Vietnam Bank for Industry and Trade by zme54159

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Vietnam Bank for Industry and Trade

             BÁO CÁO THƯỜNG NIÊN

             A N N U A L   R E P O R T
          Corporate Profile                                            04

          Financial Highlights 2003 – 2007                             05

          Message from Chairman of The Board of Directors              06

          VietinBank Performance in 2007                               08

                  Fund Mobilization

                  Loans to the Economy


                  Joint-ventures and Capital Contribution Activities


                  Banking Service Development

                  International Banking Activities

          Social Activities                                            23

          VietinBank and Equitization Process                          24

          Business Plan for 2008                                       25

          VietinBank Brand Identity                                    26

          Financial Statements                                         28

                  Independent Auditors’ Report

                  Consolidated Balance Sheet

                  Consolidated Income Statement

                  Consolidated Statement of Cash Flows

                  Interpretation on Financial Reports

          Organization Chart                                           38

          VietinBank Nationwide Network                                44
Improving the Values of Life
Annual Report

                VietinBank’s Head Office

                Corporate Profile

                Vietnam Bank for Industry and Trade – VietinBank
                (formerly Industrial and Commercial Bank of
                Vietnam – Incombank) was established in 1988,
                on its separation from the State Bank of Vietnam.
                VietinBank is one of the four largest commercial
                banks in Vietnam and is ranked as one of the 23
                special state-owned corporations.
VietinBank’s extensive network includes 3 Main            foreign exchange, securities trading, insurance and

                                                                                                                      Annual Report
Transaction Centers (in Hanoi and Ho Chi Minh City),      financial leasing and etc.
138 branches, 185 transaction offices, 428 savings
                                                          VietinBank is the full member of:
bureaus, 750 ATMs, a Human Resource Development
and Training Center (in Hanoi) and an Information         •        The Asian Bankers Association (ABA)
Technology Center (in Hanoi).                             •        The ASEAN Bankers Association
VietinBank subsidiaries are VietinBank Leasing            •        Vietnam Bankers Association (VNBA)
Company, VietinBank Securities Limited Company,
VietinBank Asia Insurance Company and VietinBank          •        Society for Worldwide Inter-bank Financial
Real Estate and Financial Investment Company.                      Telecommunication (SWIFT)

VietinBank is a co-founder and major shareholder          •        Visa/ Master Services Association
of Indovina Bank and Vietnam National Financial           •        Vietnam Chamber of Commerce and Industry
Switching JSC (Banknet).                                           (VCCI)
VietinBank     manages      correspondent    banking      •        APEC Financial Institutions dealing with Small
relationships with over 850 banks worldwide and thus               and Medium-Sized Enterprises
can send authenticated SWIFT messages to more
                                                          •        Vietnam Association of Small and Medium
than 19,000 banks and their branches globally.
VietinBank provides a wide range of banking and
financial products and services including deposits
and savings, local and international payments, loans,
guarantees and counter-guarantees, trade finance,
remittances, issuance and payment services for
domestic and international cards, travelers’ checques,

Financial Highlights 2003 – 2007
(as of 31 December)

                                                                                                     in million VND
                                              2003              2004          2005            2006           2007
Total assets                             94,979,062      98,601,171     115,765,970   135,442,520      166,112,971
Total loans and investments              83,539,096      90,186,620     103,405,483   125,088,497      153,860,348
 Total loans                             61,751,878      69,238,983      74,632,271    80,152,334      102,190,640
Total mobilized funds                    89,680,881      92,530,427     108,605,615   126,625,018      151,459,336
  Deposits from customers                70,079,035      72,258,562      84,387,013    99,684,234      116,364,837
Total equity                              3,921,638       4,593,153       4,999,839     5,637,625       10,646,529
After-tax profit                            233,666           276,521      423,093        602,800        1,149,442
Return on Average Assets (ROAA)              0.26%             0.29%         0.39%         0.48%            0.76%
Return on Average Equity (ROAE)              6.81%             6.50%         8.82%        11.33%           14.12%
Capital Adequacy Ratio (CAR)                 6.08%             6.30%         6.07%         5.18%           11.62%
Annual Report

                Message from
                Chairman of
                The Board of Directors

                                                                                                                           Annual Report
One year after WTO entry, Vietnam’s economy                  With the strategy of becoming a leading bank in
recorded substantial gains in most sectors in 2007, with     the region, VietinBank must transform itself into an
GDP growth of 8.48% - the highest growth rate over           efficient universal bank and offer a full products suite to
the past 10 years. The confidence and expectations           corporate, commercial and retail customers, supported
of both local and foreign investors in Vietnam’s             by the latest technology. This will require substantial
economy increased, as shown by the strong growth in          and ongoing investments in human resources (training
investment capital, while FDI of USD 20.3 billion was        programs, including developing management/
double the amount received in 2006; industrial output        leadership skills). However, this can only be achieved
rose by 17.1%; export turnover rose by 22% reaching          with sound financials and sustainable growth, sound
USD 48.4 billion; official foreign currency reserves         principles to which VietinBank’s Management is
increased significantly. A large number of major and         firmly committed. In 2008, VietinBank’s management
high-tech projects were signed, creating opportunities       approved a business plan with the following targets:
for Vietnam to accelerate national industrialization         total capital to increase by 20%, total loans and
and modernization. However, in addition to the above         investments to increase by 25%, NPLs below 2%, loan
solid achievements, in 2007 Vietnam’s economy had            loss provision of VND 1,500 billion and fee income of
to deal with a high inflation rate of 12.3%, a large trade   VND 700 billion.
deficit and an unstable real estate market.
                                                             The year 2008 will witness many important events
The Banking industry was considered to have had              among which the most significant will be the 20th
a successful year in 2007, contributing strongly             anniversary of Vietnam Bank for Industry and Trade’s
to GDP growth. With total loans and investments              establishment, the official introduction of new brand
to the economy increasing by 38% compared to                 identity “VietinBank” and the new logo. The new brand
2006, commercial banks continued to maintain their           name has already been registered and protected at
impressive business performance.                             Vietnam’s National Office of Intellectual Property and
                                                             will then be registered in 40 countries in the world.
In 2007, under the strict anti-inflation monetary policy     Furthermore, VietinBank will launch its IPO in the local
imposed by the State Bank of Vietnam and in the              market, list on the stock exchanges and offer shares
context of fierce competition in the banking sector,         to strategic foreign investors. VietinBank will make all
Vietnam Bank for Industry and Trade (VietinBank)             the necessary preparations to become “VietinBank
continued its sustainable development momentum               Financial Group” and actively promote its regional and
thanks to the direction given by the Board of                international integration.
Directors, and the ongoing efforts of the Board of
Management and all employees. Total assets went              On this occasion, on behalf of the Board of Directors,
up 24%, total capital increased by 19%, asset quality        Board of Management and VietinBank staffs, we
improved demonstrably, with year end NPLs of 1.02%           would like to express our sincere thanks for the
(compared to 1.38% at the beginning of the year).            valued guidance and support of the Government,
The branch network was strengthened and the focus            the State Bank of Vietnam and other relative bodies
was in investments in modern banking technology.             and authorities and to our distinguished customers,
Furthermore, banking operations and banking                  domestic and foreign partners who greatly contributed
services recorded good growth rates; risk provision          to the success of VietinBank in the year 2007. We
increased by 47% and total income increased by               hope that VietinBank will continue to receive your kind
85%. VietinBank’s good performance contributed               assistance and cooperation.
positively to the socio-economic development and
industrialization of the country.

                                                                                                Dr. Pham Huy Hung
                                                                                              The Board of Directors
Annual Report

                Performance in 2007

Annual Report

                FUND MOBILIZATION
Annual Report

                Thanks to the large network countrywide, diversified
                deposit products with multi benefits for depositors, the
                total mobilized funds increased year by year.

                In 2007, deposit interest rate increased to a very high
                level due to competition by a many newly-established
                joint-stock commercial banks anxious to gain market
                share and meet liquidity needs. This situation had an
                overall negative effect on banking business. VietinBank
                has implemented many measures to maintain the
                stability of its deposit base and to increase mobilized
                funds, including actively adjusting interest rates and
                tenors, enhancing marketing activities, expanding
                funding channels, launching flexible funding products
                and improving customer service.

                                                                                          VND 151,459 billion
                                                                                          total mobilized funds

                As of 31st December 2007, total mobilized funds were
                VND 151,459 billion, an increase of VND 24,835
                billion, or 19.6% up on 2006 and accounted for a

                              Funding Mix

                                     Borrowings & Other liabilities

                                     Capital & Reserves


                               3.9       4.6
                                                                           VND Trillion

                               19.6      20.3     24.2     26.9    35.1













                                                                                          The Governor of the State Bank of Vietnam at VietinBank’s 20th Anniversary

                                                              Annual Report
10.5% market share of the whole banking system.
Deposits in local currency were VND 127,947 billion,
an increase of VND 26,067 billion, or 25.5% up on
2006 and accounted for 84.5% total mobilized funds.
Deposits in foreign currency were VND 23,512 billion
equivalent, a decrease of VND 1,233 billion, or 5%.

Deposits from economic entities reached VND 55,083
billion, accounting for 36.4% of total mobilized funds
and increased by 35.5% as compared to 2006, in
which deposits from enterprises were VND 28,836
billion, accounting for 52.3% of total deposits from
economic entities, 38.5% up on 2006. Deposits from
businesses and enterprises increased due to the fact
that state-owned enterprises gained a comparatively
large surplus capital from equitization, which were not
yet invested in business but deposited temporarily in
banks. Deposits from state-owned enterprises were
VND 43,802 billion, an increase of VND 8,883 billion
(25.4%) as compared to 2006; deposits from private
enterprises reached VND 8,486 billion, an increase
of VND 4,081 billion (93%) compared to last year;
deposits of foreign-invested enterprises were VND
2,795 billion, up by VND 1,476 billion compared to
2006. Term deposits from enterprises accounted for
about 30%-35% over total mobilized funds.

Deposits from residents reached VND 55,060 billion,
accounting for 36.4% of total mobilized funds,
increasing by 4.3% compared to 2006. Stable, long
term savings reached VND 51,388 billion, accounted
for 33.9% of total mobilized funds and increased by
15.2% compared to last year. Debt issuance at VND
3,672 billion, accounted for 2.4% of total mobilized
funds, was down 55% compared to 2006.

