BF1 Annual Report 2010 - Final Post Web

8/2/2019 BF1 Annual Report 2010 - Final Post Web

1/55


2/55

Thng ip Ch tch Ban i din Qu

Thng ip Ban Gim c

Tng quan nn kinh t v th trng vn nm 2010

D bo tnh hnh kinh t v th trng vn nm 2011

Ban i din Qu

Bo co kt qu hot ng

Bo co Ti chnh

Cng ty Qun l Qu u t Prudential Vit Nam

Ghi ch

04

06

08

16

20

2430

52

53

Mc lc


3/55



ngINH B THNH

Ch tch

Knh tha Qu Nh u t,

K t khi thnh lp, 4 nm qua Qu cn bng PRUBF1

ni ring v cc Qu u t cng chng khc tip tc

hot ng trong mi trng kinh t c v cn nhiu

bin ng v thch thc. V nn tng, y tht s l mi

trng m m hnh Qu cn bng s pht huy c th

mnh bo ton vn ng thi c c hi tng trng t

th trng.

Chng ta cng hiu c gia m hnh l tng v kt

qu thc tin lun c khong cch. Nhim v c t

ra cho Ban iu hnh Qu l thu hp cho c khong

cch ny bng cc gii php ng b t vic tng

cng ni lc, lin kt ngoi lc v ng dng cc kinh

nghim thc tin qua cc nm hot ng.

Theo nh gi ca Ban i din Qu, kt qu hot ng

nm 2010 tuy vn cn khim tn, nhng im sng

tch cc t c trong nm l vic thu hp t l chit

khu gia gi chng ch v gi tr ti sn rng. Kt qu

ny chnh l t n lc v cam kt gn b lu di ca tp

on Prudential trong vic cho mua cng khai 31,7%

chng ch Qu, tng ng vi 106 t Vit Nam ng.

Bn cnh , c nhiu bin chuyn tch cc trong

vic xc lp li s phi hp, tham gia chiu su ca ban

i din Qu vi Ban iu hnh Qu. Cc quy trnh u

t cng c ti lp v hon thin cho ph hp vi giai

on mi.

Bc sang nm 2011, mt nm c th gi l rt quan

trng, nm bn l cho vic nh hnh chin lc hon

vn cho nh u t nm 2013. mc ngng m nhiu

chuyn gia d on c th l ytrong ng th

di hn ca th trng chng khon (do c ch s gi

trn thu nhp c phn vo mc thp nht t nm 2006

tr li y l 10.6 ln), chin lc phn b v ng ph

tnh hung mt ln na li t p lc ln cho Ban iu

hnh Qu .

Chng ti thit ngh, th trng s ngy cng phn ha

hn trong bi cnh hin nay. Vic la chn danh mc c

th, s iu chnh phn b ti sn linh hot hn s ng

vai tr rt quan trng cho vic mang li nhiu gi tr gia

tng cho Qu chng ta.

Ban i din Qu, thay mt cc nh u t, s tip tc

gim st, t vn, bn tho chin lc vi Ban iu hnh

Qu. V vi nhng chuyn bin tch cc gn y, chng

ti c mt ci nhn lc quan hn trong tin trnh xc lp

v thc thi cc chin lc, pht huy bng c u th

ca m hnh Qu cn bng.

Ti tin tng l s pht trin ca Qu cn bng khng

ch c ngha cho nh u t, m cn l nhng vin

gch v nn mng quan trng trong s pht trin ca

ngnh qu cng chng ti Vit Nam.

Xin chc cho nm 2011 l nm thnh cng cho Qu

chng ta v cho tt c cc qu nh u t.

Knh cho trn trng,

QU U T CN BNG PRUDENTIAL - PRUBF14 Bo co Thng nin 2010 5


4/55

Thng ip Ban Gim cNm 2010 nh du nm hot ng th t ca Qu u

T Cn Bng - PRUBF1. Mt ln na, Qu phi hot ng

trong mi trng u t phc tp v y thch thc. Cc

yu t tch cc l s tng trng kinh t mnh m lin

tc a Vit Nam vo nhm cc quc gia thu nhp

trung bnh (theo nh ngha ca Ngn hng Th gii).

Tuy nhin, xu hng tch cc ny phi ng hnh vi

nhng thch thc v lm pht, thm ht thng mi v

s mt gi ca ng tin Vit Nam. Nhng quan ngi ny

c phn nh r nt khi th trng chng khon Vit

Nam gim im trong khi cc th trng khc trong khuvc ng Nam tng im n tng, v qua s bin

ng li sut cao ca th trng tri phiu. Mc d vy,

Cng ty Qun l Qu u t Prudential Vit Nam vn lc

quan v c hi pht trin lu di ca Vit Nam. Tuy nhin,

nhng bin ng trong ngn hn vn lun c theo

di st sao. Chng ti s trnh by chi tit hn trong phn

kinh t v m v mi trng u t.

Trong mi trng u t y thch thc ny, Ban iu

hnh Qu p dng chin lc u t ch ng hn,

th hin qua vic tng t trng u t vo c phiu khi

phn b ti sn v rt ngn thi gian o hn bnh qun

ca danh mc Tri phiu. Kt qu, gi tr ti sn rng ca

Qu (NAV) b gim 1,7% (tng ng vi mc gim

ca ch s VN-Index).

Nhng bt n trong th trng i hi mt chin lc

u t thn trng. Ngha l phi c s cn bng gia ri

ro v li nhun k vng v s a dng ha trong vic

phn b u t gia cc loi ti sn nh c phiu, tri

phiu v tin mt. Theo chng ti, Qu u T Cn Bng

Thng ip Ban Gim c

ng HENDRIK GERRIT RUITENBERG

Quyn Tng Gim c

ng HENDRIK GERRIT RUITENBERG

ng TRN L KHNH

Tng iu hnh u t

ng TRN L KHNH

Ban Gim c

Cng ty Qun l Qu u t Prudential Vit Nam.

da trn quy trnh u t c k lut l mt phng php

ng n trong bi cnh ny. Cc yu t c bn ca

phng php ny l nghin cu phn tch gi tr c bn,

phn tch v m v vi m, v phn tch so snh cc cng

ty cng ngnh vi mt tm nhn di hn.

Trong nm 2010, Cng ty Qun l Qu u t Prudential

Vit Nam xem xt li chin lc u t ca PRUBF1

cng nh c cu & thnh phn ca i ng u t.

Chng ti n lc xy dng quy trnh cho php Ban iu

hnh Qu c th tn dng ngun lc v chuyn mn cacc chuyn gia qun l qu v ti sn ca tp on Pru-

dential (ang qun l ti sn tr gi 52 t bng Anh trn

10 quc gia thuc th trng Chu ) trc khi a ra cc

quyt nh u t. Chng ti s tip tc duy tr v pht

huy th mnh ca phng php u t c k lut.

Nhng n lc ny phn nh chin lc ng n ca

Cng ty Qun l Qu u t Prudential Vit Nam nhm

tng cng v th ca mnh trong ngnh qun l qu ti

Vit Nam. Vi cam kt pht trin lu di ti th trng Vit

Nam, Prudential s lun tm kim c hi khng nh v

th ca mnh trong ngnh cng nghip qun l qu. Theo

, chng ti mong i cc thay i v qui nh php

lut cho hot ng qun l qu ca Vit Nam.

Chng ti vng tin rng chng ch qu PRUBF1 vn l

mt ti sn u t tt cho cc nh u t thch phng

php u t cn bng. Chng ti xin cm n trn trng

cm n i vi s tin tng cc nh u t dnh cho

cng ty chng ti.



5/55

Tng quan nn kinh tv th trng vn

nm 2010


6/55

Kinh t v m

Do vn cn hng li t gi kch cu ti chnh v h tr li sut trong nm 2009, nn kinh t Vit Nam hi phc t

khng hong ti chnh ton cu v nh du s tng trng y n tng trn nhiu mt nh sn xut cng nghip,

bn l, v xut khu trong sut c nm 2010. (ngun: B Ti chnh)

Su thng u nm 2010, trong mi trng li sut thp v nim tin ngi tiu dng c cng c, sc tiu th trong

nc tng vt vi t l bnh qun tng trng so vi cng k nm trc l 15,9% cao hn nhiu so vi t l 5,5% ca

nm 2009 ( loi tr yu t gi tng do lm pht). Cng vi bn l, sn xut cng nghip cng tng mnh vi t l tng

trng 13,6% so vi cng k nm trc ch yu l do vic gii ngn ca cc khon u t trc tip nc ngoi (FDI) cao

hn. Hn 5,4 t la M c u t vo cc lnh vc ch cht ng u l sn xut, tin ch v bt ng sn.

Trong su thng cui nm 2010, khi nhu cu tiu dng ton cu gia tng v gi hng ha c bn bt u chu k tng,

xut khu Vit Nam c mt nm bi thu vi nhng k lc mi c lp trong nhiu lnh vc. Xut khu ni chung

tng ln 25,5% so vi cng k nm ngoi vi 18 mt hng c kim ngch xut khu hn 1 t la M (so vi 12 mt

hng trong nm 2009). Nu loi tr yu t gi tng do lm pht th lng xut khu trung bn h tng 13,4% so vi cng

k nm ngoi. Ngoi ra, vic Ngn hng Nh nc Vit Nam sn sng cung cp thanh khon tip tc h tr sn

xut cng nghip v tiu dng ni a. Nhn chung, tng trng GDP tng mnh t 5,8% trong qu I, n 6,4% trong

qu II, n 7,2% trong qu III, v 7,3 % trong qu IV. Tnh chung cho c n m 2010, tng trng GDP t tc ng k

l 6,8% vt ch tiu 6,5% ra cho nm 2010.

Tuy nhin, trong nm 2010, vic ng tin Vit Nam gim gi v thm ht thng mi mang tnh h thng tip tc

l nhng thch thc i vi nn kinh t Vit Nam. Thm na, nhng vn tn ti ca nn kinh t v m trong nc,

cng vi nhng yu t khng thun li t bn ngoi (nh gi c hng ha c bn trn th gii tng cao) lm gia

tng k vng lm pht cao, dn n nhiu bin ng trong mt bng li sut v cn tr s ph t trin ca nn kinh t.

L mt nc ang pht trin vi mt h thng cng nghip ph tr cha hon chnh, Vit Nam vn phi nhp khu

mt lng ln my mc, thit b, v nguyn vt liu phc v cho vic sn xut. Chnh bi vy, mc d nm 2010

l mt nm n tng v kim ngch xut khu, thm ht thng mi vn cn ng k. Trong 3 thng cui nm 2010,

thm ht thng mi hng thng tip tc trn 1 t la M v c bit l trn 1,4 t la M trong thng 12. Tnh c

nm 2010, thm ht thng mi l 12,4 t la M, cao hn 1,6% so vi nm 2009. Mc d c s h tr ca dng

vn nc ngoi vo mnh m, c th l do vic gii ngn t cc khon u t trc tip t nc ngoi (FDI), h tr

pht trin chnh thc (ODA), v kiu hi, cn cn thanh ton tng th vn m 4 t la M trong nm 2010.


QI-2006

0.0%

1.0%

3.0%

5.0%

7.0%

9.0%

10.0%

2.0%

4.0%

6.0%

8.0%

Biu : Sc tiu th ni a & Sn xut cng nghip

Biu : Tng trng GDP ca Vit Nam

TltngtrngGDP

QII-2006

QIII-2006

QIV-2006

QI-2007

QII-2007

QIII-2007

QIV-2007

QI-2008

QII-2008

QIII-2008

QIV-2008

QI-2009

QII-2009

QIII-2009

QIV-2009

QI-2010

QII-2010

QIII-2010

QIV-2010

Qu

Biu : Cn cn thng mi

T1/2008

T4/2008

T7/2008

T10/2008

T1/2009

T4/2009

T7/2009

T10/2009

T1/2010

T4/2010

T7/2010

T10/2010

10,000

8,000

6,000

4,000

2,000

(2,000)

Thng d Thm ht thng mi

TriuUSD

Xut khu Nhp khu

(4,000)

S hi phc kinh t ton cu h tr tch cc n kinh t Vit Nam.

Tiu th ni a mnh, sn xut cng nghip tt l cc nhn t tch cc ch cht i vi tngtrng kinh t Vit Nam.

Tnh thanh khon ca th trng tt do tng trng tn dng cao hn, c tc ng tch cc ntiu dng ni a v gi tr sn xut cng nghip. Gi hng ha ton cu cao gip xut khu VitNam tng mnh.

Thch thc chnh i vi nn kinh t Vit Nam l vic gim gi tin ng v thm ht thngmi mang tnh h thng.

