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Monthly Report May 2010. Accounting, Finance and Investment. Contents. 1. Activities. 2. Market updates. 3. Financial figures. 4. Plans. 1. Activities. Activities – Engaged projects. Investment. Cash/ Time deposits management. Evaluates to find new deposit counterparties.
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Monthly Report May 2010 Accounting, Finance and Investment
Contents 1. Activities 2. Market updates 3. Financial figures 4. Plans
Activities – Engaged projects Investment Cash/ Timedepositsmanagement.Evaluates to findnewdeposit counterparties. Following up international & domestic bond market. Seeking opportunities for investing.
Activities – Engaged projects Accounting & Finance The 2010 innovation & incentive program: BOD approved the proposal. The Auto-pay project :Signing contract with Sacombank. Parent audit visit : Working with auditors on related matters.
Activities – Engaged projects Accounting & Finance (Cont.) The profit center project :Report of location has been sent out to BOD. The following report of location is for your reference
Interest Rates (%) • Interest rate is on the down trend recently. • Majority of banks have set the cap on deposit rate at 11.5%, except for some small JSCBs (Joint stock commercial banks). • Lending rate has been declined to 14% - 15%pa.
Interest Rates (Cont.) • Reasons: • The government has asked the State Bank of Vietnam (SBV) to cut the interest rates to boost local business and productions, in a movement to help stabilize local macro economy. • State Bank of Vietnam has been boosting funds via open market operations since the start of 2010 to curve the lending rate.
Foreign exchange rates 3.4% 17,491 - 18,544 Trend of USD/VND 5.4% 17,034 - 17,961 VND depreciated somewhat, but generally speaking, it’s stable.
Foreign exchange rates (Cont.) In May 2010, • Official rate: 18,958 – 19,013 • Unofficial rate: 18,970 – 19,030 Reasons: • USD gets back the confidence as the evolution of the Greece’s situation. • VND might be still stable for the near future although the demand for USD is rising, but the supply of USD is relatively plenty.
1 3 2 4 YTD Apr 2010 Results Gross Premiums Sale Expenses Analysis of Premiums and Sale Exp.
1 YTD Apr 2010 Results
YTD Apr 2010 Results (VND bn) Jan Feb Mar Apr YTD
2 Gross Premiums
Gross Premium (VND mil) 71% 127%
Chart of Gross Premium (VND bn) A02 of 5.8b YTD 19.2b 71% budget
3 Sale Expenses
Sale expenses (VND mil) 99% 151% Sale expenses are agent incomes, sale incentives, advertising, customer care…
Chart of Sale expenses (VND bn) 99% budget YTD 16.8b
4 Analysis of Premium collections & Sale Expenses.
Premiums / Sale exp. (VND bn) Premium 71% budget Sale Exp. 99% budget
Sale expenses & Premiums Actual & Budget 2010 (%) • YTD Apr 2010 gross premiums has reached 71% only but the related expenses has closed to 99% YTD budget. • It has resulted in the loss on insurance trading as the revenues could not cover the sale expenses, such as agent incomes, sale incentives, advertising…
Half-year of 2010 reporting & half-year audit conducted by Earns & Young. Introduction the 2010 innovation & incentive program to all staff. Work with IT to enhance the system: generating the cash reports & deposit monitoring. Plans – Accounting & Finance 1 2 3
Investment project:schedule time and topic about financial market and do presentation. Keep following the progress of fund management company with ICC. Following up the international & domestic bond market, as well as cash managements. Plans – Investment 1 2 3