Dear colleagues,during the recent L

Dear colleagues,

during the recent LE1 2016 review BBV VN was unfortunately one of the "low lights" - especially in terms of profitability.

Even though there are valid reasons and explanations for the negative development till the year end, we as the management team of the company still have the responsibility to do our outmost to improve the situation in whichever way we can. It is rightfully expected from us to not play the "blame game" but actively approach and change the situation.

Our common target till the end of the year is to increase our overall profit by additional 15 bio. VND. A challenging target - even more so, since many departments have already been asked to reduce cost significantly during the LE1 discussions in the past weeks, This goal can only be achieved if every department and every part of the company is actively looking for ways to further reduce cost and/or increase sales (or GP).

I would kindly ask all of you to have a critical review of your area of responsibility. We need to look at all potential improvement areas in all departments, such as e.g. (travel) expenses, overtime reduction (in production), headcount (increase productivity), investments,... and maybe even at staff benefits. At the same time Hung and myself will also have a close look at our cost structure and will get back to you for discussions regarding your area of responsibility.

As you might have realized from above comments, there might be some "pain" involved for all of us along the way but with challenges like this we can prove how good of a (management) team we really are - I am actually looking forward to mastering this situation together with you since I am convinced we will achieve this together.

Thank you for your ongoing support!