Policy based on the principle of sustainable development and has always associated
environmental responsibility with its business activities and daily routines, as follows:
n Classifying environmental risks in business activities;
n Maintaining and paying attention to environmental protection and social responsibility in business activities;
n Focusing on environmental protection and sustainable use of natural resources as well as compliance with social
principles when granting credit to any enterprise or individual;
n Balancing environmental and social matters with financial priorities, etc.
73
ANNUAL REPORT 2011

Of these, Sacombank focuses special attention on integrating environmental protection into credit activities. Sacombank
has developed a set of “Green Credit” standards to classify investment projects into three levels: Class A – projects with
high environmental risks, Class B - projects with medium environmental risks and Class C - projects with the lowest
environmental impacts. Hence, Sacombank plans to participate in the supervision of the implementation of the measures
for mitigation of environmental risks agreed with customers in order to minimise the environmental impacts of the projects.
With its investment in, and study and development of environmental and social responsibility management policies, along
with its plans to launch green credit packages across the entire system, Sacombank is making significant efforts to become
a Green Bank.
JOINING HANDS FOR THE COMMUNITY
CORPORATE GOVERNANCE
n With the aim of developing a civilised urban lifestyle, since October 2010, Sacombank has built Free Public WCs (FPWCs)
in such areas as Tan Phu District – HCMC (opening on 30 March 2011), Da Lat City (opening on 27 December 2011), and
Vung Tau City (opening on 28 December 2011). In order to create a quality FPWC model, the FPWCs were built and
equipped with four-star standard sanitary ware. In addition, Sacombank has also arranged personnel to keep these
facilities clean at all times. The launch of the FPWCs was highly appreciated by the local authorities and people in these areas.
So far, this model has been replicated by Sacombank in other districts of HCMC as well as other regions across the country
such as Phu Quoc City (Kien Giang), Nha Trang City (Khanh Hoa), Tan An City (Long An), Vi Thanh City (Hau Giang), Vinh
Long, Dong Thap, Ben Tre Provinces, etc. Investment in and construction of the free quality FPWC system is part of
Sacombank’s commitment to joining hands with the local authorities to create a civilised lifestyle and a new image for
residential areas, and at the same time showing its deep concern about the environment, the community and society.
n In 2011, Sacombank also provided 4,911 free benches to parks, cultural houses, schools, airports, etc. serving the
community in areas where Sacombank’s Branches are based.
ANNUAL REPORT 2011 74

SoCIAL RESPonSIBILIty
JOINT EFFORTS FOR THE FUTURE GENERATION
n In 2004, the Scholarship Fund “Sacombank – Nurturing
Dreams” came into existence with the aim of supporting
needy students who show promise. The financial resources
for this fund came from the appropriation of 1% of the
annual net profit of Sacombank. In 2011, Sacombank
granted more than 2,340 scholarships worth over VND2.6
billion in total to needy pupils and students with a high
level of academic achievement and new valedictorians
across the country in locations where Sacombank’s
Branches are based.
n In 2011, Sacombank continued to accept Sacombank
Potential Interns. The program of accepting students for
internships at Sacombank is organised every year. Not
only does this program give students the opportunity to
access practical work experience, but it also serves as a
large-scale personnel recruitment program for Sacombank
through which students are chosen to share opportunities
to accompany Sacombank and the financial and banking
industry into the future.
n On 15 May 2011, Sacombank initiated the “Private Lesson
on Saving” Program at Vo Truong Toan Secondary School
(District 1, HCMC). At this event, a representative of
Sacombank talked about the way in which pupils tend to
use their money nowadays and introduced the “Phu Dong
Saving” Product. This product is considered an effective
financial education solution for Vietnamese young people,
helping them to form a saving habit from childhood. In
addition, Sacombank established the Phu Dong Club to
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ANNUAL REPORT 2011
create a playground for children with interesting and
useful extracurricular activities, contributing to creating
and promoting good money saving and use habits.
n From 2005 to date, Mr. Dang Van Thanh – Chairman of
Sacombank – has presided over a series of workshops
called “Sharing experience on corporate governance and
management” to share his more than 30 years’ experience
in corporate governance and management with 11,900
businesspersons in 29 out of 47 provinces and cities of
Vietnam. Through these workshops, Sacombank has
created added value for customers and shown its
responsibility towards joint development with enterprises
in localities in the process of economic integration.
n Since 2004, Sacombank has officially organised the crosscountry
running prize “Running with Sacombank for
community health” and made it an annual event on the
occasion of opening ceremonies and anniversaries of the
Branches across its entire system. In 2011, Sacombank
organised 44 cross-country running prizes, helping to
promote the emulation movement called “wellness for
career start-up” among pupils, students and young people
nationwide.

FOR A BETTER LIFE
n Continuing to promote the “love for needy people” tradition
of our people, since 2004, the “Spring Charity Festival” has
become an annual community development activity for
Sacombank and its corporate friends, designed to meet
and share Tet holiday joy with thousands of lonely elderly
people, street children and needy disabled children who
are supported and cared for in nursing homes, orphanages
and charity houses in HCMC and neighbouring provinces.
On 15 January 2012, Sacombank coordinated with the
HCMC Association for Saving Disabled Children to organise
the “Year of the Dragon Charity Festival” at Phu Tho
Gymnasium (HCMC) with total funding of over VND4 billion,
appropriated from the Welfare Fund and Labour Union
Fund of Sacombank and contributions (nearly VND140
million) from customers and partners of Sacombank at its
20th Anniversary Ceremony. This was the ninth consecutive
year that Sacombank had organised the Charity Festival at
the beginning of the New Year. The organisation of the
“Spring Charity Festival” on an annual basis shows
Sacombank’s responsibility to the community, joining
hands with the community to strive for a better life.
n In addition, Sacombank participated in other activities
such as: construction of houses of affection, sponsorship
for charity houses, contribution to a charitable fund for
dioxin victims, contribution to the “For the Poor” Fund
in provinces and cities, sponsorship of eye surgery for
needy blind people, support for victims of natural
calamities, etc. In general, Sacombank’s community
development activities are all aimed at supporting the
vulnerable people in society in the most practical and
effective manner possible, contributing to increasing
social equality and showing the enterprise’s responsibility
to the country.
ANNUAL REPORT 2011 76

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ANNUAL REPORT 2011

FINANCIAL STATEMENTS
Bringing added values for shareholders and potential investors is one of the bank’s
goals, core values and thoughts which were set up in its development strategies for
each period. Thus, Sacombank is committed to boosting the inherent advantages
and maintaining a stable growth rate.
With the long-term development strategies, Sacombank’s three objectives of efficient
business, safe and sustainable development have always been combined
harmoniously and consistently in all business activities.
Mark of growth
ANNUAL REPORT 2011 78

79 ANNUAL REPORT 2011
SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2011
TABLE OF CONTENTS PAGE
Corporate information 80
Statement by management 81
Auditor’s report 82
Balance sheet (Form B 02/TCTD) 83
Income statement (Form B 03/TCTD) 85
Cash flow statement (Form B 04/TCTD) 86
Notes to the single-entity financial statements (Form B 05/TCTD) (*)
(*) For reference on Notes to the single-entity financial statements, please visit: http://www.sacombank.com.vn/en/investor/
Pages/Financial-Statements.aspx

CORPORATE INFORMATION
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
Mrs Huynh Que Ha First Vice Chairwoman
Mr Nguyen Chau Vice Chairman
Mr Dominic Scriven Member (resigned on 2 April 2011)
Mrs Nguyen Thi Mai Thanh Member (resigned on 2 April 2011)
Mr Dang Hong Anh Member
Mr Pham Duy Cuong Member
Mr Huynh Phu Kiet Member (resigned on 2 April 2011)
Mr Nguyen Ngoc Thai Binh Member (appointed on 2 April 2011)
Mr Lim Peng Khoon Independent member (appointed on 2 April 2011)
Board of Supervisors:
Mr Nguyen Tan Thanh Chief Supervisor
Mr Le Van Tong Supervisor
Mr Doan Ba Tung Supervisor (resigned on 2 April 2011)
Ms Nguyen Thi Thanh Mai Supervisor (appointed on 2 April 2011)
Board of Management:
Mr Tran Xuan Huy Chief Executive Officer
Mr Luu Huynh Deputy CEO (resigned on 1 November 2011)
Mr Nguyen Minh Tam Deputy CEO
Mr Dao Nguyen Vu Deputy CEO
Mr Bui Van Dung Deputy CEO (resigned on 1 January 2011)
Mrs Do Thu Ngan Deputy CEO (resigned on 15 April 2011)
Mr Nguyen Dang Thanh Deputy CEO
Mrs Quach Thanh Ngoc Thuy Deputy CEO
Mr Ly Hoai Van Deputy CEO
Mr Pham Nhat Vinh Deputy CEO
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, certificates of deposit; receive investment funds; receive capital from local and overseas financial 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 office 266-268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City, Vietnam
The Bank’s auditor PricewaterhouseCoopers (Vietnam) Limited
ANNUAL REPORT 2011 80

STATEMENT BY MANAGEMENT
STATEMENT OF THE RESPONSIBILITY OF THE BOARD OF MANAGEMENT IN RESPECT OF THE SINGLE-ENTITY
FINANCIAL STATEMENTS
The Board of Managemnet is responsible for preparation of the single-entity financial statements which give a true and fair view of
the financial position of the Bank as at 31 December 2011 and of its results of operations and cash flows for the year then ended.
In preparing these single-entity financial statements, the Board of Management is required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and estimates that are reasonable and prudent; and
• prepare the single-entity financial statements on a going concern basis unless it is inappropriate to presume that the Bank
will continue in business.
We, the Board of Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable
accuracy at any time, the financial position of the Bank and which enable single-entity financial statements to be prepared which
comply with the basis of accounting set out in Note 2 to the single-entity financial statements. The Board of Management is
responsible for ensuring compliance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations
applicable to banks and other credit institutions operating in SR Vietnam. We are also responsible for safeguarding the assets of
the Bank and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPROVAL OF THE SINGLE-ENTITY FINANCIAL STATEMENTS
We hereby approve the accompanying single-entity financial statements as set out on pages 5 to 73 which give a true and fair
view of the financial position of the Bank as at 31 December 2011 and of its results of operations and cash flows for the year then
ended, in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to
banks and other credit institutions operating in SR Vietnam.
Users of these single-entity financial statements should read them together with the Group’s consolidated financial statements as
at and for the year ended 31 December 2011 in order to obtain full information on the financial position, results of operations and
changes in financial position of the Group as a whole.
For and on behalf of the Board of Management
Tran Xuan Huy
Chief Executive Officer
Ho Chi Minh City, SR Vietnam
9 March 2012
(*) For reference on Notes to the single-entity financial statements, please visit: http://www.sacombank.com.vn/en/investor/Pages/
Financial-Statements.aspx
81 ANNUAL REPORT 2011

AuDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT TO SHAREHOLDERS OF SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
We have audited the accompanying single-entity financial statements of Saigon Thuong Tin Commercial Joint Stock Bank (“the
Bank”) which were approved by management on 9 March 2012. The single-entity financial statements comprise the balance sheet
as at 31 December 2011, the income statement and cash flow statement for the year then ended, and explanatory notes to the
single-entity financial statements including significant accounting policies, as set out on pages 5 to 69 (*).
Board of Management Responsibility for the single-entity Financial Statements
Board of Management of the Bank is responsible for the preparation and fair presentation of these single-entity financial statements
in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and 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 single-entity financial 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 single-entity financial statements based on our audit. We conducted our audit
in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and
plan and perform the audit in order to obtain reasonable assurance as to whether the single-entity financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the single-entity financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the Bank’s preparation and fair presentation of the single-entity financial 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 Bank’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 single-entity
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the single-entity financial statements present fairly, in all material respects, the financial position of the Bank as at 31
December 2011, and its financial performance and cash flows for the year then ended in accordance with Vietnamese Accounting
Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions operating in SR
Vietnam.
Richard Peters Nguyen Hoang Nam
AC No. N.0561/KTV AC No. 0849/KTV
Deputy General Director
Authorised signatory
PricewaterhouseCoopers (Vietnam) Limited
Ho Chi Minh City, SR Vietnam
Audit report number HCM3048
9 March 2012
ANNUAL REPORT 2011 82

BALANCE SHEET
A ASSETS
83 ANNUAL REPORT 2011
As at 31 December
FORM B 02/TCTD
Notes 2011 2010
Million VND Million VND
I Cash and precious metals 3 11,644,700 12,570,956
II Balances with the State Bank 4 2,572,440 3,618,830
III Placements with and loans to other credit institutions 5 9,672,911 16,376,008
IV Trading securities
1 Trading securities 6 504,786 563,683
2 Less: Provision for diminution in value of trading securities 6 (155,431) (75,822)
V Derivatives and other financial assets 7 2,852 7,082
VI Loans and advances to customers
1 Loans and advances to customers 8 78,448,928 77,359,055
2 Less: Provision for losses on loans and advances to customers 9 (779,575) (742,016)
VII Investment securities
1 Available-for-sales securities 10.1 24,164,301 19,118,540
2 Held-to-maturity securities 10.2 232,124 2,007,504
3 Less: Provision for diminution in value of investment securities 10.1 (28,248) (10,002)
VIII Investment in other entities and long-term investments
1 Investments in subsidiaries 11 1,837,294 1,768,200
2 Other long-term investments 12 783,582 622,179
3 Less: Provision for diminution in value of investments in other
entities and long-term investments
11, 12 (157,458) (103,767)
IX Fixed assets
1 Tangible fixed assets 13 1,847,129 1,177,309
2 Intangible fixed assets 14 1,592,125 1,267,739
X Other assets 15 7,954,514 6,273,260
TOTAL ASSETS 140,136,974 141,798,738

BALANCE SHEET
(continued)
B LIABILITIES AND SHAREHOLDERS’ EQUITY
FORM B 02/TCTD
As at 31 December
Notes 2011 2010
Million VND Million VND
I Due to Government and borrowings from the State Bank of Vietnam 16 2,129,609 4,688,801
II Deposits and borrowings from other credit institutions 17 12,440,982 15,476,345
III Deposits from customers 18 74,799,927 78,858,295
IV
Funds received from Government, international and other
institutions 19 4,526,227 2,233,877
V Certificate of deposits 20 17,616,708 24,946,136
VI Other liabilities 21 14,399,423 1,962,175
TOTAL LIABILITIES 125,912,876 128,165,629
VII Shareholders’ Equity
Capital and reserves attributable to equity holders of the Bank
1 Capital 22 10,961,760 10,851,871
2 Reserves 23 1,426,322 1,136,459
3 Foreign exchange difference 23 79,046 -
4 Retained earnings 23 1,756,970 1,644,779
TOTAL SHAREHOLDERS’ EQUITY 14,224,098 13,633,109
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 140,136,974 141,798,738
CONTINGENCIES AND COMMITMENTS 38 41,109,846 16,809,365
───────────── ────────────── ───────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012
ANNUAL REPORT 2011 84

INCOME STATEMENT
85 ANNUAL REPORT 2011
Notes
FORM B 03/TCTD
Year ended 31 December
2011 2010
Million VND Million VND
1 Interest and similar income 24 17,105,151 10,741,751
2 Interest and similar expenses 25 (11,609,503) (7,531,961)
I Net interest income 5,495,648 3,209,790
3 Fees and commission income 26 1,387,936 1,173,375
4 Fees and commission expenses 27 (452,496) (247,692)
II Net fee and commission income 935,440 925,683
III Net gain/(loss) from dealing in foreign currencies and gold 28 123,470 (169,750)
IV Net loss from trading of trading securities 29 (79,609) (45,834)
V Net (loss)/gain from disposal of investment securities 30 (10,723) 15,233
5 Other incomes 33 261,039 581,923
6 Other expenses 33 (156,065) (381,630)
VI Net other income 104,974 200,293
VII (Loss)/income from investments in other entities 31 (58,179) 477,658
VIII General and administrative expenses 32 ( 3,394,750) (1,944,108)
IX Operating profit before provision for credit losses 3,116,271 2,668,965
X Provision for credit losses 5, 9, 21 (376,041) (243,106)
XI Profit before tax 2,740,230 2,425,859
7 Business income tax – current 35 (707,045) (627,299)
8 Business income tax – deferred 35 - -
XII Business income tax (707,045) (627,299)
XIII Net profit for the year 2,033,185 1,798,560
───────────── ────────────── ───────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012

CASH FLOW STATEMENT
(Direct method)
CASH FLOWS FROM OPERATING ACTIVITIES
FORM B 04/TCTD
Year ended 31 December
2011 2010
Million VND Million VND
01 Received interest income and similar income 16,441,214 10,190,467
02 Paid interest expense and similar expense (11,372,263) (7,344,361)
03 Received fee and commission income 935,440 925,683
04 Net gain/(loss) on trading activities (foreign currencies, gold and securities) 97,421 (127,033)
05 Other income 47,161 141,716
06 Cash paid to employees and related operating activities (2,758,550) (1,708,120)
07 Business income tax paid (734,117) (554,790)
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN
OPERATING ASSETS AND LIABILITIES 2,656,306 1,523,562
08
Changes in operating assets
Decrease/(increase) in placements with and loans to other credit institutions 4,352,432 (6,938,410)
09 Increase in trading securities and investment securities (4,348,284) (10,538,351)
10 Decrease in derivatives and other financial assets 4,230 602,363
11 Increase in loans and advances to customers (1,983,609) (22,114,070)
12 Increase in other operating assets (1,012,182) (1,493,985)
13 Decrease in other operating assets as a result of converting Combodia Branch into
the subsidiary
Changes in operating liabilities
1,469,922 -
14 (Decrease)/increase in borrowings from the State and SBV (2,559,192) 1,205,641
15 (Decrease)/increase in placements and borrowings from other credit institutions (2,939,188) 13,084,958
16 (Decrease)/increase in deposits from customers (3,855,860) 18,638,378
17 (Decrease)/increase in valuable papers issued (7,329,428) 6,668,660
18 Increase in funds received from Government, international and other institutions 2,292,350 270,995
19 Increase/(decrease) in other operating liabilities 11,752,354 (153,318)
20 Decrease in other operating liabilities as a result from converting Cambodia Branch
into the subsidiary (305,659) -
21 Payments from reserves (254,142) (223,092)
NET CASH FLOWS FROM OPERATING ACTIVITIES (2,059,950) 533,331
ANNUAL REPORT 2011 86

CASH FLOW STATEMENT
(Direct method) (continued)
CASH FLOWS FROM INVESTING ACTIVITIES
87 ANNUAL REPORT 2011
FORM B 04/TCTD
Year ended 31 December
2011 2010
Million VND Million VND
01 Purchases of fixed assets (1,764,720) (1,298,018)
02 Proceeds from disposal of fixed assets 174,973 439,753
03 Cash paid for investments in other entities (150,223) (363,270)
04 Proceeds from disposal of investments in other entities and other long-term
investments 260,686 407,334
05 Dividend income 141,991 127,201
06 Increase in investment as a result of converting Combodia Branch into the subsidiary (704,248) -
II NET CASH FLOWS FROM INVESTING ACTIVITIES (2,041,541) (687,000)
CASH FLOWS FROM FINANCING ACTIVITIES
01 Increase in chartered capital 1,560,447 1,768,894
02 Dividend paid in cash (1,335,426) (240)
03 Purchases of treasury shares (1,450,558) -
III NET CASH FLOWS FROM FINANCING ACTIVITIES (1,225,537) 1,768,654
IV NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS (5,327,028) 1,614,985
V CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 24,101,597 22,486,612
VI CASH AND CASH EQUIVALENTS AT END OF THE YEAR 18,774,569 24,101,597
Cash and cash equivalents are made up of:
Cash and precious metals 11,644,700 12,570,956
Balances with the State Bank of Vietnam 2,572,440 3,618,830
Placements with other credit institutions 4,287,429 6,505,011
Short-term valuable papers 270,000 1,406,800
18,774,569 24,101,597
───────────── ────────────── ───────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012

CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2011
TABLE OF CONTENTS PAGE
Corporate information 89
Statement by management 90
Auditor’s report 91
Balance sheet (Form B 02/TCTD) 93
Income statement (Form B 03/TCTD) 95
Cash flow statement (Form B 04/TCTD) 96
Notes to the single-entity financial statements (Form B 05/TCTD) (*) 98
ANNUAL REPORT 2011 88

CORPORATE INFORMATION
Banking Licence No. 0006/NH-GP dated 5 December 1991
Board of Directors:
89 ANNUAL REPORT 2011
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
Mrs Huynh Que Ha First Vice Chairwoman
Mr Nguyen Chau Vice Chairman
Mr Dominic Scriven Member (resigned on 2 April 2011)
Mrs Nguyen Thi Mai Thanh Member (resigned on 2 April 2011)
Mr Dang Hong Anh Member
Mr Pham Duy Cuong Member
Mr Huynh Phu Kiet Member (resigned on 2 April 2011)
Mr Nguyen Ngoc Thai Binh Member (appointed on 2 April 2011)
Mr Lim Peng Khoon Independent member (appointed on 2 April 2011)
Board of Supervisors:
Mr Nguyen Tan Thanh Chief Supervisor
Mr Le Van Tong Supervisor
Mr Doan Ba Tung Supervisor (resigned on 2 April 2011)
Ms Nguyen Thi Thanh Mai Supervisor (appointed on 2 April 2011)
Board of Management:
Mr Tran Xuan Huy Chief Executive Officer
Mr Luu Huynh Deputy CEO (resigned on 1 November 2011)
Mr Nguyen Minh Tam Deputy CEO
Mr Dao Nguyen Vu Deputy CEO
Mr Bui Van Dung Deputy CEO (resigned on 1 January 2011)
Mrs Do Thu Ngan Deputy CEO (resigned on 15 April 2011)
Mr Nguyen Dang Thanh Deputy CEO
Mrs Quach Thanh Ngoc Thuy Deputy CEO
Mr Ly Hoai Van Deputy CEO
Mr Pham Nhat Vinh Deputy CEO
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, certificates of deposit; receive investment funds; receive capital from local and overseas financial 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 office 266-268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City, Vietnam
The Bank’s auditor PricewaterhouseCoopers (Vietnam) Limited

STATEMENT BY MANAGEMENT
STATEMENT OF THE RESPONSIBILITY OF THE BOARD OF MANAGEMENT IN RESPECT OF THE CONSOLIDATED
FINANCIAL STATEMENTS
The Board of Directors is responsible for preparation of the consolidated financial statements which give a true and fair view of
the financial position of Saigon Thuong Tin Commercial Joint Stock Bank (“the Bank”) and its subsidiaries (together, “the Group”)
as at 31 December 2011 and of its results of operations and cash flows for the year then ended. In preparing these consolidated
financial statements, the Board of Management is required to:
n select suitable accounting policies and then apply them consistently;
n make judgments and estimates that are reasonable and prudent; and
n prepare the consolidated financial statements on a going concern basis unless it is inappropriate to presume that the
Group will continue in business.
We, the Board of Management are responsible for ensuring that proper accounting records are kept which disclose, with
reasonable accuracy at any time, the financial position of the Group and which enable consolidated financial statements to be
prepared which comply with the basis of accounting set out in Note 2 to the consolidated financial statements. The Bank’s Board
of Management is responsible for ensuring compliance with Vietnamese Accounting Standards, the Vietnamese Accounting
System and 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 financial statements on page 5 to page 70 which give a true and fair view of
the financial position of the Group as at 31 December 2011 and of its results of operations and cash flows for the year then ended,
in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks
and other credit institutions operating in SR Vietnam.
For and on behalf of the Board of Directors
Tran Xuan Huy
Chief Executive Officer
Ho Chi Minh City, SR Vietnam
9 March 2012
ANNUAL REPORT 2011 90

AuDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT TO SHAREHOLDERS OF SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK
We have audited the accompanying consolidated financial statements of Saigon Thuong Tin Commercial Joint Stock Bank (“the
Bank”) and its subsidiaries (together, “the Group”), which were approved by management on 9 March 2012. The consolidated
financial statements comprise the consolidated balance sheet as at 31 December 2011, the consolidated income statement and
consolidated cash flow statement for the year then ended, and explanatory notes to the consolidated financial statements including
significant accounting policies, as set out on pages 5 to 70.
Board of Management Responsibility for the Consolidated Financial Statements
Board of Management of the Bank is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and 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 financial 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 financial statements based on our audit. We conducted our audit
in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and
plan and perform the audit in order to obtain reasonable assurance as to whether the consolidated financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the consolidated financial 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 financial 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
91 ANNUAL REPORT 2011

Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group
as at 31 December 2011, and its financial performance and cash flows for the year then ended in accordance with Vietnamese
Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other credit institutions
operating in SR Vietnam. .
Richard Peters Nguyen Hoang Nam
AC No. N.0561/KTV AC No. 0849/KTV
Deputy General Director
Authorised signature
PricewaterhouseCoopers (Vietnam) Limited
Ho Chi Minh City, SR Vietnam
Audit report number HCM3047
9 March 2012
As indicated in Note 2.1 to the consolidated financial statements, the accompanying consolidated financial statements are not
intended to present the financial position and results of operations and cash flows 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.
ANNUAL REPORT 2011 92

CONSOLIDATED INCOME STATEMENT
A ASSETS
93 ANNUAL REPORT 2011
Notes
As at 31 December
2011 2010
Million VND Million VND
I Cash and precious metals 3 11,857,270 12,677,849
II Balances with the State Bank 4 2,807,350 3,618,973
III Placements with and loans to other credit institutions 5 9,621,309 21,209,735
IV Trading securities
1 Trading securities 6 504,786 2,485,410
2 Less: Provision for diminution in value of trading securities 6 (155,431) (205,257)
V Derivatives and other financial assets 7 2,852 7,082
VI Loans, advances and finance leases to customers
Form B 02/TCTD - HN
1 Loans, advances and finance leases to customers 8 80,539,487 82,484,803
2
Less: Provision for losses on loans, advances and finance leases to
customers 9 (812,940) (820,603)
VII Investment securities
1 Available-for-sales securities 10.1 24,164,301 19,530,892
2 Held-to-maturity securities 10.2 232,124 2,007,504
3 Less: Provision for diminution in value of investment securities 10.1 (28,248) (13,065)
VIII Capital contribution and other long-term investments
1 Other long-term investments 11 822,969 656,579
2 Less: Provision for diminution in value of long-term investments 11 (157,458) (5,995)
IX Fixed assets
1 Tangible fixed assets 12 2,105,523 1,602,394
2 Leased assets 14 2,024 19,886
3 Intangible fixed assets 13 1,600,316 1,513,239
X Other assets 15 8,362,483 5,617,510
TOTAL ASSETS 141,468,717 152,386,936

