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Thng ip Ch tch Ban i din Qu Thng ip Ban Gim c Tng quan nn kinh t v th trng vn nm 2010 D bo tnh hnh kinh t v th trng vn nm 2011 Ban i din Qu Bo co kt qu hot ng Bo co Ti chnh Cng ty Qun l Qu u t Prudential Vit Nam Ghi ch

Thng ip Ch tch Ban i din Qu

Thng ip Ch tch Ban i din Qu


Knh tha Qu Nh u t, K t khi thnh lp, 4 nm qua Qu cn bng PRUBF1 ni ring v cc Qu u t cng chng khc tip tc hot ng trong mi trng kinh t c v cn nhiu bin ng v thch thc. V nn tng, y tht s l mi trng m m hnh Qu cn bng s pht huy c th mnh bo ton vn ng thi c c hi tng trng t th trng. Chng ta cng hiu c gia m hnh l tng v kt qu thc tin lun c khong cch. Nhim v c t ra cho Ban iu hnh Qu l thu hp cho c khong cch ny bng cc gii php ng b t vic tng cng ni lc, lin kt ngoi lc v ng dng cc kinh nghim thc tin qua cc nm hot ng. Theo nh gi ca Ban i din Qu, kt qu hot ng nm 2010 tuy vn cn khim tn, nhng im sng tch cc t c trong nm l vic thu hp t l chit khu gia gi chng ch v gi tr ti sn rng. Kt qu ny chnh l t n lc v cam kt gn b lu di ca tp on Prudential trong vic cho mua cng khai 31,7% chng ch Qu, tng ng vi 106 t Vit Nam ng. Bn cnh , c nhiu bin chuyn tch cc trong vic xc lp li s phi hp, tham gia chiu su ca ban i din Qu vi Ban iu hnh Qu. Cc quy trnh u t cng c ti lp v hon thin cho ph hp vi giai on mi. Xin chc cho nm 2011 l nm thnh cng cho Qu chng ta v cho tt c cc qu nh u t. Knh cho trn trng, Ban i din Qu, thay mt cc nh u t, s tip tc gim st, t vn, bn tho chin lc vi Ban iu hnh Qu. V vi nhng chuyn bin tch cc gn y, chng ti c mt ci nhn lc quan hn trong tin trnh xc lp v thc thi cc chin lc, pht huy bng c u th ca m hnh Qu cn bng. Ti tin tng l s pht trin ca Qu cn bng khng ch c ngha cho nh u t, m cn l nhng vin gch v nn mng quan trng trong s pht trin ca ngnh qu cng chng ti Vit Nam. Chng ti thit ngh, th trng s ngy cng phn ha hn trong bi cnh hin nay. Vic la chn danh mc c th, s iu chnh phn b ti sn linh hot hn s ng vai tr rt quan trng cho vic mang li nhiu gi tr gia tng cho Qu chng ta. Bc sang nm 2011, mt nm c th gi l rt quan trng, nm bn l cho vic nh hnh chin lc hon vn cho nh u t nm 2013. mc ngng m nhiu chuyn gia d on c th l y trong ng th di hn ca th trng chng khon (do c ch s gi trn thu nhp c phn vo mc thp nht t nm 2006 tr li y l 10.6 ln), chin lc phn b v ng ph tnh hung mt ln na li t p lc ln cho Ban iu hnh Qu .

ng INH B THNH Ch tch

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

Thng ip Ban Gim c

Thng ip Ban Gim c


Nm 2010 nh du nm hot ng th t ca Qu u T Cn Bng - PRUBF1. Mt ln na, Qu phi hot ng trong mi trng u t phc tp v y thch thc. Cc yu t tch cc l s tng trng kinh t mnh m lin tc a Vit Nam vo nhm cc quc gia thu nhp trung bnh (theo nh ngha ca Ngn hng Th gii). Tuy nhin, xu hng tch cc ny phi ng hnh vi nhng thch thc v lm pht, thm ht thng mi v s mt gi ca ng tin Vit Nam. Nhng quan ngi ny c phn nh r nt khi th trng chng khon Vit Nam gim im trong khi cc th trng khc trong khu vc ng Nam tng im n tng, v qua s bin ng li sut cao ca th trng tri phiu. Mc d vy, Cng ty Qun l Qu u t Prudential Vit Nam vn lc quan v c hi pht trin lu di ca Vit Nam. Tuy nhin, nhng bin ng trong ngn hn vn lun c theo di st sao. Chng ti s trnh by chi tit hn trong phn kinh t v m v mi trng u t. Trong mi trng u t y thch thc ny, Ban iu hnh Qu p dng chin lc u t ch ng hn, th hin qua vic tng t trng u t vo c phiu khi phn b ti sn v rt ngn thi gian o hn bnh qun ca danh mc Tri phiu. Kt qu, gi tr ti sn rng ca Qu (NAV) b gim 1,7% (tng ng vi mc gim ca ch s VN-Index). Chng ti vng tin rng chng ch qu PRUBF1 vn l Nhng bt n trong th trng i hi mt chin lc u t thn trng. Ngha l phi c s cn bng gia ri ro v li nhun k vng v s a dng ha trong vic phn b u t gia cc loi ti sn nh c phiu, tri phiu v tin mt. Theo chng ti, Qu u T Cn Bng mt ti sn u t tt cho cc nh u t thch phng php u t cn bng. Chng ti xin cm n trn trng cm n i vi s tin tng cc nh u t dnh cho cng ty chng ti. Nhng n lc ny phn nh chin lc ng n ca Cng ty Qun l Qu u t Prudential Vit Nam nhm tng cng v th ca mnh trong ngnh qun l qu ti Vit Nam. Vi cam kt pht trin lu di ti th trng Vit Nam, Prudential s lun tm kim c hi khng nh v th ca mnh trong ngnh cng nghip qun l qu. Theo , chng ti mong i cc thay i v qui nh php lut cho hot ng qun l qu ca Vit Nam. Trong nm 2010, Cng ty Qun l Qu u t Prudential Vit Nam xem xt li chin lc u t ca PRUBF1 cng nh c cu & thnh phn ca i ng u t. Chng ti n lc xy dng quy trnh cho php Ban iu hnh Qu c th tn dng ngun lc v chuyn mn ca cc chuyn gia qun l qu v ti sn ca tp on Prudential (ang qun l ti sn tr gi 52 t bng Anh trn 10 quc gia thuc th trng Chu ) trc khi a ra cc quyt nh u t. Chng ti s tip tc duy tr v pht huy th mnh ca phng php u t c k lut. da trn quy trnh u t c k lut l mt phng php ng n trong bi cnh ny. Cc yu t c bn ca phng php ny l nghin cu phn tch gi tr c bn, phn tch v m v vi m, v phn tch so snh cc cng ty cng ngnh vi mt tm nhn di hn.

Ban Gim c ng HENDRIK GERRIT RUITENBERG ng TRN L KHNH Cng ty Qun l Qu u t Prudential Vit Nam.

ng HENDRIK GERRIT RUITENBERG Quyn Tng Gim c

ng TRN L KHNH Tng iu hnh u t


Bo co Thng nin 2010

QU U T CN BNG PRUDENTIAL - PRUBF1

Tng quan nn kinh t v th trng vn nm 2010

Tng quan nn kinh t v th trng vn nm 2010

Kinh t v m
S hi phc kinh t ton cu h tr tch cc n kinh t Vit Nam.
Do vn cn hng li t gi kch cu ti chnh v h tr li sut trong nm 2009, nn kinh t Vit Nam hi phc t khng hong ti chnh ton cu v nh du s tng trng y n tng trn nhiu mt nh sn xut cng nghip, bn l, v xut khu trong sut c nm 2010. (ngun: B Ti chnh)
Biu : Tng trng GDP ca Vit Nam
T l tng trng GDP

Tnh thanh khon ca th trng tt do tng trng tn dng cao hn, c tc ng tch cc n tiu dng ni a v gi tr sn xut cng nghip. Gi hng ha ton cu cao gip xut khu Vit Nam tng mnh.
Trong su thng cui nm 2010, khi nhu cu tiu dng ton cu gia tng v gi hng ha c bn bt u chu k tng, xut khu Vit Nam c mt nm bi thu vi nhng k lc mi c lp trong nhiu lnh vc. Xut khu ni chung tng ln 25,5% so vi cng k nm ngoi vi 18 mt hng c kim ngch xut khu hn 1 t la M (so vi 12 mt hng trong nm 2009). Nu loi tr yu t gi tng do lm pht th lng xut khu trung bnh tng 13,4% so vi cng k nm ngoi. Ngoi ra, vic Ngn hng Nh nc Vit Nam sn sng cung cp thanh khon tip tc h tr sn xut cng nghip v tiu dng ni a. Nhn chung, tng trng GDP tng mnh t 5,8% trong qu I, n 6,4% trong qu II, n 7,2% trong qu III, v 7,3 % trong qu IV. Tnh chung cho c nm 2010, tng trng GDP t tc ng k l 6,8% vt ch tiu 6,5% ra cho nm 2010.

10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% QI-2006 QII-2006 QIII-2006 QIV-2006 QI-2007 QII-2007 QIII-2007 QIV-2007 QI-2008 QII-2008 QIII-2008 QIV-2008 QI-2009 QII-2009 QIII-2009 QIV-2009 QI-2010 QII-2010 QIII-2010 QIV-2010

Thch thc chnh i vi nn kinh t Vit Nam l vic gim gi tin ng v thm ht thng mi mang tnh h thng.
Tuy nhin, trong nm 2010, vic ng tin Vit Nam gim gi v thm ht thng mi mang tnh h thng tip tc l nhng thch thc i vi nn kinh t Vit Nam. Thm na, nhng vn tn ti ca nn kinh t v m trong nc, cng vi nhng yu t khng thun li t bn ngoi (nh gi c hng ha c bn trn th gii tng cao) lm gia tng k vng lm pht cao, dn n nhiu bin ng trong mt bng li sut v cn tr s pht trin ca nn kinh t. L mt nc ang pht trin vi mt h thng cng nghip ph tr cha hon chnh, Vit Nam vn phi nhp khu mt lng ln my mc, thit b, v nguyn vt liu phc v cho vic sn xut. Chnh bi vy, mc d nm 2010 l mt nm n tng v kim ngch xut khu, thm ht thng mi vn cn ng k. Trong 3 thng cui nm 2010, thm ht thng mi hng thng tip tc trn 1 t la M v c bit l trn 1,4 t la M trong thng 12. Tnh c nm 2010, thm ht thng mi l 12,4 t la M, cao hn 1,6% so vi nm 2009. Mc d c s h tr ca dng vn nc ngoi vo mnh m, c th l do vic gii ngn t cc khon u t trc tip t nc ngoi (FDI), h tr pht trin chnh thc (ODA), v kiu hi, cn cn thanh ton tng th vn m 4 t la M trong nm 2010.
Biu : Cn cn thng mi Triu USD
10,000 8,000 6,000

Qu Ngun: Tng cc thng k Vit Nam

Tiu th ni a mnh, sn xut cng nghip tt l cc nhn t tch cc ch cht i vi tng trng kinh t Vit Nam.
Su thng u nm 2010, trong mi trng li sut thp v nim tin ngi tiu dng c cng c, sc tiu th trong nc tng vt vi t l bnh qun tng trng so vi cng k nm trc l 15,9% cao hn nhiu so vi t l 5,5% ca nm 2009 ( loi tr yu t gi tng do lm pht). Cng vi bn l, sn xut cng nghip cng tng mnh vi t l tng trng 13,6% so vi cng k nm trc ch yu l do vic gii ngn ca cc khon u t trc tip nc ngoi (FDI) cao hn. Hn 5,4 t la M c u t vo cc lnh vc ch cht ng u l sn xut, tin ch v bt ng sn.
Biu : Sc tiu th ni a & Sn xut cng nghip 40.0% 30.0% 20.0%

4,000
T1/2008 T4/2008 T7/2008 T10/2008 T1/2009 T4/2009 T7/2009 T10/2009 T1/2010 T4/2010 T7/2010

2,000

(2,000)

10.0% 0.0% T1/2009 T4/2009 T7/2009 T10/2009 T1/2010 T4/2010 T7/2010 T10/2010 T1/2011

(4,000)

Thng d Thm ht thng mi

Xut khu

Nhp khu Ngun: Tng cc thng k Vit Nam

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

Lng bn l tnh t u nm so vi cng k nm trc Ngun: Tng cc thng k Vit Nam

10

T10/2010

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

11

Tng quan nn kinh t v th trng vn nm 2010

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


Do iu kin thi tit bt li ti khu vc min Bc v min Trung Vit Nam nh hng n ngun cung lng thc thc phm, gi nguyn vt liu ton cu tng ng k v do s tng trng tn dng mnh m, v vy lm pht tng mt cch nhanh chng. Cho n cui nm 2010, lm pht tng ln mc 11,75% vt qu ch tiu ra ca Chnh ph l 8% v mc d on ca th trng l 9-10%. Lm pht cao y li sut tin gi v li sut cho vay ln cao.
Biu : Ch s lm pht (% so vi cng k nm ngoi)
35% 30% 25% 20% 15% 10% 5% 0% -5% -10%
T6/2008 T9/2008 T12/2008 T3/2009 T6/2009 T9/2009 T12/2009 T3/2010 T6/2010 T9/2010 T12/2010

Th trng C phiu
Ch s VN-Index gim gn 2% trong nm 2010. Nm 2010 l mt nm th trng bin ng mnh trong mc 450-550 im.
Biu : Ch s VN-Index v Khi lng giao dch Khi lng giao dch VN-Index 600 140,000,000

550

120,000,000

100,000,000 500 80,000,000 450 60,000,000 400 40,000,000 350 Ch s lm pht Ngun: Tng cc thng k Vit Nam 300
Date 22/02/2010 06/04/2010 24/05/2010 06/07/2010 18/08/2010 04/10/2010 16/11/2010 29/12/2010

20,000,000

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


Trong nm 2010, Chnh ph gim gi tin ng a mc trn ca t gi ln 19.500 VND/USD cao hn mc trn nm 2009 l 5,5%.
Biu : Bin ng t gi VND 22.000 21.000 20.000 19.000 18.000 17.000 16.000 15.000
31/12/2007 31/03/2008 31/03/2009 31/03/2010 30/06/2008 30/06/2009 30/06/2010 30/09/2008 31/12/2008 30/09/2009 31/12/2009 30/09/2010 31/12/2010

Ngun: Bloomberg, Cng ty Qun l Qu u t Prudential Vit Nam

Trong su thng u nm 2010, nn kinh t Vit Nam tip tc phc hi vi s tr gip ca chnh sch tin t v gi kch cu ca Chnh ph ca nm trc. Sc tiu th ni a cng tng trng dn theo s ci thin nim tin ca ngi tiu dng. Hn na, nhu cu tiu dng quc t cng tng trng mnh m theo hi phc ca kinh t Th gii sau khi nhiu Ngn hng Trung ng s dng cc gi kch cu. Trong thi im ny, s hi phc thc s trong nn kinh t gip khi phc li nhun ca cc cng ty. Nh cc yu t c bn tch cc trn, ch s VN-Index tng ln 550 im. Tuy nhin, sau khi thanh khon c rt ra khi th trng, ch s VN-Index tr li quanh mc 500 im cho n ht na u nm 2010. Tuy nhin, trong su thng cui nm 2010, bt n trong hot ng ca tp on Vinashin lm dy ln s lo ngi ca nh u t. Thm na, c ba cng ty nh gi mc tn nhim quc t ln lt h bc tn nhim ca Vit Nam bi nhng lo ngi i vi t gi hi oi, thm ht thng mi, v h thng ti chnh cha pht trin. Nhng l do trn lm nhiu nh u t khng tham gia th trng c phiu khin khi lng giao dch trung
Ngun: Bloomberg

bnh gim ng k trong qu III v qu IV nm 2010. n cui nm 2010, Ngn hng Nh nc Vit Nam chuyn sang chnh sch tin t tht cht hn, tp trung vo kim sot lm pht v t gi ngoi t. ng thi ny c hoan nghnh bi cng ng nh u t quc t, th hin qua s gia nhp th trng ca hai qu ch s nc ngoi (ETF). Vi dng tin mi vo, th trng tng ln 485 im ch thp hn 2% so vi mc cui nm 2009.

Vic Vit Nam b h mc tn nhim lm gia tng chi ph huy ng vn ca cc doanh nghip trong nc.
Do lo ngi v nhng nhn t v m nh thm ht thng mi, lm pht v s gim gi ca tin ng, cc c quan xp hng tn nhim quc t ln lt h bc tn nhim ca Vit Nam vo cui nm 2010. Nh vy, hn mc tn nhim thp hn s trc tip lm tng chi ph huy ng vn ca cc cng ty Vit Nam trn th trng quc t vo nm 2011.

12

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

13

Tng quan nn kinh t v th trng vn nm 2010

Th trng Tri phiu


Trong nm 2010, li sut tri phiu gim khong 0,5% Vo u nm 2010, b nh hng bi gi kch cu v s gia tng nhu cu hng ha trc Tt, lm pht tng cao to lc y lm cho li sut tri phiu tng nh khong 0,5%.

Biu : Li sut tri phiu Chnh ph (k hn 3 nm) & khi lng giao dch nm 2010 13,0% 1.400.000

12,0%

1.200.000

11,0%

1.000.000

Tuy nhin, sau qu I, khi lm pht n nh v Chnh ph cung cp thanh khon cho th trng thng qua cc hot ng th trng m, nhu cu tri phiu ca cc ngn hng tng ln. Vic mua tri phiu Chnh ph gip ngn hng ci thin cc ch s ti chnh tun th cc hng dn v quy nh ca Ngn hng Nh nc Vit Nam. Thm na, thng qua vic cm c tri phiu trn th trng m, ngn hng c th tip cn vi ngun vn gi r. Chnh v vy, li tc tri phiu gim ng k t 11,8% xung cn 9,5% (tri phiu thi hn 3 nm). Trong sut thi k ny, th trng tri phiu vn lin tc bin ng vi giao dch bnh qun l 400-600 t. Tuy nhin, vo cui nm 2010, do chnh lch gia t gi ngoi t chnh thc v th trng t do gia tng, cng thm sc p lm pht, v vic u gi tri phiu trn th trng s cp khng thnh cng do li sut trn thp hn so vi k vng th trng, Ngn hng Nh nc Vit Nam quay li trin khai chnh sch tht cht tin t, dn n li sut tri phiu tng. Do cc ngn hng dng tri phiu cm c trong cc hot ng th trng m, giao dch trn th trng tri phiu tr nn trm lng trong thi k ny.
6,0% 13/01/2010 13/02/2010 13/03/2010 13/04/2010 13/05/2010 13/06/2010 13/07/2010 13/08/2010 13/09/2010 13/10/2010 13/11/2010 13/12/2010
-

10,0%

800.000

9,0%

600.000

8,0%

400.000

7,0%

200.000

Ngun: S giao dch chng khon H Ni.