Gi tr sn xut cng nghip tnh t u nmso vi cng k nm trc

Lng bn l tnh t u nm so vi cng k nm trc

T4/2009

T1/2009

T7/2009

T10/2009

T1/2010

T4/2010

T7/2010

T10/2010

T1/2011

0.0%

10.0%

20.0%

30.0%

40.0%



7/55

Ch s VN-Index gim gn 2% trong nm 2010. Nm 2010 l mt nm th trng bin ng mnh trong mc 450-550 im.

Biu : Bin ng t gi

Biu : Ch s VN-Index v Khi lng giao dch

Th trng C phiuDo iu kin thi tit bt li ti khu vc min Bc v min Trung Vit Nam nh hng n ngun cung lng thc

thc phm, gi nguyn vt liu ton cu tng ng k v do s tng trng tn dng mnh m, v vy lm pht

tng mt cch nhanh chng. Cho n cui nm 2010, lm pht tng ln mc 11,75% vt qu ch tiu ra ca

Chnh ph l 8% v mc d on ca th trng l 9-10%. Lm pht cao y li sut tin gi v li sut cho vay

ln cao.

Trong su thng u nm 2010, nn kinh t Vit Nam tip tc phc hi vi s tr gip ca chnh sch tin t v

gi kch cu ca Chnh ph ca nm trc. Sc tiu th ni a cng tng trng dn theo s ci thin nim tin

ca ngi tiu dng. Hn na, nhu cu tiu dng quc t cng tng trng mnh m theo hi phc ca kinh

t Th gii sau khi nhiu Ngn hng Trung ng s dng cc gi kch cu. Trong thi im ny, s hi phc thc

s trong nn kinh t gip khi phc li nhun ca cc cng ty. Nh cc yu t c bn tch cc trn, ch s

VN-Index tng ln 550 im. Tuy nhin, sau khi thanh khon c rt ra khi th trng, ch s VN-Index tr li

quanh mc 500 im cho n ht na u nm 2010.

Tuy nhin, trong su thng cui nm 2010, bt n trong hot ng ca tp on Vinashin lm dy ln s lo

ngi ca nh u t. Thm na, c ba cng ty nh gi mc tn nhim quc t ln lt h bc tn nhim ca

Vit Nam bi nhng lo ngi i vi t gi hi oi, thm ht thng mi, v h thng ti chnh cha pht trin.

Nhng l do trn lm nhiu nh u t khng tham gia th trng c phiu khin khi lng giao dch trung

bnh gim ng k trong qu III v qu IV nm 2010.

n cui nm 2010, Ngn hng Nh nc Vit Nam chuyn sang chnh sch tin t tht cht hn, tp trung

vo kim sot lm pht v t gi ngoi t. ng thi ny c hoan nghnh bi cng ng nh u t quc

t, th hin qua s gia nhp th trng ca hai qu ch s nc ngoi (ETF). Vi dng tin mi vo, th trng

tng ln 485 im ch thp hn 2% so vi mc cui nm 2009.

Biu : Ch s lm pht (% so vi cng k nm ngoi)

Ch s lm pht

-10%

T 6/ 20 08 T 9/ 20 08 T12/2008 T3/2009 T6/2009 T9/2009 T12/2009 T3/2010 T6/2010 T9/2010 T12/2010

-5%

0%

5%

10%

15%

20%

30%

35%

25%

Trong nm 2010, Chnh ph gim gi tin ng a mc trn ca t gi ln 19.500 VND/USD cao hn mc trn nm

2009 l 5,5%.

Do lo ngi v nhng nhn t v m nh thm ht thng mi, lm pht v s gim gi ca tin ng, cc c quan xp hng

tn nhim quc t ln lt h bc tn nhim ca Vit Nam vo cui nm 2010. Nh vy, hn mc tn nhim thp hn s trc

tip lm tng chi ph huy ng vn ca cc cng ty Vit Nam trn th trng quc t vo nm 2011.


p lc v lm pht vn cn cao n cui nm 2010

Vic mt gi lin tc ca tin ng lm cho cc nh u t quc t lo ngi.

Vic Vit Nam b h mc tn nhim lm gia tng chi ph huy ng vn ca cc doanh nghiptrong nc.

VND

VN-Index

Khilnggiaodch

15.000

16.000

17.000

18.000

19.000

20.000

21.000

22.000

31

/12/2007

31

/03/2008

30/06/2008

30/09/2008

31

/12/2008

31

/03/2009

30/06/2009

30/09/2009

31

/12/2009

31

/03/201

0

30/06/201

0

30/09/201

0

31

/12/201

0

06/04

/201

0

22/02/201

0

Date

24

/05

/201

0

06/07

/201

0

18/08/201

0

04

/10/201

0

16/11

/201

0

29/12/201

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

350

400

450

500

550

600

300



8/55


Th trng Tri phiu

Trong nm 2010, li sut tri phiu gim kh ong 0,5%

Vo u nm 2010, b nh hng bi gi kch cu v s gia tng nhu cu hng ha trc Tt, lm pht tng cao to lc

y lm cho li sut tri phiu tng nh khong 0,5%.

Tuy nhin, sau qu I, khi lm pht n nh v Chnh ph cung cp thanh khon cho th trng thng qua cc hot

ng th trng m, nhu cu tri phiu ca cc ngn hng tng ln. Vic mua tri phiu Chnh ph gip ngn hng

ci thin cc ch s ti chnh tun th cc hng dn v quy nh ca Ngn hng Nh nc Vit Nam. Thm na,

thng qua vic cm c tri phiu trn th trng m, n gn hng c th tip cn vi ngun vn gi r. Chnh v vy, li

tc tri phiu gim ng k t 11,8% xung cn 9,5% (tri phiu thi hn 3 nm). Trong sut thi k ny, th trng tri

phiu vn lin tc bin ng vi giao dch bnh qun l 400-600 t.

Tuy nhin, vo cui nm 2010, do chnh lch gia t gi ngoi t chnh thc v th trng t do gia tng, cng thm

sc p lm pht, v vic u gi tri phiu trn th trng s cp khng thnh cng do li sut trn thp hn so vi

k vng th trng, Ngn hng Nh nc Vit Nam quay li trin k hai chnh sch tht cht tin t, dn n li sut tri

phiu tng. Do cc ngn hng dng tri phiu cm c trong cc hot ng th trng m, giao dch trn th trng

tri phiu tr nn trm lng trong thi k ny.

Biu : Li sut tri phiu Chnh ph (k hn 3 nm) & khi lng giao dch nm 2010

13/01

/201

0

13/02/201

0

13/03/201

0

13/04

/201

0

13/05

/201

0

13/06/201

0

13/07

/201

0

13/08/201

0

13/09/201

0

13/10/201

0

13/11

/201

0

13/12/201

0

-

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

6,0%

7,0%

8,0%

9,0%

10,0%

11,0%

12,0%

13,0%



9/55

D bo tnh hnh kinh tv th trng vn

nm 2011


10/55

D bo tnh hnh kinh t v th trng vn nm 2011

i vi th trng tri phiu, chng ti vn cn quan ngi v kh nng li sut tri phiu tng cao, theo nhn nh

rng mc lm pht s tip tc mc cao do nh hng ca chi ph gia tng. Tuy nhin, cc yu t c bn ca nn

kinh t vn tt v mt di hn.

Biu : nh gi th trng c phiu Vit Nam

Hin nay, Ch s P/E ca Vit Nam ang mc 11 ln so vi mc 19 ln ca th trng Indonesia v 12,5 ln ca th

trng Singapore. Mt khi cc iu kin kinh t v m c n nh tr li, th trng chng khon c th s hi phc

v mc P/E th trng tng ng vi P/E ca cc th trng khc trong khu vc.

Dn s tr vi mc tiu dng cao, v t l th ha cao lm cho Vit Nam tr thnh mt th trng hp dn c bit

l trong lnh vc bn l v bt ng sn. Ngun lao ng r v c trnh , u t vn nc ngoi mnh, ngun kiu

hi cao v n nh tip tc h tr xut khu v qu trnh cng nghip ha ca Vit Nam. Chng ti tin tng rng

tng trng GDP nm 2011 s t ch tiu 7% do Chnh ph ra. Trn thc t, chng ti tin rng GDP ca Vit Nam

c th duy tr mc tng trng bnh qun khong 6-8% hng nm trong di hn.

Mc d tr ngoi hi mc thp khong 12 -15 t la M (theo c tnh ca Qu tin t Th gii (IMF) ti thi im

cui nm 2010), thm ht cn cn thng mi v cn cn thanh ton h thng, cng vi s h bc tn nhim ca Vit

Nam l nhng nhn t chnh nh hng n nim tin ca nh u t i vi tin ng. Do , trn th trng t do,

ng la M lin tip c giao dch cao hn mc gi trn ca Ngn hng Nh nc Vit Nam. Ly li nim tin

ca nh u t l mt trong nhng thch thc ln ca Ngn hng Nh nc Vit Nam trong nm 2011. Theo quan

im ca chng ti, vic h gi tin ng trong thng 2/2011 ln n 8,5% cho thy quyt tm ca Chnh ph trong

vic gii quyt vn ny.

V lm pht, nm 2011 c d bo l mt nm y thch thc na cho nn kinh t Vit Nam. u tin l gi c nguyn

vt liu tip tc theo chiu hng tng cao do s ni lng nh lng ton cu trong trong nm 2010. Thm na, tng

trng tn dng vn cn mc cao do cc ngn hng tng trng ngun vn v ti sn nm 2010. Tuy nhin, sau khi

cn nhc chng ti vn tin tng rng, vi kinh nghim t nm 2008, Chnh ph v Ngn hng Nh nc vi mc tiu

tp trung vo lm pht s thc hin nhng bin php cn thit ngn chn lm pht. Chng ti cho rng lm pht c

nm 2011 s mc thp ca hai con s do hai thng u nm lm pht tng khong 3% so vi u nm.

Chng ti cng nhn thy s khi phc kinh t ton cu c th khng t c nh mong i khi nhiu quc gia

ang thc hin cc ch nh sch tht cht tin t chng li lm pht ang trn gia tng. S tng trng chm li

ny s nh hng khng tt n nhu cu hng ha xut khu ca Vit Nam, v cn tr s pht trin ca nn kinh t.

Tng t vi quan im v nn kin h t Vit Nam, chng ti vn thn trng v th trng chng khon trong tng lai

gn v lc quan trong di hn.

D kin nm 2011, li nhun doanh nghip s tng kh tt nh vo sc tiu th ni a mnh v s phc hi ca nn

kinh t ton cu. Tuy nhin, ch s li nhun trn mt c phn (EPS) ch c th tng mc mt con s do chi ph s

dng vn cao hn, li nhun t cc khon u t thp hn, v s pha long li nhun do cc cng ty pht hnh thm

c phiu. Tuy vy, chng ti vn lc quan v th trng c phiu trong di hn do hin ti mc nh gi ca th trng

cn tng i thp so vi cc nc khc trong khu vc.

Tiu th ni a mnh, chi ph lao ng cnh tranh, u t nc ngoi mnh tip tc h tr tngtrng kinh t Vit Nam.

Trong di hn, Vit Nam vn l mt im n u t hp dn. Nhn nh v th trng C phiu.

Tuy nhin, trong ngn hn, chng ti vn cn trng do c mt vi thch thcchnh i vi s pht trin ca Vit Nam trong nm 2011.

Nim tin vo gi tr ng tin Vit Nam, p lc lm pht, v s tng trng chm li ca nn kinht Th gii s l nhng thch thc chnh cho kinh t Vit Nam.

Mc nh gi th trng c phiu vn mc hp dn. C phiu c th tng trng nhng khngqu mnh m cho n khi cc vn v m c gii quyt.

Tng trng li nhun doanh nghip vn mc tt do tiu th ni a mnh. Tuy nhin, linhun bin nhiu kh nng s gim st.

Nhn nh v th trng Tri phiu.

Thch thc vi th trng tri phiu do li sut cn nhiu bin ng.

