Quarterly Breakfast 08/12/20 - INDOCHINE ENGINEERING...A LEED & LOTUS Consultancy CPart A: existing building; Part B: building 1, 2, 3 and 7 to 23 B Tay Ninh, Vietnam D 2013 HANESBRANDS

Quarterly Breakfast 08/12/20

KNOWLEDGE

To ensure your project is built asdesigned and as expected, high levels ofconstruction phase support is essentialin Vietnam.

Depending upon the project deliverymethod, there are legal and practical requirements for our construction phase support.

The structures and associated buildingsystems we design, are financialinstruments, built to provide utility andreturns to their developers & owners.Indochine provides engineering costmanagement for capital and life cyclecosts, to ensure appropriate decisions are made.

At the end of the day, the design quality of your project will be what shines through … well after approvals have been obtained and the contractors have completed their works.

Indochine Engineering offers internationalquality design, coupled with local know how.

Using BIM and Sustainable visions infusedthrough our designs, our buildings work,offering clients better returns ontheir investments.

Navigating the planning and approvalprocess requires experience, expertise,and diligence … as well as the ability toknow when to do and when to negotiate.

We have a thorough knowledge andexperience of the approvals process in Vietnam and increasingly elsewhere in ASEAN.

Our tendering processes regularlydemonstrate to clients that they areachieving the best possible prices, fortheir projects from the most qualifiedcontractors.

We provide our expertise to the market as engineering consultants for reports,audits inpections.

Due diligence, value engineering, technicalcompliance, energy surveys, and indoor air quality reports.

Our buildings work!

That means that more satisfied occupants/ tenants/guests, via a better quality environment, leading to better returns and higher asset values.

That means apartment owners enjoy theiroccupancy, retain their apartments longer, and provide superior returns to owners and investors.

BUILDINGS THAT WORK

Sustainable quality in buildings requires market leading engineering ability and experience.

Sustainability for us, goes beyondthe certification process, and is aboutdelivering buildings that are highly valued by their users and owners, for a long and healthy life, really helping to reduce environmental impact.

SUSTAINABILITY

Indochine believe that 3 significantchanges are impacting our businessglobally.

+ BIM and related technologiessuch as automation,

+ The cloud, being online, sharing,communicating, apps, and

+ Offshoring resources.

Delivery

Value

Competition

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BUILDINGS THAT WORK DESIGN

PLANNING TENDERINGCOST MANAGEMENT

CONSTRUCTION REPORTS OFFSHORE RESOURCING

Analysis

Life Cycle

Value Engineering

Due Diligence

Utilities

Negotiation

Approvals

Process

Quality

Supervision

Design Intent

Sustainable

BIM

High Value Assets

http://www.indoeng.com/

OUR CAPABILITIESMECHANICAL • ELECTRICAL • HYDRAULIC • FIRE • CIVIL • STRUCTURAL • SUSTAINABILITY • SPECIAL CONSULTANCIES

MECHANICAL ELECTRICAL PLUMBING & DRAINAGE FIRE & LIFE SAFETY LIFTS

TELECOM & DATA ELECTRONIC SECURITY PUBLIC HEALTH STRUCTURAL CIVIL

INDUSTRIAL MINING SUSTAINABILITY LEED LOTUS

LIGHTING ACOUSTICS AUDIO VISUAL INFORMATION TECHNOLOGY SECURITY ASSESSMENT

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FITOUT

INFRASTRUCTURE

SUSTAINABILITY

MANUFACTURING & INDUSTRY

RETAIL

OFFICES EDUCATION HEALTHCARE

RESIDENTIALHOSPITALITY & LEISURE

www.indoeng.com

PROJECTSOFFICES • EDUCATION • HOTEL & RESORTS • RESIDENTIAL• INFRASTURCTURE • HOSPITALS • RETAIL • FACTORIES


These areas have specialist requirements over a vast spectrum of needs and solutions. We haveexperience in steel, flour, paint, food and beverage, pharmaceuticals, life science projects, textiles, and oil and gas.

PEMARA FACTORY RELOCATIONBinh Duong, Vietnam - 2018

New 10,000sqm factoryA M&E design

CGFA/CFA: 7,500m²



ZUELLIG PHARMA TAN TAO

Warehouse

A M&E design, tender & authorship supervision

CWarehouse

B Ho Chi Minh City, Vietnam

D 2014

HBI NEW HUNG YEN PHASE 1

3 storey office, workshop,cafeteria/storage and someother small buildings

A M&E design, tender & authorship supervision

C3 storey office, workshop, cafeteria/ storage and some other small buildings

B Hung Yen, Vietnam

D 2015TAEKWANG VINA FACTORY

Part A: existing building; Part B: building 1, 2, 3 and 7 to 23

A LEED & LOTUS Consultancy

CPart A: existing building; PartB: building 1, 2, 3 and 7 to 23

B Tay Ninh, Vietnam

D 2013

HANESBRANDS SEWING FACILITIES PHU BAI

Garment factory

A LEED services

CGFA/CFA: 11,774m²

B Hue, Vietnam

D 2009

COCA COLA

Renovation and/or additions to existing electrical service,renovations an additions to M&E systems

A M&E design

CGFA/CFA: 15,000m²


D 2011HANESBRANDS SEWINGFACILITIES Hung Yen

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Garment factory

A M&E design

CGFA/CFA: 14,819m²

B Hung Yen, Vietnam

D 2010



HEINEKEN FACTORY

Extension of a bottling plant

A A LEED Consultancy

CGFA/CFA: 38,525m²


D 2012

BLUESCOPE STEEL FACTORY

Pre-Engineered Buildingsfactory

A M&E design, tender & supervision

CPEB factory

B Dong Nai, Vietnam

D 2003

STICKLEY FACTORY VISIP

Furniture factory

A M&E design

CFurniture factory

B Binh Duong, Vietnam

D 2004

AMANDA SEAFOOD

Seafood factory extension

A M&E design

CSeafood factory extension

B Dong Nai, Vietnam

D 2005

AVON VSIP

Cosmetic manufacturing facility


CCosmetic manufacturing facility


D 2004

VINAWOO FACTORY EXPANSION

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Wood manufacturing extension

A M&E design & tender

CGFA/CFA: TBC


D 2005



RANBAXY PHARMACEUTICAL VSIP

Pharmaceutical production facility


CGFA/CFA: 800m²


D 2001

SAINT GOBAIN HAI PHONG

Plasterboard factory

A M&E design

CGFA/CFA: 24,159m²

B Hai Phong, Vietnam

D 2012

ZUELLIG PHARMA AMATA

Warehousing and distribution Center at Amata industrial Zone

A M&E design

CGFA/CFA: 6.600m²

B Dong Nai, Vietnam

D 2004

AMANDA SEAFOOD

30 ton/day shrimp processing plant

A M&E design

CGFA/CFA: TBC

B Dong Nai, Vietnam

D 2003

INTERFLOUR FLOURMILL

500 ton/day flour mill

A M&E design

CGFA/CFA: 20.000m²

B Ba Ria-Vung Tau, Vietnam

D 2001

ICI PAINTS VIETNAM

www.indoeng.com

Paint manufacturing -renovation

A M&E design

CGFA/CFA: TBC


D 2005



3A PHARMACEUTICAL

www.indoeng.com

Pharmaceutical warehouse facility

A M&E design

CGFA/CFA: 29,000m²

B Hanoi, Vietnam

D 2005

Shoe Last Factory/ Warehouse

A M&E + C&S design

CGFA/CFA: 6,000m²

B HCMC, Vietnam

D Current

Industrial Warehouse

A Structure design

CGFA/CFA: 10,000m²

B Auckland New Zealand

D 2019

Packaging Factory/Warehouse

A M&E + C&S design

CGFA/CFA: 12,760m²

B Hanoi, Vietnam

D 2018

OAK ROAD WAREHOUSE

APP PACKAGINGYIN HWA LASTS

NPL PHARMACEUTICAL UK YOUR NEXT PROJECT HERE

???

Sterile Solutions facility

A M&E design

CGFA/CFA: 29,000m²

B United Kingdom

D 2018


Sustainable design to us, is simply good engineering. From concept phase, onwards, we provide options to clients leading to bench marking projects against relevant standards, or for formal certification against recognised rating systems such asLEED/GreenStar/Lotus.

NEXUSHo Chi Minh City, Vietnam - TBC

Mixed-use (Residential, Commercial, Hotel, Retail)

A M&E design, C&S Peer-Review, LEED Consultancy

CGFA/CFA: 133,835m²

SUSTAINABILITY

SUSTAINABILITY

LEED Platinum office

A LEED/DGNB consultancy

CGFA/CFA: 56,094m²


D TBC

VIETINBANK HANOI

LEED Gold office

A LEED/LOTUS Consultancy

CGFA/CFA: 350,000m²

B Hanoi, Vietnam

D TBC

TAEKWANG VINA FACTORY

Part A: existing building; Part B: building 1, 2, 3 and 7 to 23

A LEED & LOTUS Consultancy

CPart A: existing building; Part B: building 1, 2, 3 and 7 to 23

B Tay Ninh, Vietnam

D 2013

HANESBRANDS FACTORY PHU BAI

www.indoeng.com

Garment factory

A LEED Services

CGFA/CFA: 11,774m²

B Hue, Vietnam

D 2009

APPLE HCMC OFFICE LEED

Enhanced Commissioning and Energy model

A LEED Consultancy

CGFA/CFA: 743m2


D TBC

HEINEKEN FACTORY

Extension of a bottling plant

A LEED Consultancy

CExtension of a bottling plant


D 2012

DEUTSCHES HAUS


www.indoeng.com

OfficesOperationsVietnam and ASEAN are the main markets which

account for around 80% revenue.

ASEAN presence includes Myanmar,Malaysia, Laos and Cambodia.

Currently the company has plans to expandbusiness into other ASEAN markets such a Thailand, Indonesia and Singapore.

The business is diversified offering offshore service to various global partners.

The offshoring activities are conducted predominantly in Australia but also in the UK and the USA, with projects across theworld.

Services for other locations in Vietnam andASEAN are provided on a fly-in/fly-out (FIFO)basis.

Explore the various projects atwww.indoeng.com/regions

Australia

Myanmar

VietnamSri Lanka Cambodia

Malaysia

Singapore

Laos

New Zealand

REGIONS


http://www.indoeng.com/regions

ABOUT US

Our management teamis made up of Australianand Vietnamese directorstogether bringing anabundance of experienceon a variety of projects.

Indochine Engineering has been is an independent engineering consultancy established in Vietnam in 1999 and has been whollyowned by the directors.

Indochine Engineering aimsto be a market leadingconsultant for engineeringservices in Vietnam andASEAN.

We strive to be the bestengineers, principled,ethical, regard forothers safety, and theenvironment. To be a goodpartner and rewarded forour efforts.

Our systems add value toyour project. Extranets toshare global knowledgedata bases and businessintelligence systems tomanage marketing, humanresources, and finance.

Indochine regularlyorganize industrybreakfasts to raise anddiscuss popular issueswith our key partners. Ourbreakfasts and informalwine and engineeringevenings have becomekey networking occasionsfor the industry.

PEOPLE ORGANISATION MISSION VALUES SYSTEMS NETWORKING

www.indoeng.com


www.indoeng.com

WARREN GOODIEWarren Goodie is our Managing Director in Vietnam. He has over thirty-five yearsexperience in engineering design,construction, commissioning, project delivery, maintenance and operations obtained from within the heavy industrial, manufacturing, energy and mining sectors, and is skilled in management of multi disciplinary engineering, design and construct, and EPCM projects.

He has been involved in the provision of engineering, project and constructionservices for industrial and manufacturing developments in Australia, New Zealand,China, Malaysia and Vietnam.

Warren’s role includes ensuring the projectworks of Indochine are safely delivered and managed with the necessary diligence and are appropriately resourced to thesatisfaction of our clients.

LE NGOC HOLe Ngoc Ho is a Director, with specialist expertise in design and constructionmanagement.

Ho has 15 years experience with arefrigeration engineering degree from theFisheries University in Nha Trang. Ho hasexcelled as a project engineer, responsiblefor design and construction phases ofprojects, for a number of M&E contractors in HCM and surrounding provinces, prior tojoining Indochine Engineering.

Projects of note that he has contributedto prior to joining Indochine Engineeringinclude the following projects; Proctor &Gamble Vietnam, Bayer Vietnam, UnileverVietnam, Coats Phong Phu, Jotun PowderCoating, CU Brewery Danang, ValsparVietnam, and Chancellor Court.

LE VU PHONGLe Vu Phong is a Director with ICE, withspecialist expertise in planning approvalsand construction management.

Phong has 17 years experience in theconstruction industry and has degreesin mechanical engineering (University ofTechnology - HCMC) and in law (NationalLaw University).

Projects of note that he has contributedto prior to joining Indochine Engineeringinclude the following projects; ADB LoanHCM Environmental Improvemental Project,Holland Sponsored District 10 Pilot Project,Belgium Loan Medical Waste TreatmentProject, 2nd Medical Waste TreatmentProject, Vinh Tuong 2 Private Business,Delta Juice Vietnam, Design International(Vietnam), and Triumph International.

CARL GAYCarl Gay is our General Director, and is wellknown throughout the industry in Vietnam.

Carl has over 30 years professionalengineering experience, including 20 yearsin Vietnam.

He holds a bachelor degree in mechanical engineering from the University of Queensland, Australia, and a masters inbusiness management from APESMA/DeakinUniversity, Australia.

He is registered on the Australian NationalRegister of Professional Engineers in theareas of building services, mechanicalengineering and management.

PEOPLE


www.indoeng.com

PEOPLEIndochine Engineering has established itself as a leading multidisciplined engineering consultancy in Vietnam and SE Asia, with a strong offshoring capability using BIM and remote working capabilities.

Indochine is pleased to report that it has been acquired by Tokyu Construction Corporation.

The origin of Tokyu Construction is the urban development of Shibuya and along the Tokyuline, in Tokyo.

Whilst Indochine has been acquired in full, we will continue to provide our consultancy services to existing and new clients, helping deliver projects in Vietnam and SE Asia, and now Japan.

Mr Aoto Masaki Mr Ooya Masahiko


www.indoeng.com

MANUFACTURING FACILITIES AND SERVICES


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PROCESS SERVICES

- Controlled Atmosphere

- Supply/Generation/Reticulation

- Hydraulics & Drainage

- Fire Systems

- Compressed Air

- Flammable and Purging Gases

- Process Water


www.indoeng.com

ELECTRICAL SERVICES

- Back up Generation

- Electronic Security

- Lightning Protection

- Cable Trays and Support

- Mains Connection

- Panels and Switchboards

- Lighting and GPO’s

- Data Cabling, Comms


www.indoeng.com

MECHANICAL SERVICES

- Fans & AHU’s

- Ventilation

- Air Filtration

- Ducts and louvres

- Refrigeration

- Chiller Systems

- Temperature Control

- Humidity Control


www.indoeng.com

HUMIDITY

Common issues caused by humidity

- Reduce raw materials lifespan

- Reduce finished product quality

- Microelectronics oxidation

- Corrosion of equipment and pipework

- Safety eg slip hazard

- Electrical Safety eg Short Circuit

- Compromise hygiene eg Bacteria

Humidity sensitive Industries include:

- Paper and Packaging

- Machining and Grinding

- Cement and concrete products

- Electronics

- Semi-conductors

- Food Processing

- Pharmaceutical

Ho Chi Minh City ranges from 70% to 80% relative humidity and average 78.3%


www.indoeng.com

HUMIDITY EFFECTS

Humidity may not seem like an obvious cause of problems, or something that could even result in production being non-compliant, but this does occur.

Many aspects of your plant and process are influenced by relative humidity.

They can cause production and processes to be less efficient, reduce predictability and reliability, and be more susceptible to producing below specification products.

Increased energy consumption Altered aesthetic presentation

Microbiological growth Chemical reactions

Poor test equipment accuracy Corrosion

Changes in electrical conductivity Effects on operators

Degradation of buildings and products Condensation

Product drying issues Moisture absorption issues

Reduced refrigeration plant efficiency Reduced productivity

Ice build up Health and Safety

Some common issues that can arise from poor humidity control are:


www.indoeng.com

GMP REQUIREMENTS

GMP compliance in pharmaceutical manufacturing requires that any process, person, environment and/or equipment with direct impact on the quality and safety of the product being produced must operate within specified limits.

Quality and consistency are key.

Consider typical conditions in areas related to Solid Dosage production:

%RH levels should be correctly maintained for the designated process and surrounding areas to ensure no humidity issues occur to either product or equipment throughout the entire process.

Production area Temperature Humidity

Weighing, Mixing 20 to 22°C 35 to 40% RH

Compression 20°C 25 to 35% RH

Pan coating 15 to 95°C 10 to 70% RH

Filling and Packing 20°C 10 to 35% RH

Storage 20 to 25°C 45% RH


www.indoeng.com

STORAGE AND WAREHOUSING

Variations in humidity is inevitable, but automated control of HVAC and humidity control systems will improve response and recovery.

It is important to consider the effects of humidity on every stored item. This can be a large and daunting task, as it is not unusual for warehouses to contain thousands of different inventory items now and in the future.

It is important to consider humidity in all areas of production beyond the product itself to mitigate the risks to product quality and safety, and potential disruption to production.

In storage and warehousing, deviations from the desired temperature and humidity conditions must be minimized, controlled, and documented.


HO CHI MINH CITY

Unit 12-01, Pearl Plaza, 561A

Dien Bien Phu Street,

Binh Thanh District

Ho Chi Minh City, Vietnam

BRISBANE

Suite 65, 5F, 320 Adelaide St

Brisbane, QLD, 4001, Australia

SINGAPORE

KUALA LUMPUR

YANGON

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S U S T A I N A B L E Q U A L I T Y

https://goo.gl/maps/LHWD9ckQ8dMse7i59

https://goo.gl/maps/LHWD9ckQ8dMse7i59

https://goo.gl/maps/irgLKjM1yt9CXkCC7


VIETNAM INDUSTRIAL

2020 REVIEW & OUTLOOK

Dec 2020

2020 – REGIONAL PERFORMANCE

Manufacturing salaries, 2020

7.0

4.3

2.4

5.05.9

0.7

6.1

2.7

-3.8

-7.7

-0.3

-3.6 -3.5

1.9

7.06.3

5.06.1

6.8

3.0

8.2

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Vietnam Malaysia Thailand Indonesia Philippines Singapore China

%

2019 2020E 2021E

ASEAN real GDP YoY growth

252

766

431

198

968

-

200

400

600

800

1,000

1,200

Vietnam Malaysia Thailand Indonesia China

USD

/mo

nth

Source CEIC, Vinacapital, 2020

No. of established IPs, 2020

374

340

86108

323

31

0

50

100

150

200

250

300

350

400

Vietnam Malaysia Thailand Indonesia Philippines CambodiaN

um

ber

of

IPs

Source Trading Economics, 2020Source Source: Invest Asia, Industrial Park Guide 2020

Regional manufacturing PMI, 9M/2020

0

10

20

30

40

50

60

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Po

ints

Vietnam Malaysia Thailand Indonesia China

Regional industrial production, 9M/2020

World bank’s ‘ease of doing business’, 2020Construction costs/m2, 2019

Source FX Empire, 2020

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

%

Vietnam Malaysia Thailand China

Source Trading Economics and FX Empire, 2020

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Vietnam (HCMC) China (Beijing &Shanghai)

India (Bangalore) Indonesia (Jakarta) Malaysia (KualaLumpur)

Basic Warehouse & Factory ($/m2) Large WH/DistributionCenter ($/m2)

Hi-Tech Factory ($/m2)

Source Turner & Townsend, International Construction Market Survey. 2019

0

20

40

60

80

100

120

140

160

180

Ran

kin

g

World Bank Ranking Score

Source The World Bank, 2020

2020 – REGIONAL PERFORMANCE

Annual GDP growth YoY GDP growth per capita

Export categories, H1/2020Foreign demand, H1/2020

5.425.98

6.686.21

6.817.08 7.02

2.7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0

1

2

3

4

5

6

7

8

2013 2014 2015 2016 2017 2018 2019 9M/2020

Mill

USD

%

Annual GDP Growth YoY (%) Total registered FDI (Mill USD)

Source MPI, CEIC, Vinacapital, GSO 2020

Source CEIC, Vinacapital, 2020

24.2

19.3

2.4

-6.7-8.3 -8.4

-21.2

-26.6-30

-20

-10

0

10

20

30

Computers &parts

Rice Furniture Footwear Seafood Phones &parts

Garment Crude oil%, Y

/Y

Source World Bank, What Will Be the New Normal? 2020

17.4

10.3

2.3

-2.3

-8.8

-14.2

-20

-15

-10

-5

0

5

10

15

20

China US Korea Japan EU ASEAN%, y

/ySource World Bank, What Will Be the New Normal? 2020

2020 – NATIONAL OVERVIEW

1,9072,052 2,109 2,215

2,3892,590

2,7152,955

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

1

2

3

4

5

6

7

8

2013 2014 2015 2016 2017 2018 2019 9M/2020

USD%

Annual GDP Growth YoY (%) GDP per Capita (USD)

Leading export categories, 9M/2020

18%

16%

11%

9%6%

4%

3%

3%2%

28%

Mobiles & spare parts

PCs & electronics

Textiles & garments

Machinery & equipment

Footwear

Wood & wood products

Transportation vehicles

Fishey

Iron & steel

Others

Leading export markets, 9M/2020

U.S. imports by source, H1/2020

Source Vinacapital: Macro-Indicators Vietnam by Numbers, 2020

23%

16%

13%10%

8%

7%

3%

2%

2%

16%U.S. China

EU ASEAN

Japan South Korea

Hong Kong India

UAE Others

Source Vinacapital: Macro-Indicators Vietnam by Numbers, 2020Source JungleScout Global Imports Report, 2020

2020 – NATIONAL OVERVIEW

Total registered FDI, 9M/2020

46.61

20.60

15.01

6.07

11.70454663 Manufacturing & processing

Energy distribution

Real estate activities

Retail, wholesale & repair

Other

Source Ministry of Planning & Investment (MOPI), 2020

Manufacturing & processing FDI, 9M/2020

Newly registered manufacturing FDI by region, 9M/2020

New projects

Newly registered

capital (US$

millions)

Existing projects

Added capital on

existing projects

(US$ millions)

Projects with

capital

contribution

Contribution

capital (US$

millions)

Total FDI (US$

millions)

614 4712.94 487 3646.26 1,165 1524.96 9884.18

61.13

34.05

4.82

North

South

Central


Newly registered manufacturing FDI by province, 9M/2020



2020 – FOREIGN DIRECT INVESTMENT (FDI), 9M/2020

$-

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

0

5

10

15

20

25

Ha Nam HaiPhong

TayNinh

BinhDuong

BacNinh

BacGiang

QuangNinh

BRVT ThanhHoa

DongNai

Phu Tho Ha Noi Long An Other

Mill

USD

FDI %

Manufacturing FDI % Manufacturing FDI (US$ millions)

PMI, Jan 2020 – Sep 2020

Source IHM Markit, 2020

IIP, June 2018 – June 2019

50.5 50 51 50.8 51.849

41.9

32.7

42.7

51.147.6 45.7

52.2

0

10

20

30

40

50

60

Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Po

ints

-15

-10

-5

0

5

10

15

%

Source Trading Economics, 2020

PMI:

• Manufacturing growth again surpassed the 50-point

threshold after Covid-19 concerns.

• Sharpest output in 14 months, due to:

• New orders increased, business confidence strengthened,

and rate of job cuts softened.

• Sep reading marked first improvement in business

conditions in 03 months.

IIP:

• Industrial production rose by 3.8% YoY in Sep 2020.

• Strongest growth in industrial output since June 2020, amid

Gov. response to Covid-19.

• In 9M/2020, industrial output rose 2.4% compared to the

same period of 2019.

• E.g. Output expanded for manufacturing (4.6% vs -0.1%).

9M/2020 – MANUFACTURING PMI & INDEX OF INDUSTRIAL PRODUCTION (IIP)

Combating COVID-19 and Market Recovery

• Robust and growing middle class and dynamic

private sector

• Stable business environment

• Continued public spending to contain pandemic

• Ramp us infrastructure spending and unfreeze real

estate market

• Bilateral and multilateral trade agreements e.g.

EVFTA promises improved market access upon the

country’s rebound

• Vietnam well positioned to bounce back and prosper

post COVID-19 e.g.

• COVID-19 to accelerate relocation wave from China

COVID-19 RESPONSE & IMPLICATIONS

Source Vinacapital, Economists Notes, 2020

Key export categories – As % of Total Exports (2019)

Resilient export model

0% 5% 10% 15% 20% 25% 30% 35%

High-tech

Garment & footwear

Soft commodities

Machinery & equipment

Wood & wooden products

Trasnportation vehicles

Iron & steel

Cameras & spare parts

Palstics products

Crude oil

• Export structure has resilient ‘barbell’ structure – 60% products

low-value added (e.g. garments), 40% high-value (e.g.

electronics)

• Low-end products expected to hold up well over next 02 year,

with increased demand from cost-conscious shoppers.

• High-value added products expected to surge from 2021.

Upcoming relocations due to COVID-19?

• Multinationals that produce these will be under pressure

to cut costs – prompting a shift in production to VN

• Previously companies reluctant to set up operation in VN

due to supply chains lacking depth

• FDI companies to not only establish new factories in VN,

but have greater incentive to foster development of local

supply chains

• Finally, wage inflation tends to increase after a pandemic

subsides, prompting manufacturer to leave Chine for SEA

COVID-19 TO ACCELERATE RELOCATION WAVE FROM CHINA

Supply gap

Industrial Parks (IPs) and Economic Zones (EZs)

>335 FDI projects; with

H1/2020: estimated newly registered capital totaling >US$6 billion

IP & EZ Supply

374 IPS - 114,000 ha total area

280 operational IPs: 73.7% occupancy

75 IPs under construction, site clearance and

compensation: 29,000 ha

Operational area: 77,000 ha

Source Department of Economic Zone Management (DEZM),

Ministry of Planning and Investment (MOPI), June 2020

North Economic

Zone

Central Economic

Zone

South Economic

Zone

INDUSTRIAL LAND, 9M/2020

Q2/2021 Q3 & Q4/2021 Q4/2021 & 2022

Hai Phong

200 ha

Vinhomes IZ

Thuy Nguyen IP

Vinhomes IZ

Nam Trang Cat IP

Kinh Bac City

Nam Son Hap Linh IP Bac Ninh

238 ha

TNI Holdings

Song Lo 1 IP Vinh Phuc

177 ha

Hai Phong

319 ha

VNIP

Viet Phat IPLong An

1,800 ha

2020 – KEY UPCOMING SUPPLY

North South

• Developed transportation network links

• Prime industrial land between new

infrastructure developments

• Companies moving from China

• Heavy industry focus

• Economic and industrial center of VN

• Near the biggest commercial port in VN

• Educational institutions driving skilled labor

• Diversified sector investment

2020 – NORTH V SOUTH

South Economic

Zone

SEZ Supply & Performance

Source: Savills industrial services, 2020

-

40

80

120

160

0

2000

4000

6000

8000

Dong Nai BinhDuong

BRVT Long An HCMC Tay Ninh

ha

US

$/m

2/te

rm

Occupied (ha) Vacant area (ha) Rent

Total Area (ha):

43,482

Leasable Area (ha):

27,812

No. of Projects:

125

Avg. Occupancy:

85%

Land Lease:

US$104/m2

For entire long-term land lease

Factory Lease:

US$4.4/m2

Per month

Source: Savills industrial services, 2020

Total area

(ha)

Leasable area

(ha)Projects Occupancy

Rent

(US$)

Lease

YoYOcc. YoY

Dong Nai 10,066 6,742 32 94% 98 6.52% 1.08%

Binh Duong 10,159 6,379 31 99% 107 4.90% 2.06%

Ba Ria-Vung Tau 9,327 5,711 12 79% 65 18.18% 12.86%

Long An 5,837 3,641 22 84% 123 7.89% 1.20%

HCMC 4,703 2,720 22 88% 147 0% 1.15%

Tay Ninh 3,390 2,619 6 66% 83 N/A N/A

H1/2020 – SEZ SUPPLY & PERFORMANCE

Binh Duong

Dong Nai

Tay Ninh

Long An

HCMC

Bridge

Metro Line

Ring Road

Highway

2414

6

235

20

1013

22

4

2

15

16

1

9

25

3

17

19

78

11

Dau Giay – Da Lat

Highway

HCMC – Trung

Luong

Highway

Bien Hoa – Vung

Tau Highway

Long Thanh

International AirportHCMC – Long Thanh

– Dau Giay Highway

Ben Luc – Long

Thanh Highway

HCMC – Moc

Bai Highway

HCMC – Thu Dau Mot

– Chon Thanh

Highway

7 Binh Khanh Bridge

8 Phuoc Khanh Bridge

10 Binh Tien Bridge

11 Vam Sat 2 Bridge

14 Ven song Saigon Street

23 Nguyen Huu Canh Street Upgrades

24 Nguyen Thi Thap Street Upgrades

5 Thu Thiem 2

12 Metro line 1

2 HCMC – Thu Dau Mot – Chon Thanh Highway

6 Thu Thiem 4

13 Intersection Nguyen Van Linh - Nguyen Huu Tho

18 Bien Hoa - Vung Tau Highway

22 Ring Road 2

4 Ring Road 3

15 Xa lo Hanoi Highway Expansion

16 Nhon Trach Bridge

1 Ben Luc – Long Thanh Highway

3 Ring Road 4

9 Cat Lai Bridge

25 Vam Cai Sut Bridge

19 HCMC - Moc Bai Highway

20 Tan Son Nhat Airport Expansion

2020

2021

2022

2023

2024

2025

Metro line 1

18

Ring Road 2

SEZ KEY INFRASTRUCTURE

No. Company Nationality IndustryInvestment

capital (US$)Industrial park Province

1. Jinyu Tire Co., Ltd. Hong Kong Rubber products 300 mill Phuoc Dong Tay Ninh

2. Furukawa Automotive Systems Inc. Japan Electrical equipment 49 mill Binh Minh Vinh Long

3. Prime Glorious Vietnam Co., Ltd. Hong Kong Textiles & apparel 35 mill Bau Xeo Dong Nai

4. Lap Thinh Co. Ltd. China Paper products 33 millNam Tan Uyen

ExpansionBinh Duong

5. Khgears International China Machinery & equipment 30 mill Chau Duc Ba Ria-Vung Tau

6. Sung Shin Tech Vina Hong Kong Plastic products 30 mill My Phuoc 3 Binh Duong

7. Samson Industries Co. Ltd. Hong Kong Textiles & apparel 27 mill N/A Binh Duong

8. CP Vietnam Co. Ltd. Thailand Agricultural products 22 mill Binh Minh Vinh Long

9. Fu Lian (HK) Group Limited Hong Kong Textiles & apparel 20 mill Moc Bai Tay Ninh

10. Ever Giant International Limited Singapore Metal products 20 mill Bau Bang Binh Duong

9M/2020 – SEZ KEY TRANSACTIONS

Ensuring future supply

• DEZM announced 561 upcoming IPs over 201,000

ha, approved for master planning integration.

• Of these, 259 utilizing 86,500ha are yet to be

established and represent 43.1% of the total new

area.

• DEZM must

• Perfect legal frameworks for IZ development

• Strengthen management and innovation

• Enhance master planning efficiency

• Support niche projects e.g. ecological IPs,

supporting IPs, associated IPs, and combined IZ

and urban area services models.

Source Department of Economic Zones Management (DEZM), Ministry of Planning & Investment (MOPI), 2020

Labor: Quality v quantity

• Low value-added industries continue to struggle with

rising lease prices and labor costs.

• To transition to higher-value industries, VN must grow

it’s supply of skilled labor and invest in:

• Education, IT, mathematics, sciences -

NATIONALLY.

• Gov. to enforce its National Skills Development,

under the FDI Recommendation for 2020-2030

OUTLOOK – LAND SUPPLY & LABOR

Transport infrastructure competitiveness, 2018 Logistics cost/GDP, 2019

3.83.5

3.2

3.9 4.04.2 4.1

3.4

4.1

4.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Overallinfrastructure

Roads Railroad Ports Air transport

Po

ints

Transport infrastructure competitiveness 2018 Viet Nam Avg.

Transport infrastructure competitiveness 2018 ASEAN Avg.

14%

8%

11%

18%

25%

0%

5%

10%

15%

20%

25%

30%

Global Singapore Japan China Viet Nam

• Infrastructure expanding rapidly

• Below needs of economic and social growth

• Rapid growth in urban population and freight transport –

primary drivers

• Rising demand for intercity passenger and freight

transport – Gov. upgrading expressways and railways

Quality of Vietnamese transport

infrastructure is lower than ASEAN

average at all segments.

Source FiinGroup – Vietnam logistics market 2019 industry preview

Source Vietnam Logistics Association, 2019

OUTLOOK – IMPROVING INFRASTRUCTURE

9M/2020 Summary 2021 and beyond

• Amid travel restrictions industrial property sector

activity in 2020 revolves around:

• Companies in Vietnam expanding or relocating

their production;

• Key M&A deals, and the emergence of

distressed assets and facilities for sale &

leaseback;

• Strong demand for ready-builds as suppliers are

more conservative to make long-term land lease

commitments or are relying on short term

contracts with their customers;

• Sector reliance on supply chains migrating out of

China is increasingly evident from developers.

• China + 1 model – increasingly pursued by

manufacturers;

• Resulting in greater demand for industrial space;

• Corporations seek to mitigate risk and diversify

locations;

• Industrial to be the ‘poster child’ for real estate, with

increasing enquiries and heightened capital market

activity.

“Hope is important because it can make the present

moment less difficult to bear. If we believe that

tomorrow will be better, we can bear a hardship

today.”

- Thich Nhat Hanh.

OUTLOOK – POST-COVID OPPORTUNITIES

DISCLAIMER

Although every care has been taken in preparing this proposal, Savills does not verify its accuracy. Information,

opinions and forecasts in this proposal depend on the accuracy of any information and assumptions on which they are

based, and on prevailing market conditions, for which Savills does not accept responsibility.

No representations or warranties of any nature whatsoever are given, intended or implied about this proposal, any

information, opinions and forecasts contained within this proposal or the accuracy or enforceability of any documents

referred to in this proposal. Savills will not be liable for any errors. Savills will not be liable, including for negligence, for

any direct, indirect, special, incidental or consequential losses or damages arising out of or in any way connected with

use of or reliance on anything in this proposal.

This proposal does not form part of or constitute an offer or contract. Recipients of this proposal should rely on their own

enquiries about its accuracy. All images are only for illustrative purposes.

Confidential information

This proposal is the confidential information of Savills; is strictly for the intended recipient and must not be disclosed to

any other party without the prior written consent of Savills.

Copyright

This proposal is copyright material owned by Savills Vietnam and related entities. Permission to use any part of this

proposal must be sought directly from Savills Vietnam or its related entities. If permission is given, it will be subject to a

requirement that the copyright owners name and interest is acknowledged when reproducing the whole or part of any

copyright material.

Vietnam as a Life Science manufacturing hub in Southeast Asia

Luke TreloarStrategy Managing DirectorNational Head – Healthcare and Life Sciences

December 2020

2

Document Classification: KPMG Confidential

© 2020 KPMG Tax and Advisory Limited, a Vietnamese limited liability company and member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative

(“KPMG International”), a Swiss entity. All rights reserved.

+0.5%CAGR (’13-’18) +4.7%

NUMBER OF HOSPITALS

Growing healthcare needs driving the need for new healthcare construction

Hypothesis 2: Vietnam is well positioned to become a Life Science hub for Southeast Asia

Hypothesis 1: Vietnam will need to build more private hospitals to meet demand gap

165 165 169 171 200 208

1,069 1,063 1,071 1,077 1,085 1,094

2013 2014 2015 2016 2017 2018

1,234 1,228 1,240 1,248 1,285 1,302

Public

Private

6 5

1717

720

23

7 5 112

1

3

29

4

2014

4

20162015

4

1

2017

24

3

2018

32

17

3632

Phase II and II/III

Phase I and I/II

Phase IV

Phase III

NUMBER OF CLINICAL TRIALS

Sources: BMI, BCI

8,0578,848

11,743

3,3504,102

9,239

20192018 2020

Public

Private

CAGR (’18-’20) +20.72% +66.07%

CAPITAL INVESTMENTS FOR LIFE SCIENE FACILITIES

In thousand USD

Vietnam is an attractive investment destination and is uniquely positioned to become a Life Science hub for Southeast Asia

Growing healthcare needs driving the need for new healthcare construction

4© 2020 KPMG Limited, KPMG Tax and Advisory Limited, KPMG Legal Limited, all Vietnamese limited liability companies and member firms of the KPMG network of independent member

firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.


10.0% 0.0% 10.0%

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80+

Aging population and growing income lead to an increase in non-communicable diseases

14.0%

47.6%

34.4%

Poor

Low

income

High

income

Middle

income

Upper-

middle

income

66.2%

21.9%

6.3%

2024f

2019

96.2 million 100.4 million

4.7%

51.5%48.9%

5.6%

Income classes (2019 – 2024f)Population pyramid (2019-2024f)

Source: BMI

’24f

’11

’25f

’05

’12

’07

’16

’06

’23f

’08

’09

’10

’13

’14

’15

’22f

’19

’17

’18

’20f

’21f

DA

LY

s (

Mill

ion

)

Diseases (Historical & forecast 2019)

• Vietnam’s population is enjoying a “golden

structure”, with half the population under 30

years old.

• However, the population is expected to begin

an aging trend.

• The high income class

experiences highest growth in

the past 5 years, followed by the

upper middle and middle income

class.

• The rise in Vietnam’s non-communicable

diseases is consistent with other emerging

economies as they transition towards middle-

income status.

2019 2024

Non-communicable diseases

Communicable diseases




18%

Rapidly changing healthcare needs in Vietnam

TOP CAUSES OF DEATH IN 2019 & PERCENTAGE CHANGE FROM 2009 - 2019

17,118 13,82519,758

26,19118,227

2,045 1,257

11,044

22,489

11,387 9,391

38,005

24,002

2,614 2,054

14,367

Ischemic

heart disease

Lung cancer StrokeTuberculosis Alzheimer’s

disease

LRI* COPD Cirrhosis

86,130

107,659

2009

2019

% change

from 2009-

2019

31%

Note: *Lower respiratory infections

Source: Global Health Data Exchange

45% 25% 32% 28% 63%

Diabetes

30%

• Vietnam is moving toward the middle-income status country with higher urbanization rate and an aging trend in population.

Vietnam is rapidly transitioning from a communicable diseases market to a non-communicable diseases market. This will

change the opportunity landscape for course of treatment

52%




Total healthcare expenditure is expected to grow by 6% per annum in the next 5 years

HEALTHCARE EXPENDITURE IN VIETNAM

Vietnam’s healthcare expenditure, 2014- 2024f

38.3

14.316.7 18.7 18.8

14.4

Malaysia

3.7%

4.7%

Indonesia

4.0%

Philippines

5.2%

Singapore

3.7%

Thailand

6.0%

Vietnam

Total healthcare expenditure (% of GDP)

Total healthcare expenditure (USD bn)

Total

healthcare

per capita

(USD)

149.3 475.0 154.9 3261.4 290.1 149.0

Healthcare expenditure of selected countries, 2019

Source: Business Monitor International

Vietnam has the highest total healthcare expenditure as a percentage of GDP at 6% in 2018, which was higher than more developed

countries in the region such as Malaysia, Singapore and Thailand.

’14-19

4.3%

5.9%

‘19-’24

6.3%

7.8%

2.5% 4.3%

CAGR

Total expenditure

Public expenditure

Private expenditure

2019

51.5%

48.5%

2014

40.4%48.3%

50.2%

49.8%

2015

51.7%

2016

53.3%

44.5%46.7%

55.5%

2017

54.4%

45.6%

2018

59.6%11.7

2024f

11.8 12.213.1 13.8 14.4

19.5

Public (USDbn) Private (USDbn)




3.0% 0.1% 1.0% 1.0%1.6%1.0%

Vietnam has one of the smallest proportions of private hospitals in the region. The country also has one of the lowest healthcare practitioner (HCP) penetration rates

15 205 368995

193

1,787

15 156

1,068463

1,094 1,026

4.7%

0.9%

0.9%

Number of private

hospitals

Singapore

Number of public

hospital

Number of physicians,

per 1,000 residents

Malaysia Thailand Philippines Vietnam Indonesia

Source: BMI, WHO, IMF

5,758 31,528 69,429 106,651 95,546 267,670

2.4 2.0

0.51.2 0.8 0.4

0.0%

1.3%

6.0% 3.8%

2.0%

0.6%

2.3%

1.8%

3.1%

2.6%

3.2%

0.5%

6.2%

21.8%

8.1%

a% CAGR (2014-19)

Hospitals, beds per

1,000 residents

2.6 2.0 2.30.9

2.7

1.1

Population 2018

(‘000 people)

Nurses, per 1,000

residents

2.9% 2.3% 4.6% 5.3%4.4%2.4%

5.8 4.3 2.6

8.3

1.3 1.3




Demand for hospital beds will exceed supply, especially in central hospitals. The government plans to increase number of beds and relocate patients to alleviate the issue

Demand and Supply Forecast - Inpatient

Note: The figure is for both public and private establishments; Calculation methodology is included in Appendix 2

Source: BMI database, Trade press, KPMG analysis

311.7

350.1

38.4340.1

382.2

42.1

273.5

306.9

33.5

Supply of inpatient beds Demand of inpatient beds

Gap between supply and demand of inpatient beds

2018E 2021F 2023F

SUPPLY AND DEMAND FOR INPATIENT 2018-2023 (‘000 BEDS)

10.9%

11%11%

4,279 4,462 4,877 5,394 5,965

31,255 31,834 32,705 33,003 33,604

4,862 5,752 5,962 6,137 6,2606,806 6,795 6,789 6,797 6,804

19,92420,856 21,068 21,402 21,740

2018e

71,401

20152014 2016 2017

67,12669,699

72,732 74,373

SUPPLY OF HOSPITAL BEDS IN PUBLIC HOSPITALS IN 5 KEY CITIES

119% 104% 114% 124% 136%

2.2%

-0.01%

6.5%

1.8%

8.6%

HANOI

HAI

PHONG

DA NANG

HCMC

CAN THO

TOTAL 5

CITIES2.6%

National

bed

occupancy

rate (%)CE

NT

RA

L

LE

VE

L

CAGR (2014-18)

Vietnam as an emerging Life Science manufacturing hub for Southeast Asia




We assessed the Life Sciences and healthcare strength of ASEAN markets to understand the breakthrough potential for Vietnam

• 2nd largest pharma market in SE Asia

• Attractive destination for medical tourism

• ~99% of the population is covered under

public insurance schemes

• Only few active ingredients are

manufactured domestically

• Lengthy patent approval process: high

number of patent backlogs in

pharmaceutical industry

• Increase in government R&D

expenditure: from 1% in 2018 to 1.5% in

2021

• Leading vaccine developer in ASEAN region

Thailand

• Poor intellectual property (IP) protection

laws: causing high sales of counterfeit

drugs

• Low import taxes: enabling firms to prefer

import and sell rather than manufacturing

• New companies act (2017): relaxed FDI

regulations to boost domestic sector growth

Myanmar

• One of the fastest growing

economy in ASEAN countries (~9%

expected GDP growth until 2023)

• Passed new regulations in-line with

international standards (new IP

law in 2018. regulations on import in

2017)

• Majority of the population rely on

traditional medicine

Laos

• Heart of southeast Asia: ideally located to become

trading partner

• Political and economic stability

• Halal pharma industry: one of the top 5 investment

priorities

• Pro-business policies: country’s National health

strategic plan focuses on developing health industry

Brunei

• Strong IP protection laws:

ensures conformance to

international protection standards

• Mandatory Halal certification:

government has mandated all

manufacturers to be halal

certified

• Medical tourism: number of

medical tourists are expected to

increase to ~2m by 2020

Malaysia

• High pharmaceutical market growth: driven by increasing

government spending in medical sciences

• Preference of foreign medicinal products over local

products due to distrust in local healthcare system

• Absence of patent protection: Cambodia is not obligated

to protect pharmaceutical patents by 2033

• Poor health insurance coverage: covers only ~20% of the

population

Cambodia

• Strong growth outlook along with 3rd largest pharma

market in Southeast Asia

• Generics manufacturing: government pushes for generics

and the market is dominated by local players

• Allows 100% foreign ownership in manufacturing of

pharma raw materials

• Weak IP protection laws due to Bolar provision

Philippines

• Largest pharma market in SE Asia led by generics

• Domestic pharma industry: ~90% of drug volume is

produced by domestic manufacturers

• High reliance on import of APIs for pharma

production

• Weak IP protection and poor infrastructure in

health industry

Indonesia• Shortest patent approval process of ~30 days in

comparison 50 days in Malaysia

• Strong IP protection: ranked #3 globally in IP protection

• Ranked 2nd out of 190 countries in ‘ease of doing business’

• 100% population covered under UHC(a)

• High focus on pharma R&D: recently launched new

platforms and grant scheme for promote drug development;

considered one of the leading destinations for pharma

research in Asia

Singapore

Notes: (a) UHC stands for Universal Health Coverage

Sources: (1) KPMG analysis




Vietnam can become a life science hub for innovation in Southeast Asia

Vietnam has the opportunity to create a “breakthrough” strategy that initiates the stages in parallel, rather than the traditional sequential development model. This parallel model takes advantage of the

complimentary nature of the steps and their requirements. By beginning with clinical trials and digital health, Vietnam will start the journey within its current capabilities, while building up for more complex opportunities

Typical / Traditional Life Sciences development stages

Government-led

development for

IP creation

Vietnam’s potential breakthrough from the

traditional LS development stages through

“Transformational sector growth opportunities”

Thailand

Vietnam

Thailand

(1990s)

Singapore (1970s)

Malaysia

1990s

Local Manufacturing

(Process Innovation)

Technology

Transfer

Clinical

TrialsInnovative Product

Creation

Stages

Singapore

Indonesia

1990s

Indonesia

Malaysia

Branded manufacturing

R&D Hub

Including clinical trial development activities leading to future research

capabilities

Timeline2020 2035

Digital Infrastructure

Generics manufacturing




Vietnam has the opportunity to become a Southeast Asian life science hub

Opportunity

Category

Creating an

Innovative and

Leading R&D Hub (through clinical trials and drug

discovery)

Impact

• Develop Vietnam as a clinical trials innovation hub through leading infrastructure development, and capabilities & expertise investment

• Establish Vietnam as a drug discovery innovation hub by investing in existing science parks, expertise investment and enhancing ease of doing business

• Enhanced availability of quality healthcare to population

• Augmented growth of Life Sciences industry and country’s

economy due to FDI investments

• Improved education infrastructure and more opportunities for

skilled employment

• Strengthening of the reputation of country

Definition of Opportunity

Develop the digital healthcare infrastructure to enable new R&D capabilities, opportunities and enable enhanced healthcare delivery for the entire Vietnamese population

• Innovative clinical research capabilities & approaches, using RWD

/ RWE, generated through digital health, disease registry and

claims data

• Reduced time required for data collection and patient recruitment

for clinical trials

• Quicker accessibility of health data to patients, researchers,

doctors and third-party providers

• Provides infrastructure for future personalized cure and IP

generation

Building a High

Quality Brand-

name

Manufacturing

Hub for ASEAN

Build globally recognized manufacturing standards, practices and capabilities to grow a patented manufacturing ecosystem and center of excellence for the ASEAN region

• Enhanced affordability and access to innovative medicines

• Life sciences industry growth from standardized manufacturing

processes and thus global acceptance of products

• Increased industrial exports and thus improved balance of

payments

Developing and

Embedding

Leading Digital

Healthcare

Infrastructure


© 2020 KPMG Tax and Advisory Limited Branch, a Vietnamese limited liability company and member firm of the KPMG

network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss

entity. All rights reserved.

The KPMG name, logo and are registered trademarks or trademarks of KPMG International.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular

individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that

such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should

act on such information without appropriate professional advice after a thorough examination of the particular situation.

kpmg.com/socialmedia

Luke Treloar

Managing Director

Strategy Department

Tel: + 84 28 3821 9266 (ext. 8261)

Mobile: + 84 908 441 528

[email protected]

Thank you

Documents

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