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2 (1)... 1 (2)... 2 (3) (1)... 4 (2) (1)... 7 (2)... 8 (3) (1) (2) (3) (1) (2) (1)...25 (2)...25 (3) (4) (5) (1)... 34

3 (2) (3) (1) (2) (2) (3)...45 (4) (1) (2) (3) (4) (1) (2) (3) (1)...52 (2) IT...52 (3)

4 M2/GDP SBV GDP / Decision 254/QD-TTg SSC HOSE ASEAN GDP ASEAN HOSE HNX HOSE HOSE HNX HOSE

5

6 Agribank BCP BIDV BIS EIU EPE GDP HCMC HNX HOSE IFC IMF IPO ISA JBIC KRX MOF NSFC SBV SCIC SOE SSC UPCoM USD VAMC Vietcombank VietinBank VND VSD WTO Vietnam Bank for Agricultural & Rural Development Basel Core Principle Bank for Investment and Development of Vietnam Bank for International Settlements Economic Intelligence Unit Export Processing Enterprise Gross Domestic Products Ho Chi Minh City Hanoi Stock Exchange Ho Chi Minh Stock Exchange International Finance Corporation International Monetary Fund Initial Public Offering Insurance Supervisory Authority Japan Bank for International Cooperation Korea Exchange Ministry of Finance National Financial Supervision Committee State Bank of Vietnam State Capital Investment Corporation State Owned Enterprise State Securities Commission Unlisted Public Company Market US Dollar Vietnam Asset Management Company The Bank for Foreign Trade of Vietnam Vietnam Commercial Bank of Industry and Trade Vietnamese Dong Vietnam Securities Depository World Trade Organization

7 1 1. (1) Socialist Republic of Viet Nam 1,600km 50km , IMF ASEAN 33% GDP Politburo %IMF , IMF 86% 53 (Mr. Truong Tan Sang) (Mr. Nguyen Tan Dung) 1

8 VND1 21, EIU G D P 1, IMF 2, IMF G D P (2) WTO 2007 WTO 2

9 (3) % 10% ,000 14, %

10 ASEAN WTO (1) 2013 GDP 164% 9 4

11 GDP % 1 40% 62% 124%135% GDP P GDP % 5 2, , n.a. n.a , State Bank of Vietnam, State Securities Commission, Ministry of Finance GDP GDP 4% Social Security Fund 4 1 GDP 15 5

12 (2) State Bank of Vietnam SBV Ministry of Finance State Securities Commission SSCInsurance Supervisory Authority ISA World Bank, Vietnam - Financial Sector Assessment, June 2014 National Financial Supervision Committee NFSC 4 State Bank of Vietnam SBV ) State Securities Commission SSC Ministry of Finance MOF Insurance Supervisory Authority ISA National Financial Supervision Committee NFSC Law on Credit Institutions Law No. 47/2010/QH2012 Law on Securities No. 70/2006/QH11 Law on Insurance Business No. 24/2000/QH10 Amendment: No. 61/2010/QH12 BCP World Bank, related parties 6

13 3. (1) M2 GDP M2/GDP M2/GDP ASEAN 2 5 M2/GDP (%) World Bank, "World Development Indicators" 7

14 (2) BIS OJK 1 6 SBV Government of the State Bank of Vietnam Deputy Governors Departments Representative Office in HCMC State non-productive units 63 municipal and provincial branches Monetary Policy Department International Corporation Department Settlement System Department Internal Audit Department Monetary Statistics and Forecast Department Issue and Vault Department Banking Supervisory Agency Informatics Technology Department Administration Department Credit Department Foreign Exchange Management Department Legal Department Finance and Accounting Department Human Resource Department Central Banking Department Governor's Office Emulation and Reward Department Banking Strategy Institute Banking Times Banking Magazine Credit Information Center Banking Training School SBV 8