04

/01

/201

0

04

/02/201

0

07

/03/201

0

07

/04

/201

0

08/05

/201

0

08/06/201

0

09/07

/201

0

09/08/201

0

09/09/201

0

10/10/201

0

10/11

/201

0

11

/12/201

0

1,00

1,20

1,40

1,60

1,80

2,00

2,20

2,40

2,60

2,80

3,00

9,50

10,50

10,00

11,00

11,50

12,00

12,50

13,00

13,50



11/55

Ban i din Qu

ng INH B THNH

Ch tch & Tng Gim c

T hp Truyn thng a phng tin t Vit VAC

Ch tch Ban i din Qu

ng LNG QUANG HIN

Ph Tng Gim c ph trch Ti chnh

Cng ty CP Kinh

Thnh vin Ban i din Qu

ng PHM TRNG GIANG

Trng phng u t Chng t c gi thuc Ban u t

Cng ty Ti chnh CP Du kh


ng L VN B

Ph Ch tch HQT

Ngn hng TMCP Qun i


ng THI NHI C

Ph Tng Gim c Qun tr Doanh nghip

Cng ty BHNT Prudential Vit Nam



12/55

Ban i din Qu

Cc Thnh vin trong Ban i din Qu

K t i hi Nh u t ln th t ngy 28 thng 3 nm 2010, Ban i din Qu gm c 05 thnh vin thay v 06 thnhvin nh trc y:

1) ngINH B THNH Nh u t c nhn - Ch tch Ban i din Qu

2) ng L VN B i din Ngn hng Thng mi C phn Qun i

3) ng THI NHI C i din Cng ty TNHH Bo him Nhn th Prudential Vit Nam

4) ng LNG QUANG HIN i din Cng ty C phn Kinh .

5) ng PHM TRNG GIANG i din Cng ty Ti chnh C phn Du kh.

Ngy 04/01/2010, Cng ty Cng ty Ti chnh C phn Du kh chnh thc c vn bn tin c ng Phm Trng Giangtham gia Ban i din Qu thay th ng m Minh c.

ng thi cng trong k i hi ln th t, ng L Ch Hiu xin t chc khi Ban i din Qu. Cc s thay i v c cut chc ca Ban i din Qu c thng qua ti i hi.

Hot ng ca Ban i din Qu

Trong nm 2010, Ban i din Qu t chc 4 cuc hp hp nh k hng qu v 2 cuc hp bt thng:

A. Cuc hp ngy 16/3/2010 - S thnh vin hin din 5/5

y l cuc hp u tin ca Ban i din Qu trong nm 2010. Ban i din Qu tho lun v thng qua cc vn sau:

1. Xem xt v chun y cc vn tn ng t cuc hp trc;

2. Bo co tnh hnh hot ng ca Qu trong c nm 2009;

3. Chin lc u t nm 2010;

4. Quyt nh t sut li nhun chun cho danh mc Tri phiu v C phiu, p dng tnh ph thng cho nm 2010;

5. Cc vn v t chc i hi Nh u t nm ti chnh 2009 din ra vo ngy 26 thng 3 nm 2010.

B. Cuc hp ngy 20/5/2010 - S thnh vin hin din 5/5Cuc hp nh k hng Qu ca Ban i din Qu nhm xem xt v tho lun cc vn :

1. Cc vn c cp trong i hi nh u t t chc vo ngy 26 thng 3 nm 2010, v ra cc k hoch hnhng c th cho vic u t ca Qu;

2. Ban i din Qu cng ngh Cng ty Qun l Qu linh hot hn trong chin lc u t, khng cn phi gii hntrong cc c phiu Blue Chip v trong thi gian gn y cc c phiu ny c kt qu u t khng tt lm;

3. Ban i din Qu cng ng nn tng t l phn b u t vo c phiu Qu ln ti 100% thay v 70% nh quy nhtrong iu l Qu, thc hin vic ny cn phi c thng qua bi i hi nh u t sp ti;

4. Ban i din Qu chun y T sut Li nhun chun c xc nh cho mc ch thng i vi cng ty PVFMC l ti agia mc sinh li c nh 10%/nm (Fixed Hurdle Rate) v Mc Chun Th Ni (Dynamic Benchmark). Ban i Din Quph chun mc Mc Chun Th Ni ca nm 2010 l 50:50 cho danh mc Tri phiu (X%) v C phiu (Y%) - theo X% v Y% c xc nh theo Ph Lc 5 ca iu l Qu.

C. Cuc hp ngy 12/8/2010 - S thnh vin hin din 4/5y l mt cuc hp Bt thng ca Ban i din Qu xem xt mt s vn quan trng sau y:

1. Danh mc u t, tiu s, kinh nghim, cht lng v khi lng ca i ng u t; trch nhim ca tng ngi, baonhiu phn trm l chuyn lm vic cho PRUBF1;

2. Vai tr ca i ng u t Vit Nam v nh hng ca vn phng Singapore n quyt nh u t cui cng;

3. Quy trnh cc quyt nh u t.

D. Cuc hp ngy 27/8/2010 - S thnh vin hin din 4/5Cuc hp nh k hng qu ca Ban i din Qu, chng trnh hp nhm gii quyt tip cc vn tn ng t cuchp trc:

1. Cng ty Qun l Qu ghi nhn hiu qu ca Qu trong thi gian qua khng t c nh mong i. Rt kinh nghimt bi hc qu kh, v chin lc sp ti;

2. Gii trnh 4 cu hi m Ban i din Qu nu ra trong cuc hp trc: (i) quy trnh u t v quyn quyt nh ut; (ii) gi Bin bn hp qua vng; (iii) m t c th v i ng u t; v (iv) k hoch c th tng NAV ca Qu;

3. Trong cuc hp Ban i din Qu c nu mt s vn khc v vai tr c th ca vng; nu ch t vn thi th khngc g mi so vi trc y. Nhng theo ng hiu th vng c rt nhiu quyn, k c vic ci t / c cu li gn y. Vth ng nhn mnh l Bin bn hp Ban i din Qu nn c gi cho Gim c u T ca vng cc quan tm,quan ngi ca Ban i din Qu c p ng.

4. Cng ty Qun l Qu xin php lin lc vi Ban i din Qu hng thng xin kin v bn bc v chin lc v m.Qua th chia s thm mt s thng tin quan trng v mt s cng ty m Ban i din Qu c kinh nghim. ngCh tch Ban i din Qu ng v kin ngh cc thnh vin pha Bc/Nam trong Ban i din Qu hp tc vi Cngty Qun l Qu trao i thng tin thng xuyn hn.

E. Cuc hp ngy 12/11/2010 - S thnh vin hin din 4/5Cuc hp nh k hng qu ca Ban i din Qu tho lun cc vn sau:

1. Cng ty Qun l Qu trnh by v cc vn v tnh hnh v m ca kinh t, qu trnh hot ng ca Qu trong Qu IIIv cc vn cn tho lun khc;

2. Cng ty Qun l Qu phc p v vic quan ngi ca Ban i din Qu i vi nhng vn cp thit ca Ban idin Qu c c gi ti cp lnh o ca Vng hay khng? V vn ny Cng ty Qun l Qu nhn mnh rng ctho lun mt cch rt nghim tc vi lnh o Vng l ng Guy Strapp, Tng ph trch u t Vng ng thi lngi ph trch Vit Nam.

F. Cuc hp ngy 10/12/2010- S thnh vin hin din 4/5y l mt cuc hp Bt thng ln th hai ca Ban i din Qu trong nm nhm bn bc v cho kin v vic chomua cng khai 31,7% ca Bo him Prudential. Vic cho mua cng khai ny c UBCKNN chp thun v Ban i

din Qu khng phn i vic cho mua ny.



13/55

Bo cokt qu hot ng


14/55

Bo co kt qu hot ng

Hot ng u t

Trong nm 2010, Ban iu hnh Qu PRUBF1 iu chnh phn b ti sn cho ph hp vi d on v nhng thay ica nn kinh t v m. T phn ln t trng ca danh mc u t l tri phiu, PRUBF1 quay v c cu cn bng phnb cho c danh mc C phiu v Tri phiu trong na u nm. Sau qu trnh ny, vic ti c cu danh mc Tri phiu vC phiu l nhim v ch yu ca Qu, c bit l trong na cui nm 2010.

C phiu:Trong nm 2010, chng ti mua rng 105 t ng gi tr c phiu, bng 24% tng gi tr ti sn ca Qu. Ti thi im cuinm 2010, gi tr danh mc C phiu chim 57% tng gi tr ti sn ca Qu. Trong nm, Qu tip tc nm gi c phiu cacc cng ty c vn ha th trng t trung bnh n cao, c m hnh kinh doanh vng chc v c li th cnh tranh cao. y lnhng doanh nghip c th duy tr v pht trin ngay c di iu kin kinh t v m bt n v mi trng li sut cao.

Qu u t nng t trng cc ngnh sau cao hn t trng trong VN-Index: Sn xut thc phm (cc c phiu nm gi hngu l VNM, Sabeco), Thng tin - Vin thng (FPT ), Ha cht (DPM, TRC), Thit b, dch v v phn phi du kh (PVD, PVGas).

Mc khc, Qu u t t hn, gim t trng cc ngnh sau thp hn t trng trong VN-Index: Dch v ti chnh (cc cphiu nm gi t l MSN, PVF), Bo him (BVH), Bt ng sn (VIC).

Nh m n gnh % G i t r d an h m c c phi u P RUB F1 % Ind ex M c c h nh l c h so v i VN -I nd ex

Bo him 3,3% 9,0% 5,7%

Thng tin - Vin thng 8,2% 2,7% 5,5%

Dc phm 2,9% 1,4% 1,5%

Ha cht & Du kh 12,5% 7,4% 5,1%

Ngn hng 8,8% 8,0% 0,9%

Nguyn vt liu c bn 14,5% 9,7% 4,8%

Dch v Ti chnh 6,1% 14,6% 8,5%

Thc phm 15,7% 10,0% 5,8%

Vn ti 3,8% 2,9% 0,9%

Bt ng sn 19,7% 22,8% 3,1%

Ngnh khc 4,5% 11,7% 7,2%

Total 100,0% 100,0% 0,0%

u nm 2010

39%Danh mcC phiu

Danh mcTri phiu

61%

u nm 2010

39%Danh mcC phiuTri phiu

61%

Cui nm 2010

57%Danh mcC phiu

Tri phiu

Tin

15%

28%

Cui thng 7/2010

Danh mcC phiu

Danh mcTri phiu 62,5%

37,5%

Phn b ti sn

Trong qu I nm 2010, Ban i din Qu v Ban iu hnh Qu thay i chin lc phn b ti sn ca Qu v quanim u t trung ha, vi t trng u t vo tri phiu v c phiu l 50%:50%.

Vo thi im 31/12/2009, gi tr danh mc Tri phiu t 61% (bao gm 1% tin mt) v gi tr danh mc C phiu t39% tng gi tr danh mc.

Trong qu II nm 2010, Chnh ph tch cc to thanh khon cho th trng nhm gim li sut v kch thch nn kinht. Trong thi gian ny, theo quan im ca chng ti, nn kinh t c nhiu du hiu ci thin v c hng li t ccgi kch cu ca Chnh ph. K hoch li nhun ca cc cng ty nim yt c k vng l s t c. Vi quan im linhun mang li t th trng C phiu s cao hn th trng Tri phiu cho n thng 7/2010, chng ti ch ngtng t l phn b vn vo danh mc C phiu ln mc 62,5% tng gi tr danh mc v gim t l phn b vo danhmc Tri phiu xung mc 37,5%. Tuy nhin, i vi danh mc Tri phiu, chng ti p dng chin lc gi thi gian ohn bnh qun di hn mc chun vi nhn nh li sut c th gim do ch s lm pht trong khong thi gian t thng4 n thng 7 nm 2010 mc thp hn so vi mc d bo. V vy, chin lc ny gip danh mc Tri phiu mang limc t sut li nhun l 13,5%, tuy nhin tng th NAV ca qu gim 1,7% (trc khi tnh cc khon ph) l do nh hnggim 9% ca danh mc C phiu, tnh ti thi im cui nm 2010.

T thng 8 n thng 12 nm 2010, chng ti nhn thy ri ro ca th trng Tri phiu s cao hn do nhng bt nca nn kinh t v m. Quan ngi v kh nng gim gi ng tin Vit Nam do nh hng t thm ht thng mi mangtnh h thng, v lm pht tng cao l p lc ch yu ca nn kinh t Vit Nam trong giai on ny. Chng ti vn duy trquan im th trng C phiu s mang li li nhun trong di hn, mc d c nhng bin ng trong ngn hn. Chnhv vy, chng ti duy tr lng tin mt nhiu hn gim thiu ri ro cho danh mc u t v ch ng hn khith trng c c hi. C cu danh mc u t ca Qu vo cui nm 2010 l 57% gi tr danh mc C phiu v 43% gi tr

danh mc Tri phiu (cng li tri phiu thu c 64% trong danh mc Tri phiu l tin mt, chim 28% tng gi tr qu).

Tnh n ngy 31/12/2010, 5 c phiu nm gi hng u trong danh mc C phiu l:

Biu : Phn b ti sn (u nm 2010 - thng 7/2010). PRUBF1 chuyn i t phn b gi tr danh mc Tri phiu cao sangphn b gi tr danh mc C phiu cao.

Bng: Phn b danh mc u t C phiu ti ngy 31/12/2010.

