VINGROUP JOINT STOCK COMPANY. Corporate Presentation October 2017

Transcription

1 VINGROUP JOINT STOCK COMPANY Corporate Presentation October 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. Healthy Macroeconomic Conditions Supporting Growth 5 3. Favorable Outlook for 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) 2016 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: 2.5% 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 (1) (US$ bn) Source: General Statistics Office of Vietnam (1) CAGR is based on consumption value in VND

6 Favorable Outlook for Modern Retail Robust improvement in individual income (1) Vietnam s GDP per capita (US$) (2) High proportion working population drives consumption Working to non-working ratio in SEA countries ,933 2,052 2,109 2, ASEAN Average: , Singapore Vietnam Thailand Malaysia Indonesia Myanmar Cambodia Philippines Strong annual growth in retail sales (3) Underpenetrated modern retail (2) Retail sales at current prices (US$bn) 2016 modern grocery retail as part of total grocery retail by value (%) 71.7% % 41.7% 46.2% 17.2% 4.9% Vietnam Indonesia Philippines Malaysia Thailand Singapore 6 Sources: (1) General Statistics Office, based on exchange rate of US$1 = VND 22,770 as of 30 June 2017 (applied to 2017 number) (2) Savills (3) General Statistics Office, based on exchange rate as of 31 December of each year

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-end prices reaching a 4-year high (US$ psm) $2,000 $1,500 $1,000 $500 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q High-end Mid-end Low-end $ 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q High-end Mid-end Low-end $2,000 $1,500 $1,000 $500 $ 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 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Evolution of Vingroup Preserving the Start-up Mindset Total Assets ($ mm) 0 Vinpearl JSC Technocom Vincom JSC Vinpearl Resort Nha Trang Vinpearl Land Nha Trang Vincom Center Ba Trieu $472 mm sale of Vincom Center A HCMC mall $550 mm raised from international financial market Completion of Royal City & Times City projects 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 $70 mm equity placement Managed 5 Vinpearl resorts 6 Vincom shopping malls in operation Vinhomes Central Park construction started Vinmart launched ,293 1,526 Vincom Vinpearl merger $300 mm convertible bond Vinmec Times City International Hospital (Hanoi) opened ,528 $100 mm Warburg Pincus follow-on investment in Vincom Retail 10 new Vincom shopping malls & acquisition of Maximark (5 shopping malls) 2 new Vinpearl resorts 2 new Vinmec Int l hospitals VND 3 trillion bond guaranteed by CGIF US$300mm international syndicated loan 10 new Vincom shopping malls 1 new Vinpearl resort & 1 new Vinpearl city hotel 2 new Vinmec Int l hospital Vinhomes Gardenia and Vinhomes Golden River construction started 10 new Vincom shopping malls 7 new Vinpearl resorts Vinhomes Imperia and Vinhomes Riverside The Harmony launched Revenues ($ 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 Residential Largest Listed Real Estate Company with Diversified Consumer Sector Exposure To create a better life for the Vietnamese people Villas, Apartments, Townhouses and Condotels (Vinhomes and VinCity) Resorts, Golf (Vinpearl) and Amusement Parks (Vinpearlland) Hospitality Automotive (VinFast) Industry Shopping Malls (Vincom Center, Vincom Mega Mall, Vincom Plaza and Vincom+) Consumer Retail Supermarkets (VinMart), Mini-marts &CVS (VinMart+), Electronic Retailing (VinPro), Consumer Lifestyle (VinDS) and E-commerce (Adayroi) Social dd Infrastructure Education (Vinschool) Healthcare (Vinmec) Agriculture (VinEco) 10

11 Ecosystem of Complementary Products and Services Retail & Property Vincom quality shopping malls Largest retail portfolio in Vietnam with 41 operational malls of 1,100,000 sqm of retail GFA and 60% retail leasing market share (1) 4 Vincom Centers at prime locations in Vietnam s major cities 3 Vincom Mega Malls, large scale commercial & entertainment developments 34 Vincom Plazas & Vincom+ in 21 cities & provinces Consumer Retail VinCommerce modern retail in all formats 28 in 63 cities & provinces covered, VinCommerce is the leading modern retailer with one of the largest networks in Vietnam VinMart/VinMart + operates 61 supermarkets & 843 mini-marts and convenience stores VinPro operates 32 electronic, home appliances & ICT stores VinDS sells home furniture, apparels & cosmetics through 39 stores Adayroi!com comprehensive B2C ecommerce website supported by inter-city & lastmile delivery with 28 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 with 15,000 units sold in 2016 for contract value of US$3.7bn Quality residential properties with uncompromising services, located at prime locations & supported by comprehensive facilities & amenities VinID Card comprehensive loyalty program Largest loyalty programme in Vietnam with 3.1 million members Rebate 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 5,700 keys (2) managed 16 Vinpearl 5-star & 5-star-plus resorts and hotel at the best beaches and metropolitan cities in Vietnam 3 international-standard golf courses 4 large-scale outdoor amusement parks, Safari and water park in Vinpearl developments Social Infrastructure Services Vinschool high quality K-12 education Comprehensive kindergarten to high school Vietnamese curriculum Over 18,000 students registered at 14 facilities Social Infrastructure Services Vinmec high quality healthcare services Leading healthcare provider with 550 beds under operation 6 full-serviced general hospitals 2 clinics 11 As of 30 September 2017 (1) Based on Colliers as at August Based on Vincom Retail s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC (2) 1 key equals 1 room or 1 beach villa managed

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% 32.7% H2017 Recurring revenue Recurring % total revenue Revenue diversified across retail & non-retail segments CAGR: Retail = 87%, Non-Retail (NR) = 55% H2017 (Retail) Leasing (Retail) Consumer Retail (NR) Hospitality & Entertainment (NR) Education, Heathcare & Others 12% 21% 49% 18% (% of total in 1H 2017) 12 Source: Audited VAS Consolidated Financial Statement for 2013, 2014, 2015, 2016 and Unaudited VAS Consolidated Financial Statement for 1H 2017 Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017 (applied to 2017 financials)

13 Experienced Management Team, Good Corporate Governance and Strong Sponsor Mr. Pham Nhat Vuong Chairman of the Board of Directors Ms. Pham Thuy Hang Vice Chairwoman 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 retained the position as the billionaire with the highest networth in Vietnam from 2013 to 2017 Ms. Pham Thu Huong Vice Chairwoman Board of Directors Ms. Nguyen Dieu Linh Vice Chairwoman Mr. Le Khac Hiep Vice Chairman cum Independent Member Mr. Nguyen Viet Quang Member 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 Dy CEO 26 yrs experience 11 yrs with Vingroup Mr. Pham Van Khuong Dy CEO 30 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 Ms. Tran Mai Hoa CEO (Vincom Retail) 23 yrs experience 3 yrs with Vingroup Ms. Thai Thi Thanh Hai CEO (VinCommerce) 23 yrs experience 3 yrs with Vingroup Ms. Le Thuy Anh CEO (Vinmec) 17 yrs experience 5 yrs with Vinmec Ms. Vo Thi Phuong Thao CEO (Vinpearl) 20+ yrs experience 7 yrs with Vingroup Mr. James B.DeLuca CEO (VinFast) 30+ yrs experience Ms. Vu Tuyet Hang CEO (VinEco) 21 yrs experience 12 yrs with Vingroup Ms. Le Mai Lan Chairwoman (Vinschool) 16 yrs of experience 4 yrs with Vingroup 13 (1) Mr. Joseph Gagnon is a Managing Director of Warburg Pincus (2) Mr. Marc Villiers Townsend is the Chairman of CBRE Cambodia (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 128 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) 5,951 1,597 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 128 projects across Vietnam (2) 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) 7 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 10 Vincom malls under construction & development Central Vietnam Vinmec Nha Trang Int l Hospital 6 operational Vincom mall Vinmec Da Nang Int l Hospital 8 Vincom malls under development Ho Chi Minh City 11 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) 10 operational Vincom malls Vinmec Phu Quoc Int l Hospital 11 Vincom malls under construction & development 85 Mixed used and shopping malls projects at prime locations in key cities Operating Project Under construction and pipeline projects 43 projects at key tourist destinations North Vietnam Vinpearl Ha Long Bay Resort Vinpearl Golf Hai Phong Vu Yen Island, Hai Phong Central Vietnam Vinpearl Da Nang Resort & Villas Vinpearl Da Nang Ocean Resort & Villas Vinpearl Resort Hoi An Vinpearl Cua Sot, Ha Tinh Vinpearl Cua Hoi, Nghe An Vinpearl Riverfront Condotel Safari 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 Long Beach Villas- Vinmec Nha Trang Int l Hospital Vinpearl Empire Condotel Vinpearl Beachfront Condotel Vinpearl Phu Quy Vinpearl Hon Mot Vinpearl Bai Tru 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 Ocean Resort & Villas Vinpearl Phu Quoc Paradise Resort & Villas Con Au, Can Tho Vinmec Can Tho 16 (1) As of 30 September 2017 (2)As of 30 June 2017

17 One of the Largest Landbanks in Prime Locations Across Vietnam Landbank breakdown GFA breakdown (1) (mm sqm) 77 mm sqm 77 mm sqm Entertainment, 3% Hospital, 2% School, 3% Hotel, 7% Beach villas, 2% Highrise, 30% Retail Mixed used & commercial Hospitality & Healthcare Completed & Operational Under construction & development Commercial, 26% Planned GFA breakdown Land banking strategy Villa/townhouse, 27% (mm sqm) 46.2mm sqm 46.2 mm sqm 77 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 & Healthcare Completed & Operational Under construction & development 17 As of 30 June 2017, 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 Vinhomes Riverside The Harmony Vinhomes Imperia Vinhomes Green Bay Vinhomes Golden River Robust Residential Sales: New Projects Apr-16 (1) Dec-16 (1) One of the best locations in the heart of District 1. The only project located between 2 bridges, Thu Thiem 1 and Thu Thiem 2, with the first Metro Line from Ben Thanh to Suoi Tien runs underground and along the site. Total site area: 253,000 sqm 88% of all launched residential units presold to date Total contract value: US$700 mm, received US$573 mm First delivery: Q Mixed-use project in Me Tri, Hanoi. Adjacent to the administrative center in My Dinh and well connected with transportation infrastructure Total site area: 301,300 sqm 93% of all launched villas & apartments presold to date Total contract value: US$514 mm, received US$425 mm First delivery: Q (low-rise) 2,070 2,546 2,546 2,546 2,546 2,546 2,195 2,228 1,854 2,016 1,647 1,167 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Aug-17 Cumulative units launched Cumulative units presold 1,814 1,814 1,814 1,500 1, Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Aug-17 Cumulative units launched Cumulative units presold 18 As of 31 August 2017 (1) Pre-Sale launched The first mega premium mixed-use project in Hai Phong city Total site area: 784,900 sqm 61% of all launched residential units presold to date Total contract value: US$199 mm, received US$39 mm First delivery: Q Mar-17 (1) 1,313 1,313 Mar-17 (1) The second phase of Vinhomes Riverside project, adjacent to the first phase Total site area: 975,600 sqm 57% of all launched residential units presold to date Total contract value: US$297 mm, received US$233 mm First delivery: Q Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Aug-17 Cumulative units launched Cumulative units presold , Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Aug-17 Cumulative units launched Cumulative units presold 798

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) Ofice Tower in Hanoi Vincom Center Ba Trieu Tower B (office component) Vincom Center A HCMC (shopping mall, hotel) Ofice Tower in Hanoi Residential GFA (1) Residential segment presales helps to lighten capital requirements in a mixed-use project 60% 40% Commercial and others GFA (1) Recurring revenue becomes a larger component of total project revenues over time Sale Price (2) US$25mm confidential US$64mm US$472mm confidential Profit % (3) >150% >100% >900% >100% >130% Holding period (years) 2 0 (5) (4) 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 30 June 2017 (2) Exchange rate at the end of the transaction years were used. (3) % profit denotes the profit achieved from the sale, by comparing the sale price with the construction cost, taking into account depreciation, of the assets (4) Sold upon construction completion

21 D. Dominant Modern Retail Player across all Formats 1. Nationwide Retail Network Growing Portfolio of Retail Properties Attracts Premium Brands Complemented by Innovative E-commerce and Robust Infrastructure 24 21

22 Nation-wide Retail Network 28 / 63 Key retail brands cities and provinces covered A Vincom Retail Premier shopping mall operator 41 Malls North Vietnam (1) Hanoi 7 Vincom malls 16 VinMart 403 VinMart + 7 VinPro 17 VinDS Ho Chi Minh City 11 Vincom malls 14 VinMart 332 VinMart + 6 VinPro 12 VinDS 7 Vincom malls 8 VinMart 21 VinMart+ 6 VinPro 2 VinDS Central Vietnam 6 Vincom malls 8 VinMart 41 VinMart + 2 VinPro 2 VinDS South Vietnam (2) 10 Vincom malls 15 VinMart 46 VinMart + 11 VinPro 6 VinDS Vincom Center No. of Malls: 4 Retail GFA: 172,993 sqm Vincom Plazas No. of Malls: 28 Retail GFA: 525,093 sqm Vincom Mega Mall No. of Malls: 3 Retail GFA: 387,450 sqm Vincom+ No. of Malls: 6 Retail GFA: 41,300 sqm Existing Mall Portfolio and Pipeline Target: B VinMart, VinMart+, VinPro, VinDS Comprehensive multi-format retailer VinMart & VinMart + 32 VinPro 39 VinDS stores YTD Existing Malls As of 30 September 2017 (1) Excludes stores in Hanoi (2) Excludes stores in Ho Chi Minh City Projects Undergoing Feasibility Studies Identified Pipeline Projects GFA (mm sqm) 35 40% preleased GFA at groundbreaking 2021E VinMart (>3,000 sqm supermarkets) and VinMart + ( sqm mini-marts and CVS) VinPro (electronics and ICT) VinDS (Specialty retail stores specializing in cosmetics, shoes, sportswear, furniture & household appliances)

