NGN HNG TMCP NGOI THNG VIT NAM - KH QUAN

(VCB: HSX - Ti chnh)

BO CO NGN

14h 2014
2008
Th ba, ngy 8 thngJuly
7 nm

M hnh d bo li nhun & nh gi

Biu gi

2013

2014F

%y/y

2015F

%y/y

Tng ti sn

468.994.032

501.652.207

7,0%

566.413.322

12,9%

Tng d n cho vay khch hng

274.314.209

315.461.340

15,0%

369.089.768

17,0%

Tng tin gi khch hng

n v: triu ng

332.245.598

375.437.526

13,0%

424.244.404

13,0%

Thu nhp li thun

10.782.402

12.393.780

14,9%

14.497.291

17,0%

Thu nhp ngoi li

4.724.952

5.192.955

9,9%

5.288.359

1,8%

Tng thu nhp

15.507.354

17.586.735

13,4%

19.785.650

12,5%

Chi ph hot ng

(6.244.061)

(6.908.134)

10,6%

(7.611.344)

10,2%

9.263.293

10.678.601

15,3%

12.174.306

14,0%

(3.520.217)

(5.077.260)

44,2%

(5.713.408)

12,5%

Li nhun trc thu

5.743.076

5.601.340

-2,5%

6.460.899

15,3%

Li nhun thun

4.377.582

4.369.045

-0,2%

5.039.501

15,3%

LN trc chi ph d phng ri ro

Chi ph d phng
Thng tin c phiu vo ngy 8/7/2014
Gi CP (ng)

26.200

S lng nim yt hin ti

2.317.417.076

NIM

2,6%

2,8%

2,9%

S lng CP ang lu hnh

2.317.417.076

T sut li nhun gp

60%

61%

62%

Gi cao nht trong 52 tun

31.800

Gi thp nht trong 52 tun

23.300

Thay i gi trong 3 thng

-16,0%

Thay i gi trong 6 thng

-7,4%

Thay i gi trong 12 thng

-4,0%

Khi lng CP giao dch t do

182.844.207

Gi tr giao dch (triu ng)

(GTTB trong 5 ngy GD gn nht)
GT vn ha t.t (triu ng)

8.648
60.716.327

GT vn ha t.t (triu USD)

2.881

S lng c php s hu

530.456.769

S lng cn c php mua

475.075.806

% s hu nc ngoi

2012

2013

CAR

14,8%

13,0%

Vn ch s hu/ Tng TS

10,0%

9,0%

10,0

11,1

83,1%

79,0%

2,4%

2,7%

TS thanh khon/ Tng tin gi

40,1%

39,9%

Huy ng lin ngn hng/ Tng

tin gi

10,7%

11,7%

ROA

1,1%

1,0%

ROE

12,5%

10,4%

H s vn

Cht lng ti sn
Tng TS c ri ro/ Tng TS
N xu nhm 3-5

25%

25%

2013

2014F

2015F

S CP lu hnh bnh qun

2.317.417.076

2.405.275.196

2.665.029.637

S lng CP ang lu hnh

2.317.417.076

2.665.029.637

2.665.029.637

Gi hin hnh (ng)

26.800

26.200

26.200

GT vn ha TT (triu ng)

62.106.778

69.823.776

69.823.776

GT vn ha TT (triu USD)

2.947

3.313

3.313

EPS (ng)

1.604

1.542

1.605

18.290

16.062

17.568

P/E (ln)

16,71

16,99

16,32

P/B (ln)

1,47

1,63

1,49

Gi tr s sch 1 c phiu (ng)

Ngun: VCB, (F): HSC d bo

22,9%
Ngun: HSC

Tng ti sn/ Vn ch s hu

28%

NH GI

20,5%

% gii hn s hu nc ngoi

Ch s chnh

T sut li nhun thun

Kh nng thanh khon

Kh nng sinh li

NIM

3,0%

2,6%

CIR

39,8%

40,3%

Ngun: HSC tnh ton

Chuyn vin phn tch - Phm Thy Dng

duong.pt@hsc.com.vn

Theo cc thng tin truyn thng, Vietcombank (VCB - Kh quan) cng

b mc tng trng tn dng tng i cao, 6,6% cho giai on t u
nm n thng 6/2014, tng ng mc d n l 292 nghn t ng.
Nhn chung chng ti thy thu nhp li thun tng trng dng.
Trch lp d phng s tng.
Trong 6 thng u nm 2014, chng ti d bo li nhun trc thu ca
VCB c th t 2.700 t ng (tng 3,7% so vi cng k nm ngoi), theo
st tin hon thnh k hoch li nhun c nm l 5.500 t ng.
Chng ti gi nguyn d bo i vi VCB cho c nm 2014 vi li nhun
trc thu s l 5.601 t ng (gim 2,5% so vi nm 2013) vi gi nh
tng trng tn dng t 15% v tng trng huy ng t 13%.
Chng ti cng gi nh trch lp d phng s tng vt 44% trong khi t
l NPL ca ngn hng d bo di 3%.
C phiu VCB hin giao dch vi P/B d phng 2014 l 1,6 ln, so vi
mc bnh qun ngnh l 1,1 ln. Lp li nh gi Kh quan.

www.hsc.com.vn
Xin vui lng xem ni dung chi tit v xung t li ch v khuyn co cui bo co ny

BO CO NGN

14h 2014
2008
Th ba, ngy 8 thngJuly
7 nm

KQKD Q1 ca VCB ni chung st d kin vi li nhun trc thu tng 2,4%. Trin vng kh quan. Tip tc
duy tr nh gi Kh quan.
Nh vo y mnh cho vay DN quc doanh trong qu 2
m tng trng tn dng ca VCB 6 thng u nm c
tnh t 6,6%. ng thi, tng trng huy ng cng
mc cao mc d li sut huy ng ca VCB hin ti l
mc thp nht trong h thng ngn hng. H s NIM
c th mc ngang qu 1-2014 gip thu nhp li thun
tng trng dng. Cc mng hot ng khc ca
ngn hng hot ng n nh. Chng ti cho rng chi
ph trch lp d phng s tng do ngn hng chun
b sn sng trc nhng nh hng c th khi trin khai
Thng t 02 v 09, theo ch ng trong cng tc
qun tr ri ro tn dng v quyt lit trch lp d phng.
Cho c nm 2014, chng ti d bo li nhun trc
thu ca VCB s l 5.601 t ng (gim 2,5% so vi
nm 2013) vi gi nh tng trng tn dng t 15%
v tng trng huy ng l 13% so vi mc d bo
ca ngn hng i vi tng trng cho c tn dng v
huy ng l 13%. Chng ti cng gi nh chi ph trch
lp d phng s tng 44% y/y, ln 5.077 t ng do
ngn hng mong mun sm hon thnh trch lp d
phng cn thit trong giai on ny. Ngn hng cng
c k hoch nhanh chng m rng h thng v tng
th phn trn mng ngn hng bn l da trn li th
truyn thng v pht hnh th ghi n v th tn dng. T
l NPL ca ngn hng d bo di 3% nh ngn hng
tip tc thn trng trong kim sot cht lng tn dng.
C phiu VCB hin c P/B d phng 2014 l 1,6 ln so
vi mc P/B bnh qun ngnh l 1,1 ln. Chng ti cho
rng mc nh gi cao ca c phiu ny l hp l da
trn c s hot ng kinh doanh ca ngn hng hin
ti. Tuy nhin, sau khi tng n nh trong vi thng qua,
chng ti k vng c phiu s tng va phi trong thi
gian ti. Tip tc duy tr nh gi Kh quan.
Theo cc thng tin truyn thng, Vietcombank (VCB Kh quan) cng b mc tng trng tn dng tng
i cao, 6,6% cho giai on t u nm n thng
7/2014, tng ng mc d n l 292 nghn t ng.
Mc tng trng tn dng 6 thng u nm ca ngn
hng c cng b l con s kh ngc nhin do trc
n thng Nm tn dng tng trng mi ch t 3,63,7% (tng ng 284 nghn t ng). Trong khi cho
vay i vi cc doanh nghip va v nh c v chm,
chng ti cho rng mc tng tn dng ch yu nh tng
cho vay i vi SEO. Thc t, trong Q2/2014, chng
ti thy rng VCB k mt s hp ng ln v cung
cp cc khon vay mi vi m Ninh Bnh, PV Drilling,
Vinacomin v Tp on cao su Vit Nam. Vi li th l
thng hiu ngn hng mnh, huy ng t mc tng
trng khong 10-12% so vi thi im cui nm 2013.
Mc d vy, hin ti li sut huy ng ca VCB l thp
nht trn th trng, tng trng huy ng do c
www.hsc.com.vn

th gim dn thi gian gn y. Vi tng trng tn

dng tng vt trong thng 6, chng ti d bo LDR ca
VCB tng nh t 78,4% trong Q1/2014 ln 78,6% trong
Q2/2014. Chng ti cng cho rng cc mng hot ng
khc ca ngn hng nh hot ng dch v cng tng
nh so vi d bo hoc t st d bo.
Chng ti cng lu rng cht lng ti sn ca VCB
c th c kim sot tt sau khi ngn hng bn khong
1.000 t ng n xu cho VAMC (tng ng 0,4%
tng d n) trong Q2/2014. Thc t, chng ti
cp mt vi ln rng VCB s t b nh hng so vi cc
ngn hng khc trong qu trnh trin khai Thng t 02
v 09 do ngn hng vn lun kh thn trng trong cch
thc phn loi n v quyt lit trong trch lp d phng
ri ro tn dng. Do vy, chng ti c tnh t l NPL ca
VCB 6 thng u nm 2014 s thp hn 3%. Tuy nhin,
theo , VCB cng phi i mt vi gnh nng t s k
vng rng ngn hng s l v d in hnh trong qun
tr ri ro tn dng bng cch tip tc tch cc trong cng
tc trch lp d phng.
Trong 6 thng u nm 2014, chng ti d bo li nhun
trc thu ca VCB c th t 2.700 t ng (tng 3,7%
so vi cng k nm ngoi), theo st tin hon thnh
k hoch li nhun c nm l 5.500 t ng. Chng ti
gi nguyn d bo i vi VCB cho c nm 2014 vi li
nhun trc thu s l 5.601 t ng (gim 2,5% so vi
nm 2013) vi gi nh tng trng tn dng t 15% v
tng trng huy ng t 13% trong khi mc tiu ca
ngn hng cho c tng trng tn dng v huy ng l
13%. Chng ti cng gi nh ngn hng s trch lp d
phng 5.077 t ng (tng 44% so vi nm 2013), bao
gm trch lp 220 t ng d phng cho 1.100 t ng
n xu bn cho VAMC trong nm 2013. T l NPL trc
x l n xu d bo l 2,9% sau khi ngn hng x l
1,2% n xu trong tng d n v tip tc bn khong
1.000-1.200 t ng n xu (tng ng 0,32-0,38%
tng d n) cho VAMC trong nm 2014, Tnh hnh ti
chnh ca VCB kh tt so vi cc ngn hng khc v
VCB vn lun n lc dn u ngnh trong cng tc
qun tr ri ro tn dng bao gm c trch lc d phng.
Do , chng ti cho rng mc NPL m ngn hng cng
b kh st vi con s thc t (so snh vi mt s ngn
hng khc, t l NPL ca VCB l hon ton i lp).
C phiu VCB hin giao dch vi P/B d phng 2014 l
1,6 ln, so vi mc bnh qun ngnh l 1,1 ln. Chng
ti cho rng mc nh gi cao ca c phiu ny l hp
l da trn c s hot ng kinh doanh ca ngn hng
hin ti. Tuy nhin, sau khi tng n nh trong vi thng
qua, chng ti k vng c phiu s tng khim tn trong
2
thi gian ti. Tip tc duy tr nh gi Kh quan.
Trang 2
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BO CO NGN

14h 2014
2008
Th ba, ngy 8 thngJuly
7 nm

BO CO KQHKD (triu ng)

2012

Thu nhp li

2013

%y/y

2014F

%y/y

2015F

%y/y

31.746.997

28.298.671

-11%

31.524.928

11%

36.893.215

17%

(20.792.904)

(17.516.269)

-16%

(19.131.147)

9%

(22.395.924)

17%

10.954.093

10.782.402

-2%

12.393.780

15%

14.497.291

17%

2.250.538

2.745.171

22%

3.156.947

15%

3.472.641

10%

Chi ph hot ng dch v

(861.939)

(1.125.800)

31%

(1.294.670)

15%

(1.424.137)

10%

Li t hot ng dch v

1.388.599

1.619.371

17%

1.862.277

15%

2.048.504

10%

Li t hot ng kinh doanh ngoi hi

1.487.751

1.426.859

-4%

1.598.082

12%

1.677.986

5%

Chi ph li
Thu nhp li rng
Thu nhp t hot ng dch v

Li t mua bn chng khon kinh doanh

76.742

22.172

-71%

50.000

126%

50.000

0%

Li t mua bn chng khon u t

207.631

160.461

-23%

150.000

-7%

200.000

33%

Thu nhp khc

525.098

934.285

78%

1.200.000

28%

1.000.000

-17%

Thu nhp t cc khon u t di hn

468.583

561.804

20%

332.596

-41%

311.869

-6%

Tng thu nhp t hot ng kinh doanh

15.108.497

15.507.354

3%

17.586.735

13%

19.785.650

13%

Chi ph hot ng

(6.015.636)

(6.244.061)

4%

(6.908.134)

11%

(7.611.344)

10%

9.092.861

9.263.293

2%

10.678.601

15%

12.174.306

14%

(3.328.964)

(3.520.217)

6%

(5.077.260)

44%

(5.713.408)

13%

Li nhun trc d phng ri ro tn dng

Chi ph d phng ri ro tn dng
Li nhun trc thu
Thu thu nhp
Li nhun rng
Li ch c ng thiu s
Li nhun sau thu ca c ng

5.763.897

5.743.076

0%

5.601.340

-2,5%

6.460.899

15%

(1.336.691)

(1.365.494)

2%

(1.232.295)

-10%

(1.421.398)

15%

4.427.206

4.377.582

-1%

4.369.045

0%

5.039.501

15%

(23.500)

(19.530)

-17%

(19.492)

0%

(22.483)

15%

4.403.706

4.358.052

-1%

4.349.554

0%

5.017.018

15%

Ch thch: HSC d bo (F); Ngun: bo co ca VCB

3
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BO CO NGN

14h 2014
2008
Th ba, ngy 8 thngJuly
7 nm

BNG CN I K TON (triu ng)

2012

Tin v cc khon tng ng tin

2013

%y/y

2014F

%y/y

2015F

%y/y

5.627.307

6.059.673

8%

7.508.751

24%

8.484.888

13%

Tin gi ti NHNN

15.732.095

24.843.632

58%

18.771.876

-24%

16.969.776

-10%

Tin gi ti cc TCTD khc

65.712.726

91.737.049

40%

73.389.639

-20%

77.059.121

5%

Chng khon kinh doanh

520.876

195.270

-63%

232.858

19%

256.321

10%

Chng khon kinh doanh

521.239

196.158

-62%

233.746

19%

257.209

10%

(363)

(888)

145%

(888)

0%

(888)

0%

136.725

Cho vay khch hng

235.869.977

267.863.404

14%

309.291.181

15%

361.870.681

17%

Cho vay khch hng

241.162.675

274.314.209

14%

315.461.340

15%

369.089.768

17%

D phng ri ro cho vay khch hng

(5.292.698)

(6.450.805)

22%

(6.170.160)

-4%

(7.219.087)

17%

Chng khon u t

78.521.304

64.463.096

-18%

77.343.420

20%

85.080.256

10%

Chng khon u t sn sng bn

73.945.195

47.127.209

-36%

56.535.366

20%

62.188.903

10%

4.843.173

17.360.833

258%

20.833.000

20%

22.916.300

10%

D phng gim gi chng khon kinh doanh

Cc cng c ti chnh phi sinh

Chng khon u t gi n ngy o hn

D phng gim gi chng khon u t

(267.064)

(24.946)

-91%

(24.946)

0%

(24.946)

0%

Gp vn u t di hn

3.020.788

3.041.790

1%

3.159.591

4%

3.283.282

4%

u t cng ty lin doanh lin kt

u t di hn khc
D phng gim gi

733.232

707.078

-4%

722.064

2%

722.064

0%

2.324.794

2.371.002

2%

2.473.817

4%

2.597.508

5%

(37.238)

(36.290)

-3%

(36.290)

0%

(36.290)

0%

Ti sn c nh

3.659.582

4.085.686

12%

4.531.196

11%

5.017.749

11%

Ti sn c nh hu hnh

2.304.003

2.556.047

11%

2.796.500

9%

3.057.488

9%

Ti sn c nh v hnh

1.355.579

1.529.639

13%

1.734.697

13%

1.960.261

13%

Ti sn khc

5.810.418

6.567.707

13%

7.423.696

13%

8.391.248

13%

Tng ti sn

414.475.073

468.994.032

13%

501.652.207

7%

566.413.322

13%

24.806.433

32.622.411

32%

35.884.652

10%

37.678.885

5%

Cc khon n CP v NHNN
Tin gi ca cc TCTD khc
Tin gi ca khch hng

34.066.352

44.044.289

29%

28.303.963

-36%

36.400.070

29%

284.414.568

332.245.598

17%

375.437.526

13%

424.244.404

13%

5.461

Vn ti tr, y thc u t
Cng c n phi sinh
Chng ch tin gi & tri phiu pht hnh

2.027.567

2.013.597

-1%

2.013.597

0%

2.013.597

0%

Cc khon n khc

27.449.714

15.532.445

-43%

17.085.690

10%

19.135.972

12%

Vn v cc qu

41.553.063

42.386.065

2%

42.806.746

1%

46.820.360

9%

Vn iu l

23.174.171

23.174.171

0%

26.650.296

15%

26.650.296

0%

9.201.397

9.201.397

0%

9.201.397

0%

9.201.397

0%

22%

4.120.985

19%

4.622.687

12%

Thng d vn c phn
C phiu qu

45.160

Cc qu khc

2.839.040

3.468.552

121.228

123.853

2%

82.306

-34%

82.306

0%

72.800

82.306

13%

123.853

50%

123.853

0%

6.144.427

6.290.626

2%

2.627.908

-58%

6.139.821

134%

151.915

149.627

-2%

120.033

-20%

120.034

0%

414.475.073

468.994.032

13%

501.652.206

7%

566.413.322

13%

Chnh lch t gi hi oi
nh gi li ti sn
Li nhun gi li
Li ch ca c ng thiu s
Tng n phi tr v vn ch s hu

Ch thch: HSC d bo (F); Ngun: bo co ca VCB

4
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BO CO NGN
CH S CHNH

14h 2014
2008
Th ba, ngy 8 thngJuly
7 nm
2012

2013

2014F

2015F

391

406

426

436

13.637

13.842

14.257

14.827

CAR

14,8%

13,0%

11,5%

10,7%

Vn ch s hu/ Tng ti sn

10,0%

9,0%

8,8%

8,4%

Tng ti sn/ Vn ch s hu

10,0

11,1

11,4

11,9

83,1%

79,0%

80,3%

80,7%

Quy m
S im giao dch
S lng nhn vin
H s an ton vn

Cht lng ti sn
Ti sn ri ro/ Tng tin gi
T l n xu nhm 3-5

2,4%

2,7%

2,9%

2,7%

T l n xu nhm 2-5

16,3%

10,3%

17,6%

17,4%

Qu d phng/ N nhm 3-5

13,4%

22,8%

11,1%

11,2%

Qu d phng/ N nhm 2-5

91,4%

86,3%

67,4%

72,6%

Ti sn thanh khon/ Tng tin gi

40,1%

39,9%

35,3%

33,2%

LDR

84,2%

81,1%

83,6%

86,6%

LDR (theo thng t 13)

78,1%

79,2%

82,4%

85,3%

i vay lin ngn hng/ Tng tin gi

10,7%

11,7%

7,0%

7,9%

D n cho vay/ Tng ti sn

58,2%

58,5%

62,9%

65,2%

Kh nng thanh khon

Hiu qu s dng ti sn
Tng doanh thu/ Tng ti sn bnh qun

9,4%

7,7%

7,8%

8,2%

Li nhun rng/ Tng doanh thu bnh qun

12,0%

12,8%

11,4%

11,5%

Ti sn sinh li bnh qun/ Tng ti sn bnh qun

93,6%

92,4%

92,4%

93,4%

Kh nng sinh li
ROA

1,1%

1,0%

0,9%

0,9%

ROE

12,5%

10,4%

10,2%

11,2%

Chi ph li/ Ngun huy ng sinh li bnh qun

6,0%

4,5%

4,5%

4,8%

Thu nhp li/Ti sn sinh li bnh qun

8,7%

6,9%

7,0%

7,4%

Chnh lch li rng

2,7%

2,4%

2,6%

2,6%

NIM

3,0%

2,6%

2,8%

2,9%

Chi ph hot ng/ Tng ti sn sinh li

1,6%

1,5%

1,5%

1,5%

Thu nhp li rng/ Tng thu nhp

72,5%

69,5%

70,5%

73,3%

CIR

39,8%

40,3%

39,3%

38,5%

Tng trng tng ti sn

13,0%

13,2%

7,0%

12,9%

Tng trng d n cho vay

15,2%

13,7%

15,0%

17,0%

Tng trng tin gi

25,3%

16,8%

13,0%

13,0%

Tng trng tng tin gi & tri phiu pht hnh

T l tng trng

45,1%

2,0%

1,0%

9,4%

Tng trng vn ch s hu

1,2%

-0,4%

-2,5%

15,3%

Tng trng li nhun trc thu

4,9%

-1,0%

-0,2%

15,3%

Ch thch: HSC d bo (F); Ngun: bo co ca VCB

5
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July 14h 2008

Khuyn co
Bo co ny c vit v pht hnh bi HSC hoc mt trong cc chi nhnh phn phi ti Vit Nam v nc ngoi. Cc kin, d bo
v c tnh ch th hin quan im ca ngi vit ti thi im pht hnh, khng c xem l quan im ca HSC v c th thay i m
khng cn thng bo. HSC khng c ngha v phi cp nht, sa i bo co ny di mi hnh thc cng nh thng bo vi ngi c
trong trng hp cc quan im, d bo v c tnh trong bo co ny thay i hoc tr nn khng chnh xc. Thng tin trong bo co
ny c thu thp t nhiu ngun khc nhau v chng ti khng m bo v s hon chnh cng nh chnh xc ca thng tin.
Gi c v cc cng c ti chnh c th thay i m khng bo trc. HSC c th s dng cc nghin cu trong bo co ny cho hot
ng mua bn chng khon t doanh hoc mua bn chng khon cho cc qu m HSC ang qun l. HSC c th giao dch cho chnh
cng ty theo nhng gi v giao dch ngn hn ca cc chuyn gia phn tch trong bo co ny v cng c th tham gia vo cc giao
dch chng khon tri ngc vi kin t vn v quan im th hin trong bo co ny.
Cc thng tin cng nh kin trong bo co khng mang tnh cht mi cho mua hay bn bt c chng khon, quyn chn, hp ng
tng lai hay cng c phi sinh no. Cn b ca HSC c th c cc li ch ti chnh i vi cc chng khon v cc cng c ti chnh c
lin quan c cp trong bo co. Bo co nghin cu ny c vit vi mc tiu cung cp nhng thng tin khi qut. Bo co ny
khng nhm ti nhng mc tiu u t c th, tnh trng ti chnh c th hay nhu cu c th ca bt k ngi no nhn c hoc c
bo co ny. Nh u t phi lu rng gi chng khon lun bin ng, c th ln hoc xung. Nhng din bin trong qu kh, nu
c, khng hm cho nhng kt qu tng lai.
Cc cng c ti chnh c cp trong bo co c th s khng ph hp vi tt c nh u t. Nh u t phi c quyt nh ca
ring mnh bng cch tham kho cc nh t vn ti chnh c lp nu cn thit v da trn tnh hnh ti chnh v mc tiu u t c th
ca mnh.
Bo co ny l ti sn ca HSC v khng c cng b rng ri ra cng chng, v vy khng ai c php sao chp, ti sn xut, pht
hnh cng nh ti phn phi bt k ni dung no ca bo co v bt k mc ch no nu khng c vn bn chp thun ca HSC. Khi
s dng cc ni dung c HSC chp thun, xin vui lng ghi r ngun khi trch dn. Mi c nhn, t chc s chu trch nhim i vi
HSC v bt k tn tht hoc thit hi no m HSC hoc khch hng ca HSC phi chu do bt k hnh vi vi phm theo Khuyn co ny
v theo quy nh ca php lut.

TR S CHNH
Tng 5 & 6, Ta nh AB
76 L Lai, Qun 1, TPHCM
T : (+84 8) 3 823 3299
F : (+84 8) 3 823 3301

CHI NHNH H NI
Tng 4 & 5
66A Trn Hng o, H Ni
T : (+84 4) 3 933 4693
F : (+84 4) 3 933 4822
E: infor@hsc.com.vn

W: www.hsc.com.vn

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