                                             in VND billion
                                          2007       2006
 Deposits from customers                116,365    99,683
 (i) Deposits from economic entities:   55,083     40,643
        Local currency                  41,368     36,544
 (ii) Deposits from residents           55,060     52,773
        Savings                         51,388     44,595
        Local currency                  39,515     32,172
         Debt issuance                    3,672     8,178

         Local currency                     85      4,715
 (iii) Deposits from others               6,222     6,267

                Through better liability management, tenor structures
Annual Report

                were changed, with the holding of lower cost funds
                increasing. Demand deposits increased by 20.5%
                compared to 2006, time deposits increased by 13.6%,
                however, medium and long-term mobilized capital
                (more than 1 year), which accounted for 25.5% of
                total mobilized funds, decreased by 0.7% compared
                to 2006. In 2007, VietinBank was successful in
                offering two issuances of long-term certificate of
                deposits and notes.

                                                                in VND billion
                                                              2007      2006
                Demand deposits                             29,354    24,342
                        Local currency                      26,095    22,000
                Time deposits (including debt issuance)     83,300    73,338
                        Local currency                      65,758    56,282

                With a reasonable growth rate and capital structure,
                the diversified mobilization products of VietinBank
                proved to be suitable to depositors’ needs and meet
                the increasing demands of the market.

                LOANS TO THE ECONOMY
                Loans to the economy as at 31st December 2007
                were VND 102.19 billion, rose by VND 22,039 billion,
                representing an increase of 27.5% compared to 2006.
                To-date, VietinBank’s market share accounted for
                10.5% of the banking industry. Loans in VND made
                up 82.5% or VND 84,308 billion of total loans, and
                increased by 26%. Loans in foreign currencies were
                the equivalent of VND 17,883 billion, increased by
                VND 4,658 billion or 35.2%. Medium and long-term
                loans accounted for 38.9% of total loans.

                                                                in VND billion
                                                            2007       2006
                Short-term loans                           60,529     47,329
                        In VND                             51,466     40,857
                Medium-long term loans                     39,707     31,388
                        In VND                             30,998     24,776
                Financial Leasing (VND)                      613         625
                Loans to international credit program        938         714
                Other loans                                  404          96
                                                          102,191     80,152
                                                                                 VietinBank’s Corporate Customer - Vietnam Petroleum Group

Loans to corporates accounted for 37.9%, loans to

                                                             Annual Report
SMEs accounted for 41.8% and loans to individuals
and households accounted for 20.3%.

VietinBank offered syndicated loans, with 10%
of total loans to 84 key projects of importance to
national economy. In 2007, VietinBank acted as
the arranger for two hydroelectricity projects: Song
Tranh 2 project and Da Dang project with the amount
of VND 1,860 billion (of which VND 850 billion was
lent by VietinBank). VietinBank also signed the loan
agreement committing the bank to lend VND 5,000
billion to Son La hydroelectricity project.

VietinBank focused on financing major projects in the
fields of oil and gas, coal, real estate, steel and mining
to diversify the medium and long term loan portfolio.

Being a state-owned bank that traditionally served
large corporations and groups, VietinBank has
signed cooperation agreements with eight partners
including Vietnam Cement Industry Corporation, Binh
Minh Import-Export Production and Trade Company,
Vietnam Coal and Mineral Corporation, Vietnam Posts
and Telecommunication Group, Vietnam Petroleum
Group, Vietnam Steel Corporation, Vietnam Northern
Food Corporation, Vietnam Petrolimex Corporation.

In 2007, VietinBank paid special attention to expanding
its market share of retail and SME banking. Three new
credit programs to small and medium enterprises were
implemented, which are JIBIC – Phase 2, loans and
guarantees to effective energy savings projects, and
micro loans entrusted by the U.S. Save the Children.
Total loans to SMEs from foreign organizations
amounted to VND 1,000 billion. These types of loans
not only provide financing but also non-financial
services including training, consistency in project
preparation, providing information, and audit services.
These are good bases to attract more customers as
well as create strong linkages for good customers with

Regarding individual customers, in 2007 VietinBank
developed a wide range of products such as advances
against proceeds from the sale of securities on
official stock exchanges, house loans and car loans.
VietinBank also signed agent contract with American
International Assurance (AIA) to provide a credit-
insurance combined product.

                Credit quality has been improved and restructured
Annual Report

                to maintain effective and secure CAR (Capital
                Adequacy Ratio):

                           -          Ratio of Non-performing loans (group
                                      3,4 and 5): 1.02% (against plan of less
                                      than 3%)

                           -          Ratio of loans with collateral: 72.67%
                                      (against plan of less than 75%)

                           -          Ratio of medium-long term loans:
                                      38.9% (against plan of less than 40%)

                With the determination to enhance credit quality,
                VietinBank has applied tight credit policies to reduce
                loans categorized as group 2 and recover non-
                performing loans. VietinBank classifies the loans
                portfolio in accordance with the regulation of the State
                Bank of Vietnam. Due to enhanced risk management,
                robust internal controls and effective resolution of
                bad debts over the past several years, VietinBank’s
                financial stiuation improved substantially, with gained
                a healthy status, thereby creating resources for better
                business performance.

                                                                                         VND 12,841 billion
                                                                                         Investments in the inter-bank market

                                                                                As a leading financial institution, VietinBank has
                                                                                taken an active part in the government bonds market,
                                                                                supporting the liquidity of commercial banking system
                                                                                and maintaining stable solvency of VietinBank in
                                                                                particular and the banking industry in general. Internal
                                                                                procedure for investment activities was updated,
                                                                                supplemented and adjusted to be in conformity with the
                                                                                model of a modern commercial bank. The investment
                                                                                portfolio in the money market and capital market which
                                                                                amounted to VND 51,669 billion, increased by 15% as
                                                                                compared to 2006 and accounted for 31.1% of total
                                                                                assets with the following structure:
                Vinasat I – a Project financed by VietinBank
                                                        • Investments in the inter-bank market totaled

                                                                                                         Annual Report
                                              VND 12,841 billion, a substantial reduction compared
                                              to 2006, as VietinBank restructured its portfolio and
                                              shifted funds to investment in valuable papers to earn
                                              higher interest and benefit from a more stable income

                                                        • Investment in securities were VND 38,144
                                              billion, or a double the amount invested in 2006,
                                              mainly driven by increases in government bonds and
                                              bonds issued by other credit organizations.

                                              VietinBank continued to support the payment needs
                                              of other commercial banks and at the same time fullly
                                              satisfied payment needs of the whole economy. By 31
                                              December 2007, short-term investment in the inter-
                                              bank market amounted VND 12,841 billion, including
                                              VND 1,566 billion deposited with Vietnam Bank for
                                              Social Policy, in compliance with the regulations of the
                                              Government for the on-lending to customers under
                                              social policy programs aimed at hungder eradication
                                              and poverty alleviation initiated by the Government.
                                              VietinBank also actively participated in open market
                                              operations together with the State Bank of Vietnam,
                                              and contributed significantly to the implementation of
                                              national monetary policy targets.

                                              Investment in securities saw a high growth rate in
                                              2007, with investments being mainly in government
                                              bonds, treasury bills, and commercial bonds issued
                                              by reputable financial institutions. All securities held
                                              by VietinBank have high liquidity and are easily
                                              convertible to cash, or serve as borrowing collateral
                                              when nessesary. Investment securities was a key
                                              instrument in managing the Bank’s liquidity position.
                                              The strong growth rate of investments in securities
                                              reflected a shifting asset management strategy
                                              oriented to profitable asset portfolio diversification,
                                              increasing in risk free to low risk security investment,
                                              decreasing dependency on traditional credit activities,
                                              improving the efficent use of fund and supplementing
                                              secondary asset reserve for the liquidity purpose.

                                              As of 31st December 2007, the outstanding balance
                                              reached VND 38,144 billion accounting for 73.8% of
                                              total investments. The securities portfolio has been
                                              diversified, details of which are as follow:

                                                        - Marketable securities valued at VND 32,353
                                              billion, accounting for 84.8% of total investment in
                                              securities, increased by 2.7 times against 2006, and
                                              included government bonds, treasury bills, municipal
Vietinbank Branch No.11 in Ho Chi Minh City   bonds, VDB bonds, EVN bonds, bonds issued by
                                              other major corporation and enterprises in Vietnam.

                          - Held-to-maturity securities valued at VND
Annual Report

                5,052 billion, decreased by 2.4% against last year as
                debt securities issued by other financial institutions
                became due. These securities included treasury
                bills, government special bonds, educational bonds,
                municipal bonds, notes and certificates of deposits
                issued by other financial institutions, bonds of irrigation
                work, Petro Vietnam bonds and bonds issued by
                major corporations and enterprises in Vietnam.

                                                                                          VND 5,052 billion
                                                                                          Held-to-maturity securities value

                VietinBank is a major commercial bank with substantial
                investments in money and capital markets and has
                maintained its role as market maker, contributed
                actively in terms of liquidity support for the market
                and enhanced the development of the bond market
                in Viet Nam. Investment in valuable papers is an
                important option for re-arranging the Bank’s asset mix,
                enhancing both liquidity management and portfolio
                diversification. Simultaneously, through investment
                in securities, and in particular government securities,
                VietinBank has contributed to the State’s plans for the
                development of socio-economic industries.

                VietinBank joint-venture and capital contributions
                increased by VND 174 billion resulting in total
                capital contribution and share purchasing of VND
                684 billion, an increase of 34.1% as compared to
                2006. Due to credit institutions’ need to increase
                chartered capital to meet anticipated 2007 customer
                loan demands, VietinBank contributed to the capital
                increase of Indovina joint venture bank, Saigon Bank
                and Gia Dinh Joint-Stock Bank. On the other hand
                VietinBank decided to divest its holdings in the joint-
                venture Vietnam International Leasing Company
                (VILC). Additionally, VietinBank made strategic
                investments in equitized enterprises such as Ha Tien
                Cement Company, Phuoc Hoa Rubber Company and
                participated in the establishment of UDIC, Vietnam
                                                                              VietinBank’s Corporate Customer - Vietnam National Shipping Lines (Vinalines)
                                                  Private Credit Information Company, Vietnam Health

                                                                                                           Annual Report
                                                  Care Financial Investment Joint-stock Company.
                                                  VietinBank initiated planning on projects on financial
                                                  consultancy, fund management, debt sales, real-
                                                  estate, gold investment and trading, etc.

VND 684 billion
total capital contribution and share purchasing

                                                  VietinBank Securities Company

                                                  VietinBank Securities Company is limited company,
                                                  wholly owned by VietinBank with equity of VND 300
                                                  billion. The company’s main services are brokerage,
                                                  trading, underwriting, portfolio management and
                                                  securities investment consultancy. In 2007, the
                                                  Company completed the necessary conditions
                                                  for equitization. The Company also maintained
                                                  good performance and high growth in its business

                                                  In 2007, there were 10,117 new accounts opened,
                                                  increasing the total number of investor accounts
                                                  to 26,000, accounting for 8.5% of total investor
                                                  accounts in the      market. VietinBank Securities
                                                  Company established more than 10 agencies in
                                                  various provinces. Income from brokerage increased
                                                  sharply as compared with 2006 and amounted
                                                  to VND 39,849 billion and gained market share of
                                                  2.44% of total brokerage activities.

