Annual Report 10

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ANNUAL REPORT 2010 www.acb.com.vn
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CONTENTS
MESSAGE FROM THE CHAIRMAN OF THE BOARD OF FOUNDERS 7
MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS 11
I. HISTORY AND OPERATION OF THE BANK15

1. Milestones 16
2. Growth Path 18
3. Growth Targets 20
II. REPORT OF THE BOARD OF DIRECTORS AND THE MANAGEMENT 23

1. Business Performance 24
2. Financial Condition 24
3. Achievements 26
4. Future Plan 27
III. SUBSIDIARIES 29
1. Company Holding over 50% of ACBs Share Capital 30
2. Companies with over 50% of Share Capital Being Held by ACB 30
3. Activities of ACBs Wholly-Owned Subsidiaries 30
IV. STRUCTURE AND PERSONNEL 35

1. Organizational Chart 36
2. The Board of Founders 38
3. The Board of Directors 41
4. The Supervisory Board 46
5. The Management 48
6. The Committees 51
7. Changes in the Board of Directors, the Supervisory Board and the Management. 51
8. Benefits of the Board of Directors, the Supervisory Board and the Management 52
9. Corporate Governance 52
10. Employees and Policies 53
11. Statistics on Shareholders 55
V. FINANCIAL STATEMENTS 57
VI. AWARDS AND SOCIAL RECOGNITION 181
VII. HIGHLIGHTS OF THE YEAR185
VIII. CHARITABLE ACTIVITY 191
IX. BRANCH NETWORK 195
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MESSAGE FROM THE CHAIRMAN OF THE BOARD OF FOUNDERS
MESSAGE FROM
THE CHAIRMAN
OF THE BOARD
OF FOUNDERS
High efficiency is the integration of robust growth
and good governance, especially effective risk
management. With our existing capabilities and
position, ACB is confident we will successfully execute
our yearly plans and development strategies.
In 2010, the Vietnamese economy recovered from problems due to the global
recession and showed fast growth. Yearly GDP increased by 6.78%, a high rate
compared to that in the region and around the world. The trade deficit was
lower than the expected rate and FDI disbursements increased. The foreign
exchange and gold markets gradually stabilized with a better supply of foreign
exchange. Deposit mobilization and credit activities increased by 27.2%
and 29.81% respectively. Besides the above achievements, there are some
remaining weaknesses related to growth quality, investment effectiveness and
competitiveness among different economic sectors, budget deficits and public
debts. Inflation rose by 11.75%, far exceeding the forecasted and adjusted rates.
Foreign exchange reserves were still low, the USD/VND exchange rate was
unstable and interest rates increased considerably. The stock market fluctuated
unceasingly and the stock-indexes were down at both two stock exchanges.
The year 2011 continued to display complicated trends. Vietnam is one of only a
few countries forecasted by the IMF to maintain reasonable levels of GDP growth.
However, the trade deficit and budget deficit are still high and inflation pressure
remains quite strong. Under the circumstances, the Government would prioritize
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stabilizing the macro-economy and inflation control rather than growth.
In 2010, ACB overcame many macroeconomic challenges and maintained our

financial capability as well as competitive position. ACB remains the fifth largest
bank as regards to total assets; with a high ROE and a low NPL ratio.
Once again ACB has to make significant attempts to overcome new challenges
in 2011. Double-digit inflation is forecasted; the money supply is reduced and
credit activity is tightened; and interest rates remain at high levels. Another
challenge comes from the possibility that the State Bank of Vietnam may interfere
with the interest rate structure applied to interbank relations and between the
banks and customers. Although the macro environment remains unstable and
the banking environment fluctuates with the interest rate, liquidity and credit
growth, ACB anticipates long-term sustainable development for the economy
and the banking sector as well.
For these reasons, the goal of ACBs five-year (2011 2015) strategy is to become
one of the four largest banks in terms of assets and with safe and effective
operations in Vietnam. To ensure we have the management capabilities required
for such a large institution, ACB is willing to accept transformation if required.
ACB has constantly changed itself by acquiring innovative experience from the
domestic and international banking industry. ACB will start its transformation in
accordance to the five-year (2011 2015) strategy. The implementation must
consistently follow three requirements: streamlined, focused, and ready.
ACB is a streamlined organization. After transformation, ACBs capabilities in

operations, supply of products and services, and customer service will increase
in size and quality. During the growth period, a larger mechanism will come
along with higher productivity.
ACB operates with focused attention. ACB should be aware of our strengths
and weaknesses, as well as the realities of the business and our risk appetite. Every
organization has its resource limitations. Although we are highly competitive,
ACB will be unable to cover all market segments. For credit activity, ACB should
specify its major business lines, comprising a full risk assessment, focusing on the
target market, supplying products based on customer demand and distributing
via suitable channels. Credit portfolio will not be expanded just for achieving
high growth rate and investment portfolio will not be expanded without taking
MESSAGE FROM THE CHAIRMAN OF THE BOARD OF FOUNDERS
constraints into account. Because of stricter requirements for capital adequacy,

the banks funds must be invested with attention to efficiency and effectiveness.
ACB is a ready organization. ACB needs to innovate and reinforce for better
operational capability in this increasingly competitive environment and under
tightened state management. ACB is ready to actualize business opportunities,
firmly expand market share, and apply the best corporate governance practices
to make our bank suitable for Vietnams conditions and ACBs culture.
While we are well-aware of the challenges and opportunities, the formula is

identified as follows: High efficiency is the integration of robust growth and good
governance, especially effective risk management. With our existing capabilities
and position, ACB is confident we will successfully execute our yearly plans and
development strategies.
Tran Mong Hung

Chairman of the Board of Founders
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MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS
OF THE BOARD OF DIRECTORS
MESSAGE FROM
THE CHAIRMAN
OF THE BOARD
OF DIRECTORS
Year 2011 is the very first year ACB implements its
integrated, wide and deep Strategic Directions for
the period from 2011 to 2015 and Vision in 2020.
The overall target is to turn ACB into one of the four
largest banks in Vietnam by 2015, and to join the
team of the three largest banks by 2020.
In 2010, while overcoming some general difficulties of the business environment

and the internal weaknesses that had not been fully surmounted, ACB continued
to achieve various important accomplishments in its business.
Even though the actual figures were lower than planned, the growth quality of
the main targets increased sharply: Net interest income has improved; growth of
income and total assets is higher than the growth rate of operating costs; return
on capital and assets ratios are higher than the same period last year; the earning
asset ratio has significantly improved; the balance sheet has changed in a more
positive direction; and net profit is close to the plan.
The management style has improved soundly, delivering various remarkable

results: new programs on banking automation have received encouraging initial
results; the approving mechanism for personal credit applications has shortened
the review period; customer service quality has been enhanced; the fingerprint
identification system has created more benefits to customers; enhancements
now provide more effective information security and safer operating activities;
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and the distribution network has been expanded over the target area to provide
better service to customers.
The bank continues to operate in a safe and sound manner with stable and
strong liquidity. The bad debt (category 3 through 5) ratio of ACB appears quite
low compared to the industry (0.32% compared to 2.5%).
One of the most important successes is that we have issued and begun
implementation of the Strategic Directions of ACB for the period from 2011 to
2015 and the Vision to 2020.
The results achieved in 2010 really helped ACB maintain its leading position
among the joint-stock commercial banks. ACB continues to be a highly recognized
and appreciated brand in both local as well as international banking market.
2010 was also a highlight year for ACB since it was the second consecutive time
ACB received the Best Bank in Vietnam awards from five prestigious international
financial and banking magazines.
Apart from the achieved successes, the operation results for the recent years,
including 2010, also express some weaknesses, especially internal ones, which
urgently need to be fixed so that ACB can have a steady and fast growth rate in
the upcoming period.
The corporate governance still takes a long time to reform and is not keeping
up with changes in such a critically competitive business environment. Various
problems can be seen as the bank is swiftly increasing in scale. The organizational
structure, operating mechanisms, and management capability of key staff of
ACB have proved to be inadequate at the current time and will not meet the
requirements of the steady and fast growth rate in the new period.
The design and assignment of plans are still facing severe implementation
issues. Even though there have been some specific works completed, we are
not effectively leveraging people with high performance and institutions with
high business efficiency. Various programs and specific solutions have been
presented, however the implementation process has been slow due to delayed
instruction, loose management, and a lack of strict observation, thus creating
results below expectations. Therefore, the growth rate has slowed down and
lead to the remarkably narrowed distance between ACB and other direct
competitors in terms of some important targets.
MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS
Year 2011 is the very first year ACB implements its integrated, wide and deep
Strategic Directions for the period from 2011 to 2015 and Vision in 2020. The
overall target is to turn ACB into one of the four largest banks in Vietnam by
2015, and to join the team of the three largest banks by 2020. In this respect,
it is imperative that ACB should immediately implement such solutions as
restructuring their traditional markets, restructuring their corporate governance
from headquarters to branches, and restructuring the operations mechanisms.
ACB must be successful in performing these heavy and complex duties.
Year 2011 is also predicted to be a difficult and challenging year for the banking
industry and ACB shall not be an exception. This is because the government has
prioritized controlling inflation with various urgent solutions, both economic
and administrative. Key among these measures are the desire to strongly control
the credit growth and the growth rate of total payments; tightly control gold and
foreign exchange trading; reduce the budget deficit; and cut public investment.
Within such conditions, it is vital that ACB should place a high priority on
safety rather than following the operating guideline of Robust Growth, Good
Governance, and High Efficiency.
The mission given in 2011 is a difficult one with various numerous challenges
ahead. However, with our established position and strength, together with our
dynamic, creative and disciplined workforce of officers and staff in performing
any assigned mission, and with the practical support and encouragement from
the shareholders, customers, partners and government agencies, the Board of
Directors has a profound belief that its business plan for 2011 the first year
fulfilling an ambitious strategy for the next 5 to 10 years shall be successfully
realized.
Tran Xuan Gia

Chairman of the Board of Directors
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LCH S HOT NG CA NGN HNG
HISTORY
AND OPERATION
OF THE BANK
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1. MILESTONES
1.1. Establishment
Asia Commercial Joint-Stock Bank (ACB) was established under Business

License No. 0032/NH-GP dated April 24, 1993 by the State Bank of Vietnam
and Establishment Permit No. 533/GP-UB dated May 13, 1993 by the Peoples
Committee of Ho Chi Minh City. ACB started operations on June 04, 1993.
1.2. Listing
Pursuant to Decision No. 21/QD-TTGDHN dated October 31, 2006, ACB was
approved for listing shares on Hanoi Securities Trading Center.
Type of stock: Common stock
Code: ACB
Par value per share: VND 10,000
Number of outstanding shares: 933,570,390 shares
1.3. Other events
1993 to 1995: ACB was in the embryonic stage of development. The founders
of ACB, possessing financial strength, business knowledge, entrepreneurial
experience and sharing a common business principle for managing the
development of the enterprise in a safe and effective way, cemented unity
in the organization. During this period, and being pushed by its competitive
position, ACB aimed itself at individual and corporate customers in the private
sector, offering cautious views on granting credit whilst providing new service
products that were unavailable in the market at that time (consumer credit,
Western Union express money transfers, personal credit cards, etc.)
1996 to 2000: ACB became the first Vietnamese joint-stock commercial bank
to issue the international credit cards of MasterCard and Visa. In 1997 ACB began
working toward modern banking practices through a two-year training program
on banking operations conducted by foreign bankers and banking specialists.
From this comprehensive program, ACB gained many things, including additional
principles of managing a modern bank and the best practices and standards
in risk management -- particularly in retail banking. The bank has managed to
translate this acquired knowledge into action in Vietnam conditions. In 1999 ACB
HISTORY AND OPERATION OF THE BANK
launched its IT modernization program, the purpose of which was to set up a

wide area network, bringing it online and computerizing transactions. At end-
2001, the core banking platform named The Complete Banking Solution (TCBS)
was officially put into operation, which enabled real time transactions, connected
all branches together and allowed them to share a centralized database.
In 2000, ACB reengineered its company structure as part of a corporate

development strategy for the first part of the 2000s (2000 - 2004). The structure
trended towards business activities and support activities. Besides divisions,
there were some departments directly managed by the chief executive officer.
The headquarters business activities were transferred to the Main Branch of
HCMC. The reengineering was aimed at ensuring the thorough and smooth
implementation of customer-oriented product management in appropriate
customer segments and proper care for business development and risk
management.
2001 to 2005: In 2003 ACB established a quality management system in

accordance with ISO 9001:2000 and its ISO quality management system was
acknowledged in terms of (i) taking deposits, (ii) short and long-term lending,
(iii) trade services, and (iv) providing human resources at the headquarters. In
2005 Standard Chartered Bank (SCB) signed an agreement with ACB to provide
comprehensive technical assistance, and became ACBs shareholder. ACB
carried out the second phase of its IT modernization program, including (i)
server upgrading, (ii) replacement of current bankcard transaction processing
software with software compatible with the core banking platform, and (iii) ATM
installation.
2006 to present: ACB stocks were listed on the Hanoi Securities Trading Center
in November, 2006. In 2007 ACB strongly expanded the branch network, with 31
new branches and sub-branches, and set up ACB Leasing Company. ACB also
strengthened it cooperation with various partners such as a contract with Open
Solution (OSI) Thien Nam for upgrading the core banking solutions, an MOU
with Microsoft Group on applying the information technology for operations
and management, and an agreement with Standard Chartered Bank on issuing
bonds. Finally, ACB succeeded in the issuance of 10 million shares worth VND
100 billion par value with proceeds of over VND 1,800 billion. In 2008 ACB
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established 75 branches and sub-branches, cooperated with American Express
on travelers check services, and implemented the JCB card acceptance service.
ACB increased the charter capital to VND 6,355 billion and was named Best Bank
in Vietnam 2008 by Euromoney.
In 2009 ACB completed the basic restructuring of human resources and its
branch network and established a sales-oriented branch model as 51 additional
branches and sub-branches were set up. The credit scoring system for individuals
and businesses was also revised and officially put into operation, as well as a help
desk system. Additionally, ACB was the first bank in Vietnam to receive awards
for Best Bank in Vietnam in 2009 from six prestigious international financial
magazines.
In 2010, ACB made forecasts more often on business conditions for appropriate
decision-making. Also, flexible solutions were made for strict compliance
with state regulating policy as well as ensuring safe and effective operations.
Prominently, the Board of Directors in Quarter III had a profound discussion
on new operating strategies. ACBs Strategic Directions for the period from
2011 to 2015 and Vision to 2020 was promulgated in January. Moreover, ACB
implemented a customer relationship management system, built a standard
Data Backup Center in Dong Nai Province, and developed non-traditional
distribution channels by transforming the Electronic Banking Department and
Telesales Sub-department into sales units.
2. GROWTH PATH
2.1. Business scope

To mobilize short, medium and long-term capital in the form of time deposits,
demand deposits and certificates of deposits; receive investment funds;
receive capital from domestic and overseas financial institutions; grant short,
medium, and long-term loans; discount commercial paper, bonds and valuable
documents; invest in securities and companies; provide settlement services to
customers; deal in foreign exchange and gold; provide international settlement
services, factoring, to act as an agent and provide consultancy services for
securities investment; provide securities deposit services, corporate finance
consultancy services, underwriting services, asset management services, leasing
and other banking services.
2.2. Business growth
During 18 years of operation, ACB has always maintained steady growth and stability. This steadfastness
is reflected in the main targets over the following years:
200,000 160,000
160,000 120,000
183,132
120,000
205,103
80,000
134,988
167,724
80,000
91,174
105,306
74,943
85,392
40,000
40,000
39,736
44,650
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
CONSOLIDATED TOTAL ASSETS (In billion) CONSOLIDATED DEPOSITS (In billion)
80,000 3,000
60,000
2,000
87,195
3,102
40,000
2,838
62,358
2,561
2,127
1,000
34,833
20,000
31,974
17,365
687
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
CONSOLIDATED OUTSTANDING LOANS (In billion) CONSOLIDATED PRE-TAX PROFIT (In billion)
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3. GROWTH TARGETS
3.1. Key targets of ACB Group in 2011
Items
Pre-tax profit: VND 4,00 billion
Total assets: VND 275,000 billion
Outstanding loans: VND 103,900 billion
Customer deposits VND 198,000 billion
Services: VND 602 billion
Number of new branches and sub-branches: 50
3.2. Strategic directions in the medium and long-term
The strategy for socio-economic development of Vietnam in the period of 2011 -

2020 has determined that this is the period of industrialization and modernization
in order to make Vietnam a modern industrialized country by 2020. With the
aim of raising GDP per capita in 2015 to over US$2,000 and US$3,000 in 2020;
the projected growth rate of annual GDP is about 7 - 8%. Generally, this is a
great opportunity for the banking sector of Vietnam, as well as ACB in particular,
to develop rapidly and soon reach the scale of a mid-size bank in the region.
Besides such opportunities, the next period is also a difficult and challenging
time for the banks in Vietnam.
ACB, founded in 1993, has achieved spectacular developments, becoming a large

bank with the capital of about US$500 million and total assets of approximately
US$10 billion. Aside from such past success, in more recent time ACB has started
to reveal certain weaknesses requiring the bank to conduct strong, extensive
and comprehensive self-renewal in order to meet the requirements of the next
stage of development. During the meeting on 24 January 2011, the Board of
Directors of ACB approved the Strategic Directions of ACB for the period from
2011 to 2015 and Vision to 2020, to execute the mission of the family bank,
under the operating guideline of Robust Growth, Good Governance and High
Efficiency in order to bring ACB into the group of four largest and most efficient
banks in Vietnam by 2015.
To realize this objective, ACB follows the strategy of a universal bank and
diversification of its markets. Geographically, ACB will persist on developing
in target urban areas, with Ho Chi Minh City and Ha Noi first and foremost. At
the same time, the bank will also increase their presence in various cities and
provinces nationwide, especially urban areas of the provinces along the North
South Route and those of the east- and southwestern regions. In the future,
ACB will consider expanding its operations into neighbor countries. For the
customers, in addition to maintaining preference for the traditional customer
segments, ACB will enhance their capacity to serve wider customer segments,
both businesses and individuals. In terms of products, besides traditional ones,
ACB will study and apply new products and packages step by step in order
to satisfy more diverse demands for banking services and products from their
customers.
To implement this business strategy, ACB will restructure their current

distribution channel, to be aligned with international standards and routines.
Transforming the distribution channel is a multi-step program which will be
studied and implemented from now to 2015. ACB will conduct researches to
determine the most suitable model of branches and sub-branches, and arrange
these according to market and customer demands. Transforming distribution
channels will be implemented in conjunction with the plan of centralizing
operations systems to improve productivity and quality. The programs are also
connected to the medium-term programs of improving technologies, especially
information technology, improving the risk management system, etc. In 2011,
ACB will apply the mechanism of branch management by geographical area,
reducing reporting lines to the chief executive officer, combining with the
review of customer service for better satisfaction of customers.
Information technology, human resources, operations and risk management are

the important fields that ACB has planned to strengthen for the period of 2011
to 2015 in order to ensure the strategic objectives.
ACB is committed to transforming their corporate governance to be aligned

with the requirements of the laws of Vietnam and the current condition of ACB,
following the best international standards and practices, to ensure a stable and
sustainable development.
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BO CO HOT NG CA HI NG QUN TR V BAN IU HNH
REPORT OF
THE BOARD OF DIRECTORS
AND THE MANAGEMENT
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1. BUSINESS PERFORMANCE
In 2010, the Vietnamese economy was still under the negative impact of the
worlds economic and financial crisis. However the uncertain expressions related
to inflation and exchange rates as well as the consequences from the weaknesses
in the countrys economic structure appear to have been more critical. During
the 2008 2009 crisis there was a loosened monetary policy to promote more
growth. Afterwards, the economy in general, and the banking sector in particular,
needed to adjust to a tighter policy in order to ensure a stabilized macro-
economic picture by the end of 2010. This resulted in a continuous fluctuation
for the policy and business environment of the banking sector.
In such context, ACB tried to flexibly adjust its policies to assure safety and maintain
business efficiency. Total deposits increased by 24.35%, and outstanding loans
increased by 40%. For further details, total deposit increased by VND27 trillion,
accounting for a market share of around 6.35%; for customer deposit alone, a
market share of more than 10%; and outstanding loans grew by VND24.7 trillion,
taking around 3.8% of the total market share.
2. FINANCIAL CONDITION
2.1. Analysis of financial indicators
In a continuously changing business environment, safety is one of the main

factors seriously considered by ACB. Therefore, since Circular no. 13/2010/TT-
NHNN dated May 20, 2010 went into effect, the prudential ratios have been
strictly observed by ACB. Some ratios of ACB as of December 31, 2010 are
noteworthy: the single capital adequacy ratio is at 10.33%, and the consolidated
capital adequacy ratio, at 10.6% in comparison with the minimum 9% regulated.
The solvency ratio on the report date achieved 19.84%, 4% higher than the
target of 15% regulated by SBV. Moreover, the ratio of short-term funding
used for medium and long term lending remains exceedingly low, once again
confirming the high level of safety and prudence in the banking business of ACB.
Table 1: Solvency ratio following Circular no. 13 as of December 31, 2010
USD and other foreign

Item Overall VND and gold EUR GBP
currencies converted into USD
Solvency ratio on the
19.84% 19.58% 159.69% 140.70% 17.84%
report date
REPORT OF THE BOARD OF DIRECTORS AND THE MANAGEMENT
Another ratio that shows ACBs ability to maintain high credit quality in such a
variable environment is the bad debt (category 3 through 5) ratio of 0.34%, much
lower than the 2.5% of the industry and always lower than many other banks.
Table 2: Group performance in terms of key targets (In VND billion)
Planned Actual % vs. 2009 % growth vs.

Item
2010 2010 planned 2009
Pre-tax profit 3,600 3,102 86.2% 2,838 9.3%
Total assets 210,000 205,103 97.7% 167,881 22.2%
Outstanding loan 96,000 87,195 90.8% 62,358 39.8%
Customers deposit 170,000 137,881 81.1% 108,992 26.5%
Regarding profitability, in 2010, ACB Group realized a profit of VND3,102 billion,

or 86% of the plan, where the commercial banking activities attained 100% of
the plan. The shortfall in the Groups plan was mainly in ACBS because it could
not reach given targets due to adverse market developments. Other relevant
ratios proved its efficient business activities: ROE before tax achieved 28.90%;
and ROA before tax, 1.70%.
Table 3: Group profitability (%)
Items (consolidated) 2010 2009 2008 2007 2006

Pre-tax profit/ Average equity (ROE) 28.9% 31.8% 36.7% 53.8% 46.8%
Pre-tax profit/ Average total assets (ROA) 1.7% 2.1% 2.6% 3.3% 2.0%
Otherwise, the financial results of the Group in 2010 carried some positive points.
Firstly, net interest income has improved reaching VND4.164 billion (1.5 times
higher than that of 2009). Secondly, the ratios related to operating costs have
improved compared to 2009. In particular, the operating cost over the average
total assets has been reduced from 1.32% to 1.16%. Finally, the balance sheet
structure of the Group has changed in a more positive direction with the earning
asset ratio significantly enhanced (from 79% at the end of 2009 up to 84.2% as of
December 31, 2010).
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2.2. Changes in equity
With the permission from the State Bank of Vietnam, in December 2010, ACB
has increased their charter capital by VND 1,563 billion to VND 9,377 billion, and
issued VND 3,000 billion Tier-2 bonds in November. This move helped ACB ensure
an absolute compliance with the capital adequacy regulation of the State Bank of
Vietnam, while enhancing the customer service capacity of ACB.
2.3. Dividends
In 2010, ACB paid cash dividend at 17%/ par value (i.e. VND1,700 for every share)
based on its business performance of the first half of the year.
3. ACHIEVEMENTS
The ACB brand in 2010 was reinforced after being recognized by four prestigious
international finance and banking magazines (FinanceAsia, Asiamoney, Global
Finance and The Asset) as the best bank in Vietnam 2010 and awarded by The Asian
Banker magazine as Strongest Bank in Vietnam 2010 an award voted on every
three years. This is the first time the award is given to a Vietnamese bank.
The banks performance was improved. In 2010 ACB executed pay-for-

performance measures and improved the way performance evaluations are handled
at distribution channels. Some important modernization programs have also been
started, such as customer identification via fingerprint, management information
systems, treasury front-to-back processing, customer relationship management, and
application of a new version of the core banking platform of the bank: The Complete
Banking Solution (TCBS DNA). These systems are expected to become powerful
supports for the tasks of managing and controlling the bank in the coming years
and are in line with the global trends of banking technology.
Year 2010 also marked various successes in the improvement of customer

service quality of ACB. The internet banking service named ACB Online was
implemented in May 2010 and has received positive feedback from customers. In the
second half of 2010, after six months of implemention, the number of transactions
via ACB Online accounted for 65% of the total transaction entries of the bank. In
addition, a personal authority review process for personal credit applications was
put into practice, and the process re-engineering activities have helped shorten the
average transaction processing time for personal credit applications (reduced by 1.5
REPORT OF THE BOARD OF DIRECTORS AND THE MANAGEMENT
days), for business credit applications (reduced by 1.5 to 10 days depending on their
characteristics), and for deposit-taking operations (shortened by 1.6 1.89 minutes).
Year 2010 was also a year with noteworthy social activities. Particularly, ACB
spent VND 5.24 billion to take care of poor families at various regions like Ho Chi
Minh City, and provinces of Binh Duong, An Giang, Can Tho, Dong Nai, Binh Phuoc,
Daklak, etc. ACB spent VND 2.56 billion giving scholarships to poor students with
high academic performance, building schools, as well as organizing career fairs
for the banking faculty students of the Ho Chi Minh City University of Economics.
Furthermore, ACB also donated VND 106 billion to flood victims in the central
region of Vietnam, and around VND 0.51 billion to other social activities (event of
Journalist Day of Vietnam, etc.)
4. FUTURE PLAN
According to ACBs forecast, in 2011 the State Bank of Vietnam will focus on industry-
wide organizational issues and combating inflation. The monetary policy will remain
tight until there is a sign that inflation is fading. Exchange rate fluctuations will persist.
Furthermore, in 2011 foreign banks will be allowed to mobilize Vietnamese dong
as domestic banks resulting in higher competition in the deposit market. Therefore,
the strongest competition in terms of customers deposit is expected to take place
soon. Credit will be highly limited in terms of growth and also threatened in terms
of quality.
With these forecasts, the bank intends to focus from the start of the year on the
growth of the balance sheet and find more creative and flexible solutions in the
changing business environment in order to ensure safety and efficiency.
As for human resources management, the bank plans to improve the salary
system and finalize its credit-by-credit training program for branch and sub-branch
managers. ACB will also restructure their IT Center to better adapt their role as a
bridge between the banking operations of ACB and the providers of IT services.
From 2010 to the beginning of 2011, ACB took the first steps in implementing the
Strategic Directions for the period from 2010 to 2015 and Vision to 2020. This includes
five action plans owned by business divisions and the program of organizational
restructuring of the headquarters and branch network, under the support from
our strategic partner, Standard Chartered Bank. This activity will provide ACB a new
motivation to improve their growth quality, stability and competitiveness in the
current economic environment.
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SUBSIDIARIES
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1. COMPANY HOLDING OVER 50% OF ACBS SHARE CAPITAL
No company currently holds over 50% of ACBs share capital.
2. COMPANIES WITH 50% OF SHARE CAPITAL BEING HELD BY ACB
Companies Business Sector % owned % owned by Total

