2017 - VCBSvcbs.com.vn/uploads/News/2018/T7/AR2017/20180712_VCBS_AR20… · PJICO, Vinamilk, Vietnam Airlines, etc. As a member of Vietcombank, VCBS provides full product packages

2017ANNUAL REPORTwww.vcbs.com.vn

TOGETHER FOR THE FUTURE

GENERAL INTRODUCTIONCompany InformationMilestonesMessage from Chairwoman and CEOFinancial HighlightsDevelopment Orientation

MANAGEMENT REPORTVietnam Economy and Stock Market Overview in 2017Business Performance in 2017

ORGANIZATION AND ADMINISTRATIONOrganization StructureList of Board MembersBoard of Directors IntroductionBoard of Management & Supervisors Introduction

BUSINESS ACTIVITIESFinancial Institutional ClientCorporate ClientIndividual Client

SUSTAINABILITY REPORTPrestige and ExperienceIndependent, Objective And Honest SupervisionRisk Management System Meeting International Standards High Quality Human ResourcesModern Transaction Technology – Diverse Products And Services Social Responsibility

OPERATIONAL NETWORK

FINANCIAL STATEMENTCorporate InformationStatement of the Board of ManagementIndependent Auditors’ ReportStatement of Financial PositionStatement of IncomeStatement of Cash FlowsStatement of Changes In Equity

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CONTENT

GENERAL INTRODUCTION

06 Company Information08 Milestones12 Message From Chairwoman And CEO16 Financial Highlights18 Development Orientation

As a wholly owned subsidiary from Vietcombank, VCBS inherits 55-year experience and prestige in the field of finance and banking as well as the strong financial resource, modern technology and wide network of clients from the Parent bank.

STEADY AND CONTINUOUS DEVELOPMENT

COMPANY INFORMATION11.1

Company name in Vietnamese: Công ty TNHH Chứng khoán Ngân hàng Thương mại Cổ phần Ngoại Thương Việt Nam.

Company name in English: Vietcombank Securities Co., Ltd. (VCBS).

Date of establishment: January 07th, 2002 under Decision No.27/QD-HDQT of the Board of Directors, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

Establishment and operation license No.09/GPHĐKD dated 24 April 2002 granted by the State Securities Commission of Vietnam.

The amended establishment and operation license No.63/GPĐC-UBCK dated 29 December 2017 granted by the State Securities Commission of Vietnam.

Company business: VCBS is licensed to provide all securities-related products and services in accordance with legal regulations.

Charter capital: VND 1,000,000,000.000 (One thousand billions Vietnam Dong).

Head Office: 12th & 17th Floor, Vietcombank Tower, 198 Tran Quang Khai, Hoan Kiem District, Hanoi.

Tel: (84-24)-39366990 - Fax: (84-24)-39360262

Website: www.vcbs.com.vn

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A N N U A L R E P O R T

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MILESTONES11.2

• First securities company provided an online price board (www.vcbs.com.vn) and an online trading platform (Cyber Investor).

• Underwriter for VND1,000 billion of Government Bond. VCBS was the leading securities company in Vietnam bond market.

• Launch of VCBS Branch in HCMC (VCBS HCMC).

• Advisor and underwriter for Imexco share issuance, marking the first commitment underwriting in Vietnam stock market.

• Advisor and underwriter for Eximbank shares issuance (VND200 billion), the largest value underwriting shares deal in the first 5 years of Vietnam stock market.

• Certificate of Merit awarded by the Finance Minister of Vietnam for outstanding performance in the IPO of POSTEF (symbol: POT). It was also the first IPO conducted at Hanoi Securities Trading Center, known as Hanoi Stock Exchange (HNX) nowadays.

• Certificate of Merit awarded by the State Bank Governor for contributions in fulfilling 2004 mission.

• Certificate of Merit awarded by the Finance Minister for achievements in building & developing the stock market from 2000 to 2005.

• Charter capital increased from VND60 billion to VND200 billion.• Certificate of Merit awarded by the Prime Minister for socio-economic

achievements• Certificate of Merit awarded by the Chairman of HCMC People

Committee for municipal bond underwriting.• Certificate of Merit awarded by Finance Minister of Vietnam for

outstanding achievements in capital market development.

2002

2003

2004

2005

2006

• Advisor for Vietcombank IPO, one of the largest IPOs in Vietnam.• Underwriter for Vietnam Steel Corporation bond issuance (VND400

billion) and Song Da Corporation bond issuance (VND300 billion).• Launch of VCBS - Da Nang Branch (VCBS Da Nang).

• Organization restructuring after 5 years of operation.• Launch of Transaction Office at Vietcombank Hai Duong.

• Charter capital increased to VND700 billion from VND200 billion.• One of the first securities companies connecting to HSX online trading

system • “Prestigious Securities Brand” Award for Outstanding Investment

Bankers.• Outstanding Securities Company awarded by Hanoi Stock Exchange.

• Launch of VCBS - Can Tho Branch (VCBS Can Tho).• One of the first securities companies connecting to HNX online

trading system.• Certificate of Merit awarded by the Chairman of HCMC People

Committee for excellent performance.

• Launch of VCBS - Vung Tau Branch.• First securities company executed large M&A deals in Banking

Industry. Details:» Merge between ShinhanVina Joint-Venture Bank and Shinhan Vietnam Bank.» Merge among 3 banks: First Joint Stock Commercial Bank, Vietnam Tin Nghia Joint Stock Commercial Bank and Saigon Joint Stock Commercial Bank.

2007

2008

2009

2010

2011

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MILESTONES (CONTINUED)11.2

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• Certificate of Merit awarded by the Chairman of State Securities Commission for “Outstanding achievements in the secondary bond market operations in 2012”.

• Advisor for M&A deals between:» Saigon Hanoi Joint Stock Commercial Bank and Hanoi Building Joint Stock Commercial Bank.» Vietnam Italy Steel JSC and Song Da Steel JSC.

• Underwriter for Vinaenco bond issuance (VND250 billion).• Advisor and arranger for BIM Seafood bond issuance (VND250

billion).

• One of the leaders in primary and secondary market share in many consecutive years.

• One of 10 securities companies with largest securities brokerage and fund certificates market share in HOSE.

• Advisor and underwriter for CII bond issuance (VND1,000 billion). Successfully issued 5,000 billion on Vinacomin bond issuance.

• Advisor for M&A deals between Song Da 9 JSC and Song Da 91 JSC, and between Someco Song Da and Someco Hoa Binh.

• Launched a friendly-interface website to support investors in trading and searching information.

• Top 4 Bond & Treasury Bill brokerage house with more than 10% market share.

• Certificate of Merit awarded by Mr. Vu Bang, Chairman of State Securities Commission, for achievements in developing Vietnam bond market from 2009 to 2014.

• Successfully issued VCBS corporates bonds (VND200 billion).• “Outstanding Member of the Stock Market”, from 2009 to 2014, by

HNX.• Top 10 stock and fund certificate brokerage house on HSX.

• Advisor and underwriter for Masan Consumer Holdings (MCH) bond issuance - a wholly owned subsidiary of Masan Group (VND9,000 billion).

• Advisor and underwriter for Vinpearl Nha Trang bond issuance - a wholly owned subsidiary of Vingroup (VND2,300 billion).

• Officially launched a new trading platform operates via Home Trading, Web Trading, and Mobile Trading and App Trading subsystem.

• Top 5 advisor and auction member on HSX.• Outstanding member of HNX for contributions to the market from

2005 to 2015.• Successfully issued VND300 billion worth of VCBS corporates bonds.• Established Giang Vo transaction office and a representative office in

Hai Phong..

• Advisor and underwriter in the issuance of 8,000 billion VND Vietcombank (VCB) bond.

• Awarded by Minister of Finance as “Excellent Achievement and Significant Contribution to the Development of Vietnam Stock Market”.

• Memorial award “Top 5 Securities companies in Vietnam about advisory and auction in 2015”, by HOSE.

• “Outstanding Member of the stock market”, from 2015 - 2016, by HNX.

• Opened VCBS Binh Duong office.

• Increased charter capital from VND700 billion to VND1,000 billion.• Acted as only auction agent in State capital divestment from Sabeco

with total transaction value of VND110,000 billion via VCBS. • Honored by Vietnam Securities Depository (VSD) as “Typical member

in payment and securities in 2017”.• Honored by HNX as “Typical member in 2017”.• Honored by HNX as “Typical member in Government bond market

in 2017”.

2012

2013

2014

2012

2013

2014

2015

2016

2017

2015

2016

2017

Dear Valued Clients!

In 2017, the stability of Vietnam economy was ensured with the throughout policy directions from the Government and the SBV. As results, GDP achieved 6.81%, the highest growth rate in six years and average CPI increased by 3.53% compared to that in 2016. Besides, exchange rate remained stable; interest rate was kept at a reasonable level and the liquidity of the banking system was plentiful. Thanks to those, the stock market has seen a strong growth. VN index reached 10-year record high with transactions volume and value at record levels. On the other hand, foreign investors had strong disbursement in the market, especially in the growth of indirect investment. VN Index and HNX Index grew 7.80% yoy and 45.86% yoy respectively.

Given that situation, as a subsidiary with 100% of capital contributed by Vietcombank, VCBS inherits 55-year experience and prestige in finance – banking industry, strong financial resource, modern technology and wide network of clients of its Parent bank – Vietcombank.