Biu : Phn b ti sn ti ngy 31 thng 12 nm 2010. Vo cui nm, tin mt c t l cao hn trong danh mc u t.

Cng ty % Danh mc C phiu

Cng ty C phn Sa Vit Nam 13,1%

Cng ty C phn FPT 8,2%

Tng cng ty C phn Phn bn v Ha cht Du kh 7,2%

Cng ty C phn Hong Anh Gia Lai 6,0%

Cng ty C phn Tp on Ha Pht 5,1%1%Tin



15/55

Tri phiu:Trong nm 2010, chng ti bn 216 t ng gi tr tri phiu (tng ng 50% tng gi ti sn c a Qu) v muach 20 t ng gi tr tri phiu (tng ng 5% tng gi ti sn ca Qu). Do c s thay i trong chin lc u t,chng ti thoi vn t tri phiu di hn v u t vo tri phiu ngn hn.

Chng ti duy tr chin lc gi thi gian o hn bnh qun ca danh mc Tri phiu ngn hn danh mc chuntrong qu I v qu IV nm2010, v chin lc gi thi gian o hn bnh qun ca danh mc Tri phiu di hn danhmc chun trong qu II v qu III nm 2010. Quan im ca chng ti ni chung l ph hp vi nhng g xy ratrn th trng, v chin lc ny gip danh mc Tri phiu mang li t sut li nhun kh tt.

Trong nm 2010, li sut tri phiu dao ng vi bin rng vi 3 giai on ch yu. T thng 1 n thng 4, lisut tri phiu tng khi Ngn hng Nh nc Vit Nam duy tr chnh sch tht cht tng trng tn dng vi mctiu gii quyt vn lm pht. T thng 4 n thng 8, li sut tri phiu gim khi tng trng tn dng tng cao.

T thng 8 n cui nm 2010, li sut tri phiu li tng di p lc ca lm pht tng cao v s gia tng ri ro ncng ca Vit Nam.

S thay i trong chin lc gi thi gian o hn bnh qun ca danh mc Tri phiu phn nh ng s chnhxc v kin nh trong cc quan im v kinh t v m, v s linh hot trong chin lc u t ca Ban iu hnh Qutrong nm 2010.

Chng ti gi t trng phn b ti sn c phiu cao hn so vi tri phiu trong gn cui nm 2010. Quyt nh ny lm gim t sut li nhun ca Qu khi th trng c phiu din bin khng thun li trong nm 2010. Ngoi ra,

di tc ng tng mnh ca nhm c phiu c vn ha th trng nh (din ra trong 6 thng u nm, do c tnhu c) v mt nhm nh c phiu c vn ha th trng rt ln, nh: BVH, VIC, MSN (din ra trong qu IV nm 2010,do c h tr bi dng tin nng t cc Qu ch s nc ngoi (ETF)), danh mc C phiu mang li mc t sutli nhun m. Mc d vy, quan im u t ca chng ti vn l u t vo gi tr nn tng v chng ti tin tngrng s mang li li nhun lu di cho nh u t.

Hot ng ca danh mc Tri phiu l tng i kh quan hn do chng ti linh hot p dng chin lc gi thigian o hn bnh qun ca danh mc Tri phiu mt cch thch hp. Tuy nhin, do mc phn b ti sn tri phiuthp hn so vi mc phn b chun, phn no lm gim mc sinh li ca danh mc Tri phiu.

Gi tr ti sn rng (NAV) trong nm 2010

Ti thi im ngy 31/12/2010, gi tr ti sn rng trn mt n v chng ch Qu t 8.711 VN, gim 1,7% (trc khitr chi ph Qu hoc gim 4% sau khi tr chi ph Qu) so vi u nm. Tuy nhin, th gi chng ch Qu PRUBF1 giaodch trn Sn giao dch Chng khon Tp. HCM tng 3,4%, trong khi ch s VN-Index gim 2% trong nm 2010, phnln do thanh khon tng ca hot ng cho mua cng khai ca Prudential.

Ti ngy 31/12/2010, chng ch Qu PRUBF1 c giao dch mc gi 6.100 VN/chng ch Qu, 30% thp hn gi trti sn rng trn mi chng ch Qu. Mc chit khu ny c thu hp li t mc 35% vo thi im u nm 2010.

Kt qu hot ng ca Qu

Trong nm 2010, t sut li nhun (TSLN) tng i ca danh mc C phiu l -9,8% v ca danh mc Tri phiul -0,1%.

Kt qu hot ng Thng 12/2010 Qu IV/2010 C nm 2010

Tri phiu 0,7% 1,9% 13,5%

TS LN chun (Tri phiu 5 nm) 0 ,9 % 1 ,0 % 1 3, 6%

TSLN tng i -0,20% 0,9% -0,10%

C phiu 8,3% 6,4% -9,0%

TS LN ch u n ( VN -I nde x + 1 %) 8, 0% 7 ,6 % 0, 8%

TSLN tng i 0,3% -1,2% -9,8%

TSLN tng th ca Qu 5,4% 4,7% -1,7%

Biu : Thay i Gi tr ti sn rng so vi th gi chng ch Qu PRUBF1.

Biu : Bin ng ng cong li sut tri phiu Chnh ph

Bo co kt qu hot ng

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

11.5%

12.0%

12.5%

13.0%

Thng 12/2010 Thng 8/2010 Thng 4/2010 Thng 1/2010

-

2.000

T1/2010 T2/2010 T3/2010 T4/2010 T5/2010 T6/2010 T7/2010 T8/2010 T9/2010 T10/2010 T11/2010 T12/2010

4.000

6.000

8.000

10.000VND



16/55

Bo co Ti chnh


17/55

Bo co Ti chnh

Giy php Pht hnh Chng ch Qu u t ra cng chng02/UBCK-GPQT - ngy 19 thng 7 nm 2006

Giy Chng nhn ng k lp Qu u t06/UBCK-KQT - ngy 5 thng 10 nm 2006

Giy php Nim yt Chng ch qu02/UBCK-GPNY - ngy 22 thng 11 nm 2006

Giy php Pht hnh Chng ch Qu u t ra cng chng, Giy Chng nhn ng k lp Qu u t v Giy phpNim yt Chng ch Qu do y ban Chng khon Nh nc Vit Nam cp.

Tr s ng kTrung tm Thng mi Si Gn37 Tn c Thng, Qun 1, Thnh ph H Ch Minh, Vit Nam

Ban i Din QungINH B THNH Ch tchng L CH HIU Thnh vin(n ngy 26 thng 3 nm 2010)

ng L VN B Thnh vinng LNG QUANG HIN Thnh vin(t 9 thng 1 nm 2010)

ng PHM TRNG GIANG Thnh vinng THI NHI C Thnh vin

Cng ty Qun l QuCng ty TNHH Qun l Qu u t Chng khon Prudential Vit Nam

Ngn hng Gim stNgn hng TNHH mt thnh vin HSBC ( Vit Nam)

n v kim tonCng ty TNHH KPMG Vit Nam

Thng tin chung

PH DUYT CC BO CO TI CHNH

Ti, inh B Thnh, Ch tch Ban i din Qu v thay mt cc Nh u t Qu u t Cn bng Prudential (Qu),ph duyt cc bo co ti chnh nh km ca Qu cho nm kt thc 31 thng 12 nm 2010, c lp theo Quytnh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch k ton Qu u t chngkhon v Quyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007 v quy ch thnh lp vqun l Qu u t chng khon, cc Chun mc K ton Vit Nam, H thng K ton Vit Nam v cc quy nh phpl lin quan.

Thay mt Ban i din Qu

ngINH B THNHCh tch

Bo co ca Ban i din Qu



18/55

Bng cn i k tonti ngy 31 thng 12 nm 2010

Bo co ca kim ton vin c lp

Knh gi cc Nh u tQu u t Cn bng Prudential

Phm vi kim ton

Chng ti kim ton bng cn i k ton, bo co ti sn v bo co danh mc u t ca Qu u t Cn bngPrudential (Qu) ti ngy 31 thng 12 nm 2010 v bo co kt qu hot ng, bo co thay i gi tr ti sn rngv cc thuyt minh bo co ti chnh cho nm kt thc cng ngy do Ban i din Qu chp thun pht hnh ngy1 thng 3 nm 2011. Cc bo co ti chnh ny thuc trch nhim ca Ban Gim c Cng ty TNHH Qun l Qu ut Chng khon Prudential Vit Nam, l Cng ty Qun l Qu v c xc nhn bi Ngn hng TNHH mt thnh vinHSBC (Vit Nam), l Ngn hng Gim st ca Qu. Trch nhim ca chng ti l a ra kin v cc bo co ti chnhny cn c trn kt qu kim ton ca chng ti.

Chng ti thc hin cng vic kim ton theo cc Chun mc Kim ton Vit Nam. Cc chun mc ny yu cuchng ti phi lp k hoch v thc hin cng vic kim ton c c s bo m hp l rng cc bo co tichnh khng cha ng cc sai st trng yu. Cng vic kim ton bao gm vic kim tra, trn c s chn mu, ccbng chng xc minh cho cc s liu v cc thuyt minh trong bo co ti chnh. Cng vic kim ton cng bao gmvic nh gi cc nguyn tc k ton c p dng v cc c tnh trng yu ca Ban Gim c Cng ty Qun l Qu,cng nh vic nh gi cch trnh by tng qut ca bo co ti chnh. Chng ti cho rng cng vic kim ton a ra nhng c s hp l lm cn c cho kin ca chng ti.

kin kim ton

Theo kin chng ti, bo co ti chnh phn nh hp l, trn cc kha cnh trng yu, tnh hnh ti chnh ca Quu t Cn bng Prudential ti ngy 31 thng 12 nm 2010 v kt qu hot ng ca Qu cho nm kt thc cngngy theo Quyt nh s 63/2005/Q-BTC do B Ti ch nh ban hnh ngy 14 thng 9 nm 2005 v ch k tonQu u t chng kho n v Quyt nh s 45/2007/Q-BTC do B Ti chn h ban hnh ngy 5 thng 6 nm 2007 vquy ch thnh lp v qun l Qu u t chn g khon, cc Chun mc K ton Vit Nam, H thng K ton Vit Namv cc quy nh php l lin quan.

Cng ty TNHH KPMGVit NamGiy Chng nhn u t s: 01143000345Bo co Kim ton s: 10-01-411

NGUYN THANH NGH TRN NH VINHChng ch Kim ton vin s 0304/KTV Chng ch Kim ton vin s 0039/KTVPh Tng Gim c

Thnh ph H Ch Minh, ngy 1 thng 3 nm 2011

Ch tiu M sThuytminh

31/12/2010VN

31/12/2009VN

A TI SN

1. Tin gi ngn hng 110 3 119.188.997.476 6.073.015.290

2. u t chng khon 120 312.369.752.722 436.211.773.384

3. Phi thu t hot ng u t 130 4 5.778.239.454 12.688.723.121

TNG TI SN 200 437.336.989.652 454.973.511.795

B NGUN VN

I N PHI TR 300 1.790.088.347 1.309.988.690

1. Phi tr hot ng u t 311 5 660.490.000 -

2. Phi tr thu nhp cho nh u t 312 55.875.000 57.375.000

3. Phi tr cho Cng ty Qun l qu v

Ngn hng Gim st 315 6 756.987.247 787.715.480

4. Ph kim ton 318 298.155.000 274.413.150

5. Phi tr khc v trch trc 318 18.581.100 190.485.060

II NGUN VN CH S HU 400 435.546.901.305 453.663.523.105

1. Vn gp ca cc nh u t 410 7 500.000.000.000 500.000.000.000

1.1 Vn gp 411 500.000.000.000 500.000.000.000

2. Kt qu hot ng cha phn phi 420 (64.453.098.695) (46.336.476.895)

TNG NGUN VN 430 437.336.989.652 454.973.511.795

Bo co Ti chnh



19/55

Bng cn i k tonti ngy 31 thng 12 nm 2010 ( tip theo)