License No. by ACB subsidiaries
ACB Securities Company (ACBS) 06/GP/HKD Securities 100 - 100
AACB Asset Management 4104000099 Asset 100 - 100

Company (ACBA) management
ACB Leasing Company (ACBL) 4104001359 Leasing 100 - 100
ACB Capital Company (ACBC) 41/UBCK-GP Fund - 100 100

management
3. ACTIVITIES OF ACBS WHOLLY-OWNED SUBSIDIARIES
3.1. Report on ACBS
The stock market in 2010 ended with a number of unfavorable developments,

with 20 out of 105 security companies running at a loss. With strong financial
resources and flexible business strategies, ACBS has maintained positive business
results:
- Revenue from trading activities reached VND484 billion,
- Net profit after tax reached VND22 billion.
In 2010, ACBS continuously improved their products and services to meet the
increasing demand of investors, and service quality through customer care.
These improvements contributed to maintaining ACBSs brokerage market and
also increased their competitiveness in the market. In 2010, the brokerage and
fund certificate market shares of ACBS on HSX reached 4.21%; and on HNX,
SUBSIDIARIES
2.79%. The total transaction accounts of clients accounted for 5% of the market.
In addition, ACBS ensured safe operation of their trading systems, maintained
strict control of risks, was intolerant of securities and cash loss, and gradually
enhanced the quality of research and analysis.
ACBSs position was affirmed by receiving the Prestigious Securities Trademarks

2010 award from the voting of Vietnam Association of Securities Business and
other financial institutions.
According to their business plan in 2011, ACBS will focus on securities investment
activities, brokerage and financial advisory. This will require continuing to improve
and diversify their products and services; improving their risk management
system; and meeting the demands of business development. By promoting
their current research and analysis activities, putting all efforts into high quality
analysis products, ACBS will build credibility and support other activities.
3.2. Report on ACBA
ACBA mainly operates as an arm of the bank in the recovery of delinquent loans
and the management of premises invested by the bank. In 2010, ACB ramped
up the monitoring of the compliance with relevant law and the debt collection
process. Debt collection activity gained the following results:
- Debts to be collected: VND 722 billion (where, carried-over delinquent

loans: VND 448 billion and new delinquent loans: VND 274 billion.)
- Debt having been collected: VND 215 billion (where: principal: VND
188 billion, interest: VND 27 billion. (2009: VND 286.05 bn).
- Ratio of debt having been collected/to be collected (215/722) : 30 %
- Correspondent number of liquidated dossiers: 583 profiles (2009: 256)

Business performance.
- Profit before tax: VND 12.887 billion; profit after tax, VND 9.665 billion.
31
In 2011, ACBA aims to boost business activities, explore the trading of debts
of financial institutions, re-arrangement of staff operating the provinces, and
enhancing measures for company-wide administration.
3.3. Report on ACBL
In 2010, ACBL achieved many innovations and positive changes. ACBL

continuously improved its products and service quality for better customer
satisfaction. Financial leasing in foreign currency was offered. More training
was provided to the sales force. Productivity and efficiency received more
importance. ACBLs staff number doubled and 60% of them are direct sales staff.
Implementing a strategy of rapid growth and diversifying financing sectors and

leasing assets, ACBL gained the following results:
- Outstanding loans of finance leasing reached VND 423.3 billion,

increasing by 2.5 fold compared to 2009.
- Profit before tax: VND 23.83 billion, increasing by 243% compared 2009.
- NPL remained 0%.
The focus of ACBL in 2011 will be to promote marketing and sales, and to
compete with service quality and advisory service. ACBL is planning to expand
their network to the North region, increasing their presence in the country.
SUBSIDIARIES
3.4. Report on ACBC
In 2010, as ACBC completed their filing procedure for license to operate the
investment fund in growth shares (ACB Growth Fund ACBGF), it conducted
analysis and valuation of various industries and key companies for satisfying
the investment needs of the Fund and trust investment portfolios. In addition,
the company started to introduce its services to potential investors regarding
investment portfolio analysis, trust investment and investment portfolio
management.
In 2011, ACBC was granted the license for public issuance of fund certificates for
the ACB Growth Fund. This is the very first public fund represented, mobilized,
and managed by ACBC, mainly reserved for shareholders of ACB with the size
of VND300 billion. Contribution to the fund is expected to close in the second
quarter of 2011. The company will also co-ordinate with ACBS to promote joint
products such as financial services, mergers and acquisitions.
33
STRUCTURE
AND PERSONNEL
35
1. ORGANIZATIONAL CHART
BOARD OF FOUNDERS
COMMITTEES
STRATEGIC PLANNING
DEPARTMENT
CREDIT POLICY
DEPARTMENT
QUALITY ASSURANCE
DEPARTMENT
INVESTMENT DEPARTMENT
GOLD CENTER
CONSUMER BANKING COMMERCIAL BANKING TREASURY DIVISION

DIVISION DIVISION
Sales Sales Foreign Exchange

Departments Departments
Support Support Gold Trading

Departments Departments Department
Technical Technical Money Market

Departments Departments Department
Product Product Financial Institutions

Departments Departments Sub-department
Centers ( Cards, ATM, Consumer Centers ( Trade Operations,

Credit Analysis, Collection, Corporate Credit Analysis,
CallCenter 247, Westerm Union ) Collection )
BRANCHES AND SUB-BRANCHES

STRUCTURE AND PERSONNEL
GENERAL
MEETING OF
SHAREHOL DERS
BOARD OF DIRECTORS SUPERVISORY BOARD
OFFICE OF THE BOARD INTERNAL AUDIT

OF DIRECTORS DEPARTMENT
PRESIDENT & CEO
ACCOUNTING
DEPARTMENT
EXTERNAL RELATIONS
DEPARTMENT
MARKET RISK DEPARTMENT
MIS
DEPARTMENT
BUSINESS DEVELOPMENT HUMAN RESOURCE

DIVISION OPERATION DIVISON DIVISION IT CENTER
Branch Expansion Credit Surpport HR Operation Administration

Department Department Department Sub-department
Marketing Operations HR Development Business Analysis

Department Department Department Department
Market Research Legal and Compliance Database Managenent

Training Center
Department Department Department
Banknote Administration and Construction IT System Operations

Department Department Department
Collateral Appraisal
Department
General Management
Department
37
2. THE BOARD OF FOUNDERS
2.1. Members of the Board of Founders
The Board of Founders, established by the General Meeting of

Shareholders, functions as a sounding board for the Board of Directors
and the Management on directing, controlling and managing the bank.
Currently, the Board has six members.
Mr. TRAN MONG HUNG Mr. NGUYEN DUC KIEN Mr. PHAM TRUNG CANG
Chairman Vice Chairman Member
Mr. Tran Mong Hung graduated Mr. Nguyen Duc Kien was the Mr. Pham Trung Cang has been in the
from HCMC University of Economics, fifteenth-intake student of the plastic packaging business since the
majoring in banking. He served as an University of Military Technique late 1970s since graduating from HCMC
instructor at the Banking College from (Ministry of Defense) in 1980, and University of Economics. He was the first
1978 to 1980. Before founding ACB, he he studied at ZalkaMat Military Chairman of the Board, and then Vice
Chairman from 1994. He also served
worked for Saigon Jewelry Company Institute, Hungary, from 1981 to
as the President and CEO for three
(SJC). He was the first President and 1985. He held the vice chairmanship
years (1999 2001). His resignation
CEO of ACB. Later, he served as the of ACB from 1994 to 2008 and acted
of directorship was approved at the
Chairman of the Board of Directors as the de facto CEO of ACB from 2004 Annual General Meeting on April 26,
until March 2008. He also chaired the to 2006. He used to be Chairman of 2011. At present, he is Chairman of Tan
Executive Credit Committee for many the ACB Investment Committee. At Dai Hung Plastic Joint Stock Company,
years. He has held the chairmanship present, he is Chairman of the Board President of Ho Chi Minh City Plastics
of the Personnel and Compensation and General Director of Asia Financial Association, Vice President of Vietnam
Committee since 2008. Group Joint Stock Company. Plastics Association and Vice Chairman
of Eximbank BOD.
Mr. TRINH KIM QUANG Ms. DANG THU THUY Ms. HUYNH THANH THUY
Member Member Member
After graduation from HCMC Ms. Dang Thu Thuy graduated Ms. Huynh Thanh Thuy is an architect,
University of Economics in 1978, Mr. from the HCMC University of having graduated from HCMC
Trinh Kim Quang was retained by the Economics and the University of University of Architecture. She was
university as a lecturer for ten years. Social Sciences and Humanities. the Director of AC Construction
After that, he worked for Saigon She has been working for ACB and Decoration Limited Company
Jewelry Company (SJC) before since its establishment and has and is currently the Chairperson of
running the Viet Thuong Trading held the positions of Chief of Office AC Company and Director of Toan
Company. He served as an Executive and Human Resource Manager. At Thinh Service and Trading Company.
Vice President of the bank from 1993 present, she is Director of the Human She was a member of the Board of
to 1998 and later became General Resource Management Division and Directors of ACB until 2008.
Director and then Chairman of ACBS a member of the ACB Personnel
from 1998 to 2007. and Compensation Committee. She
was recommended by the BOD and
nominated by the AGM as director
on April 26, 2011.
39
2.2. Activity of the Board of Founders
In 2011, the Board of Founders (BOF) made some significant conclusions on

the next stages of development of ACB and provided this advice to the BOD.
The BOF affirms that their investment in ACB is a strategic investment. They
advise that ACB needs to adopt best practices in corporate governance and
doing business to be ready for the next stage of development. Some of the
proposals made by the BOF involved: (i) changes in the manner in which the
Standing Board of Directors and the Board of Founders currently work with
the Management, (ii) human resources of the Board of Directors and the
Management, (iii) investment activity. Members of the BOF, as individuals,
usually make some consultancy to the Board of Directors and the Management.
3. THE BOARD OF DIRECTORS

3.1. The Directors
The Board consists of eleven directors.
Mr. TRAN XUAN GIA Mr. PHAM TRUNG CANG Mr. TRINH KIM QUANG
Independent Director, Chairman Vice Chairman (until April 26, 2011) Vice Chairman
Dr. Tran Xuan Gia has held various Mr. Pham Trung Cang has been in the After graduation from HCMC
positions such as member of the plastic packaging business since the University of Economics in 1978, Mr.
National Assembly (Legislature X), late 1970s since graduating from HCMC Trinh Kim Quang was retained by the
Deputy Head of the State Planning University of Economics. He was the first university as a lecturer for ten years.
Committee, Head of Office to the Chairman of the Board, and then Vice After that, he worked for Saigon
Chairman from 1994. He also served
Council of Ministers, Deputy Head Jewelry Company (SJC) before
as the President and CEO for three
of the State Pricing Committee and running the Viet Thuong Trading
years (1999 2001). His resignation
Assistant Professor at Hanoi National Company. He served as an Executive
of directorship was approved at the
Economics University. He used to Annual General Meeting on April 26, Vice President of the bank from 1993
be Head of Research to the Prime 2011. At present, he is Chairman of Tan to 1998 and later became General
Minister, reforming socio-economic Dai Hung Plastic Joint Stock Company, Director and then Chairman of ACBS
and administrative policies and served President of Ho Chi Minh City Plastics from 1998 to 2007.
as Minister of Planning and Investment Association, Vice President of Vietnam
for seven years. Before being elected Plastics Association and Vice Chairman
Chairman, he was an adviser to the of Eximbank BOD.
Board of Directors of ACB.
41
Mr. LE VU KY Mr. LY XUAN HAI Mr. HUYNH QUANG TUAN
Vice Chairman Director Director
Mr. Le Vu Ky earned his PhD degree in Mr. Ly Xuan Hai graduated from the Mr. Huynh Quang Tuan graduated with
Mathematics and Physics at Moscow National University of Belarus in 1989, high distinction from the Kiev National
University in Russia. He worked for majoring in theoretical physics, and Economics University in Ukraine in
the Z181 Factory of the Ministry of presented his PhD thesis in physics 1980, and attended the advanced
Defense and for the National Nuclear and mathematics in 1993. He is also class for middle and senior officials
Energy Institute from 1984 to 1986. a holder of a Master of Economics at Leningrad (now St. Petersburg)
He also served as Acting General in banking and finance from Finance University from 1987 1988.
Director for the FPT Company for ESCP Europe and Paris-Dauphine Formally a Deputy Manager of the
three years, Deputy General Director University. Formally Deputy Manager Foreign Trade Pricing Department
for several years at the Vietnam of the Hai Phong branch of ACB from of the State Pricing Committee for
Garment and Textile Corporation, 1996 to 1998 and Manager from 1998 three years, he then became Head
and later as Acting Director at until 2002, he then served as General of Reasoning Department at the
Rosvietipex, which belongs to Director of ACB Securities Company Institute of Pricing Science (State
the Vietnam National Textile and for four years (2002 2005), and CFO Pricing Committee) from 1988 to 1989.
Garment Corporation (Vinatex). He of ACB from 2004 to 2005. He has Later, he was Branch Manager and
also worked for Thien Nam Company been CEO since 2005 and a standing Chief Representative of Genpacific
as Acting General Director from member of the BOD since 2008. Joint-Venture Company in Moscow
1996 to 1997 and served as ACB (Russia) for five years. Currently, he is a
Executive Vice President from 1997 director of several companies, such as
to 2008. At present, he is a member Vietnam National Financial Switching
of the Standing Board of Directors, Joint-Stock Company (BanknetVN),
a member of the Executive Credit and Thuy Ta Joint-Stock Company. He
Committee, and Chairman of the has been an Executive Vice President of
Board Investment Committee. the bank since 1994. At present, he is
member of the Standing Board of the
Directors and Head of Strategic Project
Management Office (PMO).
Mr. LUONG VAN TU Mr. JULIAN FONG LOONG CHOON Mr. ALAIN CANY
Independent Director Director, Representative of Standard Director, Representative of
Chartered Bank Connaught Investors Ltd.
Mr. Luong Van Tu graduated from the Mr. Julian Fong Loong Choon Mr. Alain Cany holds a BA in
University of Foreign Trade in 1971 graduated with a first class honors Economic Sciences from the
and obtained a degree in Business degree in Chemical Engineering from University of Paris. He began his
Administration and Marine Logistics the University of Loughborough in career at Crdit Commercial de
in Norway in 1979. He also graduated the United Kingdom in 1974, and with France, holding various executive
from the Ho Chi Minh Institute of a Master of Business Administration positions in France before working as
Politics, Party School of Advanced (Finance and Accounting) at McGill Deputy General Manager and Head
Studies in 1985. He has held a variety University in Quebec, Canada. He of Business Development in Hong
of positions such as Chairman of was a Financial Controller at Standard Kong. In 1994, he became General
the Board of De Nhat Joint-Venture Chartered Bank in Hong Kong, Manager of CCF in Hong Kong before
Company, Vice Chairman of the Regional Chief Financial Officer (CFO) moving to HSBC as the Head of
Board of Eximbank and General of SCB in Singapore, Group Corporate European Business Development at
Director of (No.) I General Import- CFO of SCB Singapore, and then their regional headquarters in Hong
Export Company in Hanoi. He served Group Corporate and Institutional Kong. He was awarded Chevalier de
as Head of Trade Delegation in CFO at SCB Hong Kong. He has also la Legion dHoneur (Knight of the
Singapore from 1987 to 1993, Deputy been a director of other economic Legion of Honor) by the President of
Minister of Commerce from 1998 organizations such as Hong Kong the Republic of France in 2002 and
to 2007, Head of the Government Note Printing Limited. He is now CFO served as CEO of HSBC Vietnam for
Negotiation Delegation on Asia of SCB. four years. He has been Chairman
economics and commerce, Head of of Eurocham in Vietnam since 2005
WTO Accession Delegation, General and Chairman of Jardine Matheson
Secretary of National Commission Vietnam since July 2007.
in International Cooperation,
and Chairman of Vietnam USA
Committee on Economic and Trade
Cooperation for seven years. From
2009 to present, he is Chairman of
the ACB Capital Company.
43
Mr. DOMINIC SCRIVEN Mr. TRAN HUNG HUY Mr. STEWART DONALD HALL
Director, Representative of Director Director (from April 26, 2011)
Dragon Financial Holdings Ltd.
(until April 26, 2011)
Mr. Dominic Scriven graduated from Mr. Tran Hung Huy graduated from Mr. Stewart Donald Hall graduated
Exeter University in 1985 with a combined Chapman University (USA) with an from the University of New South
honors degree in Law and Sociology. Of MBA in finance in 2002 and from Wales, Australia with a Bachelor of
his twenty years in investment, eighteen Golden Gate University (USA) with a Commerce. He also has an Accounting
have been spent in Asia, principally Hong PhD in corporate strategy in 2011. He Certificate issued by the Institute of
Kong and Vietnam. He has worked for was appointed Marketing Director in Chartered Accountants of Australia.
M&G Investment Management (publicly 2002 and has been an Executive Vice He has experience in different financial
listed in London), Sun Hung Kai and President since 2008. institutions in Australia, England,
Co. (publicly listed in Hong Kong), and USA and some other Asian countries.
Citicorp Investment Bank. Throughout He worked for Standard Chartered
these years, he has been actively involved Bank from 1998 to 2010. He has held
in fund management, corporate finance, positions as CEO of Standard Chartered
and securities trading in most of Asias Indonesia, President of Standard
developing capital markets. In 1991 he Chartered Philippines, and BOD
moved to Vietnam, spending two years member and CEO of Permata Bank,
enrolled at Hanoi University, before, in Indonesia. He was recommended by
1994, co-founding Dragon Capital. He the BOD and nominated by the AGM
was awarded an OBE in the Queens 2006 on April 26, 2011.
New Years Honors List. At the beginning
of the year 2011, he proposed to resign
his directorship and the resignation was
approved by Annual General Meeting on
April 26, 2011.
3.2. Activity of the Board of Directors

The BOD conducted four regular meetings in the year. At the meeting,
the BOD discussed and assessed quarterly business performance,
making business policy and business targets for the quarters. Other
regular issues discussed are the purchase of fixed assets, approval of IT
expense, and appointment of officers. Some irregular issues included
amendments and additions to ACB Charter, ACBL capital raising,
cooperation in insurance business, equity investment in financial
companies, etc. Particularly, the BOD in October passed the draft of
ACB Strategy Update (2011 2015). The BOD also voted by written
consent on the re-appointment of the CEO and the supply of FX
services on international market.
Ms. DANG THU THUY

Director (from April 26, 2011)
Ms. Dang Thu Thuy graduated

from the HCMC University of
Economics and the University of
Social Sciences and Humanities.
She has been working for ACB since
its establishment and has held the
positions of Chief of Office and
Human Resources Manager. At
present, she is Director of the Human
Resource Management Division and
a member of the ACB Personnel
and Compensation Committee. She
was recommended by the BOD and
nominated by the AGM as director
on April 26, 2011.
45
4. THE SUPERVISORY BOARD
4.1. Members
The Supervisory Board consists of four members.
Mr. HUYNH NGHIA HIEP Ms. HOANG NGAN Mr. TRIEU CAO PHONG
Head of the Supervisory Board Member Member
Mr. Huynh Nghia Hiep studied a BA Ms. Hoang Ngan studied at the Mr. Trieu Cao Phong graduated from
course on commerce at Van Hanh Law Faculty of Saigon University HCMC University of Economics,
University (in Sai Gon) from 1971 and continued her study at HCMC majoring in business administration.
to 1975, and continued his study at University of Economics from 1975 He used to be a manager of Thang
HCMC University of Economics from to 1978, majoring in accounting Nam (May) Manufacturing Co-
1975 to 1978. After graduation, he and finance. After graduation, she operative in HCMC from 1980 to
stayed at the university as a lecturer taught at Banking College III for 1992 and served as Head of the ACB
for fifteen years. He joined ACB ten years (1978 - 1988) and worked Supervisory Board from 1993 to 2008.
from its inception, holding the title for Saigon Jewelry Company (SJC).
of Executive Vice President from From 2003 she has been an ACB
1994 to 2008. He was elected to the Supervisory Board member. She used
Supervisory Board in 2008. to be a director of Saigon Trading and
Tourism Company (SPCO), as well as
the Head of Supervisory Board of SJC.
4.2. Activity of the Supervisory Board
The Supervisory Board performs its task of supervision with respect

to the compliance of rules, regulations and the charter of the bank.
This is achieved through their attendance at the meetings of the
Board of Directors, the Standing Board and the Management and
their coordination of areas such as supervising bank-wide operations,
controlling overhead expenses and auditing the first half and
the consolidated financial statement in 2010 of the bank and the
subsidiaries.
During the year, the Supervisory Board conducted four meetings and
attended all meetings of the Board of Directors and the Standing
Board. They also issued the terms of references of the Supervisory
Board which was approved by the shareholders; issued regulation
Ms. PHUNG THI TOT
on the structure and operations of the Internal Audit Department
Member
and provisions for career path of internal auditors; and devised the
important criteria to control the accounting recording on a monthly
After graduating with a major in
banking from the HCMC University basis.
of Economics in 1978, Ms. Phung
Thi Tot became a lecturer at Banking The Internal Audit Department, under the direction of the
College III for 15 years (1978 - 1993). Supervisory Board, conducted various audits on adherence to
She joined ACB at the beginning,
policies and procedures of the bank through on-site investigations.
serving as Chief Accountant from
They conducted audits on the operations of 63 branches and sub-
1994 to 2002, and Chief Internal
Auditor from 2002 to 2003. She has branches and 11 headquarters units (divisions, departments, and
been a member of the Supervisory centers); and examined the 1H10 financial statements of 15 affiliates.
Board since 2003. They audited the application of ISO 9001:2008 at 142 offices and also
applied a distant auditing system. This included conducting regular
and irregular investigations of cash vaults at headquarters, branches,
and sub-branches. The Internal Audit Department has made timely
warnings regarding potential risks and has offered recommendations
on the corrective actions of errors and omissions of individuals
and departments, and on the revision of technical procedures. At
the same time, the Internal Audit Department is the focal point to
review and provide documents for inspection agencies; and assists
relevant divisions, departments, and branches in fulfilling the
recommendations of the inspectors.
47
5. THE MANAGEMENT
Mr. LY XUAN HAI Mr. NGUYEN THANH TOAI Mr. HUYNH QUANG TUAN
President & CEO Executive Vice President Executive Vice President
Mr. Ly Xuan Hai graduated from the Mr. Nguyen Thanh Toai graduated Mr. Huynh Quang Tuan graduated with
National University of Belarus in 1989, from the HCMC University of high distinction from the Kiev National
majoring in theoretical physics, and Economics and taught there from Economics University in Ukraine in
presented his PhD thesis in physics 1978. He went to the Soviet Union 1980, and attended the advanced
and mathematics in 1993. He is also as a post-graduate student from class for middle and senior officials
a holder of a Master of Economics 1984 to 1990 and received his PhD at Leningrad (now St. Petersburg)
in banking and finance from degree in economics at Plekhanov Finance University from 1987 1988.
ESCP Europe and Paris-Dauphine University. Before joining the bank Formally a Deputy Manager of the
University. Formally Deputy Manager in 1994, he was the Director of 3C Foreign Trade Pricing Department
of the Hai Phong branch of ACB from Company - HCMC. He has been an of the State Pricing Committee for
1996 to 1998 and Manager from 1998 Executive Vice President and held the three years, he then became Head
until 2002, he then served as General positions of Head of Bankcard Center, of Reasoning Department at the
Director of ACB Securities Company Head of Consumer Banking Division, Institute of Pricing Science (State
for four years (2002 2005), and CFO and Head of Business Development Pricing Committee) from 1988 to 1989.
of ACB from 2004 to 2005. He has Division. He is currently the Later, he was Branch Manager and
been CEO since 2005 and a standing spokesman of the bank. Chief Representative of Genpacific
member of the BOD since 2008. Joint-Venture Company in Moscow
(Russia) for five years. Currently, he is a
director of several companies, such as
Vietnam National Financial Switching
Joint-Stock Company (BanknetVN),
and Thuy Ta Joint-Stock Company. He
has been an Executive Vice President of
the bank since 1994. At present, he is
member of the Standing Board of the
Directors and Head of Strategic Project
Management Office (PMO).
Mr. DAM VAN TUAN Mr. DO MINH TOAN Mr. BUI TAN TAI
First Executive Vice President Executive Vice President Executive Vice President
Mr. Dam Van Tuan has an MA in Mr. Do Minh Toan received BA degrees Mr. Bui Tan Tai graduated from
Comparative Linguistics from HCMC in economics from HCMC Banking HCMC Banking University and
University of Social Sciences and University and HCMC University of HCMC University of Economics with
Humanities, a BA in Economics from Economics, a BA in law from HCMC BA degrees in economics and from
HCMC University of Economics, Law University and an MBA from Southern California University, USA,
and Executive MBA in Finance and Colombia Southern University, USA. with an MBA. He started to work
Banking from the University of He used to be a marketing assistant at the bank in 1995, and has held
Applied Sciences Northwestern of ING Barings representative office the positions of Deputy Manager
Switzerland. He had been teaching before working at the bank in 1995. of Credit Appraisal, Manager of
foreign languages before joining the He has held various positions, such as Credit Support, Main Branch Deputy
bank in 1994 and has experienced Manager of Credit Department and Manager and Branch Manager.
different positions such as a Branch Branch Manager. He was appointed Presently, he is Head of Consumer
Deputy Manager, Branch Manager, Executive Vice President in 2005 Banking and was appointed
Head of International Relations and is currently Head of Commercial Executive Vice President in 2007.
Department, Head of Business Banking.
Development Division, and Head
of Strategic Planning Department.
He was appointed Executive Vice
President in 2001. At present, he is
Head of the Office of the BOD.
49
Mr. TRAN HUNG HUY Mr. NGUYEN DUC THAI HAN Mr. NGUYEN VAN HOA
Executive Vice President Executive Vice President Chief Accountant
Mr. Tran Hung Huy graduated from Mr. Nguyen Duc Thai Han received Mr. Nguyen Van Hoa graduated from
Chapman University (USA) with an a BSc in physics at the University of HCMC Banking University with a BA
MBA in finance in 2002 and from HCMC. He commenced employment in economics. He joined the bank in
Golden Gate University (USA) with a at the bank in 1994 and has held 1995, working as a Deputy Manager
PhD in corporate strategy in 2011. He numerous positions such as of Accounting at the headquarters. He
was appointed Marketing Director in Deputy Manager of Research and has been Chief Accountant since 2002.
2002 and has been an Executive Vice Development, Deputy Manager of
President since 2008. Credit, Manager of Money Market,
Manager of Foreign Exchange and
Director of Gold Trading Centre. He
has been Head of Treasury since 2003
and was appointed Executive Vice
President in 2008.
6. THE COMMITTEES
The Personnel and Compensation Committee functions as a sounding

board to the Board of Directors in relation to the issues as restructuring of hu-
man resources, recruitment and retention of talents, appointment of key officers,
etc. Within the year, the committee reviewed and recommended numerous ap-
poitments of branch managers, senior officers at Headquarters and subsidiaries.
The Executive Credit Committee, in 2010, increased their meeting frequency

to five times per week in three different forms: general meeting, Standing Com-
mittee meeting, and group meeting. Issues addressed included: (i) credit policy
(interest rate, products, risk management measures, risk prevention methods,
and other policies relating to credit activity in accordance with rules and regula-
tions), (ii) structure, authority, and approval of members of credit committee at
divisions and branches, and (iii) credit granting.
The Investment Committee, in quarter III, discussed and passed the following:
(i) guidelines on hold or selling of securities and principles on assessing the ACB
investment portfolio, (ii) division of the investment portfolio into either hold or
sell, (iii) investment principles to be followed in the near future, (iv) perspectives
on and evaluation of the existing portfolio and (v) seeking advice from the Board
of Founders and the Standing Board on the size of the investment portfolio.
ALCO had monthly meetings in 2010, regularly making assessment and forecast
of the macro situation, operations of ACB and the developments of the banking
industry. It also made resolutions on (i) liquidity safety (setting limits of VND and
USD lending, valuable papers investment, gold in vault), (ii) sources and uses of
funds, and (iii) CAR, solvency, foreign exchange position, etc.
7. CHANGES IN THE BOARD OF DIRECTORS, THE SUPERVISORY BOARD AND THE MANAGEMENT
In 2010, there was no change in the membership of those boards. Since the
beginning of 2011, Mr. Pham Trung Cang and Mr. Dominic Scriven have resigned
from their directorship. In compliance with the 2010 Law on Credit Institutions,
on April 26, 2011, the AGM elected Ms. Dang Thu Thuy and Mr. Stewart Donald
Hall as directors for the remaining years of the 2008-2012 term.
51
8. BENEFITS OF THE BOARD OF DIRECTORS, THE SUPERVISORY BOARD AND THE
MANAGEMENT
Pursuant to the resolution approved by the AGM dated March 22, 2008,
remuneration of the Board of Directors and the Supervisory Board shall apply the
following principles: (i) the remuneration differentiates between executive and
non-executive members; (ii) the remuneration rate for an executive is equivalent
to the monthly average income of an eight-level officer plus/minus 50%; and
that of a non-executive is equivalent to 20% up to 30% of the monthly income of
an executive; (iii) The Personnel and Compensation Committee shall decide on
remuneration rate for each executive and non-executive.
Remuneration for the Board of Directors, the Supervisory Board and the
Management was recorded at Item 42 Dealing with related party transactions
and balances in the 2010 Consolidated Financial Statements.
9. CORPORATE GOVERNANCE
9.1. Members of the Board of Directors, the Supervisory Board and the Management
attended training courses on corporate governance.
ACBs directors and officers (including division-level officers, Head of Internal Audit
Department, etc.) attended some training courses on banking management.
Major areas delivered were: (i) Banking fundamentals: enhancing value, (ii)
Banking fundamentals: managing risk to improve performance, and (iii) Building
a strong board of directors.
9.2. Board of Directors ownership and related changes
There remained no considerable change in the ownership ratio of the directors

from the listing date at the Hanoi Stock Exchange to March 18, 2011 (record date
for voting rights at the AGM 2011).
9.3. Information on ACB stock transactions of directors, members of the Supervisory