14

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

15

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

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

Trong di hn, Vit Nam vn l mt im n u t hp dn.


Tiu th ni a mnh, chi ph lao ng cnh tranh, u t nc ngoi mnh tip tc h tr tng trng kinh t Vit Nam.
Dn s tr vi mc tiu dng cao, v t l th ha cao lm cho Vit Nam tr thnh mt th trng hp dn c bit l trong lnh vc bn l v bt ng sn. Ngun lao ng r v c trnh , u t vn nc ngoi mnh, ngun kiu hi cao v n nh tip tc h tr xut khu v qu trnh cng nghip ha ca Vit Nam. Chng ti tin tng rng tng trng GDP nm 2011 s t ch tiu 7% do Chnh ph ra. Trn thc t, chng ti tin rng GDP ca Vit Nam c th duy tr mc tng trng bnh qun khong 6-8% hng nm trong di hn.

Nhn nh v th trng C phiu.


Mc nh gi th trng c phiu vn mc hp dn. C phiu c th tng trng nhng khng qu mnh m cho n khi cc vn v m c gii quyt.
Hin nay, Ch s P/E ca Vit Nam ang mc 11 ln so vi mc 19 ln ca th trng Indonesia v 12,5 ln ca th trng Singapore. Mt khi cc iu kin kinh t v m c n nh tr li, th trng chng khon c th s hi phc v mc P/E th trng tng ng vi P/E ca cc th trng khc trong khu vc.
Biu : nh gi th trng c phiu Vit Nam 13,50 13,00 12,50 2,40 12,00 2,20 2,00 1,80 1,60 10,50 1,40 10,00 9,50
04/01/2010 04/02/2010 07/03/2010 07/04/2010 08/05/2010 08/06/2010 09/07/2010 09/08/2010 09/09/2010 10/10/2010 10/11/2010 11/12/2010

Tuy nhin, trong ngn hn, chng ti vn cn trng do c mt vi thch thc chnh i vi s pht trin ca Vit Nam trong nm 2011.
Nim tin vo gi tr ng tin Vit Nam, p lc lm pht, v s tng trng chm li ca nn kinh t Th gii s l nhng thch thc chnh cho kinh t Vit Nam.
Mc d tr ngoi hi mc thp khong 12 -15 t la M (theo c tnh ca Qu tin t Th gii (IMF) ti thi im cui nm 2010), thm ht cn cn thng mi v cn cn thanh ton h thng, cng vi s h bc tn nhim ca Vit Nam l nhng nhn t chnh nh hng n nim tin ca nh u t i vi tin ng. Do , trn th trng t do, ng la M lin tip c giao dch cao hn mc gi trn ca Ngn hng Nh nc Vit Nam. Ly li nim tin ca nh u t l mt trong nhng thch thc ln ca Ngn hng Nh nc Vit Nam trong nm 2011. Theo quan im ca chng ti, vic h gi tin ng trong thng 2/2011 ln n 8,5% cho thy quyt tm ca Chnh ph trong vic gii quyt vn ny. V lm pht, nm 2011 c d bo l mt nm y thch thc na cho nn kinh t Vit Nam. u tin l gi c nguyn vt liu tip tc theo chiu hng tng cao do s ni lng nh lng ton cu trong trong nm 2010. Thm na, tng trng tn dng vn cn mc cao do cc ngn hng tng trng ngun vn v ti sn nm 2010. Tuy nhin, sau khi cn nhc chng ti vn tin tng rng, vi kinh nghim t nm 2008, Chnh ph v Ngn hng Nh nc vi mc tiu tp trung vo lm pht s thc hin nhng bin php cn thit ngn chn lm pht. Chng ti cho rng lm pht c nm 2011 s mc thp ca hai con s do hai thng u nm lm pht tng khong 3% so vi u nm. Chng ti cng nhn thy s khi phc kinh t ton cu c th khng t c nh mong i khi nhiu quc gia ang thc hin cc chnh sch tht cht tin t chng li lm pht ang trn gia tng. S tng trng chm li ny s nh hng khng tt n nhu cu hng ha xut khu ca Vit Nam, v cn tr s pht trin ca nn kinh t. Tng t vi quan im v nn kinh t Vit Nam, chng ti vn thn trng v th trng chng khon trong tng lai gn v lc quan trong di hn.

3,00 2,80 2,60

11,50 11,00

1,20 1,00

Ngun: Bloomberg

Nhn nh v th trng Tri phiu.


Thch thc vi th trng tri phiu do li sut cn nhiu bin ng.
i vi th trng tri phiu, chng ti vn cn quan ngi v kh nng li sut tri phiu tng cao, theo nhn nh rng mc lm pht s tip tc mc cao do nh hng ca chi ph gia tng. Tuy nhin, cc yu t c bn ca nn kinh t vn tt v mt di hn.

Tng trng li nhun doanh nghip vn mc tt do tiu th ni a mnh. Tuy nhin, li nhun bin nhiu kh nng s gim st.
D kin nm 2011, li nhun doanh nghip s tng kh tt nh vo sc tiu th ni a mnh v s phc hi ca nn kinh t ton cu. Tuy nhin, ch s li nhun trn mt c phn (EPS) ch c th tng mc mt con s do chi ph s dng vn cao hn, li nhun t cc khon u t thp hn, v s pha long li nhun do cc cng ty pht hnh thm c phiu. Tuy vy, chng ti vn lc quan v th trng c phiu trong di hn do hin ti mc nh gi ca th trng cn tng i thp so vi cc nc khc trong khu vc.

18

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

19

Ban i din Qu

ng INH B THNH Ch tch & Tng Gim c T hp Truyn thng a phng tin t Vit VAC Ch tch Ban i din Qu

ng L VN B Ph Ch tch HQT Ngn hng TMCP Qun i Thnh vin Ban i din Qu

ng PHM TRNG GIANG Trng phng u t Chng t c gi thuc Ban u t Cng ty Ti chnh CP Du kh Thnh vin Ban i din Qu

ng LNG QUANG HIN Ph Tng Gim c ph trch Ti chnh Cng ty CP Kinh Thnh vin Ban i din Qu

ng THI NHI C Ph Tng Gim c Qun tr Doanh nghip Cng ty BHNT Prudential Vit Nam Thnh vin Ban i din Qu

Ban i din Qu

Cc Thnh vin trong Ban i din Qu


K t i hi Nh u t ln th t ngy 28 thng 3 nm 2010, Ban i din Qu gm c 05 thnh vin thay v 06 thnh vin nh trc y: 1) ng INH B THNH 2) ng L VN B 3) ng THI NHI C 4) ng LNG QUANG HIN 5) ng PHM TRNG GIANG Nh u t c nhn - Ch tch Ban i din Qu i din Ngn hng Thng mi C phn Qun i i din Cng ty TNHH Bo him Nhn th Prudential Vit Nam i din Cng ty C phn Kinh . i din Cng ty Ti chnh C phn Du kh.

C. Cuc hp ngy 12/8/2010 - S thnh vin hin din 4/5 y l mt cuc hp Bt thng ca Ban i din Qu xem xt mt s vn quan trng sau y: 1. Danh mc u t, tiu s, kinh nghim, cht lng v khi lng ca i ng u t; trch nhim ca tng ngi, bao nhiu phn trm l chuyn lm vic cho PRUBF1; 2. Vai tr ca i ng u t Vit Nam v nh hng ca vn phng Singapore n quyt nh u t cui cng; 3. Quy trnh cc quyt nh u t. D. Cuc hp ngy 27/8/2010 - S thnh vin hin din 4/5 Cuc hp nh k hng qu ca Ban i din Qu, chng trnh hp nhm gii quyt tip cc vn tn ng t cuc hp trc: 1. Cng ty Qun l Qu ghi nhn hiu qu ca Qu trong thi gian qua khng t c nh mong i. Rt kinh nghim t bi hc qu kh, v chin lc sp ti; 2. Gii trnh 4 cu hi m Ban i din Qu nu ra trong cuc hp trc: (i) quy trnh u t v quyn quyt nh u t; (ii) gi Bin bn hp qua vng; (iii) m t c th v i ng u t; v (iv) k hoch c th tng NAV ca Qu; 3. Trong cuc hp Ban i din Qu c nu mt s vn khc v vai tr c th ca vng; nu ch t vn thi th khng c g mi so vi trc y. Nhng theo ng hiu th vng c rt nhiu quyn, k c vic ci t / c cu li gn y. V th ng nhn mnh l Bin bn hp Ban i din Qu nn c gi cho Gim c u T ca vng cc quan tm, quan ngi ca Ban i din Qu c p ng. 4. Cng ty Qun l Qu xin php lin lc vi Ban i din Qu hng thng xin kin v bn bc v chin lc v m. Qua th chia s thm mt s thng tin quan trng v mt s cng ty m Ban i din Qu c kinh nghim. ng Ch tch Ban i din Qu ng v kin ngh cc thnh vin pha Bc/Nam trong Ban i din Qu hp tc vi Cng ty Qun l Qu trao i thng tin thng xuyn hn. E. Cuc hp ngy 12/11/2010 - S thnh vin hin din 4/5 Cuc hp nh k hng qu ca Ban i din Qu tho lun cc vn sau: 1. Cng ty Qun l Qu trnh by v cc vn v tnh hnh v m ca kinh t, qu trnh hot ng ca Qu trong Qu III v cc vn cn tho lun khc; 2. Cng ty Qun l Qu phc p v vic quan ngi ca Ban i din Qu i vi nhng vn cp thit ca Ban i din Qu c c gi ti cp lnh o ca Vng hay khng? V vn ny Cng ty Qun l Qu nhn mnh rng c tho lun mt cch rt nghim tc vi lnh o Vng l ng Guy Strapp, Tng ph trch u t Vng ng thi l ngi ph trch Vit Nam. F. Cuc hp ngy 10/12/2010 - S thnh vin hin din 4/5 y l mt cuc hp Bt thng ln th hai ca Ban i din Qu trong nm nhm bn bc v cho kin v vic cho mua cng khai 31,7% ca Bo him Prudential. Vic cho mua cng khai ny c UBCKNN chp thun v Ban i din Qu khng phn i vic cho mua ny.

Ngy 04/01/2010, Cng ty Cng ty Ti chnh C phn Du kh chnh thc c vn bn tin c ng Phm Trng Giang tham gia Ban i din Qu thay th ng m Minh c. ng thi cng trong k i hi ln th t, ng L Ch Hiu xin t chc khi Ban i din Qu. Cc s thay i v c cu t chc ca Ban i din Qu c thng qua ti i hi.

Hot ng ca Ban i din Qu


Trong nm 2010, Ban i din Qu t chc 4 cuc hp hp nh k hng qu v 2 cuc hp bt thng: A. Cuc hp ngy 16/3/2010 - S thnh vin hin din 5/5 y l cuc hp u tin ca Ban i din Qu trong nm 2010. Ban i din Qu tho lun v thng qua cc vn sau: 1. Xem xt v chun y cc vn tn ng t cuc hp trc; 2. Bo co tnh hnh hot ng ca Qu trong c nm 2009; 3. Chin lc u t nm 2010; 4. Quyt nh t sut li nhun chun cho danh mc Tri phiu v C phiu, p dng tnh ph thng cho nm 2010; 5. Cc vn v t chc i hi Nh u t nm ti chnh 2009 din ra vo ngy 26 thng 3 nm 2010. B. Cuc hp ngy 20/5/2010 - S thnh vin hin din 5/5 Cuc hp nh k hng Qu ca Ban i din Qu nhm xem xt v tho lun cc vn : 1. Cc vn c cp trong i hi nh u t t chc vo ngy 26 thng 3 nm 2010, v ra cc k hoch hnh ng c th cho vic u t ca Qu; 2. Ban i din Qu cng ngh Cng ty Qun l Qu linh hot hn trong chin lc u t, khng cn phi gii hn trong cc c phiu Blue Chip v trong thi gian gn y cc c phiu ny c kt qu u t khng tt lm; 3. Ban i din Qu cng ng nn tng t l phn b u t vo c phiu Qu ln ti 100% thay v 70% nh quy nh trong iu l Qu, thc hin vic ny cn phi c thng qua bi i hi nh u t sp ti; 4. Ban i din Qu chun y T sut Li nhun chun c xc nh cho mc ch thng i vi cng ty PVFMC l ti a gia mc sinh li c nh 10%/nm (Fixed Hurdle Rate) v Mc Chun Th Ni (Dynamic Benchmark). Ban i Din Qu ph chun mc Mc Chun Th Ni ca nm 2010 l 50:50 cho danh mc Tri phiu (X%) v C phiu (Y%) - theo X% v Y% c xc nh theo Ph Lc 5 ca iu l Qu.

22

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

23

Bo co kt qu hot ng

Bo co kt qu hot ng

Phn b ti sn
Trong qu I nm 2010, Ban i din Qu v Ban iu hnh Qu thay i chin lc phn b ti sn ca Qu v quan im u t trung ha, vi t trng u t vo tri phiu v c phiu l 50%:50%. Vo thi im 31/12/2009, gi tr danh mc Tri phiu t 61% (bao gm 1% tin mt) v gi tr danh mc C phiu t 39% tng gi tr danh mc. Trong qu II nm 2010, Chnh ph tch cc to thanh khon cho th trng nhm gim li sut v kch thch nn kinh t. Trong thi gian ny, theo quan im ca chng ti, nn kinh t c nhiu du hiu ci thin v c hng li t cc gi kch cu ca Chnh ph. K hoch li nhun ca cc cng ty nim yt c k vng l s t c. Vi quan im li nhun mang li t th trng C phiu s cao hn th trng Tri phiu cho n thng 7/2010, chng ti ch ng tng t l phn b vn vo danh mc C phiu ln mc 62,5% tng gi tr danh mc v gim t l phn b vo danh mc Tri phiu xung mc 37,5%. Tuy nhin, i vi danh mc Tri phiu, chng ti p dng chin lc gi thi gian o hn bnh qun di hn mc chun vi nhn nh li sut c th gim do ch s lm pht trong khong thi gian t thng 4 n thng 7 nm 2010 mc thp hn so vi mc d bo. V vy, chin lc ny gip danh mc Tri phiu mang li mc t sut li nhun l 13,5%, tuy nhin tng th NAV ca qu gim 1,7% (trc khi tnh cc khon ph) l do nh hng gim 9% ca danh mc C phiu, tnh ti thi im cui nm 2010.
Biu : Phn b ti sn (u nm 2010 - thng 7/2010). PRUBF1 chuyn i t phn b gi tr danh mc Tri phiu cao sang phn b gi tr danh mc C phiu cao. u nm 2010 Cui thng 7/2010

Hot ng u t
Trong nm 2010, Ban iu hnh Qu PRUBF1 iu chnh phn b ti sn cho ph hp vi d on v nhng thay i ca nn kinh t v m. T phn ln t trng ca danh mc u t l tri phiu, PRUBF1 quay v c cu cn bng phn b cho c danh mc C phiu v Tri phiu trong na u nm. Sau qu trnh ny, vic ti c cu danh mc Tri phiu v C phiu l nhim v ch yu ca Qu, c bit l trong na cui nm 2010. C phiu: Trong nm 2010, chng ti mua rng 105 t ng gi tr c phiu, bng 24% tng gi tr ti sn ca Qu. Ti thi im cui nm 2010, gi tr danh mc C phiu chim 57% tng gi tr ti sn ca Qu. Trong nm, Qu tip tc nm gi c phiu ca cc cng ty c vn ha th trng t trung bnh n cao, c m hnh kinh doanh vng chc v c li th cnh tranh cao. y l nhng doanh nghip c th duy tr v pht trin ngay c di iu kin kinh t v m bt n v mi trng li sut cao. Qu u t nng t trng cc ngnh sau cao hn t trng trong VN-Index: Sn xut thc phm (cc c phiu nm gi hng u l VNM, Sabeco), Thng tin - Vin thng (FPT), Ha cht (DPM, TRC), Thit b, dch v v phn phi du kh (PVD, PVGas). Mc khc, Qu u t t hn, gim t trng cc ngnh sau thp hn t trng trong VN-Index: Dch v ti chnh (cc c phiu nm gi t l MSN, PVF), Bo him (BVH), Bt ng sn (VIC).
Bng: Phn b danh mc u t C phiu ti ngy 31/12/2010.

Nhm ngnh Bo him

% Gi tr danh mc c phiu PRUBF1 3,3% 8,2% 2,9% 12,5% 8,8% 14,5% 6,1% 15,7% 3,8% 19,7% 4,5% 100,0%

% Index 9,0% 2,7% 1,4% 7,4% 8,0% 9,7% 14,6% 10,0% 2,9% 22,8% 11,7% 100,0%

Mc chnh lch so vi VN-Index 5,7% 5,5% 1,5% 5,1% 0,9% 4,8% 8,5% 5,8% 0,9% 3,1% 7,2% 0,0%

39%
Danh mc Tri phiu

37,5%
Danh mc Tri phiu

Thng tin - Vin thng Dc phm

61%

Danh mc C phiu

62,5%
Danh mc C phiu

Ha cht & Du kh Ngn hng Nguyn vt liu c bn

Ngun: Cng ty Qun l Qu u t Prudential Vit Nam

Dch v Ti chnh Thc phm Vn ti Bt ng sn Ngnh khc Total

T thng 8 n thng 12 nm 2010, chng ti nhn thy ri ro ca th trng Tri phiu s cao hn do nhng bt n ca nn kinh t v m. Quan ngi v kh nng gim gi ng tin Vit Nam do nh hng t thm ht thng mi mang tnh h thng, v lm pht tng cao l p lc ch yu ca nn kinh t Vit Nam trong giai on ny. Chng ti vn duy tr quan im th trng C phiu s mang li li nhun trong di hn, mc d c nhng bin ng trong ngn hn. Chnh v vy, chng ti duy tr lng tin mt nhiu hn gim thiu ri ro cho danh mc u t v ch ng hn khi th trng c c hi. C cu danh mc u t ca Qu vo cui nm 2010 l 57% gi tr danh mc C phiu v 43% gi tr danh mc Tri phiu (cng li tri phiu thu c 64% trong danh mc Tri phiu l tin mt, chim 28% tng gi tr qu).
Biu : Phn b ti sn ti ngy 31 thng 12 nm 2010. Vo cui nm, tin mt c t l cao hn trong danh mc u t. u nm 2010 Cui nm 2010

Ngun: Cng ty Qun l Qu u t Prudential Vit Nam

Tnh n ngy 31/12/2010, 5 c phiu nm gi hng u trong danh mc C phiu l: Cng ty % Danh mc C phiu 13,1% 8,2% 7,2% 6,0% 5,1%
Ngun: Cng ty Qun l Qu u t Prudential Vit Nam

39%
Tri phiu

28%
Tin

Cng ty C phn Sa Vit Nam

61%

Danh mc C phiu

57%

Cng ty C phn FPT Tng cng ty C phn Phn bn v Ha cht Du kh Cng ty C phn Hong Anh Gia Lai Cng ty C phn Tp on Ha Pht

Tri phiu 1% Tin

15%

Danh mc C phiu

Ngun: Cng ty Qun l Qu u t Prudential Vit Nam

26

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

27

Bo co kt qu hot ng

Tri phiu: Trong nm 2010, chng ti bn 216 t ng gi tr tri phiu (tng ng 50% tng gi ti sn ca Qu) v mua ch 20 t ng gi tr tri phiu (tng ng 5% tng gi ti sn ca Qu). Do c s thay i trong chin lc u t, chng ti thoi vn t tri phiu di hn v u t vo tri phiu ngn hn. Chng ti duy tr chin lc gi thi gian o hn bnh qun ca danh mc Tri phiu ngn hn danh mc chun trong qu I v qu IV nm2010, v chin lc gi thi gian o hn bnh qun ca danh mc Tri phiu di hn danh mc chun trong qu II v qu III nm 2010. Quan im ca chng ti ni chung l ph hp vi nhng g xy ra trn th trng, v chin lc ny gip danh mc Tri phiu mang li t sut li nhun kh tt. Trong nm 2010, li sut tri phiu dao ng vi bin rng vi 3 giai on ch yu. T thng 1 n thng 4, li sut tri phiu tng khi Ngn hng Nh nc Vit Nam duy tr chnh sch tht cht tng trng tn dng vi mc tiu gii quyt vn lm pht. T thng 4 n thng 8, li sut tri phiu gim khi tng trng tn dng tng cao. T thng 8 n cui nm 2010, li sut tri phiu li tng di p lc ca lm pht tng cao v s gia tng ri ro n cng ca Vit Nam.
Biu : Bin ng ng cong li sut tri phiu Chnh ph 13.0% 12.5% 12.0% 11.5% 11.0% 10.5% 10.0% 9.5% 9.0% 8.5%

Biu : Thay i Gi tr ti sn rng so vi th gi chng ch Qu PRUBF1. VND 10.000 8.000 6.000 4.000 2.000 T1/2010 T2/2010 T3/2010 T4/2010 T5/2010 T6/2010 T7/2010 T8/2010 T9/2010 T10/2010 T11/2010 T12/2010

Ngun: S giao dch Chng khon Tp. H Ch Minh, Cng ty Qun l Qu u t Prudential Vit Nam

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

Kt qu hot ng Tri phiu TSLN chun (Tri phiu 5 nm) TSLN tng i C phiu TSLN chun (VN-Index + 1%) TSLN tng i
Thng 12/2010 Thng 8/2010 Thng 4/2010 Thng 1/2010

Thng 12/2010 Qu IV/2010 C nm 2010 0,7% 0,9% -0,20% 8,3% 8,0% 0,3% 5,4% 1,9% 1,0% 0,9% 6,4% 7,6% -1,2% 4,7% 13,5% 13,6% -0,10% -9,0% 0,8% -9,8% -1,7%

TSLN tng th ca Qu

Ngun: Cng ty Qun l Qu u t Prudential Vit Nam

Ngun: Cng ty Qun l Qu u t Prudential Vit Nam

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

Gi tr ti sn rng (NAV) trong nm 2010


Ti thi im ngy 31/12/2010, gi tr ti sn rng trn mt n v chng ch Qu t 8.711 VN, gim 1,7% (trc khi tr chi ph Qu hoc gim 4% sau khi tr chi ph Qu) so vi u nm. Tuy nhin, th gi chng ch Qu PRUBF1 giao dch trn Sn giao dch Chng khon Tp. HCM tng 3,4%, trong khi ch s VN-Index gim 2% trong nm 2010, phn ln do thanh khon tng ca hot ng cho mua cng khai ca Prudential. Ti ngy 31/12/2010, chng ch Qu PRUBF1 c giao dch mc gi 6.100 VN/chng ch Qu, 30% thp hn gi tr ti sn rng trn mi chng ch Qu. Mc chit khu ny c thu hp li t mc 35% vo thi im u nm 2010.

Chng ti gi t trng phn b ti sn c phiu cao hn so vi tri phiu trong gn cui nm 2010. Quyt nh ny lm gim t sut li nhun ca Qu khi th trng c phiu din bin khng thun li trong nm 2010. Ngoi ra, di tc ng tng mnh ca nhm c phiu c vn ha th trng nh (din ra trong 6 thng u nm, do c tnh u c) v mt nhm nh c phiu c vn ha th trng rt ln, nh: BVH, VIC, MSN (din ra trong qu IV nm 2010, do c h tr bi dng tin nng t cc Qu ch s nc ngoi (ETF)), danh mc C phiu mang li mc t sut li nhun m. Mc d vy, quan im u t ca chng ti vn l u t vo gi tr nn tng v chng ti tin tng rng s mang li li nhun lu di cho nh u t. Hot ng ca danh mc Tri phiu l tng i kh quan hn do chng ti linh hot p dng chin lc gi thi gian o hn bnh qun ca danh mc Tri phiu mt cch thch hp. Tuy nhin, do mc phn b ti sn tri phiu thp hn so vi mc phn b chun, phn no lm gim mc sinh li ca danh mc Tri phiu.
Bo co bi Ngi iu hnh Qu PRUBF1: ng Ng Th Triu

28

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

29

Bo co Ti chnh

Bo co Ti chnh

Thng tin chung


Giy php Pht hnh Chng ch Qu u t ra cng chng 02/UBCK-GPQT - ngy 19 thng 7 nm 2006 Giy Chng nhn ng k lp Qu u t 06/UBCK-KQT - ngy 5 thng 10 nm 2006 Giy php Nim yt Chng ch qu 02/UBCK-GPNY - ngy 22 thng 11 nm 2006 Giy php Pht hnh Chng ch Qu u t ra cng chng, Giy Chng nhn ng k lp Qu u t v Giy php Nim yt Chng ch Qu do y ban Chng khon Nh nc Vit Nam cp. Tr s ng k Trung tm Thng mi Si Gn 37 Tn c Thng, Qun 1, Thnh ph H Ch Minh, Vit Nam Ban i Din Qu ng INH B THNH ng L CH HIU (n ngy 26 thng 3 nm 2010) ng L VN B ng LNG QUANG HIN (t 9 thng 1 nm 2010) ng PHM TRNG GIANG ng THI NHI C

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

Ch tch Thnh vin

ng INH B THNH Ch tch

Thnh vin Thnh vin

Thnh vin Thnh vin

Cng ty Qun l Qu Cng ty TNHH Qun l Qu u t Chng khon Prudential Vit Nam Ngn hng Gim st Ngn hng TNHH mt thnh vin HSBC (Vit Nam) n v kim ton Cng ty TNHH KPMG Vit Nam

32

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

33

Bo co Ti chnh

Bo co ca kim ton vin c lp


Knh gi cc Nh u t Qu u t Cn bng Prudential Phm vi kim ton Chng ti kim ton bng cn i k ton, bo co ti sn v bo co danh mc u t ca Qu u t Cn bng Prudential (Qu) ti ngy 31 thng 12 nm 2010 v bo co kt qu hot ng, bo co thay i gi tr ti sn rng v cc thuyt minh bo co ti chnh cho nm kt thc cng ngy do Ban i din Qu chp thun pht hnh ngy 1 thng 3 nm 2011. Cc bo co ti chnh ny thuc trch nhim ca Ban Gim c Cng ty TNHH Qun l Qu u t Chng khon Prudential Vit Nam, l Cng ty Qun l Qu v c xc nhn bi Ngn hng TNHH mt thnh vin HSBC (Vit Nam), l Ngn hng Gim st ca Qu. Trch nhim ca chng ti l a ra kin v cc bo co ti chnh ny cn c trn kt qu kim ton ca chng ti. Chng ti thc hin cng vic kim ton theo cc Chun mc Kim ton Vit Nam. Cc chun mc ny yu cu chng ti phi lp k hoch v thc hin cng vic kim ton c c s bo m hp l rng cc bo co ti chnh khng cha ng cc sai st trng yu. Cng vic kim ton bao gm vic kim tra, trn c s chn mu, cc bng chng xc minh cho cc s liu v cc thuyt minh trong bo co ti chnh. Cng vic kim ton cng bao gm vic nh gi cc nguyn tc k ton c p dng v cc c tnh trng yu ca Ban Gim c Cng ty Qun l Qu, cng nh vic nh gi cch trnh by tng qut ca bo co ti chnh. Chng ti cho rng cng vic kim ton a ra nhng c s hp l lm cn c cho kin ca chng ti. kin kim ton Theo kin chng ti, bo co ti chnh phn nh hp l, trn cc kha cnh trng yu, tnh hnh ti chnh ca Qu u t Cn bng Prudential ti ngy 31 thng 12 nm 2010 v kt qu hot ng ca Qu cho nm kt thc cng ngy theo Quyt nh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch k ton Qu u t chng khon v Quyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007 v quy ch thnh lp v qun l Qu u t chng khon, cc Chun mc K ton Vit Nam, H thng K ton Vit Nam v cc quy nh php l lin quan.

Bng cn i k ton

ti ngy 31 thng 12 nm 2010


Thuyt minh 31/12/2010 VN 31/12/2009 VN

Ch tiu A TI SN 1. Tin gi ngn hng 2. u t chng khon 3. Phi thu t hot ng u t TNG TI SN

M s

110 120 130 200

119.188.997.476 312.369.752.722

6.073.015.290 436.211.773.384 12.688.723.121

5.778.239.454

437.336.989.652 454.973.511.795

B NGUN VN I N PHI TR 1. Phi tr hot ng u t 2. Phi tr thu nhp cho nh u t 3. Phi tr cho Cng ty Qun l qu v Ngn hng Gim st 4. Ph kim ton 5. Phi tr khc v trch trc II NGUN VN CH S HU 1. Vn gp ca cc nh u t 1.1 Vn gp 315 318 318 400 410 411 420 430 7 6 756.987.247 298.155.000 18.581.100 787.715.480 274.413.150 190.485.060 300 311 312 5 1.790.088.347 660.490.000 55.875.000 1.309.988.690 57.375.000

435.546.901.305 453.663.523.105 500.000.000.000 500.000.000.000 (64.453.098.695) 500.000.000.000 500.000.000.000 (46.336.476.895)

Cng ty TNHH KPMG Vit Nam Giy Chng nhn u t s: 01143000345 Bo co Kim ton s: 10-01-411

2. Kt qu hot ng cha phn phi TNG NGUN VN

437.336.989.652 454.973.511.795

NGUYN THANH NGH Chng ch Kim ton vin s 0304/KTV Ph Tng Gim c Thnh ph H Ch Minh, ngy 1 thng 3 nm 2011

TRN NH VINH Chng ch Kim ton vin s 0039/KTV

34

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

35

Bo co Ti chnh

Bng cn i k ton

ti ngy 31 thng 12 nm 2010 (tip theo)


CC CH TIU NGOI BNG CN I K TON 31/12/2010 VN 118.540.000.000 31/12/2009 VN 300.257.310.000

Bo co kt qu hot ng

cho nm kt thc ngy 31 thng 12 nm 2010


Thuyt minh 2010 VN 2009 VN

Ch tiu A/ Xc nh kt qu hot ng thc hin I. (L)/thu nhp t hot ng u t thc hin 1. C tc c nhn 2. Li tri phiu c nhn 3. Li tin gi 4. L bn chng khon II. Chi ph 1. Ph qun l qu 2. Ph gim st v ph lu k 3. Chi ph hp v i hi ca qu 4. Chi ph kim ton

M s

Ch tiu Chng khon theo mnh gi

10 11 12 13 14 30 31 32 33 34 35 38 50 8 8

(7.354.988.911) 8.191.345.400 16.839.968.794 2.730.687.874 (35.116.990.979)

31.209.892.117 2.822.889.740 28.013.037.720 2.921.450.648 (2.547.485.991)

Ngn hng Gim st KT. K ton trng Trng phng Giao dch Qun l Qu

Cng ty Qun l Qu Quyn Tng Gim c

(10.448.931.584) (10.418.721.750) (8.746.332.892) (352.670.895) (435.611.601) (309.568.050) (604.748.146) (17.803.920.495) (8.539.612.295) (326.994.503) (565.134.090) (268.488.464) (52.661.400) (665.830.998) 20.791.170.367

PHAN TH HUNH DAO Gim c dch v khch hng Phng Nghip v Chng khon Ngy 1 thng 3 nm 2011

TRN THP KIU QUN

HENDRIK GERRIT RUITENBERG

5. Chi ph t vn nh gi 6. Cc chi ph khc III. Kt qu hot ng rng thc hin trong k

B/ Xc nh kt qu cha thc hin I. Thu nhp 1. Thu nhp nh gi li cc khon u t chng khon II. Chi ph 1.Chnh lch l nh gi li cc khon u t chng khon III. Kt qu hot ng rng cha thc hin trong k Kt qu hot ng rng trong k (L)/li trn mt n v qu Ngn hng Gim st KT. K ton trng Trng phng Giao dch Qun l Qu 60 61 70 71 80 90 9 (312.701.305) (312.701.305) (312.701.305) (18.116.621.800) (362) 36.953.338.589 36.953.338.589 36.953.338.589 57.744.508.956 1.155

Cng ty Qun l Qu Quyn Tng Gim c

PHAN TH HUNH DAO Gim c dch v khch hng Phng Nghip v Chng khon

TRN THP KIU QUN

HENDRIK GERRIT RUITENBERG

36

Ngy 1 thng 3 nm 2011


QU U T CN BNG PRUDENTIAL - PRUBF1 Bo co Thng nin 2010

37

Bo co Ti chnh

Bo co ti sn

ti ngy 31 thng 12 nm 2010


31/12/2010 VN 119.188.997.476 312.369.752.722 62.720.155.022 249.649.597.700 236.300.697.700 13.348.900.000 761.509.400 5.016.730.054 437.336.989.652 660.490.000 1.129.598.347 727.173.148 29.814.099 298.155.000 55.875.000 18.581.100 1.790.088.347 435.546.901.305 50.000.000 8.711 Cng ty Qun l Qu KT. K ton trng Trng phng Giao dch Qun l Qu Quyn Tng Gim c 31/12/2009 VN 6.073.015.290 436.211.773.384 258.755.748.484 177.456.024.900 166.697.124.900 10.758.900.000 136.808.200 12.551.914.921 454.973.511.795 1.309.988.690 757.418.731 30.296.749 274.413.150 57.375.000 190.485.060 1.309.988.690 453.663.523.105 50.000.000 9.073

Bo co thay i gi tr ti sn rng

cho nm kt thc ngy 31 thng 12 nm 2010


2010 VN 2009 VN

Ch tiu 1. Tin 2. Cc khon u t 2.1 Tri phiu 2.2 C phiu 2.2.1 C phiu nim yt 2.2.2 C phiu cha nim yt 3. C tc c nhn 4. Tin li c nhn Tng ti sn 6. Phi tr hot ng u t 7. Cc khon phi tr khc 7.1 Ph qun l qu 7.2 Ph gim st v ph lu k 7.3 Ph kim ton 7.4 C tc cho nh u t 7.5 Phi tr khc v chi ph trch trc Tng n phi tr Gi tr ti sn rng ca Qu Tng s n v qu (n v) Gi tr ca mt n v qu Ngn hng Gim st

Ch tiu I. Gi tr ti sn rng u nm II. Thay i gi tr ti sn rng trong nm trong : Thay i gi tr ti sn rng do cc hot ng lin quan n u t ca Qu trong nm III. Gi tr ti sn rng cui nm Ngn hng Gim st KT. K ton trng Trng phng Giao dch Qun l Qu

453.663.523.105 395.919.014.149 (18.116.621.800) (18.116.621.800) 57.744.508.956 57.744.508.956

435.546.901.305 453.663.523.105 Cng ty Qun l Qu Quyn Tng Gim c

PHAN TH HUNH DAO Gim c dch v khch hng Phng Nghip v Chng khon Ngy 1 thng 3 nm 2011

TRN THP KIU QUN

HENDRIK GERRIT RUITENBERG

PHAN TH HUNH DAO Gim c dch v khch hng Phng Nghip v Chng khon Ngy 1 thng 3 nm 2011

TRN THP KIU QUN

HENDRIK GERRIT RUITENBERG

38

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

39

Bo co Ti chnh

Bo co danh mc u t
ti ngy 31 thng 12 nm 2010
Loi

Bo co danh mc u t

ti ngy 31 thng 12 nm 2010 (tip theo)


S lng Gi tr th trng mt n v ti ngy 31/12/2010 VN Tng gi tr T l % tng gi th trng ti tr ti sn hin ti ngy ca Qu 31/12/2010 VN Loi S lng Gi tr th trng mt n v ti ngy 31/12/2010 VN 53.000 Tng gi tr T l % tng gi th trng ti tr ti sn hin ti ngy ca Qu 31/12/2010 VN 7.898.749.000 1,81% 3,97% 0,81% 0,29% 2,17% 0,69% 1,77% 0,23% 0,00% 0,31% 0,73% 0,69% 1,60% 0,43% 7,24% 1,02% 1,26% 0,40% 1,34% 54,04%

I C phiu nim yt Ngn hng TMCP Chu Tp on Bo Vit Cng ty CP u t Xy dng Bnh Chnh Cng ty CP nha Bnh Minh Cng ty CP Pht trin u t Cng ngh Cng ty CP Xy dng COTEC Cng ty CP Cao su Nng Tng Cng ty CP u t Pht trin Xy dng Cng ty CP Dc Hu Giang Cng ty CP Bng n in Quang Cng ty CP Xut nhp khu Y t Domesco Cng ty CP Cao su ng Ph Cng ty CP Pin c quy Min Nam Cng ty CP Gemadept Cng ty CP Tp on H Cng ty CP Hong Anh Gia Lai Cng ty CP u t h tng k thut Thnh ph H Ch Minh Cng ty CP Chng khon TP. H Ch Minh Cng ty CP Tp on Ha Pht Cng ty CP Tp on Hoa Sen Cng ty CP u t v Kinh doanh Bt ng sn Ngn hng Thng mi C phn Ngoi thng Vit Nam Tng Cng ty Pht trin th Kinh Bc Cng ty CP Kinh Cng ty C phn Tp on Masan 73.168 125.132 46.666 98.316 308.176 35.000 20.000 195.567 48.031 2.940 39.988 24.750 117.770 121.650 28.000 180.000 100.005 27.000 320.000 140.000 80.980 199.199 55.000 20.000 68.640 26.100 64.500 31.300 47.500 1.909.684.800 8.071.014.000 1.460.645.800 4.670.010.000 0,44% 1,85% 0,33% 1,07% 4,55% 0,56% 0,18% 1,83% 1,32% 0,02% 0,29% 0,38% 1,45% 0,92% 0,48% 3,33% 0,82% 0,18% 2,83% 0,63% 0,46% 1,48% 0,43% 0,24% 1,18%

Tng cng ty CP Khoan v Dch v khoan Tng Cng ty Phn bn v Ha cht du kh Cng ty CP Vng Bc qu Ph Nhun Cng ty CP Thp Pomina Cng ty CP Chng khon Si Gn Ngn hng TMCP Si Gn Thng Tn Cng ty CP u t Pht trin th v Khu Cng nghip Sng Cng ty CP u t Cng nghip Tn To Cng ty CP bao b nha Tn Tin Cng ty CP i l Giao nhn Vn ti Xp d Tn Cng Cng ty CP Cao su Ty Ninh Cng ty CP Pht trin nh Th c Cng ty CP nha Thiu nin Tin Phong Cng ty C phn Container Vit Nam Cng ty CP Sa Vit Nam Ngn hng TMCP Xut nhp khu Vit Nam Ngn hng Cng thng Vit Nam Cng ty C phn Vn ti v Thu Tu bin Vit Nam 29.900 807.300.000 Cng ty CP Vincom Tng cng II C phiu cha nim yt Cng ty CP u Lc Tng cng ty CP bia, ru v nc gii kht Si Gn Cng ty CP Bia Si Gn Min Ty Cng ty C phn Xng du Petro Vit Nam Tng cng

149.033 457.050 100.000 44.640 297.000 185.651 126.000 60.000 2 44.000 44.950 88.000 71.500 30.000 368.270 287.726 240.000 150.000 60.000 5.279.800

38.000 17.367.900.000 35.600 28.600 32.000 16.200 61.500 16.600 33.600 31.100 71.000 34.500 98.000 63.000 3.560.000.000 1.276.704.000 9.504.000.000 3.007.546.200 7.749.000.000 996.000.000 67.200 1.368.400.000 3.191.450.000 3.036.000.000 7.007.000.000 1.890.000.000

64.500 19.877.352.000 70.000 40.000 41.000 120.000 25.000 31.400 68.000 54.000 33.200 75.000 2.450.000.000 800.000.000 8.018.247.000 5.763.720.000 73.500.000 1.255.623.200 1.683.000.000 6.359.580.000 4.038.780.000 2.100.000.000

86.000 31.671.220.000 15.500 23.000 11.800 97.500 4.459.753.000 5.520.000.000 1.770.000.000 5.850.000.000 236.300.697.700

81.000 14.580.000.000 36.000 3.600.180.000

38.700 12.384.000.000 19.600 24.800 32.500 34.000 51.500 75.000 2.744.000.000 2.008.304.000 6.473.967.500 1.870.000.000 1.030.000.000 5.148.000.000

161.000 60.000 145.000 170.000 536.000

14.900 37.200 21.200 33.200

2.398.900.000 2.232.000.000 3.074.000.000 5.644.000.000 13.348.900.000

0,55% 0,51% 0,70% 1,29% 3,05%

40

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

41

Bo co Ti chnh

Bo co danh mc u t

ti ngy 31 thng 12 nm 2010 (tip theo)


Loi S lng Gi tr th trng mt n v ti ngy 31/12/2010 VN Tng gi tr T l % tng gi th trng ti tr ti sn hin ti ngy ca Qu 31/12/2010 VN

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010


Cc thuyt minh ny l b phn hp thnh v cn c c ng thi vi bo co ti chnh nh km. 1. Thng tin c bn Qu u t Cn bng Prudential c thnh lp ti Vit Nam di hnh thc qu u t chng khon dng ng theo Giy php Pht hnh Chng ch Qu u t ra cng chng s 02/UBCK-GPQT do y ban Chng khon Nh nc Vit Nam cp ngy 19 thng 7 nm 2006. Theo quy nh ca Giy php, Qu c php pht hnh 50.000.000 n v qu ra cng chng vi mnh gi l 10.000 ng Vit Nam/n v qu. Qu c cp php hot ng trong thi gian 7 nm theo Giy Chng nhn ng k lp Qu u t s 06/UBCKKQT do y ban Chng khon Nh nc cp ngy 5 thng 10 nm 2006. Qu c php nim yt ti S Giao dch Chng khon Thnh ph H Ch Minh theo Giy php Nim yt Chng ch qu s 02/UBCK-GPNY do y ban Chng khon Nh nc cp ngy 22 thng 11 nm 2006, theo chng ch qu c php nim yt v giao dch vi m chng khon l PRUBF1. Ti ngy 31 thng 12 nm 2010 v nm 2009 Qu khng c nhn vin. Qu c qun l bi Cng ty TNHH Qun l Qu u t Chng khon Prudential Vit Nam (Cng ty Qun l Qu), mt cng ty c thnh lp ti Vit Nam, v c gim st bi Ngn hng TNHH mt thnh vin HSBC (Vit Nam) (Ngn hng Gim st). Mc tiu u t ch yu ca Qu l u t vo mt danh mc u t cn bng c kh nng to ngun thu nhp nh k ng thi nng cao gi tr vn cho nh u t. Danh mc u t c th bao gm cc cng c n v c phiu ca cc cng ty hot ng ti Vit Nam theo cc quy nh v chin lc u t trong iu l ca Qu. 2. Tm tt nhng chnh sch k ton ch yu Sau y l nhng chnh sch k ton ch yu c Qu p dng trong vic lp bo co ti chnh ny. (a) C s lp bo co ti chnh Bo co ti chnh ca Qu, c trnh by bng ng Vit Nam (VN), c lp theo Quyt nh s 63/2005/ Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch k ton Qu u t chng khon v Quyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007 v quy ch thnh lp v qun l Qu u t chng khon, cc Chun mc K ton Vit Nam, H thng K ton Vit Nam v cc quy nh php l lin quan. Bo co ti chnh nh km khng nhm mc ch trnh by tnh hnh ti chnh v kt qu hot ng ca Qu theo nguyn tc v thng l k ton thng c chp nhn rng ri cc nc v cc th ch khc ngoi nc CHXHCN Vit Nam. Cc nguyn tc v thng l k ton c p dng Vit Nam c th khc vi cc nguyn tc v thng l k ton ti cc nc v cc th ch khc.

III Tri phiu Tri phiu Chnh ph (16/03/2011) Tri phiu Chnh ph (26/01/2012) Tri phiu Chnh ph (12/12/2012) Tri phiu Chnh ph (23/10/2013) Tri phiu Chnh ph (26/04/2020) Tng cng IV Ti sn khc Tin li c nhn Tin bn chng khon phi thu Tng cng V Tin Tin gi ngn hng Tng cng VI Tng cng Ngn hng Gim st KT. K ton trng Trng phng Giao dch Qun l Qu 6.419.620 119.188.997.476 119.188.997.476 437.336.989.652 27,25% 27,25% 100,00% 5.016.730.054 761.509.400 5.778.239.454 1,15% 0,17% 1,32% 150.000 50.000 3.820 200.000 200.000 603.820 98.577 14.786.505.000 98.359 97.602 4.917.970.000 372.840.022 3,38% 1,12% 0,09% 5,06% 4,69% 14,34%

110.580 22.116.000.000 102.634 20.526.840.000 62.720.155.022

Cng ty Qun l Qu Quyn Tng Gim c

PHAN TH HUNH DAO Gim c dch v khch hng Phng Nghip v Chng khon Ngy 1 thng 3 nm 2011

TRN THP KIU QUN

HENDRIK GERRIT RUITENBERG

42

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

43

Bo co Ti chnh

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


Theo Quyt nh s 63/2005/Q-BTC, bo co ti chnh ca Qu bao gm: Bng cn i k ton; Bo co kt qu hot ng; Bo co ti sn; Bo co thay i gi tr ti sn rng; Bo co danh mc u t; v Thuyt minh bo co ti chnh. Bo co ti chnh c lp trn c s dn tch theo nguyn tc gi gc, ngoi tr nhng vn c trnh by Thuyt minh 2(f ). Cc chnh sch k ton trnh by sau y c Qu p dng mt cch nht qun trong nm. (b) Cc giao dch bng ngoi t Cc khon mc ti sn v n phi tr c gc tin t khc vi VN c quy i sang VN theo t gi hi oi ca ngy kt thc nin k ton. Cc giao dch bng cc n v tin khc VN trong nm c quy i sang VN theo t gi hi oi xp x t gi hi oi ti ngy giao dch. Tt c cc khon chnh lch t gi hi oi c ghi nhn vo bo co kt qu hot ng kinh doanh ph hp vi Chun mc K ton Vit Nam s 10 (CMKT 10) nh hng ca vic Thay i T gi Hi oi. (c) Nm ti chnh Nm ti chnh ca Qu t ngy 1 thng 1 n ngy 31 thng 12. (d) H thng lu tr k ton H thng lu tr k ton ng k ca Qu l H thng Nht k S ci. (e) Tin Tin bao gm tin gi ngn hng c k hn v khng k hn. (f ) Cc khon u t Qu ghi nhn cc khon u t mua bn chng khon vo ngy Qu thc hin cc giao dch u t (k ton theo ngy giao dch)

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


Qu khng tham gia hng ngy vo cc quyt nh chnh sch ti chnh v hot ng ca cc cng ty u t. Theo , Qu khng c nh kim sot hay c nh hng ng k n cc cng ty u t v do cc khon u t ca Qu c ghi nhn trn c s c trnh by Thuyt minh ny, thay v c ghi nhn theo phng php vn ch s hu hay hp nht. Theo Quyt nh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v ch k ton Qu u t chng khon v Quyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007 v quy ch thnh lp v qun l Qu u t chng khon, Qu phi nh gi li cc khon u t vo cui k bo co theo gi tr hp l. Qu p dng cc chnh sch k ton sau y ghi nhn v nh gi cc khon u t: Cc khon u t c ghi nhn ban u theo gi mua. Sau ghi nhn ban u, tt c cc khon u t c xc nh theo gi tr hp l. Cc khon li hay l do thay i gi tr hp l ca cc khon u t c ghi nhn vo kt qu hot ng cha thc hin trong bo co kt qu hot ng trong k pht sinh. Gi tr hp l ca cc khon u t c giao dch trn th trng nim yt c xc nh da vo gi ng ca ca th trng nim yt ti ngy kt thc nin k ton. Mt s khon mc u t ca Qu c giao dch trn th trng chng khon phi tp trung, gi tr hp l ca cc khon u t ny c xc nh da vo gi giao dch bnh qun ti ngy kt thc nin k ton do ba t chc c lp cung cp. Khi gi giao dch khng th c cung cp t ba t chc c lp, gi tr hp l s c nh gi da trn cc m hnh nh gi ph hp theo iu l Qu. Tri phiu nu c giao dch tha thun v khng c gi th trng s c nh gi da trn cc m hnh nh gi tri phiu ph hp. Cc chnh sch ghi nhn v nh gi ny tun theo iu l ca Qu v Quyt nh s 45/2007/Q-BTC do B Ti chnh ban hnh ngy 5 thng 6 nm 2007. (g) Khon phi thu Khon phi thu bao gm cc khon phi thu t cc hot ng u t v cc khon phi thu khc, c phn nh theo nguyn gi tr i d phng phi thu kh i. (h) Khon phi tr Khon phi tr lin quan n hot ng u t v phi tr khc c phn nh theo nguyn gi. (i) D phng D phng c ghi nhn nu, do kt qu ca mt s kin trong qu kh, Qu c mt ngha v php l hin ti hoc lin i c th c c tnh mt cch tin cy, v chc chn s lm gim st cc li ch kinh t trong tng lai thanh ton cc khon n phi tr do ngha v . Khon d phng c xc nh bng cch chit khu cc dng tin d kin phi tr trong tng lai vi t l chit khu trc thu phn nh nh gi ca th trng thi im hin ti v gi tr thi gian ca tin v nhng ri ro c th ca khon n .

44

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

45

Bo co Ti chnh

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


(j) Thu Theo cc quy nh hin hnh ca Vit Nam, Qu khng phi tr thu thu nhp doanh nghip. (k) Doanh thu Doanh thu c ghi nhn khi chc chn thu c li ch kinh t v doanh thu c th c c tnh mt cch ng tin cy. Cc tiu chun ghi nhn c th sau y phi c p ng trc khi doanh thu c ghi nhn: (i) Thu nhp li tin gi v thu nhp c tc Thu nhp li tin gi c ghi nhn trong bo co kt qu hot ng kinh doanh trn c s dn tch tr khi kh nng thu hi khng chc chn. Thu nhp c tc c ghi nhn khi quyn c nhn c tc ca Qu c xc lp. (ii) Thu nhp t hot ng kinh doanh chng khon Thu nhp t hot ng kinh doanh chng khon c ghi nhn trong bo co kt qu hot ng kinh doanh khi nhn c Thng bo kt qu giao dch mua bn chng khon t Trung tm Lu k Chng khon Vit Nam (i vi chng khon nim yt) v khi hon tt hp ng chuyn nhng ti sn (i vi chng khon cha nim yt). (l) Chi ph Cc khon chi ph c ghi nhn trong bo co kt qu hot ng trn c s dn tch ngoi tr cc chi ph pht sinh t hot ng u t m c hch ton vo gi mua ca khon u t . Chi ph pht sinh t vic bn cc khon u t c tr vo tin thu c t giao dch ny. (m) Vn gp Cc n v ca Qu c phn loi nh vn ch s hu. (n) Gi tr ti sn rng trn mi n v qu Gi tr ti sn rng trn mi n v qu c tnh bng cch chia gi tr ti sn rng ca Qu cho s n v qu pht hnh ti ngy bo co. Gi tr ti sn rng ca Qu c xc nh bng cch ly tng ti sn tr tng n phi tr. (o) Li trn mi n v qu Qu trnh by li c bn trn mi n v qu cho cc n v qu. Li c bn trn mi n v qu c tnh bng cch chia li hoc l ca Qu cho s n v qu bnh qun cui k. (p) Bo co b phn Qu hot ng nh mt b phn. (q) Cc bn lin quan Cc bn c xem l c lin quan nu mt bn c kh nng, trc tip hoc gin tip, kim sot hoc c nh hng ng k i vi bn kia trong vic a ra cc quyt nh ti chnh v hot ng. Cc bn cng c xem l c lin quan nu cc bn cng chu s kim sot chung hoc cng chu nh hng ng k chung. Cc qu u t khc di s qun l ca Cng ty Qun l Qu c xem l cc bn lin quan ca Qu. (r) Cc ch tiu ngoi bng cn i k ton Cc ch tiu ngoi bng cn i k ton theo nh ngha trong Quyt nh 63/2005/Q-BTC ngy 14 thng 9 nm 2005 ca B Ti chnh v vic ban hnh ch k ton cho Qu u t chng khon v H thng K ton Vit Nam c trnh by trong thuyt minh tng ng ca bo co ti chnh ny. (s) S d bng khng Cc khon mc hoc s d, theo quy nh trong Quyt nh s 63/2005/Q-BTC do B Ti chnh ban hnh ngy 14 thng 9 nm 2005 v h thng k ton cho cc qu u t chng khon v H thng K ton Vit Nam, nu khng c trnh by trong bo co ti chnh ny th c hiu l c s d bng khng.

Thuyt minh bo co ti chnh


3. Tin gi ngn hng

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)

31/12/2010 VN Tin gi khng k hn Tin gi c k hn 1.601.997.476 117.587.000.000 119.188.997.476 4. Phi thu t hot ng u t 31/12/2010 VN Li tri phiu phi thu Li tin gi ngn hng phi thu C tc 3.556.853.277 1.459.876.777 761.509.400 5.778.239.454 5. Phi tr cc hot ng u t 31/12/2010 VN Chng khon mua ch thanh ton 6. Phi tr cho Cng ty Qun l Qu v Ngn hng Gim st 31/12/2010 VN Ph qun l qu phi tr cho Cng ty Qun l Qu Ph gim st v ph lu k phi tr cho Ngn hng Gim st 727.173.148 29.814.099 756.987.247 660.490.000

31/12/2009 VN 6.073.015.290 6.073.015.290

31/12/2009 VN 12.551.914.921 136.808.200 12.688.723.121

31/12/2009 VN -

31/12/2009 VN 757.418.731 30.296.749 787.715.480

7. Vn gp ca cc nh u t Theo Giy php Pht hnh Chng ch Qu u t ra cng chng s 02/UBCK- GPQT do y ban Chng khon Nh nc Vit Nam cp ngy 19 thng 7 nm 2006, Qu c php pht hnh 50.000.000 n v qu ra cng chng vi mnh gi l 10.000 ng Vit Nam/n v qu. Vn c duyt ca Qu l 500 t ng Vit Nam c cc nh u t gp trong nm 2006. Khng c thng d vn pht sinh bi v cc n v qu c pht hnh theo mnh gi. Tt c cc n v qu c quyn nh nhau lin quan n quyn b phiu, c tc hay bt k quyn li no khc. Mi n v qu pht hnh v gp vn y s c hng c tc khi Qu cng b v mang mt quyn b phiu. Khng c giao dch lin quan n vn c duyt v thng d vn pht sinh trong nm 2010 v 2009.

