Whitepaper VNDC (Eng)

1 | VNDC Whitepaper
TABLE OF TERMS...............................................................................................................................................
I. MARKET OPPORTUNITES ..............................................................................................................................
1 Impressive Macroeconomic Growth ..........................................................................................................
2 Capital Market...........................................................................................................................................
3 Startup Business Market ...........................................................................................................................
4 Real Estate Market ....................................................................................................................................
5 Digital Asset Market...................................................................................................................................
II. PROBLEMS SEEKING SOLUTIONS...............................................................................................................
1 Lack of Stable Exchange Instruments.......................................................................................................
2 Lack of Platform Calling Capital for Startups and Real Estate Projects....................................................
III. ABOUT VNDC .................................................................................................................................................
1 What isVNDC?...........................................................................................................................................
IV. VNDC ECOSYSTEM .....................................................................................................................................
1 Peer-to-peer Lending– iziLending .............................................................................................................
2 IBO Investment..........................................................................................................................................
3 Exchange Instruments on Digital Asset Trading Market ...........................................................................
V. OPERATING MODEL ......................................................................................................................................
VI. ROADMAP ......................................................................................................................................................
VII. PLAN TO LAUNCH VNDS.............................................................................................................................
VIII.TECHNICAL INFRASTRUCTURE ................................................................................................................
IX. PROFIT MARGIN............................................................................................................................................
X. PARTNERS......................................................................................................................................................
APPENDIX – FAQ (Frequently Asked Questions) ...............................................................................................
INDEX

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TABLE OF TERM
Acronym: BTC- is the cryptocurrency in the form of open-source software was created in 2009 by Satoshi
Nakamoto. Bitcoin can be exchanged directly by internet-connected devices without any middlemen.
A hierarchical database saving information in the information blocks linked together by encryption and
expanded over time.
Peer-to-peer lending (P2P lending) is the practice of lending money through online services that match
lenders with borrowers directly.
Crowdfunding is the form of calling for help from the community to help the project owner raising funds to
complete the project or their products when they have idea but no money to implement.
Enthereum is an open-source, public, blockchain-based distributed computing platform. It has smart
contract functionality (scripting) and facilitating online contracts.
Initial Blockchain Offering is digitizing assets by blockchain, including: startup, business ideas, real estate,
etc.
ICO (Initial Coin Offering) is a means of capital mobilization through issuing cryptocurrency.
BLOCKCHAIN
IBO
BITCOIN
PEER-TO-PEER
LENDING
CROWDFUNDING
ETHEREUM
ICO

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Know your customer is the process of an organization verifying the identity of its clients.
Including digital assets and cryptocurrencies.
Cryptocurrency is a digital asset designed to work as a middleman exchange that uses cryptography to
secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Fiat money is a currency intrinsic value that has been established as money, often by government
regulation.
A business cooperation contract (BCC) after being digitized by blockchain.
A cryptocurrency that uses USD to secure with exchange rate at 1-1, helping everyone pays via Internet.
A digital asset owned by Digital Asset Management Holding (DAMH) J.S.C and issued based on
blockchain stellar platform and guaranteed by Vietnam Dong (VND). The value of VNDC is always equal
to VND
VNDC project’s business cooperation contract (BCC)
KYC
VNDC
DIGITAL ASSET
CRYPTOCURRENCY
FIAT MONEY
USDT
VNDS
TOKEN

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I. MARKET OPPORTUNITIES
1 Impressive Macroeconomic Growth
Vietnam Economy is entering into the new growth trajectory with
impressive figure, becoming a bright spot in economy of Asia and
the world:
• The fastest GDP and GDP per capita growth in Southeast Asia.
• GDP growth of 7.38 % in the first quarter of 2018, the best first-
quarter performance in the last ten years.
2 Capital Market
• In 2017, even the most optimistic investors can’t think of the scenario VN-index and HNX-index increased 48% and 46 % respectively comparing to
the beginning of the year, helping Vietnam to be one of the three stock markets having the best increase of the world.
• In the first quarter of 2018, the VN-Index surpassed the peak of all time and became the most increased stock index of the world (19.21%).
• Market capitalization grew strongly and GDP reached 74.6% by the end of 2017.
• Strong liquidity- average of trading scale in 2017 reached nearly VND 4,500 billion/ session.
.
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
0
1
2
3
4
5
6
7
8
2013 2014 2015 2016 2017
GDP figure 2013-2017
GDP
GDP Growth Rate
1996
Established the State
Securities Commission
of Vietnam (SSCV)
Listed the first 2 stocks on
Stock Exchange
1,463 listed business (HOSE, HNX, UPCOM)
Market capitalization 74.6% of GDP
● Liquidity Average ~ VND 4,500 billion /sesion
2000
2018