CONSOLIDATED INCOME STATEMENT
(Continued)
B LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes
Form B 02/TCTD - HN
As at 31 December
2011 2010
Million VND Million VND
I Due to Government and borrowings from the State Bank of Vietnam 16 2,129,609 4,688,801
II Deposits and borrowings from other credit institutions 17 12,823,589 15,409,626
III Deposits from customers 18 75,092,252 78,335,416
IV Funds received from Government, international and other institutions 19 4,713,679 2,233,877
V Certificates of deposits and bonds 20 17,616,708 28,577,136
VI Other liabilities 21 14,545,997 8,447,105
TOTAL LIABILITIES 126,921,834 137,691,961
VII SHAREHOLDERS’ EQUITY
Capital and reserves attributable to equity holders of the Bank
1 Capital 22 10,961,760 10,930,982
2 Reserves 23 1,539,899 1,328,425
3 Foreign exchange differences 23 87,216 (650)
4 Retained earnings 23 1,958,008 1,759,560
TOTAL SHAREHOLDERS’ EQUITY 14,546,883 14,018,317
VIII Minority interest 24 - 676,658
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 141,468,717 152,386,936
CONTINGENCIES AND COMMITMENTS 40 41,109,846 16,768,727
───────────── ────────────── ──────────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012
ANNUAL REPORT 2011 94

CONSOLIDATED INCOME STATEMENT
95 ANNUAL REPORT 2011
Notes
Year ended 31 December
2011 2010
Million VND Million VND
1 Interest and similar income 26 17,864,267 11,801,566
2 Interest and similar expenses 27 (12,022,040) (7,911,015)
I Net interest income 5,842,227 3,890,551
3 Fees and commission income 28 1,685,590 1,436,117
4 Fees and commission expenses 29 (644,195) (293,359)
II Net fee and commission income 1,041,395 1,142,758
III Net gain/(loss) from dealing in foreign currencies and gold 30 204,268 (502,212)
IV Net (loss)/gain from trading of trading securities 31 (186,449) 18,046
V Net loss from disposal of investment securities 32 (10,723) (151,395)
5 Other incomes 35 508,433 552,415
6 Other expenses 35 (402,357) (416,964)
VI Net other income 106,076 135,451
VII (Expense)/income from investments in other entities 33 (242,027) 522,808
VIII General and administrative expenses 34 (3,589,136) (2,177,733)
IX Operating profit before provision for credit losses 3,165,631 2,878,274
X Provision for credit losses 5, 9, 15,
21.2
(394,957) (317,832)
XI Profit before tax 2,770,674 2,560,442
7 Business income tax – current 37 (774,817) (655,512)
8 Business income tax – deferred 37 - 5,410
XII Business income tax (774,817) (650,102)
XIII Net profit for the year 1,995,857 1,910,340
Minority interest 24 (70,574) 38,644
Profit attributable to the equity holders of the Bank during the period 2,066,431 1,871,696
Earnings per share for profit attributable to the equity holders of the
Bank during the year
- Basic
─────────────
25 VND/share
Form B 03/TCTD - HN
2,241
VND/share
────────────── ──────────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012
2,373

CONSOLIDATED INCOME STATEMENT
(Direct method)
CASH FLOWS FROM OPERATING ACTIVITIES
Year ended 31 December
2011 2010
Million VND Million VND
01 Received interest income and similar income 17,296,369 11,044,188
02 Paid interest expense and similar expense (11,831,478) (7,635,424)
03 Received fee and commission income 1,041,395 1,142,758
04 Net gain/(loss) on trading activities (foreign currencies, gold and securities) 104,732 (564,117)
05 Other income 52,075 60,727
06 Cash paid to employees and related operating activities (2,859,254) (1,883,135)
07 Business income tax paid (803,762) (646,034)
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN
OPERATING ASSETS AND LIABILITIES
Form B 04/TCTD - HN
3,000,077 1,518,963
08
Changes in operating assets
Decrease/(Increase) in placements with and loans to other credit institutions 6,203,625 (8,269,040)
09 Increase in trading securities and investment securities (4,348,284) (11,758,386)
10 Decrease in derivatives and other financial assets 4,230 602,363
11 Increase in loans and advances to customers (4,274,644) (22,830,717)
12 Increase in other operating assets
Changes in operating liabilities
(1,767,158) (714,847)
13 (Decrease)/Increase in borrowings from the State and the SBV (2,559,192) 1,205,641
14 (Decrease)/Increase in placements and borrowings from other credit institutions (2,564,000) 12,653,733
15 (Decrease)/Increase in deposits from customers (2,508,916) 17,819,143
16 (Decrease)/Increase in valuable papers issued (7,329,428) 6,199,660
17 Increase in funds received from Government, international and other institutions 2,479,802 127,467
18 Increase in other operating liabilities 11,230,960 6,129,037
22 Payments from reserves (282,538) (249,375)
NET CASH FLOWS FROM OPERATING ACTIVITIES (2,715,466) 2,433,642
ANNUAL REPORT 2011 96

CONSOLIDATED INCOME STATEMENT
CASH FLOWS FROM INVESTING ACTIVITIES
97 ANNUAL REPORT 2011
Year ended 31 December
2011 2010
Million VND Million VND
01 Purchases of fixed assets (1,873,541) (1,574,225)
02 Proceeds from disposals of fixed assets 414,058 488,085
03 Cash paid for investments in other entities (150,223) (195,321)
04 Proceeds from disposal of investments in other entities and other long-term
investments 260,565 750,769
05 Dividend income 108,435 75,503
07 Movement due to converting a branch into a subsidiary 79,046
II NET CASH FLOWS FROM INVESTING ACTIVITIES (1,161,660) (455,189)
CASH FLOWS FROM FINANCING ACTIVITIES
01 Increase in chartered capital 1,560,447 1,768,894
Increase in capital contributed by minority interest in subsidiaries - 310,154
02 Dividends paid (1,337,624) -
03 Purchase treasury shares (1,450,558) -
III NET CASH FLOWS FROM FINANCING ACTIVITIES (1,227,735) 2,079,048
IV NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (5,104,861) 4,057,501
V CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 27,677,230 23,619,729
Decrease in cash and cash equivalents due to disposal of subsidiaries (3,048,384)
VI CASH AND CASH EQUIVALENTS AT END OF YEAR 19,523,985 27,677,230
Cash and cash equivalents are made up of:
(Direct method) (continued)
Form B 04/TCTD - HN
Cash and precious metals 11,857,270 12,677,849
Balances with the State Bank of Vietnam 2,807,350 3,618,973
Placement with other credits institutions as demand and term of original maturity within
3 months 4,589,365 9,973,608
Short-term valuable paper issued by a credit institution with maturity within 3 months 270,000 1,406,800
19,523,985 27,677,230
───────────── ────────────── ──────────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
1 GENERAL INFORMATION
Sai Gon Thuong Tin Commercial Joint Stock Bank (herein referred to as “the Bank”) is a Vietnamese joint-stock 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 2011 was VND10,739,677 million.
The Bank’s Head Office locates at No. 266-268 Nam Ky Khoi Nghia Street, District 3, Ho Chi Minh City. The Bank has one
Head Office, 1 transaction office, 72 branches (including one branch in Laos) and 334 transaction offices nationwide and
one saving fund
As at 31 December 2011, the Bank had the following subsidiaries:
% direct % indirect Total %
shareholding shareholding shareholding
Operating
by the Bank through by the Group
Licence Nature of business
subsidiary
Sacombank Asset Management
Company
4104000053 Asset management 100% 0% 100%
Sacombank Leasing Company 04/GP-NHNN Leasing activities 100% 0% 100%
Sacombank Remittance Express
Company
90/QĐ-NHNN Money remittance 100% 0% 100%
Sacombank Jewelry Company 4104003812 Process and trade
gold and precious
metals
100% 0% 100%
Sacombank Tech Company 0305584790 IT services, IT
equipment trading
and others
0% 100% 100%
Sacombank Cambodia N.27 Banking 100% 0% 100%
During the year, the Bank sold 57.55 million shares of Sacombank Securities Company. Accordingly, the Bank’s
shareholding in this company reduced to 10.95%.
In the year, Sacombank Jewelry Company sold 90% of its shareholding in its subsidiary, Cambodia Sacombank Jewelry
Company.
As at 31 December 2011, the Bank had 9,596 employees (2010: 8,507 employees).
Form B 05/TCTD - HN
ANNUAL REPORT 2011 98

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted for the preparation of these consolidated financial statements are set out below.
2.1 Basis of preparation of consolidated financial statements
The consolidated financial statements have been prepared using the historical cost convention and in accordance with
Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other
credit institutions operating in SR Vietnam. Accordingly, the consolidated financial statements are not intended to present
the financial position and results of operations and cash flows 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 fiscal year is from 1 January to 31 December.
2.3 Foreign currencies
The consolidated financial statements are measured in Vietnamese Dong and presented using millions of 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
(i) Subsidiaries
Subsidiaries are those companies over which the Group has the power to govern the financial 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 results of operations of a subsidiary are included in the consolidated financial statements as from the date of
acquisition, which is the date on which control of the acquired subsidiary is effectively transferred to the buyer. The results
of operations of a subsidiary disposed of are included in the consolidated income statement until the date of disposal which
is the date on which the parent ceases to have control of the subsidiary. The difference between the proceeds from the
disposal of the subsidiary and the carrying amount of its assets less liabilities as of the date of disposal is recognised in the
consolidated income statement as the profit or loss on the disposal of the subsidiary. Where there is a partial disposal of
an interest in a subsidiary and there is no loss of control, the profit or loss arising on the partial disposal is included in the
consolidated income statement for the year.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Bank. 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. Identifiable 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
99 ANNUAL REPORT 2011
Form B 05/TCTD - HN

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.
Financial statements of foreign subsidiaries are converted for consolidating into the Group’s consolidated financial
statements as follows
a) Assets and liabilities, both monetary and non-monetary, of the foreign subsidiary are translated at the closing rate;
b) Revenue, income and expense items of the foreign subsidiary are translated at the average exchange rate;
c) Exchange differences arising from the conversion of the subsidiary’s financial statements for consolidating into
the Group’s consolidated financial statements are recorded in the foreign exchange difference reserve under the
Group’s equity until the disposal of the subsidiary
(ii) Minority interest
Minority interest is the portion of the profit 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 significant influence but not control.
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 profits or losses is recognised in the consolidated income statement.
When the Group’s share of losses in an associate and joint-venture 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 financial
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 off-balance sheet. Interest income on overdue loan is recognised in the consolidated income statement on
receipt.
ANNUAL REPORT 2011 100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
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 accruals basis. Fees and commissions arising from settlement services, treasury services and other
services are recognised on receipt.
2.7 Loans, advances and finance leases to customers
Short-term loans are those with a repayment date within one year of the date the loan was advanced, medium-term loans
and finance leases are those with a final repayment date between one and five 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 five years from the date the loan
was advanced or the lease was given.
Loan classification 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.
Loans, advances and finance leases to customers are classified into five groups based on the payment arrears status and
other qualitative factors as follows:
Group 1: Current
n Undue debts which, according to the Group’s assessment, could be fully recovered, both principal and interest,
when they fall due;
n 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
n Debts which are overdue from 10 days to 90 days;
n 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
n Debts which are overdue from 91 days to 180 days;
n First-time rescheduled debts, except for debts which are classified in Group 2;
n 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
n Debts which are overdue from 181 days to 360 days;
n First-time rescheduled debts which are overdue for less than 90 days within the rescheduled payment term;
n Second-time rescheduled debts
Group 5: Bad
n Debts which are overdue for more than 360 days;
n First-time rescheduled debts which are overdue for more than 90 days within the rescheduled payment term;
101 ANNUAL REPORT 2011
Form B 05/TCTD - HN

n Second-time rescheduled debts which are overdue within the second-time rescheduled payment term;
n Debts which are rescheduled for 3 times or more;
n Frozen debts and debts which are awaiting resolution
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:
n There are indications of adverse impact to the customer’s business environment and sector;
n Customer’s financial ratios or repayment capability is weakened;
n Customer does not accurately, completely and promptly provide the Group its financial information for the Group’s
assessment of customer’s repayment capability
Provision for losses on loans, advances and finance leases to customers
The determination of specific provision for credit risk is calculated using set rates applied to each group of debts as follows:
Group 1 - Current
Provision rates
0%
Group 2 - Special mentioned 5%
Group 3 - Sub-standard 20%
Group 4 - Doubtful 50%
Group 5 - Bad 100%
The specific 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 determined in accordance with
Decision 493/2005/QD-NHNN and Decision 18/2007/QD-NHNN.
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 finance leases to customers, and excluding the total
balance of loans, advances and finance leases to customers which are classified as bad.
2.8 Credit commitments
Credit commitments are classified into five groups based on quantitative and qualitative factors as follows:
Group 1: Current
n Undue commitments which, according to the Group’s assessment, could be fully settled when they fall due.
Group 2: Special mentioned
n Undue commitments which, according to the Group’s assessment, could not be fully settled when they fall due.
ANNUAL REPORT 2011 102

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Group 3: Sub-standard
n Undue commitments which, according to the Group’s assessment, could not be fully settled when they fall due;
n Due commitments which are overdue for less than 30 days
Group 4: Doubtful
n Undue commitments which, according to the Group’s assessment, could not be fully settled when they fall due;
n Due commitments and contingencies which are overdue from 30 days to 90 days
Group 5: Bad
n Undue commitments which, according to the Group’s assessment, could not be fully settled when they fall due;
n Due commitments which are overdue for more than 90 days
Provision for losses on credit commitments
The determination of specific provision for losses on credit commitments is calculated using set rates applied to each group
of credit commitments as follows:
Group 1 - Current
Provision rates
0%
Group 2 - Special mentioned 5%
Group 3 - Sub-standard 20%
Group 4 - Doubtful 50%
Group 5 - Bad 100%
The specific 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 determined in accordance with
Decision 493/2005/QD-NHNN and Decision 18/2007/QD-NHNN.
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 and excluding
guarantees and commitments which are classified as bad.
2.9 Investments
(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.
Trading securities are initially stated at cost of acquisition. Subsequently, they are measured at cost less provision.
Provision is made for trading securities eligible for being freely traded in the market and where there is a diminution in
value of these securities.
103 ANNUAL REPORT 2011
Form B 05/TCTD - HN

Gains or losses from disposal of trading securities are recognised in the consolidated income statement and are reported
on a net basis. Cost of securities disposed is determined by using the weighted average method.
For debt securities acquired at discount or premium, the discount or premium is allocated over the holding period of these
securities
(ii) Available-for-sale securities
Available-for-sale securities are those intended to be held for an indefinite period of time, which may be sold in response to
needs for liquidation or changes in interest rates, exchange rates or equity prices.
Available-for-sale securities are initially stated at cost of acquisition. Subsequently, they are measured at cost less
provision. Provision is made for available-for-sale securities eligible for being freely traded in the market and where there
is a diminution in value of these securities.
Gains or losses from disposal of available-for-sale securities are recognised in the consolidated income statement and are
reported on a net basis. Cost of securities disposed is determined by using the weighted average method.
For debt securities acquired at discount or premium, the discount or premium is allocated over the holding period of these
securities
(iii) Held-to-maturity securities
Held-to-maturity debt securities are those securities with fixed or determinable payment and fixed maturities that the
Group’s management has the positive intention and ability to hold to maturity.
Held-to-maturity securities are initially stated at cost of acquisition. Subsequently, they are measured at cost less provision.
Provision is required if there is evidence of a long-term decline in the value of the securities or in the case where the Group
cannot recover its investments.
Post-acquisition interest income of held-to-maturity securities is recognised in the consolidated income statement on an
accruals basis. Pre-acquisition interest income of held-to-maturity securities is deducted against the cost of acquisition.
For debt securities acquired at discount or premium, the discount or premium is allocated over the holding period of these
securities
(iv) Other long-term investments
Other long-term investments comprise shareholding of less than 20% in investees. These investments are initially stated at
cost of acquisition. Provision is made where there is a diminution in value of these investments.
Dividends are recognised in the consolidated income statement when the Group’s right to receive payment is established
ANNUAL REPORT 2011 104

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
2.10 Fixed assets
Tangible and intangible fixed assets
Fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of the fixed assets.
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:
Buildings
Annual rates
2011
2%
Office equipments 12,5% - 33,3%
Motor vehicles 16,7%
Other assets 10%
Computer software 20%
Land use rights which are granted for a definite term are amortised, using the straight-line method over the terms indicated
in the land use right certificate. Land use rights which are granted for an indefinite term are carried out at cost and not
amortised.
Gains and losses on disposals are determined by comparing net disposal proceeds with the carrying amount. Proceeds
from disposals of fixed assets are recognised as other income and net book values of the assets are recognised as other
expense in the consolidated income statement
2.11 Leased assets
2.12 Gold
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are
classified as finance 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 finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental
obligations, net of finance charge, are included in long-term borrowings. The interest element of the finance cost is charged
to the consolidated income statement over the lease period. The property, plant and equipment acquired under finance
leases are depreciated over the shorter of the useful life of the asset or the lease term.
Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases are charged to the consolidated income statement on a straightline
basis over the period of the lease
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.
105 ANNUAL REPORT 2011
Form B 05/TCTD - HN

2.13 Cash and cash equivalents
For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise cash and precious metals,
demand deposit at the State Bank, demand and term deposits at banks with an original maturity of three months or less.
2.14 Derivative financial 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 exchange rate of each period end. Gains or losses from realisation of derivatives are
recognised in the consolidated income statement. Unrealised gains or losses are recognised in consolidated balance
sheet as 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 outflow 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 outflow 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 outflow 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 reflects current market assessments of the time value of money and the risks specific 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 up to 31 December 2008. 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 was made for up to 31 December 2011.
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
profit 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 financial 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 profit or loss. Deferred income tax is determined at the tax rates that
are expected to apply to the financial 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.
ANNUAL REPORT 2011 106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised
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 significant
influence over the enterprise, key management personnel, including directors and officers 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 financial statements in the
period in which the dividends are approved by the Group’s shareholders.
2.20 Science and Technology Development Fund
In accordance with applicable regulations and Letter No. 10186/NHNN-TCKT dated 24 December 2009 to the Bank issued
by the State Bank of Vietnam, Science and Technology Fund is fully charged to general and administrative expenses when
it is set up and credited to a specific account in other liabilities. Subsequently, this fund will be used for capital expenditures
or revenue expenditures which are qualified to be used from the fund.
3 CASH AND PRECIOUS METALS
107 ANNUAL REPORT 2011
Form B 05/TCTD - HN
31.12.2011 31.12.2010
Million VND Million VND
Cash on hand in Vietnamese Dong 2,920,570 1,505,075
Cash on hand in foreign currencies 1,656,308 1,587,790
Gold 7,279,669 9,584,243
Valuable documents 723 741
11,857,270 12,677,849

4 BALANCES WITH THE STATE BANK
31.12.2011 31.12.2010
Million VND Million VND
Deposits at the State Bank of Vietnam (“SBV”) 2,459,705 3,336,797
Deposits at the State Bank of Laos 112,796 117,059
Deposit at the National Bank of Cambodia 234,849 165,117
2,807,350 3,618,973
Included in deposits at the State Bank of Vietnam is the obligatory reserve. An obligatory reserve is required to be
deposited with the SBV. The balance is adjusted once per month and is calculated as 3% of the average balance of
customer deposits with terms within one year in Vietnamese dong and 1% of the average balance of customer deposits
with terms from above one year. While the balance is adjusted once per month and is calculated as 8% (as at 31
December 2010: 4%) of the average balance of customer deposits with terms within one year in foreign currencies and 6%
(as at 31 December 2010: 2%) of the average balance of customer deposits with terms from above one year.
Included in deposits at the State Bank of Laos is the restricted balance for capital contribution of Laos branch at a minimum
balance of 25% of contributed capital of Laos branch and obligation reserve in accordance to the prevailing regulations of
Laos.
Included in deposits at the National Bank of Cambodia is the restricted balance of US$3.8 million (as at 31 December
2010: US$1.5 million) for capital contribution which is equal to 10% of the contributed capital of Sacombank Cambodia
Bank.
ANNUAL REPORT 2011 108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
5 PLACEMENTS WITH AND LOANS TO OTHER CREDIT INSTITUTIONS
109 ANNUAL REPORT 2011
Denominated in
VND
31 December 2011
Denominated
in foreign
currencies
and gold Total
Million VND Million VND Million VND
Placements with other credit institutions
Demand deposits 35,094 2,173,819 2,208,913
Term deposits 2,473,161 3,960,058 6,433,219
2,508,255 6,133,877 8,642,132
Loans and advances to other credit institutions
Short-term loans
Less: Provision for losses on loans and advances to credit
980,542 - 980,542
institutions (1,365) - (1,365)
979,177 - 979,177
3,487,432 6,133,877 9,621,309
Denominated in
VND
31 December 2010
Form B 05/TCTD - HN
Denominated
in foreign
currencies
and gold Total
Million VND Million VND Million VND
Placements with other credit institutions
Demand deposits 165,057 3,760,751 3,925,808
Term deposits 12,438,775 4,718,796 17,157,571
12,603,832 8,479,547 21,083,379
Loans and advances to other credit institutions
Short-term loans
Less: Provision for losses on loans and advances to credit
127,163 - 127,163
institutions (807) - (807)
126,356 - 126,356
12,730,188 8,479,547 21,209,735

6 TRADING SECURITIES
31.12.2011 31.12.2010
Million VND Million VND
Debt securities
Debt securities issued by other credit institutions - 366,336
Debt securities issued by local corporations - 646,435
Debt securities issued by overseas corporations - 42,561
- 1,055,332
Equity securities
Equity securities issued by other local credit institutions 215,822 656,008
Equity securities issued by local corporations 288,964 774,070
504,786 1,430,078
Total trading securities 504,786 2,485,410
Less: provision for diminution in value of trading securities (*) (155,431) (205,257)
349,355 2,280,153
Categorised as listed and unlisted trading securities hereunder:
31.12.2011 31.12.2010
Million VND Million VND
Debt securities
Non-listed - 1,055,332
Equity securities
Listed 441,536 886,789
Non-listed 63,250 543,289
504,786 1,430,078
Less: provision for diminution in value of trading securities (*) (155,431) (205,257)
349,355 2,280,153
(*) Provision for diminution in value of trading securities
ANNUAL REPORT 2011 110

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
111 ANNUAL REPORT 2011
2011 2010
Million VND Million VND
At 1 January 205,257 110,708
Charge for the year (Note 31) 112,962 94,549
Decrease due to disposal of a subsidiary (Note 11(i)) (162,788)
At 31 December 155,431 205,257
7 DERIVATIVES AND OTHER FINANCIAL ASSETS
Total contract
value (at the
foreign exchange
rate at the
contract date)
31 December 2011
Total book value (at the
foreign exchange rate
at 31 December)
Assets Liabilities
Million VND Million VND Million VND
Derivative currency financial instruments
- Forward contracts 259,736 - 2,718
- Swap contracts 9,073,127 5,570 -
9,332,863 5,570 2,718
Total contract
value (at the
foreign exchange
rate at the
contract date)
31 December 2010
Form B 05/TCTD - HN
Total book value (at the
foreign exchange rate
at 31 December)
Assets Liabilities
Million VND Million VND Million VND
Derivative currency financial instruments
- Forward contracts 225,951 3,519 -
- Swap contracts 2,510,386 3,563 -
2,736,337 7,082 -

8 LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS
Loans, advances and finance leases to customers were analysed as follows:
8.1 Analysis by type of customers:
31.12.2011 31.12.2010
Million VND Million VND
Loans to domestic businesses and individuals 77,787,144 79,817,625
Discounted notes and valuable papers 548,706 -
Financial lease 923,953 558,126
Loans funded by Government, international and other institutions 492,895 334,386
Loans to foreign businesses and individuals 786,789 1,773,061
Frozen and awaiting resolution loans - 1,605
80,539,487 82,484,803
Included in loans and advances to customers is VND3,007,161 million (As at 31 December 2010: VND2,750,325 million)
advanced to related parties of Sacombank (Note 42).
8.2 Analysis by industry
31.12.2011 31.12.2010
Million VND Million VND
Trading 12,286,051 11,793,222
Agriculture and forestry 9,276,180 9,004,173
Manufacturing and processing 29,064,738 26,790,896
Construction 5,638,495 5,515,353
Individual and community services 6,920,640 7,223,953
Warehousing, transportation and communication 2,035,586 2,040,598
Training and education 2,329,765 2,173,843
Estate agents and consultants 3,569,053 2,802,582
Hotels and restaurants 988,912 897,198
Others 8,430,067 14,242,985
80,539,487 82,484,803
ANNUAL REPORT 2011 112

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
8.3 Analysis by group
113 ANNUAL REPORT 2011
31.12.2011 31.12.2010
Million VND Million VND
Current 79,840,392 82,010,384
Special mentioned 235,868 29,899
Sub-standard 101,981 31,454
Doubtful 193,335 60,776
Bad 167,911 352,290
8.4 Analysis by maturity
80,539,487 82,484,803
31.12.2011 31.12.2010
Million VND Million VND
Short-term 49,972,927 51,904,547
Medium-term 16,330,141 16,282,072
Long-term 14,236,419 14,298,184
80,539,487 82,484,803
8.5 Analysis by currency
31.12.2011 31.12.2010
Million VND Million VND
Denominated in Vietnamese Dong 64,090,562 68,483,419
Denominated in foreign currencies and gold 16,448,925 14,001,384
80,539,487 82,484,803
8.6 Analysis by geography
Form B 05/TCTD - HN
31.12.2011 31.12.2010
Million VND Million VND
Ho Chi Minh City 35,387,512 38,430,655
Mekong Delta 11,153,599 10,854,857
Central and Eastern 21,223,154 19,796,391
Northern 10,821,827 11,629,839
Overseas 1,953,395 1,773,061
80,539,487 82,484,803

8.7 Analysis by type of business entity
31.12.2011 31.12.2010
Million VND Million VND
State-owned enterprises 3,677,347 2,583,839
Joint-stock companies 20,086,296 19,909,520
Limited companies 23,774,054 23,484,859
Private companies 4,859,534 4,253,642
Co-operatives 127,391 268,760
Joint ventures 331,227 167,258
100% foreign-owned enterprises 264,200 270,002
Individuals 27,254,519 30,876,486
Others 164,919 670,437
9 PROVISION FOR LOSSES ON LOANS, ADVANCES AND FINANCE LEASES TO CUSTOMERS
Provision for losses on loans, advances and finance leases to customers as at 31 December comprises:
80,539,487 82,484,803
31.12.2011 31.12.2010
Million VND Million VND
Specific provision 188,820 218,921
General provision 624,120 601,682
812,940 820,603
9.1 Specific provision for losses on loans, advances and finance leases to customers
2011 2010
Million VND Million VND
At 1 January 218,921 102,587
Charge for the year 87,028 119,253
Utilisation during the year (*) (47,067) (2,919)
Decrease due to disposal of a subsidiary (Note 11(i)) (70,062)
At 31 December 188,820 218,921
(*) Loans are written-off at the discretion of the Bank’s Risk Management Committee when they consider that all
reasonable efforts for recovery of doubtful loans, including legal actions, have been exhausted. Loans are writtenoff
in accordance with the requirements of Decision 493/2005/QD-NHNN.
ANNUAL REPORT 2011 114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
9.2 General provision for losses on loans, advances and finance leases to customers
115 ANNUAL REPORT 2011
2011 2010
Million VND Million VND
At 1 January 601,682 412,930
Charge for the year 23,241 188,752
Utilisation during the year (803) -
At 31 December 624,120 601,682
10 INVESTMENT SECURITIES
10.1 Available-for-sale securities
31.12.2011 31.12.2010
Million VND Million VND
Debt securities
Government debt securities (i) 7,180,072 3,842,042
Debt securities issued by other local credit institutions (i) 12,927,090 11,509,286
Debt securities issued by local corporations (ii) 3,904,987 3,649,922
24,012,149 19,001,250
Equity securities
Equity securities issued by other local credit institutions 34,860 -
Equity securities issued by local corporations 117,292 529,642
152,152 529,642
Total available-for-sale securities 24,164,301 19,530,892
Less: provision for diminution in value of available-for-sale securities (28,248) (13,065)
24,136,053 19,517,827
Provision for diminution in value of available-for-sale securities:
Form B 05/TCTD - HN
2011 2010
Million VND Million VND
At 1 January 13,065 35,519
Additional/(reversal) during the year (Note 32) 18,246 (22,454)
Decrease due to disposal of a subsidiary (Note 11(i)) (3,063)
At 31 December 28,248 13,065
(i) Included in Government debt securities and debt securities issued by other local credit institutions are
VND1,756,305 million (As at 31 December 2010: VND3,079,826million) and VND3,045,801 million (As at 31
December 2010: VND1,632,240 million), respectively which are currently pledged at the State Bank of Vietnam (Note 16).

