VINGROUP JOINT STOCK COMPANY. Corporate Presentation March 2017

Transcription

1 VINGROUP JOINT STOCK COMPANY Corporate Presentation March 2017

2 Contents A. Vietnam Macroeconomic Updates 3 7 B. Vingroup Overview 8 14 C. Leading Real Estate Developer and Operator D. Dominant Modern Retail Player across all Formats E. Financial Overview VAS F. Financial Overview IFRS G. Trading Performance

3 A. Vietnam Macroeconomic Updates 1. One of the Most Attractive Southeast Asian Economies 4 2. Improving Macroeconomic Conditions Supporting Growth 5 3. Favorable Long-term Outlook for Consumption and Modern Retail 6 4. Vietnam Residential Market is in the Uptrend 7 3

4 One of the Most Attractive Southeast Asian Economies The third most populous country in Southeast Asia (1) 2015 population (bn) One of the fastest growing economies in the region 2016 real GDP growth (%) % 6.2% 5.0% 4.3% 3.1% % 6 Indonesia Philippines Vietnam Thailand Malaysia Singapore Philippines Vietnam Indonesia Malaysia Thailand Singapore Increasing business confidence from foreign investors (3) Business Climate Index in Vietnam (index point) Catching up with regional peers in urbanization (4) (% of total population) 100 Singapore 100% 80 Malaysia 75% China 56% Indonesia 54% Thailand 50% Philippines 44% Vietnam 34% India 33% Sources: (1),(2) Economist Intelligence Unit (3) Eurocham 2016 (4) World Bank, Urbanization Data, 2015

5 Healthy Macroeconomic Conditions Supporting Growth Inflation and interest rates are under control Exchange rate remains resilient 13.5% (VND) Average devaluation: 2.9% p.a 10.4% 8.7% 8.4% 9.5% 20,649 20,859 21,017 22,495 22, % 6.6% 4.1% 0.6% 2.7% Inflation Lending Interest Rate Disbursed FDI consistently on the rise (US$ bn) Consumer spending growth (US$ bn) Source: General Statistics Office of Vietnam

6 Favorable Long-term Outlook for Consumption and Modern Retail Constant improvement in individual income (1) Positive trends in consumer confidence (2) Vietnam s GDP per capita (US$) Consumer Confidence Index ,933 2,052 2,109 2,215 1, Q Positive Neutral Negative Region s lowest retail space (3) Modern retail space in SEA cities (thousand sqm), Q ,000 Lowest penetration rate of modern grocery retail (4) 2015 modern grocery retail as part of total grocery retail by value (%) 71.9% 6,000 4, % 45.3% 2, % 0 Bangkok Singapore Manila Kuala Lumpur Jakarta Hanoi Ho Chi Minh City Phnom Penh Yangoon 16.8% 5.0% Vietnam Indonesia Philippines Malaysia Thailand Singapore 6 Sources: (1) General Statistics Office, based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 number) (2) TNS Consumer Confidence Index (4) Euromonitor (3) CBRE, Yangoon, Kuala Lumpur and Manila: data as of 2014

7 Vietnam Residential Market is in the Uptrend Hanoi residential transactions on the rise with (Number of units sold) 8,000 6,000 4,000 2,000 high- and mid-end prices reaching a 4-year high (US$ psm) $2,000 $1,500 $1,000 $500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q High-end Mid-end Low-end $0 High-end Mid-end Low-end HCMC residential transactions rapidly accelerating with (Number of units sold) high-and mid-end prices increasing the fastest in the last 2 years (US$ psm) 12,000 10,000 8,000 6,000 4,000 2,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q High-end Mid-end Low-end $2,000 $1,500 $1,000 $500 $0 High-end Mid-end Low-end Vingroup is a key beneficiary of the positive Vietnam real estate outlook 7 Source: CBRE

8 B. Vingroup Overview 1. Evolution of Vingroup 9 2. Largest Listed Real Estate Company with Diversified Consumer Sector Exposure Ecosystem of Complementary Products and Services Significant Focus on Recurring Revenue Streams Experienced Management Team, Good Corporate Governance and Strong Sponsor Vietnam s Flag Bearer in the International Capital Markets 14 8

