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Bước chân của khách hàng Châu Á
(Hội nghị nền kinh tế và thị trường chứng khoán Việt Nam)
The Sumitomo Trust & Banking Co., Ltd.
<Contact>
The Sumitomo Trust & Banking Co., Ltd.
Global Product Management Office (Tokyo)
Tel: +81-3-6256-3449
Fax: +81-3-6256-3446
Email: [email protected]
This presentation booklet is provided to you for use in a private and confidential meeting and not for any
other purpose. This presentation is not an advertisement and is not intended for public use or distribution.
Chương Trình
 Giới thiệu
 Nguồn quyền lực mới
 Những biến chuyển
 Cái nhìn của FDI Nhật vào Việt Nam
Tóm tắt
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
1
Tổng quát về công ty – Lĩnh vực nghiệp vụ
Kháhc hàng bán lẻ
Các tổ chức đầu tư
Khách hàng bán
buôn
Treasury & Sản phẩm
Tài chinh
• Chức năng thị trường
‒ Hoạt động tạo lập thị
trường các sản phẩm lãi
suất và ngoại hối
‒ Phát triển và bán các sản
phẩm tài chính
• Proprietary investment
‒ Hoạt động rủi ro lãi suất
‒ Đầu tư theo đuổi lợi
nhuận tuyệt đối
Nghiệp vụ Tín thác
Nghiệp vụ Bán buôn
• Tiền gửi, các
sản phẩm đầu
tư khác
• Các khoản vay
(thế chấp
thường và dựa
trên thị trường)
• Tư vấn sát
nhập và mua
lại
• Tư vấn quản lý
vốn
• Chứng khoán
hóa
• Dịch vụ chuyển
giao cổ phần
• Các sản phẩm
đầu tư
• Góp vốn tư
nhân
• Cho vay thế
chấp hỏa
Nghiệp vụ bán lẻ
• Tiền gửi
• Quỹ hỗ tương
đầu tư, tài
khoản niên kim
• Tư vấn thừa kế
kinh doanh
• Các khoản vay
(khu dân cư,
thương mại)
• Ủy thác di chúc,
dịch vụ quyết
toán bất động
sản
Bất động sản
Bất động sản
Nghiệp vụ Ủy thác
• Quỹ hỗ tuơng đầu tư (quản lý
quỹ)
【Quản lý quỹ STB】
【Quản lý quỹ Nikko】
• Tiền hưu công ty
‒ Quản lý kế hoạch hưu
‒ Quản lý quỹ
‒ Giám hộ
• Quản lý đầu tư
【Bao gồm STF(HK), FRM】
• Dịch vụ chứng khoán
‒ Xử lý, báo cáo
【Japan Trustee Service
Bank】
‒ Giám hộ toàn cầu
【STB(USA)】【STB(LUX)】
• Quỹ hỗ tương (Quản lý quỹ)
【Quản lý quỹ STB 】
【Quản lý quỹ Nikko】
・Dịch vụ cơ sở hạ tầng bất động sản
Nghiệp vụ Ngân hàng
• Môi giới bất động sản
thương mại
• Chứng khoán hóa
• Dịch vụ thẩm định giá
• Tư vấn xây dựng
‒ Doanh nghiệp bất
động sản thân thiện
với môi trường
• Khảo sát, nghiên cứu
vả tư vấn
【Viện nghiên cứu
Sumisin】
• Quản lý đầu tư bất
động sản
【STB Real Estate
Investment
Management】
【Top REIT Asset
Management】
• Môi giới bất động sản
khu dân cư
【Sumishin Realty】
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
2
Nghiệp vụ quản lý đầu tư
Một trong những nhà quản lý đầu tư lớn nhất Nhật Bản
Tổng tài sản thuộc quyền quản lý : USD 301 Tỷ (31/03/ 2010)

Thành lập năm 1925, bắt đầu hoạt động quản lý đầu tư từ năm 1962

6,061 nhân viên (30/09/2009)

Đăng kí với Phòng tài chính địa phương Kinki, bộ Tài chính

Dành giải thưởng Mercer MPA Nhật Bản 2008
(5 năm)
Chiến lược giá trị cơ bản
(3 năm)
Chiến lược giá trị cơ bản
Chiến lươc tăng trưởng cơ bản

Tập trung vào các tổ chức đầu tư
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
3
Nguồn quyền lực mới ( 1 )



Nền kinh tế các nước châu Á tiếp tục tăng trưởng mạnh
Các thị trường phát triển như Mỹ, châu Âu, Nhật có sức bật yếu hơn
Với môi trường lãi suất tích cực, xu thế này có thể sẽ còn tiếp tục trong thời gian tới,.
Tốc độ tăng trưởng GDP 2010
(%)
2007
2008
Đông Á
10.4
7.3
Trung Quốc
13.0
9.6
Nam Á
Ấn Độ
8.7
9.2
6.4
6.7
Đông Nam Á
6.5
4.3
2009 2010 (F)
5.9
8.4
8.7
9.6
6.5
7.2
7.5
8.2
1.2
6.7
Source: ADB
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
4
Nguồn quyền lực mới ( 2 )




Bên cạnh Nhật Bản, Trung Quốc đã trở thành một quyền lực mới ở châu Á
Nhật đã và đang tăng cường hợp tác với các nước trong khu vưc .
Trao đổi mậu dịch liên khu vực rất cỏ thể sẽ tăng trong thời gian tới
Châu Âu chủ yếu hoạt động mậu dịch nội khối
Destination for Export
Exporting countries
World Total
North America
US
Europe(EU27)
Japan
East Asia
China
APEC
Destination for Export
World Total
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
North America (NAFTA)Europe(EU27)
Japan
East Asia
US
16.6
12.5
37.4
4.3
19.4
48.1
27.0
16.0
3.9
12.0
31.2
0.0
20.8
5.0
16.6
7.4
6.2
67.0
1.1
4.8
19.4
16.9
13.4
0.0
44.9
16.0
13.9
15.1
7.9
40.5
20.7
18.1
20.0
8.0
27.8
24.4
16.9
17.6
5.9
30.4
Pacific Rim
(APEC)
China
7.0
4.1
5.4
1.9
15.2
12.9
0.0
10.2
World Total
North America (NAFTA)Europe(EU27)
Japan
East Asia
Exporting countries
US
World Total
100.0
100.0
100.0
100.0
100.0
100.0
North America
12.4
36.2
26.9
5.3
11.3
7.7
US
8.0
15.1
0.0
4.5
9.4
6.9
Europe(EU27)
36.0
16.1
17.9
64.4
8.8
8.9
Japan
5.0
5.9
6.8
1.8
0.0
11.6
East Asia
21.9
21.1
24.3
8.8
40.3
45.7
China
9.2
11.5
13.3
4.9
17.0
13.2
APEC
44.1
65.0
60.0
20.8
60.7
69.3
*APEC includes 21 countries; Japan, China, Korea, ASEAN, Australia, Canada, US, Russia etc.
43.7
67.1
56.7
16.7
69.1
68.2
60.8
64.4
Pacific Rim
(APEC)
China
100.0
7.3
6.2
10.0
10.8
40.2
0.0
63.8
100.0
19.1
10.4
13.7
7.9
34.1
12.8
65.0
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
5
Ne
Nguồn quyền lực mới ( 3 )
 Phần doanh thu từ nước ngoài tiếp tục tăng trong khu vực sản xuất.
 Xuất khẩu sang các nước châu Ấ tăng trong những năm gần đây.
 Các nhà xuất khẩu Nhật có lợi từ sự tăng trưởng mạnh của châu Á.
Major Manufacturing Industries’ Overseas Sales Percent
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
6
6
Những biến chuyển (1)


Động lực chính của sự phát triển kinh tế Trung là sự hình thành vốn.
Ban đầu từ ODA và FDI, gần đây từ cả chi tiêu vốn công cộng và vốn tư nhân.
Contribution to GDP Growth of China
(%)
15
Net Export (Import Export)
10
5
Gross Capital
Formation
Consumption
Expenditure
Real GDP Growth
0
-5
(Source)CEIC
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
7
Những biến chuyển (2)
 Trung Quốc đang trở thành một trong nguồn lực thúc đẩy sự phát triển của châu Á. Nhưng
chúng ta đang trông đợi vào sự chuyển đổi từ vốn đầu tư sang người tiêu dùng làm động lực chính
của nền kinh tế.
.
50%
China
45%
Japan
40%
35%
30%
25%
20%
15%
High Growth Period of
Japanese Economy
China's Reform and Open-up
Policy
Source :CEIC
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
8
Những biến chuyển