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Lack of Capital
21%
Land Clearing
37%
Others
42%
Cause of Project Delay
3 Startup Business Market
• According to statistics from Business Registration Management Agency (Ministry of
Planning and Investment), Vietnam had nearly 127,000 new businesses registered in
2017 indicating that the number of startup business is increasing rapidly in the past
period.
• With a market of more than 94 million people, the number of Internet users is up to 53
million people. There are 46 million people using social network. Vietnam market now
has a lot of opportunities for startups.
4 Real Estate Market
• The financial system in Vietnam is showing signal of tightening real estate credit
127.000
New businesses
registered in 2017
80%
Business
startups failure
rate
Tightening credit policy
In accordance with Circular 19/2017/TT-
NH, State bank of Vietnam is
continuously implementing the road map
for restricting credit source to the real
estate market
Real Estate Business Loans is
showing signal of decrease
Percentage of construction and real estate
business loans in total credit balance
(Synthesized from the four largest credit Joint Stock Banks
in Vietnam: BIDV, Vietinbank, Vietcombank, ACB)
2013 2014 2015 2016 2017

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5 Digital Asset Market
• Since Satoshi Nakamoto launched bitcoin and blockchain technology in 2009,
cryptocurrency market has grown more and more diversely, abundantly, and constantly
increased in both quantity and capitalization value. The creative ideas using blockchain-
based have been come in turn, bringing in billions of dollars and strong attention from
investors, governments, financial institutions and media.
• According to a survey by CryptoCompare Company by the end of November 2017,
Japan, South Korea and Vietnam accounted for nearly 80% of Bitcoin trading activity
globally. Meanwhile, only 20% of Bitcoin trading in total was the US. Websites traffic
statistic related to cryptocurrency of Vietnamese investors is also showing the great
demand and attention for cryptocurrency:
Website Website traffic rank Percentage
Coinmarketcap 2 6.39%
Bittrex 2 10.72%
Binance 3 7.92%
Poloniex 4 5.46%
(Nguồn: Similar Web)
However, cryptocurrency is just a part of Digital Asset Market in Vietnam presented below.
We expect that its potential can reach a comparable level to the stock market.
Cryptocurrency
market
capitalization
393 tỉ USD
The number
of
cryptocurrenc
ies
1,584
Bitcoin
40%
Ethereum
15%Bitcoin Cash
5%
Litecoin
2%
Ripple
8%
Others
30%
The proportion of digital asset market
capitalizations
(April 18, 2018)

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II. PROBLEMS SEEKING SOLUTIONS
1 Lack of Stable Exchange Instruments
1.1 Lack of Stabe Exchang Instrument on the trading digital asset market
Nowadays, Vietnamese investor can’t directly use VND to buy
digital assets such as BTC, ETH or other digital assets from the
world’s digital assets exchanges (Binance, Bittrex, Poloniex…).
When investing to digital assets, Vietnamese investors have to
exchange VND to USD and then buying BTC by USD or taking
step using BTC to buy other digital assets. To take profits,
investors will turn digital assets to BTC, then sell BTC to get USD
and from USD exchange to VND. Later, when having a new
investment opportunity, the complex process will be repeated.
It doesn’t matter to long-term investors, however; for short-term
investors, the process will cost them a lot of time and money.
Understanding that need, Tether Company was launched a token
called Tether (USDT) valued at $1. Tether makes trading digital
assets easier and more quickly for investors, reducing time and
costs during the investment process. However, using USD and
USDT to invest has certain disadvantages:
p
pp
Fees:
✓ VND to USD fee
✓ USD to BTC fee
✓ Transaction fee
Weaknesses
✓ Depending too much on exchange rate
✓ Digital asset price fluctuation in market
Fees:
✓ VND to USD fee
✓ USD to BTC fee
✓ Transaction fee
Weaknesses
✓ Depending too much on exchange rate
✓ Digital asset price fluctuation in market
✓ Liquitity can’t be guaranteed because riskily Tether
doesn’t have enough USD for he amout of USDT issued.
In case of Tether bankruptcy, the last investors holding
USDT will suffer great losses
VS
Using USDT for tradingUsing USD for trading