9 Evolution of Vingroup Preserving the Start-up Mindset Total Assets ($ mm) 10,000 9,000 $472 mm sale of Vincom Center A HCMC mall $550 mm raised from international financial market Completion of Royal City & Times City projects $70 mm equity placement Managed 5 Vinpearl resorts 6 Vincom shopping malls in operation Vinhomes Central Park construction started Vinmart launched $100 mm Warburg Pincus follow-on investment in Vincom Retail 10 new Vincom shopping malls & acquisition of Maximark 2 new Vinpearl resorts 2 new Vinmec Int l hospitals 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Vinpearl JSC Technocom Vincom JSC Vinpearl Resort Nha Trang Vinpearl Land Nha Trang Vincom Center Ba Trieu Vincom Plaza Long Bien 2 new Vinpearl resorts in Da Nang and Nha Trang Vinpearl Golf Club Nha Trang opened Listed on HOSE (largest real estate co.) $100 mm convertible bond ,293 1,526 Vincom Vinpearl merger $300 mm convertible bond Vinmec Times City International Hospital (Hanoi) opened ,528 VND 3 trillion bond guaranteed by CGIF US$300mm international syndicated loan 10 new Vincom shopping malls 1 new Vinpearl resort & 1 new Vinpearl city hotel 2 new Vinmec Int l hospital Vinhomes Gardenia and Vinhomes Golden River construction started Revenues ($ mm) 9 Financials are presented based on VAS Revenue (US$ mn) = Revenue (bn VND)/ Exchange rate VND/US$ as of 31 December each year

10 Retail Leasing, Cons. Retail Residential Largest Listed Real Estate Company with Diversified Consumer Sector Exposure To create a better life for the Vietnamese people Villas, Apartments,Shophouses and Condotels (Vinhomes and VinCity) Resorts (Vinpearl) and Amusement Parks (Vinpearlland) Hospitality Golf Courses, Gyms and Spas Shopping Malls (Vincom Center, Vincom Mega Mall, Vincom Plaza and Vincom+) aâinfr Infrastructure Social Healthcare (Vinmec) Supermarkets (VinMart), Convenience Stores (VinMart + ), Electronic Retailing (VinPro), Consumer Lifestyle (VinDS) and E-commerce (Adayroi) Education (Vinschool) Agriculture (VinEco) 10

11 Ecosystem of Complementary Products and Services Retail & Property Vincom quality shopping malls Largest retail portfolio in Vietnam with 1,000,000 sqm of retail GFA 4 Vincom Centers at prime locations in Vietnam s major cities 3 Vincom Mega Malls, large scale commercial & entertainment developments 25 Vincom Plazas & Vincom+ in 15 cities & provinces Consumer Retail VinCommerce modern retail in all formats (2) 22 in 63 cities & provinces covered, VinCommerce is the leading modern retailer with one of the largest networks in Vietnam Vinmart/Vinmart + operates 55 supermarkets & 843 convenience stores VinPro operates 24 electronic, home appliances & ICT stores VinDS sells home furniture, apparels & cosmetics through 78 stores Adayroi!com comprehensive B2C ecommerce website supported by inter-city & lastmile delivery with 29 distribution hubs Social Infrastructure Services VinEco trusted source of fresh food VietGAP standard farms producing fresh vegetables, fruits, & exclusive cooperation to produce and rice and meat Property Vinhomes premium apartments & villas Largest residential developer in Vietnam Quality residential properties with uncompromising services, located at prime locations & supported by comprehensive facilities & amenities Vingroup Card comprehensive loyalty program Credit system consistently applied across Vingroup s ecosystem of products and services. Points can be redeemed anywhere Special priorities and benefits for cardholders Property Vincom Office premium office leasing 3 office developments at the centers of Hanoi & HCMC s financial centers Hospitality & Entertainment Vinpearl resorts and Vinpearlland entertainment Leading hospitality operator with over 6,000 rooms managed 9 Vinpearl 5 star & 5 star plus resorts and hotel at the best beaches in Vietnam 2 international-standard golf courses 3 large-scale outdoor amusement parks in Vinpearl developments Social Infrastructure Services Vinschool high quality K-12 education Comprehensive kindergarten to high school Vietnamese curriculum Over 13,000 students registered at 10 facilities Social Infrastructure Services Vinmec high quality healthcare services Leading healthcare provider with over 500 beds under operation 5 full-serviced general hospitals 2 clinics 11 As of 28 February 2016

12 Significant Focus on Recurring Revenue Streams Portfolio of commercial real estate continues to ramp up Strategic shift towards a greater percentage of revenue coming 1,500 from recurring income streams such as leasing, consumer retail, hospitality, healthcare, and schools enhances the resilience of 1,000 the business model. Recurring revenue growth 20.2% 21.3% 38.4% 35.3% Recurring revenue Recurring % total revenue Revenue diversified across retail & non-retail segments CAGR: Retail = 87%, Non-Retail (NR) = 55% (Retail) Leasing (Retail) Consumer Retail (NR) Hospitality & Entertainment (NR) Education, Heathcare & Others 17% 21% 46% 16% (% of total in 2016) 12 Source: Audited VAS Consolidated Financial Statement for 2013, 2014, 2015 and 2016