(3)
Viễn cảnh lạc quan: Thu nhập của tầng lớp trung lưu trong khu vực tiếp tục tăng.
Vòng xuắn tiến dẫn đến sự thịnh vượng.
North America
Europe
C & S America
Asia Pacific
Sub S Africa
ME & N Africa
World
2009
5,602
26%
8,138
38%
1,534
7%
4,952
23%
256
1%
796
4%
21,278
100%
2020
5,863
17%
10,301
29%
2,315
7%
14,798
42%
448
1%
1,321
4%
35,046
100%
2030
5,837
10%
11,337
20%
3,117
6%
32,596
59%
827
1%
1,966
4%
55,680
100%
Spending by the Global Middle Class, 2009 to 2030
(Millions of 2005 PPP $s)
OECD Develpoment Centre WP #285
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
9
Cái nhìn của FDI Nhật Bản vào Việt Nam (1)
 Trong thời gian tới, Việt Nam cần bắt kịp các nước nam Á khác.
 Khoảng cách giữa các quốc gia khác có khả năng giảm nhờ tiếp tục đầu tư vào cơ sở hạ
tầng.
So sánh giữa các nước Đông Nam Á
Real GDP %
Vietnam
Indonesia
Philipines
Malaysia
Thailand
5.3
4.5
0.9
-1.7
-2.3
GDP ($Bln) Population(M) GDP/P
(2014)
92
87
1,060
1,609
540
232
2,332
3,149
160
92
1,736
2,088
191
28
6,763
9,726
272
67
4,051
5,330
IMF/CEIC DATA 2009
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
10
Cái nhìn của FDI Nhật Bản vào Việt Nam(2)



Hình thành vốn/ đầu tư tiếp tục
Nhật là một trong những nhà đầu tư lớn nhất vào Việt Nam.
Việt Nam vẫn tiếp tục là điểm đến đầu tư, do 1) Nền chính trị ổn định,
2) Tiềm năng phát triển, và 3) Nguồn nhân lực
Investment into Vietnam (Countries of source)
Country of Source
Taiwan
Malaysia
Japan
Singapore
Korea
Virgin Islands
Hong Kong
Thailand
USA
Investment Approval
1988 - 2008 ($M) Accm
20,952
18,006
17,362
17,071
16,666
13,824
7,417
6,122
5,029
Mitsubishi UFJ Bank
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
11
Cái nhìn của FDI Nhật Bản vào Việt Nam (3)


Cái nhìn dài hạn hơn về đầu tư.
Triển vọng về một nền kinh tế tăng trưởng hữu cơ trong tương lai.
Lợi thế
1. Nguồn lao động trẻ, cần cù, và cầu tiến.
2. Nền chính trị, xã hội ổn định
3. Hướng tới chính sách mở cửa đầu tư
4. Vị trí địa lý thuận lợi
5. Mật độ dân số đông (84 Tr)
Bất lợi
1. Thay đổi trong quy định, chính sách nhà nước
2. Tiện ích (điện)
3. Hoạt động kinh doanh
4. Thiếu các ngành công nghiệp hạ nguồn
5. Lao động lành nghề còn hạn chế
6. Cạnh tranh trong khu vực
JBIC survey responses 2010
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
12
Cái nhìn của FDI Nhật Bản vào Việt Nam (3) (4)


