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VINGROUP JOINT STOCK COMPANY
Corporate Presentation February 2017
CORPORATE PRESENTATION2
Contents
A. Vietnam Macroeconomic Updates 3 – 7
B. Vingroup Overview 8 – 14
C. Leading Real Estate Developer and Operator 15 – 20
D. Dominant Modern Retail Player across all Formats 21– 24
E. Financial Overview – VAS 25 – 31
F. Financial Overview – IFRS 32 – 38
G. Trading Performance 39 – 40
CORPORATE PRESENTATION3
A. Vietnam Macroeconomic Updates
1. One of the Most Attractive Southeast Asian Economies 4
2. Improving Macroeconomic Conditions Supporting Growth 5
3. Favorable Long-term Outlook for Consumption and Modern Retail 6
4. Vietnam Residential Market is in the Uptrend 7
CORPORATE PRESENTATION4
One of the Most Attractive Southeast Asian Economies
One of the fastest growing economies in the region
258
10193
68
31
6
Indonesia Philippines Vietnam Thailand Malaysia Singapore
The third most populous country in Southeast Asia(1)
2015 population (bn)
6.6%6.2%
5.0%4.3%
3.1%
1.8%
Philippines Vietnam Indonesia Malaysia Thailand Singapore
0
20
40
60
80
1001
96
0
196
5
197
0
197
5
198
0
198
5
199
0
199
5
200
0
200
5
201
0
201
5
4550
7882 85
2012 2013 2014 2015 2016
Catching up with regional peers in urbanization(4)
(% of total population)
Increasing business confidence from foreign investors (3)
Singapore–100%
Malaysia–75%
Thailand–50%
India–33%Vietnam–34%
China–56%Indonesia–54%
Philippines–44%
Sources:
(1),(2) Economist Intelligence Unit
(3) Eurocham 2016
(4) World Bank, Urbanization Data, 2015
2016 real GDP growth (%)
Business Climate Index in Vietnam (index point)
CORPORATE PRESENTATION5
Healthy Macroeconomic Conditions Supporting Growth
Inflation and interest rates are under control
(US$ bn)
Disbursed FDI consistently on the rise
10.5 11.5
12.4
14.5 15.8
2012 2013 2014 2015 2016
Exchange rate remains resilient
20,649 20,859 21,017 22,495 22,774
2012 2013 2014 2015 2016
(VND)
Average devaluation: 2.9% p.a
9.1%6.6%
4.1% 0.6% 2.7%
13.5%
10.4%
8.7% 8.4%9.5%
2012 2013 2014 2015 2016
Inflation Lending Interest Rate
Source: General Statistics Office of Vietnam
112.0123.7
136.4 141.3154.7
2012 2013 2014 2015 2016
(US$ bn)
Consumer spending growth
CORPORATE PRESENTATION6
Consumer Confidence Index
Positive trends in consumer confidence(2)
Favorable Long-term Outlook for Consumption and Modern Retail
2008 2009 2010 2011 2012 2013 2014 2015 Q2 2016
Positive Neutral Negative
8964
78 79 6856 51
85 91
Region’s lowest retail space(3)
Modern retail space in SEA cities (thousand sqm), Q2 2016
0
2,000
4,000
6,000
8,000
Ba
ng
kok
Sin
ga
pore
Ma
nila
Ku
ala
Lu
mpu
r
Jakarta
Ha
noi
Ho
Chi M
inh
City
Ph
no
m P
en
h
Ya
ng
oo
n
Sources:
(1) General Statistics Office, based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 number)
(2) TNS Consumer Confidence Index (4) Euromonitor
(3) CBRE, Yangoon, Kuala Lumpur and Manila: data as of 2014
5.0%
16.8%
28.9%
43.1% 45.3%
71.9%
Vietnam Indonesia Philippines Malaysia Thailand Singapore
Lowest penetration rate of modern grocery retail(4)
2015 modern grocery retail as part of total grocery retail by value (%)
Constant improvement in individual income(1)
1,749
1,933
2,0522,109
2,215
2012 2013 2014 2015 2016
Vietnam’s GDP per capita (US$)
CORPORATE PRESENTATION7Source: CBRE
Vingroup is a key beneficiary of the positive Vietnam real estate outlook
0
2,000
4,000
6,000
8,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
High-end Mid-end Low-end
2015 20162013 2014
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
High-end Mid-end Low-end
2015 20162013 2014
Vietnam Residential Market is in the Uptrend
(US$ psm)(Number of units sold)
Hanoi residential transactions on the rise with… …high- and mid-end prices reaching a 4-year high
$0
$500
$1,000
$1,500
$2,000
2013 2014 2015 2016
High-end Mid-end Low-end
$0
$500
$1,000
$1,500
$2,000
2013 2014 2015 2016
High-end Mid-end Low-end
(Number of units sold) (US$ psm)
HCMC residential transactions rapidly accelerating with…
…high-and mid-end prices increasing the fastest in the
last 2 years
CORPORATE PRESENTATION8
B. Vingroup Overview
1. Evolution of Vingroup 9
2. Largest Listed Real Estate Company with Diversified Consumer Sector Exposure 10
3. Ecosystem of Complementary Products and Services 11
4. Significant Focus on Recurring Revenue Streams 12
5. Experienced Management Team, Good Corporate Governance and Strong Sponsor 13
6. Vietnam’s Flag Bearer in the International Capital Markets 14
CORPORATE PRESENTATION9
Evolution of Vingroup
Financials for years 2008 – 2015 are presented based on IFRS and financials for earlier years are presented based on VAS
Revenue (US$ mn) = Revenue (bn VND)/ Exchange rate VND/US$ as of 31 December each year
9 34 1111
92 180109
305
863
1,293
1,526
2,569
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Total Assets ($ mm)
Vinpearl Land Nha Trang
Listed on HOSE
(largest real estate co.)