13 Experienced Management Team, Good Corporate Governance and Strong Sponsor Ms. Pham Thuy Hang Vice Chairwoman Mr. Pham Nhat Vuong Chairman of the Board of Directors Holds a Bachelors Degree in Geological Economic Engineering, graduated from Moscow Geology University in Russia Long track record as an entrepreneur both in and out of Vietnam, founded Technocom Limited Company in Ukraine, which was sold to Nestle S.A. in 2010 Established Vinpearl in 2001 and Vincom in 2002 Founder and largest single shareholder in Vingroup In 2012, he was recognized as Vietnam s first billionaire by Forbes Magazine, and continued to maintain this sole position from 2013 to Board of Directors Ms. Pham Thu Huong Vice Chairwoman Ms. Nguyen Dieu Linh Vice Chairwoman Mr. Le Khac Hiep Vice Chairman cum Independent Member Ms. Mai Huong Noi Member cum Deputy CEO Mr. Joseph Gagnon (1) Member Mr. Marc Villiers Townsend (2) Independent Member Prof. Ling Chung Yee Roy (3) Independent Member Management Ms. Duong Thi Mai Hoa CEO 20+ yrs experience 4 yrs with Vingroup Ms. Mai Huong Noi Board member & Dy CEO 26 yrs experience 11 yrs with Vingroup Mr. Pham Van Khuong Dy CEO 29+ yrs experience 14 yrs with Vingroup Ms. Nguyen Thi Diu Dy CEO 20+ yrs experience 4 yrs with Vingroup Ms. Duong Thi Hoan Dy CEO 18 yrs experience 10 yrs with Vingroup Ms. Nguyen Dieu Linh Vice Chairwoman (Vingroup) CEO (Vinhomes 1) 21 yrs experience 12 yrs with Vingroup Mr. Dang Thanh Thuy CEO (Vinpearl) 21 yrs experience 13 yrs with Vinpearl Ms. Thai Thi Thanh Hai CEO (VinCommerce) 23 yrs experience 3 yrs with Vingroup Ms. Le Mai Lan Chairwoman (Vinschool) 16 yrs of experience 4 yrs with Vingroup Ms. Luu Thi Anh Xuan CEO (Vinhomes 2) 26 yrs experience 3 yrs with Vingroup Ms. Tran Mai Hoa CEO (Vincom Retail) 23 yrs experience 3 yrs with Vingroup Ms. Le Thuy Anh CEO (Vinmec) 17 yrs experience 5 yrs with Vinmec Ms. Vu Tuyet Hang CEO (VinEco) 21 yrs experience 12 yrs with Vingroup 13 (1) Mr. Joseph Gagnon is a Managing Director of Warburg Pincus (2) Mr. Marc Villiers Townsend is the Managing Director of CBRE Vietnam (3) Pro. Ling Chung Yee Roy is the Managing Director of RL Capital Management

14 Vietnam s Flag Bearer in the International Capital Markets More than US$1.5 billion raised internationally through several pioneering transactions since 2010 Prestigious awards and accolades International Syndicated Loan Vietnam Best Syndicated Loan 2016 July 2016 US$300 mm RegS/144A International Senior Unsecured Notes Vietnam Capital Markets Deal 2013 Best Vietnam Deal 2013 Issuer that matter October 2013 US$200mm Domestic Senior Unsecured Notes, guaranteed by February 2016 VND3,000 trln International Syndicated Loan October 2013 US$150mm Private Equity Investment by 2013 Real-estate Deal of the Year May 2013 US$200mm June 2015 US$100mm Convertible Bonds Best Capital Markets Deal 2012 Best Vietnam Deal 2012 Best Vietnam Deal 2012 Apr & Jul 2012 US$300mm (1) Secondary Placement of Ordinary Shares April 2014 US$70mm Good relationship with all leading domestic banks with repeat loan and bond issuance Holistic cooperation with financial institutions, including facilitation of mortgage financings for customers and transactional banking services at Vingroup commercial properties Domestic awards in 2015 Asia Pacific Property Awards 2016 Viet Nam's Best Mixed-Used Development Vinhomes Central Park Viet Nam's Best High-Rise Development Landmark 81 Viet Nam's Best Residential Landscape Architecture Vinhomes Times City Park Hill Brand Finance Awards 2016 Vinhomes The most valuable real estate brand in Vietnam Vincom Retail, VinCommerce, Vinpearl and South Hanoi Jsc Top 50 most valuable brands in Vietnam The Asset AAA: Vietnam Best Syndicated Loan 2016 Standard and Poors 2014: Top 100 ASEAN companies Finance Asia 2014: Region s Best Borrower Vietnam Euromoney Real Estate Awards 2014: Best retail developer in Vietnam Southeast Asia Property Awards 2014: Best developer - Vietnam Vietnam Report 2015 Top 10 largest corporate tax payers Ministry of Industry and Trade Top 10 brand awards Vietnam National Administration of Tourism Top 10 5-star hotels in Vietnam 14 (1) Total of US$300 mm CBs were converted into shares by 16 March 2016