Bo co kt qu hot ngcho nm kt thc ngy 31 thng 12 nm 2010

CC CH TIU NGOI BNG CN I K TON

Ch tiu31/12/2010

VN31/12/2009

VN

Chng khon theo mnh gi 118.540.000.000 300.257.310.000

Ch tiu M sThuytminh

2010VN

2009VN

A/ Xc nh kt qu hot ng thc hin

I. (L)/thu nhp t hot ng u t thc hin 10 (7.354.988.911) 31.209.892.117

1. C tc c nhn 11 8.191.345.400 2.822.889.740

2. Li tri phiu c nhn 12 16.839.968.794 28.013.037.720

3. Li tin gi 13 2.730.687.874 2.921.450.648

4. L bn chng khon 14 (35.116.990.979) (2.547.485.991)II. Chi ph 30 (10.448.931.584) (10.418.721.750)

1. Ph qun l qu 31 8 (8.746.332.892) (8.539.612.295)

2. Ph gim st v ph lu k 32 8 (352.670.895) (326.994.503)

3. Chi ph hp v i hi ca qu 33 (435.611.601) (565.134.090)

4. Chi ph kim ton 34 (309.568.050) (268.488.464)

5. Chi ph t vn nh gi 35 - (52.661.400)

6. Cc chi ph khc 38 (604.748.146) (665.830.998)

III. Kt qu hot ng rng thc hin t rong k 50 (17.803.920.495) 20.791.170.367

B/ Xc nh kt qu cha thc hin

I. Thu nhp 60 - 36.953.338.589

1. Thu nhp nh gi li cc khon u t chng khon 61 - 36.953.338.589

II. Chi ph 70 (312.701.305) -

1.Chnh lch l nh gi li cc khon u t chng khon 71 (312.701.305) -

III. Kt qu hot ng rng cha t hc hin trong k 80 (312.701.305) 36.953.338.589

Kt qu hot ng rng trong k 90 (18.116.621.800) 57.744.508.956

(L)/li trn mt n v qu 9 (362) 1.155

Ngn hng Gim st

PHAN TH HUNH DAOGim c dch v khch hngPhng Nghip v Chng khon

Cng ty Qun l Qu

KT. K ton trng

Trng phngGiao dch Qun l Qu

TRN THP KIU QUN

Quyn Tng Gim c

HENDRIK GERRIT RUITENBERG

Ngy 1 thng 3 nm 2011

Bo co Ti chnh

Ngn hng Gim st


Cng ty Qun l Qu

KT. K ton trngTrng phngGiao dch Qun l Qu

TRN THP KIU QUN

Quyn Tng Gim c


Ngy 1 thng 3 nm 2011QU U T CN BNG PRUDENTIAL - PRUBF136 Bo co Thng nin 2010 37


20/55

Bo co ti snti ngy 31 thng 12 nm 2010

Ch tiu31/12/2010

VN31/12/2009

VN

1. Tin 119.188.997.476 6.073.015.290

2. Cc khon u t 312.369.752.722 436.211.773.384

2.1 Tri phiu 62.720.155.022 258.755.748.484

2.2 C phiu 249.649.597.700 177.456.024.900

2.2.1 C phiu nim yt 236.300.697.700 166.697.124.900

2.2.2 C phiu cha nim yt 13.348.900.000 10.758.900.0003. C tc c nhn 761.509.400 136.808.200

4. Tin li c nhn 5.016.730.054 12.551.914.921

Tng ti sn 437.336.989.652 454.973.511.795

6. Phi tr hot ng u t 660.490.000 -

7. Cc khon phi tr khc 1.129.598.347 1.309.988.690

7.1 Ph qun l qu 727.173.148 757.418.731

7.2 Ph gim st v ph lu k 29.814.099 30.296.749

7.3 Ph kim ton 298.155.000 274.413.150

7.4 C tc cho nh u t 55.875.000 57.375.000

7.5 Phi tr khc v chi ph trch trc 18.581.100 190.485.060

Tng n phi tr 1.790.088.347 1.309.988.690

Gi tr ti sn rng ca Qu 435.546.901.305 453.663.523.105

Tng s n v qu (n v) 50.000.000 50.000.000

Gi tr ca mt n v qu 8.711 9.073

Bo co thay i gi tr ti sn rngcho nm kt thc ngy 31 thng 12 nm 2010

Ch tiu2010VN

2009VN

I. Gi tr ti sn rng u nm 453.663.523.105 395.919.014.149

II. Thay i gi tr ti sn rng trong nm (18.116.621.800) 57.744.508.956

trong :

Thay i gi tr ti sn rng do cc hot ng lin quan n u t ca Qutrong nm

(18.116.621.800) 57.744.508.956

III. Gi tr ti sn rng cui nm 435.546.901.305 453.663.523.105

Bo co Ti chnh

Ngn hng Gim st


Cng ty Qun l Qu


TRN THP KIU QUN

Quyn Tng Gim c



Ngn hng Gim st


Cng ty Qun l Qu


TRN THP KIU QUN

Quyn Tng Gim c





21/55

Bo co danh mc u tti ngy 31 thng 12 nm 2010

Loi Slng

Gi tr thtrng mt

n v ti ngy31/12/2010

VN

Tng gi trth trng ti

ngy31/12/2010

VN

T l % tng gitr ti sn hin ti

ca Qu

I C phiu nim yt

Ngn hng TMCP Chu 73.168 26.100 1.909.684.800 0,44%

Tp on Bo Vit 125.132 64.500 8.071.014.000 1,85%

Cn g ty CP u t Xy dng Bnh Ch nh 46.666 31.300 1.460.645.800 0,33%

Cng ty CP nha Bnh Minh 98.316 47.500 4.670.010.000 1,07%

Cng ty CP Pht trin u t Cng ngh 308.176 64.500 19.877.352.000 4,55%

Cng ty CP Xy dng COTEC 35.000 70.000 2.450.000.000 0,56%

Cng ty CP Cao su Nng 20.000 40.000 800.000.000 0,18%

T ng Cng ty CP u t Pht tr in Xy dng 195.567 41.000 8.018.247.000 1,83%

Cng ty CP Dc Hu Giang 48.031 120.000 5.763.720.000 1,32%

Cng ty CP Bng n in Quang 2.940 25.000 73.500.000 0,02%

Cng ty CP Xut nhp khu Y t Domesco 39.988 31.400 1.255.623.200 0,29%

Cng ty CP Cao su ng Ph 24.750 68.000 1.683.000.000 0,38%

Cng ty CP Pin c quy Min Nam 117.770 54.000 6.359.580.000 1,45%

Cng ty CP Gemadept 121.650 33.200 4.038.780.000 0,92%

Cng ty CP Tp on H 28.000 75.000 2.100.000.000 0,48%

Cng ty CP Hong Anh Gia Lai 180.000 81.000 14.580.000.000 3,33%

Cng ty CP u t h tng k thut Thnh ph HCh Minh

100.005 36.000 3.600.180.000 0,82%

Cng ty CP Chng khon TP. H Ch Minh 27.000 29.900 807.300.000 0,18%

Cng ty CP Tp on Ha Pht 320.000 38.700 12.384.000.000 2,83%Cng ty CP Tp on Hoa Sen 140.000 19.600 2.744.000.000 0,63%

Cng ty CP u t v K inh doanh Bt n g sn 80.980 24.800 2.008.304.000 0,46%

N gn hng Thng mi C p h n Ngoi thng Vi t N am 1 99 .1 99 3 2. 50 0 6 .4 73 .9 67 .5 00 1 ,4 8%

Tng Cng ty Pht tr in th Kinh Bc 55.000 34.000 1.870.000.000 0,43%

Cng ty CP Kinh 20.000 51.500 1.030.000.000 0,24%

Cng ty C phn Tp on Masan 68.640 75.000 5.148.000.000 1,18%

Bo co danh mc u tti ngy 31 thng 12 nm 2010 (tip theo)

Loi Slng

Gi tr thtrng mt

n v ti ngy31/12/2010

VN

Tng gi trth trng ti

ngy31/12/2010

VN


ca Qu

Tng cng ty CP Khoan v Dch v khoan 149.033 53.000 7.898.749.000 1,81%

Tng Cng ty Phn bn v Ha cht du kh 457.050 38.000 17.367.900.000 3,97%

Cn g ty CP Vng Bc qu Ph Nh un 100.000 35.600 3.560.000.000 0,81%

Cng ty CP Thp Pomina 44.640 28.600 1.276.704.000 0,29%

Cng ty CP Chng khon Si Gn 297.000 32.000 9.504.000.000 2,17%

Ngn hng TMCP Si Gn Thng Tn 185.651 16.200 3.007.546.200 0,69%

Cng ty CP u t Pht trin th v Khu Cngnghip Sng

126.000 61.500 7.749.000.000 1,77%

Cng ty CP u t Cng nghip Tn To 60.000 16.600 996.000.000 0,23%

Cng ty CP bao b nha Tn Tin 2 33.600 67.200 0,00%

Cng ty CP i l Giao nh n Vn ti Xp d Tn Cng 44.000 31.100 1.368.400.000 0,31%

Cng ty CP Cao su Ty Ninh 44.950 71.000 3.191.450.000 0,73%

Cng ty CP Pht trin nh Th c 88.000 34.500 3.036.000.000 0,69%

Cng ty CP nha Thiu nin Tin Phong 71.500 98.000 7.007.000.000 1,60%

Cng ty C phn Container Vit Nam 30.000 63.000 1.890.000.000 0,43%

Cng ty CP Sa Vit Nam 368.270 86.000 31.671.220.000 7,24%

Ngn hng TMCP Xu t nh p k hu Vit Nam 287.726 15.500 4.459.753.000 1,02%

Ngn hng Cng thng Vit Nam 240.000 23.000 5.520.000.000 1,26%

C n g t y C p h n Vn t i v Th u T u b i n Vi t N am 1 50. 000 1 1. 80 0 1 .77 0. 00 0. 000 0 ,40 %

Cng ty CP Vincom 60.000 97.500 5.850.000.000 1,34%

Tng cng 5.279.800 236.300.697.700 54,04%II C phiu cha nim yt

Cng ty CP u Lc 161.000 14.900 2.398.900.000 0,55%

Tng cng t y C P b ia , r u v nc g i i k h t S i G n 6 0. 00 0 3 7. 20 0 2 .2 32 .0 00 .0 00 0 ,5 1%

Cng ty CP Bia Si Gn Min Ty 145.000 21.200 3.074.000.000 0,70%

Cng ty C phn Xng du Petro Vit Nam 170.000 33.200 5.644.000.000 1,29%

Tng cng 536.000 13.348.900.000 3,05%

Bo co Ti chnh



22/55

Loi Slng

Gi tr thtrng mt

n v ti ngy31/12/2010

VN

Tng gi trth trng ti

ngy31/12/2010

VN


ca Qu

III Tri phiu

Tri phiu Chnh ph (16/03/2011) 150.000 98.577 14.786.505.000 3,38%

Tri phiu Chnh ph (26/01/2012) 50.000 98.359 4.917.970.000 1,12%

Tri phiu Chnh ph (12/12/2012) 3.820 97.602 372.840.022 0,09%

Tri phiu Chnh ph (23/10/2013) 200.000 110.580 22.116.000.000 5,06%

Tr i ph iu Ch n h ph ( 26 /0 4/ 20 20 ) 20 0. 00 0 1 02. 634 20 .5 26 .84 0. 00 0 4, 69%

Tng cng 603.820 62.720.155.022 14,34%

IV Ti sn khc

Tin li c nhn 5.016.730.054 1,15%

Tin bn chng khon phi thu 761.509.400 0,17%

Tng cng 5.778.239.454 1,32%

V Tin

Tin gi ngn hng 119.188.997.476 27,25%

Tng cng 119.188.997.476 27,25%

VI Tng cng 6.419.620 437.336.989.652 100,00%

Thuyt minh bo co ti chnhcho nm kt thc ngy 31 thng 12 nm 2010

Cc thuyt minh ny l b phn hp thnh v cn c c ng thi vi bo co ti chnh nh km.

1. Thng tin c bnQu u t Cn bng Prudential c thnh lp ti Vit Nam di hnh thc qu u t chng khon dng ng theoGiy php Pht hnh Chng ch Qu u t ra cng chng s 02/UBCK-GPQT do y ban Chng khon Nh ncVit Nam cp ngy 19 thng 7 nm 2006. Theo quy nh ca Giy php, Qu c php pht hnh 50.000.000 n vqu ra cng chng vi mnh gi l 10.000 ng Vit Nam/n v qu.

Qu c cp php hot ng trong thi gian 7 nm theo Giy Chng nhn ng k lp Qu u t s 06/UBCK-KQT do y ban Chng khon Nh nc cp ngy 5 thng 10 nm 2006.

Qu c php nim yt ti S Giao dch Chng khon Thnh ph H Ch Minh theo Giy php Nim yt Chng chqu s 02/UBCK-GPNY do y ban Chng khon Nh nc cp ngy 22 thng 11 nm 2006, theo chng ch quc php nim yt v giao dch vi m chng khon l PRUBF1.

Ti ngy 31 thng 12 nm 2010 v nm 2009 Qu khng c nhn vin.

Qu c qun l bi Cng ty TNHH Qun l Qu u t Chng khon Prudential Vit Nam (Cng ty Qun l Qu),mt cng ty c thnh lp ti Vit Nam, v c gim st bi Ngn hng TNHH mt thnh vin HSBC (Vit Nam)(Ngn hng Gim st).