15 7 (Financial Services Agency) (Financial Supervisory Service) (Bank of Mongolia) (China Banking Regulatory Commission) (Financial Supervisory Commission) (Hong Kong Monetary Authority) (State Bank of Vietnam) (Bank Negara Malaysia) (Monetary Authority of Singapore) (Otoritas Jasa Keuangan) (Bank of Thailand) (Bangko Sentral ng Pilipinas) (3) SBV ,458 1%

16 10

17 2 1. SBV SBV Joint-stock banks 33 Joint venture banks 4 Foreign banks 5 Foreign bank branches State-owned commercial banks 10 1 Vietnam Bank for Industry and Trade VietinBank ,234 2 Vietnam Bank for Agriculture and Rural Development Agribank ,154 3 Joint Stock Commercial Bank for Foreign Trade of Vietnam Vietcombank ,174 4 Joint Stock Commercial Bank for Investment and Development of Vietnam BIDV ,011 5 Housing Bank of Mekong Delta MHB ,369 Joint stock banks 10 1 Vietnam Export Import Commercial Joint-Stock Bank Eximbank ,355 2 Sacombank ,740 3 Military Commercial Joint-Stock Bank MB ,625 4 Sai Gon Joint Stock Commercial Bank SCB ,583 5 Asia Commercial Joint Stock Bank ACB ,377 6 PvcomBank ,000 7 Saigon-Hanoi Commercial Joint Stock Bank SHB ,865 8 Vietnam Technological and Commercial Joint-stock Bank Techcombank ,788 9 Housing Development Commercial Joint Stock Bank HDBank , Vietnam Maritime Commercial Joint Stock Bank , LienViet Post Joint Stock Commercial Bank - LienVietPostBank LPB , Vietnam Prosperity Join-Stock Commercial Bank VPBank , TienPhong Commercial Joint Stock Bank TPBank , Southeast Asia Commercial Joint Stock Bank SeAbank , DongA Commercial Joint Stock Bank , An Binh Commercial Joint Stock Bank ABBANK , Vietnam International Commercial Joint Stock Bank VIB , Southern Commercial Joint Stock Bank PNB , Ocean Commercial Joint Stock Bank OceanBank , Mekong Development Joint Stock Commercial Bank MDB , Viet A Joint Stock Commercial Bank VietABank , Saigon Bank for Industry & Trade , Nam Viet Commercial Joint Stock Bank Navibank , Nam A Commercial Joint Stock Bank Nam A Bank , North Asia Commercial Joint-Stock Bank BacA Bank , Viet Capital Commercial Joint Stock Bank Viet Capital Bank , Orient Commercial Joint Stock Bank OCB , Global Petro Commercial Joint Stock Bank GPBank , Kienlong Commercial Joint Stock Bank Kien Long , Viet Nam Thuong Tin Commercial Joint Stock Bank VietBank , Petrolimex Group Commercial Joint Stock Bank PGBank , Vietnam Construction Joint Stock Commercial Bank , BaoViet Joint Stock Commercial Bank BaoViet Bank ,000 SBV 11