Board, the Management, and major shareholders, and on other transactions by
directors, members the Supervisory Board, the Management and their related persons.
Within 2010, the number of stock transactions and the respective volume of ACB
shares of directors (none), related persons of directors (one person), members of
the Supervisory Board (none), related persons of the Supervisory Board (none),
the Management (none), and related persons of the Management (one person),
and major shareholders (none) are as follows:
Number of transactions Volume of shares

Buying 02 15,000
Selling 0 0
Total 02 15,000
9.4. Corporate governance related activities
The Board of Directors and the Supervisory Board thoroughly examined the risk
profile of the loan and investment portfolios and cooperatively raised questions to
ensure the effectiveness of risk management. The Supervisory Board proactively
raised their voice of concern in relation to risk management and compliance.
Corporate strategy was formulated and presented to the Board of Directors.
The Personnel and Compensation Committee shall be re-engineered into the

Board Personnel Committee with some adjustments on responsibilities and
authority of personnel appointment. The Board Risk Committee shall be set up
to assist the Board in managing risks.
10. EMPLOYEES AND POLICIES
10.1. Number of employees
As of December 31, 2010, the number of ACBs staff totaled 7,324.
53
10.2. Average salary level
2008 VND 8,668,000/month

2009 VND 9,900,000/month
2010 VND 11,000,000/month
On average, every employee received an annual in come of 17-months salary.
10.3. Training policy
In 2010, to carry out the human resource restructuring program, ACB created
re-training courses for employees who assumed new roles at branches. This
resulted in increased work productivity and helped to determine branch staff
sufficiency in a more logical way.
In parallel with restructuring human resources, ACB also edited training programs
and re-compiled syllabi for every job title, and combined various methods of
training to meet the requirements and skill and expertise for relevant positions.
In order to enhance the quality of customer service, ACB conducted a training

course titled ACB Heart Serve for all branch employees. This course aims to
ensure that customers at any branch shall be served with great care.
The e-learning system not only offers self-taught courses but is also applied to
conduct exams, run tests for recruitment, for reviewing skill and expertise of
employees, for best employee contests, etc.
10.4. Reward Policy

ACB has built and maintained an attractive reward policy linked to business
performance and customer service, consisting of a thirteenth month salary,
performance based bonuses, rewards for employees who exhibit excellence in
skill and expertise, customer service and sales volume, and rewards to employees
who demonstrate useful initiatives for the improvement of customer service.
10.5. Allowance and Social Insurance
Regular employees are entitled to all allowances and social insurance,

unemployment insurance as well as health insurance stipulated in applicable
rules and regulations. Continuously for many years, ACB has received merit on
the good implementation of social insurance policy by the Social Insurance of
Vietnam. Furthermore, subject to specific jobs, employees enjoy other types of
allowance in connection with travelling, occupational hazards, etc.
10.6. Welfare
As well as offering welfare programs stipulated by rules and regulations, ACB

offers employees the following holidays and benefits: Western New Year, Lunar
New Year, Unification Day (April 30), May Day, National Day (September 02), ACB
Anniversary (June 04), accident insurance, comprehensive health care program
(ACB Care), health club fee and lunch cost, uniforms, motorbike helmets, yearly
vacations, installment loans for apartment purchase and loans with favorable
interest rates.
11. STATISTICS ON SHAREHOLDERS (AT THE RECORD DATE OF MARCH 18, 2011)
11.1. Domestic shareholders
Shareholders Number Shares owned Percentage (%)

Institutional 309 189,134,232 20%
Individual 33,959 468,487,007 50%
Total 34,268 657,621,239 70%
11.2. Major domestic shareholders
There are no domestic shareholders owning 5% of the share capital and above.
55
11.3. Foreign shareholders
Shareholders Number Shares owned Percentage (%)

Institutional 20 280,067,690 30%(*)
Individual 5 7,577 0%(*)
Total 25 280,075,267 30%
(*) Numbers rounded up/down.
11.4. Major foreign shareholders
No. Name Address Business Shares

owned
1 Connaught Investors Ltd. Jardine House, 33-35 Reid St., Investment 68,114,834
Hamilton, Bermuda, United Kingdom
2 Dragon Financial Holdings C/O 1901 Me Line Point Tower, 02 Ngo Investment 63,899,631
Limited Duck Key, Q.1, Tp. HCM, Viet Nam
3 Standard Chartered APR Ltd. 01 Aldermanbury Square London, Banking 82,263,883
EC2V 7SB, England
4 Standard Chartered Bank 32nd Floor 4-4A Des Voeux Road, Banking 58,395,142
(Hong Kong) Ltd. Central, Hong Kong
T CHC NHN S & THNG TIN C NG
FINANCIAL STATEMENTS
57
SINGLE-ENTITY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2010
Table of contents Page
Corporate information 59
Statement by Management 60

Audit report 62
Consolidated balance sheet

(Form B02/TCTD-HN) 64
Consolidated income statement

Consolidated statement of cash flows


Notes to the consolidated financial statements


CORPORATE INFORMATION
The Banking Licence No.
0032/NH-GP dated 24 April 1993.
The Banking Licence was issued by the State Bank of Vietnam (the SBV) for a
period of 50 years from the date of the licence.
Board of Directors:
The following members of the Board of Directors for the period from 2008 to
2012 have been appointed and approved in the minute of shareholders meeting
dated 22 March 2008.
Mr Tran Xuan Gia Chairman

Mr Pham Trung Cang Vice-Chairman
Mr Trinh Kim Quang Vice-Chairman
Mr Le Vu Ky Vice-Chairman
Mr Ly Xuan Hai Member
Mr Huynh Quang Tuan Member
Mr Alain Cany Member
Mr Dominic Scriven Member
Mr Julian Fong Loong Choon Member
Mr Luong Van Tu Member
Mr Tran Hung Huy Member
Management:
The following members of the Management for the period and as at the date of
the financial statements consist of:
Mr Ly Xuan Hai President

Mr Nguyen Thanh Toai Vice President
Mr Huynh Quang Tuan Vice President
Mr Dam Van Tuan Vice President
Mr Do Minh Toan Vice President
Mr Bui Tan Tai Vice President
Mr. Tran Hung Huy Vice President
Mr Nguyen Duc Thai Han Vice President
59
PRINCIPAL ACTIVITIES
The principal activities of the Asia Commercial Joint Stock Bank (the Bank)
and its consolidated subsidiaries (together, the Group) are to mobilise short,
medium and long-term funds in the form of time deposits, demand deposits,
certificates of deposit; to receive entrusted investment funds; to mobilise funds
from local and overseas financial institutions; to grant short, medium and long-
term loans; to discount commercial paper, bonds and valuable papers; to invest
in securities and companies; to provide settlement services to customers; to
trade foreign exchange, gold; to provide trade finance services; to produce gold
bars; to act as broker and provide consultancy services for securities investment;
to provide securities custody services, corporate finance consultancy services,
underwritting services, asset management services, fund management services,
leasing and other banking services.
The Banks registered office 442 Nguyen Thi Minh Khai Street, District 3,
Ho Chi Minh City
The Banks auditor PricewaterhouseCoopers (Vietnam) Limited
STATEMENT OF THE RESPONSIBILITY OF MANAGEMENT IN RESPECT OF THE SINGLE-ENTITY

The Banks Management is responsible for preparation of the consolidated

financial statements which present fairly the financial position of the Group as at
31 December 2010 and its financial performance and cash flows for the year then
ended. In preparing these consolidated financial statements, the Management
is required to:
Select suitable accounting policies and then apply them consistently;

Make judgments and estimates that are reasonable and prudent; and
Prepare the consolidated financial statements on a going concern basis unless
it is inappropriate to presume the Group will continue in business.
The Banks Management is responsible for ensuring that proper accounting

records are kept which disclose, with reasonable accuracy at any time, the
financial position of the Group and which enable consolidated financial
statements to be prepared which comply with the basis of accounting set out
in Note 2 to the consolidated financial statements. The Banks Management is
responsible for ensuring compliance with Vietnamese Accounting Standards,
Vietnamese Accounting System and prevailing regulations applicable to banks
and other credit institutions operating in SR Vietnam. We are also responsible for
safeguarding the assets of the Group and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
For and on behalf of the Banks Management
FINANCIAL STATEMENT 2010
BOARD OF DIRECTORS
APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS
We hereby approve the accompanying consolidated financial statements as set

out on page 5 to page 58 (*) which present fairly the financial position of the
Group as at 31 December 2010 and its financial performance and cash flows
for the year then ended, in accordance with Vietnamese Accounting Standards,
and other credit institutions operating in SR Vietnam.
Ly Xuan Hai
President
Ho Chi Minh City, SR Vietnam

22 March 2011
(*) From page 64 to 119 of financial statements
61
INDEPENDENT AUDITORS REPORT TO SHAREHOLDERS OF ASIA
COMMERCIAL JOINT STOCK BANK
PricewaterhouseCoopers (Vietnam) Ltd,

4th Floor, Saigon Tower
29 Le Duan Street, District 1
Ho Chi Minh City, Vietnam
Telephone: (84-8) 3823 0796
Facsimile: (84-8) 3825 1947
We have audited the accompanying financial statements of Asia Commercial

Joint Stock Bank (the Bank) and its subsidiaries (together, the Group), which
were approved by management on 22 March 2011. The consolidated financial
statements comprise the consolidated balance sheet as at 31 December 2010, the
consolidated income statement and the consolidated cash flow statement for the
year then ended, and explanatory notes to the consolidated financial statements
including significant accounting policies, as set out on pages 5 to 58 (*).
Managements Responsibility for the Consolidated Financial Statements
Management of the Bank is responsible for the preparation and fair presentation
of these consolidated financial statements in accordance with Vietnamese
Accounting Standards, Vietnamese Accounting System and prevailing
regulations applicable to banks and other credit institutions operating in SR
Vietnam. This responsibility includes: designing, implementing and maintaining
internal controls relevant to the preparation and fair presentation of consolidated
financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies and
making accounting estimates that are reasonable in the circumstances.
Auditors Responsibility
Our responsibility is to express an opinion on these consolidated financial

statements based on our audit. We conducted our audit in accordance with
Vietnamese Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the consolidated financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about

the amounts and disclosures in the consolidated financial statements. The
(*) From page 64 to page 119 of finacial statements

AUDIT REPORT
procedures selected depend on the auditors judgment, including the

assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the Banks preparation and fair
presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Groups internal control. An
audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material
respects, the financial position of the Group as at 31 December 2010, and its
financial performance and cash flows for the year then ended in accordance
with Vietnamese Accounting Standards, Vietnamese Accounting System and
prevailing regulations applicable to banks and other credit institutions operating
in SR Vietnam.
Richard Peters Le Van Hoa

AC No. N.0561/KTV AC No. 0248/KTV
Deputy General Director
Authorised signatory
PricewaterhouseCoopers (Vietnam) Limited

Audit report number HCM2707
22 March 2011
As indicated in Note 2.1 to the consolidated financial statements, the accompanying consolidated financial statements are not
intended to present the financial position and the financial performance and cash flows in accordance with accounting principles
and practices generally accepted in countries and jurisdictions other than SR Vietnam, and furthermore their utilisation is not
designed for those who are not informed about SR Vietnams accounting principles, procedures and practices.
63
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2010
FORM B02/TCTD-HN
2010 2009
Notes VND million VND million
A ASSETS
I Cash and precious metals 3 10,884,762 6,757,572
II Balances with the State Bank of Vietnam 4 2,914,353 1,741,755
III Placements with and loans to other credit institutions
1 Placements with and loans to other credit institutions 5 33,962,149 36,699,495
2 Less: Provision for losses on loans to other credit Institutions 5 (899) (1,191)
IV Trading securities
1 Trading securities 6 1,167,950 739,126
2 Less: Provision for diminution in value of trading securities 6 (189,595) (100,252)
V Derivatives and other financial assets 7 78,172
VI Loans and advances to customers -
1 Loans and advances to customers 8 87,195,105 62,357,978
2 Less: Provision for losses on loans and advances to customers 9 (716,697) (501,994)
VII Investment securities
1 Available-for-sales securities 10,1 2,153,484 299,755
2 Held-to-maturity securities 10,2 46,169,161 31,981,845
3 Less: Provision for diminution in value of investment securities 10,1 (120,374) (114,674)
VIII Capital contribution and long-term investments
1 Investment in associates and joint-ventures 11 1,363 1,129
2 Other long-term investments 12 3,035,841 1,217,219
3 Less: Provision for diminution in value of long-term investments 12 (33,196) (21,000)
IX Fixed assets
1 Tangible fixed assets 13 1,014,780 824,574
2 Intangible fixed assets 14 39,922 48,060
X Other assets
1 Interest receivables 15 4,239,868 2,342,481
2 Deferred tax asset 22 5,250 28,115
3 Other assets 15 13,301,551 23,581,054
TOTAL ASSETS 205,102,950 167,881,047
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2010
2010 2009
B LIABILITIES AND SHAREHOLDERS EQUITY
I Due to Government and borrowings from the State Bank of Vietnam 16 9,451,677 10,256,943
II Deposits from other credit institutions 17 28,129,963 10,449,828
III Deposits from customers 18 106,936,611 86,919,196
IV Derivatives and other financial liabilities 7 - 23,351
V Funds received from Government, international and other institutions 19 379,768 270,304
VI Bonds and Certificates of deposit 20 38,234,151 26,582,588
VII Other liabilities
1 Interest payables 21 1,582,292 1,114,642
2 Other liabilities 21 9,011,731 22,157,908
TOTAL LIABILITIES 193,726,193 157,774,760
VIII SHAREHOLDERS EQUITY

1 Capital 23 9,376,965 7,814,138
2 Reserves 24 1,209,552 952,949
3 Retained earnings 24 790,240 1,339,200
IX Minority interest - -
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 205,102,950 167,881,047
CONTINGENCIES AND CREDIT COMMITMENTS 40 4,062,887 3,010,531
OTHER COMMITMENTS 41 28,900,270 (174,193)
Chairman President Chief Accountant

Tran Xuan Gia Ly Xuan Hai Nguyen Van Hoa
22 March 2011
65
CONSOLIDATED INCOME STATEMENT
FORM B03/TCTD-HN
2010 2009
Note VND million VND million
1 Interest income and similar income 26 14,960,336 9,613,889
2 Interest expense and similar expenses 27 (10,796,566) (6,813,361)
I Net interest income 4,163,770 2,800,528
3 Fees and commission income 28 967,147 987,982
4 Fees and commission expenses 29 (140,707) (118,346)
II Net fee and commission income 826,440 869,636
III Net gain from trading in foreign currencies and gold 30 191,104 422,336
IV Net (loss)/gain from trading securities 31 (19,249) 20,637
V Net gain from investment securities 32 91,030 551,718
5 Other incomes 176,794 187,587
6 Other expenses (126,824) (32,398)
VI Net other income 49,970 155,189
VII Income from capital contribution and long-term investments 33 186,613 115,026
VIII General and administrative expenses 34 (2,160,020) (1,809,462)
IX Operating profit before provision for credit losses Provision for credit
3,329,658 3,125,608
losses
X Profit before tax (227,410) (287,444)
XI Business income tax - current 3,102,248 2,838,164
7 Business income tax - deferred 36 (744,589) (665,075)
8 Business income tax 22, 36 (22,865) 28,115
XII Net profit for the year (767,454) (636,960)
XIII Minority interest 2,334,794 2,201,204
XIV Net profit attributable to the equity holders of the Bank - -
2,334,794 2,201,204
2010 2009
Note VND/Share VND/Share
XV Earnings per share

Basic earnings per share 25,1 2,861 3,042
Diluted earnings per share 25,2 2,861 2,751
Chairman President
Chief Accountant
Tran Xuan Gia Ly Xuan Hai
Nguyen Van Hoa
22 March 2011
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010 (Direct method)
FORM B04/TCTD-HN
2010 2009
VND million VND million
CASH FLOWS FROM OPERATING ACTIVITIES
1 Receipts from interest and similar income 13,111,753 9,598,537
2 Payments for interest and similar expenses (10,328,916) (6,771,124)
3 Receipts from fee and commission income 826,440 869,636
4 Net cash inflow from trading activities in foreign currencies, gold and 531,840 253,367
securities
5 Receipts from other income 51,536 20,012
6 Payments for staff costs and admin expenses (1,967,258) (1,587,112)
7 Business income tax paid for the year (724,816) (580,547)
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN 1,500,579 1,802,769
OPERATING ASSETS AND LIABILITIES
Changes in operating assets
8 Increase in placements with and loans to other credit institutions (5,586,882) (1,459,566)
9 Increase in investment securities (15,514,322) (1,839,487)
10 (Increase)/decrease in derivative and other financial assets (78,172) 38,247
11 Increase in loans and advances to customers (24,837,417) (27,526,580)
12 Decrease/(increase) in other operating assets 10,614,342 (17,368,351)
Changes in operating liabilities
13 (Decrease)/increase in borrowings from the Government and State Bank of Vietnam (805,266) 10,256,943
14 Increase in deposits and borrowings from other credit institutions 17,680,135 547,937
15 Increase in deposit from customers 20,017,415 22,702,247
16 Increase in bonds and certificates of deposit 11,651,564 11,176,694
17 Increase/(decrease) in fund received from Government, international and other institutions 109,464 (28,561)
18 (Decrease)/increase in derivatives and other financial liabilities (23,351) 23,351
19 (Decrease)/increase in other operating liabilities (13,160,675) 16,735,553
20 Payments from reserves (126,627) (79,981)
I NET CASH FLOWS FROM OPERATING ACTIVITIES 1,440,787 14,981,215
67
CONSOLIDATED STATEMENT OF CASH FLOWS FORTHEYEAR ENDED 31 DECEMBER 2010
2010 2009
CASH FLOWS FROM INVESTING ACTIVITIES
1 Purchase of fixed assets (660,164) (364,948)
2 Cash paid for capital contribution in other entities and other long-term investments (1,808,526) 260,951)
3 Proceeds from disposal of investments in other entities and other long-term investments 112,403 872,317
4 Dividends received 80,819 126,459
II NET CASH FLOWS FROM INVESTING ACTIVITIES (2,275,468) 372,877
CASH FLOWS FROM FINANCING ACTIVITIES
1 Proceeds from issuance of new ordinary shares 1,562,827
2 Dividends paid (2,500,524) (1,131,335)
III NET CASH FLOWS FROM FINANCING ACTIVITIES (937,697) (1,131,335)
IV NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1,772,378) 14,222,757
V CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 40,311,008 25,703,138
VI Foreign exchange differences adjustment (227,743) 385,113
VII CASH AND CASH EQUIVALENTS AT END OF YEAR 38,310,887 40,311,008
Cash and cash equivalents are made up of:
- Cash and precious metals 10,884,762 6,757,572
- Demand deposits with the State Bank of Vietnam 2,914,353 1,741,755
- Placements with credit institutions 17,017,448 25,341,676
- Investment securities 5,847,327 6,470,005
- Treasury bills 1,646,997 -
38,310,887 40,311,008

22 March 2011
BO CO THNG NIN 2010 www.acb.com.vn
NOTES TOTICONSOLIDATED
BO CO CHNH FINANCIAL STATEMENTS
FORM B05/TCTD-HN
1. GENERAL INFORMATION
Asia Commercial Joint Stock Bank (herein referred to as the Bank) is a Vietnamese
joint-stock bank registered in the Socialist Republic of Vietnam.

Banking Licence No. 0032/NH-GP was granted to the Bank by the State Bank of
Vietnam (the SBV) on 24 April 1993. The licence is for a period of 50 years and
the Banks initial chartered capital was VND20 billion. The Bank commenced its
operation on 4 June 1993. The Banks chartered capital as at 31 December 2010
was VND9,376,965 million (31 December 2009: VND7,814,138 million).
The Banks Head Office is located at No. 442 Nguyen Thi Minh Khai Street, District
3, Ho Chi Minh City. As at 31 December 2010, the Bank had 280 branches and
transaction offices nation-wide.
As at 31 December 2010, the Bank had the following subsidiaries:
% indirect
% direct shareholding Total %
Operating Nature of shareholding through shareholding
Subsidiary Licence subsidiary by the Group
business by the Bank
ACB Securities Company Securities 100 - 100
(ACBS) 06/GP/HKD company
Asia Commercial Bank Assets Asset

100 - 100
Management Company 4104000099 management
(ACBA) company
Asia Commercial Bank Leasing Finance - 100

100
Company (ACBL) 4104001359 leasing
company
ACB Capital Management Fund 100 100

41/UBCK-GP -
Company (ACBC) Management
As at 31 December 2010, the Group had 7,255 employees (2009: 6,669 employees).
69
FORM B05/TCTD-HN
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted for the preparation of these

consolidated financial statements are set out below.
2.1. Basis of preparation of consolidated financial statements

The consolidated financial statements have been prepared in millions of Vietnam
Dong (VND million) using the historical cost convention and in accordance
with Vietnamese Accounting Standards and prevailing regulations applicable
to banks and other credit institutions operating in SR Vietnam. Accordingly,
the consolidated financial statements are not intended to present the financial
position and the financial performance and cash flows in accordance with
jurisdictions other than SR Vietnam. The accounting principles and practices
utilised in SR Vietnam may differ from those generally accepted in countries and
jurisdictions other than SR Vietnam.
2.2. Fiscal year
The Groups fiscal year is from 1 January to 31 December.
2.3. Foreign currencies

The consolidated financial statements are prepared in millions of Vietnam Dong.
Transactions arising in foreign currencies are translated at rates ruling on the

transaction dates. Monetary assets and liabilities denominated in foreign
currencies at each month end are translated at the rates of exchange ruling at
the month end date. Foreign exchange differences from monthly revaluation
are recognised in foreign exchange revaluation reserve on balance sheet and
transferred to income statement at the year end.
2.4. Consolidation
(i) Subsidiaries
Subsidiaries are those companies over which the Group has the power to govern
the financial and operating policies. Subsidiaries are consolidated from the date
on which control is transferred to the Group. They are de-consolidated from the
date on which control ceases.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010
The purchase method of accounting is used to account for the acquisition of

subsidiaries by the Group. The cost of an acquisition is measured as the fair value
of the assets given, equities instruments issued and liabilities incurred or assumed
at the date of exchange, plus costs directly attributable to the acquisition.
Identifiable assets acquired and liabilities assumed in a business combination
are measured initially at their fair value at the acquisition date, irrespective of
the extent of the minority interest. The excess of cost of acquisition over the fair
value of the Groups share of identifiable assets acquired is recorded as Goodwill.
Goodwill is recognised in expenses (if it is of small value) and otherwise amortised
in a uniform manner during its estimated useful life (if it is of big value). The
useful life of goodwill should be properly estimated as with the time during
which sources embodying economic benefits are recovered by the Group. Such
useful life is not beyond 10 years from the date of recognition. If the cost of
acquisition is less than the fair value of the net assets of the subsidiary acquired,
the difference is recognised directly in the consolidated income statement.
Inter-company balances, transactions and unrealised gains on transactions

between those companies and the Group are eliminated. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred. The accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by the Bank.
(ii) Minority interest
Minority interest is the portion of the profit or loss and net assets of a subsidiary
attributable to equity interest that are not owned, directly or indirectly through
subsidiaries, by the parent.
(iii) Associates and joint-ventures
Associates are all entities over which the Group has significant influence but not
control, generally accompanying a shareholding of between 20% and 50% of the
voting rights.
Joint-venture (JV) is a contractual arrangement whereby the Group and other

parties undertake an economic activity which is subject to joint control.
71
FORM B05/TCTD-HN
The Group uses equity method for consolidating its investments in associates
and joint-ventures. The Groups share of its associates and joint-ventures
post acquisition profits or losses is recognised in the consolidated income
statement. When the Groups share of losses in an associate and joint-venture
equals or exceeds the carrying amount of its investment in the associate and
joint-venture, the Group does not recognise further losses in its consolidated
financial statements, unless it has obligations to pay on behalf of the associate
or joint-venture. Accounting policies of associates and joint-ventures have been
changed where necessary to ensure consistency with the policies adopted by
the Bank.
2.5. Interest income and expense
The Group records interest income and expense on an accrual basis. Interest
income from non-performing loans is not accrued and is recognised on a
collection basis. Interest income is derecognised and recorded off-balance sheet
when a loan becomes overdue. Interest income on overdue loans is recognised
in the consolidated income statement upon receipt.
2.6. Fees and commission income
Fees and commission income consist of fees received for settlement services,
treasury services, guarantee services, securities brokerage services and other
services. Fee income on guarantee services and securities brokerage services are
recognised on an accrual basis. Fees and commissions arising from settlement
services, treasury services and other services are recognised upon receipt.
2.7. Dividend income
Dividends are recognised in the consolidated income statement when the

Groups right to receive payment is established.
2.8. Loans and advances to customers
Short-term loans are those with a repayment date within one year from the date
the loan was advanced, medium-term loans are those with a final repayment
date between one and five years from the date the loan was advanced and long-
term loans are those with a repayment date of more than five years from the
date the loan was advanced.
Loan classification and provision for losses are made in accordance with Decision
No. 493/2005/Q-NHNN dated 22 April 2005 and Decision No. 18/2007/Q-
NHNN dated 25 April 2007 of the Governor of the State Bank of Vietnam.
Loans and advances to customers are classified into five groups based on the
repayment status and other qualitative factors as follows:
Group 1: Current
- Undue debts which, according to the Groups assessment, could be fully
recovered, both principal and interest, when they fall due;
- Debts which are overdue for less than 10 days and according to the Groups
assessment, both overdue principal and interest could be fully recovered in
accordance with the remaining repayment schedule.
Group 2: Special mentioned

- Debts which are overdue from 10 days to 90 days;
- First-time rescheduled debts which, according to the Groups assessment, both
principal and interest could be fully recovered within the rescheduled term.
Group 3: Sub-standard
- First-time restructured debts, except for first time rescheduled debts which are
classified in Group 2;
- Debts of which interest was waived or reduced because customer was not able
to fully repay interest in accordance with the repayment schedule.
Group 4: Doubtful
- First-time restructured debts which are overdue for less than 90 days within the
restructured term;
- Second-time restructured debts.
Group 5: Bad
- Debts which are overdue for more than 360 days;
- First-time restructured debts which are overdue for more than 90 days within
the restructured term;
- Second-time restructured debts which are overdue within the second-time
restructured term;
- Debts which are restructured for the third times or more;
- Frozen debts and debts which are awaiting resolution.
Where a customer owes more than one debt to the Group, and has any of its
debts transferred to the group of debts with higher risk, the Group is obliged to
73
FORM B05/TCTD-HN
classify the remaining debts of such customer into groups of debts with higher
risk corresponding with their level of risk.
Where the Group participates in a syndicated loan not as the lead bank, the
Group reclassifies all loans and debts (including the outstanding syndicated
loan) of the customer into group of debt with higher risk decided by the lead
bank and by the Group.
The Group shall actively classify debts into groups of debts with higher risk
corresponding with their level of risk in the following situations:
- There are indications of adverse impact to the customers business environment

and sector;
- Customers financial ratios or repayment capability is weakened;
- Customer does not accurately, completely and promptly provide the Group
its financial information for the Groups assessment of customers repayment
capability.
Provision for losses on loans and advances to customers

The determination of specific provision for credit risk is calculated using set rates
applied to each group of debts as follows:
Provision rates
Group 1 - Current 0%
Group 2 - Special mentioned 5%
Group 3 - Sub-standard 20%
Group 4 - Doubtful 50%
Group 5 - Bad 100%
The specific provision is calculated based on net credit exposure of each borrower
i.e. based on the borrowers loan and lease balance as at 30 November less the
value of collateral assets. The value of these collateral assets is determined in
accordance with Decision 493/2005/Q-NHNN and Decision 18/2007/Q-
NHNN.
In accordance with Decision 493/2005/Q-NHNN dated 22 April 2005, a general

provision is also required and should be equal to 0.75% of total balance of loans
and advances to customers as at 30 November, after deducting the total balance
of loans and advances to customers which are classified as bad. This level of the
general provision is required to be achieved within 5 years from the effective
date of the Decision 493/2005/Q-NHNN.
2.9. Credit commitments
Credit commitments are classified into five groups based on quantitative and
qualitative factors as follows:
Group 1: Current
- Undue commitments which, according to the Groups assessment, could be
fully settled when they fall due.

