notes to the consolidated financial statements - Sacombank

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
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ANNUAL REPORT 2011