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1.2 Lack of exchange instruments to mobilize capital through IBO/ICO
More and more crowdsale events have been carried out by ICO
projects (Initial Coin Offering) and earned amount of capital in
form of digital capital like BTC, ETH…equivalent to billions of
dollar. According to Silicon Valley Innovation Center, over 2 million
investors take part in ICO and averagely there are 10 startups
raised capital successfully through ICO every week.
After ICO, the digital assets raised will be converted into traditional
currencies like USD, VND issued by State of bank to pay for
business operations every day.
An ICO event workflow
Thanks to blockchain tech, using cryptocurrencies to raise capital
helps startups significantly reducing the cost of fia payment
gateway, normally it is quite high and counted in term of
percentages of the amount of money raised. For example, the
traditional crowdfunding platforms like Kickstarter, Indiegogo not
only charge service fee but also apply a 3-5 % fee to the fund
collected.
However, beside the benefits of transaction cost, using
cryptocurrency to raised capital, startups have to face the price
fluctuations because the cryptocurrency characteristics is having
strong price band in short-time leading to the amount of cash
actually collected may be much different than the initial
expectation.
Assuming a startup project expects that the amount of money
collected from ICO is 100,000 ETHs at 800 USD/ ETH. However,
due to adverse market movements, the ETHs have been drop
down to 530 USD/ETH. This is clearly a major obstacle and
makes the capital raised to meet a significant deficit when
converting to legal currencies. Therefore, it is necessary to have a
stable exchange currency followed the exchange rate of VND or
USD to be a transfer agent in raising capital through IBO/ ICO.
INVESTOR
STARTUP
TOKEN
ICO
BTC, ETH

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2 Lack of Platform Calling Capital for Startups and Real Estate Projects
Capital mobilization is an imperative need for all sectors in the economy.
Creative startups need capital to make a product idea or new tech a
reality. Traditional businesses grown to a certain extent need capital to
expand manufacturing business or invest in projects creating more new
jobs. For economic and life development, the government needs capital to
build welfare facilities, infrastructure systems, roads, schools, hospitals,
etc.
Who need raising capital
Individuals need a loan to buy car, house and for essential living
expenses. On the other hand, there are individuals and organizations
whose income is higher than the expenses, so they have the money
savings wanted to invest. In an efficient economy, capital need to be
unlocked and flowed from where capital is abundant to where there is
demand-for-capital.
Nowadays, in Vietnam, capital mobilization through the issuing of stocks,
bonds and getting the commercial bank loans, etc. is being developed
diversely and abundantly. However, these capital mobilizations above are
only suitable for businesses grown to a certain extent, governments and
individuals.
The creative startup projects with small capital and shortage of staffs have
to face a lot of difficult things and are almost impossible to issue stocks,
bonds, or getting a commercial bank loan. A small number of startup
projects have been got to venture capital funds but not many. Although a
series of supportive policies, Law system and Decree supporting small and
medium enterprise as well as the project to build startup ecosystem has
been given by government, the capital mobilization for startup is still
difficult to solve.
Many Vietnamese investors invested in scam or multilevel marketing
projects or ICO projects from foreign countries leading to capital outflow.
According to cryptocurrency transaction statistics websites and global
listed websites, Vietnam always is in top access. It’s riskier when Vietnam
is also in top of website traffic related to cryptocurrencies and capital
raised in form of Multilevel marketing (MLM).
Therefore, it’s necessary to have a professional fundraising platform
connecting to capital as well as Digital Asset Exchange to create liquidity.
All these things will create the professional digital asset market with
information transparency standards, ranking credibility to screen the good
and prospect projects as well as controlling KYC (Know Your Customer)
and AML (Anti Money Laundering) strictly.
Government
Startup Business
Individual

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III. ABOUT VNDC
1 What is VNDC?
1.1 Definition
1.2 How VNDC work?
Explaning VNDC open contract model
Step 1: Investor implements e-contract with VNDC. Based on the value of
e-contract, VNDC will open a banking account correspondent to the value
and use the account balance to issue VNDC for user.
Step 2: Investor uses VNDC to join the VNDC ecosystem: Peer to peer
lending, IBO investment, digital asset trading, etc.
Fees paid if had
• Transferring ownership of contract: 0.1% of transaction value,
minimum VND 2,000, maximum VND 200,000.
VNDC is digital asset owned by Digital Asset Holding (DAMH) J.S.C and was created from VNDS euity capital, in form of e-contract and always values at
VND 1 during its life.

