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ANNUAL REPORT 2011

THE FLAME OF TRUSTHOLDINGS

PVI Holdings will become an internationally recognized Insurance – Finance Institution with the motto: Rapid and sustainable development founded on knowledge and the strength of the PetroVietnam Group for the mutual benefi t of shareholders, customers and employees.

Vision

PVI HOLDINGS

Head Offi ce: 154 Nguyen Thai Hoc, Ba Dinh District, Ha NoiTel:(84-4) 37 34 22 99 • Fax: (84-4) 37 34 29 29Email: [email protected] • Website: www.pvi.com.vn

HOLDINGS

1PVI Annual Report 2011

Content2 | Commendation from Deputy Prime Minister

Nguyen Xuan Phuc

3 | Commendation from Chairman of PVN

4 | Message from Chairman

6 | Message from CEO

10 | Foundation and Development

12 | Business Fields

13 | Business Operating Model

14 | Board of Directors

15 | Board of Control

16 | Board of Management

17 | Organizational Chart

18 | Corporate Governance & Human Resources

20 | Shareholder Information & Investor Relations

22 | Associated Company and Subsidiaries

28 | Corporate Governance

30 | Risk Management

32 | Social Responsibility

36 | Achievements & Awards

38 | Standout 2011 Financial Highlights

40 | Future Development Direction

44 | Audited Financial Statements

74 | Audited Consolidated Financial Statements

2 The Flame of Trust PVI

COMMENDATION FROM

MR NGUYEN XUAN PHUC

POLITBURO MEMBER -

DEPUTY PRIME MINISTER

ON BEHALF OF THE GOVERNMENT, I WOULD LIKE TO CONGRATULATE AND COMMEND PVI ON THEIR MAJOR ACHIEVEMENTS IN 2011

Respectfully addressed to: PVI Holdings

The year 2011 with lots of great achievements has marked an important milestone in the history of establishment and development of PVI Holdings. PVI Holdings has successfully re-structured the Company, transformed to the model of parent company – subsidiary company, operating in Finance – Insurance sector. In addition, PVI Holdings has successfully increased its charter capital and selected its strategic partner, Talanx Group from Germany, an international Insurance – Investment group. Even though 2011 continues to be a hard year for insurance market, PVI Holdings still reached a turnover of 5,200 billion VND, equal to 11.5% of total revenue in 2010. Not only holding fast the leading position in local market, PVI Holdings continues to assert its brand name in international market when it maintained its fi nancial strength rating of B+(Good) by A.M. Best and “World Finance Insurance Company of the year 2011” by World Finance.

The success of PVI Holdings may be considered as a typical example for Vietnamese enterprises in going ahead, accepting challenges in terms of renovation and development.

For and on behalf of the Government, I praise and congratulate great achievements of PVI Holdings over the past time. With these excellent achievements, PVI Holdings is worth the title Labor Hero in the renovation period awarded by the Party and the Government last year.

Upholding the achievements obtained last year, I am confi dent that PVI Holdings will surely continue to develop dramatically, to reap greater achievements in 2012.

On the occasion of the dragon year, for and on behalf of the Government, I wish the staff of PVI Holdings all the best – a year of good health, prosperity and success.

Best regard,

(Signed)

Nguyen Xuan Phuc

NGUYEN XUAN PHUC

DEPUTY PRIME MINISTER

Hanoi, 21st December 2011


COMMENDATION

FROM MR

PHUNG DINH THUC

PARTY COMMITTEE SECRETARY-

CHAIRMAN OF PETROVIETNAM

ON BEHALF OF PETROVIETNAM, I WOULD LIKE TO CONGRATULATE

THE MANAGEMENT AND STAFF OF PVI ON THESE PROUD

ACHIEVEMENTS

PETROVIETNAM No. 18 Lang Ha street, Ba Dinh district, Hanoi, Vietnam Tel.: (84-4) 8252526 * Fax: (84-4) 8265942 Website: www.petrovietnam.com.vn

CONGRATULATIONS MESSAGE

Respectfully addressed to: Leaders, Party Members and Staff PVI Holdings (PVI)

The leadership of PetroVietnam is very pleased to receive the good news that as at 30th March 2011, PVI Holdings exceeded the planned indicator of the whole year 2011, in particular, revenue, payments to the state budget and pre-tax profi t. In addition, PVI Holdings still maintained its fi nancial strength rating with A.M Best and succeeded in increasing its chartered capital although 2011 is a year full of diffi culties in insurance – fi nance – banking operations. This is a special gift of the leadership, party members and staff of PVI Holdings in honor of the 50th anniversary of exercising the expectation of Uncle Ho by Oil and Gas industry.

For and on behalf the leaders of PetroVietnam, I warmly congratulate, recognize and praise proud achievements obtained by the leaders, party members and staff of PVI Holdings. Over the last year, along with comprehensive change of PetroVietnam, PVI Holdings has developed dramatically, the leaders and staff of the Company have unifi ed, combined forces for the development of the Company in particular and of PetroVietnam in general; the staff of the Company has grown up, developed with full enthusiasm and high determination in fulfi lling the duties assigned by PetroVietnam.

The outcomes achieved by PVI Holdings over the past years are thanks to the self-motivation, creativity in production – business management, solidarity, unanimity and eff ort, tireless strive of the leaders, party members, and staff of PVI Holdings. I am confi dent that with achieved outcomes, skill and spirit, experience, PVI Holdings will continue to develop powerfully and sustainably both in terms of width and depth, closely attached to the brand name “PetroVietnam” which is increasingly asserted and prestigious in local and international market, the leaders of PetroVietnam and the representative for the capital of PetroVietnam at PVI Holdings will make further eff ort and become the leading insurer with powerful brand name in local and international market, at the same time incessantly improve physical and mental life for laborers and legitimate interests of shareholders, build culture and brand name of the PetroVietnam and PVI Holdings in order to expand its operations, in compliance with the development of PetroVietnam in the new period.

PetroVietnam will continue to provide maximum assistance so that PVI Holdings develops quickly, strongly and powerfully in every aspect, continue to be stable in the path to development, well fulfi ll the duties assigned by PetroVietnam.

On this occasion, for and on behalf of the leaders of PetroVietnam, I wish the leaders, party members and staff of PVI Holdings success and higher socio-economic effi ciency in the following years./.

Hanoi, 16th December 2011

FOR AND ON BEHALF OF PARTY COMMITTEE & BOARD OF MEMBERS

SECRETARY – CHAIRMAN

(Signed and sealed)

Phung Dinh Thuc


NGUYEN ANH TUANChairman of PVI Holdings

(1) According to General Statistics Offi ce (2) According to Business Insider

Ladies and Gentlemen!

