The document discusses the Vietnam economy and equity market in 2009, noting that while the economy experienced its lowest growth in years due to the global downturn, timely government stimulus measures helped boost real GDP growth to 5.3% for the year. Aggressive monetary policies in the form of interest rate cuts and credit expansion helped fuel a V-shaped recovery in the stock market. However, unexpected tightening of monetary policy in late 2009 led to liquidity shortages and challenges for businesses in accessing capital at affordable rates.

1. VIET CAPITAL FUND
ANNUAL REPORT 2009
Driving through the rough

2. Contents
Chairperson’s Letter 3
A Few Words with Our Fund Director 4
Discussion with Our Board of Management 8
Summary of Investment Portfolio 12
Financial Statements 16

3. Chairperson’s
Letter
Dear Fellow Investors,
The opening line of Charles Dickens’ novel, A Tale of Two Cities, reads, “It was the best of times,
it was the worst of times.” For Vietnamese equities, 2008 was certainly the worst of times,
while 2009 was somewhere in between Dickens’ extremes. However, this past year was still a
remarkable comeback year for equity investments relative to the year before as the domestic
market mirrored the global markets in a V-shape recovery. In this environment, our fund posted
excellent year-on-year results. We look forward to the completion of the pendulum swing and
expect the best of times in 2010 for us.
Most of the extraordinary performance generated by VCF was concentrated in the second half
of the year as global markets rallied, unprecedented Government stimulus packages started
gaining traction, and investors rediscovered their appetite for new investments. The dramatic
change in the performance of our fund from a year ago highlights the significance and benefits
of staying invested in volatile markets and maintaining a long-term orientation. Just as it was
difficult to anticipate and foresee the magnitude of the market collapse in the fall of 2008, few
investors expected that the market recovery would be as strong as it was this year. And in such
uncertain times, our consistent long-term focused strategy and market discipline have paid off.
Furthermore, we believe that our fundamental value investment approach has served and will
continue to serve us well in the future. Our investment team screens and selects companies
and sectors through a deep-dive, bottoms-up approach. However, we also maintain a
broader perspective by thoughtfully assessing the top-down, fundamental macroeconomic
environment. After the experiences of the past year, we will continue to keep a close watch on
global economic trends as its impact on the domestic economy can be significant. As far as our
appetite for equities, we remain committed to seeking investment opportunities in established
companies with a favorable combination of high growth and reasonable valuations that in turn
have good prospects for capital appreciation.
For 2010, we expect for the global recovery to gather momentum as developed economies
continue to rebound. And while we believe that the Vietnam economy will benefit from this
recovery in the long-run, we maintain a cautious view in the short-term as the effect of the
Government stimulus packages starts to taper off creating upward pressure on interest rates.
Navigating in these uncertain waters will certainly be challenging.
Especially under these circumstances, strong fundamental research, skilled tactics and rigorous
understanding of the local market will be critical to our overall success. We remain steadfast in
our efforts to apply our experience and core investment approach to generate long-term value
and capital gains for our investors.
Nguyen Thanh Phuong
Chairperson
Annual report 2009 | 3

4. A Few Words
with Our
Fund Director
For the year 2009, VCF posted remarkable performance results with NAV increasing by 54%.
Throughout the year, the fund has implemented successful investment strategies and trading tactics
to weather the volatility and uncertainty of the equity market. In the following pages, Linh Nguyen,
Fund Director of VCF, shares his experience on the daunting challenges for the year.
How did VCF perform in 2009?
If one word can summarize the stock market in 2009, then that would be: volatility. The market
bottomed at 235 in February of 2009, rallied and peaked at 624 in October, and ended up at 494
in December.
As I have mentioned in our last year’s annual report, there were two issues in our portfolio that
we needed to address in 2009: (1) improving the Fund’s liquidity and (2) achieving a high risk-
adjusted return. Throughout the year, our focus was meeting these objectives and hence, we
were primarily invested in highly liquid stocks.
THE VCF’S ASSET ALLOCATION
2008 2009
77 87
157 66
Listed
64 Pre-listed(*)
428
184 OTC
Cash
NAV= VND 418 bil. NAV= VND 645 bil.
(*) Pre-listed stocks refer to stocks which will be listed within Q1-2010
4 | Annual report 2009

5. “ WE SET THE TARGET GROWTH FOR VCF AT 20% ”
As of December 31, 2009, our NAV increased by 54%, which was slightly below the market
index’s performance. However, if we examine the reward-to-risk trade off then clearly VCF
managed its risk much better than that of the market. While VN-Index performance was only 300
basis points higher than VCF’s, market volatility is 22% higher than the Fund’s. This is one of the
key points in our investment strategy: maximize risk-adjusted return.
RISK AND RETURN ANALYSIS
Period HNX-Index VN-Index VCF
Return Volatility Return Volatility Return Volatility
(%) (%) (%) (%) (%) (%)
Year 2007 34 83 23 52 32 18
Year 2008 -67 69 -66 49 -57 28
Year 2009 59 45 57 46 54 24
Since inception -30 69 -34 51 -19 28
MONTHLY RETURN IN 2009
Total Return (%)
HNX-Index(%) VN-Index(%) VCF(%)
Jan -5 -4 0
Feb -16 -19 -3
Mar 17 14 3
Apr 17 15 4
May 25 28 5
Jun 3 9 8
Jul 3 4 5
Aug 12 17 19
Sep 7 6 8
Oct 8 1 6
Nov -19 -14 -11
Dec 4 -2 2
Total Return 2009 59 57 54
Annual report 2009 | 5