Explaning VNDC close contract model
Step 3: VNDC is converted from trading in VNDC ecosystem
by investor.
Step 4: Closing VNDC contract and receiving VND escrow from
the initial agreement value are implemented by investor.
1.4 Why using VNDC?
✓ Stable: VNDC is being fixed to VND; therefore, users can have
some benefits from trading implement in blockchain network
without being affected by the price fluctuations like other
cryptocurrencies.
✓ Transparency: All VNDC transactions are recorded and saved on
Stellar blockchain platform. All VNDC circulated is secured by
VND escrowed at partner-bank.
✓ Saving transaction cost: VNDC accounts can be switched back
and forth with very low transaction fee, or any e-wallet storing
VNDC. User does not charge for opening and closing VNDC
contract.
Supporting the personal income tax: Because of no specific
legal framework, transactions arising from digital asset trading
activities can be applied to the highest tax rate in total progressive
tax table from 5% to 35% of total income
Therefore, investors should be supported to minimize personal
income tax as well as the big and continuous transactions.

✓ Converting between VNDC and VND: VNDC owner can convert
VNDC to cash anytime with constant rate meaning 1 VNDC = 1
VND.
IV. VNDC ECOSYSTEM
iziLending
FundGo
DAX
Cash back,
loyalty
Liên kết thẻ
VNDC
Matching lenders with borrowers directly
Applying blockchain teach and smart contract
Optimizing time and transaction fee
Credit scoring model
Applying Al, big data, etc..
1
Capital raised platform via IBO
Targets: startup, real estate projects
Credit ranking model
Splitting investment into tokens
Applying blockchain tech
Tending towards decentralized business model
Integrating Tap&Go with NFC
Integrating Scan&Go with QR code
Connections:
Banks payment system
Card association (Visa, Master, JCB
Transferring, depositing, withdrawing via internet
banking
Using card for payment
5
2Applying for online shopping
Refunding as a percentage of the product value to
customer
Recording cashback from every store in one account
Multiple choices
Withdrawing money via linked bank
Using for the next purchase
3
4

1 Peer to peer lending – iziLending
Peer to peer lending had been occurred before the first bank was found. In
the past, because of limited information, borrowers and lenders are not
always able to connect directly. The emergence of bank, as a middleman
for taking deposits and using that money to lend, solved the issue of
borrowing and lending needs.
However, the operating cost of bank is very high leading to bank’s lending
rate often much higher than the borrowing rates in order to offset the
running cost. In addition, bank’s credit approval process is rigorous, costs
a lot of time and makes things difficult for many people needing to access
a loan.
With the advent of peer to peer platform on iziLending blockchain
technology, borrowers and lenders can connect directly without the need
of bank or financial company. With peer to peer lending on HVA’s
blockchain technology, people who need a loan can perform all online
manipulation, even with a smartphone. The peer to peer platform offers
the following superior benefits to users:
• Thanks to applying database and intelligent algorithm, the
loan approval process is quick.
• Borrowers are charged a lower interest rate compared to
bank’s interest rate.
• Lenders are paid a higher deposit interest rate compared to
bank’s deposit interest rate
Investor can use VNDC as a tool to borrowing and lending money on
iziLending. Moreover, investor holding VNDC or tokens of any IBO can
borrow up to 70% of the direct value on iziLending platform. The VNDC
offers users the following benefits:
• Reducing fiat payment gateway transaction fee
• Saving trading time
• Applying transparent blockchain, high security
Traditional Lending Model
Saving
Deposit interest rate
BankLender Borrower
Lending
Interest rate
Peer to peer Lending Model
Lender Borrower
Lending
Interest rate

Comparing traditional lending model with peer to peer lending model
2 IBO INVESTMENT
IBO is a form of calling for funds through digitalizing the intangible and
tangible assets by blockchain tech. Digital assets will exist in the form of
tokens and have validity equivalent to business cooperation contracts
(BCC).
Example of IBO real estate projects
IBO is unlike ICO-a form of focusing on startups. IBO has been already
studied and it’s suitable for legal framework and practical conditions in
Vietnam. The targets of raising capital through IBO are also expanded. It’s
not only limited to startups but also included the operating enterprises in
need of capital mobilization to implement new projects or extend
manufacturing business.
Applying VNDC to IBO investment
About FundGo, this is a digital asset platform and raising capital through
IBO. It’s similar to primary market on an stock exchange.
The targets of raising funds on FundGo include startup and real estate
projects.
Benefits from Fundgo platform:
• Raising and flowing capital from where is abundant to where there
is demand-for-capital.
• Diversifying investment portfolio through splitting investments

