October 28th 2011 To whom it may concern: It is my great pleasure to write this letter of recommendation for Ms.

Vu Thi Hoai Phuong. As her line manager since she commenced working at the Market Supervision Department of State Securities Commission of Vietnam, I would like to take this opportunity to recommend Phuong for the Chevening scholarship. Out of more than 300 candidates taking the entrance exam to be eligible to work for us, Phuong passed it with honors in the top 10. This is my very first impression about her. Though the youngest member of our Department, Phuong always proactively participates in our work and tackles all assignments with tremendous devotion and a smile. She is quick at grasping new concepts and instructions concerning her tasks, which involve supervising trading activities of listed stocks to identify abnormal trading ones, and overseeing compliance duty of Vietnam Securities Depository and Ho Chi Minh Stock Exchange. Cases of market manipulation and insider trading are very hard to prove and it is even more difficult for Phuong to handle this type of work as she is new in this field. However, I am surprised to find her burying herself in analyzing the data, linking the connections, doing calculation to submit the report on time despite deadline pressure. From the maiden tasks, Phuong demonstrates that she can not only outline and analyze problems instantly but also present timely and accurate answers. Furthermore, Phuong is a vital member of the team constructing Market Surveillance System. She provides translation service, contributes initiatives through reference materials for the systems and does other tasks to support team-members. Notably, together with some colleagues, Phuong takes part in conducting the thesis paper on Improving the supervision methods and procedures of Stock Exchanges for State Securities Commission. From my observation, Phuong has a strong motivation for research work as she holds a keen interest in new applications and regulations for securities market in Vietnam such as reformed legal framework, new products, and market surveillance criteria. Besides, she constantly seeks to improve her knowledge about securities industry through reading CFA curriculum books and discussing with specialists whenever she has chances. Phuong passed the CFA level 1 last year in her first attempt and has contributed a few of ideas to the new proposals that we are working on such as derivatives or reconstructing the VN-Index. Her clear vision and determination to work here makes her indispensible to the workforce that will foster the development of the emerging Vietnam capital market. As for extra-curricular activities, she is nominated as one of 30 members from the young adults of the Commission to attend the Ho Chi Minh Communist Youth Union of Ministry of Finance this year, which is a reward for her enthusiastic participation in most events. I know that Chevening scholarship is a prestigious and selective scholarship for young and talented candidates. The golden chance to study here will enable them to approach the art of initiating policies from modern perspectives and learn much from that. I believe that Phuong exhibits many of the

qualities that a potential student at your program would possess, and if admitted, I have no doubt that she will take full advantage of this precious opportunity to contribute to the policy framework strategy that we are working on for the new-born securities market in Vietnam. For those reasons, I offer high recommendation for Phuong without reservation. I truly hope that you will carefully consider her admission application. Should you have any questions, please do not hesitate to contact me. Sincerely,

Nguyen Hung Deputy Director of Market Supervision Department State Securities Commission of Vietnam Add: 164 Tran Quang Khai Street, Hanoi, Vietnam Email: nguyenhung@ssc.gov.vn Mobile: +84-912-815-854