VCBS has been trusted and used by prestigious financial institutions in the world such as Mizuho, CitiBank, Deutsche Bank, Standard Chartered Bank, ANZ Bank, ABN AMRO Bank, Shinhan Bank, etc. as well as the largest economic groups in Vietnam such as Vinacomin, VNPT, EVN, SCIC, Song Da Corporation, VN Steel, PJICO, Vinamilk, Vietnam Airlines, etc.

As a member of Vietcombank, VCBS provides full product packages from retail banking to Investment Banking services. In 2017, VCBS executed big deals that made a considerable contribution to the market growth, for examples, agent successfully issuing 8,000 billion of bonds for Vietcombank, only auction agent in State capital divestment from SABECO with total transaction value of VND110,000 billion, etc. With its position contributions, VCBS was honorably named in 10 securities companies with largest brokerage market share in HNX, “Typical member in Government bond market in 2017” and “Typical member of 2017” by HNX, “Typical member in payment and securities in 2017” by VSD.

MESSAGE FROM CHAIRWOMAN AND CEO11.3

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Chairwoman NGUYEN THI KIM OANH

CEOLE MANH HUNG

The stock market is expected to continue to grow in 2018 in the situation of stable macro-economy and more convenient factors than those in 2017.

Details:

(i) High investment flows into Vietnam, indirect and direct investments into financial market;

(ii) Stable growth of stable macro-economy;

(iii) Reasonable interest rate.

With high GDP growth, stable macro-economy, and controlled inflation, Vietnam has become an ideal destination of international capital flows. Particularly, the State capital divestment from large enterprises with good business performance will strongly motivate foreign investment and thereby, develop stock market in both quantity and quality in 2018. Moreover, the fact that Vietnam stock market is expected to upgrade in Emerging Market will remove the last barrier for Vietnam’s integration into the world.

VCBS continues to orient to become a leading Investment Bank in Vietnam with specific actions for business development, including:

(i) Concentrate resource to develop institutional clients, strengthening Corporate Advisories;

(ii) Develop new securities packages to best serve the clients, improving efficiency and reducing transaction costs for clients;

(iii) Continue to invest and develop online trading technology system to provide clients with modern and secure transaction features;

(iv) Manage risks and enhance internal control to become a steady foundation for business operation. In addition, VCBS will continue to focus on training as well as improving labor quality, compensation, and working environment.

In the new phase of development, VCBS will make efforts to keep its growth along with the development of the market and share its prosperity with clients. VCBS will continue to offer clients with the modern banking services of the leading bank in Vietnam. VCBS is committed to being a reliable partner for investors, businesses, financial institutions domestically and internationally.

VCBS is committed to being a reliable partner for investors, businesses, financial institutions domestically and internationally.

MESSAGE FROM CHAIRWOMAN AND CEO (CONTINUED)

11.3

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2015

100

0

200

300

600

500

400

2016

336

369

578.9

20150

50

200

150

100

2016

88 80

186.4

20150

400

200

1,000

800

600

2016

700 700

1,000

FINANCIAL HIGHLIGHTS11.4

Item 2015 2016 2017

Net revenue 336,167 368,582 578,940

Operating expense (124,819) (157,548) (225,345)

Financial income 7,004 2,279 2,364

Financial expense (46,820) (62,350) (82,859)

General and administrative Expenses (83,637) (70,786) (86,711)

Gross profit 87,762 80,177 186,389

Other income/expense (257) 76

Profit before tax 87,505 80,177 186,464

Profit after tax 71,593 65,723 151,715

Charter capital 700,000 700,000 1,000,000

Current ratio 261.08% 165.80% 197.74%

Total liabilities/Total assets 15.67% 29.06% 46.12%

Total liabilities/Total Stock holder equity 30.60% 66.55% 118.16%

Total Asset Turnover 16.25% 14.22% 17.73%

Gross profit margin 21.11% 17.89% 26.21%

ROA 6.66% 5.80% 11.90%

ROE 3.41% 2.53% 4.65%

CAR 310% 265% 308%

Charter capital (VND million)

Net revenue (VND million)

Profit before tax (VND million)

578.9

186.4

1,000

PROFIT AFTER TAX

VND MILLION151.7

Unit: VND million.

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DEVELOPMENT ORIENTATION11.5

VCBS will focusing on developing and providing new products, especially derivative securities, enhancing corporate finance advisory, expanding wholesale area

In 2017, the market capitalization of stock market reached VND3.5 trillion, equivalent to 70% of GDP, up 80.5% from the end of 2016. With high GDP growth, stable macro-economy, and controlled inflation, Vietnam has become an ideal destination of international capital flows. Particularly, the State capital divestment from the large enterprises which have good business performance will strongly motivate foreign investment. We believe that, with the goal of only 103 wholly State-owned enterprises by 2020 under the Decision no.58/2016/QĐ-TTg dated 28 December 2016, the market capitalization in the next few years will have strong momentum to growth at an average of 10-15 percent per year.

Seizing the opportunity from stock market development, VCBS will focusing on developing and providing new products, especially derivative securities, enhancing corporate finance advisory, expanding wholesale area. Apart from diversifying products, VCBS shifts investment portfolio to safe assets and intensifies coordination among business departments/divisions to create sustainable development.

In 2018, VCBS sets goals of VND604 billion of revenue and VND200 billion in profit before tax.

REVENUE GOAL FOR 2018

VND billion

604

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MANAGEMENT REPORT

22 Vietnam Economy And Stock Market Overview In 201726 Business Performance In 2017

Investment Bank plays an important role in the development orientation of VCBS, especially in the context of strong foreign capital flow into Vietnam through IPO, State capital divestment and even the direct investment into securities of prestigious enterprises in Vietnam.

LEADING INVESTMENT BANK

s

22.1

2017 GDP ACHIEVED

6.81%

2017 GDP achieved 6.81% - the highest growth rate in many recent years, overfulfilling the planed target, with significant contribution from service and processing industries. In addition, FDI registration and disbursement remained at high rates while consumer demand started to show positive signals to support economic growth. Besides, the stability of Vietnam economy was ensured with the throughout policy directions from the Government and the SBV. Accordingly, inflation rate is under control (lower than 2.6% in 2017); foreign exchange rate and interest rate remained stable.

Given the stability of macro-economy and the effort to promote State capital divestment, the stock market has had a bright year. VN index reached 10-year record high with transactions volume and value at record levels. On the other hand, foreign investors had strong disbursement in the market, especially in the growth of indirect investment. VN Index and HNX Index grew 48.03% yoy and 45.56% yoy respectively. Total transaction volume in 2 stock exchanges reached 232 million of shares (up 45% yoy). Avg. transaction value reached VND4,809 billion (up 65% yoy). All sectors recorded growth, especially in industry-led stocks; P/E of the whole market highly increased; foreign stocks strongly disbursed in the market especially when the number of stock listed increased in both quantity and quality.

VN INDEX AND HNX INDEXAVERAGE TRANSACTION VALUE 2017

VND billion4,809

VIETNAM ECONOMY AND STOCK MARKET OVERVIEW IN 2017

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MANAGEMENT REPORT

VN Index: +48.03% HNX Index: +45.56%

625

675

725

775

825

875

925

975

1,025

1,075

78

86

94

102

110

118

126

GDP growth in the 6 first months of

2017 reached 5.73%.

Liquidity highly increased as compared

to the same period; new shares were

listed.

Liquidity in banking system showed a

surplus. State capital

divestment was strongly pushed.

Credit growth rate reached 18.17% in

2017.

GDP growth rate in 2017 reached 6.81%.

GDP growth in the third quarter of 2017

reached 7.46%.

GDP growth in the first quarter of 2017 reached

only 5.1%.

The State Bank of Vietnam reduced interest rate by

0.5%.

National Assembly approved Decree on bad debt treatment.

01/2017 02/2017 03/2017 04/2017 05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017

VN Index HNX Index

22.1VIETNAM ECONOMY AND STOCK MARKET OVERVIEW IN 2017 (CONTINUED)

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MANAGEMENT REPORT

22.2 BUSINESS PERFORMANCE IN 2017

CHARTER CAPITAL

VND Billion1,000

In 2017, VCBS gained impressive growth in most of its business operations, overfulfilling the targets assigned by Board of Directors and Vietcombank.

In 2017, VCBS gained impressive growth in most of its business operations, overfulfilling the targets assigned by Board of Directors and Vietcombank. VCBS one more was listed in Top 10 companies with largest securities brokerage and fund certificate market share with the average rate of 3.3% in 2017. With positive contribution to the stock market, VCBS was honored as “Typical member in Government bond market in 2017” and “Typical member in 2017” by HNX and “Typical member in payment and securities in 2017” by Vietnam Securities Depository (VSD).

At the same time, VCBS increased charter capital to VND1,000 billion to create development momentum for the Company in the trend of product diversification of Vietnam stock market.

Besides the advantages of stock market and bond market, this achievement is resulted from the effective coordination between Business Division and Supporting Division. Operational structure among the departments/divisions is also adjusted towards more profession to create motivation to improve risk management and internal control more effectively and support business operations. In 2017, VCBS recorded VND578.940 billion of revenue and VND151.7 billion of profit after tax.

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MANAGEMENT REPORT

ORGANIZATION AND ADMINISTRATION30 Organization Structure30 List Of Board Members31 Board of Directors Introduction32 Board Of Management & Supervisors Introduction

The leadership with a strategic vision and right orientation together with a professional and dedicated human resource has helped VCBS to take firm steps on the road to conquer the goal to become a leading investment bank in Vietnam.