2011 marked an important milestone on the PVI development journey. 15 years of growth and development, 15 years of trials and successes. PetroVietnam Insurance Company then (1996) - VND 22 billion charter capital, 20 employees and VND 50 billion in revenues. PVI Holdings today - VND 5,461 billion shareholder equity, VND 8,194.87 billion total assets, almost 1,500 employees and revenues of VND 5,655 billion. An expansion and a qualitative change – from a specialized insurance company, PVI Holdings has become an international Insurance and Finance Institution.

2011 will be remembered as a turbulent year for the global economy. The serious fi nancial crisis in Europe and the depressed global economic situation negatively impacted the Vietnamese economy. While GDP growth was only 5.89%, CPI increased to 18.58%(1); the HNX index, a barometer of the Vietnamese economy, fell to 48.6%(2), one of the sharpest falls in the world in 2011.

In this context, the successful PVI Holdings restructuring is actually a shining light in many ways. Through our strategic partnership with the Talanx Group, the 3rd largest insurance group in German, PVI Holdings has formally participated in global service provision. Specifi cally, the Talanx Group acquired a 25% stake in PVI Holdings at VND 36,000/share, above the market trading price at the time the contract was signed. On one hand this improves our fi nancial capacity, and on the other it demonstrates the very high value a professional international investor places on PVI Holdings’ intrinsic value and growth outlook.

Along with raising capital and successfully selecting a strategic shareholder, PVI underwent a comprehensive restructuring. The new corporate structure has PVI Holdings as the parent company with two subsidiaries: PVI Insurance Corporation and PVI Re-insurance Company. While the Parent company guides the direction and manages the capital and investment fi nances, the subsidiaries focus on the insurance businesses and creating capital for investment activities.

To ensure stable business development, PVI Holdings has patiently constructed an international standard corporate governance system; in which promoting information transparency, improving risk

Message from

Chairman

management capacity, and investing deeply in people and technology are the fundamental issues. For two consecutive years, the A.M. Best Financial Confi dence Ratings organization has rated PVI’s fi nancial strength of B+ (Good), while the fi nancial magazine World Finance awarded PVI as “Best Insurance Company in Vietnam”. In preparation for an eff ective international integration, PVI Holdings has also constructed fi nancial statements which comply with the IFRS International Accounting Standard, preparing the ground for listing shares on international securities markets in the future.

Alongside the outstanding achievements of the past 15 years sit the Vietnam Gold Star and Vietnam Excellent Brand awards. In 2011 PVI was honored by the State with the title Labor Hero of the Renovation Period.

The results achieved are in the past, before us lie the enormous challenges for what is a pivotal year after the restructuring process. For 2012, building on the restructuring, establishing a life insurance company and equitizing subsidiaries are the key issues to becoming a professional, ultra competitive insurance and fi nance group and integrate internationally. Besides that, PVI Holdings will continue to focus on improving the corporate governance system, particularly focusing on strengthening the risk management and human resources systems to maintain the quality and rate of growth, improve investment effi ciency and pay a minimum 15% dividend to shareholders.

Like a miniature country, an enterprise must always be master of its own destiny. Following on from the successes, I fi rmly believe that with PVI Holdings’ cultural traditions, the alternative thinking of the Leadership, the passion and professionalism of the staff and the enthusiastic endorsement of our partners, PVI Holdings will continue to develop even more rapidly, strongly and sustainably to deliver ever greater benefi ts to shareholders and customers.

Regards.


“Internationalize PVI Holdings through professional teams and governance systems…”


6 The Flame of Trust PVI6 The Flame of Trust PVI

“PVI Holdings’ total revenues for 2011 reached VND 5,655 billion, eclipsing the plan16% and increase of more than 25% over 2010...”


Based on analysis, economic forecasts and realistic 2012 evaluations, on the one hand PVI Holdings guarantees business target growth levels will be maintained while we must continue to invest in building a solid foundation for the development process in the years to come.

In the short-term, PVI Holdings will continue restructuring according to the model being implemented. The initial restructuring steps were taken in 2011. In 2012 and subsequent years, PVI Holdings must improve its subsidiaries in order to operate effi ciently. Each member unit must construct an operating strategy compatible with the overall PVI Holdings strategy. Since the PVI Holdings goal is not only revenue, which must be profi table, but also the shareholders – the investors who have invested in PVI Holdings.

Despite predictions of continuing diffi culties, PVI Holdings is still targeting 2012 revenues of VND 6,453 billion, all indicators show growth from 25-30% compared to the previous year. At the same time, executing the equitization process at the subsidiaries. PVI Re-insurance Company is expected to be equitized in 2012 with PVI Insurance Corporation to follow in 2013. The PVI Holdings goal for 2015 is to attain revenues of USD 1 billion.

The PVI Holdings Management and staff are collectively proud of our 2011 successes, but we also feel the pressure for PVI Holdings to strive even harder to out-do ourselves. I believe that with the support and faith of shareholders, partners and customers, the unity and solidarity of the Management and staff , solutions will appear and 2012 will be a year of continuing successes for us. PVI Holdings will always be the “Flame of Trust”, worthy of the confi dence of customers and shareholders.

Regards.

Ladies and gentlemen,

After 15 years of development, by 2011, PetroVietnam Insurance Joint Stock Corporation (PVI) has become the leading insurance enterprise in Vietnam. That is a great honor, but it also places new challenges before the Management and staff : how to improve the quality of PVI’s development in this new period. In the 2011 - 2015 plan and Vision to 2025, 2011 was identifi ed as a pivotal year to raise the profi le of the PVI brand name. The outstanding collective eff orts of the PVI Management and staff continued to set remarkable records.

Firstly, the very important PVI restructuring must be mentioned. To date, PVI Holdings is the only company listed in Vietnam to complete its restructuring and successfully transition to the Parent – Subsidiary model. Instead of being an insurer only, operating under the Law on Insurance Enterprises, with its many limits on expanding the scope of operations and investment, now with the new model, operating and investing in the fi nancial fi eld under the Enterprise Law, PVI Holdings is operating much more effi ciently. The Parent company, PVI Holdings, specializes in fi nancial investments with the subsidiaries being: PVI Insurance Corporation specializing in non-life insurance and PVI Re-insurance specializing in re-insurance.

Another 2011 achievement which must be mentioned is the successful negotiation with a foreign shareholder, Talanx Group, to increase charter capital from VND 1,597 billion to VND 2,129 billion. PVI Holdings is now an internationalized enterprise with leading international fi nancial organizations as strategic foreign shareholders: Oman Investment Fund (OIF) and Talanx Group together with other foreign shareholders.

The successful restructuring and capital raising have placed PVI Holdings in an excellent position. This is clearly evidenced by PVI being the only Vietnamese enterprise rated at B+ (Good) fi nancial strength rating by A.M. Best and being named “Best Insurance Company in Vietnam” by Finance World Magazine. PVI was the only insurance and fi nance company in Vietnam in 2011 to be honored by the State President with the Labor Hero Title.

In 2011, PVI Holdings steadily transformed itself and soared to new heights. This is most clearly shown in the very positive fi nancial indicators. PVI Holdings’ total revenues for 2011 reached VND 5,655 billion, eclipsing the plan 16% and increase of more than 25% over 2010.

BUI VAN THUANCEO of PVI Holdings

Message from

CEO


State and Party Leaders attend the State Labor Hero award ceremony for PVI

Sound Infrastructure, Expansive Connections



16 years may not be a particularly long time in the development and growth of a company. Yet for PVI Holdings the past 16 years have been a journey full of experiences: from a domestic insurance company to the leader in the domestic insurance market, ready and confi dent to

mix it in the global marketplace. That is our 16 year journey from adversity to advantage. Yet it is also 16 years of pride in the PVI brand always being a companion to our customers and partners.

On 23 January 1996, PetroVietnam Insurance

Company was established as a domestic insurance company for the oil and gas industry, managing all the industry’s domestic and international risks and assets.

1996

Following the move to a market economy, PVI was equitized through a series of structural governance and strategic business changes and was renamed Petro Vietnam Insurance Joint Stock Corporation. It can be said that the PVI road to success began here.

On 30 December, PVI’s successful public

- listing on the stock exchange, setting a new record for share subscription on IPO.

2006

PVI’S 16TH YEAR WAS AN

UNFORGETTABLE YEAR OF

OUTSTANDING SUCCESSES

AND COMPLETE CHANGE

FOR PVI

Foundation and

Development


PVI becomes the fi rst, and currently the only, Vietnamese insurance fi rm to receive a fi nancial strength rating of B+

(Good) from the respected A.M. Best rating agency.

Becoming a strategic partner of Oman Investment Fund

(OIF) in 2010 and participating in a series of projects, PVI confi rmed its number one position in the Vietnamese insurance market, leading to World Finance Magazine (U.K.) naming PVI the “Best Insurance Company in Vietnam”.

2010

Together with our inherited foundation, PVI today successfully restructured

to operate on the Parent (PVI Holdings) Subsidiaries model with two subsidiaries operating across insurance sector (PVI Insurance Corporation) and re-insurance sector (PVI Re-insurance Company). With this solid “tripod” and receiving additional support from our new strategic partner, Talanx

Group of Germany, PVI Holdings is increasingly consolidating its position in Vietnam and gradually asserting its name on the international market.

20

11



Business

Fields

A | INSURANCE AND RE-INSURANCE

B | CAPITAL MANAGEMENT AND INVESTMENT

C | ASSET DEVELOPMENT AND MANAGEMENT

RAPID AND SUSTAINABLE DEVELOPMENT FOUNDED ON KNOWLEDGE AND THE STRENGTH OF PETROVIETNAM



* Projected to be established in 2012

AFFILIATESSUBSIDIARIES

PV2 INVESTMENT JSC

PVI INSURANCE CORPORATION

PVI LIFE COMPANY*

SAPA PETROLEUM TOURISM JSC

NLM TRADING AND

COMMUNICATION JSC

PVI REINSURANCECOMPANY

PVI FUND COMPANY *

PETROVIETNAM HOSPITAL JSC

PETROVIETNAM INSURANCE SERVICE

JSC

VIET HOUSING INTERNATIONAL

DEVELOPMENT AND INVESTMENT JSC

Business Operating

Model


GENERAL MEETINGS OF SHAREHOLDERS

BOARD OF DIRECTORS

BOARD OF MANAGEMENT

RISK MANAGEMENT & AUDIT COMMITTEE

PLANNING & STRATEGY COMMITTEE

BOD OFFICE

BOARD OF CONTROL


MR. BUI VAN THUAN

CEO/Member of BOD

MR. NGUYEN ANH TUAN

Chairman

Board of

Directors

MR. BADRI NARAYANAN

SANTHANA KRISNAN

Member of BOD

MR. DUONG THANH DANH

FRANÇOIS

Member of BOD

MR. NGUYEN KHUYEN NGUON

Member of BOD

MR. TON THIEN VIET

Vice Chairman



MS. PHAN THI THU HUYEN

Member of BOC

MR. JENS HOLGER WOHLTHAT

Member of BOCMS. HA LAN

Head of Boad of Control

MR. GERARD AMAL WAHAB

Member of BOC

Board of

Control



Board of

Management

MR. BUI VAN THUAN

Chief Excutive Offi cer/ Member of BOD

MR. PHAM KHAC DUNG

Permanent Deputy CEO

MR. PHAM ANH DUC

Deputy CEOMR. NGUYEN HOANG TUAN

Deputy CEOMR. PHUNG TUAN KIEN

Chief Accountant

MR. NGUYEN NGOC MINH

Deputy CEO

MR. VU VAN THANG

Deputy CEO

MR. TRUONG QUOC LAM

Deputy CEO


17PVI Annual Report 2011 11171117PVIPVPPPPPPP Annual Report 22222011010000

Organizational

Chart

GENERAL MEETINGS OF SHAREHOLDERS

BOARD OF DIRECTORS

BOARD OF MANAGEMENT

RISK MANAGEMENT & AUDIT COMMITTEE

RISK MANAGEMENT & INTERNAL AUDIT DIV.

FINANCIAL & ACCOUNTING DIV.

HUMAN RESOURCES DIV.

PLANNING & STRATEGY DIV.

INFORMATION TECHNOLOGY DIV.

BASIC CONSTRUCTION DIV.

INVESTMENT DIV.

ADMINISTRATION DIV.

SOUTH REPRESENTATIVE OFFICE

PLANNING & STRATEGY COMMITTEE

BOD OFFICE

BOARD OF CONTROL



Corporate Governance and

Human Resources

3. ASSOCIATED COMPANIESPVI Holdings has invested in associated companies as below:

PV2 Investment Joint Stock Company: PVI Holdings holds 44.9% of the total charter capital.

Nangluongmoi Trading and Communication Joint Stock Company (NLM Media): PVI Holdings holds 74.4% of the total charter capital.

Sapa Petroleum Tourism Joint Stock Company (PVST): PVI Holdings holds 41.5% of the total charter capital.

PetroVietnam Hospital Joint Stock Company (PVH): PVI Holdings holds 50% of the total charter capital.

PetroVietnam Insurance Service Joint Stock Company: PVI Holdings holds 30.9% of the total charter capital.

VietHousing International Development and Investment Joint Stock Company: PVI Holdings holds 34% of the total charter capital.

14%

86%

WORKING AGE OF EMPLOYEES

Enployees below 40

Employees 40 and above

PVI has offi cially been operating under new model since 01 August 2011 and accordingly there have been changes to the organizational and human resources structures as follows:

I | ORGANIZATIONAL STRUCTURE:1. PARENT COMPANY

PVI Holdings was founded from the re-organization of PetroVietnam Insurance Joint Stock Corporation; Inheriting the legal rights and responsibilities of PetroVietnam Insurance Joint Stock Corporation; with the function of investing capital in subsidiaries, associated companies, fi nancial services fi rms and other fi nancial fi elds; control subsidiaries through capital, strategy development, branding, marketing and technology as prescribed by law.

2. SUBSIDIARY COMPANIESThe subsidiaries were established by 100% capital investment from PVI Holdings:

PVI Insurance Corporation, operating as a Single-member Co Ltd on 28 June 2011; Inheriting the complete rights, obligations and responsibilities previously held by Petro Vietnam Insurance Joint Stock Corporation’s non-life insurance business, be responsible for disputes arising in relation to capital and assets inherited from the Parent company. Total charter capital at the end of 2011 was VND 1,500 billion.

PVI Re-insurance Company, operating as a Single-member Co Ltd on 20 July 2011. Total charter capital at the end of 2011 was VND 460 billion.


II | HUMAN RESOURCES1. AT THE TIME OF THE RESTRUCTURING (28 JULY

2011) PVI HAD 1,378 EMPLOYEES.With the enterprise restructuring, the entire 1,378 employees were redeployed to the Parent company - PVI Holdings and subsidiaries (PVI Insurance Corporation, PVI Re-insurance Company) as follows:

Parent company - PVI Holdings: 90 people

PVI Insurance Corporation: 1,263 people

PVI Re-insurance Company: 25 people

2. AS OF 31 DECEMBER 2011, THE TOTAL NUMBER OF EMPLOYEES AT THE PARENT COMPANY - PVI HOLDINGS AND SUBSIDIARIES (PVI INSURANCE CORPORATION, PVI RE - INSURANCE COMPANY) WAS 1,450 PEOPLE SPECIFICALLY AS FOLLOWS:

Parent company - PVI Holdings: 100 people

PVI Insurance Corporation: 1,318 people

PVI Re-insurance Company: 32 people

PVI HR GROWTH CHART

2008 – 28 JULY 2011

Total number of employees with tertiary education or higher

Total workforce

1,600

1,099

868

1,252

1,001

1,343

1,080

1,378

1,089

800

1,200

400

1,400

600

1,000

200

2008 2009 2010 2011

(to 28 July 2011)

0

86%OF EMPLOYEES

ARE UNDER 40



PVI Holdings has always placed particular importance on investor relations over the years. Reinforcing and strengthening the communication bridge between PVI Holdings and investors has contributed greatly to PVI Holdings’ strong development in past years. As a publicly listed company, PVI Holdings diligently complies with the disclosure requirements of the State Securities Commission and the Hanoi Stock Exchange (HNX). Business results, fi nancial data, trades by major shareholders, etc. are always updated on the company website (www.pvi.com.vn) as well as in the media. Alongside that, PVI Holdings responds immediately to queries and comments from investors via telephone and email or from the company website.

Moreover, PVI Holdings has maintained many eff ective communication channels with the community and investors via the Annual General Shareholders Meeting, with many meetings and discussions with investors, funds and domestic and foreign fi nancial institutions aimed at receiving and responding to queries, and giving information about the PVI Holdings business situation and development strateg. Moreover, PVI Holdings issues periodic fi nancial reports, Annual Reports, etc. to help investors gain a comprehensive view of the company.

Through these eff orts in the past year, PVI Holdings has attracted many domestic and foreign investors, most notably the strategic partnership with Talanx Group (Germany). With that agreement, HDI-Gerling Industrie Versicherung AG, a member of the Talanx Group, purchased 25% of PVI Holdings with a total investment of VND 1,916 billion (approximately USD 93 million), thus becoming a strategic foreign partner.

In 2012, PVI Holdings will continue promoting investor and shareholder relations activities to enhance transparency and receive feedback to further perfect corporate governance through specifi c activities such as:

Shareholder information and

Investor relations

INVESTORS GAIN A COMPREHENSIVE VIEW OF THE COMPANY. THROUGH THESE EFFORTS IN THE PAST YEAR, PVI HOLDINGS HAS ATTRACTED MANY DOMESTIC AND FOREIGN INVESTORS, MOST NOTABLY THE STRATEGIC PARTNERSHIP WITH TALANX GROUP (GERMANY). WITH THAT AGREEMENT, HDI-GERLING INDUSTRIE VERSICHERUNG AG, A MEMBER OF THE TALANX GROUP, PURCHASED 25% OF PVI HOLDINGS WITH A TOTAL INVESTMENT OF VND 1,916 BILLION (APPROXIMATELY USD 93 MILLION), THUS BECOMING A STRATEGIC FOREIGN PARTNER.


PVI HOLDINGS SHAREHOLDER STRUCTURE

No. SHAREHOLDER NAME ADDRESS BUSINESS

SHAREHOLDER TYPE

NUMBER OF SHARES OWNED AFTER CAPITAL RAISING

PERCENTAGE OWNERSHIP BEFORE CAPITAL RAISING

PERCENTAGE OWNERSHIP AFTER CAPITAL RAISING

1

1.1 PetroVietnam Group (PVN)

18 Lang Ha, Hanoi

Oil and Gas, Investment

State/Founding

83,149,740 52.06% 39.05%

1.2 PetroVietnam Finance Corporation (PVFC)

22 Ngo Quyen, Hanoi

Finance State/Founding

16,250,043 10.17% 7.63%

2 MAJOR FOREIGN SHAREHOLDER

2.1 Funderburk Lighthouse Limited

Oman Investment Fund

Foreign/Strategic

22,092,500 13.83% 10.37%

2.2 HDI-Gerling Versicherung AG

Germany Insurance Foreign/Strategic

53,236,788 0% 25.00%

2.3 Red River Holdings/ Temasia Capital Limited

Hong Kong Financial Investment

Foreign 9,179,568 5.75% 4.31%

3OTHER SHAREHOLDERS

18.19% 13.64%

Increasing activities and coordination between the Public Relations (PR) unit and the management and business departments to provide investors with even more useful information.

Upgrading our website to ensure continuous availability and regularly updating fi nancial information for domestic and foreign investors.

Continuing to provide and exchange information and receive feedback from current and potential investors through multiple means: Organizing face-to-face meetings, regular investor newsletters, etc.

Improving and perfecting information disclosure processes to provide investors with information rapidly, candidly and transparently.

Cooperating with media agencies, especially dedicated economic, insurance, fi nance, securities, etc. industry outlets aimed at providing extensive information to investors.

Through investor relations activities, PVI Holdings commits and confi rms the operating principles of

working for the interests of investors and shareholders - who have been with PVI Holdings during the development years and thereafter.

MAJOR DOMESTIC/FOUNDING SHAREHOLDER


PVI INSURANCE CORPORATION

On 28 June 2011, the Ministry of Finance issued Establishment and Operating Certifi cate 63GP/KDBH to establish PVI Insurance Corporation. And from 01 August 2011, PVI Insurance Corporation began operating under a new business model, inheriting all rights, obligations and responsibilities for non-insurance business from PVI.

PVI Insurance holds the strategic position of being Vietnam’s leading insurance fi rm, shouldering the responsibility for risk management for all PetroVietnam assets, people, property and projects as well as other

economic groups and large domestic and foreign customers.

In 2011, PVI Insurance’s cumulative insurance revenues reached VND 4,241 billion (excluding fees and discounts), growth of 21% compared to 2010; revenue from re-insurance was VND 640 billion, growth of 36.6% compared to 2010 of which re and ceding commissions revenues were VND 453 billion and VND 187 billion respectively.

PVI Insurance continues to maintain its leading position in the original insurance market with 20.8%, the second largest Vietnamese non-life insurer. Calculating all domestic and foreign re-insurance revenues, PVI Insurance is close to being number 1 in the market with VND 4,743 billion in revenues. Moreover, PVI Insurance demonstrated superiority over the competition in industrial insurance, continued to lead the marine (30% market share), property and property insurance (33%) fi elds, and held absolute dominance in the oil and gas industry insurance fi eld. In early November 2011, the international rating agency A.M. Best offi cially announced the results of the fi nancial strength rating with PVI Insurance rated at B+ (Good) after the restructure. Continuing to hold that credit rating has improved competitive capacity and capital mobilization capabilities for the future of PVI Insurance on the international market. With the initial

Associated companies

and Subsidiaries


successes operating under the new business model, PVI Insurance closely followed the traditional values of the former PVI brand and is developing strongly to achieve new successes. Before us are the challenges of successfully executing the company’s 2012 business plan, achieving insurance revenues over VND 5,000 billion, and rapidly instituting operating procedures which promote the PVI Insurance name, not only domestically but also on the international stage.

PVI RE – A NEW NAME IN THE INSURANCE MARKETOn 20 July 2011, the Ministry of Finance issued Establishment and Operating Certifi cate 66GP/KDBH to establish PVI Re-insurance Company (PVI Re). With that, PVI Re became only the second re-insurance company licensed in Vietnam, after 17 years with only Vinare.

Inheriting the brand and fi nancial capabilities of PVI and with the support of the PetroVietnam Group in the arranging re-insurance for domestic and foreign projects and assets in the oil and gas sector, PVI Re will enhance our re-insurance service provision in the domestic market on the basis of ensuring the interests of parties, gradually expanding into services on an international scale. With management and staff trained in England, Australia, Germany and Switzerland, with

many years of re-insurance experience, PVI Re aims to be a professional re-insurance company with an international brand name and rating.

PVI Re’s business results after 5 months have been very encouraging. Total revenues reached VND 114 billion, total booked profi t reached VND 11.4 billion. Besides the business results, PVI Re Management and staff are striving to perfect the company’s organizational model, and have signed a consultancy contract with a professional consultancy fi rm to classify enterprises according to international standards.

To achieve the total re-insurance revenue target for 2012 of VND 1,114 billion, the PVI Re Management has proposed signifi cant and thorough solutions. The core targets are international fi nancial rating and increasing charter capital, improving competitiveness, and creating diff erentiation through professional and prestigious service quality. Besides traditional products such as aviation, energy, marine, engineering and property insurance, PVI Re continues to research investments into new insurance products with the aim of satisfying demand and capturing new market opportunities. Not only focusing on exploiting receipt and exchange of services in the Vietnamese market, PVI Re is further targeting Southeast Asian and Asian countries, gradually expanding services on a global scale to move towards an international class brand name.


Associated companies

and Subsidiaries (continue)

SAPA PETROLEUM TOURISM JOINT STOCK COMPANY(PVST)Sapa Petroleum Tourism Joint Stock Company (PVST) was offi cially founded on 01 July 2008 with charter capital of VND 100 billion.

The socio-economic situation in recent years has always fl uctuated, signifi cantly aff ecting PVST’s operations. However, with a multi-faceted approach, PVST has steadily overcome the diffi culties and challenges of 2011, establishing a foothold in our core business fi elds. Design, product quality and professional service style in sales and after sales service have grown the confi dence and satisfaction of customers when using the company’s products and services.

The specialty San Lung whisky, for which PVST has exclusive distribution rights, and our own name-brand goods have received the following prestigious awards: Thang Long Intellectual, Vietnam Gold Star, Gold Cup Outstanding Product 1,000 years Thang Long-Hanoi, etc.

With the slogan “Your smile – Our happiness”, PVST strives constantly to improve ourselves and meet customer expectations. Our travel operations attract large numbers of domestic and foreign customers, with numerous interesting and competitively priced tours. 2011 total revenue reached VND 65 billion; attracting approximately 35,000 visitors, a 48% share of tourists visiting Lao Cai province.

With the aim of satisfying resort demand in Sapa, the company is pushing ahead rapidly with the completion of the 3-star Sapa Oil and Gas Hotel and Chapa Garden Hotel stage 2 with a total of 60 rooms.

PV2 STEPS CONFIDENTLY INTO 2012

PV2 Investment Joint Stock Company was established in June 2007 with its core businesses being real estate and fi nancial investment. Through four years of establishment and development, and with the support of PVI, PV2’s business operations over the years have been profi table. The fact business results have always grown year on year shows a path of sustainable development, creating the premise to accelerate in the coming years.

To achieve the plan, from the beginning of 2011 the PV2 Boards of Management and Leaders proposed positive solutions matching the macroeconomic conditions and real situation of the company to have the business units closely follow the market and exploit competitive advantages, both choosing investment opportunities, and mitigating risks to guarantee PV2’s business operations remain stable, are eff ective, capital is preserved, and employees have stable work and incomes. With the above solutions, PV2 has achieved very positive business results.

Concluding 2011, PV2 achieved the following noteworthy business results: revenues of VND 252 billion (1.3 times the same period of 2010); profi t before tax of VND 38.6 billion (1.02 times the same period of 2010); dividend of 7%. PV2 is not satisfi ed with stopping at the successes achieved to date, but through enthusiasm and youth, taking knowledge as the foundation, and sustainable development as the guide, etc. PV2 is confi dently stepping into 2012 and beyond. PV2’s confi dent ambition is to continue striving to develop and grow further and strongly assert our brand name on the market, deliver greater economic and social eff ectiveness, and hold our place as a member of PVI Holdings with the confi dence of shareholders.


PETROVIETNAM HOSPITAL JOINT STOCK COMPANY (PVH)

PVI Holdings is one of four founding shareholders in PetroVietnam Hospital Joint Stock Company (PVH). PVI Holdings contributes 50% of shares, and direct management and direction to PVH.

On 27 June 2011, at Van Tuong new residential zone, Binh Tri village, Binh Son district, Quang Ngai province, Petro Vietnam Hospital Joint Stock Company (PVH) offi cially launched its operations and changed its name from Dung Quat Hospital to Dung Quat PetroVietnam Hospital, a subsidiary of PVH.

Dung Quat PetroVietnam Hospital is located on an undulating area of almost 6,000 m2. Designed to be a state-of-the-art, 300 bed hospital, 100 beds have been opened. Dung Quat PetroVietnam Hospital originally had only 08 doctors, 01 university-trained pharmacist, and 71 high school-trained pharmacists, nurses and technicians. Currently there are 21 doctors, masters and specialists and 03 university-trained pharmacists. PVH has invested heavily in state-of-the-art medical equipment, refurbished wards, technical infrastructure facilities, and improving the quality of inpatient and outpatient examination services.

At the same time, PVH has signed Cooperation Agreements with a number of leading hospitals such as Viet Duc Hospital, Central Maternity Hospital, Hospital for Tropical Diseases, etc. aimed at improving the quality of operations at Dung Quat PetroVietnam Hospital through specifi c activities such as training, consultancy healthcare service provision from Central hospitals to Dung Quat PetroVietnam Hospital.

With the total enthusiasm of the Leadership, doctors, physicians and investment in technical equipment, Dung Quat PetroVietnam Hospital is always proud to be “An address of conscience and responsibility”.

NANGLUONGMOI MEDIA -

“PROFESSIONAL, DEVOTED AND DIFFERENT”Nangluongmoi Trading and Communication Joint Stock Company– formerly PetroVietnam Communication Joint Stock Company, the sole professional communications unit for PetroVietnam Group, was established in 2007. With a team of dynamic, richly experienced, passionate and creative people trained domestically and overseas, Nangluongmoi Media is committed to delivering professional services which are eff ective and appropriate to each communication strategy.

To match the development strategy in 2012, Nangluongmoi Media restructured its organizational model to seize new opportunities, develop sustainably, maximize long-term value and from that garner fresh impetus for productive labor and improved quality of labor sources. With that, Nangluongmoi Media will be streamlined, with a skilled, multi-disciplined production team. The company will increase savings and reduce costs and other investments which are not vital. To our development strategy. Nangluongmoi Media constantly strives to become the leading brand name in Vietnam for professionalism and dedication in providing communication services directed towards prestigious and sustainable development.


Launch of PVI Holdings

New Advances, Pioneering Aspirations



II | BOARD OF DIRECTORS (BOD) ACTIVITIESIn 2011, the PVI Holdings BOD carried out their responsibilities as pursuant to the law and the PVI Holdings Charter. The BOD held one public Annual General Shareholders Meeting (AGSM) on 15 April 2011 and regular quarterly BOD meetings. Outside the regular meetings, the BOD continually monitored, inspected and supervised business activities, and promulgated resolutions and decisions to create favorable conditions for the activities of the Board of Executives. The BOD’s Resolutions and Decisions were promulgated with the consensus approval of the Members.

The BOD gave timely guidance on the conduct of the following important activities:

Investment portfolio restructuring:

– Business capital contribution to PV2 Investment Joint Stock Company.

– Contributed capital to associated companies: Petro Vietnam Hospital Joint Stock Company; Viet Housing International Development and Investment Joint Stock Company.

– Received capital paid-in by PetroVietnam to PVFC Capital.

Enhanced supervision at subsidiaries and associated companies through appointees representing capital paid-in by PVI Holdings.

Successfully organized the 2011 AGSM.

Guided the Board of Managers in the successful restructuring and transformation to the parent – subsidiary model with the parent company PVI Holdings; established two wholly owned single-member limited liability subsidiaries:

I | KEY PERSONNEL CHANGESPursuant to Resolution 01/2011/NQ - DHDCD of the PVI Annual General Shareholders Meeting (AGSM) held on 15 April 2011:

Mr. Tran Van Quy was elected as a Member of the BOD replacing Mr. Tran Van Kim (retired).

Mr. Patrick Choff el was elected as an additional Member of the BOD at the nomination of strategic shareholder Funderburk Lighthouse Limited (a wholly owned subsidiary of Oman Investment Fund - OIF).

Mr. Gerard Amal Wahab was elected as an additional Member of the Board of Control at the nomination of strategic shareholder Funderburk Lighthouse Limited.

Therefore, the Board of Directors for the period 2007 – 2012 increased from fi ve Members to six in accordance with the Resolution of the 2010 AGSM held on 20 April 2010 approving the increase.

Corporate

Governance

PVI HOLDINGS 2011 CORPORATE GOVERNANCE HIGHLIGHTS

PVI INCREASED ITS CHARTER CAPITAL FROM VND 1,597 BILLION TO VND 2,129 BILLION.



– PVI Insurance Corporation, operating in the fi eld of non-life insurance.

– PVI Re-insurance Company, operating in the fi eld of re-insurance.

Directed the payment of a 15% dividend.

Restructured the personnel and human resources organization, and promulgated regulations appropriate to PVI Holdings operating under the new model after the restructuring.

Negotiated a successful private placement with a foreign strategic investor (HDI - Gerling Industrie Versicherung AG, owned by the Talanx Group AG) according to the legal provisions. Through this private placement, PVI Holdings increased its charter capital from VND 1,597 billion to VND 2,129.4 billion.

Guided the buy-back of PVI shares as treasury bonds to stabilize the PVI share price and protect the interests of shareholders.

III | BOARD OF CONTROL (BOC) ACTIVITIESThe Board of Control, elected by the 2010 and 2011 Annual General Shareholders Meetings held on 20 April 2010 and 15 April 2011 respectively, comprises four Members: One full-time Member as the Head and three part-time members. The Members of the Board of Control were assigned clear and specifi c responsibilities. The Board of Control held regular quarterly meetings covering: approval of inspection and monitoring results from the previous quarter, reaching a consensus on evaluations and proposals for PVI Holdings to construct detailed plans for the forthcoming quarter. The Board conducted regular oversight of PVI Holdings activities and coordinated with the responsible committees to conduct inspection seminars.

Inspection and supervision tasks included:

Supervising the work of the Board of Directors (BOD) and Board of Executives (BOE). Evaluating the activity reports of the BOD.

Supervising coordination between the BOD, BOE and other managerial staff .

Directing amendments to, and implementation of, the PVI Holdings internal rules and regulations.

Verifying the implementation of Regulations on

expenditures, fi nancial investments and business costs at PVI Holdings and subsidiaries.

Monitoring and evaluating implementation plans. Evaluating fi nancial statements. Analysing and assessing fi nancial indicators for the year.

In the monitoring process and after every inspection, the Board of Control provided its comments, analysing the weaknesses and making recommendations for the handling of business and management activities with the aim of ensuring PVI Holdings achieves the utmost effi ciency.

IV | COORDINATION BETWEEN THE BOARD OF DIRECTORS, SUPERVISORY BOARD AND BOARD OF EXECUTIVESIn 2011, the BOD stepped up supervision of the activities of the Board of Executives to ensure correct implementation of AGSM and BOD Resolutions, and compliance with the provisions of the law. In addition, the BOD continued to focus on risk management, improving the internal control system through rules and regulations on the work of the Board of Executives in PVI’s operations.

The Board of Executives managed PVI’s business activities and other tasks according to the decisions of the BOD, ensuring corporate governance at PVI was coordinated and effi cient.

The Board of Control worked closely with the BOD and Board of Executives, while continuing to maintain its independence. In the past year, the Board of Control has also enhanced periodic inspections and improved quality and the independence of control activities.

V | TOWARDS IMPROVING THE PVI HOLDINGS GOVERNANCE MODELIn the future, faced with increasingly demanding economic necessities required in the integration period, PVI Holdings is well aware of the need to improve the governance regime and advance the competitive capability and transparency of our activities while guaranteeing the interests of shareholders, customers and partners.

PVI Holdings continues to implement improvements to the professionalism of the governance regime on the principle of ensuring a balance between direction, control and risk management.


Risk

Management

RISK MANAGEMENT AT PVI HOLDINGSNowadays, active risk management is more important than ever as the domestic economy integrates more deeply into the global economy and is directly infl uenced by positive and negative agents. A well structured and eff ective risk management system will support enterprises through ups and downs, and contribute to increasing value and assisting to improve operating effi ciency. It creates a competitive edge, contributes to the effi cient allocation and use of resources, and minimizes errors in every facet of operations. However, it is no easy task to organize a comprehensive risk management system. Recognizing that, the PVI Holdings Management have issued comprehensive standards and updated the traditional risk management model to a state-of-the-art enterprise risk management system which is one of the important criteria for the 2011-2015 period.

So what has PVI Holdings done to install a risk management system? PVI Holdings has begun construction of a risk management policy. This policy will clearly defi ne the approach to risks and risk management. Besides that, the risk management policy also clearly defi nes the responsibilities of the Board of Directors, Board of Executives, committees and

RISK MANAGEMENT IS A COMPREHENSIVE PROCESS OF REVIEWING AND EVALUATING THE OPERATIONS OF AN ENTERPRISE TO IDENTIFY POTENTIAL RISKS WHICH MAY ADVERSELY AFFECT THOSE OPERATIONS AND ON THAT BASIS TAKE SUITABLE MEASURES TO MINIMIZE OR MITIGATE EACH RISK THREAT.



subsidiaries in relation to managing risks throughout the company. Implementation of a risk management system is also closely related to business strategy, the annual business plans and business processes within the company. The arrangement and appropriate use of resources is an essential condition for the successful implementation of risk management processes in a company. The essential resources required to manage risk must be established at every level and in each unit. For a risk management system to work in reality, it needs guaranteed factors: commitment from all levels of the Leadership; clear division of responsibilities within the company; ensuring rational allocation of resources for training and awareness of risks; and especially the implementation and compliance with risk management policies. PVI Holdings is completing the construction and introduction of a system of criteria for evaluating the Key Performance Indicators (KPIs) for employees which includes risk mitigation measures.

The risk management system is also integrated into the PVI Holdings organizational structure and decision-making processes. Checkpoints have been established in each PVI Holdings business process and at every department and management level for maximum reduction of risks which may occur in relation to each company activity. PVI Holdings is presently coordinating with a foreign consultancy fi rm to implement a comprehensive internal audit and control system. One of the highest priority tasks is to build a unifi ed risk management process at PVI Holdings, examine and assess whether the internal control system has the strength to control all possible risks, raise awareness of risks across the entire company and the capabilities to

handle them appropriately.

PVI is one of the fi rst Vietnamese enterprises to be rated for fi nancial strength by the A.M. Best organization. We are rated at B+ (Good). The fi rst time the ratings were published, PVI was the only enterprise in the insurance and fi nance fi eld in Vietnam to be given an international fi nancial strength rating of B+ (Good). One of the factors A.M. Best examines in the rankings is the risk management system, and PVI has proven its system to be eff ective.

The company ethos is to be constantly active. Therefore examining adjustments to measures for ongoing risk management to be applicable with the evolution of every environment is very essential. PVI Holdings periodically reviews the suitability of the risk threat list, along with the correlating mitigation measures, in order to ensure no hidden areas exist – areas which cannot be evaluated or controlled.

In short, the enterprise risk management system plays an increasingly important role and contributes to the success of PVI Holdings today because once risks are identifi ed, PVI Holdings can construct and implement plans to eff ectively mitigate them and ensure sustainable development.

Implementation of risk management system is also closely related to business strategy

PVI IS ONE OF THE FIRST

VIETNAMESE ENTERPRISES

TO BE RATED FOR FINANCIAL

STRENGTH BY THE A.M. BEST.

WE ARE RATED AT B+ (GOOD).


Aside from the focus on developing a highly effi cient business, PVI Holdings also focuses on developing the most valuable asset we have, our human resources. An organization which wants to develop sustainably cannot underestimate the connection of every person to that organization. And the PVI Holdings Union fulfi lls this mission. The Union participates in management, motivating employees to emulate labor in business production to best implement the business plan.

In 2011, PVI Holdings and staff , and the entire oil and gas industry, commemorated “50 years of Oil and Gas industry tradition, 20 years of Vietnam Oil and Gas Union”. The PVI Holdings Union encouraged employees to participate in oil and gas industry competitions and be active in all aspects of the industry. In addition, the Union organized events to celebrate prominent days: Founding of the Communist Party of Vietnam on 3 February; International Labor Day on 1 May; International Women’s Day on 8 March; President Ho Chi Minh’s Birthday on 19 May; Remembrance Day on 27 July, etc. with many engaging and eff ective activities.

The emulation movement is one of a number of important activities in the PVI Holdings Union’s programs. Major emulation movements for the year

NOT ONLY FOCUSED ON MOVEMENT ACTIVITIES AT PVI HOLDINGS, THE UNION ALSO CONTRIBUTED TO SOCIAL WELFARE ACTIVITIES.

Social

Responsibility



Every PVI Holdings Union member and employee has contributed as the red bricks which have built the house of PVI Holdings steadily and sustainably.

included: the “On Target” emulation to complete the year’s business plan; the volunteer emulation to build the crucial Southern market; the excellent business, high eff ectiveness emulation; the “Maintain a hygienic working environment” emulation to which all employees responded enthusiastically.

Not only focused on movement activities at PVI Holdings, the Union also contributed to social welfare activities. During the year, the Union motivated employees to

be aware of, and actively participate in, social welfare activities through programs like: Support the healthcare program and distribution of free medications policy for the poor in Quang Ngai province; gifts for veterans and support for the gratitude fund to commemorate 27 July; organizing the “2,000 Lunar New Year Gifts for the Poor in Quang Ngai to Greet 2012”; support the construction of pre-schools in Kim Bang and Duy Tien Districts of Ha Nam province; support the people of Japan suff ering from the earthquake and tsunami; with a total amount of almost VND 10 billion. In addition, The Union also sponsored a number of community sporting, social and artistic programs raising charitable donations of almost VND 2 billion.

Cultural, sporting and corporate culture building activities were also important activities for the PVI Holdings Union. The movement to build a cultured life is disseminated deeply into the character of the oil and gas culture, the PVI Holdings culture, displayed in the attitudes and responsibilities of each person through work and interaction with customers, colleagues, the community, etc. Every PVI Holdings Union member and employee has contributed as the red bricks which have built the house of PVI Holdings steadily and sustainably.



PVI - A.M. Best rates international confi dence for 3 consecutive years

International Standards, Professional Certifi cation



1 PVI celebrates its

15th birthday

(23 January 1996 –

23 January 2011).

4 To date, PVI Holdings is the only Vietnamese entity on the stock market to complete the restructuring and successfully transition to the Parent – Subsidiary model. With this model, PVI Holdings’ activities are broader and more diverse.

5 PVI Holdings successfully negotiated with strategic investors to raise capital. At the time of the capital raising, enterprises increased their capital at a 1:1 ratio, yet PVI Holdings increased its capital at 2.6 times the market price.

Achievements

and Awards

3 PVI was the only Insurance and Finance institution in Vietnam in 2011 to be honored by the State President with the title Labor Hero.



2 PVI is the only Vietnamese insurance and fi nance enterprise to be rated by the A.M. Best fi nancial strength rating of B+ (Good) for two consecutive years. PVI Insurance is a PVI Holdings subsidiary starting operations after the restructuring which A.M. Best rated at this level.

7 PVI is the leading industrial insurer in the market, and leads the fi eld in Energy Insurance (absolute market share), Technology and Property insurance (40%); Marine Insurance (30%).

8 Total revenues in 2011 reached VND 5,655 billion, with total profi t of VND 468 billion. All PVI Holdings indicators exceeded the plan approved by Annual General Shareholders Meeting.

6 THIS IS THE

SECOND

CONSECUTIVE TIME

WORLD FINANCE

MAGAZINE HAS

VOTED PVI AS THE

BEST INSURANCE

COMPANY IN

VIETNAM.



Standout 2011

Financial Highlights

2011 WILL BE MARKED AS A YEAR OF ENORMOUS ACHIEVEMENTS IN THE GROWTH AND DEVELOPMENT OF PVI HOLDINGS. STAND OUT ACHIEVEMENTS FOR THE YEAR HAVE BEEN THE SUCCESSFUL RESTRUCTURING AND OFFICIALLY OPERATING ACCORDING TO THE PARENT – SUBSIDIARY MODEL SINCE AUGUST 2011. AT THE SAME TIME PVI HOLDINGS SUCCESSFULLY RAISED CHARTER CAPITAL FROM VND 1,597 BILLION TO VND 2,129 BILLION WITH FOREIGN STRATEGIC SHAREHOLDER TALANX GROUP.

WITH A FITTING STRATEGIC DIRECTION FROM THE LEADERSHIP, PVI HOLDINGS ACHIEVED VERY NOTEWORTHY BUSINESS RESULTS IN 2011:

TOTAL ASSETS: VND 8,194 BILLION, AN INCREASE OF 1.27 TIMES TOTAL ASSETS COMPARED TO THE SAME PERIOD IN 2010.

39PVI Annual Report 2011 39PVI Annual Report 2011

PROFIT BEFORE TAX: VND 468 BILLIONor 111% of the plan, a 39% increase over the corresponding period in 2010.

PROFIT AFTER TAX: VND 348 BILLION or 108% of the plan, a 17% increase over the corresponding period in 2010.

CONTRIBUTION TO THE STATE BUDGET: VND 447 BILLION or 120% of the plan, a 51% increase over the corresponding period in 2010.

CHARTER CAPITAL: VND 2,129 BILLION an increase of 1.3 times the charter capital compared to the same period of 2010.

TOTAL ASSETS: VND 8,194.87 BILLION, an increase of 1.27 times total assets compared to the same period in 2010.

TOTAL REVENUES: VND 5,655 BILLION or 116% of the plan, a 25% increase over the corresponding period in 2010, of which:

INSURANCE REVENUES: VND 4,751 BILLIONor 108% of the plan, a 22% increase over the corresponding period in 2010.

FINANCIAL INVESTMENT REVENUES: VND 849 BILLIONor 175% of the plan, a 40% increase over the corresponding period in 2010.


Future development

Directions



OVERALL OBJECTIVESPVI Holdings will become an internationally recognized Insurance – Finance Institution with the motto: Rapid and sustainable development founded on knowledge and the strength of the PetroVietnam Group for the mutual benefi t of shareholders, customers and employees.

SPECIFIC 2012 OBJECTIVESWith the achievements of 2011, we step into 2012 with PVI Holdings continuing on the path to conquering peaks in a year defi ned as a “test of fi re” to achieve new landmarks with the main tasks and objectives as follows:

Raise charter capital to over VND 4,662 billion.

Enhance professionalism of insurance/re-insurance operations and fi nancial investments on the principle of eff ective growth and preserved capital.

Maintain the position as Vietnam’s number one insurer with the objective of developing sustainably.

Strengthen domestic and international re-insurance business activities.

Invest prudently and make highly eff ective choices across the entire system.

2013-2015 GROWTH TARGETSBased on the principle PVI Holdings objectives, strive to become a strong domestic and international insurance and fi nance institution, with forecasts for 2013 – 2015 of:

Revenue growth from 15 - 20%.

Profi t before tax growth of 20 - 25%.

Stable dividend payout (15%).

REVENUE GROWTH FROM

15-20%

FinanceStatement2011

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