october 5 - vps

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Macro Indicators As at % change

GDP (yoy) 3Q2015 6.50%

CPI (ytd) 9/24/2015 0.40%

Credit (ytd) 9/21/2015 10.7%

M2 (ytd) 9/21/2015 8.88%

Mid-bank f/x rate (VND) 10/9/2015 22,200

Vietnam Sovereign Credit Rating

Agency Rating Outlook Date

S&P BB- Stable 6/28/13

Moody’s B1 Stable 7/29/14

Fitch BB- Stable 11/03/14

Vietnam 5Y Credit Default Swap

Source: Bloomberg, CMA New York

During the reviewed week, the amount of bonds issued in the

primary market improved significantly. Foreign investors came

back to the market with a high volume of net buying worth

more than VND2,000 billion (USD90.1 million). This increasing

demand for bonds caused bond yields to decline quite

significantly for short-term tenors, whereas long-term bond

yields appeared to stay unchanged compared to last reviewed

week. Interbank market rates fell significantly because of

abundant liquidity in the banking system, supported by a large

amount of bonds and bills coming due, and a reduction in

demand for holding USD as a result of Circular 15. The

government recently approved resumption of bond issuance of

under-five-year maturities from November, which will increase

the supply of bonds in the last two months of the year and hurt

credit growth.

Outlook: The issuance of under-five-year bonds will resume in

the last two months of the year as approved by the Congress on

October 12. Next week, yields of under-five-year bonds may

rise. The supply of over-five-year bonds above will be lower

than previously expected, which will release pressure longer

term bond yields.

Bond issuance: From October 5 to 9, VND2,063 billion

(USD92.9 million) of bonds were successfully mobilized, a

winning ratio of 34 percent.

Transaction volume: Total traded volume reached

VND11,850 billion (USD534 million), down 37.56 percent

compared to last reviewed week.

Foreign buying: Foreign investors continued to net buy

strongly for the sixth consecutive week. The net buying

amount increased substantially, to 1.5 times last week’s

net purchasing volume, reaching VND2,276 billion

(USD102 million).

OMO: The Central Bank net injected VND241 billion

(USD10.8 million) via the open market.

Interbank market: Interbank market rates this reviewed

week continued to decline strongly.

F/X: Exchange rates at commercial banks and in the OTC

market both dropped sharply during the reviewed week.

Gold: International gold prices increased to a seven-week

high, while local gold prices rose slightly.

CDS: CDS spreads of Vietnam and other regional peers

narrowed to the lowest levels in three weeks amid

commodity price increases and lower risk of a Fed rate

increase.

Please see the important disclosure at the end of this report.

3.5%

4.5%

5.5%

6.5%

7.5%

8.5%

1Y 2Y 3Y 5Y 7Y 10Y 15Y

Current

T -7D

T -30D

Vietnam Government Bond Yields

170

190

210

230

250

270

290

310

BOND MARKET WEEKLY REVIEW October 5 – 10, 2015

268.02


MACROECONOMICS

The Ministry of Finance may borrow additional USD1 billion from

Vietcombank

According to The Saigon Times, the Ministry of Finance is going to issue

additional USD1 billion of USD-denominated bonds to Vietcombank. The

bond yield may be about three to four percent per annum.

In early May this year, Vietcombank completed the purchase of USD1

billion worth of government bonds from the Ministry of Finance. The bonds

have maturities of five and 10 years with bond yields of 4.8 percent, which

is the same rate as the USD1 billion sovereign bonds that the Government

issued at the end of last year. This rate is very attractive as it is much higher

compared to the USD deposit rate quoted in local banks.

This issuance, if completed, will be the second time the government has

placed a private issuance of such a large amount of USD-denominated

bonds to a bank in years. Previously, the government raised the smaller

amount of USD150 million from selling USD-denominated bonds in an

auction in 2009.

There are few reasons for the USD-dominated bond issuance:

- The MOF has encountered difficulties in borrowing via VND-denominated

bond issuance because only bonds over five-year tenors have been allowed

(which will change soon, as we discuss). To finance its expenditures, MOF

borrowed VND30 trillion (USD1.36 billion) from the central bank in

September.

- The MOF needs foreign currency for some of its expenditures and

borrowing domestically is preferred to borrowing abroad because of lower

borrowing costs.

- Vietcombank has more adequate foreign currency than other local banks.

From September 28, the ceiling of interest rates on USD deposits was

reduced to zero percent for institutions and 0.25 percent for individuals. In

the meantime, the rates are not capped for lending of credit institutions.

Therefore, Vietcombank may gain big profits from such bond deals.

The government will resume issuing bonds under-five-year-term

from November

On October 12, the National Assembly approved a proposal to allow the

government to issue bonds for all tenors starting this November. This

proposal will reverse the provisions of Resolution 78, enacted by the

Congress last year, stipulating that the government could only issue over-

five-year-term bonds. We expect that this move should make a strong

impact to improve the effectiveness of the government’s funding plans for

the rest of the year.

During the first nine months of 2015, the Government implemented this

provision of Resolution 78 with positive results as the average maturity of

the outstanding G-bonds rose to more than four years compared to the

three-year average of 2014. Through September 29, the State Treasury

issued VND127,158.7 billion (USD5.68 billion), including USD1 billion of

USD-denominated bonds issued to Vietcombank in May, fulfilling 50.8

percent of the annual plan in 2015, by 60.5 percent over the same period in

2014.

However, the government has recently experienced some difficulties to


meet its funding objectives. The overall winning rate for the third quarter

stood at 31.7 percent, slightly below the level of 32 percent in the second

quarter, the lowest during the last two years. Winning bond yields did

manage to remain quite constant in the third quarter, after rising quite

significantly in the second quarter though.

VPBS thinks that in order to complete the annual plan, in the last two

months of the year, the State Treasury will have to issue a large volume of

bonds. Even if an additional USD1 billion of USD-denominated bonds will

be issued to Vietcombank, the volume of government bond issuance in

dong will still be huge. As a result, pressure on the yields of G-bonds to rise

is quite obvious.

In the plan proposed to the Congress, about 60 to 70 percent of G-bonds

issued in the last two months will have tenors of five-years or longer,

depending on market conditions.

During the past few months, as banks have moved away from investing in

government bonds, credit growth has soared. Through September 21, 2015

total credit growth has reached 10.78 percent year-to-date. This is nearly

double last years level and has caused the State Bank of Vietnam to revise

upward its credit growth target. Even if banks should now move back

toward government bonds, the government’s initial target for credit growth

should easily be met.

The government submitted a proposal to the National Assembly to

issue international bonds

According to the proposal, about USD3 billion of international bonds will be

issued to restructure G-bonds in local currency during 2015 and 2016 and

to finance the state budget deficit from 2017 onwards, when Vietnam is no

longer eligible to borrow ODA from the World Bank. The external debt of

the government will not exceed the threshold of 50 percent of total debt.

The bonds will have tenors from ten to 30 years.

Some of the benefits are visible as follows:

- During 2015 to 2016, international bonds with long tenors will help

to prolong the average maturity of public debt, reducing annual payment

liabilities and bring the ratio of payment liablities to budget revenue to a

safe level of under 25 percent.

- From 2017 onwards, these bonds will fill the place of ODA

borrowings from IDA (the World Bank) in the Balance of Payment and

budget financing for Vietnam financial stituation to stay in balance. Without

new external debt, Vietnam’s reserves and budget may be negatively

affected.

- Because the government does not want to raise bond yields, it has

been unsuccessful in attracting sufficient demand to reach this year’s

issuance target. International bonds may be a good alternative given the

super-low interest rates prevailing in global market right now.

Still we are concerned about negative impacts of the plan, if realized.

- For the government, the benefit of lower yields of international

bonds may not be enough to compensate for the devaluation of VND in the

long period of 10 to 30 years to come.

- A balance of payments relying more and more heavily on the capital


and financial account and external debt may not be a sustainable situation

because this source of foreign currency will have to be repaid in the future.

- Public debt has risen to over 59.6 percent of GDP. Additional

borrowings may bring about more risk to the budget operations.

From October 5 to 9, VND2,063

billion (USD92.9 million) of

bonds were successfully

mobilized, a winning ratio of 34

percent.

BOND MARKET

Primary market

In the primary market during the week of October 5 to 9, there were

VND2,063 billion (USD92.9 million) of bonds successfully mobilized from a

total of VND6,000 billion (USD270 million) of bonds offered. Accordingly,

the winning rate was improved quite significantly from 4.83 percent last

week to 34 percent this reviewed week.