                                                  In 2007, the Company continued its focus on
                                                  consultancy service for equitization of companies such
                                                  as: Electricity Company No. 3, Tay Ninh Electricity
                                                  Company, Hai Duong Electricity Company and etc.,
                                                  supported the public offering of the government’s
                                                  stake of Pha Lai Thermal Power Company, Ninh
                                                  Binh Thermal Power Company. The total value of
                                                  consultancy contracts in 2007 amounted to VND
                                                  4.2 billion. Financial consultancy services for public
                                                  offerings, private placements, corporate valuations
                                                  and securities auctions were well received and
                                                  appreciated by large corporates such as Vietnam
                                                  Electricity Corporation, Vigracera Corporation and
                                                  Vietnam Livestock Breeding Company.
Annual Report

                The Company successful met the financial targets
                set by the Board of Management. Income before
                tax was VND 98 billion, up 204.5% on 2007’s plan.
                ROAE was 23%.

                Vietinbank Leasing Company

                VietinBank Leasing Company was established as a
                Leasing Company with a separate legal status and
                independent accounting under Decision No. 53/1998/
                QĐ-NHNN5 issued by the Governor of the State
                Bank of Vietnam dated 26th January 1998. In 2007,
                VietinBank increased the company’s chartered capital
                from VND 105 billion to VND 300 billion. Total assets
                as at 31st December 2007 reached VND 839 billion,
                were up 20.5% in comparison with 2006.

                                                                                     VND 18.3 billion
                                                                                     Pre-tax profit

                Up to 31st December 2007, total working capital was
                VND 839 billion. This was 105% against plan and
                up 21% compared to the previous year. Total loans
                and investments of VND 841 billion, again was 105%
                against plan and an increase of 21% as compared with
                2006. Due to strong internal controls, non-performing
                loans decreased and accounted for 4.9% of total loans
                and investments at year end 2007.

                As at 31st December 2007, the leasing balance to non-
                state owned SMEs was VND 760 billion, and made
                up 90.3% of the total. Total finished financial leasing
                contracts were 220, 49 more than in 2006. Total value
                of liquidated leasing assets was over VND 328 billion,
                an increase of VND 61.8 billion over 2006.

                Pre-tax profit which reached VND 18.3 billion,
                was up 43% year on year and equivalent to 102%
                against plan. Interest income from financial leasing
                accounted for 99% of total income. Year end 2007
                provisions were VND 15.5 billion of which general
                provisions were VND 2.3 billion. VietinBank Leasing
                Company is required by law, contributed VND 5.1
                billion to the state budget.

                                                                          General Secretary Nong Duc Manh visits VietinBank

                                                                                                                               Annual Report
                                                                    BANKING SERVICE
                                                                    1. Domestic Money Transfer

                                                                    With the advantage of a nationwide network, domestic
                                                                    money transfers continued to maintain high growth.
                                                                    The payment volume doubled as compared to 2006,
                                                                    amounting to 4.8 million transactions totaling VND
                                                                    2,117 trillion. Bilateral payments with other financial
                                                                    institutions were 1.1 million transactions with a volume
                                                                    of VND 234,000 billion, up 37% against 2006. Interbank
                                                                    e-payment created 1.2 million transactions totaling
                                                                    VND 1.1 million, an increase of 28.3% against 2006.
                                                                    By year-end of 2007, VietinBank signed an agreement
                                                                    with the State Treasury on the implementation of tax
                                                                    collection through VietinBank’s network and ATMs,
                                                                    which will increase the effectiveness of tax collection
                                                                    and generate funding for VietinBank.

                                                                    2. Import-Export Payment

                                                                    In a fiercely competitive environment, VietinBank
                                                                    maintained its number two position among Vietnamese
                                                                    commercial banks in terms of trade finance volume,
                                                                    accounting for 7.9% of the country’s import-export
                                                                    turnover. The total trade finance volume amounted to
                                                                    more than USD 7.1 billion, an increase of 35% against
                                                                    2006. Overseas guarantee issuance increased by
                                                                    149%, confirming VietinBank’s international reputation
                                                                    as a major trade bank. Cross-border payments with
                                                                    Chinese banks grew rapidly, increasing by 58%
                                                                    against 2006 and totaled RMB 700 million. VietinBank
                                                                    was the first bank to apply e-banking in cross-border
                                                                    payments. In 2007, VietinBank installed the technology
                                                                    and trained the personnel to establish Vietinbank
                                                                    Main Operation Center III with the aim of centralizing
                                                                    all trade finance transactions.

Dr. Pham Huy Hung at the Vietnam Top Entrepreneurs Award Ceremony

                         iMpoRt - expoRt vAlue
Annual Report

                         tHRougH vietinBAnK
                         FRoM 2003 -2007







                                                                                   In USD million









                3. Card Service and E-banking

                Card issuance turnover continued to increase. By
                the end of the year, the total number of issued cards
                was 1.2 million ATMs cards and 5,000 credit cards.
                New functionalities and services were added to
                VietinBank cards like savings accounts from ATM,
                mobile phone payment VNPay, S-phone payment,
                electric bill payment to EVN, train ticket payment for
                Vietnam Railway Corporation (VNR) through Banknet
                system, VietinBank ATM can be used in other banks’
                ATMs such as BIDV, Sacombank, Agribank, ACB,
                Dong A Bank and etc.

                VietinBank’s    website    has      seen   substantial
                improvements. With more updated information
                available, there are more than 3,000 visitors to the
                web site daily and the website is considered as the 2nd
                most visited webpage among Vietnamese banks.

                                                                                                    General Secretary Nong Duc Manh visits VietinBank

                                                            Annual Report
4.    Overseas    Remittance                       and
Traveler’s Cheque

During 2007, VietinBank overseas remittance gained
considerable achievements. The overseas remittance
payment network has been implemented in almost
every transaction office, transaction point and
saving bureaus. Overseas remittance transactions
are processed centrally in VietinBank Head Office,
customer’s accounts are credited as soon as Head
Office receives and processes the transaction. Non-
account holders can receive their money at any
branch or transaction point that is most convenient.
The volume of overseas remittances in 2007 reached
USD750 million, a 67% increase over 2006, giving
the Bank a 15% market share of the official overseas
remittance market in Vietnam. The application of a
new software solution for overseas remittance service
has created potential for cooperation with wide range
of foreign partners such as correspondent banks and
remittance companies.

Traveler’s cheques payments in 2007 continued
to deliver positive results and contributed to the
diversification of the services provided to international
tourists. In 2007, the volume of cheque collection
reached USD 2.9 million, up 26% against 2006.
VietinBank implemented three operations for cheque
collection, blank cheque selling and travelers’ cheque
encashing. The implementation of travelers’ cheque
authorization online for branches that have high
revenues from cheques collection and which will
authorize cheque 100%, contributed to the lower risks
in cheque payment. In 2007, VietinBank opened a new
EUR cheque collection service for branches in the
network, which contributed to service diversification
and has the potential to be developed as a good fee
income stream.
Annual Report

                -   The year 2007 is considered a milestone as
                    it marked the 15th anniversary of the start of
                    international banking activities. In 2007, VietinBank
                    continued to expand the correspondent banking
                    network and now has more than 850 banks in
                    80 countries and terrritories. Cooperation with
                    foreign banks has been developed across wide
                    geographies, with very many long standing ‘in
                    depth’ relationships.

                -   VietinBank continues to actively explore foreign
                    markets to meet growing customers’ demands;
                    evaluates the financial, reputation, domestic
                    and international reach, service quality and
                    competitive advantages of foreign banks both to
                    better serve our Vietnamese customers and to
                    facilitate international entities in their business
                    with Vietnam.

                -   VietinBank has always been active with
                    correspondent banks in information exchange on
                    markets and customers, so that reliable sources of
                    information on foreign customers and partners can
                    help to avoid risks and protect the interests of both
                    customers and banks.

                -   In the end of 2007, VietinBank considered it a special
                    honor to be the sponsor of and thereby contributed
                    to the success of the 37th Asean Banking Association
                    Council Conference in Hanoi hosted by Vietinbank
                    Banks Association (VNBA). Participating at this
                    prestigious conference were 130 delegates from
                    the ten Asean Banking Associations. VietinBank
                    made great efforts to ensure the success of the
                    conference aimed at enhancing cooperation and
                    development of member banks of Asean nations.
                    The success of the conference will be measured
                    by the heightened position of ABA, the favorable
                    impression made on visiting delegates by Vietnam
                    – the country, the people, the banking sector, the
                    VNBA and VietinBank.

Social Activities

                                                                                                                      Annual Report
    Strong growth, prestige and efficiency in VietinBank    VietinBank charitable activities have a very special
    business performance have been affirmed by public       meaning and include the continuing support to 160
    polls; in 2007 VietinBank was awarded five honorable    Vietnamese Heroic mothers; constructing more than
    prizes: Top Ten Vietnam Brand, Vietnam Golden Star,     1000 charity houses, in which 100 charity houses
    ISO Golden Cup, Brand Golden Cup, and Business          were built in 2007; supporting the construction and
    Star Prize.                                             establishment of Quang Tri Ancient Wall bell-tower
                                                            and the upgrade to Quang Tri Cemetery; building
    On November 2007, VietinBank successfully held          33 kindergartens; present 600 wheel chairs and 600
    “Respecting ceremony for VietinBank typical women”      scholarships in 20 Northern provinces, via Children
    receiving 120 typical women delegates in the banking    Protection Fund to help the fees for cardiac operation,
    system and was honored to welcome Vietnamese            building and running a recovery center for children of
    Deputy President, Mrs. Nguyen Thi Doan. Many            difficult situations, and etc.
    sporting events and other activities were hosted with
    customers and institutions to promote friendship and    VietinBank actively contributes to the public
    build relationships.                                    development, fully implements social works and
                                                            returns to the community gifts of human culture and
                                                            real social meaning.