Mc tiu u t ch yu ca Qu l u t vo mt danh mc u t cn bng c kh nng to ngun thu nhp nhk ng thi nng cao gi tr vn cho nh u t. Danh mc u t c th bao gm cc cng c n v c phiu cacc cng ty hot ng ti Vit Nam theo cc quy nh v ch in lc u t trong iu l ca Qu.

2. Tm tt nhng chnh sch k ton ch yuSau y l nhng chnh sch k ton ch yu c Qu p dng trong vic lp bo co ti chnh ny.

(a) C s lp bo co ti chnhBo co ti chnh ca Qu, c trnh by bng ng Vit Nam (VN), c lp theo Quyt nh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch k ton Qu u t chng khon vQuyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007 v quy ch thnh lp vqun l Qu u t chng khon, cc Chun mc K ton Vit Nam, H thng K ton Vit Nam v cc quy nhphp l lin quan.

Bo co ti chnh nh km khng nhm mc ch trnh by tnh hnh ti chnh v kt qu hot ng ca Qutheo nguyn tc v thng l k ton thng c chp nhn rng ri cc nc v cc th ch khc ngoi ncCHXHCN Vit Nam. Cc nguyn tc v thng l k ton c p dng Vit Nam c th khc vi cc nguyn tc vthng l k ton ti cc nc v cc th ch khc.

Bo co danh mc u tti ngy 31 thng 12 nm 2010 (tip theo)

Bo co Ti chnh

Ngn hng Gim st


Cng ty Qun l Qu


TRN THP KIU QUN

Quyn Tng Gim c





23/55

Theo Quyt nh s 63/2005/Q-BTC, bo co ti c hnh ca Qu bao gm: Bngcn ik t on;

Bocokt quhotng;

B o c o t i s n;

Bocothayigitrtisnrng;

Bocodanhmcut;v

Thuytminhbocot ichnh.

Bo co ti chnh c lp trn c s dn tch theo nguyn tc gi gc, ngoi tr nhng vn c trnh by Thuyt minh 2(f).

Cc chnh sch k ton trnh by sau y c Qu p dng mt cch nht qun trong nm.

(b) Cc giao dch bng ngoi tCc khon mc ti sn v n phi tr c gc tin t khc vi VN c quy i sang VN theo t gi hi oi cangy kt thc nin k ton. Cc giao dch bng cc n v tin khc VN trong nm c quy i sang VNtheo t gi hi oi xp x t gi hi oi ti ngy giao dch.

Tt c cc khon chnh lch t gi hi oi c ghi nhn vo bo co kt qu hot ng kinh doanh ph hp viChun mc K ton Vit Nam s 10 (CMKT 10) nh h ng ca vic Thay i T gi Hi oi.

(c) Nm ti chnhNm ti chnh ca Qu t ngy 1 thng 1 n ngy 31 thng 12.

(d) H thng lu tr k tonH thng lu tr k ton ng k ca Qu l H thng Nht k S ci.

(e) TinTin bao gm tin gi ngn hng c k hn v khng k hn.

(f) Cc khon u tQu ghi nhn cc khon u t mua bn chng khon vo ngy Qu thc hin cc giao dch u t (k ton theongy giao dch)

Qu khng tham gia hng ngy vo cc quyt nh chnh sch ti chnh v hot ng ca cc cng ty u t. Theo, Qu khng c nh kim sot hay c nh hng ng k n cc cng ty u t v do cc khon u tca Qu c ghi nhn trn c s c trnh by Thuyt minh ny, thay v c ghi nhn theo phng php vnch s hu hay hp nht.

Theo Quyt nh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch k ton Quu t chng khon v Quyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007 v quych thnh lp v qun l Qu u t chng khon, Qu phi nh gi li cc khon u t vo cui k bo cotheo gi tr hp l. Qu p dng cc chnh sch k ton sau y ghi nhn v nh gi cc khon u t:Cc khon u t c ghi nhn ban u theo gi mua. Sau ghi nhn ban u, tt c cc khon u t c xcnh theo gi tr hp l. Cc khon li hay l do thay i gi tr hp l ca cc khon u t c ghi nhn vo kt

qu hot ng cha thc hin trong bo co kt qu hot ng trong k pht sinh.

Gi tr hp l ca cc khon u t c giao dch trn th trng nim yt c xc nh da vo gi ng ca cath trng nim yt ti ngy kt thc nin k ton. Mt s khon mc u t ca Qu c giao dch trn thtrng chng khon phi tp trung, gi tr hp l ca cc khon u t ny c xc nh da vo gi giao dchbnh qun ti ngy kt thc nin k ton do ba t chc c lp cung cp. Khi gi giao dch khng th ccung cp t ba t chc c lp, gi tr hp l s c nh gi da trn cc m hnh nh gi ph hp theo iu lQu. Tri phiu nu c giao dch tha thun v khng c gi th trng s c nh gi da trn cc m hnhnh gi tri phiu ph hp.

Cc chnh sch ghi n hn v nh gi ny tun theo iu l ca Qu v Quyt nh s 45/2007/Q-BTC do B Tichnh ban hnh ngy 5 thng 6 nm 2007.

(g) Khon phi thuKhon phi thu bao gm cc khon phi thu t cc hot ng u t v cc khon phi thu khc, c phn nhtheo nguyn gi tr i d phng phi thu kh i.

(h) Khon phi trKhon phi tr lin quan n hot ng u t v phi tr khc c phn nh theo nguyn gi.

(i) D phngD phng c ghi nhn nu, do kt qu ca mt s kin trong qu kh, Qu c mt ngha v php l hin tihoc lin i c th c c tnh mt cch tin cy, v chc chn s lm gim st cc li ch kinh t trong tnglai thanh ton cc khon n phi tr do ngha v . Khon d phng c xc nh bng cch chit khu cc

dng tin d kin phi tr trong tng lai vi t l chit khu trc thu phn nh nh gi ca th trng thiim hin ti v gi tr thi gian ca tin v nhng ri ro c th ca khon n .

Thuyt minh bo co ti chnhcho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


Bo co Ti chnh



24/55

(j) ThuTheo cc quy nh hin hnh ca Vit Nam, Qu khng phi tr thu thu nhp doanh nghip.

(k) Doanh thuDoanh thu c ghi nhn khi chc chn thu c li ch kinh t v doanh thu c th c c tnh mt cch ngtin cy. Cc tiu chun ghi nhn c th sau y phi c p ng trc khi doanh thu c ghi nhn:

(i) Thu nhp li tin gi v thu nhp c tc

Thu nhp li tin gi c ghi nhn trong bo co kt qu hot ng ki nh doanh trn c s dn tch tr khi khnng thu hi khng chc chn. Thu nhp c tc c ghi nhn khi quyn c nhn c tc ca Qu c xc l p.

(ii) Thu nhp t hot ng kinh doanh chng khonThu nhp t hot ng kinh doanh chng khon c ghi nhn trong bo co kt qu hot ng kinh doanh khinhn c Thng bo kt qu giao dch mua bn chng khon t Trung tm Lu k Chng khon Vit Nam (ivi chng khon nim yt) v khi hon tt hp ng chuyn nhng ti sn (i vi chng khon cha nim yt).

(l) Chi phCc khon chi ph c ghi nhn trong bo co kt qu hot ng trn c s dn tch ngoi tr cc chi ph phtsinh t hot ng u t m c hch ton vo gi mua ca khon u t . Chi ph pht sinh t vic bncc khon u t c tr vo tin thu c t giao dch ny.

(m) Vn gpCc n v ca Qu c phn loi nh vn ch s hu.

(n) Gi tr ti sn rng trn mi n v quGi tr ti sn rng trn mi n v qu c tnh bng cch chia gi tr ti sn rng ca Qu cho s n v qu phthnh ti ngy bo co. Gi tr ti sn rng ca Qu c xc nh bng cch ly tng ti sn tr tng n phi tr.

(o) Li trn mi n v quQu trnh by li c bn trn mi n v qu cho cc n v qu. Li c bn trn mi n v qu c tnh bngcch chia li hoc l ca Qu cho s n v qu bnh qun cui k.

(p) Bo co b phnQu hot ng nh mt b phn.

(q) Cc bn lin quanCc bn c xem l c lin quan nu mt bn c kh nng, trc tip hoc gin tip, kim sot hoc c nh hngng k i vi bn kia trong vic a ra c c quyt nh ti chnh v hot ng. Cc bn cng c xem l c linquan nu cc bn cng chu s kim sot chung hoc cng chu nh hng ng k chung.

Cc qu u t khc di s qun l ca Cng ty Qun l Qu c xem l cc bn lin quan ca Qu.

(r) Cc ch tiu ngoi bng cn i k tonCc ch tiu ngoi bng cn i k ton theo nh ngha trong Quyt nh 63/2005/Q-BTC ngy 14 thng 9 nm2005 ca B Ti chnh v vic ban hnh ch k ton cho Qu u t chng khon v H thng K ton Vit Namc trnh by trong thuyt minh tng ng ca bo co ti chnh ny.

(s) S d bng khngCc khon mc hoc s d, theo quy nh trong Quyt nh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14thng 9 nm 2005 v h thng k ton cho cc qu u t chng khon v H thng K ton Vit Nam, nu khngc trnh by trong bo co ti chnh ny th c hiu l c s d bng khng.

3. Tin gi ngn hng

31/12/2010VN

31/12/2009VN

Tin gi khng k hn 1.601.997.476 6.073.015.290

Tin gi c k hn 117.587.000.000 -

119.188.997.476 6.073.015.290

4. Phi thu t hot ng u t

31/12/2010VN

31/12/2009VN

Li tri phiu phi thu 3.556.853.277 12.551.914.921

Li tin gi ngn hng phi thu 1.459.876.777 -

C tc 761.509.400 136.808.200

5.778.239.454 12.688.723.121

5. Phi tr cc hot ng u t

31/12/2010VN

31/12/2009VN

Chng khon mua ch thanh ton 660.490.000 -

6. Phi tr cho Cng ty Qun l Qu v Ngn hng Gim st

31/12/2010VN

31/12/2009VN

Ph qun l qu phi tr cho Cng ty Qun l Qu 727.173.148 757.418.731

Ph gim st v ph lu k phi tr cho Ngn hng Gim st 29.814.099 30.296.7497 56 .9 87 .2 47 7 87 .7 15 .4 80

7. Vn gp ca cc nh u tTheo Giy php Pht hnh Chng ch Qu u t ra cng chng s 02/UBCK- GPQT do y ban Chng khon Nhnc Vit Nam cp ngy 19 thng 7 nm 2006, Qu c php pht hnh 50.000.000 n v qu ra cng chng vimnh gi l 10.000 ng Vit Nam/n v qu. Vn c duyt ca Qu l 500 t ng Vit Nam c cc nh ut gp trong nm 2006. Khng c thng d vn pht sinh bi v cc n v qu c pht hnh theo mnh gi.

Tt c cc n v qu c quyn nh nhau lin quan n quyn b phiu, c tc hay bt k quyn li no khc. Min v qu pht hnh v gp vn y s c hng c tc khi Qu cng b v mang mt quyn b phiu.Khng c giao dch lin quan n vn c duyt v thng d vn pht sinh trong nm 2010 v 2009.

Thuyt minh bo co ti chnhcho nm kt thc ngy 31 thng 12 nm 2010(tip theo)

Thuyt minh bo co ti chnhcho nm kt thc ngy 31 thng 12 nm 2010(tip theo)

Bo co Ti chnh

QU U T CN BNG PRUDENTIAL - P RUBF146 Bo co Thng nin 2010 47


25/55

8. Cc giao dch ch yu vi cc bn lin quanTrong nm Qu c cc giao dch ch yu vi cc bn lin quan nh sau:

Cng ty Qun l Qu

Theo Hp ng Qun l Qu, Cng ty Qun l Qu s nhn mt khon ph qun l qu hng thng bng 2%/12 tnhtrn gi tr ti sn rng ca Qu vo ngy nh gi cui cng ca thng.

Ph qun l phi tr cho Cng ty Qun l Qu trong nm nh sau:

2010VN 2009VN

Ph qun l 8.746.332.892 8.539.612.295

Cng ty Qun l Qu cng c nhn khon thng hot ng lin quan n bt k nm ti chnh no nu (i) gitr ti sn rng trn mt n v qu vo cui nm vt qu mnh gi (10.000 ng Vit Nam) v (i i) kt qu hotng ca Qu trong nm vt qu mt mc c xc nh trc nh l nh ngha trong iu l ca Quv c Qu v Cng ty Qun l Qu chp thun.