(ii) Included in debt securities issued by local corporations is VND300,000 million (As at 31 December 2010:
VND850,000 million) of corporate bonds issued by related parties of Sacombank that will mature in 2012 and 2013
(Note 42).
10.2 Held-to-maturity securities
31.12.2011 31.12.2010
Million VND Million VND
Debt securities
Government debt securities - 204,170
Debt securities issued by other local credit institutions - 1,253,334
Debt securities issued by local corporations (i) 180,000 550,000
Debt securities issued by overseas corporations 52,124 -
232,124 2,007,504
Less: provision for diminution in value of held-to-maturity securities - -
232,124 2,007,504
(i) Included in debt securities issued by local corporations is VND180 billion (As at 31 December 2010: VND500
billion) of corporate bonds issued by a related party of Sacombank (Note 42).
11 OTHER LONG-TERM INVESTMENTS
The Group’s other long-term investments are investments in other entities with shareholding of less than 11% and comprise
the following companies:
Name 31.12.2011 31.12.2011
Value
Million VND
Value
Million VND
Credit institutions
Unlisted credit institutions 168,987 97,195
Non credit institutions (corporations)
Listed corporations (i) 266,835 149,409
Unlisted corporations 387,147 409,975
Total long-term investments in other entities 822,969 656,579
Less: provision for diminution in value of other long-term investments (157,458) (5,995)
Net value of long-term investments in other entities 665,511 650,584
ANNUAL REPORT 2011 116

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Provision for diminution in value of available-for-sale securities:
117 ANNUAL REPORT 2011
2011 2010
Million VND Million VND
At 1 January 5,995 11,875
Additional/(reversal) during the year
(Note 33)
156,248 (5,880)
Decrease due to disposal of a
subsidiary (Note 11(i))
(4,785)
At 31 December 157,458 5,995
(i) Included in the balance of listed corporations is the investment into Sacombank Securities Company which was
reclassified from investments in subsidiaries to other long-term investments.
During the year, the Bank sold 57.55 million shares of Sacombank Securities Company with details as follows:
n 9.42 million shares on 13 June 2011 reducing the Bank’s shareholding in this company to 48.95%.
n 48.13 million shares on 11 November 2011 reducing the Bank’s shareholding in this company to 10.95%.
12 TANGIBLE FIXED ASSETS
Buildings
Office
equipment
Motor
vehicles
Form B 05/TCTD - HN
CURRENCY: Million VND
Other
assets Total
Historical cost
At 1 January 2011 760,896 824,380 188,278 247,672 2,021,226
New purchases
Transfers from construction
in progress and purchase of fixed assets
2,567 60,214 36,096 23,396 122,273
(Note 15.1)
Decrease due to disposal of a subsidiary
609,494 175,846 41,899 88,399 915,638
(Note 11(i)) (115,094) (55,536) (4,789) (19,260) (194,679)
Transfers from finance lease assets (Note 14)
Foreign exchange difference arising from
- - 492 10,610 11,102
converting a branch into a subsidiary - 2,448 287 45 2,780
Disposals (111,082) (25,277) (8,120) (11,538) (156,017)
Reclassification (11,546) (21,291) (1,404) 34,241 -
At 31 December 2011 1,135,235 960,784 252,739 373,565 2,722,323

Accumulated depreciation
At 1 January 2011 56,049 272,601 63,992 26,190 418,832
Charge for the year 22,863 139,431 31,615 64,946 258,855
Transfers from finance lease assets (Note 14)
Decrease due to disposal of a subsidiary (Note
- - 334 803 1,137
11(i))
Utilised Science and Technology Development
(8,026) (29,013) (1,675) (5,196) (43,910)
Fund (Note 21.3)
Foreign exchange difference arising from
- 10,602 - - 10,602
converting a branch into a subsidiary - 668 76 8 752
Disposals (14,603) (9,237) (3,429) (2,199) (29,468)
Reclassification (2,017) (1,873) (219) 4,109 -
At 31 December 2011 54,266 383,179 90,694 88,661 616,800
Net book value
At 1 January 2011 704,847 551,779 124,286 221,482 1,602,394
At 31 December 2011 1,080,969 577,605 162,045 284,904 2,105,523
Included in office equipment are fixed assets funded by Science and Technology Development Fund with historical cost
of VND43,012 million (As at 31 December 2010: VND53,012 million) and accumulated depreciation of VND21,848 million
(As at 31 December 2010: VND11,246 million). The accounting policy for those fixed assets is different from similar assets
which are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and
Technology Development Fund – used (Note 21.3)
13 INTANGIBLE FIXED ASSETS
Computer
software
Land use
rights
CURRENCY: Million VND
Other
intangible
fixed assets Total
Million VND Million VND Million VND Million VND
Historical cost
At 1 January 2011 356,010 1,275,381 365 1,631,756
New purchases
Transfers from construction in progress and purchase of
3,514 - - 3,514
fixed assets (Note 15.1) 58,857 349,473 - 408,330
Decrease due to disposal of a subsidiary (Note 11(i))
Foreign exchange difference arising from converting a
(25,599) (58,000) - (83,599)
branch into a subsidiary 1,166 - - 1,166
Disposals (9,910) (180,951) (363) (191,224)
Reclassification 3 (37) 34 -
At 31 December 2011 384,041 1,385,866 36 1,769,943
ANNUAL REPORT 2011 118

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Accumulated depreciation
At 1 January 2011 105,736 12,472 309 118,517
Charge for the year
Utilised Science and Technology Development Fund
59,913 9,695 4 69,612
(Note 21.3) 8,590 - - 8,590
Decrease due to disposal of a subsidiary (Note 11(i))
Foreign exchange difference arising from converting a
(11,254) - - (11,254)
branch into a subsidiary (433) - - (433)
Disposal (4,189) (10,910) (306) (15,405)
Reclassification 2 (21) 19 -
At 31 December 2011 158,365 11,236 26 169,627
Net book value
At 1 January 2011 250,274 1,262,909 56 1,513,239
At 31 December 2011 225,676 1,374,630 10 1,600,316
Included in computer software are fixed assets funded by Science and Technology Development Fund with historical cost
is VND42,949 million (As at 31 December 2010: VND42,949 million) and accumulated depreciation is VND17,099 million
(As at 31 December 2010: VND8,509 million). The accounting policy for those fixed assets is different from similar assets
which are purchased outside the Fund. Accordingly, depreciation for those fixed assets is deducted from Science and
Technology Development Fund – used (Note 21.3).
14 FINANCE LEASE ASSETS
119 ANNUAL REPORT 2011
Form B 05/TCTD - HN
CURRENCY: Million VND
Motor vehicles
Historical cost
At 1 January 2011 24,249
New leases 595
Decrease due to disposal of a subsidiary (Note 11(i)) (11,404)
Transfer to tangible fixed assets (Note 12) (11,102)
At 31 December 2011 2,338
Accumulated depreciation
At 1 January 2011 4,363
Charge for the year 367
Decrease due to disposal of a subsidiary (Note 11(i)) (3,279)
Transfer to tangible fixed assets (Note 12) (1,137)
At 31 December 2011 314
Net book value
At 1 January 2011 19,886
At 31 December 2011 2,024

15 OTHER ASSETS
31.12.2011
Million VND
31.12.2010
Million VND
Construction in progress and purchase of fixed assets (Note 15.1) 1,567,033 1,153,791
Accrued interest income 2,237,418 1,795,941
Receivable to the State Budget (i) 99,730 92,942
Advances for office rental (Note 41) 31,087 55,159
Receivables from customers (ii) 2,024,999 1,161,897
Advances and internal receivables 173,155 49,630
Deferred expenses 590,833 555,026
Dividends receivable - 35,645
Advance for a service agreement (iii) 438,000 -
Deferred tax assets (Note 37.1) - 9,376
Other gold consigned - 33,087
Gold consigned at another bank (iv) 816,000 -
Other assets (v) 384,228 675,016
8,362,483 5,617,510
31.12.2011
Million VND
31.12.2010
Million VND
Financial assets 5,647,042 3,532,532
Other assets 2,715,441 2,084,978
8,362,483 5,617,510
(i) Included in receivables from the State Budget is VND57,825 million (2010:VND75,839 million) of interest receivable
arising from the interest subsidy programs of the Government.
(i) Included in receivables from customers is VND412,939 million (As at 31 December 2010: VND256,111 million)
of collateral assets which will be used to compensate for bad debts. The Bank is in legal procedure to transfer
ownership of these assets to the Bank or in process to realise these assets for recovery.
Included in receivables from customers is VND290,223 million of receivable from two individuals in relation to the
sale of 48.13 million shares of Sacombank Securities Company on 11 November 2011. The exposure is secured
and will be due in five months from the selling date. (See Note 11(i)).
Included in receivables from customers is VND381,179 million of receivable from one individual in relation to the
sale of debts with recourse. The exposure will be due in one year from the selling date.
Included in receivables from customers is VND170,354 million (As at 31 December 2010: VND185,738 million) of
receivable from related parties
(iii) This amount represents advances to Sacombank Securities Company in relation to a brokerage contract for
purchasing Government bonds.
ANNUAL REPORT 2011 120

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
(iv) This amount represents a security deposit in gold at another bank for deposits from this bank.
(v) Included in other assets is VND191,566 million (As at 31 December 2010: VND55,513 million) of collateral assets
which will be used to compensate for bad debts. Ownership of these assets has been transferred to the Bank
15.1 Construction in progress and purchase of fixed assets
121 ANNUAL REPORT 2011
31.12.2011 31.12.2010
Million VND Million VND
At 1 January 1,153,791 922,974
Additions 1,932,399 1,364,971
Transfer to fixed assets (Note 13 and Note 14) (1,323,968) (1,054,221)
Other transfers (184,645) (79,933)
Decrease due to disposal of a subsidiary (Note 11(i)) (10,544) -
At 31 December 1,567,033 1,153,791
16 DUE TO GOVERNMENT AND BORROWINGS FROM THE STATE BANK OF VIETNAM
31.12.2011 31.12.2010
Million VND Million VND
Borrowings by means of discounting, rediscounting valuable papers (Note 10) 2,129,609 4,688,801
17 DEPOSITS AND BORROWINGS FROM OTHER CREDIT INSTITUTIONS
Denominated in
VND
31 December 2011
Form B 05/TCTD - HN
Denominated
in foreign
currencies and
gold Total
Million VND Million VND Million VND
Deposits from other credit institutions
Demand deposits 391,283 10,188 401,471
Term deposits 4,289,000 1,969,304 6,258,304
4,680,283 1,979,492 6,659,775
Borrowings from other credit institutions 800,000 5,363,814 6,163,814
5,480,283 7,343,306 12,823,589

Denominated in
VND
31 December 2010
Denominated
in foreign
currencies and
gold Totak
Million VND Million VND Million VND
Deposits from other credit institutions
Demand deposits 106,474 11,306 117,780
Term deposits 11,527,133 975,847 12,502,980
11,633,607 987,153 12,620,760
Borrowings from other credit institutions 16,314 2,772,552 2,788,866
11,649,921 3,759,705 15,409,626
18 DEPOSITS FROM CUSTOMERS
18.1 By currency and term
Denominated in
VND
Million VND
31 December 2011
Denominated
in foreign
currencies and
gold
Million VND
Total
Million VND
Current deposits 10,231,530 1,670,458 11,901,988
Term deposits 6,196,720 813,981 7,010,701
Saving deposits 49,291,564 5,963,017 55,254,581
Margin deposits 60,178 709,207 769,385
Deposits for specific purposes 100,401 55,196 155,597
65,880,393 9,211,859 75,092,252
Denominated in
VND
Million VND
31 December 2010
Denominated
in foreign
currencies and
gold
Million VND
Total
Million VND
Current deposits 10,827,390 1,484,520 12,311,910
Term deposits 9,708,048 700,461 10,408,509
Saving deposits 46,588,387 8,213,927 54,802,314
Margin deposits 158,574 583,794 742,368
Deposits for specific purposes 68,630 1,685 70,315
67,351,029 10,984,387 78,335,416
ANNUAL REPORT 2011 122

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
18.2 Analysis by type of business entity
123 ANNUAL REPORT 2011
31.12.2011 31.12.2010
Million VND Million VND
State-owned enterprises 3,827,212 2,815,282
Local private companies 10,816,041 7,392,839
100% foreign-owned enterprises 335,014 233,187
Individuals 58,805,979 58,146,487
Others 1,308,006 9,747,621
19 FUNDS RECEIVED FROM GOVERNMENT, INTERNATIONAL AND OTHER INSTITUTIONS
75,092,252 78,335,416
31.12.2011 31.12.2010
Million VND Million VND
Funds received from RDF (i) 572,560 402,992
Funds received from FMO (ii) 2,356,176 104,859
Funds received from SMEDF (iii) 15,000 36,875
Funds received from SMEFP (iv) 112,316 110,005
Funds received from IFC (v) 343,750 406,250
Funds received from ADB (vi) 370,524 415,616
Funds received from PROPARCO (vii) 801,077 757,280
Funds received from MLFIII (viii) 33,919 -
Funds received from NORFUND (ix) 104,010
Form B 05/TCTD - HN
Funds received from other entities (x) 4,347 -
4,713,679 2,233,877
(i) Funds received from the Rural Development Fund (“RDF”) are financed by the World Bank for a term from one to
five years at interest rate of 0.5% per year of balance in USD and from 10.08% to 10.3% per year of balance in
Vietnamese Dong. 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 2014.
(ii) Borrowings from Financierings – Maatschappij Voor Ontwikkelingslarden (“FMO”), a bank in the Netherland include
two facilities: i) one facility is financed for the Bank and ii) one facility is fianced for a subsidiary of the Bank with
details are as follows
The facility financed for the Bank is 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.
These borrowings will mature in 2016.

The facility financed for a subsidiary of the Bank is used for finance leasing to enterprises operating in Vietnam. The
borrowing currency is United States Dollars. Interest is paid semi-annually at LIBOR. The borrowing was granted for
5 years and will mature in 2013.
(iii) Funds received from the Small and Medium Enterprise Development Fund (“SMEDF”) are financed by the
European Commission. The funds are used to finance Vietnamese small and medium enterprises who meet certain
conditions required by the project. The interest rate is quoted as either a fixed rate or floating rate. Fixed rate is
equal to the rate paid by the Government on its most recently issued five 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 fixed by the lender on an annual basis. Discount rate for the first year of credit facility is
0.5% for fixed rate or 1% for variable rate. These funds will mature in 2013.
(iv) Funds received from the Small and Medium Enterprise Development Fund (“SMEDF”) are financed by Japan
International Cooperation Bank. The funds are used to finance Vietnamese small and medium enterprises. The total
facility is VND120 billion at a fixed interest rate equal the Government bond 364 days coupon rate determined at
the latest bidding. The first factility from SMEDF II will mature in 2017 and the second facility from SMEDF III will
mature in 2020.
(v) Funds received from the International Finance Corporation (“IFC”) are used to finance 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 fixed component plus a margin of 1.5% p.a. Prepayment is made each six
monthly, starting from 2009. These funds will mature in 2017.
(vi) Funds received from Asia Development Bank (“ADB”) are used to finance borrowers which are small and medium
enterprises (“SME”) in Vietnam. The Credit Facility is not exceeding USD25 million and has a maximum term of 6
years. Interest rates are based on LIBOR. Interest is paid on 30 June and 31 December, annually. The fund will
mature in 2015.
(vii) Funds received from Societe De Promotion Et De Participation Pour La Cooperation Economique S.A
(“PROPARCO”) are used to finance or refinance medium and long term loans in USD to borrowers in Vietnam.
The Credit Facility is not exceeding USD20 million and has a maximum term of 7 years. Interest rates are fixed or
floating rates which are determined at the determination date. Interest is paid on 30 April and 31 October, annually.
The fund will mature in 2016.
(viii) Funds receved from Micro Credit Fund as a part of Rural Development Fund financed by World Bank. The funds
are used to finance trade retailers. The funds bear a floating interest rate which is determined on each drawdown
and will mature in 2031.
(ix) Funds received from Norwegian Investment Fund for Developing Countries (“Norfund”) for a credit facility of US$5
million for 5 years foor granting loans to local borrowers. The exposure as at 31 December 2011 was US$ 5 million
at a floating rate of Libor 6 months plus 2.7% p.a. .
(x) Funds received from Highway Development Company to entrust the Bank managing the funds. The funds are
granted for 6 months at a fixed interest rate of 14% p.a.
ANNUAL REPORT 2011 124

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
20 CERTIFICATES OF DEPOSITS AND BONDS
125 ANNUAL REPORT 2011
31 December 2011
Denominated in
Denominated in foreign currency
VND and gold
Million VND Million VND
Total
Million VND
Short-term 11,615,643 3,680,838 15,296,481
Medium-term 1,910,102 410,125 2,320,227
13,525,745 4,090,963 17,616,708
31 December 2010
Denominated in
Denominated in foreign currency
VND and gold
Million VND Million VND
Total
Million VND
Short-term 4,501,935 17,629,939 22,131,874
Medium-term 5,567,484 877,778 6,445,262
21 OTHER LIABILITIES
Form B 05/TCTD - HN
10,069,419 18,507,717 28,577,136
31.12.2011 31.12.2010
Million VND Million VND
Accrued interest expenses 1,288,768 1,206,003
Remittance in transit payable 11,664 59,531
Payables to the State Budget 230,856 255,809
Payables to customers (Note 21.1) 11,813,907 12,150
Unearned interest income - 37,119
Payables to employees 470,505 69,457
Dividends payable 44,878 5,617
Other payables 472,702 406,284
Provision for severance allowance 16,564 15,794
Other provisions (Note 21.2) 135,100 52,388
Science and Technology Development Fund (Note 21.3) 61,053 80,245
Gold borrowings for trading purpose - 693,356
Payables in relation to gold margin trading in Cambodia - 2,631,213
Advances from investors for bond brokerage contracts - 2,922,139
14,545,997 8,447,105

21.1 Payables to customers
Included in payables to customers is VND11,801,501 million of gold kept in custodian for customers.
21.2 Other provisions
2011 2010
Million VND Million VND
General provision for losses on credit contingencies and commitments (i) 79,688 52,388
Provision for receivables from customers (ii) 55,412 -
135,100 52,388
(i) General provision for losses on credit contingencies and commitments
2011 2010
Million VND Million VND
At 1 January 52,388 41,855
Charge for the year 27,300 10,533
At 31 December 79,688 52,388
(ii) Provision for receivables from customers:
At 1 January
Addition 256,830
Utilisation (201,418)
At 31 December 55,412
21.3 Science and Technology Development Fund
2011 2010
Million VND Million VND
31.12.2011 31.12.2010
Million VND Million VND
Science and Technology Development Fund - not yet used (i) 4,040 4,040
Science and Technology Development Fund-used (ii) 57,013 76,205
61,053 80,245
(i) Movement of Science and Technology Development Fund – not used:
ANNUAL REPORT 2011 126

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
22 CAPITAL
22.1 Share capital
127 ANNUAL REPORT 2011
2011 2010
Million VND Million VND
At 1 January 4.040 5.013
Utilisation during the year - (973)
At 31 December 4.040 4.040
(ii) Science and Technology Development Fund-used:
Form B 05/TCTD - HN
2011 2010
Million VND Million VND
At 1 January 76.205 94.343
Used for purchases of fixed assets - 973
Decreases by accumulated depreciation of fixed assets financed by
this fund
(19.192) (19.111)
At 31 December 57.013 76.205
31.12.2011 31.12.2010
Million VND Million VND
Issued and fully paid chartered capital 10.739.677 9.179.230
In accordance with Official Letter No. 5205/NHNN-TTGSNH dated 6 July 2011 issued by the State Bank of Vietnam - Ho
Chi Minh City Branch, the Bank’s chartered capital was increased to VND10,739,677 million.