STEADY INNER STRENGTH

3 33.1 3.3ORGANIZATION STRUCTURE BOARD OF DIRECTORS INTRODUCTION

SUPERVISORY BOARD

RETAILDIVISION

WHOLESALEDIVISION

SELF-EMPLOYMENTDIVISION

RISK MANAGEMENTDIVISION

SUPPORTINGDIVISION

3.2 LIST OF BOARD MEMBERS

FULL NAME POSITION

Ms. Nguyen Thi Kim Oanh Deputy General Director of Vietcombank, ChairwomanMs. Hoang Diem Thuy Member of VCBS BODMr. Le Manh Hung Member of VCBS BOD, CEOMr. Tran Viet Anh Deputy CEOMr. Le Viet Ha Deputy CEOMr. Tran Viet Hung Deputy CEOMr. Phan Anh Vu Deputy CEOMs. Nguyen Thuy Quynh Head of Supervisory Board

Ms. NGUYEN THI KIM OANH Deputy General Director of Vietcombank, Chairwoman

Ms. Nguyen Thi Kim Oanh is currently holding the positions of Deputy General Director of Vietcombank, Chairwoman of Board of Directors of VCBS, and Chairwoman of Vietnam Bond Market Association. She holds a Master degree in Finance and Banking from the University of New South Wales, Australia.

Ms. HOANG DIEM THUY Member of Board of Directors

Ms. Hoang Diem Thuy holds the following positions: Head of Asset Liability Management Department – Vietcombank Head Office, Member of VCBS Board of Directors. Ms. Hoang Diem Thuy holds an MBA from the National Economics University and CFVG.

Mr. LE MANH HUNG Member of Board of Directors, CEO

Mr. Le Manh Hung has been working at VCBS since 2007. Having over 10 years of experience in the field of finance and banking, he was Head of Investment, Deputy CEO before serving as VCBS’s CEO. He holds an MBA with a focus in Finance from California State University, East Bay (USA).

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ORGANIZATION AND ADMINISTRATION

Mr. TRAN VIET HUNG Deputy CEO

Mr. Tran Viet Hung has been working for Vietcombank since 2006. He used to hold the position of Deputy Head of Asset and Liability Management Department at Vietcombank Head Office, Head of Corporate Bonds and Capital at VCBS before being appointed as Deputy CEO of VCBS. He holds a Bachelor degree in Foreign Trade from the Foreign Trade University.

Mr. LE MANH HUNG CEO

Mr. Le Manh Hung has been working at VCBS since 2007. Having many years of experience in the field of finance and banking, he was Head of Investment, Deputy CEO before serving as VCBS’s CEO. He holds an MBA with a focus in Finance from California State University, East Bay (USA).

Mr. PHAN ANH VU Deputy CEO

Mr. Phan Anh Vu joined VCBS since 2002; he was Manager of Brokerage Department, Head Office before being promoted to the position of Deputy CEO of VCBS. Mr. Phan Anh Vu holds a Master Degree in Finance from the University of Queensland, Australia.

Mr. TRAN VIET ANH Deputy CEO

Mr. Tran Viet Anh has been working for Vietcombank since 1994, with 8 years of experience in forex, money market, and derivatives in domestic and international market; 15 years of experience in the securities market including brokerage, corporate finance, M&A, project investment, securities trading (at VCBS), investment fund management, asset management (at VCBF); 10 years of corporates management experiences. Mr. Tran Viet Anh obtained his MBA at Solvay Business School, Brussels, Belgium.

Ms. NGUYEN THUY QUYNH Head of Supervisory Board

Ms. Nguyen Thuy Quynh has been working for VCBS for several years and held key positions in the management team of VCBS before being promoted as Head of Supervisory Board. Ms. Nguyen Thuy Quynh graduated from Finance – Banking Department, University of Hanoi National Economics.

Mr. LE VIET HA Deputy CEO

Mr. Le Viet Ha held various key positions in the management team of VCBS before being promoted to the position of Deputy CEO of VCBS. He graduated from Banking Academy in Banking and Finance and holds a Bachelor Degree of Law from Hanoi Law University.

33.4 BOARD OF MANAGEMENT & SUPERVISORS INTRODUCTION

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ORGANIZATION AND ADMINISTRATION

BUSINESS ACTIVITIES

36 Financial Institutional Client 40 Corporate Client42 Individual Client

As a leader in capital connection and investment opportunity, VCBS has increasingly contributed to Vietnam stock market with professional, state-of-the-art, friendly and confidential products and services. In new development phase, VCBS is committed to continuing to strongly improve and provide best products and services in investment activities.

CONNECT INVESTMENT OPPORTUNITIES

44.1 FINANCIAL INSTITUTIONAL CLIENT

Continued to maintain the second largest bond auction broker in 2017 and to be one of 23 official members eligible to Government bond auction in 2018.

Honored by HNX and VBMA as one of nine typical members of stock market in 2017 according to the criteria of participation level in primary market and secondary market, compliance with membership obligations, and participation in market development programs.

The number of new accounts sharply increased in 2017 with large contribution from corporate mergers and acquisitions advisory services. In 2017, VCBS successfully implemented many big deals for big clients such as Thai Beverage, Tokyo Gas Asia, Sekisui Chemical, Kyoei Steel, etc.

With the enhancement in customer care and investment advisory and the expansion of corporate M&A services, revenue from financial institution brokerage in 2017 grew twice as much as in 2016.

HIGHLIGHTS

01

02

03

04

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BUSINESS ACTIVITIES

44.1 FINANCIAL INSTITUTIONAL CLIENT (CONTINUED)

AFFIRM POSITION CONTINUE TO DEVELOP

Given special attention to be built since the establishment date of VCBS, Financial Institutional Client was officially separated from Brokerage Service Position in 2013 with the purposes of improving customer care services and developing Financial Institutional Client more strongly.

In bond market, as one of the first members of specialized bond market, with the advantages of a subsidiary of Vietcombank, VCBS always affirms the leading position in bond brokerage services and in both primary and secondary markets. VCBS is one of the companies having largest bond brokerage market share from its establishment date.

With the support of database system, macro research information, professional financial statements on markets, economic sectors, detailed assessment on corporate performance; the transaction system with the most modern technology in the market as well as the combination with Corporate Client and professional advisors who have many years of experience in financial market, VCBS continues to develop effective and timely investment advisory products and services to give clients more successful opportunities in 2018.

Aiming to promote the advantages of a strong economic group, in 2018, VCBS will be close to Vietcombank and VCBF to build up and develop overall financial service packages for clients. VCBS will

In stock market, with the reputation and deeply understanding about the market, VCBS is a reliable bridge for foreign capital into Vietnam. In 2017, VCBS successfully organized many corporate visits with specialized design which have attracted much attention from big financial institutions. Through these events, VCBS has strengthened its network of domestic and foreign clients, including foreign banks (Citibank, ANZ, Standard Chartered, HSBC, Deutsch Bank, Shinhan Bank, etc.), local commercial banks TCB, VIB, NCB, OCB, Vietbank, ACB, STB, etc.), insurance companies (Prudential, Manulife, Chubb Life, AIA, Generali Life, Hanwha Life, Sun Life, etc.) and investment funds (Dragon Capital, Vinacapital, VCBF, Eastspring Investments, Daiichi Asset Management, Manulife Asset Management, etc.).

take the initiative to continue to expand and approach local and overseas potential clients, actively contacting the enterprises having plan on equitization, IPO and listing to introduce special investment opportunities to the foreign financial and strategic investment clients having demand.

For long-lasting benefits and sustainable development, in the coming time, VCBS will continue investment to improve direct sale team and senior specialists and complete core technology system to bring the foreign financial institutions and businesses with premium functions and utilities of transaction, enhancing transaction efficiency and confidential features to clients.

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BUSINESS ACTIVITIES

44.2 CORPORATE CLIENT

HIGHLIGHTS

Only auction agent to be selected in the State capital divestment from SABECO (SAB) with total transaction value of VND110,000 billion via VCBS.

VCBS was the pioneer in advising and underwriting VND8,000 billion of Vietcombank bonds (in the bond issuance advisory package of VND8,000 billion) and more than VND4,000 billion of corporate bonds of organizations such as: Vietnam Asia Commercial Joint Stock Bank (VAB), Thinh Vuong VPBank Finance Company Limited, Masan Joint Stock Company, Tien Son Viglacera Joint Stock Company, Dakrong Hydropower Joint Stock Company, FECON Joint Stock Company, etc.

MAINTAIN THE LEADING POSITION

During the past 16 years developing together with the stock market from its establishment and inheriting strong financial foundation and client network from Parent Bank – Vietcombank, VCBS has received high trust and appreciation from the groups and State-owned cooperates and large enterprises such as Vietnam National Coal and Mineral Industries Group (Vinacomin), Vietnam Posts and Telecommunications Group (VNPT), Vietnam Electricity Group (EVN), State Capital Investment Corporation (SCIC), Song Da Corporation, Sabeco, Masan Group. In 2017, the Investment Banking activities of VCBS have gained remarkable achievements and continued to affirm its position as one of the leading investment banks in Vietnam stock market.