6. During the first two years since inception, VCF always outperformed the market index both on
relative and absolute terms. Therefore, it is quite surprising to see that VCF’s absolute return was
slightly below the market’s. Can you elaborate on this difference in performance?
We started the year with a NAV of VND418 billion in which, only 65% was in liquid equities; we
classified these stocks as our active portfolio. The remainder 35% included strategic investments
and OTC stocks with low liquidity; we classified these stocks as our frozen portfolio. Hence,
our task was twofold. On one hand, we identified appropriate investment themes for our
active portfolio. On the other hand, we were looking for exit opportunities for stocks in our
frozen portfolio. By the end of the year, our active portfolio achieved a total return of 65.3%
which was about 8% higher than VN-Index performance. Meanwhile, the frozen portfolio only
yielded 34%. Therefore, the primary reason for the difference in performance this year is the
underperformance of the frozen portfolio.
VCF’S PERFORMANCE ANALYSIS
200
150
100
50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
VN-Index NAV Active portfolio Frozen portfolio
The annual return of VN-Index, NAV, active and frozen portoflios are 57%, 54%, 65% and 34%, respectively.
Can you provide more insights on your active and frozen portfolios?
It is important to note that the companies in the frozen portfolio are market leaders with strong
potential for growth. For instance, Hau Giang Pharmaceutical (DHG), Searefico and Coteccon
among others. We simply classify them as frozen because of their liquidity. However, as of
December, 2009, majority of these companies either have already been listed on the exchange
or have a specific listing plan in early 2010. At the present moment, the weight of the frozen
portfolio is around 20% and is expected to decrease to 5% (using year 2009 NAV) by July 2010.
PERFORMANCE OF FROZEN PORTFOLIO
Stock Type 2009 Return (%) % of closing NAV
DHG Locked-listed 28 7.1
Searefico Locked-listed 32 6.7
Ngo Han (*) OTC 0 5.4
Coteccon Locked OTC 289 4.8
Ha Giang (*) OTC 0 3.0
Ben Thanh (*) OTC 15 2.9
Dien Quang Locked-listed 117 0.4
Total 30.2
(*) stock was revaluated at 31/12/2008
6 | Annual report 2009

7. With respect to our active portfolio, we are mostly invested in blue chip stocks and in stocks of
companies with detailed listing plans. By investing in large caps, we ensure that our return will
covary with the market index’s return. However, our abnormal return is actually generated by
our allocation into mid-caps and pre-listed stocks or stocks of companies with listing plans of
less than 12 months.
TOP GAIN IN ACTIVE PORTFOLIO TOP LOSS IN ACTIVE PORTFOLIO
Stock Total Profit As % of NAV’s Stock Total Loss As % of NAV’s
(VND million) growth (VND million) growth
BMP 28,790 7 ACB (8,097) -2
DIG 22,690 5 STB (7,265) -2
VNM 15,339 4 VNR (3,181) -1
VSC 14,564 3
PAC 14,293 3
Total 95,676 23 Total (18,543) -4
What is the NAV’s target for VCF in year 2010 and how do you plan to achieve it?
Most of us agree that the most difficult time has passed and the economy is on its recovery path.
However, there are still challenges in terms of sustainability of corporate earnings growth as the
effect of provisions has worn off. In weighting between the impacts of better economic outlook
and grimmer earnings growth, we set the target growth for VCF at 20%.
At the present moment, we are very confident regarding the portfolio of companies that we
have built over the last year, consisting of leading companies with strong management team
and in industries with stable demand. The portfolio of these companies is the stepping stone for
VCF to achieve its targeted objective. Furthermore, we are also rigorously monitoring the market
trend in order to have timely decisions when necessary.
VCF’S ALLOCATION BY SECTOR AT 31/12/2009
Cash 14%
Banking 12%
Insurance 2%
Real Estate Developer 9%
Construction 11%
Building Products 7%
Real Estate Operator 6%
Transportation 6%
Electrical Equipment 5%
Basic materials 10%
Oil & Gas 2%
Utility 0.3%
Pharmaceuticals 7%
Consumer goods 8%
%
0 5 10 15
With a solid portfolio, professional team and positive economic outlook, we are confident that
we will be able to drive VCF through the rough.
Annual report 2009 | 7

8. Discussion with
Our Board of
Management
The economic and market environment in year 2009 was certainly a test of confidence and skills of
those who manage investment assets. And year 2010 promises even more opportunities as well as
challenges. In the following pages, our Board of Management consisting of Nguyen Thanh Phuong
(Chairperson), Nguyen Khanh Linh (VCF Fund Director) and Cung Tran Viet (Head of Research) shares
insights and opinions on year 2009 and outlook for year 2010.
Please tell us a few words on the Vietnam economy in 2009
Nguyen Thanh Phuong: Year 2009 was probably one of hardest years for the domestic economy
and hence, for policy makers. While we have been through two downturns – Asian crisis in 1997
and US recession in 2001 – this one is different because of its breadth, magnitude and more
importantly, our level of interaction with global economies. In fact, real GDP growth for the first
quarter of 2009 was down to 3.1%, the lowest level in years. As a consequence, the Government
took strong and unprecedented measures which boosted the growth for the year to 5.3%.
QUARTERLY REAL GDP GROWTH
Source: General Statistics Office, VCAM
%
9
6
3
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2009
8 | Annual report 2009

9. Also, the slump in global demand has strongly affected growth in exports which has been
averaging 30% during the last few years. For 2009, growth in exports was at -10% or the lowest
ever. The rather good news is our consumption level was still high as reflected through real
retails sales growth of 11.7%. This, in turn, should provide more flexibility for policymakers in the
upcoming year.
Cung Tran Viet: First of all, we have to note that Vietnam was not in an economic recession per
se but rather we were in a growth recession due to slump in global demand, lower foreign
investments and just lower overall productivity. And the fact that we posted positive growth
last year must be attributed to flexible and yet timely Government policies both fiscal and
monetary. Specifically, the economic stimulus package including interest subsidy and tax cuts
Nguyen Thanh Phuong worth VND 143 trillion was implemented since February of 2009 which provided support for
Chairperson many manufacturing companies. Furthermore, the base rate was adjusted from 10% at the end
of 2008 down to 7% at the end of 2009 and thereby lowering the cost of capital for businesses.
As a result, liquidity in the banking system – the main concern during the crisis – and trading
volume in the equity market were high, and the equity market recovered to a peak of 624 (or
by 98% since the beginning of the year) in October 2009. However, the inevitable side effect
to aggressive monetary policy is the upward pressure on future inflation. Hence, in the middle
of the fourth quarter, the State Bank of Vietnam suddenly tightened the monetary policy
by restricting credit growth in the banking system and by raising the base rate to 8%. These
unexpected moves led to a liquidity shortage among smaller scale banks which subsequently
resulted in interbank rates shooting up to 16% - 17%.
OVERNIGHT INTERBANK RATE 2009
Source: Reuters, VCAM
%
14
12
10
8
6
4
2
0
Jan Mar Jun Sep Dec
Overnight interbank rate 95% confidence interval
The more severe consequence of the policy change is that businesses had difficulty in accessing
capital. The reason is because banks found it more profitable to lend in the interbank market
rather than lend at the mandatory ceiling rate of 12%. And even if businesses could get access to
capital, the cost was substantially higher than the ceiling rate.
And what is your opinion on the equity market in 2009?
Nguyen Thanh Phuong: The equity market environment in 2009 was extremely challenging
and quite different from ones that most of us have experienced. If we look back at the year
then during the first quarter, the market was still experiencing aftershocks from the Fall 2008
downturn and investors were still pessimistic regarding the overall macro-economy. Meanwhile,
in the second quarter, the market was in a bear rally due to the previously oversold status and
to Government’s initiation of the stimulus packages. The last two quarters were especially
interesting as on one hand we had a massive boost from loosening monetary policy while on
the other hand investors started to question what will happen next and whether the rally is
sustainable.
Annual report 2009 | 9