Number
of shares
Ordinary
shares Share premiumTreasury shares
Total share
capital
Million VND Million VND Million VND Million VND
At 1 January 2010 670,035,300 6,700,353 1,376,877 - 8,077,230
Nominal value of shares issued -
stock dividends 100,479,947 1,004,799 - - 1,004,799
New issues to existing shareholders 134,007,060 1,340,071 268,014 - 1,608,085
New issues to employees 13,400,706 134,007 26,802 - 160,809
New issues to shareholders of a
subsidiary 79,111 79,111
At 31 December 2010 917,923,013 9,179,230 1,750,804 - 10,930,034
New issues to existing shareholders 135,962,906 1,359,629 - - 1,359,629
New issues to employees 20,081,745 200,818 - - 200,818
Decrease due to disposal of a
subsidiary (Note 11(i)) (79,111) (79,111)
Purchase of treasury shares (96,343,400) - - (1,450,558) (1,450,558)
At 31 December 2011 977,624,264 10,739,677 1,671,693 (1,450,558) 10,960,812
22.2 Other capital
31.12.2011 31.12.2010
Million VND Million VND
Capital for finance of fixed assets and capital construction 795 795
Others 153 153
948 948
ANNUAL REPORT 2011 128

129
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Form B 05/TCTD - HN
23 RESERVES AND RETAINED EARNINGS
CURRENCY: Million VND
ANNUAL REPORT 2011
Foreign
exchange
differences Other reserves Total
Financial
provision fund
Reserve for
supplementary
chartered
capital
Retained
earnings
At 1 January 2010 1,463,937 384,573 467,566 - 152,506 2,468,582
Consolidated net profit for the year 1,910,340 - - - - 1,910,340
Appropriation to reserves (576,991) 101,848 194,304 - 280,839 -
Stock dividends (1,004,799) - - - - (1,004,799)
Dividends paid in cash and payable (254) - - - - (254)
Other movements - - (366) 80 (249,009) (249,295)
Transfer to minority interest (32,673) (2,208) (2,208) (730) 580 (37,239)
At 31 December 2010 1,759,560 484,213 659,296 (650) 184,916 3,087,335
Consolidated net profit for the year 1,995,857 - - - - 1,995,857
Appropriation to reserves (600,590) 108,517 209,290 - 283,783 -
Dividends payable (1,376,885) - - - - (1,376,885)
Payments from reserves - - - - (282,538) (282,538)
Other movements of reserves (517) - - 87,216 - 86,699
Transfer to minority interest 74,549 - - - 106 74,655
Movements due to disposal of a subsidiary
(Note 11(i)) 106,034 (46,372) (40,005) 650 (20,307) -
At 31 December 2011 1,958,008 546,358 828,581 87,216 164,960 3,585,123
ANNUAL REPORT 2011
129

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:
n Reserve for supplementary chartered capital: 5% of the net profit after business income tax each year as a
minimum statutory level is allocated.
n Financial provision fund: 10% of the net profit after the allocation to the above reserve is allocated until the reserve
balance reaches 25% of the current capital
Foreign exchange difference
Foreign exchange difference arose from the revaluation of the contributed capital in Sacombank Cambodia as a result of
converting the branch into the subsidiary.
Other reserves
Other reserves include the fund for investment and development and the welfare and bonus fund. The allocations to the
fund for investment and development and welfare and bonus fund have been approved by the Board of Management of the
Bank and the Annual General Meeting on 2 April 2011.
Dividend
A dividend of 15% for 2010 was ratified at the 2011 Annual General Meeting on 2 April 2011 and was reflected in the
consolidated financial statements for the year ended 31 December 2011.
Dividends for 2011 to be declared are not accounted for until they have been ratified at the next Annual General Meeting.
The Board of Management has planned to propose a dividend distribution at a rate of 14% for the year ended 31
December 2011. The consolidated financial statements for the year ended 31 December 2011 do not reflect this plan,
which, if subsequently ratified, will be accounted for in the shareholders’ equity as an appropriation of retained earnings in
the year ending 31 December 2012
24 MINORITY INTEREST
Ordinary
shares
Share
premium
Retained
earnings
undistributedi
Foreign
currency
difference
reserve
CURRENCY: Million VND
Other
reserves Total
At 1 January 2010 206,800 - - - 23,342 230,142
Additional capital 345,605 61,189 - - - 406,784
Share of profit - - 32,673 - - 32,673
Share of reserve allocated - - - 730 4,416 5,146
Share of payment of reserve
Reclassification of a joint venture
- - - - (580) (580)
to a subsidiary 3,249 - (766) - - 2,483
At 31 December 2010 555,654 61,189 31,907 730 27,178 676,658
Share of loss - - (70,574) - - (70,574)
Share of reserve allocated - - (3,975) - 3,975 -
Share of payment of reserve - - - - (4,080) (4,080)
Dividend received
Disposal of a subsidiary (Note
- - (33,149) - - (33,149)
11(i)) (555,654) (61,189) 75,791 (730) (27,073) (568,855)
At 31 December 2011 -- -- - -- -- -
ANNUAL REPORT 2011 130

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
25 BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit attributable to the equity holders of the Bank by the
weighted average number of ordinary shares in issue during the year.
131 ANNUAL REPORT 2011
2011 2010
Profit attributable to the equity holders of the Bank (million VND) 2.066.431 1.871.696
Net profit used to determine basic EPS (million VND) 2.066.431 1.871.696
Weighted average number of ordinary shares in issue (share) 922.149.772 788.885.573
Basic earnings per share (VND per share) 2.241 2.373
26 INTEREST AND SIMILAR INCOME
2011 2010
Million VND Million VND
On loans and advances to customers 13,625,019 9,445,629
On deposits at and loans and advances to other credit institutions 1,298,090 763,421
On investments 2,706,829 1,411,635
On finance leases 105,774 75,379
Other income from credit activities 128,555 105,502
17,864,267 11,801,566
27 INTEREST AND SIMILAR EXPENSES
Form B 05/TCTD - HN
2011 2010
Million VND Million VND
On deposits from customers 8,934,421 6,034,561
On borrowings from local credit institutions 1,541,729 1,350,735
On certificates of deposits and bonds 1,448,125 462,161
Others 97,765 63,558
12,022,040 7,911,015

28 FEES AND COMMISSION INCOME
2011 2010
Million VND Million VND
Guarantees 149,510 106,293
Settlement services 674,033 573,819
Cash services 131,736 151,593
Brokerage services 55,119 116,534
Warehouse lease and management, property valuation 46,383 58,817
Other services 605,581 429,061
29 FEES AND COMMISSION EXPENSES
1,685,590 1,436,117
2011 2010
Million VND Million VND
Settlement and cash services 89,809 68,740
Postage and telecommunication 57,801 42,270
Brokerage services 122,124 26,924
Other expenses 374,461 155,425
644,195 293,359
30 NET GAIN/(LOSS) FROM DEALING IN FOREIGN CURRENCIES AND GOLD
2011 2010
Million VND Million VND
Gains from dealing in foreign currencies and gold 1,232,328 1,145,348
Loss from dealing in foreign currencies and gold (1,163,553) (1,421,044)
Gain from revaluation of foreign currencies and gold 188,613 367,468
Loss from revaluation of foreign currencies and gold (53,120) (593,984)
204,268 (502,212)
ANNUAL REPORT 2011 132

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
31 NET (LOSS)/GAIN FROM TRADING OF TRADING SECURITIES
133 ANNUAL REPORT 2011
2011 2010
Million VND Million VND
Income from disposal of trading securities 85.170 121.029
Less: Losses from disposal of trading securities (158.657) (8.434)
Less: Provision for diminution in value of trading securities (112.962) (94.549)
32 NET LOSS FROM DISPOSAL OF INVESTMENT SECURITIES
(186.449) 18.046
2011 2010
Million VND Million VND
Income from disposal of investment securities 7,645 56,991
Less: Losses from disposal of investment securities (122) (230,840)
(Making)/Reversal of provision for diminution in value of investment securities (18,246) 22,454
33 (EXPENSE)/INCOME FROM INVESTMENTS IN OTHER ENTITIES
Form B 05/TCTD - HN
(10,723) (151,395)
2011 2010
Million VND Million VND
From trading equity securities 34,665 71,093
From investment equity securities 12,896 10,106
From investments in associate - 4,665
From investments in other entities 25,229 17,602
Recovery of the shared profit in the disposed associate - (33,790)
Reversal of provision for investments in other entities - 5,880
(Loss)/gain from disposal of long term investments (i) (158,569) 447,252
Less: provision for diminution in value of other long term investments (156,248) -
(242,027) 522,808
(i) Included in (loss)/gain from disposal of a subsidiary is a loss of VND159,293 million (2010: a gain of VND352,000
million) from the disposal of the Bank’s shareholding in Sacombank Securities Joint Stock Company (See Note
11(i)).

34 GENERAL AND ADMINISTRATIVE EXPENSES
2011 2010
Million VND Million VND
Tax, duties and fees 96,029 45,250
Salaries and related expenses 1,944,550 1,021,646
Depreciation and amortisation 328,834 273,035
Assets expenses 421,408 344,133
Administrative expenses 718,188 425,381
Deposit insurance premiums 80,127 68,288
35 NET OTHER INCOME
3,589,136 2,177,733
2011 2010
Million VND Million VND
Other income
Proceeds from disposals of fixed assets 445,536 488,085
Other income 62,897 64,330
508,433 552,415
Other expenses
Expenses on disposals of fixed assets (302,368) (413,361)
Land rental of the disposed fixed assets (81,091) -
Construction and renovation cost of the disposed assets (8,076) -
Other expenses (10,822) (3,603)
(402,357) (416,964)
Net other income 106,076 135,451
36 VALUE ADDED TAX
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
ANNUAL REPORT 2011 134

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
37 BUSINESS INCOME TAX (“BIT”)
135 ANNUAL REPORT 2011
2011 2010
Million VND Million VND
Current income tax 774,817 655,512
Deferred income tax (Note 37.1) - (5,410)
774,817 650,102
Business income tax charge is based on the estimated taxable income of the Bank and its subsidiaries and is subject to
the review and possible adjustment by the tax authorities.
2011 2010
Million VND Million VND
Net profit before tax 2,770,674 2,560,442
Tax
Effect of:
719,257 665,072
Tax on income not subject to tax (54,351) (52,967)
Tax on expenses not deductible 104,465 68,008
Difference in tax rate of foreign operations 5,361 -
Additional BIT paid for previous years (*) 85 2,363
Tax overprovided by a subsidiary in 2009 - (26,964)
Deferred tax - (5,410)
774,817 650,102
(*) The amounts represent the additional business income tax based on the examinations of the Tax Authority.
The Bank’s tax returns are subject to periodic examination and possible adjustment by the Tax Authority. The tax
assessments for the year 2011 have not yet been made by the Tax Authority
37.1 Deferred income tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same taxation authority. Year end balances
are as follows.
The gross movement in the deferred income tax assets is as follows:
Form B 05/TCTD - HN
2011 2010
Million VND Million VND
Beginning of the year 9,376 3,966
Credit to the income statement - 5,410
Decrease due to disposal of a subsidiary (Note 11(i)) (9,376)
End of the year - 9,376

The deferred income tax assets arises from the provision for diminution in value of unlisted investments and severance
allowance of a subsidiary.
38 EMPLOYEES REMUNERATION
2011 2010
Million VND Million VND
Number of employees
Employees remuneration
9,596 8,354
Total salary fund 1,106,137 731,409
Bonus 513,961 210,922
Total remuneration 1,620,098 942,331
Average annual salary/employee 115.3 87.6
Average annual remuneration/employee 168.8 112.8
39 OBLIGATIONS TO THE STATE BUDGET
1 January 2011
Million VND
Movements during the year 31 December
Payable Payments
2011
Million VND Million VND Million VND
VAT 11,983 193,826 (225,872) (20,063)
BIT 200,951 774,817 (803,762) 172,006
Other taxes 23,890 228,521 (212,711) 39,700
Other fees 1,883 212,302 (211,154) 3,031
238,707 1,409,466 (1,453,499) 194,674
ANNUAL REPORT 2011 136

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
40 CONTINGENCIES AND COMMITMENTS
The aggregate amounts of outstanding guarantees, letters of credit and other commitments at the end of the year were:
137 ANNUAL REPORT 2011
Denominated in
VND
Million VND
31 December 2011
Denominated
in foreign
currencies
Million VND
Total
Million VND
Letters of credit at sight 1,514 3,538,974 3,540,488
Deferred letters of credit - 2,108,624 2,108,624
Borrowing guarantees 35,700 - 35,700
Payment guarantees 1,421,269 63,487 1,484,756
Performance guarantees 350,177 24,167 374,344
Bidding guarantees 97,083 2,605 99,688
Other guarantees 318,914 300,724 619,638
Foreign currency buying spot transactions - 2,395,720 2,395,720
Foreign currency selling spot transactions - 2,313,784 2,313,784
Foreign currency paid swap transactions 55,478 14,151,758 14,207,236
Foreign currency received swap transactions 1,482,623 12,447,245 13,929,868
3,762,758 37,347,088 41,109,846
Denominated in
VND
Million VND
31 December 2010
Denominated
in foreign
currencies
Million VND
Form B 05/TCTD - HN
Total
Million VND
Letters of credit at sight - 4,202,877 4,202,877
Deferred letters of credit - 985,313 985,313
Borrowing guarantees 17,720 - 17,720
Payment guarantees 1,064,093 38,281 1,102,374
Performance guarantees 377,537 32,261 409,798
Bidding guarantees 92,787 3,219 96,006
Other guarantees 201,199 167,752 368,951
Foreign currency buying spot transactions - 2,161,302 2,161,302
Foreign currency selling spot transactions - 2,275,581 2,275,581
Foreign currency paid swap transactions 65,688 2,444,591 2,510,279
Foreign currency received swap transactions 7,940 2,630,586 2,638,526
1,826,964 14,941,763 16,768,727
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, foreign
currency forward contracts and undue spot contracts. The Group does not anticipate any significant losses as a result of
these transactions.

41 COMMITMENTS UNDER OPERATING LEASES
31.12.2011 31.12.2010
Million VND Million VND
Commitments under operating lease (*) 1,523,112 1,418,509
Capital commitments 364,148 495,554
Total minimum payments 1,887,260 1,914,063
(*) According to Office 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 space of 20,317
square metres. In accordance with the contract’s terms, the Bank advanced a sum of US$3,500,000 to Tadimex
to part finance the construction of the building. This amount will be deducted against the annual rental fee over 11
years with US$500,000 for the first year and US$300,000 for the following years from the lease commencement.
Monthly rental fee for the first year is US$6/square metre/month for the basement and US$12/square metre/month
for the other floors. The rental fee for the second year onwards will increase by 1% annually.
42 RELATED PARTY TRANSACTIONS AND BALANCES
During the year, the Group had the following transactions and balances with related parties:
2011 2010
Million VND Million VND
Transactions during the year
Interest expenses paid 41,288 15,707
Interest income received 455,904 349,054
Dividends paid 131,385 126,051
Expenses for assets leasing 37,834 28,392
Income from sales of assets - 17,893
Fee income 1,997 -
Other income 384 -
Balances as at 31 December
Demand deposit balance 555,586 1,208,819
Loan balance 3,007,161 2,750,325
Investments in debt securities 480,000 1,350,000
Advance for office rental 29,827 35,959
Other receivables 213,842 306,601
Loan guarantee - 100,000
Other payables - 38,281
The remuneration of the Board of Management and Board of General Directors of the Bank for the year are VND18,600
million (2010: VND9,732 million) and VND24,547 million (2010: VND15,719 million), respectively.
ANNUAL REPORT 2011 138

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
43 CONCENTRATIONS OF ASSETS AND LIABILITIES BY GEOGRAPHICAL AREA
139 ANNUAL REPORT 2011
Loans and
advances to
customers and
other credit
institutions
Deposits and
borrowings from
customers and
other credit
institutions
Credit
commitments
Derivatives
financial
instruments
(total contract
value)
Trading
and investment
securities
Million VND Million VND Million VND Million VND Million VND
Domestic 79,566,634 104,147,724 2,614,126 1,666,820 25,672,056
Overseas 1,953,395 6,098,503 5,649,112 7,666,043 52,124
44 FINANCIAL RISK MANAGEMENT
81,520,029 110,246,227 8,263,238 9,332,863 25,724,180
The Group’s business involves taking on risks in a targeted manner and managing them professionally. The core functions
of the Group’s risk management are to identify all key risks for the Group, measure these risks, manage the risk positions
and determine capital
allocations. The Group regularly reviews its risk management policies and systems to reflect changes in markets, products
and best market practice.
The Group’s aim is to achieve an appropriate balance between risk and return and minimise potential adverse effects on
the Group’s financial performance.
The Group defines risk as the possibility of losses or profits foregone, which may be caused by internal or external factors.
Risk management is carried out by a risk management department under policies approved by the Board of General
Directors. The Risk Management Department identifies, evaluates and hedges financial risks in close co-operation with
the Group’s operating units. The Board provides written principles for overall risk management, as well as written policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments
and non-derivative financial instruments. In addition, internal audit is responsible for the independent review of risk
management and the control environment.
The risks arising from financial instruments to which the Group is exposed are financial risks, which includes credit risk,
liquidity risk, market risk and operational risk
44.1 Credit risk
Form B 05/TCTD - HN
Credit risk is the risk of suffering financial loss, should any of the Group’s customers, clients or market counterparties fail
to fulfil their contractual obligations to the Group. Credit risk arises mainly from lending activities and financial guarantees
under many ways.
The Group is also exposed to other credit risks arising from investments in debt securities and other exposures arising from
its trading activities (‘trading exposures’), including non-equity trading portfolio assets, derivatives and settlement balances
with market counterparties.
Credit risk is the single largest risk for the Group’s business; management therefore carefully manages its exposure to
credit risk. The credit risk management and control are centralised in a credit risk management team, which reports to the
Board of General Directors and head of each business unit regularly

44.1.1 Credit risk measurement and provisioning policies
(a) Loans and guarantees to customers
Credit risk measurement is carried out before and during loan period.
The Group has developed models to support the quantification of the credit risk. These rating and scoring models are in
use for all key credit portfolios and form the basis for measuring default risks before and during loan period.
The Group applies Decision 493/2005/QD-NHNN dated 22 April 2005 and Decision 18/2007/QĐ-NHNN dated 25 April
2007 of the State Bank of Vietnam for measurement of credit risk and estimate of provision for loans and guarantees to
customers as presented in Note 2.7 and Note 2.8
(b) Debt securities
The Group’s investment in debt securities are those issued by the Government, reputable credit institutions and economic
organisations. The credit risk management is measured on a case-by-case basis when the Group assesses that the risk
profile of the counterparty is changed. The investments in those securities are viewed as a way to gain a better credit
quality mapping and maintain a readily available source to meet the funding requirement at the same time.
44.1.2 Credit risk limit control and mitigation policies
The Group manages credit risk by placing limits on exposures (for both on and off balance sheet exposures) in relation to one
borrower, or groups of borrowers in accordance with regulation of the State Bank of Vietnam. In addition, exposure to credit
risk is also managed through regularly reviewing the acceptance classes of collateral and analysing the ability of borrowers and
potential borrowers to meet interest and capital repayment obligations.
The Group has a range of policies and practices to mitigate credit risk. The most traditional of these is the taking of security for
funds advances, which is common practice. The principal collateral types for loans and advances are:
n Mortgages over residential properties;
n Charges over business assets such as premises, machineries and equipment, inventory and accounts receivable;
n Charges over financial instruments such as debt securities and equities
For secured loans, collateral is independently valued by the Group from which it applies specific discount rates to determine the
maximum amount of loans that can be granted. The specific discount rates for each type of collateral are guided under Decision
493/2005/QD-NHNN dated 22 April 2005 and Decision 18/2007/QĐ-NHNN dated 25 April 2007 of the State Bank of Vietnam and
are adjusted by the Group on case-by-case basis. When the value of collateral is reduced, the Group will ask the borrower to
provide additional collateral to maintain the security over the loan exposure.
Credit related commitments mainly include letters of credit and financial guarantee contracts which carry the same credit risk
as loans. Documentary and commercial letters of credit - which are written undertakings by the Group on behalf of a customer
authorising a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions - are
collateralised by the underlying shipments of goods to which they relate and therefore carry less risk than a direct loan. Issuance
of financial guarantee contracts and letters of credit are subject to the same credit assessment and approval process as those for
loans and advances to customers, unless the customer places 100% margin deposits for the related commitment
ANNUAL REPORT 2011 140

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
44.1.3 Maximum exposure to credit risk before collateral held or other credit enhancements
The maximum exposure to credit risk of each financial asset group is the gross carrying amount reported in the balance
sheet as follows:
141 ANNUAL REPORT 2011
Form B 05/TCTD - HN
Maximum exposure
31.12.2011
Million VND
31.12.2010
Million VND
Credit risk exposures relating to on-balance sheet assets
Balances with the State Bank 2,807,350 3,618,973
Placements with and loans to other credit institutions
Loans and advances to customers:
9,621,309 21,209,735
- To individuals 27,507,141 32,236,896
- To corporate entities 53,032,346 50,247,907
Derivatives and other financial assets
Investment securities:
2,852 7,081
- Debt securities – available for sale 24,012,151 19,001,250
- Debt securities – held to maturity 232,124 2,007,504
Other financial assets 5,647,042 3,532,532
122,862,315 131,861,878
Credit risk exposures relating to off-balance sheet items:
Financial guarantees 2,614,126 1,994,848
Letters of credit commitment 5,649,112 5,188,190
8,263,238 7,183,038
The above table represents a worst case scenario of credit risk exposure of the Bank at 31 December 2011 and 2010
without taking account of any collateral held or other credit enhancements attached.

44.1.4 Collaterals
As a common practice in Vietnam, the Bank normally takes security for loans and advances to customers. The main types
of collateral obtained by the Bank are as follows:
31 December
2011
Million VND
31 December
2011
Million VND
Real estate 87,652,798 78,416,701
Machinery, tools 4,587,163 3,689,980
Vehicles 6,545,859 6,276,691
Inventories 7,686,786 8,987,689
Valuable papers 14,303,534 22,286,831
Others 5,983,998 3,146,935
126,760,138 122,804,827
Customers’ assets held as collateral are recorded off balance sheet and valued in accordance with State Bank of Vietnam
regulations.
ANNUAL REPORT 2011 142

143
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Form B 05/TCTD - HN
44.1.5 Credit quality
Credit quality is summarised as follows:
ANNUAL REPORT 2011
Total
Million VND
Other
financial
assets
Million VND
Debt
securities
Million VND
Derivatives
and other
financial
instruments
Million VND
Loans and
advances to
customers
Million VND
Placements
with and
loans to
other credit
institutions
Million VND
Balances
with
the State
Bank
Million VND
As at 31 December 2011
Balances neither past due nor
2,807,350 9,621,309 78,374,393 2,852 24,244,275 5,530,135 120,580,314
provided
Balances past due but not provided (i) - - 1,465,999 - - - 1,465,999
Balances with provision (ii) - - 699,095 - - 116,907 816,002
Gross value 2,807,350 9,621,309 80,539,487 2,852 24,244,275 5,647,042 122,862,315
Less: provision for credit risk - (1,365) (812,940) - - (55,412) (869,717)
Net value 2,807,350 9,619,944 79,726,547 2,852 24,244,275 5,391,630 121,992,598
244,232
625,485
55,412
-
-
-
-
-
188,820
624,120
-
1,365
-
-
Provision for credit risk
Specific provision
General provision
- 1,365 812,940 - - 55,412 869,717
ANNUAL REPORT 2011
143

44.1.5 Credit quality (continued)
Total
Million VND
Other
financial
assets
Million VND
Debt
securities
Million VND
Derivatives
and other
financial
instruments
Million VND
Loans and
advances to
customers
Million VND
Placements
with and
loans to
other credit
institutions
Million VND
Balances
with
the State
Bank
Million VND
As at 31 December 2010
Balances neither past due nor
provided 3,618,973 21,209,735 81,339,912 7,081 21,008,754 2,941,853 130,126,308
Balances past due but not provided (i) - - 708,587 - - 590,679 1,299,266
Balances with provision (ii) - - 436,304 - - - 436,304
Gross value 3,618,973 21,209,735 82,484,803 7,081 21,008,754 3,532,532 131,861,878
Less: provision for credit risk - (807) (820,603) - - - (821,410)
Net value 3,618,973 21,208,928 81,664,200 7,081 21,008,754 3,532,532 131,040,468
Provision for credit risk
Specific provision - 218,921 218,921
General provision - 807 601,682 602,489
- 807 820,603 - - - 821,410
ANNUAL REPORT 2011 144
ANNUAL REPORT 2011
144

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
44.1.5 Credit quality (continued)
(i) Loans to customers and other financial assets past due but not provided
As at 31 December 2011 Individual Corporate entity Total
145 ANNUAL REPORT 2011
Million VND Million VND Million VND
Loans to customers 580,217 885,782 1,465,999
Gross amount 580,217 885,782 1,465,999
Book value of collateral assets 1,428,339 1,183,211 3,241,550
Amount of undercollateralisatio -- -- -
As at 31 December 2010 Individual Corporate entity Total
Million VND Million VND Million VND
Loans to customers 417,386 291,201 708,587
Other financial assets - 590,679 590,679
Gross amount 417,386 881,880 1,299,266
Book value of collateral assets 417,325 318,579 735,904
Amount of undercollateralisation 61 563,301 563,362
(ii) Loans to customers and other financial assets with provision
Form B 05/TCTD - HN
As at 31 December 2011 Individual Corporate entity Total
Million VND Million VND Million VND
Loans to customers 183,545 515,550 699,095
Other financial assets - 116,907 116,907
Total 183,545 632,457 816,002
Book value of collateral assets 333,854 741,622 1,075,476
As at 31 December 2010
Loans to customers 252,236 184,068 436,304
Total 252,236 184,068 436,304
Book value of collateral assets 325,561 298,914 624,475

44.1.6 Concentration of risks of financial assets with credit risk exposure
(a) Geographical sectors
The following table breaks down the Group’s main credit exposures at their carrying amounts, as categorised by
geographical region as at 31 December 2011 and 2010. For this table, the Group has allocated exposures to regions based
on the country of domicile of the counterparties.
2011 Vietnam Cambodia Lao Total
Million VND Million VND Million VND Million VND
Balances with the State Bank
Placements with and loans to other credit
2,459,705 234,849 112,796 2,807,350
institutions
Loans and advances to customers:
9,133,350 165,177 322,782 9,621,309
- To individuals 27,016,129 324,513 166,499 27,507,141
- To corporate entities 51,569,963 842,093 620,290 53,032,346
Derivatives and other financial assets
Investment securities:
2,852 - - 2,852
- Debt securities – available for sale 24,012,151 - - 24,012,151
- Debt securities – held to maturity 180,000 - 52,124 232,124
Other financial assets 5,642,075 - 4,967 5,647,042
At 31 December 2011 120,016,225 1,566,632 1,279,458 122,862,315
Credit risk exposures relating to off-balance
sheet items:
Financial guarantees 2,614,126 - - 2,614,126
Letters of credit commitment 5,649,112 - - 5,649,112
At 31 December 2011 8,263,238 - - 8,263,238
ANNUAL REPORT 2011 146

147
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Form B 05/TCTD - HN
444.1.6 Concentration of risks of financial assets with credit risk exposure (continued)
(a) Geographical sectors (continued)
2010 Vietnam Cambodia Lao Total
ANNUAL REPORT 2011
Million VND Million VND Million VND Million VND
Balances with the State Bank 3,336,797 165,117 117,059 3,618,973
Placements with and loans to other credit
institutions 21,209,735 - - 21,209,735
Loans and advances to customers:
- To individuals 31,241,121 772,632 223,143 32,236,896
- To corporate entities 49,470,621 535,435 241,851 50,247,907
Derivatives and other financial assets 7,081 - - 7,081
Investment securities:
- Debt securities – available for sale 19,001,250 - - 19,001,250
- Debt securities – held to maturity 2,007,504 - - 2,007,504
Other financial assets 3,495,185 30,443 6,904 3,532,532
At 31 December 2010 129,769,294 1,503,627 588,957 131,861,878
Credit risk exposures relating to off-balance
sheet items:
Financial guarantees 1,994,848 - - 1,994,848
Letters of credit commitment 5,188,190 - - 5,188,190
At 31 December 2010 7,183,038 - - 7,183,038
ANNUAL REPORT 2011
147

44.1.6 Concentration of risks of financial assets with credit risk exposure (continued)
(b) Industry sector
The following table breaks down the Group’s main credit exposures at their carrying amounts, as categorised by the industry sectors of the
counterparties
Currency: Million VND
Public
Agriculture
sectorConstruction and forestry Others Total
Whole-sale
and retail
trade
Financial
institutions
and StateManufacturing Real estate
Balances with the State Bank 2,807,350 - - - - - - - 2,807,350
Placements with and loans to
other credit institutions (*) 9,621,309 - - - - - - - 9,621,309
Loans and advances to
customers (*) - 29,064,737 3,569,052 12,287,965 6,920,640 5,638,495 9,276,180 13,782,418 80,539,487
Derivatives and other financial
instruments - 2,852 - - - - - - 2,852
Debt securities 20,459,286 - 2,050,008 - - 1,554,981 - 180,000 24,244,275
Other financial assets (*) 2,691,924 184,155 287,513 200,382 37,943 173,859 132,105 1,939,461 5,647,042
As at 31 December 2011 35,579,869 29,251,744 5,906,573 12,488,347 6,958,583 7,367,335 9,408,285 15,901,879 122,862,315
Credit risk exposures relating to off-balance sheet items are as follows:
Public
Agriculture
sectorConstruction and forestry Others Total
Whole-sale
and retail
trade
Financial
institutions
and State Manufacturing Real estate
Financial guarantees 1,856 349,317 433 260,399 48,115 316,497 101,347 1,536,162 2,614,126
Letters of credit commitment - 3,047,510 4,996 210,847 29,709 74,297 448,384 1,833,369 5,649,112
As at 31 December 2011 1,856 3,396,827 5,429 471,246 77,824 390,794 549,731 3,369,531 8,263,238
(*): the above balances exclude provision.
ANNUAL REPORT 2011 148
ANNUAL REPORT 2011
148

149
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
Form B 05/TCTD - HN
44.1.6 Concentration of risks of financial assets with credit risk exposure (continued)
(b) Industry sector (continued)
Currency: Million VND
ANNUAL REPORT 2011
Agriculture
and forestry Others Total
Public
sector Construction
Whole-sale
and retail
trade
Financial
institutions
and StateManufacturing Real estate
Balances with the State Bank 3,618,973 - - - - - - - 3,618,973
Placements with and loans to
other credit institutions (*) 21,209,735 - - - - - - - 21,209,735
Loans and advances to
customers (*) 2,573,937 19,746,604 5,956,885 12,856,258 1,967,824 5,451,736 9,004,173 24,927,386 82,484,803
Derivatives and other financial
instruments - 7,081 - - - - - - 7,081
Debt securities 17,658,754 - 2,100,000 - - 750,000 - 500,000 21,008,754
Other financial assets (*) 1,415,845 142,541 348,587 334,363 17,727 88,714 110,885 1,073,870 3,532,532
As at 31 December 2011 46,477,244 19,896,226 8,405,472 13,190,621 1,985,551 6,290,450 9,115,058 26,501,256 131,861,878
Credit risk exposures relating to off-balance sheet items are as follows:
Agriculture
and forestry Others Total
Public
sectorConstruction
Whole-sale
and retail
trade
Financial
institutions
and StateManufacturing Real estate
Financial guarantees - 665,440 3,320 506,881 51,680 85,900 84,828 596,799 1,994,848
Letters of credit commitment - 1,591,924 - 300,107 193 92,097 264,092 2,939,777 5,188,190
As at 31 December 2011 - 2,257,364 3,320 806,988 51,873 177,997 348,920 3,536,576 7,183,038
(*): the above balances exclude provision.
ANNUAL REPORT 2011
149

44.2 Market risk
The Group takes on exposure to market risks, which is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market prices. Market risks arise from open positions in interest rate,
currency and equity products, all of which are exposed to general and specific market movements and changes in the level
of volatility of market rates or prices such as interest rates, credit spreads, foreign exchange rates and equity prices.
44.2.1 Foreign exchange risk
Foreign exchange risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange
rates. The Group was incorporated and operates in Vietnam, with VND as its functional currency. The major currency in
which the Group transacts is VND. The exchange rate between VND and foreign currencies during the year fluctuated
significantly. The Group’s loans and advances were mainly denominated in VND with the remainder mainly in USD.
However, some of the Group other assets are in currencies other than the functional currency and USD. The Group
management has set limits on positions by currency. Positions are monitored on a daily basis and hedging strategies used
to ensure positions are maintained within established limits
ANNUAL REPORT 2011 150

151
44.2.1 Foreign exchange risk (continued)
The table below summarises the Group’s exposure to currency risk at 31 December 2011:
CURRENCY: Million VND
As at 31 December 2011 VND USD GOLD EUR JPY AUD CAD Others Total
ANNUAL REPORT 2011
Assets
Cash and precious metals 2,920,570 947,913 7,279,669 200,977 56,676 192,553 154,050 104,862 11,857,270
Balances with the State Bank 1,388,927 1,330,081 - - - - - 88,342 2,807,350
Placements with and loans to other credit
institutions (*) 3,488,797 4,831,623 1,060,800 26,793 20,716 142,034 22,156 29,755 9,622,674
Trading securities (*) 504,786 - - - - - - - 504,786
Derivatives and other financial assets - - 5,259,856 - - - - 19,665 5,279,521
Loans and advances to customers (*) 64,090,562 14,573,130 1,556,023 180,015 - - - 139,757 80,539,487
Investment securities (*) 24,344,301 - - - - - - 52,124 24,396,425
Investment in other entities and long-term
investments (*) 822,969 - - - - - - - 822,969
Fixed assets 3,670,144 - - - - - - 37,719 3,707,863
Other assets (*) 6,955,143 309,718 843,933 371 6,177 26,249 12,925 207,957 8,362,473
Total assets 108,186,199 22,249,681 16,000,281 408,156 83,569 360,836 189,131 680,181 147,900,819
Liabilities and shareholders’ equity
Due to Government and borrowings from
the State Bank of Vietnam 2,129,609 - - - - - - - 2,129,609
Deposits and borrowings from other credit
institutions 5,632,840 7,190,069 - 358 305 2 - 15 12,823,589
Funds received from Government,
international and other institutions 1,189,835 3,523,844 - - - - - - 4,713,679
Derivatives and other financial liabilities 1,628,668 884,819 - 1,210,060 60,223 659,684 812,231 20,984 5,276,669
Deposits from customers 65,880,393 8,634,351 61,069 190,109 9,088 15,072 9,332 292,838 75,092,252
Certificate of deposits 13,525,745 46,969 4,043,994 - - - - - 17,616,708
Other liabilities 2,139,953 241,346 11,823,517 2,122 1,169 38,428 16,731 282,731 14,545,997
Capital and reserves 14,546,883 - - - - - - - 14,546,883
Total liabilities and shareholders’
equity 106,637,926 20,521,398 15,928,580 1,402,649 70,785 713,186 838,294 596,568 146,745,386
Net on-balance sheet position 1,512,273 1,471,067 71,701 (994,493) 12,784 (352,350) (649,163) 83,613 1,155,433
Net off-balance sheet position - (1,961,505) 3,264 1,048,980 (13,682) 354,283 650,684 (88) 81,936
Total position 1,512,273 (490,438) 74,965 54,487 (898) 1,933 1,521 83,525 1,237,369
(*): the above balances exclude provision.
ANNUAL REPORT 2011
151

44.2.1 Foreign exchange risk (continued)
CURRENCY: Million VND
As at 31 December 2010 VND USD GOLD EUR JPY AUD CAD Others Total
Assets
Cash and precious metals 1,511,606 675,804 9,584,220 340,292 86,406 252,866 112,910 113,745 12,677,849
Balances with the State Bank 2,981,271 598,903 - - - - - 38,799 3,618,973
Placements with and loans to other credit
institutions (*) 12,730,995 1,600,757 6,289,737 265,105 22,477 100,692 25,537 175,252 21,210,542
Trading securities (*) 2,442,849 - - - - - - 42,561 2,485,410
Derivatives and other financial assets 145,145 - - - - - - 500,223 645,368
Loans and advances to customers (*) 68,483,419 11,328,926 2,450,213 81,927 - - - 140,318 82,484,803
Investment securities (*) 20,045,656 851,940 640,800 - - - - - 21,538,396
Investment in other entities and long-term
investments (*) 656,579 - - - - - - - 656,579
Fixed assets 3,065,284 29,634 - - - - - 40,601 3,135,519
Other assets (*) 4,992,925 482,075 101,655 245 - 6,883 9,244 24,483 5,617,510
Total assets 117,055,729 15,568,039 19,066,625 687,569 108,883 360,441 147,691 1,075,982 154,070,959
Liabilities and shareholders’ equity
Due to Government and borrowings from
the State Bank of Vietnam 4,688,801 - - - - - - - 4,688,801
Deposits and borrowings from other credit
institutions 11,649,922 3,667,479 - 111 - - - 92,114 15,409,626
Funds received from Government,
international and other institutions 1,081,418 1,152,459 - - - - - - 2,233,877
Derivatives and other financial liabilities - 75,930 33,500 - 96,604 275,242 111,775 45,236 638,287
Deposits from customers 67,297,878 10,685,398 1,120 232,193 8,440 12,649 7,182 90,556 78,335,416
Certificate of deposits 10,069,419 108 18,507,609 - - - - - 28,577,136
Other liabilities 3,977,700 3,377,877 790,963 2,260 51 24,394 14,284 259,576 8,447,105
Capital and reserves 14,018,317 - - - - - - - 14,018,317
Total liabilities and shareholders’
equity 112,783,455 18,959,251 19,333,192 234,564 105,095 312,285 133,241 487,482 152,348,565
Net on-balance sheet position 4,272,274 (3,391,212) (266,567) 453,005 3,788 48,156 14,450 588,500 1,722,394
Net off-balance sheet position - 1,084,483 - (560,355) (24,685) (83,015) (28,979) (501,727) (114,278)
Total position 4,272,274 (2,306,729) (266,567) (107,350) (20,897) (34,859) (14,529) 86,773 1,608,116
(*): the above balances exclude provision.
ANNUAL REPORT 2011 152
152 152 ANNUAL REPORT 2011

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
44.2.2 Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because
of changes in market interest rates. The Group manages interest rate risks by monitoring the level of mismatch of interest
rates by terms on a periodic basis.
153 ANNUAL REPORT 2011
Form B 05/TCTD - HN

44.2.2 Interest rate risk (continued)
The table below summaries the Group’s exposure to interest rate risk. It includes the Group’s financial instruments at carrying amounts, categorised by
the earlier of contractual repricing or maturity dates:
CURRENCY: Million VND
1-5
years Over 5 years Total
6-12
months
3-6
months
1-3
months
Up to
1 month
Non-interest
As at 31 December 2011 Overdue bearing
Assets
Cash and precious metals - 11,857,270 - - - - - - 11,857,270
Balances with the State Bank - 2,807,350 - - - - - - 2,807,350
Placements with and loans to other credit
- 454 5,989,547 1,752,864 1,724,461 155,348 - - 9,622,674
institutions (*)
Trading securities (*) - 504,786 - - - - - - 504,786
Derivatives and other financial assets - 2,852 - - - - - - 2,852
Loans and advances to customers (*) 699,095 - 21,756,648 51,715,012 1,762,935 2,161,354 1,848,240 596,203 80,539,487
Investment securities (*) - 152,151 3,245,287 2,509,485 4,463,702 4,778,009 9,070,057 177,734 24,396,425
Investment in other entities and long-term
-
- - - - - -
investments (*)
822,969
822,969
Fixed assets - 3,707,863 - - - - - - 3,707,863
Other assets (*) - 8,322,700 - 38,828 945 - - - 8,364,473
Total assets 699,095 28,178,395 30,991,482 56,016,189 7,952,043 7,094,711 10,918,297 773,937 142,624,149
Liabilities
Due to Government and borrowings from
- -
- - - - -
the State Bank of Vietnam
2,129,609
2,129,609
Deposits and borrowings from other credit
- -
-
institutions
3,443,835 4,358,300 2,020,358 3,000,247 849
12,823,589
Funds received from Government,
- -
-
international and other institutions
4,182,477
218,702 31,250 250,000 31,250 4,713,679
Deposits from customers - 924,982 57,240,115 8,897,701 1,729,586 1,151,399 5,144,330 4,139 75,092,252
Certificate of deposits - - 6,685,516 3,322,518 4,493,074 3,107,544 8,056 - 17,616,708
Other liabilities - 14,545,997 - - - - - - 14,545,997
Total liabilities - 15,470,979 73,681,552 16,578,519 8,461,720 7,290,440 5,403,235 35,389 126,921,834
Interest gap of balance sheet items 699,095 12,707,416 (42,690,070) 39,437,670 (509,677) (195,729) 5,515,062 738,548 15,702,315
Interest gap of off balance sheet items - - - - - - - - -
Total interest gap 699,095 12,707,416 (42,690,070) 39,437,670 (509,677) (195,729) 5,515,062 738,548 15,702,315
(*): The above balances exclude provision.
ANNUAL REPORT 2011 154
ANNUAL REPORT 2011
154 154

155
444.2.2 Interest rate risk (continued)
CURRENCY: Million VND
1-5
years Over 5 years Total
6-12
months
3-6
months
1-3
months
Up to
1 month
Non-interest
bearing
As at 31 December 2010 Overdue
ANNUAL REPORT 2011
Assets
Cash and precious metals - 12,677,849 - - - - - - 12,677,849
Balances with the State Bank - - 3,618,973 - - - - - 3,618,973
Placements with and loans to other credit
- - 10,210,856 4,735,967 3,903,612 2,360,107 - - 21,210,542
institutions (*)
Trading securities (*) - 1,430,078 17,525 - 350,000 687,807 - - 2,485,410
Derivatives and other financial assets - 7,082 - - - - - - 7,082
Loans and advances to customers (*) 474,419 - 26,091,248 49,111,699 3,433,207 1,540,049 1,694,700 139,481 82,484,803
Investment securities (*) - 529,642 1,003,970 1,712,915 2,571,765 3,662,966 11,879,016 178,122 21,538,396
Investment in other entities and long-term
- 656,579 - - - - - - 656,579
investments (*)
Fixed assets - 3,135,519 - - - - - - 3,135,519
Other assets (*) - 5,617,510 - - - - - - 5,617,510
Total assets 474,419 24,054,259 40,942,572 55,560,581 10,258,855 8,250,929 13,573,716 317,603 153,432,663
Liabilities
Due to Government and borrowings from
- - 4,599,720 5,957 8,225 18,048 83,396 13,455 4,688,801
the State Bank of Vietnam
Deposits and borrowings from other credit
- -
institutions
6,303,163 4,593,625 2,727,273 1,255,115 530,450 - 15,409,626
Funds received from Government,
- -
international and other institutions
1,827,627 - 31,250 31,250 250,000 93,750 2,233,877
Deposits from customers - 802,682 50,490,430 20,680,654 3,043,681 2,458,037 859,747 185 78,335,416
Certificate of deposits - - 10,511,938 8,379,244 1,953,218 7,069,659 663,077 - 28,577,136
Other liabilities - 8,447,105 - - - - - - 8,447,105
Total liabilities - 9,249,787 73,692,878 33,659,480 7,763,647 10,832,109 2,386,670 107,390 137,691,961
Interest gap of balance sheet items 474,419 14,804,472 (32,750,306) 21,901,101 2,494,937 (2,581,180) 11,187,046 210,213 15,740,702
Interest gap of off balance sheet items - - - - - - - - -
Total interest gap 474,419 14,804,472 (32,750,306) 21,901,101 2,494,937 (2,581,180) 11,187,046 210,213 15,740,702
(*): The above balances exclude provision.
ANNUAL REPORT 2011
155

44.2.3 Price risk
The Group is exposed to equity securities price risk. The price risk relating to held for trading equity securities is managed
through the analysis of the market movement and investment decision is made based on the purpose of gaining profit in
short term. Investments on available for sale equity investments are made based on business purpose of the Group taking
into account of diversification in the investment portfolio.
44.3 Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when
they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations
to repay depositors and fulfil commitments to lend. The Group’s treasury department is responsible for the liquidity
management which is supervised by the Asset and Liability Committee (ALCO). The main management processes include:
n Monitor the day-to-day mobilisation and lending activities;
n Maintain a portfolio of securities that can be easily converted into cash; and
n Monitor the balance sheet liquidity ratios against the regulatory requirements of the SBV.
ANNUAL REPORT 2011 156

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
44. FINANCIAL RISK MANAGEMENT (CONTINUED)
44.3 Liquidity risk (continued)
44.3.1 On-balance sheet items
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
Over 5
years Total
1-5
years
Overdue Current
Over 3 Up to 3 Up to 1 1-3 3-12
months months month months months
As at 31 December 2011
Assets
Cash and precious metals - - 11,857,270 - - - - 11,857,270
Balances with the State Bank - - 2,807,350 - - - - 2,807,350
Placements with and loans to other credit institutions (*) - - 5,990,001 1,752,864 1,879,809 - - 9,622,674
Trading securities (*) - - 504,786 - - - - 504,786
Derivatives and other financial assets - - 2,852 - - - - 2,852
Loans and advances to customers (*) 361,246 337,849 6,123,655 16,021,883 28,719,198 16,900,524 12,075,132 80,539,487
Investment securities (*) - - 12,291,438 1,670,000 7,749,987 2,685,000 - 24,396,425
Investment in other entities and long-term investments (*) - - - - - - 822,969 822,969
Fixed assets - - 2,282 1,700 28,150 780,427 2,895,304 3,707,863
Other assets (*) 763 - 3,665,461 739,420 3,108,779 848,050 - 8,362,473
Total assets 362,009 337,849 43,245,095 20,185,867 41,485,923 21,214,001 15,793,405 142,624,149
Liabilities
Due to Government and borrowings from the State Bank
of Vietnam - 2,129,609 - - - - 2,129,609
Deposits and borrowings from other credit institutions - - 3,443,835 4,358,300 5,020,605 849 - 12,823,589
Funds received from Government, international and other
institutions - - 3,979 86,097 498,278 1,831,941 2,293,384 4,713,679
Deposits from customers - - 58,025,111 8,905,817 2,893,056 5,261,124 7,144 75,092,252
Certificate of deposits - - 6,685,516 3,322,518 7,600,618 8,056 - 17,616,708
Other liabilities 763 - 12,868,719 1,424,071 53,650 198,794 - 14,545,997
Total liabilities 763
- 83,156,769 18,096,803 16,066,207 7,300,764 2,300,528 126,921,834
Net liquidity gap 361,246 337,849 (39,911,674) 2,089,064 25,419,716 13,913,237 13,492,877 15,702,315
(*): the above balances exclude provision.
ANNUAL REPORT 2011
157

44.3.1 On-balance sheet items
CURRENCY: Million VND
Over 5
years Total
1-5
years
Overdue Current
Over 3 Up to 3 Up to 1 1-3 3-12
months months month months months
As at 31 December 2010
Assets
Cash and precious metals - - 12,677,849 - - - - 12,677,849
Balances with the State Bank - - 3,618,973 - - - - 3,618,973
Placements with and loans to other credit institutions (*) - - 10,212,402 4,735,967 6,262,173 - - 21,210,542
Trading securities (*) - - 1,447,603 - 738,372 299,435 - 2,485,410
Derivatives and other financial assets - - 7,082 - - - - 7,082
Loans and advances to customers (*) 444,520 29,899 9,236,725 17,308,860 26,027,709 16,806,841 12,630,249 82,484,803
Investment securities (*) - - 9,070,229 1,702,920 5,852,259 4,912,988 - 21,538,396
Investment in other entities and long-term investments
- - - - -
(*)
34,400 622,179 656,579
Fixed assets - - 6,307 12,864 60,566 918,042 2,137,740 3,135,519
Other assets - - 377,117 797,342 2,021,626 1,142,318 1,279,107 5,617,510
Total assets 444,520 29,899 46,654,287 24,557,953 40,962,705 24,114,024 16,669,275 153,432,663
Liabilities
Due to Government and borrowings from the State Bank
-
of Vietnam
- 4,559,720 5,958 26,272 83,396 13,455 4,688,801
Deposits and borrowings from other credit institutions - - 6,303,145 4,593,625 4,290,406 222,450 - 15,409,626
Funds received from Government, international and
- -
other institutions
131,173 65,185 239,926 1,501,562 296,031 2,233,877
Deposits from customers - - 51,180,848 20,693,600 5,512,143 948,640 185 78,335,416
Certificate of deposits - - 10,295,942 8,158,245 7,559,872 2,563,077 - 28,577,136
Other liabilities - - 4,857,078 2,641,913 880,202 67,912 - 8,447,105
Total liabilities - - 77,327,906 36,158,526 18,508,821 5,387,037 309,671 137,691,961
Net liquidity gap 444,520 29,899 (30,673,619) (11,600,573) 22,453,884 18,726,987 16,359,604 15,740,702
(*): the above balances exclude provision.
ANNUAL REPORT 2011
158

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
44.3.2 Other off-balance sheet items
Commitments on operating leases and capital commitments (Note 39) are analysed as follows:
Unit: Million VND Less than 1 year 1-5 years Above 5 years Total
As at 31 December 2011
Commitments on operating leases 37,834 194,922 1,290,356 1,523,112
Capital commitments 364,148 - - 364,148
401,982 194,922 1,290,356 1,887,260
As at 31 December 2010
Commitments on operating leases 34,049 175,423 1,209,037 1,418,509
Capital commitments 495,554 - - 495,554
529,603 175,423 1,209,037 1,914,063
159 ANNUAL REPORT 2011
Form B 05/TCTD - HN

45 FAIR VALUE MEASUREMENT
The consolidated financial statements have been prepared using the historical cost convention and in accordance with
Vietnamese Accounting Standards, the Vietnamese Accounting System and regulations applicable to banks and other
credit institutions operating in SR Vietnam. As there has not been a detailed implementation guidance on fair value
measurement issued by regulatory bodies, no fair value has been available for disclosure in the consolidated financial
statements.
46 COMPARATIVE FIGURES
Certain comparative figures have been reclassified to conform to the current year’s presentation.
47 EVENTS AFTER THE BALANCE SHEET DATE
At 3 January 2012, Saigon Thuong Tin Jewelry Company, a subsidiary of the Bank sold 100% of its investment in Sai Gon
Thuong Tin Business Technology Company Limited (“STB Tech”) to a third party at cost.
The consolidated financial statements are approved by the Board of Management on 9 March 2012.
───────────── ────────────── ───────────
Luu Van Hoa Nguyen Thi My Hanh Tran Xuan Huy
Preparer Chief Accountant Chief Executive Officer
9 March 2012
ANNUAL REPORT 2011 160

HEAD OFFICE
266-268 Nam Ky Khoi Nghia
Ward 8, District 3, HCM city
Tel: (08).3.9.322.670
Fax: (08).3.9.320.425
TRANSACTION DEPARTMENT HCMC
1. Tran Huy Lieu Transaction Office
62 Tran Huy Lieu
Ward 12, Phu Nhuan District, HCM city
Tel: (08).3.9.318.816
Fax: (08).3.9.318.817
2. Nam Ky Khoi Nghia Transaction Office
278 Nam Ky Khoi Nghia
Ward 8, District 3, HCM city
Tel: (08).3.9.322.585
Fax: (08).3.9.322.584
3. Bach Dang Transaction Office
121-123 Ground Floor Bach Dang
Ward 2, Tan Binh District, HCM city
Tel: (08).3.9.325.861
Fax: (08).3.9.325.862
4. Phan Xich Long Transaction Office
159 Phan Xich Long
Ward 7, Phu Nhuan District, HCM city
Tel: (08).3.5.178.887
Fax: (08).3.5.178.886
5. Cach Mang Thang 8 Transaction
Office
236-238 Cach Mang Thang 8
Ward 10, District 3, HCM city
Tel: (08).3.5.264.361
Fax: (08).3.5.264.363
6. Pho Quang Transaction Office
3G Pho Quang
Ward 2, Tan Binh District, HCM city
Tel: (08).3.9.979.887
Fax: (08).3.9.979.883
HANOI REGION
1. Thu Do Branch
88 Ly Thuong Kiet
Cua Nam, Hoan Kiem, Ha Noi
Tel: (04) 3.9.428.095
Fax: (04)3.9.428.085
1. Hang Bac Transaction Office
87 Hang Bac
Hang Bac, Hoan Kiem, Ha Noi
Tel :(04).3.9.263.467(4574)
Fax:(04).3.9.261.392
2. Đong Xuan Transaction Office
12 Tran Nhat Duat
Đong Xuan, Hoan Kiem, Ha Noi
Tel:(04).3.9.290.135
Fax: (04).3.9.283.725
161
DIStRIBUtIon nEtWoRK
ANNUAL REPORT 2011
3. Hoan Kiem Transaction Office
16E Duong Thanh
Hoan Kiem, Ha Noi
Tel:(04).3.9.232.140
Fax: (04).3.9.230.822
4. Thuy Khue Transaction Office
153AThuy Khue
Thuy Khue, Tay Ho, Ha Noi
Tel:(04).3.7.281.466
Fax: (04).3.7.281.467
5. Ly Nam De Transaction Office
10A3 Ly Nam De
Hang Ma, Hoan Kiem, Ha Noi
Tel:(04).3.7.478.418
Fax: (04).3.7.478.419
6. Phan Dinh Phung Transaction Office
25A Phan Dinh Phung
Ba Dinh, Ha Noi
Tel:(04).3.8.489.971(72)
Fax:(04).3.8.489.970
2. 8 thang 3 Branch
193 Ba Trieu
Ward Le Dai Hanh
Hai Ba Trung, Ha Noi
Tel:(04).3.9.743.833
Fax: (04).3.9.743.823
1. Dao Tan Transaction Office
60 Dao Tan
Ward Cong Vi, Ba Dinh, Ha Noi
Tel: (04).3.2.115.599
Fax:(04).3.2.115.690
3. Ha Noi Branch
65 Ngo Thi Nham
Hai Ba Trung, Ha Noi
Tel:(04).3.9.437.372
Fax: (04).3.9.432.988
1. Cho Mo Transaction Office
442 Bach Mai
Truong Dinh, Hai Ba Trung, Ha Noi
Tel:(04).6.2.781.707
Fax: (04).6.2.781.700
2. Dinh Cong Transaction Office
12D18 Dinh Cong New Town
Dinh Cong, Hoang Mai, Ha Noi
Tel:(04).3.6.404.061
Fax: (04).3.6.404.062
3. Bach Khoa Transaction Office
10 Ta Quang Buu
Bach Khoa, Hai Ba Trung, Ha Noi
Tel:(04).6.2.781.536
Fax: (04).6.2.781.545
4. Linh Nam Transaction Office
183 Linh Nam
Vinh Hung, Hoang Mai, Ha Noi
Tel:(04).3.6.462.335(36)
Fax:(04).3.6.462.337
5. Ha Thanh Transaction Office
25-27 Cua Bac
Ba Dinh, Ha Noi
Tel:(04).3.9.275.415
Fax: (04).3.9.275.416
6. Kim Nguu Transaction Office
286 Kim Nguu
Hai Ba Trung, Ha Noi
Tel:(04).3.6.320.491(492)
Fax:(04).3.6.320.490
4. Dong Da Branch
360 Tay Son
Dong Da, Ha Noi
Tel:(04).3.5.640.455
Fax:(04).3.5.640.456
1. Ha Tay Transaction Office
737 Quang Trung
Quang Trung, Ha Dong, Ha Tay
Tel:(0343).824.047 Fax: (0343).824.047
2. Kim Lien Transaction Office
222 Xa Dan
Phuong Lien, Dong Da, Ha Noi
Tel:(04).3.5.720.569
Fax:(04).3.5.720.570
3. Khuong Mai Transaction Office
112 Nguyen Ngoc Nai
Khuong Mai, Thanh Xuan Ha Noi
Tel:(04).3.5.666.920
Fax:(04).3.5.666.921
4. Hao Nam Transaction Office
100 Hao Nam
O Cho Dua, Dong Da, Ha Noi
Tel:(04).6.2.756.866(6565)
Fax:(04).6.2.752.753
5. Van Quan Transaction Office
139A Chien Thang
Tan Trieu, Thanh Tri, Ha Noi
Tel:(04).3.5.527.688
Fax:(04).3.5.527.528
5. Long Bien Branch
484 Nguyen Van Cu
Gia Thuy, Long Bien, Ha Noi
Tel:(04).3.6.522.055
Fax: (04).3.6.522.066
1. Yen Vien Transaction Office
455 Ha Tuy Tap
Yen Vien, Gia Lam, Ha Noi
Tel:(04).3.6.982.936
Fax:(04).3.6.982.936
2. Trau Quy Transaction Office
74A&74B To Voi Phuc
Trau Quy Town, Gia Lam, Ha Noi
Tel:(04).3.6.763.070
Fax:(04).3.6.763.071
3. Ngo Gia Tu Transaction Office
711 Ngo Gia Tu
Ward Duc Giang, Long Bien, Ha Noi
Tel:(04)3.6.522.055
Fax: (04).3.6.522.066

4. Dong Anh Transaction Office
55 Group 4 Dong Anh Town
Dong Anh , Ha Noi
Tel:(04).3.9.655.922
Fax:(04).3.9.655.925
6. Thanh Tri Branch
337 Ngoc Hoi
Van Dien Town, Thanh Tri, Ha Noi
Tel:(04).3.6.814.855
Fax:(04).3.6.814.856
1. Thuong Tin Transaction Office
Pho Ga, Thuong Tin Town
Thuong Tin, Ha Tay
Tel:(0343).765.536 Fax: (0343).765.534
2. Truong Dinh Transaction Office
701 Truong Dinh
Ward Thinh Liet, Hoang Mai District
Ha Noi
Tel:(04).3.6.421.661
Fax:(04).3.6.421.660
3. Dong Tam Transaction Office
168 Pho Vong
Ward Phuong Liet
Thanh Xuân District ,Ha Noi
Tel:(04).3.6.285.422 (23, 24)
Fax:(04).3.6.285.421
7. Thang Long Branch
60A Nguyen Chi Thanh
Lang Thuong, Dong Da, Ha Noi
Tel:(04).3.7.756.707
Fax: (04).3.7.756.708
1. Doi Can Transaction Office
149G Doi Can
Ba Dinh, Ha Noi
Tel:(04).3.7.227.361
Fax:(04).3.7.227.362
2. Hoang Cau Transaction Office
163 Dang Tien Dong
Trung Liet, Dong Da, Ha Noi
Tel:(04).3.5.379.96 Fax:(04).3.5.379.960
3. Tran Duy Hung Transaction Office
82 Tran Duy Hung
Trung Hoa, Cau Giay, Ha Noi
Tel:(04).3.7.834.176
Fax:(04).3.7.834.175
4. Doc Ngu Transaction Office
147 Doc Ngu
Ba Dinh, Ha Noi
Tel:(04).3.2.321.790 (792)
Fax:(04).3.2.321.791
8. Dong Do Branch
363 Hoang Quoc Viet
Ward Nghia Tan, Cau Giay, Ha Noi
Tel:(04).3.7.915.299
Fax: (04).3. 7.915.289
1. Quan Hoa Transaction Office
243A Cau Giay
Quan Hoa, Cau Giay, Ha Noi
Tel:(04).3.7.910.950
Fax: (04).3.7.678.324
2. Tay Ho Transaction Office
258 Lac Long Quan
Ward.Buoi, Tay Ho, Ha Noi
Tel:(04)3.7.590.099
Fax: (04)3.7.591.586
3. Le Duc Tho Transaction Office
A1-1, A2-2 Le Duc Tho
H. Tu Liem, Ha Noi
Tel:(04).3.7.951.711
Fax:(04).3.7.951.712
4. Nguyen Phong Sac Transaction Office
1st Floor - Lot A/D6
Nguyen Phong Sac (extension) - Cau
Giay Newtown
Dich Vong, Cau Giay, Ha Noi
Tel:(04).3.7.678.228
Fax:(04).3.7.678.229
NORTHERN
1 Hung Yen Branch
Km22 + 500 National Highway 5A
Ban Yen Nhan Town
My Hao, Hung Yen
Tel:(0321).3.942.905
Fax:(0321).3.942.387
1. Pho Hien Transaction Office
279 Dien Bien
Hung Yen, Hung Yen
Tel:(0321).3.866.770
Fax: (0321).3.866.769
2. Bo Thoi Transaction Office
Thi tu Bo Thoi
Hong Tien, Khoai Chau, Hung Yen
Tel:(0321).3.920.690
Fax:(0321).3.920.689
3. Yen My Transaction Office
22 Yen My Town
Yen My, Hung Yen
Tel:(0321).3.962.979
Fax:(0321).3.962.978
4. Van Lam Transaction Office
Thon Ngoc Quynh
Nhu Quynh Town, Van Lam, Hung Yen
Tel:(0321).3.785.614
Fax:(0321).3.785.613
5. Van Giang Transaction Office
219 pho Van Giang
Van Giang Town, Văn Giang, Hung Yen
Tel:(0321).3.933.505(506)
Fax:(0321).3.933.508
2. Bac Ninh Branch
122 Tran Phu
Dong Ngan, Tu Son, Bac Ninh
Tel:(0241).3.743.965
Fax:(0241).3.760.352
1. Tien Du Transaction Office
140-142 Ly Thuong Kiet
Lim Town, Tien Du, Bac Ninh
Tel:(0241).3.710.711
Fax: (0241).3.710.711
2. Nguyen Gia Thieu Transaction Office
113 Nguyen Gia Thieu
Ward Suoi Hoa, Bắc Ninh City
Tel:(0241).3.811.622
Fax: (0241).3.811.622
3. Que Vo Transaction Office
100 Area 1
Pho Moi Town, Que Vo, Bac Ninh
Tel:(0241).3.635.853(852)
Fax:(0241).3.635.854
4. Thuan Thanh Transaction Office
89-91 Pho Ho
Ho Town, Thuan Thanh, Bac Ninh
Tel:(0241).3.775.886
Fax:(0241).3.775.339
3. Thanh Hoa Branch
126-128-130 Nguyen Trai
Ba Dinh, Thanh Hoa City, Thanh Hoa
Tel:(0373).888.898 Fax:(0373).718.789
1. Phan Chu Trinh Transaction Office
753 Ba Trieu
Truong Thi, Thanh Hoa City
Tel:(0373).757.661/62
Fax:(0373).757.675
2. Bim Son Transaction Office
73 Area 2
Ward Ngoc Trao, Bim Son, Thanh Hoa
Tel:(0373).771.884/86
Fax:(0373).771.887
3. Lam Son Transaction Office
Area 6
Lam Son Town, Tho Xuan, Thanh Hoa
Tel:(037).3.535.588 Fax:(037).3.535.578
4. Tinh Gia Transaction Office
232 Area 3
Tinh Gia Town, Tinh Gia, Thanh Hoa
Tel:(037).8.727.899 Fax:(037).8.727.897
4. Lang Son Branch
8 Ngo Quyen
Vinh Trai, Lang Son, Lang Son
Tel:(025).3.716.324 Fax:(025).3.716.325
1. Tan Thanh Transaction Office
Kiot 86-88-90
Cua Khau Tan Thanh
Lang Son, Lang Son
Tel:(025).3.888.579 Fax:(025).3.888.581
5. Hai Duong Branch
30 Tran Hung Dao
Tran Hung Dao, Hai Duong city
Hai Duong
Tel:(0320).3.833.208
Fax:(0320).3.833.209
ANNUAL REPORT 2011 162

1. Sao Do Transaction Office
119 Nguyen Trai 1
Sao Do Town, Chi Linh, Hai Duong
Tel: (0320).3.589.347
Fax: (0320).3.589.348
2. Phu Thai Transaction Office
Pho Ga
Phu Thai Town, Kim Thanh, Hai Duong
Tel: (0320).3.726.388
Fax: (0320).3.726.389
3. Ke Sat Transaction Office
158 nga 5 Area
Trang Liet, Binh Giang, Hai Duong
Tel :(0320).3.773.371
Fax: (0320).3.773.372
4. Thong Nhat Transaction Office
31 Thong Nhat
Le Thanh Nghi, Hai Duong
Hai Duong
Tel:(0320).3.848.318
Fax: (0320).3.848.319
5. Nguyen Luong Bang Transaction
Office
Km1 Nguyen Luong Bang
Ward Pham Ngu Lao, Hai Duong City
Hai Duong
Tel:(0320).3.898.857
Fax:(0320).3.898.858
6. Hoang Thach Transaction Office
Minh Tan New Town
Minh Tan Town, Kinh Mon, Hai Duong
Tel:(0320).3.522.969
Fax:(0320).3.522.970
6. Hai Phong Branch
62-64 Ton Duc Thang
Tran Nguyen Han , Le Chan, Hai Phong
Tel:(0313).719.999 Fax: (0313).719.991
1. Tam Bac Transaction Office
102A Quang Trung
Phan Boi Chau, Hong Bang, Hai Phong
Tel:(0313).521.058 Fax: (0313).521.059
2. Van Cao Transaction Office
197 Van Cao
Ward Dang Giang, Ngo Quyen District,
Hai Phong
Tel:(0313).734.016 Fax: (0313).734.017
3. Lac Vien Transaction Office
176 Da Nang
Ward Lac Vien, Ngo Quyen District,
Hai Phong
Tel:(031).3.719.956(955)
Fax: (031).3.719.957
4. Hoa Phuong Transaction Office
119 - 121 Dinh Tien Hoang
Ward Hoang Van Thu
Hong Bang District, Hai Phong
Tel:(031).3.569.113(345)
Fax:(031).3.569.115
163
ANNUAL REPORT 2011
5. Thuy Nguyen Transaction Office
151 Bach Dang
Nui Deo Town, Thuy Nguyen, Hai Phong
Tel:(0313).916.755 (756, 766,786)
Fax: 0313 916 775
7. Quang Ninh Branch
607 Le Thanh Tong
Ha Long City, Quang Ninh
Tel:(033).3.696.789
Fax: (033).3.696.966
1. Mong Cai Transaction Office
01 Tran Phu
Mong Cai, Mong Cai City,
Quang Ninh
Tel:(033).6.258.688 Fax:(033).6.258.226
2. Cam Pha Transaction Office
566 Tran Phu
Ward Cam Thuy, Cam Pha, Quang Ninh
Tel:(033).3.868.682
Fax: (033).3.868.648
8.Thai Nguyen Branch
66 Hoang Van Thu
Ward Hoang Van Thu, Thai Nguyen City
Thai Nguyen
Tel:(0280).3.853.155
Fax: 0280.3.853.266
9. Phu Tho Branch
1482 Hung Vuong
Ward Gia Cam, Viet Tri City, Phu Tho
Tel:(0210).3.666.555; (0210).3.666.868
Fax: (0210).3.868.333; (0210).3.666.686
10. Ha Nam Branch
Group 1 Le Hoan
Minh Khai, Phu Ly, Ha Nam
Tel:(0351).3.566.666; (0351).3.828.878
Fax:(0351).3.662.222; (0351)3.828.979
NORTHERN CENTRAL
1. Nghe An Branch
72 Le Loi
Ward Hung Binh, Vinh City, Nghe An
Tel:(038).8.600.777(667)
Fax:(038).8.600.677
1. Dien Chau Transaction Office
Group 4
Dien Chau Town, Dien Chau, Nghe An
Tel:(038).3.605.777(678)
Fax:(038).3.600.999
2. Hung Binh Transaction Office
85 Le Hong Phong
Vinh City, Nghe An
Tel:(038).8.696.688(777)
Fax:(038).8.696.678
3. Quan Banh Transaction Office
350 Nguyen Trai
Vinh City, Nghe An
Tel:(038).8.652.777 Fax:(038).8.652.999
2. Quang Binh Branch
5 Quang Trung
Hai Dinh, Dong Hoi, Quang Binh
Tel:(052).3.846.846, 052.625 5255
Fax:(052).3.844.944 (66,77)
1. Bi Trach Transaction Office
1 A National Highway
TK 2, Hoan Lao, Bo Trach, Quang Binh
Tel:(052).3.612.444
Fax: (052).3.612.555
2. Dong Hoi Transaction Office
252 Tran Hung Dao
Nam Ly, Dong Hoi, Quang Binh
Tel:(052).3.847.847, (052).3.855 666
Fax:(052).3.855 444
3.Ba Don Transaction Office
Area 1
Ba Don Town, Quang Trach
Quang Binh
Tel:(052).3.516.516, (052).3.517 517
Fax:(052).3.516 567
4.Bac Ly Transaction Office
Ward Bac Ly
Dong Hoi City, Quang Binh
Tel:(052).3.853.853, 3.853.888
Fax:(052).3.853.999
5.Dong Son Transaction Office
81 Ly Thai To
Ward Bac Nghia, Dong Hoi City
Quang Binh
Tel:(052).3.834.834 Fax:(052).3.834.837
3. Quang Tri Branch
43 Tran Hung Dao
Ward 1, Dong Ha, Quang Tri
Tel:(053).3.555.889 Fax:(053).3.555.890
1.Vinh Linh Transaction Office
Huu Nghi sub ward
Ho Xa Town, Vinh Linh, Quang Tri
Tel:(053).3.614.888 Fax:(053).3.622.261
2. Trieu Hai Transaction Office
220 Tran Hung Dao
Ward 2 Quang Tri, Quang Tri
Tel:(053).3.664.458
Fax: (053).3.664.457
3.Dong Ha Transaction Office
86 Le Duan
Ward 1, Dong Ha, Quang Tri
Tel:(053).3.553.800 Fax:(053).3.553.801
4.Huong Hoa Transaction Office
Sub ward 1
Khe Sanh Town, Huong Hoa,
Quang Tri
Tel:(053).3.781.940
Fax: (053).3.781.941
5.Lao Bao Transaction Office
Sub ward Tay Chinh
Lao Bao Town, Huong Hoa, Quang Tri
Tel:(053).3.778.888(889)
Fax:(053).3.778.887

4. Thua Thien Hue Branch
126 Nguyen Hue
Phu Nhuan, Hue, Thua Thien Hue
Tel:(054).3.834.979 Fax:(054).3.834.980
1. An Cuu Transaction Office
144 Hung Vuong
Phu Nhuan, Hue, Thua Thien Hue
Tel:(054).3.814.181 Fax:(054).3.814.243
2. Phu Bai Transaction Office
Area 4
Phu Bai Town, Huong Thuy
Thua Thien Hue
Tel:(054).3 8.51.032
Fax: (054).3.851.033
3. Tay Loc Transaction Office
172 Nguyen Trai
Tay Loc, Hue, Thua Thien Hue
Tel:(054).3.539.366 Fax:(054).3.539.365
4. Phu Xuan Transaction Office
49 Tran Hung Dao
Phu Hoa, Hue, Thua Thien Hue
Tel:(054).3.513.865 Fax:(054).3.513.850
5. Huong Tra Transaction Office
Area 9
Tu Ha Town, Huong Tra
Thua Thien Hue
Tel:(054).3.758.686
Fax: (054).3.758.689
6. Phu Hoi Transaction Office
02 Ben Nghe
Ward Phu Hoi, Hue City
Thua Thien Hue
Tel:(054).3.839.002(003)
Fax:(054).3.839.004
7. Mai Thuc Loan Transaction Office
43 Mai Thuc Loan
Ward Thuan Thanh, Hue City
Thua Thien Hue
Tel:(054).3.599.399(398)
Fax:(054).3.599.397
5. Da Nang Branch
130-130A-132 Bach Dang
Hai Chau, Da Nang
Tel:(0511).3.582.612
Fax: (0511).3.582.613
1. Cho Con Transaction Office
225 Ong Ich Khiem
Group 58 Cau Vong, Hai Chau, Da Nang
Tel:(0511).3.866.368
Fax:(0511).3.866.369
2. Thanh Khe Transaction Office
568 Dien Bien Phu
Thanh Khe Dong, Thanh Khe, Da Nang
Tel:(0511).3.725.542
Fax:(0511).3.725.543
3. Son Tra Transaction Office
783 Ngo Quyen
An Hai Bac, Son Tra, Da Nang
Tel:(0511).3.260.099
Fax:(0511).3.260.010
4. Cam Le Transaction Office
179 Ong Ich Duong
Khue Trung, Cam Le, Da Nang
Tel:(0511).3.247.000
Fax:(0511).3.696.700
5. Hoang Anh Plaza Transaction Office
1 Nguyen Van Linh
Nam Duong, Hai Chau , Da Nang
Tel:(0511).3.254.767
Fax:(511).3.254.768
6. Hoang Dieu Transaction Office
202 Hoang Dieu
Nam Dương, Hai Chau, Da Nang
Tel:(0511).3.573.665
Fax:(0511).3.251.661
7. Lien Chieu Transaction Office
695 Ton Duc Thang
Ward Hoa Khanh, Lien Chieu District
Da Nang
Tel:(0511).3.739.125(126)
Fax:(0511).3.739.124
6. Quang Nam Branch
Lot 8 trade center
Tam Ky City, Quang Nam
Tel:(0510).3.821.821
Fax:(0510).3.821.820
1. Nam Phuoc Transaction Office
37 Group 2, Area 2
Long Xuyen, Nam Phuoc,
Duy Xuyen, Quang Nam
Tel:(0510).3.777.123
Fax:(0510).3.777.125
2. Tam Ky Transaction Office
568 Phan Chu Trinh
Tam Ky, Quang Nam
Tel:(0510).3.835.366
Fax:(0510).3.835.355
3.Hoi An Transaction Office
91 Tran Hung Dao
Hoi An, Quang Nam
Tel:(0510).3.911.031
Fax:(0510).3.911.266
4. Chu Lai Transaction Office
Area 2
Nui Thanh Town, Nui Thanh
Quang Nam
Tel:(0510).3.571.766
Fax: (0510).3.571.755
5. Dai Loc Transaction Office
Area 7
Ai Nghia Town, Dai Loc, Quang Nam
Tel:(0510).3.747.476(475)
Fax:(0510).3.747.478
7. Quang Ngai Branch
449 Quang Trung
Quang Ngai, Quang Ngai City
Quang Ngai
Tel:(055).3.715.555
Fax: (055).3.715.557
1. Hung Vuong Transaction Office
361 Hung Vuong
Tran Phu, Quang Ngai city, Quang Ngai
Tel:(055).3.716.557(58,59)
Fax:(055).3.716.555
2. Binh Son Transaction Office
Area 2, 1A National Highway
Chau O Town, Binh Son,
Quang Ngai
Tel:(055).3.523.434(35,36)
Fax:(055).3.523.437
SOUTH & CENTRAL HIGHLAND
1. Binh Dinh Branch
98 Mai Xuan Thuong
Ly Thuong Kiet, Quy Nhơn, Binh Dinh
Tel:(056).3.817.493 Fax:(056).3.817.312
1. Dap Da Transaction Office
Area Bang Chau
Dap Da, An Nhơn, Binh Dinh
Tel:(056).3.639.702 Fax:(056).3.639.704
2. Le Loi Transaction Office
97 Le Loi
Ward Tran Hung Dao, Quy Nhơn
Binh Dinh
Tel:(056).3.817.177 Fax:(056).3 817.176
3. Bong Son Transaction Office
243 Quang Trung
Bong Son Town, Hoai Nhon
Binh Dinh
Tel:(056).3.961.370 Fax:(056).3.961.373
4. Tay Son Transaction Office
311 Quang Trung
Phu Phong, Tay Son
Binh Dinh
Tel:(056).3.580.939 Fax:(056).3.580.940
5. Tam Quan Transaction Office
288 1A National Highway
Tam Quan Town, Hoai Nhon
Binh Dinh
Tel:(056).3.860.180 Fax:(056).3.860.182
6. Nguyen Thai Hoc Transaction Office
265 Nguyen Thai Hoc
Ward Ngo May, Quy Nhon City
Binh Dinh
Tel:(056).3.521.645(646)
Fax:(056).3.521.647
2. Phu Yen Branch
97 Nguyen Trai
Ward 4, Tuy Hoa, Phu Yen
Tel:(057).3.893.341 Fax:(057).3.893.342
ANNUAL REPORT 2011 164

1. Nam Tuy Hoa Transaction Office
374 Nguyen Van Linh
Phu Lam, Tuy Hoa, Phu Yen
Tel:(057).3.851.851 Fax:(057).3.851.850
2. Song Cau Transaction Office
Tran Hung Dao
Song Cau Town, Song Cau , Phu Yen
Tel:(057).3.728.788 Fax:(057).3.728.789
3. Nguyen Hue Transaction Office
291 Nguyen Hue
Ward 5, Tuy Hoa City, Phu Yen
Tel:(057).3.810.850(868)
Fax:(057).3.810.870
3. Khanh Hoa Branch
54A Yersin
Phuong Sai, Nha Trang, Khanh Hoa
Tel:(058).3.817.594 Fax:(058).3.817.698
1. Ninh Hoa Transaction Office
290 Tran Quy Cap
Ninh Hoa, Khanh Hoa
Tel:(058).3.630.864 Fax:(058).3.630.863
2. Nha Trang Transaction Office
65 Nguyen Trai
Phuoc Tien, Nha Trang, Khanh Hoa
Tel:(058).3.515.495 Fax:(058).3.515.708
3. Le Hong Phong Transaction Office
193 Le Hong Phong
Phuoc Hoa, Nha Trang, Khanh Hoa
Tel:(058).3.889.192 Fax:(058).3.889.194
4. Cam Ranh Transaction Office
134-136, 1 National Highway
Ward Ba Ngoi, Cam Ranh,
Khanh Hoa
Tel:(058).3.954.300 Fax:(058).3.954.302
5. Van Ninh Transaction Office
128 Hung Vuong
Van Gia Town, Van Ninh, Khanh Hoa
Tel:(058).3.913.264/65
Fax:(058).3.913.266
6. Cam Lam Transaction Office
1A National Highway, Nghia Dong Group
Cam Duc Town, Cam Lam, Khanh Hoa
Tel:(058).3.983.788(789)
Fax:(058).3.983.786
7. QTK Thang Loi Transaction Office
04 Pasteur
Ward Thang Loi, Nha Trang City
Khanh Hoa
Tel:(058).3.813.888(887)
Fax:(058).3.813.886
4. Ninh Thuan Branch
757 Thong Nhat
Ward Kinh Dinh,
Phan Rang City - Thap Cham
Ninh Thuan
Tel:(068).3.832.300 Fax:(068).3.832.301
165
ANNUAL REPORT 2011
1. Phan Rang - Thap Cham Transaction
Office
336 Thong Nhat
Ward Phu Ha, Phan Rang City
Tháp Chàm, Ninh Thuận
Tel:(068).3.827 334 Fax:(068).3.827 335
5. Gia Lai Branch
38 Nguyen Thien Thuat
Dien Hong, Pleiku City, Gia Lai
Tel:(059).3.720.074 Fax:(059).3.720.073
1. An Khe Transaction Office
02 Hoang Van Thu
Tay Son, An Khe, Gia Lai
Tel:(059).3.832.268(929, 930, 939)
Fax:(059).3.832.535
2. Chu Se Transaction Office
748 Hung Vuong
Chu Se Town, Chu Se, Gia Lai
Tel:(059).6.258.006/007
Fax: (059).6.258.009
6. Kon Tum Branch
73A Phan Dinh Phung
Ward Quang Trung, KonTum City
KonTum
Tel:(060).3.913.457
Fax: (060).3.913.458
1. Dak Ha Transaction Office
297 Hung Vuong
Dak Ha, KonTum
Tel:(060).3.826.789 Fax:(060).3.826.788
2. Ngoc Hoi Transaction Office
77 Hung Vuong
Pleikan Town, Ngoc Hoi, KonTum
Tel:(060).3.832.836 Fax:(060).3.832.837
7. Dak Lak Branch
130-132 Le Hong Phong
Thong Nhat, Buon Me Thuot City,
Dak Lak
Tel:(0500).3.861.105
Fax:(0500).3.861.104
1. Eakar Transaction Office
3B TT Eakar
Eakar, Dak Lak
Tel:(0500).3.626.960
Fax:(0500).3.626 961
2. Buon Me Thuot Transaction Office
362-364 Le Duan
Buon Me Thuot City, Dak Lak
Tel:(0500).3 861.102 (108)
Fax:(0500).3.861.101
3. Buon Ho
207 Hung Vuong
Buon Ho Town, KrongBuk, Dak Lak
Tel:(0500).3.571.458/59
Fax: (0500).3.571.457
4. EaH'leo Transaction Office
565 Giai Phong
Eadrăng Town, EaH'leo, Dak Lak
Tel:(0500).3.776.670(672, 673)
Fax:(0500).3. 776.671
8. Dak Nong Branch
Lot D1 Tam Thang Industrial Park
Tam Thang, Cu Jut, Dak Nong
Tel:(0501).3.683.798
Fax:(0501).3.683.632
1. Dak Mil Transaction Office
61 Nguyen Tat Thanh
Dak Mil Town, Dak Mil, Dak Nong
Tel:(0501).3.751.898
Fax:(0501).3.751.897
2. Kien Duc Transaction Office
40 Nguyen Tat Thanh
Kien Duc Town, Dak R'lap, Dak Nong
Tel:(0501).3.702.456
Fax:(0501).3.647.961
9. Lam Dong Branch
5 Hai Ba Trung
Ward 6, Da Lat, Lam Dong
Tel:(063).3.549.045 Fax:(063).3.549.047
1. Bao Loc Transaction Office
43 Le Thi Pha
Bao Loc, Lam Dong
Tel:(063).3.711.253 (54)
Fax:(063).3.711.256
2. Duc Trong Transaction Office
713, 20 National Highway
Lien Nghia Town, Duc Trong,
Lam Dong
Tel:(063).3.649.161 Fax:(063).3 649.162
3. Quang Trung Transaction Office
A1 - Suong Mai Restaurant Area
Quang Trung
Ward 9, Da Lat, Lam Dong
Tel:(063).3.826.600 Fax:(063).3.826.600
4. Lam Ha Transaction Office
51 Bo Lieng
TT Dinh Van, Lam Ha, Lam Dong
Tel:(063).3.686.662 Fax:(063).3.686.663
5. Da Lat Transaction Office
32 - Hoa Binh Area
3-5 3 thang 2 street
Ward 1, Da Lat, Lam Dong
Tel:(063).3.511.082 Fax:(063).3.511.083
6. Di Linh Transaction Office
671 Hung Vuong
Di Linh Town, Di Linh, Lam Dong
Tel:(063).3.792.998 Fax:(063).3.792.999
SOUTHEAST
1. Binh Thuan Branch
126 Tran Hung Dao
Phan Thiet City
Binh Thuan
Tel:(062).3.834.651 Fax:(062).3.834.656
1. LaGi Transaction Office
63 Le Loi
LaGi, Binh Thuan
Tel:(062).3.841.760 Fax:(062).3.841.761

