VINGROUP JOINT STOCK COMPANY. Investor Presentation May 2015 INVESTOR PRESENTATION

Transcription

1 VINGROUP JOINT STOCK COMPANY Investor Presentation May

2 Table of contents A. Vietnam Macroeconomic Updates 3-7 B. Introduction to Vingroup 8-13 C. Business Strategy D. Key Investment Highlights E. Business Overview F. Financial Overview - VAS G. Trading Performance H. Appendix - Financial Overview - IFRS

3 A. Vietnam Macroeconomic Updates 3

4 Improving Macroeconomic Conditions Supporting Growth Real GDP growth remains strong Inflation and interest rates have eased considerably 17.0% Driven by power & fuel price surges, devaluation of the currency in February and a minimum wage hike in October 6.4% 6.2% 5.2% 5.4% 6.0% 13.1% 18.7% 13.5% 10.4% 8.7% 9.2% 9.1% 6.6% 4.1% Disbursed FDI stays robust Inflation Lending Interest Rate Exchange rate: VND is resilient (US$ bn) (VND) Currency has remained stable for the past 3 years ,131 20,649 20,859 21,017 21,189 US$ Appreciation / (Depreciation) '13-'14 KRW 3.8% CNY (0.2%) VND (0.8%) SGD (1.3%) MYR (3.9%) INR (4.2%) PHP (4.5%) THB (5.7%) IDR (13.5%) Sources: Economist Intelligence Unit, CBRE reports, General Statistics Office of Vietnam, State Bank of Vietnam, IMF, Bloomberg

5 Favorable Long-term Outlook for Consumption and Real Estate Private consumption growth (1) Catching up with Regional Peers in Urbanization (2) (%) 100 Singapore 100% 8.2% 80 Malaysia 74% 4.1% 4.9% 5.2% 5.9% Indonesia 52% China 53% Philippines 49% Thailand 35% India 32% Vietnam 32% Region s lowest retail space per capita (3) Rising income levels (4) Asian Pacific, Retail Space per Capita (sqm), 2013 (GDP per capita, US$) ,267 1,497 1,714 1,860 2,030 2,220 2,480 2,770 3,130 Bangkok Singapore Kuala Lumpur Jakarta Manila Hanoi Ho Chi Minh City Phnom Penh Yangoon 2010A 2011A 2012A 2013A 2014A 2015E 2016E 2017E 2018E 5 Sources: (1) General Statistics Office of Vietnam (2) World Bank, Urbanization Data, 2013 (3) CBRE (4) Economist Intelligence Unit

6 Integrated platform focused on the Vietnamese urban consumer Consumer Expenditure on Housing (US$ bn) Consumer Expenditure on Tourism (US$ bn) E 16E 17E E 16E 17E Consumer Expenditure on Hospital Total Consumer Spending (1) (US$ bn) (US$ bn) E 16E 17E E 16E 17E 6 Source: Economist Intelligence Unit as of 3 March 2015 (1) Total Consumer Spending includes Consumer Expenditure on Housing, Tourism and Healthcare, amongst other sub-categories

7 Vietnam residential market is at the start of an uptrend Hanoi residential transactions on the rise with (Number of units sold) 5,000 4,000 3,000 2,000 1,000 high- and mid-end prices increasing slightly (US$ psm) $2,000 $1,500 $1,000 $500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $ High-end Mid-end Low-end High-end Mid-end Low-end HCMC residential transactions rapidly accelerating with (Number of units sold) high- and mid-end prices increasing in the last year (US$ psm) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $2,000 $1,500 $1,000 $500 $ High-end Mid-end Low-end High-end Mid-end Low-end Vingroup will be a key beneficiary of the positive Vietnam real estate outlook 7 Source: CBRE Market Insights Q3/Q4 2014

8 B. Introduction to Vingroup 8

9 Evolution of Vingroup Total Assets 6,000 Sale of Vincom A HCMC for US$472mn Entered into a syndicated credit facility agreement for US$150mn and issued international bonds of US$200mn Vincom Mega Mall Royal City and Times City commenced operations Warburg Pincus investment of US$200mn in Vincom Retail Launch of Vinpearl Luxury Nha Trang, Vinpearl Golf Club NT and Vinpearl Premium Da Nang 5,000 Sale of Vincom Financial Tower to Maritime Bank 1,293 4,000 3,000 2,000 1,000 0 Vinpearl JSC established Vincom JSC established Vinpearl Resort Nha Trang commenced operations Vincom Ba Trieu Towers A and B completed Sale of Vincom Ba Trieu Tower A office to BIDV Vinpearl Land commenced operations Listing on HOSE as the largest listed real estate company Issued US$100mn of convertible bonds Vincom Vinpearl Raised US$70mn merger through Sale of Vincom Ba Trieu secondary Tower B (office placement of component) ordinary shares Issued US$300mn of convertible bonds Revenues (US$ mn ) 9 Note: 1. Financials for years are presented based on IFRS and financials for earlier years are presented based on VAS

10 Retail Residential Largest listed developer in Vietnam with diversified sector exposure Villas and Apartments (Vinhomes) Resorts and Amusement Parks Hospitality Golf Courses, Gyms and Spas Shopping Malls (Vincom and Vincom Mega Mall) Healthcare Others Supermarkets, Electronic Retailing, Fashion and Agri Education Office 10

11 Significant Focus on Recurring Revenue Streams Recurring revenue streams continue to grow (1) Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 (2) Retail rental Hospitality & Entertainment Other recurring revenue Portfolio of retail and hospitality real-estate continues to ramp up (3) GFA: 1,507,997 sqm (% of total) 29% 35% 36% with profitability resilient through economic cycles (1) 61 (5) (5) Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 (2) Retail rental Hospitality & Entertainment Other recurring revenue GFA: GFA: c. 110,437 sqm (4) c. 726,120 sqm (4) Vincom Vincom Ba Trieu Tower A&B Vincom Ba Trieu Tower C Vincom Dong Khoi Vincom Long Bien Vincom Mega Mall Royal City Vincom Mega Mall Times City Vincom Ha Long Vincom Thu Duc Vincom Nguyen Chi Thanh Vinhomes Central Park Vinpearl Vinmec Vinpearl Resort Nha Trang Vinpearl Land Nha Trang Vinpearl Luxury Nha Trang Vinpearl Golf Club Nha Trang Vinpearl Premium Da Nang Vinmec International Hospital Vinpearl Resort Phu Quoc Vinpearl Golf Club Phu Quoc Vinpearl Land Phu Quoc Vinpearl Premium Nha Trang Bay Strategic shift towards a greater percentage of revenues coming from recurring income streams such as retail, hospitality, healthcare, and schools enhances the resilience of the business model Source: Audited IFRS Consolidated Financial Statement for 2010, 2011, 2012, 2013 and Audited VAS Consolidated Financial Statement for Consolidation for 2010 and 2011 sourced from management accounts. Prepared for comparability purposes 3. GFA figures as of 31 December 2014 (Operational Projects) 4. Mixed-Use project. GFA shown represents area for recurring revenue real estate 5. Includes negative gross profit from non-recurring revenue of (US$4.4mn) in 2012 and (US$2.7mn) in 2013

12 Nguyen Chi Thanh - Ha Noi Vinhomes Central Park Vinhomes Times City Vinhomes Royal City Strong residential sales Major projects being handed over and on sale this year (1) Situated at a prime site on Nguyen Trai Street, approximately 5km from the city center and at the convergence of many traffic arteries connecting inner Hanoi with the new business center Total site area: 120,942 sqm. 535 units sold in 4M % of all residential units sold (2) Total contract value: US$904mn, received US$874mn 4,518 4,518 4,518 4,518 4,574 4,322 3,940 4,075 3,688 3,766 Mar-14 Jun-14 Sep-14 Dec-14 Apr-15 Cumulative units launched Cumulative units sold Located just 4 km from Hanoi City center, adopting the eco-friendly architectural design of the island country of Singapore Total site area: 335,695 sqm. 1,218 units sold in 4M % of all residential units sold Total contract value: US$878mn, received US$789mn 7,382 6,874 6,194 5,694 5,694 5,656 4,909 5,359 4,254 3,589 Mar-14 Jun-14 Sep-14 Dec-14 Apr-15 Cumulative units launched Cumulative units sold Jul-14 (3) 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 1,220/1,551 (79%) units sold as at Apr 2015 (4) Total contract value: US$254mn, received US$65mn Expected completion: ,433 1,551 1, Mar-14 Jun-14 Sep-14 Dec-14 Apr-15 Cumulative units launched Cumulative units sold 12 Jan-14 (3) (1) As of 30 April 2015 (2) Includes leased figures (3) Construction began (4) Including Villa Units Mixed-use project with a total land area of 13,043 sqm in Dong Da District, Hanoi Pre-sold office tower to corporate buyer for use as headquarters. Majority of proceeds already received Residential pre-sales started in November 2014 Total site area: 13,043 sqm 364/378 (96%) units sold as at Apr 2015 Total contract value: US$216mn, received US$153mn Expected completion: Q Mar-14 Jun-14 Sep-14 Dec-14 Apr-15 Cumulative units launched Cumulative units sold

13 Overview of land acquisition and sale process Understanding the development and presales process is a crucial part in appreciating Vingroup s de-risked business model for residential projects Land Acquisition Presales (1) Delivery 1. Obtaining approval-in-principle Acquire an approval-in-principle from the local people s committee Indicates the approval of a specific project 2. Investment Registration Certificate Can be obtained once approvalin-principle received After the investment certificate obtained, a developer may proceed to: o Get approval on the land clearance plan o Commence the land clearance process o Start construction of the project Stage 1 Loan Agreements First Stage of Presale Via Loan Agreements The Group offers buyers option to sign a loan agreement presale Loan principal expected to be applied to initial installments due under a sale and purchase agreement (SPA) Typically loan amount is 20-40% of the purchase price 18 months at ~2% interest Stage 2 Sale & Purchase Contract Second Stage of Presale conversion to SPA When foundation work or first floor area is complete buyer has 15 days to confirm purchase On confirmation and signing of SPA - loan principal applied to the deposit and installments under the SPA Stage 3 Apportioned Pre-sales Before Completion Third Stage Installments Subsequent installment payments made depending on SPA terms Installment payments of 10-20% are made in varying stages depending on SPA Delivery of property upon completion Buyer has to pay the remaining ~30% of contract value upon delivery depending on SPA Revenue can be recognized by the Group for sale of property Property is delivered to buyer and removed from inventory Obtain and deliver the land use right certificate to buyers 13 (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. Hence all sales prior to this completion are made in Stage 1 by loan agreement, upon completion they are converted to SPAs under Stage 2. Depending on market conditions and project characteristics, we may skip Stage 1 and market new projects and sign SPAs with buyers at the outset (i.e. start at Stage 2)

14 C. Business Strategy 14

15 What Differentiates Vingroup? Leading Privately Sponsored Listed Company In Vietnam with Premium Brand Names in Commercial, Residential, Hospitality, Education and Retail with Demonstrated Quality and Prestige Fully Integrated Real Estate Owner and Developer of Large-Scale and Mixed-Used Properties, with Exposure in Key Consumer Segments Established and Demonstrated Track Record Leverage Vingroup's Network, Financial Capacity and Resources to Develop an Ecosystem of Complementary Brands, Products and Services VINGROUP S DIFFERENTIATION CREATES COMPETITIVE ADVANTAGES Strong brand equity and network of shopping malls, resorts, amusement parks and retail centers throughout Vietnam that attracts premium tenants, buyers & clients Premium pricing for new projects focused on upper and middle class Vietnamese consumers A pioneering established corporation that leads the development of real estate, retail and services sectors. Maintain large market share especially with the upper and mass affluent segments Expands into new retail business segments to lead consumer trends in Vietnam Realise synergies among consumers of focused segments Higher percentage of recurring revenues over time driven by a growing operational portfolio Asset sales allow efficient capital recycling into new investments and generation of RoE Expansion into complementary businesses to enhance the Group's recurring revenue and profitability Leveraging nation-wide network and brand equity to achieve leadership position in all business segments in the near term 15