$100 mm convertible bond
Vincom – Vinpearl merger
$300 mm convertible bond
Vinmec Times City International
Hospital (Hanoi) opened
$472 mm sale of Vincom
Center A HCMC mall
$550 mm raised from
international financial market
Completion of Royal City &
Times City projects
Vincom Center
Ba Trieu
Vinpearl Resort
Nha Trang
Vincom JSC
Vinpearl JSC
1993 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Revenues ($ mm)
$70 mm equity placement
Managed 5 Vinpearl resorts
6 Vincom shopping malls in
operation
Vinhomes Central Park
construction started
Vinmart launched
$100 mm Warburg Pincus
follow-on investment in
Vincom Retail
10 new Vincom shopping
malls & acquisition of
Maximark
2 new Vinpearl resorts
2 new Vinmec Int’l
hospitals
“Preserving the Start-up Mindset”
Technocom
Vincom Plaza Long Bien
2 new Vinpearl resorts in
Da Nang and Nha Trang
Vinpearl Golf Club Nha
Trang opened
VND 3 trillion bond
guaranteed by CGIF
US$300mm international
syndicated loan
10 new Vincom shopping
malls
1 new Vinpearl resort & 1
new Vinpearl city hotel
1 new Vinmec Int’l hospital
Vinhomes Gardenia and
Vinhomes Golden River
construction started
CORPORATE PRESENTATION10
Largest Listed Real Estate Company with Diversified Consumer
Sector Exposure
“To create a better life for the Vietnamese people”
Villas, Apartments and Townhouses (Vinhomes) Resorts (Vinpearl) and Amusement Parks (Vinpearlland)
Re
sid
en
tial Golf Courses, Gyms and Spas
Healthcare (Vinmec)
Agriculture (VinEco)Education (Vinschool)
Shopping Malls (Vincom Center, Vincom Mega Mall
and Vincom Plaza)
Supermarkets (VinMart), Convenience Stores (Vinmart+), Electronic
Retailing (VinPro), Consumer Lifestyle (VinDS) and E-commerce (Adayroi)
Ho
sp
itality
Reta
il L
easin
g,
Co
ns
. R
eta
il
So
cia
l
aâ
Infr
Infra
stru
ctu
re
CORPORATE PRESENTATION11
Ecosystem of Complementary Products and Services
Retail & Property | Vincom quality shoppingmalls
Largest retail portfolio in Vietnam with1,000,000 sqm of retail GFA
4 Vincom Centers at prime locations inVietnam’s major cities
3 Vincom Mega Malls, large scalecommercial & entertainment developments
24 Vincom Plazas & Vincom+ in 21 cities& provinces
Property | Vinhomes premium apartments & villas
Largest residential developer in Vietnam
Quality residential properties with uncompromisingservices, located at prime locations & supportedby comprehensive facilities & amenities
Property | Vincom Office premium officeleasing
3 office developments at the centers ofHanoi & HCMC’s financial centers
As of 31 December 2016
Social Infrastructure Services |Vinschool high quality K-12 education
Comprehensive kindergarten to highschool Vietnamese curriculum
Over 14,000 students registered at 6facilities
Hospitality & Entertainment | Vinpearlresorts and Vinpearlland entertainment
Leading hospitality operator with over5,000 rooms managed
9 Vinpearl 5–star & 5– star–plus resortsand hotel at the best beaches in Vietnam
2 international-standard golf courses
3 large-scale outdoor amusement parks inVinpearl developments
6 indoor entertainment centers at Vincomcommercial developments
Social Infrastructure Services | Vinmechigh quality healthcare services
Leading healthcare provider with 500beds under operation
5 full-serviced general hospitals
2 clinics
Social Infrastructure Services | VinEco trusted source offresh food
VietGAP standard farms producing fresh vegetables, fruits,& exclusive cooperation to produce and rice and meat
Vingroup Card comprehensive loyalty program
Credit system consistently applied acrossVingroup’s ecosystem of products andservices. Points can be redeemed anywhere
Special priorities and benefits for cardholders
Consumer Retail | VinCommercemodern retail in all formats(2)
22 in 63 cities & provincescovered, VinCommerce is theleading modern retailer with oneof the largest networks inVietnam
Vinmart/Vinmart+ operates 53supermarkets & 825convenience stores
VinPro operates 23 electronic,home appliances & ICT stores
VinDS sells home furniture,apparels & cosmetics through 65stores
Adayroi!com comprehensiveB2C ecommerce website
VinExpress inter-city & last-miledelivery with 20 distribution hubs
CORPORATE PRESENTATION12
Significant Focus on Recurring Revenue Streams
Source: Audited VAS Consolidated Financial Statement for 2012, 2013, 2014, 2015 and Unaudited VAS 2016
(% of total in
2016)
44%
16%
23%
18%
Recurring revenue growthPortfolio of commercial real estate continues to ramp up(US$ mm)
Revenue diversified across retail & non-retail segments(US$ mm) CAGR: Retail = 75%, Non-Retail (NR) = 58%
176 278571
901
20.2% 21.3% 38.4% 35.0%
0
500
1,000
1,500
2013 2014 2015 2016
Recurring revenue Recurring % total revenue
Strategic shift towards a greater percentage of revenue comingfrom recurring income streams such as leasing, consumer retail,hospitality, healthcare, and schools enhances the resilience ofthe business model.