15 C. Leading Real Estate Developer and Operator 1. Largest Residential and Commercial Developer in Vietnam One of the Largest Landbanks in Prime Locations Across Vietnam Robust Residential Sales: New Projects Seamless Land Acquisition and Sale Process Capital Efficient Model 20 15

16 Largest Residential and Commercial Developer in Vietnam Vingroup (rated B+ by Fitch and B by S&P) is the largest listed real estate company in Vietnam by market capitalization with controlling interest in over 108 developments, which are in prime urban and high growth areas in key cities throughout Vietnam The largest listed real estate (1) company in Vietnam (market capitalization, US$ mm) 4,838 1,790 Vingroup #1 #2 #3 One of the largestlisted Developer of highrise Developer of companies in Vietnam residential projects in industrial and business parks High-quality Southern Vietnam Infrastructure commercial, development residential, hospitality and mixed-used properties A clear leader in Vietnamese real estate Developer of integrated low-rise projects with accompanied utilities in Southern Vietnam Proven ability to secure prime sites in the Central Business Districts of Hanoi and Ho Chi Minh City Landmark projects across young and dynamic cities and provinces in Vietnam Growing portfolio of quality properties that operate under the Vingroup brand names: a critical contributor of recurring revenue Track record of successful project development, sales and property management 108 projects across Vietnam Hanoi Royal City Times City Vinhomes Riverside 54A Nguyen Chi Thanh 7 operational Vincom malls Vinmec Times City Int l Hospital Vinhomes Gardenia Vinhomes Metropolis Vinhomes Smart City Vinhomes Green Bay Vinhomes Skylake Vinhomes The Harmony (Riverside 2) Green City Dan Phuong North Vietnam (Excluding Hanoi) 4 operational Vincom malls Vinmec Ha Long Int l Hospital Vinmec Hai Phong Int l Hospital Vincom Plaza Ly Thai To, Bac Ninh Vinhomes Dragon Bay Dream City, Hung Yen Vinmec Medical University, Hung Yen 9 Vincom malls under construction & development Central Vietnam Vinmec Nha Trang Int l Hospital 5 operational Vincom mall 8 Vincom malls under development Ho Chi Minh City 9 operational shopping malls Vinmec Central Park Int l Hospital Vinhomes Central Park Vinhomes Golden River Vinhomes Long Beach Can Gio 6 Vincom malls under construction & development South Vietnam (Excluding HCM city) 4 operational Vincom malls Vinmec Phu Quoc Int l Hospital 11 Vincom malls under construction & development 76 Mixed used and shopping malls projects at prime locations in key cities Operating Project Under construction and pipeline projects 32 projects at key tourist destinations North Vietnam Vinpearl Ha Long Bay Resort Vu Yen Island, Hai Phong Central Vietnam Vinpearl Da Nang Resort & Villas Da Nang 2, Da Nang Vinpearl Resort Hoi An Vinpearl Cua Sot, Ha Tinh Vinpearl Cua Hoi, Nghe An Vinpearl Riverfront Condotel, Da Nang Vinpearl Da Lat Vinpearl Quy Nhon, Binh Dinh Nha Trang, Khanh Hoa Vinpearl Nha Trang Resort Vinpearl Land Nha Trang Vinpearl Luxury Nha Trang Vinpearl Golf Club Nha Trang Vinpearl Nha Trang Bay Resort & Villas Vinpearl Golf Land Resort & Villas Vinpearl Empire Condotel Vinpearl Beachfront Condotel Vinpearl Phu Quy Vinpearl Hon Mot Vinpearl Bai Tru Vinpearl Long Beach Villas South Vietnam (Excluding Nha Trang, Khanh Hoa) Vinpearl Land Phu Quoc Vinpearl Golf Club Phu Quoc Vinpearl Phu Quoc Resort Vinpearl Phu Quoc Resort & Golf Vinpearl Safari Phu Quoc Vinpearl Phu Quoc Villas Vinpearl Phu Quoc Paradise Villas Con Au, Can Tho 16 (1) As of 31 March 2017