As a consultant unit with deep understanding about the capital need for investment and business activities of enterprises and for reducing pressure on short-term bank loans as well as the investment demand

of individual and organizational clients, in 2017, VCBS was the pioneer in advising and underwriting VND8,000 billion of Vietcombank bonds (in the bond issuance advisory package of VND8,000 billion) and more than VND4,000 billion of corporate bonds of organizations such as: Vietnam Asia Commercial Joint Stock Bank (VAB), Thinh Vuong VPBank Finance Company Limited, Masan Joint Stock Company, Tien Son Viglacera Joint Stock Company, Dakrong Hydropower Joint Stock Company, FECON Joint Stock Company, etc. In addition, VCBS continues to act as a broker to support liquidity for all corporate bonds issued by VCBS and support bondholders to reduce liquidity risk as well as creating attraction for secondary bond market. This is also an advantage of VCBS in implementing the prosperous plan to develop bond market for individual clients besides bond issuance for financial institutions which is still the strength of VCBS.

PRODUCT PACKAGES FROM RETAIL BANKING TO INVESTMENT BANKING In 2018, VCBS will push cooperation with Vietcombank to provide a full range of products from retail banking to investment banking through such activities as issuing and underwriting securities, mergers and acquisitions (M&A) advisory and combined products. Securities issuance and underwriting agent which is the strength of VCBS will continue to be promoted and developed towards product diversification. M&A activities will be supplemented with resources, both in quality and quantity in combination with actively completing mechanism and database on purchasing and selling sources to develop M&A into a key consulting activity of VCBS in the coming time. Advisory on equitization and divestment from State-owned enterprises are also paid high attention by VCBS in 2018, associated with Vietcombank to create surplus value for Parent bank and VCBS brand value.

With support from the Parent Bank - Vietcombank, especially the systematic cooperation among Vietcombank, VCBS and Mizuho, 2018 will be a strong year for corporate finance advisory. VCBS will strengthen to provide a variety of value-added packages based on the Parent Bank’s client portfolio and the efficient businesses.

VCBS WAS THE PIONEER IN ADVISING AND UNDERWRITING VND

BILLION OF VIETCOMBANK BONDS 8,000

IN THE STATE CAPITAL DIVESTMENT FROM SABECO (SAB) WITH TOTAL

TRANSACTION VALUE OF VND

BILLION VIA VCBS110,000

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BUSINESS ACTIVITIES

tài khoản.

44.2 INDIVIDUAL CLIENT

Providing new packages at the most attractive prices to improve efficiency and reduce transaction costs of investors.

HIGHLIGHTS

INCREASE EFFICIENCY FOR INVESTORSVCBS always listens to and is ready to meet the specific needs of each client by developing transaction packages for clients. VCBS has deployed active transaction package at a competitive price, helping the client reduce transaction costs. With this package, the clients will be entitled to the lowest fees for all transactions and the most attractive loan interest rate in the market. At the same time, the clients can choose the service package associated with consultant to have their own brokers. Accordingly, the brokers will directly support the clients in identifying investment opportunities and effective management of portfolio in the progress of securities transaction at VCBS at a reasonable price.

Coordinating with Research, Analysis and Investment Banking departments and using modern valuation and appraisal models, VCBS has provided our clients with effective investment recommendations

In 2017, VCBS successfully advised and issued reputable corporate bonds with high growth potential such as MIC, Darkong, Tien Phuoc, etc. These corporate bonds will be guaranteed for liquidity through market creation and secondary transaction at VCBS. This is a very flexible product for investors when they can both enjoy high bonds yield rate and have opportunity in securities investment when the stock market tends to increase.

VCBS will continue to introduce new products such as derivative securities and secured certificates and distribute open-ended fund-certificates of reliable Vietnam Fund management firms such as VCBS-TBF, Eastpring and VFM to give the clients with more options, diversify investment portfolio and ensure capital use efficiency in the coming time.

MODERN AND CONVENIENT ONLINE TRADING SYSTEM During the year, VCBS continued to provide new transactional features and utilities on the most modern VCBS Trading system in the market currently. Clients can experience the latest, most modern and completely convenient technologies with the transaction modules such as VCBS - Web Trading, VCBS - Home Trading, VCBS - Mobile Web Trading and VCBS - Mobile App Trading.

Diversified ordering system and synchronous utility system effectively support investors with high efficiency in securities trading. Some transaction features and add-ons are:

• Place orders at the best selling price;• Place orders under securities balances;• Place conditional order;• Place counterpart transaction;• Automatic risk warning system;• Normal/Short-term margin trading with attractive

interest rates;• Margin quick with free interest on the first 3 days

of trading;• Buying/Selling right to receive money for securities

selling/Cash advance for automatic securities trading;

• Deposit in cash at the end of the day to increase capital use efficiency;

• Execute online rights.

WIDE CLIENT NETWORK With the desire to provide clients with investment banking services, in 2017, VCBS will continue to cooperate with Vietcombank branch network to expand customer care network by establishing Tay Ho Transaction Office and Saigon South Transaction Office.

In the coming time, VCBS will continue to cooperate with Vietcombank to expand customer care network and expects to bring professional securities services to the investors in all regions of the country.

through the professional analysis reporting system of macroeconomic situation, important sectors/industries of the economy and enterprises in stock market.

Given that the risk always exists in stock market, VCBS always sets out appropriate strategies to maximize profitability and sustainable asset growth for clients. Our team of Investment Advisors constantly improves expertise and strives to be a trusted partner of all clients.

CONSTANTLY CREATE NEW EFFICIENT INVESTMENT CHANNELSVCBS is one of the pioneers in the market in advising and underwriting bonds for individual investors. Individual clients can become bondholders of leading businesses and have good growth potential. This opportunity previously is only for financial institutions.

TOTAL NUMBER OF TRANSACTION ACCOUNTS AT VCBS

ACCOUNTS100,000

The number of new accounts reached more than 11,000, raising total number of transaction accounts at VCBS to more than 100,000.

Modern online transaction system together with diversified utility and low cost financial support products helps increase efficiency for investors.

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BUSINESS ACTIVITIES

SUSTAINABILITY REPORT

46 Prestige And Experience47 Independent, Objective And Honest Supervision48 Risk Management System Meeting International Standards50 High Quality Human Resources51 Modern Trading Technology, Diverse Products And Services 52 Social And Community Responsibility

Successful implementation of advanced risk management system and proper investment in modern and high confiden-tial technologies and facilities have helped VCBS increasing-ly enhance its reputation and competitiveness for expanding business and developing sustainably.

INCREASE SUSTAINABLE VALUES

5 55.1 5.2PRESTIGE AND EXPERIENCE INDEPENDENT, OBJECTIVE AND HONEST SUPERVISION

VCBS is the leading financial intermediary trusted by clients and is the reputable partner of domestic and international financial groups, banking organizations, securities companies, insurance companies, and financial companies, financial institutions, investment funds operating in Vietnam.

The Board of Supervisors comprises of 03 members, including Head of Board of Supervisors and one (01) full-time member and one (01) concurrent member who represents the Owner to give supervision in independent, objective and honest manners to all business activities and corporate governance of the Company.

VCBS has been trusted and used by reputable foreign financial institutions (Mizuho, Shinhan, Citibank, Deutsche Bank, Standard Chartered Bank, ANZ Bank, and ABN AMRO Bank) and local economic groups (Vietnam Minerals Group, VNPT, EVN, SCIC, Song Da Corporation, Vietnam Steel Corporation, PJICO, Vinamilk, Vietnam Airlines).

Jointly developing with the stock market from the beginning, with the staff that has deep knowledgeable about investment environment, legal policies, client demand as well as modern, friendly and safe transaction technology, VCBS is the leading financial intermediary trusted by clients and is the reputable partner of domestic and international financial groups, banking organizations, securities companies, insurance companies, and financial companies, financial institutions, investment funds operating in Vietnam.

The Board of Supervisors shall examine the reasonableness, legality, faithfulness and prudence in management and execution of business activities; in organization of accounting, auditing, statistics and financial statement preparation in the Company; and in implementation of decisions of the Owner.

Through supervision activities, the Board of Supervisors has promptly issued risk warnings and discovered problems in the operation and regulatory process to propose the Board of Directors and the Board of Management for adjustment and improvement of internal control to prevent and limit risks, ensuring operational safety. The Board of Supervisors has successfully fulfilled their duties as assigned.

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Since the beginning, Risk Management Division of VCBS has separately operated with other departments in order to set up specialized risk management policies of securities sector and deployed necessary measures to ensure to prevent unexpected losses to the Company and Clients.

Key duties of Risk Management Division include identifying, approaching and controlling possible risks in each operational areas of the Company and thereby, giving solution and specific actions to prevent and limit risks, reducing losses and effects to the Company’s business and assets.

Given the situation that VCBS is getting more and more growth in scale, risk management competence of VCBS is increasingly improved and strengthened by consolidating a team with high qualification and experience through the years. At the same time, VCBS also focuses on sending staff to participate in training courses on risk management methods of domestic and foreign professional consultancy organizations to develop risk management system meeting international standards.

Given awareness of the potential risks that the Company is facing in the unpredictable fluctuations of stock market, since 2013, VCBS has built up a complete risk management system as regulated in Circular no. 210/2012/TT-BTC of the Ministry of Finance and the guidance in Decision no. 105/QĐ-UBCK of the State Securities Commission.

55.3 RISK MANAGEMENT SYSTEM MEETING INTERNATIONAL STANDARDS

Main tasks in 2017 included:

Completion of processes and regulations: During the year, Risk Management Division has supplemented, reviewed and updated risk management policies and procedures to improve the effectiveness of risk monitoring and warning and to be suitable to the actual operation. To prepare for launching derivative securities in early 2018, VCBS has prepared human resources sufficiently and built up risk management policies and procedures for this product since the second half of 2017.

