MaritimeBank Eng

2012
ANNUaL REPOrT
CONTENT
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2012
ANNUaL REPOrT
MESSAGE FROm THE CHAIRmAN OF THE BOARD OF DIREcTORS MESSAGE FROm THE CHIEF EXEcUTIVE OFFIcER ESTAbLISHmENT AND DEVELOPmENT HISTORY
- ESTABLISHMeNT DAY - BUSINeSS FIeLDS - DeVeLOPMeNT PROCeSS - DeVeLOPMeNT ORIeNTATION
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REPORTS OF BOARD OF DIREcTORS AND EXEcUTIVE COmmITTEE

- SUMMARY ON BUSINeSS PeRFORMANCe IN 2012 OVeRVIeW ON FINANCIALS DePOSIT MOBILIZATION CReDIT OTHeR BUSINeSSeS PRODUCT DeVeLOPMeNT NeTWORK AND DISTRIBUTION CHANNeL DeVeLOPMeNT SeRVICe QUALITY TeCHNOLOGY INVeSTMeNT OPeRATIONS RISK GOVeRNANCe PR AND BRAND DeVeLOPMeNT SOCIAL ACTIVITIeS - BUSINeSS PLAN IN 2013 AND THe PeRIOD OF 2013 - 2015
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HUmAN RESOURcE ORGANIZATIONAL STRUcTURE AND MANAGEmENT

- ORGANIZATIONAL CHART - MeMBeRS OF COMMITTeeS, BOARDS BOARD OF DIRECTORS (BOD) BOARD OF SUPERVISORS (BOS) EXECUTIVE COMMITTEE - INFORMATION ON MAJOR SHAReHOLDeRS - HUMAN ReSOURCe MANAGeMeNT STRATeGY
48 50 52 98
AWARDS OUTSTANDING EVENTS FINANCIAL STATEMENT AND INTERPRETATIONS BUSINESS NETWORK
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MESSAGE FROm THE CHAIRmAN OF THE BOARD OF DIREcTORS

oming to 2012, banking sector was still being impacted by the consequence of global economic crisis, which resulted in the slow growth, decrease of profits and high non-performing loan (NPL) ratio. In that context, Maritime Bank Board of Directors (BOD) defined 2012 as a year to focus on its targets of assuring prudential ratios, strengthening management capability, deploying business models as per its strategic orientations and continuing to improve its organizational structure to create a differentiation in quality, instead of only concentrating on the increase of total assets and credit growth as in previous years. To reach all the mentioned targets, Maritime Bank BOD gave its instructions on a comprehensive implementation of measures, making eligible and timely decisions that were in accordance with the policies of the State Bank of Vietnam (SBV) and the actual situation of the market. Consistently following the set-forth targets, with great efforts of its Executive Committee (EXCO) and staff, Maritime Bank achieved satisfactory results in 2012. Specifically, our total assets were VND 109,923 billion and total operating income was VND 2,619 billion (9% increased as against
2011). Our profit before credit and other provisions was VND 1,005 billion. Furthermore, 15 additional transaction points were newly opened, taking the total number of transaction points to 216. Our liquidity and prudential ratio were ensured as per regulations of SBV. We also had a successful regular inspection with positive assessment from SBV. Our remuneration and compensation policy was always well maintained, assuring satisfactory rights and benefits for employees in a context that many domestic enterprises had to narrow their business scale, cutting down on personnel. Therefore, Maritime Banks reputation and brand name were increasingly affirmed in the banking sector. Additionally, with its high credit ratings, Maritime Bank was honorably acknowledged as a 1st Group bank, and was awarded with many awards by Governmental authorities, mass media and business community. In 2013, it is forecasted that the economy will still be in a difficult and unstable situation. Based on the analysis of business achievements and forecasts on macroeconomic situations, BOD has proactively developed a Strategic orientation for the period of 2013-2015, which is considered a direction for future operations of Maritime Bank.
With this Strategic orientation, Maritime Bank is heading towards the goal of being one of the leading commercial joint stock banks in Vietnam. However, instead of developing itself to a bank with the largest total assets, Maritime Bank chooses to be The most efficient bank. Instead of competing on price, the Bank focuses to create the differentiation. Following this orientation, Maritime Bank will focus on Retail and Small and Medium (SME) customer segments. Despite many tasks to be completed, which require even greater efforts from every Maritime Bank staff, I believe that Maritime Bank, with its sound strategies, will overcome all the challenges to continue its success, and to brilliantly reach the targets set-forth for 2013.
On behalf of BOD, I would like to extend my thanks and best wishes to Maritime Banks Shareholders, Customers, Partners and Staff, who have been contributing consistently to its development, and creating a solid foundation for its growth in the coming years. Best regards! CHAIRMAN OF BOARD OF DIRECTORS
TRAN ANH TUAN
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MESSAGE FROm THE CHIEF EXEcUTIVE OFFIcER
2012 was a tough year for the world economy. Europe had to grapple with the sovereign default risks posed by the weaker Eurozone economies. The US postponed some of the tougher political decisions needed to deal with its fiscal cliff. China saw a slowdown in its growth rate to 7.5%. Global growth rates have come down and unemployment, especially among the young, remains very high across different parts of the world. From a regulatory perspective interest rates continue to be low as central banks try their best to get growth going again. Vietnam was not unaffected by the problems of the global economy. On the positive side exchange rates were stable, interest rates continued to come down and liquidity was abundant for the banks with healthy deposit growth. However export growth rates declined, banks NPL
continued to go up and a lack of domestic demand lead to a significant decline in credit growth rates. Global and local macroeconomic conditions have created significant challenges for the Vietnamese banking sector. Maritime Bank was not unaffected by this challenging environment. Our capital ratios, however, continued to be healthy at 11.93% in 2012. We continued to increase our distribution. We introduced new products such as credit cards, home equity, bancassurance in retail banking and competitive interest lending product MFloat and MFlex for our large corporate and small and medium (SME) customers. We strengthened our risk management processes and systems across credit, market and operational risk. We continued our investments in technology and processes to enhance product delivery and operational efficiency. Our talent management division delivered over 6,700 training man-hours to our employees. We created a Risk Academy to provide Risk specific training programs. Our priorities over the next few years are as follows: Firstly, we want to increase our proportion of low cost deposits with the right products and coverage model. Secondly, we want to become more efficient in terms of the way we manage our businesses. Thirdly, we want to increase the component of fees in our revenues mix. Fourthly, we want to reduce the NPL ratios in our portfolio. And fifth, we want to ensure that the quality of the new credits we ATUL MALIK CHIEF EXECUTIVE OFFICER disburse is very good. Our goal over the next few years is to make Maritime Bank one of the leading commercial joint-stock banks in Vietnam, a bank focused on delivering value to all its stakeholders i.e. customers, shareholders, employees, regulators and the community.
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ESTaBLISHMENT aND DEVELOPMENT HISTOrY
ESTaBLISHMENT aND DEVELOPMENT HISTOrY
ESTAbLISHmENT AND DEVELOPmENT HISTORY

Vietnam Maritime Commercial Joint-Stock Bank (Maritime Bank or MSB) was officially established in accordance with the Business License No. 0001/NH-GP dated 08/06/1991 by the Governor of State Bank of Vietnam. On 12/07/1991, Maritime Bank had its official opening and was operating in Hai Phong port city, right after the Ordinance on Commercial banks, Credit collectives, and Finance companies took effect.
Establishment day
Business fields of Maritime Bank include money-market trading, credit and financial services, monetary, and banking and etc as specified in the Certificate of Establishment and Business License, Business Registration Certificate of the Bank, and follow regulations of Credit Laws, and relevant current regulations, to serve the customer targets as stated in the mentioned business strategy.
Business fields
Development orientation
VISION
To become one of the leading commercial joint-stock banks in Vietnam
Development process
Charter capital: VND 8,000 billion Total assets: approx. VND 110,000 billion Operation network: 216 transaction points
MISSIONS
Provide various financial products and services with the best quality, closely following the actual needs of Customers; Create a professional working environment with career development opportunities for all staff; Bring about sustainable benefits for Shareholders by implementing new business strategy based on the best international practices and standards, and in line with the regulations of State Bank of Vietnam;
2012 2010 2005 1991
Comprehensively changed, in terms of business orientation, brand name and image with a modern and sharp operation roadmap Charter capital: VND 5,000 billion, total assets: more than VND 100,000 billion Having around 140 transaction points and 28 branches nationwide Strongly developed since 2005, after having balanced itself from the Asia financial crisis Having 16 transaction points
CORE VALUE
Create and add sustainable values!
Established and officially put into operation Charter capital: VND 40 billion 24 shareholders
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REPOrT ON PErFOrMaNCE
OF BOARD OF DIREcTORS REPORTS AND EXEcUTIVE COmmITTEE
SUmmARY ON bUSINESS PERFORmANcE IN 2012
Overview on financials
In 2012, the world economy continued to witness a complicated turbulence, with downsized trades, slow growth. In Vietnam, the implementation of monetary tightening to control inflation was necessary. However, this also brought about the fact that domestic demand decreased, inventories became bulky and many enterprises were in business difficulties. Regarding banking and finance, 2012 was the year when the whole banking system had to cope with the pressure on ensuring liquidity, reducing deposit interest rate, limited credit growth, NPL issues and organizational restructuring to strengthen the competitiveness. Despite the gloomy background, the first highlight for Maritime Bank business operation in 2012 was the maintaining of total operating income at the same level as against previous year. Specifically, total operating revenue of Maritime Bank in 2012 was VND 2,619 billion, increasing more than 9% as against last year, of which, net interest revenue was VND 2,009 billion, increasing 29% as against that in 2011; Gross interest profit ratio was 17%, higher than that of 11% in 2011. These figures reflected the efforts in finding low-cost funds, reducing deposit interest rate to have low interest expenses. Besides, other businesses of the Bank were profitable. Especially, net profit from FX trading and securities trading was remarkably increased as compared with last year, despite the difficulties in the market since 2011. In details, the profit from FX trading increased 110%, equivalent to VND 88 billion, that from securities trading was VND 100 billion. Regarding to the business scale, Maritime Bank assured the total assets of the whole system of VND 109,923 billion, which was similar to that in 2011. Of which, 56% was from deposits of economic organizations and residents, and from bond issuance. Specifically, customer deposits (including bond issuance) of Maritime Bank at year-end were 61,881 billion, of which deposits from residents increasing 36%, accounting for 54% of total deposits from Primary market. This reflected a stable structure of funding sources of the Bank. Regarding credits, in 2012, credit growth of the whole banking sector was only 6-8%, due to the fact that only few enterprises could prove the efficiency of their business and their repayment capability, which are very important conditions to borrow from the banks. With the current monetary policy and macro economic situation, the growing in credit was not feasible, and could even bring about the potential risks for the banking system. Facing the situation, with its motto of Safe - Efficient - Sustainable operations, Maritime Bank attempted to reduce lending exposures, focusing on the enhancement of credit quality. As of 31/12/2012, total exposure of the Bank was VND 28,943 billion. Furthermore, with its long-term strategic vision, Maritime Bank spared a remarkable part of budget for human resource investment, technology development and product development. Total operating expenses of the Bank in 2012 was VND 1,855 billion, of which, 43% was the human resource expenses. Besides, in order to ensure the healthy and sound banking operations, as well as to strictly follow the Decrees of the Government on risk provisioning and settlement, Maritime Bank reviewed and re-evaluated collateral and made provisions at max levels. High provision costs were the direct cause to the pre-tax income amount of only VND 255 billion in 2012. This result accurately reflected the actual difficulties of the banking sector during the past year as well as partly reflecting the transparency in operations of Maritime Bank.
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Achieved financial targets
No 1 2 3 4 5 6 7 8 Total assets Deposit mobilization from Primary market and bond issuance Lending to economic organizations and residents NPL ratio Number of newly opened transaction points Profit before income tax Charter capital Dividend paid ratio (in bonus stocks and in cash) Criteria Planned (VND billion) 110,000 60,000 30,000 <3% 100 300 8,000 7% Achieved (VND billion) 109,923 61,881 28,943 2.65% 15 255 8,000 7% 15% 85% 100% 100% In percentage (%) 99.9% 103.1% 96.5%
2010
2011
2012
The next highlight in operations of Maritime Bank was the stabilizing of prudential ratios. Individual and consolidated Capital Adequacy Ratio (CAR) was 11.93% and 11.31% respectively, which was both higher than the regulated ratio of 9% by SBV; Solvency ratio (high liquid assets over total liabilities) as of 2012 year-end was 36%, twice as much as the ratio of 15% stipulated by SBV. The Bank always ensured its daily and 7-day solvency ratio. Especially, credit risk was properly controlled while the credit operation of the whole sector was going down. In 2012, Maritime Bank focused many resources in analyzing and warning the likeliness of delinquency, as well as thoroughly executed
the urging, collection and settlement of debts. As a result, the ratio of loan group 3-5 (NPL) of the Bank at the year-end of 2012 was controlled at 2.65%. In 2012, the Bank made a provision for customer lending risk of VND 551 billion, which was the highest level in the past years, twice as much as in 2011. Besides, the Bank used VND 85 billion as reversal of provision for customer lending risk, and VND 80 billion of provisions to settle risks.
CASA
FD
Total deposits
Growth of deposits from retail customers
VND billion
Deposit mobilization
2012 was a year with full challenges in deposit mobilization activities of Maritime Bank in particular and of the whole banking sector in general. The merger, restructure and a series of negative information have seriously impacted on the trust of the customer in the banking system. Even though, the deposit mobilization of Maritime Bank has still been stable. Deposits from Primary market, including bond issuance were VND 61,881 billion at year-end, which was 89% as against the beginning of the year, accounting for 63.41% of total deposit sources. This sufficiently served the funds for credit and assured the well-preparedness of Maritime Bank. Total deposits from individuals as of 31/12/2012 were VND 33,432 billion, accounting for 54% of total deposits from Primary market, increasing 36% as against 2011 and 60% as against 2010, creating a stable structure of funding sources of the Bank. Of which, current and saving deposits (CASA)
accounted for VND 3,164 billion, increasing 49% as against 2011, fixed deposits (FD) accounted for VND 30,268 billion, increasing 35% as against 2011. The number of retail customers of Maritime Bank increased 52% as compared with last year, which were 780,713 customers, taking an important part in business scaling up of the Bank.
Deposits from economic organizations and bond issuance of Maritime Bank in 2012 were VND 28,449 billion, accounting for 46% of total deposits from Primary market; of which deposits from SME customer segment were VND 10,848 billion, from large corporate (LC) and financial organization (not including credit institutions) segment were VND 17,601 billion. Regarding the tenure structure of deposits, CASA had a sustainable growth and were maintained at a high level, bringing about a low-cost fund for Maritime Bank. The success of Maritime Bank in deposit mobilization came from two factors. First, the Bank successfully implemented programs of emulation in depositing activities in the whole system, namely Depositing golden zone, Speeding up depositing, Reaching goal with SME Style, Brighten Morning Star, Excellent RM in depositing and Speeding up with LCs, etc. These programs resulted in positive changes, with the increase tendency in average depositing in both CASA and FD; Second, the completion of M-Banking card functions maximally supported customers with benefits, which brought about many good results. In
the past year, Maritime Bank was given the award of the best typical e-banking services in Vietnam, as assessed by International Data Group (IDG). In 2013, Maritime Bank has set the target for deposit growth of 22% as against 2012 and increase of CASA proportion. To successfully reach this target, Maritime Bank will focus on structuring and developing services, products, cash management by customers and by industries, which include specialized products as per customer groups and industries (tobacco, chemicals, sugar cane, rubber, petroleum, and etc.) Additionally, the Bank is heading towards fully packaged products to enhance the utility, cross-selling products to establish a sustainable relationship with the customer. The task will cover: (i) Review, adjust, package current products in a customer-based orientation, (ii) Invest in technology development, (iii) Develop new products that are meeting the demand of the customer, and (iv) Roll out sale promotion programs.
2010
2011
2012
Number of retail customers
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Maritime Bank shouldered and supported enterprises during difficult period of the economy by providing new credit products with competitive interest rate such as MFloat, MFlex, super short-term lending, etc. This was a key point enabling Maritime Bank to keep its current exposure and customer network, focusing on credit quality enhancement. It is planned that in 2013, the Bank continues to deploy well-tailored products to meet the demand of each customer group and to diversify the products.
Credit
Vietnam economy in 2012 evolved in a bad direction, which made individual businesses and enterprises go bankrupt. Many enterprises were not efficient and had to narrow down their business scale. These enterprises themselves cut down on borrowing, and instead, making use of their owners equity, receivables to reduce financial expenses, as well as the pressure on repayment. Such difficult situations certainly impacted on credit operation of Maritime Bank. Key credit operation of Maritime bank was corporate credit, which was totally VND 27,428 billion, accounting for 94.77% of the total exposure. Retail credit was VND 1,515 billion at 2012 year-end, accounting for 5.23% of total lending to customers. SME customer segment made up a main part of corporate credit. The number of borrowing customers in this segment as of December 2012 was approx. 800. Regarding LC customer segment, Maritime Bank has always been focusing on special orientation of development. These large corporates are often natural resources/mineral exploration units, which are being exclusively controlled by the Government, or those with FDI, operating on manufacture and production industries. Despite a small proportion, these corporates are having large scales, number of staff, and industrys specialized features, which create far bigger GDP than that of SME and are considered a key sector in the national economy. In 2012, Maritime Bank achieved good results in lending to LC customers by focusing on its prudential ratios rather than total assets and credit growth.
Other businesses
Trade Finance
In 2012, beside its traditional trade finance operations such as Guarantee, Letter of credit (L/C), collection, discount and etc, Trade finance products of Maritime Bank were improved, meeting the requirements of the market. Maritime Bank launched two new products of L/C Refinancing and Usance Payable At Sight (UPAS) L/C, which contributed to solve the issue on preferential funds and to decrease the pressure on foreign currencies for the customers. Regarding Guarantee operations, though 2012 saw many incidents related to the operation at other credit institutions, Maritime Banks guarantee service was still selected by many domestic and foreign agencies, enterprises such as Mobifone, Vinaphone, Viettel, PV Oil and etc, especially there were high payment value guarantees. The success of Maritime Bank in Trade finance operation was from the efforts to respond to standards as well as the requirement of the customers; from the adjustment of internal regulations to assure the compliance
with new policies of SBV; and from the non-stop efforts in upgrading new products, services. Maritime Bank was proud of being one of the first banks in Vietnam leading the study and successful implementation of E-tax guarantee product, which was a new benchmark in trade finance operation. With its own-designed template of guarantee, which is controlled as valuable papers, and with its rapid verification mechanism, the guarantee service of Maritime Bank has satisfied even its difficult customers. Regarding correspondent bank network, as of 31/12/2012, Maritime Bank worked with almost 600 banks in 60 countries worldwide. Despite disadvantages of macro economic situation, more than 40 domestic counterparties and 30 foreign counterparties granted and increased the credit lines of Martitime Bank, with the total limits of hundreds of million of USD. Maritime Bank signed agreements on import - export financing with Wells Fargo, Intesa Sanpaolo, Industrial and Commercial Bank of China (ICBC), Australia and New Zealand Baning Group (ANZ), and Unicredit, strengthening its deposit mobilization in foreign currencies to support import-export activities of corporate customers.
30,000 25,000 20,000 15,000 10,000 5,000 0
25,000
24,281 21,025 19,874

15,000
10,000
9,882 7,546 7,554
Interbank operations
In 2012, interbank operations of Maritime Bank were still stabilized. Financial investment balance (interbank deposits, stock investment, excluding capital contribution, share purchase) as of the year end was VND 59,521 billion, which was equivalent to that in 2011 year-end. Placement and loans Maritime Bank granted to other banks was VND 29,039 billion as the same as per last year. In terms of deposit mobilization on Secondary market, deposit and borrowing from other banks were VND 30,235 billion, increased 32% as against 2011. The Bank balanced its funds to ensure liquidity, and maximized profits from idle mobilized funds, reinvested in interbank lending and other financial investments, contributed a remarkable part to the business result of the whole bank. Regarding FX transactions, Maritime Bank affirmed itself as a market maker and took the lead in the market in terms of transaction volume, which was USD 38.6 billion in 2012.
5,000
Securities investment and equity investment

Government Bond investment and other securities investment were mainly with available-for-sale debt securities, which reflected the safety of the investment portfolio of Maritime Bank. Total securities investment (excluding capital contribution & long term investment) was VND 30,482 billion, of which VND 30,389 billion was available-for-sale securities (accounting for 99.6%), VND 93 billion was trading securities (accounting for 0.4%). Total capital contribution as of 31/12/2012 was VND 2,109 billion, increased VND 355 billion (20%) as against last year and was in line with regulations on ratios, limits of capital contribution of SBV.
2010
2011
2012
2010
2011
2012
Unit: VND billion
Unit: VND billion
Movement of lending exposure to SME customers over years
Credit growth in LC customer segment over years
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MFlex and MFloat - Prominent Derivative Products

To adapt to the market movements, Maritime Bank flexibly and promptly launched the lending product packages MFloat and MFlex offering preferential interest rates and the disbursed volume reached over VND 537 billion in 2012. With outstanding features in terms of inexpensive interest rate and flexibility according to assessments, these product packages are expected to better meet customers demands for loans in 2013.
Bank achieved a remarkable development progress with commission revenue of VND 3.5 billion.
Gold Trading Product

Maritime Bank was one of the first banks that were eligible for gold bar trading license by the State Bank of Vietnam with the total volume of nearly USD 70 million and about 2,000 sale and purchase transactions in 2012. In addition, the bank also developed new lending products for retail customers and insurance-combined product packages (Mplus Care, PBO), structured investment products, option and overdraft, etc. By bringing into full play its gained strengths, Maritime Bank expects that 2013 will be a year of differentiation created through distinctive products and services with the goal of quickly launching products in the market and meeting demands of each customer segment to the maximum extent.
Product development
Maritime Bank was evaluated as a bank with userfriendly, professional, convenient, and modern products and services.
In 2012, Maritime Bank continued improving modern payment features in order to provide customers with the most convenient and effective financial solutions. Additionally, given the goal of product diversification to meet increasing demands of customers, the bank launched a bundle of new customized products with top advanced facilities in the financial market.
Bancassurance Product
Launched in April, 2012 through the partnership with reputable insurance providers like Bao Viet, Prudential with the aim of designing and providing customers with distinctive, preferential and flexible products, Maritime
Platinum Credit Card

2012 marked the birth of the first credit card product of Maritime Bank for first class customers. Maritime Bank Platinum Credit Card brings customers many utilities and unique experience. Customers can enjoy a limit of up to VND 1 billion and many other offers such as Priority Pass First Class Lounge service, global travel insurance coverage, reward points and other privileges from Maritime Bank and its partners. After being officially launched in September, 2012, the payment volume after 3 months was VND 17 billion and particularly VND 15 billion in the fourth month. 1,500 Maritime Bank Platinum Credit Cards were issued in the fourth quarter of 2012.
Network and distribution channel development
Maritime Bank focused on comprehensive development of sales channels, especially electronic channel to bring the highest convenience and flexibility to customers.
MFlex
TNG HN MC TI TR LN N
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3000
CHO VAY VI LI SUT U I
DNH CHO KHCH HNG DOANH NGHIP GI SN PHM 3M
1991 - 2013
Platinum VIP Product Package

This is an exclusive product to optimally meet the demand for cash management of groups and corporations that have many subsidiaries, independent and dependent units. Given prominent features such as free service charge, attractive deposit interest rate, balance of cash flows of member companies and convenient Internet Banking transaction making, Platinum VIP is recognized as one of key products of Maritime Bank.