• Tending towards decentralized business model, helping relieving
economic power
3 Exchange Instrument on Digital Asset Trading Market
DAX-Digital asset exchange will list digital asset in the form of token to
create liquidity for investors. Digital assets (token) will be traded on DAX
and price fluctuations will follow the law of supply and demand. Token will
be unlisted when the project ends and the project owner fulfills the
obligation of capital and profit payment to investors arising from the
project’s development.
About DAX, this is a digital asset exchange developed by HVA and
expected to launch in May 2018 with intelligent and modern payment
methods serving the investor community.
After being distributed, digital assets in the form of tokens will be listed on
DAX to create liquidity for investors.
On DAX, users can directly deposit into their account via Visa, Mastercard,
JCB to trade and exchange digital assets. DAX has many outstanding
features for investors such as:
• Supporting both Vietnamese and English Language
• High security
• Fast depositing and withdrawing money
• Auction immediately
• Free to creating accounts and trading orders set.
• Low transaction fee
• Multi-method deposit and withdrawal
• User-friendly

V. MÔ HÌNH VẬN HÀNH
CAPITAL-RAISING PROFIT SHARINGOPERATING BUSINESS
Issuing
300 million VNDS, value at 1.000
VND
100% VNDS is owned by the four founding
shareholders, including:
✓ 135 million VNDS (45%) are distributed to
the founding shareholder committing to
contribute capital.
✓ 165 million VNDS (55%) are distributed to
the market in the form of business
cooperation contract.
Aloocating capital raised
80%
20%
Using for operating business
Using for escrowing,
guaranteeing of issuing VNDC-
digital asset
1
2
Running VNDC ecosystem
✓ Loan instrument on iziLending (peer to
peer lending) app
✓ Token investment instrument of IBO
project on FundGo platform
✓ Exchange instrument on DAX- Digital
Asset Exchange
✓ Cashback points, loyalty
✓ Connecting to Visa, M-Visa
VNDC profit comes from
✓ Transferring ownership of contract: 0.1%, minimum VND 2,000, maximum VND
200,000 in VNDC ecosystem
✓ Annual fee from second year: 50.000 VND/ account
✓ Issuing VNDC credit membership card: 99,000 VND/ card
✓ Digitizing business fee: 1-10% of business value
✓ Bank interest rate: 6-10 % per year
✓ Commission on partner system: 1-10%
3
4
Profit sharing policy
✓ 36% for VNDS investors
✓ 20% for increasing DAMH’s capital for
helping increasing VNDS price and having
high liquidity
✓ 40% for distributing to outsource units
including: infrastructure (10%), business
(10%), research and security (5%), operation
of Legal and accounting (10%)
✓ 4% for VNDS investors when introducing
customer to DAMH Company. Condition:
investor need to have at least 10,000 shares
of VNDS.
5

VI. ROADMAP
Capital-raising
Establishing creative
startup business, capital
100 billions
√
March 1-May 18,
2018
June 1, 2018
Blockchain & API
Opening rental VNDC
contract, Launching
Blockchain and API
July 2018
After August
2018
From
January 2019
Implementing VNDC
Implementing VNDC
ecosystem
Replicating Model
Implementing and
replicating Blockchain 4.0
business model
Franchise
Applying VNDC platform to
internal shareholder
management, crowdfunding-
raising
X
X X
X
✓