Cng ty Qun l Qu khng c hng khon thng hot ng trong nm 2010 (2009: Khng).

Xem Thuyt minh s 6 ca bo co ti chnh ny bit s d phi tr cho Cng ty Qun l Qu.

Ngn hng Gim st

Qu c ngha v tr cho Ngn hng Gim st ph gim st v ph lu k hng thng bng 0,08%/12 tnh trn gi trti sn rng ca Qu vo ngy nh gi cui cng ca thng.

Theo cng vn s 12354/BTD-CST do B Ti chnh ban hnh ngy 15 thng 9 nm 2010, ph gim st thuc itng chu thu gi tr gia tng 10%.

Tng s tin phi tr cho Ngn hng Gim st lin quan n ph gim st v qun l ti sn l:

2010

VN

2009

VN

Ph gim st v ph lu k 352.670.895 326.994.503

Xem Thuyt minh s 6 ca bo co ti chnh ny bit s d phi tr cho Ngn hng Gim st.

Ban i din Qu

Ch tch v mi thnh vin ca Ban i din Qu c nhn ph cp hng thng ln lt tng ng 5 triung Vit Nam v 3 triu ng Vit Nam. Tng s ph cp phi tr trong nm nh sau:

2010VN

2009VN

ng inh B Thnh 60.000.000 60.000.000

ng L Ch Hiu 9.000.000 36.000.000

ng Lng Quang Hin 36.000.000 -

ng Nguyn Xun Sn - 9.000.000

ng m Minh c - 18.000.000

ng Phm Trng Giang 36.000.000 9.000.000

ng Nguyn Vn Ho - 27.000.000

ng Thi Nhi c 36.000.000 9.000.000

ng L Vn B 36.000.000 36.000.000

ng Trn L Nguyn - 36.000.000

Ti ngy 14 thng 02 nm 2011 s lng n v qu do cc thnh vin ca Ban i din Qu nm gi nh sau:

Number of units

ng inh B Thnh 550.000

Ti ngy 14 thng 02 nm 2011 s lng n v qu do cc t chc c cc thnh vin ca Ban i din Qu l ngii din nm gi nh sau:

Ngi i din Tn t chc S n v qu

ng Phm Trng Giang Tng Cng ty Ti chnh Du kh Vit Nam (TP. H Ni)_ Chi nhnh

Tp. H Ch Minh

2.500.000

ng Thi Nhi c Cng ty TNHH Bo him Nhn th Prudential Vit Nam 16.850.000

ng Lng Quang Hin Cng ty c phn Kinh 1.040.000



Bo co Ti chnh



26/55

9. (L)/li trn mi n v quLi c bn trn mi n v qu ti ngy 31 thng 12 nm 2010 c tnh trn c s khon l pht sinh trong nm l18.116.621.800 VN (2009: li nhun l 57.744.508.956 VN) v s lng n v qu bn h qun gia quyn 50.000.000n v (2009: 50.000.000 n v), c tnh nh sau:

2010VN

2009VN

(L )/li nhun thun ph t sinh th uc v nh u t (18.116.621.800) 57.744.508.956

S n v qu bnh qun gia quyn (n v) 50.000.000 50.000.000

( L )/ li c b n tr n m i n v q u ( 36 2) 1 .15 5

10. C tcTrong nm, Qu khng cng b v chi tr c tc.

11. Mt s ch tiu nh gi khi qut

I. Cc ch s v tnh hnh hot ng u t 31/12/2010 31/12/2009

1. T l cc loi chng khon/Tng gi tr ti sn 71,43% 95,88%

2. T l cc loi c phiu/Tng gi tr ti sn 57,08% 39,00%

3. T l c phiu nim yt/Tng gi tr ti sn 54,03% 36,64%

4. T l c phiu cha nim yt/Tng gi tr ti sn 3,05% 2,36%

5. T l cc loi tri phiu/Tng gi tr ti sn 14,34% 56,87%

6. T l tin gi ngn hng/Tng gi tr ti sn 27,25% 1,33%

2010 2009

9. T l thu nhp bnh qun/Tng gi tr ti sn (1,75%) 14,98%

10. T l chi ph bnh qun/Tng gi tr ti sn (2,39%) (2,29%)

II. Cc ch s th trng 31/12/2010 31/12/2009

1. Tng s n v qu ang lu hnh (n v) 50.000.000 50.000.000

2 . T l nm gi n v qu c a nh n vin Cn g ty Q un l Qu /T ng s n v qu N/ A N /A

3. T l nm gi n v qu ca 10 nh u t ln nht/ Tng s n v qu N/A N/A

4. T l nm gi n v qu ca nh u t nc ngoi/ Tng s n v qu N/A N/A

5. T l gi tr giao dch n v qu/Tng s n v qu N/A N/A

6. Gi tr ti sn rng trn mi n v qu (VN) 8.711 9.073

Lu : N/A Khng c thng tin

12. S kin sau ngy trn bng cn i k tonSau khi kt thc nm ti chnh, Cng ty TNHH Bo him Nhn th Prudential Vit Nam mua thm 15.850.000n v qu. Ti ngy 14 thng 2 nm 2011, tng s n v qu do t chc ny nm gi l 16.850.000 (chim 33,7%vn gp ca Qu).



Bo co Ti chnh

Ngn hng Gim st


Cng ty Qun l Qu


TRN THP KIU QUN

Quyn Tng Gim c





27/55

Cng ty Qun l Qu u tPrudential Vit Nam

Ghi ch

Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC)c thnh lp t nm 2005 l thnh vin ca Tp on

Ti chnh Bo him Prudential c phm vi hot ng trnton cu.

Hin nay, PVFMC l mt trong nhng Cng ty Qun lQu ln nht hot ng ti Vit Nam vi tng ti snang qun l trn 1,3 t la M cho hn 8.000 nh ut c nhn v t chc trong v ngoi nc.

PVFMC hin nay c mt i ng cn b dy dn kinhnghim chuyn mn kt hp vi trnh chuyn mnquc t ang thc hin hot ng u t vo cc cngty, u t vo tri phiu Chnh ph, tri phiu doanhnghip, c phiu ca cc cng ty i chng, bt ng sn

cho cc danh mc v cc qu:

- Qu u t Cn bng Prudential PRUBF1 nim ytti S Giao dch Chng khon TP. H Ch Minh.

- Danh mc u t y thc cho Qu Vn ch s huca Cng ty Bo him Nhn th Prudential Vit Nam.

- Danh mc u t cho Qu Nhn th ca Cng tyBo him Nhn th Prudential Vit Nam.

- Cc Danh mc u t ca Cc Qu Bo him Linkt u t ca ca Cng ty Bo him Nhn thPrudential Vit Nam.

- Qu Vietnam Segregated nim yt ti sn giao dchchng khon Ai-len.

- Qu Bt ng sn Vit Nam (PVPF).

Nhng thng tin nu trong ti liu ny khng nhm mc ch cho mi mua chng ch qu u t v ch dnhcho cc nh u t hin hu. Nhng thng tin ny khng c php cng b, pht hnh, sa cha hoc ph bintng phn hoc ton b nu khng c Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC) ng trcbng vn bn.

Chng ti lun n lc cung cp nhng thng tin trung thc v khch quan trong ti liu ny; tuy nhin, chng tikhng m bo gii thiu y nhng thng tin m cc nh u t mong mun. Cc nh u t nn cn nhck cng trc khi s dng nhng thng tin ny. Mi kin v c tnh nu trong ti liu ny u c th thay i mkhng cn phi thng bo trc. Chng ti khng nghin cu, tm hiu mc tiu u t, tnh trng ti chnh hoc ccnhu cu c th ca mi c nhn hoc nhm ngi no nhn c ti liu ny. Do , chng ti khng m bo vkhng chu trch nhim v mi thua l trc tip hoc gin tip xy ra cho mi c nhn hoc nhm ngi no s dngnhng thng tin hoc c tnh nu trong ti liu ny vo mc ch u t. Kt qu hot ng trong qu kh ca ccnh qun l qu u t v mi d on khng phi l c s m bo nhng kt qu tng t trong tng lai. Gitr v thu nhp t hot ng u t c th tng hoc gim. Nhng d on hoc d bo v ton b nn kinh t, thtrng chng khon hoc xu hng pht trin ca nhng th trng m qu u t ang nhm n khng phi l c

s m bo qu u t ny s t c nhng kt qu tng t trong tng lai.

Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC) l mt cng ty trc thuc Cng ty TNHH Bo him Nhn thPrudential Vit Nam, thuc s hu ca Tp on Prudential Anh Quc. PVFMC v tp on Prudential Anh Quc khngc mi quan h g vi cng ty Prudential Financial, Inc., mt cng ty c tr s chnh ti M.

Qua 5 nm hot ng, PVFMC lun tun th nghimngt php lut hin hnh, quy nh kim sot ni b vcc bin php phng nga ri ro. i vi Qu i chngPRUBF1, PVFMC cng lun cao tnh minh bch trongcc hot ng, thng xuyn bo co vi Ban i dinQu, thc hin cng b thng tin y qua trang Webca Cng ty, trang Web ca HOSE v cc phng tinthng tin i chng phc v ton th cc nh u t.

Nm 2010 nh du nhiu s kin quan trng. K nim10 nm hot ng ca S Giao dch Chng khon Thnhph H Ch Minh (2000 2010), PVFMC vinh d c yban Nhn dn Thnh ph H Ch Minh trao tng Bngkhen: C nhiu thnh tch trong cng tc sn xut, kinhdoanh, tham gia u t th trng chng khon gp phn

tch cc trong hot ng ti chnh - chng khon trn abn Thnh ph. K nim hot ng ca y ban Chngkhon Nh nc, PVFMC vinh d c trao tng Bngkhen: c thnh tch xy dng v pht trin Th trungChng khon giai on 2006-2010.

PVFMC cam kt pht trin lu di trong lnh vc qun lqu ti th trng Vit Nam, ng gp cho s pht trinchung ca Th trng Chng kho n v Th trng Tichnh Vit Nam vi mc tiu ti a ha li nhun cho ccnh u t.



28/55

Chairman of The Fund Representative Boards Message

Board of Managements Message

Economy and Capital Market Review in 2010

Economy and Capital Market Outlook in 2011

The Fund Representative Board

Fund Performance Report

Financial Statement

Prudential Vietnam Fund Management Company

Disclaimer

56

58

60

68

72

7682

104

105

Contents


29/55

Chairman of The Fund RepresentativeBoards Message

Mr. DINH BA THANH

Chairman of FRB

Dear Investors,

It has been four years since PRUBF1 was established.

Since then, PRUBF1 fund and other public funds have

continued to operate in a complicated and challenging

economic environment. Theoretically, this is the

environment in which the balanced fund structure

will develop to preserve capital and take advantage of

growth opportunity in the market for investors.

We understand that there is always a gap between

ideality and reality. The Fund Representative Boards

(FRB) objective is to narrow this gap by increasing

internal strength, utilizing external resources, and

applying experience accumulated through many years

of operations.

Following the review of FRB, the fund performance 2010

is limited. However, the positive point is the narrowing

of the discount between funds NAV and market unit

price. This is the result from Prudential groups eorts

and commitments in the public tender oer of 31%

value of PRUBF1 which is approximately 106.2 billion

Vietnamese dong.

In addition, there have been many positive changes in

the cooperation and discussion between the FRB and

Fund Manager. The investment process has also been

reviewed to suit the new period.

Chairman of The Fund Representative Boards Message

2011 will be a key transitional year to dene a strategy

that will return investment capital to investors in year

2013. At a level that many experts predict to be the

bottomon long-term valuation chart of the VN-Index

(since its P/E is 10.6x the lowest since 2006), asset

allocation and exible strategy once again put high

pressure on the Fund Manager.

We think that the market will become more segmented

in the current context. Investment portfolio selection,

and exible asset allocation strategy will be keys to bring

more added value for our fund.

For the Fund Representative Board, we will continue to

actively represent the investors to supervise, consult,

and discuss investment strategy with the Fund Manager.

With the recent positive changes, we have a more

optimistic outlook on the process of establishing and

implementing investment strategies with ultimate goal

of taking advantages of the Balanced Fundmodel.

I believe that the development of the balanced fund

is not only meaningful for investors but also a major

foundation in the developing of public funds in Vietnam.

We wish all investors a very successful year in 2011.

Yours truly,

PRUDENTIAL BALANCED FUND - PRUBF156 Annual Report 2010 57


30/55

Board of Managements MessageThe year under review, 2010, marked the fourth year of

operations for the Prudential Balanced Fund - PRUBF1.