18 Joint venture banks Vietnam-Russia Joint Venture Bank Indovina Bank VID Public Bank Vinasiam Bank Foreign banks 10 1 Shinhan Vietnam ,547 2 HSBC Vietnam ,000 3 Standard Chartered Vietnam ,000 4 ANZVL ,000 5 Hong Leong Bank Vietnam ,000 Foreign bank branches Sumitomo Mitsui Banking Corporation (SMBC) - Ha Noi Sumitomo Mitsui Banking Corporation (SMBC) - Ho Chi Minh Bank of Tokyo-Mitsubishi UFJ (BTMU) Ho Chi Minh Mizuho - Ha Noi Mizuho - Ho Chi Minh Industrial Bank of Korea - Ho Chi Minh Mega ICBC Bank of China Ho Chi Minh JP Morgan Chase Ho Chi Minh BNP Paribas Taipei Fubon - Ho Chi Minh Woori Ha Noi Woori - Ho Chi Minh Korea Exchange Bank - Ha Noi Hua Nan Bangkok Ho Chi Minh Deutsche Bank AG Ho Chi Minh Industrial and Commercial Bank of China (ICBC) Ha Noi Bank of Communications Chinatrust Industrial Bank of Korea Hanoi branch Credit Agricole Ho Chi Minh Cathay First Commercial Bank - Ho Chi Minh Taipei Fubon - Binh Thanh Kookmin Natixis China Construction Bank Commonwealth Ho Chi Minh Taipei Fubon - Ha Noi Oversea Chinese Banking Corporation Ltd (OCBC) DBS Citibank - Ha Noi Standard Chartered - Ha Noi ANZ - Ha Noi First Commercial Bank - Ha Noi Shanghai Commercial & Savings Bank of Tokyo-Mitsubishi UFJ (BTMU) - Ha Noi United Overseas Bank Ho Chi Minh BIDC Ha Noi BIDC Ho Chi Minh Far East National Bank Citibank Ho Chi Minh Maybank Ha Noi Maybank Ho Chi Minh HSBC Ho Chi Minh Standard Chartered Ho Chi Minh Bangkok - Ha Noi Lao-Viet - Ha Noi (its License was revoked, to be going to close) Lao-Viet - Ho Chi Minh Credit Agricole - Ha Noi (sub-branch) SBV Lao-Viet SBV 12

19 Mekong Housing Bank (MHB) 3 4 Agribank Vietcombank VietinBank BIDV Agribank IPO IFC SBV Agribank IPO 3 3 SBV 10 Vietnam Bank for Industry and Trade Joint Stock Commercial Bank for Foreign Trade of Vietnam State Bank of Vietnam Joint Stock Commercial Bank for Investment and Development of Vietnam VietinBank Vietcombank BIDV UFJ IFC Capitalization (Equity) Fund, L.P. International Finance Corporation (IFC) State Bank of Vietnam State Bank of Vietnam SBV BIDV 13

20 , 48.84%, 46.84% MHB, 4.32% 2013, 55.43%, 43.05% MHB, 1.52% MHB Mekong Housing Bank SBV Annual Report

21 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, World Bank Financial Sector Assessment 2. (1) SBV 1 (2) GDP 33%

22 102% GDP World Bank % %

23 SBV IMF 17

24 2008 SBV SBV SBV 14 / 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23, Bloomberg (3) Government Resolution No.11/NQ-CP SBV SBV

25 CPI /11 11/05 11/11 12/05 12/11 13/05 13/11 14/05 14/11 0 IMF Socio-Economic Development PlanSOE Decision No. 254/QD-TTg (1) % 15% 3 19

26 World Bank, Decision No.780/QD-NHNN % (World Bank, 2014) SBV 2 (Circular No.02/2013/TT-NHNN) 780 SBV Vietnam Asset Management Company VAMC Agribank 2.5 VAMC 5 VAMC 20%VAMC SBV 20

27 5 3% VAMC (2) Decision No. 254/QD-TTg SBV Circular No. 07/2013/TT-NHNN 9 48 Decision No.48/2013/QD-TTg 16 Decision 254/QD-TTg Agribank SBVSBV SBV SBV ( )

28 1993 ( ) 1999 Decision No.218/1999/QD-TTg ,000 2 ( ) Circular No. 36/2014/TT-NHNN 2 1 5%% ( ) Decree No.69/2007/ND-CP Decree No.01/2014/ND-CP % 20% SBV (1) SBV Bank Supervisory Agency, BSA 22

29 (2) 141 Decree No.141/2006/ND-CP 50 1, Circular No.32/2013/TT-NHNN 29 Circular No.29/2013/TT-NHNN Circular No.11/2011/TT-NHNN Decision 2173/QD-NHNN Decision 2172/QD-NHNN Decision 2174/QD-NHNN 13 Circular No.13/2010/TT-HNN %2010 9% 15% Circular No.13/2010/TT-NHNN 23