6 THNG Li sut u i, linh hot vi th trng Thi hn vay ln n 6 thng H tr qun l ri ro li sut
Ti sn m bo a dng, ph hp vi c th kinh doanh

H s tn dng v quy trnh n gin, nhanh chng T vn trn gi cc sn phm phi sinh
Call center: (04)39.44.55.66/1800.599.999 Website: www.msb.com.vn
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programs to introduce, promote, consult and encourage customers to use the service. Although the product was launched after other banks, M-Paynow payment service achieved a very high growth rate and big turnover.
Transaction Offices
By the end of 2012, Maritime Bank had a network of 216 transaction offices nationwide in which there were 15 newly-opened ones and 8 offices designed as First Class Banking Lounges for First Class Customers.
Service quality
Facilities
Throughout its operation, Maritime Bank always focused on building elegant, good looking and modern transaction space. In 2012, the facility quality of Maritime Bank was improved when many transaction offices were renovated or relocated to ensure convenient transaction space for customers. The bank also officially launched the First Class Banking program for VIP customer segment and designed a distinctive and elegant space for such customers when they make transactions at Maritime Bank.
ATM
In 2012, the number of ATM across the system was 370, an increase of 140. In addition, Maritime Bank successfully connected to the MasterCard International organization, which allowed MasterCard holders to make transactions on the ATM network of Maritime Bank.
Increased preferential services for customers: M-smart Discount Community

By the end of 2012, Maritime Bank successfully established relations with 235 partners and over 570 discount merchants for the banks card holders. 73 Co-Marketing programs were launched. Customers enjoyed 6 discount offers per month on average together with many other gifts like vouchers to buy goods at the partners merchants. In respect of first class customers, Maritime Bank also cooperated with many partners to organize conferences exclusively for customers who are members of First Class Banking and received positive reviews.
is checked on a quarterly basis according to the five criteria including Sorting, Setting in order, Shining, Standardizing and Sustaining in order to assess the working environment. The survey results showed that all transaction offices were aware of and seriously followed labor regulations and rules, ensured a well-organized and clean working space as per 5S standards. Voice of Customers (VOC): Every month, Service Quality Unit make phone calls and survey customers on service attitude and staff qualification, products and policies of Maritime Bank, etc. to improve the service quality and build up a new Maritime Bank image to customers. Staff expertise survey: Staff expertise surveys are periodically conducted with a mechanism on rewards and penalties to motivate staff to further study and improve their professional knowledge. Voice of Staff (VOS): the survey is conducted to understand staffs thoughts and expectations in order to make timely adjustments to enhance staff satisfaction at work and make staff stick with Maritime Bank for long time.
M-banking
Internet Banking: With the successful adoption of new Internet Banking version, Maritime Banking focused on enhancing its service quality and fully exploiting its services offered to customers. Mobile Banking: In 2012, Maritime Bank concentrated on the service exploitation by launching many marketing and promotion campaigns to provide services for every target customer. By the end of the year, there was a very high increase in the number of customers and transactions made on Mobile Banking (up by around 600%). SMS Banking: With the focus on providing a simple transaction channel anytime, anywhere, in 2012 Maritime Bank paid due attention to improve service quality, service introduction and registration for its customers. Online payment with M-Paynow: With constant effort to expand its online payment card network, Maritime Bank and payment intermediaries successfully connected with many new goods and service providers and ran many marketing
Service quality
To constantly ensure and improve its service quality, Maritime Bank developed monthly and quarterly service surveys and service quality assessments using advanced and effective tools such as: 5S survey: The working environment of transaction offices
Direct Sales Force

In 2012, Maritime Bank continued conducting many activities to promote business performance of the direct sales force. This strong and enthusiastic force of up to 1,200 staff made significant contribution to increase Maritime Banks business scale as well as promote the banks image and brand name in the eyes of customers and partners. Moreover, the bank implemented the mechanism for cooperation and hand-over of customers between the direct sales force and sales staff at transactions offices. This mechanism approached the operational specialization in different sales channels in order to increase new customer acquisition and development and improve customer care service. In 2012, the direct sales force handed 300,000 customers over to transaction offices with the balance of CASA and FD of more than VND 1,000 billion and VND 3,000 billion respectively.
92.00% 90.00% 88.00% 86.00% 84.00% 82.00% 80.00% 78.00% 76.00% 74.00% 2011 2012
Transaction space
Staff qualification
Service attitude
Transaction procedures
Graph on Voice of Customers (VOC) in 2011-2012
100% 95% 90% 85% 80% 75% 70% 1 2 3 4 2012 5 6 7 8 Plan 9 10 11 12
Graph on Service Quality Survey Results in 2012
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Technology investment
Banking technology development strategy is an important platform in the development of operational activities and banking services. In 2012, Maritime Bank carried out nearly 70 IT projects in order to develop and diversify products and services as well as more than 100 requests for change to innovate and improve operational efficiency of existing products. Many outstanding projects were implemented such as upgrading Internet Banking, Mobile Banking, completing technological platform for credit card product, launching Kondor+, FX project in branches and Enterprise Resource Planning (ERP) project, of which some projects were firstly launched in Vietnam such as the project on risk management in the financial market (Kondor+). Maritime Bank was the first Vietnamese bank investing and adopting Treasury transaction management system consistently from Front Office, Middle Office and Back Office. With this new management system, limits are controlled automatically in the transaction process. The system also provides tools to calculate risk limits, develop Value at risk (VaR) and derivative pricing models. Beside promoting the development and adoption of new technologies, Maritime Bank also focused on maintaining the quality of current IT services by investing and upgrading the system platform as well as supplementing and improving operation - related to processes and regulations. Therefore, the adopted systems run stably at average rate of 99% and ensure smooth transaction activity across the system. Maritime Bank will continue implementing operation development projects such as CRM (Credit Relationship Management), ECM (Enterprise Content Management), Visa, Anti Money Laundering, etc. in order to improve quality, diversify products and services with the aim of ensuring operation, improving technological infrastructure and enhancing security measures and information security across system.
Maritime Bank puts constant effort in to better service quality to bring good experience and satisfaction to customers.
Operations
Enhancement of staff quality
Being aware of the important role of human resource in service quality assurance, in 2012, Maritime Bank developed and deployed many professional and skill trainings for staff such as trainings on customer services, sales skill, etc. Staff at hubs were regularly tested on professional knowledge, compliance and rated periodically. In addition, Maritime Bank also held many internal emulation programs such as Smile Month, T-Pro, etc with the expectation of praising excellent individuals, fostering the customer care culture to the banks staff. With the success of 2011 Maritime Bank Smile Program, Smile Month was held to highlight the role of smiles in communication with customers and customer service. As a result, many retail hubs received appreciation such as thank-you letters or flowers, etc from customers. Moreover, Maritime Bank was honored to be ranked as one of the ten financial enterprises with the most satisfactory service quality in 2013. One more time, this title is a meaningful recognition for all the efforts of Maritime Bank and its staff in the past time on the path of carrying out its mission to become one of the banks with the best service quality in Vietnam. Regarding operations, 2012 was the year Maritime Bank continued optimizing operational activities towards centralization, standardization and automation to the maximum extent. Beside vault and cash, admin, asset management activities, which are fully centralized according to each independent operation, in 2012, Maritime Bank also centralized operations at the counter to help business units concentrate in their business targets. The efficiency of fully centralized operations brought great benefits to the bank, helping improve operational and supporting activities at business units in terms of both service quality and compliance risk control ability. Typically, the centralized vault and cash operation helped reduce the cash balance by one third (1/3) compared to the previous time. Together with the maximum centralization and standardization, Maritime Bank also centralized product parameter management in the Corebanking system. The centralization of parameters helps to manage and exploit the system more strictly and efficiently, leading to an improvement in product processes and product and service provision to Maritime Bank customers. Similarly, the receipt and processing of operational requests from all units and staff across the system were centralized and automatically distributed through the Service Request Management System. All the operational activities have Service Level Agreements SLAs. All payment orders, calls, specialized car travels and other operational activities are measured in terms of processing time and error rate. The average SLAs rate of 2012 was over 96%. This is a solid foundation for Maritime Bank to constantly improve and optimize its banking operations.
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Risk Governance
BOARD LEVEL COMMITTEES
Risk Governance structure

BOARD OF SUPERVISORS
Providing independent comments to the BOD on the effectiveness of the strategies, policies, regulations and risk management of MSB
BOARD OF DIREcTORS
Taking the ultimate and highest responsibility for the Banks risk appetite and tolerance
Risk Academy
In 2012, Maritime Bank successfully conducted many important risk management programs, typically the Risk Academy project. This was a training program on comprehensive risk management that was launched bankwide. The program brought the bank a new perspective on risk management towards modernization and efficiency in alignment with Basel II standards in order to build a particular risk management culture in Maritime Bank.
Reviewing and assessing the Handling the Banks effectiveness and treatment for credit efficiency of the risk, market risk, performance of the operational risk and risk management other risks within its policies system in mandate cc HI NG cP HI NG IU HNH MSB.
BOARD HIGHER RISk COmmITTEE
AUDIT COmmITTEE
BOARD RISk COmmITTEE

Assessing, recommending the Banks risk management framework, risk strategy including risk appetite, and approving risk policies, risk measurement methodologies etc. within its mandate
BOARD CREDIT& INVESTmENT COmmITTEE

Approving credit granting cases, investment cases and transaction limits for customers within its mandate
INTERNAL AUDIT
Risk Management
Credit Risk Management Maritime Bank managed credit risk according to specific customer groups including Corporate Credit Risk Management, Retail Credit Risk Management and Global Market/Financial Institutions (GM/FI) Counterparty Risk Management. The bank built credit risk indicators for portfolio management level to monitor and apply credit policies suitably for each type of customers. To improve the quality of credit risk management and the early warning system, credit risk models were updated and new ones were also developed for all customer groups. In 2012, the tool for rating FI customers FI tool was approved by Board Higher Risk Committee, Qualitative Credit Assessment (QCA) was revised in line with macroeconomics conditions and customer size; Scorecard for credit cards was also built to manage retail credit risk; Risk based pricing and field analysis were also implemented to manage corporate credit risk. Maritime Bank monitors credit risk according to the best practices. The monitoring results are reported regularly to SBV and within Maritime Bank, to create a channel of credit information and credit information management. This is a basis for bad debt handling, loan classification and provisioning.
Liquidity Risk Management In 2012, liquidity risk management was well-implemented in Maritime Bank through updated information and reporting system, a close coordination between business units and Risk Management Division and effective management of ALCO. The bank complied with all prudential ratios and internal liquidity risk limits at all time, maintained large amounts of government bond as liquidity buffer, especially built and implemented the regulation on liquidity crisis management. The bank also successfully developed a liquidity contingency plan to ensure response ability to difficult liquidity scenarios of the bank and the market. Market Risk Management Maritime Bank continued achieving successes in market risk management in 2012 when completing the Kondor plus phase 2 and Kondor Global Risk (KGR) Value at Risk projects that helped the bank to improve the management and monitoring of market risk indicators in all business activities in FI Banking towards international standards on measurement and management of market risk. In addition, the market risk management limit system (volume limit, open position, maximum loss limit, etc) was restructured and updated in a timely manner together with the enhancement of the daily market risk monitoring and reporting system to each business unit to ensure the market risk management is in line with actual business practices. Operational Risk Management The operational risk management structure was completed with the establishment of Management Operational Risk Committee. The operational risk reports were developed, implemented periodically and sent to senior management and business units. The scope of operational risk management was extended to all Business Units. The development and implementation of the operational risk management regulations, the analysis of operational risk events and many action programs were conducted to minimize operational risks.
EXCO LEVEL COMMITTEES
MANAGEmENT HIGHER RISk COmmITTEE

Handling the Banks treatment for credit risk, market risk, operational risk and other risks within its mandate
ALcO
Providing oversight and advice to the Board in relation to the banks Assets & Liabilities Management
MANAGEmENT OPERATIONAL RISk COmmITTEE

Reviewing and consulting BRC on strategic framework, appetite and policy of operational risk management
Approving credit granting cases, investment cases and transaction limits for customers within its mandate
MANAGEmENT CREDIT & INVESTmENT COmmITTEE
RISk DIVISION
CREDIT RISk POLIcY & GOVERNANcE CENTER
RETAIL CREDIT CENTER
COUNTERPART RISk MANAGEmENT DEPT
RISk DEbT SETTLEmENT DEPT
RISk ANALYTIcS TOOLS AND MODELS DEPT
MARkET AND LIQUIDITY RISk MANAGEmENT DEPT
OPERATIONAL RISk MANAGEmENT DEPT
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PR and Brand Development
In review of the business operation after one year, according to experts, 2012 was a year with complicated movements in the banking industry given the prosecutions of many senior leaders and the disappearance of some brand names after restructuring processes, etc. In that context, Maritime Bank still had a quite smooth period in its branding activities. Beside the post of information on promotion programs, products, Maritime Bank continued
to sponsor the program, namely Live a Beautiful life broadcasted on VTV1 and Financial Advisory Column on Securities Investment Magazine. In addition to the above, Maritime Bank activities articles were published approx. 20 to 25 times per month. According to strategic orientations in 2013 business operation, Maritime Bank determined to focus on in-depth development, maintain its current position, brand prestige and reinforce brand loyalty through products superiority and quality of customer services.
Social Activities
Time Jan 11th, 2012 May 22nd , 2012 May, 24th-25th, 2012 Social activities Give early Tet holiday gifts to disadvantageous families and victims of Agent Orange in Quynh Phu district, Thai Binh province. Award 100 Smiling Tomorrow scholarships to poor students who overcome difficulties and disabled children in Hoa Thanh, Tay Ninh province. Give more than 200 Smiling Tomorrow scholarships to poor and disabled students at Dong Phu elementary school and the center for disabled children in Quang Binh province. Award 40 Smiling Tomorrow Scholarships to children in especially difficult circumstances in Dong Xuan district, Phu Yen province. Award 60 Smiling Tomorrow scholarships to disadvantageous children in Phu Yen Province Award 120 Smiling Tomorrow scholarships to poor studious children in Khanh Hoa Province Give 100 gifts to children having treatment in Hue Central Hospital Give presents to Vietnamese heroic mothers in Can Gio district, Ho Chi Minh city Sponsor education activities in Hoang Van Thu Ward, Bac Giang city Organize mid-Autumn Festival and award presents to more than 100 children patients in Buon Me Thuot General Hospital Give over 120 gifts to children patients having treatment in Lam Dong General Hospital. Award scholarships to excellent students at Nam Dinh Industrial College on occasion of new school year ceremony 2012-2013 Sponsor 35th anniversary for post- graduate education of Vietnam National Economics University (Hanoi) In 2012, in addition to such activities as presenting gifts to Victims of Agent Orange/ Dioxin, taking care of Vietnamese Heroic Mother, and etc., Maritime Bank developed Smiling Tomorrow charity fund dedicated to children who are in need and difficulty but strive to overcome such challenges. All disadvantageous children ranging from those who are unfortunately affected by fatal diseases to poor but studious pupils in provinces, including ones without transaction offices of Maritime Bank gained attention and support from the Senior Management of the Bank. Maritime Bank has put much effort into the maintenance and expansion of this activity so that Smiling Tomorrow can really become one of meaningful community activities, adorning bright future picture with vivid strokes of colour. Expenditure on this charitable activity totals VND 2 to 5 billion/ year.
May 30th, 2012 Jun 18th, 2012 Jun 1st ,2012 Jun 13th ,2012 Jul 27th, 2012 Aug 31st ,2012 Sep 20 , 2012
th
Sep 9th, 2012 Oct, 2012 Nov, 2012
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2013 - 2015
FIVE PRIORITIES IN 2013

BUSINESS PLAN IN 2013 AND THE PERIOD OF 2013 - 2015
Given the solid foundation that has been built through the implementation of the business strategy since 2010 as well as from the achieved results in 2012, Maritime Bank set the five key priorities to be focused and implemented across the system in 2013 based on set-forth strategic orientations as follows: Double CASA balance; Improve revenues towards sustainability: shift revenues from lending activity to fee revenue; Focus on NPL collection, monitor and make preparations for the establishment of a Vietnam Asset Management Company (VAMC); Enhance risk management, market forecasts and focus credit growth on good enterprises and industries. Maximize resources, revenues and costs.
KEY INITIATIVES IN 2013

To realize the set strategic goals, in 2013, Maritime Bank will foster its internal management capacity and improve its resource utilization efficiency to carry out the following key initiatives: Continue completing and centralizing all operational activities to one focal unit to improve the quality and save costs such as centralizing operations at the counter, control of disbursement, finance, etc.; Apply international standards to increase the efficiency of operational and supporting activities;
Restructure Retail Banking and Small and Medium Enterprises models, concentrate resources and expand network for sufficiently large customer segments with profit potentials and create specific advantages for Maritime Bank in the market; Pilot other business models with the target of bringing financial services to serve various customers in different potential regions; Officially launch Transaction Banking; Improve treasury activity towards international standards, diversify customer portfolio and provided products, increase profit from capital and enhance competiveness of treasury activity in the market; Continue improving Credit risk model for better credit quality; Invest in IT system such as AML, CRM, ECM, etc; Improve processes and regulations to save time and human resource, increase transaction speed with customers and competiveness of the bank; Develop more fee-based income products, promote cross selling, and launch products towards customers with strong financial potential through flexible policies.
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HUMaN RESOUrCE MaNaGEMENT
HUmAN RESOURcE ORGANIZATIONAL STRUcTURE AND MANAGEmENT
Organization structure of Maritime Bank experienced many breakthrough changes towards centralized and consistent management, flexibility and specialization to optimize all resources and intellect of high quality personnel to serve customers whole-heartedly and enthusiastically.
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ORGANIZATIONAL CHART
BOARD CREDIT AND INVESTmENT COmmITTEE BOARD HIGHER RISk COmmITTEE BOARD RISk COmmITTEE
GENERAL ASSEmbLY OF SHAREHOLDERS BOARD OF SUPERVISORS BOARD OF DIREcTORS INTERNAL AUDIT PERSONNEL COmmITTEE STRATEGY COmmITTEE AUDIT COmmITTEE
CHIEF EXEcUTIVE OFFIcER
MARITImE BANk OFFIcE
MANAGEmENT HIGHER RISk COmmITTEE
ALCO COmmITTEE
EXCO
MANAGEmENT CREDIT & INVESTmENT COmmITTEE
STANDING DEPUTY CEO (*)
CREDIT MANAGEmENT AND INVESTmENT BOARD
PR & MARkETING BOARD
STRATEGY MANAGEmENT BOARD
LEGAL & COmPLIANcE BOARD
RETAIL BANkING
SME HUbS
LC BANkING
FI BANkING
Risk Management Division
Finance Management Division
CREDIT APPROVAL DIVISION
TEcHNOLOGY & OPERATIONS DIVISION
RETAIL HUbS
SME HUbS
LC HUbS
GLObAL MARkET CENTER
CREDIT RISk POLIcY & GOVELNANcE CENTER
FINANcE MANAGEmENT CENTER
CPC
OPERATIONS MANAGEmENT DEPARTmENT CARD OPERATIONS & E-bANkING CENTER PAYmENT CENTER FI OPERATIONS DEPARTmENT BANkING TEcHNOLOGY DEPARTmENT
FCB HUbS
MANUFAcTURING BUSINESS DEPARTmENT TRADING BUSINESS DEPARTmENT RETAIL BUSINESS DEPARTmENT
PRODUcT DEVELOPmENT DEPARTmENT
FI CENTER
GM/ FI COUNTERPARTY RISk MANAGEmENT DEPARTmENT
AccOUNTING MANAGEmENT CENTER
Credit Control Center Credit Support Center HN/ HCMC
NEW BUSINESS CHANNEL DEVELOPmENT CENTER
DEbT TURNAROUND DEPARTmENT BUSINESS ANALYSIS & SERVIcE QUALITY DEPARTmENT
ALM/ TREASURY DEPARTmENT
OPERATIONAL RISk MANAGEmENT DEPARTmENT
INTERNATIONAL CARD BUSINESS CENTER RETAIL SERVIcE BUSINESS & DEVELOPmENT CENTER RETAIL CREDIT PRODUcT BUSINESS CENTER
BUSINESS MONITORING & SUPPORT DEPARTmENT
RETAIL CREDIT cENTER
Area Credit Support Center Credit Appraisal & Investment Center
TRADE FINANcE CENTER
RISk ANALYTIcS, TOOLS & MODELS DEPARTmENT
CALL CENTER DEbT TURNAROUND DEPARTmENT MARkET/ LIQUIDITY RISk MANAGEmENT DEPARTmENT
SUPPORT CENTERS
BUSINESS MANAGEmENT DEPARTmENT
BUSINESS ANALYSIS & SERVIcE QUALITY DEPARTmENT
RISkY DEbT SETTLEmENT DEPARTmENT
CUSTOmER SERVIcE CENTER CASH & VAULT OPERATIONS CENTER ADmINISTRATION CENTER ASSET MANAGEmENT DEPARTmENT
(*) To be in charge of assigned units
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MEmbERS OF COmmITTEES, BOARDS
BOARD OF DIRECTORS (BOD)
MR. TRAN ANH TUAN

Chairman
MR. FRANcIS ANDREW ROZARIO

The 1st Vice Chairman
Academic qualification: Bachelor of Commerce,
MR. VU DUc NHUAN

Member
Academic qualification: Master of Finance,
MR. DAO TRONG KHANH

Standing Vice Chairman
Academic qualification: Master of Financial Economics,
MS. VU THI LIEN

Member
Academic qualification: PhD in Finance and
Academic qualification: Master of Business
Administration, Griggs University, the United States

Work experience: Mr. Tran Anh Tuan was appointed
Harvard University, the United States

Work experience: Mr. Francis Andrew Rozario used
Banking and Insurance, Vietnam National University.

Work experience: Mr. Vu Duc Nhuan undertook
National University of Singapore

Work experience: Mr. Dao Trong Khanh used to work at
Banking, Leningrad University (Soviet Union)

Work experience: Before working for Maritime
to the Board of Directors Term IV (2007-2011) as the Vice Chairman. From October 2008, he was concurrently appointed as the CEO of Maritime Bank and undertook the position until successfully elected to the Board of Directors Term V (2012-2016) as the member at the 20th annual general meeting of Maritime Bank. Currently, he holds the position of Board Chairman, President of Board Higher Risk Committee and President of Board Credit & Investment Committee at Maritime Bank.
to undertake senior positions at well-known banks and financial institutions such as Citi Group, Temasek Holdings, Fullerton Financial Holdings and at other banks and financial institutions in Africa, America and Asia. Currently, he is the Chairman cum the CEO of Asia Capital & Advisors Pte. Ltd Company headquartered in Singapore and specialized in consulting. At the 20th annual general meeting of Maritime Bank, he was successfully elected to the Board of Directors Term V (2012-2016) as the 1st Vice Chairman. Currently, he also undertakes the position of President of Strategy Committee at Maritime Bank.
senior positions at Vietnam International Bank (VIB), Bao Viet Bank and Maritime Bank. At the 20th annual general meeting of Maritime Bank, he was successfully elected to the Board of Directors Term V (2012-2016) as the member. He currently undertakes the position of President of Audit Committee at Maritime Bank.
prestigious banks such as Citi Group, Caylon Bank, Mizuho Bank. He undertook positions of the Chief Executive Officer (CEO) and member of the Board of Directors at Tien Phong Bank, as well as the Deputy CEO of Maritime Bank. At the 20th annual general meeting of Maritime Bank, he was successfully elected to the Board of Directors Term V (2012-2016) as the Standing Vice Chairman. Besides, he concurrently holds the position of President of Board Risk Committee at Maritime Bank.
Bank, Ms. Vu Thi Lien was Vice Governor of the State Bank of Vietnam. After her retirement, she was the Principal of Dai Nam Private University. At the 19th annual general meeting in 2011, she was successfully elected to the Board of Directors Term IV (2007-2011) as the independent member. At the 20th annual general meeting, she was successfully elected to the Board of Directors Term V (2012-2016) as the member. Besides, she concurrently undertakes the position of President of Human Resource Committee at Maritime Bank.
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BOARD OF SUPERVISORS (BOS)
MS. CHU THI DAm

Member
Academic qualification: Bachelor of Banking,
MS. PHAm THI THANH

Head of Board of Supervisors
Academic qualification: Master of Economics,
MS. LE THANH HA
Member
Banking Academy
Work experience: Ms. Chu Thi Dam joined
National Economics University of Hanoi

Work experience: Before working for Maritime
Administration, Grigg University, United States

Work experience: Ms. Le Thanh Ha has been
Maritime Bank in September 2008 and undertook the positions of Head of Internal Audit Department, Credit Audit Manager, Internal Audit Unit of Maritime Bank. At the 20th annual general meeting of Maritime Bank, she was successfully elected to the Board of Supervisors Term V (2012-2016) as the member.
Bank, Ms. Pham Thi Thanh was the Deputy Director of the State Bank of Vietnam in Ha Tay (before), Deputy Head of General Control Department of the State Bank of Vietnam, member of the Board of Directors and Head of the Board of Supervisors at Vietnam Bank for Social Policies. From April 2009 to August 2009, she was elected to the Board of Supervisors of Maritime Bank and undertook the position of Head of Board of Supervisors from September 2009 until then end of term IV. At the 20th annual general meeting of Maritime Bank, she was successfully elected to the Board of Supervisors Term V (2012-2016) as Head of the Board of Supervisors.
working for Maritime Bank since 1991 and undertook managerial positions at units such as Accounting, Call Center, Capital Management, Foreign Exchange Investment and Trading. From October, 1st, 2010, Ms. Le Thanh Ha was appointed Deputy Head of Global Market Division, FI Banking of Maritime Bank. At the 20th annual general meeting of Maritime Bank, she was successfully elected to the Board of Supervisors Term V (20122016) as the member.
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EXECUTIVE COMMITTEE
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EXECUTIVE COMMITTEE
MR. ATUL MALIk

Chief Executive Officer (CEO)
MR. TRAN XUAN QUANG

Standing Deputy CEO cum Head of Strategy Management Board
Academic qualification: Master of Business Administration,
MS. DUONG THI MAI HOA

CEO of Small and Medium-Sized Enterpise Banking (SME Banking)
Academic qualification: Master in Management, Universitaire
MR. PHUNG DUY KHUONG

CEO of Retail Banking
Academic qualification: Master of Accounting
Administration, Rice University, USA

Work experience: Before joining Maritime Bank, Mr.
- Monash University, Australia.

Work experience: Before working for Maritime Bank, Mr.
South California University, USA.

Work experience: Mr. Tran Xuan Quang held many key
Libre de Bruxelles
Work experience: Before joining Maritime Bank, Ms. Hoa
Atul Malik held many key positions at Deutsche Bank, one of the largest global banks all over the world, namely Asia Pacific Head of Private & Business Customers; Member of Asia Pacific Executive Committee, Member of Global Private & Business Customers Executive Committee, BOD member of Deutsche Bank China. After that, Mr. Atul worked at Citigroup in various positions such as Retail Banking Director - Citibank HongKong, Member of Citibanks Asia Pacific Executive Committee, Member of Citibank Global Executive Committee Country Manager, Retail Banking, etc. Since 24-5-2012, he has officially taken the position of CEO and President of Executive Committee.
senior positions at both Bao Viet Bank and Maritime Bank, namely Deputy CEO in charge of Treasury Division and Retail Banking, Head of SME Banking at Maritime Bank and Head of Retail Banking at Bao Viet Bank, etc. Since January 2011, he has held the positions of Maritime Bank Deputy CEO cum Head of Strategy Management Division and Deputy Director of Strategy Development Project. From March, 16th, 2012, he was appointed Maritime Bank Standing Deputy CEO cum Head of Strategy Management Board and a member of Executive Committee.
held key positions at VIB, namely CEO, Deputy CEO cum Head of Retail Banking, Chief Finance Officer and etc. Previously, she had been senior manager at Oracle Vietnam, Credit Lyonnais Bank, VMEP (Vietnam Manufacturing and Export Processing Company Ltd) and etc. On February, 21st, 2013 she was appointed Head of SME Banking at Maritime Bank.
Phung Duy Khuong undertook key positions such as Deputy Chairman of Finance in GE Money South East Asia cum Business Development Director of GE Money Vietnam; Deputy CEO in charge of Retail Banking at Dong A Bank. In August, 2010, he was appointed Head of Retail Banking cum member of Executive Committee.
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EXECUTIVE COMMITTEE
MR. NGUYEN HOANG AN

CEO of Large Corporate Banking (LC Banking)
Academic qualification: Bachelor of Economics, Banking
MS. NGUYEN HUONG LOAN

CEO of Financial Institution Banking (FI Banking)
Academic qualification: Master of Business Administration,
MR. LE QUANG VU
CEO of Community Banking (M-comb)
MR. NILESH BANGLOREWALA

Chief Finance Officer
Academic qualification: Bachelor of Commerce and
Academy
Work experience: Mr. Nguyen Hoang An joined Maritime
Sorbonne Paris 1 University

Work experience: Ms. Nguyen Huong Loan used to hold leading
Administration, Maastricht Business Administration University, Netherlands.

Work experience: Before working for Maritime Bank,
Chartered Accountant, Institute of Chartered Accountant of India

Work experience: Mr. Nilesh Banglorewala has had many
Bank in 1992 and since then has held many important positions like Head of Credit Department of Maritime Bank Quang Ninh, Deputy Head of Risk Handling Department, Head of Credit Department of Maritime Bank Hanoi, Head of Maritime Bank Thanh Xuan, Head of Maritime Bank Hanoi, Deputy Head of LC and FI Banking cum Head of LC Banking, Deputy CEO of Maritime Bank. From February 2011, he was appointed Head of LC Banking cum member of Executive Committee in Maritime Bank.
positions as Deputy CEO of Treasury Division at Techcombank, Head of Treasury Division Preparatory Committee at Vietstarbank, Head of Treasury Division at PG Bank, Deputy CEO in charge of Treasury Division at Maritime Bank. From January 2011, she was appointed Head of Wholesale FI Banking cum member of Executive Committee at Maritime Bank.
Mr.Vu used to undertake positions such as Head of Division Mekong Bank, Head of Sale & Marketing SGVF and had more than 10 years of experiences in professional manager of Consumer & Retail industry as Telecommunication A, Metro Cash & Carry, Castrol, Unza and Unilever. From March, 5th, 2013, he was assigned to be Head of M-comb cum member of Executive Committee at Maritime Bank.
years of working experiences in big prestigious banks in the world such as HSBC, Standard Chartered Bank, Scotia Capital and held a variety of positions in finance like Regional Head of Finance and Chief Finance Officer in various countries across the Asia and Middle East area. Since July 2011, he was assigned to be Chief Finance Officer cum member of Executive Committee at Maritime Bank.
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EXECUTIVE COMMITTEE
MS. NGUYEN THI LUY

Chief Accountant
MR. TRAN THANH NAm

Head of Technology & Operations Division
MR. TA NGOc DA
Head of Credit Approval Division
Academic qualification: Master of Economics, Banking Academy Work experience: Before working for Maritime Bank, Ms.
Academic qualification: PhD in Information Technology,
Academic qualification: Bachelor of Finance and Credit,
Monash University
Work experience: Before working for Maritime Bank, Mr. Tran
University of Economics Ho Chi Minh City

Work experience: Mr. Ta Ngoc Da joined Maritime Bank from
Nguyen Thi Luy used to hold important positions as Head of Finance & Accounting Management Dept. at Vietinbank; Deputy Head of Vietinbank Hoan Kiem. Since October 2009, she has been working as a Chief Accountant for Maritime Bank cum member of Executive Committee. From June 2012, she has concurrently undertaken the position of Head of Accounting Management Centre, Finance Management Division.
Thanh Nam used to work as Deputy General Director for Mobivi (Vietnam), Program Director for Microsoft (USA) and high-level consultant for Readify (Australia). From January 2010, he joined Maritime Bank as Deputy Head of Banking Technology Division. In March 2011, he was appointed Head of Technology & Operations Division, cum member of Executive Committee at Maritime Bank.
the beginning of 2010 and used to undertake such positions as Deputy CEO of Maritime Bank, Head of Credit Approval Division cum Head of Ho Chi Minh Centralized Credit Processing Center. From June 2012, he was appointed Head of Credit Approval Division and Credit Management Board 2 cum member of Executive Committee at Maritime Bank.
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EXECUTIVE COMMITTEE
SHAREHOLDERS
Shareholder Structure
Types of shareholders Local shareholders - Individual shareholders - Institutional shareholders Subtotal Foreign shareholders Total 3,876 66 3,942 3,942 28.28% 71.72% 100% 100% No. of shareholders Percentage of share ownership
MR. HOANG XUAN HIEP

Head of Credit Management & Investment Board
MR. TRUONG THANH DUc

Head of Legal & Compliance Board
Academic qualification: Lawyer, Arbitrator - Vietnam
Information on Major Shareholders (owning 5% or above of shareholders equity)

No 1 Shareholder name Vietnam Posts and Telecommunications Group (VNPT) Total Address 57 Huynh Thuc Khang, Dong Da, Hanoi Business registration number 0100684378 Percentage of common share ownership 8.95%
Academic qualification: Master of State Management, National
Academy of Public Administration

Work experience: Mr. Hoang Xuan Hiep used to hold positions
International Arbitrator Centre.

Work experience: Mr. Truong Thanh Duc used to hold key
such as Director of Vietnam Bank for Social Policies in Tay Ho district, Head of Dong Da branch Maritime Bank, Deputy Head of SME Banking cum Director of Region I, Head of Preparatory Committee for the establishment of a bank with 100% Maritime Bank capital in Cambodia, Deputy CEO of Maritime Bank. From June 2012, he was appointed Head of Credit Management Board cum member of Executive Committee at Maritime Bank.
positions as Head of Legal Department at Bao Viet Bank; Head of Legal Department, Head of Secretariat to BOD, Deputy CEO cum Head of Legal and Compliance Division at Maritime Bank. From June 2012, he was appointed Head of Legal and Compliance Board cum a member of Executive Committee at Maritime Bank.
8.95%
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HUmAN RESOURcE MANAGEmENT STRATEGY
Some Human Resource Indicators

2012 Average number of staff (person) Salary pool ((VND million) Gross income (VND million) Average monthly salary (VND million) Average monthly income (VND million) 5,441 733,581 744,788 11.2 11.4 Implementation of Human Resource Information System (HRIS): In 2012, Maritime Bank successfully implemented HRIS. Accordingly, human resource operations were facilitated, becoming smoother, more timely and accurate. In addition, manual operations were minimized, thus, enabling flexibility in processing work and implementing human resource policies and solutions. 2011 4,699 503,242 526,825 8.9 9.3
Human Resource Management

Implementation of restructuring and staff relocation projects: Highlighted point in 2012 human resource management of Maritime Bank was the implementation of restructuring and staff relocation projects. In 2012, in order to streamline organization structure and focus all resouces on the development of core operational activities of the Bank, helping to improve the Banks position and its business effectiveness, in parallel with a series of business strategy and suitable personnel adjustment solutions, Maritime Bank has outsourced some services including Human Resource Management, Direct Sales Force, IT and Procurement. Beside succession planning and staffing, which have always been the focus of human resource management, in this year, the Banks human resource management conducted robustly and fiercely personnel relocation and restructuring. Hundreds of staff were rearranged and relocated in line with new organization structure, optimizing capacities of each employee for further productivity improvement. These strategic solutions helped Maritime Bank save 15% of human resource costs with significant operational productivity improvement compared with those of 2011. Performance Appraisal by KPIs: In 2012, Maritime Bank further rolled out KPIs mechanism both intensively and extensively, which helped correctly appraise individual performance as well as recognize and encourage their contribution and effort to the Bank. These are highlights for improving effectiveness of the Bank and differentiating it with other banks in Vietnam banking sector for the last few years.
Human Resource Training and Development

In 2012, Maritime Bank continuously conducted training programs, among which, the most notice was the implementation of Training Pyramid for Retail Banking, Succession Planning and Young Leader Training programs. Professional and continuously renewed teaching methods enabled improvement in training activities, helping develop high quality personnel for sustainable development strategy of Maritime Bank.
Compensation and Benefits

Despite tough context of finance & banking sector in 2012 with poor revenues, decreased profits, increased NPLs, Compensation & Benefit of the Bank were maintained at a competitive edge. Besides, Maritime Bank kept paying due attention to employees lives. In 2012, under MSB Care program, all Maritime Bank employees enjoyed comprehensive health insurance. Indeed, 6,000 claims by more than 2,000 staff were paid off. Competitive income corresponding to work productivity and performance accompanied by Compensation & Benefits showed recognition and due attention by Senior Management to Maritime Bank staff, which is key factor to the development of united, stable and strong Maritime Bank.
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Awards
No 1 Achievements and Awards Vietnam Banking Reputation Awards 2011 Awarding organizations Media Tenor Group, Vietnam Report JSC and VietNamNet press Vietnam Economic Times Magazine and Trade Promotion Department (Ministry of Trade and Industry) Committee of MasterCard Hall of Fame Awards for ASEAN
Vietnam Excellent Brand 2012
Top 3 Nominees for Best New Card Launch Award Emulation Flag for Taking a Lead in 2011 Emulation Campaign of Banking Industry as per Decision No 1102/Q-NHNN dated May, 28th, 2012 Chief Information Officer of Maritime Bank was awarded with CIO ASEAN Award 2012 Top 100 Sustainable Vietnamese Brands 2012 Head of Legal & Compliance Board at Maritime Bank was awarded with Community Lawyer Award 2012 Straight - Through - Processing - STP Award 2011 Outstanding Bank in Corporate Customer Rating System Award 2012 Vietnam Outstanding Banking Award 2012 Top 5 Enterpises with Impressive Logos 2012
2011- 2012
Awards
The Governor of the State Bank of Vietnam
5 6 7 8 9 10 11
International Data Group Vietnam (IDG Vietnam) and CEO&CIO Club. Vietnam Union of Science and Technology Associations Ministry of Justice and Vietnam Law Newspaper Wells Fargo bank one of top U.S banks The State Bank of Vietnam and Credit Information Center (CIC) IDG Intellectual Propety Association of HCM City (IPA-HCMC) Association of High-Quality Vietnamese Product Enterprises, Saigon Marketing Newspaper and Center of Business Studies and Assistance (BSA) Hanoi Stock Exchange (HNX) Vietnam Bond Market Association (VBMA) Vietnam Red Cross Association and Humanitarian Television Programme Vietnam Television (VTV)
12
Most Satisfactory Service Enterprise
13 14 15
Excellent Member on Secondary Government Bond Market 2012 2nd Best Market Maker Contribution Award 2012 Shining Compassionate Heart 2012
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April 2012 - On April, 11th, 2012, Maritime Bank opened Binh Tan transaction office. - On April, 16th, 2012, Maritime Bank opened Ban Co transaction office. - On April, 18th, 2012, Maritime Bank Saigon officially opened its new office. - On April, 18th and 20th, 2012, Maritime Bank opened and operated Yoko and Phu Cuong transaction office. - On April, 22nd, 2012, Maritime Bank sponsored a workshop on Macro stabilization, economic restructuring Solution seeking for enterprises organized by Productivitiy Training Institute (PTI). May 2013 On May, 30th, 2012, Maritime Bank and VID Group cooperated with Phu Yen provincial Standing Committee in organizing a launching ceremony for Childrens Action Month, 2012 themed Light up Phu Yen childrens dreams. At the event, senior management of the two units presented 40 Similing Tommorow scholarships to children in special need.
- On August, 16th, 2012, Maritime Bank officially opened and operated Tan Thuan transaction office. September 2012 On September, 18th, 2012, Maritime Bank officially opened and operated Le Dai Hanh transaction office. October 2012 - On October, 9th, 2012, Maritime Bank and General Department of Vietnam Customs signed a Memorandum of Understanding (MOU) on State budget collection and import/ export duty guarantee. - On October, 31st, 2012, Maritime Bank piloted import/ export duty collection service for enterprises at 4 branches in Hanoi. November 2012 On November, 29th, 2012, Maritime Bank officially opened new Maritime Bank Tan Thanh transaction office. December 2012: - On December, 11th, 2012, Maritime Bank officially opened new office of SME HCMC hub. - On December, 14th, 2012, at Grand Palace Convention Center, Intellectual Property Association of HCMC held a Forum on What to do for Vietnamese brands to take firm stand and recognized enterprises with impressive logos in 2012. Maritime Bank was honorably among top 5 enterprises with the most impressive logos in 2012 and the sole enterprise from banking sector to be awarded. - On December, 21st, 2012, Maritime Bank officially opened new An Suong transaction office.
June 2012 On June, 22nd, 2012, Maritime Bank officially operated Phan Dinh Phung transaction office. July 2012 - Maritime Bank received Document No 7095/BTCTCHQ from the Ministry of Finance on permitting Maritime Bank to serve as one of four pilot agents to refund VAT of goods bought by foreigners in Vietnam and taken with them when they exit Vietnam from gateway of Noi Bai or Tan Son Nhat international airport. - On July, 4th, 2012, Maritime Bank and Prudential Vietnam signed a Memorandum of Understanding for Bancassurance. August 2012 - Since August, 1st, 2012, Bao Viet Insurance Corporation and Maritime Bank have further expanded their cooperation through the development of Private House Insurance Product. - On August, 2nd, 2012, Maritime Bank officially opened and operated Nguyen Van Troi transaction office. - From August, 1st to 3rd, 2012, Maritime Bank accompanied the 4th International Festival of Vietnams Traditional Martial Arts 2012 as a diamond sponsor.
OUTSTANDING EVENTS
January 2012 - On Januray, 5th, 2012, Maritime Bank held a meeting to report the State Bank of Vietnam on the implementation of the project Minimum Requirements for Risk Management and use of Kondor+ for Risk Management. February 2012 - On February, 10th, 2012, Maritime Bank opened and operated Bac Giang branch. - On February, 21st, 2012, Maritime Bank opened the 1st transaction office in Quang Nam province Maritime Bank Quang Nam branch.
- The State Bank of Vietnam officially assigned Maritime Bank credit growth target of 17% in 2012. Accordingly, Maritime Bank was among top banks assigned with the highest credit growth rate in the year. - On February, 27th, 2012, in Hanoi, Maritime Bank successfully held 20th annual general meeting. March 2012 - On March, 3rd, 2012, Maritime Bank held a meeting to review 2011 business performance and set forth 2012 action plan. - On March, 21st, 2012, Maritime Bank opened and operated Maritime Bank Kien Giang.
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FINANCIAL STATEMENT AND INTERPRETATIONS
INDEPENDENT AUDITORS REPORT
CONSOLIDATED BALANCE SHEET

Notes ASSETS Cash, gold and gemstones Balances with the State Bank of Vietnam (the SBV) Placement with and loans to other banks Placements with other banks Loans to other banks Provision for credit losses of loans to other banks Trading securities Trading securities Provision for impairment of trading securities Derivative instruments and other financial assets Loans and advances to customers Loans and advances to customers Provision for credit losses of loans to customers Investment securities Available-for-sale securities Held-to-maturity securities Provision for impairment of investment securities Long-term investments Investments in joint ventures Other long-term investments Provision for impairment of long-term investments Fixed assets Tangible fixed assets Cost Accumulated depreciation Financial Lease assets Cost Accumulated depreciation Intangible fixed assets Cost Accumulated amortization Investment Properties Cost Accumulated amortization Other assets Receivables Interest and fee receivables Receivables from the State Budget Other assets Provision for impairment of other assets TOTAL ASSETS 16 15 14.3 14.2 14 14.1 13 9 10 11.1 12 5 6 7 7.1 7.2 7.2 8
as at 31 December 2012
31/12/2012 VNDm 987,535 4,499,702 28,985,403 17,955,227 11,084,589 (54,413) 57,270 93,201 (35,931) 58,325 28,193,028 28,943,630 (750,602) 30,237,353 30,388,907 (151,554) 2,103,488 2,109,273 (5,785) 900,846 355,951 527,937 (171,986) 296,438 312,780 (16,342) 248,457 308,511 (60,054) 1,023,789 1,061,315 (37,526) 12,876,637 9,011,234 3,670,346 25,924 311,002 (141,869) 109,923,376 31/12/2011 VNDm 1,220,867 964,132 28,761,657 28,477,581 290,000 (5,924) 50,691 89,186 (38,495) 74,103 37,388,434 37,752,939 (364,505) 34,087,715 34,123,344 (35,629) 1,754,772 1,754,772 724,903 241,739 350,373 (108,634) 303,083 312,780 (9,697) 180,081 219,593 (39,512) 1,076,725 1,092,413 (15,688) 8,270,999 2,962,891 3,070,797 2,257,491 (20,180) 114,374,998
To: Shareholders of Vietnam Maritime Commercial Joint Stock Bank We have audited the consolidated financial statements of Vietnam Maritime Commercial Joint Stock Bank (the Bank) and its subsidiary which comprise the consolidated balance sheet as at 31 December 2012, the consolidated income statement and the consolidated cash flow statement for the fiscal year then ended and the notes thereto. The preparation and presentation of these consolidated financial statements are the responsibility of the Banks Board of Management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. Basis of Opinion We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Banks management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of the Bank and its subsidiary as at 31 December 2012 and of its consolidated results of operations and the consolidated cash flows for the year then ended in accordance with the Vietnamese Accounting Standards and System for Credit Institutions and comply with other relevant financial and accounting regulations stipulated by the State Bank of Vietnam.
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CONSOLIDATED BALANCE SHEET (continued)
CONSOLIDATED BALANCE SHEET (continued)
Notes
31/12/2012 VNDm
31/12/2011 VNDm
OFF-BALANCE SHEET ITEMS

Notes Contingent liabilities and commitments Credit guarantees Letters of credit Less: Margin deposits 39 1,809,425 892,547 (268,147) 2,433,825 7,920,846 1,223,616 (2,041,288) 7,103,174 31/12/2012 VNDm 31/12/2011 VNDm
LIABILITIES Borrowings from the Government and the SBV Due to banks Deposits from other banks Borrowings from other banks Due to customers Debts issued and other borrowed funds exposed to risks Valuable papers issued Other liabilities Interest and fee payables Tax payables Other payables Provision for contingent liabilities and off- balance sheet commitments TOTAL LIABILITIES 100,833,345 104,875,117 23 22 11.2
17
18 18.1 18.2 19 20 21 22
5,329,623 30,234,984 17,615,920 12,619,064 59,586,516 145,363 2,295,002 3,241,857 1,438,049 1,778,470 25,338
10,116,221 22,830,507 20,350,698 2,479,809 62,294,523 394,048 7,178,500 2,061,318 1,296,142 301,474 432,353 31,349
Ha Noi, Vietnam 20 March 2013
OWNERS EQUITY Capital and reserves Capital Chartered capital Fixed assets purchase reserve Share premium Treasury shares Reserves Retained earnings TOTAL OWNERS EQUITY TOTAL LIABILITIES, OWNERS EQUITY 24 24 24 8,352,692 8,000,000 607 400,000 (47,915) 467,511 269,828 9,090,031 109,923,376 8,400,607 8,000,000 607 400,000 410,670 688,604 9,499,881 114,374,998
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as at 31 December 2012 Notes 2012 VNDm 11,927,357 (9,917,431) 2,009,926 171,870 (132,209) 29 30 31 32 39,661 87,982 1,351 98,515 530,222 (285,535) 33 34 244,687 137,392 2,619,514 (814,362) 14,15,35 35 7.2 11 (127,322) (913,642) (1,855,326) 764,188 (48,489) (562,530) 102,223 255,392 23.1 23.2 (28,978) (28,978) 226,414 25 284 2011 VNDm 14,078,653 (12,521,177) 1,557,476 440,193 (96,442) 343,751 41,904 (35,017) (29,308) 829,332 (417,270) 412,062 121,610 2,412,478 (578,456) (69,076) (608,372) (1,255,904) 1,156,574 (5,924) (237,052) 122,997 1,036,595 (239,255) (239,255) 797,340 1,202 CASH FLOW FROM OPERATING ACTIVITIES Interest and similar income receipts Interest and similar expense payments Fees and commission income receipts Net gain/loss from securities, gold and foreign currencies trading Other operating income Other operating expense Recovery from bad debts previously written-off Payments to employees and suppliers Payments of corporate income tax in the year Net cash flow from operating profit before changes in operating assets and working capital Changes in operating assets Increase in placements with and loans to banks (Increase)/decrease in securities trading (Increase)/decrease in derivative financial instruments and other financial assets (Increase)/decrease in loans and advances to customers Decrease in provision for loan losses and provision for impairment of investment securities & long-term investments Other (increase)/decrease in assets Changes in operating liabilities Decrease in borrowings from the Government and the SBV Increase/(decrease) in due to other banks Increase/(decrease) in due to customer (including the State Treasury) Decrease in valuable papers issued (except for long-term valuable papers issued disclosed in financing activities) Decrease in debts issued and other borrowed funds exposed to risks Decrease in derivative financial instruments and other financial liabilities Increase in other liabilities Utilization of reserves in the year Net cash flows from operating activities CASH FLOW FROM INVESTING ACTIVITIES Purchase of fixed assets Proceeds from disposal of fixed assets Purchase of investment property Additional equity investments in joint ventures, associates and other investment Dividend receipts from long-term investments Net cash flows from investing activities 13 34 14 (287,048) 1,213 (5,135) (348,715) 137,392 (502,293) (147,766) 829 (1,029,933) (1,221,190) 121,610 (2,276,450) 24 (4,883,498) (248,685) 1,322,909 (32,467) (1,057,352) (5,016,821) (877,096) (78,869) 286,235 (25,047) (4,388,420) (80,221) (3,979,838) (3,931,870) (4,786,598) 7,404,477 (2,708,008) (62,357) 15,432,467 (4,289,091) (1,716,952) (10,528,356) 13,667,815 117,009 2,757,509 (6,369,710) 4,362,191 15,778 8,809,309 (255,731) 156,402 (4,190,130) (5,026,071) (74,103) (5,923,404) 23.1 11,327,808 (9,775,522) 39,660 301,209 525,231 (797,788) 3,780 (1,211,763) (295,606) 12,561,487 (12,046,563) 343,751 13,358 792,169 (713,412) 36,335 (923,521) (319,335) Notes
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2012 2012 VNDm 2011 VNDm
Interest and similar income Interest and similar expenses Net interest and similar income Fees and commission income Fees and commission expenses Net gain from fees and commission income Net gain from foreign currencies trading Net gain/(loss) from securities trading Net gain/(loss) from securities investment Income from other operating activities Expenses from other operating activities Net gain/(loss) from other operating activities Share of profit in associates, joint ventures and dividend income TOTAL OPERATING INCOME Payroll and other staff costs Depreciation and amortization charges Other general operating expenses TOTAL OPERATING EXPENSES Profit before provision for credit losses Provision for credit losses of loans to other banks Provision for credit losses of loans to customers and offbalance-sheet commitments Reversal of provision for credit losses during the year PROFIT BEFORE TAX Current corporate income tax Deferred corporate income tax Corporate income tax expense PROFIT AFTER TAX Basic earnings per share (VND)
27 28
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for the year ended 31 December 2012
CONSOLIDATED CASH FLOW STATEMENT (continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CORPORATE INFORMATION
as at and for the year ended 31 December 2012
1.
Notes CASH FLOW FROM FINANCING ACTIVITIES Increase in chartered capital and share premium Dividends paid to shareholders Purchase of treasury shares Net cash flows from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 36 36 26 (555,906) (47,915) (603,821) (2,163,466) 21,935,457 19,771,991 2,400,000 (224,021) 2,175,979 (4,488,891) 26,424,348 21,935,457 2012 VNDm 2011 VNDm
Vietnam Maritime Commercial Joint Stock Bank (herein referred to as the Bank or Maritime Bank or MSB) is a commercial joint stock bank incorporated and registered in the Socialist Republic of Vietnam. ESTAbLISHmENT AND OPERATION The Bank was established on 8 June 1991 under Operation Licence No. 0001/NH-GP by the State Bank of Vietnam for operating duration of 25 years. The operating duration was increased to 99 years in accordance with Decision No.719/QD-NHNN dated on 7 July 2003 of the Governor of the State Bank of Vietnam. The Banks principle activities are to provide banking services including receiving short, medium and longterm deposits from organizations and individuals; making short, medium and long-term loans and advances to organizations and individuals based on the nature and capability of the banks sources of capital; foreign exchange transactions, international trade financial services, discounting of commercial papers, bonds and other valuable papers, assets management and providing other banking services allowed by the State Bank of Vietnam. CHARTERED cAPITAL
The actual chartered capital as at 31 December 2012 is VNDm 8,000,000 (as at 31 December 2011: VNDm 8,000,000). LOcATIONS AND BRANcH NETWORk The Head Office of the Bank is located at No. 88 Lang Ha Street, Hanoi. As at 31 December 2012, the Bank has one (1) Operation Center, forty four (44) branches and one hundred and seventy one (171) transaction offices. SUbSIDIARY As at 31 December 2012, the Bank has one (01) subsidiary as follows:
Ha Noi, Vietnam 20 March 2013 No 1 Name Maritime Bank Asset Management Company Operation License No Decision 1066/2008/ QD-HDQT dated on 28 November 2008 Industry Asset Management Percentage of MSBs ownership 100%
Charter capital VNDm 51,600
EmPLOYEES The total number of employees of the Bank and its subsidiary as at 31 December 2012 was 3,639 people (as at 31 December 2011: 4,699 people).
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3.3 2. ACCOUNTING PERIOD AND ACCOUNTING CURRENCY 2.1 Accounting period The Banks fiscal year starts on 1 January and ends on 31 December. 2.1 Accounting currency The Bank and its subsidiary maintain their accounting records in Vietnamese Dong (VND). However, due to the Banks large scale of operations, for the purpose of preparing these consolidated financial statements, the figures are rounded to and presented in millions of Vietnamese Dong (VNDm). This presentation does not impact the view of readers consolidated financial position as at 31 December 2012, consolidated results of their operations and their cash flows for the year then ended. 3. APPLIED ACCOUNTING STANDARDS AND REGIMES 3.1 Statement of compliance with Vietnamese Accounting Standards and System for Credit Institutions The Board of Management confirms that the accompanying consolidated financial statements as at 31 December 2012 have been prepared in accordance with Vietnamese Accounting Standards and System for Credit Institutions. 3.2 Applied accounting standards and regimes

Basis of consolidation
The consolidated financial statements comprise the financial statements of the Bank and its subsidiary as at and for the year ended 31 December 2012. The financial statements of the subsidiary are prepared using accounting policies that are consistent with and for the same reporting year by the Bank. All intra-group balances, transactions, including accrued interests, income, expenses, profits and losses resulting from intra-group transactions are eliminated in full. Financial statements of subsidiary as presented in Note 1 are fully consolidated starting from the date the Bank had the control over the subsidiary. The control exists as the Bank has power to either directly or indirectly governs the subsidiarys operations or financial policies so as to obtain benefits from subsidiarys activities. The operating results of subsidiary acquired or disposed of during the year are included in the consolidated income statement as at 31 December 2012 from the date of acquisition or up to the date of disposal, as appropriate. Minority interest includes that part of the net results of operations and of net assets of the subsidiary attributable to interests which are not owned, directly or indirectly through the subsidiary, by the Bank. Minority interests in the consolidated balance sheet are presented separately between liabilities and equity. Ownership of the minority shareholders in the income of the Bank is presented distinctly in the report consolidated results of operations of the Bank. 3.4 Basis of preparation and uses of estimates
The consolidated financial statements of the Bank and its subsidiary, which are expressed in millions of Vietnamese Dong (VNDm), are prepared in accordance with Vietnamese Accounting Standards and System for Credit Institutions under Decision No.479/QD-NHNN issued on 29 April 2004 by the Governor of The State Bank of Vietnam which was enacted from 1 January 2005 and other regulations amending and supplementing to Decision 479/QDNHNN2; Decision No.16/2007/QD-NHNN issued on 18 April 2007 by the Governor of The State Bank of Vietnam; and the Vietnamese Accounting Standards and related guidance issued by the Ministry of Finance, including:

The preparation of the consolidated financial statements requires the Board of Management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities. These estimates and assumptions also affect the consolidated income and expenses and the resultant provisions. Such estimates are necessarily based on assumptions involving varying degrees of subjectivity and uncertainty and actual results may differ resulting in future changes in such provision. Going concern
Decision No.149/2001/QD-BTC dated 31 December 2001 on the Issuance and Promulgation of Four Vietnamese Standards on Accounting (Series 1); Decision No.165/2002/QD-BTC dated 31 December 2002 on the Issuance and Promulgation of Six Vietnamese Standards on Accounting (Series 2); Decision No.234/2003/QD-BTC dated 30 December 2003 on the Issuance and Promulgation of Six Vietnamese Standards on Accounting (Series 3); Decision No.12/2005/QD-BTC dated 15 February 2005 on the Issuance and Promulgation of Six Vietnamese Standards on Accounting (Series 4); and Decision No.100/2005/QD-BTC dated 28 December 2005 on the Issuance and Promulgation of Four Vietnamese Standards on Accounting (Series 5).
The Board of Management of the Bank has assessed the ability to continue as a going concern of the Bank and its subsidiary and found that the Bank and its subsidiary have sufficient resources to continue their business operations in a certain future. In addition, the Board of Management does not notice any material uncertainties that may affect the ability to continue operations of the Bank and its subsidiary as a going concern. Therefore, the consolidated financial statements are prepared on the basis of the assumption of going concern. 3.5 Changes in accounting policies
The Bank and its subsidiary have adopted the consistent accounting policies to prepare the consolidated financial statements with the ones used to prepare the consolidated financial statements for the year ended 31 December 2011, except for changes in accounting policies relating to the following matter: Provision for severance allowance
The accompanying consolidated financial statements have been prepared using accounting principles, procedures and reporting practices generally accepted in Vietnam. Accordingly, the accompanying consolidated balance sheet, the related consolidated income statement, the consolidated cash flow statement, the accompanying notes to the consolidated financial statements and their utilization are not designed for those who are not informed about the Vietnams accounting principles, procedures and practices and furthermore are not intended to present the consolidated financial position and consolidated results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries other than Vietnam.
On 24 October 2012, the Ministry of Finance issued Circular No.180/2012/TT-BTC providing guidance for financial treatment on severance allowance for employees. Accordingly, for the year 2012, the Bank is allowed to utilize the outstanding balance of Provision for severance allowance up to 31 December 2011 made in accordance with Circular No.82/2003/TT-BTC dated 14 August 2003 of Ministry of Finance (if any) to finance the payment of severance allowance for employees. If the Provision for severance allowance is not available or not sufficient to make payment to employees, the missing amount may be included to the Banks administrative cost when preparing the annual finance statements, and maybe deducted when calculating the income subject to corporate income tax. When preparing the annual financial statement for the year 2012, if the Provision for severance allowance still has outstanding balance (after all payment made in 2012), the Bank must record it as other income for the year 2012, and must not transfer the Provision balance to the subsequent year.
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Also, the Bank and its subsidiary has made Provision for resignation of employees based on regulations of Labour Code and level of payment of resignation benefits in the previous years. 4. SIGNIFICANT ACCOUNTING POLICIES 4.1 Cash and cash equivalents

RNet loan and advance exposure for each individual customer is calculated by subtracting from the loan balance the related determined value of collateral which is subject to certain accepted discount rates in accordance with Decision 493/2005/QD-NHNN and Decision 18/2007/QD-NHNN. General provision In accordance with Decision 493/2005/QD-NHNN, general provision is made for credit losses which are yet to be identified during the loan classification and specific provision making process as well as in case of the Banks potential financial difficulty due to deterioration in loan quality. Accordingly, the Bank is required to fully create and maintain a general provision at 0.75% of total of loans, guarantees, acceptable settlements and unconditional irrevocable loan commitments with specific period that are classified in groups 1 to 4. Bad debts write-off These provisions are recorded in the consolidated income statement as an expense that will be used to write off any credit losses incurred. According to Decision 493/2005/QD-NHNN the Bank sets up Risk Settlement Committee in order to write off loans if they are classified into Group 5 or if the borrowers have been liquidated or are bankrupt entities, or if individual borrowers are deceased or are missing. 4.4 Trading securities Trading securities include debt securities, equity securities and other kinds of securities that the Bank and its subsidiary fully purchased and intended to sell in short term in order to gain profits from price fluctuation. Trading securities are initially recognized at cost and subsequently carried at cost. Interest and dividend received while holding trading securities is recorded in the consolidated income statement on cash basis. Trading securities are subsequently subject to review for value diminution as at consolidated financial statements date. Provision for diminution is made when carrying value of the securities is higher than their market value determined in accordance with Circular No. 228/2009/TT-BTC dated 7 December 2009. If the market value of securities is undeterminable, there is no provision created. Provision for decline in value is recorded in Net gain/ loss from securities trading in the consolidated income statement. 4.5 4.5.1 Investment securities Available-for-sale securities Available-for-sale investments include debt and equity securities that the Bank and its subsidiary hold for investment purpose and that are ready for sale. These securities are not frequently traded but could be sold at any time once they are profitable, and the Bank and its subsidiary is neither founding shareholder/strategic partner nor capable of controlling, to some extent, the process of initiating and approving financial and operational policies of the investee by a written agreement on delegating personnel to take part in the Board of Directors/ Board of Management. Equity available-for-sale securities are initially recognized at cost and subsequently carried at cost. Debt available-for-sale securities are initially recognized at par value as at the transaction date, accumulative interest income before the purchasing date (for debt securities with interest payment in arrears) or interest income received upfront (for debt securities with interest payment in advance) are recorded in a separate account. Any discount or surplus which is the difference between par value and the amount equal to par value plus (+) accumulative interest income before purchasing date (if any) or minus (-) interest income received upfront waiting for amortization (if any) is also recorded in a separate account. In subsequent periods, debt availablefor-sale securities are recognized at par value, any discount or surplus (if any) is amortized to the consolidated income statements using straight-line method over the estimated remaining term of securities. Interest payment in arrears is recorded as follows: accumulative interest income before purchasing date is recorded as a decreased
Cash and cash equivalents as referred to in the consolidated statement of cash flows comprises cash, gold, gemstones, current accounts with the SBV, treasury bills and other short term valuable papers that are qualified to be discounted at the SBV, amount due from other banks and securities with an original maturity of no more than three months since the purchasing date. These securities could be converted easily into cash and with little or no risk since the purchasing date. 4.2 Loans and advances to customers Loans and advances to customers are disclosed at the principal amounts outstanding at the date of consolidated financial statements. 4.3 Provision for credit losses Loans classification
In accordance with the Law on Credit Institutions No. 47/2010/QH12 effective from 1 January 2011, Decision 1627/2001/QD-NHNN dated 31 December 2001 by the Governor of the State Bank of Vietnam on the issuance of lending regulations for Credit institutions, Decision 127/2005/QD-NHNN dated 3 February 2005 amending and supplementing to a number of lending regulations under Decision 1627/2001/QD-NHNN, Decision 493/2005/QDNHNN dated 22 April 2005 and Decision 18/2007/QD-NHNN issued by the State Bank of Vietnam on loan classification and appropriation, setting up and use of reserves for handling credit risks, the Bank is required to classify loans and create provisions for credit losses. Accordingly, loans are graded using the following risk classifications: Current, Special Mention, Substandard, Doubtful and Loss based on the payment arrears status and other qualitative factors. Loans graded as Substandard, Doubtful and Loss are regarded as non-perfoming loans. In accordance with Decision 493/2005/QD-NHNN, loan classification is to be made at the end of each quarter for the first three quarters and on 30 November for the last quarter each year. On 23 April 2012, the State Bank of Vietnam issued Decision No. 780/QD-NHNN on Loans classification for rescheduled and restructured loans. Accordingly, rescheduled or restructured loans, with assessment of the credit institution as high probability of becoming better and being capable of making regular debts payment after rescheduled or restructured, are kept at the grade that they were before being rescheduled or restructured in loans classification. The Bank complied with this regulation in this year. Specific provision
Specific provision is established based on the net loan and advance exposure for each individual borrower using the prescribed provision rates applicable to that loan classification as follows: Group 1 2 3 4 5 Category Current Special mention Substandard Doubtful Loss Provision rate 0% 5% 20% 50% 100%
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value of such securities and the same amount is credited into accrued interest; accumulative interest income after purchasing date is recognized as the Banks income, based on accumulated method. Interest in advance is accrued and recognized in to consolidated income statement using straight-line method. Periodically, available-for-sale securities are subject to impairment review. Provision for diminution is made when carrying value of the securities is higher than their market value determined in accordance with Circular No. 228/2009/TT-BTC. If the market value of securities is undeterminable, there is no provision created. The provision for impairment of available-for-sale securities is recorded in the consolidated income statement as Net Gain/loss from securities investment. Repurchase and Reverse Repurchase Agreements Securities sold under agreements to repurchase at a specific date in the future (repos) are not derecognized from the consolidated financial statements. The corresponding cash received is recognized in the consolidated balance sheet as a liability. The difference between the sale price and repurchase price is allocated to the consolidated income statement over the life of the agreement on a straight-line basic using interest in the contract. Securities purchased under agreements to resell at a specific date in the future are not recognized in the consolidated balance sheet. The corresponding cash paid under these agreements is recognized as an asset in the consolidated balance sheet and the difference between the purchase price and resale price is allocated over the life of the agreement to the consolidated income statement on a straight-line basis using interest in the contract. 4.7 Other long term investments Other long-term investments include equity investments in companies in which the Bank and its subsidiary hold less than 20% voting right and is either founding shareholder; or strategic partner; or capable of controlling, to some extent, the process of initiating and approving financial and operational policies of investees by a written agreement on delegating personnel to take part in the Board of Directors/Management. Other long-term investments are initially recognized at cost at transaction date and subsequently carried at cost less provision for impairment (if any). Provision is made when the business entities invested are operating at loss (unless losses were previously stipulated in the business plan) in accordance with Circular 228/2009/TT-BTC dated 7 December 2009 by the Ministry of Finance. Provision for each investment is calculated as the difference between the actual contributed capital of the Bank and its subsidiary to the business entities and the existing chartered capital of the business entities times (x) the proportion of capital contributed by the Bank and its subsidiary to total capital contribution of parties in the business entities. 4.8 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. The cost of an asset comprises its purchase price plus any directly attributable costs of bringing the asset to working condition for its intended use. Expenditures for additions, improvements and renewals are capitalized and expenditures for maintenance and repairs are charged to the consolidated income statement. When assets are sold or disposed, their cost and accumulated depreciation are written off from the consolidated balance sheet and any gains or losses resulting from their disposal are recognized in the consolidated income statement. 4.11 4.9

Intangible fixed assets Intangible fixed assets are stated at cost less accumulated amortization. The cost of an asset comprises its purchase price plus any directly attributable costs of bringing the asset to working condition for its intended use. Expenditures for additions, improvements and renewals are capitalized and expenditures for maintenance and repairs are charged to the consolidated income statement. When assets are sold or disposed, their cost and accumulated depreciation are written off from the consolidated balance sheet and any gains or losses resulting from their disposal are recognized in the consolidated income statement. 4.10 Lease
4.6
4.10.1 Bank and/or its subsidiary as lessee Financial leases are property leases that the lessor transfers to the lessee most of risks and rewards incidental to ownership of the leased item. The ownership of the leased item might be acquired by the lessee at the end of lease term. At the inception of the lease, the Bank recorded financial leased assets as financial leased fixed assets and financial leases liabilities in the consolidated balance sheet at the lower of fair value of financial leases and the net present value of the minimum lease payments. Lease payments are divided to interest and principal payments so as the total payments made periodically are evened. Financial leased assets are depreciated to the consolidated income statement using the same depreciation policies applicable to the Banks own assets of similar types. If there is no reasonable certainty that the lessee will be entitled to the ownership of the leased asset at the end of the lease term, the financial leased assets will be depreciated over the shorter period of the estimated useful life of the asset and the lease term. Payments made periodically for the operating leasing are not recorded in the consolidated balance sheet. Rentals under the operating leases are recorded as other operating expenses on a straight-line basis over the lease term. 4.10.2 Bank and/ or its subsidiary as lessor Lessor recognized financial lease assets as the receivables in the consolidated balance sheet at the net value of investment stated in leasing contracts. Receivables from financial leases are recognized as principal receivables and financial income from financial leasing. The financial income is then allocated to the consolidated statement of income over the lease term using fixed interest rate. Operating lease assets are not derecognized in the lessors consolidated balance sheet. Rental incomes are recorded in the consolidated income statement on a straight-line basis over the lease term regardless of payment method. Expenses under operating leases, including depreciation of the assets, are recognized as expense when incur. Investment properties Investment properties are stated at cost including transaction costs less accumulated depreciation. Subsequent expenditure relating to an investment property that has already been recognized is added to the net book value of the investment property when it is probable that future economic benefits, in excess of the originally assessed standard of performance of the existing investment property, will flow to the Bank and its subsidiary. Investment properties are derecognized when either they have been disposed of or when the investment properties are permanently withdrawn from use and no future economic benefit is expected from its disposal.
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The difference between the net disposal proceeds and the carrying amount of the assets is recognized in the consolidated income statement in the year of retirement or disposal. Transfers are made to investment properties when, and only when, there is a change in use, evidenced by ending of owner-occupation, commencement of an operating lease to another party or ending of construction or development. Transfers are made from investment properties when, and only when, there is change in use, evidenced by commencement of owner-occupation or commencement of development with a view to sale. 4.12 Depreciation and amortization Depreciation and amortization of tangible fixed assets and intangible assets is calculated on a straight-line basis over the estimated useful life of the assets, which are as follows: Buildings and building improvements Machines and equipments Motor vehicles Office supplies Other tangible fixed assets Computer software Other intangible fixed assets 10 - 50 years 5 - 10 years 8 - 10 years 3 - 8 years 5 years 4-10 years 5 years 4.13.2

The debts factorings of Maritime Bank Asset Management Company
Related to the debts factorings in which the Bank does not have the right to recourse from other credit institutions and other asset management companies, the Company made provision for the factorings in accordance with the rate regulated by the Chairman of the Banks Board of Directors and the Companys financial regulations. However, the rate is no less than 5% of the cost of the factorings according to Circular 27/2002/TT-BTC issued by the Ministry of Finance dated 22 March 2002. Net of provision is reflected in administration expenses in the year. 4.14 Revenue and expenditure recognition
Interest income and interest expense are recognized in the consolidated income statement on an accrual basis. The recognition of interest income is suspended when loans become impaired, which occurs when a loan is classified from either group 2 to group 5 according to criteria set in Decision 493/2005/QD-NHNN and Decision 18/2007/QD-NHNN issued by the State Bank of Vietnam. Accrued interest income of impaired loans is recorded in off-balance sheet and is only recognized in consolidated income statement when it is actually received. Fees and commissions are recognized on a accrual basis. Dividend income on investment activities is recognized in the consolidated income statement once the rights to receive dividend is established. Dividends paid by shares and bonus shares received are not recognized as the Bank income; in these cases, only the number of shares is updated. 4.15 Foreign currency transactions
Cost of the land use rights is not amortized if it is granted by the Government with indefinite term. Cost of land use rights with a definite term is amortized over the term. 4.13 Other receivables
4.13.1 Other receivable Apart from receivables from credit activities, other receivables are initially recognized at cost and subsequently carried at cost. Overdue receivables are subject to impairment provision which is made based on the overdue status. For current receivables, provision still is assessed and made based on the expected loss for the following cases: institutional debtors which have fallen in bankruptcy or have been in the process of dissolution; missing, escaped, prosecuted, on trial or deceased individual debtors. Provision expense incurred is reflected in Operating expense in the consolidated income statement during the year. The provision is made in accordance with Circular No. 228/2009/TT-BTC issued by Ministry of Finance as follows: Overdue receivables aging From over six (06) months to less than one (01) year From one (01) to less than two (02) years From two (02) to less than three (03) years Over three (03) years Allowance rate 30% 50% 70% 100%
The Bank and its subsidiary maintains its accounting system and records all transactions in original currencies. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rates at balance sheet date (see list of exchange rates of applicable foreign currencies against VND as at 31 December in Note 48). Income and expenses in foreign currencies during the year are converted into VND at the exchange rates at transaction dates. Unrealized foreign exchange differences arising on translation of foreign currency position at the balance sheet date are recognized in the consolidated income statement. 4.16 Corporate income taxes Current corporate income tax
Current corporate income tax assets and liabilities for the current and prior years are measured at the amount expected to be paid to (or recovered from) the taxation authorities. The tax rates and tax laws are applied and enacted at the consolidated balance sheet date. Current corporate income tax should be charged or credited directly to the consolidated income statement except items related to the tax that are credited or charged, in the same or a different year, directly to equity, in which case current corporate income tax is also charged or credited directly to equity. Current corporate income tax assets and liabilities are only offset when there is a legally enforceable right to set off current corporate income tax assets against current corporate income tax liabilities and when the Bank and its subsidiary intends to settle their current corporate income tax assets and liabilities on a net basis. The Bank and its subsidiarys tax returns are subject to examination by the tax authorities. Due to the ambiguity associated with the applicability of tax laws and regulations in Vietnam, amounts reported in the consolidated financial statements could be changed at a later date upon final determination by the tax authorities. Deferred corporate income tax Deferred corporate income tax is provided on temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purpose at the consolidated balance sheet date.
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Deferred corporate income tax liabilities are recognized for all taxable temporary differences, except:


4.19 4.19.1 Currency derivative contracts Foreign currency Forwards, Swaps and Futures
Where the deferred corporate income tax liability arises from the initial recognition of an asset or liability in a transaction which at the time of the transaction affects neither the accounting profit nor taxable profit (or taxable loss). Where taxable temporary differences are associated with investments in subsidiary, associates and joint ventures and the Bank and its subsidiary have the ability to control the time of reverting these temporary differences and it is likely that these temporary differences will not be reverted in the foreseeable future. Deferred corporate income tax assets are levied on deductable temporary differences. Deductable amounts carried over to subsequent years of taxable losses, and unutilized tax advantages when it is likely that the Bank and its subsidiary make earnings in foreseeable future to use deductable temporary differences, taxable losses and tax advantages, except: Where the deferred tax asset arises from the initial recognition of an asset or liability in a transaction which at the time of the transaction affects neither the accounting profit nor taxable profit (or taxable loss). Where taxable temporary differences are associated with investments in subsidiaries, associates and joint ventures and it is likely that these temporary differences will be reverted in foreseeable future and the Bank and its subsidiary will make taxable earnings to use these temporary differences.
For foreign currency forward and swap contracts, the difference between equivalent VND amounts of foreign currency committed to buy/sell using forward exchange rate and spot exchange rate as at effective date of the contract is recognized immediately at the effective date of the contract in line Derivative instruments and other financial assets as an asset when it is positive, and in line Derivatives instruments and other financial liabilities as liabilities when it is negative. The difference is subsequently amortized into the consolidated income statements as Net gain/(loss) from foreign currency trading using straight-line method over the term of the contracts. As at the consolidated balance sheet date, commitments of foreign currency forward and swap contracts are re-measured using the official interbank exchange rates announced by the State Bank of Vietnam. Gain or loss from revaluation is recorded in Net gain/(loss) from foreign currency trading. 4.19.2 Currency option contracts
The carrying amount of deferred corporate income tax assets must be reviewed at the end of accounting period and reduced to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Unrecognized deferred income tax assets are reassessed at each consolidated balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Deferred corporate income tax assets and liabilities are measured at the tax rates that are expected to apply in fiscal year when the asset realized or the liability is settled based on tax rates and tax laws that have been enacted at the consolidated balance sheet date. Deferred corporate income tax is charged or credited to the consolidated income statement, except when it relates to items recognized directly to equity, in which case the deferred corporate income tax is also dealt in the equity account. Deferred corporate income tax assets and liabilities are offset when there is a legally enforceable right to net current corporate income tax assets and current deferred corporate income tax liabilities and when they relate to income taxes levied by the same taxable entity and the same taxation authority and the Bank and its subsidiary intend to settle their current tax assets and liabilities on a net basis. 4.17 Fiduciary assets
Commitment amount for currency option contracts is not recognized on the consolidated balance sheet. The fee paid or received is recorded as receivables or payables from/to derivative transactions, and is amortized to incomes or expenses in the year using straight-line method over the maturity of the contracts. At the consolidated balance sheet date, unrealized gain or loss arising from selling/buying option contracts are determined based on market value, cost of the contract, sales volume and maturity of the contract, and recorded in the consolidated income statements in Net gain(/loss) from foreign currency trading. 4.20 Offsetting
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if, and only if, there is a currently enforceable legal right to offset financial assets against financial liabilities or vice-versa, and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. 4.21 4.21.1 Employee benefits Post employment benefits
Post employment benefits are paid to retired employees of the Bank and its subsidiary by the Vietnam Social Insurance which belongs to the Ministry of Labor, Invalids and Social Affairs. The Bank and its subsidiary are required to contribute to these post employment benefits by paying social insurance premium to the Vietnam Social Insurance at the rate of 17% of an employees basic salary on a monthly basis. Besides, the Bank and its subsidiary have no further obligation. The Banks employees who are subject to early retirement due to restructuring are entitled to one month of basic salary for every 12 months of employment and half month of basic salary for each month of early retirement (maximum 30 months). Early retirement allowance is debited to termination allowance. Additionally, the Bank also pays three (03) months of salary to these employees from their retrenchment allowance. 4.21.2 Voluntary resignation and severance allowance
Assets held in trust or in a fiduciary capacity are not reported in the consolidated financial statements since they are not assets of the Bank and its subsidiary. 4.18 Provision for off-balance sheet commitments
In pursuance with Decision 493/2005/QD-NHNN and Decision 18/2007/QD-NHNN issued by the SBV, credit institutions are subject to classify off-balance sheet exposures, including irrevocable commitments, commitments with specific effective date, payment guarantees and other letter of guarantees (off-balance-sheet commitments in general) as stipulated in Article 6 and Article 7 and create corresponding provision. Accordingly, off-balance sheet commitments are classified into groups: Current, Special Mention, Substandard, Doubtful and Loss based on overdue status and other quantitative factors. Specific provision for off-balance-sheet commitments is calculated similarly to that for loans and advances to customers as described in Note 4.3. Provision expense is recorded as Provision for credit losses in the consolidated income statement and provision balance is recorded in Other liabilities in the consolidated balance sheet.
Voluntary resignation benefits: the Bank has the obligation, under Section 42 of the Vietnam Labor Code amended on 2 April 2002, to pay allowance arising from voluntarily resignation of employees. The allowance is equivalent to one-half months salary for each year of employment plus salary allowances (if any) until 31 December 2008. From 1 January 2009, the average monthly salary used to calculate the voluntary resignation benefits would be adjusted at the end of the reporting date based on the average of the salaries of the previous six consecutive months. Severance allowance: the Bank has the obligation, under Section 17 of the Vietnam Labor Code, to pay allowance to employees who are retrenched as a result of organizational restructuring or technological changes. In such case, the Bank shall pay to employees an allowance for loss of work equivalent to the aggregate amount of one
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month's salary for each year of employment, but no less than two months salary. Increase or decrease in the account balance of provision is accounted into administration expenses in the period. Although the obligations under Section 17 and Section 42 are compulsory, the implementation of these obligations must comply with detailed guidance in Circulars from the Ministry of Finance. According to Circular No. 64/1999/TT-BTC dated 07 June 1999 and Circular No. 82/2003/TT-BTC dated 14 August 2003 issued by the Ministry of Finance in replacement of Circular No. 64/1999/TT-BTC, the Bank are required to calculate severance allowance equivalent to 3.00% per annum of basic salary of employees. Besides, the outstanding balance of Provision for resignation, previously made of 10.00% net amount of net profit after deduction of appropriation to Supplementary capital reserve per requirements of Circular 64, is transferred to Provision for severance allowance in accordance with Circular 82/2003/TT-BTC. The Bank and its subsidiary has made Provision for severance allowance at the rate of 1-3% until 31 December 2011. In the year 2012, the Bank has not made Provision for severance allowance as required of Circular No. 180/2012/TTBTC issued by the Ministry of Finance on 24 October 2012. Also, the Bank and its subsidiary have made Provision for resignation of employees based on regulations of Labour Code and level of payment of resignation benefits in the previous years. 4.21.3 Unemployment benefits 7.2 7.1

Placements with other banks 31/12/2012 VNDm 7,425,043 4,270,483 3,154,560 10,530,184 6,838,269 3,691,915 17,955,227 31/12/2011 VNDm 5,987,419 2,233,371 3,754,048 22,490,162 16,417,128 6,073,034 28,477,581
Current accounts with other banks - In VND - In foreign currencies, gold Term deposits with other banks - In VND - In foreign currencies, gold
According to Circular 21/2012/TT-NHNN issued by the State Bank of Viet Nam on 18 June 2012, Vietnam financial institutions and branches of foreign banks are not allowed to have term placements with or accept deposits (excluding demand deposit) from other financial institutions and branches of foreign banks since the effective date of the Decision (01 Sep 2012). Accordingly, the Bank has complied with regulations of this Circular. The balance of term placements with other financial institutions as at 31 December 2012 are ones made before the effective date of Circular 21/2012/TT-NHNN. Loans to other banks 31/12/2012 VNDm 6,191,273 4,893,316 (54,413) 11,030,176 31/12/2011 VNDm 290,000 (5,924) 284,076
The Bank and its subsidiary have the obligation to contribute to the Unemployment Insurance Fund at the amount equal to 1.00% of their insured employees salaries and remunerations and withhold the same amount from the insured employees salaries and remunerations to contribute to the Unemployment Insurance Fund in accordance with Circular 04/2009/TT-BLDTBXH providing guidance on implementation of Decree 127/2008/NDCP, effective since 1 January 2009. 5. CASH, GOLD AND GEMSTONES 31/12/2012 VNDm 658,181 325,276 25 4,053 987,535 31/12/2011 VNDm 1,001,043 219,661 163 1,220,867
In VND In foreign currencies Provision for credit losses of loans to other banks
Cash on hand in VND Cash on hand in foreign currencies Valuable papers in foreign currencies Currency gold
8. TRADING SECURITIES 31/12/2012 VNDm 93,201 33,799 59,402 (35,931) 57,270 31/12/2011 VNDm 89,186 29,784 59,402 (38,495) 50,691
6.
BALANCES WITH THE STATE BANK OF VIETNAM (THE SBV) 31/12/2012 VNDm Current account at SBV Blockaded deposits Other deposits 4,499,702 4,499,702 31/12/2011 VNDm 964,132 964,132
Equity securities - Securities issued by other local credit institutions - Securities issued by local business entities Provision for impairment of trading securities
The listing status of trading securities is as follows: 31/12/2012 VNDm 93,201 87,350 5,851 93,201 31/12/2011 VNDm 89,186 83,335 5,851 89,186
Equity securities - Listed - Unlisted
In 2012, the Bank has maintained its compulsory reserve in compliance with the compulsory reserve requirement of SBV. 7. DUE FROM BANKS 31/12/2012 VNDm 17,955,227 11,030,176 28,985,403 31/12/2011 VNDm 28,477,581 284,076 28,761,657
Placements with other banks Loans to other banks - net
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9. DERIVATIVE INSTRUMENTS AND OTHER FINANCIAL ASSETS Total value of contract (at the exchange rate of contract date) VNDm As at 31 December 2012 Currency derivative instruments Forward contracts Swap contracts Sale of currency option contracts Put options 9,339,781 9,339,781 1,983,072 7,353,584 3,124 3,124 Total net book value (at the exchange rate of report date) Assets VNDm 58,325 58,325 30,135 28,190 23 23 Liabilities VNDm Net value VNDm 58,325 58,325 30,135 28,190 23 23 10.3. 10.2.

Analysis of loans by ownership 31/12/2012 VNDm 27,428,658 1,687,856 558,318 7,971,436 17,050,467 148,007 1,500 11,074 1,514,972 28,943,630 Analysis of loans by economic sectors 31/12/2012 VNDm 1,102,341 5,368,356 364,429 12,976 19,301 902 7,583,430 353,213 3,519,257 22,958 779,248 738,997 387,034 5,117,412 2,118,478 1,455,298 28,943,630 31/12/2011 VNDm 1,368,220 6,659,195 361,993 15,068 15,700 44 2,902,255 5,382,403 38,468 7,536,879 761,750 885,275 21,441 8,401,022 2,488,465 501 914,260 37,752,939 % 95 6 2 28 59 1 5 100 31/12/2011 VNDm 34,163,075 2,229,581 2,153,613 1,645,314 9,136,062 18,471,455 122,523 354,001 13,178 37,348 3,589,864 37,752,939 % 91 6 6 5 25 48 1 9 100
Corporate loans Central state-owned enterprises Provincial state-owned enterprises Limited liabilities state-owned companies Limited liabilities private companies Joint-stock companies Partnership companies Private enterprises Foreign invested enterprises Co-operatives Individual loans
As at 31 December 2011 Currency derivative instruments Forward contracts Swap contracts
5,153,003 5,153,003 1,128,469 4,024,534
77,885 77,885 77,885
3,782 3,782 3,782 -
74,103 74,103 (3,782) 77,885
10. LOANS AND ADVANCES TO CUSTOMERS 31/12/2012 VNDm Loans to local business entities and individuals Loans from discount of valuable papers Loans financed by entrusted funds from other institutions Loans for special purposes 28,880,054 34,441 2,619 26,516 28,943,630 10.1. Analysis of loans porfolio by type of customers and type of business entities 31/12/2012 VNDm Short-term loans Medium-term loans Long-term loans 10,409,771 6,916,905 11,616,954 28,943,630 31/12/2011 VNDm 21,534,024 6,318,668 9,900,247 37,752,939 31/12/2011 VNDm 35,755,106 1,991,700 6,133 37,752,939
Mining industry Manufacturing and Processing industry Accommodation and Restaurants Education and Training Scientific activities and Technology Other service activities Administrative activities and supporting services Real estate; gold, stock and foreign currency business acitivities Financial and Insurance activities Commercial and trade activities Recreational, culture, sporting activities Agriculture, forestry and aquaculture Electricity, Petroleum & Water Media and Telecommunication Transportation and communications Construction Hopspitality and social service activities Households services
% 4 19 1 26 1 12 3 3 1 18 7 5 100
% 4 17 1 8 15 20 2 2 22 7 2 100
11.
CHANGES IN PROVISION FOR CREDIT LOSSES The Bank classifies loans in compliance with Decision 493/2005/QD-NHNN, Decision 18/2007/QD-NHNN, Decision 780/QD-NHNN and with the Banks policies on loan classification and provision for credit losses. Accordingly, annual provision for loans and advances to customers as at 31 December 2012 is based on the classification of loans and off-balance sheet items at 30 November 2012. Details of provision for credit losses on the consolidated balance sheet as at 31 December 2012 is as follows:
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Amount VNDm Provision for credit losses of loans to customers (Note 11.1) Provision for contingent liabilities and off-balance-sheet commitments (Note 11.2) 750,602 25,338 775,940 11.1 Provision for credit losses of loans to customers Changes in the provision for credit losses of loans to customers in the year 2012 are as follows: Specific provision VNDm Opening balance Provision expenses in the year Reversal of provision in the year Bad debts written-off from January to November 2012 Provision balances as at 30 November 2012 Bad debts written-off in December 2012 Closing balance 129,224 546,460 (50,006) (80,221) 545,457 545,457 General provision VNDm 235,281 4,964 (35,100) 205,145 205,145 Total provision VNDm 364,505 551,424 (85,106) (80,221) 750,602 750,602 13. 12.

INVESTMENT SECURITIES 31/12/2012 VNDm Available-for-sale Investment securities Debt securities Securities issued by the Government Debt securities issued by other local credit institutions Debt securities issued by local business entities Equity securities Equity securities issued by other local credit institutions Equity securities issued by local business entities Provision for impairment of available-for-sale securities 30,388,907 30,009,083 18,754,061 472,704 10,782,318 379,824 309,625 70,199 (151,554) 30,237,353 31/12/2011 VNDm 34,123,344 34,053,145 18,061,545 3,425,015 12,566,585 70,199 70,199 (35,629) 34,087,715
LONG-TERM INVESTMENTS Investment in associates VNDm Balance as at 1 January 2012 Increased during the year Decrease in contributed capital Provision for impairment Balance as at 31 December 2012 Other long-term investments VNDm 1,754,772 362,941 (8,440) (5,785) 2,103,488
11.2
Provision for contingent liabilities and off-balance sheet commitments Changes in the provision for contingent liabilities and off-balance-sheet commitments in the year 2012 are as follows: Specific provision VNDm Opening balance Provision expenses in the year Reversal of provision in the year Provision balance as at 30 November 2012 Bad debts written-off in December 2012 Closing balance 9,927 (4,050) 5,877 5,877 General provision VNDm 21,422 11,106 (13,067) 19,461 19,461 Total provision VNDm 31,349 11,106 (17,117) 25,338 25,338
Total VNDm 1,754,772 362,941 (8,440) (5,785) 2,103,488
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14. FIXED ASSETS 14.1. Tangible fixed assets Movements of tangible fixed assets for the year ended 31 December 2012 are as follows:
Buildings & constructions VNDm Cost Opening balance Purchases in the year Reclassification Disposals in the year Other increase/(decreases) Ending balance Accumulated Depreciation Openning balance Charges for the year Reclassification Disposals in the year Other increase/(decreases) Ending balance Net book value At the beginning of the year At the end of the year 14,735 19,323 80,121 185,268 110,988 110,518 15,501 31,148 20,394 9,694 241,739 355,951 10,265 1,045 169 (1,257) 10,222 49,196 47,351 1,129 (4,815) (166) 92,695 25,152 14,097 (505) 38,744 12,066 9,160 7,090 (4,682) 1 23,635 11,955 5,555 (8,388) (2,430) (2) 6,690 108,634 77,208 (13,689) (167) 171,986 25,000 8,183 186 (3,824) 29,545 129,317 152,047 2,519 (5,597) (323) 277,963 136,140 14,151 (1,029) 149,262 27,567 19,796 13,452 (6,032) 54,783 32,349 3,222 (16,157) (3,030) 16,384 350,373 197,399 (19,512 (323) 527,937 Machine & equipment VNDm Motor vehicles VNDm Office supplies VNDm Other VNDm Total VNDm

At the end of the year 296.438 296.438
14.3
Intangable fixed assets Movements of intangible fixed assets during the year ended 31 December 2012 are as follows:
Land use rights VNDm Cost Opening balance Purchase in the year Disposal in the year Ending balance Accumulated Depreciation Opening balance Charges for the year Other increase Disposal in the year Other decrease Ending balance Net book value At the beginning of the year At the end of the year 157,725 194,603 21,379 53,120 977 734 180,081 248,457 1,072 1,276 126 2,474 36,995 19,532 (194) 56,333 1,445 368 (440) (126) 1,247 39,512 21,176 126 (634) (126) 60,054 158,797 38,280 197,077 58,374 51,371 (292) 109,453 2,422 (441) 1,981 219,593 89,651 (733) 308,511 Computer softwares VNDm Other intangible assets VNDm Total VNDm
14.2.
Financial lease assets Financial lease assets are buildings and constructions with the lease term of 47 years. Movements of financial lease assets for the year ended 31 December 2012 and 31 December 2011 are as follows:
Buildings & constructions VNDm Cost Opening balance Purchase in the year Buy back, return finance lease assets Ending balance Accumulated Depreciation Opening balance Depreciation charged for the year Buy back, return finance lease assets Ending balance Net book value At the beginning of the year 303.083 303.083 9.697 6.645 16.342 9.697 6.645 16.342 312.780 312.780 Total VNDm
15. INVESTMENT PROPERTIES Movements of investment properties for the year ended 31 December 2012 are as follows: Buildings & Constructions VNDm Cost Opening balance Increase during the year Decrease during the year Closing balance Accumulated depreciation Opening balance Increase during the year Decrease during the year Closing balance Net book value At the beginning of the year At the end of the year 980,307 947,438 96,418 76,351 1,076,725 1,023,789 14,792 21,773 (101) 36,464 896 519 (353) 1,062 15,688 22,292 (454) 37,526 995,099 17,784 (28,981) 983,902 97,314 851 (20,752) 77,413 1,092,413 18,635 (49,733) 1,061,315 Land use rights VNDm Total VNDm
312.780
312.780
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16. OTHER ASSETS 31/12/2012 VNDm 9,011,234 6,151,899 1,781 2,857,554 3,670,346 25,924 311,002 (141,869) 12,876,637 31/12/2011 VNDm 2,962,891 2,697,785 47,401 217,705 3,070,797 2,257,491 (20,180) 8,270,999

19. DUE TO CUSTOMERS 19.1. Analysis by types of deposits 31/12/2012 VNDm 10,452,393 8,145,179 16,853 1,438,489 851,872 48,791,211 18,621,924 25,455,892 481,159 4,232,236 74,765 54,022 20,743 268,147 162,745 105,402 59,586,516 31/12/2011 VNDm 13,143,845 11,938,611 824 1,180,525 23,885 47,029,797 23,548,662 18,495,860 1,189,016 3,796,259 79,593 65,522 14,071 2,041,288 1,569,627 471,661 62,294,523
Receivables - Receivables - Constructions in progress - Purchase and major repair of fixed assets Interest and fee receivables Receivables from the State Treasury Other assets Provision for impairment of other assets
Demand deposits Demand deposits in VND Demand savings deposits in VND Demand deposits in gold and foreign currencies Demand saving deposits in gold and foreign currencies Term deposits Term deposits in VND Term savings deposits in VND Term deposits in gold and foreign currencies Term saving deposits in gold and foreign currencies Deposits for specific purpose Deposits for specific purpose in VND Deposits for specific purpose in gold and foreign currencies Margin deposits Margin deposits in VND Margin deposits in gold, foreign currencies
17.
BORROWINGS FROM THE GOVERNMENT AND THE SBV 31/12/2012 VNDm 4,821,714 4,766,808 54,906 507,909 5,329,623 31/12/2011 VNDm 10,116,221 200,000 9,855,407 60,814 10,116,221 31/12/2011 VNDm 20,350,698 2,479,809 22,830,507
Borrowrings from the SBV Borrowrings on credit contracts Borrowings on discounted and rediscounted of valuable papers Borrowings for Banking Modernization Project and Settlement System Borrowings from Vietnam Development Bank 18. DUE TO BANKS
Deposits from other banks Borrowings from other banks
31/12/2012 VNDm 17,615,920 12,619,064 30,234,984
19.2.
Analysis by types of customers 31/12/2012 VNDm 26,154,239 11,772,307 14,255,717 126,215 33,065,219 367,058 59,586,516 31/12/2011 VNDm 37,765,025 20,173,785 16,993,253 597,987 24,527,058 2,440 62,294,523
18.1
Deposits from other banks 31/12/2012 VNDm 7,533,239 4,445,708 3,087,531 10,082,681 5,470,381 4,612,300 17,615,920 31/12/2011 VNDm 6,267,243 2,781,761 3,485,482 14,083,455 8,795,266 5,288,189 20,350,698
Demand deposits - In VND - In gold and foreign currencies Term deposits - In VND - In gold and foreign currencies
Deposits from business entities State-owned enterprises Private enterprises and others Foreign invested enterprises Deposits from individuals Deposits from others
20. DEBTS ISSUED AND OTHER BORROWED FUNDS EXPOSED TO RISKS 31/12/2012 VNDm Funds received from other organizations and individuals in VND Funds received from other organizations and individuals in foreign currency 145,363 145,363 31/12/2011 VNDm 394,048 394,048
18.2
Borrowings from other banks 31/12/2012 VNDm 9,765,972 2,853,092 12,619,064 31/12/2011 VNDm 2,314,531 165,278 2,479,809
In VND In gold and foreign currencies
78
ANNUaL REPOrT
ANNUaL REPOrT
79

21. VALUABLE PAPERS ISSUED 31/12/2012 VNDm Certificates of deposit Term under 12 months Bills Term under 12 months Term from 12 months to under 5 years 2 2,295,000 2,295,002 31/12/2011 VNDm 2 1,041,456 6,137,042 7,178,500

Other capital Total 607 9,499,881 (47,915) 607 9,090,031 50,177 8,000,000 400,000 (47,915) (47,915) 3,290 363,047 50,997 269,828 The Bank bought Treasury shares according to Decision No 03.8/2012NQ-HDQT dated 16 April 2012 of Board of Directors 226,414 3 (32,777) (310) (32,462) (5) (555,575) (555,575) -
Retained earnings 688,604
226,414
(54,931)
Bonus & welfare fund 27,310
54,931
31/12/2012 triu ng Dividend payables Internal payables - Payables to employees - Termination allowance reserves - Other internal payables External payables 3,672 68,041 46,358 21,683 1,706,757 1,778,470 23. OBLIGATIONS TO THE STATE BUDGET n v: triu ng Opening balance Value Added Tax Corporate income tax Land and housing tax Other taxes Payable to (Receivable from) the State Budget 23.1 45,342 240,067 16,065 301,474 Movement during the period Payable Paid 17,693 29,288 60 66,333 113,374 (72,828) (295,606) (60) (72,278) (440,772)
31/12/2011 triu ng 4,002 57,142 48,445 349 8,348 371,209 432,353
Supplementary capital reserve 39,670
Financial reserve 340,400
Business& Treasury developShares ment fund 3,290
Share premium 400,000
Changes in owners equity and minority interest
Chartered capital 8,000,000
(9,793) (26,251) 10,120 (25,924) 24. OWNERSS EQUITY AND RESERVES
Current Corporate income tax The Bank and its subsidiary has the obligation to pay Corporate income tax ("CIT") at the rate of 25% of taxable profits (2011: 25%). Deferred Corporate income tax No deferred tax was recognized in the year since there is no significant temporary difference between carrying value and tax base of assets and liabilities in the consolidated financial statements as at 31 December 2012.
23.2.
80
24.1.
Figures Opening balance Increase in the year Net profit for the year Appropriation to reserves in the year Appropriation to reserve in accordance with requirement of the Ministry of Finance Other increases Decrease in the year Utilization in the year Advances of dividend during the year Treasury shares bought during the year Closing balance
Closing balance
Details of changes in the Banks capital for the year 2012 are as below:
22,652 -
11,327 -
395 3
22. OTHER LIABILITIES
(34,374) -
ANNUaL REPOrT
ANNUaL REPOrT
81

Details of the Banks shares are as follows: 2012 800,000,000 800,000,000 800,000,000 6,320,870 6,320,870 793,679,130 793,679,130 10,000 2011 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 10,000
Number of registered shares for issue Number of shares offered to public - Ordinary shares - Preference shares Repurchased shares - Ordinary shares - Preference shares Number of shares in circulation - Ordinary shares - Preference shares Par value per share (VND/share) 24.2. Statutory reserves of the Bank
2012 Net profit attributable to the equity holders of the Bank (VNDm) Less: Appropriation to other reserve (not include supplementary capital reserve and financial reserve) Profit for Earning per share calculation (VNDm) Weighted average number of ordinary shares in circulation (million unit) Basic earning per share (Vietnamese dong/share) 226,414 226,414 797 284
2011 797,340 797,340 664 1,202
26. DIVIDEND 2012 VNDm 560,000 560,000 555,906 555,906 2011 VNDm 224,021 224,021 -
According to Law on Credit Institutions No. 47/2010/QH12 issued by National Assembly on 16 June 2010 and Decree No. 57/2012/N-CP issued by the Government on financial regime applicable to credit institutions on 20 July 2012, the Bank to establish statutory reserves as follows: % profit after tax 5% of profit after tax as per Decision of the General Shareholders Meeting 10% of remaining profit after tax and after supplementary capital reserve Maximum balance 100% chartered capital 25% chartered capital
Dividend declared in current year Dividend on original shares Dividend on preference shares Dividend paid out for the current year Dividend on original shares (*) Dividend on preference shares
Supplementary capital reserve Financial reserve
(*) On 10 Nov 2012, the Bank has advanced dividend with dividen paid out rate of 7% for the first session of the year 2012 to shareholders based on the list of shareholders as at 25 Oct 2012. Total dividend for the first session of the year 2012 the Bank advanced to shareholders is VND 555,575,391,000. 27. INTEREST AND SIMILAR INCOME 2012 VNDm 1,905,105 5,359,050 3,817,531 3,817,531 842,635 3,036 11,927,357 2011 VNDm 3,286,334 5,463,929 4,607,719 4,607,719 717,700 2,971 14,078,653
The appropriation of other reserves is upon the Banks own decision. The Bank appropriated VNDm 54,931 to Bonus and Welfare fund in the year in accordance with Decision of Annual Shareholders meeting in 2012. 24.3. Statutory reserves of Asset Management Limited Company Distribution of profit, reserves and utilizations purpose of these reserves of Asset Management Limited Company (Subsidiary) is carried out according to the current regulations of the State applied to the Bank which establishes a Subsidiary. The subsidiary appropriates reserves with the proportion of its profit after tax as currently applied to the Bank. 25. BASIC EARNING PER SHARE
Interest income from deposits Interest income from loans to customers Interest income from debt securities - Interest income from investment securities Interest income from overdue debt Other income from credit activity
28. INTEREST AND SIMILAR EXPENSES 2012 VNDm 6,589,834 1,052,801 528,752 1,742,831 3,213 9,917,431 2011 VNDm 8,057,327 1,900,162 1,227,083 965,736 370,869 12,521,177
Basic earning per share is calculated by dividing net profit attributable to the equity holders of the Bank to the weighted average number of ordinary shares in circulation during the period. Details of the Banks basic earnings per share are as follows:
Interest and similar expenses from deposits Interest and similar expenses from borrowings Interest expenses from valuable papers issuance Reversal of accrued interest income Expenses from other credit activities
82
ANNUaL REPOrT
ANNUaL REPOrT
83
29. NET GAIN FROM FEE AND COMMISSION INCOME 2012 VNDm 171,870 89,217 1,966 24,171 41,863 838 13,815 132,209 54,743 77,466 39,661 2011 VNDm 440,193 148,063 1,733 50,597 66,997 89,652 1,287 81,864 (96,442) (43,211) (53,231) 343,751
33.
NET GAIN / (LOSS) FROM OTHER OPERATING ACTIVITIES 2012 VNDm Income from other derivative instruments Other operating income Income from disposal of fixed assets Other income Other operating income Expense from other derivative instruments Other operating expenses Supplementary CIT expense for MSB AMC 2010 Other expenses 8,235 287,576 1,299 233,112 530,222 (9,268) (34,347) (236,247) (285,535) 244,687 2011 VNDm 8,678 814,123 828 5,703 829,332 (8,875) (389,454) (13,740) (2,945) (417,270) 412,062
Fees and commission income Settlement services Treasury activities Guarantee activities Advisory services Agent services Discount services Other services Fees and commission expense Settlement services Other fees and commissions Net fee and commission income 30. NET GAIN FROM FOREIGN CURRENCIES TRADING
Income from foreign currencies trading Income from trading foreign currencies at spot exchange rate Income from trading in gold Income from trading in derivative financial instruments Expense for foreign currencies trading Expense from trading in foreign currencies at spot exchange rate Expense from trading in gold Expense from trading in derivative financial instruments Net gain from foreign currencies trading 31. NET GAIN / (LOSS) FROM SECURITIES TRADING
2012 VNDm 582,335 111,265 821 470,249 (494,353) (103,811) (558) (389,984) 87,982
2011 VNDm 537,466 260,971 16 276,479 (495,562) (128,186) (3,410) (363,966) 41,904
Other operating expenses
34. SHARE OF PROFIT IN ASSOCIATES, JOINT VENTURES AND DIVIDEND INCOME 2012 VNDm Dividends received in current period: - from equity trading securities - from equity investment securities 5,067 2,602 135,136 372 (5,785) 137,392 3,667 1,336 116,607 121,610 2011 VNDm
Income from trading of trading securities Expense from trading of trading securities Provision for impairment of trading securities 32. NET GAIN / (LOSS) FROM SECURITIES INVESTMENTS
2012 VNDm 11 (1,224) 2,564 1,351
2011 VNDm 679 (7,334) (28,362) (35,017)
- from other long-term investments Other income Provision for long-term investments

2012 VNDm 294,001 (79,561) (115,925) 98,515 2011 VNDm 90,098 (111,988) (7,418) (29,308)
Income from trading of investment securities Expense from trading of investment securities Provision for impairment of investment securities
84
ANNUaL REPOrT
ANNUaL REPOrT
85

35. OPERATING EXPENSES 2012 VNDm Taxes and fees Staff cost - Salaries and allowances Contributions under salaries Expense for uniform Allowance Expense for social activities 65,560 814,362 771,154 36,119 6,014 1,075 404,009 127,322 96,819 155,297 22,919 1,652 395,314 34,486 19 74,586 113,084 173,139 34,793 141,288 1,855,326 2011 VNDm 78,652 578,456 533,816 40,485 1,421 1,661 1,073 240,328 69,076 20,224 113,525 35,336 2,167 309,948 29,979 94 81,870 58,039 139,966 28,340 20,180 1,255,904 39. 38.

37. EMPLOYEES REMUNERATIONS 2012 5,411 2011 4,699
I. Total number of employees (persons) II. Employees income (VNDm) 1. Total salary fund 2. Bonus 3. Other Allowance 4. Total income (1+2+3) 5. Average monthly salary during period 6. Average monthly income during period
733,581 2,825 8,382 744,788 11.2 11.4
503,242 5,555 18,028 526,825 8.9 9.3
Expense for fixed assets Depreciation and amortization charges Asset repair and maintenanceh Operating leases Expense on tools and equipment Insurance for assets
III. Remunerations of Board of Directors and Board of Supervision (VNDm) - Board of Directors - Board of Supervision COLLATERALS AND MORTAGES
7,058 3,297
3,381 2,517
Expense for operating management and public obligation Business trip expenses Expenses for Trade Union activities Advertisement, promotion expenses Advisory expenses
Real estate properties Movable assets Valuable papers Other assets
31/12/2012 VNDm 34,066,385 21,066,002 4,050,554 24,119,538 83,302,479
31/12/2011 VNDm 42,144,495 23,279,987 10,949,868 20,023,442 96,397,792
- Other management expenses Insurance for customer deposits Others
CONTINGENT LIABILITIES AND COMMITMENTS In normal course of business, the Bank is a party to financial instruments which are recorded as off-balance sheet items. These financial instruments mainly comprise financial guarantees and commercial letters of credit. These instruments involve elements of credit risk apart from those recognized in the balance sheet. Credit risk for off-balance sheet financial instruments is defined as the possibility of sustaining a loss because any other party to a financial instrument fails to perform in accordance with the terms of the contract. Financial guarantees are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party including guarantee for borrowings, settlement, performing contracts and bidding. The credit risk involved in issuing guarantees is essentially the same as that involved in extending facilities to customers. Commercial at sight letters of credit represent a financing transaction by the Bank to its customer where the customer is usually the buyer/importer of goods and the beneficiary is typically the seller/exporter. Credit risk is limited as the merchandise shipped serves as collateral for the transaction. Deferred payment letters of credits represent the amounts at risk should the contract be fully drawn upon and the client defaults in repayment to the beneficiary. Deferred letters of credit that were default by clients are recognized by the Bank as compulsory loans with corresponding liabilities representing the financial obligations of the Bank to the beneficiaries and to fulfill the guarantor obligations. The Bank requires margin deposits to support credit-related financial instruments when it is deemed necessary. The margin deposit required varies from nil to 100% of the value of a commitment granted, depending on the creditworthiness of clients as assessed by the Bank.
36.
CASH AND CASH EQUIVALENTS Cash and cash equivalents in the consolidated cash flow statement comprise the consolidated balance sheet: 31/12/2012 VNDm Cash and cash equivalents 987,535 Balances with the State Bank of Vietnam 4,499,702 Demand deposits with other credit institutions 7,425,043 Term deposits with and loans to other credit institutions under 90 days 5,547,360 Securities with maturity date under 3 months 1,312,351 19,771,991 following balances in the 31/12/2011 VNDm 1,220,867 964,132 5,987,419 13,082,457 680,582 21,935,457
86
ANNUaL REPOrT
ANNUaL REPOrT
87

The outstanding commitments and contingent liabilities as at 31 December 2012 and 31 December 2011 are as follows: 31/12/2012 31/12/2011 VNDm VNDm Borrowing guarantees 10,000 3,000 Settlement guarantees 738,848 6,772,840 Bidding guarantees 41,855 82,411 Contract implementation guarantees 495,956 572,154 Other commitments 522,766 490,441 Guarantee commitments 1,809,425 7,920,846 At sight letters of credit 316,218 657,880 Deferred payment letters of credit 576,329 565,736 L/C commitments 892,547 1,223,616 (268,147) (2,041,288) Less: Margin deposits 2,433,825 7,103,174 40. RISK - FREE TRUST AND AGENCY ACTIVITIES 31/12/2012 VNDm 1,786,236 2,230,788 4,017,024 31/12/2011 VNDm 3,592,333 2,301,120 5,893,453 42.

GEOGRAPHICAL STRUCTURE OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS Trading and Derivatives investment in (Total transacCredit tion values per securities (Debit Total loan balance Total deposit commitments contracts) minus credit) VNDm VNDm VNDm VNDm VNDm Domestic 28,943,630 59,573,865 2,701,972 9,339,781 30,318,604 Overseas 12,651 Credit commitments comprises of financial letter of guarantees, letter of credits and irrevocable lending commitments. 43. RISK MANAGEMENT POLICY RELATED TO FINANCIAL INSTRUMENTS The Banks strategy is to become a multi-functional financial corporation. The use of financial instruments including receiving customer deposits and investing in high quality financial assets has therefore become a critical operating activity that enables the Bank to achieve the required interest margin. From the risk management aspect, it requires the Bank to maintain a balanced structure of off-balance-sheet commitments (i.e. letter of guarantees and letter of credits) and loans (both in VND and foreign currencies) to institutions and individuals of different creditworthiness levels. In addition, the Bank has also invested a proportion of working capital in investment securities or loans to other credit institutions. The foreign currency risk and interest rate risk have been managed simultaneously by applying position limits in order to reduce risks concentration and participating in activities having opposite impact to minimize risks. By holding high quality financial instruments, the Bank is able to manage significant risks in its operating activities and to maintain an adequate liquidity position. The Bank also carries out hedging transactions to prevent risks related to financial instruments such as foreign currency swaps to manage interest rate risk. For credit risk management purpose, the Bank has effectively utilized their Credit Management Manual providing regulations and requirements for lending and guidance to standardize the credit activities at the Bank. Liquidity risk is limited by maintaining a large amount of cash and cash equivalents in the form of Nostro account, term deposits at SBV and other credit institutions and valuable papers having high liquidity. Maturity gaps and riskadjusted prudential ratios are also used in liquidity risk management. The Bank revalues the interest rate gap and compares it to the benchmark of domestic and foreign markets on a regular basis in order to be able to timely adapt with unforeseen movements. Moreover, internal risk management procedures have become more effective thanks to the application of the Centralized Fund Management and Settlement System, accordingly, all fund transfers and settlement transactions are centralized at Head office. These systems have allowed the Bank to effectively supervise any changes in capital and reduce unnecessary procedures and possible errors. 44. CREDIT RISK Credit risk is the risk that the Bank will incur a loss because its customers or counterparties fail to discharge their contractual obligations. The Bank manages and controls credit risk by setting limits on the amount of risk that it is willing to accept for each of counterparties and for geographical and industry concentrations. The Bank has established a credit quality review process to provide early identification of possible changes in the financial position as well as debts repayment ability of counterparties. Counterparty limits are established for each counterparty based on its risk rating assigned by the credit risk classification system. Risk ratings are subject to regular revision. 44.1. Financial assets not overdue or impaired CThe Bank and its subsidiarys financial assets, which are not overdue, include loans in group 1 as required by Decision No. 493/2005/QD-NHNN and Decision No. 18/2007/QD-NHNN; securities, receivables and other financial assets which are not overdue and are not made provision in accordance with Decision No. 228/2009/QD-BTC. The Bank believes that the Bank and its subsidiary can recover fully and in time those financial assets in the future.
Trusted fund received from others Syndicated fund received from others
Trusted funds from other financial institutions are not considered the Banks assets and therefore are not recorded into consolidated financial statements but recorded as off-balance sheet items instead. 41. RELATED PARTY TRANSACTIONS Related party transactions include all transactions undertaken with other parties to which the Bank is related. Related parties are parties in which one party is able to control or has considerable influence on other parties in deciding policies in finance and operation. Significant transactions with related parties during the year 2012 are as follows: Related party Organizations Relationship Strategic Shareholder Transactions Deposits Borrowings Interest paid/payables Interest income from lending Deposits Borrowings Interest paid/payables Interest income from lending VNDm 28,414,697 231,555 105,224 9,970 1,209,062 150 508 8
Individual
Members of BOD &BOM
Details of placements and deposits of related parities as at 31 Decemner 2012 are as follows: Related parties Economic institutions Individuals Relationship Shareholder Members of BOD & BOM Transactions Deposits Borrowings Deposits Borrowings VNDm 1,019,408 231,555 12.038 -
88
ANNUaL REPOrT
ANNUaL REPOrT
89

44.2. Financial assets overdue but not impaired The aging of such financial assets which overdue but not impaired are presented below:

5,329,623 30,234,984 59,586,516 137,000 145,363 2,295,002 3,216,519 225,019 100,808,007 1,924,635 15 13,018,506 554,058 111,063,530 10,255,523 329,039 1,712,606 837,628 7,935,995 1,982,848 5,101,908 15,357,431 1,982,848 7,935,995 837,628 1,712,606 329,039 Total 987,535 4,499,702 29,039,816 93,201 58,325 28,943,630 30,388,907 2,109,273
42,519 -
114,517 -
Below 90 days VNDm ASSETS Placements with and loans to other banks - Placements with other banks Loans to customers Other assets Receivables 114,517 114,517 276,223
91-180 days VNDm
181-360 days VNDm
Over 360 days VNDm
427,526 12,000 -
1,502,579 4,055,326
7,355 31,691
45,500
Over 5 years
Overdue
16,096 320,000 320,000
29,567 -
209,453 -
1,046,063 15,048,295
4,272,100 9,857,982
45. 45.1.
MAKET RISK 507,909 3,545,810 9,195,842 Interest rate risk The effective interest rate re-pricing term of the assets and liabilities is the remaining period from the date of consolidated financial statements to the nearest interest rate re-pricing date. The following assumptions and conditions have been adopted in the analysis of effective interest rate re-pricing term of the Banks assets and liabilities:

15,932,046
669,859 11,516,647 -
Cash and cash equivalents on hand, long-term investment and other assets (fixed assets, investment properties and other assets) are classified as non-interest bearing items; Deposits at SBV are considered settlement deposits, thus the effective interest repricing term is assumed to be within one month; The effective interest repricing term of securities investment and trading securities is determined based on the time to maturity from the balance sheet date of each securities; The effective interest repricing term of deposits from other banks and loans to other banks; loans to customers; borrowings from Government and SBV; placements with other banks and borrowings from other banks; customer deposits are determined as follows: Items with fixed interest rate during the contractual term: the effective interest repricing term is determined based on the time to maturity from the balance sheet date; Items with floating interest rate: the effective interest repricing term is determined based on the time to the nearest interest rate re-pricing date from the balance sheet date; The effective interest re-pricing term of valuable papers is determined based on the time to maturity from the balance sheet date of each valuable paper; The effective interest re-pricing term of funds received and trusted funds that credit institutions bear risks is arranged in term from 1 to 5 years The effective interest re-pricing term of others is arranged in term from 1 to 3 months. In fact, there effective interest re-pricing tern may be difference.
ASSETS Cash, gold and gemstones 987,535 Balances with the SBV 4,499,702 Placements with and loans to other banks (*) 90,000 30 14,397,356 Trading securities (*) 93,201 Derivatives and other financial assets 58,325 Loans to customers (*) 5,010,114 17,373,228 Investments in securities (*) 367,824 2,854,432 Long term investments (*) 2,109,273 Fixed assets and investment properties 1,924,635 Other assets (*) 964,366 9,505,483 TOTAL ASSETS 6,064,480 14,987,981 39,183,043 LIABILITIES Deposits and borrowings from the State and SBV 4,766,808 Deposits and borrowings from other banks 19,197,878 Customers deposits 35,686,757 Funds received and trusted funds that credit institutions bear risks Valuable papers issued 2 Other liabilities 3,126,652 TOTAL LIABILITIES - 3,126,652 59,651,445 Balance sheet interest rate risk 6,064,480 11,861,329 (20,468,402) Off balance sheet interest rate risk 5,101,908 Net interest rate risk 6,064,480 16,963,237 (20,468,402)
Overdue
Noninterest bearing
Within 1 month
5,892 13,255,453
15,238,301
From 1 3 months
6,476,631 -
3,953,634 4,808,036 -
3,079 7,996,051
From 3 6 months
Overdue financial assets were not impaired because the Bank is currently holding collaterals in the forms of real estates, movable assets, valuable papers and other types for the above financial assets. However, the Bank has not been able to determine the fair value of such assets due to the lack of specific guidance nor necessary market information.
12,387
3,745,540 -
3,211,841 4,768,744
633 79,952 14,210,667
From 6 12 months
4,208,387 -
763,877 9,029,968 -
7,730 2,295,000 944 2,342,720
From 1 5 years
7,355 -
745,392 1,800,000 -
45.1.
45.
90
ANNUaL REPOrT
ANNUaL REPOrT
91
(*): The amount exclude provisions
Interest rate risk (continued)
MAKET RISK (continued)
Unit: VNDm

As the Bank and its subsidiary were incorporated and operate in Vietnam, VND is the reporting currency However, the Banks assets-liabilities structure is in foreign currencies (USD,EUR). Therefore, currency risk could occur. 45.3. 11,115,739 11,739,792 329,354 179,712 7,129,902 270,287 27,780 46,479 6,056,405 19,133,864 18,863,577 52,241 322,528
Total

Liquidity risk Liquidity risk is defined as the risk that the Bank and its subsidiary will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity risk arises because of the possibility that the Bank and its subsidiary might be unable to meet its payment obligations when they fall due under both normal and stressed circumstances. To limit this risk, the management has arranged diversified funding sources in addition to their core deposit base, and adopted a policy of managing assets with liquidity in mind and of monitoring future cash flows and liquidity on a daily basis. This incorporates an assessment of expected cash flows and the availability of high grade collateral which could be used to secure additional funding if required. The maturity term of assets and liabilities represents the remaining period of assets and liabilities as calculated from the balance sheet date as at 31 December 2012 to the point of settlements as stipulated in contracts or in issuance terms and conditions. The following assumptions and conditions are applied in the analysis of overdue status of the Bank and its subsidiarys assets and liabilities:

800,821
Other foreign currencies as translated
24,232
571,457
59,209
47,116
31,995
8,374
9,002
2,963
114,706
82,711
3,121
Currency risk is the risk that the value of a financial instrument fluctuates due to changes in foreign exchange rates.
35,116
46,514
Classification of assets and liabilities of which currencies are translated into VND as at 31 December is as follow:
Deposits at the SBV are classified as demand deposits which include compulsory deposits. The balance of compulsory deposits depends on the proportion and terms of the Banks customer deposits. The maturity term of investment debt securities is calculated based on the maturity date of each kind of securities. The maturities of amounts due from other banks and loans and advances to customers are based on the contractual maturity date. The actual maturity sometimes varies from contractual term when the contract is extended. The maturity term of equity investments is considered as more than one (01) year because these investments do not have specific maturity date. The maturity term of deposits and borrowings from other banks; and customers deposits is determined based on features of these items or the maturity date as stipulated in contracts. Vostro account and demand deposits are transacted as required by customers, and therefore, being classified as current accounts. The maturity term of borrowings and deposits is determined based on the maturity date in contracts. In fact, these amounts may be rotated, and therefore, they last beyond the original maturity date The maturity term of fixed assets is determined on the remaining useful life of assets.
USD as translated
10,022,915
128,457
10,994,138
7,031,052
375,094
27,772
43,187
6,046,003
17,997,191
17,622,097
(5,964)
369,130
800,821
524,943
EUR as translated
1,068,592
(136,802)
141,688
698,538
179,712
89,848
1,021,967
1,158,769
55,084
2,028
329
(81,718)
Derivative financial instruments and other financial liabilities
Deposits and borrowings from SBV and other banks
Placements with and loans to other banks (*)
Derivatives and other financial assets (*)
FX position on and off-balance sheet
Total liabilities and owners equity
Currency risk
Unit: VNDm
92
45.2.
(*): the amounts exclude provisions
Liabilities and owners equity
FX position off-balance sheet
FX position on-balance sheet
Cash, gold and gemstones
Loans to customers (*)
Balances with the SBV
Customer deposits
Other assets (*)
Other liabilities
Total assets
Assets
ANNUaL REPOrT
ANNUaL REPOrT
93
45.3.
Overdue Over 3 months Up to 1 month 987,535 4,499,702 14,197,543 93,201 58,325 1,758,641 1,789,756 9,511,672 32,896,375 4,766,808 19,083,720 35,776,603 2 1,550,512 61,177,645 (28,281,270) 483,700 2,914,747 9,122,840 5,892 12,527,179 (2,839,729) 9,687,450 204,302 2,290,742 21,436,678 7,005,435 14,609,892 633 325,000 1,632,356 23,573,316 (2,136,638) 200,000 1,412,647 2,839,452 9,561,996 6,869,955 24,214,504 47,436 6,443,696 8,171,293 15,491 121,793 5,820,128 2,772,000 2,109,273 1,924,635 31,147,386 12,747,829 1,231,082 31,681 7,730 1,970,000 27,759 3,268,252 79,115 45,500 137,000 261,615 27,879,134 12,486,214 Assets Cash, gold and gemstones Balances with the SBV Placements with and loans to other banks (*) Trading securities (*) Derivatives and other financial assets Loans to customers (*) Investment securities (*) Long term investments (*) Fixed assets and investment properties Other assets (*) Total assets Liabilities and owners equity Deposits and borrowings from the State and SBV Deposits and borrowings from other banks Customer deposits Funds received and trusted funds that credit institutions bear risks 1,433,210 1,714,602 Valuable papers Other liabilities Total liabilities Net liqidity difference (*):The amounts exclude provisions 5,329,623 30,234,984 59,586,516 145,363 2,295,002 3,216,519 100,808,007 10,255,523 1,433,210 1,714,602 117,665 846,689 1,225,545 867,913 90,000 987,535 4,499,702 29,039,816 93,201 58,325 28,943,630 30,388,907 2,109,273 1,924,635 13,018,506 111,063,530 Up to 3 months Over 3 months Up to 3 months Up to 1 month Over 3 months Before due date Total Up to 3 months
94
ANNUaL REPOrT
46. FINANCIAL ASSETS AND FINANCIAL LIABILITIES On 6 November 2009, the Ministry of Finance issued Circular No. 210/2009/TT-BTC providing guidance for the adoption of the International Financial Reporting Standards on presentation and disclosures of financial instruments (Circular 210) with effectiveness from financial years beginning on or after 1 January 2011. Circular 210 only regulates the presentation of financial statements and disclosures of financial instruments, therefore, the below definitions of financial assets, financial liabilities and other relating definitions are shown in Note. 46 of consolidated financial statements, applied solely for the preparation of this note. The Banks assets and liabilities are still recognized and recorded in accordance with Vietnamese Accounting Standards and System for Credit Institutions and other relevant regulations of the State Bank of Vietnam. 46.1 Book value and fair value of financial assets and liabilities Book value and fair value of financial assets and financial liabilities of the Bank and its subsidiary as at 31 December 2012 are presented as follows: (Unit: VNDm) Book value
Liquidity risk (continued) Unit: VNDm
ANNUaL REPOrT
Cash, gold and gemstones Balances with the SBV Placements with and loans to other banks Trading securities Derivatives and other financial assets Loans and advances to customers Available-for-sale securities Held-to-maturity securities Other financial assets Long-term Investments
Trading 57,270 -57,270
Held-tomaturity 10,530,184 870 10,531,054
Loans /Borrowing and receivables/ payables 11,084,589 28,943,630 40,028,219
Other assets and Available-for- liabilities recorded at sale amortized cost 987,535 4,499,702 30,388,907 30,388,907 7,425,043 58,325 14,942,273 2,109,273 30,022,151
Total 987,535 4,499,702 29,039,816 57,270 58,325 28,943,630 30,388,907 14,943,143 2,109,273 111,027,601
Fair value 987,535 4,499,702 (*) 57,270 (*) (*) (*) (*) (*) (*)
10.082.681 48.791.211 2.295.002 61.168.894
5.329.623 12.619.065 145.363 18.094.051 (*) The Bank has not determined the fair value of such items due to unavailable input information.
7.533.238 10.795.305 3.216.519 21.545.062
5.329.623 30.234.984 59.586.516 145.363 2.295.002 3.216.519 100.808.007
5.329.623 (*) (*)
Borrowings from the Government and the SBV Deposits and borrowings from other banks Deposits and other amounts due to customers Derivatives and other financial liabilities Funds received and trusted funds that credit institutions bear risks Valuable papers issued Other financial liabilities
(*) (*) (*) (*)
95

47. EVENTS AFTER THE CONSOLIDATED BALANCE SHEET DATE Other than the above, there are no significant events occurring since the consolidated balance sheet date which require adjustments or disclosures in the consolidated financial statements. 48. EXCHANGE RATES OF APPLICABLE FOREIGN CURRENCIES AGAINST VIETNAMESE DONG AT THE END OF THE ACCOUNTING YEARS
BUSINESS NETWORK
31/12/2012
USD EUR GBP CHF JPY SGD CAD AUD VND 20,828 27,542 33,693 22,818 242 17,028 20,914 21,607
31/12/2011
VND 20,828 27,599 33,088 22,754 277 16,432 21,025 21,826
The Bank uses average exchange rate between buying and selling exchange rate at the end of 31 December 2012 to convert the consolidated financial statements as at 31 Decmber 2012 and for the year then ended.
96
ANNUaL REPOrT
BUSINESS NETWORK
HA NOI 1) Maritime Bank Transaction Center 44 Nguyen Du, Hai Ba Trung Dist, Hanoi Tel: (043) 943 3245 - Fax: (043) 942 0520 2) Maritime Bank Ba Trieu 165 Ba Trieu St, Le Dai Hanh Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 944 8050 - Fax: (043) 944 8051 3) Maritime Bank Hai Ba Trung 554 Tran Khat Chan St, Pho Hue Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 9766 238 - Fax: (043) 9766 237 4) Maritime Bank Minh Khai 224 Minh Khai St, Hai Ba Trung Dist, Hanoi Tel: (043) 6249901/02/03 - Fax: (043) 6249897 5) Maritime Bank Nam Hanoi 168A Tran Dai Nghia St, Bach Khoa Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 6285566 - Fax: (043) 6285637 6) Maritime Bank Lac Trung 102-104 Lac Trung St, Vinh Tuy Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 9878848 7) Maritime Bank Pho Hue 181 Pho Hue St, Pho Hue Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 9766161 - Fax: (043) 9766595 8) Maritime Bank Nguyen Dinh Chieu 29 Nguyen Dinh Chieu St, Le Dai Hanh Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 9785388 9) Maritime Bank Bach Khoa 242 Le Thanh Nghi, Dong Tam Ward, Hai Ba Trung Dist, Hanoi Tel: (043) 628 5363 - Fax: (043) 628 5362 10) Maritime Bank Trang Tien 75B Dinh Tien Hoang St, Trang Tien Ward, Hoan Kiem Dist, Hanoi Tel: (043) 939 3807/ 938 8484 - Fax: (043) 939 3805 11) Maritime Bank Tran Nguyen Han 5A Tran Nguyen Han St, Ly Thai To Ward, Hoan Kiem Dist, Hanoi Tel: (043) 936 8955 - Fax: (043) 936 8991 12) Maritime Bank Hoan Kiem 21 Bat Su St, Hang Bo Ward, Hoan Kiem Dist, Hanoi Tel: (043) 923 3363 - Fax: (043) 923 3364 13) Maritime Bank Ho Guom 9 Dinh Tien Hoang St, Hang Bac Ward, Hoan Kiem Dist, Hanoi Tel: (043) 926 3388 - Fax: (043) 926 3399 14) Maritime Bank Hang Da 30 Duong Thanh St, Cua Dong Ward, Hoan Kiem Dist, Hanoi Tel: (043) 938 1070 - Fax: (043) 938 1071 15) Maritime Bank Hanoi 71 Hai Ba Trung St, Hoan Kiem Dist, Hanoi Tel: (043) 942 8340 - Fax: (043) 943 6477 16) Maritime Bank Phan Chu Trinh 39 Phan Chu Trinh St, Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi Tel: (043) 933 2299 - Fax: (043) 933 5182 17) Maritime Bank Dong Xuan 22 Tran Nhat Duat St, Dong Xuan Ward, Hoan Kiem Dist, Hanoi Tel: (043) 929 0515 - Fax: (043) 929 6556 18) Maritime Bank Ly Thuong Kiet 4 Ly Thuong Kiet, Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi Tel: (043) 933 6699 - Fax: (043) 933 6101 19) Maritime Bank Dong Da 47A Huynh Thuc Khang St, Dong Da Dist, Hanoi Tel: (043) 773 5461 - Fax: (043) 773 5459 20) Maritime Bank Kim Lien 25-27 Xa Dan St, Phuong Lien Ward, Dong Da Dist, Hanoi Tel: (043) 573 7655 - Fax: (043) 573 7658 21) Maritime Bank O Cho Dua OCD Trading Centre, 29 De La Thanh St, Dong Da Dist, Hanoi Tel: (043) 513 2452 - Fax: (043) 513 2453 22) Maritime Bank ong o 7 Chua Boc St, Quang Trung Ward, Dong Da Dist, Hanoi Tel: (043) 574 6396 - Fax: (043) 574 6397 23) Maritime Bank Lang Ha 1st floor, Building A, Sky City Tower, 88 Lang Ha St, Lang Ha Ward, Dong Da Dist, Hanoi Tel: (043) 2484202/201 - Fax: (043) 2484200 24) Maritime Bank Nguyen Chi Thanh 95 Nguyen Chi Thanh St, Lang Ha Ward, Dong Da Dist, Hanoi Tel: (043) 7739533 - Fax: (043) 7739536 25) Maritime Bank Kham Thien 195 Kham Thien St, Dong Da, Hanoi Tel: (043) 5134609/11/12 - Fax: (043) 513 4610 26) Maritime Bank Tran Quang Dieu 49-51 Tran Quang Dieu, Alley 102 , O Cho Dua Ward, Dong Da Dist, Hanoi Tel: (043) 5380994/3 - Fax: (043) 5380995 27) Maritime Bank Thai Thinh 110 Thai Thinh St, Dong Da Dist, Hanoi Tel (043) 538 1018 - Fax: (043) 538 1015 28) Maritime Bank Hoang Hoa Tham 628 Hoang Hoa Tham St, Buoi Ward, Ba Dinh Dist, Hanoi Tel: (043) 7617684 - Fax: (043) 7617683 29) Maritime Bank Kim Ma 517 Kim Ma, Ngoc Khanh Ward, Ba Dinh Dist, Hanoi Tel: (043) 7711 620 - Fax: (043) 7711 619 30) Maritime Bank Doi Can 101 Van Cao, Lieu Giai Ward, Ba Dinh Dist, Hanoi Tel: (043) 762 2174 - Fax: (043) 762 2175
BUSINESS NETWORK
31) Maritime Bank Phan inh Phung 39B Phan Dinh Phung, Quan Thanh Ward, Ba Dinh Dist, Hanoi Tel: (043) 734 5599 - Fax: (043) 734 7928 32) Maritime Bank Ba inh 142 Doi Can, Ward Doi Can, Ba Dinh Dist, Hanoi Tel: (043) 7226876 - Fax: (043)7226879 33) Maritime Bank Quan Thanh 69 Quan Thanh, Quan Thanh Ward, Ba Dinh Dist, Hanoi Tel: (04) 627 333 85 - Fax: (04) 627 333 86 34) Maritime Bank Giang Van Minh 73 Giang Van Minh, Doi Can Ward, Ba Dinh Dist, Hanoi Tel: (043) 7228062 - Fax: (043) 7228063 35) Maritime Bank Dao Tan 53 Dao Tan, Ngoc Khanh Ward, Ba Dinh Dist, Hanoi Tel: (043) 7606 085 - Fax: (043) 7606 084 36) Maritime Bank Thanh Xuan 1st Floor, A Building, 190 Nguyen Tuan St, Nhan Chinh Ward, Thanh Xuan Dist, Hanoi Tel: (043) 5577979 - Fax: (043) 557 4033 37) Maritime Bank Thanh Xuan Nam 19 Nguyen Trai St, Khuong Trung Ward, Thanh Xuan Dist, Hanoi Tel: (043) 568 2098 - Fax: (043) 568 2118 38) Maritime Bank Phuong Liet 3D Truong Chinh St, Phuong Liet Ward, Thanh Xuan Dist, Hanoi Tel: (046) 278 2365 - Fax: (043) 869 1609 39) Maritime Bank Khuong Mai 151 Nguyen Ngoc Nai St, Khuong Mai Ward, Thanh Xuan Dist, Hanoi Tel: (043) 566 7318 - Fax: (043) 566 7320 40) Maritime Bank Tran Duy Hung 170 Tran Duy Hung, Trung Hoa Ward, Cau Giay Dist, Hanoi Tel: (043) 7835212/14/15 - Fax: (043) 7835205 41) Maritime Bank Cau Giay 35-37 Tran Thai Tong, Dich Vong Hau Ward, Cau Giay Dist, Hanoi Tel: (043) 7958200 - Fax: (043) 37951821 42) Maritime Bank Trang An 253 Cau Giay St, Cau Giay Dist. Hanoi Tel: (043) 767 5229 - Fax: (043) 767 5231 43) Maritime Bank Trung Yen 144 Trung Hoa, Cau Giay Dist, Hanoi Tel: (043) 786 8178 - Fax: (043) 786 8176 44) Maritime Bank Quan Hoa B1-DN14 plot, Nguyen Khanh Toan, Quan Hoa Ward, Cau Giay Dist, Hanoi Tel: (043) 833 6969 - Fax: (043) 833 8989 45) Maritime Bank Hoang Quoc Viet 65 Hoang Quoc Viet, Nghia Do Ward, Cau Giay Dist, Hanoi Tel: (043) 791 6686 - Fax: (043) 791 6667 46) Maritime Bank Ho Tay 39T Yen Phu St, Yen Phu Ward, Tay Ho Dist, Hanoi Tel: (043) 715 2940 - Fax: (043) 715 2943 47) Maritime Bank Thang Long 688 Lac Long Quan, Nhat Tan Ward, Tay Ho Dist, Hanoi Tel: (043) 718 4466 - Fax: (043) 718 4445 48) Maritime Bank Ha Thanh 38 Xuan La St, 34 Group, 5 Complex, Tay Ho Dist, Hanoi Tel: (043) 938 7037/8 - Fax: (043) 938 7036 49) Maritime Bank Bac Linh Dam 9A, M3TT6 Bac Linh Dam, Linh Dam new town centre, Hoang Mai Dist, Hanoi Tel: (043) 540 0550 - Fax: (043) 540 0551 50) Maritime Bank Dinh Cong No3, Row A, No.5 Complex, Dinh new urban , Hoang Mai Dist, Hanoi Tel: (043) 640 4910 - Fax: (043) 640 4913 51) Maritime Bank Kim Dong 49 Kim Dong, Giap Bat Ward, Hoang Mai Dist, Hanoi Tel: (043) 668 6024 - Fax: (043) 668 6023 52) Maritime Bank Hoang Mai 68 Dieu Hoa lake St, Den Lu 2 Ward, Hoang Mai Dist, Hanoi Tel: (043) 621 0042 - Fax: (043) 621 0043 53) Maritime Bank Hoang Liet No.2, 1st Floor, N6A Building, Linh Dam Peninsula, Hoang Liet Ward, Hoang Mai Dist, Hanoi Tel: (043) 6417644/3 - Fax: (043) 6417645 54) Maritime Bank Long Bien 550 Nguyen Van Cu St, Long Bien Dist, Hanoi Tel: (043) 873 6173 - Fax: (043) 873 6171 55) Maritime Bank Chuong Duong 217 Nguyen Van Cu, Long Bien Dist, Hanoi Tel: (043) 873 6881 - Fax: (043) 873 6880 56) Maritime Bank Duc Giang 152 Ngo Gia Tu, Duc Giang Ward, Long Bien Dist, Hanoi Tel: (043) 6524 180 - Fax: (043) 6524 181 57) Maritime Bank Viet Hung No.106-108, K11 Viet Hung Urban , Long Bien Dist, Hanoi Tel: (043) 657 4415 - Fax: (043) 657 4414 58) Maritime Bank Yen Vien 227 Ha Huy Tap St, Yen Vien Town, Gia Lam Dist, Hanoi Tel: (043) 6983 372 - Fax: (043) 6983 371 59) Maritime Bank Bat Trang 128 Giang Cao St, Bat Trang Commune, Gia Lam Dist, Hanoi Tel: (043) 671 5176 - Fax: (043) 671 5171 60) Maritime Bank Gia Lam 12 Ngo Xuan Quang St, Trau Quy Town, Gia Lam Dist, Hanoi Tel: (043) 8760428 - Fax: (043) 8760438
98
ANNUaL REPOrT
ANNUaL REPOrT
99
BUSINESS NETWORK
74) Maritime Bank Huong Son 381 Cach Mang Thang Tam St, Thai Nguyen Tel: (0280) 3735 992 - Fax: (0280) 3735 994 75) Maritime Bank Bac Nam 675 Luong Ngoc Quyen St, Phan Dinh Phung Ward, Thai Nguyen Tel: (0280) 3853 662 - Fax: (0280) 3652 662 VINH PHUC 76) Maritime Bank Vinh Phuc 371 Me Linh St, Khai Quang Ward, Vinh Yen city, Vinh Phuc Tel: (02113) 710 899 - Fax: (02113) 710 999 77) Maritime Bank Vinh Yen 2 Ngo Quyen St, Ngo Quyen Ward, Vinh Yen city, Vinh Phuc Tel: (02113) 716655 - Fax: (02113) 716664 78) Maritime Bank Phuc Yen 23 Tran Hung Dao St, Phuc Yen Town, Vinh Phuc Tel: (02113) 511 966 - Fax: (02113) 511 955 79) Maritime Bank Tho Tang Bac Cuong , Tho Tang Town, Vinh Cuong Dist, Vinhphuc Tel: (02113) 779 922 - Fax: (02113) 779 911 PHU THO 80) Maritime Bank Phu Tho 2183 Hung Vuong Boulevard, Gia Cam Ward, Viet Tri city, Phu Tho Tel: (02103) 818 222 - Fax: (02103) 818 123 81) Maritime Bank Tien Cat 1347 Hung Vuong Boulevard, Tien Cat Ward, Viet Tri city, Phu Tho Tel: (02103) 993868 - Fax: (02103) 993989 82) Maritime Bank Lam Thao No.304 6, Hung Son Town, Lam Thao Dist, Phu Tho Tel: (02103) 786 456 - Fax: (02103) 738 389 BAC NINH 83) Maritime Bank Bac Ninh 274 276 Ngo Gia Tu St, Tien An Ward, Bac Ninh Tel: (0241) 389 3232 - Fax: (0241) 389 3434 84) Maritime Bank Tu Son 276 Tran Phu St, Dong Ngan Ward, Tu Son Town, Bac Ninh Tel: (0241) 374 3858 - Fax: (0241) 374 3858 85) Maritime Bank Que Vo Que Vo Post Office, Central Crossroad, Pho Moi town, Que Vo Dist, Bac Ninh Tel: (0241) 386 4636 - Fax: (0241) 386 4515 BAC GIANG 86) Maritime Bank Bac Giang Post office building, 151 Hung Vuong St, Hoang Van Thu Ward, Bac Giang City, Bac Giang Province Tel: (0240) 3898 666 - Fax: (0240) 3898 000
BUSINESS NETWORK
QUANG NINH 87) Maritime Bank Quang Ninh 168 Le Thanh Tong, Bach Dang Ward, Ha Long City, Quang Ninh Tel: (0333) 826 174 - Fax: (0333) 826 176 88) Maritime Bank Hong Hai City Complex Building, group 4, 10, Hong Hai Ward, Ha Long city, Quang Ninh Tel: (0333) 518 510 - Fax: (0333) 518 513 89) Maritime Bank Cao Xanh 393 Cao Xanh, Ha Long city, Quang Ninh Tel: (0333) 619 766 - Fax: (0333) 619 768 90) Maritime Bank Bai Chay Group 5, 9A , Bai Chay Ward, Ha Long city, Quang Ninh Tel: (0333) 640 401 - Fax: (0333) 640 405 91) Maritime Bank Gieng Day No.194, Group 1, 3B , Gieng Day Ward, Ha Long city, Quang Ninh Tel: (0333) 525 628 - Fax: (0333) 525 627 92) Maritime Bank Vuon Dao Hong Gai Hotel, Ha Long St, Bai Chay Ward, Ha Long city, Quang Ninh Tel: (0333) 515 626 - Fax: (0333) 515 627 93) Maritime Bank Cam Pha 158 Tran Phu St, Cam Tay Ward, Cam Pha Town, Quang Ninh Tel: (0333) 938 999 - Fax: (0333) 936 127 94) Maritime Bank Cua Ong 432 Ly Thuong Kiet St, Cua Ong Ward, Cam Pha town, Quang Ninh Tel: (0333) 950 599 - Fax: (0333) 950 566 95) Maritime Bank Van Don 7, Cai Rong Town, Van Don Dist, Quang Ninh Tel: (0333) 968600 - Fax: (0333) 968500 96) Maritime Bank Mong Cai 1st Floor, Mong Cai Plaza, 1 Tran Phu St, Tran Phu Ward, Mong Cai city, Quang Ninh Tel: (0333) 785686 - Fax: (0333)785 689 97) Maritime Bank Uong Bi 288 Quang Trung St, Quang Trung Ward, Uong Bi Town, Quang Ninh Tel: (0333) 566 188 - Fax: (0333) 566 187 HAI DUONG 98) Maritime Bank Hai Duong Hai Duong Post Office Building, 1 Ho Chi Minh Boulevard, Nguyen Trai Ward, Hai Duong city Tel: (0320) 3852 222 - Fax: (0320) 3834 567 99) Maritime Bank Chi Linh Chi Linh Post Office Building, 233 Nguyen Trai 2 St, Sao Do Town, Chi Linh Dist, Hai Duong Tel: (0320) 3586 588 - Fax: (0320) 3586 587
61) Maritime Bank Tu Liem N1H, No.1 Buiding, Housing for Sale project, My Dinh commune, Tu Liem (behind My Dinh bus station), Hanoi Tel: (04) 6287 3766 - Fax: (04) 6287 3764 62) Maritime Bank Cau Dien 253 Ho Tung Mau St, Cau Dien Town, Tu Liem Dist, Hanoi Tel: (043) 763 2432 - Fax: (043) 763 2430 63) Maritime Bank My Dinh No.1, B5 Building, My Dinh I Urban , Nguyen Co Thach St, Tu Liem Dist, Hanoi Tel: (04) 6287 2943 - Fax: (04) 6287 2946 64) Maritime Bank Song Da No.5, CT4, My Dinh Urban , Tu Liem Dist, Hanoi Tel: (043) 787 8253 - Fax: (043) 787 8254 65) Maritime Bank Trung Van 302 Nguyen Trai St, Trung Van Province, Tu Liem Dist, Hanoi Tel: (043) 5544 928 - Fax: (043) 5544 924 66) Maritime Bank Dong Anh Group 4 Post Office TT5, Dong Anh Town, Dong Anh Dist, Hanoi Tel: (043) 9656138 - Fax: (043) 9656141 67) Maritime Bank Noi Bai C104 C, 1st Floor, T1 Station, Noi Bai International Airport, Soc Son Dist, Hanoi Tel: (043) 8866850 - Fax: (043) 8866872 68) Maritime Bank Van Xuan Ha Dong Post Office, 4 Quang Trung St, Quang Trung Ward, Ha Dong Dist, Hanoi Tel: (043) 3554945 - Fax: (043) 3554944 69) Maritime Bank Xa La No.6, No.8 Villa , Xa La New Urban , Phuc La Ward, Ha Dong Dist, Hanoi Tel: (043) 3115899 - Fax: (043) 3115897 70) Maritime Bank Van Quan 60 Nguyen Khuyen St, Van Quan New Urban , Ha Dong Dist, Hanoi Tel: (043) 3541688 - Fax: (043) 3541533 71) Maritime Bank Van Khe Room 102, 1st & 2nd Floor CT2, Van khe Building, Ha Dong Dist, Hanoi Tel: (04) 63251724 / 63268333 - Fax: (04) 63251723 72) Maritime Bank Son Tay Thanh Son Super market, 99 Pham Ngu Lao St, Le Loi Ward, Son Tay Town, Hanoi Tel: (043) 3618456 /57/58 - Fax: (043) 3618455 THAI NGUYEN 73) Maritime Bank Thai Nguyen Newday Building, 182-184 Luong Ngoc Quyen St, Thai Nguyen City. Tel: (0280) 3652 688 - Fax: (0280) 3652 626
100) Maritime Bank Gia Loc Central Post Office, Gia Loc Town, Gia Loc Dist, Hai Duong Tel: (0320) 3514 999 - Fax: (0320) 3514 966 101) Maritime Bank Hai Tan 677 Le Thanh Nghi Boulevard, Hai Tan Ward, Hai Duong city, Hai Duong Tel: (0320) 3865 222 - Fax: (0320) 3865 678 102) Maritime Bank Ninh Giang 101 Tran Hung Dao St, Ninh Giang Town, Ninh Giang Dist, Hai Duong Tel: (0320) 3662 555 - Fax: (0320) 3662 468 HAI PHONG 103) Maritime Bank Hai Phong 9 Nguyen Tri Phuong St, Hong Bang Dist, Hai Phong Tel: (0313) 823 076 - Fax: (0313) 823 607 104) Maritime Bank Hong Bang 27C Dien Bien Phu St, Hong Bang Dist, Hai Phong Tel: (0313) 746 366 - Fax: (0313) 746 479 105) Maritime Bank Phan Boi Chau 60 Phan Boi Chau St, Hong Bang Dist, Hai Phong Tel: (0313) 822 509 - Fax: (0313) 696 997 106) Maritime Bank Quan Toan 541B Quan Toan, Quan Toan Ward, Hong Bang Dist, Hai Phong Tel: (0313) 282 855 - Fax: (0313) 282 889 107) Maritime Bank An Duong 234 Tran Nguyen Han St, Tran Nguyen Han Ward, Le Chan Dist, Hai Phong Tel: (0313) 789 866 - Fax: (0313) 789 816 108) Maritime Bank Le Chan 341 To Hieu, Ho Nam Ward, Le Chan Dist, Hai Phong Tel: (0313) 956 376 - Fax: (0313) 956 677 109) Maritime Bank An Bien 76 Hai Ba Trung St, An Bien Ward, Le Chan Dist, Hai Phong Tel: (0313) 631 866/631 886 - Fax: (0313) 631 826 110) Maritime Bank Ngo Quyen 282 Da Nang St, Van My Ward, Ngo Quyen Dist, Hai Phong Tel: (0313) 567 882 - Fax: (0313) 567 863 111) Maritime Bank Lach Tray 215 Lach Tray, Dang Giang Ward, Ngo Quyen Dist, Hai Phong Tel: (0313) 653 184 - Fax: (0313) 653 183 112) Maritime Bank Van Cao 194 Van Cao, Dang Giang Ward, Ngo Quyen Dist, Hai Phong Tel: (0313) 260 866/89 - Fax: (0313) 261 310 THAI BINH 113) Maritime Bank Thai Binh 17A Le Loi, Le Hong Phong Ward, Thai Binh Tel: (036) 3644 999 - Fax: (036) 3849 686
100
ANNUaL REPOrT
ANNUaL REPOrT
101
BUSINESS NETWORK
114) Maritime Bank Le Quy Don 233 Le Quy Don St, Bo Xuyen Ward, Thai Binh Tel: (036) 3836 666 - Fax: (036) 3832 989 115) Maritime Bank Nguyen Hue 07 Quang Trung St, Quang Trung Ward, Thai Binh Tel: (036) 3648 379 - Fax: (036) 3648 479 116) Maritime Bank Quynh Phu 1B , Quynh Coi Town, Quynh Phu Dist, Thai Binh Tel: (036) 3926 778 - Fax: (036) 3926 779 HA NAM 117) Maritime Bank Ha Nam 104 Tran Phu, Quang Trung Ward, Phu Ly City, Ha Nam Tel: (03513) 828 080 - Fax: (03513) 828 181 118) Maritime Bank Phu Ly 106 Nguyen Van Troi, Minh Khai Ward, Phu Ly city, Ha Nam Tel: (03513) 828 484 119) Maritime Bank Dong Van 176 Nguyen Huu Tien St, Dong Van Town, Duy Tien Dist, Ha Nam Tel: (03513) 583 616 NAM DINH 120) Maritime Bank Nam Dinh 272 Tran Hung Dao St, Ba Trieu Ward, Nam Dinh Tel: (03503) 832 333 - Fax: (03503) 832 969 121) Maritime Bank Nghia Hung 32K2, Lieu De Town, Nghia Hung Dist, Nam Dinh Tel: (03503) 713 816 - Fax: (03503) 716 818 122) Maritime Bank Hai Hau Street 1, Yen Dinh Town, Hai Hau Dist, Nam Dinh Tel: (03503) 775 776 - Fax: (03503) 775 776 123) Maritime Bank Vu Ban 66 Non Coi St, Goi Town, Vu Ban Dist, Nam Dinh Tel: (03503) 989 990 - Fax: (03503) 989 991 124) Maritime Bank Hoa Vuong 116 Giai Phong St, Hoa Vuong Urban Town, Cua Bac Ward, Nam Dinh Tel: (03503) 558558 - Fax: (03503) 558559 127) Maritime Bank Bim Son 17 Nguyen Hue St, Street 01, Ngoc Trao Ward, Bim Son Town, Thanh Hoa Tel: (0373) 779 888 - Fax: (0373) 779 789 128) Maritime Bank Nam Thanh 217 Quang Trung, Dong Ve Ward, Thanh Hoa Tel: (0373) 728 909 - Fax: (0373) 728 919 129) Maritime Bank Truong Thi 239 Truong Thi St, Dien Bien Ward, Thanh Hoa Tel: (0373) 719 757 - Fax: (0373) 719 756 NGHE AN 130) Maritime Bank Nghe An Nghe An post office, 2 Nguyen Thi Minh Khai St, Hung Binh Ward, Vinh City, Nghe An Tel: (038) 860 1111 - Fax: (038) 860 0567 131) Maritime Bank Ben Thuy 199 Le Duan, Trung Do Ward, Vinh City, Nghe An Tel: (038) 355 9898 - Fax: (038) 355 9798 132) Maritime Bank Thanh Vinh 10/14 Tecco Building, Quang Trung St, Vinh City, Nghe An Tel: (038) 860 9699 - Fax: (038) 860 8799 133) Maritime Bank Hung Binh 311-313 Nguyen Van Cu St, Vinh, Nghe An Tel: (038) 8699 111 - Fax: (038) 8699 199 HA TINH 134) Maritime Bank Ha Tinh Ha Tinh Post office Building, 6 Tran Phu St, Bac Ha Ward, Ha Tinh city, Ha Tinh Tel: (0393) 777858 - Fax: (0393) 777848 QUANG BINH 135) Maritime Bank Quang Binh 46 Ly Thuong Kiet St, Dong Phu Ward, Dong Hoi City, Quang Binh Tel: (0523) 855 789 - Fax: (0523) 816 668
BUSINESS NETWORK
151) Maritime Bank Khanh Hoa 76A Quang Trung St, Loc Tho Ward, Nha Trang Tel: (0583) 526161 - Fax: (0583) 525 155 152) Maritime Bank Vinh Phuoc 36KA, 2/4 St, Vinh Tho Ward, Nha Trang Tel: (0583) 545 555 / 6 - Fax: (0583) 545 557 153) Maritime Bank Cam Ranh 1 Hung Vuong Boulevard, Cam Loc Ward, Cam Ranh Tel: (0583) 955 068 / 79 - Fax: (0583) 955959
139) Maritime Bank Hoang Dieu 317 Hoang Dieu, Hai Chau Dist, Da Nang Tel: (05113) 584 995 - Fax: (05113) 584 994 140) Maritime Bank Hai Chau 128 Phan Chau Trinh St, Phuoc Ninh Ward, Hai Chau Dist, Da Nang Tel: (05113) 565 996 - Fax: (05113) 565 995 141) Maritime Bank Thanh Khe 354 Hung Vuong St, Vinh Trung Ward, Thanh Khe Dist, Da Nang Tel: (05113) 666 111 - Fax: (05113) 666 110 142) Maritime Bank Hoa Khanh 224 Dien Bien Phu, Thanh Khe Dist, Da Nang Tel: (05113) 736 556 - Fax: (05113) 736 889 QUANG NAM 143) Maritime Bank Quang Nam Post office Building, 1 Tran Phu St, Tam Ky city, Quang Nam Tel: (05103) 833344 / 833633 - Fax: (05103) 833399 BINH DINH 144) Maritime Bank Binh Dinh 2 Tran Thi Ky St, Quy Nhon city, Binh Dinh Tel: (0563) 523389/523058 - Fax: (0563) 523489
LAM DONG 154) Maritime Bank Lam Dong 104 Phan Dinh Phung St, Ward 2, Da Lat city, Lam Dong Tel: (0633) 582 888/999 - Fax: (0633) 582 666 HO CHI MINH 155) Maritime Bank Ho Chi Minh 180-192 Nguyen Cong Tru, Nguyen Thai Binh Ward, Dist 1, HCMC Tel: (083) 8222177 - 5214260 156) Maritime Bank Ben Nghe 26-28 Hai Ba Trung St, Ben Nghe Ward, Dist 1, HCMC Tel: (083) 8226836 / 5218757 - Fax: (08)3 822 5094 157) Maritime Bank Yoko 41 Nguyen Minh Khai St, Ben Nghe Ward, Ward 1, HCMC Tel: (083) 8238839 - Fax: (083) 8238840 158) Maritime Bank Ward 2 218 Tran Nao St, Binh An Ward, Ward 2, HCMC Tel: (083) 740 2477 - Fax: (083) 740 2478 159) Maritime Bank Thnh 169-171 August Revolution St, Ward 5, Dist 3, HCMC Tel: (083) 929 1770 (ext 104) / (083) 929 1773 - Fax: (083) 929 1767 160) Maritime Bank Ban Co 518 Nguyen Thi Minh Khai, Ward 2, Dist 3, HCMC Tel: (083) 938 2279 - Fax: (083) 938 2280 161) Maritime Bank Khanh Hoi 159 Khanh Hoi, Ward 3, Dist 4, HCMC Tel: (083) 941 4387 - (083) 940 7602 162) Maritime Bank Tran Hung Dao 536 Tran Hung Dao St, Ward 2, Dist 5, HCMC Tel: (083) 924 4073 - Fax: (083) 838 0515 163) Maritime Bank Tran Phu 345-347 Tran Phu, Ward 8, Dist 5, HCMC Tel: (083) 923 3325 - Fax: (083) 9239578 164) Maritime Bank Tan Thanh 397-399 Nguyen Chi Thanh St, Ward 15, Dist 5, HCMC Tel (083) 955 7976
DAK LAK 145) Maritime Bank Dak lak Post office Building, 1 No Trang Long St, Tan Tien Ward, Buon Me Thuot, Dak Lak Tel: (05003) 847 444 - Fax: (05003) 847 222 146) Maritime Bank Ngo Quyen 105 Ngo Quyen, Tan Loi Ward, Buon Me Thuot city, Dak Lak Tel: (05003) 678 679 - Fax: (05003) 657 789 147) Maritime Bank Buon Ho 156 Hung Vuong St, An Binh Ward, Buon Ho, Dak Lak Tel: (05003) 657 999 - Fax: (05003) 657 998 PHU YEN 148) Maritime Bank Phu Yen 206A Tran Hung Dao, 4 Ward, Tuy Hoa city, Phu Yen Tel: (0573) 896879 - Fax: (0573) 827567 KHANH HOA 149) Maritime Bank Vinh Nguyen 212 Da Tuong, Vinh Nguyen Ward, Nha Trang Tel: (0583) 889 363 / 9 - Fax: (0583) 889 361 150) Maritime Bank Nha Trang 51 Le Thanh Phuong, Phuong Sai Ward, Nha Trang Tel: (0583) 560 585 / 6 - Fax: (0583) 560 585
NINH BINH 125) Maritime Bank Ninh Binh 06 Le Dai Hanh, Thanh Binh Ward, Ninhbinh City Tel: (0303) 899 130 - Fax: (0303) 899 131 THANH HOA 126) Maritime Bank Thanh Hoa 02-03 plot, Phan Chu Trinh Building, Dien Bien Ward, Thanh Hoa Tel: (0373) 728 555 - Fax: (0373) 727 828
HUE 136) Maritime Bank Hue 14B Ly Thuong Kiet, Vinh Ninh Ward, Hue Tel: (0543) 981 111 - Fax: (0543) 938 109 DA NANG 137) Maritime Bank Da Nang 15 Le Duan, Hai Chau Dist, Da Nang Tel (05113) 825 019 - Fax: (05113) 825 014 138) Maritime Bank Cam Le 01N Nui Thanh St, Hai Chau Dist, Da Nang Tel: (05113) 553 995 - Fax: (05113) 553 997
102
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BUSINESS NETWORK
180) Maritime Bank Phan Xich Long 143-145 Phan Xich Long St, Ward 7, Phu Nhuan Dist, HCMC Tel: (083) 5176102 - Fax: (083) 5176104 181) Maritime Bank Hoang Van Thu 139C Hoang Van Thu St, Ward 8, Phu Nhuan Dist, HCMC Tel: (083) 9977933 - Fax: (083) 9977934 182) Maritime Bank Phan Dinh Phung 35-37 Phan Dinh Phung St, Ward 17, Phu Nhuan Dist, HCMC Tel: (083) 9956031 183) Maritime Bank Nguyen Van Troi 135 Nguyen Van Troi, Ward 12, Phu Nhuan Dist, HCMC Tel: (083) 9979568 - Fax: (083) 9977467 184) Maritime Bank Go Vap 267 Quang Trung, Ward 10, Go Vap Dist, HCMC Tel: (083) 989 7944 - Fax: (083) 989 7949 185) Maritime Bank Cong Hoa 423 Cong Hoa St, Ward 15, Tan Binh Dist, HCMC Tel: (085) 434 1676 - Fax: (085) 434 1672 186) Maritime Bank Lac Long Quan 1230 Lac Long Quan St, Ward 8, Tan Binh Dist, HCMC Tel: (083) 971 8125 - Fax: (083) 971 8122 187) Maritime Bank Bau Cat 207-209 Bau Cat, Ward 12, Tan Binh Dist, HCMC Tel: (083) 949 0181 - Fax: (083) 949 0994 188) Maritime Bank Pho Quang A , Waseco Building, 10 Pho Quang St, Ward 2, Tan Binh Dist, HCMC Tel: (083) 997 9506/08 - Fax: (083) 997 9511 189) Maritime Bank Truong Son 101 Tran Quoc Hoan St, Ward 4, Tan Binh Dist, HCMC Tel: (083) 9487012 - Fax: (083) 9487013 190) Maritime Bank Lu Gia 328 Ly Thuong Kiet, Ward 6, Tan Binh Dist, HCMC Tel: (083) 864 5339 / 864 5340 - Fax: (083) 864 5337 191) Maritime Bank Le Thi Rieng 699 August Revolution St, Ward 6, Tan Binh Dist, HCMC Tel: (083) 977 0257 / 970.8046 192) Maritime Bank Binh Tan 301 Vanh Dai Trong St, Binh Tri Dong B Ward, Binh Tan Dist, HCMC Tel: (083) 8172876 - Fax: (083) 8172879 193) Maritime Bank Le Trong Tan 79 Le Trong Tan, Son Ky Ward, Tan Phu Dist, HCMC Tel: (083) 816 0491 - Fax: (083) 816 0493 194) Maritime Bank Tan Phu 710 Luy Ban Bich Dist, Tan Thanh Ward, Tan Phu Dist, HCMC Tel: (083) 813 0282 - Fax: (083) 813 0283
BUSINESS NETWORK
165) Maritime Bank Dist 5 238 Hai Thuong Lan Ong St, Dist 5, HCMC Tel: (083) 859 0178 - Fax: (083) 859 0177 166) Maritime Bank Dist 6 51-53 Nguyen Thi Nho St, Ward 2, Dist 6, HCMC Tel: (083) 956 0678 - Fax: (083) 955 9655 167) Maritime Bank Dist 7 561A Nguyen Thi Thap St, Tan Phong Ward, Dist 7, HCMC Tel: (083) 775 3079 / 775 3091 - Fax: (083) 775 3097 168) Maritime Bank My Toan 1st & 2nd floor, D204 - D205, Plot R19-1, My Toan 3 Street , Tan Phong Ward, Dist 7, HCMC Tel: (08) 54105955 - Fax: (08) 54105958 169) Maritime Bank Tan Thuan 412 Huynh Tan Phat St, Binh Thuan Ward, Dist 7, HCMC Tel: (083) 773 4922 - Fax: (083) 773 4921 170) Maritime Bank Dist 9 94 Le Van Viet, Hiep Phu Ward, Dist 9, HCMC Tel: (083) 730 6617 - Fax: (083) 730 6618 171) Maritime Bank Nguyen Tri Phuong 345 Nguyen Tri Phuong, Ward 5, Dist 10, HCMC Tel: (083) 957 4553 - Fax: (083) 957 4552 172) Maritime Bank Tan Binh 407 To Hien Thanh, Ward 13, Dist 10, HCMC Tel: (083) 868 8028 - Fax: (083) 868 8029 173) Maritime Bank Si Gn 575 Su Van Hanh St, Ward 13, Dist 10, HCMC. Tel: (083) 927 3022 - Fax: (083) 834 5696 174) Maritime Bank Le Dai Hanh 457C Le Dai Hanh, Ward 11, Dist 11, HCMC Tel: (083) 9625934/6 - Fax: (083) 9625932 175) Maritime Bank Minh Phung 295 297 Minh Phung, Ward 2, Dist 11, HCMC Tel: (083) 969 9631/4 - Fax: (083) 969 9633 176) Maritime Bank An Suong 207-209 Truong Chinh St, Tan Thoi Nhat Ward, Dist 12, HCMC Tel: (083) 7040 084 - Fax: (083) 7040 083 177) Maritime Bank Thi Nghe 141 Xo Viet Nghe Tinh St, Ward 17, Binh Thanh Dist, HCMC Tel: (083) 5144 803 - Fax: (083) 5144 798 178) Maritime Bank Binh Thanh 27 D2 St, Ward 25, Binh Thanh Dist, HCMC Tel: (083) 512 1090 / 512 1092 - Fax: (083) 512 1089 179) Maritime Bank Phu Nhuan 49A Phan Dang Luu, Ward 7, Phu Nhuan Dist, HCMC Tel: (08)3 551 1617 / 18 - Fax: (083) 551 3619
DONG NAI 195) Maritime Bank Dong Nai 3/12-3/12A Dong Khoi St, Tam Hiep Ward, Bien Hoa city, Dong Nai Tel: (061) 3857 588 / 088 - Fax: (061) 3895 858 196) Maritime Bank Tan Mai 100/497 Pham Van Thuan St, Tan Mai Ward, Bien Hoa City, Dong Nai Tel: (061) 8822 545 - Fax: (061) 8822 546 197) Maritime Bank Tan Bien 97/7 Town 5A, Tan Bien Ward, Bien Hoa City, Dong Nai Tel: (0613) 886 919/929 - Fax: (0613) 886 939
BA RIA VUNG TAU 205) Maritime Bank Vung Tau 55-57 Nam Ky Khoi Nghia St, Vung Tau Tel: (0643) 859 905 - Fax: (0643) 859 903 206) Maritime Bank Dong Xuyen 572 30/4 St, Rach Dua Ward, Vung Tau Tel: (0643) 615 464 - Fax: (0643) 615 474 207) Maritime Bank Ba Cu 304 Le Hong Phong St, Ward 4, Vung Tau Tel: (0643) 527 768 - Fax: (0643) 527 769 208) Maritime Bank Trung Trac 04 Trung Trac, Ward 1, Vung Tau Tel: (0643) 513 131 - Fax: (0643) 513 130 209) Maritime Bank Ba Ria 28-30 Nguyen Huu Tho, Phuoc Trung Ward, Ba Ria Tel: (0643) 717 468 - Fax: (0643) 717 464 210) Maritime Bank Phu My Plot 20-21A, Highway 51 (Chinfon port), Phu My town, Tan Thanh Dist Tel: (0643) 890 448 - Fax: (0643) 890 338 CAN THO 211) Maritime Bank Can Tho 40 Phan Dinh Phung St, Ninh Kieu Dist, Can Tho Tel: (07103) 824 792 - Fax: (07103) 820 279 212) Maritime Bank Hung Loi 188A, 3/2 St, Hung Loi Ward, Ninh Kieu Dist, Can Tho Tel: (07103) 782 783 - Fax: (07103) 782 796 213) Maritime Bank An Thoi 304 Cach Mang Thang 8 St., An Thoi Ward, Binh Thuy Dist, Can Tho Tel: (07103) 880 509 - Fax: (07103) 880 507 214) Maritime Bank Thot Not Plot C6, Residential , Commercial Center, Thot Not Ward, Thot Not Dist, Can Tho Tel: (07103) 612 769 - Fax: (07103) 612 767
BINH THUAN 198) Maritime Bank Binh Thuan 154 Tran Hung Dao St, Phu Thuy Ward, Phan Thiet City, Binh Thuan Tel: (0623) 834393 / 94- Fax: (0623) 833394 TAY NINH 199) Maritime Bank Tay Ninh 403 August Revolution St, Ward 3, Tay Ninh Town, Tay Ninh Tel: (0663) 822 666 BINH DUONG 200) Maritime Bank Binh Duong 1st &2nd floor, New Horizon Building, 230 Binh Duong Boulevard, Phu Hoa Ward, Thu Dau Mot Town, Binh Duong Tel (0650) 2220270 - Fax: (0650) 2220276 201) Maritime Bank Phu Cuong 27 Yersin St, Phu Hoa Ward, Thu Dau Mot Town, Binh Duong Tel: (0650) 385 5372 - Fax: (0650) 385 5373 202) Maritime Bank My Phuoc No. 18-19, L67 Plot, Residential 3A, Thoi Hoa Commune, Ben Cat Dist, Binh Duong Tel: (06503) 510 218/19 - Fax: (06503) 510 220 LONG AN 203) Maritime Bank Long An Long An Post Office Building, 55 Truong Dinh St, Ward 1, Tan An City, Long An Tel: (0723) 839049 - Fax: (0723) 839019
KIEN GIANG 215) Maritime Bank Kien Giang 25 Dien Bien Phu St, Vinh Quang Ward, Rach Gia City, Kien Giang Tel: (0773) 913 555 - Fax: (0773) 913 777
TIEN GIANG 204) Maritime Bank Tien Giang 71A Nam Ky Khoi Nghia St, Ward 4, My Tho city, Tien Giang Tel: (0733) 959888 - Fax: (0733) 959889
104
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PROFeSSIONAL CUSTOMeR SeRVICe OUTSTANDING ONLINe BANKING DIFFeReNTIATION-BASeD COMPeTITIVe ADVANTAGe OPTIMAL PReFeReNTIAL TReATMeNT ReLeNTLeSS INNOVATION
1991 - 2013
Nurture value, reap trust and love!
Vietnam Maritime Commercial Joint Stock Bank

Maritime Bank Tower, 88 Lang Ha Street, DongDa Dist., Hanoi Tel: (84-4) 3771 8989 Fax: (84-4) 3771 8899 Call Center: (04) 39 44 55 66 Email: msb@msb.com.vn Website: www.msb.com.vn
Creating sustainable value!

MaritimeBank Eng

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2012

REPORTS OF BOARD OF DIREcTORS AND EXEcUTIVE COmmITTEE

HUmAN RESOURcE ORGANIZATIONAL STRUcTURE AND MANAGEmENT

AWARDS OUTSTANDING EVENTS FINANCIAL STATEMENT AND INTERPRETATIONS BUSINESS NETWORK

MESSAGE FROm THE CHAIRmAN OF THE BOARD OF DIREcTORS

TRAN ANH TUAN

MESSAGE FROm THE CHIEF EXEcUTIVE OFFIcER

ESTaBLISHMENT aND DEVELOPMENT HISTOrY

ESTaBLISHMENT aND DEVELOPMENT HISTOrY

ESTAbLISHmENT AND DEVELOPmENT HISTORY

2012 2010 2005 1991

OF BOARD OF DIREcTORS REPORTS AND EXEcUTIVE COmmITTEE

SUmmARY ON bUSINESS PERFORmANcE IN 2012

Growth of deposits from retail customers

Number of retail customers

30,000 25,000 20,000 15,000 10,000 5,000 0

24,281 21,025 19,874

9,882 7,546 7,554

Securities investment and equity investment

Unit: VND billion

Unit: VND billion

Movement of lending exposure to SME customers over years

Credit growth in LC customer segment over years

MFlex and MFloat - Prominent Derivative Products

Gold Trading Product

Platinum Credit Card

Network and distribution channel development

Platinum VIP Product Package

Ti sn m bo a dng, ph hp vi c th kinh doanh

Call center: (04)39.44.55.66/1800.599.999 Website: www.msb.com.vn

Increased preferential services for customers: M-smart Discount Community

Direct Sales Force

Graph on Voice of Customers (VOC) in 2011-2012

100% 95% 90% 85% 80% 75% 70% 1 2 3 4 2012 5 6 7 8 Plan 9 10 11 12

Graph on Service Quality Survey Results in 2012

Risk Governance structure

BOARD HIGHER RISk COmmITTEE

BOARD RISk COmmITTEE

BOARD CREDIT& INVESTmENT COmmITTEE

EXCO LEVEL COMMITTEES

MANAGEmENT HIGHER RISk COmmITTEE

MANAGEmENT OPERATIONAL RISk COmmITTEE

MANAGEmENT CREDIT & INVESTmENT COmmITTEE

CREDIT RISk POLIcY & GOVERNANcE CENTER

RETAIL CREDIT CENTER

COUNTERPART RISk MANAGEmENT DEPT

RISk DEbT SETTLEmENT DEPT

RISk ANALYTIcS TOOLS AND MODELS DEPT

MARkET AND LIQUIDITY RISk MANAGEmENT DEPT

OPERATIONAL RISk MANAGEmENT DEPT

PR and Brand Development

Sep 9th, 2012 Oct, 2012 Nov, 2012

FIVE PRIORITIES IN 2013

BUSINESS PLAN IN 2013 AND THE PERIOD OF 2013 - 2015

KEY INITIATIVES IN 2013

HUMaN RESOUrCE MaNaGEMENT

HUMaN RESOUrCE MaNaGEMENT

HUmAN RESOURcE ORGANIZATIONAL STRUcTURE AND MANAGEmENT

HUMaN RESOUrCE MaNaGEMENT

HUMaN RESOUrCE MaNaGEMENT

CHIEF EXEcUTIVE OFFIcER

MARITImE BANk OFFIcE

MANAGEmENT HIGHER RISk COmmITTEE