The State Treasury (ST) offered VND3,000 billion (USD135 million) of five-

and ten-year bonds. Of these, VND2,000 billion (USD90.1 million) of five-

year bonds were successfully issued at a yield of 6.65 percent per annum,

up five basis points (bps) compared to last reviewed week, and VND12.8

billion (USD576,576) of ten-year bonds were issued at a cost of 6.9 percent

per annum, unchanged from the last issuance.

The Vietnam Development Bank (VDB) offered VND2,000 billion (USD135

million) of bonds across all tenors. However, it mobilized only VND50

billion (USD2.25 million) of fifteen-year bonds at a yield of 7.9 percent per

annum, remaining stable compared to the last issuance.

The Vietnam Bank for Social Policies (VBSP) also offered VND1,000 billion

(USD45 million) of bonds, but did not successfully mobilized any.

As of October 9, VND116,736 billion (USD5.26 billion) of government bonds

and government-guaranteed bonds have been issued. These comprise

VND98,773 billion (USD4.45 billion) of ST bonds, VND8,459 billion (USD381

million) of VBSP bonds, and VND9,504 billion (USD428 million) of VDB

bonds.

The treasury bill market recorded no auctions this week.

Next week, VND7,500 billion (USD338 million) of bonds will be offered in

the primary market. The ST will continue to offer VND3,000 billion (USD135

million) of five- and fifteen-year bonds. The VBSP will offer VND1,000 billion

(USD45.1 million) of three-, five-, and fifteen-year bonds, while the VDB will

offer VND3,500 billion (USD157 million) of three-, five-, ten-, and fifteen-

year bonds.

Issuer

Number of Trading

Sessions

Total Winning Amount

(VND bn)

State Treasury 1 2,013

Vietnam Development Bank 1 50

Vietnam Bank for Social Policies 1 0

ST-Bills - -

Source: HNX, VPBS collected


Total traded volume reached

VND11,850 billion (USD534

million), down 37.56 percent

compared to last reviewed week.

Secondary market

Trading volume of the secondary market this week stood at VND11,850

billion (USD534 million), equivalent to a daily average of VND2,370 billion

(USD107 million), down 37.56 percent compared to last reviewed week.

Significantly, foreign investors returned to the market, net buying strongly

for the sixth consecutive week by a large amount.

Outright and Repo Transactions in the Secondary Market


Outright transactions dominated the secondary market with 75 percent of

total transactions, or VND8,946 billion (USD403 million). Repurchase

transactions contributed only 25 percent of total trading volume, or

VND2,905 billion (USD131 million).

Outright Transactions by Maturity


Outright transactions this week continued to focus on short-term bonds

with one-to-three-year terms, accounting for 50 percent of total outright

transactions. Three-to-five-year bonds contributed 14 percent of total

transactions, while five-year bonds accounted for 29 percent. Less-than-

one-year bonds only contributed seven percent of total transactions.

Foreign investors continued to net buy strongly for the sixth consecutive

week. The net buying amount increased substantially, 1.5 times last week’s

net purchasing volume, reaching VND2,276 billion (USD102 million).

6,482

16,313 13,486

9,239 11,022

6,521 8,177

12,494 8,946

4,486

4,427

5,325

2,513

7,210

5,034

8,647

6,486

2,905

0

3,500

7,000

10,500

14,000

17,500

21,000

24,500 Outright (Bonds + Bills) Repos (Bonds + Bills)

Tra

de

d v

alu

e (b

n

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000

24-28/08/2015

31/8-4/9/2015

7-11/9/2015

14-18/9/2015

21-25/9/2015

28/9-2/10/2015

5/10-9/10/2015

Less than 1 year From 1 to less than 3 year From 3 to less than 5 year

From 5 to less than 7 year Over 7 year


Vietnam Government Bond Yields

Yields of long-term and short-

term bonds this week changed

divergently.

Source: Bloomberg consensus

Yields of long-term and short-term bonds this week changed divergently.

Yields decreased for less-than-five-year bonds and increased for over-five-

year bonds. One-year bond yields fell the most as foreign investors net

purchased a large amount (VND1,086 billion or USD81.4 million). A rise in

demand therefore caused bond yields to drop.

1Y 2Y 3Y 5Y 7Y 10Y 15Y

Current 4.94% 5.47% 6.07% 6.71% 6.96% 7.21% 7.83%

T -7D 5.13% 5.49% 6.11% 6.71% 6.92% 7.14% 7.83%

Up/Down -19 -2 -4 0 +4 +7 0

T -30D 5.17% 5.50% 5.96% 6.75% 6.99% 7.19% 7.82%

Source: Bloomberg

OPEN MARKET OPERATIONS

The Central Bank net injected

VND241 billion (USD10.8

million) via the open market.

During the reviewed week from October 5 to 9, VND650 billion (USD29.3

million) of reverse repos came due, and no reverse repo bills were traded in

the OMO.

The State Bank of Vietnam (SBV) during the reviewed week did not

withdraw money via the OMO as it did two weeks ago, and did not offer

any T-bills. The main reason for the SBV not withdrawing money via the

OMO was the sharp fall in the VND/USD exchange rate, which reduced

pressure to withdraw VND. Two weeks ago, the SBV withdrew strongly by

VND42,989 billion (USD1.94 billion), therefore it was not necessary to

withdraw money this reviewed week.

During the reviewed week, VND891 billion (USD40.1 million) of bills came

due. Thus the SBV net injected VND241 billion (USD10.8 million) via the

open market.

INTERBANK INTEREST RATES

Previous Current Date applied

Base rate 8.00% 9.00% 11/5/2010

Ceiling deposit rate 6.00% 5.50% 10/29/2014

OMO rate 5.50% 5.00% 4/10/2014

Discount rate 5.00% 4.50% 3/18/2014

Refinancing rate 7.00% 6.50% 3/18/2014

Source: Bloomberg, VPBS collected

3.5%

4.5%

5.5%

6.5%

7.5%

8.5%

1Y 2Y 3Y 5Y 7Y 10Y 15Y

Current

T -7D

T -30D


Interbank Offered Rates


Interbank market rates this

reviewed week continued to

decline significantly.

Interbank market rates this reviewed week continued to decline because of

abundant liquidity and a significant fall in exchange rates. The amount of

bonds and bills coming due this reviewed week reached VND8,000 billion

(USD360 million), resulting in liquidity at banks remaining abundant. The

USD/VND exchange rate also declined significantly during the reviewed

week, reducing pressure on VND and demand for short-term loans used for

speculating in USD. Demand for capital borrowing was therefore minimal.

According to Bloomberg, interbank rates were quoted as: overnight (2.9

percent, -50 points), one week (3 percent, -40 points), two week (3.4 percent,

-40 points) and one month (3.7 percent, -50 points).

FOREIGN EXCHANGE MARKET

Foreign exchange rate


Exchange rates at commercial

banks and in the OTC market

both dropped sharply in the

reviewed week.

During the week from October 5 to October 9, exchange rates at

commercial banks and in the OTC market both dropped sharply by around

VND250 per USD to the lowest levels since August 19. At the end of the

week, exchange rates at Vietcombank were quoted at 22,200 – 22,280

VND/USD, versus 22,440 – 22,500 VND/USD one week ago. In the OTC

market, the VND/USD rates closed the week at VND22,240 and VND22,290

for bid and ask prices, respectively.

0

1

2

3

4

5

6

7

11/14 12/14 01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 09/15

ON 1W 2W 1M

20,500

20,700

20,900

21,100

21,300

21,500

21,700

21,900

22,100

22,300

22,500

22,700

22,900

23,100

23,300

23,500

01/1

4

02/1

4

03/1

4

04/1

4

05/1

4

06/1

4

07/1

4

08/1

4

09/1

4

10/1

4

11/1

4

12/1

4

01/1

5

02/1

5

03/1

5

04/1

5

05/1

5

06/1

5

07/1

5

08/1

5

09/1

5

Ask Price - the OTC market Ceiling/floor price

Weighted Interbank Ask Price - VCB

%


We believe the significant declines in the exchange rates were for the

following reasons:

1) The USD deposit interest rate adjustment by the SBV. Interest rates

for USD deposits by institutions were reduced to zero, and the

maximum interest rate for USD deposits by individuals was reduced

to 0.25 percent.

2) On October 2, 2015, the SBV released Circular 15, whereby, starting

October 5, enterprises cannot buy foreign currencies for immediate

delivery more than two days before the actual payment date

(Circular 15/2015/TT-NHNN, guiding transactions of foreign

currencies in foreign exchange markets).

The above policies are expected to prevent the hoarding of foreign

currency.

3) Rumors about Vinacomin’s USD300 million reserves being sold for

VND between now and the end of this year, which would help to

increase USD supply in the foreign exchange market. We have had

confirmed that Vinacomin has recently sold around USD40 million,

and the organization will receive around USD150 million from its

lender by the year-end. Part of this amount will be used to pay for

imports; the remainder will be sold for VND.

4) USD index had declined 1.35 percent during the week as the U.S.

job report showed that non-farm payroll employment rose by only

142,000 in September, far below the expectation of 203,000 new

jobs, and the U.S. Service PMI for September came in at 56.9, down

from 59.0 recorded in the previous month.

GOLD MARKET

Gold prices


International gold prices

increased to a seven-week high,

while local gold prices rose

slightly.

After advancing 2.3 percent on October 2, international gold prices

continued to extend their gains by 1.57 percent to reach USD1,156.53 per

ounce as of the end of this reviewed week, the highest level for seven

weeks. These strong gains were the result of the lowered expectations for a

Fed interest rate rise this year, due to the recent weaker-than-expected U.S.

28.0

30.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

48.0

VN

D m

illio

n/t

ael

VN-gold International-gold


REGIONAL SOVEREIGN CREDIT

Sovereign Credit Default Swap (CDS)

Credit Default Swaps

Source: Bloomberg, CMA New York

CDS spreads of Vietnam and

other regional peers narrowed

to the lowest levels in three

weeks.

CDS spreads of Vietnam and other regional peers, such as, Thailand,

Indonesia and Philippines narrowed significantly by 17 to 38 basis points to

the lowest levels in three weeks, closing the week at 268.02, 140.22, 225.47

and 114.73 basis points, respectively. The U.S. CDS spreads also tightened

to the recorded low level at 14.835 basis points.

The significant declines of the CDS spreads worldwide were attributed to

an outstanding week of global stock markets, commodities and emerging

market currencies in years. The MSCI global benchmark had its best weekly

rally since 2011. The S&P’s 500 Index rose to the highest level since August

20. In addition, Bloomberg’s Commodity Index increased 3.6 percent in the

reviewed week, the best gain since 2012. Global crude oil closed the week

at nearly USD50 per barrel. Furthermore, a basket of emerging currencies

advanced as the market saw a lower chance for a Fed rate hike this year.

-

50

100

150

200

250

300

350

09/1

3

10/1

3

11/1

3

12/1

3

01/1

4

02/1

4

03/1

4

04/1

4

05/1

4

06/1

4

07/1

4

08/1

4

09/1

4

10/1

4

11/1

4

12/1

4

01/1

5

02/1

5

03/1

5

04/1

5

05/1

5

06/1

5

07/1

5

08/1

5

09/1

5

Vietnam Thailand Indonesia Philippines US

economic data. The market saw a 39 percent chance for a rate hike this

December, and a 63 percent chance for the first quarter next year.

Compared to the previous week, local gold rose slightly by VND130,000 per

tael to close the week at VND33.96 million per tael. The gold price gap

between the international and local markets was stable at around VND3.0

million per tael.


Regional Foreign Currency Credit Ratings

S&P Moody’s Fitch

Singapore AAA AAA AAA

China AA- AA3 A+

Japan AA- AA3 A

South Korea AA- AA3 AA-

Malaysia A- A3 A-

Thailand BBB+ BAA1 BBB+

Philippines BBB BAA2 BBB-

Indonesia BB+ BAA3 BBB-

Vietnam BB- B1 BB-

CPI (September

2015) (yoy)

5-yr Local Currency

GB Yield (as of

October 9, 2015)

Singapore -0.80%* 1.839

China 1.60% 3.179

Japan -0.20% 0.058

South Korea 0.60% 1.779

Malaysia 3.10%* 3.714

Thailand -1.07% 2.029

Philippines 0.40% 3.485

Indonesia 6.83% 8.396

Vietnam 0.74% 6.710

*Data on August 31, 2015

Sources: Bloomberg, VPBS


Appendix 1: Weekly bond and bill winning amount in primary markets

Unit: VND bn

Week ST VDB VBSP ST-Bill Total

June 22 – 26 2,840 - - 5,300 8,140

June 29 – July 3 3,610 - - 5,760 9,370

July 6 – 10 4,000 - 400 5,000 9,400

July 13 – 17 3,192 - 300 3,000 6,492

July 20 – 24 1,962 - 200 - 2,162

July 27 – 31 1,983 - - - 1,983

Aug 3 – 7 2,530 - 700 - 3,520

Aug 10 – 14 965 - 600 - 1,565

Aug 17 – 21 711 300 - - 1,011

Aug 24 – 28 - 29 - - 29

Aug 31 – Sep 04 950 - - - 950

Sep 7 – 11 300 - - - 300

Sep 14 – 18 613 125 - - 738

Sep 21 – 25 350 - - - 350

Sep 28 – Oct 2 290 - - - 290

Oct 5 – 9 2013 50 - - 2,063


Appendix 2: Weekly bond trading in secondary markets Unit: VND bn

Week

Bonds ST-Bills

Total Outright

Repo

Outright

Repo

June 22 – 26 22,260 3,741 - - 26,002

June 29 – July 3 11,803 4,308 - - 16,111

July 6 – 10 8,761 6,650 - - 15,412

July 13 – 17 5,347 6,098 - - 11,446

July 20 – 24 6,285 3,494 - - 9,779

July 27 – 31 8,782 5,131 442 - 14,405

Aug 3 – 7 11,457 6,193 590 - 18,240

Aug 10 – 14 6,482 4,486 - - 10,968

Aug 17 – 21 16,166 4,427 148 - 20,740

Aug 24 – 28 13,486 5,324 - - 18,810

Aug 31 – Sep 04 9,239 2,513 - - 11,752

Sep 7 – 11 10,932 7,209 89.6 - 18,232

Sep 14 – 18 5,297 5,034 1,224 - 11,555

Sep 21 – 25 8,177 8,646 - - 16,823

Sep 28 – Oct 2 12,494 6,485 - - 18,980

Oct 5 – 9 8,945 2,905 - - 11,850



Appendix 3: Open Market Operations

Unit: VND bn

Reverse repo Outright (SBV Bills)

Week Due Offer Balance Outstanding Due Offer Balance Outstanding

June 22 – 26 0 0 0 0 24,975 39,333 14,358 197,173

June 29 – July 3 0 0 0 0 33,684 14,299 19,385 216,558

July 6 – 10 0 0 0 0 30,054 40,767 10,713 227,271

July 13 – 17 0 0 0 0 20,468 25,000 4,532 231,803

July 20 – 24 0 0 0 0 43,552 62,373 18,821 250,624

July 27 – 31 0 0 0 0 33,818 32,179 (1,639) 248,985

Aug 3 – 7 0 0 0 0 24,275 25,000 725 249,710

Aug 10 – 14 0 6,206 (6,206) 6,206 10,603 0 (10,603) 239,107

Aug 17 – 21 6,206 21,119 (14,913) 21,119 17,068 10,758 (6,310) 232,797

Aug 24 – 28 21,119 7,433 13,686 7,433 26,527 28,330 1,803 234,600

Aug 31 – Sep 04 7,433 3,595 3,838 3,595 20,195 1,828 (18,367) 207,361

Sep 7 – 11 3,595 1,662 1,933 1,662 6,000 21,194 15,194 222,555

Sep 14 – 18 1,662 2,670 (1,008) 2,670 3,123 - (3,123) 219,432

Sep 21 – 25 2,670 2,465 205 2,465 3,716 18,142 14,426 233,858

Sep 28 – Oct 2 2,465 650 1,815 650 7,925 34,468 26,543 260,401

Oct 5 – 9 650 0 650 0 891 0 (891) 259,510



CONTACT INFORMATION

For further information regarding this report, please contact the following members of the VPBS

research department:

Barry David Weisblatt

Head of Research

[email protected]

Nguyen Thi Thuy Linh

Director – Macro and Financials

[email protected]

Hoang Thuy Luong

Research Analyst

[email protected]

Nguyen Thi Ngoc Anh

Research Assistant

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Domalux


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PRESTIGE VP Private Banking

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