30 SBV SBV World Bank, Vietnam - Financial Sector Assessment, June 2014 VAMC VAMC VAMC 24

31 3 1. (1) State Securities Commission (SSC)SSC SSC Ministry of Finance State Securities Commission Organizations under the SSC Department of the SSC Organizations under the SSC's Regulation The Securities Research and Training Center The Securities Market Development Department The Inspection Department The HCMC Stock Exchange The Department of Information Technology The Securities Issuance Regulation Department The International Cooperation Department The Hanoi Stock Exchange Vietnam Securities Review The Securities Business Regulation Department The Human Resource Department Vietnam Securities Depository The Department for Regulation of Fund Management Companies The Accounting and Procurement Department The Securities Supervision Department The SSC's Office The Legal Issues Department The SSC's Representative Office in HCMC State Securities Commission (2) 2 Ho Chi Minh Stock Exchange (HOSE 2000 Hochiminh City Securities 25

32 Trading CenterHanoi Stock Exchange (HNX) 2005 Hanoi Securities Trading CenterHOSE HNX Vietnam Securities Depository (VSD) VSD 2006 HOSE HNX VSD 18 Hanoi Securities Exchange (HNX) FAX SMS 88 Ho Chi Minh Stock Exchange (HOSE) Vietnam Securities Depository VSD DVP Bank for Investment and Development of Viertnam BIDV Citibank HSBC Standard Chartered Far East National HOSE HNX HOSE HNX HOSE HNX HOSE HNX HOSE 800 HNX UPCoM (Unlisted Public Company Market) HNX HOSE HNX 1 UPCoM UPCoM 175 UPCoM 26

33 HOSE HNX HOSE HNX ,121 HOSE HNX HOSE, HNX HOSE % HNX 364 HOSE HNX 136 HOSE , HOSE HOSE 27

34 HOSE GDP 24% ASEAN % 21 ASEAN GDP % 50% 100% 150% 200% 250% 300% Stock Exchange of Thailand, HOSE, Indonesia Exchange, Bursa Malaysia, Singapore Exchange, Philippine Stock Exchange, Cambodia Securities Exchange, Lao Securities Exchange, IMF 22 ASEAN 2014 ( ) 0% 20% 40% 60% 80% 100% Stock Exchange of Thailand, HOSE, Indonesia Exchange, Bursa Malaysia, Singapore Exchange, Philippine Stock Exchange, Cambodia Securities Exchange, Lao Securities Exchange 28

35 HOSE HNX IT HOSE HNX HOSE HNX HOSE HNX (3) ,000 14, HOSE 13% HNX 3% SSC % 30% 23 '000 1,400 1,200 1, SSC, Overview of Vietnamese Securities Markets, Nov

36 24 20% 18% HOSE HNX HOSE HNX 16% 14% 12% 10% 8% 6% 4% 2% 0% HOSE, HNX (4) HOSE HNX HOSE HNX HOSE 10 PetroVietnam Gas Vinamilk 10% 9% Vietcombank VientinBank BIDV Bao Viet Holdings 10 6 Vinamilk PetroVietnam Gas 96.72% PetroVietnam BIDV 95.76% (State Bank of Vietnam: SBV) % Vietcombank SBV 77.11% UFJ % VietinBank SBV 64.46% HNX 10% Asia Commercial Bank 30

37 25 HOSE GAS PetroVietnam Gas Joint Stock Corporation ,011 10% VNM Viet Nam Dairy Products Joint Stock Company (Vinamilk) ,497 9% VCB Joint Stock Commercial Bank For Foreign Trade Of Viet Nam (Vietcombank) ,014 9% VIC VINGROUP Joint Stock Company ,237 7% MSN Ma San Group Corporation ,600 6% CTG BID Viet Nam Joint Stock Commercial Bank For Industry And Trade (VientinBank) Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) ,011 5% ,265 4% HPG Hoa Phat Group Joint Stock Company ,300 3% BVH Bao Viet Holdings ,095 2% STB Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) HOSE ,451 2% 26 HOSE 2013 HOSE10 PetroVietnam Gas Joint Stock Corporation Petrovietnam 96.72% Viet Nam Dairy Products Joint Stock Company (Vinamilk) Joint Stock Commercial Bank For Foreign Trade Of Viet Nam (Vietcombank) Viet Nam Joint Stock Commercial Bank For Industry And Trade (VientinBank) State Capital Investment Corporation 45% 49% SBV 77.11% 15.0% SBV 64.46%, UFJ % IFC Cap Fund 5.3%, IFC 2.6% Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) SBV 95.76% Bao Viet Holdings MOF 70.91%, 18.0% SCIC 3.26% 31