FDI chủ yếu tập trung vào lĩnh vực sản xuất
Gần đây, các ngành dịch vụ như bán lẻ và dịch vụ tài chính cũng bắt đầu thu hút FDI.
FDI Sectors for Japanese Cos 1989 -2004
Services / Others
(Manufacturing)
Electronics
Transportation E
Chemicals
Steel / Non F Metals
Staples
Apparels
Machinery
Other Manufacturing
%
20
(80)
%
30
12
10
10
5
4
4
5
Ministry of Finance / JBIC
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
13
Tóm tắt
 Chuyển đổi cơ cấu kinh tế trong thời gian tới.
 Khó khăn hay dễ dàng?
 Bãi bỏ quy định về thương mại, nhân lực và vốn.
 Tiềm năng từ sự cân bằng tăng trưởng.
This material contains our subjective judgment as well as objective information, and we shall advise you to make your final investment decision at your
own risk, referring to detailed information relating to the products. Any contents of this material including performances, investment objective, and
distribution charts showing risk/return of the products do not guarantee that the performance will go up. Furthermore, please be aware of preconditions
sufficiently as data showing simulation and back test is created under certain conditions.
14
End of Presentation
The Sumitomo Trust & Banking Co., Ltd. is licensed and registered in Japan. Outside of Japan, The Sumitomo Trust & Banking Co.,
Ltd. is registered as an Investment Manager in the Republic of Ireland only. This material is intended solely for use by institutional
investors and institutional investment industry consultants.
This material has not been prepared for the purpose of soliciting any particular investment assets to which the entrusted assets may be
invested, but rather for providing reference information that may be helpful in connection with investment strategies or investment
decisions in regard to a discretionary investment agreement with us. Any final decision for investment should be made by you alone
after careful examination of the product details. You will neither be forced to undertake an investment based on this material nor
suffer any business disadvantage with us by choosing to reject it. The information provided in this material, including but not limited
to the data from simulations and back-tests, and product maps by past performance and risk-return, does not in any way guarantee
any performance in the future. Certain data in this material is taken from or based upon information from third party resources that
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Following is the representation based on Article 37 of the Financial Instruments and Exchange Act in Japan (and other related
provisions).
<Points to Consider>
■ Risk of Loss
Under a discretionary investment agreement, based on the investment guideline given by you and discussion with us regarding investment
management, securities and other instruments having the nature of price fluctuations, including, without limitation, Japanese equity and
fixed income, foreign currency denominated equity and fixed income, investment trusts, shares of collective investment schemes, loans,
futures transactions, option transactions, swap transactions and foreign currency transactions, may be included in the investment portfolio.
Price fluctuations in such investment assets may result in a loss in principal of the entrusted asset.
■ Price Fluctuations
Investment assets are subject to various risks, including, without limitation, market risk, credit risk, and liquidity risk. Price movements in
investment assets may occur due to fluctuations in market and other indices, including (but not limited to) fluctuations in equity markets,
interest rate markets, foreign currency markets and financial indices. In addition, price movements may occur due to other factors, such as
a change in the financial and/or business conditions of security-issuing companies, counterparties to a transaction or the counterparties of
the issuing companies. Furthermore, investments in hedge funds and securitized products may contain various risks related to investment
approach and structure in addition to the risks mentioned above. For further information, please refer to the explanatory documents for
each product.
■ Restrictions on Purchase and Redemption
Due to factors such as the nature of the underlying assets and/or investment structure, various restrictions, including, without limitation,
restrictions on purchase and redemption, may be imposed in certain investment products such as investments in hedge funds and/or
securitized products. In particular, redemption of such investment product may require several months. For further information, please
refer to the explanatory documents for each product. In addition, due to such factors as market liquidity, size of purchase or redemption or
other unavoidable reasons, redemptions of investment assets may take some time, and the timing of the purchase of such investment assets
may be limited.
■ Company Name and Other Information
Company Name: The Sumitomo Trust & Banking Co., Ltd.
Financial Institution Registration Number: No.5 Kinki Finance Bureau of the Ministry of Finance
Participating Associations: Japan Securities Dealers Association, Japan Securities
and The Financial Futures Association of Japan
Investment
Advisors
Association,
■ Fees and Costs
(Management fees)
In principle, management fees are calculated on the basis of assets under management. However, the specific method of calculation for each
transaction cannot be expressed in advance, as such method is determined through discussion with you based on the contents of the
investment guidelines and investment discussions to be made between you and us. When entering into a discretionary investment agreement,
please be sure to confirm with our sales representatives the applicable calculation method of the management fee.
(Trading costs)
A commission incurred through a trade of securities, overseas custody fees and other costs will be deducted from the entrusted assets under
management. When investing in Investment Trust products organized and managed by other institutions, fees may be charged by the
institutions concerned. Specific amounts and/or upper limits of costs cannot be expressed in advance, as such costs are determined, along
with calculation methodology, based on type and volume of investment assets.
(Securities Lending)
When entering into a security-lending agreement, a fee will be charged. The fee cannot be expressed in advance, as such fee will be
determined based on separate discussion between you and us.
(Termination fees)
When terminating a discretionary investment agreement, a termination fee may be charged based on the terms and conditions set forth in
such agreement.
(Other expenses)
In addition to the above costs, other costs related to investment products, such as tax, levy, and/or operational costs may be deducted from
the entrusted assets under management or be charged to you.
(Cooling off period)
A cooling off period, stipulated in Article 37-6 of the Financial Instruments and Exchange Act, does not apply to a discretionary investment
agreement.