Overall, Vietnamese securities companies have been seen a grey period with many heavy losses.

I, More than 80% Vietnamese securities companies suffered losses in 2011 (including listed companies and unlisted companies) Securities companies were most affected block by the difficulty of macroeconomics in the first 6 months of 2011. According to the Securities Commission, the macroeconomic situation was not conducive so the operation of securities companies was considerably bleak and the results were not satisfactory in that time. The number securities firms losing in 2010 increased from 20/105 to 62/105 securities companies in the first quarter of 2011 and the total number of companies had accumulated losses up to that time (6/2011) is 61/105. In general, the larger scale, the higher losses. Business reports in the first 9 months of the listed securities companies showed a loss rate up to 2/3, 18 companies suffered losses which were more than 1350 billion VND. Some large companies fell into heavy losses: - SSI was considered the biggest loser up to the time (I/2011), with a negative profit was more than 100 billion. According to the result of SSIs business consolidation had been released, turnover of the business in the first quarter of 2011 reached 232 billion, which was equal to a half of the number in the same period last year. In particular, proprietary trading revenue was about 60 billion, less than 20% compared to 2010s. Sales brokers also "shrink", only 26.7 billion, compared with 46.2 billion last year. While sales dropped, the cost of SSI operations increased sharply in the first quarter because this company had to spent an amount of money providing for securities devaluation which reached 181.2 billion after 3 months( first quarter of last year, this project was negative 7.2 billion). Due to the factors mentioned above, most profitable securities firm in 2010 (pretax profits more than 900 billion) were subjected to 102 billion losses in the first quarter 2011. This is one of the biggest losses of the business since established in 1999 (second quarter of 2008, SSI each hole to 141 billion).

- Saigon Thuong Tin Commercial Bank (SBS), securities company, has recently reported results of operations in IV/2011. In addition to consultancy activities, other activities such as securities brokerage, securities investment, capital contribution and issuance of securities ... were significantly reduced or no revenue generated. Total sales of SBS 2011 was only 923.3 billion while in 2010, the result reached 1376.8 billion (down 30% over the previous year). Compared with 2010, these expenses increased in 2011 was not too strong but because of declining revenues, SBSs gross losses was 564 billion. - In addition: Three names in the top 10 brokerage firms with the largest market share at the HCM City Stock Exchange is the Saigon Securities (SSI), VnDirect and Vietnamese Securities (BVS) lost totaling 198.34 billion. Companies such as Vietnamese European securities (AVS), Haiphong (HPC), Phu My Hung (PHS), Saigon - Hanoi (SHS), Chang'an (TAS), Vietnam Dragon (VDS) and SME also suffered losses running from few billion to nearly 50 billion .. Sudico, securities company, with cost of goods sold too high so this company had more than 380 million gross loss. In the fourth quarter of 2010, profit after tax of the Sudicos parent company reached 127 billion. For the whole year, SJS losses was more than 46 billion, while its profit in 2010 was around 456 billion. 2, A small proportion of securities companies publish that they have profit (5 companies) Five companies have high profit after tax became the focus of attention. They are HSC with 146 billion, KLS with 139 billion, FPT Securities (FPTS) earned 111 billion, the Securities and Agriculture and Rural Development (AGR) profit was 92 billion, Thien Vietnamese Securities (TVS) with 55 billion. Considering the rate of return / equity (ROE) in 2 periods including the second and the third quarter of 2011, TVS, HSC, FPTS got 12%, 11% and 9% respectively. Specifically, FPT (FPT-code HSX) announced fourth-quarter results and accumulation in 2011 of its parent company. Accordingly, in IV/2011, net income of the parent company FPT reached 156.7 billion, up nearly 70% over the same period in 2010 (92.8 billion) and gross profit was more than 14 billion, down sharply compared to 24.7 billion of 2010. Profit from financial operations reached 274 billion, up 2 times over the same period in 2010 (94.2 billion), net profit got

244 billion, up 2.6 times over the same period in 2010 (94 billion). For the whole year, net sales reached nearly 418 billion, up 1.5 times compared with 2010 (278.8 billion), profit after tax reached 579.7 billion, up sharply compared with 341.4 billion by the year 2010. As of the date of 31.12.2011, cash and cash equivalents of the parent company of FPT was 1,900 billion, while the end of 2010s reached 545 billion. Short-term borrowings at the end of 2011 was 1955 billion, with no longterm debt, profit after tax reached 985.5 billion. Earlier, FPT announced that it has received 708 billion from EVN in EVN Telecom transaction. 3, Change of scale. The securities company restricted to survive, many securities companies closed the transaction offices and branches. From March, 2011, some securities companies suspended or cut a number of transaction offices or its subsidiaries.. Even Thang Long Securities company, the leading market share in HOSE and HOSE brokerage in recent two years, also announced the closure of transaction offices in Hanoi and HCMC as transaction offices on Kham Thien, Hanoi and Phan Long Chain, Ho Chi Minh City. ACB Securities Company closed four transaction offices at the same time in the Ho Chi Minh City, including Go Vap, Nguyen Van Troi, Phan Dinh Phung and Cong Hoa. According to the Securities Commission, there were 16 branches and 23 transaction offices closed in 2011. Closing the transaction, meaning that many workers leave the market. In addition, the transaction offices, the active branches of Securities also cut the maximum human resources in the context of erratic market movements, prolonged meager liquidity and when investors turned their backs to Stock Exchange. Meanwhile, there are many parts of the securities companies enlisted the stage at this difficult market to "shock" to operate its business through operational restructuring of capital, shareholders strategy, business operations, technology, personnel and organizations. Thus, the size of the securities companies capital continued to increase 833 billion compared to the end of 2010, bringing total capital of these companies to 35,045 billion. While some companies reduced branches, transaction offices, there are also some companies continued to expand, caused the number of branch

network of securities firms increase by 24 compared to the end of 2010, bringing the total number of branches to 157, the number of transaction offices raise by 16 offices to 96 offices. By the end of the year, the total number of branches of securities companies is 150 and 83 transaction offices. The total size of chartered capital of that group are 35,500 billion VND. Regarding personnel, in 2011, there are more 588 certificates were issued, which has 329 certificates of broking and 295 certificates of analysis. Total number of employees of securities firms practicing certificate went up to 2850 people.