118 144
191
392 126
207
142
158
2013 2014 2015 2016
(Retail) Leasing (Retail) Consumer Retail
(NR) Hospitality & Entertainment (NR) Education, Heathcare & Others
CORPORATE PRESENTATION13
Experienced Management Team, Good Corporate Governance and
Strong 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 continued to maintain this sole position from 2013
to 2015.
Ms. Pham Thuy Hang
Vice Chairwoman
Ms. Mai Huong Noi
Member cum Deputy CEO
Ms. Pham Thu Huong
Vice Chairwoman
Mr. Joseph Gagnon(1)
Member
Ms. Nguyen Dieu Linh
Vice Chairwoman
Mr. Marc Villiers Townsend(2)
Independent Member
Mr. Le Khac Hiep
Vice Chairman cum Independent Member
Prof. Ling Chung Yee Roy(3)
Independent Member
Board of Directors
(1) Mr. Joseph Gagnon is a Managing Director of Warburg Pincus
(2) Mr. Marc Villiers Townsend is the Managing Director of CBRE Vietnam
(3) Pro. Ling Chung Yee Roy is the Managing Director of RL Capital Management
Ms. Mai Huong Noi
Board member & Dy CEO
26 yrs experience
11 yrs with Vingroup
Ms. Nguyen Thi Diu
Dy CEO
20+ yrs experience
4 yrs with Vingroup
Ms. Nguyen Dieu Linh
Vice Chairwoman (Vingroup)
CEO (Vinhomes 1)
21 yrs experience
12 yrs with Vingroup
Ms. Vu Tuyet Hang
CEO (VinEco)
21 yrs experience
12 yrs with Vingroup
Mr. Pham Van Khuong
Dy CEO
29+ yrs experience
14 yrs with Vingroup
Ms. Duong Thi Mai Hoa
CEO
20+ yrs experience
4 yrs with Vingroup
Mr. Dang Thanh Thuy
CEO (Vinpearl)
21 yrs experience
13 yrs with Vinpearl
Ms. Le Thuy Anh
CEO (Vinmec)
17 yrs experience
5 yrs with Vinmec
Management
Ms. Le Mai Lan
Chairwoman (Vinschool)
16 yrs of experience
4 yrs with Vingroup
Ms. Tran Mai Hoa
CEO (Vincom Retail)
23 yrs experience
3 yrs with Vingroup
Ms. Thai Thi Thanh Hai
CEO (VinCommerce)
23 yrs experience
3 yrs with Vingroup
Ms. Luu Thi Anh Xuan
CEO (Vinhomes 2)
26 yrs experience
3 yrs with Vingroup
Ms. Duong Thi Hoan
Dy CEO
18 yrs experience
10 yrs with Vingroup
CORPORATE PRESENTATION14
Vietnam’s Flag Bearer in the International Capital Markets
(1) Total of US$300 mm CBs were converted into shares by 16 March 2016
Holistic cooperation with financial institutions, including
facilitation of mortgage financings for customers and
transactional banking services at Vingroup commercial
properties
Good relationship with all leading domestic banks with
repeat loan and bond issuance
Best Capital Markets Deal 2012
Convertible Bonds
Apr & Jul 2012
US$300mm(1)
Best Vietnam Deal 2012
Best Vietnam Deal 2012
Secondary
Placement of
Ordinary Shares
April 2014
US$70mm
International
Syndicated Loan
October 2013
US$150mm
RegS/144A
International Senior
Unsecured Notes
October 2013
US$200mm
Best Vietnam Deal 2013
Vietnam Capital
Markets Deal 2013
Issuer that matter
2013 Real-estate Deal
of the Year
May 2013
US$200mm
June 2015
US$100mm
Private Equity
Investment by
February 2016
VND3,000 trln
Domestic Senior
Unsecured Notes,
guaranteed by
Prestigious awards and accolades
Asia Pacific Property Awards 2016
Viet Nam's Best Mixed-Used Development –Vinhomes Central Park
Viet Nam's Best High-Rise Development – Landmark 81
Viet Nam's Best Residential Landscape Architecture –Vinhomes Times City – Park Hill
Brand Finance Awards 2016
Vinhomes – The most valuable real estate brand in Vietnam
Vincom Retail, VinCommerce, Vinpearl and Times City – Top 50 most valuable brands in Vietnam
Vietnam Report 2015
Top 10 largest corporate tax payers
Ministry of Industry and Trade
Top 10 brand awards
Vietnam National Administration of Tourism
Top 10 5-star hotels in Vietnam
Domestic awards in
2015
The Asset AAA: Vietnam Best Syndicated Loan 2016
Standard and Poors 2014: Top 100 ASEAN companies
Finance Asia 2014: Region’s Best Borrower –Vietnam
Euromoney Real Estate Awards 2014: Best retail developer in Vietnam
Southeast Asia Property Awards 2014: Best developer - Vietnam
More than US$1.5 billion raised internationally through
several pioneering transactions since 2010
July 2016
US$300 mm
International
Syndicated Loan
Vietnam Best
Syndicated Loan 2016
CORPORATE PRESENTATION15
C. Leading Real Estate Developer and Operator
1. Largest Residential and Commercial Developer in Vietnam 16
2. One of the Largest Landbanks in Prime Locations Across Vietnam 17
3. Robust Residential Sales: New Projects 18
4. Seamless Land Acquisition and Sale Process 19
5. Capital Efficient Model 20
CORPORATE PRESENTATION16
Largest Residential and Commercial Developer in Vietnam
(1) As of 31 January 2017
Vingroup (rated B+ by Fitch and B by S&P) is the largest listed real estate company in Vietnam by market capitalization with
controlling interest in over 108 developments, which are in prime urban and high growth areas in key cities throughout Vietnam
Proven ability to secure prime sites in the Central Business
Districts of Hanoi and Ho Chi Minh City
Landmark projects across young and dynamic cities and provinces
in Vietnam
Growing portfolio of quality properties that operate under the
Vingroup brand names: a critical contributor of recurring revenue
Track record of successful project development, sales and
property management
108 projects across VietnamThe largest listed real estate(1) company in Vietnam
A clear leader in Vietnamese real estate
(market capitalization, US$ mm)
One of the largest-
listed companies in
Vietnam
High-quality
commercial,
residential,
