vnm annual report final eng

8/22/2019 Vnm Annual Report Final Eng

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Belief in

TRUE VALUES

Annual Reort 2009


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FOR THE BRIGHT FUTUREOF THE NEXT GENERATION


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Contents

Vinamil Annual Reort 2009 - www.vinamilk.com.vn

04

06060708

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1420212226

34

36

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4044

46485053

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56666870

72

01020304080910

12

4042

Meage

VisionMissionCore valuesMessage from the Chairwoman

Reort of the Eecutive Board

Business reviewBusiness strategyDistribution networkCompetitive advantagesProduct portfolio

Financial highlight

Outstanding performances

Cororate rofile

Company introductionCompany introduction

Organization and management structureBoard of ManagementExecutive BoardInspection Committee

Cororate governance

Governance reportRisk managementInvestors relationsCommunity activities

Financial tatement

Corporate informationStatements by Board of DirectorsIndependent auditors reportConsolidated balance sheetConsolidated statement of incomeConsolidated statement of changes in euityConsolidated statement of cash flows

Notes to the consolidated financial statements

Companys addressAddress of factories


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Viion

Miion

Core Value

Meage from the Chairwoman

MEssAGE


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A true FLAVoR


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VIsION - MIssION - CORE VALUEs

VIsION

To become the leading Vietnamese trustedbrand on nutrient and healthy products forhuman life and to be positioned one of 50biggest dairy companies over the world

MIssION

Vinamilk commits to bring the communities thebest-uality nutrition source that conveys ourrespectability, love and responsibilities for thepeople, life and society

6


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CORE VALUEs

1. Integrity

Integrity, transparency and moralscan be found in whatever we do.

2. Will

We dare to think, to do, to take

responsibilities and to overcomechallenges to realize the committedtargets.

3. Creativity

We always highly appreciate thepassion, uniue discovery andinnovative solutions.

4. Efficiency

We always focus on added-valuesin all our works, investments andbusiness activities.

5. Reectability

Self-respecting, euality anddedication to the growth of thecompany are what we reallyappreciate at Vinamilk.

6. Harmony of interet

Interests of Vinamilk are also theinterests of its employees, partners,government and society.

7. Oenne

Cons t ruc t i ve and s t ra igh tcommunication is the base for our

team to become more united andstronger.

7www.vinamilk.com.vn


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I believe that Vinamil ha everything needed to bringit goal come true. For eternal factor, Vinamil ha agreat otential maret of nearly 90 million eole, 36%of them are under-14-year old id. The eole incomeee increaing and they now ay more attention tohealthy roduct. Conumer today have trend to ueroduct of reliable branded and recognied name.

To: Honorable shareholder

MEssAGE FROM THE CHAIRWOMAN

The year 2009 has ended with full of fluctuations in both the world economy and theVietnamese market. Being originated in the end of 2008 and dragged to the year2009, the global financial crisis has created influences on various respects of theeconomy. We have experienced the slump in securities market, the increasingunemployment, the collapses or merges of well-known businesses and the significantdeclines in gross domestic products (GDP) growth rates of many countries.

In Vietnam, our economy also has undergone severe challenges and difficulties. Therecession of the influential economies in the world has narrowed the markets for exportand capital source of Vietnam. The growth rate of GDP in the whole year 2009 onlyreached 5.32%, being lower than the rate of 6.18% in 2008. The export turnover in2009 was estimated to reach USD 56.6 billion, decreasing by 9.7% as comparisonwith that of 2008 while the import turnover was about USD 68.8 billion, being lowerthan that of 2008 by 14.7%. The FDI commitment in 2009 fell to a record of USD

22 billion, reducing 70% in comparison with that of 2008. The disbursement of FDIin 2009 was estimated to be USD 10 billion, being lower than that of 2008 by 13%(source: General Department of Statistic).

In such a challenging context, Vinamilk has maintained its impressive growth rate and itsleading position in the dairy market in Vietnam. Its total sales increased 29% as comparedwith those in the same period in the last year, exceeding 17% as compared with the planassigned by the Shareholders Meeting. The profit before tax increased nearly double ascompared with that of 2008. Total assets at the end of 2009 reached VND 8,482 billion,increasing by an amount of VND 2,515 billion, euivalent to 42% increase, as comparedwith VND 5,967 billion at the beginning of the year. In which, the owners euity was VND6,638 billion, growing by an amount of VND 1,876 billion, euivalent to the increase of39% in comparison with that at the beginning of the year.

88


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9Message


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MEssAGE FROM THE CHAIRWOMAN

FINANCIAL pERFORMANCE

After the end of the year 2009, Vinamilk has achieved the following impressive consolidated results:

Actual2009

plan2009

Actual2008

% beyondthe lan

Y-O-Y Increae

(VND billion)

Gross sales 10,820 9,220 8,381 17% 29%

Profit before tax 2,731 1,670 1,371 64% 99%Profit after tax 2,376 1,303 1,250 82% 90%

Earning per share (EPS) 6,769 3,563 90%

(Note: regarding the consolidated figures, EPS is calculated, based on the adjusted number of sharesafter issuing bonus shares to shareholders at the rate of 1:1)

To prepare for its future operation, Vinamilk has continuously made investments in improvement andexpansion of its factories. The total investment in its fixed assets during the year 2009 is as follows:

Actual 2009 plan 2009 Actual / plan

Disbursement during the year (VNDbillion)

921 1,208 76%

DIVIDENDs AND BONUs sHAREs

The Shareholders Meeting approved the rate of dividend distribution in cash for the year 2009,which is 30% of charter capital. Basing on the business results of the year, the Board of Management

has given the first interim dividend is 20% on charter capital of VND 1,756 billion (euivalent to VND2,000/share) and for the second time with an amount of 10% on charter capital of VND 3,531 billion(euivalent to VND 1,000/share). In the year 2009, the company already issued bonus shares to itsshareholders at the rate of 1: 1.

DEVELOpMENT sTRATEGY FOR THE pERIOD FROM 2010 TO 2012

The period from 2010 to 2012 takes a significant role as a solid foundation for the growth ofthe company in the coming years. Our company is keeping with the strategy of investments in dairyproducts, with focus devoted to products that offer high added-values and growth rate. Vinamilk has

set targets for itself that in the year 2010, its sales will be over VND 14,000 billion and in 2012,this number will reach VND 22,000 billion, euivalent to over USD 1 billion. Our desire is to bepositioned in the list of 50 biggest dairy companies over the world.

billion VND2,731pROFIT BEFORE TAx

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I believe that Vinamilk has everything needed to bring its goals come true. For externalfactors, Vinamilk has a great potential market of nearly 90 million people, 36% of them areunder-14-year old children. The peoples income keeps increasing and they now pay moreattentions to healthy products. Consumers today have trends to use products of reliable brandedand recognized names. For internal forces, the internal strengths of Vinamilk line in its realizedbrands, high-uality products and favorite from consumers, modern manufacturing facilities,expansive distribution network and a powerful financial position.

ACkNOWLEDGEMENT

On behalf of Vinamilk, I would like to express my sincere gratitude to our customers, our businesspartners for their ongoing trust and support to Vinamilk during the last time. I also would like tothanks all the Vinamilk employees for their enduring efforts and significant contribution to thesuccesses of Vinamilk today. I am so grateful to honorable shareholders for their confidence andgoing with us on all the challenging ways.

The year 2010 properly witnesses more positive movements but possibly faces challenges anddifficulties waiting ahead. These may be a sharp increase in prices of materials as compared withthose in 2009 upon recovery of the economy, the increase in exchange rate of USD/VND while

Vietnam has experienced a trade gap and the possible coming-back of inflation, etc. However,Vinamilk commits to do at its best to realize the expectations of the shareholders.

Ho Chi Minh City, 27 March 2010

MAI kIEU LIENChairwoman

billion VND2,376pROFIT AFTER TAx

11Message


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Buine review

Buine trategy

Ditribution networ

Cometitive advantage

product ortfolio

REpORT OFTHE ExECUTIVE BOARD


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True DesIRes


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14

10,820the highest record of profit ever before

TOTAL REVENUEs OF

billion VND

BUsINEss REVIEW


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15Report of the Executive Board

In the year 2009, Vinamilk continues to be a leaderin the dairy market in Vietnam. Over time, products ofVinamilk have obtained growing trust and become afavorite brand of consumers. All the lines of productshave experienced an exceptional and sustainablegrowth. Total sales reached an increase of 29.3%,of which local sales seen a growth of 34.6%. Thedistribution network has been strongly reinforcedand developed. The company has reached targetsof both sales volumes and profits set out by theShareholders Meeting at the beginning of the year.The broad range of Vinamilks dairy products isdivided into the 6 groups, in which, four first groupsare the key products lines, contributing over 95% tothe total sales of the Company.

Groupofpowderedmilkandinfantcereals

Groupofcondensedmilk

Groupofliquidmilk Groupofyogurt,ice-creamandcheeses

Groupoffruitjuice,soy-beanmilk,purifiedwater

GroupofVinamilkcoffee

powdered mil and infant cereal

This group is consumed at both local market and forexports. These are the key products of Vinamilk forexport to the Middle East. Sales from these productsmake a contribution of 20% to local sales of theCompany and experienced a growth of 32.5% incomparison with those in 2008. This market segmentof Vinamilk is under the severe competition with theimported products of international brands as wellas from the other local competitors. The potentialfor growth of this product range is great and in thecoming years, this will be the ongoing emphasis ofVinamilks development strategy.

