Reviewed interim separate financial statements for 1H2025

Deloitte.

HO CHI PIINH CITY DEVELOPMENT JOINT STOCK CONNERCIAL BANK

(Incorporated in the Soc/s/isr Republic of Vietnam)

REVIEWED INTERIN SEPARATE FINANCIAL STATEMENTS

For the 6-month period ended 30 June 2025

In accordance with Vietnamese Accounting Sran#ards, accounting regime applicable fa credit institutions in Vietnam and /ega/ regolarions relating to interim separate financial reporting

HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK

25Bis Nguyen Thi Minh Khai, Sai Gon Ward

Ho Chi Minh City, Vietnam                   

HO CHI MINH CFFY DEVELOPMENT JOINT STOCK COMMERCIAL BANK

25Bis Nguyen Thi Minh Khai, Sai Gon Ward Ho Chi Minh City,  Vietnam            

STATEMENT OF THE BOARD OF MANAGEMENT

The Board of Management of Ho Chi Minh City Development Joint Stock Commercial Bank (“the Bank”) presents this report together with the Bank's interim separate financial statements for the 6-month period ended 30 June 2025.

The members of the Board of Directors, Board of Supervisors, Board of Management and the Chief Accountant of the Bank during the period and to the date of this report are as follows:

Board of Directors

Mr. Kim Byoungho

Ms. Nguyen Thi Phuong Thao Mr. Luu Duc Khanh

Mr. Nguyen Thanh Do Mr. Pham Quoc Thanh Mr. Nguyen Huu Dang Mr. Le Manh Dung

Board of Supervisors

Mr. Dao Duy Tuong Ms. Duong Thi Thu Ms. Bui Thi Kieu Oanh Mr. Nguyen Le Hieu

Chairman cum Independent Member Standing Vice Chairwoman

Vice Chairman Vice Chairman

Vice Chairman (appointed on 13 May 2025) Vice Chairman (resigned on 08 January 202S) Independent Member

Chief Supervisor Member Member Member

Board of Management and Chief Accountant

Mr. Nguyen Huu Dang Mr. Pham Quoc Thanh Mr. Nguyen Minh Duc Mr. Nguyen Van Hao Mr. Tran Thai Hoa

Mr. Tran Hoai Nam Mr. Dam The Thai Mr. Le Thanh Tung

Mr. Nguyen Dang Thanh Mr. Nguyen Canh Vinh Mr. Tran Xuan Huy

Mr. Pham Van Dau

Ms. Ho Dang Hoang Quyen

General Director (appointed on 13 May 2025) Acting General Director (resigned on 13 May 2025) Deputy General Director

Oeputy General Director Deputy General Director

Deputy General Director (reappointed on 27 February 2025) Deputy General Director (appointed on 0i June 2025) Deputy General Director (resigned on 01 June 2025)

Deputy General Director (resigned on 01 June 202S) Deputy General Director (resigned on 06 June 2025) Deputy General Director (resigned on 1S January 2025) Chief Financial Officer

Chief Accountant

Authorized person for signing the interim separate financial statements Mr. Tran Hoai Nam Deputy General Director

(According to Decision No. 3967/2025/QO-TGO dated 23 July 2025 of the Legal Representative)

1

HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK

2SBis Nguyen Thi Minh Khai, Sai Gon Ward No Chi Minh City, Vietnam

STATEMENT OF THE BOARD OF MANAGEMENT (Continued) THE BOARD OF MANAGEMENT'S STATEMENT OF RESPONSIBILITY

The Board of Management of the Bank is responsible for preparing the interim separate financial statements, which give a true and fair view of the interim separate financial position of the Bank as at 30 June 2025, and of its interim separate financial performance and its interim separate cash flows for the 6-month period then ended in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to interim separate financial reporting. In preparing these interim separate financial statements, the Board of Management is required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgments and estimates that are reasonable and prudent;

• State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the interim separate financial statements;

• Prepare the interim separate financial statements on the going concern basis unless it is inappropriate to presume that the Bank will continue in business; and

• Design and implement an effective internal control system for the purpose of properly preparing and presenting the interim separate financial statements so as to minimize errors and frauds.

The Board of Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the interim separate financial position of the Bank, and that the interim separate financial statements comply with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to interim separate financial reporting. The Board of Management is also responsible for safeguarding the assets of the Bank and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.

The Board of Management confirms that the Bank has complied with the above requirements in preparing these interim separate financial statements.

all of the Board of Management,

a

c! HDBank"” !»

”

Tran Hoal Nam

Deputy General Director

Ha Chi Minh City, 28 August 2025

Delo

S6: /VN1A-HN-BC

1S Floor, Vinaconex Tower,

34 Lang Ha Street, Lang Ha Ward, Dong Da District, Hanoi, Vietnam Tel : +84 24 710S 00Xi

Fax: +84 24 6288 S678

.dek›ttte.com/vn

REPDRT ON REVIEW OF INTERIM SEPARATE FINANCIAL STATEMENTS

T_g:

The Sheraholders

We have reviewed the accompanying interim separate financial statements of Ho Chl Minh Clty Development Joint Stock Commercial Bank ("the Bank"), prepared on 28 August 202S as set out from page 04 to page 56, which comprise the interim separate statement of financial position as at 30 June 2025, the interim separate income statement and the interim separate cash flow statement for the 6-month period then ended, and a summary of significant accounting policies and other explanatory informatlon.

The Bank's Board of Management is responsible for the preparation and fair presentation of these interim separate financial statement in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to interim separate financial reporting and for such internal control as the Board of Management determines Is necessary to enable the preparation of interim separate nnancial statements that are free from material misstatement, whether due to fraud or error.

our responsibility Is to express a conclusion on these accompanying intertm separate financial statements based on our review. we conducted our review in accordance wlth Vtetnamese Standard on Review Engagements(VSRE) 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity.

A review of interim separate financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially Igss in scope than an audit conducted in accordance with Vietnamese Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audt apinion.

Deloitte fefers to one or more of Oekfitte Touche Tohmatsu Mmlted ("oTTL”), its global neMort of member firms, and their related endtles (collectively, the “Deloitte a+ganization*). DTTL (ako refenad to as °DeioItte GlobaP) and each of its member grms and related entities are legally separate and independent endoes, which cannot obligate or blnd each otlter in respect of third parties. DTTL and each DTTL mamber firm aad related entity is table only far Itsawn aand omissions. and not those of each other. oTTL does not provtde servk•• theme. Please see deioltte,com/about to ieem more.

Deloitte.

REPORT ON REVIEW OF INTERIM SEPERATE FINANCIAL STATEMENTS (continued)

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim separate financial statements do not present fairly, in all material respects, the interim separate financial position of the Bank as at 30 June 202S, its interim separate financial performance and its interim separate cash flows for the 6-month period then ended in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit Institutions in Vietnam and legal regulations relating to interim separate financial reporting.

The separate financial statements of the Bank for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on those statements on 31 March 2025.

The interim separate financial statements of the Bank for the 6-month period ended 30 June 2024 were reviewed by another auditor who expressed an unmodified conclusion on those statements on 12 August 2024.

KIEM TOA

Tran Thl T

Audit Practising Registration Certificate No. 0031-2023-001-1

DELOITTE VIETNAM AUDIT COMPANY UMITED

28 August 2025

Hanoi, S.R. Vietnam

HO CHI MINH CITY DEVELOPMENT JO!NT STOCK COMMERCIAL BANK FORM B02a/TCTD

25Bis Nguyen Thi Minh Khai, Sai Gon Ward Issued under Circular No. 49/2014/TT-NHNN Ho Chi Minh City, Vietnam              dated 31 December 2014 of the SBV

INTERIM SEPARATE STATEMENT OF FINANCIAL POSITION

is at 3DJune 2025

Unit: VND Million

NO.

ITEMS

Notes Closing balance Opening balance

1. Cash, gold s

   11. Balances with the State Bank of Vietnam ("SBV")

   3,944,641

   3,105,34d

   26,502,36D

   III.	Placements with and loans to other credit institutions	134,754,740
   1.	Placements with other credit institutions	124,308,374	94,198,824
   2.	Loans to other credit institutions	10,446,366	12,474,353
   IV.	Trading securities	2,411,264	21,955,775
   1.	Trading securities	2,411,264	21,955,775

   V.	Derivative financial instruments and other financial assets		105,173
   VI.	Loans to customers		484,597,838	419,084,915
   1.	Loans to customers	io	489,943,667	424,27 2,721
   2.	Provisions for credit losses of loans to customers	11	(5,244,829)	(5,187,803)
   Ytf.	Investment securities	12	71,362,530	48,751,284
   1.	Available-for-sale investment securities	12.1	67,243,887	31,407,524
   2.	Held-to-maturity investment securities	12.2	4,231,266	17,426,610
   3.	Provisions for credit losses of investment securities	12.S	(112,823)	(92,8S0)
   VIII.	Capital contribution, long-term investments	13	1,940,887
   1.	Investments in subsidiaries		1,214,688	1,214,688
   2.	Investments in associates		658,075	658,075
   3.	Other long-term investments		125,666	146,546
   4.	Provisions for impairment of long-term investments		(7,542)	(18,502)
   lx.	Fiaed assets			1,736,698
   1.	Tangible fixed assets	14	866,325	861,092
   O.	Cost		1,955,251	1,8B1,349
   b.	Accumulated depreciation		(1,0B8,926)	(1,020,257)
   2.	Intangible assets	15	865,354	875,606
   o.	Cost		1,2B2,701	1,2S0,474
   b.	Accumulated amortisation		(417,347)	(374,868)
   x.	Ocher assets		58,170,433	S5,128,234
   1.	Other receivables	161	49,9S1,750	48,166,441
   2.	Interest and fee receivables	16?	6,610,980	S,270,744
   3.	Deferred tax assets		83,309	155,916
   4.	Other assets	16.3	1,571,493	1,S82,0S9

   )

   5. Provisions for impairment of other

   balance sheet assets

   16.4

   (47,099)

   (46,926)

   TOTAL ASSETS

            768,570,070

   The accompanying notes are an integral port of these interim separate//nonr/o/ statements

   4

   HO CHI MINH CITY DEVELOPMENT JOiNT STOCK COMMERCIAL BANK FORM B02a/TCTD

   25Bis Nguyen Chi Minh Khai, Sai Gon Ward Issued under Circular No. 49/2014/TT-NHNN Ho Chi Minh City, Vietnam dated 31 December 2014 of the SBV

   INTERIM SEPARATE STATEMENT OF FINANCIAL POSITION (Continued)

   				Unit: VND Million
   NO.	ITEMS	Notes	Closing balance	Opening balance
   B.	LIABILITIES AND OWNERS' EQUITY
   1.	Borrowings from the Government and the SBV	17	9,952	15,434
   1.	Deposits and borrowings from the Government and the SBV		9,952	15,434
   II.	Deposhs and borrowings from other credit institutions	18	95,749,721
   	Deposits from other credit institutions	1B.1	75,720,793	75,610,753
   2.	Borrowings from other credit institutions	18.Z	20,028,928	21,757,078
   	Depodts from customers	19	47B,700,229	437,505,165
   IV.	Grants, trusted funds and borrowings where the	10	2,787,202	2,788,443
   	Bank bears risks
   v.	Valuable papers issued	2*	77,041,176
   vi.	Other liabilities	zz
   1.	Accrued fee and interest expenses	22.1	1l,27o,Z47	7,868,597	''
   2.	Other payables and liabilities	22.2	42,234,029	10,402,384
   	TOTAL LIABILITIES		707,792,556
   VII.	Owners* equity	Z4	60,777,514	53,4b7,970
   1.	Contributed capital		35,224,020	35,224,020
   o.	Charter capital		35,101,423	35,101,423
   b.	Investment and construction capital		89	89
   c.	Shares premium		535,956	S3S,B56
   d.	Treasury shares		(413,44B)	(413,448)
   2.	Reserves		8,326,949	5,838,283
   3.	Foreign exchange differences		(26,977)
   4.	Retained earnings		17,Z53,522	12,41/667
   	TOTAL UABILITIES AND OWNERS' EQUITY'		768,570,070

   As at 30 June 2025

   TNHH ’V tO

   The accompanying notes are an inregro/ part of these i terim separote financiol statements

   INTERIM SEPARATE STATEMENT OF FINANCIAL POSITION (Continued)

   As at 30 June 2025

   Unit: VND Million

   OFF-BALANCE-SHEET ITEMS

   NO.	ITEMS	Notes	Closing balance	Opening balance
   1.	Credit guarantees	38	9,045	808,743
   2.	Foreign exchange transactions commitments	38	296,888,865	196,023,792
   	Foreign currency purchase commitments		4,284,979	6,81 6,847
   	Foreign currency sale commitments		4,395,882	8,977,349
   	Cross currency swap contracts		288,208,004	180,229,596
   	Letters of credit (L/C) commitments	38	49,598,763	46,476,948
   4.	Other guarantees	38	27,266,669	24,924,802
   5.	Other commitments	38	12,289,542	10,891,982
   6.	Uncollected interest income and fees	39	S56,332	969,215
   7.	Bad debts written off	40	9,547,360	S,079,344
   8.	Other assets and documents	41	48,647,830	47,589,161
   	Total		445,204,406	332,763,987

   !

   Ha Dang Hoang Quyen

   Chief Accountants

   Pham Van Dau

   Chief Financial Officer

   Nam

   Deputy General Director

   28 Augusr 2025

   [E

   The accompanying notes are an integral port a/these interim separate financial statements

   INTERIM SEPARATE INCOME STATEMENT

   For the 6-month period ended 30 June 2025

   Unit: VND Million

   NO.

   ITEMS

   Notes Current period Prior period

   1.	Interest and similar income	25	29,860,387	25,638,302
   2.	Interest and similar expenses	26	(15,458,874)	(13,396,7S8)
   1.	Net interest income		14,401,S13	12,241,544
   3.	Income from services		2,587,240	933,219
   4.	Expenses on services		(984,432)	(s05,419)
   in	Net gain from services	27	1,602,B08	127,800
   III.	Net gain from trading foreign currencies	28		481,091
   IV.	Net gain/(loss) from trading securities	29	630,635
   V.	Net gain from investment securities	30	2,782
   5.	Other income		312205	79,004
   6.	Other expenses		(140,462)	(8S,470)
   VL	Net gain/(loss) from other activities	31	71,743
   VII.	Income from capital contribution, equity investments	32	4,896
   VIII.	Operating expenses	33	(4,072,760)	(4,328,303)
   IX.	Net profit from operating activities before credit		13,279,951	8,452,157
   	provision eapenses
   X.	Provision expenses for credit losses		(4,012,303)	(88B,250)
   XI.	Profit before tax			7,563,907
   7.	Current corporate income tax expense	24	(1,820,868)	(1,567,652)
   	Deferred corporate income tax expense		(72,607)	(11,953)
   XII.	Corporate income tax expense		{1,893,475}
   	Profit aher tax		7,374,173

   Ho Dang Hoang Quyen Chief Accountant

   Pham Van Dau

   Chief Financial Officer

   oai Nam

   Deputy General Director 28 August 2025

   The accompanying notes are an integral part of these interim separate financial statements

   INTERIM SEPARATE CASH FLOW STATEMENT

   -or the 6-month period ended 30June 2025

   (Under direct method)

   Unit: VNO Million

   NO.

   ITEMS

   Notes Current period

   Prior period

   CASH FLOWS FROM OPERATING ACTIVITIES

   Ol.

   02.

   03.

   04.

   0S.

   06.

   07.

   08.

   Interest and similar income received Interest and similar expenses paid Income received from services

   Net cash received from dealing in foreign currencies and trading securities

   Other income/(expense)

   Cash recovered from bad debts written off or compensated by provision for credit losses Payments to employees and for operating management

   Corporate income tax paid for the period 23

   Net cash from operating profit before movements in assets and worklng capital

   28,515,175

   (12,128,462)

   1,479,163

   1,342,411

   30,367

   94,568

   (4,560,409)

   (1,749,616)

   13,023,197

   24,883,587

   (16,134,891)

   3S0,789

   910,209

   (16,231)

   74,915

   (3,916,344)

   (2,526,237)

   3,625,797

   Movements in opemtlng ossets
   09. Decreases/(Increases) in placements with and loans		2,027,987	(1,421,379)
   10	(Increases)/Decreases in trading securities	(16,326,016)	9,996,806
   11.	Increases in derivatives and other financial assets	(68,200)	(340,778)
   12.	Increases in loans to customers	(6S,669,946)	(41,929,996)
   13.	Decreases in provisions for credit losses	(3,855,277)	(236,740)
   14.	Increases in other operating assets	(1,865,766)	(3,862,296)
   	Movements in operot/ng ffo/zi/fNes

   to other credit institutions

   15.

   16.

   Decreases in borrowings from the Government and the SBV

   {Decreases)/Increases in deposits and borrowings from other credit institutions

   (5,482)

   ‹1,6ig,Mol

   (S,612)

   7,9S7,071

   1. Increases in deposits from customers

   2. Increases/(Decreases) in issued valuable papers

      41,19s,064

      1,481,432

      lS,79S,4SS

      {6,48S,492)

      19. (Decreases)/Increases in grants, trusted funds and	(1,241}	45,349
      20. Increases in other operating liabilities	32,313,4S9	2,893,936
      21. Payments from reserves of credit institutions	(17,652)	(1,493)
      1. Net cash flows from operating activities			DE1

      borrowings where the Bank bears risks

      The accompanying notes are an integral part of these in m separate financial statements

      INTERIM SEPARATE CASH FLOW STATEMENT (Continued)

      rar the 6-month period ended 30 June 2025

      (Under direct method)

      Unit: VND Million

      NO.

      ITEMS

      Notes Current period

      Prior period

      CASH FLOWS FROM INVESTING ACTIVITIES

      1. Acquisition of fixed assets

      2. Proceeds from sales, disposal of fixed assets

      3. Payments for equity investments in other entities

      4. Proceeds from investment in other entities

      5. Dividends and profit received from long-term Investments in other entities

   1. Net cash flows from investing activities

   2. Net increase/(decrease) in cash and cash equivalents for the period

   iv. Cash and cash equivalents at the beginning of the period

   1. Effect of foreign eachangc differences

   2. Cash and cash equivalents at the end of the period 35

      Chief Accountant Chief Financial Dfficer

      (110,674)

      205,000

      11,880

      4,896

      137,754,100

      Deputy Genera! Director

      28 August 2025

      (199,050)

      795

      (657,639) 14,37S

      (14,B10,891)

      (28,143)

      117,347,681

      The accompanying nore‹ are an integral part of these interim separote financial statements

      NDTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS

      These notes are on integral part of and should be read in conjunction with the accompanying interim separate financiol statements

      GENERAL INFORMATION

      Ho Chi Minh City Development Joint Stock Commercial Bank (herein referred to as “the Bank” or “HDBank”) is a joint stock commercial bank incorporated and registered in the Socialist Republic of Vietnam.

      Establishment and operation

      On 06 June 1992, the Bank was 8ranted Establishment and Operation License No. 00019/NH-GP issued by the State Bank of Vietnam (“SBV”) for a period of 99 years from the date of issuance. On 12 February 2020, the SBV issued Establishment and Operation License No. 26/GP-NHNN replacing Establishment and Operation License No. 00019/NH-GP and the amendments to the Establishment and Operation License of the Bank from 2010 to 2019. The latest decision related to the amendment and supplement to the Establishment and Operation License was issued by the SBV on 16 July 2025.

      The Bank's first Business Registration Certificate No. 0300608092 dated 11 August 1992 was issued by the Department of Planning and Investment of Ho Chi Minh City (currently known as Department of Finance of Ho Chi Minh City) and the Bank commenced operations from the date of license issuance. The latest (33") amended Enterprise Registration Certificate was issued by the Department of Planning and Investment of Ho Chi Minh City on 0S September 2023.

      Principal activhies

      The principal activities of the Bank are to mobilise and receive short, medium and long-term funds from organisations and individuals; to grant short, medium and long-term loans to organisations and individuals based on the nature and capabilities of the Bank's capital resources; to trade foreign currencies; to provide international trade finance services; to discount commercial notes, bonds and other valuable papers; to provide settlement services and to provide other banking services as permitted by the SBV.

      Charter capital

      As at 30 June 2025, the Bank's charter capital is VND 35,101,423 million.

      Operating network

      The Head Office of the Bank is located at 2SBis Nguyen Thi Minh Khai, Sai Gon Ward, Ho Chi Minh City. As at 30 June 2025, the Bank has one (01) Head Office; one [01) northern representative offices in Hanoi City; one (01) representative office in Myanmar; eighty seven (87) branches and two hundred and eighty-eight (288) transaction offices in provinces and cities across the country.

      Ho Chi Minh City, Vietnam dated 31 December 2014 of the SBV

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)

      Subsidiaries

      As at 30 June 2025, the Bank has two (02) subsidiary companies as follows:

      Established in accordance with

      HO SAISON Finance I Establishment and Operation License

      Nature of

      business

      ng a

      ownership

      50' •

      Co Ltd

      t"HD SAISON”)

      05/GP-NHNN issued by the SBV I Finance

      on 08 May 2007 and most recent

      amendment License 67/GP-

      Vikki Digital Bank

      Limited ("Vikki

      NHNN issued by the SBV dated 31

      October 2017

      |Establishment and Operation License

      I No. 0009/NH-GP issued by the SBV Finance on 27 March 1992 and most recent amendment Decision

      NHNN dated 14 February 2025

      100%

      1. According to the agreement among the capital contributors to HD SAISON, the Bank has the right to control the company.

      2. On 17 January 2025, the SBV announced Decision No. 116/QO-NHNN by the Governor of the SBV regarding the compulsory transfer of Dong A Joint Stock Commercial Bank to the Bank. After the compulsory transfer, Dong A Joint Stock Commercial Bank operates under the legal form of a one-member limited liability company, owned by the Bank, with the name Dong A Bank Limited, which is an independent legal entity, and was renamed to Vikki Digital Bank Limited according to Decision No. 42/QO-TTGSNH2 issued by the Bank Inspection and Supervision Agency of the SBV on 14 February 2025. Under the regulations of Law on Credit Institutions No. 32/2024/QH15 issued by the National Assembly on 18 January 2024, the Bank is not required to consolidate the financial statements of Vikki Digital Bank Limited, which is excluded from the consolidated capital adequacy ratio calculation.

   Associates

   No Name

   1 HD Securities Corporation (“HDS")

   Employees

   Established in accordance with Nature of Proponion of

   business ownership

   Establishment and Operation License Securities 29,99% 47/UBCK-GPHOKD issued by State

   Securities Commission of Vietnam on 28 December 2006 and most recent amendment License 50/GPOC-UBCK dated 26 June 2024

   The total number of employees of the Bank as at 30 June 2025 was 10,577 (as at 31 December 2024:

   10,592).

   Disclosure of information comparability in the interim separate financial statements

   The comparative figures of the interim separate statement of financial position and the corresponding notes are the figures of the Bank's audited separate financial statements for the year ended 31 December 2024.

   Ho Chi Minh City, Vietnam                                   dated 31 December 2014 of the SBV

   NOTES TO TFIE INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)

   The comparative figures of the interim separate income statement, interim separate cash flow statement and the corresponding notes are the figures of the Bank's reviewed interim separate financial statements for the 6-month period ended 30 June 2024.

2. ACCOUNTING CONVENTION AND ACCOUNTING PERIOD

   Accounting convention

   The accompanying interim separate financial statements, expressed in Vietnam Dong (VND), are prepared under the historical cost convention and in accordance with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to interim separate financial reporting. However, due to the Bank's large scale of operation, for the purpose of preparing these interim separate financial statements, the figures are rounded to and presented in millions of Vietnamese Dong (VND Million). This presentation does not materially impact the interim separate financial statements in terms of the interim separate financial position, the interim separate financial performance and interim separate cash flows of the Bank. With regard to the number of shares, the Bank presented the figures to the units presented in Note 24.3.

   The accompanying interim separate financial statements are not intended to present the interim

   separate financial position, interim separate financial performance and interim separate cash flows in * accordance with accounting principles and practices generally accepted in countries and jurisdictions

   other than Vietnam.

   Accounting period

   The Bank*s financial year begins on 01 January and ends on 31 December. The accompanying interim

   separate financial statements were prepared for the 6-month period ended 30 June 2025.

3. APPLICATION OF NEW GUIDANCES AND NEW GUIDANCES IN ISSUE BUT NOT YET EFFECTIVE

   Application of new guldances

   hate'on Credit/nrrrrut/onr No. 32/J0J4/QHJS

   pg

   On 18 January 2024, the National Assembly issued Law on Credit Institutions No. 32/2024/QH15 (“Law on Credit Institutions 2024”), which provides regulations on the establishment, organization, operation, early intervention, special control, restructuring, dissolution, and bankruptcy of credit institutions; as well as the handling of non-performing loans (NPLs) and collateral assets of such loans. The Law on Credit institutions 2024 takes effect from 01 July 2024, replacing the Law on Credit Institutions No. 47/2010/QH 12 dated 16 June 2010, and the Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions No. 17/2017/QH14 dated 20 November 2017, except for certain provisions that will take effect from 01 January 202S.

   Law No.S6/J0J4/QffJS dated 29 November 202S

   On 29 November 2024, the National Assembly issued Law No. 56/2D24/QH15 (“Law No. S6”) amending and supplementing certain articles of the Law on Securities, the Law on Accounting, the Law on Independent Audit, the Law on State Budget, the Law on Management and Use of Public Property, the Law on Tax Administration, the Law on Personal Income Tax, the Law on National Reserves, and the Law on Handling of Administrative Violations. Law No. 56 shall take effect from 1 January 2025, except for certain provisions which take effect from 1 April 2025 and 1 January 2026.

   Officiat Dispatch /¥o. 4848/ñfHñf/U,/YCXT (“Official Dispatch 4848”) issued on 11 June 202S provides

   accounting gu/Glance for letters of credit and other zeloted business octivities

   The State Bank of Vietnam issued Official Dispatch No. 4848/NHNN/TCKT dated 11 June 2025, providing guidance on the accounting treatment of letters of credit and other related business activities. Accordingly, the Bank has applied Dispatch 4848 in the preparation and presentation of the interim separate financial statements for the actounting period ended on 30 June 2025.

   New guidances in issue but not yet effective

   Low to. 96/2025/QH1S dated 27 June 2025

   On 27 June 2025, the National Assembly of Vietnam issued Law No. 96/2025/QH15 (“Law 96”) amending and supplementing a number of articles of Law on Credit Institutions No.32/2024/QH 1S dated 18 January 2024. Key changes of Law 96 that have impacts on the Bank's separate financial statements in the ure including the regulation on special loans from the State Bank of Vietnam and certain conditions when settling the bad debts and collateral of bad debts. Law 96 takes effect from 15 October 2025.

   Decree No. zssyzozs//vo-cv dated sz June 2025

   On 12 June 202S, the Government issued Decree No. 13S/2025/NO-CP (“Decree 135”) replacing Decree No. 93/2017/NO-CP dated 07 August 2017 regulating the financial regime applicable to credit institutions, foreign bank branches, and the financial supervision and evaluation of the efficiency of state capital investment in wholly state-owned credit institutions and state-invested credit institutions. Decree 13S takes effect from 01 August 2025.

   Key changes of Decree 135 that have impacts on the Bank's separate financial statements in the future include the following:

   - Type of revenues and expenses and revenue recognition and expense recognition principles for commercial banks; and

   Stipulation on management and use of capital and assets; and

   Stipulation on an appropriation of 10P• of the remaining profit after tax after deducting the prescribed amounts to the supplementary charter capital reserve but not exceeding the charter capital of the credit institution.

   Circular No. Z3/202S/TT-NHNN dated IN August Z0Z5

   On 12 August 2025, the State Bank of Vietnam issued Circular No. 23/2025/TT-NHNN (°CircuIar 23”) amending and supplementing certain articles of Circular No. TO/2019/TT-NHNN dated 27 Oecember 2019, which stipulates the implementation of mandatory reserves by credit institutions and foreign bank branches. The main change introduced by Circular 23 that will affect the 8ank’s separate financial statements in the future is a 50' reduction in the mandatory reserve ratio for credit institutions that are transferee entities in a compulsory transfer of specially controlled commercial banks, in accordance with the Law on Credit Institutions 2024 and the compulsory transfer plan approved by the competent authority. Circular 23 comes into effect from 1 October 2025.

   LO '

4. SUMMARY OF SIGNIFICANT ACCOUNTING POMCIES - '

   1. Estimates

      The preparation of the interim separate financial statements in conformity with Vietnamese Accounting Standards, accounting regime applicable to credit institutions in Vietnam and legal regulations relating to interim separate financial reporting requires the Board of Management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the interim separate financial statements and the reported amounts of

      revenues and expenses during the accounting period. Such estimates and assumptions are continually evaluated. They are based on historical experiences and other factors, including expectations of future events that may have a financial impact on the Bank and that are assessed by the Board of Management to be reasonable under the circumstances.

   2. Foreign currencies

      According to the Bank's accounting system, all transactions are recorded in original currencies. Transactions denominated in foreign currencies are translated using the exchange rate applied on the transaction date.

      At the end of each month, monetary assets and liabilities denominated in foreign currencies are translated into VND using the exchange rate applied on the last day of the month (the exchange rate applied according to Circular 22/2017/TT-NHNN issued on 29 December 2017).

      Foreign exchange differences at the end of the month are recognised in the foreign exchange differences item in the separate statement of financial position at month end and transferred to the separate income statement at year end.

   3. Cash and cash equivalents

      Cash and cash equivalents comprise cash, gold, current accounts at the SBV, current accounts, time deposits with term of three months or less from the deposit date at other credit institutions and securities investment with the original maturity of three months or less from the transaction date.

   4. Placements with and loans to other credit institutions

      Placements with and loans to other credit institutions are disclosed and presented at their outstanding principal amounts at the end of the reporting period.

      Before 1 July 2024, debt classification and credit risk provisioning for placements with and loans to other credit institutions were made in accordance with Circular No. 11/2021/TT-NHNN (”Circular 11”) issued by SBV on 30 July 2021 regulating asset classification, provisioning levels, risk provisioning methods and the use of provisions to handle risks in the operations of credit institutions and foreign bank branches, being similar to those policies on loans to customers.

      From 1 July 2024, the credit risk classification for placements with and loans to other credit institutions and the corresponding provisioning shall comply with the provisions of the Circular No. 31/2024/TT-NHNN ("Circular 31") dated 30 June 2024 issued by the SBV regardings classification of assets in the operation of commercial banks and Decree No. 86/2024/NO-CP (“Decree 86”) dated 11 July 2024 issued by Prime Minister on amounts and methods of establishing risk provisions and use of provisions for management of risks arising from operations of credit institutions. Accordingly, the Bank makes specific provisions for deposits (except for current deposits at other domestic credit institutions and foreign bank branches, and placements with Vietnam Bank for Social Policies following the regulations of the SBV on maintaining the balance of deposits at Vietnam Bank for Social Policies of state credit institutions) at other credit institutions and foreign bank branches as prescribed by law, and deposits (except for current deposits) at overseas credit institutions in a similar way to those for loans to customers.

   5. Derivatives

      fi'-oreign currency forward and swap contracts

      For foreign currency forward and swap contracts, the difference between equivalent VND amounts of foreign currency purchase/sale commitments using the forward exchange rate and the spot exchange rate as at effective date of the contract is recognized immediately at the effective date of the contract under “Interest and fee receivables” item or ”Interest and fee payables“ item in the interim separate statement of financial position. The difference is subsequently allocated to ”Net gain/(loss) from foreign currency trading” item on a straight-line basis over the term of the contract.

      25Bis Nguyen Thi Minh Khai, Sai Gon Ward Issued under Circular No. 49/2014/TT-NHNN

      No Chi Minh City, Vietnam                   dated 31 December 2014 of the SBV

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)

      Commitments of foreign currency forward contracts are revaluated monthly and exchange difierences arising from the revaluation of foreign currency-denominated balances of these contracts are recognized in the separate income statement at the end of the month and transferred to the separate income statement at year end.

      Commitments of one-currency-interest-rate swap contracts are monitored off the interim separate statement of financial position.

      Far two-currency-interest-rate swap contracts with nominal principal swap, at the effective date of the contract, commitments monitored off the interim separate statement of financial position and exchanged principals are recognized in the interim separate statement of financial position. Income and expenses arising from interest rate effects are recorded on the accrual basis.

      For two-currency-interest-rate swap contracts without nominal principal swap, at the effective date of the contract, commitments are monitored off the interim separate statement of financial position. Income and expenses arising from interest rate effects are recorded on the accrual basis.

   6. Loans to customers

      Loans to customers are disclosed and presented at their principal amounts outstanding at the end of the reporting period.

   7. Provision for credit losses

      Before 1 July 2024, loans classification and provisions for credit losses of loans to customers were made in accordance with Circular 11.

      From 1 July 2024, for loans to customers, loans classification was made in accordance with Circular 31; and provisioning for credit risks was made in accordance with Decree 86.

      Under Circular 31 and Decree 86, the Bank is required to apply loan classification and credit risk provisioning to the Assets (hereinafter referred to as “debts") including:

      Loans;

      Finance leasing;

      - Discounts, rediscounts of negotiable instruments and other valuable papers; Factoring;

      Credit facilities in the form of credit card issuance;

      Payments on behalf under off-balance-sheet commitments include payments made on behalf of customers under transactions of guarantee and letters of credit (L/C) (except for payments made on behalf of customers under transactions of Usance Payable at Sight (UPAS) L/C that allow the beneficiary to be paid immediately or before the L/C due date, and those under transactions of L/C reimbursement as agreed with customers using the reimbursing bank's funds from the date the reimbursing bank pays the beneficiary; transactions of L/C payment negotiation) and other payments made on behalf of customers under off-balance sheet commitments;

      Amounts for purchase and entrustment of purchase of corporate bonds (including bonds issued by other credit institutions) which have not yet been listed on stock exchanges nor registered for trading on the UPCoM trading system (hereinafter referred to as unlisted bonds), excluding the purchase of unlisted bonds with trusted funds to which the trustee bears the risk;

      Credit granting entrustment;

      Deposits (except for current accounts at other domestic credit institutions and foreign bank branches, and deposits at Vietnam Bank for Social Policies following regulations of the SBV on maintaining the balance of deposits at Vietnam Bank for Social Policies of state credit institutions) at other credit institutions and foreign bank branches as prescribed by law, and deposits (except for current deposits) at overseas credit institutions;

      25Bis Nguyen Thi Minh Khai, Sai Gon Ward Issued under Circular No. 49/2014/TT-NHNfJ Ho Chi Minh City, Vietnam dated 31 December 2014 of theSBV

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)

      Debt sale and purchase according to the State Bank's regulations except for bad debt buying and selling transactions conducted between credit institutions or foreign bank branches and Vietnam Asset Management Company (VAMC);

      - Repos of Government bonds in the stock market following the law on issuance, registration, depository, listing and trading of Government debt securities in the stock market;

      Purchase of certificates of deposit issued by other credit institutions and foreign bank branches;

      Transactions of Usance Payable at Sight (UPAS) L/Cthat allow the beneficiary to be paid immediately or before the L/C due date, and those under transactions of L/C reimbursement as agreed with customers using the reimbursing bank's funds from the date the reimbursing bank pays the beneficiary; transactions of L/C payment negotiation; and

      Outright purchase without recourse of sets of documents presented under L/Cs, except where a commercial bank or foreign bank branch purchases outright without recourse of documents presented under an L/C which it has issued.

      Accordingly, customers' debt group is determined to be the highest of risk group as classified under Article 10 and Article 11 of Circular 31 and customers' highest debt group at credit institutions provided by the Credit Information Center ("CIC") of the SBV at the time of loan classification.

      The Bank maintains the same debt group for a number of loans in accordance with the provisions of Circular No. 02/2023/TT-NHNN dated 23 April 2023 ("Circular 02") and Circular No. 06/2024/TT-NHNN dated 18 June 2024 ("Circular 06") of the SBV amending and supplementing a number of articles of Circular 02 providing instructions for credit institutions and foreign bank branches on debt rescheduling and debt category maintaining to assist borrowers in difficulty and documents of the SBV on debt classification and risk provisioning. The restructuring of repayment terms for customers in accordance with Circular 02 and Circular 06 will be implemented until 31 December 2024

      Loans are classified by risk level into the following groups: Current, Special mention, Sub-standard, Doubtful and Loss. Loans classified as either Substandard, Doubtful or Loss are considered bad debts.

      Provi6fon far cnedh losses

      Loans are classified and provisioned for credit losses at the end of each month. The credit loss provision as at 30 June is recognised in the interim separate income statement for the period.

      Specific provision

      Group	Category	Specific provision rate
      1	Curren{	0'X»
      2	Special mention	5% DD
      3	Sub-standard	20%
      4	Doubtful	S0%
      S	Loss	1DO%

      The specific provision as at 30 June is calculated by subtracting the discounted value of collateral from the outstanding loan balance multiplied by the specific provision rate based on the loan classification result as at 30 June. The specific provision rate for each debt group according to Decree 86 is prescribed as follows:

      Up to 30 June 202S, the Bank has made 1OO9t of the specific provision for additional provisions for loan balance restructured in accordance with Circular 02.

      General provision

      Following Decree 86, a general provision is made for credit losses that are yet to be identified during the loan classification and specific provisioning process as well as in cases where the credit institutions

      2SBis Nguyen Thi Minh Khai, Sai Gon Ward Issued under Circular No. 49/2014/TT-NHNN Ho Chi Minh City, Vietnam                         dated 31 December 2014 of the SBV

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)

      encounter potential financial difficulties due to the deterioration in loan quality. Accordingly, the Bank is required to make and maintain a general provision at 0.75% of the total outstanding loan balances which are classified into groups 1 to 4, excluding deposits at domestic credit institutions and foreign bank branches as prescribed by law and deposits at overseas credit institutions; loans and forward purchase of valuable papers among credit institutions and foreign bank branches in Vietnam; purchases of certificates of deposit or bonds issued locally by other credit institutions and foreign bank branches; and repurchase agreements of Government bonds on the stock market in accordance with the legal regulations on issuance, registration, depository listing and trading of government debt instruments in the stock market and other debts arising between credit institutions and foreign bank branches in Vietnam in accordance with the provisions of law.

      Write-off of bad debts

      Provision is recorded as an expense on the interim separate income statement and used to write-off bad

      debts. In accordance with Decree 86, the Bank must set up Risk Handling Council to review and approve the use of provisions for handling risks related to loans classified as Group 5, or if borrowers are either liquidated or bankrupted legal entities or deceased or missing individual.

      After a minimum period of 5 years from the date of using the reserve to handle risks and after all measures of the Risk Handling Council have been taken to recover the debt but have not been recovered, the debt may be removed from the off-balance sheet according to the decision of the Bank's Annual General Meeting of Shareholders.

   8. Classification of off-balance-sheet commitments

      The Bank classifies guarantee, acceptances of payment and irrevocable loan commitments and other credit risk-bearing commitments (collectively referred to as “off-balance-sheet commitments”) into groups as stipulated in Article 09, Article 10, or Article 11 of Circular 31. Accordingly, off-balance-sheet commitments are classified by risk level into the following groups: Current, Special mention, Substandard, Doubtful and Loss.

      The Bank does not make general and specific provisions for off-balance-sheet commitments in accordance with the regulations of Decree 86.

   9. Investments

      Trading securities include debt securities and equity securities that the Bank has bought and had the intention to sell in the near future to gain benefits from price differences. Trading securities are

      recognized at cost at the date of transaction and subsequently recorded at cost during the holding period.

      LNG

      Interest and cash dividends derived from trading securities are recognized on a cash basis in the interim

      separate income statement.

      TNC EM T

      L0l

      These securities are subject to impairment review at the date of the interim separate financial

      ET I

      statements. Provisions for securities that are stipulated in the scope of Circular 31 (as described in the summary of significant accounting policies for “Provision for credit losses”) are made in accordance with Oecree 86. Provisions for impairment of securities that are not stipulated in the scope of Circular 31 are made when their carrying values are higher than their market values determined in accordance with prevailing accounting regulations.

      The difference between the provision made at the end of this accounting period and the provision made at the end of the prior accounting period is recognized in the interim separate income statement as “Net gain/(loss) from trading securities”.

      Investment securities

      Available-for-sale investment securities

      Available-for-sale securities include debt and equity securities that the Bank holds for investment and available-for-sale purposes, not frequently traded but can be sold when there is a benefit. For equity securities, the Bank is neither the founding shareholder nor the strategic partner of the investees.

      Available-for-saleequity securities are recognized at cost at the transaction date and subsequently recorded at cost during the holding period.

      Available-for-sale debt securities are initially recognized at par value at the transaction date. Accrued interest before the acquisition date (for debt securities with interest payment in arrears) or interest income received upfront awaiting amortization (for debt securities with interest payment in advance) is recorded in a separate account. Any discount or premium, which is the negative/positive difference between the cost and the amount equal to par value plus (+) accrued interest before the acquisition date(if any) or minus (-) interest received upfront awaiting amortization (if any), is also recorded in a separate account.

      Ouring the term of those securities in subsequent period, these securities are recorded at par value, and the discount/premium (if any) is amortized into the interim separate income statement using the straight-line method over the estimate remaining term of securities. The interest received durin8 the seturities term is recorded as follows: accumulative interest income before the purchasing date is recorded as a decrease

      from the cost of such securities and the same amount is credited into the accrued interest income; accumulative interest income after the purchasing date is recognised as the Bank's income on an accrual basis. Interest received in advance is recorded as income from securities investment using the straight-line method over the period of securities investment.

      Periodically, available-for-sale securities are subject to impairment review. Provisions for securities that are stipulated in the scope of Circular 31 (as described in the summary of significant accounting policies for “Provision for credit losses”) are made in accordance with Decree 86. Provisions for impairment of securities that are not stipulated in the scope of Circular 31 are made when their carrying values are higher than their market values determined in accordance with prevailing accounting regulations. Provision for impairment is recorded in the interim separate income statement as “Net gain/(loss) from investment securities”.

      Held-to-maturity investment securities

      Held-to-maturity investment securities are debt securities that the Bank purchases for investment purposes to gain interest and the Bank has the intention and the capacity to hold the securities until maturity, including special bonds issued by Vietnam Debt and Asset Trading Corporation (“DATC”). Held-to-maturity securities have determinable value and fixed maturity dates. In case of being sold before maturity, they will be reclassified as trading or available-for-sale securities. Held-to-maturity investment securities are recognized similarly to available-for-sale debt securities.

      Periodically, held-to-maturity securities are subject to impairment review. Provisions for securities that are fallen within the scope of Circular 31 (as described in the summary of significant accounting policies for “Provision for credit losses”) are made in accordance with Decree 86. Provisions for impairment of securities that are not fallen within the scope of Circular 31 are made when their carrying values are higher than their market values determined in accordance with prevailing accounting regulations. Provision for impairment is recorded in the interim separate income statement as “Net gain/(loss) from investment securities”.

      Reclassification

      According to Official Letter No. 2601/NHNN-TCXT dated 14 April 2009 by the SBV, reclassification after the transaction date is made only once for each item of investment securities. In special cases or in case a large number of securities have to be reclassified (greater than or equal to 50% of the total value of the portfolio), the Bank will disclose the effect of reclassification on total assets, liabilities, equity, income and expenses of the Bank in the interim separate financial statements.

      TTQ

      Investments in subsidiaries

      Investments in subsidiaries over which the Bank has control are carried at cost in the interim separate financial statements. Distributions from accumulated net profits of subsidiaries arising subsequently to the acquisition date are recognized in the interim separate income statement for the period. Distributions from other sources are considered recovery of investments and are deducted from the cost of the investments.

      Provision for diminution in value of investments in subsidiaries is made when there is a decline in the value of the investment in accordance with current accounting regulations and is recorded as an operating expense on the interim separate income statement.

      II

      Investments in associate companies in which the Bank has significant influence but which are neither

      subsidiaries nor joint ventures of the Bank are accounted for using the cost method in the Bank‘s interim separate financiai statements. Accordingly, the Bank's investment in associates is initially recognized at cost.

      Other long-term investments represent the Bank's capital investments in other entities that are held, recovered, or settled over a period exceeding one year, in which the Bank holds less than 119a of voting rights and is simultaneously a founding shareholder; or a strategic partner; or has certain influence over the formulation and determination of the financial and operational policies of the investee through a written agreement to appoint personnel to the Board of Directors/Executive Board. These investments are initially recognized at cost on the transaction date and are subsequently carried at cost throughout the holding period.

      Provision for impairment of capital contributions and long-term investments

      A provision for impairment of capital contributions and long-term investments is made if the investee incurs losses in accordance with prevailing accounting regulations.

      The impairment provision is recognized as an operating expense in the Bank's interim separate income statement. The provision recognized shall not exceed the cost. For investments in listed shares or investments for which fair value can be reliably determined, the provision is made based on the market value of the shares (similar to the provision for a decline in value of trading securities).

      Recognition

      The Bank recognizes investment securities at the date when the Bank performs the contractual terms (transaction-date based policy). Investment securities are initially recognized at cost. After initial recognition, investment securities are recognized under the above accounting policies.

      Investment in securities is derecognised when the rights to receive cash flows from the investments end or when the Bank transfers to the buyer the significant risks and rewards associated with the ownership of the investments.

   10. Repurchase and re-sale contracts

       Securities sold under agreements to be repurchased at a specific date in the future (repos) are recorded in the interim separate financial statements. The corresponding cash received from these agreements is

       recognized in the interim separate statement of financial position as a borrowing and the difference between the sale price and the repurchase price is allocated to the interim separate income statement over the agreement validity period usinB the straight-line method based on the contractual interest rate.

       Securities purchased under agreements to be resold at a specific date in the future (reverse repos) are not recognized in the interim separate financial statements. The corresponding cash paid under these agreements is recognized in the interim separate statement of financial position as a loan and the difference between the purchase price and resale price is amortized into the interim separate income statement over the agreement validity period using the straight-line method based on the contractual interest rate,

   11. Fixed assets

       Tangible fixed assets

       Tangible fixed assets are stated at cost less accumulated depreciation. The cost of tangible fixed asset comprises all the Bank's purchase price plus any directly attributable costs of bringing the asset to working conditions for its intended use.

       Costs related to additions and improvements are capitalized and expenditures for maintenance and repairs are charged to the interim separate income statement when incurred. When assets are sold or disposed, their cost and accumulated depreciation are written off and any net gains or losses resulting from their disposals are recorded in the interim separate income statement.

       Intangible assets

       Intangible assets are stated at cost less accumulated amortization. The cost of an intangible asset comprises all the Bank's expenditures paid to acquire the asset until it is put into use.

       Expenditures for improvements of intangible assets are capitalized. The expenditures related to intangible assets incurred after initial recognition and evaluated with certainty, increasing the economic benefits of the intangible fixed assets compared to the initial activity level, are capitalized. Other expenditures related to intangible assets incurred after initial recognition are charged to the interim separate income statement. When intangible assets are sold or disposed, their cost and accumulated amortization are written off and any net gains or losses resulting from their disposals are recorded in the interim separate income statement.

   12. Depreciation and amortization

       Depreciation and amortization of tangible fixed assets and intangible assets are calculated on a straight-line basis over the estimated useful life of each asset as follows:

       Assets

       Buildings and structures Machinery and equipment Motor vehicles

       Management tools, equipment Other tangible assets Computer software

       Estimated useful life (Years)

       1. —SO pJ

          07 - 14

       2. —10

          03 —10

          04 —10

          03 - 08

          Land use rights are not amortized if they are granted by the Government of Vietnam for an indefinite term. Land use rights with definite term are amortized over the granted term.

          NDTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (Continued)

   13. Construction In progress

       Assets under construMion for administrative purposes or for any other purpose are recorded at cost including design costs, construction costs, equipment installation costs and other costs necessary to form the asset in accordance with the Bank's accounting policy. These costs are recorded and monitored until the asset is completed and ready for use and recorded as an increase in cost of fixed assets.

       The depreciation of these assets is applied from the time the asset is ready to use.

   14. Prepaid expenses