hospitality and
mixed-used
properties
Developer of
industrial and
business parks
Infrastructure
development
Developer of
integrated low-rise
projects with
accompanied
utilities in
Southern Vietnam
32 projects at key
tourist destinations
Operating Project
Under construction and
pipeline projects
76 Mixed used and
shopping malls projects at
prime locations in key cities
Ho Chi Minh City 9 operational shopping malls Vinmec Central Park Int’l Hospital
Vinhomes Central Park
Vinhomes Golden River
Vinhomes Long Beach Can Gio
6 Vincom malls under construction &
development
North Vietnam (Excluding Hanoi)
4 operational Vincom malls
Vinmec Ha Long Int’l Hospital
Vinmec Hai Phong Int’l Hospital
Vincom Plaza Ly Thai To, Bac Ninh
Vinhomes Dragon Bay
Dream City, Hung Yen
Vinmec Medical University, Hung Yen
9 Vincom malls under construction &
development
South Vietnam (Excluding HCM city) 4 operational Vincom malls Vinmec Phu Quoc Int’l Hospital
11 Vincom malls under
construction & development
Central Vietnam Vinmec Nha Trang Int’l Hospital 5 operational Vincom mall
8 Vincom malls under development
South Vietnam (Excluding Nha Trang, Khanh Hoa)Vinpearl Land – Phu Quoc Vinpearl Golf Club – Phu Quoc Vinpearl Phu Quoc Resort Vinpearl Phu Quoc Resort & Golf Vinpearl Safari Phu Quoc
Vinpearl Phu Quoc Villas
Vinpearl Phu Quoc Paradise
Villas
Con Au, Can Tho
Central Vietnam Vinpearl Da Nang Resort & Villas
Da Nang 2, Da Nang
Vinpearl Resort Hoi An
Vinpearl Cua Sot, Ha Tinh
Vinpearl Cua Hoi, Nghe An
Vinpearl Riverfront Condotel,
Da Nang
Vinpearl Da Lat
Vinpearl Quy Nhon, Binh Dinh
Nha Trang, Khanh Hoa Vinpearl Nha Trang Resort Vinpearl Land Nha Trang Vinpearl Luxury Nha Trang Vinpearl Golf Club – Nha Trang Vinpearl Nha Trang Bay Resort & Villas Vinpearl Golf Land Resort & Villas
Vinpearl Empire Condotel
Vinpearl Beachfront Condotel
Vinpearl Phu Quy
Vinpearl Hon Mot
Vinpearl Bai Tru
Vinpearl Long Beach Villas
North Vietnam
Vinpearl Ha Long Bay Resort
Vu Yen Island, Hai Phong
Hanoi Royal City Times City Vinhomes Riverside 54A Nguyen Chi Thanh 7 operational Vincom malls Vinmec Times City Int’l Hospital
Vinhomes Gardenia
Vinhomes Smart City
Vinhomes Green Bay
Vinhomes Skylake
Vinhomes The Harmony (Riverside 2)
Green City – Dan Phuong
4,893
1,578
287 204
Vingroup #1 #2 #3
Developer of high-
rise residential
projects in
Southern Vietnam
CORPORATE PRESENTATION17As of 30 September 2016, Landbank and GFA of under-development projects are subject to change
(1) GFA does not include (i) agricultural land, (ii)leased retail areas, (iii) parking, public area and
infrastructure
(mm sqm)
(mm sqm)
One of the Largest Landbanks in Prime Locations Across Vietnam
Landbank breakdown GFA breakdown(1)
Planned GFA breakdown
84.7 mm sqm 84.7 mm sqm
45.5mm sqm 45.5 mm sqm 84.7 mm sqm of landbank is sufficient for at least 10 years of
development
Proactive in infrastructure development to support accessibility of
own projects
Seek to acquire land adjacent to existing mixed-use projects to
benefit from economies of scale and increase the critical mass of
existing projects
Land banking strategy
Villas,shophouse
35%
Beach Villas3%
Highrise24%
Commercial16%
Hotel6%
Hospital3%
School4%
Entertainment9%
3.4
36.0
6.1 5.5
39.9
Retail Mixed used &commercial
Hospitality Completed &Operational
Underconstruction &development
0.9
32.7
51.2
9.1
75.7
Retail Mixed used &commercial
Hospitality Completed &Operational
Underconstruction &development
CORPORATE PRESENTATION18
Robust Residential Sales: New Projects
As of 31 December 2016
(1) Pre-Sale launched
Prime location along the western bank of the Saigon River,
falling within the western border of the city center area, just
4km from the city’s business center in District 1
Total site area: 422,000 sqm
2,507 units presold in 2016
97% of all launched residential units presold to date
Total contract value: US$1,566 mm, received US$1,028 mm
First delivery: Q4 2016
Vin
ho
mes
Cen
tral P
ark
Nov-14(1)
Mixed-use project in Tu Liem, Hanoi. Located in one of the
most prime locations in My Dinh - Hanoi's modern commercial
and administrative center, and well connected with
transportation infrastructure
Total site area: 176,300 sqm
1,725 units presold in 2016
75% of all launched residential units presold to date
Total contract value: US$218 mm, received US$128 mm
First delivery: Q4 2016 (low-rise), Q4 2017 (high-rise)Vin
ho
mes G
ard
en
ia
Jan-16(1)
9,295 10,498 10,498 10,498 10,498
7,641 9,070 9,305 9,790 10,148
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Cumulative units launched Cumulative units presold
Villas, Shophouses & condotels in Nha Trang, Phu Quoc,
Danang, Hanoi, Ho Chi Minh City, Yen Bai, Tuyen Quang,Thai
Binh, Ha Tinh, Hai Phong, Thanh Hoa, Can Tho, Rach Gia, Hau
Giang, Tra Vinh, Vinh Long, Long An, Quang Binh, Ha Nam
4,500 units presold in 2016
81% of all launched units presold to date
Total contract value: US$2,207 mm, received US$1,827 mm
First delivery: Q3 2015
1,969
3,566
5,301
6,870 7,035
1,190 1,876
3,214
4,990 5,690
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Cumulative units launched Cumulative units presold
The most spectacular location in the heart of Distric 1
alongside Saigon River and Thi Nghe Canal with direct
connection to the city’s first ever underground Metro line.
Total site area: 253,000 sqm
1,854 units presold in 2016
73% of all launched residential units presold to date
Total contract value: US$513 mm, received US$375 mm
First delivery: Q4 2017
2,070
2,546 2,546
1,167
1,647 1,854
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Cumulative units launched Cumulative units presold
Vin
ho
mes
Go
lden
R
iver
Apr-16(1)
Villa
, S
ho
ph
ou
se
&
Co
nd
ote
lsP
roje
cts
Apr-15(1)
1,296 1,296
2,037 2,037
819
1,228 1,271
1,725
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Cumulative units launched Cumulative units presold
CORPORATE PRESENTATION19
Seamless Land Acquisition and Sale Process
Understanding the development and presales process is a crucial part in appreciating Vingroup’s de-risked business model for residential projects
DeliveryPresalesLand Acquisition
1. Obtaining approval-in-principle
Acquire an “approval-in-principle”
from the local people’s committee
Indicates the approval of a
specific project
2. Investment Registration
Certificate
Can be obtained once “approval-
in-principle” received
After the investment certificate
obtained, a developer may
proceed to:
o Get approval on the land
clearance plan
o Commence the land
clearance process
o Start construction of the project
Delivery of property upon
completion
Buyer has to pay the remaining
~30% of contract value
upon delivery depending on
SPA
Revenue can be recognized by
the Group for sale of property
Property is delivered to buyer
and removed
from inventory
Obtain and deliver the land use
right certificate to buyers
First Stage of Presale –
Signing of SPA
When foundation work or
first floor area is complete
A deposit of c.US$10,000 is
required to be placed whilst
the SPA is being prepared
The first SPA payment is
about 25-30% of the
purchase price
Stage 1 – Sale & Purchase
Agreement (SPA)(1)
Stage 2 – Apportioned
Pre-sales Before
Completion
Second Stage – Installments
Subsequent installment
payments made – depending
on SPA terms
Installment payments of 5-
30% are made in varying
stages depending on SPA
(1) Vietnamese law requires the completion of either the foundation of a building or its 1st floor area before a sale and purchase agreement can be entered into. Sales prior to this completion
may some times be made in the form of a loan agreement, which gets converted into an SPA once conditions to signing SPAs are fulfilled.
CORPORATE PRESENTATION20
Capital Efficient Business Model
Demonstrated ability of successful asset sales even in challenging macroeconomic conditions
(1) As of 31 December 2016
(2) Sale price and Profit to be adjusted after hand-over
(3) Exchange rate at the end of the transaction years were used.
Recycling of capital into new investments to generate high ROE
Sale Price(3) US$25mm US$51mm US$64mm US$472mm US$110mm
Profit %(4) >150% >100% >900% >100% >130%
Holding
period
(years)
2 0(5) 8 1 0(5)
Area Sold 22,480 sqm 31,300 sqm 24,059 sqm 98,057 sqm 64,700 sqm
Acquirer
Integrated development model
Vinhomes Central Park
24%
76 %
Residential GFA(1)
Residential segment
presales helps to lighten
capital requirements in a
mixed-use project
Commercial and
others’ GFA(1)
Recurring
revenue
becomes a
larger
component of
total project
revenues
over time
Recycle capital through opportunistic asset sales
Vincom Center
Ba Trieu –
Tower A
(office
component)
Vincom
Financial
Tower (office)
Vincom Center
Ba Trieu –
Tower B
(office
component)
Vincom Center
A HCMC
(shopping
mall, hotel)
Vincom Center
Nguyen Chi
Thanh (office
component)(2)
2006 2010 2012 2013 2015
(4) % profit denotes the profit achieved from the sale, by comparing the sale price with the
construction cost, taking into account depreciation, of the assets
(5) Sold upon construction completion
CORPORATE PRESENTATION21
D. Dominant Modern Retail Player across all
Formats
1. Nationwide Retail Network 22
2. Complemented by Innovative E-commerce and Robust Infrastructure 23
3. Largest Portfolio of Retail Property for Lease 24
CORPORATE PRESENTATION22As of 31 December 2016
(1) Excludes stores in Hanoi
(2) Excludes stores in Ho Chi Minh City
Comprehensive multi-format retailer
Nation-wide Retail Network
cities and provinces covered
Hanoi
7 Vincom malls15 VinMart
400 VinMart+
6 VinPro16 VinDS
North Vietnam(1)
4 Vincom Plazas7 VinMart
12 VinMart+4 VinPro
10 VinDS
Central Vietnam
4 Vincom Plaza3 VinMart
35 VinMart+
2 VinPro7 VinDS
South Vietnam(2)
7 Vincom Plazas15 VinMart23 VinMart+
6 VinPro11 VinDS
Ho Chi Minh City
9 Vincom malls13 VinMart
355 VinMart+
5 VinPro21 VinDS
23 VinPro878 VinMart & VinMart+ 65 VinDS
Vinmart (>3,000 sqm
supermarkets) and
Vinmart+ (100–300 sqm
convenience stores)
VinPro (electronics and
ICT)
VinDS (Specialty retail
stores specializing in
cosmetics, shoes,
sportswear, furniture &
household appliances)
22 / 63
Key retail brands
31 retail malls across Vietnam
Prime locations in Vietnam’s major
cities with premium brandsLarge scale shopping malls combined
with the latest entertainment facilities
Modern shopping experience in
newer cities and suburban areas
stores966
sqm GFA1 million
3 Vincom Mega Malls4 Vincom Centers
22 Vincom Plazas
Small-scale shopping malls in small
towns and districts in newer cities
2 Vincom+
CORPORATE PRESENTATION23As of 31 December 2016
Well developed infrastructure
Complemented by Innovative E-commerce and Robust Infrastructure
is the growth driver for VinCommerce
Internal customers
External customers
Over 7,000 merchants and suppliers
Launched in August 2015, adayroi!com already offers the widest
range of products than any e-commerce operator in Vietnam
To seamlessly connect offline with online retailing, and with the
nationwide logistic network
Full suite of services to merchants, from content, image design to
delivery and customer care
20 modern logistic hubs in North, Central and South Vietnam
8/53 cities and provinces covered
Fleet of delivery trucks, vans and motorcycles equipped with automated,
real-time management system
Commitment to provide B2C-logistics service with the shortest lead time
to customers, and advanced delivery services for business partners
Exceptional offerings for Vingroup Card users
Large community of
over 1.8 million
members
First and only card in
Vietnam that is able to
connect and integrate
advantages and
benefits
Points can be
redeemed everywhere
within the Vingroup
ecosystem
Special priorities and
benefits for
cardholders
CORPORATE PRESENTATION24
Growing Portfolio of Retail Properties Attracts Premium Brands
Vingroup’s brand names are instrumental in securing new sites, achieving premium pricing and attracting over 800
retail and F&B brands
(1) Tenants for Vincom Center and Vincom Mega Mall in Ho Chi Minh City and Hanoi
1 1 2 3 5 6
17
31
0
10
20
30
40
-
500,000
1,000,000
1,500,000
2004 2009 2010 2012 2013 2014 2015 2016
GFA No. of shopping malls
Fashion, beauty and accessories
Food & Beverage and others
1,000,000 sqm
CORPORATE PRESENTATION25
E. Financial Overview - VAS
(1) Source: Audited VAS Consolidated Financial Statement 2013,2014,2015 and unaudited VAS Consolidated Financial Statement 2016
Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016
CORPORATE PRESENTATION26
(US$ mm)
Debt profile overview
Debt maturity
Average borrowing cost
Source: 2016 unaudited VAS Consolidated Financial Statement, 2012, 2013,2014 and 2015
audited VAS Consolidated Financial Statements
As of 14 November 2016, the entire US$200mm international bonds issued in 2013 has
been repaid
11.3% 10.8%9.9% 9.4%
8.8%
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16
Note: Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016
175
895
84 45
19638
95
42
29
23236
1,103
321
74
Less than 1 year 1-3 years 3-5 years More than 5 years
Corporate bonds Convertible bond Convertible loan Long-term borrowings Short-term debts
As of 31 December 2016:
• Average debt maturity: 2.7 years
CORPORATE PRESENTATION27
Debt Mix Analysis
Total: VND39,537 Bn (US$1.73Bn)
Diversified funding sources(1)
Note: Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)
(1) Based on Unaudited VAS Consolidated Financial Statements for 2016
Debt breakdown(1)
By currency
By interest rate
Domestic bond, 69.1%
Convertible loan, 1.1%
Bank loans, 13.1%
Syndicated loan, 16.7%
VND, 81.9%
USD, 18.1%
Floating, 90.1%
Fixed, 9.9%
CORPORATE PRESENTATION28(1) Dec-13 includes fair value adjustment realized when the Group sold
Vincom Center A Ho Chi Minh City
(2) Includes profit after tax of discontinued operations
Income Statement Highlights
Source: Audited VAS Consolidated FS for 2013, 2014, 2015 & unaudited VAS Consolidated FS for 2016
Note: CAGR from 2013 to 2016
Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)
333
488
384
788
2013 2014 Sep-14 2016
138
177 67
154
2013 2014 2015 2016
586
454
337
605
2013 2014 2015 2016
6941,019 940
1,668176
278 571
901
870
1,2971,511
2,569
2013 2014 2015 2016
Property sale Recurring revenue
(US$ mm) (US$ mm)
(US$ mm)(US$ mm)
Revenue
EBITDA
Gross profit
Profit for the year(1)(2)
Adjustment for sale of Vincom Center A HCMC
200
338
CORPORATE PRESENTATION29
(US$ mm)(US$ mm)
(US$ mm)
Retail leasing
(US$ mm)
Property sale
Hospitality & entertainment services Healthcare & education
Revenue Performance
Source: Audited VAS Consolidated FS for 2013, 2014, 2015 & unaudited VAS Consolidated FS for 2016
Note: CAGR from 2013 to 2016
Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)
Consumer retail
(US$ mm)
Total revenue
870
1,2971,511
2,569
2013 2014 2015 2016
694
1,019940
1,668
2013 2014 2015 2016
85
103
118
144
2013 2014 2015 2016
020
191
392
2013 2014 2015 2016
76
99
126
207
2013 2014 2015 2016
14
41
57
79
2013 2014 2015 2016
CORPORATE PRESENTATION30
(US$ mm) (%)(US$ mm) (%)
Retail leasingProperty sale
Hospitality & entertainment services Healthcare & education
Profitability – Gross Profit and Margin
Source: Audited VAS Consolidated FS for 2013, 2014, 2015 & unaudited VAS Consolidated FS for 2016
Note: CAGR from 2013 to 2016
Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)
(US$ mm) (%) (US$ mm) (%)
Consumer retail(US$ mm) (%)
(US$ mm)
Total gross profit
249
378 381
660
36% 37% 41% 40%
2013 2014 2015 2016
52 58 6074
61% 56% 51% 51%
2013 2014 2015 2016
34 39
28
(8)
46% 40%22%
(4%)
2013 2014 2015 2016
(3)
12 17 17
(20%)
28% 30% 22%
2013 2014 2015 2016
2431
6%
13%8%
2013 2014 2015 2016
Gross Margin
333
488 519
788
2013 2014 2015 2016
CORPORATE PRESENTATION31
44% 41%
31% 34%
2013 2014 2015 2016
3,5854,214
6,455
7,890
8811,285
1,667 1,956
2013 2014 2015 2016
Total assets Total equity
356 356 308438
261 291
573 295
617 647
881
733
2013 2014 2015 2016
Cash and cash eq. ST investments
1,296
1,5321,638
1,735
678
885758
1,002
2013 2014 2015 2016
Total debt Net debt
(US$ mm)
(In US$m)
(1) Total debt is equal to interest-bearing loans and borrowings, plus financial
liabilities designated as at fair value through profit or loss
(2) Net debt is equal to total debt less cash and cash equivalents and short-term
investments
(US$ mm)
Balance Sheet Highlights
Total cash and short-term investments
Total assets & total equity
Total debt(1) and net debt(2)
Source: Audited VAS Consolidated FS for 2013, 2014, 2015 & unaudited VAS Consolidated FS for 2016
Note: Based on exchange rate of US$1 = VND 22,790 as of 31 December 2016 (applied to 2016 financials)
Net debt(2) / net debt + total equity
CORPORATE PRESENTATION32
F. Financial Overview - IFRS(1)
(1) Source: IFRS Consolidated Financial Statement for 1H 2016
Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016
CORPORATE PRESENTATION33
88
820
25446
205
100114218
1,042
357
120
Less than 1 year 1-3 years 3-5 years More than 5 years
Corporate bonds Convertible bond Convertible loan Long-term borrowings Short-term debts Total
(US$ mm)
Debt profile overview
Debt maturity
Average borrowing cost
17.7%
11.6%10.0% 9.4% 9.5%
Dec-12 Dec-13 Dec-14 Dec-15 1H 2016
As of 30 June 2016:
• Average debt maturity: 3.4 years
Source: IFRS Consolidated Financial Statement 2015
Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)
CORPORATE PRESENTATION34
Debt Mix Analysis
Total: VND38,814 Bn (US$1.74Bn)
Diversified funding sources(1)
Notes:Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)
(1) As of 30 June 2016
(2) Including Convertible loan & Loan from Associate
Debt breakdown(1)
By currency
By interest rate
Corporate bond, 69.6%
Convertible loan, 1.1%
Long-term borrowings,
22.7%
Short-term debts, 6.6%
VND, 87.7%
USD, 12.3%
Floating, 73.6%
Fixed, 26.4%
CORPORATE PRESENTATION35
128
343
507536
207235
2012 2013 2014 2015 1H2015 1H2016
185
6941,017 940
354 423122
176
276586
231370
307
869
1,293
1,526
585
793
2012 2013 2014 2015 1H2015 1H2016
Property sale Recurring revenue
149 252
114
37
127
2012 2013 2014 2015 1H2015 1H2016
232
612
473374
159
333
2012 2013 2014 2015 1H2015 1H2016
(US$ mm) (US$ mm)
(US$ mm) (US$ mm)
Income Statement Highlights
Revenue
EBITDA(1)
Gross profit
Profit for the year(2)(3)
8
289
Adjustment for sale of Vincom Center A HCMC
(1) EBITDA excludes valuation gains / losses of investment property and investment property under construction
(2) Dec-13 EBITDAs and Profits include fair-value adjustment realised when the Group sold Vincom Center A HCMC
(3) Includes profit after tax of discontinued operations
Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014
2015 and 1H2016
Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016
(applied to 2016 financials)
CORPORATE PRESENTATION36
57
76
99
126
59
89
2012 2013 2014 2015 1H2015 1H2016
59
8597
117
49
73
2012 2013 2014 2015 1H2015 1H2016
7
14
41
57
25
36
2012 2013 2014 2015 1H2015 1H2016
185
694
1,017940
354 370
2012 2013 2014 2015 1H2015 1H2016
(US$ mm)(US$ mm)
(US$ mm) (US$ mm)
Retail leasing(1)Property sale
Hospitality & entertainment services Healthcare & education
Revenue Performance
Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014 and 2015 and 1H2016
Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)
20
191
56
188
2012 2013 2014 2015 1H2015 1H2016
(US$ mm)
Consumer retail
307
869
1,293
1,526
585
793
2012 2013 2014 2015 1H2015 1H2016
(US$ mm)
Total revenue
CORPORATE PRESENTATION37
(US$ mm) (%)(US$ mm) (%)
Retail leasingProperty sale
Hospitality & entertainment services Healthcare & education
Profitability – Gross Profit and Margin
Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014, 2015 and 1H2016
Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)
(US$ mm) (%) (US$ mm) (%)
Consumer retail(US$ mm) (%)
128
343
507536
207235
2012 2013 2014 2015 1H20151H2016
(US$ mm)
Total gross profit
63
235
358 384
141 157
34% 34% 35%
41% 40% 42%
2012 2013 2014 2015 1H2015 1H2016
4663
78 75
35 48
79% 74% 80%64% 73% 65%
2012 2013 2014 2015 1H2015 1H2016
1
24
6
19
6%
13%12%
10%
2012 2013 2014 2015 1H2015 1H2016
Gross Margin
19
35 39 29
12
(2)
34%
46%
39%
23%20%
(2%)
2012 2013 2014 2015 1H2015 1H2016(4) (3)
12 17
6 7
(63%)
(21%)
28% 30% 28% 21%
2012 2013 2014 2015 1H2015 1H2016
CORPORATE PRESENTATION38
49%
37% 37%29%
35%
2012 2013 2014 2015 1H2016
3,325
4,0564,612
6,916
7,618
7711,103
1,5211,940
2,315
2012 2013 2014 2015 1H2016
Total assets Total equity
77
356 356 308218
181
260 284
558
269258
616 640
866
487
2012 2013 2014 2015 1H2016
Cash and cash eq. ST investments
1,005
1,268
1,5501,648
1,737
706617
870789
1,250
2012 2013 2014 2015 1H2016
Total debt Net debt
(US$ mm)
(In US$m)
(US$ mm)
Balance Sheet Highlights
Total cash and short-term investments
Total assets & total equity
Total debt(1) and net debt(2)
Net debt(2) / (Net debt + total equity)
Source: IFRS Consolidated Financial Statements for 2012, 2013, 2014, 2015 and 1H2016
Based on exchange rate of US$1 = VND 22,345 as of 30 June 2016 (applied to 2016 financials)
(1) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss.
(2) Net debt is equal to total debt less cash and cash equivalents and short-term investments
CORPORATE PRESENTATION39
G. Trading Performance
CORPORATE PRESENTATION40
Share Price Performance over the Last 12 Months
Source: Bloomberg as of 31 January 2017
25,000
35,000
45,000
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Jan-17Dec-16Nov-16Sep-16Aug-16Jun-16May-16Mar-16Feb-16
Sh
are
Pri
ce
(V
ND
)
Vo
lum
e (m
)
Vingroup Share Volume Vingroup Share Price
Price VND42,000 as of 31 Jan 2017 10 Day 20 Day 30 Day 1 mth 3 mth 6 mth 12 mth 24 mth 36 mth 48 mth 60 mth
Market cap of VND110,783.7bn
Market cap of US$4,893.3m
Average daily volume ('000) 661 598 672 574 680 815 931 1,255 1,459 1,394 1,213
Average daily trading value (VND'000) 27,943,542 25,312,908 28,386,064 24,360,318 28,698,812 33,508,074 36,227,749 42,756,319 46,638,323 42,694,331 36,396,888
Average daily trading value (US$'000) 1,234 1,118 1,254 1,076 1,268 1,480 1,600 1,889 2,060 1,886 1,608
Total volume traded (m) 6.6 12.0 20.2 9.8 41.5 102.7 230.8 622.6 1,086.7 1,381.5 1,512.0
% of total shares outstanding 0.3% 0.5% 0.8% 0.4% 1.6% 3.9% 8.7% 23.6% 41.2% 52.4% 57.3%
% of free float 0.6% 1.0% 1.7% 0.8% 3.5% 8.6% 19.4% 52.4% 91.5% 116.3% 127.3%
Share price
Highest traded price (VND) 43,450 43,500 43,500 43,500 44,800 45,950 45,950 45,950 45,950 45,950 45,950
Lowest traded price (VND) 41,500 41,500 41,300 41,500 40,400 33,959 32,065 26,424 23,785 23,392 20,325
Performance over the period (2.3%) 1.0% (1.1%) 0.0% (1.8%) (0.1%) 21.5% 49.7% 39.6% 59.5% 59.7%
Average closing price (VND) 42,340 42,353 42,282 42,444 42,350 41,809 39,713 35,174 32,897 31,157 29,611
Volume weighted average price (VND) 42,255 42,298 42,240 42,411 42,220 41,119 38,930 34,064 31,973 30,626 30,017
Market cap as of 31 Jan 2017 (US$ m) 4,893.3
Total number of shares (m) 2,637.7
CORPORATE PRESENTATION41
This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance,
outcomes, and results may differ materially from those expressed in forward-looking statements as a result of a number of
risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry
and economic conditions, interest rate trends, cost of capital and capital availability, cost of construction, availability of real
estate properties and land, competition from other companies and venues for the sale/distribution of goods and services, shifts
in customer demands, customers and partners, changes in operation expenses, including employee wages, benefits and
training, governmental and public policy changes and the continued availability of financing in the amounts and the terms
necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements,
which are based on current view of management on future events.
Disclaimer
CORPORATE PRESENTATION42
Vingroup JSC
Vingroup Office Tower, Vinhomes Riverside Eco-Urban Area
Long Bien District, Hanoi, Vietnam
Tel: +84 (4) 3974 9999 ext. 655
Fax: +84 (4) 3974 8888
Website: http://www.vingroup.net
E-mail: [email protected]
Investor Relations Department