Training and improving awareness of risk management: To ensure that VCBS risk management activities are carried out smoothly and all employees are involved in the operation and to ensure that the staff are adequately equipped with knowledge and understanding of the risk measurement and risk environment in the Company’s products, Risk Management Division has made efforts to develop and communicate risk management culture to each employee through internal training sessions. Whenever there are new policies on risk management and/or new product launched, Risk Management Division will hold live training sessions to introduce to all branches and transaction offices. In addition, training programs on Risk Awareness Enhancement and Code of Conduct for employees are also implemented periodically.

Construction of capital measurement models in accordance with Basel II standards: Cooperating with Vietcombank in implementing Basel II Capital Accord, VCBS has also deployed risk asset valuation tools according to international regulations.

Market risk management: Given the situation of market boom in terms of score and trading volume, the possible risks from the market fluctuations is getting more and more. Accordingly, Risk Management Division must always maintain close coordination among departments from monitoring, assessment, analysis, market forecasting, and investment strategy to quota system, warning and treatment process.

Risk management in lending activities and margin trading: Awareness of possible credit risks,

all decisions related to the portfolio of margin shares and credit line for each type of clients are carried out with caution and compliance with the Company’s risk management process.

Stock portfolio as collateral must be formed on the basis of scoring, valuation and appraisal of Risk Management Division and Research Analysis Division. At the same time, the portfolio is also re-evaluated and adjusted periodically to timely update the stock fluctuations.

In addition, VCBS also set up a specific debt limit system to control the concentration of outstanding debts such as total margin limit, maximum limit for one share, maximum limit per one client, etc.

Liquidity risk management: Forecasting mechanism ò cash flow is reported periodically and liquidity is controlled daily. VCBS has also developed contingency plans for capital. During the 15 years of operation, the Company has always ensured capital for investment plans as well as payment obligations.

Legal risk management: Legal risk occurs to the Company in the course of law observance due to changes in regulations, failure to comply with regulations or disputes arisen from the parties involved in daily operation of the Company. In order to limit risks arisen, newly issued or amended legal documents are always updated, communicated and integrated to the operating procedures and regulations of the Company.

In the coming year, VCBS will continue to promote the identification and prevention of risks and strengthen human resources to ensure the best implementation of risk management objectives for existing activities and products, especially preparation for derivative works launched in 2018. At the same time, the system of internal regulations and procedures will also be updated and finalized to ensure that it is suitable to development scale of the Company and the market. In addition, the Company also plans to invest in software systems that support risk measurement to ensure that risk assessment is done as quickly, objectively and as accurately as possible.

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5 55.4 5.5HIGH-QUALITY HUMAN RESOURCESMODERN TRANSACTION TECHNOLOGY – DIVERSE PRODUCTS AND SERVICES

The Company boasts a team of experts who have extensive experience working in domestic and international investment banks, asset management funds and consulting firms. In 2017, VCBS will continue to improve its operation structure, following the model of international investment banks. The Company will establish new front-office departments to continue to diversify its revenue streams and provide clients with a larger product portfolio.

Apart from keeping a high-quality human resource, VCBS has partially contributed and created opportunities for the generations of students to approach and undergo a professional financial environment for their enhancement in knowledge and qualification. In the past 8 years, VCBS has co-organized and sponsored I-INVEST! which is held by Foreign Trade University and is one of the largest contests for business students in North Vietnam. Through the contest, VCBS is able to identify and offer talented students an internship and potentially full-time employment later on at the Company. The experience that the students gained through the contest as well as the internship will allow them to shape their career paths. In the future, these well-trained students will play an integral role in developing the Vietnam stock market.

Since the first day of its establishment, VCBS has understood the importance of having modern and secure trading technology platform in ensuring the Company’s success. As a result, VCBS has always been one of the leading securities firms to utilize state-of-the-art technology in its operation.

VCBS always focuses on investing, researching and developing products and services. The Company has been deploying market research in various methods to develop the products and services that can best meet the demand of clients. Attending domestic and international seminars in the fields related to financial market in general and stock market in particular. Surveying market demand to develop suitable products and services by cooperating with domestic and foreign investment organizations and issuers. Market research activities have had positive effects on product and service development strategies and made significant contributions to revenue growth and business performance of VCBS during the last time.

VCBS has built up a well-trained workforce, specializing in various fields such as economics, finance, banking, law. Many of them are holders of licenses/designations such as CPA, ACCA, CFA, and professional certificate issued by the SSC.

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VCBS regularly organizes programs of gratitude and political activities associated with admitting new members to Communist Party. During the year, VCBS Party cell organized gratitude programs at Nha Rong Harbor and Cu Chi Tunnels to show the spirit of “When drinking water, think of its source”, inspiring and lightening up Traditional values, Humanities and Self-abnegation of the predecessors and enhancing spiritual values for the staff.

At VCBS, business operation is not only associated with the development of the market and the clients but also attached to our responsibilities to the society and the community. Social activities such as charity works, programs of gratitude, humanitarian aid, etc. are frequently performed and become one of the criteria to evaluate the business ethics of VCBS. Continuously maintaining and fostering this traditional culture, the staff of VCBS has jointly supported the programs such as Blood Donation Festival - A Drop of Love held by Vietcombank; Giving Health Insurance Card and books for difficult families and students in poor situation in Dong Thap Province; Expressing gratitude to the families of war invalids and martyrs on July 27

together with charity programs towards the communities in difficult situation led by Trade Union and Youth Union of VCBS.

The activities to enhance engagement and solidarity in VCBS as well as in the entire Vietcombank system are also organized frequently through many programs such as Football Tournament which are participated by the football teams from VCB Thang Long, VCB Thanh Cong, VCB Hanoi and VCBS; Teambuilding in Da Nang, etc., contributing to strengthening the relationship in VCBS, between VCBS and Vietcombank branches as well as promising to create more opportunities of business cooperation in the future.

55.6 SOCIAL RESPONSIBILITY

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66 OPERATIONAL NETWORK

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OPERATIONAL NETWORK

Da Nang

Ha Noi

Ho Cho Minh City

Can Tho

Dong NaiBa Ria - Vung Tau

Binh Duong

An Giang

Hai Phong

HOANG SA ISLAND

TRUONG SA ISLAND

EAST SEA

Ly Son Island

Ly Son Island

Phu Quy Island

Phu Quoc Island

Con Son Island

Hon Khoai Island

Con Co Island

HEAD OFFICE12th & 17th Floor, Vietcombank Tower, 198 Tran Quang Khai Street, Hoan Kiem District, Hanoi City.Tel: (84-24) 3 936 6990 / Fax: (84-24) 3 936 0262

GIANG VO TRANSACTION OFFICE1st Floor, C4 Giang Vo Building, Giang Vo Ward, Ba Dinh District, Ha Noi City.Tel: (84-24) 3726 5551 / Fax: (84-24) 3 726 5550

TAY HO TRANSACTION OFFICE1st & 3nd Floor, 565 Lac Long Quan Street, Tay Ho District, Ha Noi City.Tel: (84-24) 2191048 (ext: 100) / Fax: (84-24) 3 219 1049

HCMC BRANCH1st & 7th Floor, Green Star Building, 70 Pham Ngoc Thach Street, Ward 6, District 3, HCMC.Tel: (84-28) 3 820 8116 / Fax: (84-28) 3820 8117

SOUTH SAI GON TRANSACTION OFFICE3rd Floor, V6 Building, Plot V, Him Lam New urban area, No.23 Nguyen Huu Tho Street, Tan Hung Ward, District 7, HCMC.Tel: (84-28) 3775 1409 / Fax: (84-28) 3775 1416

DA NANG BRANCH12th Floor, No. 135 Nguyen Van Linh Street, Vinh Trung Ward, Thanh Khe District, Da Nang City.Tel: (84-236) 3 888 991 / Fax: (84-236) 3 888 881

CAN THO REPRESENTATIVE OFFICE4th Floor, No. 03-05 Hoa Binh Street, Ninh Kieu District, Can Tho City.Tel: (84-292) 3 750 888 / Fax: (84-292) 3 750 878

VUNG TAU REPRESENTATIVE OFFICE1st Floor, No. 27 Le Loi Street, Vung Tau City, Ba Ria – Vung Tau Province.Tel: (84-254) 3 513 974 / Fax: (84-254) 3 513 979

DONG NAI REPRESENTATIVE OFFICE 1st&2nd floor, No. 79 Hung Dao Vuong Street, Group 4, Trung Dung Ward, Bien Hoa City, Dong Nai Province.Tel: (84-251) 3 918 815 / Fax: (84-251) 3 918 817

AN GIANG REPRESENTATIVE OFFICE7th Floor, Vietcombank An Giang Building, No. 30 - 32 Hai Ba Trung Street, My Long Ward,Long Xuyen City, An Giang Province.Tel: (84-296) 3949 843 / Fax: (84-296) 3 841 845

HAI PHONG REPRESENTATIVE OFFICE11 Hoang Dieu Street, Minh Khai Ward, Hong Bang District, Hai Phong City.Tel: (84-225) 382 1630 / Fax: (84-225) 3 821 633

BINH DUONG REPRESENTATIVE OFFICE3rd Floor, 516 Cach Mang Thang Tam Street, Phu Cuong Ward, Thu Dau Mot City, Binh Duong Province.Tel: (84-274) 3855 771 / Fax: (84-274) 3 855 775

FINANCIAL STATEMENT

58 Corporate Information59 Statement Of The Board Of Management60 Independent Auditor’s Report 62 Statement Of Financial Position 68 Statement Of Income71 Statement Of Cash Flows 74 Statement Of Changes In Equity

The year 2017 recognized considerable successes of VCBS with profix after tax of VND151.7 billion, exceeding the target by 30%. Charter capital increased to VND1,000 billion from its VND700 billion in 2016.