- Undue commitments which, according to the Groups assessment, could not
be fully settled when they fall due.
be fully settled when they fall due;
- Commitments which are overdue for less than 30 days.
Group 4: Doubtful
- Commitments and contingencies which are overdue from 30 days to 90 days.
Group 5: Bad
- Commitments which are overdue for more than 90 days.
Provision for losses on credit commitments
The determination of specific provision for losses on credit commitments

is calculated using set rates applied to each group of credit commitments as
follows:
75
FORM B05/TCTD-HN
Provision rates
Group 5 - Bad 100%
The specific provision is calculated based on net credit commitments to each

customer, i.e. based on the customers credit commitment balance as at 30
November less the value of collateral assets. The value of these collateral assets
is determined in accordance with Decision 493/2005/Q-NHNN and Decision
18/2007/Q-NHNN.

provision is also required and should be equal to 0.75% of total balance of
guarantees, loan commitments and settlement acceptances as at 30 November
after deducting guarantees and commitments which are classified as bad. This
level of provision is required to be achieved within 5 years from the effective date
of the Decision.
2.10. Investments
(i) Trading securities
Trading securities are securities held for trading and are acquired principally for
the purpose of selling in the short-term or if so designated by Management.
Trading securities are initially stated at cost of acquisition. Subsequently, they are
measured at cost less provision. Provision is made for trading securities eligible
for being freely traded in the market and where there is a diminution in value of
these securities.
Gains or losses from disposal of trading securities are recorded net in the
consolidated income statement. The costs of trading securities disposed is
determined by using the weighted average method.
(ii) Available-for-sale securities
Available-for-sale securities are those intended to be held for an indefinite period

of time, which may be sold in response to needs for liquidation or changes in
interest rates, exchange rates or equity prices.
Available-for-sale securities are initially stated at cost of acquisition. Subsequently,

they are measured at cost less provision. Provision is made for available-for-sale
securities eligible for being freely traded in the market and where there is a
diminution in value of these securities.
Gains or losses from disposal of available-for-sale securities are recorded net in

the consolidated income statement. The costs of available-for-sale securities
disposed is determined by using the weighted average method.
(iii) Held-to-maturity securities
Held-to-maturity securities are debt securities with fixed or determinable

payment and fixed maturities that the Groups management has the positive
intention and ability to hold to maturity.
Held-to-maturity debt securities are initially stated at cost of acquisition.

Subsequently, they are measured at cost less provision. Provision is required
when there is evidence of a long-term decline in the value of the securities or
where the Group cannot recover its investments.
Post-acquisition interest income of held-to-maturity debt securities is recognised

in the consolidated income statement on an accruals basis. Pre-acquisition
interest income of held-to-maturity debt securities is deducted against the cost
of acquisition.
(iv) Other long-term investments
Other long-term investments comprise shareholding of less than 20% in

companies, of which the Group is a founding shareholder, or strategic investor,
77
MU B05/TCTD - HN
or in which the Group has ability to influence the companys operational and
financial policies through its participation in that companys Board of Directors
or Management. These investments are initially stated at cost of acquisition.
Provision is made when investee companies are loss making (except for investee
companies where their losses were anticipated in their initial business plan).
2.11. Sale and repurchase agreements
Securities sold subject to repurchase agreements (repo) are not deducted

from assets in the consolidated balance sheet. Proceeds received from repo
transactions are recorded as liabilities in the consolidated balance sheet.
Differences between sale and repurchase price is treated as deferred interest
expenses and amortised to the consolidated income statement over the life of
the agreement using the straight-line method.
Securities purchased and under agreement to resell (reverse repo) are recorded
as loans and advances to other credit institutions or customers, as appropriate.
income and amortised to the consolidated income statement over the life of the
agreement straight-line method.
2.12. Fixed assets
Tangible and intangible fixed assets

Fixed assets are stated at historical cost less accumulated depreciation. Historical
cost includes expenditure that is directly attributable to the acquisition of the
fixed assets.
Depreciation
Fixed assets are depreciated on the straight-line method to write off the cost of
the assets over their estimated useful lives. The principal annual rates used are:
Annual rates
Buildings 2% - 4%
Office equipment 33%
Motor vehicles 14%
Other assets 20%
Computer software 12,5%
Gains and losses on disposals are determined by comparing net disposal

proceeds with the carrying amounts and are recognised as income or expense in
the consolidated income statement.
The Group is unable to separate the costs of land use rights and costs of
construction within the costs of buildings because these buildings were acquired
at the lump sum amounts. Accordingly, land use rights have been included
in costs of buildings and depreciated over the estimated useful lives of those
buildings.
2.13. Gold
Gold is revalued at each month end. Unrealised gains or losses are recorded
in foreign exchange revaluation reserve on consolidated balance sheet at each
month end and transferred to the consolidated income statement at the end of
the year.
2,14. Cash and cash equivalents
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents comprise cash and precious metals, demand deposit at the State
Bank of Vietnam, demand and term deposits at banks, investment securities with
an original maturity of three months or less and Governmental bills.
2.15. Derivative financial instruments
Derivatives are recorded in consolidated balance sheet account at contract value

on the date which a derivative contract is entered into and subsequently revalued
at the rate of exchange ruling at the month end date. Realised gains or losses
are recognised in consolidated income statement. Unrealised gains or losses are
recorded in foreign exchange revaluation reserve on consolidated balance sheet
at each month end and transferred to consolidated income statement at the end
of the year.
2.16. Provisions
Provisions are recognised when: the Group has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will
be required to settle the obligation; and the amount has been reliably estimated.
Provisions are not recognised for future operating losses.
79
MU B05/TCTD - HN
Where there are a number of similar obligations, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be

required to settle the obligation using a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the obligations.
The increase in the provision due to passage of time is recognised as interest
expense.
2.17. Provision for severance allowances
In accordance with Vietnamese labor laws, employees of the Group are entitled
to a severance allowance based on their years of service. This will be paid as
a lump sum when the employee leaves the Group. Provision for severance
allowance is made in accordance with Decree 39/2003/N-CP dated 18 April
2003 of the Government and Circular 82/2003/TT-BTC dated 14 August 2003
issued by the Ministry of Finance.
2.18. Taxation
Business income tax expense is recognised in the consolidated income statement

based on current income tax and deferred income tax.
Current income tax is the amount of business income tax payable or recoverable
in respect of the current year taxable profit and the current tax rates.
Deferred income tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred income tax is not accounted for if
it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of occurrence affects neither accounting
nor taxable profit or loss. Deferred income tax is determined at the tax rates
that are expected to apply to the financial year when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred income tax assets are recognised to the extent that it is probable that
future taxable profit will be available against which the temporary differences
can be utilised.
2.19. Related parties
Enterprises and individuals that directly, or indirectly through one or more

intermediaries, control, or are controlled by, or are under common control with
the Bank and its subsidiaries are related parties of the Group. Associates and
individuals owning, directly or indirectly, an interest in the voting power of the
Bank and its subsidiaries that gives them significant influence over the enterprise,
key management personnel, including directors and officers of the Bank and
close members of the family of these individuals and companies associated with
these individuals also constitute related parties.
In considering each possible related party relationship, attention is directed to

the substance of the relationship, and not merely the legal form.
2.20. Dividend distribution
Dividend distribution to the Groups shareholders is recognised as a liability in

the consolidated financial statements in the period in which the dividends are
approved by the Groups shareholders.
2.21. Fiduciary activities
The Group commonly acts as trustees and in other fiduciary capacities that result
in the holding or placing of assets on behalf of individuals and other companies.
These assets and income arising thereon are excluded from these consolidated
financial statements, as they are not assets of the Group.
81
FORM B05/TCTD-HN
3. CASH AND PRECIOUS METALS

31.12.2010 31.12. 2009
Cash on hand 2,174,234 1,989,840

Gold and precious gems 8,678,384 4,755,805
Valuable documents 32,144 11,927
10,884,762 6,757,572
4. BALANCES WITH THE STATE BANK OF VIETNAM (SBV)
31.12. 2010 31.12. 2009

Demand deposits 2,914,353 1,741,755
An obligatory reserve is required to be deposited with the SBV. The balance

is adjusted once per month and is calculated at 3% of the average balance of
customer deposits in Vietnamese Dong with terms less than one year, and 1% of
the average balance of customer deposits in Vietnamese Dong with terms from
one year and above, 4% of the average balance of customer deposits in foreign
currencies with terms less than one year and at 2% of the average balance of
customer deposits in foreign currencies with terms from one year and above, in
the preceding 30 days.
Balances at the SBV also include other deposits for clearing and settlement.
5. PLACEMENTS WITH AND LOANS TO OTHER CREDIT INSTITUTIONS
31 December 2010
Denominated
Denominated in VND in foreign currencies
and gold Total
VND million VND million VND million
Placements with other credit institutions
Term deposits 24,715,443 5,078,044 29,793,487
Demand deposits 1,625,859 2,467,003 4,092,862
26,341,302 7,545,047 33,886,349
Loans to other credit institutions 75,800 - 75,800

Short-term loans to other credit institutions (899) - (899)
Less: General provision for losses on loans to other credit institutions 74,901 - 74,901
26,416,203 7,545,047 33,961,250
Placements with and loans to other credit institutions

31 December 2009
Denominated
Denominated in VND in foreign currencies
and gold Total
Term deposits 22,221,199 9,305,312 31,526,511
Demand deposits 52,614 5,116,370 5,168,984
22,273,813 14,421,682 36,695,495
Loans to other credit institutions 4,000 - 4,000

Short-term loans to other credit institutions (1,191) - (1,191)
Less: General provision for losses on loans to other credit institutions 2,809 - 2,809
Placements with and loans to other credit institutions 22,276,622 14,421,682 36,698,304
83
FORM B05/TCTD-HN
6. TRADING SECURITIES
31.12.2010 31.12. 2009

Debt securities
Government debt securities 4,974 -
Debt securities issued by other local credit institutions 4,974 -
Equity securities
Equity securities issued by other local credit institutions 780,931 458,131
Equity securities issued by local economic corporations 382,045 280,995
1,162,976 739,126
Total trading securities 1,167,950 739,126
Less: provision for diminution in value of trading securities (*) (189,595) (100,252)
978,355 638,874
Trading securities are categorised into listed and unlisted as follows:
31.12.2010 31.12.2009
Debt securities Unlisted 4,974 -

4,974 -
Equity securities
Listed 1,034,326 628,768
Unlisted 128,650 110,358
1,162,976 739,126
Total trading securities 1,167,950 739,126
Less: provision for diminution in value of trading securities (*) (189,595) (100,252)
978,355 638,874
(*) Provision for diminution in value of trading securities is analysed as bellows:
31.12.2010
Book value Compared to market value Market
Increase Decrease value Provision
VND million VND million VND million VND million VND million
- Bonds 4,974 514 - 5,488 -

- Listed equity securities 1,034,326 540 (187,394) 847,472 (187,394)
- Unlisted equity securities 128,650 96,025 (2,201) 222,474 (2,201)
1,167,950 97,079 (189,595) 1,075,434 (189,595)
Market value of equity securities listed on the Hanoi Stock Trading Centre
(HASTC) is based on the average prices of the last official trading date of the year
at the Hanoi Stock Trading Centre (HASTC).

Market value of equity securities listed on the Ho Chi Minh Stock Exchange
(HOSE) is based on the close prices of the last official trading date of the year at
the Ho Chi Minh Stock Exchange (HOSE).
The market value of unlisted equity securities is based on the average of trading
prices provided by three securities companies at year end.
31.12.2010
- Listed equity securities 628,768 6,882 (98,069) 537,581 (98,069)

- Unlisted equity securities 110,358 105,696 (2,183) 213,871 (2,183)
739,126 112,578 (100,252) 751,452 (100,252)
85
FORM B05/TCTD-HN
7. DERIVATIVES AND OTHER FINANCIAL ASSETS

31.12.2009
Total value of accounting book (at
the foreign exchange rate
at 31 December)
Total contract value (at the foreign
Assets Liabilities
exchange rate at the contract date)
Derivative currency financial instruments
- Forward contracts 22,577,199 250,161 -
- Swap contracts 2,913,464 - 100,785
- Purchase options (*)
+ Purchase call options 13,916,743 170,461 -
+ Purchase put options 1,982,428 - 50,907
- Sell options (*)
+ Sell call options 2,605,041 - 146,427
+ Sell put options 14,895,714 805,137 -
Other derivative financial instruments -

- Interest rate swap contracts 3,850,967 71,204
31 December 2009
Total contract value (at the foreign Total value of accounting book (at
exchange rate at the contract date) the foreign exchange rate
at 31 December)
Assets Liabilities

- Forward contracts 1,600,673 - 21,314
- Swap contracts 1,348,775 - 5,560
+ Purchase call options - - -
+ Purchase put options 1,524 - 2
- Sell options (*)
+ Sell call options 587,901 10,072 -
+ Sell put options 365,358 10,784 -
- Futures contracts 3,170,454 3,523 -
Other derivative financial instruments

- Interest rate swap contracts 1,877,790 - 2,206
(*) Total value of accounting book of assets/liabilities for options represent total net incomes/(expenses) of outstanding option deals.
8. LOANS AND ADVANCES TO CUSTOMERS
8.1. Analysis by type of loans
31.12.2010 31.12.2009
Loans to domestic businesses and individuals 86,544,837 62,081,847

Financial lease 423,256 172,716
Loans funded by Government, international and other institutions 45,607 32,000
Discounting bills and other valuable papers 181,405 71,346
Payment on behalf of customers - 69
87,195,105 62,357,978
8.2. Analysis by industry
31.12.2010 31.12.2009
Trading 27,617,019 19,831,560
Agriculture and forestry 249,095 166,870
Manufacturing and processing 13,516,938 11,266,591
Construction 3,570,687 2,373,316
Individual and community services 33,421,670 22,939,329
Warehousing, transportation and communication 2,606,580 1,756,208
Training and education 80,160 31,255
Real estate 1,276,296 519,614
Hotels and restaurants 1,474,081 997,745
Financial services 667,142 630,766
Others 2,715,437 1,844,724
87,195,105 62,357,978
8.3. Analysis by group

31.12.2010 31.12.2009
Current 86,693,232 61,739,414
Special mentioned 209,067 363,884
Sub-standard 64,759 24,776
Doubtful 58,399 88,502
Bad 169,648 141,402
87,195,105 62,357,978
87
FORM B05/TCTD-HN
8.4. Analysis by maturity
31.12.2010 31.12.2009
Short-term loans 43,889,956 35,618,575

Medium-term loans 19,870,669 10,537,709
Long-term loans 23,434,480 16,201,694
87,195,105 62,357,978
Included in loans and advances to customers as at 31 December 2010 were

VND79,415 million and VND44,470 million under short-term and medium
reverse repos contracts, respectively.
8.5. Analysis by currency
31.12.2010 31.12.2009
Denominated in Vietnam Dong 65,739,661 51,552,735
Denominated in foreign currencies and gold 21,455,444 10,805,243
87,195,105 62,357,978
8.6. Analysis by geography
31.12.2010 31.12.2009
VND million Triu ng
Ho Chi Minh City 56,678,402 40,488,204
Mekong Delta 3,513,027 2,775,982
Central 4,410,894 3,226,332
Northern 17,178,661 12,829,692
Eastern 5,414,121 3,037,768
87,195,105 62,357,978
8.7. Analysis by types of customers
31.12.2010 31.12.2009
State-owned companies 5,017,568 4,378,113

Joint stock, limited and private enterprises 48,978,636 34,252,753
Joint ventures 388,615 497,924
100% foreign-owned companies 204,820 195,295
Cooperatives 21,412 28,698
Individuals, others 32,584,054 23,005,195
87,195,105 62,357,978
9. PROVISION FOR LOSSES ON LOANS AND ADVANCES TO CUSTOMERS
Provision for losses on loans and advances to customers as at 31 December comprises:
31.12.2010 31.12.2009
Specific provision 73,662 63,853
General provision 643,035 438,141
716,697 501,994
9.1. Specific provision for losses on loans and advances to customers
2010 2009
Triu ng Triu ng
As at 1 January 63,853 21,896
Charge for the year 51,275 118,276
Utilisation during the year (290) (1,302)
Reversal during the year (41,176) (75,017)
As at 31 December 73,662 63,853
89
FORM B05/TCTD-HN
9.2. General provision for losses on loans and advances to customers
2010 2009
As at 1 January 438,141 206,727
As at 31 December 643,035 438,141
General provision was made in accordance with Decision 493/2005/Q-NHNN.

As at 31 December 2010, general provision equals to 0.75% of total loans and
advances as at 30 November 2010, after deducting the total loans and advances
to customers which are classified as bad.
10. INVESTMENT SECURITIES (CONTINUED)

10.1. Available-for-sale securities (continued)
31.12.2010 31.12.2009
Debt securities
Government bonds 265,179 -
Treasury bills 1,646,997 -
1,912,176 -
Equity securities 4,247 109,575

Equity securities issued by other local credit institutions 237,061 190,180
2,153,484 299,755
(120,374) (114,674)
Provision for diminution in value of available-for-sale securities (*) 2,033,110 185,081
(*) Provision for diminution in value of available-for-sale securities is analysed as bellows:
31.12.2009

- Government bonds 265,179 - - 265,179 -

- Treasury bills 1,646,997 - - 1,646,997 -
- Listed equity securities 237,086 - (120,374) 116,712 (120,374)
- Unlisted equity securities 4,222 - - 4,222 -
2,153,484 - (120,374) 2,033,110 (120,374)
31.12.2009


- Unlisted equity securities 4,222 8,022 - 12,244 -
299,755 116,116 (114,674) 301,197 (114,674)
GMarket value of equity securities listed on the HASTC is based on the average
prices of the last official trading date of the year at the HASTC.

Market value of equity securities listed on the HOSE is based on the close prices
of the last official trading date of the year at the HOSE.
The market value of unlisted equity securities is determined by using valuation

techniques.
91
FORM B05/TCTD-HN
10.2. Held-to-maturity securities
31.12.2010 31.12.2009
Debt securities VND million VND million
Government bonds (**) 7,737,909 13,653,321
Debt securities and certificate of deposits issued by other local credit institutions 30,592,938 14,540,324
Debt securities issued by local companies 7,838,314 3,788,200
Less: provision for diminution in value of held-to-maturity securities - -
46,169,161 31,981,845
(**) Included in the balances as at 31.12.2010 of held to maturity securities and available for sale securities was VND 9,236,758 million of
Government bonds pledged as collateral for borrowings from the SBV.
11. INVESTMENTS IN ASSOCIATES AND JOINT-VENTURES
31.12.2010 31.12.2009
Carrying Carrying
At cost value At cost value
VND million VND million VND million VND million
Investment in associates and joint-ventures 1,200 1,363 1,100 1,129
11.1. Movement of investments in associates and joint-ventures

2010 2009
VND Million VND Million
At 1 January 1,129 205,143

New investments and additional capital contributions 100 6,750
Share of net profit in the year 134 3,509
Dividend received - (2,531)
Partial disposal of shareholdings in associates and joint-ventures - (113,928)
Transferred to other investments - (97,814)
At 31 December 1,363 1,129
31 December 2010
The Banks investments Investments of ACBS

in joint-ventures and in joint ventures and Total
associates associates Group
Nature of % share At cost % share At cost % share At cost

Name business - holding VND million - holding VND million - holding VND million
ACB Security Security guard 10 200 - - 10 200

Services services
Joint Stock
Company
ACB-SJC Manufacturing, 10 1,000 - - 10 1,000

Jelwelry trading gold
Joint Stock products
Company
1,200 - 1,200
31 December 2009
The Banks investments Investments of ACBS Total

in joint-ventures and in joint ventures and Group
associates associates
Nature of % share At cost % share At cost % share At cost

Name business - holding VND million - holding VND million - holding VND million
ACB Security Security guard 10 100 - - 10 100

Services services
Joint Stock
Company
ACB-SJC Manufacturing, 10 1,000 - - 10 1,000

Jewelry trading gold
Joint Stock products
Company
1,100 - 1,100
93
FORM B05/TCTD-HN
12. OTHER LONG-TERM INVESTMENTS
The Groups other long-term investments are investments in other entities with shareholding of less than 20%.
31.12.2010 31.12.2009
Investment in other local credit institutions
- Listed 1,313,635 20,044
- Unlisted 718,012 301,440
Investment in local companies
- Listed 455,668 422,950
- Unlisted 548,526 472,785
3,035,841 1,217,219
(33,196) (21,000)
Less: Provision for diminution in value of other long-term investments 3,002,645 1,196,219
13. TANGIBLE FIXED ASSETS
Currency: VND million
Office Motor Other

Buildings equipment vehicles assets Total
Historical cost
At 1 January 2010 506,366 514,469 147,190 67,897 1,235,922
Additions 38 97,955 - 14,902 112,895
Transfer from construction in progress 150,609 43,948 61,453 4,552 260,562
Disposal - (13,437) (1,281) (1,242) (15,960)
Other movements (654) (4,937) 1,096 4,380 (115)
At 31 December 2010 656,359 637,998 208,458 90,489 1,593,304
Accumulated depreciation
At 1 January 2010 64,975 266,406 55,604 24,363 411,348
Charge for the year 23,124 120,238 24,025 14,298 181,685
Disposal - (12,542) (1,136) (831) (14,509)
At 31 December 2010 88,099 374,102 78,493 37,830 578,524
Net book value

At 1 January 2010 441,391 248,063 91,586 43,534 824,574
At 31 December 2010 568,260 263,896 129,965 52,659 1,014,780
Of which:
31.12.2010 31.12.2009
Net book value of tangible fixed assets not in use 8,456 6,266
Historical costs of tangible fixed assets fully depreciated and still in use 144,928 89,580
95
FORM B05/TCTD-HN
14. INTANGIBLE FIXED ASSETS

VND million
Computer
software
HISTORICAL COST
At 1 January 2010 101,364
Additions 2,764
Transfer from construction in progress 5,962
At 31 December 2010 110,090
ACCUMULATED DEPRECIATION
At 1 January 2010 53,304
Charge for the year 16,864
At 31 December 2010 70,168
NET BOOK VALUE

At 1 January 2010 48,060
At 31 December 2010 39,922
15. OTHER ASSETS

31.12.2010 31.12.2009
Accrued interest income 4,239,868 2,342,481
Deferred tax assets (Note 22) 5,250 28,115
Construction in progress and purchase of fixed assets (Note 15.1) 1,078,416 864,747
Receivables from customers (*) 10,865,565 21,793,115
Receivables from State Bank of Vietnam 80,865 129,669
Advances and internal receivables 164,176 549,990
Deferred expenses 928,179 218,556
Golf membership 929 929
Dividends receivable 105,961 167
Other assets 77,460 23,881
13,301,551 23,581,054
17,546,669 25,951,650
(*) Included in receivables from customers as at 31 December 2009 was VND18,944,292 million of receivables from counterparties for
overseas and onshore gold margin trading activities.

Included in receivables from customers as at 31 December 2010 was VND 3,138,590 million of receivables from local counterparties for
gold trading activities. This balance was fully secured by customers margin and term deposits held at the bank (note 18.1) and bank
guarantees.
15.1. Construction in progress and purchase of fixed assets

31.12.2010 31.12.2009
At 1 January 864,747 763,457
Additions 544,506 272,937
Transfer to fixed assets (266,524) (162,660)
Other transfers (64,313) (8,987)
At 31 December 1,078,416 864,747
16. DUE TO GOVERNMENT AND BORROWINGS FROM THE STATE BANK OF VIETNAM
31.12.2010 31.12.2009
Short-term borrowings secured by valuable papers 9,451,677 10,256,943
Short-term borrowings are secured by Government bonds (Note 10.2).
17. DEPOSITS FROM OTHER CREDIT INSTITUTIONS

31 December 2010
Denominated Denominated in foreign
in VND currencies and gold Total
Demand deposits 3,599,715 52,152 3,651,867

Term deposits 19,241,160 5,236,936 24,478,096
22,840,875 5,289,088 28,129,963
31 December 2009
Demand deposits 1,260,393 1,593,077 2,853,470

Margin deposits 2,901 - 2,901
Term deposits 5,646,149 1,947,308 7,593,457
6,909,443 3,540,385 10,449,828
97
FORM B05/TCTD-HN
18. DEPOSITS FROM CUSTOMERS
18.1. By type of deposits and currency
31 December 2010

Current deposits 8,970,368 1,420,450 10,390,818

Term deposits (*) 8,175,863 373,893 8,549,756
Saving deposits 67,841,040 17,649,548 85,490,588
Margin deposits (*) 855,215 1,564,477 2,419,692
Specialised fund deposits 65,889 19,868 85,757
85,908,375 21,028,236 106,936,611

31 December 2009
Current deposits 9,092,523 1,262,950 10,355,473

Term deposits (*) 5,782,336 1,996,473 7,778,809
Saving deposits 52,075,483 13,978,907 66,054,390
Margin deposits (*) 1,293,746 1,267,329 2,561,075
68,398,483 18,520,713 86,919,196
(*) Included in term deposits and margin deposits was VND2,332,973 million held by the bank to secure the receivables from local
counterparties for gold trading activities at 31 December 2010 (2009: VND2,210,969 million),
18.2. By type of customers
31.12.2010 31.12.2009
State-owned companies 849,487 1,406,288
Local joint stock, limited and private enterprises 14,537,693 12,776,923
Foreign companies 474,329 575,429
Individuals 89,885,177 71,196,762
Others 601,356 433,205
106,936,611 86,919,196
19. FUNDS RECEIVED FROM GOVERNMENT, INTERNATIONAL AND OTHER INSTITUTIONS
31.12.2010 31.12.2009
Funds received from SMEDF 49,807 75,985

Funds received from RDF 131,173 80,584
Funds received from JBIC 198,788 113,735
379,768 270,304
Funds received from Small and Medium Enterprises Development Fund (SMEDF)
is used to provide finance to small and medium Vietnamese enterprises. Any loans
granted using SMEDF funds must be reviewed and approved by the Project Planning
and Monitoring Unit of SMEDF. Outstanding balances of funds received from SMEDF
bear interest rate range from 0.75% to 0.87% per month. Loans granted using these
funds bear interest at the same rate as other commercial loans.
Funds received from the Rural Development Fund (RDF) are financed by the World
Bank for a term from one to five years at interest rates range from 0.81% to 0.97% per
month. These funds are lent to borrowers in accordance with the Decision No. 25/
Q-NH21 dated 31 January 1997 by the Governor of the SBV.
Funds received from Japanese Bank of International Corporation (JBIC) are financed
by the Japanese Government via Japan Bank for International Cooperation with
interest rate ranges from 0.54% to 0.78% per month. These funds are lent to small
and medium enterprises with the maximum period of 10 years for medium and
long-term loans, and 1 year for short-term loans in accordance with the Lending
Agreement signed between the State Bank of Vietnam and Asia Commercial Joint
Stock Bank.
99
FORM B05/TCTD-HN
20. BONDS AND CERTIFICATES OF DEPOSIT
31.12.2010 31.12.2009
Bonds 7,290,000 4,510,000
Certificates of deposit 30,944,151 22,072,588
38,234,151 26,582,588
20.1. Bonds
31.12.2010 31.12.2009
Over-ten-year bonds issued by the Bank 3,000,000 -
Five-year bonds issued by the Bank 2,090,000 2,090,000
Three-year bonds issued by the Bank - 1,920,000
Three-year bonds issued by the ACB Securities Company 700,000 -
Two-year bonds issued by the ACB Securities Company 1,500,000 500,000
7,290,000 4,510,000
20.2. Certificates of Deposit
31.12.2010 31.12.2009
Denominated in gold VND million VND million
- Short-term 29,168,264 20,479,109
- Medium-term 1,775,887 1,593,479
30,944,151 22,072,588
21. OTHER LIABILITIES
31.12.2010 31.12.2009
Accrued interest expense 1,582,292 1,114,642
Remittance in transit payable 140,278 118,263
Obligation to the States budget (Note 38) 295,325 248,945
Unearned income 757,352 18,946
Payables to counterparties for gold trading - 18,481,825
Other payables (*) 7,779,920 3,263,824
Provision for severance allowance 5,387 5,345
General provision for losses on contingencies and credit commitments (Note 21.1) 33,469 20,760
9,011,731 22,157,908
10,594,023 23,272,550
(*) Included in other payables was VND986,354 million of gold being kept under custodianship on behalf of customers (2009:
VND2,661,610 million).
21.1. General provision for losses on contingencies and credit commitments
2010 2009
At 1 January 20,760 9,182
Charge during the year 12,709 11,578
At 31 December 33,469 20,760

As at 31 December 2010, general provision equal to 0.75% of total balance of
2010 after deducting guarantees and commitments which are classified as bad.
22. DEFERRED INCOME TAX ASSET

31.12.2010 31.12.2009
Deferred income tax asset recognised on deductible 5,250 28,115
temporary differences
101
FORM B05/TCTD-HN
23. CAPITAL
31.12.2010 31.12.2009
Issued and fully paid chartered capital 9,376,965 7,814,138
Accordance to Official Letter No.8760/NHNN-TTGSNH dated 11 November 2010

issued by the State Bank of Vietnam, the Banks chartered capital was increased
to VND 9,376,965 million by issuing 156,282,751 ordinary shares at face value of
VND10,000 per share.
Number of Total
ordinary share capital
shares VND million
At 1 January 2009 635,581,278 6,355,813

Convertible bonds converted to ordinary shares 134,993,100 1,349,931
Nominal value of bonus shares issued 10,839,377 108,394
At 31 December 2009 781,413,755 7,814,138
Nominal value of bonus shares issued 156,282,751 1,562,827
At 31 December 2010 937,696,506 9,376,965
24. RESERVES AND RETAINED EARNINGS

Reserve for
Retained supplementary Financial Other
earnings chartered provision reserves
capital fund Total
At 1 January 2009 697,100 108,777 520,668 84,110 1,410,655

Consolidated net profit for the year 2009 2,201,204 - - - 2,201,204
Appropriation to reserves (427,769) 94,684 189,368 143,717 -
Bonus shares issued - (108,394) - - (108,394)
Dividends declared (1,131,335) - - - (1,131,335)

Utilisation of reserves - - - (79,981) (79,981)
At 31 December 2009 1,339,200 95,067 710,036 147,846 2,292,149
Consolidated net profit for the year 2010 2,334,794 - - - 2,334,794
Appropriation to reserves (383,230) 20,000 262,264 100,966 -
Final dividends declared from profit of 2009 (1,172,121) - - - (1,172,121)
Interim dividends declared in 2010 (1,328,403) - - - (1,328,403)
At 31 December 2010 790,240 115,067 972,300 122,185 1,999,792
In accordance with Decree No. 146/2005/N-CP dated 23 November 2005 issued by

the Government, the Bank is required to establish the following reserves:
Reserve for supplementary chartered capital: allocated from net profit after
business income tax each year. According to Decree 146/2005/N-CP, there is
no requirement on allocation of profit after business income tax to this reserve.
In 2010, the Group has allocated VND20 billion from net profit after business
income tax to reserve for supplementary chartered capital. The reserve for
supplementary chartered capital will be transferred to chartered capital upon
approval from the SBV.
Financial provision fund: 10% of the net profit after business income tax is
allocated until the reserve balance reaches 25% of the current capital.
Other reserves include fund for investment development, welfare and bonus fund,
the Banks subsidiaries financial provision funds and other funds. The allocations
to welfare and bonus fund are proposed by the Board of Directors of the Bank and
approved in the Annual General Meeting.
Dividend
During the year, the Group have declared and paid dividends of 15% and 17% in
cash from the prior years and current years profits, respectively.
103
FORM B05/TCTD-HN
25. EARNINGS PER SHARE
25.1. Basic earnings per share

Basic earnings per share is calculated by dividing the net profit attributable to the
equity holders of the Bank by the weighted average number of ordinary shares
in issue during the year.
2010 2009
Profit attributable to the equity holders of the Bank (VND million) 2,334,794 2,201,204
Less: appropriation to bonus and welfare fund (94,684) (108,394)
Net profit used to determine basic EPS (VND million) 2,240,110 2,092,810
Weighted average number of ordinary shares in issue at the end of year 783 688
(millions of shares)
Basic earnings per share based on weighted average number of 2,861 3,042
ordinary shares in issue and calculated at end of year (VND per share)
25.2. Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average

number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Bank has only one category of dilutive potential
ordinary shares: convertible bonds. The convertible bonds are assumed to have
been converted into ordinary shares. The net profit is adjusted to eliminate the
interest expense less the tax effect.
In 2009, convertible bonds were fully converted to equity.
2010 2009
Profit attributable to equity holders of the Bank (VND million) 2,334,794 2,201,204
Interest expenses on convertible bonds (net of tax) - 55,921
Net profit used to determine diluted EPS (VND million) 2,240,110 2,148,731
Weighted average number of ordinary shares in issue at end of year (millions of shares) 783 688
Adjustments for convertible bond weighted average (millions of shares) - 93
Weighted average number of ordinary shares in issue at end of year used for calculation of 783 781
diluted earnings per share (millions of shares)
Diluted earnings per share based on weighted average number of ordinary shares in issue 2,861 2,751
and calculated at end of year (VND per share)
26. INTEREST AND SIMILAR INCOME
2010 2009
On loans and advances to customers 8,250,000 4,863,243
On deposits at other credit institutions 2,300,740 1,894,844
On investment in debt securities 4,369,302 2,833,647
On finance leases 36,453 17,638
Other income from credit activities 3,841 4,517
Total 14,960,336 9,613,889
27. INTEREST AND SIMILAR EXPENSES
2010 2009
On deposits 9,209,386 5,685,065
On borrowings from State Bank of Vietnam 726,043 208,143
On convertible bonds, bonds and certificates of deposit 850,480 912,499
Other expenses from credit activities 10,657 7,654
10,796,566 6,813,361
28. FEES AND COMMISSION INCOME

2010 2009
Guarantees 72,905 39,978
Settlement services 661,804 498,555
Cash services 22,786 18,207
Brokerage services 113,506 131,874
Other services 96,146 299,368
967,147 987,982
105
FORM B05/TCTD-HN
29. FEES AND COMMISSION EXPENSES
2010 2009
Settlement and cash services 86,930 74,790
Brokerage services 19,723 20,353
140,707 118,346
30. NET GAIN FROM TRADING IN FOREIGN CURRENCIES AND GOLD
2010 2009
Net gains from dealing in foreign currencies and gold 418,847 37,223
Net (loss)/gains from revaluation of foreign currencies and gold (227,743) 385,113
191,104 422,336
31. NET (LOSS)/GAIN FROM DISPOSAL OF TRADING SECURITIES
2010 2009
Gain on disposal of trading securities 151,342 15,225
Loss on disposal of trading securities (81,248) (37,937)
Provision charge for diminution in value of trading securities (89,343) -
Income from reversal of provision for diminution in value of trading securities - 43,349
(19,249) 20,637
32. NET GAIN FROM DISPOSAL OF INVESTMENT SECURITIES
2010 2009
Gain on disposal of investment securities 96,730 461,242
Loss on disposal of investment securities - (7,920)
Provision charge for diminution in value of investment securities (5,700) -
Income from reversal of provision for diminution in value of investment securities - 98,396
91,030 551,718
33. INCOME FROM CAPITAL CONTRIBUTION AND LONG-TERM INVESTMENTS
2010 2009
Dividend income from trading securities 62,566 11,032
Dividend income from available-for-sale securities 5,052 98,184
Dividend income from investments in other entities and other long-term investments 118,861 15,072
Share of profit/(loss) from associates (net of disposals) 134 (9,262)
186,613 115,026
34. GENERAL AND ADMINISTRATIVE EXPENSES
2010 2009
Tax and fee expenses 2,720 8,485
Staff costs
- Salary and allowance 844,499 746,871
- Salary related contribution 64,620 48,540
- Other allowances 4,806 3,951
- Other staff related costs 56,822 52,107
Expenses on fixed assets
- Depreciation and amortisation 198,549 168,349
- Other expenses 323,988 254,496
Admin expenditures 559,594 427,412
Insurance fee 92,226 78,251
Provision for diminution in value of other long-term investments and provision for bad debt 12,196 21,000
2,160,020 1,809,462
107
FORM B05/TCTD-HN
35. VALUE ADDED TAX
Earned fees and commissions are subject to value added tax at the rate of 10%
under the deduction method. Foreign currency and gold operations are subject
to value added tax at the rate of 10% under the direct method. All other banking
activities of the Bank are exempt from value added tax.
36. BUSINESS INCOME TAX
2010 2009
Current income tax 744,589 665,075
Deferred income tax 22,865 (28,115)
767,454 636,960
2010 2009
Triu ng Triu ng
Net profit before tax 3,102,248 2,838,164
Tax (at regulated tax rates) 859,858 701,070
Effect of:
Tax on expenses not deductible - 27,162
Tax on income not subject to tax (117,054) (34,585)
Favorable tax treatment on income - (19,528)
Under provision in previous year 1,785 -
Over provision in previous year - (9,044)
Deferred income tax on deductible temporary differences 22,865 (28,115)
767,454 636,960
The Bank and its subsidiaries tax returns are subject to periodic examination and
possible adjustment by the Tax Authority.
The tax assessments for the year 2010 have not yet been finalised by the Tax
Authority.
37. EMPLOYEES REMUNERATION
2010 2009
Number of employees 7,255 6,669
Employees remuneration Triu ng Triu ng
Total salary fund and bonus 844,499 746,871
Other income 45,030 44,631
Total income 889,529 791,502
Average salary 116 112
Average income 123 119
38. OBLIGATIONS TO THE STATES BUDGET
Movements during the year

Items 1 January 2010 Payable Payments 31 December 2010
VND million VND million VND million VND million
Value added tax 4,955 68,745 (60,436) 13,264
Business income tax 240,158 744,590 (724,816) 259,932
Land and Housing taxes - 140 (140) -
Other taxes 3,832 92,601 (74,304) 22,129
248,945 906,076 (859,696) 295,325
39. CUSTOMERS ASSETS HELD AS COLLATERAL

2010 2009
Equity shares and valuable papers 31,411,913 26,250,035
Inventories 385,016 237,879
Machinery and equipment 7,586,038 6,385,925
Land of property 143,618,632 89,396,127
Other assets 21,953,247 18,692,304
204,954,846 140,962,270
Customers assets held as collateral are recorded off balance sheet and valued in
accordance with regulations of State Bank of Vietnam.
109
FORM B05/TCTD-HN
40. CONTINGENCIES AND CREDIT COMMITMENTS
The aggregate amounts of outstanding guarantees, letters of credit and other commitments at the end of the year were:
31 December 2010
Denominated Denominated in
in VND foreign currencies Total
Letters of credit at sight - 2,028,589 2,028,589

Deferred letters of credit - 357,060 357,060
Payment guarantees 460,509 22,189 482,698
Performance guarantees 439,979 13,812 453,791
Bidding guarantees 101,404 379 101,783
Other guarantees 601,187 37,779 638,966
1,603,079 2,459,808 4,062,887
31 December 2009
Denominated Denominated in
in VND foreign currencies Total
Bidding guarantees 81,966 2,512 84,478
1,033,485 1,977,046 3,010,531
In the normal course of business, the Group makes various commitments and
incurs certain contingent liabilities that are presented in the off balance sheet.
The commitments and contingent liabilities include guarantees and letters of
credit. The Group does not anticipate any significant losses as a result of these
transactions.
41. OTHER COMMITMENTS
31.12.2010 31.12.2009
+ Purchase gold call options 16,019,178 -

+ Purchase gold put options (1,823,078) (1,524)
14,196,100 (1,524)
+ Sell gold call options (2,540,355) (587,901)
+ Sell gold put options 17,244,525 415,232
14,704,170 (172,669)
28,900,270 (174,193)
42. RELATED PARTY TRANSACTIONS AND BALANCES
During the year, the Group had the following transactions with related parties:
2010 2009
Compensation of Management 13,748 9,314
Compensation of Board of Directors 6,641 3,686
Compensation of Comptroller Board 2,231 2,452
Interest income on loans to joint ventures and associates 4,642 18,859
Interest income on loans and bonds issued by other related parties 439 22
Interest expenses on deposits from joint ventures and associates 5,647 9,156
Interest expenses on deposits from other related parties 19,073 11,169
Dividends received from joint ventures and associates - 2,531
Additional capital contribution to associates 100 -
Gold sold to joint ventures and associates - 2,450,921
Gold purchased from joint ventures and associates - 2,363,626
Net interest income on gold trading activities from joint ventures and associates - 1,073
Fee paid to associates 95,799 68,710
111
FORM B05/TCTD-HN
At the year end, the balances with related parties are as below:
31 December 2010 31 December 2009

Deposits from joint ventures and associates 12,661 219,025

Deposits from other related parties 191,453 100,867
Loans to joint ventures and associates - 210,000
Loans to other related parties 5,680 96
Payables to joint ventures and associates - 18,703
Interest receivables from joint ventures and associates - 436
Interest receivables from other related parties 42 2
Interest payables to joint venture and associates 88 276
Interest payables to other related parties 448 598
Entrusted investments received from related parties 30,068 27,141
43. CONCENTRATIONS OF ASSETS AND LIABILITIES BY GEOGRAPHICAL AREA

Deposits and
Loans and borrowings Derivatives
advances to from financial
customers and customers and instruments Trading and
other credit other credit Credit (total contract investment
institutions institutions commitments value securities
Domestic 87,270,905 135,066,574 1,644,130 23,105,345 49,490,595

Overseas - - 2,418,757 39,636,211 -
87,270,905 135,066,574 4,062,887 62,741,556 49,490,595
44. FINANCIAL RISK MANAGEMENT
44.1. Credit risk

The Group takes on exposure to credit risk, which is the risk that counterparty will
cause a financial loss for the Group by failing to discharge an obligation. Credit
exposures arise principally in lending activities that lead to loans and advances,
and investment activities that bring debt securities. There is also credit risk in
off-balance sheet financial instruments, such as loan commitments. The credit
risk management and control are done centrally by Credit Committee and Credit
Management Policy Board with representatives from the Board of Directors and
Management.
In measuring credit risk of loan and advances to customers and to banks, the
Group adopts guidance provided in Decision No. 493/2005/Q-NHNN dated
22 April 2005 and Decision No. 18/2007/Q-NHNN dated 25 April 2007 of the
Governor of the State Bank of Vietnam as described in Note 2.8 to the consolidated
financial statements.
The Group manages credit risk by placing limits on exposures in relation to one
borrower, or groups of borrowers in accordance with regulations of the State
Bank of Vietnam. In addition, exposure to credit risk is managed through regularly
reviewing on the acceptable classes of collaterals and analysing the ability
of borrowers and potential borrowers to meet interest and capital repayment
obligations.
113
FORM B05/TCTD-HN
44.2. Market risk
a. Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Group manages interest
rate risk by monitoring the level of mismatch of interest rate by terms on a monthly
basis.
The table below summaries the Groups exposure to interest rate risk as at 31
December 2010. The Groups assets and liabilities are grouped into relevant maturity
terms based on repricing period.
Non-interest Up to
As at 31 December 2010 Overdue bearing 1 month
Assets
Cash and precious metals - 10,884,762 -
Balances with the State Bank of Vietnam - 461,505 2,452,848
Placements with and loans to other credit institutions(*) - - 9,594,170
Trading securities(*) - 1,167,950 -
Derivatives and other financial assets - 78,172 -
Loans and advances to customers(*) 404,315 225,991 9,500,565
Investment securities(*) - 241,308 1,839,427
Capital contribution, long-term investments (*) - 3,037,204 -
Fixed assets - 1,054,702 -
Other assets(*) - 17,546,909 -
Total assets 404,315 34,698,503 23,387,010
Liabilities
Due to Government and borrowings from the State Bank of Vietnam - - 9,451,677
Deposits from other credit institutions - - 15,663,454
Funds received from Government, international and other institutions - - -
Deposits from customers - - 59,065,956
Bonds and deposits certificates - - 7,771,978
Other liabilities - 10,594,023 -
Total liabilities - 10,594,023 91,953,065
Interest gap of balance sheet items 404,315 24,104,480 (68,566,055)
Interest gap of contingencies and credit commitments - (4,062,887) -
- 28,900,270 -
Interest gap of other commitments
Total interest gap 404,315 48,941,863 (68,566,055)
(*) these items do not include the provisions.

1-3 months 3-6 months 6-12 months 1-5 years Over 5 years Total
- - - - - 10,884,762
- - - - - 2,914,353
7,499,077 11,057,482 3,171,710 2,639,710 - 33,962,149
- - - - - 1,167,950
- - - - - 78,172
61,425,532 5,105,997 8,702,807 1,437,514 392,384 87,195,105
4,007,900 11,494,484 6,694,770 20,964,264 3,080,492 48,322,645
- - - - - 3,037,204
- - - - - 1,054,702
- - - - - 17,546,909
72,932,509 27,657,963 18,569,287 25,041,488 3,472,876 206,163,951
- - - - - 9,451,677
2,405,935 6,765,262 2,178,640 1,090,662 26,010 28,129,963
- 51,735 23,805 244,576 59,652 379,768
33,621,819 7,441,092 3,963,169 2,843,913 662 106,936,611
19,192,946 2,097,402 1,650,063 4,521,762 3,000,000 38,234,151
- - - - - 10,594,023
55,220,700 16,355,491 7,815,677 8,700,913 3,086,324 193,726,193
17,711,809 11,302,472 10,753,610 16,340,575 386,552 12,437,758
- - - - - (4,062,887)
- - - - - 28,900,270
17,711,809 11,302,472 10,753,610 16,340,575 386,552 37,275,141
115
MU B05/TCTD - HN
b. Currency risk
The Group takes on exposure to effects of fluctuations in the prevailing foreign
currency exchange rates on its financial position and cash flows. The Management
sets limits on the level of exposure by currency and in total for both overnight and
intra-day positions, which are monitored daily.
The table below summarises the Groups exposure to currency risk at 31 December
2010. Included in the table are the Groups assets and liabilities at carrying amounts,
categorised by currency.
As at 31 December 2010 VND USD GOLD

Assets
Cash and precious metals 1,407,245 719,927 8,678,306
Balances with the State Bank of Vietnam 2,451,650 462,703 -
Placements with other credit institutions (*) 26,417,101 5,395,944 1,837,530
Trading securities (*) 1,167,950 - -
Derivatives and others financial assets (4,205,684) 4,610,738 3,223,901
Loans and advances to customers (*) 65,739,661 8,143,581 13,248,147
Investment securities (*) 43,079,686 3,294,168 1,948,791
Capital contribution, long-term investments (*) 3,037,204 - -
Fixed assets 1,054,702 - -
Other assets (*) 7,613,026 3,321,905 140,403
Total assets 147,762,541 25,948,966 29,077,078
Liabilities and shareholders equity
Due to Government and borrowings from the State Bank of Vietnam 9,451,677 - -
Deposits from other credit institutions 22,840,874 685,101 4,602,714
Funds received from Government, international and other institutions 379,768 - -
Deposits from customers 85,908,375 19,191,211 1,255,165
Bonds and deposits certificates 7,290,000 - 30,944,151
Other liabilities 3,324,904 5,949,976 1,048,054
Capital and reserves 11,376,757 - -
Total liabilities and shareholders equity 140,572,355 25,826,288 37,850,084
Net on-balance sheet position 7,190,186 122,678 (8,773,006)
Off-balance sheet contingencies and credit commitments position (1,603,079) (2,306,707) -
Off-balance sheet other commitments position - - 28,900,270
Total position 5,587,107 (2,184,029) 20,127,264

EUR JPY AUD CAD Others Total
52,044 6,403 11,678 6,191 2,968 10,884,762

- - - - - 2,914,353
180,782 6,380 107,857 3,695 12,860 33,962,149
- - - - - 1,167,950
(3,540,340) - (6,291) (4,152) - 78,172
63,716 - - - - 87,195,105
- - - - - 48,322,645
- - - - - 3,037,204
- - - - - 1,054,702
6,331,401 12,369 315 10 127,480 17,546,909
3,087,603 25,152 113,559 5,744 143,308 206,163,951
- - - - - 9,451,677
950 227 95 - 2 28,129,963
- - - - - 379,768
555,606 12,726 3,050 2,611 7,867 106,936,611
- - - - - 38,234,151
13,394 11,890 238,762 1,084 5,959 10,594,023
- - - - - 11,376,757
569,950 24,843 241,907 3,695 13,828 205,102,950
2,517,653 309 (128,348) 2,049 129,480 1,061,001
(79,568) (39,963) (887) - (32,683) (4,062,887)
- - - - - 28,900,270
2,438,085 (39,654) (129,235) 2,049 96,797 25,898,384
117
c. Liquidity risk
The Group is exposed to daily calls on its available cash resources from overnight
deposits, current accounts, maturing deposits, loan draw downs, guarantees and
from margin and other calls on cash settled derivatives. The Group does not maintain
cash resources to meet all of these needs as experience shows that a minimum level
of reinvestment of maturing funds can be predicted with a high level of certainty. The
Management sets limits on the minimum proportion of maturing funds available to
meet such calls and on the minimum level of inter-bank and other borrowing facilities
that should be in place to cover withdrawals at unexpected levels of demand.
The table below analysed the Groups assets and liabilities into relevant maturity
grouping based on the remaining period at the balance sheet date to the contractual
maturity date.
Overdue
As at 31 December 2010 Over 3 months Up to 3 months
Assets
Cash and precious metals - -
Balances with the State Bank of Vietnam - -
Placements with and loans to other credit institutions (*) - -
Trading securities (*) - -
Derivatives and others financial assets - -
Loans and advances to customers (*) 188,612 215,703
Investment securities (*) - -
Capital contribution, long-term investments (*) - -
Fixed assets - -
Other assets (*) - -
Total assets 188,612 215,703
Liabilities
Borrowings from Government and State Bank of Vietnam - -
Deposits from other credit institutions - -
Funds received from Government, international and other institutions - -
Deposits from customers - -
Bonds and deposits certificates - -
Other liabilities - -
Total liabilities - -
Net liquidity gap 188,612 215,703


Current
Up to 1 month 1-3 Months 3-12 months 1-5 years Over 5 Years Total
10,884,762 - - - - 10,884,762
2,914,353 - - - - 2,914,353
15,696,838 13,981,583 2,752,405 1,531,323 - 33,962,149
1,167,950 - - - - 1,167,950
78,172 - - - - 78,172
6,150,234 13,071,334 25,695,668 20,394,805 21,478,749 87,195,105
7,219,972 14,903,369 7,117,689 16,266,301 2,815,314 48,322,645
- - - - 3,037,204 3,037,204
- - - - 1,054,702 1,054,702
17,546,909 - - - - 17,546,909
61,659,190 41,956,286 35,565,762 38,192,429 28,385,969 206,163,951
9,451,677 - - - - 9,451,677
18,493,949 5,832,490 3,339,514 464,010 - 28,129,963
- 11,758 157,950 200,409 9,651 379,768
67,343,445 29,831,013 9,651,663 110,439 51 106,936,611
12,826,383 15,237,757 2,813,462 4,356,549 3,000,000 38,234,151
10,594,023 - - - - 10,594,023
118,709,477 50,913,018 15,962,589 5,131,407 3,009,702 193,726,193
(57,050,287) (8,956,732) 19,603,173 33,061,022 25,376,267 12,437,758
The consolidated financial statements were approved by the Banks Management on 22 March 2011.

