Mr. Tong Quoc Truong – General Director of PetroVietnam Finance Corporation answered PVFCNews reporter, announcing PVFC’ business results in 2009 and plans for 2010, as follows: PVFC’ business results in 2009 – remarkable figures: In the year 2009, despite of market’s dificulties and drastic competitiveness, PVFC has keenly tried its best and got all these good results: - Revenue: 5.658 billions VND (145% of 2009 business plan approved by shareholders) - Profit before tax and after credit & investment reservation: 611 billions VND (153% of 2009 business plan approved by shareholders) - Total asset: 64,652 billions VND PVFC’ measurements to overcome market’s difficulties and achieved good results: To stably recover from 2008’s crisis and get those achievements, right in the beginning of 2009, PVFC has built up a right scenario to cope with crisis and unpredictable changing of the market, and strictly carried it out: - Restructuring and improve quality of investment portfolio; reducing stock market dependent; decreasing bad debt ratio; increasing capital using ration… - PVFC has remarkable changes in organization structure, management system in professionalize and streamline policy. Large-scale finance corporation’s basic elements was built: PVFC at the first step implemented the Balance Score Card system that meets the internal administration requirements; set up the Internal Credit Ranking System; applied Corebanking. - Fundamential construction and management was carried out safely and according to the State regulation. In the year 2009, PVFC officially opened and ran the Head Quarter Building at 22 Ngo Quyen Street, the VungTau Branch Head Office, ThanhHoa Branch Head Office and NamDinh Branch Head Office. - Human resource and salary policies were drastically renovated by completing and applying status of salary and bonus payment. These regulations assured to motivate PVFC staffs to increase their productivities, eagerly compete to excellently accomplish their task. - PVFC enhanced leaders and staffs’ consciousness and responsibility by launching and well-done these programs: Learn and Follow HoChiMinh’s Example, The Program of Activities against economic-decline, supporting social security, anti-corruption, practicing economy... These programs were comprehensive with Petrovietnam’ plan as well as PVFC’ target. - Beside inner force, PVFC had great support from PetroVietnam, effective co-operations of PetroVietnam’s members, Morgan Stanley – the strategic partner, and others banks, organizations... and last but not least – PVFC’ shareholders and investors’ trust in all its operation processes. 2010’s Figures and Objectives: - Revenue: 5,059 billions VND - Profit before tax: 1,032 billions VND (after reservation according to Regulations of Finance Ministry and State Bank of Vietnam). To achieve targets and mission plans in 2010, PVFC shall strive for accomplishment 10 of the company objectives as following: 1. Minimise and overcome emerging obstacles occured in 2009. 2. Endeavour to attain a revenue, profit exceeding 20% of the pre-set target. The rate of dividend reaches at least at 12,9%. 3. List PVFC shares on the Singapore Exchange Limited (SGX). Successfully transfer 18% of PVN’s capital contribution at PVFC. Widely promote marketing activities in the international markets. 4. Restructure the business operations to excel the role of a Financial Institution of the Oil and Gas Group. 5. Comprehensively refresh the customer services, improve service quality: providing service products to 100% of customers operating within the Energy industry; Satisfying up to 100% of the funds arrangement needs of the industry; building up a capital management plan for PVN and its subsidiaries. 6. Highly improve the efficiency of credit and investment portfolios, the rate of bad debts/total outstanding credit ≤ 2%, collect 100% of the off-balance-sheet debts, guarantee the capital contribution of PVFC to all investment projects will not exceed 11%. 7. Concentrate on promoting activities relating to treasury/liquidity, assure to satisfy PVFC business demands. 8. Promulgate HR policies that help to motivate staff members. Train high quality workforce, assure to have at least 1 to 2 experts in the major fields of business and 100% of the transaction officers are professional and well-trained. 9. Officially apply the CoreBanking software for the whole system within the first quarter of 2010, replace all the outdated softwares and make sure the required quality are achieved. 10. Successfully implement the risks management model according to the international standards i.e. Balance score card (BSC), Key performance indicators (KPI).