Condened mil

Condensed milk is a traditional product of Vinamilk,

which was firstly launched in 1976. In the year 2009,sales from condensed milk products have contributed 25%to the local sales of Vinamilk and increased 13.3% in

The ale of Vinamil have een a dramatic increae in the year 2009 with the growth rate of29%incomarion with the correonding eriod lat year, of which the local ale have increaedby 35% while the eort turnover ha lightly decreaed by 0.8% comared with that of the year2008. From it euitiation in November 2003 to now, the ale of Vinamil have eeriencedan average growth rate of 21%/year. Thi i the firt time total ale of Vinamil have reached arecord of over VND 10,000 billion and it rofit alo ha got the highet amount ever before. Thii alo the firt time when Vinamil ha contributed to the state budget over VND 1,000 billion.

comparison with those in 2008 though its proportionin the Companys product structure has been graduallydecreased upon the development strategy of Vinamilk.Majority of condensed milk products are consumed inVietnam and a small part is exported to Cambodia andthe Philippines.

Liuid mil

Liuid milk includes UHT fresh milk and drinkingyogurt. This segment of products is the biggest salescontributor to the local sales of Vinamilk with thecontribution of 34.6% and sales from these productsalso grew at the rate of 47.8% as compared withthose in 2008. All the liuid milk products areconsumed in Vietnams market. The competition inthe market segment of liuid milk is highly intensivesince there are many other local involving players,not mention to some UHT milk product brands

imported. In the coming years, liuid milk remainsthe focus in Vinamilks strategy for development.

Yoghurt, ice-cream and cheee

The key product of this group is spoon yogurt.The sales from this group account for 17.2% ofVinamilks local product sales and have seen agrowth of 51.7% as compared with those of theyear 2008. Vinamilk has remained its dominantposition in this market segment. It is our view

that the perspective for the development of thisproduct range in the future is still great.

Fruit juice, oy-bean mil, urified water

The sales of this group are mostly from fruit juiceand soy-bean milk products. At the end ofthe year 2009, the company has launchedsuccessfully the line of non-gas beverage products,which are better for health, including marrowsuash, orange smoothie, strawberry smoothie.

Although this group of products makes a smallportion in the companys total revenues but itoffers a great and strong potential for thecompanys development in the coming time.


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16

1,000the highest number ever before

CONTRIBUTIONTO THE sTATEs BUDGET

billion VND

Fluctuation of the economy

In the year 2009, both the world and localeconomies have been suffered from a range ofdifficulties due to the influences of the globaleconomic recession. However, the Government

of Vietnam introduced and applied the effective policiesto control the economic declines and graduallyrecover its economy. Conseuently, GDP of Vietnamreached the growth rate of 5.2%, being one of 12countries in the world that obtain an appositiveGDP growth rate and being the country gettingthe highest GDP growth in the South East Asia.The inflation (i.e. annual average CPI) also wasrestricted at 6.88%.

For dairy industry, apart from general difficultiesof the economy, scandal that melamine-infectedmilk was found in China and then in neighboring

BUsINEss REVIEW

FACTORs INFLUENCING THE COMpANYs OpERATIONs

countries and the news that some powdered milkproducts are found having protein proportion muchlower than the portion disclosed on the packagesin the year 2009 have pushed the consumers tomove to the products of reliable branded names.However, under the view of Vinamilk, this creates

a real challenge but it also offers an exceptionalopportunity for Vinamilk to further develop andexpand its business.

Demand for dairy roduct

Demands for dairy products in Vietnam haveexperienced a stable growth. Together with theeconomic development, consumers now paymore attentions to their health and conseuently,use more dairy products. The average consumption

level of Vietnamese people now is 14 liters/person/year, being lower than that of Thailand


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(23 liters/person/year) and of China (25 liters/person/year). In addition to the above factors,

the following favorable conditions are consideredvaluable opportunities and great potential forthe sustainable development of dairy industry inVietnam:

Vietnam has a young population structure(children account for 36%) and thepopulation growth rate of over 1%/year.

Average income per capita increases over6%/year.

Cometition

The dairy market in Vietnam is highly competitive.Besides the local competitors, Vinamilk has tocompete with the imported powdered milk products.

However, in August 2009, the Vietnams Politburolaunched the campaign of Vietnamese peopleuse Vietnamese goods. Under this campaign,the dairy products are the goods that receive the

highest priority and this has contributed toreinforce the competitive capacity of the localdairy producers and Vinamilk is the one.

New roduct

Vinamilk has continuously introduced to themarket its new products to meet the diversifieddemands of consumers, including Vinamilk AloeVera Yogurt Milk with rich source of vitamin A andE, Dielac Diecerna, Vinamilk Slimming Milk,orange smoothies, etc.

Taation

Under the Vietnams commitments to WTO, the

rate of import tariff applied to powdered milk willbe 25% by the year 2012. However, the currentrate of import tariff is still lower than committedrate, giving opportunity for imported powderedmilk to compete easier with the local products.

The rate of import tariff applicable to importedmilk materials is temporarily lower than the ratecommitted to WTO. Now, nearly 75% of powderedmilk materials of Vietnam are imported since the

local supply is not enough for the productiondemand.


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6,769EARNINGs pER sHARE

VND

BUsINEss REVIEW

A mart choice


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BUsINEss REsULTs

The sales of Vinamilk have seen a dramaticincrease in the year 2009 with the growth rate of29% in comparison with the corresponding periodlast year, in which the local sales have increased

by 35% while the export turnover has slightlydecreased by 0.8% compared with that of the year2008. From its euitization in November 2003to now, the sales of Vinamilk have experiencedan average growth rate of 21%/year. This is thefirst time total sales of Vinamilk have reached arecord of over VND 10,000 billion and its profitalso has got the highest amount ever before. Thisis also the first time that Vinamilk has contributedto the States budget for over VND 1,000 billion.

The growth of sales in the year 2009 is mainlythanks to the significant sales contribution fromliuid milk and spoon yogurt. The salesfrom the condensed milk and powderedmilk have experienced a growth of over15%. Although beverage products (soy-beanmilk and fruit juice) take a small portion in thecompanys sales, this group has seen the highestgrowth rate. This range of products is new but

it offers a great potential for the companysdevelopment in the coming years.

One of the significant factors leading to thesesuccesses of Vinamilk is the extensive distributionnetwork with 135,000 outlets nationwide. Moreinvestments are made to cold and cool storesand freeze vehicles to meet the growth of yogurtproducts.

The portions of product sales also have somechanges. The product range of condensed milk,powdered milk - infant cereals has seen adecrease by 3% and by 4% respectively ascompared with their portions of sales in 2008.Meanwhile, the sales portions of liuid milk andyogurt products have experienced an increase by4% and by 2% in comparison with their salesportions in 2008.

Financial income

The financial income increases as compared withthat in 2008 mainly thanks to the profit gained

from capital transfer after liuidation of SabmillerBeer Joint Venture and interests received frombank deposits.

The rate of selling eene/ale andGeneral and adminitration eene /ale

The rates of selling expenses/sales and generaland administration expenses /sales in the year2009 are 11.7% and 2.6% respectively,

decreasing by 1.1% and 0.9% as compared withthose in the year 2008. The decreases in theseratios are mostly due to the good growth of saleswhile the expenses on advertisement, salespromotion and supports to distributors are tightlyand properly controlled.

Net rofit from conolidated oeratingactivitie

The profit before tax in the year 2009 has reachedVND 2,372 billion, increasing 99% in comparisonwith that of the year 2008. This is the highestrecord ever before.

The extraordinary growth in the Companys profitin 2009 is the result of the effective combinationof the following factors:

The sales volume increases 25%. The sales obtains a good growth, manufacturing

costs are tightly controlled and priority isgiven to development of product groupsoffering high profit margin. The combinationof these factors has resulted in an increase of4.9% in gross profit.

Selling expenses and administrative overheadsare also managed effectively and tightly.

More effective control on working capital hasresulted in increasing gain from bank deposit

interests. Gain from transferring capital in Sabmiller

Beer Joint Venture


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BUsINEss sTRATEGY

The companys ultimate goal is to maximize the values to shareholders and to keep up with strategy forbusiness development basing on following key factors:

Reinforcing and developing a system of powerful brands to satisfy the demand and consumption

trends of Vietnamese consumers. Developing Vinamilk to the most reliable and trusted brand on nutrition products and scientific

credibility by application of scientific researches on specific demands of Vietnamese on nutrition inorder to develop and launch the best products to Vietnamese consumers.

Making more investment into expanding its business and market of healthy beverage productsthrough the core brand of Vfresh to meet the increasing demands for healthy and naturalbeverages.

Strengthening its distribution uality and network coverage to expand its market share in the marketwhere Vinamilks segment is not high, especially in rural area and small towns.

Exploring the power and reliability of Vinamilk as most reliable and trusted brand on nutritionproducts and scientific credibility to the Vietnamese in order to take up at least 35% of powderedmilk market segment in the next 2 years.

Developing comprehensively the portfolio of dairy products, targeting the extensive uantity ofvarious consumers and expanding value-added products with high selling prices in order to increasethe companys profitability.

Continuing improvement of the supply network management capacity.

Keeping expansion and development of a stable, active and effective distribution network.

Developing material sources to ensure a stable fresh milk supply with high and reliable uality andcompetitive prices.