38 27 HNX ACB Asia Commercial Bank ,011 10% PVS Petroleum Technical Services Corporation ,016 9% SQC Sai Gon - Quy Nhon Mining Corporation ,584 6% SHB Sai Gon - Hanoi Commercial Joint Stock Bank (SHB) 8.1 7,177 5% VCG Vietnam Construction and Import-Export Joint Stock Corporation (VINACONEX) ,610 4% OCH Ocean Hospitality & Service JSC ,020 4% PVI PVI Holdings ,008 3% VNR Vietnam National Reinsurance Corporation ,316 2% NTP Tien Phong Plastic JSC ,009 2% LAS LamThao Fertilizers & Chemicals Joing Stock Company ,724 2% HNX (5) HOSE HOSE SSC % % % ,891 36,566 36,952 37,254 37,163 38,112 13,310 9,832 8,027-1,246 1,200 2, SSC, Annual Report

39 HOSE HNX HOSE Saigon Securities Hochiminh City Securities 2 Saigon Securities 9 Maybank Kim Eng Securities 100% 7 FPT Securities SBI HOSE Saigon Securities Inc 12.5% 2 Hochiminh City Securities Corp 11.7% HCMC FI Dragon Capita 3 Viet Capital Securities JSC 6.5% 4 VNDirect Securities Corp 5.8% 5 ACB Securities Company 5.6% Asia Commercial Bank 6 MB Securities JSC 4.6% Military Bank 7 FPT Securities JSC 4.2% ITFPT 8 Baoviet Securities JSC 3.9% Bao Viet 9 Maybank Kim Eng Securities 3.8% 10 Vietcombank Securities Company 3.6% Vietcom Bank HOSE 33

40 2. (1) (Insurance Supervisory Authority: ISA)ISA 100 ISA ISA Ministry of Finance Leaders Minister supporting apparatus Minister supporting apparatus Department of State Budget Department of Investment Dept of Finance for National Defense & Security Department of Public Expenditure Department of International Cooperation Legal Department Ministerial Office Department of Personal & Training Department of Tax Policy Department of Banking Financial Institutions Department of Accounting & Auditing Regulations Department of Financial Planning Department of Emulation and Commendation National Finance Inspectorate Professional Specialized Units Professional Specialized Units General Department of Taxation General Department of Customs State Treasury Department of Price Management Corporate Finance Department Department of Financial Informatics and Statistics General Department of National Reserves State Securities Commission Department of Public Asset Management Department of Debt Management and External Finance Insurance Supervisory Authority Subordinate Units Subordinate Units Institute of Strategy and Policy on Finance Vietnam Financial Times Financial Magazine Training Center for Financial Officers Academy of Finance University of Finance and Marketing Financial Publishing House College of Accounting and Finance College of Finance and Business Administration College of Customs and Finance Ministry of Finance 34

41 Bao Viet Bao Viet Bao Viet Insurance Corp Bao Viet Life ISA, Annual Report of Vietnam Insurance Market 2013 (2) Bao Viet Insurance % 2 PetroVietnam Insurance 21% 10 6 Samsung Vina Insurance 4% 35