46

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

47

Bo co Ti chnh

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


8. Cc giao dch ch yu vi cc bn lin quan Trong nm Qu c cc giao dch ch yu vi cc bn lin quan nh sau: Cng ty Qun l Qu Theo Hp ng Qun l Qu, Cng ty Qun l Qu s nhn mt khon ph qun l qu hng thng bng 2%/12 tnh trn gi tr ti sn rng ca Qu vo ngy nh gi cui cng ca thng. Ph qun l phi tr cho Cng ty Qun l Qu trong nm nh sau: 2010 VN Ph qun l 8.746.332.892 2009 VN 8.539.612.295

Thuyt minh bo co ti chnh


Ban i din Qu

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)

Ch tch v mi thnh vin ca Ban i din Qu c nhn ph cp hng thng ln lt tng ng 5 triu ng Vit Nam v 3 triu ng Vit Nam. Tng s ph cp phi tr trong nm nh sau: 2010 VN ng inh B Thnh ng L Ch Hiu ng Lng Quang Hin ng Nguyn Xun Sn ng m Minh c 60.000.000 9.000.000 36.000.000 36.000.000 36.000.000 36.000.000 2009 VN 60.000.000 36.000.000 9.000.000 18.000.000 9.000.000 27.000.000 9.000.000 36.000.000 36.000.000

Cng ty Qun l Qu cng c nhn khon thng hot ng lin quan n bt k nm ti chnh no nu (i) gi tr ti sn rng trn mt n v qu vo cui nm vt qu mnh gi (10.000 ng Vit Nam) v (ii) kt qu hot ng ca Qu trong nm vt qu mt mc c xc nh trc nh l nh ngha trong iu l ca Qu v c Qu v Cng ty Qun l Qu chp thun. Cng ty Qun l Qu khng c hng khon thng hot ng trong nm 2010 (2009: Khng). Xem Thuyt minh s 6 ca bo co ti chnh ny bit s d phi tr cho Cng ty Qun l Qu. Ngn hng Gim st Qu c ngha v tr cho Ngn hng Gim st ph gim st v ph lu k hng thng bng 0,08%/12 tnh trn gi tr ti sn rng ca Qu vo ngy nh gi cui cng ca thng. Theo cng vn s 12354/BTD-CST do B Ti chnh ban hnh ngy 15 thng 9 nm 2010, ph gim st thuc i tng chu thu gi tr gia tng 10%. Tng s tin phi tr cho Ngn hng Gim st lin quan n ph gim st v qun l ti sn l:

ng Phm Trng Giang ng Nguyn Vn Ho ng Thi Nhi c ng L Vn B ng Trn L Nguyn

Ti ngy 14 thng 02 nm 2011 s lng n v qu do cc thnh vin ca Ban i din Qu nm gi nh sau: Number of units ng inh B Thnh 550.000

Ti ngy 14 thng 02 nm 2011 s lng n v qu do cc t chc c cc thnh vin ca Ban i din Qu l ngi i din nm gi nh sau: Ngi i din Tn t chc Tng Cng ty Ti chnh Du kh Vit Nam (TP. H Ni)_ Chi nhnh Tp. H Ch Minh Cng ty TNHH Bo him Nhn th Prudential Vit Nam Cng ty c phn Kinh S n v qu 2.500.000 16.850.000 1.040.000

2010 VN Ph gim st v ph lu k 352.670.895

2009 VN 326.994.503

ng Phm Trng Giang ng Thi Nhi c ng Lng Quang Hin

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

48

QU U T CN BNG PRUDENTIAL - PRUBF1

Bo co Thng nin 2010

49

Bo co Ti chnh

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


9. (L)/li trn mi n v qu Li c bn trn mi n v qu ti ngy 31 thng 12 nm 2010 c tnh trn c s khon l pht sinh trong nm l 18.116.621.800 VN (2009: li nhun l 57.744.508.956 VN) v s lng n v qu bnh qun gia quyn 50.000.000 n v (2009: 50.000.000 n v), c tnh nh sau: 2010 VN (L)/li nhun thun pht sinh thuc v nh u t S n v qu bnh qun gia quyn (n v) (L)/li c bn trn mi n v qu 10. C tc Trong nm, Qu khng cng b v chi tr c tc. 11. Mt s ch tiu nh gi khi qut I. Cc ch s v tnh hnh hot ng u t 1. T l cc loi chng khon/Tng gi tr ti sn 2. T l cc loi c phiu/Tng gi tr ti sn 3. T l c phiu nim yt/Tng gi tr ti sn 4. T l c phiu cha nim yt/Tng gi tr ti sn 5. T l cc loi tri phiu/Tng gi tr ti sn 6. T l tin gi ngn hng/Tng gi tr ti sn 31/12/2010 71,43% 57,08% 54,03% 3,05% 14,34% 27,25% 31/12/2009 95,88% 39,00% 36,64% 2,36% 56,87% 1,33% (18.116.621.800) 50.000.000 (362) 2009 VN 57.744.508.956 50.000.000 1.155

Thuyt minh bo co ti chnh

cho nm kt thc ngy 31 thng 12 nm 2010 (tip theo)


12. S kin sau ngy trn bng cn i k ton Sau khi kt thc nm ti chnh, Cng ty TNHH Bo him Nhn th Prudential Vit Nam mua thm 15.850.000 n v qu. Ti ngy 14 thng 2 nm 2011, tng s n v qu do t chc ny nm gi l 16.850.000 (chim 33,7% vn gp ca Qu). Ngn hng Gim st KT. K ton trng Trng phng Giao dch Qun l Qu Cng ty Qun l Qu Quyn Tng Gim c

PHAN TH HUNH DAO Gim c dch v khch hng Phng Nghip v Chng khon Ngy 1 thng 3 nm 2011

TRN THP KIU QUN

HENDRIK GERRIT RUITENBERG

2010 9. T l thu nhp bnh qun/Tng gi tr ti sn 10. T l chi ph bnh qun/Tng gi tr ti sn (1,75%) (2,39%)

2009 14,98% (2,29%)

II. Cc ch s th trng 1. Tng s n v qu ang lu hnh (n v) 2. T l nm gi n v qu ca nhn vin Cng ty Qun l Qu/Tng s n v qu 3. T l nm gi n v qu ca 10 nh u t ln nht/ Tng s n v qu 4. T l nm gi n v qu ca nh u t nc ngoi/ Tng s n v qu 5. T l gi tr giao dch n v qu/Tng s n v qu 6. Gi tr ti sn rng trn mi n v qu (VN)

31/12/2010 50.000.000 N/A N/A N/A N/A 8.711

31/12/2009 50.000.000 N/A N/A N/A N/A 9.073

Lu : N/A Khng c thng tin

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Cng ty Qun l Qu u t Prudential Vit Nam


Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC) c thnh lp t nm 2005 l thnh vin ca Tp on Ti chnh Bo him Prudential c phm vi hot ng trn ton cu. Hin nay, PVFMC l mt trong nhng Cng ty Qun l Qu ln nht hot ng ti Vit Nam vi tng ti sn ang qun l trn 1,3 t la M cho hn 8.000 nh u t c nhn v t chc trong v ngoi nc. PVFMC hin nay c mt i ng cn b dy dn kinh nghim chuyn mn kt hp vi trnh chuyn mn quc t ang thc hin hot ng u t vo cc cng ty, u t vo tri phiu Chnh ph, tri phiu doanh nghip, c phiu ca cc cng ty i chng, bt ng sn cho cc danh mc v cc qu: Qu u t Cn bng Prudential PRUBF1 nim yt ti S Giao dch Chng khon TP. H Ch Minh. Danh mc u t y thc cho Qu Vn ch s hu ca Cng ty Bo him Nhn th Prudential Vit Nam. Danh mc u t cho Qu Nhn th ca Cng ty Bo him Nhn th Prudential Vit Nam. Cc Danh mc u t ca Cc Qu Bo him Lin kt u t ca ca Cng ty Bo him Nhn th Prudential Vit Nam. Qu Vietnam Segregated nim yt ti sn giao dch chng khon Ai-len. Qu Bt ng sn Vit Nam (PVPF). Qua 5 nm hot ng, PVFMC lun tun th nghim ngt php lut hin hnh, quy nh kim sot ni b v cc bin php phng nga ri ro. i vi Qu i chng PRUBF1, PVFMC cng lun cao tnh minh bch trong cc hot ng, thng xuyn bo co vi Ban i din Qu, thc hin cng b thng tin y qua trang Web ca Cng ty, trang Web ca HOSE v cc phng tin thng tin i chng phc v ton th cc nh u t. Nm 2010 nh du nhiu s kin quan trng. K nim 10 nm hot ng ca S Giao dch Chng khon Thnh ph H Ch Minh (2000 2010), PVFMC vinh d c y ban Nhn dn Thnh ph H Ch Minh trao tng Bng khen: C nhiu thnh tch trong cng tc sn xut, kinh doanh, tham gia u t th trng chng khon gp phn tch cc trong hot ng ti chnh - chng khon trn a bn Thnh ph. K nim hot ng ca y ban Chng khon Nh nc, PVFMC vinh d c trao tng Bng khen: c thnh tch xy dng v pht trin Th trung Chng khon giai on 2006-2010. PVFMC cam kt pht trin lu di trong lnh vc qun l qu ti th trng Vit Nam, ng gp cho s pht trin chung ca Th trng Chng khon v Th trng Ti chnh Vit Nam vi mc tiu ti a ha li nhun cho cc nh u t.

Ghi ch
Nhng thng tin nu trong ti liu ny khng nhm mc ch cho mi mua chng ch qu u t v ch dnh cho cc nh u t hin hu. Nhng thng tin ny khng c php cng b, pht hnh, sa cha hoc ph bin tng phn hoc ton b nu khng c Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC) ng trc bng vn bn. Chng ti lun n lc cung cp nhng thng tin trung thc v khch quan trong ti liu ny; tuy nhin, chng ti khng m bo gii thiu y nhng thng tin m cc nh u t mong mun. Cc nh u t nn cn nhc k cng trc khi s dng nhng thng tin ny. Mi kin v c tnh nu trong ti liu ny u c th thay i m khng cn phi thng bo trc. Chng ti khng nghin cu, tm hiu mc tiu u t, tnh trng ti chnh hoc cc nhu cu c th ca mi c nhn hoc nhm ngi no nhn c ti liu ny. Do , chng ti khng m bo v khng chu trch nhim v mi thua l trc tip hoc gin tip xy ra cho mi c nhn hoc nhm ngi no s dng nhng thng tin hoc c tnh nu trong ti liu ny vo mc ch u t. Kt qu hot ng trong qu kh ca cc nh qun l qu u t v mi d on khng phi l c s m bo nhng kt qu tng t trong tng lai. Gi tr v thu nhp t hot ng u t c th tng hoc gim. Nhng d on hoc d bo v ton b nn kinh t, th trng chng khon hoc xu hng pht trin ca nhng th trng m qu u t ang nhm n khng phi l c s m bo qu u t ny s t c nhng kt qu tng t trong tng lai. Cng ty Qun l Qu u t Prudential Vit Nam (PVFMC) l mt cng ty trc thuc Cng ty TNHH Bo him Nhn th Prudential Vit Nam, thuc s hu ca Tp on Prudential Anh Quc. PVFMC v tp on Prudential Anh Quc khng c mi quan h g vi cng ty Prudential Financial, Inc., mt cng ty c tr s chnh ti M.

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Contents
56 58 60 68 72 76 82 104 105
Chairman of The Fund Representative Boards Message Board of Managements Message Economy and Capital Market Review in 2010 Economy and Capital Market Outlook in 2011 The Fund Representative Board Fund Performance Report Financial Statement Prudential Vietnam Fund Management Company Disclaimer

Chairman of The Fund Representative Boards Message

Chairman of The Fund Representative Boards Message


Dear Investors, It has been four years since PRUBF1 was established. Since then, PRUBF1 fund and other public funds have continued to operate in a complicated and challenging economic environment. Theoretically, this is the environment in which the balanced fund structure will develop to preserve capital and take advantage of growth opportunity in the market for investors. We understand that there is always a gap between ideality and reality. The Fund Representative Boards (FRB) objective is to narrow this gap by increasing internal strength, utilizing external resources, and applying experience accumulated through many years of operations. Following the review of FRB, the fund performance 2010 is limited. However, the positive point is the narrowing of the discount between funds NAV and market unit price. This is the result from Prudential groups efforts and commitments in the public tender offer of 31% value of PRUBF1 which is approximately 106.2 billion Vietnamese dong. In addition, there have been many positive changes in the cooperation and discussion between the FRB and Fund Manager. The investment process has also been reviewed to suit the new period. Yours truly, We wish all investors a very successful year in 2011. I believe that the development of the balanced fund is not only meaningful for investors but also a major foundation in the developing of public funds in Vietnam. For the Fund Representative Board, we will continue to actively represent the investors to supervise, consult, and discuss investment strategy with the Fund Manager. With the recent positive changes, we have a more optimistic outlook on the process of establishing and implementing investment strategies with ultimate goal of taking advantages of the Balanced Fund model. 2011 will be a key transitional year to define a strategy that will return investment capital to investors in year 2013. At a level that many experts predict to be the bottom on long-term valuation chart of the VN-Index (since its P/E is 10.6x the lowest since 2006), asset allocation and flexible strategy once again put high pressure on the Fund Manager. We think that the market will become more segmented in the current context. Investment portfolio selection, and flexible asset allocation strategy will be keys to bring more added value for our fund.

Mr. DINH BA THANH Chairman of FRB

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Board of Managements Message

Board of Managements Message


The year under review, 2010, marked the fourth year of operations for the Prudential Balanced Fund - PRUBF1. Again, the fund has been operating in a complicated and challenging investment environment. Positive factors were the continued strong economic growth that drove Vietnam to the category of middle income countries (WB definition). However, this positive trend has been coupled with challenges in the areas of inflation, trade deficit and the value of the VND. These concerns have translated in the equity market performances where Vietnam was one of the worst performers in the Southeast Asia region, and in the fixed income market which showed high interest rate volatility. Despite these concerns, Prudential Fund Management Company is still optimistic about the long term growth story of Vietnam, though short term volatility and concerns should be taken into account. We refer to the sections on the macro economy and on the investment environment for more details. In this challenging investment environment, the Fund Manager followed an active investment approach which resulted in an increase in the equity allocation, and a shortening of fixed income portfolio duration. Overall, NAV of the portfolio decrease 1.7 % (in line with the VN-Index). We are confident that PRUBF1 remains a good investment Uncertainties in the market ask for a considerate investment approach. This means a balance between return and risk expectations and a diversification amongst the asset classes: equities, fixed income and cash. for those investors who prefer a balanced investment approach. We would like to thank you for your confidence in our organization. These efforts reflect the strategy of Prudential Fund Management to strengthen its position in the Vietnamese Fund Management industry. Being fully committed to the Vietnam market, Prudential will look at ways to strengthen its prominent position in the Fund Management industry. In that respect we look forward to the implementation of the regulatory initiatives. In 2010, Prudential Fund Management Company has reviewed the PRUBF1 investment approach and the structure and composition of the investment team. We endeavor a process which allows our Fund Manager to tap into the resources and expertise of Prudential Asset Management (with FUM 52 billion and operations in 10 Asian markets) before making the investment decisions. We will continue to strengthen the investment team with a continued focus on our disciplined investment approach. We are of the opinion that a Balanced Fund based upon a disciplined investment process is the right approach in these market circumstances. Elements of this approach are fundamental valuation, top-down and bottom-up analysis, and peer analysis with a long term prospect.

Board of Management Prudential Vietnam Fund Management Company Mr. HENDRIK GERRIT RUITENBERG Mr. TRAN LE KHANH

Mr. HENDRIK GERRIT RUITENBERG Acting Chief Executive Officer

Mr. TRAN LE KHANH Chief Investment Officer


Annual Report 2010

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Economy and Capital Market Review in 2010

Economy and Capital Market Review in 2010

Macro Economy
The recovery in global macro economy supported Vietnam growth.
Benefited from the interest subsidy and fiscal stimulus in 2009, Vietnam economy continued to recover from the global financial crisis registering better growth across the board in industrial production, retail sales, and exports during 2010.
Chart: GDP Growth YoY GDP Growth % 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% QI-2006 QII-2006 QIII-2006 QIV-2006 QI-2007 QII-2007 QIII-2007 QIV-2007 QI-2008 QII-2008 QIII-2008 QIV-2008 QI-2009 QII-2009 QIII-2009 QIV-2009 QI-2010 QII-2010 QIII-2010 QIV-2010

Improved liquidity from higher credit growth supported domestic consumption and industrial production. Strong global commodity prices helped boost Vietnams export values.
In the second half of 2010, as external demand picked up and commodity prices started to increase, Vietnams exports had one of its best years with many sectors achieving more than their targets. Overall export grew by 25.5% YoY with 18 categories having export value of over $1 billion (compare to 12 categories in 2009). If price effect is excluded, export grew by 13.4% YoY. In addition, the readily available liquidity provided by the State Bank of Vietnam continued to support domestic consumption and industrial production. Overall, GDP growth accelerated from 5.8% in Q1, to 6.4% in Q2, to 7.2 % in Q3, and to 7.3 % in Q4. For the full year of 2010, GDP growth was a respectable 6.8% exceeding the 2010 target of 6.5%.

Key issues for Vietnam economy reign with local currency depreciation pressure and continuing trade deficit.
However, in 2010, depreciating foreign exchange rate and structural trade deficit continued to challenge the Vietnam economy. In addition, internal macro issues along with unfavorable external factors (i.e. global commodity prices hike) had increased inflation expectation causing a high and volatile interest rate environment further hindering economic developments. Being a developing country without a comprehensive supporting industry system, Vietnam still had to import the majority of inputs i.e. machinery, intermediary goods, and some raw materials to maintain its production. Therefore, despite 2010 being an impressive year for exports, the structural trade deficit remained substantial. For the last three months of 2010, the monthly trade deficit continued to be over $1 billion with December number exceeds $1.4 billion. For full year 2010, trade deficit was $12.4 billion, 1.6% higher than 2009 level. Although supported by strong foreign capital inflows i.e. FDI disbursement, ODA, remittances, the balance of payment was still negative at $4.0 billion in 2010. (Source: Ministry of Finance)
Chart: Trade Balance USD million 10,000 8,000 6,000 4,000
Apr 2008 Jul 2008 Oct 2008 Apr 2009 Jul 2009 Oct 2009 Apr 2010 Jan 2008 Jan 2009 Jan 2010 Jul 2010

Quarter Source: General Statistic Office

Strong domestic consumption and industrial production continued to be key contributors to Vietnam economy growth.
In the first half of 2010, with low interest rate environment and strengthening consumer confidence, domestic consumption accelerated showing through ex-inflation retail sales YoY growth average of 15.9% much higher than 2009 level of 5.5%. Together with retail sales, industrial production also accelerated with average YoY growth of 13.6% due to higher FDI disbursements. Over $5.4 billion of FDI was invested in key sectors such as manufacturing, utility, and real estate.
Chart: Domestic consumption & Industrial Output 40.0% 30.0% 20.0%

2,000

(2,000) 10.0% 0.0% Jan 2009 Apr 2009 Jul 2009 Oct 2009 Jan 2010 Apr 2010 Jul 2010 Oct 2010 Jan 2011 (4,000) Trade deficit surplus Export Import Source: General Statistic Office

YTD Industrial Output YoY

YTD Retail Sales YoY ex inflation Source: General Statistic Office

62

Oct 2010

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Economy and Capital Market Review in 2010

Inflation pressure elevated toward the end of 2010.


Due to unfavorable weather in the North and Central of Vietnam decreasing food supply, a significant rise in global commodity prices, and the expansion of credit, inflation increased rapidly. For full year 2010, inflation reached 11.75%, exceeded the government target of 8% and market consensus of 9-10%. A higher inflation, in turn, pushed the deposit rates and lending rates to hike by the end of 2010.
Chart: Month-End CPI YoY - Details 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% CPI Index Source: General Statistic Office
Jun 2008 Sep 2008 Dec 2008 Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010

Equity Market
The VN-Index ended the year 2% lower than 2009 level. 2010 was a volatile year with index fluctuated between 450 550 range.
Chart: VN-Index & Volume VN - Index Volume 600 140,000,000

550

120,000,000

100,000,000 500 80,000,000 450 60,000,000 400 40,000,000 350

20,000,000

300
Date Apr 6, 2010 May 24, 2010 Jul 6, 2010 Nov 16, 2010 Aug 18, 2010 Dec 29, 2010 Feb 22, 2010 Oct 4, 2010

VND depreciation pressure concerned international investors.


In 2010, the government depreciated the VND currency bringing the upper bound to 19,500 VND per USD which is 5.5% higher than 2009 level.
Chart: Foreign Exchange Rate VND 22,000 21,000 20,000 19,000 18,000 17,000 16,000 15,000
Dec 31, 2007 Dec 31, 2008 Dec 31, 2009 Dec 31, 2010 Mar 31, 2008 Mar 31, 2009 Mar 31, 2010 Sep 30, 2008 Sep 30, 2009 Sep 30, 2010 Jun 30, 2008 Jun 30, 2009 Jun 30, 2010

VN-Index

Volume Source: Bloomberg, Prudential Vietnam Fund Management Company

In the first half of 2010, domestic market continued to recover with the support from the governments monetary loosing and last years fiscal stimulus. Therefore, domestic consumption gradually increased as consumer confidence improved. In addition, external demand accelerated as global economic conditions improved pushing by major central quantitative easing programs. During this period, real economic improvement had helped private sector earnings to bounce back. As the result, driven by stronger fundamental, the VN-Index rallied to reach 550 points. However, as the liquidity from the monetary easing gradually faded, the VNIndex stabilized around 500 points by the end of the first half of 2010. However, in the second half of 2010, signs of problem in the State-owned conglomerate Vinashin triggered investors concerns. Further more, all major credit rating agencies downgraded Vietnam by one notch raising questions about the foreign exchange reserves, structural deficit, and a premature financial system. As a result, during Q3 and early Q4, investor shunned away from the equity market, lowering the trading volume substantially. By the end of 2010, the State Bank of Vietnam turned to a more tightening policy making inflation and foreign exchange
Source: Bloomberg

Ceiling Rate

rate to be its primary focus. This move was cheered by the international investor community indicated by the entry of two Exchanged Traded Funds (ETF). In Q4 2010, market rallied ending the year at 485, down 2% compared to the end of 2009.

Higher funding cost in the international capital market due to lower sovereign credit rating.
Concerned about the macro factors i.e. trade deficit, inflation, and VND depreciation pressure, the credit rating agencies downgraded Vietnam sovereign credit rating by one notch by the end of 2010. As such, these lower credit ratings will directly increase the borrowing cost of all Vietnamese entities in the international capital market in 2011.

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Economy and Capital Market Review in 2010

Fixed Income Market


In 2010, bond yield decreased by approximately 50 bps At the beginning of 2010, affected by the substantial fiscal stimulus and increasing pre-Tet domestic demands, inflation climbed higher pushing bond yield up by 50 bps.

Chart: 3 Year Government bond Yield and total market trading volume 2010 Millions 13,0% 1.400.000

12,0%

1.200.000

11,0%

1.000.000

However, after Q1, as inflation stabilized and the government provided liquidity to the market through monetary easing, bank demand for government bond increased. Purchasing government bonds helps banks to improve their balance sheets in order to meet new capital ratios requirement and to access a low interest rate channel provided through open market operation (OMO). As the result of increasing demand, bond yield decreased substantially. For example, 3-year bond yield decreased from 11.8% to as low as 9.5%. During this period, the fixed income market remained liquid with average trading volume of VND 400-600 billion. Yet, at the end of 2010, as the gap between official and unofficial foreign exchange rate increased, inflation pressure intensified, and interest ceiling on primary auction failed to meet investors expectation, the State Bank of Vietnam turned to tightening policy once again causing bond yield to rise. During this period, the majority of government bonds held by banks were used as collateral in the open market operation (OMO) leading to a substantial decrease in trading volume.
8,0% 400.000 9,0% 600.000 10,0% 800.000

7,0%

200.000

May 13, 2010

Aug 13, 2010

Nov 13, 2010

6,0% Mar 13, 2010 Feb 13, 2010 Apr 13, 2010 Jan 13, 2010

Trailing 7-days volume secondary market

3 year G-bond Yield

66

Dec 13, 2010 Source: Hanoi Stock Exchange

Sep 13, 2010

Oct 13, 2010

Jun 13, 2010

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Economy and Capital Market Outlook in 2011

Economy and Capital Market Outlook in 2011

In the long-term, Vietnam remains an attractive investment destination.


Strong domestic consumption, cheap labor force, and strong capital inflows continue to support growth.
A young demographic with tremendous consumption potential and a high urbanization rate create strong growth potential for Vietnam, especially for retails and real estate sectors. Relatively cheap and educated labor force, strong foreign capital investments, and a high stable remittance continue to support export and the industrialization process of Vietnam. We are reasonably confident that 2011 GDP growth will reach the government target of 7%. In fact, we believe that Vietnam can maintain a high growth rate at the average rate of 6-8% per annum in the long run.

Equity Market View


Despite uncertainty in macro conditions, Vietnam equity market remains reasonable valued. We think equity will post some return but not too strong until macro economy issues are solved.
Currently, the VN-Index price per earning (P/E) stands at 11x compared to Indonesia P/E of 19x and Singapore P/E of 12.5x. Once the macro economic conditions stabilize, there will be a possibility of equity market recovery i.e. Vietnam market P/E normalized at regional level.
Chart: Index Valuation P/E ratio P/B ratio 13.50 13.00 12.50 2.40 12.00 2.20 2.00 1.80 1.60 10.50 1.40 10.00 9.50 Mar 7, 2010 May 8, 2010 Aug 9, 2010 Sep 9, 2010 Jan 4, 2010 Feb 4, 2010 Apr 7, 2010 Jun 8, 2010 Jul 9, 2010 Oct 10, 2010 Nov 10, 2010 Dec 11,2010 1.20 1.00 3.00 2.80 2.60

However, in the very near term, this optimism is tempered by several challenges in 2011.
Confidence in the local currency, inflation pressure, and slower global growth rate remain key challenges for Vietnam recovery.
Alarming level of foreign reserve of about $12-15 billion (based on International Monetary Fund estimated at the end of 2010), a continuing budget and trade deficit, and the downgrading of Vietnam are key factors affecting investors confidence in the VND. As such, in the grey market, the USD has consistently been trading above the State Bank of Vietnams upper band. Therefore, restoring investors confidence is one of the key challenges for the State Bank of Vietnam in 2011. In our view, the aggressive VND depreciation of 8.5% in February 2011 has shown the State Bank of Vietnams determination to solve this problem. Regarding inflation, 2011 is forecasted to be a challenging year for the policy makers. First, commodity prices continue to trend higher fueled by global quantitative easing in the past. Second, credit growth is still at a high level due to the fact that banks aggressively grew their balance sheet in 2010. All considered, we are reasonably confident that, having experience from 2008, the government and the State Bank of Vietnam, with a focus on inflation control, will take necessary steps to prevent inflation. We expect full year 2011 inflation to be at low double-digits number as inflation in the first two months reached 3%. Also, we acknowledge that global economy recovery might not be as good as expected since many countries are tightening to fight rising inflation. This slower growth will negatively affect the demand on Vietnams exporting goods hindering economic development. In line with our view on the Vietnam economy, we are cautiously optimistic about the stock market in the near-term and bullish over the longer term.

11.50 11.00

Price to book (P/B) ratio

Price per earning (P/E) ratio Source: Bloomberg

Fixed Income View


Challenges in fixed income market due to volatile interest rate.
On the fixed income side, we remain concerned about the possibility of increasing yield, given our expectations that cost-push inflation expectation remains high. However, in the long term, the economy is still supported by strong fundamental factors.

Corporate earnings might grow comfortably thanks to strong domestic consumption. However, corporate margin will likely be squeezed.
Looking to 2011, corporate earnings will grow modestly thanks to strong domestic consumption and recovering global economies. However, earning per share (EPS) growth might be only in the single digit due to higher funding cost, lower gain from investments, and dilution from new share issuances. We are nevertheless optimistic on the VN-Index in the long run, given that market valuation is relatively attractive to regional peers.

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The Fund Representative Board

Mr. DINH BA THANH

Mr. LE VAN BE

Mr. PHAM TRUONG GIANG

Mr. LUONG QUANG HIEN

Mr. THAI NHI DUC

Group Chairman & CEO DatVietVAC Group Holdings Chairman of the FRB

Vice Chairman Military Commercial Joint Stock Bank FRB Member

Manager of Equity Investment Department/ Investment Division PetroVietnam Finance Company FRB Member

Vice - President of Finance Kinh Do Group FRB Member

Chief Corporate Governance Officer Prudential Vietnam Assurance Private Limited FRB Member

The Fund Representative Board

Members of the Fund Representative Board


Since the fourth Annual General Meeting (AGM) organized on 28 March 2010, the Fund Representative Board (FRB) changed to 05 members instead of 06. They are: 1) Mr. DINH BA THANH 2) Mr. LE VAN BE 3) Mr. THAI NHI DUC 4) Mr. LUONG QUANG HIEN 5) Mr. PHAM TRUONG GIANG An individual investor, Chairman of the FRB Representing Military Bank Representing Prudential Vietnam Assurance Company Representing Kinh Do Corporation Representing PetroVietnam Finance Company

C. Date 12 August 2010 - No. of Members: 4/5 This was an ad-hoc meeting to focus on certain important items: 1. Portfolio, history, background, qualifications and number of persons of the Fund Managers investment team; responsibility of each individual and how many percent are full-time for PRUBF1; 2. The role of the Vietnamese team as well as the impact of Singapore office regarding the final investment decisions; 3. Investment decision flow and process. D. Date 27 August 2010 - No. of Members: 4/5 A periodic quarterly meeting of the FRB. This meeting was to address any other issues from the 16th meeting: 1. The Fund Manager presented fund activities and performance. Addressed the reasons why the fund performance has not been up to expectation and lessons learned; 2. Addressed 4 categories of questions that FRB raised: (i) investment process and decision rights; (ii) communication of meeting Minutes to Regional office; (iii) clear description of investment team and (iv) specific action plans to improve fund NAV; 3. Some comments from FRB to the exact role of Regional. If it is purely advisory, then that is nothing new; that has always been the case. But it appears to that Regional has certain rights in the Vietnams team decisions, including on the recent restructuring /reorganization. So FRB emphasized that Minutes of these FRB meetings should be sent to Regional CIO to ensure that FRB concerns are addressed properly. 4. The Fund Manager requested to communicate with the FRB on a monthly basis to get FRB input on macro views which also might have special information on certain companies. FRB agreed that the Fund Manager can do so. The FRB chairman agreed and recommended that FRB members in the North / South cooperate with the Fund Manager to have more frequent communications. E. Date 12/11/2010 - No. of Members: 4/5 A periodic quarterly meeting of the FRB to discuss and review: 1. Fund activities and performance of QIII 2010 and macro views; 2. The Fund Manager addressed all matters arising and concerns of FRB members have been resolved with Regional office. The company also emphasized that all arising matters were discussed seriously with Guy Strapp, who is Regional CIO of Asia Fund of Prudential and direct over-seer of the Vietnam office. F. Date 10/12/2010 - No. of Members: 4/5 This was the second ad-hoc meeting to focus on the Public Offer of Prudential Assurance Vietnam to acquire 31.7% of fund. The Public Offer had been approved by SSC and the FRB had no objection to it.

On 04 January 2010, PetroVietnam Finance Company officially appointed a new member, Mr. Pham Truong Giang, replacing Mr. Dam Minh Duc on the FRB. Simultaneously, Mr. Le Chi Hieu resigned from the FRB at the fourth Annual General Meeting. All changes in FRB membership had been approved at the meeting.

Activities of the Fund Representative Board


In 2010, the FRB held 4 quarterly and 2 ad-hoc meetings: A. Date 16 March 2010 - No. of Members: 5/5 This is the first meeting of the FRB in 2010. The FRB discussed and approved the below items: 1. Reviewed and approved all matters arising from the previous meeting. 2. Fund activities and performance for whole year 2009; 3. Fund strategy recommendations for year 2010; 4. Decided on the benchmark for allocation of Fixed Income and Equities which will be applied for performance bonus calculation for 2010; 5. AGM 2009 will be held on 26 March 2010. B. Date 20 May 2010 - No. of Members: 5/5 This is a periodic quarterly meeting of the FRB, during the meeting FRB had discussed and addressed: 1. Matters arising from Annual General Meeting held on 26 March 2010 and then decide action plans for the fund correspondingly; 2. FRB recommended that the Fund Manager should be more proactive and flexibility in equity investment strategy i.e. explore into other growth small cap stocks rather than focusing on Blue Chip stocks which were not performance well; 3. FRB agreed that the Fund Manager should change the tactical allocation of assets to be able to have equity investment up to 100%, which will need the required AGM approval in next meeting; 4. FRB approved for 2010 performance benchmark with a Fixed Hurdle Rate of 10% and Dynamic Benchmark 50:50 allocation for Equity and Fixed Income.

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Fund Performance Report

Fund Performance Report

Asset allocation
In the first quarter of 2010, the Fund Representative Board (FRB) and the Fund Manager revised the PRUBF1 Funds strategic asset allocation target to a balanced position of 50% Fixed Income and 50% Listed Equity. As of December 31, 2009, the Fund had allocated 61% into fixed income (including 1% cash) and 39% into equity. During the second quarter of 2010, the government actively pumped in Vietnamese Dong to increase market liquidity in order to reduce interest rate level and fiscal stimulate the economy. At that time, PVFMC formed a view that Vietnam economy was showing signs of improvement and was still benefitting from the government stimulus package. Corporate earning targets were potentially achieved. With the view that return on listed equity would be higher than that of fixed income, we actively increased the equity allocation to 62.5% of total Fund size and reduced the fixed income allocation to 37.5%. However, within fixed income portfolio, we applied long duration strategy in the view that interest rates would reduce to reflect the lower-than-expected inflation level during the period of April to July 2010. In term of absolute return YTD 2010, although this long duration strategy helped the fixed income portfolio return 13.5%, the overall Fund NAV reduced 1.7% (before management fee) due to the negative return of 9% on listed equity.
Chart: Asset allocation (Jan 2010 July 2010). PRUBF1 moved from fixed income majority to equity majority. Beginning of 2010 End of July 2010

Portfolio activities
During 2010, the PRUBF1 Fund manager has adjusted asset allocation in anticipation of changes in macro economic condition. From overweighting fixed income, PRUBF1 has moved to a more balancing structure with the listed equity allocation in the first half of the year. After the changes in investment strategy, restructuring both equity and fixed income sub-portfolios became the primary focus of the Fund, especially in the second half of the year. Equity: During the year of 2010, we net bought VND105 billion worth of listed equity, or 24% of total fund under management (FUM). Therefore, at the end of 2010, equity accounted for 57% of total FUM. The Fund continued to hold stocks having medium to high market capitalization, with a strong business model and significant competitive advantage. These are companies whose business(es) can be maintained and developed even under a high interest rate environment and a volatile macro economic condition. The Fund maintained an overweight position on Food producers (top holdings are VNM, Sabeco); Fixed line telecommunications (FPT); Chemical (DPM, TRC); Oil equipment, Service and Distribution (PVD, PVGas). The Fund, however, maintained an underweight position on Financial Service (MSN, PVF), Insurance (BVH), Real Estate Investment and Service (VIC).
Table: Sector allocation of the equity portfolio at 31 December 2010.