35%Taking up at least of powdered milk market segmentIN THE NExT 2 YEARs


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135,000Over outletsOVER THE COUNTRY

Local maret :

Local sales account for about 90% of the Companys total sales. The domestic market remains theCompanys main market in its long-term development strategy. The Companys products are deliveredto consumers through two distribution channels:

Traditional channel

Distributors Outlets Consumers

Modern trade

Supermarkets / Metro Consumers

Eort maret:

The sales from exports in the year 2009 account for approximately 11% of the Companys total sales.Its main export markets are the Middle-east countries, Cambodia, the Philippines and Australia.

The Company is always looking for new export markets in the region and to other countries over theworld in order to maintain and promote export sales.

The key export products are powdered milk and condensed milk.

DIsTRIBUTION NETWORk

VINAMILK

CONSUMERS

Distributors

&

Supermarkets

Outlets

nationwide

Trung ong

Philippines

Uc

Campuchia


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55.4%holding upOF LIqUID MILk MARkET sEGMENT

Economies of scales when Vinamilk is well positioned as a leader in dairy market of Vietnam.

Vinamilk is undoubtedly a familiar and trusted brand in the mind of Vietnamese consumers during

the last 34 years. An extensive distribution network located nationwide and continued being expanded over time

allows Vinamilk to bring its core products to consumers in a fast and effective way.

Vinamilks high-uality products are the favourite brand of consumers.

A range of modern factories located along Vietnam that helps to reduce transportation expensesand a system of the state-of-the-art machinery and euipment, being improved and expanded everyyear, that helps to ensure the output products meeting the international standards.

The loyal and cooperative relationships with both local and overseas suppliers allow the companyto have a stable material source at the reasonable prices. At present, Vinamilk is the purchaser of

about 60% of all cow milk produced in Vietnam. Vinamilk owns a management team deeply experienced in dairy business and production, a

transparent internal management system and tight and detailed management procedures. A strongspirit of self-renovation for improvement of operation uality is absolutely penetrated from everymanagers to each employee.

COMpETITIVE ADVANTAGEs

Source: Retail Audit in 36 cities December 2009


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Vfreh oy mil wa certified to beGOOD FOR HEARTS HEALTH

Vfreh, nature goodne from mother Earth

Containing 6.4g of rotein in each 200ml mil


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brandform

A BUsINEss

BelievesinVietnam A mart choice


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strong tatea filtered coffee

Vfreh, nature goodnefrom mother Earth


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26

The product portfolio of Vinamilk is so diversifiedand successfully satisfies the increasing variousdemands of consumers. The company owns 4core brands, in which Vinamilk and Dielac are

two key brands and Vfresh is a new one but itoffers a great potential for development.

1. For adult

100% fresh milk

Vinamilk 100% fresh milk is made from 100%pure milk, containing all essential nutrientsfrom nature, giving you a sense of vitality toenjoy life to its entirety.

UHT Milk FlexA high-calcium and low-fat milk, Flex is theideal source of nutrients to help you keep inshape, healthy, active and energetic.

2. For id

UHT Milk Kid

UHT Milk Kid is produced from fresh cow milk,rich in calcium and minerals, and treated bya modern UHT technology. i.e. fresh milk istreated in at high temperature in a very shorttime (3 seconds) to retain all essential vitaminsand minerals (including calcium content inmilk at an optimal proportion of D/Ca). Thesupplement of DHA is added to assistchildrens growth and development, keepingthem healthy, agile and intelligent.

LIqUID MILKcontributes

34.6%to the sales

LIqUID MILk

pRODUCTs pORTFOLIO


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YOGHURTaccount for

17.2%the sales

1. Drining yoghurt

There are two lines of drinking yoghurt products,

including Vinamilk Drinking Yogurt and SUSUDrinking Yogurt Milk with various flavors.Yoghurt is beneficial for health of digestionsystem and brings you a healthy nutrition source.

2. soon yoghurt

Being made from 100% fresh milk withvarious flavors such as aloe vera, strawberry,etc, yoghurt products are rich in proteins,vitamins, minerals and calcium which areessential for your body. Spoon yoghurt assists to

improve the daily digestion, reinforce the bodyimmune system, consolidate bone structureand helps to bring a fine and fresh complexionas well as a body in shape.

3. probi fermented yoghurt

Vinamilk Probi is the yoghurt product fermented

from billions of Lactobacillus Casei, workingwell in digestive system that helps to reinforcethe resistance of digestive system, purify toxinfrom food and surrounding environment andabsorb nutrients at maximum capacity.

Consuming Vinamilk fermented yoghurt Probievery day keeps digestive system healthy fromthe inside naturally.

YOGHURT


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1. powdered mil for regnant and breatfeeding woman

Dielac Mama suitable for mother and betterfor babiesDielac Mama Milk Powder with vanilla flavor,produced following a specially developedformula, is to be consumed exclusively bypregnant and breast-feeding women, addingCalcium, Iron, Zinc, Lodine, Vitamin A, C, D3,E and Vitamin B compound sufficiently andin a balanced way. This not only helps toreinforce mothers health but also improvesbabies comprehensive development, prevents

risks of dangerous diseases which are verydifficult to recover when they grow up.

2. powdered mil for id

Dielac Alpha A smart choiceWith the exclusive formula of Alpha,supplemented with Colostrum, DHA, Choline,Omega 3, Omega 6, Vitamin and otheressential nutrients to provide energy andstrong resistance to babies.

Dielac Alha ste 1:For infant from 0 6 months

Dielac Alha ste 2:

For infants from 6 12 months

Dielac Alha 123:For kids from 1 3 years old

Dielac Alha 456:For kids from 4 6 years old

3. powdered mil for childrenwith oor aetite and malnutrition

Dielac Pedia For your children to catch upwith normal growthDielac Pedia, with a combination of BifidobecteriumBB-12 and Fructo-Oligo-Sacharide (FOS), helpsto improve resistance, restrain the growth ofharmful bacterium, nurture and enricheadvantageous bacterium, thus helps thedigestion system to function better and increaseschildrens utmost absorption capacity. Inositolhelps better the transport of nutrients through

cells so that childrens capacity to absorb vitalnutrients is improved to catch up with the normalgrowth.

POWDERED MILKtake up

20%of the sales

pOWDERED MILk

pRODUCTs pORTFOLIO


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4. powdered mil for adult

Vinamilk Canxi - Low-fat and calcium-richpowdered milk that helps reinforce bonesystemPowdered Milk Vinamilk Canxi is providedwith high mixture of Calcium and Phosphorus,together with Vitamin D and FOS, that helpsincrease utmost calcium absorbability andconsolidate bone-system. In addition, theaddition of colaskin protein assists to nurtureand reinforce articular bone and cartilage,and thus helps you stronger and moreresistant.

Eliminating worries on bone and muscle withPowdered Milk Vinamilk Canxi, any over30-year-old men and women can enjoy ahappy and active life.

Dielac Sure A special nutrition source topatientsDielac Sure, a protein-rich, high-fat powdered

milk, does not contain lactose sugar andcholesterol, is suitable for the elderly, personsbeing allergic to lactose sugar and patients whoneed to recover soon.

Dielac Diecerna A perfect nutritious solutionfor diabeticsDielac Diecernas balancing formula providesall those vital nutrients with low Glymecic Index(GI), giving diabetics a strong and happy life.

Vinamilk slim milk A safe and effective solu-tion to lose weight. 3,9 kg loss only after 06weeks.Vinamilk slimming milk helps fat people andobese people to control their weights throughdiets, decrease the threshold of fill and totallymaintain nutrition for daily activities.

Nutrition Dielac full cream milk powder -Energy source for life everydayDielac Nutrition full cream milk powder issuitable for people at any age, helps childrento get height growth, patients to overcome themalnourishion and is a good energy supplyfor people who is hard working mentally andphysically.

5. Ridielac Alha nutrient and delicioua ou cooed by mother

Baby food Ridielac Alpha helps babies

familiarize with food taste. It is produced inaccordance with the exclusive formula Alphaof Vinamilk, ensures childrens comprehensivegrowth of body, brain, and movement.

Ridielac Alha Mil Cereal:Infant Cereal for infant of 4 24 months.

Ridielac Alha por Vegetable:Infant Cereal for infant of 6 24 months.

Ridielac Alha Beef Vegetable:Infant Cereal for infant of 7 24 months.


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CONDENsED MILk

contribute25%to the sales

2. southern star condened mil

Southern Star with vegetative fat content andwithout cholesterol is good for peoples at any

ages, especially for the dietary. Southern Starcondensed milk is especially delicious whenusing to make flans, yogurt and or drinkingwith coffee.

1. Longevity

Longevity condensed milk offers a preciousnutrition source for your familys health and isspecially made to meet different needs. It canbe a tasty soft drink when being mixed withboiled warm water and it is especiallydelicious when using with breads, makingyogurt, white coffee and fruit juices.

CONDENsED MILk

Vinamilk ice-cream is made with many naturalfruits flavors, including strawberry, durian,coconut, taro, green-bean, etc. It is packagedin 1litre and 450ml available for immediateconsumption.

Vinamilk ice-cream is also available in glassand ice lolly which are very suitable to kids.

ICE-CREAM

Being produced from French production line,cheese has high calcium content and provides

various nutrients.

CHEEsE

pRODUCTs pORTFOLIO


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Vinamil cofffee

Vinamilk coffee, being made from the essenceof hardly selected coffee beans and applicationof the state-of-the-art technology, offers a strongtaste of filtered coffee and supplies an immediatefresh energy source to work effectively, to thinksmartly, to make right decision and to non-stopenjoying life.

COFFEE

Vfreh soy Mil

Vfresh Soy Milk contains 6.4g of protein in each200ml milk and was certified by NIN (NationalInstitute of Nutrition) to be GOOD FOR HEARTSHEALTH.