42 Baoviet Insurance Corporation ,673 23% 2 PetroVietnam Insurance Joint Stock Corp ,100 21% 3 Bao Minh Insurance Corporation ,306 9% 4 Petrolimex Joint Stock Insurance Company ,984 8% 5 Post and Telecom Joint Stock Company ,478 6% 6 Samsung Vina Insurance Company % 7 BIDV Insurance Corp % 8 Military Joint Stock Insurance Company % 9 VBARD Joint Stock Insurance Company % 10 AAA Joint Stock Insurance Company % 11 Global Insurance Company % 12 Liberty Co., Ltd % 13 Vietnam National Aviation Insurance Company % 14 Bao Long Joint Stock Insurance Company % 15 AIG Insurance Vietnam % 16 Vien Dong Joint Stock Insurance Company % 17 MSIC Insurance Co., Ltd. (Vietnam) % 18 Baoviet Tokio Marine Insurance Joint Stock Company % 19 United Insurance Company % 20 Sai Gon - Hanoi Joint Stock Insurance Company % 21 Xuan Thanh Joint Stock Insurance Company % 22 Fubon Insurance Co., Ltd.(Vietnam) % 23 Vietinbank Insurance Company % 24 QBE Insurance Company % 25 Cathay Vietnam Co., Ltd % 26 Groupama Vietnam General Insurance Company % 27 ACE Co., Ltd % 28 Hung Vuong Joint Stock Insurance Company % 29 Phu Hung Joint Stock Insurance Company % 24, % ISA, Annual Report of Vietnam Insurance Market % 22% 21%

43 ,, 6% 7%, 7%, 28%, 9%, 21%, 22% ISA, Annual Report of Vietnam Insurance Market 2013 (3) % Prudential 2 Bao Viet Life 3 Manulife 4 5 AIA 5 87% Prudential Vietnam Assurance Private ,566 33% 2 Baoviet Life Co., Ltd ,316 27% 3 Manulife Co., Ltd. (Vietnam) ,634 11% 4 Dai-ichi Life Co., Ltd ,857 8% 5 American International Assurance Co., Ltd (Vietnam) ,757 8% 6 ACE Insurance Co., Ltd ,147 5% 7 PVI Sun Life Insurance Company Ltd ,025 4% 8 Prevoir Vietnam Life Insurance Co., Ltd % 9 Hanwha Life Insurance % 10 Cathay Life Vietnam % 11 Vietcombank - Cardif Life Insurance % 12 Generali Vietnam Life Insurance Co., Ltd % 13 Vientinbank Aviva Life Insurance Company Ltd % 14 Great Eastern Life Vietnam % 15 Fubon Life Co., Ltd.(Vietnam) % 16 Phu Hung Life Insurance Joint Stock Company % 23, % ISA, Annual Report of Vietnam Insurance Market

44 50% 43% % GDP 0.6% ,000 25,000 20,000 15,000 10,000 5, ISA, Annual Report of Vietnam Insurance Market

45 3. SBV SBV (Credit Information Center) PCB Vietnam Credit Information CRIF PPF Vietnam Finance Prudential Vietnam Finance Toyota Financial Services Vietnam JACCS International Vietnam Finance Mirae Asset Finance % Maritime Bank Vinatex Finance 64% VPBank Vietnam National Coal - Mineral Finance Company VPBank Finance CompanyViettel-Vinaconex Finance SHB (Saigon - Hanoi Commercial Joint Stock Bank ) Société Générale Vietnam Finance HDBank HDFinance 12 39

46 EVN Finance Joint Stock Company ,500 2 Vietnam Shipbuilding Finance Company Limited ,623 3 Rubber Finance Company ,588 4 Mineral and Coal Finance Company Limited ,000 5 Vinaconex-Viettel Finance Joint Stock Company ,000 6 Song Da Finance Joint Stock Company Prudential Vietnam Finance Company Limited Cement Finance Joint Stock Company Vietnam Chemical Finance Joint Stock Company Handico Finance Joint Stock Company HDFinance Vietnam Textile and Garment Finance Joint stock Company Post and Telecommunication Fiannce Company Limited PPF Vietnam Finance Company Limited Toyota Financial Services Vietnam Company Limited JACCS International Vietnam Finance Company Limited Mirae Asset Finance Company (Vietnam) Limited State Bank of Vietnam Industrial and Commercial Bank of Vietnam Leasing Company VCB Leasing Company Limited BIDV Financial Leasing Company Ltd Agribank no.2 Leasing Company Vietnam International Leasing Company Limited Sacombank Leasing Limited Company Agribank no.1 Leasing Company Chailease International Leasing Company Limited Asia Commercial Bank Leasing Company Limited VINASHIN Finance Leasing Company Limited ANZ/V-TRAC Leasing Company Kexim Vietnam Leasing Company State Bank of Vietnam 40

