| Ladies & gentlemen,
In the year 2008, the local economy, in general, has faced with many difficulties due to the effects of the global financial crisis. The inflation rate and the trade gap have seen a notable increase while the people’s incomes have decreased. The financial market has experienced the complicated fluctuations, the banking system has been in chaos while the stock market and real estate market have felt in severe recession. In such a situation, many enterprises operating in service and production industry have suffered from loss. Some of them have fallen into difficulties and severe loss. The unemployment rate has seen an unexpected increase. For real estate enterprises, many investment projects in progress have to be delayed due to the deficiency of the capital source and the dramatic decreases in both demands and prices.
In such the context, ThuDuc House Group has great efforts to overcome difficulties and accomplish the plan set for the year 2008. In addition to the continuous growth in personnel,, infrastructure and the sources of capital etc, many projects directly invested by ThuDuc House as well as invested in co-operation with other investors have been developed effectively in line with the progress. ThuDuc House has also taken the best advantage of opportunities for its development. In parallel with these successes, the community activities have been also regularly and actively performed, bringing ThuDuc House a reliable brand images that is recognized by the whole society. Particularly, in the year 2008, ThuDuc House has been granted great awards by Vietnamese government and HCM City authority such as Vietnam Gold Star Award, Golden Cup for Trademark in construction industry - Vietbuild, Golden Cup for reliable trademark in security service and the leading joint venture company in Vietnam. With the above successes, ThuDuc House is very proud of its instant efforts to perfect itself, to improve investment environment, obtain higher sales and profit to its shareholders.
Regarding real estate development, apart from the projects in progress developed in District 2 and District 9, in the last year, the company completed the construction of the B market hall of ThuDuc Agriculture Wholesales Market and put this hall into use in October 2008. We also completed the construction of Binh Chieu new urban area project and the consumption of these apartments is successful.
 Furthermore, TDH - Truong Tho apartment buildings also are prepared to be put into trade. The projects invested by ThuDuc House in co-operation with other investors, including La Sapinette Hotel and Trading center in Da Lat, Cantavil trade center and apartments in Hanoi, Dong Mai industrial Park in Ha Tay, Phuoc Long trade center and residential area No.1 and No. 2, Ben Luc - Long An trade center and resident area are well developed in line with the progress and promises to bring ThuDuc House great potential of profit in the coming years. Some solutions to seek investment opportunities in other provinces given out by the Board of Management also achieve positive results. First of all, our investment plans have been approved by the local authorities, so ThuDuc House can perform the following procedures for developments of its projects such as project of resort and trade center in Lang Co - Hue, residential and industrial complex in Thong Nhat District - Dong Nai province.
Bearing on the responsibility of corporate governance, the Board of Management of the company has directed the Directors to carry out excellent solutions related to strategic planning, comprehensive quality products control as well as personnel management to foster the management and administrative competence and execute effectively the set strategic targets
In respect of financial investment, the Board of Management, in the context of financial crisis, has carefully guided its Directors to limit its financial investment. Its investments are only made to the most appropriate and efficient portfolios which can give valuable supports to operation sectors of ThuDuc House.
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