10. Can you share your outlook and view for the economy in 2010?
Cung Tran Viet: If we look at the world economy today, then there are submerging evidences
that the global economy is recovering. The US posted positive growth since the third quarter of
2009 with unemployment rate reaching a peak of 10%. The emerging market is showing signs of
accelerating growth with improved imports and exports led by China. In fact, the IMF is currently
expecting for world real GDP growth to increase from -3.4% in 2009 to 1.3% in 2010.
REAL GDP GROWTH FORECAST BY IMF
Source: IMF, VCAM
%
10
8
Cung Tran Viet
6
Head of Research
4
2
0
-2
-4
2000 2002 2004 2006 2008 2010 2012 2014
Emerging Economies World Economy Advanced Economies
Domestically, we see industrial production continue rising, exports is improving and imports
of intermediate goods is steadily increasing. All of these indicators point to the fact that the
economy is bouncing back. However, there are still challenges remaining. First of all, the
economy will have to absorb the effects from last year’s sudden changes in monetary policy.
Secondly, the Government will have to find a balance between growth and inflation because the
former will unavoidably lead to the latter. Finally and very importantly, the Government will have
to avoid policy shock therapies in order to decrease ambiguity for investors and businesses.
GROWTH OF INDUSTRIAL PRODUCTION
% Source: General Statistics Office, VCAM
30
20
10
0
-10
-20
-30
-40
Jan-08 Jun-08 Dec-08 Jun-09 Dec-09
Industrial Production Coal Production
10 | Annual report 2009

11. Given such circumstances, what is your investment theme for 2010?
Nguyen Khanh Linh: In 2009, our sector focus was on industrials, real estate and banking. And
as results show, our investment theme and industry allocation proved to be rewarding with
the exception for banking stocks which skyrocketed in the second quarter, remained flat in the
third quarter and fell with the market in the last quarter. For 2010, we are aiming at sectors that
provide inflation hedge and are expected to have a boost in production capacity. Consumer
goods, health care and commodities are good examples of our focus. In terms of company
selection, our argument is very simple: if good companies can make it through a tough year
then they will definitely benefit when the economy recovers.
For OTC equities, we maintain a strict focus on companies with strong growth prospect that
Nguyen Khanh Linh have a within 12 months listing plan.
VCF Fund Director
Annual report 2009 | 11

12. Summary of Investment Portfolio December 31, 2009
INDUSTRY SECTOR DIVERSIFICATION (percent of net assets)
Banking, 12%
Cash, 14% Real Estate Developer, 9%
Insurance, 2%
Basic Materials, 10%
Utilities, 0.3%
Pharmaceuticals, 7%
Electrical Equip, 5% Consumer Goods, 8%
Transportation, 6%
Real Estate Operator, 6%
Oil & Gas, 2%
Building product, 7% Construction, 11%
Value Percent of
Shares (VND) net assets
BANKING 12.30%
ACB / Asian Commercial Bank
The largest joint-stock bank and the most profitable bank in terms of
1,028,579 38,263,138,800 5.93
margin. The bank has been recognized as the “Best Bank” in Vietnam by the
international financial magazine Euromoney.
STB / Saigon Thuong Tin Commercial JS Bank
Sacombank was the first bank went listed in the Vietnamese stock market.
1,086,670 26,188,747,000 4.06
Among joint - stock commercial banks, Sacombank has the most widespread
network of branches and banking centers in Vietnam.
EIB / Vietnam Export - Import Bank 9 216,000 0.00
MSB / Viet Nam Maritime Stock Bank
Maritime Bank is medium - sized bank traded in the OTC market. The bank is
763,401 14,886,319,500 2.31
recognized for its activeness and high profitability. Maritime bank recorded
impressive earnings growth of 157% in 2009.
Total Banking Sector 79,338,421,300 12.30
12 | Annual report 2009

13. Value Percent of
Shares (VND) net assets
CONSTRUCTION 11.44%
CTD / Cotec Construction JSC
The leading construction company in Vietnam with many well-known projects
300,000 30,800,100,000 4.77
throughout Vietnam such as the Manor Saigon Pearl, Avalon, Gemadept Office
Building, Centrepoint Tower, etc.
SRF / Seaprodex Refrigeration Industry Corporation
A market leader in panel and industrial refrigeration in Vietnam and one of the
1,413,410 42,967,664,000 6.66
top players in mechanical & electrical sector with well-known projects such as
Park Hyatt Hotel, Sheraton Hotel, Legends Hotel, Fideco Tower, etc.
Total Construction Sector 73,767,764,000 11.44
BASIC MATERIALS 9.50%
DPM / Petrol Vietnam Fertilizers and Chemicals Company
The largest urea fertilizer and ammonia producer in Vietnam with 50% of the 420,008 14,280,272,000 2.21
market share in Mekong Delta, South East Area and the Center region.
PHR / Phuoc Hoa Rubber JSC
The largest listed natural rubber company in terms of harvesting area. Its
486,000 19,002,600,000 2.95
plantations are located in Binh Duong and Binh Phuoc provinces and will be
expanded in Cambodia in the near future.
AGPPS / An Giang Plant Protection JSC
A leading distributor of crop protection chemicals in Vietnam agriculture
90,000 8,430,030,000 1.31
with 18% market share. Along with its products, the company also provides
technology support services to farmers to become their helpful partners.
HGM / Ha Giang Mineral Exploiting and Machenical JSC
Ha Giang Mining is the only company, capable of extracting and processing 321,800 19,597,620,000 3.04
antimony ore in Vietnam with the total antimony reserve of 50,000 tons.
Total Basic Materials Sector 61,310,522,000 9.50
REAL ESTATE DEVELOPER 9.03%
DIG / Dev Inv Construction General Corp
A major real estate developer in Vung Tau City with a large bank land. The
company also engages in developing Dai Phuoc Ecological Tourism Urban 578,571 43,682,110,500 6.77
Project, a 464-ha island in Dong Nai River, to become an ideal place for
residence and recreation.
NBB / NBB Investment Corp
A major real estate developer in Ho Chi Minh City with a large bank land. Its
208,000 14,560,000,000 2.26
key projects are located along East-West Highway such as Carina, City Gate
Towers and Diamond Riverside
Total Real Estate Developer Sector 58,242,110,500 9.03
Annual report 2009 | 13

14. Value Percent of
Shares (VND) net assets
CONSUMER GOODS 8.36%
VNM / Vietnam Dairy Products JSC
The leader in the local dairy market with more than 39% of market share. It
dominates liquid milk, condensed milk and yoghurt segments. It now focuses 575,260 43,144,500,000 6.69
on expanding high margin and value-added dairy products and developing
the raw material sources.
PAC / Dry Cell & Storage Battery JSC
A market leader in dry sell and storage battery with the market share of 50% 111,490 8,250,260,000 1.28
for main products: storage battery and dry cell battery.
NSC / National Seed JSC 4 150,000 0.00
DQC / Dien Quang Light JSC 75,000 2,535,000,000 0.39
Total Consumer Goods Sector 53,929,910,000 8.36
PHARMACEUTICALS 7.07%
DHG / Hau Giang Pharmaceutical JSC
A leading company in the pharmaceutical sector with the key competitive 400,000 45,600,000,000 7.07
advantage of its nationwide distribution network.
Total Pharmaceuticals Sector 45,600,000,000 7.07
BUILDING PRODUCTS 6.98%
BMP / Binh Minh Plastic JSC
A leading construction plastic pipe producer in Vietnam. The company
687,550 45,034,525,000 6.98
dominates the Southern market and is gradually penetrating into the
Northern market.
Total Building Products Sector 45,034,525,000 6.98
REAL ESTATE OPERATOR 6.33%
LHC / Long Hau Corp
A leading industrial real estate developer in Mekong Delta. The company
431,971 22,102,660,157 3.43
focuses on developing industrial zones in Long An Province with the
advantage of its proximity to Ho Chi Minh City and Hiep Phuoc Port.
BTS / Ben Thanh Trading Services Company
A flagship member unit of Ben Thanh General Company (Sunimex), BTS
operates in real estate, retail and wholesale. The company has several real 650,000 18,741,450,000 2.91
estate projects in prime locations in District 1 and manages many shops at Ben
Thanh and Dan Sinh market.
Total Real Estate Operator Sector 40,844,110,157 6.33
14 | Annual report 2009

15. Value Percent of
Shares (VND) net assets
TRANSPORTATION 6.04%
VSC / Vietnam Container Shipping JSC
Located in Hai Phong, the hub of Vietnam seaport system , VSC is one of the
rare transportation companies which cover all services in the logistic value 480,865 38,950,065,000 6.04
chain ranging from sea shipping, port operations, container shipping agency,
warehousing and inland transportation.
Total Transportation Sector 38,950,065,000 6.04
ELECTRICAL EQUIPMENT 5.39%
NHW / Ngo Han Joint Stock Company
A leading magnet wire manufacturer in Vietnam. It produces round and
2,272,339 34,766,786,700 5.39
rectangular magnet wire and possesses approximately 40% of the
domestic market.
Total Electrical Equipment Sector 34,766,786,700 5.39
INSURANCE 1.92%
VNR / Vietnam National Reinsurance Corp
The only reinsurance company in Vietnam. Its main operations are providing
reinsurance services for foreign and domestic life and non-life insurance; 495,900 12,397,500,000 1.92
investing in Government bonds and equities, corporate stocks; trading real
estate, etc.
Total Insurance Sector 12,397,500,000 1.92
OIL & GAS 1.83%
PGD / Petrol Vietnam Low Pressure Gas Distribution
The only gas company in Vietnam to distribute dry gas to industrial users
through its pipeline network in Phu My, Phu Xuan and Go Dau industrial zone. 216,420 11,794,890,000 1.83
The company plans to expand it distribution system to reach industrial zones in
Nhon Trach, Hiep Phuong, Binh Duong, Dong Nai and West Mekong Delta.
Total Oil & Gas Sector 11,794,890,000 1.83
UTILITIES 0.31%
TBC / Thac Ba Hydropower JSC
101,000 1,969,500,000 0.31
Thac Ba JSC. Is operating a 120 MW hydro power station in Yen Bai Province
Total Utilities Sector 1,969,500,000 0.31
TOTAL COMMON STOCKS 557,946,104,657 86.50
TOTAL CASH 87,093,088,613 13.50
NET ASSETS 645,039,193,270 100.00
Annual report 2009 | 15

16. Financial
Statements
31 December 2009
GENERAL INFORMATION
Registration Establishment Certificate 09/UBCK-TLQTV 28 December 2006
The Registration Establishment Certificate
was issued by the State Securities Commission
and is valid for 6 years.
Fund Representative Committee Huynh Van Thien Chairman
Dung Tan Trung Member
Le Nu Thuy Duong Member
Asset Management Company Viet Capital Asset Management Joint Stock Company
Registered Office Unit 2, 19 Floor, Centec Tower
72-74 Nguyen Thi Minh Khai
District 3
Ho Chi Minh City
Vietnam
Supervising Bank HSBC Bank Ltd. (Vietnam)
Auditors KPMG Limited (Vietnam)
16 | Annual report 2009

17. REPORT OF FUND REPRESENTATIVE COMMITEE
STATEMENT OF ASSET MANAGEMENT COMPANY’S RESPONSIBILITY IN RESPECT OF THE FINANCIAL STATEMENTS
Viet Capital Assets Management Joint Stock Company’s (“the Asset Management Company”) management is responsible for
the financial statements, prepared in accordance with Decision No. 63/2005/QD-BTC issued by the Ministry of Finance on the
promulgation of accounting systems for securities investment funds, Decision No. 45/2007/QD-BTC issued by the Ministry of
Finance on the promulgation of regulations on establishment and management of securities investment funds, Vietnamese
Accounting Standards, the Vietnamese Accounting System and accounting principles generally accepted in Vietnam, which
give a true and fair view of the state of affairs of the Fund as at 31 December 2009 and of its results for the year then ended. In
preparing those financial statements, the Asset Management Company is required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgments and estimates that are reasonable and prudent;
• State whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; and
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the fund will continue
in business.
The management of the Asset Management Company is also responsible for ensuring that proper accounting records are kept
which disclose, with reasonable accuracy at any time, the financial position of the Fund and to ensure that the accounting
records comply with the requirements of Decision No. 63/2005/QD-BTC issued by the Ministry of Finance on the promulgation
of accounting systems for securities investment funds, Decision No. 45/2007/QD-BTC issued by the Ministry of Finance on
the promulgation of regulations on establishment and management of securities investment funds, Vietnamese Accounting
Standards, the Vietnamese Accounting System and accounting principles generally accepted in Vietnam. It is also responsible
for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
Viet Capital Asset Management Joint Stock Company’s management confirms that they have complied with the above
requirements in preparing the financial statements of the Fund for the year ended 31 December 2009.
On behalf of the Viet Capital Asset Management Joint Stock Company
Nguyen Khanh Linh
Managing Partner
26 February 2010
Annual report 2009 | 17

18. REPORT OF FUND REPRESENTATIVE COMMITEE (cont.)
APPROVAL OF THE FINANCIAL STATEMENTS
I, Huynh Van Thien, being the Chairman of the Fund Representative Committee and on behalf of the Unitholders of Viet
Capital Fund (“the Fund”), do hereby approve the attached financial statements of the Fund for the year ended 31 December
2009, which have been prepared in accordance with Decision No. 63/2005/QD-BTC issued by the Ministry of Finance on the
promulgation of accounting systems for securities investment funds, Decision No. 45/2007/QD-BTC issued by the Ministry of
Finance on the promulgation of regulations on establishment and management of securities investment funds, Vietnamese
Accounting Standards, the Vietnamese Accounting System and accounting principles generally accepted in Vietnam.
On behalf of the Fund Representative Committee
Huynh Van Thien
Chairman
26 February 2010
18 | Annual report 2009

19. REPORT OF THE INDEPENDENT AUDITORS
REPORT OF THE INDEPENDENT AUDITORS
To the Unitholders
Viet Capital Fund
Scope
We have audited the accompanying balance sheet, the statement of assets and the statement of investment portfolio of Viet
Capital Fund (“the Fund”) as of 31 December 2009 and the related statements of income and changes in net assets for the year
then ended and the explanatory notes thereto. These financial statements are the responsibility of the management of Viet
Capital Asset Management Joint Stock Company as the Asset Management Company and have been verified by HSBC Bank
(Vietnam) Ltd., as the Supervising Bank of the Fund. Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we plan and
perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management of the Asset Management
Company, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
Audit opinion
In our opinion, the financial statements give a true and fair view of the financial position of Viet Capital Fund as of 31 December
2009 and the results of its operations for the year then ended in accordance with Decision No. 63/2005/QD-BTC issued by the
Ministry of Finance on 14 September 2005 on the promulgation of accounting systems for securities investment funds, Decision
No. 45/2007/QD-BTC issued by the Ministry of Finance on 5 June 2007 on the promulgation of regulations on establishment
and management of securities investment funds, Vietnamese Accounting Standards, the Vietnamese Accounting System and
accounting principles generally accepted in Vietnam.
KPMG Limited
Vietnam
Investment Certificate No: 01143000345
Audit Report No: 09-01-467
Tran Dinh Vinh Vo Thanh Phu Quoc
CPA No. N0339/KTV CPA No. N1079/KTV
Deputy General Director
Ho Chi Minh City, 26 February 2010
Annual report 2009 | 19

20. BALANCE SHEET AT 31 DECEMBER 2009 B01-QDT
The accompanying notes are an integral part of these financial statements.
31/12/2009 31/12/2008
Code Note VND VND
A. ASSETS
1. Cash in banks 110 3 71,576,214,527 144,137,270,233
2. Investments in securities 120 4 557,946,104,657 238,594,997,200
3. Receivable from investment activities 130 5 14,958,859,243 13,671,119,946
4. Other receivables 131 6 2,565,025,000 23,346,049,955
Total assets 200 647,046,203,427 419,749,437,334
B. RESOURCES
1. Liabilities 300 2,007,010,157 1,227,995,962
a. Payables to the Asset Management Company and the Supervising Bank 315 7 1,670,667,139 1,083,980,674
b. Other payables 318 336,343,018 144,015,288
2. Equity 400 645,039,193,270 418,521,441,372
a. Capital 410 8 768,900,000,000 768,900,000,000
Issued capital 411 792,000,000,000 792,000,000,000
Capital surplus 412 (23,100,000,000) (23,100,000,000)
b. Accumulated losses 420 (123,860,806,730) (350,378,558,628)
Total resources 430 647,046,203,427 419,749,437,334
OFF BALANCE SHEET ITEMS
31/12/2009 31/12/2008
VND VND
Securities at par value 131,942,470,000 85,263,320,000
Supervising Bank Asset Management Company
Prepared by Approved by
Truong Vinh An Pham Anh Tu Nguyen Khanh Linh
VP. Fund Services Operation Finance Director Managing Partner
HSBC Securities Service, Vietnam
20 | Annual report 2009

21. STATEMENT OF INCOME FOR THE YEAR ENDED 31 DECEMBER 2009 B02-QDT
The accompanying notes are an integral part of these financial statements.
2009 2008
Code Note VND VND
A. REALISED OPERATING RESULT
1. Realised income/(losses) from investment activities 10 114,918,033,522 (79,873,948,282)
a. Dividend income 11 16,434,413,920 10,666,321,400
b. Bond interest income 12 4,195,377 5,232,787
c. Interest income from bank deposits 13 6,975,253,978 13,385,198,778
d. Income/(losses) from securities trading 14 91,504,170,247 (103,930,701,247)
2. Expenses 30 (17,022,011,413) (18,881,888,017)
a. Fund management and performance fees 31 9 (16,093,061,167) (17,511,632,079)
b. Custody and supervision fees 32 (536,435,371) (583,721,072)
c. Fund meeting and conferences expenses 33 (43,777,144) (29,091,232)
d. Audit fee 34 (277,811,182) (343,295,475)
e. Broker fee 36 (55,000,000) (394,889,722)
f. Other operating expenses 38 (15,926,549) (19,258,437)
3. Net realised operating profit/(losses) for the year 50 97,896,022,109 (98,755,836,299)
B. UNREALISED RESULT
1. Unrealised gains 60 128,621,729,789 -
Gains on securities investments revaluation 61 128,621,729,789 -
2. Unrealised loss 70 - (462,016,035,686)
Loss on securities investments revaluation 71 - (462,016,035,686)
3. Net unrealised profit/(loss) for the year 80 128,621,729,789 (462,016,035,686)
NET PROFIT/(LOSS) FOR THE YEAR 226,517,751,898 (560,771,871,985)
EARNINGS/(LOSSES) PER FUND UNIT 10 28,600,726 (70,804,529)
Supervising Bank Asset Management Company
Prepared by Approved by
Truong Vinh An Pham Anh Tu Nguyen Khanh Linh
VP. Fund Services Operation Finance Director Managing Partner
HSBC Securities Service, Vietnam
Annual report 2009 | 21

22. STATEMENT OF ASSETS AT 31 DECEMBER 2009 B05-QDT
The accompanying notes are an integral part of these financial statements.
31/12/2009 31/12/2008
VND VND
1. Cash in banks 71,576,214,527 144,137,270,233
2. Investments in securities 557,946,104,657 238,594,997,200
a. Listed shares 428,218,758,300 77,271,814,000
b. Unlisted shares 129,727,346,357 112,927,196,500
c. Other securities investments - 48,266,786,700
d. Bonds - 129,200,000
3. Receivables from securities trading 14,958,859,243 13,671,119,946
4. Other receivables 2,565,025,000 23,346,049,955
Total assets 647,046,203,427 419,749,437,334
5. Payables to the Asset Management Company and the Supervising Bank (1,670,667,139) (1,083,980,674)
6. Other payables (336,343,018) (144,015,288)
Total liabilities (2,007,010,157) (1,227,995,962)
Net assets of the Fund 645,039,193,270 418,521,441,372
Number of fund units (in units) 7,920 7,920
Net asset value per fund unit 81,444,343 52,843,616
Supervising Bank Asset Management Company
Prepared by Approved by
Truong Vinh An Pham Anh Tu Nguyen Khanh Linh
VP. Fund Services Operation Finance Director Managing Partner
HSBC Securities Service, Vietnam
22 | Annual report 2009

23. STATEMENT OF CHANGES IN NET ASSETS FOR YEAR ENDED 31 DECEMBER 2009 B06-QDT
The accompanying notes are an integral part of these financial statements.
2009 2008
VND VND
Net assets at the beginning of the year 418,521,441,372 979,293,313,357
Changes in net assets due to the investment activities during the year 226,517,751,898 (560,771,871,985)
Net assets at the end of the year 645,039,193,270 418,521,441,372
Supervising Bank Asset Management Company
Prepared by Approved by
Truong Vinh An Pham Anh Tu Nguyen Khanh Linh
VP. Fund Services Operation Finance Director Managing Partner
HSBC Securities Service, Vietnam
Annual report 2009 | 23

24. STATEMENT OF INVESTMENT PORTFOLIO AT 31 DECEMBER 2009
The accompanying notes are an integral part of these financial statements.
Market price Total value
No. of shares per share as at as at % of total
held by 31/12/2009 31/12/2009 assets of
No Items the Fund VND VND the Fund
I Listed shares
1 Hau Giang Pharmaceutical Joint Stock Company (DHG) 400,000 114,000 45,600,000,000 7.05%
2 PetroVietnam Fertilizer and Chemical Joint Stock Com- 420,008 34,000 14,280,272,000 2.21%
pany (DPM)
3 Asia Commercial Bank (ACB) 1,028,579 37,200 38,263,138,800 5.91%
4 Dien Quang Joint Stock Company (DQC) 75,000 33,800 2,535,000,000 0.39%
5 Viet Nam Dairy Products Joint Stock Company (VNM) 575,260 75,000 43,144,500,000 6.67%
6 National Seed Joint Stock Company (NSC) 4 37,500 150,000 0.00%
7 Thac Ba Hydropower Joint Stock Company (TBC) 101,000 19,500 1,969,500,000 0.30%
8 Dry Cell and Storage Battery Joint Stock Company (PAC) 111,490 74,000 8,250,260,000 1.28%
9 Sai Gon Thuong Tin Commercial Joint Stock Bank (STB) 1,086,670 24,100 26,188,747,000 4.05%
10 Vietnam National Reinsurance Corporation (VNR) 495,900 25,000 12,397,500,000 1.92%
11 Development Investment Construction Joint Stock Corpora- 578,571 75,500 43,682,110,500 6.75%
tion (DIG)
12 Binh Minh Plastic Joint Stock Company (BMP) 687,550 65,500 45,034,525,000 6.96%
13 Vietnam Container Shipping Joint Stock Company (VSC) 480,865 81,000 38,950,065,000 6.02%
14 Vietnam Export Import Commercial Joint Stock Bank (EIB) 9 24,000 216,000 0.00%
15 Seaprodex Refrigeration Industry Corporation (SRF) 1,413,410 30,400 42,967,664,000 6.64%
16 Ha Giang Mineral and Mechanics joint stock company 321,800 60,900 19,597,620,000 3.03%
(HGM)
17 Phuoc Hoa Rubber Joint Stock Company (PHR) 486,000 39,100 19,002,600,000 2.94%
18 NBB Investment Corporation (NBB) 208,000 70,000 14,560,000,000 2.25%
19 Petro Viet Nam Low Pressure GAS Distribution Joint Stock 216,420 54,500 11,794,890,000 1.82%
Company (PGD)
Total 8,686,536 428,218,758,300 66.18%
II Unlisted shares
1 Ben Thanh Service Joint Stock Company 650,000 28,833 18,741,450,000 2.90%
2 COTEC Construction Joint Stock Company 300,000 102,667 30,800,100,000 4.76%
3 Vietnam Maritime Joint Stock Bank 763,401 19,500 14,886,319,500 2.30%
4 An Giang Plant Protection Joint Stock Company 90,000 93,667 8,430,030,000 1.30%
5 Long Hau Joint Stock Company 431,971 51,167 22,102,660,157 3.42%
6 Ngo Han Joint Stock Company 2,272,339 15,300 34,766,786,700 5.37%
Total 4,507,711 129,727,346,357 20.05%
Total investments 13,194,247 557,946,104,657 86.23%
24 | Annual report 2009

25. B07-QDT
Market price Total value
No. of shares per share as at as at % of total
held by 31/12/2009 31/12/2009 assets of
No Items the Fund VND VND the Fund
III Other assets
1 Receivables from investment activities 14,958,859,243 2.31%
2 Other receivables 2,565,025,000 0.40%
Total 17,523,884,243 2.71%
IV Cash in banks 71,576,214,527 11.06%
TOTAL INVESTMENT PORTFOLIO 647,046,203,427 100.00%
Supervising Bank Asset Management Company
Prepared by Approved by
Truong Vinh An Pham Anh Tu Nguyen Khanh Linh
VP. Fund Services Operation Finance Director Managing Partner
HSBC Securities Service, Vietnam
Annual report 2009 | 25

26. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. Principal activities
Viet Capital Fund (“the Fund”) is established as a closed-end member fund in Vietnam under Registration Establishment
Certificate No. 09/UBCK-TLQTV issued by the State Securities Commission of Vietnam on 28 December 2006. The Registration
Establishment Certificate is valid for 6 years from the Registration Establishment Certificate date. The principal activities of the
Fund are short-term and long-term investment in a portfolio of securities of Vietnamese companies and projects in Vietnam.
The maximum total capital of the Fund as stipulated in the Registration Establishment Certificate is VND5,000 billion. The
amount of each fund unit, an equal division of the total capital of the Fund, is VND100 million. Total maximum number of fund
units is 50,000.
The Fund is managed by Viet Capital Asset Management Joint Stock Company, an investment management company
incorporated in Vietnam, and supervised by HSBC Bank (Vietnam) Ltd., the Supervising Bank.
2. Summary of significant accounting policies
The following significant accounting policies have been adopted by the Fund in the preparation of these financial statements.
a. Basis of financial statement preparation
The financial statements, expressed in Vietnam Dong (“VND”), have been prepared in accordance with Decision No. 63/2005/
QD-BTC issued by the Ministry of Finance on the promulgation of accounting systems for securities investment funds, Decision
No. 45/2007/QD-BTC issued by the Ministry of Finance on the promulgation of regulations on establishment and management
of securities investment fund, Vietnamese Accounting Standards, the Vietnamese Accounting System and accounting principles
generally accepted in Vietnam.
According to Decision No. 63/2005/QD-BTC, the Fund’s financial statements include the following reports:
• Balance sheet;
• Statement of income;
• Statement of assets;
• Statement of changes in net assets;
• Statement of investment portfolio; and
• Notes to the financial statements.
The financial statements of the Fund are prepared on the accruals basis using the historical cost concept, except as discussed in
Note 2(e). The accounting policies set out below have been consistently applied by the Fund during the year.
b. Fiscal year
The fiscal year of the Fund is from 1 January to 31 December.
c. Foreign currency transactions
Monetary assets and liabilities denominated in currencies other than VND are translated into VND at rates of exchange ruling
at the balance sheet date. Transactions in currencies other than VND during the year have been translated into VND at rates
approximating those ruling at the transaction dates.
All realised and unrealised foreign exchange differences are recorded in the statement of income.
d. Cash
Cash comprises cash in banks under call deposits and term deposits.
e. Investments
Investments are initially stated at cost and revalued at the balance sheet date in accordance with Decision No. 63/2005/QD-BTC
issued by the Ministry of Finance on the promulgation of accounting systems for securities investment funds and Decision No.
45/2007/QD-BTC issued by the Ministry of Finance on the promulgation of regulations on establishment and management of
securities investment funds.
26 | Annual report 2009

27. B04-QDT
• Classification
The Fund classifies its listed securities and unlisted securities which are purchased for trading purposes as trading securities.
• Recognition
The Fund recognises trading securities and other investments on the date it becomes a party to the contractual provisions
of the agreements.
• Measurement
Trading securities (listed and unlisted) are revalued by reference to market prices of securities from the Ho Chi Minh City
Stock Exchange, Hanoi Securities Trading Centre and brokers’ quotes at the balance sheet date, in accordance with Decision
No. 45/2007/QD-BTC issued by the Ministry of Finance dated 5 June 2007.
The fair value of investments in securities that are not traded in an active market (i.e. unlisted securities), for which an active
“over the counter” market exists, is determined using valuation techniques that provide a reliable estimate of the fair prices
of the investments.
• Derecognition
Investments in securities are derecognised when the rights to receive cash flows from the investments have expired or the
Fund has transferred substantially all risks and rewards of ownership.
Cost of trading securities is determined on a weighted average basis.
f. Accounts receivable
Receivables representing amounts due from customers for securities trading, investee companies for dividends declared, bond
issuers for bond interest, banks for bank interest and other receivables are stated at cost less allowance for doubtful debts.
g. Trade and other payables
Payables for investing activities and other payables are stated at cost.
h. Provisions
A provision is recognised if, as a result of a past event, the Fund has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability.
i. Taxation
Under current regulations on Vietnam, the Fund is not subject to corporate income tax. When the Fund distributes its profit to
the foreign unitholders who are not incorporated under Vietnamese laws, it will withhold and declare a withholding tax at 10%
on the distributed amounts.
j. Issued capital and capital surplus
The fund units are classified as equity. Capital surplus representing the difference between the actual cash received and the par
value of the fund units issued is recognised as a separate component in equity.
k. Earnings per fund unit and net asset value per fund unit
The Fund presents basic earnings per unit (“EPU”) for its fund units. Basic EPU is calculated by dividing the profit or loss of the
Fund by the weighted average number of fund units outstanding during the year.
Net assets value (“NAV”) per unit is calculated by dividing the net asset value of the Fund by the number of outstanding fund
units as at the balance sheet date. The Fund’s net assets is determined as total assets less total liabilities.
Annual report 2009 | 27

28. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 (cont.)
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
2. Summary of significant accounting policies (cont.)
I. Revenue
• Interest income and dividend income
Interest income is recognised in the statement of income as the interest accrues unless collectibility is in doubt. Dividend
income is recognised when the right to receive payment is established.
• Income from securities trading
Income from securities trading activities is recognised in the statement of income upon receipt of the Notice for settlements
of securities trading transactions from the Ho Chi Minh Stock Exchange or Hanoi Securities Trading Centre (for listed
securities) and completion of the agreement on transfer of assets (for unlisted securities).
m. Expenses
Expenses are recognised in the statement of income on an accrual basis except for expenses incurred on the acquisition of an
investment which are included in the cost of that investment. Expenses arising from sales of investments are deducted from
the sales proceeds.
n. Related parties
Parties are considered to be related if one party has the ability, directly or indirectly, to control other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are
subject to common control or common significant influence.
Other investment funds under the management of the Asset Management Company are considered related parties to the Fund.
o. Off balance sheet items
Amounts which are defined as off balance sheet items under the Decision No. 63/2005/QD-BTC dated 14 September 2005
issued by the Ministry of Finance on promulgation of accounting system of securities investment funds and the Vietnam
Accounting System are disclosed in the relevant notes to these financial statements.
p. Nil balances
Items or balances required by the Decision No. 63/2005/QD-BTC dated 14 September 2005 issued by the Ministry of Finance on
promulgation of accounting system of securities investment funds and the Vietnam Accounting System that are not shown in
these financial statements indicate nil balances.
3. Cash in banks
2009 2008
VND VND
Current accounts 11,576,214,527 1,125,048,011
Term deposits 60,000,000,000 143,012,222,222
71,576,214,527 144,137,270,233
Cash in banks at 31 December 2009 and 2008 were denominated in VND.
4. Investments in securities
All the investee companies (both listed and unlisted) as listed in the statement of investment portfolio are incorporated in
Vietnam.
The Fund does not seek to participate in day-to-day financial and operating policy decisions of the investee companies.
Accordingly, the Fund does not intend to exert a controlling or significant influence over the investee companies and therefore,
the Fund’s investments are recorded on the basis set out in Note 2(e), rather than being consolidated or equity accounted.
28 | Annual report 2009

29. B04-QDT
5. Receivables from Investment activities
2009 2008
VND VND
Receivables from securities trading (*) 12,236,768,243 13,671,119,946
Dividend receivables 2,722,091,000 -
14,958,859,243 13,671,119,946
(*) This represents proceeds from disposal of investments in listed shares which are received after three working days from the trade date (T+3) according to prevailing
securities trading practice in Vietnam.
6. Other receivables
2009 2008
VND VND
Deposits for acquisition of securities 2,325,000,000 22,500,000,000
Interest receivables 236,025,000 846,049,955
Other receivables 4,000,000 -
2,565,025,000 23,346,049,955
7. Payables to the Asset Management Company and the Supervising Bank
2009 2008
VND VND
Fund management fee payable to the Asset Management Company 1,616,774,651 1,049,013,555
Custodian and supervision fees payable to the Supervising Bank 53,892,488 34,967,119
1,670,667,139 1,083,980,674
8. Capital
The Fund’s maximum authorised capital is VND5,000 billion, equivalent to 50,000 fund units of VND100 million each. Up to 31
December 2009, total capital subscribed by existing Unitholders was VND792 billion, equivalent to 7,920 (2008: 7,920) fund units.
Each fund units has a par value of VND100,000,000. All fund units have the same rights in regard to voting right, dividends,
redemption of capital and others. Each issued and fully paid fund unit carries one vote at general meetings of the Fund and is
entitled to receive dividend as declared by the Fund from time to time.
9. Fund management and performance fees
In accordance with the Fund’s Charter, the Fund has to pay the Asset Management Company a monthly management fee in
arrears equal to one-twelfth of three per cent of the Net Assets Value of the Fund on the last working day of such month.
The Fund also has to pay the Asset Management Company a performance fee in relation to any financial year if the Fund’s
growth of the net assets at the end of such year exceeds 12%. The fee equals the higher of nil and 20% of the net amount
between [1] Net Assets Value at the end of such year, and [2] 112% of net assets value at the end of prior year, plus capital
issued during the year, compounded at interest rate of 12% per annum, for the period from the date capital was issued to the
end of such year. For the year ended 31 December 2009 the Asset Management Company has agreed to waive permanently
the performance fee of 2009 amounting to VND35,259 million (2008: Nil). As a result no performance fee has been accrued and
recorded in the financial statements.
Also in accordance with the Fund’s Charter, Net Assets Value is determined as total assets less total liabilities which include
performance fee.
For the purpose of calculating the performance fee, Net Assets Value was calculated as total assets less liabilities which
excluded the performance fee itself. The Fund’s Directors and the Asset Management Company believe that the method
of determination of the Net Assets Value as a basis for the calculation of the performance fee, as accrued in the financial
statements, represent the appropriate interpretation of the Net Assets Value as defined in the Fund’s Charter.
Annual report 2009 | 29

30. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 (cont.) B04-QDT
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
10. Earnings/(losses) per fund unit
The calculation of basic earnings per fund unit at 31 December 2009 was based on the profit for the year ended 31 December
2009 of VND226,517,751,898 (2008: loss of VND560,771,871,985) and a weighted average number of fund units outstanding
during the year of 7,920 (2008: 7,920).
11. Significant transactions with related parties
During the year there were the following significant balances and transactions with related parties:
2009 2008
Related party Relationship Nature of transactions VND VND
Viet Capital Asset Management Asset Management Fund management fee 16,093,061,167 17,511,632,079
Joint Stock Company Company
HSBC Bank (Vietnam) Ltd. Supervising Bank Custody and 536,435,371 583,721,072
supervision fees
Fund units held by related parties as at the end of the year are as follows:
31/12/2009 31/12/2008
Fund unit Fund unit
Fund Representative Committee
Huynh Van Thien Chairman 144 144
Trung Tan Dung Member 192 192
Board of Management of the Asset Management Company
Huynh Van Thien Member 144 144
12. Indices
31/12/2009 31/12/2008
A. Investment ratios
Securities investments/Total assets 86.23% 56.84%
Shares investments/Total assets 86.23% 56.81%
Listed shares/Total assets 66.18% 18.41%
Unlisted shares/Total assets 20.05% 38.40%
Bonds/Total assets 0% 0.03%
Cash in banks/Total assets 11.06% 34.34%
Average (loss)/income/Total assets 37.64% (129.10%)
Average expenses/Total assets 2.63% 4.50%
B. Market ratios
Number of fund units 7,920 7,920
Number of fund units by 10 largest Unitholders/Total fund units held 65.15% 65.15%
Number of fund units held by foreign Unitholders/Total fund units 29.10% 29.10%
Value per fund unit (VND) 81,444,343 52,843,616
Supervising Bank Asset Management Company
Prepared by Approved by
Truong Vinh An Pham Anh Tu Nguyen Khanh Linh
VP. Fund Services Operation Finance Director Managing Partner
HSBC Securities Service, Vietnam
30 | Báo cáo thường niên 2009

31. Important Note: This Annual Report is published to the Investors of Viet Capital Fund (Fund). This Report carries a variety of information which is all for informational
purposes only and not based on the particular circumstances of any addressee. The information herein is not construed an offer or solicitation to buy or sell the Fund
Certificate or other securities in the Fund’s portfolio nor is it construed an advice or an expression of VCAM view as to whether a particular security or financial instrument
is suitable or appropriate for the addressee and meets his/her financial or any other objectives. As a result, VCAM shall not be liable for any loss and/or damages regarding
results from its usage. The Investors should therefore not rely solely on this Report and should obtain separate legal or financial advice in evaluating whether or not to buy or
sell any securities or other financial instruments, including the Fund Certificate and other securities of the Fund’s portfolio. All the figures are quoted in Vietnam Dong unless
stated otherwise. Some figures may not total due to rounding effect.

32. Head office
Unit 2, 19/F, Centec Tower
72-74 Nguyen Thi Minh Khai St., T +84 8 3823 9909
Dist. 3, Ho Chi Minh City, Vietnam F +84 8 3824 6329 www.vietcapital.com.vn
Your capital Capitalized