2. Phan Ri Cua Transaction Office
239 Thong Nhat
Phan Ri Cua Town, Tuy Phong
Binh Thuan
Tel:(062).3.972.699 Fax:(062).3.972.686
2. Binh Phuoc Branches
Phu Thanh Area
Tan Phu, Dong Xoai, Binh Phuoc
Tel:(0651).3.888.092
Fax:(0651).3.883.569
1. Phuoc Long Transaction Office
217, Area 2
Phuoc Binh, Phuoc Long, Binh Phuoc
Tel:(0651).3.775.201
Fax:(0651).3.775.201
2. Binh Long Transaction Office
158 Tran Hung Dao
Area 4, Binh Long, Binh Phuoc
Tel:(0651).3.682.692
Fax:(0651).3.682.692
3. Chon Thanh Transaction Office
Group 2, Area 4
Chon Thanh Town, Chon Thanh
Binh Phuoc
Tel:(0651).3.660.079
Fax:(0651).3.660.080
4. Loc Ninh Transaction Office
Group 2A
Loc Ninh Town, Loc Ninh
Binh Phuoc
Tel:(0651).3.566.775(776)
Fax 0651 3 566 775
3. Binh Duong Branch
431 Binh Duong Boulevard
Area 1, Phu Cuong, Thu Dau Mot
Binh Duong
Tel:(0650).3.859.595(96)
Fax:(0650).3.859.591
1. Thu Dau Mot Transaction Office
21A Cach Mang Thang 8
Ward Phu Cuong, Thu Dau Mot
Binh Duong
Tel:"(0650) 3.859.961;(0650) 3.855.109"
Fax:(0650).3.859.962
2. Ben Cat Transaction Office
160 Group 6 Ap Cay San
Lai Uyen, Ben Cat, Binh Duong
Tel:(0650).3.562.863
Fax:(0650).3.552.033
3. Di An Transaction Office
9/22 Tran Hung Dao
Area Binh Minh 2
Ward Di An, Di An, Binh Duong
Tel:(0650).3.734.840
Fax:(0650).3.734.841
4. Lai Thieu Transaction Office
C186A Group 18, Area Binh Duc
Lai Thieu, Thuan An, Binh Duong
Tel:(0650).3.760.375
Fax:(0650).3.760.437
5. My Phuoc Transaction Office
Area 1, Binh Duong Boulevard
My Phuoc, Ben Cat, Binh Duong
Tel:(0650).3.559.669
Fax:(0650).3 559.668
6. Tan Phuoc Khanh Transaction Office
Area Khanh Hoa
Tan Phuoc Khanh Town, Tan Uyen
Binh Duong
Tel:(0650).3.612.060
Fax:(0650).3 612.062
7. Dau Tieng Transaction Office
6/8 Area 2
Dau Tieng Town, Dau Tieng
Binh Duong
Tel:(0650) 352 2997(98)
Fax:(0650) 352 2996
8. 1 K Highway Transaction Office
1 B Noi Hoa 2 Hamlet
Binh An, Di An, Binh Duong
Tel:(0650).3.772.223(24, 25)
Fax:(0650).3.772.226
9. Phu Giao Transaction Office
Area 2
Phuoc Vinh Town, Phu Giao,
Binh Duong
Tel:(0650).3.675.141 (143)
Fax:(0650).3.675.142
10. Tan Uyen Transaction Office
Lot F4-F5
Uyen Hung Trade Center
Tan Uyen, Binh Duong
Tel:(0650).3.642.927(929)
Fax:(0650).3.642.926
4. Tay Ninh Branch
149G 30 thang 4
Ward 1, Tay Ninh
Tel:(066).3.810.414
Fax:(066).3.810.419
1. Tan Chau Transaction Office
Area 2
Tan Chau Town, Tan Chau, Tay Ninh
Tel:(066).3.759.023 Fax (066).3759.004
2. Go Dau Transaction Office
Lot 2/24 Thanh Ha Hamlet
Go Dau, Go Dau, Tay Ninh
Tel:(066).3.520.300 Fax:(066).3.520.299
3. Hoa Thanh Transaction Office
Hung Vuong
Area 1, Hoa Thanh, Tay Ninh
Tel:(066).3.831.010 Fax:(066).3.831.009
4. Tan Bien Transaction Office
Area 2
Tan Bien Town, Tan Bien, Tay Ninh
Tel:(066).3.745.666(777)
Fax:(066).3.745.990
5. Trang Bang Transaction Office
22 National Highway, Loc Thanh Area
Trang Bang Town, Trang Bang, Tay Ninh
Tel:(066).3.890.158 Fax:(066).3.890.159
5. Dong Nai Branch
87-89 30 thang 4
Thanh Binh, Bien Hoa , Dong Nai
Tel:(061).3.946.067 Fax:(061).3.946.068
1. Long Khanh Transaction Office
Area 5
Xuan Hoa, Long Khanh, Dong Nai
Tel:(061).3.783.587 Fax:(061).3.783.443
2. Ho Nai Transaction Office
11B/82, Area 1
Tan Bien, Bien Hoa , Dong Nai
Tel:(061).3.884.149 Fax:(061).3.884.073
3. Bien Hoa Transaction Office
141/5 , 15 National Highway
Tam Hiep, Bien Hoa, Dong Nai
Tel:(061).3.913.518 Fax:(061).3.913.513
4. Trang Bom Transaction Office
07 - 1A National Highway, Group 22 -
Thai Hoa Hamlet
Ho Nai 3, Trang Bom, Dong Nai
Tel:(061).3.673.970 Fax:(061).3.673.971
5. Gia Kiem Transaction Office
112/4 Tan Yen Hamlet
Gia Tan 3, Thong Nhat, Dong Nai
Tel:(061).3.778.487 Fax:(061).3.778.488
6. Long Binh Tan Transaction Office
C2/9 và 9B/2 Area 1
Long Binh Tan, Bien Hoa , Dong Nai
Tel:(061).3.834.680 Fax:(061).3.834.680
7. Long Thanh Transaction Office
Group 1 Văn Hải
Long Thanh Town, Long Thanh,
Dong Nai
Tel:(061).3.501.976(77)
Fax:(061).3.501.978
8. Dong Hoa Transaction Office
1A National Highway, An Bình Hamlet
Trung Hoa, Trang Bom, Dong Nai
Tel:(061).3.868.819 Fax:(061).3.868.820
9. Phuong Lam Transaction Office
20 National Highway
Thanh Tho 1 Hamlet, Phu Lam, Tan Phu
Dong Nai
Tel:(061).3.665.455 Fax:(061).3.665.454
6. Ba Ria-Vung Tau Branch
67A Le Hong Phong
Ward 7, Vung Tau City,
Ba Ria -Vung Tau
Tel:(064).3.553.333 Fax:(064).3.553.336
1. Ba Ria Transaction Office
3 Duong Bach Mai
Phuoc Trung, Ba Ria- Vung Tau
Ba Ria -Vung Tau
Tel:(064).3.717.148 Fax:(064).3.717.150
2. Chau Duc Transaction Office
291-293 Hung Vuong
Ngai Giao, Chau Duc, Ba Ria -Vung Tau
Tel:(064).3.963.011 Fax:(064).3.963.033
ANNUAL REPORT 2011 166

3. Rach Dua Transaction Office
196, 30 thang 4 street
Rach Dua, Vung Tau
Ba Ria -Vung Tau
Tel:(064).3.615.298 Fax:(064).3.615.194
4. Long Hai Transaction Office
72 Hupng Avenue 2
Phuoc Hung, Long Dien
Ba Ria -Vung Tau
Tel:(064).3.671.555 Fax:(064).3.671.777
5. Tan Thanh Transaction Office
Group 6 Doc Lap - Area Ngoc Ha
Phu My Town,Tan Thanh
Ba Ria -Vung Tau
Tel:(064).3.895.757(58)
Fax:(064).3.895.759
6. Xuyen Moc Transaction Office
223/6, 55 National Highway
Phuoc Buu Town, Xuyen Moc
Ba Ria -Vung Tau
Tel:(064).3.777.770 (771, 772)
Fax:(064).3.777.774
HOCHIMINH REGION
1. Sai Gon Branch
177-179-181 Nguyen Thai Hoc
Pham Ngu Lao, District 1, Ho Chi Minh
Tel:"(08).3.8.360.243; (08).38.378.778"
Fax:(08).3.8.368.598
1. Tan Dinh Transaction Office
No. 129-131 & 2nd Floor
No. 127 & 1st Floor
No. 133 Nguyen Huu Cau
Tan Dinh, District 1, Ho Chi Minh
Tel:"(08).3.8.204.778;
3.8.204.782;3.8.204.783"
Fax (08).3.8.204.828
2. Vo Van Tan Transaction Office
291B - 291/1A Vo Van Tan
Ward 5, District 3, Ho Chi Minh
Tel:(08).3.8.335.647; 3.9.293.726
Fax:(08).3.8.335.646
3. District 1 Transaction Office
No. 63B Calmette
Nguyen Thai Binh, District 1
Ho Chi Minh
Tel:(08).3.9.144.515
Fax:(08).3.9.144.516
4. Huynh Thuc Khang Transaction Office
No 2 & 4 (Ground Floor)
No. 6 Huynh Thuc Khang
Ward Ben Nghe, District 1, Ho Chi Minh
Tel:(08).3.9.147.486
Fax:(08).3.9.147.489
5. Cong Quynh Transaction Office
260 Cong Quynh
Ward Pham Ngu Lao, District 1,
Ho Chi Minh
Tel:(08).3.9.259.260 (61, 62)
Fax:(08).3.9.259.263
167
ANNUAL REPORT 2011
6. Vo Thi Sau Transaction Office
38 Vo Thi Sau
Tan Dinh, District 1, Ho Chi Minh
Tel:(08).3.8.206.375(78)
Fax:(08).3.8.207.345
7. Nguyen Cu Trinh Transaction Office
152 Tran Dinh Xu
Ward Nguyen Cu Trinh, District 1
Ho Chi Minh
Tel:(08).3.9.208.911(12,13)
Fax:(08).3.9.208.914
8. Pham Ngu Lao Transaction Office
211-213-215 Pham Ngu Lao
W. Pham Ngu Lao, District 1
Ho Chi Minh
Tel:(08).3.9.209.471(72, 73)
Fax:(08).3.9.209.474
2. Hung Dao Branch
99A Nguyen Van Cu
Ward 2, District 5, Ho Chi Minh
Tel:(08).3.9.232.800
Fax:(08).3.9.232.799
1. Dong Khanh Transaction Office
65-67 Tran Hung Dao
Ward 6, district 5, Ho Chi Minh
Tel:(08).3.8.384.126
Fax:(08).3.8.384.074
2. Le Dai Hanh Transaction Office
347 Le Dai Hanh
Ward 13, District 11, Ho Chi Minh
Tel:(08).3.9.650.442
Fax:(08).3.9.650.443
3. 3 thang 2 Transaction Office
276-280 3 thang 2
Ward 12, District 10, Ho Chi Minh
Tel:(08).3.8.680.383
Fax:(08).3.8.680.382
4. Hong Bang Transaction Office
517 Hong Bang
Ward 14, District 5, Ho Chi Minh
Tel:(08).3.8.552.207
Fax:(08).3.8.552.214
5. Minh Khai Transaction Office
530-532 Nguyen Thi Minh Khai
Ward 2, District 3, Ho Chi Minh
Tel:(08).3.9.381.801(03)
Fax:(08).3.9.381.802
3. Cho Lon Branch
920-920A-920B Nguyen Chi Thanh
Ward 4, District 11, Ho Chi Minh
Tel:(08).3.9.555.280
Fax:(08).3.955 6139
1. Binh Tan Transaction Office
494-496 Kinh Duong Vuong
Ward An Lac A, Binh Tan District
Ho Chi Minh
Tel:(08).3.7.522.271
Fax:(08).3.7.522.272
2. Phu Lam Transaction Office
63A Kinh Duong Vuong
Ward 12, District 6, Ho Chi Minh
Tel:(08).3.7.515.257
Fax:(08).3.7.515.246
3. Binh Phu Transaction Office
152 Cho Lon street
Ward 11, District 6, Ho Chi Minh
Tel:(08).3.7.551.723
Fax:(08).3.7.551.724
4. Binh Chanh Transaction Office
B1/16-B1/17, 1 A National Highway
2 Hamlet, Binh Chanh, Binh Chanh
Ho Chi Minh
Tel:(08).3.7.608.140
Fax:(08).3.7.608.141
5. Ly Thuong Kiet Transaction Office
104-106 Ly Thuong Kiet
Ward 7, District 10, Ho Chi Minh
Tel:(08).3.9.573.137
Fax:(08).3.9.573.138
6. Lac Long Quan Transaction Office
349L-349K Lac Long Quan
Ward 5, District 11, Ho Chi Minh
Tel:(08).3.9.750.982
Fax:(08).3.9.750.983
7. Lanh Binh Thang Transaction Office
294 - 294A Lanh Binh Thang
Ward 11, District 11, Ho Chi Minh
Tel:(08).3.9.650.934 (35,36)
Fax:(08).3.9.650.937
8. Au Lac Transaction Office
268 Au Co
Ward 9, Tan Binh District, Ho Chi Minh
Tel:(08).3.9.753.296
Fax:(08).3.9.753.299
9. Binh Tri Dong Transaction Office
234 Vanh Dai Trong
Binh Tri Dong B, Binh Tan District
Ho Chi Minh
Tel:(08).3.8.170.520(22)
Fax:(08).3.8.170.521
4. Tan Binh Branch
224 Le Van Sy
Ward 1, Tan Binh District, Ho Chi Minh
Tel:(08).3.9.907.202
Fax:(08).3.9.907.205
1. Ba Queo Transaction Office
14/3A Truong Chinh
Ward 13, Tan Binh District, Ho Chi Minh
Tel:(08).3.8.495.010
Fax:(08).3.8.495.010
2. Lu Gia Transaction Office
08, Street No. 2
Lu Gia, Ward 15, District 11
Ho Chi Minh
Tel:(08).3.8.651.204
Fax:(08).3.8.651.204

3. Ong Ta Transaction Office
785-785A Cach Mang Thang 8
Ward 6, Tan Binh District, Ho Chi Minh
Tel:(08).3.9.702.230
Fax:(08).3.9.702.230
4. E - Town Transaction Office
364 Cong Hoa
Tan Binh, Ho Chi Minh
Tel:(08).3.8.125.701
Fax:(08).3.8.105.702
5. Lang Cha Ca Transaction Office
315 Hoang Van Thu
Ward 2, Tan Binh District, Ho Chi Minh
Tel:(08).3.8.454.470
Fax:(08).3.8.454.471
6. Thanh Binh Transaction Office
170 Ground Floor Ly Thuong Kiet
Ward 8, Tan Binh District, Ho Chi Minh
Tel:"(08).3.9.718.143(44,45)
(08).3.8.691.547"
Fax :(08).3.9.718.146
7. Lac Hong Transaction Office
1016 Lac Long Quan
Ward 8, Tan Binh District, Ho Chi Minh
Tel:(08).3.9.752.940 (41, 42)
Fax:(08).3.9.752.943
8. Cong Hoa Transaction Office
298 Cong Hoa
Ward 13, Tan Binh District, Ho Chi Minh
Tel:(08).3.8.107.880 (81, 83)
Fax:(08).3.8.107.884
9. Bau Cat Transaction Office
201-203-205 Bau Cat
Ward 14, Tan Binh District, Ho Chi Minh
Tel:(08).3.9.493.094
Fax:(08).3.9.493.095
5. Go Vap Branch
94-96-98 Nguyen Oanh
Ward 7, Go Vap District, Ho Chi Minh
Tel:(08).3.8.943.648
Fax:(08).3.8.941.918
1. Cho Cau Transaction Office
A-58 - Area 2 To Ky
Dong Hung Thuan, District 12
Ho Chi Minh
Tel:(08).3.7.150.828
Fax:(08).3.7.150.828
2. Nguyen Van Nghi Transaction Office
134-136 Nguyen Van Nghi
Ward 5, Go Vap District, Ho Chi Minh
Tel:(08).3.8.941.001, 3.9.855.584
Fax:(08).3.8.954.216
3. Xom Moi Transaction Office
20/401 Le Đuc Tho
Ward 16, Go Vap District, Ho Chi Minh
Tel:(08).3.9.963.090
Fax:(08).3.9.963.090
4. Thong Tay Transaction Office
2/5 Quang Trung
Ward 11, Go Vap District, Ho Chi Minh
Tel:(08).3.8.958.561
Fax:(08).3.9.967.984
5. Thanh Loc Transaction Office
170 Ha Huy Giap
Thanh Loc, District 12, Ho Chi Minh
Tel:(08).3.7.163.903
Fax:(08).3.7.163.904
6. Nguyen Thai Son Transaction Office
135-137 Nguyen Thai Son
Ward 4, Go Vap District, Ho Chi Minh
Tel:(08).3.5.888.895(96)
Fax:(08).3.5.888.897
7. An Nhon Transaction Office
305-51/570 B Nguyen Oanh
Ward 17, Go Vap District, Ho Chi Minh
Tel:(08).3.9.848.136
Fax:(08).3.9.848.137
8. Phan Huy Ich Transaction Office
60/12 Phan Huy Ich
Ward 12, Go Vap District, Ho Chi Minh
Tel:(08).3.9.878.586(587)
Fax:(08).3.9.878.584
9. Hoang Mai Transaction Office
602 - 604 Le Duc Tho
Ward 15, Go Vap District, Ho Chi Minh
Tel:(08).3.9.168.660(661)
Fax:(08).3.9.168.662
6. Hoc Mon Branch
38 Truong Chinh
Area 6 - W.Tan Hung Thuan, District 12
Ho Chi Minh
Tel:(08).3.5.926.001
Fax:(08).3.5.926.010
1. Trung Chanh Transaction Office
145/5 Nguyen Anh Thu
Trung Chanh, Hoc Mon
Ho Chi Minh
Tel:(08).3.8.839.325
Fax:(08).3.8.839.324
2. Thoi An Transaction Office
25/3 Le Van Khuong
Ward Thoi An, District 12, Ho Chi Minh
Tel:(08).3.7.177.308
Fax (08).3.7.177.310
3. An Suong Transaction Office
132/7 Truong Chinh - Area 5
Ward Tan Thoi Nhat, District 12
Ho Chi Minh
Tel:(08).6.2.568.459
Fax:(08).6.2.568.458
4. Hiep Thanh Transaction Office
3A Nguyen Anh Thu
Ward Hiep Thanh, District 12
Ho Chi Minh
Tel:(08).3.7.178.389
Fax:(08).3.7.178.388
5. Trang Trau Transaction Office
19/4A Ly Thuong Kiet
Hoc Mon Town, Hoc Mon District
Ho Chi Minh
Tel:(08).3.8.910.179
Fax:(08).3.7.103.545
6. Ba Diem Transaction Office
2/1A-2/1E Phan Van Hon
Trung Lan Hamlet - Ba Diem,
District Hoc Mon, Ho Chi Minh
Tel:(08).3.5.901.658 (59, 60, 61)
Fax:(08).3.5.901.525
7. Cu Chi Branch
345 National Highway 22
Thuong Hamlet
Tan Thong Hoi, Cu Chi
Ho Chi Minh
Tel:(08).3.7.901.262
Fax:(08).3.7.900.262
1. An Nhon Tay Transaction Office
1476 Avenue 7 - Cho cu Hamlet
An Nhon Tay, Cu Chi
Ho Chi Minh
Tel:(08).3.7.947.123
Fax:(08).3.7.947.124
2. Tan Quy Transaction Office
1010 Avenue 15 - 12 Hamlet
Tan Thanh Dong, Cu Chi
Ho Chi Minh
Tel:(08).3.7.954.885
Fax:(08).3.7.954.841
3. Tay Bac Transaction Office
805 National Highway 22
Cu Chi Town, Cu Chi, Ho Chi Minh
Tel:(08).3.7.924.159
Fax:(08).3.7.924.158
8. 8 thang 3 Branch
41-43 Tran Cao Van (Ground Floor, A
Block - 1st Floor Master Building).
Ward 6, District 3, Ho Chi Minh
Tel:(08).3.5.218.318
Fax:(08).3.5.218.319
1. 8T3 - Nguyen Trai Transaction Office
234-226/216 Nguyen Trai
Ward 3, District 5, Ho Chi Minh
Tel:(08).3.8.380.719
Fax:(08).3.8.380.706
2. Phong Lan Transaction Office
192-194 Ly Thuong Kiet
Ward 8, Tan Binh District, Ho Chi Minh
Tel:(08).3.9.717.153
Fax:(08).3.9.712.040
9. Thu Duc Branch
231 Vo Van Ngan
Linh Chieu, Thu Duc District
Ho Chi Minh
Tel:(08).3.7.222.799
Fax:(08).3.7.222.800
ANNUAL REPORT 2011 168