Non-cholesterol, non-preservative substance anda tasty flavor, Vfresh Soy Milk is a perfect andnutrient drink for you and your families everyday.

VFREsH

Vfreh i a owerful brand of Vinamil, ecialied in roduct of freh fruit juice, moothie,oft drin, and oy-bean mil. Vfreh i develoed from Freh brand, which wa launched tothe maret and ha been a favorite choice of conumer for over lat 10 year.

With a line of high-uality and healthy roduct and a rofeional and effective mareting

trategy, Vfreh ha been recognied by TNs Maret Reearch a to ten brand thatdeveloed fatet in Vietnam in the firt half of the year 2009. In the year 2010, a modernbeverage factory of Vinamil with a caacity of 36 thouand bottle er hour will comeinto oeration, creating a firm foundation for tronger growth of Vfreh branded roduct tobecome a leading name in the maret of healthy beverage.


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Vfreh 100% Juice

With 100% fresh fruit juice, non preservative-substance and a wonderful taste, Vfresh fruitjuice is a fabulous drink, supplying vitaminand natural minerals for your healthy, youthfuland dynamic body everyday.

Vfreh Winter Melon Tea

New Vfresh winter melon tea is an uniuecombination of natural winter melon extractand alga jelly for delicious refreshmentbeverage.

Vfreh moothie

Vfresh Smoothies is a special mixture of freshfruit juice and milk, bringing you a shake bever-age which is not only delicious but also better foryour health. With new Tetra Prisma package andconvenient cap, you can enjoy Vfresh Smoothiewherever and at anytime.

pRODUCTs pORTFOLIO


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Real fruit, real milk, real good

Keep it realSimply, it is a combination of real strawberry, real orange and real milk,

absolutely new Vfresh Smoothie brings you a extremely real drink thatmakes you truly yourself.


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FINANCIAL HIGHLIGHTs

True KnoWLeDGe


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2,376

pROFIT AFTER TAx

billion VND

OUTsTANDING pERFORMANCE

32%

2008 2009

Gross profit (%)

37%

28%

2008 2009

ROE (%)

42%

22%

2008 2009

ROA (%)

33%

24%

2008 2009

Owners equity (%)

27%

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2009 2008

BUsINEss REsULTs

Net sales 10,613,771 8,208,982

Gross profit 3,878,709 2,598,013Net profit 2,595,399 1,315,090

Profit after tax 2,376,067 1,248,698

EBITDA 2,972,091 1,576,714

BALANCE sHEET

Total assets 8,482,036 5,966,959

Liabilities 1,808,931 1,154,432

Long-term liabilities 256,325 181,930

Net assets 6,633,864 4,761,659FINANCIAL RATIOs (%)

ROE 42% 28%

ROA 33% 22%

Liabilities / Owners euity 27% 24%

VALUE pER sHARE (VND)

Earning 6,769 3,563

Book value 18,903 13,570

Dividend 3,000 2,900

8/2008 2009 2010 3/2010

xFacevalue

VN-inde VNM

37Financial highlights


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Comany introduction

Cororate tructure

Organiation and management tructure

Board of Management

Eecutive Board

Inection Committee

CORpORATE pROFILE


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True FeeLInGs


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COMpANY INTRODUCTION

SIGNIFICANT HISTORICAL EVENTS IN OUR BUSINESS ARE SET OUTBELOW:

1996

2003

Our Company was founded under the name

of Southern Coffee-Dairy Company, a subsidiary ofthe General Food Directorate and hadsix factories in operation, namely ThongNhat Dairy Factory, Truong Tho Dairy Factory,Dielac Factory, Bien Hoa Coffee Factory, BichChi Powder Factory and Lubico..

The management of our Company wastransferred to the Ministry of Food Industry andthe Company was renamed United Enterprisesof Milk Coffee Cookies and Candies I.

1976

1978

1992 2004The United Enterprises of Milk Coffee Cookiesand Candies I was formally renamed VietnamDairy Company and came under the direct

management of the Ministry of Light Industry.

Binh Dinh Dairy Joint Venture Enterprise was

founded as the result of our joint venture withDong Lanh quy Nhon Joint Stock Company.This joint venture enabled our Company tosuccessfully gain access to the market in thecentral region of Vietnam.

The company was formally transformed to ajoint stock company in December 2003 andchanged i t s name to Vietnam DairyProducts Joint Stock Co. to reflect its change inlegal status.

Acuired Saigon Milk Joint Stock Company andincreased charter capital of the company to VND1,590 billion.

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2005 2006

2007

Bought out our joint venture partners

remaining shareholdings in Binh Dinh DairyProducts Company Ltd (which was then knownas Binh Dinh Dairy Factory) and inauguratedNghe An Dairy Factory, located in Cua LoIndustrial Zone, Nghe An province, on 30June 2005.

Entered into a joint venture agreement withSABMiller Asia B.V. to establish SABMillerVietnam Joint Venture Company Ltd. in August2005, our first joint ventures product, Zorok,

was also launched to the market in the firsthalf of 2007.

Vinamilk was listed on the HOSE on 19

January 2006 with the SCIC holdingapproximately 50.01% of our Companysshare capital.

Opened An Khang Clinic in Ho Chi Minh Cityin June 2006, this is the first clinic in Vietnammanaged by a sophisticated electronicmanagement system. The clinic offers adiverse range of services such as nutritionalconsulting, gynecology testing, pediatricsconsulting and health screening.

Commenced our dairy cow farms programwith the acuisition of Tuyen quang dairyfarm, a small scale farm with 1,400 heads ofcows in November 2006. This dairy farm wasin operation at the time of acuisition.

In September 2007, the Company acuired55% of share capital in Lam Son MilkCompany Ltd., located in Le Mon Industrial

Zone, Thanh Hoa province.

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COMpANY INTRODUCTION

IMpORTANT EVENTs

Vinamilk-foryoungtalentfund:VND3.4billion

Supportingvictimsofstormsno.9andno.11intheCentralregionandWesternMountainbygivinggifts and cash with the total value of over VND 2 billion.

Supportingteachersin10poorprovincestohaveagoodTet.

Inco-operationwithFundforpoorpatientsofHoChiMinhCity,givingmilktorest-homeandtheelderly living alone; Continuing to support life-maintenance for Vietnamese Heroic Mothers in Ben Tre.

Grantingfellowshipstochildrenwhoarevictimsfloods.

Award received in 2009

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1. For the company:

The certificate of High-quality VietnameseGoods in 2009 granted by SaigonMarketing Magazines, voted by readersthrough the survey made by this magazine.

Goldmedal for food safety andensuredhygiene in 2009 granted by Vietnam FoodAdministrator.

ThecertificateandcupforThemostfavoritebrand in 2008-2009 granted by Saigon GiaiPhong Newspaper

Meri t certi ficate and award of GreenBusiness granted by the Peoples Committeeof Ho Chi Minh City to three entitiesof Vinamilk, i.e. Saigon Dairy Factory, ThongNhat Dairy Factory and Truong Tho DairyFactory in 2009.

Golden cup of Securities Prestige Brandand award of Vietnam Top Rank Corporationin Vietnam Stock Market in 2009 grantedby Securities Business Association, Credit

Information Center, and Vietnam SecuritiesMagazines.

AwardofTopbrandsof Vietnamin2009granted by Vietnamese Associations ofScience and Technology, Southern Instituteof Science and Technology and Vietnamesebrand magazines.

2. For individuals:

Mdm. Mai Kieu Lien has been granted the followingawards:

TopVietnamsbusinesswomanYellowRoseCup in 2008 granted by Association ofVietnamese businesswoman - VCCI.

CampaignmedalofForthecauseoflabor,war invalids and social affairs granted by theChairman of National Fund for VietnameseChildren.

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CORpORATE sTRUCTURE

INTERNATIONAL

REAL ESTATE

INVESTMENT

CO., LTD.

VIETNAM

DAIRY COWS

CO., LTD.

LAMSON MILK

JOINT STOCK

COMPANY

ASIA-SAIGON

FOOD MATERIALS

JOINT STOCK

COMPANY

VICTORY

REAL ESTATE

JOINT STOCK

COMPANY

VINAMILK

GROUP

VINAMILK

GROUP

VINAMILK

GROUP

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At reent, Vinamil ha following ubidiarie andaociate:

NO. Comany name Buine functionChartercaital

Ownerhirate

of Vinamil

1Vietnam Dairy CowOne-member Co., Ltd.

Breeding dairy cowsVND 220

billion100%

2

International One-member Real

Estate Investment Co., Ltd. Not yet come into operation

VND 160

billion 100%

3Victory Real Estate Joint StockCompany (*)

Not yet come into operationVND 45

billion100%

4 Lamson Milk Joint Stock CompanyProducing and trading dairyproducts and beverages

VND 80billion

55%

5Asia-Saigon Food Materials JointStock Company

Producing cream powder usedfor foods

VND 45billion

20%

(*): This company is 100% invested by International One-member Real Estate Investment Co., Ltd.

VIETNAM DAIRY COW ONE-MEMBER CO., LTD.

As to 31 December 2009, Vietnam Dairy Cow One-member Co., Ltd. (the dairy cow company)has been managing 3 dairy cow farms in Tuyen quang, Binh Dinh and Nghe An. Total number ofcows at these three farms are 2,153 heads. The total fresh milk output provided during the year hasreached 5,200 tons. The Company has plan to expanding sizes of these farms from 2,000 to 3,000cows per farm.

Total output of fresh milk from these farms is provided to the parent company as input materials.