39% 61%
Fixed Income portfolio

Sector

% PRUBF1 Equity 3.3% 8.2% 2.9% 12.5% 8.8% 14.5% 6.1% 15.7% 3.8% 19.7% 4.5% 100.0%

% Index 9.0% 2.7% 1.4% 7.4% 8.0% 9.7% 14.6% 10.0% 2.9% 22.8% 11.7% 100.0%

Active Bet (%) 5.7% 5.5% 1.5% 5.1% 0.9% 4.8% 8.5% 5.8% 0.9% 3.1% 7.2% 0.0%

Equity portfolio

37.5%
Fixed Income portfolio

62.5%
Equity portfolio

Nonlife Insurance Fixed Line Telecommunications Pharmaceuticals & Biotechnolog Oil Equipment, Services &Distribution

Source: Prudential Vietnam Fund Management Company

Banks Materials Financial Servises Food Producers Industrial Transportation Real Estate Others Total

From August to December 2010, PVFMC noticed that the risk for fixed income market had been increasing due to higher macro economic uncertainty. High VND depreciation expectation caused by a structural trade deficit, and a high inflation expectation continued to impose substantial pressures on the Vietnam economy. Despite the short term volatility, we maintained the view that equity can bring value in the long run. Accordingly, we reserved a high cash position to reduce risks of the portfolio and to actively pursue investment opportunities. The Fund Asset Allocation at the end of 2010 is 57% and 43% in equity and fixed income respectively (plus accrual interest 64% of fixed income portfolio is cash, accounting for 28% of total Fund).
Chart: Asset allocation at 31 December, 2010. At the end of the year, we have higher proportion of cash in the portfolio. Beginning of 2010 End of 2010

Source: Prudential Vietnam Fund Management Company

As at December 31, 2010, top 5 holdings of the PruBf1 listed equity are:

39% 61%
Fixed Income

28%
Cash

Equity portfolio

57%

Top 5 Holdings Viet Nam Dairy Products JSC FPT Corp PetroVietNam Fertilizer & Chemical

% Equity 13.1% 8.2% 7.2% 6.0% 5.1%


Source: Prudential Vietnam Fund Management Company

1% Cash

Fixed Income

15%

Equity portfolio

Source: Prudential Vietnam Fund Management Company

HAGL JSC Hoa Phat Group JSC

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Fund Performance Report

Fixed Income: During the year of 2010, we sold VND216 billion worth of bonds (mainly corporate bonds, equivalent to 50% of total FUM) and bought only VND20 billion worth of bonds (equivalent to 5% of total FUM). This was a result of a change in investment strategy of switching from long-term bonds to short-term bonds. We maintained short duration to benchmark in Q1 and Q4/2010, and long duration to benchmark in Q2 and Q3/2010. Overall, our strategy was consistent with what happened in the market helping our fixed income portfolio to have a positive return. During 2010, bond yields fluctuated widely with three major trends. The first major trend was from January to April 2010 when the bond yield increased as the State Bank of Vietnam maintained a tight control on credit growth to tackle inflation. The second was from April to August 2010 when the bond yield decreased as more liquidity was pumped to the market along with higher credit growth. The final trend was from August to the end of 2010 when bond yield increased due to higher inflation pressure and an increase in Vietnam sovereign rating risk.
Chart: Government Bond Yield curve movement in 2010 13.0% 12.5% 12.0% 11.5% 11.0% 10.5% 10.0% 9.5% 9.0% 8.5% 1 Year Dec 2010 2 Year 3 Year Aug 2010 5 Year Apr 2010 7 Year >= 10 Year Jan 2010

Chart: PRUBF1 unit NAV and unit price movement in 2010 VND 10.000 8.000 6.000 4.000 2.000 Jan 2010 Feb 2010 Mar 2010 Apr 2010 May 2010 Jun 2010 Jul 2010 Aug 2010 Sep 2010 Oct 2010 Nov 2010 Dec 2010

PRUBF1 NAV

BF1 Market price Source: Prudential Vietnam Fund Management Company, HOSE

Fund Performance Results


During the fiscal year 2010, in term of relative performance was -9.8% and -0.1% for equity and fixed income respectively.

Performance Fixed Income 5 year bond benchmark Relative Performance Equity VN-Index benchmark + 1% Relative Performance Overall Fund return

1M 0.7% 0.9% -0.20% 8.3% 8.0% 0.3% 5.4%

3M 1.9% 1.0% 0.9% 6.4% 7.6% -1.2% 4.7%

YTD 13.5% 13.6% -0.10% -9.0% 0.8% -9.8% -1.7%

Source: Prudential Vietnam Fund Management Company

Source: Prudential Vietnam Fund Management Company

Since we maintained a short duration to benchmark for Q1 and Q4/2010, while long duration to benchmark in Q2 and Q3, our fixed income portfolio was able to outperform the market increasing value to the Fund. The change in portfolio duration reflects accuracy and consistency of our macro bet and flexibility in our balanced investment strategy.

Net asset value (NAV) during 2010


As of December 31, 2010, NAV per unit is 8,711 VND, a decrease of -1.7% (before fees or 4% after fees) during the year. However, PRUBF1 unit price in Ho Chi MInh Stock Exchange (HOSE) increased 3.4% in 2010, thanks to Prudential public offer transaction, while VN-Index decreased 2% in the same period. In December 31, 2010, PRUBF1 was traded at VND6,100 per unit, 30% discount to its NAV. This discount is narrowed down from 35% at beginning of the year.

As an asset allocation strategy, we favored listed equity over fixed income as at end of 2010. Therefore, with unfavorable equity market in 2010, higher-than-benchmark equity allocation contributed to the negative return for the Fund. The stock selection effect, resulted in unfavourable listed equity performance since the market favored small cap stocks (in the first 6 months driven mainly by speculation) and few very big cap stocks, such as BVH, VIC, MSN (in Q4 2010, driven by hot money from overseas ETF Funds). Our investment philosophy is fundamental value investing and we believe that it will bring long term benefits to investors. Fixed income performance is comparatively better thanks to flexible duration strategy. However, lower-than-benchmark fixed income allocation did offset the positive return of fixed income duration strategy.
Reported by PRUBF1 Fund Manager: Mr. Ngo The Trieu

80

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Annual Report 2010

81

Financial Statement

Financial Statement

General information
Fund Unit Issuance Certificate 02/UBCK-GPQT - 19 July 2006 Fund Establishment Certificate 06/UBCK-KQT - 5 October 2006 Listing Approval Certificate 02/UBCK-GPNY - 22 November 2006 The Fund Unit Issuance Certificate, the Fund Establishment Certificate and the Listing Approval Certificate were issued by the State Securities Commission of Vietnam. Registered Office Saigon Trade Center 37 Ton Duc Thang Street, District 1 Ho Chi Minh City Vietnam Fund Representative Committee Mr. DINH BA THANH Mr. LE CHI HIEU (until 26 March 2010) Mr. LE VAN BE Mr. LUONG QUANG HIEN (from 9 January 2010) Mr. PHAM TRUONG GIANG Mr. THAI NHI DUC

Report of the Fund Representative Committee


APPROVAL OF THE FINANCIAL STATEMENTS I, Dinh Ba Thanh, being the Chairman of the Fund Representative Committee and on behalf of the Unitholders of Prudential Balanced Fund (the Fund), do hereby approve the attached financial statements of the Fund for the year ended 31 December 2010, which have been prepared in accordance with Decision 63/2005/Q-BTC issued by the Ministry of Finance on 14 September 2005 on the promulgation of accounting systems for securities investment funds and Decision 45/2007/Q-BTC issued by the Ministry of Finance on 5 June 2007 on the promulgation of regulations on establishment and management of securities investment funds, Vietnamese Accounting Standards, the Vietnamese Accounting System and relevant statutory requirements. On behalf of the Fund Representative Committee.

Chairman Member

Mr. DINH BA THANH Chairman of FRB

Member Member

Member Member

Fund Manager Prudential Vietnam Securities Investment Fund Management Company Limited Supervising Bank HSBC Bank (Vietnam) Ltd. Auditors KPMG Limited Vietnam

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Annual Report 2010

85

Financial Statement

Independent auditors report


To the Unitholders Prudential Balanced Fund Scope We have audited the accompanying balance sheet, the statement of assets and the statement of investment portfolio of Prudential Balanced Fund (the Fund) as of 31 December 2010 and the related statements of income and changes in net assets for the year then ended and the explanatory notes thereto which were authorised for issue by the Fund Representative Committee on 1 March 2011. These financial statements are the responsibility of the management of Prudential Vietnam Securities Investment Fund Management Company Limited as the Fund Manager and have been verified by HSBC Bank (Vietnam) Ltd., as the Supervising Bank of the Fund. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management of the Fund Manager, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Audit opinion In our opinion, the financial statements give a true and fair view of the financial position of Prudential Balanced Fund as of 31 December 2010 and of its results of operations for the year then ended in accordance with Decision No. 63/2005/Q-BTC issued by the Ministry of Finance on 14 September 2005 on the promulgation of accounting systems for securities investment funds and Decision No. 45/2007/Q-BTC issued by the Ministry of Finance on 5 June 2007 on the promulgation of regulations on establishment and management of securities investment funds, Vietnamese Accounting Standards, the Vietnamese Accounting System and the relevant statutory requirements. KPMG Limited Vietnam Investment Certificate No: 01143000345 Audit Report No: 10-01-411

Balance sheet

at 31 December 2010
31/12/2010 VND 31/12/2009 VND

Items A ASSETS 1. Cash in banks 2. Investments in securities 3. Receivables from investing activities TOTAL ASSETS

Code Note

110 120 130 200

119,188,997,476 312,369,752,722

6,073,015,290 436,211,773,384 12,688,723,121

5,778,239,454

437,336,989,652 454,973,511,795

B RESOURCES I LIABILITIES 1. Payables for investing activities 2. Payables to the unitholders 3. Payables to the Fund Manager and the Supervising Bank 4. Audit fees 5. Other payables and accruals II EQUITY 1. Capital contributed by unitholders 1.1 Contributed capital 2. Undistributed results TOTAL RESOURCES 300 311 312 315 318 318 400 410 411 420 430 7 6 5 1,790,088,347 660,490,000 55,875,000 756,987,247 298,155,000 18,581,100 1,309,988,690 57,375,000 787,715,480 274,413,150 190,485,060

435,546,901,305 453,663,523,105 500,000,000,000 500,000,000,000 (64,453,098,695) 500,000,000,000 500,000,000,000 (46,336,476,895)

437,336,989,652 454,973,511,795

NGUYEN THANH NGHI CPA No. 0304/KTV Deputy General Director Ho Chi Minh City, 1 March 2011

TRAN DINH VINH CPA No.0039/KTV

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87

Financial Statement

Balance sheet

at 31 December 2010 (continued)


OFF - BALANCE SHEET ITEMS 31/12/2010 VND 118,540,000,000 31/12/2009 VND 300,257,310,000

Statement of income

for the year ended 31 December 2010


2010 VND 2009 VND

Items A/ Realised operating result I. (Loss)/income from realised investing activities 1. Dividends 2. Interest income from bonds 3. Interest income from bank deposits Acting Chief Executive Officer 4. Loss from securities trading II. Expenses 1. Fund management fees 2. Custody and supervision fees 3. Expenses for fund meetings and conferences

Code Note

Items Securities at par value

10 11 12 13 14 30 31 32 33 34 35 38 50 8 8

(7,354,988,911) 8,191,345,400 16,839,968,794 2,730,687,874 (35,116,990,979)

31,209,892,117 2,822,889,740 28,013,037,720 2,921,450,648 (2,547,485,991)

Supervising Bank On behalf of Chief Accountant Operations Manager

Fund Manager

(10,448,931,584) (10,418,721,750) (8,746,332,892) (352,670,895) (435,611,601) (309,568,050) (604,748,146) (17,803,920,495) (8,539,612,295) (326,994,503) (565,134,090) (268,488,464) (52,661,400) (665,830,998) 20,791,170,367

PHAN THI HUYNH DAO Vice President Client services HSBC Securities Services, Vietnam 1 March 2011

TRAN THAP KIEU QUAN

HENDRIK GERRIT RUITENBERG

4. Audit fees 5. Due diligence fees 6. Other expenses III. Net realised operating result for The year

B/ Unrealised operating result I. Income 1. Revaluation gain on securities investments II. Expenses 1. Revaluation loss on securities investments III. Net unrealised operating result for the year Net operating result for the year (Losses)/earnings per fund unit Supervising Bank On behalf of Chief Accountant Operations Manager 60 61 70 71 80 90 9 Fund Manager Acting Chief Executive Officer (312,701,305) (312,701,305) (312,701,305) (18,116,621,800) (362) 36,953,338,589 36,953,338,589 36,953,338,589 57,744,508,956 1,155

PHAN THI HUYNH DAO Vice President Client services HSBC Securities Services, Vietnam Ho Chi Minh City, 1 March 2011

TRAN THAP KIEU QUAN

HENDRIK GERRIT RUITENBERG

88

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Annual Report 2010

89

Financial Statement

Statement of assets
at 31 December 2010

Statement of changes in net assets


for the year ended 31 December 2010
31/12/2010 VND 119,188,997,476 312,369,752,722 62,720,155,022 249,649,597,700 236,300,697,700 13,348,900,000 761,509,400 5,016,730,054 437,336,989,652 660,490,000 1,129,598,347 727,173,148 29,814,099 298,155,000 55,875,000 18,581,100 1,790,088,347 435,546,901,305 50,000,000 8,711 Fund Manager On behalf of Chief Accountant Operations Manager Acting Chief Executive Officer 31/12/2009 VND 6,073,015,290 436,211,773,384 258,755,748,484 177,456,024,900 166,697,124,900 10,758,900,000 136,808,200 12,551,914,921 454,973,511,795 1,309,988,690 757,418,731 30,296,749 274,413,150 57,375,000 190,485,060 1,309,988,690 453,663,523,105 50,000,000 9,073 PHAN THI HUYNH DAO Vice President Client services HSBC Securities Services, Vietnam Ho Chi Minh City, 1 March 2011 TRAN THAP KIEU QUAN HENDRIK GERRIT RUITENBERG

Items 1. Cash 2. Investments 2.1 Bonds 2.2 Shares 2.2.1 Listed shares 2.2.2 Unlisted shares 3. Dividends receivable 4. Interest receivable Total assets 6. Payables for investing activities 7. Other payables 7.1 Management fees 7.2 Custody and supervision fees 7.3 Audit fees 7.4 Dividends 7.5 Other payables and accruals Total liabilities Net assets of the Fund Number of fund units (in units) Net asset per fund unit Supervising Bank

Items I. Net assets at the beginning of the year II. Changes in net assets during the year in which: Changes in net assets due to investing activities during the year III. Net assets at the end of the year Supervising Bank On behalf of Chief Accountant Operations Manager Fund Manager

2010 VND

2009 VND

453,663,523,105 395,919,014,149 (18,116,621,800) (18,116,621,800) 57,744,508,956 57,744,508,956

435,546,901,305 453,663,523,105

Acting Chief Executive Officer

PHAN THI HUYNH DAO Vice President Client services HSBC Securities Services, Vietnam Ho Chi Minh City, 1 March 2011

TRAN THAP KIEU QUAN

HENDRIK GERRIT RUITENBERG

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91

Financial Statement

Statement of investment portfolio


at 31 December 2010

Statement of investment portfolio


at 31 December 2010 (continued)
Units Market value per unit at 31/12/2010 VND Total market value at 31/12/2010 VND % total assets Items

Items

Units

Market value per unit at 31/12/2010 VND 53,000

Total market % value at total assets 31/12/2010 VND 7,898,749,000 1.81% 3.97% 0.81% 0.29% 2.17% 0.69% 1.77% 0.23% 0.00% 0.31% 0.73% 0.69% 1.60% 0.43% 7.24% 1.02% 1.26% 0.40% 1.34% 54.04%

I Listed shares Asia Commercial Joint Stock Bank Bao Viet Holdings Binh Chanh Construction Investment Joint Stock Company Binh Minh Plastic Joint Stock Company Corporation for Financing & Promoting Technology COTEC Construction Joint Stock Company Danang Rubber Joint Stock Company Development Investment Construction Corporation Hau Giang Pharmaceutical Joint Stock Corporation Dien Quang Lamp Joint Stock Company Domesco Medical Import Export Joint Stock Company Dong Phu Rubber Joint Stock Company Dry Cell & Storaga Battery Joint Stock Gemadept Corporation Ha Do Joint Stock Company Hoang Anh Gia Lai Joint Stock Company Ho Chi Minh City Infrastructure Investment Joint Stock Company Ho Chi Minh City Securities Corporation Hoa Phat Group Joint Stock Company Hoa Sen Group Investment & Trading of Real estate Joint Stock Company Joint Stock Commercial Bank for Foreign Trade of Vietnam Kinh Bac City Development Corporation Kinh Do Corporation Masan Group Corporation 73,168 125,132 46,666 98,316 308,176 35,000 20,000 195,567 48,031 2,940 39,988 24,750 117,770 121,650 28,000 180,000 100,005 27,000 320,000 140,000 80,980 199,199 55,000 20,000 68,640 26,100 64,500 31,300 47,500 1,909,684,800 8,071,014,000 1,460,645,800 4,670,010,000 0.44% 1.85% 0.33% 1.07% 4.55% 0.56% 0.18% 1.83% 1.32% 0.02% 0.29% 0.38% 1.45% 0.92% 0.48% 3.33% 0.82% 0.18% 2.83% 0.63% 0.46% 1.48% 0.43% 0.24% 1.18%

Petro Vietnam Drilling and Well Services Petro Vietnam Fertilizer & Chemical Joint Stock Company Phu Nhuan Jewelry Joint Stock Company Pomina Steel Corporation Saigon Securities Incorporation Saigon Thuong Tin Commercial Joint Stock Bank

149,033 457,050 100,000 44,640 297,000 185,651

38,000 17,367,900,000 35,600 28,600 32,000 16,200 61,500 16,600 33,600 31,100 71,000 34,500 98,000 63,000 3,560,000,000 1,276,704,000 9,504,000,000 3,007,546,200 7,749,000,000 996,000,000 67,200 1,368,400,000 3,191,450,000 3,036,000,000 7,007,000,000 1,890,000,000

64,500 19,877,352,000 70,000 40,000 41,000 120,000 25,000 31,400 68,000 54,000 33,200 75,000 2,450,000,000 800,000,000 8,018,247,000 5,763,720,000 73,500,000 1,255,623,200 1,683,000,000 6,359,580,000 4,038,780,000 2,100,000,000

Songda Urban & Industrial Zone Investment and Development 126,000 Company Tan Tao Investment Industry Tan Tien Plastic Packaging Joint Stock Company Tancang Logistics and Stevedoring Joint Stock Company Tay Ninh Rubber Joint Stock Company Thu Duc Housing Development Corporation Tien Phong Plastic Vietnam Container Shipping Joint Stock Company Vietnam Dairy Products Joint Stock Company Vietnam Export Import Commercial Joint Stock Bank Vietnam Joint Stock Commercial Bank for Industry and Trade Vietnam Sea Transport & Chartering Joint Stock Company 60,000 2 44,000 44,950 88,000 71,500 30,000 368,270 287,726 240,000 150,000 60,000 5,279,800

86,000 31,671,220,000 15,500 23,000 11,800 97,500 4,459,753,000 5,520,000,000 1,770,000,000 5,850,000,000 236,300,697,700

81,000 14,580,000,000 36,000 29,900 3,600,180,000 807,300,000

Vincom Joint Stock Company Total II Unlisted shares Au Lac Joint Stock Company Saigon Beer-Alcohol-Beverage Joint Stock Corporation Saigon Western Beer Joint Stock Company Petro Vietnam Gas Corporation Total

38,700 12,384,000,000 19,600 24,800 32,500 34,000 51,500 75,000 2,744,000,000 2,008,304,000 6,473,967,500 1,870,000,000 1,030,000,000 5,148,000,000

161,000 60,000 145,000 170,000 536,000

14,900 37,200 21,200 33,200

2,398,900,000 2,232,000,000 3,074,000,000 5,644,000,000 13,348,900,000

0.55% 0.51% 0.70% 1.29% 3.05%

92

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Annual Report 2010

93

Financial Statement

Statement of investment portfolio


at 31 December 2010 (continued)
Items

Notes to the financial statements


for the year ended 31 December 2010
Units Market value per unit at 31/12/2010 VND Total market value at 31/12/2010 VND % total assets These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. Background Prudential Balanced Fund was established as a closed-end securities investment fund in Vietnam under the Fund Unit Issuance Certificate No. 02/UBCK-GPQT issued by the State Securities Commission of Vietnam on 19 July 2006. According to this certificate, the Fund is authorised to issue 50,000,000 fund units to the public with the par value of VND10,000 per unit. The Fund was licensed to operate for a period of seven years in accordance with the Fund Establishment Certificate No. 06/UBCK-KQT issued by the State Securities Commission on 5 October 2006. The Fund received the Listing Approval Certificate No. 02/UBCK-GPNY issued by the State Securities Commission on 22 November 2006 which allows the fund units to be listed and traded at the Ho Chi Minh Stock Exchange under the stock code PRUBF1. As at 31 December 2010 and 2009 the Fund did not have any employee. 5,016,730,054 761,509,400 5,778,239,454 1.15% 0.17% 1.32% The Fund is managed by Prudential Vietnam Securities Investment Fund Management Company Limited (the Fund Manager), a company incorporated in Vietnam, and supervised by HSBC Bank (Vietnam) Ltd. (the Supervising Bank). The primary objective of the Fund is to invest in a balanced investment portfolio capable of yielding stable earnings in order to grow the unitholders capital value. The investment portfolio may comprise of both debt instruments and equity securities in Vietnam in compliance with the Funds charter. 2. Summary of significant accounting policies The following significant accounting policies have been adopted by the Fund in the preparation of these financial statements. (a) Basis of financial statement preparation The financial statements of the Fund, expressed in Vietnam Dong (VND), have been prepared in accordance with Decision No. 63/2005/Q-BTC issued by the Ministry of Finance on 14 September 2005 on the promulgation of accounting systems for securities investment funds and Decision No. 45/2007/Q-BTC issued by the Ministry of Finance on 5 June 2007 on the promulgation of regulations on establishment and management of securities investment funds, Vietnamese Accounting Standards, the Vietnamese Accounting System and the relevant statutory requirements. The accompanying financial statements have not been prepared to express the financial position and the operating results in accordance with accounting principles and practices generally accepted in other countries and other jurisdictions outside Vietnam. The accounting principles and practices applicable in Vietnam may be different with those in other countries and other jurisdictions.