47 4 1. (1) JETRO % % OA

48 38 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, (2) 7.3% %

49 % BIDV Vietcombank BIDV 40 Vietcombank 2. (1) Circular No. 29/2013/TT-NHNN

50 Circular No. 25/2014/TT-NHNN Circular No SBV SBV 3 Circular No. 12/2014/TTNHNN SBV (2) EPE EPE

51 VAT Invoice Circular No. 186/2010/TT-BTC 3 7 (3) Circular No. 19/2014/TT-NHNN 1 M&A SBV SBV 45

52 (4) Ordinance No. 06/2013/UBTVQH13 SBV Decree No.70/2014/ND-CP 30 46

53 WTO 40 UFJ n.a VietinBank% 2011Vietcombank 15% 2007Eximbank 15% Saigon Securities 10% Japan Securities Incorporated HK 20% 14.5% 14.5% SBI TPBank 19.9%FPT Securities 20% SMBC PetroVietnam Securities 14.9% Baoviet Tokio Marine Insurance Company 49% 1996 Dai-ichi Life Insurance Company of Vietnam 100% 2007 Bao Minh CMG MSIG Insurance (Vietnam) Company 100% Bao Minh % -- n.a Bao Viet HD 18% HSBC UFJ ACS Trading Vietnam 100% 2008 Toyota Financial Services Vietnam Company 100% Indochina Capital JACCS International Vietnam Finance Company 100% 2010 Cosmos Services (Vietnam) 47% %Siam Cosmos Services 100% JCB Vietinbank Vietcombank Sacombank Vietcombank Financial Leasing SBV 47

54 (1) % 3 1,500 Circular No. 40/2011/TT-NHNN Decree No. 01/2014/ND-CP 30% 30% 20% 15% 5% % 49% (2) 49%Decision No. 55/2009/QD-TTgSMBC PetroVietnam Securities Saigon Securities SBI FPT Securities Decree No. 58/2012/ND-CP % 100% 100% % Maybank Kim Eng Holdings Maybank Kim Eng Vietnam 100% MSCI 250 1,000 1,650 48

55 (3) 100% 6,000 3, (Circular No. 194/2014/TT-BTC) (4) SBV 2010 Law on Credit Institutions, No. 47/2010/QH12 100% 5,000 1,500 Decree No. 141/2006/ND-CP Decree No. 39/2014/ND-CP WT 8 2. (1) 2012 SBV 49

56 SBV % Vietcombank BIDV 16%Vietinbank 13 15% Military Bank 15 17% 4 Circular No. 36/2014/TT-NHNN 1 15% 25% Official Letter No. 7059/NHNN-TTGSNH Circular No.32/2013/TT-NHNN 41 SBV EPE SBV Circular No. 32/2013/TT-NHNN (2) (Circular No. 194/2014/TT-BTC) 50

57 194 Circular No. 195/2014/TT-BTC % ISA (3) 2014 Decree No. 39/2014/ND-CP 2 (4) 51

58 4 3. (1) (Law) (Decree) (Decision) (Circular) (2) IT IT SBV IT 2016 KRX 6, ATM IT FAX IT 52

59 42 7,000 6,000 5,000 4,000 3,000 2,000 1, Euromonitor International ( ) (3)

60 EIU Country Report Vietnam, March 2015 ISA, Annual Report of Vietnam Insurance Market 2013 SBV, Annual Report SSC, Annual Report SSC, Overview of Vietnamese Securities Markets, Nov2014 World Bank, 2011, Vietnam Development Report World Bank, 2014, Financial Sector Assessment World Bank, World Development Indicators No

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