All these farms are received intensive investments into breeding cows, uality input feedings,breeding facilities and milking technology meeting the Europe standards in order to ensure thatfresh milk materials are at the best uality. This is the key material source for the production of 100%fresh milk product line of the parent Companys factories.

LAM SON MILK JOINT STOCK COMPANY

Lam Son Milk Joint Stock Company (Lamson milk) is a company that Vinamilk takes 55% ofownership. At present, Lamson milk has a cow farm with 820 heads of cows. Total fresh milk outputprovided from this farm during the year is 1,860 tons. Additionally, Lamson milk has a factory,specialized in producing dairy products, mainly to meet the orders from parent Company.

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ORGANIzATION AND MANAGEMENT sTRUCTURE

SHAREHOLDERS MEETING

CHIEF EXECUTIVE OFFICER

BOARD OF MANAGEMENT

EXECUTIVE DIRECTOR

DAIRY DEVELOPMENT

EXECUTIVE DIRECTOR

SUPPLY CHAIN

EXECUTIVE DIRECTOR

PRODUCTION and R & D

EXECUTIVE DIRECTOR

FINANCE

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INSPECTION COMMITTEE

INTERNAL CONTROLDIRECTOR

EXECUTIVE DIRECTOR

PROJECT

EXECUTIVE DIRECTOR

MARKETING

EXECUTIVE DIRECTOR

SALES

EXECUTIVE DIRECTOR

HR & ADMIN

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Mdm. NGO THI THU TRANGMemberExecutive Director

She has been a member of Board ofManagement since 14 November2003, and Deputy General Director cumFinancial Director of our Companysince March 2005. Mdm. Trang

joined the Company in 1985as a financial analyst, and in January1995, she became a Vice Managerin the Accounting-Statistics Departmentof the Vietnam Dairy ProductsCompany. She held this positionuntil December 1997 and servedbetween January 1998 andFebruary 1998 as the Head of theAccounting - Statistic Department.From February 1998 to March2005, she held the position of the

Chief Accountant in charge of th eAccounting Department ofthe Vietnam Dairy ProductsCompany. In March 2005, shewas appointed Deputy GeneralDirector cum Financial Director.From 20 August 2009, the title ofMdm. Trang has been changed toExecutive Director in charge ofFinance. Mdm. Trang graduatedfrom the Finance-Accounting Universityof Ho Chi Minh City, majoring in

accounting and finance in 1984.She also holds a Master of BusinessAdministration degree from the OpenUniversity, Ho Chi Minh City.

Mdm. MAI kIEU LIENChairwoman,Chief Executive Officer

She has been the Chairwomanof Board of Management since14 November 2003. From August1976 to August 1980, she wasan engineer in charge of thecondensed milk production atTruong Tho Dairy Factory.

From September 1980 to February1982, she was a technology engineerin the Technical Department of theUnited Enterprises of Milk CoffeeCookies and Candies I. From February

1982 to June 1983, she workedas a Vice Technical Director in charge ofproduction at Thong Nhat Dairy Factory.After finishing her training at EconomicUniversity of Leningrad in the formerSoviet Union (currently Russia),she was appointed Deputy ChiefExecutive Officer of the United En-terprises of Milk Coffee Cookies andCandies I.In December 1992, she was pro-moted to Chief Executive Officer of

Vietnam Dairy Products Company.On 14 November 2003, she waselected chairwoman of the Boardof Management and thereafter ap-pointed as Chief Executive Officerof our Company. In March 2007,she continued to be elected to theBoard of Management, term from2007 to 2011 by ShareholdersMeeting. Mdm. Lien graduatedfrom Mosco University of Meat &Milk Processing Technology, Russia

with a bachelor of science degreein 1976. She holds a Certificate ofLeningrad Economic Managementfrom University of Economy, Russia,and a Certificate of GovernmentManagement from National PoliticalInstitute, Vietnam.

BOARD OF MANAGEMENT

Mdm. Mai kieu Lien Mdm. Ngo Thi Thu Trang

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Mr. WANG ENG CHINMember

He has been a member of Boardof Management since 31 March2007. Between 1987 and 1988,Mr. Wang worked as a corporatedevelopment executive and became

a Manager from 1988 to 1991.Mr. Wang joined F&N Foods PteLtd. as a General Sales Managerin 1991 and held this position until1997. Between 1997 and 2003,he served as a Deputy GeneralManager at F&N Foods Pte Ltd andF&N Dairies (M) Sdn Bhd. In 2003,he became a General Manager,being responsible for generalmanagement of F&N Foods Pte Ltdand F&N Vietnam Foods and held

this position until September 2006.On 1 October 2006, he wasappointed Acting Chief ExecutiveOfficer in charge of generalmanagement of the Food &Beverage Division, Fraser &Neave Group. He graduated fromUniversity of Mississippi, USA, in1984 with a Bachelor of BusinessAdministration and in 1987 with aMaster of Business Administration.

Mr. DOMINIC sCRIVENMember

Being a member of the Boardof Management from 31 March2005, Mr. Dominic Scriven, Englishnationality, graduated in 1985 with2 bachelors majored in Law and

Society from Exeter University. Hehas more than 20 years experiencein the investment in Europe and Asiafor many companies of England,United States and China. In 1992,he had learned Vietnamese atHanoi University before becominga co-founder and Director of DragonCapital Group Ltd. in Vietnam.With 16 years living in Vietnamand being fluent in Vietnamese,Mr. Dominic Scriven is the

representative for funds of DragonCapital Group Ltd. and participatesin 5 listed companies in Vietnam.He was granted the OBE medal bythe British queen for his contributionto the development of British financialaspect in Vietnam on the occasionof the new year 2006.

Mr. HOANG NGUYEN HOCMember

He has been a member of Boardof Management since 4 November2006. Mr. Hoc holds a Master ofBusiness Administration degree fromthe education program co-operated

between Ha Noi National Universityand Pacific Western University in2005. Prior to being appointedto our Board of Management, Mr.Hoc had extensive experience inbusiness management during thetime working at the Ministry ofFinance of Vietnam. From October1999 to June 2003, Mr. Hoc was aDeputy Director in the Departmentfor state-owned enterprises financialmanagement, and then being

appointed as Director of thatDepartment up to October 2006.Since October 2006, Mr. Hoc hasbeen working for the State CapitalInvestment Corporation (SCIC),and now being the Deputy GeneralDirector of SCIC, in charge ofinvestment, human resources,finance and accounting. In June2008, the Prime Ministerappointed Mr. Hoc a member ofSCICs Board of Management.

Mr. Hoang Nguyen Hoc Mr. Dominic scriven Mr. Wang Eng Chin

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Mdm. MAI kIEU LIENChief Executive Officer

(Refer to Board of Managementfor information about Mdm. MaiKieu Lien)

Mdm. NGO THI THU TRANGExecutive Director

(Refer to Board of Managementfor information about Mdm. NgoThi Thu Trang)

ExECUTIVE BOARD

Mdm. Ngo Thi Thu TrangMdm. Mai kieu Lien

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Mdm. NGUYEN THI THANH HOAExecutive Director

She has been a Deputy GeneralDirector of our Company since2000. Between September 1978and June 1983, Mdm. Hoa wasa lecturer at the Ho Chi MinhPolytechnic University. She laterjoined our Company in 1983 asa Process Engineer at Truong ThoDairy Factory. Mdm. Hoa held thepositions of Deputy Director andthen Director of Truong Tho DairyFactory from July 1991 to 1999.In December 1999, Mdm. Hoawas appointed Deputy GeneralDirector of our Company. From20 August 2009, her title hasbeen changed to Executive Directorin sypply chain. She is currently

in charge of planning, import- export, customer servicesdepartments and logistics enterprisesof our Company. Mdm. Hoa graduatedfrom Mosco University of Meat &Milk Processing Technology (nowcalled Moscow National GeneralUniversity of Applied BiologyTechnology) in 1978 witha Bachelor degree inMilk Processing Technology.

Mdm. NGUYEN THI NHU HANGExecutive Director

She has been a Deputy GeneralDirector of our Company sinceJanuary 2003. Mdm. Hang firstjoined our Company in 1981where she held the position ofDeputy Manager in the consumptiondepartment until 2001. She waslater promoted to the position ofDirector of Logistics Enterprise inAugust 2001 and held thisposition until December 2002.Then Mdm. Hang was promotedto Deputy General Directorin January 2003, where she wasin charge of the technical projectdepartment. From July 2006,Mdm. Hang was in charge ofcustomers services and then

in charge of managing anddeveloping dairy farms that supplyfresh milk to the Company. In July2007, Mdm. Hang was appointedDirector of Vietnam Dairy CowOne-Member Limited Company, asubsidiary of our Company. From20 August 2009, the position ofMdm. Hang has been changedto Executive Director in dairydevelopment. Mdm. Hang graduatedfrom the Ho Chi Minh City University of

Economics in 1999 with a Bachelordegree in business administration.

Mr. TRAN MINH VAN

Executive Director

Between 1990 and July 1994, Mr.Van was a Deputy Director assistingthe Director of Thong Nhat DairyFactory. In August 1994, he wasappointed Director of the ThongNhat Dairy Factory and continued tohold this position until June 2006.He was appointed Deputy GeneralDirector in charge of the ProjectDepartment of our Company in July2006. In December 2006,Mr. Van was appointedDirector of a subsidiary namely,International One-Member RealEstate Investment Co., Ltd. From20 August 2009, position of Mr.

Van has been changed to ExecutiveDirector in charge of projects. Mr.