17 One of the Largest Landbanks in Prime Locations Across Vietnam Landbank breakdown GFA breakdown (1) (mm sqm) 84.7 mm sqm 84.7 mm sqm Hospital 3% Hotel 6% Entertainment School 9% 4% Villas, shophouse 35% Commercial 16% Retail Mixed used & commercial Hospitality Completed & Operational Under construction & development Beach Villas 3% Planned GFA breakdown Land banking strategy Highrise 24% (mm sqm) 45.5mm sqm 45.5 mm sqm 84.7 mm sqm of landbank is sufficient for at least 10 years of development Proactive in infrastructure development to support accessibility of own projects Seek to acquire land adjacent to existing mixed-use projects to benefit from economies of scale and increase the critical mass of existing projects Retail Mixed used & commercial Hospitality Completed & Operational Under construction & development 17 As of 30 September 2016, Landbank and GFA of under-development projects are subject to change (1) GFA does not include (i) agricultural land, (ii)leased retail areas, (iii) parking, public area and infrastructure

18 Villa, Shophouse & Condotels Projects Vinhomes Gardenia Vinhomes Golden River Vinhomes Central Park Robust Residential Sales: New Projects Nov-14 (1) Prime location along the western bank of the Saigon River, falling within the western border of the city center area, just 4km from the city s business center in District 1 Total site area: 422,000 sqm 97% of all launched residential units presold to date Total contract value: US$1,581 mm, received US$1,067 mm First delivery: Q ,295 10,498 10,498 10,498 10,498 10,498 7,641 9,070 9,305 9,790 10,148 10,196 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Feb-17 Cumulative units launched Cumulative units presold Apr-16 (1) The most spectacular location in the heart of Distric 1 alongside Saigon River and Thi Nghe Canal with direct connection to the city s first ever underground Metro line. Total site area: 253,000 sqm 77% of all launched residential units presold to date Total contract value: US$549 mm, received US$400 mm First delivery: Q ,546 2,546 2,546 2,070 1,647 1,854 1,961 1,167 Mar-16 Jun-16 Sep-16 Dec-16 Feb-17 Cumulative units launched Cumulative units presold Jan-16 (1) Mixed-use project in Tu Liem, Hanoi. Located in one of the most prime locations in My Dinh - Hanoi's modern commercial and administrative center, and well connected with transportation infrastructure Total site area: 176,300 sqm 88% of all launched residential units presold to date Total contract value: US$226 mm, received US$139 mm First delivery: Q (low-rise), Q (high-rise) 2,037 2,037 2,037 2,037 1,725 1,725 1,792 1,296 1,296 1,228 1, Mar-16 Jun-16 Sep-16 Dec-16 Dec-16 Feb-17 Cumulative units launched Cumulative units presold Apr-15 (1) Villas, Shophouses & condotels in Nha Trang, Phu Quoc, Danang, Hanoi, Ho Chi Minh City, Yen Bai, Tuyen Quang,Thai Binh, Ha Tinh, Hai Phong, Thanh Hoa, Can Tho, Rach Gia, Hau Giang, Tra Vinh, Vinh Long, Long An, Quang Binh, Ha Nam 85% of all launched units presold to date Total contract value: US$2,609 mm, received US$2,000 mm First delivery: Q ,870 7,035 7,431 5,301 5,690 6,305 4,990 3,566 3,214 1,969 1,190 1,876 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Dec-16 Cumulative units launched Cumulative units presold 18 As of 28 February 2017 (1) Pre-Sale launched

19 Seamless Land Acquisition and Sale Process Understanding the development and presales process is a crucial part in appreciating Vingroup s de-risked business model for residential projects Land Acquisition Presales Delivery 1. Obtaining approval-in-principle Acquire an approval-in-principle from the local people s committee Indicates the approval of a specific project 2. Investment Registration Certificate Can be obtained once approvalin-principle received After the investment certificate obtained, a developer may proceed to: o Get approval on the land clearance plan o Commence the land clearance process Stage 1 Sale & Purchase Agreement (SPA) (1) First Stage of Presale Signing of SPA When foundation work or first floor area is complete A deposit of c.us$10,000 is required to be placed whilst the SPA is being prepared The first SPA payment is about 25-30% of the purchase price Stage 2 Apportioned Pre-sales Before Completion Second Stage Installments Subsequent installment payments made depending on SPA terms Installment payments of 5-30% are made in varying stages depending on SPA Delivery of property upon completion Buyer has to pay the remaining ~30% of contract value upon delivery depending on SPA Revenue can be recognized by the Group for sale of property Property is delivered to buyer and removed from inventory Obtain and deliver the land use right certificate to buyers o Start construction of the project 19 (1) Vietnamese law requires the completion of either the foundation of a building or its 1st floor area before a sale and purchase agreement can be entered into. Sales prior to this completion may some times be made in the form of a loan agreement, which gets converted into an SPA once conditions to signing SPAs are fulfilled.