23 Anchor F&B and Entertainment Fashion & Beauty Growing Portfolio of Retail Properties Attracts Premium Brands Vingroup s brand names are instrumental in securing new sites, achieving premium pricing and attracting about 1,000 unique international and domestic tenants Inditex Brands (1) (2) 23 Tenants for Vincom Center and Vincom Mega Mall in Ho Chi Minh City and Hanoi. (1) First Zara flagship store in Vietnam opened at Vincom Center Dong Khoi in HCMC and first Hanoi store to open at Vincom Center Ba Trieu in Q (2) First H&M lagship store in Vietnam opened at Vincom Center Dong Khoi in HCMC in Sept 2017

24 Complemented by Innovative E-commerce and Robust Infrastructure is the growth driver for VinCommerce Well developed infrastructure 28 modern logistic hubs in 13/63 cities and provinces nationwide 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 8,200 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 Vietnam s largest community of 3.1 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 24 As of 30 September 2017

25 E. Financial Overview VAS (1) 25 (1) Source: Audited VAS Consolidated FS for 2013,2014,2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017

26 Debt profile overview Debt maturity As of 30 June 2017: Average debt maturity: 2.56 years Less than 1 year 1-3 years 3-5 years More than 5 years Corporate bonds Syndicated loan Convertible loan Bank borrowings Average borrowing cost 10.8% 9.9% 9.4% 8.8% 8.5% Dec-13 Dec-14 Dec-15 Dec-16 Jun Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017

27 Debt Mix Analysis Diversified funding sources (1) Others, 7.0% Debt breakdown (1) USD, 16.2% By currency EUR, 1.6% Syndicated loan, 15.0% Bank loans, 12.7% Convertible loan, 1.0% Domestic bond, 64.3% Fixed, 17.8% By interest rate VND, 82.2% Total: VND44,106 Bn (US$1.94Bn) Floating, 82.2% 27 Note: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 (1) Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017

28 Income Statement Highlights Revenue Gross profit 2, ,511 1, , ,636 1, , , H2016 1H H2016 1H2017 EBITDA Property sales Recurring revenue Profit for the year (1)(2) H2016 1H H2016 1H2017 Adjustment for sale of Vincom Center A HCMC 28 Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 Note: CAGR from 2013 to 2016 Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017 (applied to 2017 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 2,528 Property sale Retail leasing 1, ,297 1,511 1,074 1, , , H2016 1H H2016 1H H2016 1H2017 Consumer retail Hospitality & entertainment services Healthcare & education H2016 1H H2016 1H H2016 1H Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 Note: CAGR from 2013 to 2016 Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017 (applied to 2017 financials)

30 Profitability Gross Profit and Margin Total gross profit Property sale (%) Retail leasing (%) % 37% 41% 39% 39% 41% 61% 56% 51% 51% 49% 56% H2016 1H H2016 1H H2016 1H2017 Consumer retail (%) Hospitality & entertainment services Healthcare & education (%) (%) 6% 13% 24 8% 10% 6% % 34 40% 39 22% 28 (10%) (2%) (8%) (20%) 28% 30% 20% 21% % H2016 1H2017 Gross Margin (18) (2) (9) H2016 1H2017 (3) H2016 1H Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 Note: CAGR from 2013 to 2016 Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017 (applied to 2017 financials)

31 Balance Sheet Highlights Total cash and short-term investments (1) Total debt (2) and net debt (3) , , , ,745 1,937 1,150 1, H H2017 Cash and cash eq. ST investments Total debt Net debt Total assets & total equity Net debt (3) / (Total assets Cash & ST investments) (In US$m) 6,455 7,918 8,510 23% 25% 3,585 4,214 14% 16% 15% 881 1,285 1,667 1,986 1, H H2017 Total assets Total equity 31 Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Reviewed VAS Consolidated FS for 1H 2017 Note: Based on exchange rate of US$1 = VND 22,770 as of 30 June 2017 (applied to 2017 financials) (1) ST investments include short-term loan receivables (2) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss (3) 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 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016

33 Debt profile overview Debt maturity As of 31 December 2016: Average debt maturity: 3.46 years 1, Less than 1 year 1-3 years 3-5 years More than 5 years Corporate bonds Syndicated loan Convertible loan Bank borrowings Average borrowing cost 17.7% 11.6% 10.0% 9.4% 8.7% Dec-12 Dec-13 Dec-14 Dec-15 Dec Source: IFRS Consolidated Financial Statement 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)

34 Debt Mix Analysis Diversified funding sources (1) Debt breakdown (1) Syndicated loan, 14.8% USD, 16.0% By currency EUR, 0.5% Bank loans, 15.4% Convertible loan, 1.0% Corporate bond, 68.8% By interest rate Fixed, 10.1% VND, 83.5% Total: VND44,649 Bn (US$1.95Bn) Floating, 89.9% 34 Notes:Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials) (1) As of 31 December 2016

35 Income Statement Highlights Revenue Gross profit 2, ,526 1, EBITDA (1) Property sale Recurring income Profit for the year (2)(3) Adjustment for sale of Vincom Center A HCMC 35 Source: IFRS Consolidated Financial Statements for 2013, and 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 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) 869 1,293 1,526 2, , , Consumer retail Hospitality & entertainment services Healthcare & education Source: IFRS Consolidated Financial Statements for 2013, 2014,2015 and 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials) (1) For the period, CAGR for leasing revenue and GFA of Vincom Retail JSC is 39.9% and 44.0% respectively

37 Profitability Gross Profit and Margin Total gross profit Property sale (%) Retail leasing (%) % 35% % 40% % 80% 64% 68% Consumer retail (%) Hospitality & entertainment services Healthcare & education (%) (%) 13% 6% 9% Gross Margin 46% 39% 23% (10%) (18) % 30% 20% (21%) (3) Source: IFRS Consolidated Financial Statements for 2013, 2014, 2015 and 2016 Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)

38 Balance Sheet Highlights Total cash and short-term investments Total debt (1) and net debt (2) , , , , ,959 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) 8,702 6,916 4,056 1,103 4,612 1,521 1,940 2,320 37% 37% 29% 38% Total assets Total equity 38 Source: IFRS Consolidated Financial Statements for 2013, 2014, 2015 and 2016 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

39 G. Trading Performance 39

40 Share Price (VND) Share Price Performance over the Last 36 Months 50,000 40,000 30,000 20,000 10,000 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul Sep-17 Volume (m) Vingroup Share Volume Vingroup Share Price VN Index rebased Price VND51,200 as of 30 Sep Day 20 Day 30 Day 1 mth 3 mth 6 mth 12 mth 24 mth 36 mth 48 mth 60 mth Market cap of VND135,050.6bn Market cap of US$5,950.7m Average daily volume ('000) 813 1, , ,020 1,220 1,269 1,234 Average daily trading value (VND'000) 40,480,440 51,935,363 45,575,865 52,928,421 31,072,207 30,851,115 30,971,847 39,136,943 41,862,140 41,784,825 38,941,770 Average daily trading value (US$'000) 1,784 2,288 2,008 2,332 1,369 1,359 1,365 1,724 1,845 1,841 1,716 Total volume traded (m) , ,537.4 % of total shares outstanding 0.3% 0.8% 1.1% 0.9% 1.6% 3.4% 6.8% 19.4% 34.7% 48.0% 58.3% % of free float 0.7% 1.8% 2.4% 1.9% 3.6% 7.5% 15.0% 43.1% 77.0% 106.5% 129.4% Share price Highest traded price (VND) 51,800 51,800 51,800 51,800 51,800 51,800 51,800 51,800 51,800 51,800 51,800 Lowest traded price (VND) 48,050 47,550 42,300 47,550 41,000 39,650 39,650 29,417 25,722 23,785 20,770 Performance over the period 4.5% 3.6% 19.8% 4.5% 19.9% 22.5% 15.1% 67.4% 76.9% 110.1% 109.2% Index outperformance over the period (1) 4.9% 1.7% 15.2% 1.7% 16.3% 11.1% (2.3%) 24.6% 44.9% 46.6% 1.1% Average closing price (VND) 49,680 49,585 48,043 49,557 45,313 43,357 43,120 39,729 36,206 34,168 32,269 Volume weighted average price (VND) 49,818 49,540 48,681 49,550 46,712 43,956 43,364 38,366 34,316 32,923 31,560 Market cap as of 30 Sep 2017 (US$ m) 5,950.7 Total number of shares (m) 2, Source: Bloomberg as of 30 September 2017 (1) Performance against VN-Index

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 (24) ext Fax: +84 (24) Website: