MONTHLY REPORT Nov, 2009
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MONTHLY REPORT Nov, 2009 Accounting, Finance and Investment. Presenter: Neva Lin Investment Dept. 27th Nov 2009. Outline. A ctivities and Achievements for this month and Plans for next month. II. Financial report of Oct. III. Economic indicators update and investment outlook.

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Monthly report nov 2009 accounting finance and investment

MONTHLY REPORT Nov, 2009

Accounting, Finance and Investment

Presenter: Neva Lin

Investment Dept.

27th Nov 2009


Outline

Outline

  • Activities and Achievements for this month and Plans for next month

II. Financial report of Oct

III. Economic indicators update and investment outlook


This month activities and achievements

This month activities and Achievements

Accounting

  • The final version of the 2010 budget has been released out to parent company for approval.

  • Reviewed the YTD budget performance of all departments; put on the alert to the department whose expenses were over and reminded to seek additional expenses approval by BOD.

  • Reviewed all balance sheet accounts to ensure the outstanding balances are reasonable.

  • Worked with IT on the Budget system – phase 2.


Next month plan

Next month plan

Accounting

  • Perform the year-end closing for the 2009 reporting.

  • Preparing for the year-end audit from Erns & Young.

  • Working on the profit center project. Following that, a geographic area or a branch office which is treated as a distinct entity enabling revenues and expenses to be determined so that profitability can be measured. Hence, management can evaluate easily whether the profit unit is meeting its own direct expenses and how much it is contributing to the company overhead.


This month activities and achievements1

This month activitiesand Achievements

Finance

  • Monthly tax reports : VAT, PIT, Withholding tax, invoices using,

  • Cooperate with IT to enhance Finance System – Auto Cash and Receive voucher printing

  • Accounting and Finance Legal Compliance procedure


Next month plan1

Next month plan

Finance

  • Contact with tax Dept to get Certificate of tax withhold due to PIT Finalization year 2009

  • Open Visa Debit card for using BM fund and regional fund

  • Work with Sacombank about Auto pay premium fee


This month activities and achievements2

This month activities and Achievements

Investment

  • Consolidated all application documents for fund management company and filed to SSC.

  • VND time deposit re-investment to match cash flow needs in the future.

  • Prepare documents for Auditing Department to general auditing.


Next month plan2

Next month plan

Investment

  • Keep following the progress of fund management company. After receiving approval from SSC, operational check preparation will be started soon.

  • Following up international and domestic bond market, including economic indicators and bond trading activities.


Monthly report nov 2009 accounting finance and investment

2009 OctActualFinancial Income

Trend of revenue and expense from Jan to Oct 09

YTD

( mil VND)


Monthly report nov 2009 accounting finance and investment

Budget

Budget

Actual

Actual

From Jan to Oct 2009 Financial income

Expense performance

( mil VND)

Sale expense

Administration expense


I local news stimulus package update

YTD chg

MoM chg

I. Local News : stimulus package update

Credit Growth and Fund Mobilization

  • Since running the 4% interest subsidy in Feb09, the MoM credit growth has increased significantly. The YTD change is 33%which is above 30% official target for the year.

  • Banks are required to focus on lending to manufacturing and agricultural sectors.


I local news second stimulus package

I. Local News : Second stimulus package

  • Loan subsidy program

    • Medium-longterm loans for investment will be extended until the end of 2010

    • Short term loan will be applicable for export-oriented labor intensive corporate until 1Q2010

    • The loan subsidy program will be reduced from 4% to 2%

  • Corporate will also be allowed to defer tax payments for 1Q10

=> Government has approved in the monthly cabinet meeting but is waiting for appoval of National Assembly


Ii economic indicators

II. Economic indicators

Higher pressure on CPI

With international food and oil commodity prices rising and domestic demand picking up, the inflation pressure is getting higher.

YoY inflation rate seems modest increase, but QoQ suggests CPI heading in one direction in the next few months.

Oil price

YoY & QoQ CPI


Ii economic indicators1

II. Economic indicators

Trade Balance – Neutral to Negative

Trade deficit has widen to -22.7% of GDP in Oct 2009.

Policy-driven macro rebound is leading to pressure of trade deficit. A V-shape rebound in imports led by stimulus measures. Exports remained weak as global demand struggled.

Trade Balance Trend

YOY % Change of Export & Import


Economic indicators

Economic indicators

Widening trading band to 5%

Increase 5% official rate

  • Exchange rate:

  • FX is still over- demanded. FX quoted by Commercial banks remains at the ceiling rate ofSBVcommonly at 17,870-17,877.

  • Black marketquotation was 19,550-19,750, still in the depreciation trend for

VND.

  • This Wednesday SBV made a one time increase 5% of official rate to 17,961, narrow the trading band dollar against the dong to 3% from the current 5%.

=> Still show signs of weakness of VND and lack of USD with the approach of year end


Ii investment outlook

II. Investment Outlook

  • Money market: Deposit rate of VNDhand USD → /↑

  • Deposit rate for VNDgenerally increased recently because of huge capital needs by banks to support loan subsidy policy. This trend can not be easily reversed  Short term VND TD is preferred

  • USD: USD Deposit rate was slightly up because of insufficient USD in banking system especially when year end coming.

  • The average mobilizing rate is quoted as follows (source: SBV):


Ii investment outlook1

Interest rate of government bonds is set to rise in 4Q of 2009 due to following reasons:

Heavy issuance (shortage of tax revenue). Sizeable portion of government bonds are due to mature next year

Depreciation of VND and expectation of rising CPI force government to increase benchmark base rate (8% now)

=> Favorable direction for interest re-invest in the future.

II. Investment Outlook

Government Bond Maturity Profile

Govt Bonds Yield Trend


Thanks for your attention

Thanks for your attention

~~ The End ~~


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