STRONG AND FLEXIBLE CHANGES

Establishment and Operation License No.

09/GPHĐKD 24 April 2002

The Establishment and Operation License was issued by the State Securities Commission.

The most recent amended licence No. 63/GPDC-UBCK was issued by the State Securities Commission on 29 December 2017.

Members Council Ms. Nguyen Thi Kim Oanh Chairwoman (from 20/09/2017)

Mr. Pham Thanh Ha Chairman (until 19/09/2017)

Ms. Hoang Diem Thuy Member

Mr. Le Manh Hung Member (from 15/7/2017)

Mr. Vu Quang Dong Member (until 14/7/2017)

Supervisory Board Ms. Nguyen Thuy Quynh Chair of the Board

Ms. La Thi Hong Minh Member

Ms. Tran Kim Van Member

Board of Management Mr. Le Manh Hung Director (from 15/7/2017)

Deputy Director (until 14/7/2017)

Mr. Vu Quang Dong Director (until 14/7/2017)

Mr. Tran Viet Anh Deputy Director

Mr. Le Viet Ha Deputy Director

Mr. Phan Anh Vu Deputy Director

Mr. Tran Viet Hung Deputy Director (from 15/7/2017)

Registered Office 17th Floor Vietcombank Tower 198 Tran Quang Khai StreetHoan Kiem DistrictHanoi, Vietnam

Auditor KPMG Limited Vietnam

CORPORATE INFORMATION STATEMENT OF THE BOARD OF MANAGEMENT 77.1 77.2

The Board of Management of Vietcombank Securities Company Limited (“the Company”) presents this statement and the accompanying financial statements of the Company for the year ended 31 December 2017.

The Board of Management is responsible for the preparation and fair presentation of the financial statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for Enterprises, Circular No. 210/2014/TT-BTC dated 30 December 2014 (“Circular 210”) of the Ministry of Finance on accounting guidance applicable to securities companies, Circular No. 334/2016/TT-BTC dated 27 December 2016 issued by the Ministry of Finance on amending, supplementing and superseding Appendix 02 and Appendix 04 of Circular 210 and the relevant statutory requirements applicable to financial reporting. In the opinion of the Board of Management:

» the financial statements set out on pages 62 to 75 give a true and fair view of the financial position of the Company as at 31 December 2017, and of its statement of income, cash flows and changes in equity for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for Enterprises, Circular No. 210/2014/TT-BTC dated 30 December 2014 (“Circular 210”) of the Ministry of Finance on accounting guidance applicable to securities companies, Circular No. 334/2016/TT-BTC dated 27 December 2016 issued by the Ministry of Finance on amending, supplementing and superseding Appendix 02 and Appendix 04 of Circular 210 and the relevant statutory requirements applicable to financial reporting; and

» at the date of this statement, there are no reasons to believe that the Company will not be able to pay its debts as and when they fall due.

The Board of Management has, on the date of this statement, authorised the accompanying financial statements for issue.

On behalf of the Board of Management

Le Viet HaDeputy Director

Hanoi, 28 February 2018

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FINANCIAL STATEMENTS

TO THE OWNERVIETCOMBANK SECURITIES COMPANY LIMITED

We have audited the accompanying financial statements of Vietcombank Securities Company Limited (“the Company”), which comprise the statement of financial position as at 31 December 2017, the statements of income, cash flows and changes in equity for the year then ended which were authorised for issue by the Company’s Board of Management on 28 February 2018, as set out on pages 62 to 75.

MANAGEMENT’S RESPONSIBILITY

The Company’s Board of Management is responsible for the preparation and fair presentation of these financial statements in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for securities companies prescribed in Circular No. 210/2014/TT-BTC dated 30 December 2014 of the Ministry of Finance on accounting guidance applicable to securities companies (“Circular 210”), Circular No. 334/2015/TT-BTC dated 27 December 2016 issued by the Ministry of Finance on amending, supplementing and superseding Appendix 02 and Appendix 04 of Circular 210 and the relevant statutory requirements applicable to financial reporting, and for such internal control as the Board of Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these 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 to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, 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 Company’s preparation and fair presentation of the 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 Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Company’s Board of Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

AUDITOR’S OPINION

In our opinion, the financial statements give a true and fair view, in all material respects, of the financial position of Vietcombank Securities Company Limited as at 31 December 2017, and of its results of operations, cash flows and changes in equity for the year then ended in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System for securities companies prescribed in Circular No. 210/2014/TT-BTC dated 30 December 2014 of the Ministry of Finance on accounting guidance applicable to securities companies (“Circular 210”), Circular No. 334/2015/TT-BTC dated 27 December 2016 issued by the Ministry of Finance on amending, supplementing and superseding Appendix 02 and Appendix 04 of Circular 210 and the relevant statutory requirements applicable to financial reporting.

OTHER MATTER

The financial statement of the Company for the year ended 31 December 2016 was audited by another firm of auditors who expressed an unqualified opinion on this statement in its audit report dated 20 March 2017.

KPMG LIMITED

VietnamAudit Report No.: 17-02-266/3

_________________________________ ______________________________Dam Xuan Lam Practicing Auditor RegistrationCertificate No. 0861-2018-007-1Deputy General DirectorHanoi, 28 February 2018

Tran Anh QuanPracticing Auditor RegistrationCertificate No. 0306-2018-007-1

INDEPENDENT AUDITOR’S REPORT 77.3

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Code Note 31/12/2017 VND

1/1/2017VND

B. LONG-TERM ASSETS (200 = 210 + 220 + 240 +250) 200 39,560,108,961 171,046,810,346

I. Long-term financial assets 210 - 120,600,000,000

2. Investments 212 - 120,600,000,000

2.1. Held-to-maturity investments 212.1 8(b) - 120,600,000,000

II. Fixed assets 220 12,139,245,880 21,310,513,443

1. Tangible fixed assets 221 14 6,911,526,426 11,939,620,471

- Cost 222 46,834,410,610 48,024,074,511

- Accumulated depreciation 223a (39,922,884,184) (36,084,454,040)

3. Intangible fixed assets 227 15 5,227,719,454 9,370,892,972

- Cost 228 23,733,828,001 20,029,141,755

- Accumulated amortisation 229a (18,506,108,547) (10,658,248,783)

