HANOI STOCK EXCHANGE
Address: 81 Tran Hung Dao, Hoan Kiem, Hanoi
Tel: 84 - 4 - 3934 2626
Fax: 84 - 4 - 3934 7818
Website: www.hnx.vn
Email:
ANNUAL
REPORT
2009
HNX
Hanoi Stock Exchange
HASTC
Hanoi Securities Trading Center
SSC
State Securities Commission
PPC
Party Central Committee
ABBREVIATIONS
ANNUAL REPORT 2009
3
TRANSPARENCY
Contents
Message from the Chairperson of the Board
4
CEO’s Letter
5
Highlights of 2009
6
About HNX
7


The year 2009 elapsed in the context of Vietnam’s determined efforts to
overcome difculties in the wake of the global economic recession. The
nation’s gross domestic product (GDP) growth rate in 2009 hit a 10-year low,
while the prices of oil, gold and US dollars were highly volatile. Meanwhile,
macroeconomic balances experienced some swings despite the Government’s
opportune adjustments to help ght the economic downturn and prevent
high ination, as experienced in 2008, returning. These measures were
accompanied by the active implementation of sound nancial and monetary
policies. Vietnam’s securities market, after a period of hibernation, began to
rebound while constantly facing new challenges.
As for the HNX, 2009 was considered an important milestone. It was in 2009
that the HNX, for the rst time, commenced operations as a wholly State-
owned limited company governed by a Board of Directors. Given this change
in operating model, HNX was entitled to more self-control so that it could
call into play its resources in organizing and regulating market activities.
In this new model, HNX has brought market expansion and technological
improvements on a large scale into sharp focus, steadily improving the
working conditions of its staff and getting well prepared for market growth
as the economy enters a recovery and development stage.
In 2010, for sustainable growth, HNX is to make a thorough appraisal of the
market development process during 2005-2010 within the framework of the
Vietnam Securities Market Development Masterplan, hence mapping out an
overall development strategy for the HNX during 2011-2020. HNX’s major
undertaking during 2010 is, therefore, to consolidate three existing markets,
upgrade technological systems, open online trading, ameliorate corporate
governance in accordance with the new operating model and promote
international integration.
We believe with the implementation of the aforementioned measures
accompanied by sound management of regulators, the support and condence
of member securities rms, listed companies, partners and investors, HNX’s

of the Party and State leaders, Government agencies, Ministry of Finance,
Hanoi People’s Committee as well as related bodies in combination with
the growing interest of businesses, market participants and investors will
all greatly contribute to the growth of the securities market and make it an
important impetus for the country’s sustainable development.
CEO’S LETTER
Respectfully,
Tran Van Dzung
CEO
6
2/1/2009
Prime Minister Nguyen Tan Dung issues Decision No. 01/2009/QĐ-Ttg on the establishment of the HNX on the basis of
transforming HASTC as an income-generated State agency into a State-owned, single-member limited liability company.
2/1/2009
The rst trading session of 2009 is opened in the presence of the Hanoi People’s Committee Chairman, SSC Division Directors
and representatives of market participants.
2/2/2009
Mr Vu Van Ninh, Member of PCC, Deputy Minister of Finance, visits HASTC and opens the rst trading session of the
Lunar New Year The Minister wishes Vietnam’s securities market a new year of considerable and solid achievements, making
important contributions to the development of the country’s socialist-oriented market economy.
20/3/2009
The rst auction of sovereign bonds issued by the State Treasury is successfully organized to raise capital for key Government
projects in accordance with Decision 211/QĐ-TTg by the Prime Minister which paves a new way for capital mobilization. In
2009, over USD$460 million was raised via six biddings.
30/3/2009
A Memorandum of Understanding is signed with International Finance Corporation (IFC) for joint initiatives to improve
information disclosure and transparency of UPCoM and the bond market.
The head ofce and the trading system is moved to 81 Tran Hung Dao Street, ensuring the stable, safe and continuous operation
of the market.
30/4/2009

No.127/1998/QD-TTg dated July 11, 1998, into a State-owned, single-
member limited liability company according to Decision No. 01/2009/
QD-TTg.
n
Vietnamese name: Sở Giao dịch Chứng khoán Hà Nội
n
English name: Hanoi Stock Exchange
n
Abbreviated name: HNX.
n
Website: www.hnx.vn
n
Charter capital: VND1,000 billion including state budget transferred
by HASTC and supplemented during the operation
The HNX Objectives
- To ensure the equitableness, transparency and efciency of securities
trading on the HNX
- To protect investors’ lawful rights and benets
The HNX functions
- To organize stock listings and trading on the HNX as required by laws
- To supervise the compliance of trading members, listed companies and
investors
- To act as an intermediary when requested to settle any disputes related
to securities traded on the HNX.
- To provide technical infrastructure, information and training services
in the exchange’s duties and authorities for the development of the stock
market.
8
HNX
Share Auction Bond Bidding

DEPUTY CEO DEPUTY CEO
SUPERVISORY
BOARD
Internal Audit
Dept.
Administration
Dept.
General & Legal
Affairs Dept.
Human Resources
Dept.
Finance &
Accounting Dept.
Trading Dept.
Bond Market
Dept.
Market
Information Dept.
Information
Technology Dept.
Listing Dept. Member
Regulation Dept.
Surveillance
Dept.
Strategy &
International
Cooperation Dept.
10
Ms. Vu Thi Kim Lien
Chairperson of the Board

Previous positions: Deputy Head, Head of the
Capital Market Division, at the Ministry of
Finance’s Finance and Banking Department
(before January, 2009)
Current principal position outside the HNX:
Deputy Director of the Ministry of Finance’s
Finance and Banking Department.
11
TRANSPARENCY
Ms. Nguyen Thi Hoang Lan
Deputy CEO
Ms. Nguyen Thi Hoang Lan graduated from the
National University of the Soviet Union. She
is granted the Scientic Degree and Master of
Science in Economics in the Russian Economic
Academy named Plekhanov Institute. She has
more than 15 years’ experience in nance and
banking.
Previous positions:
- Working at the State Bank of Vietnam (1989-
1992)
- Deputy Head and then Deputy Director at the
SSC (1997-2007)
- HASTC Deputy Director (2007-2009)
Current position: HNX Deputy CEO since
June, 2009
Mr. Nguyen Van Dzung
Deputy CEO
Mr. Nguyen Van Dzung graduated in business
administration from the mini MBA program in

- Deputy Manager at the Securities Research
and Training Center under the SSC (1999-
2006)
- Head of HASTC’s Administration Division
(2006-2009)
Current position: Head of the HNX’s
Supervisory Board since June, 2009
BÁO CÁO THƯỜNG NIÊN 2009
12
Nguyen Đuc Manh
Director
Information Technology Dept.
Ha Anh Tuan
Director
General and Legal Affairs Dept.
Nguyen Thanh Tung
Deputy Director
Surveillance Dept.
Nguyen Hoang Linh
Director
Strategy & International Cooperation Dept.
Nguyen Thi Thu Ha
Director
Trading Dept.
Vu Thi Thuy Nga
Director
Market Information Dept.
Tran Anh Tuan
Director
Bond Market Dept

Regulations on Listed Securities Market
Listing requirements:
• For stocks:
* Being a joint stock company having a minimum charter
capital of VND10 billion;
* At least 100 shareholders must own voting shares in the
company;
* Business operations in the year immediately preceeding the
year of registration for listing must have been protable. ere
must be no debts overdue for more than one year;
* Fullling other requirements of Decree No.14/2007/NĐ-
CP dated January 19, 2007.
• For bonds:
* Being a joint stock company, limited liability company or
State-owned enterprise having a minimum charter capital of
VND10 billion;
* All bonds of one issue must have the same maturity date;
* Fullling other requirements of Decree No.14/2007/NĐ-
CP dated January 19, 2007.
Trading time:
From Monday to Friday, except for public holidays stipulated
by the Labor Code.
Tick size:
• Continuous order matching method:
+ For stocks: VND100.
+ For bonds: no tick size.
• Negotiation method: no tick size.
Trading unit:
* For continuous order matching: a round lot (100 shares) or
VND10 million of bonds at par value.

70,000,000
80,000,000
0
50
100
150
200
250
Trading Volume
02/01/2009 31/12/2009
Trading volume (shares)
HNX-Index (points)
HNX-Index
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
0
50
100
150
200
250
Trading Volume
02/01/2009 31/12/2009

150
200
250
Trading Volume
02/01/2009 31/12/2009
Trading volume (shares)
HNX-Index (points)
HNX-Index
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
0
50
100
150
200
250
Trading Volume
02/01/2009 31/12/2009
22/10: Highest HNX-Index of
2009 (218.38 points)
23/10: Trading volumes and values
reach a record (67,237,200 shares
and VND3,048,981,570,000)

0
10
20
30
40
50
60
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
0
500
1,000
1,500
2,000
2,500
Average Trading volume Average Trading value
mil. shares
VND bil.
Trading volume and Trading value in 2009
Trading volume and Trading value by trading mode
Month
Trading volume (shares) Trading value (VND)
Continuous order matching Negotiation Continuous order matching Negotiation
1 54,301,100 5,270,313 1,122,368,900,000 249,524,547,600
2 79,521,800 2,405,475 1,527,630,610,000 54,420,785,000
3 217,688,200 3,060,497 4,110,436,010,000 51,699,166,700
4 379,131,900 7,822,209 9,157,202,910,000 179,945,312,300
5 575,340,200 7,242,672 15,923,114,180,000 219,431,489,900
6 646,825,200 16,121,778 22,671,729,230,000 656,320,553,900
7 369,676,900 10,175,286 11,985,734,540,000 359,035,850,000
8 556,223,600 8,053,561 18,618,609,780,000 305,723,249,900

price on
31/12/2008
Average
price on
31/12/2009
Change
(VND/
share)
Change
(%)
S96
12,800 82,900 70,100 547.656
SJM
9,200 34,200 25,000 271.739
S91
10,900 40,200 29,300 268.807
STL
16,400 59,900 43,500 265.243
SNG
20,000 72,600 52,600 263.000
9%
9%
6%
6%
4%
3%
2%
2%
2%
S H B VSPOthers

Selement on UPCoM:
- Selement for stocks: multilateral selement, T+3.
- Selement for bonds: multilateral selement; T+1.
MARKET FOR
UNLISTED PUBLIC COMPANIES
(UPCoM)
24
After nearly three years’ preparation for a legal basis and technological
infrastructure, under the approval of the Ministry of Finance and the SSC,
the market for securities of unlisted public companies ofcially went live
on June 24, 2009. By December 31, 2009, UPCoM attracted the trade
registration of 34 companies with total charter capital of VND3,274
billion and total market capitalization of approximately VND4,260
billion. Trading activities were carried out safely with two trading modes,
namely electronic negotiations (accounting for 90%) and conventional
negotiations (accounting for 10%). More and more foreign investors
participated in the UPCoM. UPCoM-Index has the same trend with the
HNX-Index in the listed securities market. The HNX transferred 17,878
results to the VSD system for clearing and settlement with a total trading
value of over VND545 billion, equaling VND4 billion per session.
Company Registered volume
company
mil. shares
0
5
10
15
20
25
30

35%
VDS
12%
TAS
15%
SME
16%
API
3%
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
-10
10
30
50
70
90