119
121
Table of contents Page
Banks information 123
Statement by Management 124

Auditors report 126
Balance sheet (Form B02/TCTD) 128
Income statement (Form B03/TCTD) 130
Statement of cash flows (Form B04/TCTD) 131
Notes to the single-entity financial statements (Form B05/TCTD) 133

FINANCIAL STATEMENTS 2010 www.acb.com.vn
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010
CORPORATE INFORMATION
The Banking Licence No.

0032/NH-GP dated 24 April 1993.
The Banking Licence was issued by the State Bank of Vietnam (the SBV) for a
period of 50 years from the date of the initial licence.
Board of Directors
The following members of the Board of Directors for the period from 2008 to
2012 have been appointed and approved in the minute of shareholders meeting
dated 22 March 2008.
Mr Tran Xuan Gia Chairman

Mr Pham Trung Cang Vice-Chairman
Mr Trinh Kim Quang Vice-Chairman
Mr Le Vu Ky Vice-Chairman
Mr Ly Xuan Hai Member
Mr Huynh Quang Tuan Member
Mr Alain Cany Member
Mr Dominic Scriven Member
Mr Julian Fong Loong Choon Member
Mr Luong Van Tu Member
Mr Tran Hung Huy Member

Management
The following members of the Management for the period and as at the date of
the financial statements consist of:
Mr Ly Xuan Hai President

Mr Nguyen Thanh Toai Vice President
Mr Huynh Quang Tuan Vice President
Mr Dam Van Tuan Vice President
Mr Do Minh Toan Vice President
Mr Bui Tan Tai Vice President
Mr. Tran Hung Huy Vice President
Mr Nguyen Duc Thai Han Vice President
123
BOARD OF DIRECTORS
PRINCIPAL ACTIVITIES
The principal activities of the Asia Commercial Joint Stock Bank (the Bank) are
to mobilise short, medium and long-term funds in the form of time deposits,
demand deposits, certificates of deposit; to receive entrusted investment funds;
to mobilise funds from local and overseas financial institutions; to grant short,
medium and long-term loans; to discount commercial paper, bonds and other
valuable papers; to invest in securities and companies; to provide settlement
services to customers; to trade foreign exchange, gold; to provide trade finance
services; to produce gold bars; and other banking services.
The Banks registered office 442 Nguyen Thi Minh Khai Street, District 3,
Ho Chi Minh City
The Banks auditor PricewaterhouseCoopers (Vietnam) Limited
STATEMENT OF THE RESPONSIBILITY OF MANAGEMENT IN RESPECT OF THE

The Banks Management is responsible for preparation of the financial statements

which present fairly the financial position of the Bank as at 31 December 2010 and
its financial performance and cash flows for the year then ended. In preparing
these single-entity financial statements, the management is required to:
Select suitable accounting policies and then apply them consistently;

Make judgments and estimates that are reasonable and prudent; and
Prepare the single-entity financial statements on a going concern basis unless
it is inappropriate to presume the Bank will continue in business.
The Banks Management is responsible for ensuring that proper accounting

records are kept which disclose, with reasonable accuracy at any time,
the financial position of the Bank and which enable single-entity financial
statements to be prepared which comply with the basis of accounting set out
in Note 2 to the single-entity financial statements. The Banks Management is
responsible for ensuring compliance with Vietnamese Accounting Standards,
and other credit institutions operating in SR Vietnam. We are also responsible for
safeguarding the assets of the Bank and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
BOARD OF DIRECTORS
APPROVAL OF THE FINANCIAL STATEMENTS
We hereby approve the accompanying single-entity financial statements as set

out on page 5 to page 52 (*) which present fairly the financial position of the Bank
as at 31 December 2010 and its financial performance and cash flows for the year
then ended, in accordance with Vietnamese Accounting Standards, Vietnamese
Accounting System and prevailing regulations applicable to banks and other
credit institutions operating in SR Vietnam.
Ly Xuan Hai
President

22 March 2011
(*) From page 128 to 179 of financial statements.
125
INDEPENDENT AUDITORS REPORT TO SHAREHOLDERS OF
ASIA COMMERCIAL JOINT STOCK BANK
PricewaterhouseCoopers (Vietnam) Ltd,

4th Floor, Saigon Tower
29 Le Duan Street, District 1
Ho Chi Minh City, Vietnam
Telephone: (84-8) 3823 0796
Facsimile: (84-8) 3825 1947
We have audited the accompanying financial statements of Asia Commercial

Joint Stock Bank (the Bank) which were approved by management on 22 March
2011. The financial statements comprise the balance sheet as at 31 December
2010, the income statement and cash flow statement for the year then ended, and
explanatory notes to the financial statements including significant accounting
policies, as set out on pages 5 to 52.
Managements Responsibility for the Financial Statements
Management of the Bank is responsible for the preparation and fair presentation
of these financial statements in accordance with Vietnamese Accounting
Standards, the Vietnamese Accounting System and prevailing regulations
applicable to banks and other credit institutions operating in SR Vietnam. This
responsibility includes: designing, implementing and maintaining internal
controls relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies and making accounting estimates
that are reasonable in the circumstances.
Auditors Responsibility
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 comply with ethical requirements
and plan and perform the audit in order to obtain reasonable assurance so as
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the

amounts and disclosures in the financial statements. The procedures selected
(*) From page 128 to page 179 of financial statements.

AUDIT REPORT
depend on the auditors judgment, including the assessment of the risks of

material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant
to the Banks preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Banks internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Bank as at 31 December 2010, and its financial
performance and cash flows for the year then ended in accordance with
Vietnamese Accounting Standards, Vietnamese Accounting System and
prevailing regulations applicable to banks and other credit institutions operating
in SR Vietnam.
Richard Peters Le Van Hoa

AC No. N.0561/KTV AC No. 0248/KTV
Deputy General Director
Authorised signatory
PricewaterhouseCoopers (Vietnam) Limited

Audit report number HCM2707
22 March 2011
As indicated in Note 2.1 to the financial statements, the accompanying financial statements are not intended to present the financial
position and the financial performance and cash flows in accordance with accounting principles and practices generally accepted in
countries and jurisdictions other than SR Vietnam, and furthermore their utilization is not designed for those who are not informed
about SR Vietnams accounting principles, procedures and practices.
127
BALANCE SHEET AS AT 31 DECEMBER 2010
FORM B02/TCTD
2010 2009
A ASSETS
I Cash and precious metals 3 10,884,748 6,757,528

II Balances with the State Bank of Vietnam 4 2,914,353 1,741,755
III Placements with and loans to other credit institutions
1 Placements with and loans to other credit institutions 5 34,159,584 36,559,288
2 Less: Provision for losses on loans to other credit institutions 5 (899) (1,191)
IV Trading securities - -
V Derivatives and other financial assets 6 78,172 -
VI Loans and advances to customers
1 Loans and advances to customers 7 86,647,964 62,020,929
2 Less: Provision for losses on loans and advances to customers 8 (714,104) (500,698)
VII Investment securities
1 Available-for-sales securities 9,1 2,149,262 190,205
2 Held-to-maturity securities 9,2 46,169,161 31,981,845
3 Less: Provision for diminution in value of investment securities (120,374) (114,674)
VIII Capital contribution and long-term investments
1 Investment in subsidiaries 10,2 2,040,000 1,940,000
2 Investment in associates and joint ventures 10,3 1,200 1,100
3 Other long-term investments 10,4 968,851 760,391
4 Less: Provision for diminution in value of long-term investments - -
IX Fixed assets
1 Tangible fixed assets 11 945,984 750,643
2 Intangible fixed assets 12 37,941 47,679
X Other assets
1 Interest receivables 13 4,199,020 2,302,573
2 Deferred tax asset 20 - 22,865
3 Other assets 13 12,092,706 23,263,973
TOTAL ASSETS 202,453,569 167,724,211
BALANCE SHEET AS AT 31 DECEMBER 2010
2010 2009
B LIABILITIES AND SHAREHOLDERS EQUITY

I Due to Government and borrowings from the State Bank of Vietnam 14 9,451,677 10,256,943
II Deposits from other credit institutions 15 28,174,155 10,454,217
III Deposits from customers 16 107,150,453 87,900,839
IV Derivatives and other financial liabilities 6 - 23,351
V Funds received from Government, international and other institutions 17 379,768 270,304
VI Bonds and Certificates of deposit 18 36,034,151 26,082,588
VII Other liabilities
1 Interest and fee payables 19 1,556,281 1,078,246
2 Other liabilities 19 8,508,348 22,017,320
TOTAL LIABILITIES 191,254,833 158,083,808
VIII SHAREHOLDERS EQUITY

1 Charter capital 21 9,376,965 7,814,138
2 Reserves 22 1,035,089 784,750
3 Retained earnings 22 786,682 1,041,515
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 202,453,569 167,724,211

CONTINGENCIES AND CREDIT COMMITMENTS 37 4,062,887 3,010,531
OTHER COMMITMENTS 38 28,900,270 (174,193)

22 March 2011
129
INCOME STATEMENT
FORM B03/TCTD
2010 2009
1 Interest and similar income 24 14,912,424 9,552,322

2 Interest and similar expenses 25 (10,670,142) (6,818,074)
I Net interest income 4,242,282 2,734,248
3 Fees and commission income 26 860,096 867,665
4 Fees and commission expenses 27 (120,979) (98,488)
II Net fee and commission income 739,117 769,177
III Net gain from trading in foreign currencies and gold 28 191,104 422,336
IV Net (loss)/gain from trading securities - -
V Net gain from investment securities 29 88,648 332,216
5 Other incomes 150,962 183,892
6 Other expenses (124,352) (31,745)
VI Net other income 26,610 152,147
VII Income from capital contribution and long-term investments 30 355,934 77,015
VIII General and administrative expenses 31 (2,038,256) (1,700,547)
IX Operating profit before provision for credit losses 3,605,439 2,786,592
X Provision for credit losses (226,112) (286,906)
XI Profit before tax 3,379,327 2,499,686
7 Business income tax - current 33 (733,823) (628,873)
8 Business income tax - deferred 20, 33 (22,865) 22,865
XII Business income tax (756,688) (606,008)
XIII Net profit for the year 2,622,639 1,893,678
XIV Earnings per share
2010 2009
ng/CP ng/CP
Basic earnings per share 23,1 3,229 2,595
Diluted earnings per share 23,2 3,229 2,357

22 March 2011
STATEMENT OF
CONSOLIDATED CASH STATEMENTS
FINANCIAL FLOWS FOR THE YEAR ENDED 31 DECEMBER 2010
FOR THE YEAR ENDED 31 DECEMBER 2010 (Direct method)
FORM B04/TCTD
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES

1 Receipts from interest and similar income 13,015,975 9,518,029
2 Payments for interest and similar expenses (10,192,108) (6,813,803)
3 Receipts from fee and commission income 739,117 769,177
4 Net cash inflow from trading activities in foreign currencies, gold and securities 459,369 271,043
5 Receipts from other income 28,050 16,970
6 Payments for staff costs and administrative expenses (1,867,140) (1,510,266)
7 Business income tax paid for the year (681,418) (549,333)
CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN OPERATING ASSETS 1,501,845 1,701,817
AND LIABILITIES
Changes in operating assets
8 Increase in placements with and loans to other credit institutions (5,769,039) (1,475,567)
9 Increase in investment securities (15,122,054) (1,470,393)
10 (Increase)/ Decrease in derivative and other financial assets (78,172) 38,247
11 Increase in loans and advances to customers (24,627,325) (27,676,013)
12 Decrease/ (Increase) in other operating assets 11,480,460 (17,164,788)
Changes in operating liabilities

13 (Decrease)/ Increase in borrowings from the Government and State Bank of Vietnam (805,266) 10,256,943
14 Increase in deposits and borrowings from other credit institutions 17,719,938 534,741
15 Increase in deposit from customers 19,249,614 22,471,279
16 Increase in bonds and certificates of deposit 9,951,564 11,176,694
17 Increase/(Decrease) in fund received from Government, international and other institutions 109,464 (28,561)
18 (Decrease)/Increase in derivatives and other financial liabilities (23,351) 23,351
19 (Decrease)/Increase in other operating liabilities (13,557,314) 17,137,414
20 Payments from reserves (126,609) (79,972)
I NET CASH FLOWS FROM OPERATING ACTIVITIES (96,245) 15,445,192
131
FORM B04/TCTD
2010 2009
CASH FLOWS FROM INVESTING ACTIVITIES
1 Purchase of fixed assets (622,259) (330,473)
2 Cash paid for capital contribution in other entities and other long-term investments (328,514) (91,543)
3 Proceeds from disposal of investments in other entities and other long-term investments 73,780 101,231
4 Dividends received 294,071 77,015
II NET CASH FLOWS FROM INVESTING ACTIVITIES (582,922) (243,770)
CASH FLOWS FROM FINANCING ACTIVITIES
1 Proceeds from issuance of new ordinary shares 1,562,827 -
2 Dividends paid (2,500,524) (1,131,335)
III NET CASH FLOWS FROM FINANCING ACTIVITIES (937,697) (1,131,335)
IV NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALENTS (1,616,864) 14,070,087
V CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 40,154,757 25,699,557
VI Foreign exchange differences adjustment (227,742) 385,113
VII CASH AND CASH EQUIVALENTS AT END OF YEAR 38,310,151 40,154,757
Cash and cash equivalents are made up of:
- Cash and precious metals 10,884,748 6,757,528
- Demand deposits with the State Bank of Vietnam 2,914,353 1,741,755
- Placements with other credit institutions 17,016,726 25,185,469
- Investment securities 5,847,327 6,470,005
- Treasury bills 1,646,997 -
38,310,151 40,154,757

22 March 2011
133
BO CO THNG NIN2010
2010 www.acb.com.vn
NOTES TOTITHE
CONSOLIDATED
BO CO SINGLE-ENTITY
FINANCIAL
CHNH STATEMENTSFINANCIAL STATEMENTS
FORM B05/TCTD
1, GENERAL INFORMATION
Asia Commercial Joint Stock Bank (herein referred to as the Bank) is a Vietnamese
joint-stock bank registered in the Socialist Republic of Vietnam.

Banking Licence No. 0032/NH-GP was granted to the Bank by the State Bank of
Vietnam (the SBV) on 24 April 1993. The licence is for a period of 50 years and
the Banks initial chartered capital was VND20 billion. The Bank commenced its
operation on 4 June 1993. The Banks chartered capital as at 31 December 2010
is VND 9,376,965 million (31 December 2009: VND7,814,138 million).
The Banks Head Office is located at No. 442 Nguyen Thi Minh Khai Street, District
3, Ho Chi Minh City. As at 31 December 2010, the Bank had 280 branches and
transaction offices nation-wide.
As at 31 December 2010, the Bank had the following subsidiaries:
% direct % indirect Total %

Operating Nature of shareholding shareholding shareholding
Subsidiary Licence business by the Bank through subsidiary by the Bank
ACB Securities Company Securities 100 - 100

06/GP/HKD
(ACBS) company
Asia Commercial Bank Asset 100 - 100

Assets Management 4104000099 management
Company (ACBA) company
-
100 100
Asia Commercial Bank 4104001359 Finance leasing
Leasing Company (ACBL) company
ACB Capital Management 41/UBCK-GP Fund - 100 100

Company (ACBC) Management
As at 31 December 2010, the Bank had 6,869 employees (2009: 6,409 employees).
133
FORM B05/TCTD
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted for the preparation of these single-
entity financial statements are set out below.
2.1. Basis of preparation of financial statements
Separately, the Bank has also prepared consolidated financial statements in

accordance with Vietnamese Accounting Standards and prevailing regulations
applicable to banks and other credit institutions operating in SR Vietnam for the
Bank and its subsidiaries (together, the Group). In the consolidated financial
statements, subsidiary undertakings which are those companies over which
the Group has the power to govern the financial and operating policies have
been fully consolidated.
Users of these single-entity financial statements should read them together with
the Groups consolidated financial statements as at and for the year ended 31
December 2010 in order to obtain full information on the financial position, the
financial performance and changes in financial position of the Group as a whole.
2.2. Fiscal year
The Banks fiscal year is from 1January to 31 December.
2.3. Foreign currencies

The financial statements are prepared in millions of Vietnam Dong.
Transactions arising in foreign currencies are translated at rates ruling on the

transaction dates. Monetary assets and liabilities denominated in foreign
currencies at each month end are translated at the rates of exchange ruling at
the month end date. Foreign exchange differences from monthly revaluation
are recognised in foreign exchange revaluation reserve on balance sheet and
transferred to income statement at the year end.
NOTES TO THE SINGLE-ENTITY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010
2.4. Interest income and expense

The Bank records interest income and expense on an accrual basis. Interest
income from non-performing loans is not accrued and is recognised on a
collection basis. Interest income is derecognised and recorded off-balance-sheet
when a loan becomes overdue. Interest income on overdue loans is recognised
in the income statement upon receipt.
2.5. Fees and commission income
Fees and commission income consist of fees received for settlement services, treasury
services, guarantee services, other services. Fee income on guarantee services
are recognised on an accrual basis. Fees and commissions arising from settlement
services, treasury services and other services are recognised upon receipt.
2.6. Dividend income
Dividends are recognised in the income statement when the Banks right to
receive payment is established.
2.7. Loans and advances to customers
Short-term loans are those with a repayment date within one year from the date
the loan was advanced, medium-term loans are those with a final repayment
date between one and five years from the date the loan was advanced and long-
term loans are those with a repayment date of more than five years from the date
the loan was advanced.
Loan classification and provision for losses are made in accordance with Decision
No. 493/2005/Q-NHNN dated 22 April 2005 and Decision No. 18/2007/Q-
NHNN dated 25 April 2007 of the Governor of the State Bank of Vietnam.
Loans and advances to customers are classified into five groups based on
repayment status and other qualitative factors as follows:
135
FORM B05/TCTD
Group 1: Current
- Undue debts which, according to the Banks assessment, could be fully
recovered, both principal and interest, when they fall due;
- Debts which are overdue for less than 10 days and according to the Banks
assessment, both overdue principal and interest could be fully recovered in
accordance with the remaining repayment schedule.

- First-time rescheduled debts which, according to the Banks assessment, both
principal and interest could be fully recovered within the rescheduled term.
- First-time restructured debts, except for first-time rescheduled debts which are
classified in Group 2;
- Debts of which interest was waived or reduced because customer was not able
to fully repay interest in accordance with the repayment schedule.
Group 4: Doubtful
- First-time restructured debts which are overdue for less than 90 days within the
restructured term;
- Second-time restructured debts.
Group 5: Bad
- Debts which are overdue for more than 360 days;
- First-time restructured debts which are overdue for more than 90 days within
the restructured term;
- Second-time restructured debts which are overdue within the second-time
restructured term;
- Debts which are restructure for the third times or more;
- Frozen debts and debts which are awaiting resolution.
Where a customer owes more than one debt to the Bank, and has any of its
debts transferred to higher risk group of debts, the Bank is obliged to classify
the remaining debts of such customer into groups of debts with higher risk
corresponding with their level of risk.
Where the Bank participates in a syndicated loan not as the lead bank, the Bank
reclassifies all loans and debts (including the outstanding syndicated loan) of the
customer into higher risk group of debt decided by the lead bank and by the Bank.
The Bank shall actively classify debts into higher risk groups of debts
corresponding with their level of risk in the following situations:
- There are indications of adverse impact to the customers business environment

and sector;
- Customers financial ratios or repayment capability is weakened;
- Customer does not accurately, completely and promptly provide the Bank
its financial information for the Banks assessment of customers repayment
capability.
Provision for losses on loans and advances to customers
The determination of specific provision for credit risk is calculated using set rates
applied to each group of debts as follows:

Provision rates
Group 5 - Bad 100%
The specific provision is calculated based on net credit exposure of each borrower,
i.e. based on the borrowers loan balance as at 30 November less the value of
collateral assets. The value of these collateral assets is determined in accordance
with Decision 493/2005/Q-NHNN and Decision 18/2007/Q-NHNN.

provision is also required and should be equal to 0.75% of total balance of loans
and advances to customers as at 30 November, after deducting the total balance
of loans and advances to customers which are classified as bad. This level of the
general provision is required to be achieved within 5 years from the effective
date of the Decision 493/2005/Q-NHNN.
137
FORM B05/TCTD
2.8. Credit commitments
Credit commitments are classified into five groups based on quantitative and
qualitative factors as follows:
Group 1: Current
- Undue commitments which, according to the Banks assessment, could be fully
settled when they fall due.

- Undue commitments which, according to the Banks assessment, could not be
fully settled when they fall due.
fully settled when they fall due;
- Commitments which are overdue for less than 30 days.
Group 4: Doubtful
- Commitments and contingencies which are overdue from 30 days to 90 days.
Group 5: Bad
- Commitments which are overdue for more than 90 days.
Provision for losses on credit commitments

The determination of specific provision for losses on credit commitments is
calculated using set rates applied to each group of credit commitments as follows:
Provision rates
Group 5 - Bad 100%
The specific provision is calculated based on net credit commitments of each

customer, i.e. based on the customers credit commitment balance as at 30
November the less value of collateral assets. The value of these collateral assets
is determined in accordance with Decision 493/2005/Q-NHNN and Decision
18/2007/Q-NHNN.

provision is also required and should be equal to 0.75% of total balance of
after deducting guarantees and commitments which are classified as bad. This
level of provision is required to be achieved within 5 years from the effective date
of the Decision.
2.9. Investments
(i) Trading securities

Trading securities are securities held for trading and are acquired principally for
the purpose of selling in the short-term or if so designated by Management.
Trading securities are initially stated at cost of acquisition. Subsequently, they are
measured at cost less provision. Provision is made for trading securities eligible
for being freely traded in the market and where there is a diminution in value of
these securities.
Gains or losses from disposal of trading securities are recorded net in the income
statement. The cost of trading securities disposed is determined by using the
weighted average method.
(ii) Available-for-sale securities
Available-for-sale securities are those intended to be held for an indefinite period

of time, which may be sold in response to needs for liquidation or changes in
interest rates, exchange rates or equity prices.
Available-for-sale securities are initially stated at cost of acquisition. Subsequently,
139
FORM B05/TCTD
they are measured at cost less provision. Provision is made for available-for-sale
securities eligible for being freely traded in the market and where there is a
diminution in value of these securities.
Gains or losses from disposal of available-for-sale securities are recorded net

in the income statement. The cost of available-for-sale securities disposed is
determined by using the weighted average method.
(iii) Held-to-maturity securities
Held-to-maturity securities are debt securities with fixed or determinable

payment and fixed maturities that the Banks management has the positive
intention and ability to hold to maturity.
Held-to-maturity debt securities are initially stated at cost of acquisition.

Subsequently, they are measured at cost less provision. Provision is required
when there is evidence of a long-term decline in the value of securities or the
Bank cannot recover its investments.
Post-acquisition interest income of held-to-maturity debt securities is recognised

in the income statement on an accruals basis. Pre-acquisition interest income of
held-to-maturity debt securities is deducted against the cost of acquisition.
(iv) Other long-term investments
Other long-term investments comprise shareholding of less than 20% in

companies, of which the Bank is a founding shareholder, or strategic investor,
or in which the Bank has ability to influence the companys operational and
financial policies through its participation in that companys Board of Directors
or Management. These investments are initially stated at cost of acquisition.
Provision is made when investee companies are loss making (except for investee
companies where their losses were anticipated in their initial business plan).
2.10. Sale and repurchase agreements

Securities sold subject to repurchase agreements (repo) are not deducted
from assets in the balance sheet. Proceeds received from repo transactions
are recorded as liabilities in the balance sheet. Differences between sale and
repurchase price is treated as deferred interest expenses and amortised to the
income statement over the life of the agreement using the straight-line method.
Securities purchased and under agreement to resell (reverse repo) are recorded
as loans and advances to other credit institutions or customers, as appropriate.
income and amortised to the income statement over the life of the agreement
straight-line method.
2.11. Fixed assets
Tangible and intangible fixed assets

Fixed assets are stated at historical cost less accumulated depreciation. Historical
cost includes expenditure that is directly attributable to the acquisition of the
fixed assets.
Depreciation
Fixed assets are depreciated on the straight-line method to write off the cost of
the assets over their estimated useful lives. The principal annual rates used are:
Annual rates
Buildings 2% - 4%
Office equipment 33%
Motor vehicles 14%
Other assets 20%
Computer software 12.5%
Gains and losses on disposals are determined by comparing net disposal

proceeds with the carrying amounts and are recognised as income or expense
in the income statement.
The Bank is unable to the separate the costs of land use rights and cost of
construction within the costs of buildings because these buildings were acquired
141
FORM B05/TCTD
at the lump sum amounts. Accordingly, land use rights have been included in costs
of buildings and depreciated over the estimated useful lives of those buildings.
2.12. Gold
Gold is revaluated at each month end. Unrealised gains or losses are recorded in
foreign exchange revaluation reserves on balance sheet at each month end and
transferred to the income statement at the end of the year.
2.13. Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents
comprise cash and precious metals, demand deposit at the State Bank of Vietnam,
demand and term deposits at banks and investment securities with an original
maturity of three months or less and Treasury bills.
2.14. Derivative financial instruments
Derivatives are recorded in a balance sheet account at contract value on the

date which a derivative contract is entered into and subsequently revaluated at
the rate of exchange ruling at the month end date. Realised gains or losses are
recognised in the income statement. Unrealised gains or losses are recorded in
foreign exchange revaluation reserve on balance sheet at each month end and
transferred to income statement at the end of the year.
2.15. Provisions
Provisions are recognised when: the Bank has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will
be required to settle the obligation; and the amount has been reliably estimated.
Provisions are not recognised for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognized even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to

be required to settle the obligation using a pre-tax rate that reflects current
market assessments of the time value of money and the risks specific to the
obligations. The increase in the provision due to passage of time is recognised
as interest expense.
2.16. Provision for severance allowances
In accordance with Vietnamese labour laws, employees of the Bank are entitled to
a severance allowance based on their years of service. This will be paid as a lump
sum when the employee leaves the Bank. Provision for severance allowance
is made in accordance with Decree 39/2003/N-CP dated 18 April 2003 of the
Government and Circular 82/2003/TT-BTC dated 14 August 2003 issued by the
Ministry of Finance.
2.17. Taxation

Business income tax expense is recognised in the income statement based on
current income tax and deferred income tax.
Current income tax is the amount of business income tax payable or recoverable
in respect of the current year taxable profit and the current tax rates.
Deferred income tax is provided in full, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred income tax is not accounted for if
it arises from initial recognition of an asset or liability in a transaction other than a
business combination that at the time of occurrence affects neither accounting
nor taxable profit or loss. Deferred income tax is determined at the tax rates that
are expected to apply to the financial period when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred income tax assets are recognised to the extent that it is probable that
future taxable profit will be available against which the temporary differences
can be utilised.
143
FORM B05/TCTD
2.18. Related parties
Enterprises and individuals that directly, or indirectly through one or more

intermediaries, control, or are controlled by, or are under common control with
the Bank. Associates and individuals owning, directly or indirectly, an interest
in the voting power of the Bank that gives them significant influence over the
enterprise, key management personnel, including directors and officers of the
Bank and close members of the family of these individuals and companies
associated with these individuals also constitute related parties.
In considering each possible related party relationship, attention is directed to

the substance of the relationship, and not merely the legal form.
2.19. Dividend distribution
Dividend distribution to the Banks shareholders is recognised as a liability in the

financial statements in the period in which the dividends are approved by the
Banks shareholders.
2.20. Fiduciary activities
The Bank commonly acts as trustees and in other fiduciary capacities that result
in the holding or placing of assets on behalf of individuals and other companies.
These assets and income arising thereon are excluded from these financial
statements, as they are not assets of the Bank.
3. CASH AND PRECIOUS METALS
31.12.2010 31.12.2009
Cash on hand 2,174,220 1,989,796