III Bonds Government bonds (16/03/2011) Government bonds (26/01/2012) Government bonds (12/12/2012) Government bonds (23/10/2013) Government bonds (26/04/2020) Total IV Other assets Interest receivable Dividend receivable Total V Cash Cash in banks Total VI Grand total 6,419,620 119,188,997,476 119,188,997,476 437,336,989,652 27.25% 27.25% 100.00% 150,000 50,000 3,820 200,000 200,000 603,820 98,577 14,786,505,000 98,359 97,602 4,917,970,000 372,840,022 3.38% 1.12% 0.09% 5.06% 4.69% 14.34%

110,580 22,116,000,000 102,634 20,526,840,000 62,720,155,022

Supervising Bank On behalf of Chief Accountant Operations Manager

Fund Manager Acting Chief Executive Officer

PHAN THI HUYNH DAO Vice President Client services HSBC Securities Services, Vietnam Ho Chi Minh City, 1 March 2011

TRAN THAP KIEU QUAN

HENDRIK GERRIT RUITENBERG

94

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Annual Report 2010

95

Financial Statement

Notes to the financial statements

for the year ended 31 December 2010 (continued)


According to Decision No. 63/2005/Q-BTC, the Funds financial statements include the following reports: Balance sheet; Statement of income; Statement of assets; Statement of changes in net assets; Statement of investment portfolio; and Notes to the financial statements.

Notes to the financial statements

for the year ended 31 December 2010 (continued)


The Fund does not seek to participate in day-to-day financial and operating policy decisions of the investee companies. Accordingly, the Fund does not intend to exert a controlling or significant influence over the investee companies and therefore, the Funds investments are recorded and measured on the basis set out in this note, rather than being consolidated or equity accounted. In accordance with Decision No. 63/2005/QD-BTC issued by the Ministry of Finance on 14 September 2005 on the promulgation of accounting systems for securities investment funds and Decision No. 45/2007/QD-BTC issued by the Ministry of Finance on 5 June 2007 on the promulgation of regulations on establishment and management of securities investment funds, the Fund is required to measure its investments at fair value at each reporting date. The Fund has adopted the following accounting policies for recognition and measurement of its investments: Investments are initially stated at cost. Subsequent to initial recognition, all investments are measured at fair value. Gains and losses arising from the changes in the fair value of the investments are presented in the unrealised operating result in the statement of income in the period in which they arise. The fair value of investments traded in active markets is based on market prices at the reporting date. Certain investments made by the Fund are traded in the over the counter market. The fair value of these investments is determined by reference to the average price of the quoted prices at the reporting date obtained from three independent parties. When price quotes from three independent parties cannot be obtained, fair value is determined using appropriate valuation techniques in accordance with the Funds charter. Bonds which are transacted on a negotiation basis and do not have market prices are measured using appropriate valuation techniques. These recognition and measurement policies are in compliance with the Funds charter and Decision No. 45/2007/ QD-BTC issued by the Ministry of Finance on 5 June 2007. (g) Receivables Receivables from investment activities and other receivables are stated at cost less allowance for doubtful debts. (h) Payables Payables for investing activities and other payables are stated at cost. (i) Provisions A provision is recognised if, as a result of a past event, the Fund has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

The financial statements of the Fund are prepared on the accrual basis using the historical cost concept, except as discussed in Note 2(f ). The accounting policies set out below have been consistently applied by the Fund during the year. (b) Foreign currency transaction Monetary assets and liabilities denominated in currencies other than VND are translated into VND at rates of exchange ruling at the balance sheet date. Transactions in currencies other than VND during the year have been translated into VND at rates approximating those ruling at the transaction dates. All foreign exchange differences are recorded as expenses or income in the statement of income in accordance with Vietnamese Accounting Standard No. 10 (VAS 10) The Effects of Changes in Foreign Exchange Rates. (c) Fiscal year The fiscal year of the Fund is from 1 January to 31 December. (d) Accounting documentation system The registered accounting documentation system of the Fund is General Journal system. (e) Cash Cash comprises cash in banks under call deposits and term deposits. (f ) Investments The Fund recognises all purchases and sales of investments on the date it becomes a party to the contractual provisions of the investments (trade date accounting).

96

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Annual Report 2010

97

Financial Statement

Notes to the financial statements

for the year ended 31 December 2010 (continued)


(j) Taxation Under current regulations in Vietnam, the Fund is not subject to corporate income tax. (k) Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the revenue can be measured reliably. The following specific recognition criteria must also be met before revenue is recognised: (i) Interest income and dividend income Interest income is recognised in the statement of income as the interest accrues unless collectability is not probable. Dividend income is recognised when the right to receive payment is established. (ii) Income from securities trading Income from securities trading activities is recognised in the statement of income upon receipt of the Notice for securities trading transactions result from the Vietnam Securities Depository (for listed securities) and completion of the agreement on transfer of assets (for unlisted securities). (l) Expenses Expenses are recognised in the statement of income on an accrual basis except for expenses incurred on the acquisition of an investment which are included in the cost of that investment. Expenses arising from sales of investments are deducted from the sales proceeds. (m) Capital The Funds units are classified as equity. (n) Net asset per unit The Funds net asset per unit is calculated by dividing the Funds net assets attributable to the unit holders by the number of the outstanding fund units in issue at the reporting date. The Funds net assets are determined as total assets less total liabilities. (o) Earnings per unit The Fund presents basic earnings per unit for its fund units. Basic earnings per unit is calculated by dividing the profit or loss of the Fund by the weighted average number of fund units outstanding during the year. (p) Segment reporting The Fund operates as one segment. (q) Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Other investment funds under the management of the Fund Manager are considered related parties to the Fund. (r) Off balance sheet items Amounts which are defined as off balance sheet items under the Decision No. 63/2005/QD-BTC issued by the Ministry of Finance dated 14 September 2005 on promulgation of accounting system for securities investment funds and the Vietnamese Accounting System are disclosed in the relevant notes to these financial statements. (s) Nil balances Items or balances required by the Decision No. 63/2005/QD-BTC issued by the Ministry of Finance dated 14 September 2005 on promulgation of accounting system for securities investment funds and the Vietnamese Accounting System that are not shown in these financial statements indicate nil balances.

Notes to the financial statements


3. Cash in banks

for the year ended 31 December 2010 (continued)

31/12/2010 VND Current accounts Term deposits 1,601,997,476 117,587,000,000 119,188,997,476 4. Receivables from investing activities 31/12/2010 VND Bond interest receivable Interest receivable from bank deposits Dividends 3,556,853,277 1,459,876,777 761,509,400 5,778,239,454 5. Payables for investing activities 31/12/2010 VND Purchases of securities awaiting settlement 6. Payables to the Fund Manager and the Supervising Bank 31/12/2010 VND Management fees payable to the Fund Manager Custody and supervision fees payable to the Supervising Bank 727,173,148 29,814,099 756,987,247 660,490,000

31/12/2009 VND 6,073,015,290 6,073,015,290

31/12/2009 VND 12,551,914,921 136,808,200 12,688,723,121

31/12/2009 VND -

31/12/2009 VND 757,418,731 30,296,749 787,715,480

7. Capital contributed by unitholders According to the Fund Unit Issuance Certificate No, 02/UBCK-GPQT issued by the State Securities Commission of Vietnam on 19 July 2006, the Fund is authorised to issue 50,000,000 fund units to the public with the par value of VND10,000 per unit, The Funds authorised capital of VND500 billion was fully contributed by the unitholders in 2006, There was no capital surplus as all fund units were issued at the par value, All fund units have the same rights, whether in regard to voting, dividends, return of capital or otherwise, Each issued and fully paid fund unit is entitled to dividends when declared and carries one voting right, No transactions in relation to the Funds authorised capital and capital surplus occurred in 2010 and 2009,

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99

Financial Statement

Notes to the financial statements

for the year ended 31 December 2010 (continued)


8. Significant transactions with related parties During the year there were the following significant transactions with related parties: The Fund Manager Under the Fund Management Agreement, the Fund Manager receives a management fee monthly in arrears at 2%/12 of the net assets attributable to the fund unit holders on the last valuation day of the month. Management fees charged by the Fund Manager during the year were as follows: 2010 VND Management fees 8,746,332,892 2009 VND 8,539,612,295

Notes to the financial statements


The Fund Representative Committee

for the year ended 31 December 2010 (continued)

The Chairman and each member of the Fund Representative Committee are entitled to a monthly allowance of VND5 million and VND3 million, respectively. Allowances during the year were as follows: 2010 VND Mr. Dinh Ba Thanh Mr. Le Chi Hieu Mr. Luong Quang Hien Mr. Nguyen Xuan Son Mr. Dam Minh Duc 60,000,000 9,000,000 36,000,000 36,000,000 36,000,000 36,000,000 2009 VND 60,000,000 36,000,000 9,000,000 18,000,000 9,000,000 27,000,000 9,000,000 36,000,000 36,000,000

The Fund Manager also receives a performance fee in relation to any financial year if (i) the net asset per fund unit at the end of such year exceeds its par value (VND10,000) and (ii) the performance of the Fund for that year exceeds a pre-determined benchmark, as defined in the Fund Charter, agreed upon between the Fund and the Fund Manager. No performance fees were payable to the Fund Manager in 2010 (2009: Nil) as the conditions were not met. Please refer to Note 6 to the financial statements for the balances due to the Fund Manager. The Supervising Bank The Fund has an obligation to pay the Supervising Bank custody and supervision fees monthly in arrears at 0.08%/12 of the net assets attributable to the fund unit holders on the last valuation day of the month. According to the Official Letter No. 12354/BTD-CST issued by the Ministry of Finance on 15 September 2010, supervising fee is subjected to 10% of value added tax. Custody and supervision fees charged by the Supervising Bank during the year were as follows: 2010 VN Custody and supervision fees 352,670,895 2009 VN 326,994,503

Mr. Pham Truong Giang Mr. Nguyen Van Hao Mr. Thai Nhi Duc Mr. Le Van Be Mr. Tran Le Nguyen

As at 14 February 2011 the numbers of fund units held by members of the Fund Representative Committee were as follows: Number of units Mr. Dinh Ba Thanh 550,000

As at 14 February 2011 the numbers of fund units held by corporations represented by members of the Fund Representative Committee were as follows: Representative Mr. Pham Truong Giang Mr. Thai Nhi Duc Name of corporation PetroVietnam Finance Corporation (Hanoi)_ Hochiminh City branch Prudential Vietnam Assurance Private Limited Kinh Do Corporation Number of units 2,500,000 16,850,000 1,040,000

Please refer to Note 6 to the financial statements for the balances due to the Supervising Bank.

Mr. Luong Quang Hien

Please refer to Note 12 for subsequent events.

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Financial Statement

Notes to the financial statements

for the year ended 31 December 2010 (continued)


9. (Losses)/earnings per fund unit The calculation of basic earnings per fund unit at 31 December 2010 was based on the loss for the year of VND18,116,621,800 (2009: profit of VND57,744,508,956) and the weighted average number of outstanding fund units of 50,000,000 (2009: 50,000,000 units), calculated as follows: 2010 VND Net (loss)/profit attributable to unit holders Weighted average number of units (in units) Basic (losses)/earnings per fund unit 10. Dividends During the year, the Fund did not declare any dividends. 11. Indices I. Investment ratios 1. Value of securities/Total assets 2. Value of shares/Total assets 3. Value of listed shares/Total assets 4. Value of unlisted shares/Total assets 5. Value of bonds/Total assets 6. Cash/Total assets 31/12/2010 71.43% 57.08% 54.03% 3.05% 14.34% 27.25% 31/12/2009 95.88% 39.00% 36.64% 2.36% 56.87% 1.33% (18,116,621,800) 50,000,000 (362) 2009 VND 57,744,508,956 50,000,000 1,155

Notes to the financial statements

for the year ended 31 December 2010 (continued)


12. Subsequent events Subsequent to the year end, Prudential Vietnam Assurance Private Limited purchased additional 15,850,000 fund units. As at 14 February 2011, total fund units held by this corporation is 16,850,000 (33.7% of the Funds contributed capital). Supervising Bank On behalf of Chief Accountant Operations Manager Fund Manager Acting Chief Executive Officer

PHAN THI HUYNH DAO Vice President Client services HSBC Securities Services, Vietnam 1 March 2011

TRAN THAP KIEU QUAN

HENDRIK GERRIT RUITENBERG

2010 9. Total income/Total assets 10. Total expenses/Total assets (1.75%) (2.39%)

2009 14.98% (2.29%)

II. Market ratios 1. Number of fund units in issue in the market (units) 2. Number of fund units held by employees of the Fund Manager/Total number of fund units 3. Number of fund units held by 10 largest unitholders/ Total number of fund units 4. Number of fund units held by foreign unitholders/ Total number of fund units 5. Number of fund units traded/Total number of fund units 6. Net asset per fund unit (VND)

31/12/2010 50,000,000 N/A N/A N/A N/A 8,711

31/12/2009 50,000,000 N/A N/A N/A N/A 9,073

Note: N/A Information not available

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103

Prudential Vietnam Fund Management Company


Prudential Vietnam Fund Management Company (PVFMC) was established in May 2005 as a member of Prudential Group of Companies, which is one of the worlds leading financial services groups. Through five years in operations, PVFMC always and strictly complies with the laws and regulations on internal control and risk management. For public Fund PRUBF1, PVFMC also promotes transparency in the activities, making regular reports to the Fund Representative Currently PVFMC is one of the biggest fund management Board and to fully comply with disclosure of information companies in Vietnam with the funds under management through the companys website, HOSEs website and to media for the purpose of serving well all investors. of US $ 1.3 billion for both onshore and offshore clients comprising of more than 8,000 retail and institutional investors. In the year 2010, PVFMC marked its key milestones. In Comprising of a professional team with rich experience in the Celebration of its 10 years of operation of the Ho Chi Minh Citys Stock Exchange (2000-2010), PVFMC international practices, PVFMC invests in private equities, Government bonds, corporate bonds, public equities, and was awarded by the Peoples Committee of Ho Chi Minh City with the Certificate of Merit of Significant real properties for its clients investment portfolios and Archievement in Manufacturing, Businesses, Investments public funds, consisting of: in the Stock Market making Positive Contribution in Financial Securities Activities in the City. Among - Prudential Balanced Fund (PRUBF1), a public the commemorative activities of the State Securities investment fund listed on the Ho Chi Minh Citys Commission, PVFMC has also been awarded with the Stock Exchange; Certificate of Merit of Having Achievements in the - Investment Portfolios for Shareholder Fund of Building and Developing the Stock Market for the period Prudential Vietnam Life Insurance Company. of 2006 to 2010. - Investment Portfolios for Life Fund of Prudential Vietnam Life Insurance Company. PVFMC is committed to the long-term developments in - Investment Portfolios of Investment Linked Products fund management market in Vietnam, and contributing of Prudential Vietnam Assurance Company Limited to the overall development of the Stock Market and - Vietnam Segregated Fund, an investment fund listed Financial Markets in Vietnam with the goal of maximizing profits for investors. on the Irish Stock Exchange Prudential Vietnam Property Fund (PVPF)

Disclaimer
This information is not an offer or solicitation of an offer for the purchase of units in the Fund and is intended only for existing shareholders of the Fund. It may not be published, circulated, reproduced or distributed in whole or part without the written consent of Prudential Vietnam Fund Management Private Limited Company (PVFMC). Whilst we have taken reasonable care to ensure that the information contained in this material is true and not misleading, we cannot guarantee its accuracy or completeness. You should not act on it without independently verifying its contents. Any opinion or estimate contained in this material is subject to change without notice. We have not given any consideration to and we have not made any investigation of the investment objective, financial situation or particular needs of the recipient or any class of persons, and accordingly, no warranty is given and no liability is accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons acting on such information or opinion estimate. Past performance of the Investment Manager and any forecasts are not indicative of the future or likely performance of the Investment Manager. The value and income from investments may fall or rise. The projections or forecasts on the economy, securities markets or the economic trends of the markets targeted by the Fund are not indicative of the future or likely performance of the Fund. Prudential Vietnam Fund Management Private Limited Company (PVFMC) is owned by Prudential Vietnam Assurance Private Limited, which is ultimately owned by Prudential plc. of the United Kingdom. PVFMC and Prudential plc. are not affiliated with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

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105