IV. Construction in progress 240 - 215,686,246

V. Other long-term assets 250 27,420,863,081 28,920,610,657

1. Long-term deposits and collaterals 251 3,166,629,375 3,178,129,375

2. Long-term prepaid expenses 252 13(b) 4,254,233,706 3,799,572,781

3. Deferred tax assets 253 16 - 1,942,908,501

4. Deposits at Payment Support Fund 254 17 20,000,000,000 20,000,000,000

TOTAL ASSETS (270 = 100 + 200) 270 3,264,849,070,464 2,594,904,363,462

STATEMENT OF FINANCIAL POSITION as at 31 December 2017


1/1/2017VND

ASSETS

A. CURRENT ASSETS (100 = 110 + 130) 100 3,225,288,961,503 2,423,857,553,116

I. Financial assets 110 3,222,262,956,156 2,420,716,924,818

1. Cash and cash equivalents 111 6 71,742,763,211 46,285,626,484

1.1. Cash 111.1 71,742,763,211 46,285,626,484

2. Financial assets at fair value through profit or loss (FVTPL) 112 8(a) 1,891,861,782,955 1,452,502,678,180

3. Held-to-maturity investments 113 8(b) 60,000,000,000 -

4. Loans 114 8(c) 954,349,198,971 691,588,264,498

5. Available-for-sale financial assets 115 8(d) 8,190,000,000 8,190,000,000

6. Allowance for impairment of financial assets and collaterals 116 - (37,832,779,185)

7. Accounts receivable 117 9 115,862,427,489 35,673,742,123

7.1. Receivables from sales of financial assets 117.1 62,125,910,560 -

7.2 Receivables and accrued dividends, interest from financial assets 117.2 53,736,516,929 35,673,742,123

7.2.2. Accrued dividends and interest not due 117.4 53,736,516,929 35,673,742,123

8. Prepayment to suppliers 118 178,299,000 105,315,000

9. Receivables from services provided by the Securities Company 119 10 3,835,518,423 9,697,469,069

12. Other receivables 122 11 118,257,475,585 215,443,397,368

13. Allowance for impairment of accounts receivable 129 12 (2,014,509,478) (936,788,719)

II. Other current assets 130 3,026,005,347 3,140,628,298

1. Advances 131 10,000,000 165,000,000

2. Office equipment, tools and supplies 132 39,597,800 1,244,161,760

3. Short-term prepaid expenses 133 13(a) 2,476,107,547 1,731,166,538

4. Deposits and collaterals 134 500,300,000 300,000

Form B01 - CTCKForm B01 - CTCK

77.4

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1/1/2017VND

C. LIABILITIES (300 = 310 + 340) 300 1,990,485,644,934 1,461,672,024,916

I. Current liabilities 310 1,631,086,179,660 1,461,672,024,916

1. Short-term borrowings and finance lease liabilities 311 18 1,153,686,186,586 754,015,193,732

1.1. Short-term borrowings 312 1,153,686,186,586 754,015,193,732

4. Short-term bonds issued 316 22 - 281,000,000,000

6. Payables for securities trading activities 318 19 3,803,180,286 2,297,076,924

8. Accounts payable to suppliers – short-term 320 7,127,418,179 4,705,166,232

9. Advances from customers – short-term 321 1,409,100,000 7,519,100,000

10. Taxes and others payable to the State Treasury 322 20 14,304,800,840 5,702,435,326

11. Payables to employees 323 52,935,968,355 26,241,846,283

12. Payables for employees’ benefits 324 2,458,166 55,500

13. Accrued expenses – short-term 325 21 15,008,099,629 13,919,490,222

16. Short-term deposits and collaterals received 910,679,178 -

17. Other short-term payables 329 429,642,070 1,186,259,409

19. Bonus and welfare funds 331 4,264,614,515 6,940,540,423

20. Government bonds under sale and repurchase agreements 332 377,204,031,856 358,144,860,865

II. Long-term liabilities 340 359,399,465,274 -

4. Long-term bonds issued 346 22 352,100,000,000 -

14. Deferred tax liabilities 356 16 7,299,465,274 -


1/1/2017VND

D. EQUITY (400 = 410) 400 1,274,363,425,530 1,133,232,338,546

I. Owners’ equity 410 1,274,363,425,530 1,133,232,338,546

1. Capital 411 1,000,000,000,000 700,914,795,416

1.1. Contributed capital 411.1 1,000,000,000,000 700,000,000,000

1.4. Other equity capital 411.4 - 914,795,416

4. Reserve to supplement charter capital 414 5,016,253,615 21,884,133,763

5. Financial and operational risk reserve 415 46,950,979,575 41,953,025,960

6. Other reserves 416 30,762,096,449 30,762,096,449

7. Retained profits 417 191,634,095,891 337,718,286,958

7.1. Realised profits 417.1 208,607,788,652 337,718,286,958

7.2 Unrealised losses 417.2 26 (16,973,692,761) -

TOTAL LIABILITIES AND EQUITY (440 = 300 + 400) 440 3,264,849,070,464 2,594,904,363,462

STATEMENT OF FINANCIAL POSITION (CONTINUED)as at 31 December 2017


77.4

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Code Note 31/12/2017VND

1/1/2017VND

A. ASSETS OF THE COMPANY AND ASSETS MANAGED UNDER COMMITMENTS

8.Financial assets of the Company listed/registered for transactions at Vietnam Securities Depository (“VSD”)

008 23(a) 397,695,600,000 560,320,830,000

9. Financial assets of the Company deposited at VSD but not yet traded 009 23(b) 287,030,000 6,500,010,000

10. Financial assets awaiting settlement 010 23(c) 930,400,000 3,320,900,000

12. Financial assets not yet deposited at VSD 012 23(d) 46,801,140,000 54,801,140,000

B. ASSETS AND PAYABLES ON ASSETS MANAGED UNDER COMMITMENTS WITH CUSTOMERS

1. Financial assets of investors listed/ registered for transactions at VSD 021 23(e) 28,941,654,960,000 22,418,786,910,000

a. Free-float financial assets 021.1 22,637,498,210,000 18,222,861,310,000

b. Non free-float financial assets 021.2 252,734,590,000 154,827,430,000

c. Pledged financial assets 021.3 5,888,883,890,000 3,949,321,430,000

d. Frozen financial assets 021.4 190,000,000 190,000,000

e. Financial assets awaiting settlement 021.5 162,348,270,000 91,586,740,000

2. Financial assets of investors deposited at VSD but not yet traded 022 23(f) 48,463,300,000 103,932,030,000

a. Free-float financial assets deposited at VSD but not yet traded 022.1 28,546,490,000 80,875,170,000

b. Non free-float financial assets deposited at VSD but not yet traded 022.2 19,916,810,000 23,056,860,000

3. Financial assets awaiting settlement of investors 023 23(g) 125,621,860,000 97,625,360,000

7. Deposits of customers 026 1,384,136,001,020 836,196,100,956

7.1. Deposits for securities brokerage 027 23(h) 998,325,808,317 626,422,466,206

7.2. Collective deposits for securities transactions for customers 028 23(h) 260,459,470,686 127,784,172,652

7.3. Deposits for clearance and settlement of securities transactions 029 23(h) 85,866,821,132 53,913,810,792

a.Deposits for clearance and settlement of securities transactions of domestic investors

029.1 84,248,340,724 52,300,079,144

b. Deposits for clearance and settlement of securities transactions of foreign investors 029.2 1,618,480,408 1,613,731,648

7.4. Deposits from securities issuing organisations 030 23(i) 39,483,900,885 28,075,651,306

Code Note 31/12/2017VND

1/1/2017VND

8.Payables of customers on deposits for securities transactions managed by the Company

031 23(j) 1,344,908,226,208 808,379,906,225

8.1.Payables of domestic investors on deposits for securities transactions managed by the Company

031.1 1,247,006,170,264 767,716,906,983

8.2.Payables of foreign investors on deposits for securities transactions managed by the Company

031.2 97,902,055,944 40,662,999,242

12. Payables on dividends, principals and interest of bonds 035 23(k) 39,227,774,812 27,816,194,731

OFF-BALANCE SHEET ITEMS


STATEMENT OF FINANCIAL POSITION (CONTINUED)as at 31 December 201777.4

Le Thu HienGeneral Accountant

Le Thi Ngoc TramChief Accountant

Le Viet HaDeputy General Director

Ha Noi, Viet Nam

28 February 2018

Prepared by: Approved by:

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STATEMENT OF INCOME for the year ended 31 December 2017

Code Note 2017 VND

2016 VND

I OPERATING REVENUE

1.1. Gains from financial assets at FVTPL 01 246,233,915,994 155,718,780,381

a. Gains from sales of financial assets at FVTPL 01.1 24(a) 87,615,987,120 81,960,085,223

b. Gains from revaluation of financial assets at FVTPL 01.2 26 64,236,833,421 -

c. Dividends, interest from financial assets at FVTPL 01.3 24(b) 94,381,095,453 73,758,695,158

1.2. Gains from held-to-maturity investments 02 24(b) 5,949,521,918 6,125,122,558

1.3. Income from loans and receivables 03 24(b) 94,114,224,457 68,265,080,380

1.6. Revenue from securities brokerage 06 24(c) 151,657,704,915 93,698,306,014

1.7. Revenue from securities underwriting and issuance agency services 07 24(c) 40,512,108,842 18,650,011,398

1.9. Revenue from securities custody service 09 24(c) 6,463,787,398 5,078,911,330

1.10. Revenue from financial consulting services 10 24(c) 8,724,141,057 10,315,698,863

1.11. Other operating revenue 11 24(c) 25,284,458,121 10,730,223,098

Total operating revenue 20 578,939,862,702 368,582,134,022

II. OPERATING EXPENSES

2.1. Losses from financial assets at FVTPL 21 (76,674,767,746) (26,592,380,619)

a. Losses from sales of financial assets at FVTPL 21.1 25 (32,946,700,915) (26,271,052,493)

b Losses from revaluation of financial assets at FVTPL 21.2 26 (43,377,746,997) -

c. Transaction costs of financial assets at FVTPL 21.3 (350,319,834) (321,328,126)

2.4. Provisions for financial assets and doubtful debts, and borrowing costs 24 (1,185,800,000) (21,490,372,376)

2.6. Expenses for securities trading 26 (15,461,907,931) (19,359,371,906)

2.7. Expenses on securities brokerage activities 27 (94,637,280,263) (64,787,816,366)

2.8. Expenses for securities underwriting and issuance agency services 28 (16,649,933,728) (4,409,510,717)

2.10. Expenses on securities custody service 30 (13,300,798,637) (10,957,813,044)

2.11. Expenses for financial consulting services 31 (7,435,009,505) (9,950,327,996)

Total operating expenses 40 (225,345,497,810) (157,547,593,024)

Code Note 2017 VND

2016 VND

III FINANCIAL INCOME

3.1. Realised and unrealised foreign exchange gains 41 27 10,164,472 2,322,145

3.2. Revenue, accrued dividends and interest in the year 42 27 2,353,408,915 2,276,498,339

Total financial income 50 2,363,573,387 2,278,820,484

IV. FINANCIAL EXPENSES

4.1. Realised and unrealised foreign exchange losses 51 28 (2,766,968) (4,059,399)

4.2. Interest expenses 52 28 (82,855,858,455) (62,345,961,780)

Total financial expenses 60 (82,858,625,423) (62,350,021,179)