Again, the fund has been operating in a complicated and

challenging investment environment. Positive factors

were the continued strong economic growth that drove

Vietnam to the category of middle income countries (WB

denition). However, this positive trend has been coupled

with challenges in the areas of in ation, trade decit and

the value of the VND. These concerns have translated

in the equity market performances where Vietnam was

one of the worst performers in the Southeast Asia region,

and in the xed income market which showed high

interest rate volatility. Despite these concerns, Prudential

Fund Management Company is still optimistic about the

long term growth story of Vietnam, though shor t term

volatility and concerns should be taken into account. We

refer to the sections on the macro economy and on the

investment environment for more details.

In this challenging investment environment, the Fund

Manager followed an active investment approach which

resulted in an increase in the equity allocation, and a

shortening of xed income portfolio duration. Overall,

NAV of the portfolio decrease 1.7 % (in line with the

VN-Index).

Uncertainties in the market ask for a con siderate

investment approach. This means a balance between

return and risk expectations and a diversication amongst

the asset classes: equities, xed income and cash.

Board of Managements Message

Mr. HENDRIKGERRIT RUITENBERG

Acting Chief Executive Ocer

Mr. TRAN LE KHANH

Chief Investment Ocer

Board of Management

Prudential Vietnam Fund Management Company

We are of the opinion that a Balanced Fund based upon

a disciplined investment process is the right approach in

these market circumstances. Elements of this approach

are fundamental valuation, top-down and bottom-up

analysis, and peer analysis with a long term prospect.

In 2010, Prudential Fund Management Company has

reviewed the PRUBF1 investment approach and the

structure and composition of the investment team. We

endeavor a process which allows our Fund Manager to

tap into the resources and expertise of Prudential Asset

Management (with FUM 52 billion and operations in 10

Asian markets) before making the investment decisions.

We will continue to strengthen the investment team

with a continued focus on our disciplined investment

approach.

These eorts reect the strategy of Prudential Fund

Management to strengthen its position in the Vietnamese

Fund Management industry. Being fully committed to the

Vietnam market, Prudential will look at ways to strengthen

its prominent position in the Fund Management industry.

In that respect we look forward to the implementation of

the regulatory initiatives.

We are condent that PRUBF1 remains a good investment

for those investors who prefer a balanced investment

approach. We would like to thank you for your condence

in our organization.

Mr. HENDRIK GERRIT RUITENBERG Mr. TRAN LE KHANH



31/55

Economy andCapital Market

Review in 2010


32/55

Macro Economy

Beneted from the interest subsidy and scal stimulus in 2009, Vietnam economy continued to recover from the global

nancial crisis registering better growth across the board in industrial production, retail sales, and exports during 2010.

In the rst half of 2010, with low interest rate environment and strengthening consumer condence, domestic

consumption accelerated showing through ex-ination retail sales YoY growth average of 15.9% much higher than

2009 level of 5.5%. Together with retail sales, industrial production also accelerated with average YoY growth of 13.6%

due to higher FDI disbursements. Over $5.4 billion of FDI was invested in key sectors such as manufacturing, utility, and

real estate.

In the second half of 2010, as external demand picked up and commodity prices started to increase, Vietnams

exports had one of its best years with many sectors achieving more than their targets. Overall export grew by

25.5% YoY with 18 categories having export value of over $1 billion (compare to 12 categories in 2009). If price

eect is excluded, export grew by 13.4% YoY. In addition, the readily available liquidity provided by the State Bank

of Vietnam continued to support domestic consumption and industrial production. Overall, GDP growth acceler-

ated from 5.8% in Q1, to 6.4% in Q2, to 7.2 % in Q3, and to 7.3 % in Q4. For the full year of 2010, GDP growth was a

respectable 6.8% exceeding the 2010 target of 6.5%.

However, in 2010, depreciating foreign exchange rate and structural trade decit continued to challenge the Vietnam

economy. In addition, internal macro issues along with unfavorable external factors (i.e. global commodity prices hike)

had increased ination expectation causing a high and volatile in terest rate environment further hindering economic

developments.

Being a developing country without a comprehensive supporting industry system, Vietnam still had to import the

majority of inputs i.e. machiner y, intermediary goods, and some raw materials to maintain its production. Therefore,

despite 2010 being an impressive year for exports, the structural trade decit remained substantial. For the last three

months of 2010, the monthly trade decit con tinued to be over $1 billion with December number exceeds $1.4 billion.

For full year 2010, trade decit was $12.4 billion, 1.6% h igher than 2009 level. Although supported by strong foreign

capital inows i.e. FDI disbursement, ODA, remittances, the balance of payment was still negative at $4.0 billion in

2010. (Source: Ministry of Finance)


0.0%

1.0%

3.0%

5.0%

7.0%

9.0%

10.0%

2.0%

4.0%

6.0%

8.0%

Chart: GDP Growth YoY

GDPGrowth%

Chart: Trade Balance

Jan2

008

Apr2

008

Jul2

008

Oct2

008

Jan2

009

Apr2

009

Jul2

009

Oct2

009

Jan2

010

Apr2

010

Jul2

010

Oct2

010

10,000

8,000

6,000

4,000

2,000

(2,000)

Trade decit surplus Export Import

(4,000)

Improved liquidity from higher credit growth supported domestic consumption and industrialproduction. Strong global commodity prices helped boost Vietnams export values.

Key issues for Vietnam economy reign with local currency depreciation pressure and

continuing trade decit.

The recovery in global macro economy supported Vietnam growth.

Strong domestic consumption and industrial production continued to be key contributors toVietnam economy growth.

QI-2006

QII-2006

QIII-2006

QIV-2006

QI-2007

QII-2007

QIII-2007

QIV-2007

QI-2008

QII-2008

QIII-2008

QIV-2008

QI-2009

QII-2009

QIII-2009

QIV-2009

QI-2010

QII-2010

QIII-2010

QIV-2010

Quarter

Chart: Domestic consumption & Industrial Output

YTD Industrial Output YoY YTD Retail Sales YoY ex ination

Apr2009

Jan2009

Jul2009

Oct2009

Jan2010

Apr2010

Jul2010

Oct2010

Jan2011

USDmillion

0.0%

10.0%

20.0%

30.0%

40.0%



33/55


In 2010, the government depreciated the VND currency bringing the upper bound to 19,500 VND per USD which is

5.5% higher than 2009 level.

In the rst half of 2010, domestic market continued to recover with the support from the governments monetary loosing

and last years scal stimulus. Therefore, domestic consumption gradually increased as consumer condence improved.

In addition, external demand accelerated as global economic conditions improved pushing by major central quantitative

easing programs. During this period, real economic improvement had helped private sector earnings to bounce back.

As the result, driven by stronger fundamental, the VN-Index rallied to reach 550 points. However, as the liquidity from the

monetary easing gradually faded, the VNIndex stabilized around 500 points by the end of the rst half of 2010.

However, in the second half of 2010, signs of problem in the State-owned conglomerate Vinashin triggered investorsconcerns. Further more, all major credit rating agencies downgraded Vietnam by one notch raising questions about the

foreign exchange reserves, structural decit, and a premature nancial system. As a result, during Q3 and early Q4, inves-

tor shunned away from the equity market, lowering the trading volume substantially.

By the end of 2010, the State Bank of Vietnam turned to a more tightening policy making ination and foreign exchange

rate to be its primary focus. This move was cheered by the international investor community indicated by the entry of two

Exchanged Traded Funds (ETF). In Q4 2010, market rallied ending the year at 485, down 2% compared to the end of 2009.

The VN-Index ended the year 2% lower than 2009 level. 2010 was a volatile year with index uctuated between 450

550 range.

VND depreciation pressure concerned international investors.

Chart: Foreign Exchange Rate

Equity MarketDue to unfavorable weather in the North and Central of Vietnam decreasing food supply, a signicant rise in global

commodity prices, and the expansion of credit, ination increased rapidly. For full year 2010, ination reached

11.75%, exceeded the government target of 8% and market consensus of 9-10%. A higher ination, in turn, pushed

the deposit rates and lending rates to hike by the end of 2010.

Ination pressure elevated toward the end of 2010.

Chart: Month-End CPI YoY - Details

Chart: VN-Index & Volume

CPI Index

-10%

Jun 2 008 Sep 2008 Dec 2008 Mar 2009 Jun 2 009 Sep 2009 Dec 2009 Mar 2010 Jun 2 010 Sep 2010 Dec 2010

-5%

0%

5%10%

15%

20%

30%

35%

25%

Source: Bloomberg, Prudential Vietnam Fund Management Company

Concerned about the macro factors i.e. trade decit, ination, and VND depreciation pressure, the credit rating

agencies downgraded Vietnam sovereign credit rating by one notch by the end of 2010. As such, these lower credit

ratings will directly increase the borrowing cost o f all Vietnamese entities in the international capital market in 2011.

Higher funding cost in the international capital market due to lower sovereign credit rating.

Apr

6,

201

0

Fe

b22

,201

0

Date

May

24

,201

0

Jul6

,201

0

Aug1

8,

201

0

Oct4

,201

0

Nov1

6,

201

0

Dec

29

,201

0

VolumeVN-Index

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

350

400

450

500

550

600

300

VN-Index

Volume

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

Dec

31

,2007

Mar

31

,2008

Jun

30

,2008

Sep

30

,2008

Dec

31

,2008

Mar

31

,2009

Jun

30

,2009

Sep

30

,2009

Dec

31

,2009

Mar

31

,201

0

Jun

30

,201

0

Sep

30

,201

0

Dec

31

,201

0

Ceiling Rate

VND



34/55


In 2010, bond yield decreased by approximately 50 bps

At the beginning of 2010, aected by the substantial scal stimulus and increasing pre-Tet domestic demands,

ination climbed higher pushing bond yield up by 50 bps.

However, after Q1, as ination stabilized and the government provided liquidity to the market through monetary

easing, bank demand for government bond increased. Purchasing government bonds helps banks to improve their

balance sheets in order to meet new capital ratios requirement and to access a low interest rate channel provided

through open market operation (OMO). As the result o f increasing demand, bond yield decreased substantially. For

example, 3-year bond yield decreased from 11.8% to as low as 9.5%. Dur ing this period, the xed income market

remained liquid with average trading volume of VND 400-600 billion.

Yet, at the end of 2010, as the gap between ocial and unocial foreign exchange rate increased, ination pressure

intensied, and interest ceiling on primary auction failed to meet investorsexpectation, the State Bank of Vietnam

turned to tightening policy once again causing bond yield to rise. During this period, the majority of government

bonds held by banks were used as collateral in the open market operation (OMO) leading to a substantial decrease in

trading volume.

Fixed Income Market Chart: 3 Year Government bond Yield and total market trading volume 2010

Tra iling 7-days volume secondary market 3 year G-bond Yield

Jan1

3,

201

0

Fe

b1

3,

201

0

Mar1

3,

201

0

Apr1

3,

201

0

May1

3,2

01

0

Jun1

3,

201

0

Jul1

3,

201

0

Aug1

3,

201

0

Sep1

3,

201

0

Oct1

3,

201

0

Nov1

3,

201

0

Dec1

3,

201

0-

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

6,0%

7,0%

8,0%

9,0%

10,0%

11,0%

12,0%

13,0%

Millions



35/55

Economy andCapital Market

Outlook in 2011


36/55

Economy and Capital Market Outlook in 2011

A young demographic with tremendous consumption potential and a high urbanization rate create strong growth

potential for Vietnam, especially for retails and real estate sectors. Relatively cheap and educated labor force, strong

foreign capital investments, and a high stable remittance continue to support export and the industrialization process

of Vietnam. We are reasonably condent that 2011 GDP growth will reach the government target of 7%. In fact, we

believe that Vietnam can maintain a high growth rate at the average rate of 6-8% per annum in the long run.

Alarming level of foreign reserve of about $12-15 billion (based on International Monetary Fund estimated at the end

of 2010), a continuing budget and trade decit, and the downgrading of Vietnam are key factors aecting investors

condence in the VND. As such, in the grey market, the USD has consistently been trading above the State Bank of

Vietnams upper band. Therefore, restoring investorscondence is one of the key challenges for the State Bank of

Vietnam in 2011. In our view, the aggressive VND depreciation of 8.5% in February 2011 has shown the State Bank of

Vietnams determination to solve this problem.

Regarding ination, 2011 is forecasted to be a challenging year for the policy makers. First, commodity prices continue

to trend higher fueled by global quantitative easing in the past. Second, credit growth is still at a high level due to the

fact that banks aggressively grew their balance sheet in 2010. All considered, we are reasonably condent that, having

experience from 2008, the government and the State Bank of Vietnam, with a focus on ination control, will take

necessary ste

Documents

BF1 Annual Report 2010 - Final Post Web