20 Capital Efficient Business Model Integrated development model Vinhomes Central Park Recycle capital through opportunistic asset sales Vincom Center Ba Trieu Tower A (office component) Vincom Financial Tower (office) Vincom Center Ba Trieu Tower B (office component) Vincom Center A HCMC (shopping mall, hotel) Vincom Center Nguyen Chi Thanh (office component) (2) Residential GFA (1) Residential segment presales helps to lighten capital requirements in a mixed-use project 76 % 24% Commercial and others GFA (1) Recurring revenue becomes a larger component of total project revenues over time Sale Price (3) US$25mm US$51mm US$64mm US$472mm US$110mm Profit % (4) >150% >100% >900% >100% >130% Holding period (years) 2 0 (5) (5) Area Sold 22,480 sqm 31,300 sqm 24,059 sqm 98,057 sqm 64,700 sqm Acquirer Demonstrated ability of successful asset sales even in challenging macroeconomic conditions Recycling of capital into new investments to generate high ROE 20 (1) As of 31 December 2016 (2) Sale price and Profit to be adjusted after hand-over (3) Exchange rate at the end of the transaction years were used. (4) % profit denotes the profit achieved from the sale, by comparing the sale price with the construction cost, taking into account depreciation, of the assets (5) Sold upon construction completion

21 D. Dominant Modern Retail Player across all Formats 1. Nationwide Retail Network Complemented by Innovative E-commerce and Robust Infrastructure Largest Portfolio of Retail Property for Lease 24 21

22 Nation-wide Retail Network 22 / 63 Key retail brands cities and provinces covered Comprehensive multi-format retailer 1,000 stores 898 VinMart & VinMart + 24 VinPro 78 VinDS Hanoi 7 Vincom malls 16 VinMart 406 VinMart + 6 VinPro 21 VinDS North Vietnam (1) 5 Vincom malls 7 VinMart 12 VinMart+ 5 VinPro 11 VinDS Central Vietnam 5 Vincom malls 8 VinMart 40 VinMart + 2 VinPro 5 VinDS Vinmart (>3,000 sqm supermarkets) and Vinmart + ( sqm convenience stores) 32 retail malls across Vietnam 4 Vincom Centers VinPro (electronics and ICT) VinDS (Specialty retail stores specializing in cosmetics, shoes, sportswear, furniture & household appliances) 1 million 3 Vincom Mega Malls sqm GFA Ho Chi Minh City 9 Vincom malls 13 VinMart 357 VinMart + 5 VinPro 26 VinDS South Vietnam (2) 6 Vincom malls 11 VinMart 28 VinMart + 6 VinPro 15 VinDS Prime locations in Vietnam s major cities with premium brands 22 Vincom Plazas Large scale shopping malls combined with the latest entertainment facilities 3 Vincom+ 22 As of 28 February 2017 (1) Excludes stores in Hanoi (2) Excludes stores in Ho Chi Minh City Modern shopping experience in newer cities and suburban areas Small-scale shopping malls in small towns and districts in newer cities

23 Complemented by Innovative E-commerce and Robust Infrastructure is the growth driver for VinCommerce Well developed infrastructure 29 modern logistic hubs in North, Central and South Vietnam 13/63 cities and provinces covered Fleet of delivery trucks, vans and motorcycles equipped with automated, real-time management system Commitment to provide B2C-logistics service with the shortest lead time to customers, and advanced delivery services for business partners Exceptional offerings for Vingroup Card users Internal customers External customers Over 7,000 merchants and suppliers Launched in August 2015, adayroi!com already offers the widest range of products than any e-commerce operator in Vietnam To seamlessly connect offline with online retailing, and with the nationwide logistic network Full suite of services to merchants, from content, image design to delivery and customer care Large community of 2.2 million members First and only card in Vietnam that is able to connect and integrate advantages and benefits Points can be redeemed everywhere within the Vingroup ecosystem Special priorities and benefits for cardholders 23 As of 31 December 2016

