PVV: Explanation for reasons for loss and measures for under supervision status

Vinaconex - PVC Construction Investment JSC explained for reasons for loss and measures for under supervision status 2013 approved on 07 April 2014 as follows:

1. Reasons for loss 2013

- The unfavorable economic fluctuations caused the revenue and other income from business and production to decrease sharply in comparison with 2012. Besides, the interest rate was high, leading to a considerable increase in financial expenses.

- In 2013, the Company revaluated the costs arising from the construction of 2 works “Road to Thai Binh Thermal Power Center” and “Phu Dat Apartment Building” which was over the recoverable value and not accepted for settlement of VND 41,688,851,374 by the investor. The Company indicated the amount was the loss from the above projects and the operating result of the year.

2. Measures

- Increasing the real estate revenue in the income structure, concentrating resources on licensed potential projects

- Strictly controlling and intensifying retrenchment in business and production to ensure profitability in 2014, reducing financial expense and general and administrative expenses

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