VII. PLAN TO LAUNCH VNDS
VNDS is offered for sale in stages, according to the expected development as follows:
Auction: 80 million shares will be up for sale from April 24, 2018 to May 15, 2018:
The plan can be changed based on business operations and the development of DAMH and will be announced on DAMH’s media.
VNDS Referral program:
VNDS – Business Cooperation Contract (BCC) of VNDC project. 1 VNAS values at VND 1,000
✓ Stage 1: March 10, 2018 - March 31, 2018: Package investment with 20,000 VNDS is 1,500 VND/ VNDS.
✓ Stage 2: April 1, 2018 - April 7, 2018: 20 million VNDS will be up for sale, the price is 1,500 VND/ VNDS by any
quantity.
✓ Stage 3: April 8, 2018 - April 16, 2018: 30 million VNDS will be up for sale valued at 2,000 VND/VNDS.
✓ Stage 4: April 17, 2018 - April 23, 2018: 50 million VNDS will be up for sale values at 3,000 VND/VNDS
✓ Stage 5: April 24, 2018 - April 30, 2018: 30 million VNDS for online auction, the starting price is from VND 4,500, tick
size is VND 100.
✓ Stage 6: May 1, 2018 - May 6, 2018: 20 million VNDS for online auction, the starting price is from VND 6,000, tick
size is VND 100.
✓ Stage 7: May 7, 2018 - May 14, 2018: 20 million VNDS for online auction, the starting price is VND 8,000, tick size is
VND 100.
✓ Especial package investment: May 15, 2018 - May 17, 2018: 10 million VNDS for online auction, the only
package investment price is 10 million VND applied for investors owning VNDS before.

This program is for rewarding active members who have made a lot of contribution in expanding network for company. The program can be changed based
on business operations of company and will be inform to members.
Additionally, once the first VNDC distribution program is ended, members have right to exchange VNDC to VND.
During this time, there will be a Top Master Broker program with many attractive prizes for each VNDS distribution.
Premium Member Program:
Members will always receive 4 % of transaction fee revenue from the customer they introduced. The program is applied for members who have at least
10,000 VNDS in their account. Note: Company will deduct 10% of this income to pay personal income tax for members.
VIII. TECHNICAL INFRASTRUCTURE
From March 10, 2018 to May 18, 2018: Master Broker Program
Member introducing a VNDS investor to DAMH will be received:
✓ Stage 1: 20 % of the investment contract value
✓ Stage 2: 15 % of the investment contract value
✓ Stage 3 – stage 7: 10 % of the investment contract value
Applying for: member owning at least 10,000 VNDS. Rewarding balance will be exchanged to at least 50 % VNDS and 50
% VNDC (Read chapter 3), the VNDC can be exchanged to VNDS immediately and are allowed to join Bidding VNDS.

IX. PROFIT MARGIN
About Value Unit
DAMH shares 300,000,000 VNDS
Total capital contribution 300,000,000,000 VND
Plan to use capital
Guaranty escrow to issuing VNDC 240,000,000,000 80% of total capital
Running project 60,000,000,000 20% of total capital
Mục Giá trị Đơn vị
Cổ phần DAMH 300,000,000 VNDS
Tổng số vốn góp 300,000,000,000 VND
Kế hoạch sử dụng vốn
Ký quỹ ngân hàng bảo chứng phát hành VNDC 240,000,000,000 80% Tổng vốn
Vận hành dự án 60,000,000,000 20% Tổng vốn