Music Festival to Celebrate VietinBank’s 20th Anniversary
Annual Report

                SMS Banking Service Launching Ceremony                                      Signing Ceremony of Financial Advisory Contract for Equitization between VietinBank
                                                                                            and JP Morgan Securities Asia Pacific Limited

                Vietinbank                                                    Under the direct leadership from the Government,
                                                                              VietinBank set up an “Equitization Board” to prepare

                and Equitization
                                                                              for the implementation of equitization. The Board
                                                                              consists of senior leaders from VietinBank and
                                                                              representatives from the Ministry of Finance, State
                Process                                                       Bank of Vietnam, Ministry of Jurisdiction, Ministry of
                                                                              Planning and Investment and Investment Bureau.
                                                                              From the bidding process, VietinBank has selected
                                                                              one of the leading investment banks as financial
                                                                              consultant for the equitization process.
                                         goveRnMent owneRsHip
                                         liKelY tRend oveR tHe
                                         next 5 YeARs                         The preparation process was taken with prompt action
                                                                              in 2007 with guidance from the Government and the
                                                                              State Bank of Vietnam. Overall, as the roadmap for
                                                                              VietinBank equitization was built, nearly VND 4,000
                                                                              billion was injected by the Government to VietinBank’s
                                                                              chartered capital. Through the bidding process, JP

                                                                              Morgan Securities (Asia) was selected as financial




                                                                              consultancy for the equitization. The Equitization Plan
                                                                              was prepared for the Government’s approval and the
                                                                              necessary steps were taken to equitized subsidiaries
                                                                              together with a plan to look for strategic partners to set






                                                                              up new subsidiaries in banking and finance under the





                                                                              form of joint-stock company or joint venture.
Business Plan                                                                                                         25

for 2008

                                                                                                                  Annual Report
                                                       “The Asian Bankers” Magazine visits VietinBank

In 2008, VietinBank set up major business targets for the year as follows:

1. Business targets for the year 2008

Total mobilized funds:                          from 15% to 20%
Total loans and investments:                    from 15% to 20%.
Non-performing loans (Group 3,4 and 5):         under 5%/total loans
Medium and long term loans:                     max. 40%/total loans
Secured loans                                   75%/total loans
Loans to state-owned enterprises:               32%/Total loans
Provisioning in accordance with clause 7, Regulation 493/2005/QD-NHNN dated 22 April 2005 from
State Bank of Vietnam
After tax profit                                VND 800 billion
Non-interest income:                            VND 450 billion

2. Orientation

Continuing to restructure overall banking operation and the processes of modernization, equitization,
standardization of business procedures, management and human resources, ensuring the transparency and
soundness of financial conditions;

Strong growth in terms of equity, loans and investments, fund mobilization and market share on the basis of
prudence, efficiency and sustainability;

Enhancing the organizational structure, branch network, market and customers development; Ensuring financial
prudence and safety in daily operations; Improving customer service, enhancing corporate culture, consolidating
brand identity to benefit the whole network and VietinBank clients.

Annual Report

                Brand Identity

                                          On 14 April 2008, Vietnam Bank
                                          for Industry and Trade officially
                                          launched its new brandname
                                          «VietinBank»                to   replace   its
                                          former brandname Incombank.

                   Legal name          Ngân Hàng Công Thương Việt Nam

                   English full name   Vietnam Bank for Industry and Trade

                   Brandname           VietinBank

                   Slogan              Improving the Values of Life


                                                                                    Annual Report
                                VietinBank’s New Brand Identity Lauching Ceremony

VietinBank Logo is a special design with the “VietinBank” letters
and a symbol of a rising Earth embracing an ancient coin. The
VietinBank Brand logotype expresses the harmonized union of
Heaven and Earth, Yin and Yang (two complementary principles
of Chinese philosophy) as a stable and perfect composition. The
overall image of the symbol expresses a brightening new dawn
with a rising sun and orbit movement, representing the motions
and harmonized continuation of Heaven and Earth in the universe.
Vietinbank also brings to mind implications relating to “Tin”, which
means “trust” in Vietnamese, one of the most important factors in
banking and finance business.

The brand positioning phrase “Improving the Values of Life”
was developed to place emphasis on Efficiency, which is one of
VietinBank goals, reflecting the bank’s dedication to support and
assure customers of success as well as our efforts to build up a
beautiful and meaningful life.
Annual Report

                Financial Statements
Annual Report

Annual Report

                Auditors’ Report
                                          INDEPENDENT AUDITORS’ REPORT
                       on the consolidated financial statements of Vietnam Bank for Industry and Trade and its subsidiaries
                                                 as at and for the year ended 31 December 2007

                 To:       The Board of Directors and Board of Management of Vietnam Bank for Industry and Trade

                 We have audited the accompanying consolidated balance sheet of Vietnam Bank for Industry and Trade and
                 its subsidiaries (“the Bank”) as at 31 December 2007, the related consolidated income statement, consolidated
                 statement of retained earnings, and consolidated statement of cash flows for the year then ended and the notes
                 thereto (“the consolidated financial statements”), as set out on pages 2 to 68. These consolidated financial
                 statements are the responsibility of the Bank’s 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 the Vietnamese and International Standards on Auditing applicable
                 in Vietnam. These standards require that we plan and perform the audit to obtain reasonable assurance to
                 determine whether the consolidated financial statements are free of 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
                 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.


                 In our opinion, the consolidated financial statements give a true and fair view of the financial position of the
                 Bank as at 31 December 2007 and of the results of its operations and its 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 and the Ministry of

                 Michael Yu Lim                                                  Tran Thi Thanh Thuy
                 Deputy General Director                                         Auditor in-charge
                 Registered Auditor                                              Registered Auditor
                 Certificate No. 0629/KTV                                        Certificate No. 0815/KTV

                 Hanoi, Vietnam 14 April 2008


                                                                                                 Annual Report
Balance Sheet
as at 31 December 2007

                                                                         2007    2006 restated
                                                                        VNDm           VNDm
     Cash and cash equivalents                                       1,743,604      1,436,603
     Balances with the State Bank of Vietnam                         8,496,135      5,620,312
     Placements with and loans to other banks                       12,841,040     26,229,341
       Current accounts with other banks                             4,829,941      4,731,685
       Term deposits with and loans to other banks                   8,011,099     21,497,656
       Provision for placements with and loans to other banks                -               -
     Trading securities                                               739,381         867,393
       Trading securities                                             742,456         870,374
       Less: provision for impairment                                  (3,075)         (2,981)
     Derivative financial instruments and other financial assets          258                -
     Loans and advances to customers                               100,482,233     80,142,030
       Loans and advances to customers                             102,190,640     80,152,334
       Less provision for credit losses                            (1,708,407)        (10,304)
     Investment securities                                          37,404,891     17,329,218
       Securities – available-for-sale                              32,352,839     12,148,027
       Securities – held-to-maturity                                 5,052,052      5,181,191
       Provision for impairment of investment securities                     -
     Long-term investments                                            684,138         510,211
     Fixed assets                                                    1,214,196      1,157,037
       Property and equipment                                         996,671         958,888
      Cost                                                           2,238,996      1,958,849
      Accumulated depreciation                                     (1,242,325)       (999,961)
      Intangible assets and land use rights                           217,525         198,149
      Cost                                                            309,642         265,305
      Accumulated amortization                                        (92,117)        (67,156)
     Other assets                                                    2,507,095      2,150,375
     TOTAL ASSETS                                                  166,112,971    135,442,520

Annual Report

                Balance Sheet
                as at 31 December 2007

                                                                                          2007    2006 restated
                                                                                         VNDm           VNDm
                    Borrowings from the Ministry of Finance and the State Bank of      712,745         491,363
                    Deposits and borrowings from other banks                          5,428,856      4,923,742
                      Current accounts from other banks                               1,263,234        236,792
                      Term deposits and borrowings from other banks                   4,165,622      4,686,950
                    Customer deposits and other amounts due to customers            112,692,813     91,505,860
                    Debts issued and other borrowed funds                            28,952,892     21,525,679
                    Valuable papers issued by the Bank                                3,672,024      8,178,374
                    Derivative financial instruments                                         6                -
                    Other liabilities                                                 4,007,106      3,179,877
                      Accrued interest expenses                                       1,832,736      1,959,092
                      Other payables                                                  2,013,942      1,220,785
                      Provision for contingent liabilities and commitments             160,428                -
                    TOTAL LIABILITIES                                               155,466,442    129,804,895
                    OWNER’S EQUITY

                    Capital                                                           7,972,180      3,974,521
                      Chartered capital                                               7,608,643      3,616,043
                      Capital to purchase fixed assets                                 297,065         292,006
                      Other capital                                                     66,472          66,472
                    Reserves                                                          2,420,702      1,544,414
                    Foreign exchange translation reserve                                61,585          61,139
                    Retained earnings                                                  192,062          57,551
                    TOTAL OWNER’S EQUITY                                             10,646,529      5,637,625
                    TOTAL LIABILITIES AND OWNER’S EQUITY                            166,112,971    135,442,520

                    OFF-BALANCE SHEET ITEMS
                                                                                          2007    2006 restated
                                                                                         VNDm           VNDm
                    Credit guarantees                                                   75,402          46,717
                    Letters of credit commitments                                    13,995,644      8,897,617
                    Other guarantees                                                  6,006,839      3,421,193
                                                                                     20,077,885     12,365,527


                                                                                               Annual Report
Income Statement
for the year ended 31 December 2007

                                                                       2007    2006 restated
                                                                     VNDm            VNDm
      Interest and similar income                                12,769,280      10,116,365
      Interest and similar expenses                              (8,085,890)     (6,571,160)
      NET INTEREST AND SIMILAR INCOME                             4,683,390       3,545,205
      Fees and commission income                                    437,656         349,447
      Fees and commission expenses                                (102,909)         (76,763)
      Net gain from fees and commission income                      334,747         272,684
      Net gain from dealing in foreign currencies                    64,087          60,002
      Net gain arising from trading securities                       71,374          22,765
      Net share of profit in associates and joint ventures and       88,247          64,638
      dividend income
      Net other operating income                                  1,406,835         606,275
      TOTAL OPERATING INCOME                                      6,648,680       4,571,569
      Payroll and other staff costs                              (1,619,189)     (1,118,567)
      Depreciation and amortization charges                       (312,022)        (302,987)
      Other operating expenses                                    (834,816)        (719,768)
      TOTAL OPERATING EXPENSES                                   (2,766,027)     (2,141,322)
      Net profit before provision for credit losses               3,882,653       2,430,247
      Provision of credit losses                                 (2,353,568)     (1,600,256)
      PROFIT BEFORE TAX                                           1,529,085         829,991
      Current enterprise income tax                               (379,643)        (227,191)
      Deferred enterprise income tax                                       -               -
      Enterprise income tax                                       (379,643)        (227,191)
      NET PROFIT FOR THE YEAR                                     1,149,442         602,800

Annual Report

                Statement of Cash flows
                as at and for the year ended 31 December 2007

                                                                                                  2007    2006 restated
                                                                                                VNDm            VNDm
                     CASH FLOW FROM OPERATIONS
                     Interest and similar income receipts                                   12,390,675       9,861,044
                     Interest and similar expense payments                                  (8,212,246)     (5,805,002)
                     Fees and commission income receipts                                       334,747         272,684
                     Net gain from dealing in foreign currencies                                64,087          60,002
                     Net gain arising from trading securities                                   71,374          22,765
                     Other operating income                                                     61,212         598,833
                     Recovery from bad debts previously written-off                          1,345,623                -
                     Payment to employees and suppliers                                     (2,454,005)     (1,656,455)
                     Taxation paid in the year                                               (262,441)        (217,495)
                     Net cash flow from operating profit before changes in operating as-     3,339,026       3,136,376
                     sets and working capital
                     Changes in operating assets:                                          (34,191,639)    (19,704,597)
                     Decrease/(increase) in placements with and loans to other banks         8,272,339      (8,451,808)
                     Increase in investment securities                                     (19,987,437)     (4,201,862)
                     Increase in derivative financial assets instruments                          (258)               -
                     Increase in loans and advances to customers                           (22,038,306)     (5,518,777)
                     Bad debts written-off                                                   (495,037)      (1,772,878)
                     Increase in operating assets                                               57,060         240,728
                     Changes in operating liabilities:                                      25,376,689      17,953,697
                     Increase in borrowings from the MOF and the SBV                       (15,583,770)     (1,963,649)
                     Increase in term deposits and borrowings from other banks                 505,114       2,356,843
                     Increase in customer deposits and other amounts due to customers       36,992,105        7,118,848
                     Increase in debts issued and other borrowed funds                       7,427,213       2,328,988
                     (Decrease)/increase in valuable papers issued by the Bank              (4,506,350)      8,177,547
                     Increase in derivatives financial instruments and other financial               6                -
                     Increase in other liabilities                                             678,924          27,773
                     Reserves utilization in the year                                        (136,553)         (92,653)
                     Net cash flows (used in)/from operating activities                     (5,475,924)      1,385,476
                     Acquisition of fixed assets and construction in progress                (409,276)        (234,013)
                     Proceeds from disposal of premises and equipment                            4,920          38,188
                     Additional equity investments in associate and joint ventures           (120,660)         (80,505)
                     Receipts from equity investment in other entities                          21,757
                     Dividend income from other long-term investments                           53,445          32,606
                     Net cash used in investing activities                                   (449,814)        (243,724)
                     Increase in chartered capital during the year                           3,992,600         110,555
                     Net cash flows from financing activities                                3,992,600         110,555
                     Net (decrease)/increase in cash and cash equivalents                   (1,933,138)      1,252,307
                     Cash and cash equivalents at the beginning of the year                 14,951,633      13,699,326
                     Cash and cash equivalents at the end of the year                       13,018,495      14,951,633

Interpretation on

                                                                                                                         Annual Report
Financial Reports
                                                                                                        in VND billion
                                                                                         2007                   2006

     I-Funding                                                                        166,113                135,363
      1 – Mobilized funds                                                             151,459                126,624
        1.1 – Deposits from customers                                                 116,365                 99,683
        1.2 – Loans from State Bank of Vietnam                                            391                    373
        1.3 – Loans and deposits from institutions                                     34,703                 26,568
      2 – Shareholders’ equity                                                         10,647                  5,607
      3 – Accounts payables                                                             4,007                  3,132
     II – Use of funds                                                                166,113                135,363
      1-Balances at State Bank of Vietnam                                              10,240                  7,057
      2-Total loans and investments                                                   153,860                125,089
        2.1 – Loans and advances to customers                                         102,191                 80,152
        2.2 – Investments                                                              51,669                 44,937
      3 – Fixed Assets                                                                  1,214                  1,118
      4 – Other assets                                                                  2,507                  2,099

                                                               Total loans and advances to customers which rose
                                                               27.5% to VND 102,190 billion, for 61.5% (59.5% in
                                         5% Free Income        2006) of total assets. In 2007, VietinBank restructured
                                         3% Investment         its loan portfolio, by exercising prudence in selecting
                                         71% Lending
                                         21% Others            customers and reducing the number of customers
                                                               with weak financials. Thanks to prudence measures,
                                                               NPL ratio was reduced.

                                                               VietinBank short term placements in the inter-
                                                               bank market declined in 2007 and made up 7.7%
                                                               of total assets. In the early months of 2007, there
                                                               was a surplus of capital in the market. However, as
ContRiBution to totAl inCoMe oF vietinBAnK
                                                               VietinBank doubled its compulsory reserves and
                                                               placed these funds as deposits with the State Bank,
    ASSETS                                                     this reduced the amount of VND available to the
                                                               market and to most commercial banks. This is shown
    Total assets increased to VND 166,113 billion, or by       by the 51% reduction in interbank placements as at
    22.7% year on year. However, and most, important           31st December 2007.
    asset quality improved substantially. VietinBank
    accounted for 10.5% of total banking assets in             Investment in securities was 2.2 time higher than
    Vietnam, thus securing its position as one of largest      in 2006 and accounted for 22.5% of total assets.
    banks of Vietnam in terms of total assets.                 Investment in medium term and long-term valuable
                                                               papers were favored as this helped restructure
    In 2007, the asset structure shifted to improve asset      both the securities portfolio, and assets, to enhance
    quality, reduce risk, increase profitability and enhance   liquidity, reduce risks and deliver earnings stability.
    liquidity. Total loans and investments at VND 153,860
    billion, increased by 23% and accounted for 92.6% of       Reserves and balances with the State Bank of Vietnam
    total assets.                                              were VND 10,240 billion, or up by VND 3,183 billion

                Interpretation on
Annual Report

                Financial Reports

                    or 45%, with the rise attributed to the tight monetary     LIQUIDITY MANAGEMENT
                    policy of the State Bank of Vietnam which increased
                    compulsory reserves. Reserves and balances with            Liquidity management to ensure a reasonable liquidity
                    the central bank were equal to 6.8% of total mobilized     level is considered one of the most important tasks
                    capital and 6.2% of total assets (including cash,          for VietinBank. In 2007, solvency indicators reached
                    compulsory reserves and current accounts).                 the target set by management. Loans to deposits
                                                                               ratio as of December 31, 2007 was 87.8%, from
                                                                               which can be seen that VietinBank main funding for
                                      RetuRn on Avg                            loans to the economy are mainly customer deposits,
                                      Assets (RoA)                             considered a stable source of funding. Loans to total
                                                                               fund mobilization were kept stable at 67.5%.

                                                                               The ratio of liquid assets to total assets reached 31.1%
                                                                               compared to 30.7% recorded in 2006. Liquid assets

                                                                               are mostly securities with high liquidity, or valuable

                                                                               papers which can readily sold such as treasury bills,

                                                                               State Bank bills, government bonds, inter-bank short
                                                                               term deposits, cash and deposits at the State Bank.










                    LIABILITIES                                                VietinBank equity recorded significant increases.
                                                                               As of 31st December 2007, shareholders’ equity
                    VietinBank liabilities as of 31st December 2007            reached VND10,647 billion, an increase of VND
                    reached VND 155,466 billion, an increase of 19.8%          5,009 billion as compared to 2006. To improve the
                    over 2006. Total mobilized capital of VND 151,459          Bank’s financial capabilities to expand business, to
                    billion, rose by 19.6% and accounted for 97.4% of          successfully implement the equitization program and
                    total liabilities.                                         to fully integrate in regional and international markets,
                                                                               in 2007 the Government injected VND 3,920 billion,
                    Customers’ deposits totaled VND 116,365 billion,           thereby increasing VietinBank’s chartered capital by
                    which accounted for the majority of liabilities (74.8%),   two fold to VND 7,609 billion. The capital increase
                    increased by 16.7% compared to 2006.                       had positive impacts on VietinBank’s operations,
                                                                               enhancing investment in banking infrastructure and
                    Deposits and loans from financial institutions increased   modernization herby strengthening the balance
                    by 30.6% to VND 34,703 billion and accounted for           sheet.
                    22.3% total liabilities. VietinBank, as a wholesale
                    commercial bank, maintained its important role and         The capital adequacy ratio (CAR) improved
                    ability as market maker in the interbank market.           significantly, from the 5.18% recorded in 2006 to
                    Borrowings from the State Bank of Vietnam included         11.62% as of 31st December 2007, or 3.62% higher
                    loans to overcome consequences of floods, loans to         than the minimum requirement of 8%.
                    compensate frozen debts and borrowings for debt
                    repayment and, finally, loans to implement the banking     The increase in shareholders’ equity positively
                    modernization project and payment system. These            impacted VietinBank performance, being reflected
                    borrowings accounted for a small percentage (0.25%)        by the year-on-year rise in ROA from 0.45% as of
                    of liabilities and care trending downward.                 31st December 2006 to 0.69% as of 31st December
                                                                               2007; ROE also also rose, from 10.7% to 10.8%
                    Payables accounted for 2.6% of liabilities.                respectively.

Interpretation on

                                                                                                                      Annual Report
Financial Reports

                                                                equivalent were VND 8,085,890 million, of which
     INCOME - EXPENSE                                           interest paid on deposits accounted for 82% and
                                                                interest on borrowings accounted for 10% of total
     Income before provision amounted to VND 3,882653           interest expense.
     million and was up by 60% as compared to 2006. Loan
     loss provision of VND 2,353,568 million, increased     -   Other operating income of VND 1,406,835 million
     by 47% compared to 2006. Net income was VND                accounted for 71% of total non-interest income,
     1,149,442 million, an increase of 91% as compared          being mainly recovery of written-off NPLs which
     to the VND 546,642 million reported in 2006. The           totaled VND 1,345,623 million.
     main contribution to the growth in pre-tax profits
     was net interest income of VND 1,138,185 million,      -   Commissions and fee income amounted to VND
     which recorded a 32% increase. A second important          334,747 million, and accounted for 17% of non-
     contributor was other operating income, which              interest income.
     increased by 132% to VND 800,560 million compared
     to 2006. These could be broken down as:                The 2007 interest expenses increased by 23%.
                                                            Deposit interest expenses rose by 19% and accounted
     -   Net interest income of VND 4,683,390 million,      for 82% total interest expenses. Debenture interest
         accounted for 70% total net operating income,      expenses were 7% while interest on borrowings was
         of which interest and similar income amounted      10% of total interest expenses.
         VND 12,769,280 million, 73% of which was
         interest income from loans, 15% from securities    Together with the increase in total income and income
         investments (which was equivalent to VND           before tax, operating expenses (included salaries,
         1,977,649 million). Interest expenses and          depreciation and other operating expenses) recorded
                                                            a similar trend. The changes of other operating
                                                            expenses and salaries were the major factors
                                                            contributing to the change of total operating expenses.
                                                            Of which, staff salaries were up 45% to VND 500,662
                         RetuRn on Avg                      million compared to 2006; depreciation increased
                         equitY (Roe)                       by 3% while other operating expenses grew by 16%
                                                            compared to the previous year. These rises were
                                                            totally in line with the business expansion reported by
                                                            VietinBank in 2007.

                                                            In short, significant growth in income, expenses and

                                                            profits could be seen in 2007. This is the result of

                                                            ongoing efforts of the Bank to improve credit quality,

                                                            reduce non-performing loans, diversify services and

                                                    (%)     products and reinforce debt recovery from collateral
                                                            of debts written-off.









Annual Report


                                                                      Credit Committee

                  Business Group            Banking Service Group          Risk Management Group

                  Corporate Banking                                          Credit and Investment Risk
                                              Card Service Center
                  Department                                                 Management Department

                                              VietinBank                     Credit and Investment
                  SMEs Banking Department
                                              Main Operation Center          Policy Department

                  Consumer Banking                                              Market & Operational Risk
                                              E-Banking Department
                  Department                                                    Management Department

                  Financial Institutions                                     NPLs Management
                                              Cash Payment Department
                  Department                                                 Department

                  Corporate Service           VND Remittance                 Board of Internal
                  Department                  Department                     Controllers

                                              Overseas Remittance
                  Dealing Room

                  Investment Department

                                                                                                                     Annual Report
                                                        The Board of Directors & Board of Management of VietinBank

              Board of Directors                                                             Supervisory Board

         General Director - CEO

Deputy General Directors & Chief Accountant

                               Supporting Group                                                   IT Group

                                        Financial Accounting
        General Director’s Office                                                     IT Center
                                        Management Department

        Planning and ALCO               Accounting Policy                             Command Center
        Supporting Department           Department                                    & Helpdesk

                                        Cash and Vault
        MIS Department
                                        Management Department

        Legal Department                Back Office

        ISO Department                  Administraion Department

        Human Resources                 Captital Construction and
        Department                      Purchasing Department

        Labour and Salary
                                        Emulation Department
        Management Department

        VietinBank Human Resources      Information Publicity
        Training & Development Center   Department

        Call Center

                Hội đồng quản trị
Annual Report

                The Board of Directors

                                    Dr. PHẠM XUÂN LẬP                  Dr. PHẠM THỊ HOÀNG TÂM
                                    Ủy viên HĐQT - Tổng giám đốc       Ủy viên HĐQT
                                    Member - Chief Executive Officer   Member

                Dr. PHẠM HUY HÙNG
                Chủ tịch HĐQT

                                                             Annual Report
Ủy viên HĐQT      Ủy viên HĐQT         Ủy viên HĐQT
Member            Member               Member

                Ban Điều hành
Annual Report

                The Board of Management

                    1. Dr. PHẠM XUÂN LẬP
                    Tổng giám đốc                                    3
                    Chief Executive Officer (General Director)

                    2. Dr. NGUYỄN VĂN THẠNH
                    Phó Tổng giám đốc
                    Deputy General Director

                    3. Mr. NGUYỄN VIẾT MẠNH
                    Phó Tổng giám đốc
                    Deputy General Director

                    4. Mr. VÕ TẤN THÀNH
                    Phó Tổng giám đốc
                    Deputy General Director

                     1                                               4


                                  Annual Report
5   6   7

        5. Ms. NGUYỄN PHƯƠNG LY
    8   Phó Tổng giám đốc
        Deputy General Director

        6. Mr. NGUYỄN VĂN DU
        Phó Tổng giám đốc
        Deputy General Director

        7. Mr. PHẠM ANH TUẤN
        Phó Tổng giám đốc
        Deputy General Director

        8. Ms. BÙI NHƯ Ý
        Phó Tổng giám đốc
        Deputy General Director

        9. Mr. NGUYỄN VĂN CHUNG

    9   Kế toán trưởng
        Chief Accountant
Annual Report

                Nationwide Network
Annual Report

                Head Office
Annual Report

                  108 Tran Hung Dao Street, Hoan Kiem District, Hanoi, Vietnam
                  Tel: 04.39421191/39421186 – SWIFT CODE: ICBV VN VX

                Representative Office
                  79 Ham Nghi Street, District 1, Ho Chi Minh City, Vietnam
                  Tel: 08.38210502

                  36 Tran Quoc Toan Street, Hai Chau District, Da Nang City, Vietnam
                  Tel: 0511.3843037

                    City/Province       Branch Name                         Address                       Telephone     SWIFT Code

                                    Main Transaction        34 Hai Ba Trung St., Hanoi, Vietnam
                   HA NOI                                                                               04-39349590    ICBV VN VX 106
                                    Office No. I
                                    Main Transaction        79 Ham Nghi, Dist. 1, Ho Chi Minh City
                   HO CHI MINH                                                                          08-38290491    ICBV VN VX 900
                                    Office No. II
                                    VietinBank An Giang     270 Ly Thai To Str.,Long Xuyen City,
                                                                                                        076-3943904    ICBV VN VX 740
                                    Branch                  An Giang
                   AN GIANG
                                    VietinBank Chau Doc     68-70 Nguyen Huu Canh, Chau Doc
                                                                                                        076-3866497    ICBV VN VX 742
                                    Branch                  Town, An Giang
                                    VietinBank Ba Ria -     10 Trung Trac, Vung Tau City, Ba Ria-
                                                                                                        064-3852570    ICBV VN VX 880
                   BA RIA – VUNG    Vung Tau Branch         Vung Tau
                   TAU              VietinBank Ba Ria       14-16 Nguyen Huu Tho, Ba Ria Town,
                                                                                                        064-3716730    ICBV VN VX 890
                                    Branch                  Ba Ria-Vung Tau
                                    VietinBank Bac Giang    45 Nguyen Van Cu Str., Bac Giang
                   BAC GIANG                                                                            0240-3856427   ICBV VN VX 280
                                    Branch                  Town, Bac Giang
                                    VietinBank Bac Lieu     1 Hai Ba Trung, Bac Lieu Town,
                   BAC LIEU                                                                             0781-3822678   ICBV VN VX 862
                                    Branch                  Bac Lieu
                                    VietinBank Bac Ninh     31 Nguyen Dang Tao Str., Bac Ninh
                                                                                                        0241-3810939   ICBV VN VX 282
                                    Branch                  City, Bac Ninh
                                    VietinBank Tien Son     Tu Son Town, Tu Son Suburban District,
                                                                                                        0241-3760029   ICBV VN VX 284
                                    Branch                  Bac Ninh
                   BAC NINH         VietinBank              No.18 Central Road, Tien Son Industrial
                                    Tien Son Industrial     Zone, Bac Ninh                              0241-3714188   ICBV VN VX 285
                                    Zone Branch
                                    VietinBank Que Vo       E6 Que Vo Industrial Zone, Van Duong,
                                    Branch                  Que Vo, Bac Ninh
                                    VietinBank Ben Tre      142A Nguyen Dinh Chieu, Ben Tre
                   BEN TRE                                                                              075-3824960    ICBV VN VX 780
                                    Branch                  Town, Ben Tre
                                    VietinBank Binh Dinh    257 Le Hong Phong, Quy Nhon City,
                                                                                                        056-3823591    ICBV VN VX 540
                                    Branch                  Binh Dinh
                   BINH DINH
                                    VietinBank Phu Tai      Hung Vuong Str., Quy Nhon City,
                                                                                                        056-3641472    ICBV VN VX 542
                                    Branch                  Binh Dinh
                                    VietinBank              330 Binh Duong Avenue, Thu Dau Mot
                                                                                                        0650-3822263   ICBV VN VX 640
                                    Binh Duong Branch       Town, Binh Duong
                   BINH DUONG       VietinBank              20 Doc Lap Str., Di An suburban district,
                                    Binh Duong Industrial   Binh Duong                                  0650-3790309
                                    Zone Branch
                                    VietinBank              622 14th Avenue, Dong Xoai Town,
                   BINH PHUOC                                                                           0651-3887399   ICBV VN VX 504
                                    Binh Phuoc Branch       Binh Phuoc


                                                                                                                 Annual Report

                VietinBank              2 Nguyen Tat Thanh, Phan Thiet City,
   BINH THUAN                                                                    062-3828079    ICBV VN VX 600
                Binh Thuan Branch       Binh Thuan
                VietinBank Ca Mau       94 Ly Thuong Kiet, Ca Mau City,
   CA MAU                                                                        0780-3831102   ICBV VN VX 860
                Branch                  Ca Mau
                VietinBank Can Tho      9 Phan Dinh Phung, Can Tho City
                                                                                 071-3813865    ICBV VN VX 820
   CAN THO      VietinBank Tra Noc      Block 30A9, Tra Noc Idustrial Zone,
                Industrial Zone         Binh Thuy Dist., Can Tho                 071-3841317    ICBV VN VX 824
                VietinBank Da Nang      172 Nguyen Van Linh, Thanh Khe, Da
                                                                                 0511-3691345   ICBV VN VX 480
                Branch                  Nang
                VietinBank Ngu Hanh     49 Ngu Hanh Son, Ngu Hanh Son Dist.,
   DA NANG                                                                       0511-3836272   ICBV VN VX 486
                Son Branch              Da Nang City
                VietinBank Lien Chieu   381 Nguyen Luong Bang, Lien Chieu
                                                                                 0511-3841520   ICBV VN VX 488
                Branch                  Dist. Da Nang City
                VietinBank Dac Lac      35 Nguyen Tat Thanh, Buon Ma Thuat
   DAC LAC                                                                       050-3954266    ICBV VN VX 502
                Branch                  City, Dac Lac
                VietinBank Dong Nai     77D Hung Dao Vuong, Bien Hoa City
                                                                                 0613-3817034   ICBV VN VX 680
                VietinBank              25B, Phu Hoi Commune, Nhon Trach,
                                                                                 0613-3521123   ICBV VN VX 681
                Nhon Trach Branch       Dong Nai
   DONG NAI     VietinBank              Quater No.10, An Binh Dist., Bien Hoa
                Bien Hoa Industrial     City, Da Nang                            0613-3831202
                Zone Branch
                VietinBank              Phuoc Hai, Long Thanh Town, Dong Nai
                                                                                 0613-3545390   ICBV VN VX 683
                Long Thanh Branch
                VietinBank              87 Nguyen Hue, Cao Lanh City,
                                                                                 067-38512095   ICBV VN VX 720
                Dong Thap Branch        Dong Thap
                VietinBank Sa Dec       209A Tran Hung Dao, Sa Dec Town,
                                                                                 067-3861647    ICBV VN VX 724
                Branch                  Dong Thap
                VietinBank Gia Lai      1 Tran Hung Dao, Pleiku City, Gia Lai
   GIA LAI                                                                       059-3871045    ICBV VN VX 500
                VietinBank Ha Nam       135 Nguyen Van Troi Str., Phu Ly Town,
   HA NAM                                                                        0351-3854628   ICBV VN VX 384
                Branch                  Ha Nam
                VietinBank Hai Ba       285 Tran Khat Chan, Hai Ba Trung,
                                                                                 04-39718251    ICBV VN VX 142
                Trung Branch            Hanoi
                VietinBank Dong Da      187 Nguyen Luong Bang, Dong Da,
                                                                                 04-38515402    ICBV VN VX 126
                Branch                  Hanoi
                VietinBank              37 Hang Bo, Hoan Kiem, Hanoi
                                                                                 04-38254276    ICBV VN VX 122
                Hoan Kiem Branch
                VietinBank Cau Dien     72A Ho Tung Mau Str., Tu Liem, Ha Noi    04-37649176
                VietinBank Cau Giay     117A Hoang Quoc Viet, Cau Giay,
                                                                                 04-37542059    ICBV VN VX 140
   HA NOI       Branch                  Hanoi
                VietinBank Ba Dinh      126 Doi Can, Ba Dinh, Hanoi
                                                                                 04-38452826    ICBV VN VX 124
                VietinBank              275 Nguyen Trai, Thanh Xuan, Hanoi
                                                                                 04-38585603    ICBV VN VX 127
                Thanh Xuan Branch
                VietinBank Chuong       32/298 Ngoc Lam, Long Bien Dist.,
                                                                                 04-38722725    ICBV VN VX 128
                Duong Branch            Hanoi
                VietinBank Yen Vien     284 Ha Huy Tap, Yen Vien Town,
                                                                                 04-38783159    ICBV VN VX 131
                Branch                  Gia Lam, Hanoi

Annual Report


                                  VietinBank Bac          Group No.11, Nguyen Van Linh Str.,Sai
                                  Hanoi Industrial Zone   Dong Ward, Long bien Dist., Hanoi         04-38758414    ICBV VN VX 129
                    HA NOI        VietinBank              No.2-4 Kim Dong Str., Giap Bat, Hoang
                                  Hoang Mai Branch        Mai, Hanoi
                                  VietinBank Dong Anh     Dong Anh Town, Hanoi
                                                                                                    04-38835141    ICBV VN VX 144
                                  VietinBank Ha Tay       269 Quang Trung, Ha Dong Town,
                                                                                                    034-3829471    ICBV VN VX 320
                                  Branch                  Ha Tay
                                  VietinBank              104 Tran Phu, Van Mo Ward, Ha Dong
                                  Quang Trung - Ha Tay    Town, Ha Tay                              034-3210916    ICBV VN VX 324
                    HA TAY        VietinBank Nguyen       39 Tran Phu, Van Mo Ward, Ha Dong
                                                                                                    034-3522604    ICBV VN VX 326
                                  Trai - Ha Tay Branch    Town, Ha Tay
                                  VietinBank Song         10 Ngo Quyen Str., Ha Dong Town,
                                                                                                    034-3550591    ICBV VN VX 322
                                  Nhue - Ha Tay Branch    Ha Tay
                                  VietinBank              No.3 Tan Binh Zone, Xuan Mai Town,
                                  Lang Hoa Lac            Chuong My, Ha Tay
                                  VietinBank Ha Tinh      160 Ha Huy Tap Str., Ha Tinh Town,
                    HA TINH                                                                         039-3850406    ICBV VN VX 430
                                  Branch                  Ha Tinh
                                  VietinBank Hai Duong    No.1 Hong Quang Str., Hai Duong City,
                                                                                                    0320-3852280   ICBV VN VX 340
                                  Branch                  Hai Duong
                                  VietinBank Nhi Chieu    Group II, Phu Thu Town, Kim Mon,
                                                                                                    0320-3821336   ICBV VN VX 344
                    HAI DUONG     Branch                  Hai Duong
                                  VietinBank Hai Duong    Km 51+900 Avenue No.5, Hai Duong
                                  Industrial Zone         City, Hai Duong                           0320-3222961   ICBV VN VX 346
                                  VietinBank Hai Phong    36 Dien Bien Phu, Ngo Quyen,
                                                                                                    0313-3859913   ICBV VN VX 160
                                  Branch                  Hai Phong
                                  VietinBank To Hieu      116 To Hieu, Le Chan, Hai Phong
                                                                                                    0313-3610343   ICBV VN VX 161
                                  VietinBank Do Son       193 Ly Thanh Tong, Do Son, Hai Phong
                                                                                                    0313-3861276   ICBV VN VX 162
                    HAI PHONG
                                  VietinBank              90 Tran Quang Khai, Hong Bang Dist.,
                                                                                                    0313-3746682   ICBV VN VX 166
                                  Hong Bang Branch        Hai Phong
                                  VietinBank Le Chan      189 Hai Ba Trung, Le Chan, Hai Phong
                                                                                                    0313-3854211   ICBV VN VX 164
                                  VietinBank              5 Pham Minh Duc, Ngo Quyen,
                                                                                                    0313-3551525   ICBV VN VX 168
                                  Ngo Quyen Branch        Hai Phong
                                  VietinBank HCM City     93 Ham Nghi, Dist. 1, Ho Chi Minh City
                                                                                                    08-38210089    ICBV VN VX 902
                                  Branch No.1
                                  VietinBank HCM City     222-224 Phan Dinh Phung, Phu Nhuan
                                                                                                    08-39952269    ICBV VN VX 904
                                  Branch No. 2            Dist. Ho chi Minh City
                                  VietinBank HCM City     461 Nguyen Dinh Chieu, Dist. 3, Ho Chi
                                                                                                    08-38398371    ICBV VN VX 906
                    HO CHI MINH   Branch No.3             Minh City
                    CITY          VietinBank HCM City     57-59 Ben Van Don, Dist. 4,
                                                                                                    08-39400263    ICBV VN VX 908
                                  Branch No.4             Ho Chi Minh City
                                  VietinBank HCM City     218 Tran Hung Dao B, Dist. 5,
                                                                                                    08-38552613    ICBV VN VX 920
                                  Branch No.5             Ho Chi Minh City
                                  VietinBank HCM City     78 Thap Muoi, Dist. 6, Ho Chi Minh City
                                                                                                    08-38572934    ICBV VN VX 922
                                  Branch No.6


                                                                                                                    Annual Report

                    VietinBank Binh Tan   Block No.9, C Str.,Tan Tao Industrial
                                                                                    08-37542193    ICBV VN VX 923
                    Branch                Zone, Binh Tan Dist., Ho Chi Minh City
                    VietinBank HCM City   346-348 Bui Huu Nghia, Binh Thanh
                                                                                    08-38412329    ICBV VN VX 924
                    Branch No.7           Dist., Ho Chi Minh City
                    VietinBank HCM City   196 H¬ung Phu, Dist. 8,
                                                                                    08-38596532    ICBV VN VX 926
                    Branch No. 8          Ho Chi Minh City
                    VietinBank HCM City   No.1 Nguyen Oanh, Go Vap Dist.,
                                                                                    08-38946449    ICBV VN VX 928
                    Branch No. 9          Ho Chi Minh City
                    VietinBank HCM City   530 Le Hong Phong, Dist. 10,
                                                                                    08-38356058    ICBV VN VX 940
                    Branch No. 10         Ho Chi Minh City
      HO CHI MINH   VietinBank HCM City   1447-1449, 3/2 Road, Dist. 11,
                                                                                    08-39604240    ICBV VN VX 942
      CITY          Branch No. 11         Ho Chi Minh City
                    VietinBank HCM City   366 Tr¬uong Chinh, Tan Binh Dist.,
                                                                                    08-38121028    ICBV VN VX 944
                    Branch No. 12         Ho Chi Minh City
                    VietinBank Tan Binh   39 Ly Thuong Kiet, Tan Binh Dist.,
                                                                                    08-39712927    ICBV VN VX 945
                    Branch                Ho Chi Minh City
                    VietinBank HCM City   35 Nguyen Van Ba, Thu Duc Dist.,
                                                                                    08-38960799    ICBV VN VX 946
                    Branch No. 14         Ho Chi Minh City
                    VietinBank Thu Duc    No.1 Vo Van Ngan, Thu Duc Dist.,
                                                                                    08-38966103    ICBV VN VX 947
                    Branch                Ho Chi Minh City
                    VietinBank Cu Chi     No. 35-37 Road No.8, Cu Chi Town,
                    Branch                Ho Chi Minh City
                    VietinBank Hoa Binh   186 Cu Chinh Lan Str, Phuong Lam
      HOA BINH
                    Branch                Ward, Hoa Binh City, Hoa Binh
                    VietinBank Hung Yen   No.1 Dien Bien, Hung Yen Town, Hung
                                                                                    0321-3863741   ICBV VN VX 342
                    Branch                Yen
      HUNG YEN
                    VietinBank My Hao     Ban Yen Nhan Town, My Hao, Hung Yen
                                                                                    0321-3942285   ICBV VN VX 343
                    VietinBank            No.4 Hoang Hoa Tham, Nha Trang City,
      KHANH HOA                                                                     058-3822981    ICBV VN VX 580
                    Khanh Hoa Branch      Khanh Hoa
                    VietinBank            63 Le Loi, Rach Gia Town, Kien Giang
      KIEN GIANG                                                                    077-3861974    ICBV VN VX 840
                    Kien Giang Branch
                    VietinBank Kon Tum    90 Tran Phu, Kon Tum Town, Kon Tum
      KON TUM                                                                       060-3910209    ICBV VN VX 510
                    VietinBank Lao Cai    7 Hoang Lien Str., Coc Leu Ward, Lao
      LAO CAI                                                                       020-3824899
                    Branch                Cai City, Lao Cai
                    VietinBank Lam Dong   1 Le Dai Hanh, Da Lat City, Lam Dong
                                                                                    063-3823856    ICBV VN VX 620
                    VietinBank Bao Loc    No.3 28/3 Str., Bao Loc Town,
      LAM DONG                                                                      063-3864304    ICBV VN VX 622
                    Branch                Lam Dong
                    VietinBank Di Linh    616 Hung Vuong, Di Linh Town,
                                                                                    063-3870680    ICBV VN VX 624
                    Branch                Lam Dong
                    VietinBank Lang Son   51 Le Loi Str., Lang Son City, Lang Son
      LANG SON                                                                      025-3876689    ICBV VN VX 200
                    VietinBank Long An    396 National Highway 1, Tan An Town,
                                                                                    072-3829425    ICBV VN VX 700
                    Branch                Long An
                    VietinBank Ben Luc    234 Vo Cong Ton Str., Ben Luc Town,
      LONG AN                                                                       072-3211868    ICBV VN VX 704
                    Branch                Long An
                    VietinBank            219 827A Str., Tam Vu Town,
                                                                                    072-3877212    ICBV VN VX 702
                    Chau Thanh Branch     Chau Thanh, Long An

Annual Report


                                 VietinBank Nam Dinh    119 Quang Trung, Nam Dinh City
                                                                                                   0350-3867526   ICBV VN VX 380
                    NAM DINH
                                 VietinBank Nam Dinh    No.1, May To Str., Tran Hung Dao
                                                                                                   0350-3849346   ICBV VN VX 382
                                 City Branch            Ward, Nam Dinh City, Nam Dinh
                                 VietinBank             468 Thong Nhat Str., Phan Rang-Thap
                    NINH THUAN                                                                     068-3920346    ICBV VN VX 610
                                 Ninh Thuan Branch      Cham Town, Ninh Thuan
                                 VietinBank Nghe An     7 Nguyen Sy Bach, Vinh City, Nghe An
                                                                                                   0383-3342797   ICBV VN VX 440
                                 VietinBank Cua Lo      62 Binh Minh Str., Thu Thuy, Cua Lo
                                                                                                   0383-3952868   ICBV VN VX 441
                                 Branch                 Town, Nghe An
                    NGHE AN
                                 VietinBank Bac Nghe    Block No.2, Cau Giat Town, Quynh Luu,
                                                                                                   0383-3643286   ICBV VN VX 444
                                 An Branch              Nghe An
                                 VietinBank Ben Thuy    229 Le Duan, Vinh City, Nghe An
                                                                                                   0383-3842548   ICBV VN VX 442
                                 VietinBank Ninh Binh   Tran Hung Dao, Ninh Binh Town,
                                                                                                   030-3872614    ICBV VN VX 400
                                 Branch                 Ninh Binh
                    NINH BINH
                                 VietinBank Tam Diep    Group No.17, Trung Son Ward, Tam
                                                                                                   030-3771317    ICBV VN VX 402
                                 Branch                 Diep Town, Ninh Binh.
                                 VietinBank Phu Tho     1514 Hung Vuong Avenue, Viet Tri City,
                                                                                                   0210-3846316   ICBV VN VX 240
                                 Branch                 Phu Tho
                                 VietinBank Den Hung    Group 1, Van Phu, Viet Tri City, Phu Tho
                                                                                                   0210-3970001   ICBV VN VX 248
                    PHU THO
                                 VietinBank Phu Tho     01 Phu An Str., Phu Tho Town, Phu Tho
                                                                                                   0210-3846316   ICBV VN VX 244
                                 Town Branch
                                 VietinBank Nam Viet    No.806 Hung Vuong Avenue, Viet Tri
                                 Tri Branch             City, Phu Tho
                                 VietinBank Phu Yen     236 Hung Vuong, Tuy Hoa Town,
                    PHU YEN                                                                        057-3828007    ICBV VN VX 560
                                 Branch                 Phu Yen
                                 VietinBank             215 Ly Thuong Kiet, Dong Hoi City,
                    QUANG BINH                                                                     052-3840582    ICBV VN VX 470
                                 Quang Binh Branch      Quang Binh
                                 VietinBank Quang       22 Phan Boi Chau, Tam Ky Town,
                                                                                                   0510-3852859   ICBV VN VX 482
                                 Nam Branch             Quang Nam
                    QUANG NAM
                                 VietinBank Hoi An      4 Hoang Dieu, Hoi An Town,
                                                                                                   0510-3911107   ICBV VN VX 484
                                 Branch                 Quang Nam
                                 VietinBank             97 Hung Vuong Avenue,
                    QUANG NGAI                                                                     055-3822599    ICBV VN VX 520
                                 Quang Ngai Branch      Quang Ngai Town
                                 VietinBank             Kho than 1,2, Bê tông Str., Hong Gai
                                                                                                   033-3825713    ICBV VN VX 300
                                 Quang Ninh Branch      Dist., HaLong City, Quang Ninh
                                 VietinBank Cam Pha     378 Tran Phu, Cam Trung, Cam Pha,
                                                                                                   033-3862006    ICBV VN VX 302
                                 Branch                 Quang Ninh
                                 VietinBank Uong Bi     466 Quang Trung, Uong Bi, Quang Ninh
                    QUANG NINH                                                                     033-3854250    ICBV VN VX 304
                                 VietinBank Bai Chay    Ha Long Str., Bai Chay Ward, Ha Long
                                                                                                   033-3846560    ICBV VN VX 306
                                 Branch                 City, Quang Ninh
                                 VietinBank Mong Cai    01 Huu Nghi, Mong Cai Town,
                                                                                                   033-3881553    ICBV VN VX 308
                                 Branch                 Quang Ninh
                                 VietinBank Quang Tri   64 Nguyen Trai, Dong Ha Town,
                    QUANG TRI                                                                      053-3550564    ICBV VN VX 450
                                 Branch                 Quang Tri
                                 VietinBank Soc Trang   67A Le Loi, Soc Trang Town, Soc Trang
                    SOC TRANG                                                                      079-3614655    ICBV VN VX 822


                                                                                                                      Annual Report

                     VietinBank Tay Ninh     145, 30/4 Road, Tay Ninh Town
                                                                                      066-3822037    ICBV VN VX 660
                     VietinBank              Km 33 – 156A1 An Binh Hamlet, Trang
      TAY NINH       Trang Bang Industrial   Bang, Tay Ninh                           066-3896386    ICBV VN VX 664
                     Zone Branch
                     VietinBank              145/12B, Hung Vuong Str., Hoa Thanh
                                                                                      066-3830006    ICBV VN VX 662
                     Hoa Thanh Branch        Town, Tay Ninh
                     VietinBank Thai Binh    190 Trung Trac, Thai Binh Town,
                                                                                      036-3835939    ICBV VN VX 360
                     Branch                  Thai Binh
                     VietinBank Diem Dien    Block No.5, Diem Dien Town, Thai Thuy,
                                                                                      036-3711798    ICBV VN VX 362
                     Branch                  Thai Binh
                     VietinBank              62 Hoang Van Thu, Thai Nguyen City,
                                                                                      0280-3852258   ICBV VN VX 220
                     Thai Nguyen Branch      Thai Nguyen
                     VietinBank              No.1 Thang Loi Str., Song Cong Town,
      THAI NGUYEN                                                                     0280-3862085   ICBV VN VX 222
                     Song Cong Branch        Thai Nguyen
                     VietinBank Luu Xa       Trung Thanh Ward, Thai Nguyen City,
                                                                                      0280-3861949   ICBV VN VX 224
                     Branch                  Thai Nguyen
                     VietinBank              17 Phan Chu Trinh, Thanh Hoa City,
                                                                                      037-3852318    ICBV VN VX 420
                     Thanh Hoa Branch        Thanh Hoa
                     VietinBank Sam Son      Tai Loc Str., Truong Son Ward, Sam
      THANH HOA                                                                       037-3821540    ICBV VN VX 422
                     Branch                  Son Town, Thanh Hoa
                     VietinBank Bim Son      169 Tran Phu, Bim Som Town,
                                                                                      037-3824218    ICBV VN VX 424
                     Branch                  Thanh Hoa
                     VietinBank Thua         2 Le Quy Don, Hue City, Hue
                                                                                      054-3825102    ICBV VN VX 460
                     Thien Hue Branch
      THUA THIEN -
      HUE            VietinBank Phu          Zone 1, Phu Bai Town, Huong Thuy,
                     Bai Industrial Zone     Thua Thien Hue                           054-3863319    ICBV VN VX 462
                     VietinBank              15B Nam Ky Khoi Nghia, My Tho City,
                                                                                      073-3873025    ICBV VN VX 760
                     Tien Giang Branch       Tien Giang
                     VietinBank Tay Tien     560 National Highway 1A, Block No.5,
                                                                                      073-3826807    ICBV VN VX 762
                     Giang Branch            Cai Lay Town, Tien Giang
                     VietinBank Tra Vinh     15A Dien Bien Phu, Tra Vinh Town
      TRA VINH                                                                        074-3863827    ICBV VN VX 980
                     VietinBank Vinh Long    143B Le Thai To, Vinh Long Town
      VINH LONG                                                                       070-3824180    ICBV VN VX 800
                     VietinBank Vinh Phuc    No.4 Ngo Quyen, Vinh Yen Town,
                                                                                      0211-3862760   ICBV VN VX 246
                     Branch                  Vinh Phuc
                     VietinBank Phuc Yen     No.4 Trn Hung Dao Str., Phuc Yen
                                                                                      0211-3868388   ICBV VN VX 260
                     Branch                  Town, Vinh Phuc
      VINH PHUC      VietinBank              Zone No.1, Huong Canh Town,
                                                                                      0211-3887737   ICBV VN VX 262
                     Binh Xuyen Branch       Binh Xuyen, Vinh Phuc
                     VietinBank Quang        Km9 Thang Long Highway, Noi Bai,
                     Minh Industrial Zone    Me Linh, Vinh Phuc                       0211-3882798   ICBV VN VX 264

Annual Report

                 VietinBank Leasing Company             16 Phan Dinh Phung Str., Hanoi                    Tel:+84.4.38233045
                 VietinBank Securities Company Ltd.     306 Ba Trieu Str., Hanoi                          Tel:+84.4.39741764
                 VietinBank Real Estate and Financial   76 Nguyen Van Cu Str., Dist. 1, HCM City          Tel:+84.8.38399049
                 Investment Company

                Joint Ventures
                 Indovina Bank                          36 Ton That Dam Str., Dist. 1, Ho Chi Minh City   Tel: +84.8.38230130
                 VietinBank Insurance Company           141 Le Duan Str., Hanoi                           Tel: +84.4.39425650

                Non-profit Making Units
                 VietinBank Training Center             133 Kim Ma Str., Hanoi                            Tel:+84.4.37332313
                 VietinBank IT Center                   46A Tang Bat Ho Str., Hanoi                       Tel:+84.4.39712330
                 VietinBank Trade Union                 27 Phu Dong Thien Vuong Str., Hanoi               Tel:+84.4.39436642
Corporate Information
  108 Tran Hung Dao Str., Hanoi, Vietnam
  Tel      : 84.4.39421030
  Fax      : 84.4.39421032
  Swift    : ICBV VN VX
  Website :

  108 Tran Hung Dao Str., Hanoi, Vietnam     108 Tran Hung Dao Str., Hanoi, Vietnam
  Tel      : 84.4.39421186, 39421191         Tel      : 84.4.39421108
  Fax      : 84.4.39421143                   Fax      : 84.4.39410925
  Email    :                Email    :

  34 Hai Ba Trung Str., Hanoi, Vietnam       79 Ham Nghi Str., Dist. 1,
  Tel      : 84.4.39349590                   Ho Chi Minh City, Vietnam
  Fax      : 84.4.38257308                   Tel      : 84.8.38210502
  Email    :
                                             36 Tran Quoc Toan Str., Hai Chau Dist.
  MAIN TRANSACTION OFFICE No. 2              Da Nang City, Vietnam
  79 Ham Nghi Str., Dist. 1                  Tel      : 84.511.3843037
  Ho Chi Minh City, Vietnam
  Tel      : 84.8.38290491
  Fax      : 84.4.38295342

                                           VietiBank Management Team
108 Trần Hưng Đạo, Hà Nội
Điện thoại     : 04.3942 1030
Fax            : 04.3942 1032
Website        :

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