Van graduated from Ho Chi MinhCity Polytechnic University in 1981with a Bachelor degree in engineering.He obtained a Bachelor in BusinessAdministration from Ho Chi MinhCity University of Economics in1994, a Bachelor of Law withmajor in commercial laws from HaNoi University of Laws in 2001, anda Master in Business Administrationfrom Ho Chi Minh City Universityof Economics in 2003.

Mr. Tran Minh VanMdm. Nguyen Thi Nhu HangMdm. Nguyen Thi Thanh Hoa

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ExECUTIVE BOARD

Mr. PHAM PHU TUANActing Executive Director

Mr. Tuan joined Vinamilk inSeptember 2008 and held theposition of Director in charge ofcustomer development He, then,was promoted to the position ofActing Sales Executive Director in

September 2009. His responsibilitiesare to develop distribution andbusiness strategies for each marketsegment, each product line andespecially, to focus on reinforcingdistribution network of ourCompany to one of our competitivestrengths that ensure the sustainableand long-term growth of Vinamilk.Before joining Vinamilk, Mr. Tuanheld many senior positions ofmanagers in charge of finance

and business at multinationalcompanies in Vietnam, includingPepsiCo (1993-2002), KimberlyClark (2002-2003), and Interflour(2003-2005). Mr. Tuan graduatedfrom Ho Chi Minh University ofFinance and Accounting in 1991and from Texas University, Dallaswith a Master degree in BusinessAdministration in 2007.

Mr. NGUYEN qUOC KHANHActing Executive Director

Has been holding the position ofActing Executive Director in chargeof production and product developmentsince September 2009, he currentlyis responsible to manage factoriesand research and development

center of our Company. Mr. Khanhjoined our Company in January1988 at the position of KCS atchecking department, Thong NhatDairy Factory. In 1996, Mr. Khanhwas appointed Deputy Managerof production workshop, then wasManager of production workshopof Thong Nhat Dairy Factory in1998. In 2003, Mr. Khanh waspromoted to the position of ActingDirector of Can Tho Dairy Factory.

In 2004, he was appointed Directorof Can Tho Dairy Factory and heldthis position until September 2009.Mr. Khanh graduated from Ho ChiMinh City Polytechnic Universityin 1987, majoring in ChemicalTechniue and Foods. He also helda Bachelor in Business Administrationfrom Ho Chi Minh City University ofEconomics in 1997 and a Bachelorof English from Ho Chi Minh CityUniversity of Social Science and

Humanism in 2001.

Mdm. NGUYEN HUU NGOC TRANActing Executive Director

Mdm. Tran joined Vinamilk in July2008 at the position of Directorin charge of developing marketingstrategy. In August 2009, she wasappointed Acting Executive Director,in charge of Marketing. She is

responsible to developing Marketingstrategies for dairy and beverageproducts of our Company. Previously,Mdm. Tran served as MarketingManager for Pepsi Vietnam Co.,Ltd. between 2003 and 2005. Shewas then moved to Pepsi Malaysia atposition of Marketing Manager. Priorworking for Vinamilk, Mdm. Tran hada period working for Tan Hiep PhatGroup at the position of MarketingManager. Mdm. Tran graduated

from Ho Chi Minh City University ofForeign Trade.

Mr. Nguyen quoc khanhMr. pham phu Tuan Mdm. Nguyen Huu Ngoc Tran

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INspECTION COMMITTEE

Mdm. NGUYEN THI TUYET MAIHead of Committee

Being member of InspectionCommittee from March 2007,she became Head of InspectionCommittee in March 2008. From1993 to 1997, Mdm. Mai heldthe position of manager at ANZ

Bank, Ha Noi Branch where shewas responsible for trade financeand corporate banking relationshipmanagement. Between 1999 and2003, she was a manager at ANZBank, Singapore Branch where herexperience covered relationshipmanagement for the corporatebanking division, internationalbanking strategy, structurecommodity, trade finance andAsian region credit management.

From 2004 to May 2007, sheserved as senior manager at therepresentative office of OpenasiaConsulting Ltd in Ho Chi Minh City.In June 2007, she was promoted tothe position of Director of corporatefinance in charge of consultingservices at Openasia Consulting

Vietnam Ltd. Mdm. Mai graduatedfrom the Ha Noi University forForeign Language Studies in 1991with a Bachelor degree majoring

in English and obtained a Masterdegree in Business Administrationfrom the University of Melbournein 1999.

Mr. NGUYEN ANH TUANMember

Being a member of the InspectionCommittee from March 2008,Mr. Tuan has been a founder, theBoards Chairman cum GeneralDirector of Goldengate MedicalEuipment Joint Stock Company

since 2004. Mr. Tuan is also amember of the Board of Managementof Tam Duc CardiovascularHospital. From 1990 to 1992, hewas an officer of the Departmentof Monetary-Credit Research ofthe State Bank of Vietnam. From1992 to 1994, he was a SalesExecutive of SJC of the State Bankof Vietnam. In 1994, he moved towork as a Sales Executive for therepresentative office of Taisei

Corporation of Japan and hadbeen working here until 1997.In 1999, he joined Johnson &Johnson Medical, United States asa Marketing Director in charge ofASEAN region and stayed here until2004. Mr. Tuan graduated fromAmerican University, WashingtonD.C., USA with Master degree inBusiness Administration.

Mr. NGUYEN TRUNG KIENMember

Being a member of the InspectionCommittee since March 2009,Mr. Kien has been a founder andExecutive Director of TNK Capital in

Vietnam since the beginning of theyear 2008 to now. From 2001, he

was an analyst on business M&Aand corporate finance of CreditSuisse First Boston InvestmentBank, Singapore. After that, Mr.Kien moved to work as an experton financial structure at branch ofCommonwealth Bank of Australia inNew York, America. From 2004to 2005, he was a senior expertin unit of corporate development,business M&A research andperformance of OCBC Bank, Singapore.

He later moved to work as asenior investment expert for TemasekHoldings, Singapore. He got aBachelor on Financial Applicationfrom Macuarie University, Australiaand then got a Master on businessmanagement from ChicagoUniversity, America.

Mr. Nguyen Anh TuanMdm. Nguyen Thi Tuyet Mai Mr. Nguyen Trung kien

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Governance reort

Ri management

Invetor relation

Community activitie

CORpORATE GOVERNANCE


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Living a ru lif


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1,000the highest number ever before

CONTRIBUTION TOTHE sTATEs BUDGET

billion VND

GOVERNANCE REpORT

A. MATTERs ON THE BOARD OF MANAGEMENT (THE BOARD)

The Board Conduct of AffairTrach nhiem cua HqTVinamilk is headed and managed by an effectiveBoard. The Board is collectively responsible forsetting the strategic vision, direction, and long-term goals of the Company.

The Board is responsible for the selection, ap-pointment and annual appraisal of the ChiefExecutive Officers performance and other keyexecutive officers and ensuring that a successionand development plan for all key positions is inplace to prepare for contingencies, as well as tofacilitate a smooth management transition.

The Board emphasizes seven core values:respectability, will, openness, integrity, harmonyof benefits, efficiency and creativeness. These

core values are the keys to the Companys imageand reputation.The Board works closely with the companysManagement to achieve these core values andthe Management takes responsibility for reporting

and explaining to the Board.

sie of the Board

The current Board includes 5 members and isappropriate for the management on the currentscope of Vinamilks operations. The current sizeis sufficient to provide a diversity of views to berepresented on the Board, while also allowingefficiency and encouraging active dialogueamong its members.

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According to judgment of Vinamil, good cororate governance i the cornertone of a well-managed organiation. Thi reort decribe the Comany cororate governance frameworand ractice, which i guided by the Circular No. 12/2007/qD-BTC: cororate governancealicable to the lited comanie on Vietnam stoc Echange, dated 13 March 2007, iuedby Minitry of Finance of Vietnam and the Code of Cororate Governance 2005 of singaore.

Term of aointmentNhiem yThe Boards members have the maximum termof five years. The list of the Board members issubmitted to the Shareholders Meeting forre-election and re-appointment at generalmeeting of shareholders or at least once everyfive years. The Companys charter also reuiresthat one-third of the Board members should bere-appointed on each annual ShareholdersMeeting. In this respect, Mr. Hoang Nguyen Hoc

and Mr. Dominic Scriven have been re-elected inthe annual Shareholders Meeting held in March2009.

Delegation of authority on certain matters uy uyen mot o van e cua HqTTo facilitate effective management, certainfunctions have been delegated by the Board to itsvarious Boards Committees as set below:

Nominating Committee

Remuneration Committee Audit Committee

These Boards Committees operate under clearlydefined principles and practices. Every Boardmember can obtain independent advices fromthese Committees and give independentjudgment when making decisions.

Chart of Authorityphan ca uan ly

The Company has adopted a Chart of Authority,which sets out the levels of authorization reuiredfor specified positions, including those thatreuired the Boards approval.

Board meeting and attendance to thee meetingHo va tham d cac cuoc ho HqTThe Board conducts its meeting on a uarterlybasis during the year. The irregular meetingsare convened when circumstances reuired.The meetings can be conducted by means oftelephone conference or other methods ofsimultaneous communication by electronic ortelegraphic means. Each Board member can askfor independent advices and give their independentjudgments for making decisions. The members of

Inspection Committee are also informed andinvited to attend the meetings of the Board.

A record of the Board members attendances atthe Boards meetings held at the fiscal year ended31 December 2009 is set out in the table below:

No. Full nameNumber

ofmeeting

Numberofatten-dance

1 Mdm. Mai Kieu Lien 4 4/4

2Mdm. Ngo Thi ThuTrang

4 4/4

3Mr. Hoang NguyenHoc

4 3/4

4 Mr. Dominic Scriven 4 4/4

5 Mr. Wang Eng Chin 4 4/4

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GOVERNANCE REpORT

Board Comoition and structure

The Board comprises three members who do notdirectly manage the company daily business.None of individuals or small group of individualsmay have influential effects on the Boardsdecision making.

The Board includes the following members:

Mdm. Mai Kieu Lien : Chairwoman

Mdm. Ngo Thi Thu Trang : Member

Mr. Hoang Nguyen Hoc : Member

Mr. Dominic Scriven : Member

Mr. Wang Eng Chin : Member

The personal profiles of these members arepresented on page 48 of this annual report.

Vinamilk has a good structure of members whohave profound experiences and expertise inbusiness, finance, accounting and businessmanagement. The objective judgment of theindependent member of the Board on corporateaffairs, experiences and contributions areinvaluable to Vinamilk.Chu tch HqT va Tong Giam ocChairwoman and CEO

The Companys Chairwoman concurrently

holds the position of the Companys ChiefExecutive Officer. This appointment is approvedby the Annual General Shareholders Meeting.

The chairwoman leads the Board, ensures effectivecommunication with shareholders, encouragesconstructive relations between the Board and theManagement, as well as promotes high standardsof corporate governance.

Board Memberhi

The Company maintains a formal and transparentprocess for the appointment of new member to theBoard. Any appointment of a new member mustundergo a formal selection process as follows:the Board appoints the new members and submitsthe list of these new members to the ShareholdersMeeting for approval on these elections at thenearest Shareholders Meeting.

Board performanceT

The Company maintains a formal assessment onthe performance efficiency of the Board in generaland the contribution of each member in particular.

Oeration of the Board Committee

Besides regular works, including review on businessresults, approval on the plans for the next periods,setting out the Companys development strategy,in the year 2009, the Boards Committees has

performed the following works:

Building the policies on remuneration tothe Board, Inspection Committee as wellas on salaries and bonus to employees;Accordingly, the principle on bonus toemployees is developed on the basis ofcomparison between growth rate of earnings pershare (EPS) of the Company and growthrate of Gross Domestic Products (GDP),inflation rate, risk-free interest rate andrisk of Vietnams capital market assessedby the financial organizations.

Developing program on employees stocksbased on the Companys business results;According to the Resolution of ShareholdersMeeting in 2006, stocks for employeesare issued annually during the period from2007 to 2011. However, Vinamilk hasissued stocks under this program for the

first time in the year 2009.

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Implementing project on Enterprise RiskManagement-ERM with consultancy fromErnst & Young Vietnam Co., Ltd. The policiesand procedures set out under ERM systemwill be officially applied at Vinamilk in2010. The application of ERM, thus, helps

Vinamilk better define, asses and treat risksarising from its business.

Reviewing the development of salary structurein line with the Mercer system, performedby the Company in cooperation withTalentNet consultant. The setting up ofsalary structure includes job descriptions,performance assessment which is used toset out position class and applied to everyposition, development of a competitive

salary levels in comparison with those ofother companies operating in the industryof fast consumption in Vietnam.

Acce of Informationquyen truy ca thong tinBoard members are provided with adeuate andtimely information related to the Company on anon-going basis to enable them to carry theirduties. The Executive Board provides adeuatelyand timely information as well as reviewsVinamilks performance prior to the Board meetings.

The Board has the separated and independentaccess to Vinamilks information from seniormanagement and secretary if they have anyueries on the operation of Vinamilk.

A notice of meeting, which contains agenda, will bedelivered to the Board prior each Board meeting. TheBoards secretaries attend all the Board meetingsand are responsible for ensuring that the meetingis held in line with the procedures and regulations.

The Boards secretaries are:

Mr.NguyenThanhTuAdministration Director

Mdm. Le quang Thanh TrucFinancial Investment Manager



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B. REMUNERATION MATTERs

Remuneration policy

The Remuneration Committee reviews and recommends to the Board an appropriate and competitiveremuneration policy. A formal and transparent procedure is applied to determine the remunerationsto each member of the Board of Management and the Directors. No members can make decision ontheir own remunerations.

The composition of the Remuneration Committee is as follows:

Mr. Hoang Nguyen Hoc : Chief of the Committee

Mr. Dominic Scriven : MemberMr. Wang Eng Chin : Member

The Remuneration Committee recommends to the Board for endorsement of remuneration to eachBoard member, Chairwoman and Chief Executive Officer.

Remuneration level and tructure

The level of remuneration should be appropriate for the purposes of attracting, keeping and motivatingthe Board members and the Directors, who lead Vinamilk to the successes. A proportion of remunerationshould be based on corporate and individual performance.

When proposing remuneration levels, the Remuneration Committee should takes into their considerationthe payment levels and the occupations in the same industry and in comparable companies, therelative performance of Vinamilk in general and of the individual Board member and key executiveofficers in particular. A program of annual performance rewards is also applied to all employees.

The remunerations to the Board of Management, the Inspection Committee for the fiscal year ended31 December 2009 were approved by the Vinamilks Shareholders Meeting with an amount of VND2.96 billion, euivalent to USD 160,000.

GOVERNANCE REpORT

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Dicloure of Remuneration

The remuneration of the Boards members, the Directors is disclosed annually. This enables investorsto understand the relation between remuneration of Directors, key executives and their performance.

Remuneration levelsalary

%Bonu

%Remuneration

%Total

%

Mdm. Mai Kieu Lien (***) 52 34 14 100Mdm. Ngo Thi Thu Trang (*) (**) 48 31 21 100

Mr. Hoang Nguyen Hoc (**) - - 100 100

Mr. Dominic Scriven (**) - - 100 100

Mr. Wang Eng Chin (**) - - 100 100

Mr. Tran Minh Van (*) 61 39 - 100

Mdm. Nguyen Thi Thanh Hoa (*) 61 39 - 100

Mdm. Nguyen Thi Nhu Hang (*) 60 40 - 100

Mdm. Nguyen Huu Ngoc Tran (*) 82 18 - 100

Mr. Pham Phu Tuan (*) 83 17 - 100

Mr. Nguyen quoc Khanh (*) 74 26 - 100

(*) : Executive Directors

(**) : Member of the Board of Management

(***) : Chairwoman cum Chief Executive Officer



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GOVERNANCE REpORT

C. ACCOUNTABILITY AND AUDIT

Accountability

The Board is accountable to the shareholders while the Executive Borad are accountable to the Board.The Board should present a balanced and understandable assessment of Vinamilks position and prospectsin the annual reports and other reports such as interim reports to Sate authorities in line with theregulations.

The Board meeting is held on a uarterly basis to review Vinamilks performance. The fully and brieffinancial statements of the Company is uarterly submitted to Ho Chi Minh City Stock Exchange(HOSE). Annual Shareholders Meeting is held every year to obtain shareholders approval on theCompanys business goals.

Inection Committee

The Inspection Committee operates in accordance with its written regulations and principles, whichclearly set out its authority and duties. This Committee is responsible to reviews the scope of works andresults of the internal and external audit, cost-efficiency, material issues on the financial statements,and adeuacy of the Companys internal control system, as well as the efficiency of the Companysinternal audit function.

Inspection Committee includes three members and is appointed by the Shareholders Meeting for theterm of five years. The current term is from 2007 to 2011. All the members of the Inspection Committee

are not the employee of Vinamilk.

Mdm. Nguyen Thi Tuyet Mai : Head of the Committee

Mdm. Ngo Thanh Thao : Member(resigned from 31 March 2009)

Mr. Nguyen Trung Kien : Member(from 31 March 2009)

Mr. Nguyen Anh Tuan : Member

Members of the Inspection Committee should have ualified capacity and competence to discharge

their responsibilities. They also should possess professional ualifications and experiences onaccounting and financial management.

The Inspection Committee has the authority to investigate any matters within their responsibilities, hasfull access to and work with the Companys management as well as has full discretion to invite anyDirector or executive officers to attend its meetings. It has reasonable resources to enable it todischarge its functions properly.

Annually, and as deemed appropriate, the Inspection Committee works with the internal and externalauditors, without the presence of the Companys management.

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The Inspection Committee considers the independence and objectivity of the external auditors andrecommends to the Board of Management the nominees of the external auditors for re-appointment.The Inspection Committee reviews the level of non-audit services provided by the external auditors toensure that their independence as external auditors of the Company is not affected.

Internal Control

The Board of the Management should ensure that the Companys management maintains a

comprehensive and complete internal control system to protect the Vinamilks assets and shareholdersinvestments.

The Board of Management and the Inspection Committee reviews the effectiveness of the key internalcontrol instruments in order to ensure that the necessary corrective actions are taken timely. There areformal procedures in place for both internal and external auditors to report their independent conclusionsand recommendations to the Companys management and Inspection Committee.

Invetor relation

Vinamilk regularly communicates with its shareholders and commits for the timeliness and transparencyin its disclosures to shareholders and the public. During the year, many meetings and dialogues withinvestors, analysts, investment funds, and presses are held. When material information is disseminatedto HOSE, such information is simultaneously posted on the Companys website at: www.vinamilk.com.vn

Vinamilk encourages all of its shareholders participation at its annual Shareholders Meeting and givesshareholders the opportunity to communicate their views on the issues effecting Vinamilk.

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3,512the highest amount ever before

CHARTER CApITAL

billion VND

GOVERNANCE REpORT

D. INFORMATION ON sHAREs AND sHAREHOLDERs

Charter capital of the company : VND 3,512,653,000,00

Number of listed shares : 351,265,300 shares

Number of outstanding shares : 351,249,980 shares

Treasury stocks : 15,320 shares

Face value per share : VND 10,000

shareholder tructure

2009 2008

SCIC 47.54% 47.64%

Foreign shareholders 44.11% 44.58%

Local shareholders(excluding SCIC) 8.25% 7.88%

100.00% 100.00%

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Change in ownerhi rate of internal hareholder

01 January2009

Change31 December

2009

BOARD OF MANAGEMENT

1 Mai Kieu Lien

- Represented to SCIC 23.8299% -0.0598% 23.7701%

- Individual 0.0972% 0.0273% 0.1245%

2 Ngo Thi Thu Trang 0.0446% 0.0072% 0.0519%

3 Hoang Nguyen Hoc (Represented to SCIC) 23.8299% -0.0598% 23.7701%

4Dominic Scriven (Represented to funds of DragonCapital)

8.8997% -0.2083% 8.6915%

5Wang Eng Chin (Represented to F&N Dairy Invest-ment)

10.0803% -0.0205% 10.0598%

INspECTION COMMITTEE

1 Nguyen Anh Tuan 0.0000% 0.0000% 0.0000%2 Nguyen Trung Kien 0.0029% 0.0000% 0.0028%

3 Nguyen Thi Tuyet Mai 0.0030% 0.0000% 0.0030%

THE BOARD OF DIRECTORs

1 Mai Kieu Lien (as above)

2 Ngo Thi Thu Trang (as above)

3 Nguyen Thi Nhu Hang 0.0379% -0.0112% 0.0266%

4 Nguyen Thi Thanh Hoa 0.0479% -0.0155% 0.0325%

5 Tran Minh Van 0.0297% -0.0135% 0.0162%

6 Nguyen Huu Ngoc Tran 0.0002% 0.0000% 0.0002%

7 Pham Phu Tuan 0.0001% 0.0005% 0.0006%

8 Nguyen quoc Khanh 0.0015% 0.0017% 0.0032%

Change in ownerhi rate of major hareholder

Change in ownerhi rate of majorhareholder

2008 Change 2009

1 SCIC 47.6598% -0.1197% 47.5401%

2 F&N Dairy Investment 10.0803% -0.0205% 10.0598%

During the year 2009, Vinamil ha ditributed bonu hare to it current hareholder at therate of 1:1 in order to increae it charter caital to double. Thee bonu hare are iued fromthe ource of hare remium and retained earning of the Comany. It bonu hare werelited on HOsE on 15 October 2009.



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RIsk MANAGEMENT

Foreign Currency Ri

Foreign currency risk arises when there is a significant difference between accounts receivable andaccounts payable in the same currency. These foreign currency risks may not cause material effects onthe business results of the year 2009, but may have a significant impact on Vinamilks performance inthe coming years. Vinamilk always considers the usages of the appropriate financial instruments, asand when necessary, to mitigate this risk.

Liuidity Ri

Vinamilks exposure to liuidity risk arises in Vinamilks general business activities. It includes the risksof being able to fund the Companys business activities in a timely manner at the Companys reuest.Vinamilk adopts a prudent approach to manage is liuidity risk by maintaining sufficient cash andmarketable securities, and has available funding through a diverse source of committed anduncommitted credit facilities from various banks.

Credit Ri

Vinamilks maximum exposure to credit risk in the event that all the customers fail to perform their

obligations as at 31 December 2009 in relation to accounts receivable is its carrying amount asindicated in the balance sheet. Vinamilk has policies on efficient management on accounts receivableto ensure that sales of products are made to customers with an appropriate credit history.

When the oeration cale and buine coe of the Comany eeincreaing and eanding, Vinamil now that it hould focu itattention to cororate ri management. In the year 2009, Vinamil,

with the conultancy from Ernt & Young Vietnam Co., Ltd., ha beendeveloing and comleting Enterrie Ri Management ytem (ERM)and under the Comany lan, thi ytem will be comleted in 2010.

2009 2008

Cash and cash euivalents 426 339

Loans 26 211

Net loans - -

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Reliance on key Management peronnel

Although the Company is not dependent on any person in the Board of Management or the ExecutiveBoard, the successes of the Company depends significantly on the skills, capabilities and efforts of theBoard of Management and Executive Board, as well as its ability to recruit and retain talents to take uppositions on these Boards. The ability to continue attracting, retaining and motivating the key personneland senior members of the Board of Management and Executive Board will have a considerableimpact on the Companys operations. The competition for skilled and highly-capable personnel is

intense, and the loss of the services of one or more of these individuals, without adeuate replacementsor the inability to attract new ualified personnel at a reasonable cost would have a material adverseeffect on the financial performance and operations of the Company. To mitigate this risk, Vinamilk hasbeen employing a good remuneration policy to maintain and attract the talents.

Ri of Eort Maret

The company is currently exporting its products to Ira, Cambodia and some other countries in Asiaand Europe. Demands for the companys products depend on the political and economic stabilityof these countries. Since Ira is one of the companys major export countries, any social, politicalor economic upheaval in this country may lead to negative effect on the companys business results.

Vinamilk has been focusing on its local market which is considered as its main market. Simultaneously,Vinamilk is also looking for other potential export markets to mitigate the risk.



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INVEsTOR RELATIONs

VINAMILK MAINTAINS AN EFFECTIVE COMMUNICATIONCHANNEL WITH INVESTORS THROUGH ITS ANNUALSHAREHOLDERS MEETING HELD ON A YEARLY BASIS ANDTHROUGH VINAMILKS INVESTOR RELATIONS FUNCTION.

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The business results and other importantinformation relating to Vinamilks operations areadeuately disclosed on its website at:www.vinamilk.com.vn and other means ofpublic communications such as HOSEs

website, newspapers and securities news.

During the year, Vinamilk has welcomed morethan 50 investors, including securities companies,investment banks, investment funds to visit andwork with us.

Some of them are:

soro Fund Management BNp pariba Ban of Toyo (Mitubihi UFJ)

sumitomo Mitui Aet Management Co., Ltd FMG Global pxp Vietnam Aet Management Duton Aet Management Nevy Caital Valiant Caital partner sinnaer Caital saigon securitie Co., Ltd Mirae Aet Matthew International Caital Management CIM Invetment Management

Besides, Vinamilk maintains another effective communication channel with the investors through email,telephone, and q&A on its website.



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COMMUNITY ACTIVITIEs

VINAMILk sCHOLARsHIp FUND - FORVIETNAMEsE YOUNG TALENTs

This is an annual program performed by thecooperation of Vietnam Dairy Products Joint StockCompany Vinamilk and the Ministry of Educationand Training. This fund has brought 6,300scholarships (euivalent to VND 3.15 billion) toprimary school students with excellent studyresults; to students win high awards in contests of

culture, arts and sports and to disability students,or poor students or those undergone specialdifficulties but having great efforts and will to getgood study results; students with special achievementsand to be an example for others to follows; aswell as others having excellent performances anddeserve to receive scholarships as reuired by thestandards of Ministry of Education and Training.This is one of the programs that Vinamilk devotesits great dedications. During 6 consecutive years,Vinamilk has funded over VND 12.45 billion with

total of 25,040 scholarships nationwide. Thebeneficiaries are good students with goodperformances.

DOREMI pROGRAM

Starting from 2007, Doremi program sponsoredby Vinamilk is broadcasted on VTV3 channel Vietnam TV Station. This is not only an excitingand useful playground for kids but it alsooffers great opportunities for them to exposetheir abilities and talent. Moreover, children willbe trained on basic music skills and performanceon stages while still able to reveal their spontaneity

and innocent during the show. Doremi program in 2009 was launchedfrom March to December, included Doremicontest on telephones and Doremi finalcontest broadcasted on VTV3.

ARsENAL- VINAMILk sOCCER sCHOOL

Vinamilk Arsenal Soccer School offers differentclasses for students from 5 ages to 18 ages (U5 -U18) on Saturday and Sunday. Students are trained

by well-known coaches who are instructed by Arsenalsprofessions in UK. This soccer center is receivingmore attentions and supports from students parents.The number of students keeps increasing over termsand currently reaches over 2,000 trainees.

Weekly, Vinamilk also provides free milk as giftsto trainees after each training hour which conveysVinamilks hope that Proper exercising incombination with sufficient nutrition will bring kidsa comprehensive growth.

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1 3million glae of mil

to children of Vietnam in 2008

million glae of mil

6to children of Vietnam in 2009

MILk FUND TO pOOR CHILDREN IN VIETNAM

With the purposes of caring and makingcontribution to improvement of physical growth ofVietnamese, Vinamilk has made enduring efforts

to realize its mission of providing milk and highuality dairy products in order to maximize thecomprehensive growth physical and intellectuallyof Vietnamese future generations. Vinamilk alsopays high attention to other activities which havegreat significance on community and society Inthe year 2009, the fund of Six Million Glassesof Milk for Children in Vietnam with the cooperation

between Vinamilk and the Ministry of Labor, WarInvalids and Social Affairs, National Fund forVietnamese Children, National Institute of Nutrition

and Ministry of Education and Training, is theon-going of the program 1 million glasses ofmilk and 3 million glasses of milk for Vietnamesechildren which was successfully implemented in2008. Through this program, there were over 6million glasses of milk, euivalent to VND 25billions brought to nearly 50,000 children in 62provinces across th

vnm annual report final eng

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