Gold and precious gems 8,678,384 4,755,805
Valuable documents 32,144 11,927
10,884,748 6,757,528
4. BALANCES WITH THE STATE BANK OF VIETNAM (SBV)
31.12.2010 31.12. 2009

Demand deposits 2,914,353 1,741,755
An obligatory reserve is required to be deposited with the SBV. The balance

is adjusted once per month and is calculated at 3% of the average balance of
customer deposits in Vietnamese Dong with terms less than one year, and 1% of
the average balance of customer deposits in Vietnamese Dong with terms from
one year and above, 4% of the average balance of customer deposits in foreign
currencies with terms less than one year and at 2% of the average balance of
customer deposits in foreign currencies with terms from one year and above, in
the preceding 30 days.
Balances at the SBV also include other deposits for clearing and settlement.
145
FORM B05/TCTD
5. PLACEMENTS WITH AND LOANS TO OTHER CREDIT INSTITUTIONS
31 December 2010
Denominated Denominated in foreign Total

in VND currencies and gold

Term deposits 24,881,244 5,110,401 29,991,645
Demand deposits 1,625,136 2,467,003 4,092,139
26,506,380 7,577,404 34,083,784
Loans to other credit institutions

Short-term loans to other credit institutions 75,800 - 75,800
Less: General provision for losses on loans to other credit institutions (899) - (899)
74,901 - 74,901
Ngy 31 thng 12 nm 2009
Denominated Denominated in foreign Total

in VND currencies and gold

Term deposits 22,084,700 9,305,312 31,390,012
Demand deposits 48,906 5,116,370 5,165,276
22,133,606 14,421,682 36,555,288
Loans to other credit institutions

Short-term loans to other credit institutions 4,000 - 4,000
Less: General provision for losses on loans to other credit institutions (1,191) - (1,191)
2,809 - 2,809
6. DERIVATIVES AND OTHER FINANCIAL ASSETS AND LIABILITIES

31 December 2010
Total contract value (at the foreign Total value of accounting books (at the
exchange rate at the contract date) foreign exchange rate at 31 December)
Assets Liabilities

- Forward contracts 22,577,199 250,161 -
- Swap contracts 2,913,464 - 100,785
+ Purchase call options 13,916,743 170,461 -
+ Purchase put options 1,982,428 - 50,907
- Sell options (*)
+ Sell call options 2,605,041 - 146,427
+ Sell put options 14,895,714 805,137 -
31 December 2009
Total contract value (at the foreign Total value of accounting books (at the
exchange rate at the contract date) foreign exchange rate at 31 December)
Assets Liabilities

- Forward contracts 1,600,673 - 21,314
- Swap contracts 1,348,775 - 5,560
- Purchase options (*) -
+ Purchase call options - -
+ Purchase put options 1,524 - 2
- Sell options (*)
+ Sell call options 587,901 10,072 -
+ Sell put options 365,358 10,784 -
- Futures contracts 3,170,454 3,523 -
(*) Total value of accounting book of assets/liabilities for options represent total net incomes/(expenses) of outstanding option deals.
147
FORM B05/TCTD
7. LOANS AND ADVANCES TO CUSTOMERS
7.1. Analysis by type of loans

31.12.2010 31.12. 2009
Loans to domestic businesses and individuals 86,420,952 61,917,514

Discounting bills and other valuable papers 181,405 71,346
Loans funded by Government, international and other institutions 45,607 32,000
Payment on behalf of customers - 69
86,647,964 62,020,929
7.2. Analysis by industry
31.12.2010 31.12. 2009

Trading 27,586,762 19,815,975
Agriculture and forestry 249,095 166,870
Manufacturing and processing 13,202,929 11,130,297
Construction 3,534,433 2,367,245
Individual and community services 33,408,347 22,933,687
Warehousing, transportation and communication 2,600,582 1,750,868
Training and education 80,160 31,255
Real estate 1,276,296 519,614
Hotels and restaurants 1,474,081 997,745
Financial services 667,142 630,766
Others 2,568,137 1,676,607
86,647,964 62,020,929
7.3. Analysis by group

31.12.2010 31.12. 2009
Current 86,146,091 61,402,365
Special mentioned 209,067 363,884
Sub-standard 64,759 24,776
Doubtful 58,399 88,502
Bad 169,648 141,402
86,647,964 62,020,929
7.4. Analysis by maturity
31.12.2010 31.12. 2009

Short-term loans 43,810,541 35,578,128
Medium-term loans 19,521,816 10,367,009
Long-term loans 23,315,607 16,075,792
86,647,964 62,020,929
7.5. Analysis by currency
31.12.2010 31.12. 2009

Denominated in Vietnam Dong 65,224,927 51,215,686

Denominated in foreign currencies and gold 21,423,037 10,805,243
86,647,964 62,020,929
7.6. Analysis by geography
31.12.2010 31.12. 2009

Ho Chi Minh City 56,302,724 40,167,729

Mekong Delta 3,513,027 2,775,982
Central 4,410,894 3,226,332
Northern 17,178,661 12,829,692
Eastern 5,242,658 3,021,194
86,647,964 62,020,929
7.7. Analysis by types of customers

31.12.2010 31.12. 2009
State-owned companies 4,932,121 4,378,113

Joint stock, limited and private enterprises 48,642,359 34,097,860
100% foreign-owned companies 204,820 195,295
Individuals, others 32,458,637 22,823,039
86,647,964 62,020,929
149
FORM B05/TCTD
8. PROVISION FOR LOSSES ON LOANS AND ADVANCES TO CUSTOMERS
Provision for losses on loans and advances to customers as at 31 December comprises:
31.12.2010 31.12. 2009

Specific provision 73,662 63,853

General provision 640,442 436,845
714,104 500,698
8.1. Specific provision for losses on loans and advances to customers
2010 2009
As at 1 January 63,853 21,896

Utilisation during the year (290) (1,302)
Reversal during the year (41,176) (75,017)
As at 31 December 73,662 63,853
8.2. General provision for losses on loans and advances to customers
2010 2009
As at 1 January 436,845 205,969
As at 31 December 640,442 436,845

As at 31 December 2010, general provision equals to 0.75% of total loans and
advances as at 30 November 2010, after deducting the total loans and advances
to customers which are classified as bad.
9. INVESTMENT SECURITIES
9.1. Available-for-sale securities
31.12.2010 31.12.2009
Debt securities 265,179 -

Government bonds (**) 1,646,997 -
Treasury bills (**) 1,912,176 -
Equity securities
Equity securities issued by other local credit institutions 25 25
237,086 190,205
2,149,262 190,205
Provision for diminution in value of available-for-sale securities (*) (120,374) (114,674)
2,028,888 75,531
(*) Provision for diminution in value of available-for-sale securities is analysed as bellows:
31.12.2010
Compared to market value

Book value Increase Decrease Market value Provision
VND VND VND VND VND
million million million million Million
- Listed equity securities 237,086 - (120,374) 116,712 (120,374)
- Government bonds 265,179 - - 265,179 -
- Treasury bills 1,646,997 - - 1,646,997 -
2,149,262 - (120,374) 2,028,888 (120,374)
31.12.2009
Compared to market value

Book value Increase Decrease Market value Provision
VND VND VND VND VND
million million million million million
151
FORM B05/TCTD
Market value of equity securities listed on the Hanoi Stock Trading Centre
(HASTC) is based on the average prices of the last official trading date of the year
at the Hanoi Stock Trading Centre (HASTC).

Market value of equity securities listed on the Ho Chi Minh Stock Exchange
(HOSE) is based on the close prices of the last official trading date of the year at
the Ho Chi Minh Stock Exchange (HOSE).
9.2. Held-to-maturity securities
31.12.2010 31.12.2009
Government bonds (**) 7,737,909 13,653,321

Debt securities and certificate of deposits issued by other local credit institutions 30,592,938 14,540,324
Debt securities issued by local companies 7,838,314 3,788,200
Provision for diminution in value of held-to-maturity securities - -
46,169,161 31,981,845
(**) Included in the balances as at 31.12.2010 of held to maturity securities and available for sale securities was VND 9,236,758 million of
Government bonds pledged as collateral for borrowings from the SBV.
10. CAPITAL CONTRIBUTION AND LONG TERM INVESTMENTS
10.1. Analysis by type of investment

31.12.2010 31.12. 2009
Investment in subsidiaries (Note 10.2) 2,040,000 1,940,000

Investment in joint ventures and associates (Note 10.3) 1,200 1,100
Other long-term investments (Note 10.4) 968,851 760,391
Provisions for diminution in value of long-term investments - -
3,010,051 2,701,491
10.2. Investment in subsidiaries
31.12.2010 31.12. 2009

ACB Securities Company (ACBS) 1,500,000 1,500,000
Asia Commercial Bank Assets Management Company (ACBA) 340,000 340,000
Asia Commercial Bank Leasing Company (ACBL) 200,000 100,000
2,040,000 1,940,000
10.3. Investments in joint-ventures and associates
2010 2009
At 1 January 1,100 101,024
New investments and additional capital contribution 100 2,250
Partial disposal of shareholdings in joint-ventures and associates - (22,096)
Transferred to other long-term investments - (80,078)
At 31 December 1,200 1,100
31 December 2010 31 December 2009
Nature of % share At cost % share At cost

Name business Holding VND million holding VND Million
ACB Security Services Joint Security guard services 10 200 10 100

Stock Company
Manufacturing, 10 1,000 10 1,000
ACB-SJC Jewelry Joint Stock
Company trading gold products
1,200 1,100
153
FORM B05/TCTD
10.4. Other long-term investments

31.12.2010 31.12.2009
At cost At cost
Investment in local credit institutions 170,044 70,044
Investment in local companies 798,807 690,347
968,851 760,391
Provision for diminution in value of other long-term investments - -
968,851 760,391
11. TANGIBLE FIXED ASSETS

Office Motor Other

Buildings equipment vehicles assets Total
Historical cost
At 1 January 2010 443,529 492,847 140,142 66,189 1,142,707
Additions 38 93,413 - 14,225 107,676
Transfer from construction in progress 150,609 43,947 61,454 4,552 260,562
Disposal - (13,224) (1,282) (1,242) (15,748)
Other movements (38) (4,937) 1,096 3,764 (115)
At 31 December 2010 594,138 612,046 201,410 87,488 1,495,082
At 1 January 2010 61,172 254,589 52,754 23,549 392,064
Charge for the year 20,654 114,208 22,941 13,539 171,342
Disposal - (12,340) (1,136) (832) (14,308)
At 31 December 2010 81,826 356,457 74,559 36,256 549,098
Net book value

At 1 January 2010 382,357 238,258 87,388 42,640 750,643
At 31 December 2010 512,312 255,589 126,851 51,232 945,984
Of which:
31.12.2010 31.12. 2009
Net book value of tangible fixed assets not in use 8,456 6,266
Historical costs of tangible fixed assets fully depreciated and still in use 135,049 89,580
12. INTANGIBLE FIXED ASSETS
Computer software
VND million
Historical cost
At 1 January 2010 100,859
Additions 846
Transfer from construction in progress 5,962
At 31 December 2010 107,667
At 1 January 2010 53,180
Charge for the year 16,546
At 31 December 2010 69,726
Net book value

At 1 January 2010 47,679
At 31 December 2010 37,941
13. OTHER ASSETS
31.12.2010 31.12.2009
Accrued interest income 4,199,020 2,302,573
Deferred tax asset (Note 20) - 22,865
Construction in progress and purchase of fixed assets (Note 13.1) 790,675 607,659
Receivables from customers (*) 10,056,717 21,744,342
Receivables from State Bank of Vietnam 80,865 129,669
Advances and internal receivables 208,024 555,490
Deferred expenses 927,596 217,073
Other assets 28,829 9,740
12,092,706 23,263,973
16,291,726 25,589,411
155
FORM B05/TCTD
(*) Included in receivables from customers as at 31 December 2009, was VND18,944,292 million of receivables from counterparties for
overseas and onshore gold margin trading activities.

Included in receivables from customers as at 31 December 2010 was VND 3,138,590 million of receivables from local counterparties
for gold trading activities. This balance was fully secured by the customers margin and term deposits held at the bank (note 16.1) and
bank guarantees.
13.1. Construction in progress and purchase of fixed assets
31.12.2010 31.12.2009
At 1 January 607,659 532,858
Additions 513,852 246,448
Transfer to fixed assets (266,524) (162,660)
Other transfers (64,312) (8,987)
At 31 December 790,675 607,659
14. DUE TO GOVERNMENT AND BORROWINGS FROM THE STATE BANK OF VIETNAM
31.12.2010 31.12.2009
Short-term borrowings secured by valuable papers 9,451,677 10,256,943
Short-term borrowings are secured by Government bonds (Note 9.2).
15. DEPOSITS FROM OTHER CREDIT INSTITUTIONS
31 December 2010
Denominated in Denominated in foreign
VND currencies and gold Total
Deposits from other credit institutions
Demand deposits 3,600,505 52,153 3,652,658
Term deposits 19,284,561 5,236,936 24,521,497
22,885,066 5,289,089 28,174,155
31 December 2009
Denominated in Denominated in foreign
VND currencies and gold Total
Deposits from other credit institutions
Demand deposits 1,264,782 1,593,077 2,857,859
Margin deposits 2,901 - 2,901
Term deposits 5,646,149 1,947,308 7,593,457
6,913,832 3,540,385 10,454,217
16. DEPOSITS FROM CUSTOMERS
16.1. By type of deposits and currency
31 December 2010

Demand deposits 9,098,434 1,420,450 10,518,884

Term deposits (*) 8,310,863 373,893 8,684,756
Saving deposits 67,841,040 17,649,548 85,490,588
Margin deposits (*) 805,991 1,564,477 2,370,468
86,122,217 21,028,236 107,150,453
31 December 2009
Demand deposits 9,205,639 1,262,950 10,468,859

Term deposits (*) 6,670,496 1,996,473 8,666,969
Saving deposits 52,075,483 13,978,907 66,054,390
Margin deposits (*) 1,274,113 1,267,329 2,541,442
69,380,126 18,520,713 87,900,839
(*) Included in term deposits and margin deposits was VND2,332,973 million were held by the bank to secure the receivables from local
counterparties for gold trading activities at 31 December 2010 (2009: VND2,210,969 million) (Note 13).
157
FORM B05/TCTD
16.2. By type of customers
31.12.2010 31.12.2009
State-owned companies 839,705 1,406,288
Local joint stock, limited and private enterprises 14,761,551 13,760,846
Foreign companies 474,329 575,429
Individuals 89,884,943 71,196,548
Others 601,356 431,139
107,150,453 87,900,839
17. FUNDS RECEIVED FROM GOVERNMENT, INTERNATIONAL AND OTHER INSTITUTIONS
31.12.2010 31.12.2009
Funds received from SMEDF 49,807 75,985

Funds received from RDF 131,173 80,584
Funds received from JBIC 198,788 113,735
379,768 270,304
Funds received from Small and Medium Enterprises Development Fund (SMEDF)
is used to provide finance to small and medium Vietnamese enterprises. Any
loans granted using SMEDF funds must be reviewed and approved by the Project
Planning and Monitoring Unit of SMEDF. Outstanding balances of funds received
from SMEDF bear interest rate range from 0.75% to 0.87% per month. Loans
granted using these funds bear interest at the same rate as other commercial loans.
Funds received from the Rural Development Fund (RDF) are financed by the
World Bank for a term from one to five years at interest rates range from 0.81%
to 0.97% per month. These funds are lent to borrowers in accordance with the
Decision No. 25/Q-NH21 dated 31 January 1997 by the Governor of the SBV.
Funds received from Japanese Bank of International Corporation (JBIC)

are financed by the Japanese Government via Japan Bank for International
Cooperation with interest rate ranges from 0.54% to 0.78% per month. These funds
are lent to small and medium enterprises with the maximum period of 10 years
for medium and long-term loans, and 1 year for short-term loans in accordance
with the Lending Agreement signed between the State Bank of Vietnam and Asia
Commercial Joint Stock Bank.
18. BONDS AND CERTIFICATES OF DEPOSIT
31.12.2010 31.12.2009
Bonds 5,090,000 4,010,000

Certificates of deposit 30,944,151 22,072,588
36,034,151 26,082,588
18.1. Bonds
31.12.2010 31.12.2009
Over-ten-year bonds issued by the Bank 3,000,000 -

Five-year bonds issued by the Bank 2,090,000 2,090,000
Three-year bonds issued by the Bank - 1,920,000
5,090,000 4,010,000
18.2. Certificate of Deposits
31.12.2010 31.12.2009
Denominated in gold
- Short-term 29,168,264 20,479,109
- Medium-term 1,775,887 1,593,479
30,944,151 22,072,588
159
FORM B05/TCTD
19. OTHER LIABILITIES
31.12.2010 31.12.2009
Accrued interest expense 1,556,281 1,078,246
Remittance in transit payable 140,278 118,263
Obligation to the States budget (Note 35) 272,870 209,907
Unearned income 757,099 15,660
Payables to counterparties for margin gold trading - 18,481,825
Other payables (*) 7,299,522 3,165,795
Provision for severance allowance 5,110 5,110
General provision for losses on contingencies and credit 33,469 20,760
commitments (Note 19.1)
8,508,348 22,017,320
10,064,629 23,095,566
(*) Include in the other payables was VND986,354 million of gold being kept under custodianship on behalf of customers
(2009: VND2,661,610 million).
19.1. General provision for losses on contingencies and credit commitments
2010 2009
At 1 January 20,760 9,182

Charge during the year 12,709 11,578
At 31 December 33,469 20,760

As at 31 December 2010, general provision equal to 0.75% of total balance of
2010 after deducting guarantees and commitments which are classified as bad.
20. DEFERRED INCOME TAX ASSET
31.12.2010 31.12.2009
Deferred income tax asset recognised on deductible - 22,865

temporary differences
21. CAPITAL
31.12.2010 31.12.2009
Issued and fully paid chartered capital 9,376,965 7,814,138
Accordance to Official Letter No.8760/NHNN-TTGSNH dated 11 November 2010

issued by the State Bank of Vietnam, the Banks chartered capital was increased
to VND 9,376,965 million by issuing 156,282,751 ordinary shares at face value of
VND10,000 per share.
Number of Total
ordinary share value
shares VND million
As at 1 January 2009 635,581,278 6,355,813

Convertible bonds converted to ordinary shares 134,993,100 1,349,931
Nominal value of bonus shares issued 10,839,377 108,394
As at 31 December 2009 781,413,755 7,814,138
New shares issued in 2010 156,282,751 1,562,827
As at 31 December 2010 937,696,506 9,376,965
161
FORM B05/TCTD
22. RESERVES AND RETAINED EARNINGS
Reserve for Financial

Retained supplementary provision Other
earnings chartered capital fund funds Total
As at 1 January 2009 671,618 108,777 520,668 (48,774) 1,252,289

Profit for the year 2009 1,893,678 - - - 1,893,678
Appropriation from 2009 profit (392,446) 94,684 189,368 108,394 -
Transfer from supplementary chartered - (108,394) - - (108,394)
capital reserve to capital
Dividends declared in 2009 (1,131,335) - - - (1,131,335)
As at 31 December 2009 1,041,515 95,067 710,036 (20,353) 1,826,265
Profit for the year 2010 2,622,639 - - - 2,622,639
Appropriation from 2010 profit (376,948) 20,000 262,264 94,684 -
Final dividends declared from profit of 2009 (1,172,121) - - - (1,172,121)
Interim dividends declared in 2010 (1,328,403) - - - (1,328,403)
As at 31 December 2010 786,682 115,067 972,300 (52,278) 1,821,771
In accordance with Decree No. 146/2005/N-CP dated 23 November 2005 issued

by the Government, the Bank is required to establish the following reserves:
Reserve for supplementary chartered capital: allocated from net profit after business
income tax each year. According to Decree 146/2005/N-CP, there is no requirement
on allocation of profit after business income tax to this reserve. In 2010, the Bank
has allocated VND20 billion from net profit after business income tax to reserve for
supplementary chartered capital. The reserve for supplementary chartered capital
will be transferred to chartered capital upon approval from the SBV.
Financial provision fund: 10% of the net profit after business income tax is
allocated until the reserve balance reaches 25% of the current capital.
The allocations to welfare and bonus fund are proposed by the Board of Directors
of the Bank and approved in the Annual General Meeting.
Dividend
During the year, the Bank have declared and paid dividends of 15% and 17% in
cash from the prior years and current years profits, respectively.
23. EARNINGS PER SHARE
23.1. Basic earnings per share (Basic EPS)
Basic earnings per share is calculated by dividing the net profit attributable to
the equity holders of the Bank by the weighted average number of ordinary
shares in issue during the year.
2010 2009
Profit attributable to the equity holders of the Bank (VND million) 2,622,639 1,893,678
Less: appropriation to bonus and welfare fund

(94,684) (108,394)
Net profit used to determine basic EPS (VND million) 2,527,955 1,785,284
Weighted average number of ordinary shares in issue at the end of year 783 688
(millions of shares)
Basic earnings per share based on weighted average number of ordinary

shares in issue and calculated at end of year (VND per share) 3,229 2,595
23.2. Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average

number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Bank has only one category of dilutive potential
ordinary shares: convertible bonds. The convertible bonds are assumed to have
been converted into ordinary shares. The net profit is adjusted to eliminate the
interest expense less the tax effect.
In 2009, convertible bonds were fully converted to equity.
163
FORM B05/TCTD
2010 2009
Profit attributable to equity holders of the Bank (VND million) 2,622,639 1,893,678
Interest expenses on convertible bonds (net of tax) - 55,921
Net profit used to determine diluted EPS (VND million) 2,527,955 1,841,205
Weighted average number of ordinary shares in issue at end of year (millions of shares) 783 688
Adjustments for convertible bond weighted average (millions of shares) - 93
Weighted average number of ordinary shares in issue at end of year used for 781
783
calculation of diluted earnings per share (millions of shares)
Diluted earnings per share based on weighted average number of ordinary shares in 3,229 2,357
issue and calculated at end of year (VND per share)
24. INTEREST AND SIMILAR INCOME
2010 2009
On loans and advances to customers 8,238,322 4,820,005
On deposits at other credit institutions 2,300,959 1,896,500
On investment in debt securities 4,369,302 2,831,310
Other income from credit activities 3,841 4,507
14,912,424 9,552,322
25. INTEREST AND SIMILAR EXPENSES
2010 2009
On deposits 9,256,467 5,733,665
On borrowings from State Bank of Vietnam 726,043 208,143
On convertible bonds, bonds and certificates of deposit 676,994 868,620
Other expenses from credit activities 10,638 7,646
10,670,142 6,818,074
26. FEES AND COMMISSION INCOME
2010 2009
Guarantees 72,905 39,978
Settlement services 661,804 498,555
Cash services 22,786 18,207

860,096 867,665
27. FEES AND COMMISSION EXPENSES
2010 2009
Settlement and cash services 86,930 74,790
120,979 98,488
165
FORM B05/TCTD
28. NET GAIN FROM TRADING IN FOREIGN CURRENCIES AND GOLD
2010 2009
Net gains from dealing in foreign currencies and gold 418,847 37,223
Net (loss)/gains from revaluation of foreign currencies and gold (227,743) 385,113
191,104 422,336
29. NET GAIN FROM DISPOSAL OF INVESTMENT SECURITIES
2010 2009
Gain on disposal of investment securities 94,662 242,277

Loss on disposal of investment securities (314) (8,457)
Provision charge for diminution in value of investment securities (5,700) -
Income from reversal of provision for diminution in value of investment securities - 98,396
88,648 332,216
30. INCOME FROM CAPITAL CONTRIBUTION AND LONG-TERM INVESTMENTS
2010 2009
Dividend income from available-for-sale securities 5,001 37,340

Dividend income from investments in subsidiaries and other 350,933 39,675
long-term investments
355,934 77,015
31. GENERAL AND ADMINISTRATIVE EXPENSES
2010 2009
Tax and fee expenses 2,471 8,314

Staff costs
- Salary and allowance 791,576 707,172
- Salary related contribution 61,357 46,251
- Other allowances 4,763 3,598
- Other staff related costs 56,267 50,442
Expenses on fixed assets
- Depreciation and amortisation 187,888 158,634
- Other expenses 331,298 256,703
Admin expenditures 510,410 391,182
Insurance fee 92,226 78,251
2,038,256 1,700,547
32. VALUE ADDED TAX
Earned fees and commissions are subject to value added tax at the rate of 10%
under the deduction method. Foreign currency and gold operations are subject
to value added tax at the rate of 10% under the direct method. All other banking
activities of the Bank are exempt from value added tax.
167
FORM B05/TCTD
33. BUSINESS INCOME TAX
2010 2009
Current income tax 733,823 628,873
Deferred income tax 22,865 (22,865)
756,688 606,008
Business income tax charge for the year of the Bank based on the estimated taxable
income and subject to the review and possible adjustment by the tax authorities.
2010 2009
Mc
Net profit before tax 3,379,327 2,499,686
Tax (at regulated tax rates of 25%) 844,831 624,921
Effect of:
Tax on expenses not deductible - 22,886
Tax on income not subject to tax (111,848) (19,254)
Under provision in previous year 840 320
Deferred income tax on deductible temporary differences 22,865 (22,865)
756,688 606,008
The Banks tax returns are subject to periodic examination and possible
adjustment by the Tax Authority.
The tax assessments for the year 2010 have not yet been finalised by the Tax Authority.
34. EMPLOYEES REMUNERATION
2010 2009
Number of employees 6,869 6,409

Employees remuneration VND million VND million
Total salary fund and bonus 791,576 707,172

Other income 44,799 43,381
Total income 836,375 750,553
Average salary 115 110
Average income 122 117
35. OBLIGATIONS TO THE STATES BUDGET
Movements during the year
1 January 2010 Payable Payments 31 December 2010

