VINGROUP JOINT STOCK COMPANY

Corporate Presentation
February 2018
 Important Notice

Vingroup JSC is aware of various market speculations regarding potential plans for an initial public offering for Vinhomes. Vingroup wishes
to clarify that it is considering various strategic initiatives for its residential development business, which may include a capital markets
offering and listing or other corporate transactions, and the company will make an announcement when appropriate.

IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been
independently verified and may not contain all material information concerning Vingroup Joint Stock Company (the “Company”) and its subsidiaries (the
“Group”). You should not rely upon it or use it to form the basis for any investment decision or commitment whatsoever.

None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes
any representation or warranty (express or implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any
or all of the information in this presentation or otherwise made available. It is not the intention to provide, and you may not rely on these materials as
providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form the
basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as
constituting legal, business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem
necessary or appropriate in order to make an independent determination of the suitability, merits and consequences of investment in the Company.

This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of
which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events. Forward-
looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”,
“shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof,
other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking
statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this presentation, and none of the
company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update
or revise any forward-looking statements as a result of new information or to reflect future events or circumstances.

2 CORPORATE PRESENTATION
 Clear Market Leader Across Multiple Sectors
Vingroup has established itself as a market leader across the full breadth of consumer related sectors from essentials to
aspirational.

Market
share: ~46%(3) Residential

Market ~50%(2) Market

share: CVS Consumer Retail Integrated residential share: ~20%(4) Social Infrastructure
developer in Vietnam

Comprehensive multi-format Healthcare

retail operator and education provider

Market Market
share: ~60%(1) Retail Leasing share: ~41%(5) Hospitality

Retail mall owner, developer and Hospitality and

operator in Vietnam entertainment operator

Essentials Aspirational

#1 loyalty program in Vietnam with 3.8 million members

The Ultimate Vietnam Macro Play

Source: CBRE, Colliers, Vietnam National Administration of Tourism, Health Statistics Yearbook, Company estimates. Notes: (1) Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-

3
tenant shopping malls in Hanoi and HCMC. As at August 2017. (2) Based on number of convenience stores for the top 7 key players in Vietnam. (3) Based on high-end condo. units sold in Hanoi and Ho Chi Minh City from
2010 -2017. (4) Market share is for VinSchool only. Based on total number of kindergarten, elementary, secondary and high school students in selected private and international schools in Hanoi and HCMC in 2017. (5) Based CORPORATE PRESENTATION
on number of keys in 5-star hotels and resorts provided by Vietnamtourism.gov.vn
 Preserving The Start-up Mindset
Vingroup’s continued innovation and growth of business segments primed towards the Vietnamese consumer has been the key
to its success.
Total Assets (US$bn)(1)

2007 2010 – 2011 2012 – 2014 2017 Proven track record

 Listed on HOSE as  Vinhomes Royal
the largest real
estate company by
market capitalization
 2012: Vincom – Vinpearl merger  Vincom Retail listed on HOSE with of successfully
City, Times City and an initial equity offering size of
 2013: US$550mm raised from building & scaling
Riverside launched US$743mm
international markets incl. US$200mm
investment from WP consortium and first
businesses before
As of 31 December: starting new ones
corporate international bond
 10 Vinhomes properties
 2014: US$70mm equity placement  46 Vincom malls # of Projects
 Revenue exceeded US$$1bn for the first  25 Vinpearl facilities Founded Dec
time  8 Vinmec facilities(2) 2011 2017

3 10

9.5
Founded Dec
8.7 2012 2017

1 8(2)
6.8

1993 – 2006 Founded Dec

2013 2017
 1993 – Technocom was set up
 2000 – Technocom-Vingroup returned to Vietnam 4.3 1 16
 2001 – Vinpearl Launch 3.8
 2002 – Vincom Launch 3.1
 2003 – 1st Vinpearl Hospitality Development (Resort Nha Trang) 2.3 Founded Dec
 2004 – 1st Vincom Center (Ba Trieu) 1.6 2014 2017
 2006 – 1st VinpearlLand (Nha Trang) 0.9
9 1,039(3)
0.1 0.3
0.0

1993 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

24 years of operating experience achieving US$9.5 bn in total assets (c.70x increase since 2007)
Notes: (1) Total assets from 2009 to 2016 based on IFRS financials, while total assets from 2006 to 2008 and 2017 based on VAS financial s. Assuming USDVND exchange rate of 22,735. (2)

4 Includes 6 full-serviced hospitals and 2 clinics consolidated. (3) Includes both VinMart and VinMart+.
CORPORATE PRESENTATION
 Best-in-Country Vingroup Ecosystem of Complementary Businesses

Incorporated 1993 – 2011 Incorporated 2012 – 2013

Integrated Real Estate Developer Developing Ecosystem
and Operator


• Diversified integrated developer across various segments 
• Ecosystem of complementary consumer-focused
service offerings at each site
– Residential, commercial, hospitality, mixed-use properties

• Quality properties at prime locations across Vietnam 
• Formation of ideal population catchment areas


• Only nationwide real estate player 
• Value-accretive synergies between businesses


• Broaden customer segments across age groups

Incorporated 2015 – 2017 Incorporated 2014 – 2015

Expanding in Consumer Product Anchoring Dominant
Spectrum Position in Consumer Sectors

• New business initiatives to spearhead leadership in underpenetrated

industries and broaden product offerings

• Emerged as a national champion with one of the
largest and widest retail network

• Capitalizing
factors
on favorable macroeconomics and industry-specific 
• Further diversification across consumer sector
exposure

• Engaged in close partnerships with the Government to develop

infrastructure projects such as key metro lines in Hanoi – granted land 
• Strengthen market position in consumer focused
sectors
plots in prime locations which can be transferred at cost

• First-mover advantage
 Single card,
 development pipeline
• More than 20 years worth of
>3.8mm 
nationwide access

Benefits lock in
• Unparalleled land sourcing expertise members
repeat spending

5 CORPORATE PRESENTATION
 Vingroup’s Key Competitive Advantages

1. Favourable Economic Conditions for Residential and Retail

2. Undisputed Leader in the Vietnam Residential Real Estate Sector

3. Growing Recurring Revenue From Multiple Market-Leading Consumer Businesses

4. Largest Landbank Provides Pillar for Long Term Platform Growth

5. Experienced & Proven Management Team with Strong Track Record

6 CORPORATE PRESENTATION
 1. Favourable Economic Conditions for
Residential and Retail

7 CORPORATE PRESENTATION
 Vietnam: Fastest Growing Economy in Southeast Asia

1 Strong and Sustainable Economic Growth Profile

• Strong GDP Growth – Average growth of 6.7% over the past 5 years

• High Foreign Direct Investment – US$12.9 billion in 2017, having grown at a

CAGR of 9.0% since 2011


• Stable Political Regime and Backdrop

2 Emerging Demographic Trends to Drive Explosive Growth

• Sizable Population – 96.2 million

• Favorable Demographics – Median age 30.5 years

• Solid Education – Literacy rate 94.5%

• Strong Urbanization Potential – 34.9% living in cities (50% by 2020)

3 Government Initiatives that will Accelerate Infrastructure Rollout


• Infrastructure Spending – Average 5.7% of GDP, which is the highest in
Southeast Asia


• Government Initiatives – Development of metro systems in key cities and other
significant projects (Hanoi-Hai Phong Expressway, Van Dong International
Airport)

Source: General Statistics Office of Vietnam, World Factbook, World Bank, CBRE.

8 CORPORATE PRESENTATION
 Favourable Macroeconomic Indicators for Consumption Growth

Fastest Growing Economy in Southeast Asia… Highest Population Proportion Among Workforce…
2018E Real GDP growth (%) Middle Class Population with age range between 25 – 44 as % of total population
6.5% No. of households (‘000) with
5.6% disposable income of more than 32.7% 32.4%
US$25,000 per annum
4.7% 4.8%

600 30.6%
30.4%
521
2.6% 455
2.0% 367 404 29.1%
313
27.9%
Singapore

Thailand

Vietnam
Indonesia

Malaysia

Philippines

2016

2017E

2018E

2019E

2020E

2021E
Vietnam Malaysia Indonesia Thailand Singapore Philippines

One of the Highest Private Consumption in Southeast Asia Growing Middle Class Set to Drive Next Wave of Consumption
Private consumption as % of GDP Disposable income per capita (US$)
2016 2017E 2018E 2019E 2020E 2021E ?
922 968 1,021
Philippines 73.6% 72.8% 72.8% 72.7% 72.3% 72.2% Vietnam
2016 2017E 2018E Future
Vietnam 68.5% 68.8% 68.6% 67.9% 66.9% 65.9%

1,576
Indonesia 57.7% 58.1% 58.3% 57.2% 57.2% 57.2% 930
Philippines
Malaysia 54.9% 55.4% 56.0% 57.1% 58.2% 58.9%
2004 2020E

Thailand 50.6% 49.9% 49.1% 48.9% 48.6% 48.5% 2,335

999
Thailand
Singapore 36.5% 35.3% 35.4% 35.9% 35.9% 35.9%
1990 2020E
Source: EIU, GSO Vietnam.

9 CORPORATE PRESENTATION
 Vietnam Residential Real Estate Well-Positioned for a Multi-year Upward Cycle
Strong Uptick in Urbanization in Vietnam Expected Vietnam has the Lowest Home Ownership in the Region
Urban population, % of total(1) Home ownership rate (%)(2)

50%
“By 2020, 50% of Vietnam’s 90% 91%
population will live in urban
areas/cities.”
70%

34% “An estimate of 374,000 additional

housing units will be in cities every 53%
year to cope with rising demand.”
30%

2016 2020

Vietnam Philippines Thailand China Singapore

Vietnam has the Lowest % of Home Mortgage Loans as % of GDP Vietnam’s Residential Prices Still Lagging Behind Regional Peers
Total amount of home mortgage loans outstanding as % of GDP(3) 360+%

160%

(4)
(re-based to 100%) (1)
Residential price index
Vietnam’s 50.6% 150%
mortgage 140%
market is 130%
significantly 120%
unpenetrated 110%
compared to 100%
regional peers 18.4% 20.0%
90%
80%

2Q 2015
1Q 2009
2Q 2009
3Q 2009
4Q 2009
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015

3Q 2015
4Q 2015
1Q 2016
2Q 2016
3Q 2016
4Q 2016
1Q 2017
2Q 2017
4.9%
1.9%

Vietnam Philippines China Thailand Singapore

HCMC Shanghai Bangkok Manila
Notes: (1) Sourced from BMI and World Bank data (2) Vietnam home ownership statistic based on article titled ‘Urbanisation spurs real estate development in Vietnam’ (2016) – Oxford Business, Philippines from DHS survey (2013), Thailand from REIC (2011), China

10 Editor (2015) and Singapore from Monetary Authority of Singapore (2016). (4) HCMC and Shanghai data from Savills, Bangkok and Manila from Bank of International Settlements database. CORPORATE PRESENTATION
from Trading Economics (2014) and Singapore from Singapore Department of Statistics (2016). (3) Vietnam data from Agency of the Ministry of Planning and Investment (2014), Philippines from BSP & HDMF (2016), China from PBOC (2015), Thailand from Country
 Residential Market a Direct Beneficiary of Vietnam’s Growing Middle and Affluent Class Population

Paradigm shift to widespread home ownership has driven huge pick-up in transaction volumes.

Hanoi Residential Transactions on the Rise… …with High-end Prices Reaching a 5-year High
Number of units sold Prices (US$ psm)

8,000
$2,000
6,000
$1,500
4,000
c. 4.6x $1,000

2,000 $500

0 $0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
High-end Mid-end Low-end
High-end Mid-end Low-end

…with High- And Mid-end Prices Increasing The Fastest in the Last
HCMC Residential Transactions also Accelerating… 3 Years
Number of units sold Prices (US$ psm)
12,000
10,000 $2,000

8,000 $1,500
6,000
c. 6.3x $1,000
4,000
$500
2,000
0 $0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
High-end Mid-end Low-end
High-end Mid-end Low-end

Vinhomes is a key beneficiary of the positive Vietnam real estate outlook

Source: CBRE.

11 CORPORATE PRESENTATION
 Modern Retail Set for Explosive Growth in Vietnam
Low penetration of modern retail presents an opportunity for outsized growth as Vietnam’s mall space and modern retail
turnover close the regional gap
High Potential to Close Regional Gap in Mall GFA Compared to
Regional Peers Vietnam is Starved for Modern Retail Format
2016 GFA per capita (sqm) 2016 modern grocery retail as part of total grocery retail by value (%)

2.4 71.7%

46.2%
41.7%
10.3x
30.3%
0.8
17.2%
0.2 3.5x 4.9%

Hanoi/ HCMC Bangkok Metro Manila Vietnam Indonesia Philippines Malaysia Thailand Singapore

Modern Grocery Retail Set to Outpace Traditional Grocery Retail Convenience Store and Supermarkets Growth is Highest in SEA
Modern grocery retail growth Traditional grocery Convenience stores and supermarkets market
2016A – 2021E CAGR (%)(1) retail CAGR (%)(1) growth 2016A – 2021E CAGR (%)(1)

Vietnam 29.2%
9.2%
Vietnam 13.4% 7.3%
Philippines 17.9%
Philippines 9.7% 5.1% 8.4%

Indonesia 12.0%
Indonesia 9.5% 7.1% 6.6%

Malaysia 10.2%
Thailand 7.9% 3.7% 2.6%

Thailand 10.2%
Malaysia 3.6% 3.2% 6.8%

Singapore 3.1% 1.8% Singapore (1.1%)

3.6%

0% 4% 8% 12% 16% (5%) 0% 5% 10% 15% 20% 25% 30% 35%

Convenience stores market growth Supermarkets market growth
(1) Based on market size in terms of retail sales value
12 Source: Euromonitor, EIU, Colliers CORPORATE PRESENTATION
 2. Undisputed Leader in the Vietnam Residential
Real Estate Sector

13 CORPORATE PRESENTATION
 Undisputed Largest and Most Dominant Residential Platform in Vietnam
Vinhomes’ residential and mixed-use landbank Is c. 8x of Next Player
In Real Estate Industry
 Complementary businesses under a single brand
Landbank (mm sqm) creates synergistic value accretion

163.3
(1)  Properties worth more due to convenient access to
complementary services (schools, hospitals, retail

 Largest land bank among

Vietnam residential Powerful Brand
malls) of high quality
 Expansive and integrated community serves to lock-
and Reputation in customer demand
property developers
c. 8x with Best-in-  Properties in the eco-system are more resilient to
class Ecosystem business cycles and were first to be bought after a
crisis
21.7  60 – 90% take up rate(3) in projects sold in 2017
10.0
 Properties sold at a 10 – 20% premium over
projects at similar locations by other developers,
Vingroup Residential & Urban Residential & Commerical targeting the same customer segment(4)
Developer Developer

Vinhomes and VinCity – Quality Living For The Vietnamese Consumer

 Robust integrated developer model with full end-
Middle – high class families 46%(2) of market) to-end value chain capabilities
Business Model

share)
Luxury
• Broad product offering Supported by  Solid and proven execution record with strong
 Apartments, Villas, Shop houses, Shop-offices, Execution and regulatory know-how
Office-tels / SOHOs Sales
 Presale of residential units to develop the retail and
High-End 
• Full ecosystem available
Capabilities
commercial components unlike single-use developers
that is self-funding in nature
Singles and graduates in big cities, young families
Mid-End 
• Highly accessible

• Direct highway or metro access to downtown
 Target unlevered IRR of ~25% for integrated mixed
Affordable 
• Ecosystem of quality infrastructure services
provided by Vingroup or partners
use projects
Strong Success
in Returns and
 Stable through-the-cycle gross margins of
30 – 60+%
Cashflows
Roll-out of VinCity brand broadens the customer base to  Actual IRR of integrated mixed use projects far
address the full spectrum of home buyers which is expected to exceeds target unlevered IRRs
result in an uptick in sales for the property sales segment
Source: CBRE.

14 Notes: (1) As of 31 Dec 2017. (2) Based on high-end and luxury condo units sold in Hanoi and Ho Chi Minh City from 2010 to 2017. (3) Presale 3 months after launch date. (4) Company estimates.
CORPORATE PRESENTATION
 Vinhomes: A Differentiated Developer with Grade A Sites
Not Just a Homebuilder – But A Community Creator Well-located Grade A Sites
Hanoi Development Projects
 • 46%(1) market share in high-end property developments in the last 3 years in
Hanoi and Ho Chi Minh City

 • Residential sales revenue of US$2,441mm(2) and gross profit of US$849mm(2),

representing growth of 127% and 98% respectively from FY2016
5km Ngoc Thuy

 • Highest number of residential properties sold in each of the last 3 years in

Hanoi and Ho Chi Minh City
Ecosystem of complementary products and services at each site
Mai Dịch
3 4 CBD
1 Ngọc Lâm

Expanding
coverage
Hoàn Kiếm
Lake

Retail / Hospitality /
Residential Office Medical School Entertainment p. Long Biên
5
8
3
• Vinhomes • Vincom • Vinmec • Vinschool • 5-star
2
••Vingroup’s Projects
Vingroup Projects
Central Park: Center Central Park K-12 Vinpearl Hotel
– The Central Central Park International education Landmark 81
Ho Chi Minh City Development Projects
Hospital –220 hotel
– The Park
Central – Landmark
rooms
81 • VinpearlLand Gò Vấp Thủ Đức
Park indoor Tân Bình
– > 10,000
(HCMC) units
entertainment Expanding
Ho Chi coverage
Minh City 4
Bình Thạnh
Airport
• Vinhomes • Vincom • Vinmec • Vinschool • VinpearlLand 1
2 Phú Nhuận
Times City & Mega Mall Times City Kindergarten Aquarium District 1
Park Hill Times City International – 5 schools Times City
District 3
– c.13,000 • Vincom Hospital 6
• Vinschool
units Office Times Elementary,
Times
City
City Secondary
and High
District 10 CBD
(Hanoi) School 5
5km Trung Thôn

• Vingroup Projects
District 4
3 District 5
Phú Thượng
District 6

Metro Lines Under Construction Planned Metro Lines CBD

Source: CBRE, Savills.

15 Note: (1) Based on high-end and luxury condo units sold in Hanoi and Ho Chi Minh City from 2010 to 2017.
(2) Based on Vingroup’s consolidated unaudited 2017 financials, excluding beach villas and some other products)
CORPORATE PRESENTATION
 Proven Track Record of Development with Strong Operating Performance
As of 31 Jan 2018, Vinhomes has unrecognized revenues of US$3.5bn from all residential projects(1)

Ongoing and Upcoming Residential Project Footprint Anticipated pre-sales by geography

3 More than 70% of projects More than 6.5x growth

pre-sold with larger focus on
Hanoi & HCMC

7 Hanoi
Hanoi Hanoi Hanoi
7 3 Others, Others, &
9 19% & 43%
5 4 4 HCMC,
HCMC,
81% 57%
Hanoi 6

9
2017: 0.9mm sqm GFA 2020: 5.85mm sqm GFA
Hai Phong

5 Selected Pipeline Projects

Residential GFA % pre- ASP
Hanoi Project City (sqm) sold(2) (US$ / sqm)

Ongoing projects
Apartment: $2,300(3)
Hanoi 1 Vinhomes Central Park HCMC 1,342,000 99%
Villa: $7,800(4)
10
2 Apartment: $4,100(3)
6 Vinhomes Golden River HCMC 334,000 87%
Villa: $13,500(4)
3 Vinhomes The Harmony Hanoi 457,000 79% $3,300

HCMC 4 Vinhomes Imperia Hai Phong 544,000 77% $1,600

Thanh Hoa
1 Residential GFA Expected
Legend Project City (sqm) Completion(5)
Ongoing Projects 5 Vinhomes Galaxy Hanoi 849,000 2019
Projects launched
6 VinCity Thanh Hoa Thanh Hoa 1,360,000 2019
HCMC Upcoming Projects
in 2018

10 1 7 Vinhomes Galleria Hanoi 510,000 2019

2 2 8 8
8
Vinhomes Long
HCMC 22,375,000 Beyond 2020
Beach Can Gio
HCMC
9 VinCity Park Hanoi 3,332,000 Beyond 2020

HCMC HCMC 10 VinCity New Saigon HCMC 4,000,000 Beyond 2020

Notes: (1) Excluding unrecognized revenue of beach villas and some other products
16 (2) As of 31 Dec 2017. (3) Based on the NSA per sqm for apartment units. (4) Price per sqm site area. (5) Subject to market conditions.
CORPORATE PRESENTATION
 3. Growing Recurring Revenue From Multiple
Market-Leading Consumer Businesses

17 CORPORATE PRESENTATION
 Building The Leader in Each High Growth Consumer Sector
Vingroup has a proven track record of developing consumer focused business segments and aims to create market leaders in
each high growth consumer segment it enters.

Vingroup is Active In Key Segments Of Vietnam’s Economy… …With A Strong Focus On High Growth Consumer Categories
2011 – 2015 GDP CAGR (2011 - 2015) (%)
Consumer Expenditure in Vietnam CAGR CAGR
(2)
Sectors where Vingroup is Active By Category 2012-2016 2016-2020

Housing and Utilities 9% 10%

(Size of bubble represents USD value of the sector)

Clothing and Footw ear 9% 10%

Furnishing and Home 9% 10%

Recreation and Culture 9% 10%

Restaurants and Hotels 10% 11%

Education 10% 11%

Healthcare 10% 10%

Contribution to GDP as of 2015 (%)(1)

VinCommerce and Vincom Retail: Consolidating A Dominant Position Vinpearl: Strong Foothold In A Burgeoning Tourism Industry
Number of VinMart and VinMart+ stores Vinpearl market share based on number of keys (%)(3)


1,039 • Household retail brands with


878 top-of-mind awareness among 41%
• Tailored suite of concepts
consumers capturing the full spectrum of
356 consumer segments
9
 • Successful integration of
seamless O2O (online-to-offline)


strategy • Key beneficiary of expanding
2014A 2015A 2016A 2017A domestic middle class with
46 increasing consumer


Number of Vincom Retail malls 18%
31 • Largest nationwide retail expenditure on the hospitality
coverage from North to South sector
21

3 5 6

• Dominant retail platform with
60% market share of shopping
mall GFA in Vietnam’s major
 • Demand set to grow
exponentially with international
tourist growth
2012A 2013A 2014A 2015A 2016A 2017A
cities 2013 2017

Source: BMI, EIU, GSO Vietnam, Colliers International Research, Vietnam National Administration of Tourism, General Statistics Office.
18 Notes: (1) Based on 2015 data from Vietnam General Statistics Office. (2) Based on historical and forecast data from BMI. (3) Based on number of keys in 5-star hotels and resorts provided by
Vietnamtourism.gov.vn.
CORPORATE PRESENTATION
 Vincom Retail and VinCommerce Nation-wide Modern Retail Network
31 / 63
Vincom Retail
Nationwide Retail Footprint(1) Multi-Concept Retail Malls
46 Malls
Cities and Provinces Covered

North Vietnam(1)
8 Vincom malls
Hanoi 9 VinMart
54 VinMart+
7 Vincom malls 7 VinPro Vincom Center Vincom Mega Mall Vincom Plazas Vincom+
17 VinMart 1 VinDS
443 VinMart+ No. of Malls: 4 No. of Malls: 3 No. of Malls: 30 No. of Malls: 9
5 VinPro Retail GFA: Retail GFA: Retail GFA: Retail GFA:
8 VinDS 165,876 sqm 395,148 sqm 567,041 sqm 50,199 sqm
Central Vietnam
VinCommerce
10 Vincom malls
Comprehensive Multi-Format Retailer
1,089 Stores
Ho Chi Minh City 12 VinMart
53 VinMart+
11 Vincom malls 6 VinPro 1,039 VinMart & VinMart+ 36 VinPro 14 VinDS
14 VinMart 1 VinDS
362 VinMart+
7 VinPro South Vietnam(2)
3 VinDS
10 Vincom malls
14 VinMart
61 VinMart+
11 VinPro VinMart (2nd largest and VinPro (Vietnam’s leading VinDS (Vietnam’s leading
1 VinDS fastest growing supermarket specialized and only mall- modern department store
player) and VinMart+ based electronics retailer) operator)
(Largest and most extensive
convenience store footprint)

Existing Mall Portfolio and Pipeline Existing Store Portfolio and Pipeline
Target: Target 5,000
200 200

1,039
878
66
356 53
49

2015 2016 2017 2021E

VinMart+ stores VinMart stores

Vincom Retail malls to grow to 200 malls by 2021 VinMart and VinMart+ stores to grow to 5,000 stores by 2021
Source: Vingroup as of 31 Dec 2017

19 (1) Excludes stores in Hanoi. (2) Excludes stores in Ho Chi Minh City
CORPORATE PRESENTATION
 Vincom Retail – Unrivalled Retail Mall Platform In Vietnam
… with Ability to Attract Best-in-Class Tenant Portfolio, with about
Retail Consolidates Around the Dominant Local Landlord… 1,000 Unique Tenants(4)

• Vincom Retail is a clear Inditex Brands

Vincom Retail
market leader with 60%
market share
Vietnam’s largest retail developer, owner and operator

Total Market Size (GFA sqm)(1)

1.3 mm Market Share by GFA(1) • Significant parallels
GFA (mm sqm)(1) 60%

Fashion & Beauty

seen between VRE and
0.78 regional retail leaders in
terms of market
2017 2017
consolidation

Central Pattana
• Investment by Warbug
Thailand’s largest shopping mall developer arm of Central Pincus in 2013 a
Group validation of Vincom
Total Market Size (NLA sqm)(2)
Market Share by NLA(2) Retail’s platform
3.9 mm 4.4 mm
17%
NLA (mm sqm)(2) 15%
0.6 0.7 • Fastest mall roll-out

Entertainment
since 2013 to-date, to

F&B and
2013 2016 2013 2016 capture lack of modern
retail space in Vietnam
SM Prime
Philippines’ largest retail real estate developer
Total Market Size (GFA sqm)(3)
Market Share by GFA(3)
7.8 mm 10.7 mm
GFA (mm sqm)(3) 33%
3.5 28% Anchor
2.2

2007 2016 2007 2016

VRE’s dominant position and nationwide scale makes it Vietnam’s “Go-to”


Source: Company filings, Colliers
platform for international and established local brands
Notes: (1) Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC as at August 2017 (2) Based on Central Pattana’s retail
20 NLA in Bangkok and total shopping mall NLA in Bangkok (3) Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila (4) As of 30 June 2017. CORPORATE PRESENTATION
 VinMart & VinMart+ – Building the Dominant Player in Vietnam
The VinMart and VinMart+ platform has established a market
leading position in 3 years since they were first established in Largest Network in the Convenience Store Space…
2014 and 2015, respectively. Both brands are first-movers in Market share (2016)(1)
locations all across Vietnam. VinMart+ 51.2%
Circle K 13.8%
Growth Trajectory of VinMart & VinMart+ Platform
B's Mart 10.1%
Location breakdown Coop Food 7.9%
Shop & Go 6.6%
Rest of Aspiration: Satra Food 6.1%
Vietnam 5,000 Ministop 4.4%
16%
Hanoi stores
46% 2021
target .. and Leadership Position in the Supermarkets/ Hypermarkets space
HCMC
38% Market share (2016)(1)

CoopMart 34.3%
VinMart 22.7%
Big C 14.0%
2017 Store count 2017 FiviMart 8.7%
 VinMart: 66
 VinMart+: 973 Aeon 8.3%
 Total: 1,039 Metro 7.9%
& Lotte Mart 4.1%
Revenue (US$ mm) >3,700
>4,700
8x Strong Growth in Store Count and Profitability
established 2015
increase
Gross Profit
margin(2)
>15% <15% >15%

established 461
2014
2017E 2021E

 Store openings

 Same-store sales growth

 Increased customer base from VG ecosystem

VinMart+ VinMart

Source: Euromonitor; USDVND exchange rate of 22,770.

21 Notes: (1) Based on number of stores for the top 7 key players in Vietnam. (2) Segmental profit for Vincommerce based on consolidated VAS 2015, 2016 & 2017 financials,
adjusted for loyalty programs
CORPORATE PRESENTATION
 VinCommerce – Multi-Format Retailer Providing Comprehensive
Products and Services

Business type Convenience Store Supermarket Specialty Store

Average store size 100 (primarily) – 200 sqm 1,700 – 2,500 sqm in 3 formats 500 – 2,000 sqm

 Largest and most extensive convenience
store operator In Vietnam(1)
 “One-stop” convenience concept
Positioning differentiated by hybrid minimart model
 Household “community store” with emphasis
on food safety, traceable produce
 2nd largest supermarket player in
Vietnam(1)
 Wide product offering with emphasis on
quality, traceable fresh produce
 Expansion alongside Vincom Retail malls
 Vietnam’s leading specialized and only
mall-based electronics retailer
 Largest presence in shopping malls
complemented by Adayroi marketplace

 Reduce average storage and operating costs

 Lower transportation costs

 Leverage Vincom Retail footfall
Operational KPIs
 Reduce spoilage and wastage
 Improve market share and local

 Reduce average staff costs penetration

 Maintain strong emphasis on quality and training

Business Pillars

 Online portal with largest product offering in Vietnam with over 8,200 merchants
 28 modern logistics hubs providing prompt delivery
E-commerce

 Largest loyalty programme in Vietnam with 3.1 mm members

 Allows customers to redeem points across Vingroup ecosystem, including Adayroi
Loyalty Program

Nationwide store offerings that cater to the mass to affluent Vietnamese population

Notes: (1) Based on number of stores for the top 7 key players in Vietnam.

22 CORPORATE PRESENTATION
 Creation of a Unique Hospitality Ecosystem in Nha Trang
Unique Model – Destination Integrated Resort Launch Date of Nha Trang Projects
Future Planning: Vinpearl Phu Quy – Khanh Hoa , Vinpearl Hon Mot,

 • Best-in-class ecosystem – Synergy among product offerings that cover a

wide spectrum of customer target groups, enhancing value
Vinpearl Bai Tru Villas
Completion on Sep 2018:
2018

 Beach Front Condotel (959 rooms)
• Self-funding business model – Villa sale and recurring revenue to finance Vinpearl Empire
integrated resort infrastructure development and construction Completion on Dec 2017: Condotel
 Vinpearl Empire Condotel (1,221 rooms)

• In-place Infrastructure – Positive network effects and predictable cost base
can pose barriers of entry that most competitors cannot compete effectively
2017
 Nha Trang Long Beach Villas launched

 Vinpearl Golf Land Resort and Villas facility was built (426 rooms)
2016 Vinpearl Golf Land
 Vinmec Nha Trang added Resort & Villas
Market Share(1): 2014: 22% 2015: 38% 2016: 51% 2017: 53%
 Vinpearl Nha Trang Bay Resort & Villas launched (483 rooms)
2015
 Vincom Plaza Thai Nguyen, Nha Trang completed
Strong Growth In Domestic And International Visitor Arrivals
 Vinpearl Luxury Nha Trang opened (84 rooms) Vinpearl Luxury
Visitor Arrivals in Nha Trang (‘000s) 2011
 Vinpearl Golf Club Nha Trang started operations Nha Trang
Strong projected international +
Domestic
Local Arrivals
International  Existing Nha Trang Resort & Villas facility developed to add
2007
2016 – 2017 Growth deluxe format
Total: +24% VinpearlLand
International: +65%  VinpearlLand Nha Trang launched Nha Trang
2006
Domestic: +10%

 1st Vinpearl facility opened

2003
– Nha Trang Resort & Villas (Executive) (476 rooms)
Vinpearl Nha Trang
5,628
Resort & Villas
1,978
4,532
Strong Cash Flow and Profitability of Nha Trang Projects
4,071
1,198 Gross Profit
3,591 margin(3)
<20% >20% >25%
975
3,001 847 3,651 403
3,334
2,318 709 3,097
2,743 258 287
532 2,292 322
157 144
1,786

101 142
81
2015 2016 2017E
(4)
2012 2013 2014 2015 2016 2017(2) (5)

Source: Vietnam National Administration of Tourism, Department of Tourism – Khanh Hoa Province.

23
Notes: (1) Based on number of keys in 5-star hotels and resorts in Nha Trang in 2017 provided by Vietnamtourism.gov.vn. (2) Based on annualised 10M 2017 figures for domestic and foreign visitors.
(3) Gross profit margins include the full impact of guarantee package. (4) Recurring revenue includes both hotel operations and entertainment services. (5) Based on annualized 9M 2017 revenue and CORPORATE PRESENTATION
gross income.
 Rolling Out the Blueprint
Under-construction Projects To Replicate Vinpearl’s Success In Nha
Trang Across Other Key Hubs(1)(2) Growing Market Share Set To Capture Demand Upside
Vinpearl market share in Vietnam hospitality industry (%)(1)
Ha Long Bay
Danang 13%


384 rooms • Unique Multi-format
Ha Long 28% model captures full
28% market share Nha Trang breath of customer
53%
Hanoi income and age
Phu Quoc
73% segments
Ha Long Bay Da Nang

361 rooms 39% 41%

37%
Nghe An
Ha Tinh
13% market share

Pipeline:
25%  • Leadership in scale
and depth of auxiliary
hospitality services
18%
Phu Quoc • River Front Condotel (2018)
– 864 rooms
1,941 rooms
2013 2014 2015 2016 2017
73% market share
Da Nang
Pipeline:
• Vinpearl Phu Quoc 5 Hoi An Key Market Growth Drivers In Place
– Phase 1 (2018)
– 1,373 rooms
• Vinpearl Phu Quoc 5 – Phase 2
International Tourist Arrivals Set for …Along with Domestic Hospitality
(2018/19) – 555 rooms Strong Growth… Consumption
• Vinpearl Phu Quoc Villa 4 (2018)
– 373 villas Nha International Tourist Arrivals Growth (mm)(3) Strong Projected Growth in Consumer
Ecosystem: Hotels, villas, amusement Trang Expenditure in Key Segments(4)
park, integrated resort, safari, golf and
hospital CAGR 2012 –2016 CAGR 2016 –2020
Nha Trang 14
11%
2,302 rooms
Phu Quoc
10% 10%
Can Tho
53% market share
9%
10
Pipeline:
• Empire Condotel
• Existing Projects (2018) – 1,221 rooms
• Upcoming Projects • Beach Front Condotel (2018)
– 959 rooms 2016A 2020E Recreation and Restaurants and
Ecosystem: Hotels, villas, amusement culture hotels
park, golf and hospitals

Notes: (1) Based on number of keys in 5-star hotels and resorts provided by Vietnamtourism.gov.vn. (2) Data as at 2017. (3) Based on Collier's independent modern retail research report. (4)

24 Based on historical and forecast data from BMI.

CORPORATE PRESENTATION
 4. Large Landbank Provides Pillar for Long Term
Platform Growth

25 CORPORATE PRESENTATION
 Unrivalled Landbank Providing More Than 20 Years of Pipeline that Cannot be Replicated

Landbank is Vingroup’s Pillar of Growth Truly Nationwide Developer with Proven Ability to Secure
Prime Sites in the CBD of Hanoi and Ho Chi Minh City
Residential and mixed-use landbank by site area (mm sqm)
(1) 36 projects in prime cities consisting of 3 completed, 8 under construction
134 163 and 25 pipeline
Hanoi

Hanoi  2 completed Vinhomes

project
10 pipeline Vinhomes and
VinCity projects
4 under construction
Vinhomes projects
Ho Chi Minh City

 1 completed Vinhomes project

8 pipeline Vinhomes and
VinCity projects
2 under construction Vinhomes Rest of Vietnam
projects
 7 pipeline Vinhomes and
29 VinCity projects
 2 under construction
Vinhomes project
 Operating Project
Under construction and pipeline projects Ho Chi
Under construction Land reserves Total landbank Minh City

 Land bank 20
More than provides more of
years worth than 20 years worth
development of development
pipeline for Vingrouppipeline for Vingroup

 Largest land bank across key urban and tourism centers of Vietnam, with landmark projects nationwide
 partnerships with the Government to develop infrastructure projects, such as key metro lines in Hanoi
Continued access to large amounts of granted land plots in prime locations which can be transferred at cost – a result of close

Source: CBRE, Savills, JLL, PwC Research and analysis.

26 Notes: (1) As of 31 Dec 2017. Data does not included landbank for investment properties, hospitality development
CORPORATE PRESENTATION
 Fully Integrated Platform Across the Value Chain with Ability to
Proactively Recycle Capital
Maximizing Profitability via Vingroup’s Integrated Development Ability to Recycle Capital via Opportunistic Real Estate sales and
Platform Re-allocate Capital via M&A Activities

Vincom Center Vincom Center

project sourcing

Ba Trieu – Office Tower Ba Trieu – Vincom Center Office Tower

Nationwide

capability

Office Tower in Hanoi Office Tower A HCMC in Hanoi

A B
Landbank & Land
Acquisitions
project management
Economies of scale
and track record in

Year 2006 2010 2012 2013 2015

Planning, Construction Sale
US$25 mm Confidential US$64 mm US$472 mm Confidential
& Development Price(1)
Profit %(2) >150% >100% >900% >100% >130%
Holding
2 yrs 0(3) yrs 8 yrs 1 yr 0(3) yrs
period
drive long-term profits
Dominant platform to

Recurring Property Business

Income Sales Operations

Year Oct 2014, Apr 2015 Oct 2015 Dec 2016

 Acquisition of both  Acquisition of 5  Successfully integrated
Opportunistic
Monetization

Oceanmart and Maximark malls, VinLinks infrastructure

Vinatexmart at cost (>70,000sqm GFA) with the VinCommerce
Capital Recycling / Details delivery platform
 Supply and distribution  Expanded retail mall
Divestments
synergies with VinMart network, promoting  VinLinks’ entire stake
& VinMart+ network Vietnamese brands subsequently sold to
Sagawa Express

 
Vingroup creates value via its real estate platform before Vingroup has demonstrated its ability to proactively
recycling capital into higher ROE projects recycle, reinvest and divest assets

Source: CBRE, Savills, JLL, PwC Research and analysis

27 Notes: (1) Exchange rate at the end of the transaction years were used. (2) % profit denotes the profit achieved from the sale, by comparing the sale price with
the construction cost, taking into account depreciation, of the assets (3) Sold upon construction completion
CORPORATE PRESENTATION
 5. Experienced & Proven Management Team
With Strong Track Record

28 CORPORATE PRESENTATION
 Experienced Management Team, Strong Corporate Governance
and Sponsor
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 retained the position as the billionaire with the highest networth in
Vietnam from 2013 to 2017

Board of Directors
Ms. Pham Thuy Hang Ms. Pham Thu Huong Ms. Nguyen Dieu Linh Mr. Le Khac Hiep
Vice Chairwoman Vice Chairwoman Vice Chairwoman Vice Chairman cum Independent Member
Mr. Nguyen Viet Quang Mr. Joseph Gagnon(1) Mr. Marc Villiers Townsend(2) Prof. Ling Chung Yee Roy(3)
Member Member Independent Member Independent Member
Senior Management
Ms. Thai Thi Thanh Hai Ms. Le Thi Thu Thuy Ms. Le Mai Lan
Vice Chairwoman Vice Chairwoman Vice Chairwoman

Management
Ms. Duong Thi Mai Hoa Ms. Mai Huong Noi Mr. Pham Van Khuong Ms. Nguyen Thi Diu Ms. Duong Thi Hoan
 CEO  Dy CEO  Dy CEO  Dy CEO  Dy CEO
 25 yrs experience  27 yrs experience  31 yrs experience  24 yrs experience  19 yrs experience
 5 yrs with Vingroup  12 yrs with Vingroup  15 yrs with Vingroup  5 yrs with Vingroup  11 yrs with Vingroup

Management of Subsidiary Businesses

Ms. Nguyen Dieu Linh Ms. Tran Mai Hoa Ms. Thai Thi Thanh Hai Ms. Le Thuy Anh
 Vice Chairwoman (Vingroup)  CEO  CEO  CEO
 CEO  24 yrs experience  24 yrs experience  18 yrs experience
 22 yrs experience  4 yrs with Vingroup  4 yrs with Vingroup  6 yrs with Vinmec
 13 yrs with Vingroup

Ms. Vo Thi Phuong Thao Mr. James B. DeLuca Ms. Vu Tuyet Hang Ms. Phan Ha Thuy
 CEO  CEO  CEO  CEO
 20+ yrs experience  30+ yrs experience with  22 yrs experience  17 yrs of experience
 8 yrs with Vingroup GM as Executive VP of  13 yrs with Vingroup  5 yrs with Vingroup
Global Manufacturing
(1) Mr. Joseph Gagnon is a Managing Director of Warburg Pincus
29 (2)
(3)
Mr. Marc Villiers Townsend is the Chairman of CBRE Cambodia
Pro. Ling Chung Yee Roy is the Managing Director of RL Capital Management
CORPORATE PRESENTATION
 Vietnam’s Flag Bearer in the International Capital Markets

c.US$2.2 bn Raised Internationally Through Several Pioneering

Transactions Since 2010 Prestigious Global Awards and Accolades

Vincom Retail International

Initial Equity Offering Syndicated Loan Euromoney Real Estate Awards 2017

Largest ever equity offering
 Best overall real estate developer in Vietnam
in Vietnam Vietnam Best  Best retail developer in Vietnam
 Top 10 listed companies on HOSE Syndicated Loan 2016
(by market cap)  Best mixed-used developer in Vietnam
 Best Leisure / Hotel Developer
November 2017 July 2016
US$743 mm US$300 mm

Asia Pacific Property Awards 2016

Domestic Senior Private Equity Secondary
Unsecured Notes, Investment by Placement of  Vietnam's Best Mixed-Used Development – Vinhomes
Guaranteed by Ordinary Shares Central Park
2013 Real-estate  Vietnam's Best High-Rise Development – Landmark 81
Deal of the Year
 Vietnam's Best Residential Landscape Architecture – Vinhomes
May 2013 Times City – Park Hill
US$200 mm
February 2016 June 2015 April 2014
VND3,000 bn US$100 mm US$70 mm
Brand Finance Awards 2016
RegS/144A International Convertible Bonds
 Vinhomes – The most valuable real estate brand in Vietnam
International Senior Syndicated Loan  Vincom Retail, VinCommerce, Vinpearl and South Hanoi JSC –
Unsecured Notes Top 50 most valuable brands in Vietnam
Vietnam Capital Markets Deal 2013 Best Capital Markets Deal 2012

Best Vietnam Deal 2013 Best Vietnam Deal 2012

 The Asset AAA: Vietnam Best Syndicated Loan 2016
Issuer that matters Best Vietnam Deal 2012
 Standard and Poors 2014: Top 100 ASEAN companies
October 2013 October 2013 April & July 2012
US$200 mm US$150 mm US$300 mm(1)  Finance Asia 2014: Region’s Best Borrower – Vietnam
 Southeast Asia Property Awards 2014: Best developer -
Vietnam

 Good relationship with all leading domestic banks with repeat loan
and bond issuance Vietnam Report
 2017: Ranked 1st in Top 10 Reputable Real Estate


Developers category
Holistic cooperation with financial institutions, including facilitation  2015: Top 10 largest corporate tax payers
Domestic
of mortgage financings for customers and transactional banking awards Forbes Vietnam 2016: Top 50 best listed companies on the Vietnam
services at Vingroup commercial properties Stock Exchange
Ministry of Industry and Trade 2015: Top 10 brand awards
Vietnam National Administration of Tourism 2015: Top 10 5-star
hotels in Vietnam

Note: (1) Converted into shares in 1Q2016.

30 CORPORATE PRESENTATION
 6. Future Developments

31 CORPORATE PRESENTATION
 VinFast – first “Made In Vietnam” automobiles
 VinFast: Vietnam – Style – Safety – Innovation – Pioneer
 THE brand of choice for Vietnamese cars

Aiming to Become Leading Producer of Motorcycles and Partnership with Renowned Designers and Leaders in
Automobiles Automotive Production
Production capacity (‘000) Reputable strategic and production consultants
E-scooters 5-seat Sedan & 7-seat SUV
1,000 500

250
300 Renowned Italian design partners

First year of launch 2025 First year of launch 2025

(From 2H 2018) (From 4Q 2019)

Vietnam Passenger Car Sales Expected to Grow Low Automobile Penetration Compared to Regional
Significantly Peers
Sales (‘000) Share of households that own a car (%)
80% of car owners plan to buy
new cars; car ownership 1,055 82%
976
expected to increase by 40%(1) 904
836
774
711
651 51%
595
547
490
429
367
238 263
6% 4% 2%

Philippines
Thailand

Indonesia

Vietnam
Malaysia
2017

2026
2016

2018

2019

2020

2021

2022

2023

2024

2025

2027

2028

2029

1. Based on customer survey results, interviewing >500 people in Hanoi and Ho Chi Minh City conducted by BCG
32 Source: EIU, Vietnam Ministry of Industry and Trade, Pew Research Centre (2014), HIS, IFM Research and BCG analysis CORPORATE PRESENTATION
 7. Financial Overview – VAS

33 CORPORATE PRESENTATION
 Income Statement Highlights – VAS

Revenue (1) Gross profit

(US$ mm) (US$ mm)

3,974 1,210

1,221
2,528 765

1,511 910 488 519

1,297
2,753 333
870 278 579
176 1,618
694 1,019 932

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Property sales Recurring revenue

EBITDA Profit for the year/period

(US$ mm) (US$ mm)
722

586(1) 590 338(1)

454
239
337 177
154

67

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Unaudited VAS Consolidated FS for 2017 (1) Includes fair value adjustment of US$200mm realized when the Group sold
34 Note: CAGR from 2013 to 2017
Based on exchange rate of US$1 = VND 22,735 (applied to 2017 financials)
Vincom Center A Ho Chi Minh City CORPORATE PRESENTATION
 Revenue Performance – VAS

Total revenue Property sale(1) Retail leasing

(US$ mm) (US$ mm) (US$ mm)
2,772
3,974
198

2,528 146
1,646
118
103
1,511 1,019 940 85
1,297
694
870

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Consumer retail(1) Hospitality & entertainment services(2) Healthcare & education

(US$ mm) (US$ mm) (US$ mm)
125
233
574
177 79
406
126 57
99
41
76
191
14
- 20

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Interim/Unaudited VAS (1) Includes adjustment for certain trading activities in consumer retail

35
Consolidated FS for 9M2017
Note: CAGR from 2013 to 2017 (2014 to 2017 for consumer retail)
(2) Includes adjustment impact due to Vinpearl beach villa revenue guarantee scheme
CORPORATE PRESENTATION
Based on exchange rate of US$1 = VND 22,735 (applied to 2017 financials)
 Profitability – Gross Profit and Margin – VAS

Total gross profit Property sale(1)(2) Retail leasing

(US$ mm) (US$ mm) (%) (US$ mm) (%)

1,210
40% 35% 61% 56% 51% 52%
36% 37% 37% 51%

102
765 1,064
75
488 519 60
640 58
52
333
378 381
249

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
2013 2014 2015 2016 2017

Consumer retail(1) Hospitality & entertainment services(2) Healthcare & education

(US$ mm) (%) (US$ mm) (%) (US$ mm) (%)
16% 14% 15% 46% 40% 24%
24% 11%
6% 28% 30%
86 20%
Margin decline in FY16 (20%)
due to 7-month closure 57 13%
of Nha Trang Resort
60 and pre-opening costs
17 16 16
39 incurred for 3 hotels
34
30 12
33
19

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
(3)
Gross Margin
2013 2014 2015 2016 2017
Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and (1) Includes adjustment for certain trading activities in consumer retail
Unaudited VAS Consolidated FS for 2017 (2) Includes impact of reclassification of gross profit due to sale of Vinpearl beach villas from hospitality & entertainment services to
36 Note: CAGR from 2013 to 2016
Based on exchange rate of US$1 = VND 22,735 (applied to 2017 financials)
property sale; correspondingly, revenue recognized under the revenue guarantee scheme is reflected in the property sale segment CORPORATE PRESENTATION
 Balance Sheet Highlights – VAS

Total debt(1) and net debt(2)

(US$ mm)

Total cash and

short-term 541 547 802 453 388
investments (2)
2,172
1,745 1,784
1,532 1,638
1,296 1,291
985
754 836

2013 2014 2015 2016 2017

Total debt Net debt

Total assets & total equity Net debt(2) / EBITDA

(US$ mm)

9,450
2.5x 2.5x
7,918 2.2x 2.2x
6,455

4,214 1.2x
3,585
1,986 2,301
1,285 1,667
881

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Total assets (VAS) Total equity (VAS)

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016, Unaudited VAS Consolidated FS for 2017 (2) Net debt is equal to total debt less cash and cash equivalents and

37
Based on exchange rate of US$1 = VND 22,735 (applied to 2017 financials)
(1) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through
short-term investments (STI). STI balance in 2013 was restated to
comply with 2014 figures onwards, when it was reclassified to CORPORATE PRESENTATION
profit or loss comply with new accounting regulation.
 Balance Sheet Highlights – VAS (cont’d)

Diversified funding sources – breakdown of total debt Breakdown of total assets

Total assets
Others
10.3% Domestic bond US$9.5bn
62.0%
Residential
48.2%
Syndicated
loan
13.5%
Total debt
US$2.2bn

(1)

Bank loans Others

14.2% 16.1%

Breakdown by currency Breakdown by interest rate

EUR
1.1%
USD
13.6% Fixed
Retail trading
23.6%
5.8%
Leasing of
retail area
12.3%
Hospitality &
entertainment
VND Floating services
85.3% 76.4% 17.7%

Source: Unaudited VAS Consolidated FS for 2017

38
Based on exchange rate of US$1 = VND 22,735
Note: As of 31 December 2017 CORPORATE PRESENTATION
(1) Includes assets relating to hospital operations and education operations, as well as cash & cash equivalents, short-term investments, receivables, investments in associates, and other adjustments
 Debt profile overview – VAS

Debt maturity
(US$ mm)

As of 31 December 2017:
895  Average debt maturity: 2.38 years
788 8
113

432 415
45 774 64
134
312 73
216 28
0
45
Less than 1 year 1-3 years 3-5 years More than 5 years

Corporate bonds Syndicated loan Bank borrowings

Average borrowing cost

11.6%
10.0% 9.4%
8.7% 8.4%

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Unaudited VAS Consolidated FS for 2017

39
Based on exchange rate of US$1 = VND 22,735 (applied to 2017 financials)
CORPORATE PRESENTATION
 Appendix

40 CORPORATE PRESENTATION
 Retail Consolidates Around the Dominant Local Landlord

 dominant local landlord

Vincom Retail Global examples clearly demonstrate retail consolidation around the

Vietnam’s largest retail developer, owner and

operator
Total Market Size (GFA sqm)(1)
Market Share by GFA(1)
 Significant parallels seen between VRE and regional retail leaders
 Vietnam's
1.3 mm
current position at an early, higher growth stage of the retail cycle
60%
GFA (mm sqm)(1) translates to a stronger growth profile and a more dominant market share
0.78

2017 2017

SM Prime Scentre Group

Central Pattana
Australia’s largest retail owner and
Philippines’ largest retail real estate developer
Thailand’s largest shopping mall developer arm of operator
Central Group Total Market Size (GFA sqm)(3)
Vietnam Market Share by GFA(3) Market Share by GLA(6)
Total Market Size (NLA sqm)(2) 7.8 mm 10.7 mm 25%
3.9 mm 4.4 mm Market Share by NLA(2) GFA (mm sqm)(3) 33%
28 19%
NLA (mm sqm)(2) 15 17% 3.5 %
% Thailand Philippines 2.2
0.7 2002 2008
0.6
Total Market Size (GLA sqm)(6)
Singapore 11.1 mm 14.9 mm
2007 2016 2007 2016
2013 2016 2013 2016
Indonesia

CapitaLand Lippo Karawaci Simon Property

Singapore’s largest retail mall owner and Indonesia’s largest mall owner and operator US’s largest shopping mall operator
manager arm of Lippo Group
Market Share by NLA(4) Market Share by GFA(5) Australia Market Share by GLA(7)
17% 39% United States 3.4%
32% 2.1%
13%

2008 2013 2012 2017 1996 2007

Total Market Size (GLA sqm)(7)
Total Market Size (NLA sqm)(4) Total Market Size (GFA sqm)(5)
502 mm 657 mm
3.2 mm 3.5 mm 6.8 mm 8.5 mm

Source: Company filings, Colliers, Statista, Urban Redevelopment Authority, Savills, Urbis.
1. Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC. As at August 2017 2. Based on Central Pattana’s retail NLA in Bangkok and total
shopping mall NLA in Bangkok 3. Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila 4. Based on CapitaLand’s retail NLA in Singapore, and total retail NLA in Singapore. Includes only
41 operational malls and retail space of integrated developments of CapitaLand 5. Based on Lippo Karawaci’s retail GFA in Indonesia, and combined shopping mall GFA of Jakarta, Greater Jakarta and Surabaya. Total
Indonesian Retail GFA unavailable 6. Based on Westfield Holdings’ GLA in Australia in 2002 and 2008, divided by total Australia shopping center GLA in 2001 and 2007. Westfield Holdings was restructured into Scentre
CORPORATE PRESENTATION
Group in 2014 7. Based on Simon Property’s retail GLA in the U.S, and total shopping mall GLA in the U.S.
 Vincom Retail Poised to Enjoy Market Dominance in Retail Space
Mall Evolution Of Peers In The Last 10 Years

2006 2016
Mall Count 67
Market Cap 62 Market Cap 2006 – 2016
53 55
SM Prime 51
US$2.2 bn 46 SM Prime 7.5x increase
43 US$16.5 bn
(Philippines) 36 39 (Philippines) CAGR of 22.4%
30 29 31
27 25
20 23 5.1x increase
CPN (Thailand) US$1.4 bn 15 15 18 CPN (Thailand) US$7.1 bn
10 10 12 30 CAGR of 18.0%
6 21
Metrics 3 5 Metrics
GDP per capita GDP per capita (US$)
(US$) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SM Prime Central Pattana Vincom Retail Philippines 2,947

Philippines 1,390
Thailand 5,913
Thailand 3,370

VRE has Superior Growth Profile Compared to Regional Peers… … and Has a Portfolio Much Larger than Domestic Peers
(CAGR by no. of malls) (no. of malls)(1)
2011 – 2016 CAGR 2017E – 2021E CAGR(2) Retail GFA(1)
(mm sqm) 1.2 0.3 0.1 0.4

59.5% 44

44.4% 13
10.8% 7.8% 6 4

VCR Lotte Parkson Aeon

 Poised to Enjoy Long-Term Market Dominance in Retail Space

 Commanding Lead over Competitors in Vietnam

Source: Company filings, EIU, FactSet.

42 1.
2.
Refers to large-scale retail properties that include multi-tenant (shopping malls) and predominantly single-tenant formats (department stores).
Assuming all remaining pipeline projects are completed by 2021 CORPORATE PRESENTATION
 Metro Infrastructure Will Accelerate Retail Mall Footfall
Most of VRE malls are covered by the upcoming metro lines in Ho Chi Minh City and Hanoi – significant boost in connectivity
and footfall expected.

Ho Chi Minh City Gò Vấp Thủ Đức Hanoi

Trung Thôn
VINCOM PLAZA
Tân Bình SAIGON RES
VINCOM CENTER Phú Thượng
VINCOM MEGA MALL NGUYEN CHI THANH
Ho Chi THAO DIEN
phường Nhật Tân Đông Ngàn
Minh City Airport
Xuân Đỉnh
4
Nhổn
Bình Thạnh CBD 5km Ngoc Thuy

1 Ngọc Lâm
2 Phú Nhuận
CBD 1
3Mai Dịch
4
VINCOM CENTER
BA TRIEU

District 1
5km
6
VINCOM PLAZA
3/2
District 3 ` p. Long Biên
7 6 5 3
Phú Đô 8
2 Bách Khoa
District 10
VINCOM CENTER
DONG KHOI
5 Thanh Trì
Đại Mỗ Trung Văn
Dương Nội Giáp Bát
3 District 4 VINCOM MEGA MALL
District 5 ROYAL CITY VINCOM MEGA MALL
TIMES CITY
District 6

District 8 Khu đô thị

Xa La
District 7 Văn Điển

Metro Lines Under Construction Planned Lines

 
With the opening of urban metro lines in Ho Chi Minh City Vingroup mixed-use & VRE mall models are able to tap on
and Hanoi, the shift from street retail to organized retail this trend, given the targeted positioning and proximity to
malls will accelerate stations

43 CORPORATE PRESENTATION
 Vinpearl: Capturing The Full Spectrum of Customer Segments
Vinpearl’s integrated resort model clearly differentiates itself from other competitors Vinpearl has
who only offer a standalone hotel product access
to addressable
Holistic Coverage Across Room Rate Segments market segment of
over US$7.4bn(1)
of tourist spending
Average Family Destinations Exclusive Getaways Savvy Travelers
Daily Room Integrated facilities with a diverse range of Centrally located and highly accessible city
Exotic adventures/new destinations with
Rate entertainment at renowned resort hotels and condotels in established tourist
direct connectivity to integrated resorts
destinations cities
International
Brand
Vinpearl Premium Resorts:
Hotels
More than
Holistic Segment Coverage Room Rate Segments

Target
 High-end international and
US$300 Vinpearl Villas: Segment:
domestic tourists
 Families and frequent visitors Upper middle
 Multi-generation international and income
domestic tourists
Vinpearl Resorts:  Exclusive beach villas directly
connected to integrated facilities or
 Upper-mid income international and stand-alone hotels
US$120 –  Situated at newly launched /
domestic travelers
$300 innovative / exotic locations
 Tour group-friendly
 Corporate retreats  Prioritizes exclusivity and tailored
 Small families and couples services

Vinpearl Oasis: Vinpearl Hotels and Condotels:

Lower
than  Mid-income domestic travellers and  Business executive and business Local Brand
US$120 tour groups travelers Hotels
 Small families and couples  Small families
Target
Segment:
Vinpearl Golf Middle/Upper
 Affluent, upper-mid income regional and domestic travelers Middle
 Business Travelers income
Others  Individuals, small families and friends
VinpearlLand / Safari Competitors
 Across all income levels and age groups
 Mainly upper income locals

Source: EIU.

44 Notes: (1) Based on 2016 International tourism receipts in Vietnam.

CORPORATE PRESENTATION
 VinCommerce – Competitive mapping

Amongst modern retailers, only Vingroup is active in all stages of the value chain

Production Processing Distribution and retail

Key players Input Grow Harvest Packaging Storage Logistics Distribute Retail
Domestic modern retailers

VinMart VinEco
   
Domestic Cooperatives & individual farmers,
retailer #1 wholesalers     
Domestic Cooperatives & individual farmers,
retailer #2 wholesalers    
Foreign
retailer #1   Sourcing from farms in Vietnam  
Foreign retailers

Foreign Cooperatives & individual farmers,

retailer #2 wholesalers     
Foreign
retailer #3
Cooperatives & individual farmers, wholesalers  
Foreign Cooperatives & individual farmers,
retailer #4 wholesalers  

Source: PwC research

45 CORPORATE PRESENTATION
 VinCommerce 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  Vietnam’s largest

community of 3.8 mm
members
 First and only card in
Vietnam that is able to
connect and integrate
External customers advantages and
Over 8,300 merchants and suppliers benefits
 Points can be redeemed
 Launched in August 2015, adayroi!com already offers the widest everywhere within the
range of products than any e-commerce operator in Vietnam Vingroup ecosystem
 To seamlessly connect offline with online retailing, and with the  Special priorities and
nationwide logistic network benefits for cardholders
 Full suite of services to merchants, from content, image design to
delivery and customer care

46 As of 31 December 2017 CORPORATE PRESENTATION

 Investor Relations Department
Vingroup JSC
Vingroup Office Tower, Vinhomes Riverside Eco-Urban Area
Long Bien District, Hanoi, Vietnam
Tel: +84 (24) 3974 9999 ext. 9759
Fax: +84 (24) 3974 8888
Website: http://www.vingroup.net
E-mail: ir@vingroup.net

47 CORPORATE PRESENTATION