MESSAGE FROM THE CHAIRMAN OF THEBOARD OF MANAGEMENT [4,5]

DEVELOPMENT HISTORY [6]

GENERAL INTRODUCTION [7]

BOARD OF MANAGEMENT [8]

BOARD OF GENERAL DIRECTORS [9]

BOARD OF SUPERVISION [10]

ORGANIZATION STRUCTURE [10,11]

FIELDS OF BUSINESS [12]

PVC COMMITMENTS [13]

BUSINESS TARGETS [14]

IMPLEMENTATION PLAN [15]

10 SIGNIFICANT ACHIEVEMENTS OF PVC IN 2009 [16 -17]

REPORT OF THE BOARD OF MANAGEMENT [20 - 23]

REPORT OF THE BOARD OF GENERAL DIRECTORS [26 -31]

DEVELOPMENT PLAN (2011 – 2015)

[32 -36]

AUDITED CONSOLIDATED FINANCIAL REPORT [38 -72]

MAJOR PROJECTS [74-81]

COMPANY MEMBERS [82-86]

CONTENTS

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Dear Shareholders,

The year 2009 has witnessed remarkable footprints ofPetrovietnam Construction Joint Stock Corporation (PVC)on the way of renovation and speedy development.

In the context that Vietnamese economy was affectedby extensive global financial crises and economicrecession. However, with the unity, proactiveness,creativity, motivation, determination, self-responsibility,PVC has gained successes in any aspect to re-affirm therole and position of a leading enterprise in the field ofpetroleum installation and construction, contributing tothe overall development of Petro Vietnam.

In 2009, PVC’s major economic targets were increasedapproximately 100% compared to 2008. The output valuewas 4,775 billion VND, with turn over of 4,247 billion VNDand profit of 277.64 billion VND.

From the role of a Sub-contractor for internationalContractors, PVC has become an EPC Contractor for largescale projects with complicated technical requirementsincluding Thai Binh Thermal Power Plant II, Nhon TrachThermal Power Plant II, Phu Tho Bio-ethanol Plant, DinhVu Polyester Plant.

PVC also continued to re-affirm its strength in the fieldof petroleum installation and construction byimplementing all of the projects that related to oil and gastransportation and storage in the form of EPC such as CuLao Tao Storage, Go Dau LPG, and Dung Quat TankLoading Station... In addition, PVC experiencedsignificantly progress in the construction technology oflarge scale high-rise buildings, such as Petroleum HotelComplex, Petroleum Financial Center, Office of PetroleumInstitute, Phu My Hung Petroleum Building, Vung TauPetroleum Hotel, Dragon Tower Office Building.

MESSAGE FROM CHAIRMAN OF THE BOARD OF MANAGEMENT

Hanoi April 2010

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MESSAGE FROM CHAIRMAN OF THE BOARD OF MANAGEMENT

The year 2010 opens new opportunities andchallenges. With the spirit and foundation developed in2009, PVC is striving to overcome difficulties and obstacles,to take advantages of all resources and exploit everyopportunity for continuing sustainable and strongerdevelopment, with an aim to achieve the output value of8,000 billion VND, revenue of 7,000 billion VND and profitof 731 billion VND.

Ambitious goals require enormous efforts. This is themomentum that PVC staffs and leaders deeplyunderstand. With the firm foundation built along thedevelopment road and the determination of “PVC people”,PVC is resolved to continue engraving their footprints onthe new development and contribute to the overalldevelopment of PetroVietnam in particular and Vietnamin general.

On behalf of the Board of Management, I would like toexpress my gratitude for the trust, credibility and support ofShareholders, Investors in country and overseas, for theefforts of PVC leaders and the creativity of staffs who havemade an important contribution to the success of PVCtoday and tomorrow!

TRINH XUAN THANHChairman of Board of Management

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DEVELOPMENT HISTORY

08/1983: Chairman of the Council of Ministers approved Petroleum GeneralDepartment to establish Petroleum Construction Complex Enterprise.

14/09/1983: Petroleum General Department decided to establish PetroleumConstruction Complex Enterprise.

19/09/1995: The name of Petroleum Construction Complex Enterprise waschanged into Petroleum Design and Construction Company.

17/03/2005: Minister of Industry approved the plan for privatization and tochange Petroleum Design and Construction Company into PetroConstruction Joint Stock Company.

26/10/2007: Vietnam Oil and Gas Group approved the plan to changePetroleum Construction Joint Stock Company into PetrovietnamConstruction Joint Stock Corporation (PVC).

21/11/2007: The General Shareholders Meeting of PVC adopted the plan tochange Petroleum Construction Joint Stock Company into PetrovietnamConstruction Joint Stock Corporation (PVC).

27/06/2008: The Annual General Shareholders Meeting of PVC adopted theplan to increase legal capital up to 1,500 billion VND.

16/5/2009: The Annual General Shareholders Meeting of PVC adopted theplan for stock listing to Hanoi Stock Exchange and development strategyup to the year 2015, plan direction for the year 2025.

19/8/2009: PVC listed 150 million stocks with the stock code PVX on theHanoi Stock Exchange.

20/1/2010: The Extraordinary General Shareholders Meeting of PVCadopted the plan to increase the charter capital up to 2,500 billion VND.

DEVELOPMENT HISTORY- INTRODUCTION

INTRODUCTION

(*) as at March 2010

PETROVIETNAM CONSTRUCTION JOINT STOCK CORPORATION (PVC)

Head office: CEO Building, Pham Hung Road, Tu Liem District, Hanoi city, Vietnam Tel: (0084) 4 3768 9291/3/4/5Fax: (0084) 4 3768 9290/37689867Email: info@pvc.vnWebsite: http://www.pvc.vnStock code: PVXProfessional strength:

- Construction and installation in petroleum industry;- Industrial and civil engineering;

- Construction investment of industrial and urban zone; - Investment of real estate, business in office, supermarket and housing;

- Financial investmentCharter capital in 2009: 1,500 billion VNDCharter capital in 2010: 2,500 billion VNDChairman of the Board of Management: Mr. Trinh Xuan ThanhGeneral Director: Mr. Vu Duc ThuanNumber of company members: 43Number of staff members: 6266 (*)

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BOARD OF MANAGEMENT

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�Mr. TRINH XUAN THANHChairman of the Board of Management

�Mr. BUI TIEN THANH Member of the Board of Management

�Mrs. NGUYEN THI THU HUONGMember of the Board of Management

�Mr. NGUYEN NGOC QUY Vice Chairman of the Board of Management

�Mr. VU DUC THUAN Member of the Board of Management

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BOARD OF MANAGEMENT - BOARD OF GENERAL DIRECTORS

�Mr. VU DUC THUANPresident & C.E.O

�Mr. NGUYEN HUY HOAPermanent Standing Vice President

�Mr. NGUYEN NGOC DUNGVice President

�Mr. CHU VAN MINHVice President

�Mr. LY NGOC TUAN Vice President

�Mr. NGUYEN MANH TIENVice President

�Mr. PHAM HUU NGHIAVice President

�Mr. LE CHUNG DUNG Vice President

BOARD OF GENERAL DIRECTORS

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GENERAL SHAREHOLDERS’ MEETING

BOARD OF MANAGEMENT BOARD OF SUPERVISION

BOARD OF GENERAL DIRECTORS

FUNCTIONAL DEPARTMENTS PROJECT MANAGEMENT UNITS COMPANY MEMBERS

BOARD OF SUPERVISION

ORGANIZATION STRUCTURE

�Mr. HUA XUAN NAM Member of Board of Supervision

�Mr. VU HUU NGHI Member of Board of Supervision

�Mrs. NGUYEN HONG ANH Member of Board of Supervision

�Mrs. TRAN THI TRANGMember of Board of Supervision

�Mr. NGUYEN VAN LAIHead of Board of Supervision

FUNCTIONAL DEPARTMENTS PROJECT MANAGEMENT UNITS

1. Project Management Unit – Polypropylene Plant

2. Project Management Unit – Nghi Son Petro-Chemical Refinery Complex

3. Project Management Unit for Projects in Hanoi

4. Project Management Unit –Thai Binh II Thermal Power Plant

5. Project Management Unit –Vung Ang Power Plant

6. Project Management Unit – Ethanol Plant

7. Project Management Unit – Nhon Trach II Power and Gas Plant

8. Project Management Unit – Polyester Plant

9. Project Management Unit – Petroleum Cement Plant 12/9

10. Project Management Unit – Southern Gas Pipeline Project

11. Project Management Unit – Building Materials Mechanical Manufacturing and Production Plant

12. Project Management Unit – LPG Storage Project

13. Project Management Unit – Petroleum University and Urban Area

1. PVC SHAREHOLDING CONTROL COMPANIES

2. PARTNERSHIP, CAPITAL INVESTMENT COMPANIES

1. Office of PVC1.1 Administration Division1.2 General Emulation Division1.3 Secretary and Archive Division

2. Personnel Organization Department2.1 Training and Human Resource

Development Division 2.2 Personnel Organization – Labor Division 2.3 Salary and Welfare Division

3. Finance Accounting Department3.1 Finance Division 3.2 Accounting and Internal Auditing Division

4. Technical Safety Department 4.1 Safety – Environment Division

5. Commercial Department

6. Planning Department

7. Economic – Tendering Department 7.1 Tendering Division

8. Project Investment Department 8.1 Business Division

9. Legal Department

10. Communication Department10.1 Brand Development and Events

Organization Division 10.2 Internal Communication and Media

Relation Division

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BOARD OF SUPERVISION - ORGANIZATION STRUCTURE

FUNCTIONAL DEPARTMENTS - PROJECT MANAGEMENT UNITS- COMPANY MEMBERS

COMPANY MEMBERS

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FIELDS OF BUSINESS

PVC HAS NEARLY 30 YEARS OF EXPERIENCE AND PROFESSIONALCAPABILITY IN THE FOLLOWING FIELDS:

A. Petroleum installation and construction� Construction of petro-chemical refinery plants� Design, manufacture, installation of petrol and gas pipelines� Design, construction, repair oil rig, platform and tank� Manufacture, installation of petrol and gas drilling accessories � Ship building and trading petroleum equipment

B. Industrial engineering� EPC Contractor to develop thermal power plants, power and gas plants,installation of power cable up to 35 kV.� Investment and development of mechanical manufacture plants, shipbuilding, building materials. Design and EPC Contractor for transportation andirrigation infrastructure projects.� Installation of industrial equipment system, control equipment, automationfor industrial projects.

C. Civil engineering� Investment, consultancy, design civil projects;� EPC Contractor for development projects including office, hotel and highquality apartment, especially steel structured building, high rise buildings andsky buildings.

D. Investment in development of industrial zone� Construction of industrial and new urban areas� Land fill, road construction� Development of cement plants, concrete mixing station and building materials

E. Financial investment� Investment and capital contribution to subsidiaries / company members � Exploit external financial resources, joint venture, partnership and issuing stock� Joint venture with foreign partners to invest in large scale projects

F.Investment in real estate� Office, supermarket and residence

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SCOPE OF BUSINESS- PVC COMMITMENTS

PVC COMMITMENTS

Staff: Respect and create the best condition for professional development.

Customers: Provide the best quality product/service.

Partners: Bring benefit and successful cooperation.

Investors/shareholders: Generate highest profit;

Community: PVC develops for the community

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A. ECONOMIC TARGETS IN 2010

PVC REVENUE AND OUTPUT VALUE (bil. VND) PVC PROFIT BEFORE TAX (bil.VND)

10,000

8,000

6,000

4,000

2,0002,406

4,776

8,000

2008 2009 Plan in 2010

Revenue 1,866 4,247 7,000Output 2,406 4,776 8,000

Profit before tax 98 277.6 731

2008 2009 Plan in 2010

98

277.6

731

DIVIDENDIS 15%

800700600500400300200100

PVC CHARTER CAPITAL (bil.VND)

150 1,500 2,500

2007 2008 2010

150

1,500

2,500

3,000

2,500

2,000

1,500

1,000

500

BUSINESS TARGETS

B. INVESTMENT PROPORTION IN DIFFERENTFIELDS IN 2015

Construction and installation of petro-chemical refinery plant, gas processingand other industrial plants;Construction of storage system and transportation of petroleum products;Petroleum equipment manufacture and mechanical;Investment in industrial areas, petroleum service base;Construction of high rise building;Business in real estate;Construction and installation of off shore petroleum projects

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BUSINESS TARGETS - IMPLEMENTATION PLAN

IMPLEMENTATION PLAN

� Year 2009-2012To build and to develop PVC brand, to enhance competitiveness in themarket of petroleum civil and industrial construction and installation.

� Year 2013-2015To expand and occupy the market in country and in the region. To build professionally qualified project management staff withinternational management qualification in order implement EPC contractsfor overseas projects.

� Year 2016 – 2025 To continue re-affirming the leading role in Petro Vietnam, to strengthenthe position and brand of PVC in domestic and international market.

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1.Having completed all and exceeded theproduction and business targets for 2009.

2.Having completed the schedule target andensured construction quality of major

projects, most significantly was the inaugurationand commencing operation of Go Dau LPGStorage after 16 months with a total investmentof 196 billion VND. This was the largest LPGStorage in the Southern area with hi-techapplication, each year it supplies to the marketmore than 100,000 tons of LPG. This is also thefirst project that PVC carried out in the form ofEPC, marking an important step forward relatingto the design, manufacture, construction andinstallation capability for a petroleumprofessional project, becoming one of theleading EPC in Vietnam.

3. Having successfully implemented thelisting of PVX stock code at Hanoi Stock

Exchange. Soon after the listing, PVX wasevaluated by the Investor as strong stock, withhigh liquidity and positive transaction.

4. Having restructured capital contributionof PVC at Incomex, PVNC, PVE and

coordinated with Petro Vietnam to sell part ofstate capital at PVC, earning 1,520 billion VND.

5.Having expanded international cooperationby signing Agreement on Strategy

Cooperation with Zarubezneft of RussianFederation, partnership with major internationalgroups like Huyndai, Daewoo (Korea), JGC(Japan), Cornell Wagner and Worley Parson(Australia)… in order to implement large scaleprojects in the field of petroleum, energy and civilengineering.

6.Having completed the reform ofenterprise administration in the

direction of setting up Project ManagementUnit to directly manage on site; The internalregulations, and management policy wereimproved to meet with the practicalbusiness requirement.

7.Having completed enterprise reform anddevelopment plan for the year 2009 –

2010 as assigned by the Group in 2009; Havingre-organized, restructured subsidiaries inappropriate way, which contributed to theimprovement of business effectiveness insubsidiaries.

SIGNIFICANT ACHIEVEMENTS OF PVC IN 2009

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TEN SIGNIFICANT ACHIEVEMENTS OF PVC IN 2009

8.Having signed Contract andconstructed major national projects

like: the Gas Pipeline for Lot B in O Mon,Vung Ang 1 Thermal Power Plant, NhonTrach II Thermal Power Plant, Bio-ethanolPlant in the North, Thi Vai LPG Storage,Landfill in Nghi Son Petro-chemicalRefinery Complex, Thai Binh II ThermalPower Plant, Long Phu 1 Thermal PowerPlant with the total value of more than7,500 billion VND.

9.Having made the reputation, brand ofPVC reinforced and recognized at

Prize Award Ceremonies, namely “VietnamLand Golden Star”; “Golden Brand”,“Enterprise for Community”, “Commerceand Service - Year 2009”. Especially PVCand its subsidiaries was awarded by theParty and the Government with LaborMedals of First, Second, Third Grade;received emulation flag of the Governmentand many Certificates of Merit.

10.Having actively implemented socialwelfare activities like supporting to

develop Unity House, school, donation to theflood and storm victims and disadvantagedfamilies; the contribution to other socialwelfare funds was worth 20.95 billion VND.

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2009SUCCESS AFTER SUCCESS 2009 was the year for PVC to stabilize itsorganization, maximize resources to implementmajor tasks set forth, with economic targetsbeing double than 2008 and with therequirement to speedily complete key projectsof the Investors.

In the context of Vietnam’s being affected byglobal financial crisis and economic recession,long lasting inflation, fluctuating market price,especially in the field of building investment,which seriously affected the business activitiesof enterprises. However, with strong and timelymeasures, together with the unity, unanimousdetermination of leaders, staff members, theconsideration and support of shareholders, PVChas successfully completed its business tasks in2009, namely:

Charter capital: 1,500 billion VNDOutput value: 4,775.54 billion VND, equivalentto 116.73% planRevenue: 4,247.22 billion VND, equivalent to118.51% planProfit before tax: 277.64 billion VND,equivalent to 122.01% planProfit after tax: 228.96 billion VND, equivalentto 129.28% planTotal tax and contributions to State budget:203.93 billion VND, equivalent to 151.07% planRatio between dividend/ charter capital: 10%

PVC Board of Management, acting asrepresentative for shareholders, have strivedhard to issue accurate, timely decisions and todirect, monitor the implementation progress ofplans, decisions of PVC in order to implementthe Resolution of General ShareholdersMeeting in 2009, reflecting in the followingactions

RE-STRUCTURE, REFORM AND DEVELOP THEENTERPRISE

In 2009, the Board of Management continuedto improve the organization structure of theholding Company and subsidiaries in thedirection of specialization, concentrationaccording to areas, locations to maximize thestrength of each subsidiaries, to avoidcompetitiveness between subsidiaries withinthe Corporation. At present, PVC has 43subsidiaries, in which there are 9 joint stockcompanies hold controlling share andcontrolling right, among them 4 companieswere successfully converted to limitedcompanies with one member; new joint stockcompanies were set up including HanoiPetroleum Construction and Installation JSC(basing on Hanoi Petroleum Construction andInstallation JSC Branch); Petroleum MechanicalConstruction and Machinery Installation JSC(basing on Petroleum Mechanical ConstructionBranch); Petroleum Housing Management andDevelopment JSC, Petroleum HousingManagement and Development JSC, SouthernArea; 32 partnership companies, 2 jointventures - Vietubes Joint Venture Company andHeerim – PVC International Design JSC. All PVCsubsidiaries are key players to contribute to thesuccess of PVC at projects.

At the holding Company, in addition tofunctional departments, supporting to theleaders, PVC has established Project ManagementUnits for major projects.

In parallel with the improvement of organizationstructure, the Board of Management alsocompleted key personnel and recruited, trainedqualified and experienced staff members.

At the companies where PVC contributedcapital, the Board of Management decided tonominate management officers to manage thecapital contribution and to stipulate in detailsthe obligation, authority of capitalrepresentatives at such companies. Throughthis representative, PVC manages itssubsidiaries on the business result, quality,

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project progress and effectiveness of projectinvestment.

SUPERVISING BUSINESS AND PRODUCTIONOPERATION.

The Board of Management always tried tostrengthen the supervision and management tothe Board of Directors, functional departmentsand capital representatives of PVC in otherenterprises via resolutions and decisions of theBoard of Management, and regulations onmanaging representatives, financialmanagement, capital management of PVC inother enterprises, regulations on managementhierarchy for branches, regulations on operationand financial economic management hierarchyfor dependent accounting management units.

Through internal management regulations,PVC strongly delegated tasks for subsidiariesand project management units to proactivelyand timely act in their operation process toensure meeting the schedule, economiceffectiveness and to enhance the role andresponsibilities of heads of units and directorsof the Project Management Units, to improvethe transparency, professionalism in businessmanagement tasks of PVC.

Further more, with hundreds of civil andspecialized projects locating along the country,the Board of Management always stood by andsupported PVC Board of Directors to overcomedifficulties, obstacles in the construction work,so as to complete and to handover the projectson time, with good quality according to therequirement of the Investor, namely, HanoiPetroleum Finance Center, Go Dau LPG Storage,Cu Lao Tao Petroleum Storage, Hai Phong LPGStorage, Vung Tau Petroleum Hotel, Nha BeGeneral Store, Phase II.

FINANCIAL MANAGEMENT

The Board of Management issued regulationson internal financial management in order tostrengthen financial supervision; issuedinternal norm, unit price in order to reduce costand increase business effectiveness. In addition,the Board of Management always directed PVC

Board of Directors and its subsidiaries toimprove accounting mechanism to ensurehealth and stable accounting policy whilecomplying with the law. Reporting wasrelatively in good timing, especially withregards to the notifying dates for listingenterprises. Obligations to the State budgetwas well completed.

INVESTMENT

With regards to the investment in basicconstruction: The Board of Managementapproved and invested in major projects withinits authority, directed the Board of Directors toadjust the plan timely according to theGovernment plan on inflation control,analyzed, evaluated the effectiveness ofproject, the importance of project so as tosuspend, extend the progress due to its nonurgency, poor effectiveness or inability tosecure funding in order to have reasonableinvestment plan, to prevent extensiveinvestment. In addition to the acceleratingconstruction work, the Board of Managementconcentrated on directing the speed of projectsfor petroleum construction and installation,investment in machinery, equipment so as totimely supplement the technical infrastructureand equipment used for business productiondevelopment demand. The value of investmentin basic construction and fixed asset in 2009was 1,241.13 billion VND.

Further more, for specialized investmentprojects, PVC was able to attract investmentcapital some strategic counterparts like WeldedSteel Pipeline Manufacture Project (Koreancounterpart) Hoang Mai Industrial Zone(Japanese, British counterpart).

In financial investment: PVC reviewed and re-structured subsidiaries and re-arrangedinvestment structure to other enterprisesduring the time when stock market sufferedfrom fluctuation in order to maximizeeffectiveness in financial investment, collectedfunding for business purpose.

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LISTING PVX STOCK ON THE STOCK EXCHANGE

In August 2009, PVC officially listed on Hanoi StockExchange the PVX Stock Code. Becoming a publiccompany helped PVC to easily access capital sourcesfrom the public for expansion and developmentpurpose. Major shareholders holding PVC sharesincluding Petro Vietnam, Petroleum FinancialCorporation, Petroleum Insurance Corporation, OceanBank, VIB… with potential financial capacity and capitalmobilization not only commit long term holding of PVCstock but also support and advise PVC in itsdevelopment strategy, management experience, andmarket expansion. In addition, PVC concentrated on thecooperation with strategic counterparts and prestigiousorganizations. At present, PVC has signed Agreementon Strategic Cooperation with Zarubezneft – a leadingcompany in the field of petroleum construction inRussian Federation.

PVC is actively completing procedures to increase legalcapital from 1,500 billion VND to 2,500 billion VND. Atpresent written approval from the State SecuritiesCommission was obtained. After completing the capitalincrease procedures, PVC will immediately list thestocks, which are newly issued in 2010.

PVC always complied well and timely to provideinformation according to the regulation for a listingcompany, namely Quarterly/ Yearly Financial Report,International Stock Transaction Report, Report onclosing the list of shareholders and other reportsaccording to the requirement of State SecuritiesCommission, Hanoi Stock Exchange as well as theinformation provided upon request of the clients.

PVC has advanced first dividend of 2009 with the valueof 7%/ per value.

Further, the PVC Board of Management developedgood international relation, maintained sustainable andtrustworthy partnership with investors, statemanagement authorities and always proactively strivesto look for new partners and markets.

Over the past year, under the direction of Board ofManagement and the Board of General Director, PVCbecomes stable and growing, which is clearly reflectedin the business result in 2009. Together with theexcessive growth, the position and brand of PVC on theconstruction market become stronger and stronger.

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2010CONTINUE ACCELERATIONAND DEVELOPMENTBased on the business results in 2009, on the currentcapability of PVC, the Board of Management submittedto the General Shareholders Meeting to adopt PVCBusiness Plan of 2010, details are:

- Charter capital: 2,500 billion VNDOutput value: 8,000 billion VND, increasing 167.52%compared to 2009- Total revenue: 7,000 billion VND, increasing 164.81%compared to 2009- Profit before tax: 731 billion VND, increasing 263.29%compared to 2009- Profit after tax: 642 billion VND, increasing 280.4%compared to 2009- Contribution to State budget: 248 billion VND,increasing 121.61% compared to 2009- Ratio between dividend/ charter capital: 15%,increasing 150% compared to 2009- Investment in basic construction, fixed asset andfinancial investment: 3,988.24 billion VND, increasing296.81% compared to 2009

To achieve the target and plan of 2010, PVC Board ofManagement have set out specific and effectiveaction plan, namely:

+ To continue improvement and re-structure theorganization of PVC to be in line with the function,obligation of a holding company and subsidiariesaccording to the Law on Enterprise. To continueimproving management mechanism at the headquarter and subsidiaries in the form of simple,specialization so as to enhance working efficiency andbusiness effectiveness of the entire Corporation.

+ To concentrate on the development, training and toapply appropriate policy to attract qualified staffmembers who have acquired internationalqualification, and project management officersaccording to the international standard. Besides, tostudy to apply project management technology,advanced production management with highefficiency, to incorporate advanced software in themanagement areas of PVC.

+ To continue development, perfection of regulations,stipulations on internal financial control of PVCaccording to the holding-subsidiary model so as tostrengthen the supervision of financial status and closecontrol of business implementation of PVC.

+ To continue monitoring the project implementationprogress in order to exercise appropriate investmentplan, to avoid extensive investment, and to proactivelyaccelerate the progress of key projects includingWelded Steel Pipe Plant, Anh Son Cement Plant, DungQuat Plastic Packaging Manufacture, Long SonPetroleum Industrial Area, Nam Dan Plaza Project inHanoi, Petroleum Urban Area in Hoai Duc, Hanoi, PhuMy Hung Trade Centre, Petroleum Landmark in Ho ChiMinh City… and explore other effective investmentopportunities. To strengthen investment in high-techprojects and materials to serve for petroleum industryin order to enhance investment effectiveness andproduction development.

+ To strengthen the monitoring, direction,management, especially in major projects of the State,the industry to ensure quality, architecture and to handover the project on time.

+ To direct the implementation of major projects in2010 including: 5 star Hotel Complex, Thai Binh 2Thermal Power Plant, Nhon Trach 2 Thermal PowerPlant, Long Phu Thermal Power Plant, Vung Ang PowerPlant, Dinh Vu Polyester Plant, Phu Tho Ethanol Plant, OMon Gas Pipeline Project, Lot B.

+ To pay attention and to protect maximum legitimaterights of shareholders and to considerate the income,welfare and working conditions of staff members inPVC.

TRINH XUAN THANHCHAIRMAN OF THE BOARD OF MANAGEMENT

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BUSINESS OUTCOME IN 2009In 2009, PetroVietnam experienced excessivedevelopment with multi operation, continuingaffirm its position as a leading economic groupin Vietnam, actively contributing to the nationaldevelopment. Being a member ofPetroVietnam, PVC plays an important role inthe development process.

In addition, PVC always receives direction fromthe Party, the Government, Central Ministriesand Petro Vietnam, as well as the collaborationwith internal and external agencies.

To successfully completed the business tasks of2009, with an united, dynamic, proactive, selfresponsible leadership mechanism, PVC haswell prepared from the beginning of the year.The objective is clearly analyzed, identifiedadvantages, difficulties and developedappropriate, complete solutions to maximizeopportunities in order to speed up thedevelopment.

In 2009, PVC has excessively completedbusiness targets compared to the planapproved at the General Shareholders Meetingin 2009.

ENSURING PROJECT PROGRESS AND QUALITY

In 2009, PVC completed and handed over anumber of large scale projects such as Cu LaoTao Petroleum Storage, Hai Phong LPGPetroleum Storage, Vung Tau Petroleum Hotel,Nha Be Petroleum Storage, Phase 2, PetroleumFinancial Centre at No. 22 Ngo Quyen, Hanoi,ground levelling for Phase I of Nghi Son Petro-chemical Refinery Complex, PetroleumVocational College etc.

Especially, one of the remarkable achievementsof PVC was the completion and putting intooperation of Go Dau Petroleum Storage, thelargest LPG storage in the South, which suppliesmore than 100,000 tons of LPG to the market.This is the first project that PVC completed inthe form of EPC. The project was applied hightechnoplogy that completed after 16 monthconstruction, marking an important growth ofPVC in terms of design capacity, manufacture,specialized installation and construction,demonstrating high competitiveness tobecome one of the largest EPC Contrators ofVietnam.

PVC also inaugurated a number of large scaleprojects in the form of EPC , namely Bio EthanolPlant in the North, Thai Binh 2 Thermal PowerPlant, Dinh Vu Polyester Plant in Hai Phong,Vung Ang 1 Thermal Power Plant, 12/9Petroleum Cement Plant in Nghe An.

Almost all other large scale projects completedby PVC, for example, Office of PetroleumInstitute, Office of Ministry of Home Affairs. TheDung Quat Polypropylene Plant had metconstruction schedule, quality and valued bythe Investors.

TECHNICAL, QUALITY MANAGEMENT ANDLABOR SAFETY

Identifying science technology and techniqueas an important “levelling” to enable PVC to

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develop, to reach the competitiveness withother contractors in the world, PVC is currentlycompleting and systematically applying of thequality standard according to ISO 9001:2008;PVC applied technologies in projectmanagement, advanced productionmanagement and software to the managementof schedule, planning and finance.

In addition, PVC always strives to proactivelyupdate advanced technology in the world andin the field of construction to developpetroleum and civil projects. Especially, allproduction and business process of PVC strictlycomplied with Health – Safety – Environment –Quality (HSEQ) policies and procedures.

The technology, quality, administration andmanagement of construction schedule of PVCand its subsidiaries were well completed andexcessively improved, making significantcontribution to the assurance of projectprogress and quality.

PVC always directed, supervised strictexecution of the safety and labor protection; toensure providing sufficient labor safetyequipment and to improve the workingconditions for staff members.

CONTINUE DEVELOPING HUMANRESOURCES

In their development plan, PVC always valuedhuman resources, science technology andmanagement science to be the mostimportant foundation. Therefore, over the pastfew years, the human resource planing andattracting qualified personnel was focused. Torealize the ambition to become a leadingconstruction enterprise, PVC was continuingrecruitment of qualified, experienced staffs toplace them to key positions, to develop policiesto attract well qualified managers andengineers, to create convenient, equal andflexible working environment, to promotemotivation effort from all staff members. PVCalso continued offering professional trainingprogram for technical officers specialized inpetroleum construction; for skillful workersto obtain international certificate and for

project management officers according tointernational standards.

At present PVC has 6,266 staffs, among them 5PhD, 48 Masters, 1,610 University graduates,2,355 technical workers. The managementofficers are 185 people, most of them areyoung, dynamic at an average age of 39.

In 2009 in PVC, there was 4,901 times of staff,workers and laborers being sent for trainingprogram, the cost of which was almost 9.7billion VND.

EFFECTIVE AND SUSTAINABLE INVESTMENT

PVC has concentrated its efforts to strengtheninvestment and to enhance the value ofinvestment; especially it developed investmentplan and direction to high-tech projects andprojects specialized in petroleum industry.

PVC and its subsidiaries has beenimplementing more than 70 investmentprojects in major provinces, cities, localitiesover Vietnam with the total investment valueof 70,000 billion VND, among them 15 projectsbelonged to industrial production,infrastructure system in industrial area; 55projects belonged to residence, office,infrastructure system in urban area, tourismareas. The typical projects including WeldedSteel Pipeline Plant to serve petroleum projectsin the South, 12/9 Petroleum Cement Project inNghe An, Plastic Packaging Manufacture Plantin Dung Quat, Quang Ngai, Long SonPetroleum Industrial Area in Vung Tau, HoangMai Industrial Area in Nghe An.

To enhance construction capacity, PVC has invested in advanced constructionequipments, especially equipment specializedin petroleum industry with the value of 293billion VND, which enhances constructioncapacity in technically complicated projects.

SIGNING MAJOR ECONOMIC CONTRACTS

In 2009, PVC won 40 tendering packages with atotal value of 12,535 billion VND; signed 34economic contracts with a total value of 7,553

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billion VND, increasing more than doublecompared to 2008 (3,332 billion VND), amongwhich 5 EPC contracts worth of 3,650 billionVND, amounting 48% of the value of signedcontracts. The major projects are includedNhon Trach 2 Power Plant, Dinh Vu PolyesterPlant in Hai Phong, Vung Ang Thermal PowerPlant, Bio Ethanol Energy Plant in the North,Vietnam Petroleum Institute and otherpetroleum projects such as the Head Office ofMinistry of Home Affairs (393 billion VND);Ministry of Natural Resources and Environment(500 billion VND)

The management of economic contracts werestrictly and seriously implemented. Regulationson management, delegation or authorizationin Contract signing and implementation was inplace. The regular inspection, assessment,evaluation of Contract implementation has

met the management of economic contractrequirements.

HEALTHY FINANCE – CREDIT

PVC has timely arranged capital sources toensure business and investment operation.Internal finance management regulationswas completed. Obligation to the Statebudget was timely and sufficiently fulfilled.PVC has successfully listed its stock on HanoiStock Exchange in August 2009 with the stockcode PVX.

In addition, PVC had restructured someinvestment contributed at PVA, PVE, ICG whichbrought positive effectiveness to them. Incoordination with Petro Vietnam, PVC has soldpart of the State capital.

REPORT OF THE BOARD OF GENERAL DIRECTORS

Source: Audited

Financial Report

of PVC in 2007,

2008 and 2009

MAIN ECONOMIC TARGETS IN 2007, 2008, 2009

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REPORT OF THE BOARD OF GENERALDIRECTORS

EXPANDING INTERNATIONAL COOPERATION

PVC is striving to implement strategic solutionsbeing as cooperation, joint venture, partnershipwith strategically experienced counterparts incountry. At the same time, expandinginternational cooperation by signingAgreement on Strategic Cooperation withZarubeneft Company of Russian Federation;partnership with major Groups like Hyundai,Daewoo (Korea), JGC (Japan), Cornell Wagnerand Worley Parson (Australia), TechnipConsortium (France), Alfa Laval (India) in orderto implement construction projects in the fieldof petroleum industry, petro-chemistry, energy,and civil engineering. This is an opportunity forPVC to share experience and improve theproject management expertise, to expand andoccupy the domestic and regional market.

ATTENTION TO BUSINESSINSTITUTIONALIZATION

The issue of institutionalization has beenstrengthened and reinforced. Most ofagreements and contracts were evaluatedbefore signing to ensure compliance with thelaw and to prevent risk. PVC is currentlynegotiating with the Ministry of Justice toconduct training cooperation and consultancyon legal aspects.

ENHANCING TRANSPARENCY ANDRELATIONSHIP WITH THE INVESTORS.

In addition to the acceleration of businessdevelopment, PVC has also promoted thedisclosure of information, connectedshareholders and investors. In parallel with thedissemination on public media, the websitewww.pvc.vn and the PVC news were the maininformation channels which update and uploadPVC daily news .

MAINTAINING EMPLOYMENT – SOCIALACTIVITY

PVC maintained stable employment for morethan 6,000 staffs with an average income ofmore than 6.3 million VND/ person/ month. PVCoffered good welfare policy to its staffs.

PVC has actively been involved in socialactivities namely, donation to build UnityHouses, to upgrade schools for localities, forinstant, Nam Hong Primary School (Hanoi), TanPhu Primary School (Phu Tho), Ho Tung MauSecondary School, donation for the victims offlood, for disadvantaged families andcontribution to other social security funds witha total value of 20.95 billion VND.

Hence, after 4 years changing from the StateOwned Company to Joint Stock Company, PVChas experienced steady development. In 2007,PVC charter capital was 150 billion VND withoutput value of 827 billion VND, revenue of 750billion VND, profit of 20 billion VND, then in2008, PVC reached the output value of 2,405billion VND, revenue of 1,866 billion VND andprofit of 98 billion VND. In order to meet therequirement, PVC increased its charter capitalup to 1,500 billion VND at the end of 2008.

In 2009, the output value reached 4,775 billionVND, revenue of 4,247 billion VND, profits of277.64 billion VND, increasing twice compared tolast year. According to the business plan of 2010,major economic targets of PVC were maintainedat high growth rate and PVC will increase itscharter capital to 2,500 billion VND.

Previously, the operation territory was mainly inthe South, PVC expands operation through outthe country, it has reaffirmed the role of a leadingcorporation in Vietnam in the field of investmentand construction, especially in EPC, BOT areas forpetroleum specialized projects and the large scaleproject.

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BUSINESS PLAN FOR 2010The year 2010 is significantly important to PVC.This is the year when the Party Congress atdifferent levels takes place before progressingto 11th National Party Congress, the year todecide successful implementation of 5 yearplan (2006 – 2010) and to prepare conditions tofurther implement 5 year plan (2011 – 2015).

OVERALL GOAL

Building and developing PVC to become a keyspecialized construction corporation of PetroVietnam, PVC is striving to becomeprofessional construction and investmentgroup, ranking number 1 in Vietnameseconstruction industry by 2015.

SPECIFIC OBJECTIVES

1. To focus on three main business areas,namely construction, industrial manufactureand property. To strengthen operating in thefield of manufacturing building materials, metalstructure to serve for construction work of PVCand to supply to the market.

2. To maintain high growth rate, to ensurestable employment and to improve income forstaff.

3. To direct the development of PVC andsubsidiaries according to specialized directionin each field, to promote competitiveness. Toexpand joint venture and partnership withmajor groups overseas.

4. To complete on time, to ensure good qualityof projects. In 2010, PVC will complete andhandover 17 projects and project items such as:Polypropylene Plant, expansion of Nha BePetroleum Store, Office of Petroleum Institute,Head office of Ministry of Home Affairs, VinaFood 1 Building, Landfill for Thai Binh II ThermalPower Plant; Nghi Son Petrochemistry RefineryComplex, LPG Storage and Dung Quat TankLoading Station.

5. To strengthen the investment, especiallyinvestment in industrial production, to placepriority to mobilize resources to implement keyprojects, potential and high effective projectslike Welded Steel Pipeline Plant, Dung QuatPackaging Manufacture Plant, PipelineCoverage Plant, Valve Manufacture Plant… soas to put into operation as early as possible.

6. To enhance business accounting settlementto develop, issue internal unit price norm forcost management. To strongly promote savingpractice, business cost reduction to ensurepositively effective production and business.

REPORT OF THE BOARD OF GENERAL DIRECTORS

MAIN ECONOMIC TARGETS IN 2010

DEVELOPMENT PLAN FOR THE YEAR

2011 – 2015

7. To increase the legal capital of holding Companyto 2,500 billion VND so as to proactively controlcapital sources, to timely arrange other capitalsource to meet with the business demand.

8. To continue investment in advanced equipment,to enhance capacity in design in order to carry outEPC and BOT contracts.

9. To complete regulations and rules on managementand direction. To enhance qualification, quality ofenterprise administration and professionalism in everyaspect, to overcome weakness in order to improvebusiness effectiveness.

10. To continue improvement of quality, quantity ofmanagement officers, technical workers to satisfythe development demand. To focus on trainingessential areas to serve for business activities, toensure sufficient structure, quantity and quality.

Looking back the past development, especially in2009, with the excessive growth rate has beenreaffirming its capabilities, credibility and brand inthe fields of petroleum construction, industrial andcivil engineering. The year 2010 offers a lot ofopportunities but not less challenges to PVC. Withthe attention and support of the Party, theGovernment and local authorities, close directionand support of PetroVietnam, PVC is resolved tomaximize its unity, proactive teaming, creativenessin order to complete the business plan of 2010.

VU DUC THUANPRESIDENT & C.E.O

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I.BASIS TO DEVELOP 5 YEARPLAN FOR 2011 – 2015

PVC 5 year plan was developed on the followinglegal basis:

- The Government Decree No. 92/2006/ND-CPdated 7/9/2006 and No. 04/2008/ND-CP dated11/1/2008 relating to the amendment,supplement to some Articles of the Decree No.92/2006/ND-CP relating to the development,approval and management of master plan forsocio-economic development.

- The Decision No. 386/QD-TTg dated 9/3/32006of the Prime Minister to approve “Developmentstrategy of Vietnamese Petroleum Industry by2015 and direction to 2015”.

- The Resolution No. 7610/NQ-DKVN dated13/10/2008 of Petro Vietnam to adopt theDevelopment Strategy of PVC by 2015 anddirection to 2025.

II.OBJECTIVE OF 5 YEARPLAN (2011- 2015)

OVERALL GOALPVC is striving to become professionalconstruction and investment group, rankingnumber 1 in Vietnamese construction industryby the end of 2015.

SPECIFIC OBJECTIVES To focus on three main business areas, namelyconstruction, industrial manufacture andproperty.

FOR CONSTRUCTION AREA:- To focus on construction of onshorepetroleum project. To gradually expand theoperation to international petroleumdevelopment projects. At the same time, tobuild capacity to develop other industrialprojects (like thermal power plant, bio-energyplant), civil projects using high-tech in high risebuilding.

- To strengthen operation in the field ofbuilding materials, metal structure to serve forconstruction work of PVC and to supply to themarket.

- PVC is striving to ensure that by the year 2015:charter capital 10,000 billion VND, total turnover of 35,000 billion VND, average ratio ofprofit/ charter capital is 20%, average income is15 million VND/ month. The ration ofconstruction value by the year 2015 will bereduced to 50% of the total.

- To maintain high growth rate, to ensure stableemployment and to raise income for staffs

III.IMPLEMENTATIONDIRECTION

Based on the Development Strategy by 2015and the development direction for 2025,approved by PVC, the specific implementationplan for 2011 – 2015 is to expand and occupythe market in country, to gradually expandoperation to the region and international. Thespecific direction of PVC during this periodfocuses on the following areas:

DEVELOPMENT PLAN FOR THE YEAR 2011 – 2015

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DEVELOPMENT PLAN FOR THE YEAR 2011 – 2015

1. FOR SPECIALIZED CONSTRUCTION AREA:Construction of petrochemical refinery, gasprocessing industrial plant and other industrialplant.

- To successfully complete Dinh Vu PVTex Plant,Nghi Son and Long Son Petrochemical refinerycomplex, Phu Tho Binh Phuoc Ethanol EnergyPlant, Nhon Trach 2, Thai Binh 2, Vung Ang 1,Long Phu 1 Power Plants.

- To participate in construction of some overseaprojects invested by PVC.

Construction of petroleum storage andtransportation.

- With regards to the construction of petroleumstorage and transportation as EPC Contractor:PVC occupies most of the market share, it isstriving to participate in tendering andcomplete projects which counted about 50% ofexternal market in country, and expand to theSouth East Asia market.

Construction of petroleum offshore projects:

- To continue maintaining and repairingoffshore projects .

- To reinforce project management with goodcompetitiveness compared to other contractorsin the region.

- To design project items which do not requirecomplicated technology to serve for theconstruction work of petrochemical refineryplants, gas processing industrial plants andother industrial plants.

2. FOR INDUSTRIAL PRODUCTION AREA- To invest in production equipment andinstallation of non-standard steel structure,tank, tower for petrochemical refinery complexpetroleum tank and transportation projects.

- To invest in developing industrial plants suchas packaging manufacture plants, pipelinecoverage plants, welded steel pipe plants, tank

steel processing plant, valve manufacture plant,welding rod manufacture plant, non-bakingbrick plant, mechanical processing and buildingmaterial manufacture plant, pre-tensionconcrete structure plant, PVC door, aluminumglass door.

- To research, explore the international marketto identify export opportunities for mechanicalproducts.

3. FOR INVESTMENT, CONSTRUCTION ANDPROPERTY BUSINESS - To complete and exploit effectively theinvested industrial areas. PVC is striving to fillup industrial areas by 2015, namely Hoang MaiIndustrial Area, Nghe An (289.67 hectares), HoaCam Industrial Area (120 hectares). To studyand invest further in other potential industrialareas, it is strived to manage and operateeffectively more than 2000 hectares ofindustrial area.

- To invest and exploit petroleum services likethe yard to manufacture metal structures in SaoMai, Ba Dinh.

- To specify and plan investment managementfor new projects during 2011 – 2015 to ensurecompletion of development plan, to review andidentify investment priority for propertyprojects.

- To determine that development of high risebuilding (from 30 storeys and above) is apotential market, especially for steel structurebuilding. Development of high rise buildingwill count about 7.5% total turnover of PVC in2015.

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INVESTMENT PROPORTION IN DIFFERENT FIELDS BY THE YEAR 2015

IV.MAIN TARGETS OF 5 YEAR PLAN(2011 – 2015)

DEVELOPMENT PLAN FOR THE YEAR 2011 – 2015

V.SOLUTIONS TOIMPLEMENT IN 5 YEARS PLAN (2011 – 2015)

To implement 5 year plan (2011 – 2015), PVC will concentrate on the development andimplementation on 3 break through solutions inScience technology management and humanresource development.

1. SCIENCE TECHNOLOGY SOLUTIONApplying technology in project management,advanced productions management with higheffectiveness.

- To establish management tool for qualitymanagement and total solutions in order toenhance working effectiveness so as to graduallyuse the management software in PVC brandname.

- To maintain and improve management systemaccording to ISO 9001: 2008 in the entire PVC.

- To develop and implement according to HSEQprocedures (Health, Safety, Environment andQuality) for all projects of PVC.

Unit: billion VND

Construction and installation of petro-chemical refinery plant, gas processingand other industrial plants;Construction of storage system and transportation of petroleum products;Petroleum equipment manufacture and mechanical;Investment in industrial areas, petroleum service base;Construction of high rise building;Business in real estate;Construction and installation of off shore petroleum projects

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DEVELOPMENT PLAN FOR THE YEAR 2011 – 2015

- To develop management program in the brandname of PVC in progress management, planningmanagement and financial management.

- In addition, PVC will work closely with theinternational cooperation developmentstrategy of Petro Vietnam during the new phase,to develop their own cooperation strategyoverseas in order to integrate the projectconstruction of Petro Vietnam overseas. Toreview, assess the capacity of PVC at the currentpartnership, joint venture companies, to initiatecomplex measures in order to protect anddevelop capital.

2. ORGANIZATION AND MANAGEMENTSOLUTIONa.Organization and management work- To complete internal management procedures

- To build standard position system for eachmanagement post

- To complete organization structure of PVC inthe form of holding – subsidiaries Company,and to strongly delegate tasks to ProjectSteering/ Management Committee andsubsidiaries in order to enhance theproactiveness ad to maximize resources of theCompany under the supervision and control ofthe holding Company.

- To continue improvement of leaders for units,to prepare personnel for newly establishedunits; to develop planning and assessment ofleaders, rotation and nomination, placement ofleaders so as to enhance managementeffectiveness at the subsidiaries.

- To continue improvement of managementpractice at PVC head office and its subsidiariesaccording to the “simple and specialized”direction in order to increase workingeffectiveness and business value of theCorporation.

b.Capital solution - To enhance the effectiveness of capitalutilization by investment according to stages in

response to the market demand, taking theearnings from depreciation, profit forinvestment and development, maximizing thecapacity of investment projects.

c. Restructure and reform the business- To continue evaluation, classification of unitsaccording to business areas, capacity andoperational territory to focus on three mainareas: construction, industrial production andproperty business; to develop capital road mapat units and to re-structure capital investmentplan of PVC; to register upgrading the grade ofenterprise; to implement publication and listingstock of joint stock companies where PVC holdsthe stock on the stock market.

- To review, analyze and assess the operationalmodel of PVC, and to recommend method ofimprovement according to each developmentstage for strong and sustainable development.

- To investigate and attract strategicshareholders who have financial capability,suitable experience. To study, recommendadmission of new members to PVC.

- To implement the direction of Petro Vietnamin the process of enterprise reform, year 2011 –2015.

d. Social welfare policy - To implement well the welfare policy foremployees; to ensure good salary policy with anaverage income of 2011: 9.1 million VND/person/ month and 2015: 15 million VND/person/ month; to improve continously livingstandards and working conditions for all staffmembers, especially for those working on theconstruction site.

- To strengthen the assurance of social welfare,care for the living and housing condition foremployees.

3. HUMAN RESOURCE TRAINING ANDDEVELOPMENT SOLUTIONThe planning for 3 priority development areasof PVC during the year 2011 – 2015 and

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direction for 2025 including: construction,industrial production and real estate business(in which the turn over from constructionaccount for 50%) according to the direction ofconcentration, specialization and developingsuitable personnel development strategyaccording to each area and industry. Suchdevelopment strategy of PVC during the years2011 – 2015 and direction of 2025 including:

Objective: Being the leading constructioncompanies in Vietnam, PVC has trained themanagement team and technical staffs withprofessional qualification, scientific knowledgeand leadership skill in construction, investmentfields.

Annual plan:- To complete training system and humanresource development, to strengthen trainingfor management officers according tospecialized direction, from the head office toPVC company members.

- To develop the plan “Training and re-utilizingprofessional personnel specialized inconstruction after completing labor export tooverseas, in order to maximize experienced,specialized, industrial working style and foreignlanguage after returning from the Middle East,Malaysia, Taiwan… to serve for national andinternational projects of PVC (complete theProject in the first quarter of 2011 and expandannually to the entire phase).

- To standardize and improve the quality ofrecruitment and to improve the utilization oflabor source; to exercise breakthrough in thestaff nomination policy.

- To maximize delegation in managing anddeveloping human resource.

DEVELOPMENT PLAN FOR THE YEAR 2011 – 2015

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VIETNAM NATIONAL OIL AND GAS GROUPPETROVIETNAM CONSTRUCTION JOINT STOCK CORPORATION (PVC)

2009AUDITED CONSOLIDATED FINANCIAL STATEMENTS

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PETROVIETNAM CONSTRUCTION JOINT STOCK CORPORATION(Incorporated in the Socialist Republic of Vietnam)

25th Floor, CEO Building, Pham Hung Road, Tu Liem District, HanoiCity, S.R. Vietnam

AUDITED CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2009

CONTENT PAGE(S)

STATEMENT OF THE BOARD OF DIRECTORS 39-40

AUDITORS’ REPORT 41

CONSOLIDATED BALANCE SHEET 42-43

CONSOLIDATED INCOME STATEMENT 44

CONSOLIDATED CASH FLOW STATEMENT 45-46

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 47-72

TABLE OF CONTENTS

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STATEMENT OF THE BOARD OF DIRECTORS

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AUDITORS’ REPORT

199

Deloitte Viet Nam, Ltd.No.8, Pham Ngoc Thach Rd,

Dong Da Dist, Ha Noi city, Viet NamTel: +84-4-3852 4123Fax:+84-4-3852 4143

www.deloitte.com/vn

47 to 72

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CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2009

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CONSOLIDATED INCOME STATEMENT

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CONSOLIDATED CASH FLOW STATEMENT

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MAJOR PROJECTS

PROJECT OF PETROLEUM TANKS MANUFACTURE FOR PHU MY FERTILIZER PLANT

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INDUSTRIAL INFRASTRUCTURE DEVELOPMENT PROJECTS INVESTED BY PVC

�Tien Giang Petroleum Service Industrial ZoneLocation: Tien Giang Province Total investment:4,200 billion VND

�Hoang Mai Industrial ZoneLocation: Nghe An Province Total investment: 812.83 billion VND

�Welded Steel Pipeline Plant Project and Metal Structure Processing WorkshopLocation: Maritime Petroleum Service Area, Sao Mai, Ben Dinh, Vung Tau Total investment: 1,450 billion VND and 912 billion VND

�Mechanical Equipment and Metal Structure Manufacturing Workshop at Tien Giang Petroleum Service Industrial ZoneLocation: Tien Giang ProvinceTotal investment: 911 billion VND

�Nghi Son Mechanical and Building Materials Manufacturing Plant ProjectLocation: Thanh Hoa ProvinceTotal investment: 148 billion VND

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MAJOR PROJECTS

�Hoai Duc Petroleum Urban ZoneLocation: Hoai Duc, Hanoi Implementation value: 2,000 billion VND

�Phu My Hung Petroleum Trading and Finance Center Location: Ho Chi Minh CityImplementation value: 1003,684 billion VND

�Vietnam Petroleum Institute ProjectLocation: HanoiImplementation value: 938 billion VND

�High Quality Apartment at 97 Lang HaLocation: Hanoi Implementation value: 487.27 billion VND

�Nghe An Petroleum Building Location: Nghe An province Implementation value: 515 billion VND

�Vung Tau Petroleum New Urban AreaLocation: Vung Tau City Implementation value: 1,500 billion VND

CIVIL CONSTRUCTION PROJECTS TO SERVE FOR PETROLEUM INDUSTRY

PROJECT OF DRAGON TOWER

PROJECT OF PHUONG DONG HOTEL IN NGHE AN

PROJECT OF PETROLEUM FINANCE CENTER

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CIVIL CONSTRUCTION PROJECTS TO SERVE FOR PETROLEUM INDUSTRY

APARTMENT PROJECT PETROLAND DISTRICT 2

PROJECT OF NGHE AN PLAZA CENTER

�Administration Building and Accommodationfor Management Department of Ca Mau Gas,Power and Nitrogen Project, Phase 3

Location: Ca Mau Province Implementation value: 277 billion VND

�Petroleum Financial Centre, HanoiLocation: No. 22 Ngo Quyen, Hanoi Implementation value: 267 billion VND

�Hoang Mai Petroleum Urban ZoneLocation: Nghe An Province Implementation value: 792.36 billion VND

�Petroland Apartment in District 2Location: Binh Trung Dong Precinct, District 2, Ho Chi Minh City Implementation value: 425 billion VND

PROJECT OF PETROLEUM INSTITUTE

PROJECT FINANCE TRADE CENTERPHU MY HUNG PETROLEUM

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MAJOR PROJECTS

PROJECT OF DUNG QUAT REFINERY

PROJECT OF VIETNAM PETROLEUM HOTEL COMPLEX

PROJECT OF NAM RONG DOI MOI OIL FIELTHE COMMERCE- OFFICE- APARTMENT BUILDING COMPLEX IN VUNG TAU

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� Long Phu Thermal Power PlantLocation: Soc Trang ProvinceTotal investment: 28,500 billion VNDRole: EPC Contractor

� Ca Mau I & II Power PlantLocation: Ca Mau ProvinceImplementation value: 30 billion VNDRole: Construction work

� Nhon Trach II Power PlantLocation: Dong Nai ProvinceTotal investment: 1,366 billion VND

� Vung Ang 1 Power Thermal PlantLocation: Ha Tinh ProvinceTotal investment: 1,454 billion VND

� Ground levelling work project for Thai Binh II Electric Centre Location: Thai Binh ProvinceTotal investment: 336 billion VND

THERMAL POWER PROJECTS

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PROJECT OF CA MAU THERMAL ELECTRIC PLANT

PROJECT OF CA MAU 1 POWER PLANT

PROJECT OF NHON TRACH 2 THERMAL ELECTRIC PLANT

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EPC CONTRACTOR IN INDUSTRIAL AND PETROLEUM SPECIALIZED PROJECTS

� Bio – Ethanol Plant in Phu ThoLocation: Phu Tho ProvinceTotal investment: 1,032 billion VND

� Dinh Vu Polyester PlantLocation: Hai Phong CityTotal investment: 1,000 billion VND

� Gas Pipeline Construction, Lot B, O MonLocation: Hau Giang ProvinceInvestment valua in partneshipwith VSP-PTSC: 800 billion VND

� Polypropylene PlantLocation: Quang Ngai ProvinceTotal investment: 560 billion VND

� Ground levelling for Nghi Son Petrochemical Refinery PlantLocation: Thanh Hoa ProvinceTotal investment: 521 billion VND

� Cu Lao Tao Petroleum TankLocation: Vung Tau City Total investment: 490 billion VND

� Go Dau LPG ProjectLocation: Tay Ninh ProvinceTotal investment: 168 billion VND

PROJECT OF LEVELLING OF NGHI SON REFINERY

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PROJECT OF WHARFS FOR DUNG QUAT REFINERY

PROJECT OF CU LAO TAO TANK

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HANOI PETROLEUM CONSTRUCTION J.S.C (PVC – HN) Head office: 5th Floor, Sannam Building, Dich Vong Ward, Cau Giay, HanoiTel: +84-4-37950130 � Fax: +84-4-37950132

PETROLEUM MECHANICAL MACHINERY CONSTRUCTION J.S.C (PVC-ME)Head office: Sannam Building, Dich Vong Ward, Cau Giay, HanoiTel: +84-4-62696869 � Fax: +84-4-62690478

PETROLEUM METAL STRUCTURE AND EQUIPMENT INSTALLATION J.S.C (PVC – MS)Head office: No. 35G, 30/4 Road, Ward 9, Vung Tau CityTel: +84-64-3848229 � Fax: +84-64-3848404Email: sales@pvc-ms.vn � Website: pvc-ms.vn

PETROLEUM PIPELINE & TANK CONSTRUCTION J.S.C (PVC – PT)Head office: 33A 30/4 Road, Ward 9, Vung Tau CityTel: +84-64-383 223 – 383 8646 � Fax: +84-64-3838375Email: pvc_pt@viettel.vn

MIEN TRUNG PETROLEUM CONSTRUCTION J.S.C (PVC-MT)Head office: 1st Floor, EVN Building, Land Central, No. 78A Duy Tan, Hai Chau District, Da Nang City Tel: 0511-3635888 � Fax: 0511-3635777

PETROLEUM INDUSTRIAL & CIVIL CONSTRUCTION J.S.C (PCV-IC)Head office: No. 35D, 30/4 Road, Ward 9, Vung Tau CityTel: +84-64-3834784/3832057/3838224 � Fax: +84-64-3839925

PETROLEUM CONSTRUCTION JOINT STOCK COMPANY - NGHE AN (PVNC)Head office: 45 Tran Phu, Vinh City, Nghe AnTel: +84-383-844560/566600 � Fax: +84-383-566600Email: xdddaukhina@yahoo.com.vn � Website: www.pvnc.com.vn

PETROLEUM INVESTMENT CONSULTANCY AND DESIGN JSC (PVE)Head office: 8th Floor, CT Plaza Building, No. 60A Truong Son, Ward 3, Tan Binh District, Ho Chi Minh CityTel: +84-8-62971767 � Fax: +84-8-62971770Email: pve@pvengineering.com.vn � Website: www.pveengineering.com.vn

PETROLEUM URBAN DEVELOPMENT JSC (PVC-CM)Head office: No. 3 An Duong Vuong, Ward 7, Ca Mau City, Ca Mau ProvinceTel: 0780.3827974 – 3827799 – 3827797 � Fax: 0780.3827798Email: pvccm@pvccm.vn � Website: www.pvccm.vn

SAIGON PETROLEUM CONSTRUCTION AND INVESTMENT JOINT STOCK COMPANY (PVC-SG)Head office: 8th Floor, Medinanet Building, 11 Bis Nguyen Gia Thieu, Ward 6, District 3, Ho Chi Minh CityTel: 08-3948.1627; 08-39481601 � Fax: 08-3948.1637

COMPANY MEMBERS

83

PVC- ANNUAL REPORT 2009

SUBSIDIARIES

VINACONEX – PVC CONSTRUCTION AND INVESTMENT J.S.C (VINACONEX – PVC)Head office: 10th Floor, CT3-3 building, Me Tri Ha Urban Area, Pham Hung Road, Tu Liem, HanoiTel: 04-3787.5938 � Fax: 04-3787.5937Email: vinaconex.pvc@gmail.com

PETROLEUM INVESTMENT & TRADING JSC –NGHE AN (PVIT)Head office: No.12 Tecco, Quang Trung, Vinh City, Nghe AnTel: 0383.586488 � Fax: 0353.586696Website: www.pvit.com.vn

12/9 PETROLEUM CEMENT JSC (PVC-12/9)Head office: Km 62, National Road No. 1, Hoi Son, Anh Son, Nghe AnTel: 0383-872.131 � Fax: 0383-872.354Website: http://www.ximanganhson.com

IDICO LONG SON PETROLEUM INDUSTRIAL ZONE INVESTMENT JSC (PIV – LONG SON)Head office: 3rd Floor, Hodeco Plaza, No. 36 Nguyen Thai Ho, Ward 7, Vung Tau City, Ba Ria – Vung TauTel: 064-357.4683 � Fax: 064-357.4686Email: pivls@hcm.vnn.vn

GAS CONSTRUCTION AND INVESTMENT JSC (PVID)Head office: 3rd floor, No. 1A Nguyen Trung Truc, Ward 9, Vung Tau City Tel: 064-3597.475 � Fax: 064-3597.474

VIETUBES CORPORATION LIMITED (VIETUBES)Head office: Road No. 11, Dong Xuyen Industrial Area, Rach Dua Ward, Vung TauTel: +84-64-3834664/839268/839269/839268 � Fax: +84-64-3834663Email: sales@vietubes.com.vn � Website: http://vietubes.com.vn/

PETROVIETNAM CONSTRUCTION INVESTMENT JSC (PVCI)Head office: Room 2207, 22nd Floor, 57 Lang Ha Building, Dong Da, HanoiTel: +84-4-35149391 � Fax:+84-435149392Email: info@pvci.vn � Website: www.pvci.vn

PETROWACO PROPERTY JSC (PETROWACO)Head office: No. 52 Quoc Tu Giam, Van Mieu Ward, Dong Da District, Hanoi Tel: 04.37474510 � Fax: 04.38431942Email: petrowaco@gmail.com � Website: http://www.petrowaco.vn

PETROLEUM INFRASTRUCTURE AND URBAN INVESTMENT JSC (PETROLAND)Head office: No. 16 Truong Dinh, Ward 6, District 3, Ho Chi Minh CityTel: 08-3514.4010/3514.4011 � Fax: 08.3514 4013Email: petroland@hcm.fpt.vn � Website: www.petroland.com.vn

COMPANY MEMBERS

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PETROLEUM CONSTRUCTION 1 JSC (PVC1)Head office: No. 242 National Road No. 9, Dong Da District-town, Quang TriTel: 053-385.0222 � Fax: 053-385.6777

HEERIM – PVC INTERNATIONAL DESIGN JSC (PVC – HEERIM)Head office: 4th Floor, CEO Building, Pham Hung Road, HanoiTel: (844) 3.751001/ (844) 3.7951002 � Fax: (844) 3.7951033Email: Contract@heerimpvc.com � Website: www.heerimpvc.com

SOUTHERN PETROLEUM BUILDING DEVELOPMENT AND MANAGEMENT JSC (PV SBD)Head office: Apartment 1, Long Tho Residence Area, Phuoc An, Nhon Trach, Dong NaiTel: 061-3572151/3572152/3572153 � Fax: 061-3572.153

PETROLEUM BUILDING MANAGEMENT AND DEVELOPMENT JSC (PV – BUILDING) Head office: CNCNVNMLD Dung Quat Residence Area, Van Tuong New Urban Area, Binh Son, Quang NgaiTel: 055-3612.468 � Fax: 055-3612.469

PACIFIC PETROLEUM CONSTRUCTION JSC (PVC-TBD)Head office: 48B Dang Dung, Tan Dinh Ward, District 1, Ho Chi Minh CityTel: 08-3848.2202; 08-3843.8097 � Fax: 08-3843.8131Website: www.tbd.com.vn

KINH BAC PETROLEUM CONSTRUCTION AND INVESTMENT JSC (PVC – KBC)Head office: No. 5 Le Quy Don, Suoi Hoa Ward, Bac Ninh City, Bac Ninh Province Tel: 0241-3875.768 � Fax: 0241-3875.766

HIGH TECH CONCRETE INVESTMENT JSC (SOPEWACO)Head office: Ong Keo Industrial Zone, Hamlet 3, Tay Khanh Village, Phuoc Khanh commune, Nhon Trach District, Dong Nai Province Tel: 061-2651965/ 2225763 � Fax: 061-2225761

PETROLEUM CONSTRUCTION 4 JSC (PVC4)Head office: No. 6 Alley 192, Giai Phong Road, Phuong Liet Ward, Thanh Xuan, HanoiTel: 04-3869.3046 � Fax: 04-3868.8065

PVC – TRUONG SON PETROLEUM CONSTRUCTION JSC (PVC-TS)Head office: No. 98 Huu Nghi Road, Dong Hoi, Quang BinhTel: 052-346.0336 � Fax: 052-3855.668

PETROIMICO CONSTRUCTION INVESTMENT JSC (PVC- IMICO)Head office: Office No. 1: 4th Floor, No. 623 La Thanh, Ba Dinh District, HanoiTel: 0437725368 – 0439412051 � Fax: 0437725368 – 0439412052Email: info@pvc-imico.vn � Website: www.pvc-imico.vn

COMPANY MEMBERS

85

PVC- ANNUAL REPORT 2009

SUBSIDIARIES

PETROVIETNAM MECHANICAL ELECTRICITY JSC (PVM&E)Head office: Floor 4, LOD Building, No.38, Nguyen Phong Sac street , Cau Giay Dist, Ha NoiTel: 04 - 3795.8888 � Fax: 04 - 3795.9999

PETROLEUM HIGH-CLASS SERVICE JSC (PVR)Head office: 6th Floor, Anh Minh Building, 36 Hoang Cau, Dong Da District, HanoiTel: 04-37262955 � Fax: 04-37262956Website: http://www.pvr.vn

HONG HA PETROLEUM JSC (PVC – HONG HA)Head office: 206A Nguyen Trai, Thanh Xuan, HanoiTel: 04-355 40485 � Fax: 04-355 40 847Email: banthuky@pvchongha.vn � Website: http://www.pvchongha.vn

NHA TRANG PETROLEUM INVESTMENT JSC (PVIN)Head office: 04 An Duong Vuong, Phuoc Tan Ward, Nha Trang, Khanh HoaTel: 058-38 77 318 � Fax: 058 – 3875835

PETROLEUM POWER PROPERTY JSC (PVPOWER LAND)Head office: 3rd floor, CEO Building, Pham Hung Road, Tu Liem, Hanoi Tel: 04-37 856 969 � Fax: 04-37 856 888Email: pvpowerland@gmail.com � Website: http://www.pvpowerland.vn

PETROLEUM INTERNAL AND EXTERNAL EQUIPMENT JSC (PVC-METAL)Head office: 5th floor, Media building, No. 11 Bis Nguyen Gia Thieu, Ward 6, District 3, Ho Chi Minh CityTel: 08-3930 7888 – 3930 7880 � Fax: 08 – 39301333

PVC – FECON PRE-TENSION CONCRETE JSC (PVC-FECON)Head office: Thi Son Industrial Group Zone, Kim Bang District, Ha NamTel: 0351 – 35 33 038 � Fax: 0351 – 35 33 897Email: pvc-fecon@fecon.com.vn � Website: pvc-fecon.com.vn

PETROLEUM CONSTRUCTION AND TRADING INVESTMENT JSC (PV-SSG)Head office: No. 8 Le Tai To, 7th floor, Bao Viet Building, HanoiTel: 04-39381643 � Fax: 04-39381641 � Website: pv-ssg.com.vn

PETROLEUM FINAL AND PROPERTY JSC (PVFC LAND)Head office: No.9 CT5, My Dinh Urban Area, Me Tri, Tu Liem, HanoiTel: 04-378 55650 � Fax: 04 – 378 55 424Email: info@pvfc-land.com.vn � Website: pvfc-land.vn

SONG HONG CONSTRUCTION JSCHead office: No. 164 Lo Duc, Dong Mac, Hai Ba Trung, HanoiTel: 04-39 7272 96 � Fax: 04 – 39 7272 95 � Website: incomex.com.vn

COMPANY MEMBERS