Items VND million VND million VND million VND million
Value added tax 5,007 66,804 (56,514) 15,297
Business income tax 202,347 733,824 (681,418) 254,753
Land and Housing taxes - 140 (140) -
Other taxes 2,553 23,234 (22,967) 2,820
209,907 824,002 (761,039) 272,870
36. CUSTOMERS ASSETS HELD AS COLLATERAL
2010 2009
Equity shares and valuable papers 31,411,913 26,250,035
Inventories 385,016 237,879
Machinery and equipment 7,586,038 6,099,745
Land and property 143,618,632 89,396,127
Other assets 21,953,247 18,692,304
204,954,846 140,676,090
Customers assets held as collateral are recorded off balance sheet and valued in
accordance with State Bank of Vietnam regulations.
169
FORM B05/TCTD
37. CONTINGENCIES AND CREDIT COMMITMENTS
The aggregate amounts of outstanding guarantees, letters of credit and other

commitments at the end of the year were:
31 December 2010

in VND currencies Total
Bidding guarantees 101,404 379 101,783
1,603,079 2,459,808 4,062,887
31 December 2009

in VND currencies Total
Bidding guarantees 81,966 2,512 84,478
1,033,485 1,977,046 3,010,531
In the normal course of business, the Bank makes various commitments and
incurs certain contingent liabilities that are presented in the off balance sheet.
The commitments and contingent liabilities include guarantees and letters of
credit. The Bank does not anticipate any significant losses as a result of these
transactions
38. OTHER COMMITMENTS
31.12.2010 31.12.2009
+ Purchase gold call options 16,019,178 -
+ Purchase gold put options (1,823,078) (1,524)
14,196,100 (1,524)
+ Sell gold call options (2,540,355) (587,901)
+ Sell gold put options 17,244,525 415,232
14,704,170 (172,669)
28,900,270 (174,193)
39. RELATED PARTY TRANSACTIONS AND BALANCES
During the year, the Bank had the following transactions with related parties:
2010 2009
Compensation of Management 13,748 9,314
Compensation of Board of Directors 6,641 3,686
Compensation of Comptroller Board 2,231 2,452
Interest income on deposits at subsidiaries 5,882 2,683
Interest income on loans to joint ventures and associates 4,642 18,859
Interest income on loans to other related parties 439 22
Interest expenses on deposits from subsidiaries 47,992 48,616
Interest expenses on deposits from joint ventures and associates 5,647 9,156
Interest expenses on deposits from other related parties 19,073 11,169
Dividends received from subsidiaries 334,109 27,206
Dividends received from joint ventures and associates - 1,341
Additional capital contribution to subsidiaries 100,000 500,000
Additional capital contribution to associate 100 -
Purchases of equity securities from a subsidiary - 13,986
Gold sold to joint ventures and associates - 2,450,921
Gold purchased from joint ventures and associates - 2,363,626
Net interest income from gold trading activities from joint - 1,073
ventures and associates
Fee paid to subsidiaries 15,240 17,857
Fee paid to joint ventures and associates 95,799 68,710
Fee earned from a subsidiary 7,349 13,744
Fixed assets and tools sold to subsidiaries 1,064 -
171
FORM B05/TCTD
At the year end, the balances with related parties are as below:
31.12.2010 31.12.2009
Deposits from subsidiaries 307,257 1,005,669
Deposits from joint ventures and associates 12,661 219,025
Deposits from other related parties 191,453 100,867
Deposits at subsidiaries 198,156 41,700
Loans to joint ventures and associates - 210,000
Loans to other related parties 5,680 96
Advances to and receivables from subsidiaries 44,369 7,336
Payables to subsidiaries - 811
Payables to joint ventures and associates - 18,703
Interest receivables from deposits at subsidiaries 1,507 -
Interest receivables from joint ventures and associates - 436
Interest receivables from other related parties 42 2
Interest payables to subsidiaries 2,331 1,778
Interest payables to joint ventures and associates 88 276
Interest payables to other related parties 448 598
Entrusted investments received from subsidiaries 379,979 148,574
Entrusted investments received from related parties 30,068 27,141
40. CONCENTRATIONS OF ASSETS AND LIABILITIES BY GEOGRAPHICAL AREA
Loans and Deposits and Credit Derivatives Trading and

advances to borrowings commitments financial investment
customers and from customers instruments securities
other credit and other credit (total contract
institutions institutions value)
Domestic 86,723,764 135,324,608 1,644,130 23,105,345 48,318,423

Overseas - - 2,418,757 39,636,211 -
86,723,764 135,324,608 4,062,887 62,741,556 48,318,423
41. FINANCIAL RISK MANAGEMENT
41.1. Credit risk
The Bank takes on exposure to credit risk, which is the risk that counterparty will
cause a financial loss for the Bank by failing to discharge an obligation. Credit
exposures arise principally in lending activities that lead to loans and advances,
and investment activities that bring debt securities. There is also credit risk in
off-balance sheet financial instruments, such as loan commitments. The credit
risk management and control are done centrally by Credit Committee and Credit
Management Policy Board with representatives from the Board of Directors and
Management.
In measuring credit risk of loan and advances to customers and to banks, the
Bank adopts guidance provided in Decision No. 493/2005/Q-NHNN dated
22 April 2005 and Decision No. 18/2007/Q-NHNN dated 25 April 2007 of the
Governor of the State Bank of Vietnam as described in Note 2.7 to the separate
financial statements.
The Bank manages credit risk by placing limits on exposures in relation to

one borrower, or groups of borrowers in accordance with regulations of the
State Bank of Vietnam. In addition, exposure to credit risk is managed through
regularly reviewing on the acceptable classes of collaterals and analysing
the ability of borrowers and potential borrowers to meet interest and capital
repayment obligations.
173
FORM B05/TCTD
41.2. Market risk

a.. Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument
will fluctuate because of changes in market interest rates. The Bank manages
interest rate risk by monitoring the level of mismatch of interest rate by terms on
a monthly basis.
The table below summaries the Banks exposure to interest rate risk as at 31
December 2010. The banks assets and liabilities are grouped into relevant
maturity terms based on the repricing period.
Non-interest Up to
As at 31 December 2010 Overdue bearing 1 month
Assets
Cash and precious metals - 10,884,748 -
Balances with the State Bank of Vietnam - 461,505 2,452,848
Placements with and loans to other credit institutions(*) - - 9,593,448
Derivatives and other financial assets - 78,172 -
Loans and advances to customers (*) 404,315 225,991 9,500,565
Investment securities (*) - 237,086 1,839,427
Capital contribution, long-term investments - 3,010,051 -
Fixed assets - 983,925 -
Other assets - 16,291,726 -
Total assets 404,315 32,173,204 23,386,288
LLiabilities
Due to Government and borrowings from the State Bank of Vietnam - - 9,451,677
Deposits from other credit institutions - - 15,694,546
Funds received from Government, international and other institutions - - -
Deposits from customers - - 59,144,798
Bonds and deposits certificates - - 7,771,978
Other liabilities - 10,064,629 -
TTotal liabilities - 10,064,629 92,062,999
Interest gap of balance sheet items 404,315 22,108,575 (68,676,711)
Interest gap of contingencies - (4,062,887) -
and credit commitments
Interest gap of other commitments - 28,900,270 -
Total interest gap 404,315 46,945,958 (68,676,711)
(*) These items do not include the provisions.

1-3 months 3-6 months 6-12 months 1-5 years Over 5 years Total
- - - - - 10,884,748
- - - - - 2,914,353
7,499,078 11,057,482 3,171,710 2,837,866 - 34,159,584
- - - - - 78,172
61,425,532 5,105,997 8,702,806 1,009,246 273,512 86,647,964
4,007,900 11,494,484 6,694,770 20,964,264 3,080,492 48,318,423
- - - - - 3,010,051
- - - - - 983,925
- - - - - 16,291,726
72,932,510 27,657,963 18,569,286 24,811,376 3,354,004 203,288,946
- - - - - 9,451,677
2,419,035 6,765,262 2,178,640 1,090,662 26,010 28,174,155
- 51,736 23,805 244,576 59,651 379,768
33,682,819 7,494,092 3,984,169 2,843,913 662 107,150,453
19,192,946 2,097,402 1,650,063 2,321,762 3,000,000 36,034,151
- - - - - 10,064,629
55,294,800 16,408,492 7,836,677 6,500,913 3,086,323 191,254,833
17,637,710 11,249,471 10,732,609 18,310,463 267,681 12,034,113
- - - - - (4,062,887)
- - - - - 28,900,270
17,637,710 11,249,471 10,732,609 18,310,463 267,681 36,871,496
175
FORM B05/TCTD
b. Currency risk
The Bank takes on exposure to effects of fluctuations in the prevailing foreign
currency exchange rates on its financial position and cash flows. The Banks
Management sets limits on the level of exposure by currency and in total for
both overnight and intra-day positions, which are monitored daily.
The table below summarises the Banks exposure to currency risk at 31 December
2010. Included in the table are the Banks assets and liabilities at carrying
amounts, categorised by currency.
As at 31 December 2010 VND USD GOLD

Assets
Cash and precious metals 1,407,232 719,927 8,678,306
Balances with the State Bank of Vietnam 2,451,650 462,703 -
Placements with and loans to other credit institutions (*) 26,582,180 5,428,301 1,837,530
Derivatives and other financial assets (4,205,685) 4,610,738 3,223,901
Loans and advances to customers (*) 65,224,927 8,111,174 13,248,147
Investment securities (*) 43,075,464 3,294,168 1,948,791
Capital contribution, long-term investments 3,010,051 - -
Fixed assets 983,925 - -
Other assets 6,357,843 3,321,905 140,403
Total assets 144,887,587 25,948,916 29,077,078
Liabilities and shareholders equity
Due to Government and borrowings from the State Bank of Vietnam 9,451,677 - -
Deposits from other credit institutions 22,885,066 685,101 4,602,714
Funds received from Government, international and other institutions 379,768 - -
Deposits from customers 86,122,217 19,191,211 1,255,165
Bonds and deposits certificates 5,090,000 - 30,944,151
Other liabilities 2,795,557 5,949,930 1,048,054
Capital and reserves 11,198,736 - -
Total liabilities and shareholders equity 137,923,021 25,826,242 37,850,084

Net on-balance sheet position 6,964,566 122,674 (8,773,006)
Off-balance sheet contingencies and credit commitments position (1,603,079) (2,306,707) -
Off-balance sheet other commitments position - - 28,900,270
Total currency gap 5,361,487 (2,184,033) 20,127,264

EUR JPY AUD CAD Others Total
52,044 6,403 11,678 6,191 2,967 10,884,748

- - - - - 2,914,353
180,781 6,380 107,857 3,695 12,860 34,159,584
(3,540,339) - (6,291) (4,152) - 78,172
63,716 - - - - 86,647,964
- - - - - 48,318,423
- - - - - 3,010,051
- - - - - 983,925
6,331,401 12,369 315 10 127,480 16,291,726
3,087,603 25,152 113,559 5,744 143,307 203,288,946
- - - - - 9,451,677
950 227 95 - 2 28,174,155
- - - - - 379,768
555,606 12,726 3,050 2,611 7,867 107,150,453
- - - - - 36,034,151
13,394 11,890 238,762 1,083 5,959 10,064,629
- - - - - 11,198,736
569,950 24,843 241,907 3,694 13,828 202,453,569

2,517,653 309 (128,348) 2,050 129,479 835,377
(79,568) (39,963) (887) - (32,683) (4,062,887)
- - - - - 28,900,270
2,438,085 (39,654) (129,235) 2,050 96,796 25,672,760
177
c. Liquidity risk
The Bank is exposed to daily calls on its available cash resources from overnight
deposits, current accounts, maturing deposits, loan draw downs, guarantees
and from margin and other calls on cash settled derivatives. The Bank does not
maintain cash resources to meet all of these needs as experience shows that
a minimum level of reinvestment of maturing funds can be predicted with a
high level of certainty. The Banks Management sets limits on the minimum
proportion of maturing funds available to meet such calls and on the minimum
level of inter-bank and other borrowing facilities that should be in place to cover
withdrawals at unexpected levels of demand.
The table below analysed the Banks assets and liabilities into relevant maturity
grouping based on the remaining period at the balance sheet date to the
contractual maturity date.
Overdue
As at 31 December 2010 Over 3 months Up to 3 months
Assets
Cash and precious metals - -
Balances with the State Bank of Vietnam - -
Placements with and loans to other credit institutions (*) - -
Derivative and other financial instruments - -
Loans and advances to customers (*) 188,612 215,703
Investment securities (*) - -
Capital contribution, long-term investments - -
Fixed assets - -
Other assets - -
Total assets 188,612 215,703
Liabilities
Due to Government and borrowings from the State Bank of Vietnam - -
Deposits from other credit institutions - -
Funds received from Government, international and other institutions - -
Deposits from customers - -
Bonds and deposits certificates - -
Other liabilities - -
Total liabilities - -
Net liquidity gap 188,612 215,703

Current Currency: VND million
Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total
10,884,748 - - - - 10,884,748
2,914,353 - - - - 2,914,353
15,696,117 13,981,583 2,752,564 1,729,320 - 34,159,584
78,172 - - - - 78,172
6,150,234 13,071,334 25,613,783 20,014,285 21,394,013 86,647,964
7,215,750 14,903,369 7,117,689 16,266,301 2,815,314 48,318,423
- - - - 3,010,051 3,010,051
- - - - 983,925 983,925
16,291,726 - - - - 16,291,726
59,231,100 41,956,286 35,484,036 38,009,906 28,203,303 203,288,946
9,451,677 - - - - 9,451,677
18,536,042 5,834,590 3,339,513 464,010 - 28,174,155
- 11,758 157,950 200,409 9,651 379,768
67,467,287 29,886,012 9,686,664 110,439 51 107,150,453
12,826,383 15,237,757 2,813,462 2,156,549 3,000,000 36,034,151
10,064,629 - - - - 10,064,629
118,346,018 50,970,117 15,997,589 2,931,407 3,009,702 191,254,833
(59,114,918) (9,013,831) 19,486,447 35,078,499 25,193,601 12,034,113
The financial statements were approved by the Banks Management on 22 March 2011.

179
181
BO CO TI CHNH
AWARDS AND SOCIAL

RECOGNITION IN 2010
Rising Star Cash Management Bank
in Vietnam 2010
The Asset
25/3/2010
Top Trade Services Award

(2007-2009)
Ministry of Commerce and Industry
24/1/2010
Strongest Bank Citi Performance Excellence Award

in Vietnam 2010 (Straight Through Processing)
Citibank
The Asian Banker
22/6/2010
18/04/2010
AWARDS AND SOCIAL RECOGNITION IN 2010
Most Preferred Brand Name 2010 Best Bank

(consumer poll) in Vietnam 2010
Sai Gon Giai Phong Newspaper
FinanceAsia
18/8/2010
1/9/2010
Best Emerging Market Bank

in Vietnam 2010
Global Finance
9/9/2010
Best Domestic Bank

Best Domestic Bank in Vietnam 2010
in Vietnam 2010
The Asset
Asiamoney 29/11/2010
29/9/2010 183
185
BO CO TI CHNH
HIGHLIGHTS
OF THE YEAR 2010
State President Nguyen Minh Triet visited ACB and wished the bank a happy and
18/2/2010 prosperous Lunar New Year.
Inauguration of Hoang Viet Sub-branch (HCMC)

06/1/2010
Inauguration of Thao Dien Sub-branch (HCMC)
08/1/2010 Inauguration of Phu Xuan Sub-branch (HCMC)
11/1/2010 Certificate of [Service Provider of ] Trust and Choice by consumer poll in 2009 by Vietnam
Economic Times & VnEconomy
15/1/2010 Seminar Vietnamese Banks Going through the Financial Crisis organized by ACB and VCCI
Awarded Top Trade Services Award (2007-2009) by Ministry of Commerce and Industry
24/1/2010
ACB CEO, Mr. Ly Xuan Hai, awarded Businessperson of Excellence Award by Ministry of
Commerce and Industry
05/2/2010 2010 Spring Tree program for poor and disabled children.
06/2/2010 Client Conference of ACB Securities
25/2/2010 Inauguration of Rach Dua Sub-branch (Vung Tau City)
10/3/2010 Inauguration of Khu Sau Market Sub-branch (Quy Nhon City, Binh Dinh Province)
Inauguration of Linh Xuan Sub-branch (HCMC)

17/3/2010
Inauguration of Phuoc Binh Sub-branch (HCMC)
22/3/2010 Inauguration of Trung Son Sub-branch (HCMC)
Inauguration of Nghe An Branch

23/3/2010
Inauguration of Lam Dong Branch
25/3/2010 Awarded Rising Star Cash Management Bank in Vietnam 2010 by The Asset
Inauguration of the new office of Da Nang Branch

26/3/2010
Inauguration of Hai Chau Sub-branch (Da Nang City)
HIGHLIGHTS OF THE YEAR 2010
29/3/2010 Inauguration of Sai Gon South Sub-branch (HCMC)
08/4/2010 Inauguration of Thach Da Sub-branch (HCMC)
10/4/2010 Annual General Meeting of Shareholders 2010
Awarded Strongest Bank in Vietnam 2010 by The Asian Banker; ACB CEO, Mr. Ly Xuan Hai,
18/4/2010 awarded Leadership Achievement Award 2010 by The Asian Banker
Inauguration of Bac Giang Branch

07/5/2010
Announcement of ACB Online services
11/5/2010 Inauguration of Bai Chay Sub-branch (Ha Long City, Quang Ninh Province)
21/5/2010 Inauguration of the new office of Le Ngo Cat Branch (HCMC)
Inauguration of Tan Huong Sub-branch (HCMC)

24/5/2010
Inauguration of Nguyen Dinh Chieu Sub-branch (HCMC)
31/5/2010 Inauguration of the new office of Hung Vuong Sub-branch (HCMC)
05/6/2010 ACB Family Day
06/6/2010 17th anniversary of ACB; Charity music show: Lighting Candles of Faith # 7
Inauguration of Van Lam Sub-branch (Hung Yen Province)

21/6/2010
Inauguration of the new office of Can Tho Branch
Inauguration of Tay Do Sub-branch (Can Tho City)
Inauguration of Phan Xich Long Sub-branch (HCMC)
22/6/2010 Performance Excellence award (Straight Through Processing) awarded by Citibank.
Inauguration of Ky Dong Sub-branch (HCMC)
187
28/6/2010 Inauguration of Dinh Tien Hoang Sub-branch (HCMC)
29/6/2010 Issuance of EMV standard chip cards
15/7/2010 Inauguration of Bui Vien Sub-branch (HCMC)
20/7/2010 Inauguration of Go May Sub-branch (HCMC)
28/7/2010 Inauguration of Van Quan Sub-branch (Ha Noi)
05/8/2010 Groundbreaking ceremony for ACB office building at Vung Tau
09/8/2010 Groundbreaking ceremony for ACB office building at District 3 (HCMC)
14/8/2010 Inauguration of Mong Cai Sub-branch (Quang Ninh Province)
Awarded the Most Preferred Brand Name 2010 by Sai Gon Giai Phong Newspaper
18/8/2010 (consumer poll)
20/8/2010 Inauguration of Tay Thanh Sub-branch (HCMC)
30/8/2010 Inauguration of Ton Dan Sub-branch (HCMC)
01/9/2010 Awarded Best Bank in Vietnam 2010 by FinanceAsia
07/9/2010 Inauguration of Ham Tu Sub-branch (HCMC)
09/9/2010 Inauguration of Thai Nguyen Branch
13/9/2010 Inauguration of Nam Dinh Branch
16/9/2010 Inauguration of Go Cat Sub-branch (HCMC)
17/9/2010 Inauguration of Rach Soi Sub-branch (Kien Giang Province)
29/9/2010 Awarded Best Domestic Bank in Vietnam 2010 by Asiamoney
Inauguration of the new office of Tien Giang Branch

04/10/2010
Inauguration of My Tho Sub-branch (Tien Giang Province)
07/10/2010 Inauguration of Quy Nhon Sub-branch (Binh Dinh Province)

HIGHLIGHTS OF THE YEAR 2010
18/10/2010 Inauguration of Hung Phu Sub-branch (HCMC)
22/10/2010 Country-wide client conference in HCMC: Gratitude of ACB
26/10/2010 Inauguration of Long Thanh Sub-branch (Dong Nai Province)
28/10/2010 Inauguration of Dong Anh Sub-branch (Ha Noi)
30/10/2010 Conference of oversea study consulting companies: Continued success
01/11/2010 Inauguration of the new office of Bat Dan Sub-branch (Ha Noi)
11/11/2010 Inauguration of Ho Tung Mau Sub-branch (Ha Noi)
Inauguration of the new office of Daklak Branch

16/11/2010
Inauguration of Le Hong Phong Sub-branch (Buon Me Thuot City, Daklak Province)
23/11/2010 Inauguration of Nguyen Huu Huan Sub-branch (Ha Noi)
25/11/2010 Master agreement between ACB and FISERV (on the implementation of EnAct Sales and
Customer Relationship Solution)
30/11/2010 Inauguration of Nguyen Thi Dinh Sub-branch (Ha Noi)
30/12/2010 Inauguration of Xuan Thuy Sub-branch (Ha Noi)
Inauguration of ACB Leasings headquarters office
6/12/2010 Inauguration of Cho Dinh Sub-branch (Binh Duong Province)
Inauguration of Quan Bau Sub-branch (Nghe An Province)
Inauguration of Lo Duc Sub-branch (Ha Noi)
29/12/2010 Inauguration of the new office of Tay Ninh Branch
Inauguration of April 30 Sub-branch (Tay Ninh Province)
189
191
BO CO TI CHNH
CHARIABLE ACTIVITY
IN 2010
I CARE FOR THE POOR
Spring Tree 2010 festival for children of poor families 2,456,010,843
Donation to Childrens Heart Surgery Fund and the Red Cross of HCMC 900,000,000
Donation to the Home Renovation Fund of District 10 300,000,000
Donation to the Eye Surgery Fund of the HCMC Sponsoring Association 500,000,000
for Poor Patients
Funding the program ACB - For the Health of the Community in Thong Nhat 100,000,000
District, Dong Nai Province
Funding the program ACB - For the Health of the Community in Dong Xoai 100,000,000
Town, Binh Phuoc Province
Funding the program ACB - For the Health of the Community in H Krong 100,000,000
District, Daklak Province
Funding the program ACB - For the Health of the Community in Tay Ninh Province 100,000,000
Funding the program ACB - For the Health of the Community in Vung Tau Province 110,000,000
Funding the program Eyes of Compassion in Long An Province 150,000,000
Donation to other programs: construction of charity houses, rural bridges, poor 420,917,520
relief, elderly people, handicapped children, etc.
CHARIABLE ACTIVITY IN 2010
II RELIEF FOR VICTIMS OF NATURAL DISASTERS
Relief for victims of Storm no. 3 in Quang Binh, Ha Tinh Province 411,000,000
Relief for victims of Storm no. 3 in Khanh Hoa, Ninh Thuan Province 645,000,000
III FUNDING EDUCATIONAL PROGRAMS
Construction of a primary school in Quang Chau, Bac Giang Province 2,200,000,000
Scholarships for poor but good students of District 3, Can Gio District, and Hoc
Mon District of Ho Chi Minh City; scholarships for best students of Banking
Faculty of HCMC University of Economics; donation to Scholarship Fund of the 261,200,000
State Bank of Vietnam, etc.
Financing career fair for students of Banking Faculty of HCMC University of 101,625,991
Economics.
IV OTHER SPONSORSHIP
Sponsoring of the walking program For the civilized and modern city 244,712,000
Sponsoring for the charity golf tournament Swing for Kids 2010 146,300,000
IV
Funding the construction in commemoration of 60th anniversary of the
banking industry for the State Bank of Vietnam, Desire for Love program of 66,000,000
Young Entrepreneur Society of HCMC, Tan Mao Tet firework program, Journalist
Day of Vietnam
Sponsoring for the 1st Business Forum organized by Sai Gon Tiep Thi (Saigon
Marketing) Newspaper and Young Entrepreneur Society of Vietnam 50,000,000
193
195
15
BO CO
MNG LI
TICHI
CHNH
NHNH
BRANCH NETWORK
BRANCH NETWORK
197
BRANCH NETWORK
199
BRANCH NETWORK
201
203
BO CO TI CHNH
BEST BANK BEST DOMESTIC BANK BEST EMERGING MARKET BANK THE STRONGEST BANK RISING STAR BEST BANK
IN VIETNAM 2010 IN VIETNAM 2010 IN VIETNAM 2010 IN VIETNAM 2010 CASH MANAGEMENT BANK 2010 IN VIETNAM 2010
FinanceAsia Asiamoney Global Finance Asian Banker Asset Asset

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1

ANNUAL REPORT 2010 www.acb.com.vn

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS 11

I. HISTORY AND OPERATION OF THE BANK15

II. REPORT OF THE BOARD OF DIRECTORS AND THE MANAGEMENT 23

IV. STRUCTURE AND PERSONNEL 35

VI. AWARDS AND SOCIAL RECOGNITION 181

VII. HIGHLIGHTS OF THE YEAR185

VIII. CHARITABLE ACTIVITY 191

IX. BRANCH NETWORK 195

In 2010, ACB overcame many macroeconomic challenges and maintained our

ACB is a streamlined organization. After transformation, ACBs capabilities in

constraints into account. Because of stricter requirements for capital adequacy,

While we are well-aware of the challenges and opportunities, the formula is

Tran Mong Hung

OF THE BOARD OF DIRECTORS

In 2010, while overcoming some general difficulties of the business environment

The management style has improved soundly, delivering various remarkable

Tran Xuan Gia

Asia Commercial Joint-Stock Bank (ACB) was established under Business

1.3. Other events

launched its IT modernization program, the purpose of which was to set up a

In 2000, ACB reengineered its company structure as part of a corporate

2001 to 2005: In 2003 ACB established a quality management system in

2.1. Business scope

2.2. Business growth

CONSOLIDATED TOTAL ASSETS (In billion) CONSOLIDATED DEPOSITS (In billion)

3.1. Key targets of ACB Group in 2011

3.2. Strategic directions in the medium and long-term

The strategy for socio-economic development of Vietnam in the period of 2011 -

ACB, founded in 1993, has achieved spectacular developments, becoming a large

To implement this business strategy, ACB will restructure their current

Information technology, human resources, operations and risk management are

ACB is committed to transforming their corporate governance to be aligned

2.1. Analysis of financial indicators

In a continuously changing business environment, safety is one of the main

Table 1: Solvency ratio following Circular no. 13 as of December 31, 2010

USD and other foreign

Table 2: Group performance in terms of key targets (In VND billion)

Planned Actual % vs. 2009 % growth vs.

Regarding profitability, in 2010, ACB Group realized a profit of VND3,102 billion,

Table 3: Group profitability (%)

Items (consolidated) 2010 2009 2008 2007 2006

The banks performance was improved. In 2010 ACB executed pay-for-

Year 2010 also marked various successes in the improvement of customer

No company currently holds over 50% of ACBs share capital.

2. COMPANIES WITH 50% OF SHARE CAPITAL BEING HELD BY ACB

Companies Business Sector % owned % owned by Total

ACB Securities Company (ACBS) 06/GP/HKD Securities 100 - 100

AACB Asset Management 4104000099 Asset 100 - 100

ACB Leasing Company (ACBL) 4104001359 Leasing 100 - 100

ACB Capital Company (ACBC) 41/UBCK-GP Fund - 100 100

3. ACTIVITIES OF ACBS WHOLLY-OWNED SUBSIDIARIES

3.1. Report on ACBS

The stock market in 2010 ended with a number of unfavorable developments,

- Revenue from trading activities reached VND484 billion,

- Net profit after tax reached VND22 billion.

ACBSs position was affirmed by receiving the Prestigious Securities Trademarks

3.2. Report on ACBA

- Debts to be collected: VND 722 billion (where, carried-over delinquent

- Ratio of debt having been collected/to be collected (215/722) : 30 %

- Correspondent number of liquidated dossiers: 583 profiles (2009: 256)

3.3. Report on ACBL

In 2010, ACBL achieved many innovations and positive changes. ACBL

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS 11

I. HISTORY AND OPERATION OF THE BANK15

II. REPORT OF THE BOARD OF DIRECTORS AND THE MANAGEMENT 23

IV. STRUCTURE AND PERSONNEL 35

VI. AWARDS AND SOCIAL RECOGNITION 181

VII. HIGHLIGHTS OF THE YEAR185

VIII. CHARITABLE ACTIVITY 191

IX. BRANCH NETWORK 195

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