24 Growing Portfolio of Retail Properties Attracts Premium Brands Vingroup s brand names are instrumental in securing new sites, achieving premium pricing and attracting over 800 retail and F&B brands Fashion, beauty and accessories Food & Beverage and others 1,500,000 1,000, , Over 1,000,000 sqm Feb-17 GFA No. of shopping malls (1) Tenants for Vincom Center and Vincom Mega Mall in Ho Chi Minh City and Hanoi

25 E. Financial Overview - VAS 25 (1) Source: Audited VAS Consolidated Financial Statement 2013,2014,2015 and unaudited VAS Consolidated Financial Statement 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016

26 Debt profile overview Debt maturity As of 31 December 2016: Average debt maturity: 3.0 years 1, Less than 1 year 1-3 years 3-5 years More than 5 years Corporate bonds Convertible bond Convertible loan Long-term borrowings Short-term debts Average borrowing cost 11.3% 10.8% 9.9% 9.4% 8.8% Dec-12 Dec-13 Dec-14 Dec-15 Dec Source: 2012, 2013,2014, 2015 and 2016 audited VAS Consolidated Financial Statements As of 14 November 2016, the entire US$200mm international bonds issued in 2013 has been repaid Note: Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016

27 Debt Mix Analysis Diversified funding sources (1) Debt breakdown (1) Syndicated loan, 16.6% USD, 18.0% By currency EUR, 0.5% Bank loans, 13.6% VND, 81.4% Convertible loan, 1.1% Domestic bond, 68.7% By interest rate Fixed, 10.4% Total: VND39,759 Bn (US$1.74Bn) Floating, 89.6% 27 Note: Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials) (1) Based on Audited VAS Consolidated Financial Statements for 2016

28 Income Statement Highlights Revenue Gross profit 2, ,511 1, , , Sep Property sale Recurring revenue EBITDA Profit for the year (1)(2) Adjustment for sale of Vincom Center A HCMC 28 Source: Audited VAS Consolidated FS for 2013, 2014, 2015 and 2016 Note: CAGR from 2013 to 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials) (1) Dec-13 includes fair value adjustment realized when the Group sold Vincom Center A Ho Chi Minh City (2) Includes profit after tax of discontinued operations

29 Revenue Performance Total revenue Property sale Retail leasing 2,528 1, ,297 1, , Consumer retail Hospitality & entertainment services Healthcare & education Source: Audited VAS Consolidated FS for 2013, 2014, 2015 and 2016 Note: CAGR from 2013 to 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)

30 Profitability Gross Profit and Margin Total gross profit Property sale (%) Retail leasing (%) % 37% 41% 39% 61% 56% 51% 51% Consumer retail (%) Hospitality & entertainment services Healthcare & education (%) (%) 6% 13% 24 8% 32 46% 40% % 28 (10%) (20%) 28% 30% 20% Gross Margin (18) (3) 30 Source: Audited VAS Consolidated FS for 2013, 2014, 2015 and 2016 Note: CAGR from 2013 to 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)

31 Balance Sheet Highlights Total cash and short-term investments Total debt (1) and net debt (2) , , , ,745 1, Cash and cash eq. ST investments Total debt Net debt Total assets & total equity Net debt (2) / net debt + total equity (In US$m) 7,918 6,455 3, ,214 1,285 1,667 1,986 44% 41% 31% 37% Total assets Total equity 31 Source: Audited VAS Consolidated FS for 2013, 2014, 2015 and 2016 Note: Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials) (1) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss (2) Net debt is equal to total debt less cash and cash equivalents and short-term investments

32 F. Financial Overview - IFRS (1) 32 (1) Source: IFRS Consolidated Financial Statement for 1H 2016 Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016

33 Debt profile overview Debt maturity As of 30 June 2016: Average debt maturity: 3.4 years 1, Less than 1 year 1-3 years 3-5 years More than 5 years Corporate bonds Convertible bond Convertible loan Long-term borrowings Short-term debts Total Average borrowing cost 17.7% 11.6% 10.0% 9.4% 9.5% Dec-12 Dec-13 Dec-14 Dec-15 1H Source: IFRS Consolidated Financial Statement 2015 Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)

34 Debt Mix Analysis Diversified funding sources (1) Debt breakdown (1) Short-term debts, 6.6% USD, 12.3% By currency Long-term borrowings, 22.7% VND, 87.7% Convertible loan, 1.1% By interest rate Corporate bond, 69.6% Fixed, 26.4% Total: VND38,814 Bn (US$1.74Bn) Floating, 73.6% 34 Notes:Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials) (1) As of 30 June 2016 (2) Including Convertible loan & Loan from Associate

35 Income Statement Highlights Revenue 1,526 1, , H2015 1H2016 Gross profit H2015 1H2016 Property sale Recurring revenue EBITDA (1) Profit for the year (2)(3) H2015 1H H2015 1H2016 Adjustment for sale of Vincom Center A HCMC 35 Source: IFRS Consolidated Financial Statements for 2012, 2013, and 1H2016 Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials) (1) EBITDA excludes valuation gains / losses of investment property and investment property under construction (2) Dec-13 EBITDAs and Profits include fair-value adjustment realised when the Group sold Vincom Center A HCMC (3) Includes profit after tax of discontinued operations

36 Revenue Performance Total revenue Property sale Retail leasing (1) ,293 1, , H2015 1H H2015 1H H2015 1H2016 Consumer retail Hospitality & entertainment services Healthcare & education H2015 1H H2015 1H H2015 1H Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014 and 2015 and 1H2016 Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)

37 Profitability Gross Profit and Margin Total gross profit Property sale (%) Retail leasing (%) % 34% 35% 41% 40% 42% 79% 74% 80% 64% 73% 65% H20151H H2015 1H H2015 1H2016 Consumer retail (%) Hospitality & entertainment services Healthcare & education (%) (%) 13% 12% 10% 6% H2015 1H2016 Gross Margin 46% 39% 34% 23% % (2%) (2) H2015 1H % 30% 28% 21% (21%) (63%) (4) (3) H2015 1H Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014, 2015 and 1H2016 Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)

38 Balance Sheet Highlights Total cash and short-term investments Total debt (1) and net debt (2) , , , , ,737 1, H H2016 Cash and cash eq. ST investments Total debt Net debt Total assets & total equity Net debt (2) / (Net debt + total equity) (In US$m) 6,916 7,618 3, ,056 1,103 4,612 1,521 1,940 2,315 49% 37% 37% 29% 35% H H2016 Total assets Total equity 38 Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014, 2015 and 1H2016 Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials) (1) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss. (2) Net debt is equal to total debt less cash and cash equivalents and short-term investments

39 G. Trading Performance 39

40 Share Price (VND) Share Price Performance over the Last 12 Months ,000 35,000 25,000 Apr-16 May-16 Jul-16 Aug-16 Oct-16 Nov-16 Dec-16 Feb Mar-17 Volume (m) Vingroup Share Volume Vingroup Share Price Price VND41,800 as of 31 Mar Day 20 Day 30 Day 1 mth 3 mth 6 mth 12 mth 24 mth 36 mth 48 mth 60 mth Market cap of VND110,256.2bn Market cap of US$4,837.9m Average daily volume ('000) 1,576 1, , ,206 1,453 1,405 1,224 Average daily trading value (VND'000) 66,472,816 43,910,201 40,797,343 43,910,201 33,724,495 31,050,420 35,617,395 42,308,614 46,981,393 43,269,162 36,917,640 Average daily trading value (US$'000) 2,917 1,927 1,790 1,927 1,480 1,362 1,563 1,856 2,061 1,899 1,620 Total volume traded (m) , , ,524.6 % of total shares outstanding 0.6% 0.8% 1.1% 0.8% 1.7% 3.4% 8.3% 22.9% 41.3% 53.1% 57.8% % of free float 1.3% 1.7% 2.4% 1.7% 3.9% 7.6% 18.4% 50.9% 91.6% 117.9% 128.3% Share price Highest traded price (VND) 44,500 45,400 47,000 45,400 47,000 47,000 47,000 47,000 47,000 47,000 47,000 Lowest traded price (VND) 41,000 41,000 41,000 41,000 41,000 40,400 33,959 26,424 23,121 22,739 19,757 Performance over the period (3.5%) (6.6%) (7.7%) (6.1%) (0.5%) (6.1%) 20.4% 55.4% 50.9% 67.0% 92.5% Average closing price (VND) 42,180 43,193 43,868 43,193 43,267 42,867 41,310 36,352 33,556 31,627 29,907 Volume weighted average price (VND) 42,167 42,652 43,403 42,652 43,145 42,768 40,849 35,088 32,338 30,793 30,171 Market cap as of 31 Mar 2017 (US$ m) 4,837.9 Total number of shares (m) 2, Source: Bloomberg as of 31 March 2017

41 Disclaimer This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, cost of construction, availability of real estate properties and land, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operation expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events. 41

42 Investor Relations Department Vingroup JSC Vingroup Office Tower, Vinhomes Riverside Eco-Urban Area Long Bien District, Hanoi, Vietnam Tel: +84 (4) ext. 655 Fax: +84 (4) Website: