Tập đoàn ASV Holdings

On this date February 28, 2010, AAA Assurance Corporation inaugurated its Annual Nationwide Conference with the attendance of Madam Do Thi Kim Lien (Chairman, CEO and South African Honorary Consulate in Ho Chi Minh City) with the present of Mr. Le Toan (Chairman of ASV Holdings) also attended by all company key managers and executives for the conference presenting and discussing onto company year 2009 Performance Highlight and launch of company year 2010 Business Plan.

Addressing at the conference and Madam Do Thi Kim Lien warmly welcomes the presence of full staff of the Company and expresses her great thanks for their cooperation under the current hard economic condition. Madam Do Thi Kim Lien subsequently highlighted that company have strive and achieve if corporate branding image that known throughout nationwide and internationally. However, company sales revenue was falling behind budget that require revitalization of new business orientation for year 2010.

On behalf of the Management Board, Mr. Nguyen Quang Vinh (Deputy General Director) reports the Company’s overall business outlook for the period from year 2005 to 2009. Onto the initial establishment of the company, company has encountering lots of obstacles for organization implementation and company brand positioning. However, company with its commitment and dedicated employees has officiated all tasks and development that resulted in today achievement as per below turnover of sales:

Mr. Vinh stated that young assurance company or any new corporation tense to encounter gradual sales performance from low to moderate level that results in Creditor Debt and reinsurance matters can significantly affected the collection and financial planning capability of the company. The increase/decrease compensation contingency for the risks & losses management need to be closely monitor and evaluate to protect company overall branding perception and perform to meet customers satisfaction. Considering the unique business environment of insurance company, in order to strengthen AAA Assurance Corporation competitiveness and further improve company revenue, Company is required to improve its macro policies, developing new business plan, reallocate insurance costs for each period and adjust profit percentage according to operation efficiency. Company therefore required to restructures its working policies with 2 below action steps:

-    Implementing Cost Management System and Monitoring Expenses Performance to balance and improve company overall financial status.

-    Strengthen and improve customer services, all its assurance policies, policies application and presentation in order to meet customer demand and international quality as Insurance Company.

Onto costs and cash management Mr. Nguyen Hong Tin (Financial & Accounting Department) mentioned that the overall restructuring exercise will be defined as follows:

-    In order to meet financial management objective, Branches is require to establish own budgeting that has to be results driven that all transaction has to be implement with Centre Management System whereby all cash collection has to be transfer to Head Office and expenses has to be clearly define prior to any issuing to whosoever. Such will allow head office to manage and invest in order to create long term objectives for both company and employees.

-    Claim Verification, Claim Application, Claim Supporting Document and Compensation will have to perform in the manner of "Promptly – Faithfully – In-accordingly”

-    In order to support Financial Management System, PREMIA Software that enable all monitoring of collection and dispensing of claim will be applied to perform effective debt collection that allow company’s timely intervention and support to all subsidiaries.

-    For purpose supporting customer services for insurance claim, Department of Inspection & Compensation must tightly, promptly and effectively coordinate with Financial & Accounting Department to enable procedures of compensation implemented accurately and timely.

Present at the conference Mr. Le Toan on behalf of the Board of Directors and also the Company-Restructured-Management-Board (CRMB), expressed the practical benefits of applying the PREMIA Software whereby today insurance industry requires have to equips its manpower professionalism skills and personality as well.

Considering the past 5 years for company corporate image building, 2010 will be the year to strengthen its competitiveness, improve its services quality and develop its human resources performance in order to enable company better perform compare to previous years and better Position Company for the future. Therefore, the company objectives require both company to introduce and apply new management system and employees require to comply and learn from whatsoever system implemented by company for better individual skills and knowledge which require both company and employees to realized by implementing and sharing future company achievement.

Onto Key Performance Indicator (KPI), company is proud to reward below branches for its excellent performances versus respective annual budget:

1.    Nghe An Branch             : 170%
2.    Dong Nai Branch            : 161%
3.    Bac Ninh Branch             : 136%
4.    Ba Ria-Vung Tau Branch  : 123%
5.    Lam Dong Branch           : 114%
6.    An Giang Branch            : 112%
7.    Binh Dinh Branch            : 111%
8.    Central Branch                : 109%
9.    Hai Phong Branch            : 108%
10.  Dong Thap Branch           : 105%

On top and above, Company is proud to rewarded excellent individual achievement as per below:

1.    Lam Dong Branch as Most Progress Branch Of The Year 2009
2.    Mr. Nguyen Quang Vinh (Director of Lam Dong Branch) achieves as Excellent Leadership Award
3.    Bac Ninh Branch for highest plan completion rate
4.    Quang Ninh Branch for highest sales turnover.