VI. GENERAL AND ADMINISTRATION EXPENSES 62 29 (86,711,445,999) (70,786,184,574)

VII. OPERATING PROFIT (70 = 20 + 50 - 40 – 60 – 62) 70 186,387,866,857 80,177,155,729

VIII. OTHER INCOME AND EXPENSES

8.1. Other income 71 75,772,545 909

8.2. Other expenses 72 - -

Total profit of other activities 80 75,772,545 909

IX. TOTAL ACCOUNTING PROFIT BEFORE TAX (90=70 + 80) 90 186,463,639,402 80,177,156,638

9.1. Realised profit 91 165,604,552,978 80,177,156,638

9.2. Unrealised profit 92 26 20,859,086,424 -


77.5

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Form B02 - CTCK

STATEMENT OF INCOME (CONTINUED)for the year ended 31 December 2017

Code Note 2017 VND

2016VND

X. INCOME TAX EXPENSES 100 34,749,100,367 14,453,737,835

10.1. Income tax expense – current 100.1 30 25,506,726,592 14,454,040,560

10.2. Income tax expense/(benefit) – deferred 100.2 30 9,242,373,775 (302,725)

XI. ACCOUNTING PROFIT AFTER TAX (200 = 90 - 100) 200 151,714,539,035 65,723,418,803

Code Note 2017VND

2016VND

I. CASH FLOWS FROM OPERATING ACTIVITIES

1. Profit before tax 01 186,463,639,402 80,177,156,638

2. Adjustments for 02 36,497,004,797 53,089,826,552

- Depreciation of fixed assets 03 11,686,289,908 12,968,556,517

- Made/(reversed) of allowances and provisions 04 1,077,720,759 21,359,816,213

- Unrealised foreign exchange (gains)/losses 05 (462,018) 1,737,254

- Interest expense 06 82,855,858,455 62,345,961,780

- Gains from investment activities 07 (8,378,385,378) (8,401,620,897)

- Accrued interest 08 (50,744,016,929) (35,184,624,315)

3. Increase in non-cash expenses 10 43,377,746,997 -

- Losses from revaluation of financial assets at FVTPL 11 43,377,746,997 -

4. Decrease in non-cash income 18 (64,236,833,421) -

- Gains from revaluation of financial assets at FVTPL 19 (64,236,833,421) -

5. Operating profit before changes in working capital 30 (668,854,945,054) (876,212,741,050)

- Increase in financial assets at FVTPL 31 (456,332,797,536) (266,479,921,350)

- Decrease/(increase) in held-to-maturity investments 32 60,600,000,000 (20,530,776,712)

- Increase in loans 33 (262,760,934,473) (120,356,002,296)

- Increase in available-for-sale financial assets 34 - (8,190,000,000)

- (Increase)/decrease in receivables from sales of financial assets 35 (62,125,910,560) 15,620,161,000

- Decrease in receivables and accrued dividends, interest from financial assets 36 32,681,242,123 30,240,024,103

- Increase/(decrease) in receivables from services provided 37 5,861,950,646 (4,762,165,332)

- Decrease/(increase) in other receivables 39 100,210,915,052 (149,284,931,329)

- Decrease in other assets 40 1,359,563,960 813,062,319

- (Increase)/decrease in prepayments 42 (1,199,601,934) 4,269,210,447

- Corporate income tax paid 43 (19,613,506,528) (18,494,227,804)

- Interest paid 44 (81,411,229,081) (60,467,601,948)

- Increase/(decrease) in payables to suppliers 45 2,349,267,947 (296,379,379,058)

- Increase in provision for employees’ benefits 46 2,402,666 55,500

- Increase in taxes and other payables to the State (excluding corporate income tax paid) 47 2,667,639,788 3,000,475,883

STATEMENT OF CASH FLOWS for the year ended 31 December 2017(Indirect method)

Form B03 - CTCK

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STATEMENT OF CASH FLOWS (CONTINUED) for the year ended 31 December 2017(Indirect method)

Code Note 2017VND

2016VND

- Increase in payables to employees 48 26,694,122,072 20,311,648,480

- Decrease in other payables 50 (17,838,069,196) (5,522,372,953)

Net cash flows from operating activities 60 (466,753,387,279) (742,945,757,860)

II. CASH FLOWS FROM INVESTING ACTIVITIES

1. Payments for purchases of fixed assets 61 (5,642,005,250) (447,951,246)

2. Proceeds from disposals of fixed assets 62 75,454,545 -

4. Receipts from other investments 64 8,302,930,833 8,401,620,897

Net cash flows from investing activities 70 2,736,380,128 7,953,669,651

III. CASH FLOWS FROM FINANCING ACTIVITIES

3. Proceeds from borrowings 73 16,547,258,789,227 1,526,245,493,014

3.2. Other borrowings 73.2 16,547,258,789,227 1,526,245,493,014

4. Payments to settle principals of borrowings 74 (16,057,784,645,349) (814,446,463,912)

4.3. Payments to settle other principals of borrowings 74.3 (16,057,784,645,349) (814,446,463,912)

Net cash flows from financing activities 80 489,474,143,878 711,799,029,102

IV. Net cash flows from financing activities (90 = 60 + 70 + 80) 90 25,457,136,727 (23,193,059,107)

V. Cash and cash equivalents at the beginning of the year 101 46,285,626,484 69,478,685,591

Cash 101.1 46,285,626,484 39,478,685,591

Cash equivalents 101.2 - 30,000,000,000

VII. Cash and cash equivalents at the end of the year (103 = 90 + 101) 103 6 71,742,763,211 46,285,626,484

Cash 103.1 71,742,763,211 46,285,626,484

CASH FLOWS OF CUSTOMERS FROM BROKERAGE AND UNDERWRITING ACTIVITIES

ITEMS Code 2017VND

2016VND

I. Cash flows of customers from brokerage and underwriting activities

1. Proceeds from sales of customers’ securities 01 316,256,353,305,062 298,141,490,579,683

2. Payments for purchases of customers’ securities 02 (358,776,235,912,286) (334,256,818,585,435)

7. Receipts of deposits of customers for securities transactions 07 43,212,605,724,731 36,326,628,596,758

8. Payment to settle securities transactions of customers 08 (151,353,413,982) (93,528,895,133)

11. Payments of securities custody fees of customers 11 (4,838,053,040) (3,475,874,465)

14. Receipts from securities issuers 14 14,998,279,419,923 12,592,807,220,811

15. Payments to securities issuers 15 (14,986,871,170,344) (12,606,946,149,976)

Net cash inflow during the year 20 547,939,900,064 100,156,892,243

II. Cash and cash equivalents of customers at the beginning of the year 30 836,196,100,956 736,039,208,713

Cash at banks at the beginning of the year: 31

Deposits of investors for securities transactions managed by the securities company 32 626,422,466,206 689,934,931,960

Collective deposits of customers for securities transactions 33 127,784,172,652 -

Deposits for clearance and settlement of securities transactions 34 53,913,810,792 3,889,696,282

Deposits of securities issuers 35 28,075,651,306 42,214,580,471

III. Cash and cash equivalents of customers at the end of the year (40 = 20 + 30) 40 1,384,136,001,020 836,196,100,956

Cash at bank at the end of the year: 41

Deposits of investors for securities transactions managed by the Company 42 998,325,808,317 626,422,474,063

Collective deposits of customers for securities transactions 43 260,459,470,686 127,784,164,795

Deposits for clearance and settlement of securities transactions 44 85,866,821,132 53,913,810,792

Deposits of securities issuers 47 39,483,900,885 28,075,651,306

Form B03 - CTCK Form B03 - CTCK

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STATEMENT OF CHANGES IN EQUITYfor the year ended 31 December 2017

66Form B04 - CTCK

Opening balance Increases/Decreases Closing balance 1/1/2016 1/1/2017 2016 2017 31/12/2016 31/12/2017

Increases Decreases Increases Decreases

VND VND VND VND VND VND VND VND

I. Changes in equity

1. Capital 700,914,795,416 700,914,795,416 - 300,000,000,000 (914,795,416) 700,914,795,416 1,000,000,000,000

- Contributed capital 700,000,000,000 700,000,000,000 - 300,000,000,000 - 700,000,000,000 1,000,000,000,000

- Other equity capital 914,795,416 914,795,416 - - (914,795,416) 914,795,416 -

2. Reserve to supplement charter capital 18,597,962,823 21,884,133,763 3,286,170,940 5,016,253,615 (21,884,133,763) 21,884,133,763 5,016,253,615

3. Financial and operational risk reserve 38,666,855,020 41,953,025,960 3,286,170,940 5,016,253,615 (18,300,000) 41,953,025,960 46,950,979,575

4. Other equity funds 30,762,096,449 30,762,096,449 - - - 30,762,096,449 30,762,096,449

5. Retained profits 286,080,283,281 337,718,286,958 65,723,418,803 (14,085,415,126) 151,714,539,035 (297,798,730,102) 337,718,286,958 191,634,095,891

5.1. Realised profits 286,080,283,281 337,718,286,958 65,723,418,803 (14,085,415,126) 130,855,452,611 (259,965,950,917) 337,718,286,958 208,607,788,652

5.2. Unrealised profits - - - - 20,859,086,424 (37,832,779,185) - (16,973,692,761)

TOTAL 1,075,021,992,989 1,133,232,338,546 72,295,760,683 (14,085,415,126) 461,747,046,265 (320,615,959,281) 1,133,232,338,546 1,274,363,425,530

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VIETCOMBANK SECURITIES COMPANY LIMITED12th & 17th Floor, Vietcombank Tower, 198 Tran Quang Khai,

Ly Thai To Ward, Hoan Kiem District, HanoiTel: (84-24) 3936 6990 - Fax: (84-24) 3936 0262

www.vcbs.com.vn

http://lapphuong.com

Documents

2017 - VCBSvcbs.com.vn/uploads/News/2018/T7/AR2017/20180712_VCBS_AR20… · PJICO, Vinamilk, Vietnam Airlines, etc. As a member of Vietcombank, VCBS provides full product packages