1. Kien Thiet Transaction Office
83A Le Van Viet
Area 3, W. Hiep Phu, District 9
Ho Chi Minh
Tel:(08).3.7.360.541
Fax:(08).3.7.360.544
2. Binh Thai Transaction Office
270-272 Do Xuan Hop
Phuoc Long A, District 9, Ho Chi Minh
Tel:(08).3.7.281.973
Fax:(08).3.7.281.974
3. An Phu Transaction Office
27 Tran Nao
Binh An, District 2, Ho Chi Minh
Tel:(08).3.7.402.653 (51,52)
Fax:(08).3.7.402.650
4. Cat Lai Transaction Office
634 Nguyen Thi Dinh
Area 2 - Thanh My Loi, District 2,
Ho Chi Minh
Tel:(08).3.7.423.865
Fax:(08).3.7.423.869
5. Thao Dien Transaction Office
18 Thao Dien
Thao Dien, District 2, Ho Chi Minh
Tel:(08).3.5.194.368
Fax:(08).3.5.194.372
10. Quan 8 Branch
324 Chanh Hung
District 8, Ho Chi Minh
Tel:(08).3.8.508.340
Fax:(08).3.8.508.341
1. Xom Cui Transaction Office
415-417 Tung Thien Vuong
Ward 12, District 8, Ho Chi Minh
Tel:(08).3.9.514.893
Fax:(08).3.9.504.403
2. Rach Ong Transaction Office
92-94 Nguyen Thi Tan
Ward 5, District 8, Ho Chi Minh
Tel:(08).3.9.830.133
Fax:(08).3.9.830.135
3. Trung Son Transaction Office
29 - 31 No. 9A - Trung Son Resident
Binh Hung, Binh Chanh
Ho Chi Minh
Tel:(08).5.4.317.123
Fax:(08).5.4.318.543
4. Binh Dang Transaction Office
287-289 Avenue 5
Ward 5, District 8, Ho Chi Minh
Tel:(08).6.2.635.681
Fax:(08).6.2.635.682
5. Pham The Hien Transaction Office
657 - 659A Pham The Hien
W. 4, District 8, Ho Chi Minh
Tel:(08).3..8.520.220
Fax:(08).3.8.520.221
169
ANNUAL REPORT 2011
11. Quan 4 Branch
55-57 Hoang Dieu
District 4, Ho Chi Minh
Tel:(08).3.9.433.963
Fax:(08).3.9.433.983
1. Tan Thuan Transaction Office
384 Huynh Tan Phat
Binh Thuan, District 7, Ho Chi Minh
Tel:(08).3.8.724.288
Fax:(08).3.8.724.289
2. My Toan Transaction Office
954-956
Area My Toan 3 - Nguyen Van Linh
Tan Phong, District 7, Ho Chi Minh
Tel:(08).5.4.103.944
Fax:(08).5.4.103.959
3. Nha Be Transaction Office
83 Huynh Tan Phat
Nha Be Town, Nha Be, Ho Chi Minh
Tel:(08).3.8.738.827
Fax:(08).3.8.738.826
4. Can Thanh Transaction Office
199/3 Duyen Hai
Mieu Ba Hamlet - Can Thanh, Can Gio
Ho Chi Minh
Tel:(08).3.7.861.601(02, 03)
Fax:(08).3.7.861.604
5. Nguyen Thi Thap Transaction Office
172 Nguyen Thi Thap
W. Binh Thuan, District 7 Ho Chi Minh
Tel:(08).3.7.754.635 (36,37,38)
Fax:(08).3.7.754.639 (640)
6. Phu My Hung
17 Area My Hoang - H5
W. Tan Phong, District 7, Ho Chi Minh
Tel:(08).5.4.121.631
Fax:(08).5.4.120.923
12. Hoa Viet Branch
382 A-B Tran Hung Dao
Ward 11, District 5, Ho Chi Minh
Tel:(08).3.8.553.131
Fax:(08).3.8.553.003
1. Phung Hung Transaction Office
36-38 Phung Hung
Ward 13, District 5, Ho Chi Minh
Tel:(08).3.8.553.007
Fax:(08).3.8.553.013
2. Ngo Quyen Transaction Office
271 Ngo Quyen
Ward 6, District 10, Ho Chi Minh
Tel:(08).3.9.574.338
Fax:(08).3.9.574.335
3. Han Hai Nguyen Transaction Office
278 - 280 Han Hai Nguyen
Ward 9, District 11, Ho Chi Minh
Tel:(08).3.9.699.903 (04, 05)
Fax:(08).3.9.699.906
13. Dien Bien Phu Branch
549 Dien Bien Phu
Ward 3, District 3, Ho Chi Minh
Tel:(08).3.9.381.870
Fax:(08).3.9.381.871
1. Nguyen Tri Phuong Transaction
Office
335-337 Nguyen Tri Phuong
Ward 5, District 10, Ho Chi Minh
Tel:(08).3.8.347.458
Fax:(08).3.8.345.043
2. Bac Hai Transaction Office
Area A - No. 24 Truong Son
Ward 15, District 10, Ho Chi Minh
Tel:(08).5.4.348.190 (92,93)
Fax:(08).5.4.348.191
3. Su Van Hanh Transaction Office
836-838 Su Van Hanh
Ward 13, District 10, Ho Chi Minh
Tel:(08).5.4.348.199 (201,202)
Fax:(08).5.4.348.200
4. Quan 10 Transaction Office
187 Ngo Gia Tu
Ward 3, District 10, Ho Chi Minh
Tel:(08).5.4.052.025
Fax:(08).5.4.052.026
14. Tan Phu Branch
47 Hoa Binh
Tan Thoi Hoa, Tan Phu District,
Ho Chi Minh
Tel:"08.3.9.737.303; 08.3.9.618.725"
Fax:"08.3.9.737.312; 08.3.9.618.736"
1. Phu Tho Hoa Transaction Office
303 Nguyen Son
Phu Thanh, Tan Phu District
Ho Chi Minh
Tel:(08).3.9.786.034
Fax:(08).3.9.786.034
2. Tan Quy Transaction Office
32 - 32A - 30/1 Go Dau
Tan Quy, Tan Phu District
Ho Chi Minh
Tel:(08).3.8.109.833
Fax:(08).3.8.109.833
3. Tan Binh Industrial Park Transaction
Office
62-64 Tay Thanh
Tay Thanh, Tan Phu District
Ho Chi Minh
Tel:(08).3.8.156.799
Fax:(08).3.8.156.799
4. Au Co Transaction Office
615B Au Co
Hoa Thanh, Tan Phu District
Ho Chi Minh
Tel:(08).3.9.751.531
Fax:(08).3.9.751.533

5. Le Trong Tan Transaction Office
143-145 Le Trong Tan (& 78 Son Ky)
Son Ky, Tan Phu District, Ho Chi Minh
Tel:(08).3.8.165.685 (86)
Fax:(08).3.8.165.687
6. Go Cat Transaction Office
768 - 770 Tan Ky - Tan Quy
Binh Hung Hoa, Binh Tan District
Ho Chi Minh
Tel:(08).3.7.671.596(97)
Fax:(08).3.7.671.598
7. Le Van Quoi Transaction Office
246 Le Van Quoi
Binh Hung Hoa, Binh Tan District
Ho Chi Minh
Tel:(08).3.9.721.815
Fax:(08).3.9.721.817
8. Luy Ban Bich Transaction Office
No. 580 (Ground & 1st Floor)
Luy Ban Bich
Hiep Tan, Tan Phu District
Ho Chi Minh
Tel:(08).3.9.737.303(304)
Fax:(08).3.9.737.311
15. Binh Thanh Branch
270B Bach Dang
Ward 24, Binh Thanh District
Ho Chi Minh
Tel:(08).3.5.512.700
Fax:(08).3.5.512.699
1. Thi Nghe Transaction Office
89-91 Xo Viet Nghe Tinh
Ward 7, Binh Thanh District
Ho Chi Minh
Tel:(08).3.5.144.767
Fax:(08).3.5.144.764
2. Thanh Da Transaction Office
552A - 552B Xo Viet Nghe Tinh
Ward 25, Binh Thanh District
Ho Chi Minh
Tel:(08).3.5.119.570
Fax:(08).3.5.116.108
3. Binh Hoa Transaction Office
95 Le Quang Dinh
Ward 14, Binh Thanh District
Ho Chi Minh
Tel:(08).3.5.510.502
Fax:(08).3.5.160.644
4. No Trang Long Transaction Office
202-204 No Trang Long
Ward 12, Binh Thanh District
Ho Chi Minh
Tel:(08).3.5.162.227
Fax:(08).3.5.162.285
16. Binh Tay Branch
59-61-63-65 Hau Giang
Ward 2, District 6, Ho Chi Minh
Tel:(08).3.9.699.355(52)
Fax:(08).3.9.699.361
1. Kim Bien Transaction Office
286 - 288 Hai Thuong Lang Ong
Ward 14, District 5, Ho Chi Minh
Tel:(08).5.4.052.300
Fax:(08).5.4.052.323 (24)
2. Cay Go Transaction Office
129A Minh Phung
Ward 9, District 6, Ho Chi Minh
Tel:(08).3.9.698.265 /66 /67
Fax:(08).3.9.698.264
3. Pham Van Chi Transaction Office
129-131 Pham Phu Thu
Ward 3, District 6, Ho Chi Minh
Tel:(08).3.9.676.171(173)
Fax:(08).3.9.676.174
4. Tran Van Kieu Transaction Office
24 Tran Van Kieu
Ward 10, District 5, Ho Chi Minh
Tel:(08).3.9.520.301 (302, 296)
Fax:(08).3.9.520.300
5. Ba Hom Transaction Office
698 Avenue 10 - Area 18
W. Binh Tri Dong, Binh Tan District
Ho Chi Minh
Tel:(08).3.7.620.760(61,62,63,64)
Fax:(08).3.7.620.765
SOUTHWEST
1. An Giang Branch
333 Tran Hung Dao
My Quy, Long Xuyên, An Giang
Tel:(076).3.924.924
Fax:(076).3.924.900
1. Tan Chau Transaction Office
104 Ton Duc Thang
W Long Thanh, Tan Chau, An Giang
Tel:(076).3.534.282
Fax:(076).3.534.284
2. Chau Phu Transaction Office
17 Tran Quang Khai
Cai Dau Town, Chau Phu, An Giang
Tel:(076).3.685.856
Fax:(076).3.685.858
3. Nui Sam Transaction Office
9 Tan Lo Kieu Luong - Area Vinh Dong
W. Nui Sam, Chau Doc , An Giang
Tel:(076).3.571.678
Fax:(076).3.571.680
4. Cho Moi Transaction Office
Avenue 942 ,2 Hamlet
My Luong Town, Cho Moi, An Giang
Tel:(076).3.626.554
Fax:(076).3.626.556
5. Chau Doc Transaction Office
88 Dong Da
W. Chau Phu A, Chau Doc, An Giang
Tel:(076).3.260.262
Fax:(076).3.260.264
6. Phu Tan Transaction Office
115 Chu Van An
Phu My Town, Phu Tan, An Giang
Tel:"(076).3.582.444;(076). 3.587.933
(44)"
Fax:(076).3.587.955
7. Thoai Son Transaction Office
575 Nguyen Hue
Nui Sap Town, Thoai Son, An Giang
Tel:(076).3.712.770 (771, 772)
Fax:(076).3.712.773
8. Tinh Bien Transaction Office
564-566 National Highway 91
Xuan Hoa, Tinh Bien Town,
Tinh Bien, An Giang
Tel:(076).3.751.751 (52, 53)
Fax:(076).3.751.754
9. Long Xuyen Transaction Office
56B Ton Duc Thang
My Binh, Long Xuyen, An Giang
Tel:(076).3.956.516
Fax:(076).3.956.515
2. Can Tho Branch
95-97-99 Vo Van Tan
Tan An, Ninh Kieu, Can Tho
Tel:(0710).3.843.295
Fax:(0710).3.843.289 (294)
1. Tra Noc Transaction Office
34 A2 Tra Noc 1 Industrial Park
Tra Noc, Binh Thuy, Can Tho
Tel:(0710).3.811.022
Fax:(0710).3.810.523
2. Thot Not Transaction Office
314 National Highway 91 -
Area Long Thanh A
W. Thot Not, Thot Not District
Can Tho
Tel:(0710).3.854.636
Fax:(0710).3.854.656
3. 3 thang 2 Transaction Office
174 B 3 thang 2
Hung Loi, Ninh Kieu , Can Tho
Tel:(0710).3.740.611
Fax:(0710).3.740.609
4. O Mon Transaction Office
958/6 26 Thang 3
W. Chau Van Liem, O Mon District
Can Tho
Tel:(0710).3.665.550 (570,580)
Fax:(0710).3.665.560
5. Cai Khe Transaction Office
81 - 83 Tran Van Kheo
W. Cai Khe, Ninh Kieu District
Can Tho
Tel:(0710).3.761.687
Fax:(0710).3.761.688
ANNUAL REPORT 2011 170

6. An Phu Transaction Office
228.1C - 228/1D Tran Hung Dao
W. An Nghiep, Ninh Kieu District
Can Tho
Tel:(0710).3.730.002 (03,04)
Fax:(0710).3.730.001
7. Cai Rang Transaction Office
415-418 National Highway 1A
Area Yen Ha
W. Le Binh, Cai Rang District
Can Tho
Tel:(0710).3.527.537 (39, 40)
Fax:(0710).3.527.538
8. Vinh Thanh Transaction Office
1315B-1315C Vinh Quoi Hamlet
Vinh Thanh Town, Vinh Thanh
Can Tho
Tel:(0710).3.641.999
Fax:(0710).3.641.983
3. Dong Thap Branch
56 Nguyen Hue
Ward 2, Cao Lanh City, Dong Thap
Tel:(067).3.871.525
Fax:(067).3.871.535
1. Sa Dec Transaction Office
6-7 Nguyen Sinh Sac
Ward 2, Sa Dec, Dong Thap
Tel:(067).3.772.355
Fax:(067).3.772.360
2. Hong Ngu Transaction Office
54-56 Hung Vuong
W. An Thanh, Hong Ngu, Dong Thap
Tel:(067).3.562.998
Fax:(067).3.839.888
3. Thap Muoi Transaction Office
29/D Tran Phu
My An Town,Thap Muoi, Dong Thap
Tel:(067).3.941.676 (677, 678)
Fax:(067).3.941.679
4. Lap Vo Transaction Office
717 3/2 street - Binh Thanh 1
Lap Vo Town, Lap Vo, Dong Thap
Tel:(067).3.843.840 (41, 44)
Fax:(067).3.843.843
4. Kien Giang Branch
137 Nguyen Hung Son
W. Vinh Thanh Van, Rach Gia
Kien Giang
Tel:(0773).875.797
Fax:(0773).875.737
1. Tan Hiep Transaction Office
496 National Highway 80
Dong Thanh Hamlet
Dong Thanh A, Tan Hiep, Kien Giang
Tel:(0773).731.931 (34,35)
Fax:(0773).731.933
171
ANNUAL REPORT 2011
2. Rach Soi Transaction Office
27 Cach Mang Thang 8
Vinh Loi, Rach Gia, Kien Giang
Tel:(0773).913.718
Fax:(0773).913.719
3. Hon Dat Transaction Office
47 Duong Hon Hamlet
Hon Dat Town, Hon Dat, Kien Giang
Tel:(0773).786.133 (35,36)
Fax:(0773).786.134
4. Ha Tien Transaction Office
155-157 Mac Thien Tich
W. Binh San, Ha Tien, Kien Giang
Tel:(0776).260.230 (250,290)
Fax:(0776).260.300
5. Minh Luong Transaction Office
30 National Highway 61
Minh Luong Town, Chau Thanh
Kien Giang
Tel:(0773).619.363 (64,65)
Fax:(0773).619.366
6. Kien Luong Transaction Office
16-17-18 Lot L2
Ba Hon Trade Center
Kien Luong, Kien Giang
Tel:(0773).751.951(52)
Fax:(0773).751.954
7. Rach Gia Transaction Office
361 - 363 Nguyen Trung Truc
W. Vinh Lac, Rach Gia City
Kien Giang
Tel:(0773).690.778 (79)
Fax:(0773).690.777
8. Giong Rieng Transaction Office
94-95 Inner Zone Area
Giong Rieng Town,Giong Rieng,
Kien Giang
Tel:(0773).654.572(573, 570)
Fax:(0773).654.574
5. Phu Quoc Branch
52B 30 thang 4 Street - Area 1
Duong Dong, Phu Quoc, Kien Giang
Tel:(0773).995.118
Fax:(0773).995.116
1. An Thoi Transaction Office
Area 3
An Thoi Town, Phu Quoc, Kien Giang
Tel:(0773).999,771
Fax:(0773).999,773
6. Hau Giang Branch
31 Street 3 Thang 2
Area 3 - ward 5, Vi Thanh city,
Hau Giang
Tel:(0711).3.876.075 Fax:(0711).3
876.950
1. Chau Thanh A Transaction Office
9A National highway 61
Tan Phu Hamlet
Tan Phu Thanh, Chau Thanh A,
Hau Giang
Tel:(0711).3.952.774
Fax:(0711).3.952.773
2. Nga Bay Transaction Office
1/451 street Trieu Au
Nga Bay, Nga Bay, Hau Giang
Tel:(0711).3.962.826
Fax:(0711).3.962.824
3. Long My Transaction Office
50-52 30 thang 4 street
2 Hamlet, Long My Town, Long My,
Hau Giang
Tel:(0711).3.511.618
Fax:(0711).3.511.616
4. Chau Thanh Hau Giang Transaction
Office
B25-B26 Avenue 925
Nga Sau Town, Chau Thanh
Hau Giang
Tel:(0711).3.956.764
Fax:(0711).3.956.762
7. Bac Lieu Branch
B1A Lot B
Tran Phu, Bac Lieu Trade center,
Ward 3, Bac Lieu
Tel:(0781).3.932.206
Fax:(0781).3.932.201
1. Ho Phong Transaction Office
151-153 National Highe 1A - 2 Hamlet
Ho Phong Town, Gía Rai, Bac Lieu
Tel:(0781).3.671.484
Fax:(0781).3.671.494
2. Hoa Binh Transaction Office
20 - National Highway 1A , A1 Hamlet
Hoa Binh Town, Hoa Binh, Bac Lieu
Tel:(0781).3.883.288
Fax:(0781).3.883.289
3. Phuoc Long Town Transaction Office
307A Noi O Hamlet
Phuoc Long Town,Phuoc Long
Bac Lieu
Tel:(0781).3.581.583
Fax:(0781).3.581.584
4. Dong Hai Transaction Office
C24-C25 Ganh Hao Trade Center
Ganh Hao Town,Dong Hai, Bac Lieu
Tel:(0781).3.844.588
Fax:(0781).3.844.577
8. Soc Trang Branch
30 Tran Hung Dao
Sub- ward 1, ward 2, Soc Trang City
Soc Trang
Tel:(079).3.616.762
Fax:(079).3.616.761

1. My Xuyen Transaction Office
1 Avenue 8, Thanh Loi Hamlet
My Xuyen, My Xuyen, Soc Trang
Tel:(079).3.831.427
Fax:(079).3.831.426
2. Hai Ba Trung Transaction Office
118 Hai Ba Trung
Sub ward 1, W. 1, Soc Trang
Soc Trang
Tel:(079).3.622.624
Fax:(079).3.622.621
3. Vinh Chau Transaction Office
247A street 30/4
Vinh Chau Town, Vinh Chau
Soc Trang
Tel:(079).3.911.567
Fax:(079).3.911.555
4. Thanh Phu Transaction Office
126 National Highway 1A - Area 3
Thanh Phu, My Xuyen, Soc Trang
Tel:(079).3.690.044(55,66)
Fax:(079).3.690.033
9. Long An Branch
165 - 167 Hung Vuong
Ward 2, Tan An City, Long An
Tel:(072).3.831.590
Fax:(072).3.831.594
1. Ben Luc Transaction Office
90 Nguyen Huu Tho
Ben Luc Town, Ben Luc, Long An
Tel:(072).3.633.443
Fax:(072).3.633.442
2. Tan An Transaction Office
25 Nguyen Dinh Chieu
Ward 1, Tan An City, Long An
Tel:(072).3.553.799 (899)
Fax:(072).3.553.699
3. Duc Hoa Transaction Office
Binh Tien Hamlet, 1 Avenue 825
Duc Hoa Ha, Duc Hoa, Long An
Tel:(072).3 763.976
Fax:(072).3.763.978
4. Can Giuoc Transaction Office
Lot7-8 TM Residential Area
Area 2, National Highway 50
Can Giuoc Town, Can Giuoc, Long An
Tel:(072).3.741.717/8
Fax:(072).3.741.719
5. Thu Thua Transaction Office
2/30B Phan Van Tinh
Thu Thua Town, Thu Thua, Long An
Tel:(072).3.613.660 (61,63)
Fax:(072).3.613.664
6. Can Duoc Transaction Office
22A National Highway 50 - Area 3
Can Duoc Town, Can Duoc, Long An
Tel:(072).3.713.555 (888)
Fax:(072).3.713.444
7. Moc Hoa Transaction Office
42A Hung Vuong
Moc Hoa Town, Moc Hoa, Long An
Tel:(072).3.958.330 (333)
Fax:(072).3.958.334
8. Go Den
31 National Highway 1A,
Long Binh Hamlet
Long Hiep, Ben Luc, Long An
Tel:(072).3.637.551 (52,53,54,55)
Fax:(072).3.637.556
10. Vinh Long Branch
35B 3 Thang 2
Ward 1, Vinh Long City, Vinh Long
Tel:(070).3.878.260
Fax (070).3.878.261
1. Binh Minh Transaction Office
894 Ngo Quyen
Cai Von, Binh Minh, Vinh Long
Tel:(070).3.741.262
Fax:(070).3.741.272
2. Nguyen Hue Transaction Office
156 Nguyen Hue
Ward 2, Vinh Long City, Vinh Long
Tel:(070).3.836.898(97)
Fax:(070).3.836.896
3. Tra On Transaction Office
15D - 16D Gia Long
Area 1, Tra On Town, Vinh Long
Tel:(070).3.772.727(729)
Fax:(070).3.772.728
4. Vung Liem Transaction Office
03B - 04B Sub ward 2
Vung Liem Town,Vung Liem
Vinh Long
Tel:(070).3.971.789
Fax:(070).3.971.788
11. Ben Tre Branch
14C1 Dong Khoi Boulevard
W. Phu Khuong, Ben Tre City, Ben Tre
Tel:(075).3.839.115
Fax:(075).3.839.116
1. Mo Cay Transaction Office
256 Area 2
Mo Cay Town, Mo Cay Nam, Ben Tre
Tel:(075).3.662.662
Fax:(075).3.662.663
2. Binh Dai Transaction Office
159/C Area 3
Binh Dai, Binh Dai, Ben Tre
Tel:(075).3.742.743
Fax:(075).3.742.744
3. Giong Trom Transaction Office
600 Area 2
Giong Trom Town,Giong Trom
Ben Tre
Tel:(075).3.511.113
Fax:(075).3.511.115
4. Cho Lach Transaction Office
137/14B Area 2
Cho Lach Town, Cho Lach, Ben Tre
Tel:(075).3.871.109(107, 108)
Fax:(075).3.871.106
12. Tien Giang Branch
6 Dinh Bo Linh
Ward 2, My Tho, Tien Giang
Tel:(073).3.973.345 (33)
Fax:(073).3.973.342 (44)
1. Cai Be Transaction Office
875 Hamlet 05
Phu An, Cai Lay, Tien Giang
Tel:(073).3.925.777
Fax:(073).3.925.776
2. Go Cong Transaction Office
318 Vo Duy Linh
W.1, Go Công, Tien Giang
Tel:(073).3.513.133
Fax (073).3.513.143
3. Cai Lay Transaction Office
2/336 Area 5, Street 868
Cai Lay Town, Cai Lay, Tien Giang
Tel:(073).3.919.883
Fax:(073).3.919.886
4. Vinh Kim Transaction Office
Vinh Thanh Hamlet
Vinh Kim, Chau Thanh, Tien Giang
Tel:(073).3.619.123/124
Fax (073).3,619,122
5. Cho Gao Transaction Office
130 - Lot 1 Area 2
Cho Gao Town, Cho Gao, Tien Giang
Tel:(073).3.654.801(05)
Fax:(073).3.654.806
6. My Tho A Transaction Office
194 Ap Bac
Ward 5, My Tho City, Tien Giang
Tel:(073).3.977.901 (905)
Fax:(073).3.977.906
7. An Huu Transaction Office
A 4 An Huu
Cai Be, Tien Giang
Tel:(073).3.767.979 (984)
Fax:(073).3.767.984
13. Tra Vinh Branch
555 Nguyen Dang
Sub ward 3 - W.6, Tra Vinh, Tra Vinh
Tel:(074).3.858.711 (15)
Fax:(074).3.858.710
1. Cang Long Transaction Office
02 - 03 National highway 53
Cang Long Town,Cang Long, Tra Vinh
Tel:(074).3.884.411
Fax:(074).3.884.409
ANNUAL REPORT 2011 172

2. Tieu Can Transaction Office
17 street 30/4
Sub ward 1 - Tieu Can Town
Tieu Can, Tra Vinh
Tel:(074).3.630.996 (997, 998)
Fax:(074).3.630.994
3. Tra Vinh City Transaction Office
40 Dien Bien Phu
Ward 2, Tra Vinh City, Tra Vinh
Tel:(074).3.763.113
Fax:(074).3.763.112
14. Ca Mau Branch
44 Ly Bôn
Ca Mau, Ca Mau
Tel:(0780).3.812.001
Fax:(0780).3.812.006
1. Nam Can Transaction Office
H35, H36 Nguyen Tat Thanh
Nam Can, Nam Can, Ca Mau
Tel:(0780).3.730.996
Fax:(0780).3.730.999
2. Tac Van Transaction Office
120 , Hamlet 3
Tac Van, Ca Mau City, Ca Mau
Tel:(0780).3.660.044
Fax:(0780).3.661.324
3. Song Doc Transaction Office
116 Group 3 - Sub ward 10
Song Doc Town,Tran Van Thoi
Ca Mau
Tel:(0780).3.892.303 (304)
Fax:(0780).3.892.555
INTERNATIONAL
CAMBODIA
1. SACOMBANK CAMBODIA
60 Norodom Boulevard
Sangkat Chey Chumnas
Khan Daun Pênh
Phnômpênh - Cambodia
TEL:(855).23.223.422
Fax:(855).23.223.433
1. Olympic Branch
319 - 321 Preah Shihanouk Boulevard
Sangkat Veal Vong
Khan 7 Makara
Phnômpênh - Cambodia
Tel:(855).23.223.420
Fax:(855).23.223.402
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ANNUAL REPORT 2011
2. Vietnam Supermarket Branch
717-719 Preah Monivong Boulevard
Sangkat Boeung Keng Kang 3
Khan Chamkarmon
Phnômpênh - Cambodia
Tel:(855).23.223.421
Fax:(855).23.214.734
3. Chbar Ampeou Branch
577A-578B National Road 1
Sangkat Chbar Ampeou II
Khan Mean Chey
Phnômpênh - Cambodia
Tel:(855).23.223.418
Fax:(855).23.721.571
LAOS
1. LAOS
175/02 Saylom
Ban Hatsady
Chanthabury
Vientiane - LAOS
TEL:(856).21.260.400
Fax:(856).21.260.402
1. Cho Sang Transaction Office
B#01-04 - 1st Floor
Cho Sang Trade Center
Lane Xang
Ban Hatsady
Chanthabury
Vientiane - LAOS
Tel:(856).21.285.400
Fax:(859).21.285.400
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ANNUAL REPORT 2011 174

175
ANNUAL REPORT 2011

SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK (SACOMBANK)
266-268 Nam Ky Khoi Nghia Street,
Ward 8, District 3, HoChiMinh City
Tel : (84 8)39320420
Fax : (84 8)39320424
Website : www.sacombank.com.vn