Plan to deposit and profit Units: Thousands dong
Kế hoạch dòng tiền và lợi nhuận Đơn vị: nghìn đồng
Năm 1 2 3 4 5
Số tiền bảo chứng phát hành VNDC (1) 240,000,000 240,000,000 240,000,000 240,000,000 240,000,000
Số lần hình thành mỗi năm (2) 20 30 40 50 60
Số lượng VNDC phát hành cho thuê (3) = (1) * (2) 4,800,000,000 7,200,000,000 9,600,000,000 12,000,000,000 14,400,000,000
Tăng trưởng 50% 33% 25% 20%
Vòng quay VNDC giao dịch trên sàn (4) 10 15 20 25 30
Số lượng VNDC được giao dịch (5) = (3) * (4) 48,000,000,000 108,000,000,000 192,000,000,000 300,000,000,000 432,000,000,000
Phí giao dịch (6) 0.10% 0.10% 0.10% 0.10% 0.10%
Doanh thu từ phí giao dịch (7) = (5) * (6) 48,000,000 108,000,000 192,000,000 300,000,000 432,000,000
Số tài khoản mở hợp đồng thuê VNDC (8) 300,000 390,000 546,000 819,000 1,310,400
Tăng trưởng 30% 40% 50% 60%
Phí thường niên (từ năm thứ 2) (9) 0 50 50 50 50
Doanh thu từ thu phí thành viên (10) = (8) * (9) - 19,500,000.00 27,300,000 40,950,000 65,520,000
Số tài khoản mở thẻ tín dụng (11) 90,000 117,000 163,800 245,700 393,120
Phí phát hành thẻ tín dụng (12) 99 99 99 99 99
Doanh thu từ thu mở thẻ tín dụng (13) = (11) * (12) 8,910,000 11,583,000.00 16,216,200 24,324,300 38,918,880
Giá trị tài sản số hóa (14) 1,500,000,000 1,950,000,000 2,730,000,000 4,095,000,000 6,552,000,000
Tăng trưởng 30% 40% 50% 60%
Phí số hóa tài sản (15) 5% 5% 5% 5% 5%
Doanh thu từ số hóa tài sản (16) = (14) * (15) 75,000,000 97,500,000 136,500,000 204,750,000 327,600,000
Số dư tiền gửi trung bình (17) = (3) * 40% 1,920,000,000 2,880,000,000 3,840,000,000 4,800,000,000 5,760,000,000
Lãi suất tiền gửi (6%/năm) (18) 6.0% 6.0% 6.0% 6.0% 6.0%
Doanh thu từ lãi gửi ngân hàng (19) = (17) * (18) 115,200,000 172,800,000 230,400,000 288,000,000 345,600,000
Tổng doanh thu (20) = (7) + (10) + (13) + (16) + (19) 247,110,000 409,383,000 602,416,200 858,024,300 1,209,638,880
% doanh thu trên tổng vốn (21) = (20) / Tổng vốn góp 82% 136% 201% 286% 403%
Chi phí vận hành, hoạt động (22) = (20) * 40% 98,844,000 163,753,200 240,966,480 343,209,720 483,855,552
Chính sách chia sẻ thành viên giới thiệu (23) = (20) * 4% 9,884,400 16,375,320 24,096,648 34,320,972 48,385,555
Giữ lại để tăng vốn cho công ty (24) = (20) * 20% 49,422,000 81,876,600 120,483,240 171,604,860 241,927,776
Chia sẻ lợi nhuận cho NĐT (25) = (20) * 36% 88,959,600 147,377,880 216,869,832 308,888,748 435,469,997
Lợi nhuận/năm (26) = (25) / Tổng vốn góp 30% 49% 72% 103% 145%

Name 1 2 3 4 5
Money for issuing VNDC Guarantee (1) 2400,000,000 2400,000,000 2400,000,000 2400,000,000 2400,000,000
Number of forming times per year (2) 20 30 40 50 60
Number of rental VNDC issued (3)=(1)*(2) 4,800,000,000 7,200,000,000 9,600,000,000 12,000,000,000 14,400,000,000
Rate 50% 33% 25% 20%
Circle of VNDC trading on exchange (4) 10 15 20 25 30
Number of VNDC traded (5)=(3)*(4) 48,000,000,000 108,000,000,000 192,000,000,000 300,000,000,000 432,000,000,000
Transaction fee (6) 0.10% 0.10% 0.10% 0.10% 0.10%
Revenue from transaction fee (7)=(5)*(6) 48,000,000 108,000,000 192,000,000 3000,000,000 432,000,000
Number of account opening VNDC rental
contract (8)
3000,000 390,000 546,000 819,000 1,310,400
Rate 30% 40% 50% 60%
Annual fee ( from second year) (9) 0 50 50 50 50
Revenue from membership fee
(10)=(8)*(9)
- 19,500,000,000 27,300,000 40,950,000 65,520,000
Number of account opening credit card
(11)
90,000 117,000 163,800 245,700 393,120
Fee for issuing credit card (12) 99 99 99 99 99
Revenue from opening credit card
(13)=(11)*(12)
8,910,000 11,583,000.00 16,216,200 24,324,300 38,918,880
Digital asset value (14) 1,500,000,000 1,950,000,000 2,730,000,000 4,095,000,000 6,552,000,000
Rate 30% 40% 50% 60%
Asset Digitization fee (15) 5% 5% 5% 5% 5%
Revenue from Asset Digitization
(16)=(14)*(15)
75,000,000 97,500,000 136,500,000 204,750,000 327,600,000
Average of deposit balance (17)=(3)*40% 1,920,000,000 2,880,000,000 3,840,000,000 4,800,000,000 5,760,000,000
Deposit interest rate (6%/year) (18) 6.0% 6.0% 6.0% 6.0% 6.0%
Revenue from Deposit interest rate
(19)=(17)*(18)
115,200,000 172,800,000 230,400,000 288,000,000 345,600,000
Total revenue (20)=
(7)+(10)+(13)+(16)+(19)
247,110,000 409,383,000 602,416,200 858,024,300 1,209,638,880
Percentage of capital revenue (21)=(20)/
total capital contribution
82% 136% 201% 286% 403%
Running and operating fee (22)=(20)*40% 98,844,000 163,753,000 240,966,480 343,209,720 483,855,552
Introduced member sharing policy
(23)=(20)*20%
9,884,400 16,375,320 24,096,648 34,320,972 48,385,555

Keeping to increase capital for company
(24)=(20)*20%
49,422,000 81,876,600 120,483,240 171,604,860 241,927,776
Sharing capital for investor (25)=(20)*36% 88,959,600 147,377,880 216,869,832 308,888,748 435,469,997
Profit/year (26)= 25/ total capital
contribution
30% 49% 72% 103% 145%
X. PARTNERS
1 Payment Partners
2 VNDC guarantee Partner

APPENDIX – FAQ (Frequently Asked Questions)
1. What is VNDC, VNDS?
VNDC is digital asset owned by Digital Asset Holding (DAMH) Join Stock Company, was created from VNDS capital contribution, in form of e-contract and
always values at VND 1 during its life.
VNDS- Business co-operation contract (BCC) of VNDC project

2. Rights and Duties of VNDS holder
VNDS holder has right to sharing revenue, transferring, trading, etc. VNDS owned.
3. VNDC is a coin or not?
According to definition, VNDC is digital asset owned by Digital Asset Holding (DAMH) Join Stock Company, was created from VNDS capital contribution, in
form of e-contract and always values at VND 1 during its life.
4. Is VNDC legal in Vietnam?
Yes, it is. Because it’s not a new currency, VNDC is the form of digitizing VND to VNDC.
5. Who issues VNDC?
DMAH Join Stock Company issues based on managing number of VNDC and depended on deposit guarantee.
6. What is the same and different between VNDC and USDT?
They are both working on Blockchain-based. However, they are different in applying to real life as well as VNDC guaranteed by banks.
7. Using VNDC for what?
VNDC will be used as loan instrument, trading goods, changing accumulated and cashback points. Its function is equivalent to a Fiat built with Blockchain-
based.

8. If VNDC is stable coin, it will not be suitable for speculation, so buying IBO have any benefits?
VNDC is not suitable for speculation. VNDC is DAMH’s digital asset and people use a VNDC for payment as cash digitized. For long-term investment,
investor should buy shares of company owned VNDC. If they are shares, investor can receive dividends arising during VNDC rental process and other
activities..
9. How to invest?
Step 1: Creating an account through the link introduced (if there is no introduced link, account cannot be created)
Step 2: Step 2: Taking photo of ID card or passport to verify your account (After verifying successfully, announcement email will be sent)
Step 3: Depositing to account (escrow account) through common forms in Vietnam such as transferring, credit card, etc.
Step 4: Once the order is successfully processed, the money will be credited to the account.
Step 5: “Opening VNDS contract” by entering the amount of VNDS needed to buy.
Guiding registration account link: https://goo.gl/P4xDjR
10. Vietnamese Law prohibits using other money to replace VND in payment, so how about VNDC?
Actually VNDC is VND because of the bank guarantee, so using VNDC is legal.
11. What are advantages of VNDC?

+ Guaranteed by prestigious banks and having high liquid asset
+ Exchange to VND easily.
+ No Foreign currency exchange fee while doing financial transaction.
+ Fee of transferring ownership of contract (transaction fee) is very low only 0.1%, minimum VND 2,000, maximum VND 200,000
+ No imposing personal income tax on goods
+ VNDC protects Vietnamese investors from hacker and theft.
12. Is VNDC prohibited to sell in Vietnam?
No! As we say, VNDC is not a new or digital currency, but VNDC is VND digitized based on the bank guarantee contract and issued with the same amount of
guaranty quantity
13. Project team includes who?
Leaders of project include:
- Vuong Le Vinh Nhan: CEO-TrustPay Joint Stock Company
- Nguyen Khanh Toan: CEO- HVA investment Joint Stock Company
- Pham Xuan Huy: CEO- Vinagroup Joint Stock Company
- Ho Huynh Duy: Chairman-DGROUP Investment and Development Joint Stock Company
16. If the project is not implemented, do investors get their refunds?

Yes. Investor money will be refund 100%.
17. I have already registered an account and it has been completely verified, but I haven’t bought enough 10,000 VNDS and someone I
recommended buys shares, then do I get bonus on the one that I recommended?
No. To get a bonus you have to have enough 10,000 VNDS in your account before someone you recommended buys shares.

Whitepaper VNDC (Eng)

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