16 Business Strategies Are Reinforcing 1. Focus on High-quality, Large-scale Mixed Use Developments in Major Cities and Further Expand into Selected Strategic Cities 2. Grow Recurring Revenues Across Targeted Consumer Segments 16 Leverage expertise and experience in identifying and securing prime sites Target the mid to high-end markets Deliver on the need for high-quality retail and residential space through mixed use developments which increase its appeal Develop high-quality resorts and villas 5. Expand into New Strategic Sectors by Taking Advantage of Financial Capacity and Brand Equity to Create an Ecosystem of Complementary Products Capitalizing the synergies between realestate demands and consumer demands Leverage the Group's brand equity and presence especially in retail real-estate to ramp up our nation-wide retail network Invest in segmented sectors with high growth potential such as fashion and agriculture to establish an early competitive advantage Further Develop in-house Sales and Leasing, Project Management and Property Management Capabilities Develop internal capabilities to enhance efficiency and support its portfolio of prime commercial investment properties Sales and Leasing Project management Property management Provide high quality utility services Develop a substantial portfolio and maintain effectiveness of commercial buildings, hotels, recreational areas, supermarkets and convenience stores, hospital and schools: Provides a source of stable, recurring income Potential for capital gains Target the growing disposable income of upper and middle class consumers by delivering on their various needs 3 3. Diversify and Enhance Property Income Stream and Efficient Capital Management Commence large-scale projects near high-growth areas Expand addressable market by providing more affordable units Stable & Defensive Two pronged approach: Develop properties for sale. Operate properties for stable, recurring income Sell properties if foresees long-term profitability for capital recycle Pre-sales reduces the need to raise capital

17 D. Key Investment Highlights 17

18 Investment Highlights 1 Vietnam s Largest Listed Real Estate Developer 2 Capital Efficient Real Estate Platform with Track Record of Successful Asset Disposals 3 One of the Largest Landbank in Prime Locations Across Vietnam 4 Ecosystem of Complementary Products and Services 5 Nation-wide Retail Network 6 Well-recognized Premium Brand Names in Vietnam 7 Proven Track Record of Access to Capital Markets 8 Highly Experienced Management and Good Corporate Governance 18

19 1 Largest Vietnamese Developer Offering Pure-play Exposure 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 40 developments, which are in prime urban and high growth areas in key cities throughout Vietnam The Largest Listed Real-estate (1) Company in Vietnam 3,253 Vingroup #2 #3 #4 Mass market Developer of residential builder industrial and Furniture and business parks granite business and high-end hotels Diversifying into One of the largestlisted companies in Vietnam High-quality commercial, residential, hospitality and mixed-used properties 736 agriculture, mining & hydropower Also invests in energy, mining and education A Clear Leader in Vietnamese Real Estate Primarily industrial parks developer Infrastructure development Telecom & network development Proven ability to secure prime sites in the Central Business Districts of Hanoi and Ho Chi Minh City Quality properties that operate under the Vingroup brand names Growing portfolio of investment properties: A critical contributor of recurring revenues Track record of successful project development, sales and property management Repeated successful launches of residential and commercial projects 45 and Counting Projects (2) across Vietnam 26 projects at prime central locations in key cities Ha Noi 6 Completed Projects o Vincom Ba Trieu - Tower A&B (Shopping Mall) o Vincom Ba Trieu - Tower C o Vincom Long Bien o Vinmec International Hospital o Vincom Mega Mall Royal City o Vincom Mega Mall Times City 8 Development Projects o Vinhomes Royal City o Vinhomes Times City o Vinhomes Riverside o Vinhomes Nguyen Chi Thanh - Ha Noi o Vincom Soap - Tobacco o Vinhomes Riverside 2 o Green City Dan Phuong o Green City Tu Liem Hung Yen 1 Development Project o Dream City Hung Yen Hai Phong 1 Development Project o Vincom Le Thanh Tong Quang Ninh 1 Completed Project o Vincom Ha Long Da Nang 1 Development Project o Vincom Ngo Quyen Nha Trang, Khanh Hoa 1 Development Project o Vinmec Nha Trang Ho Chi Minh City 2 Completed Project o Vincom Dong Khoi o Vo Van Ngan 4 Development Projects o Vinhomes Central Park o Vincom Mega Mall Thao Dien o Vincom Thu Duc o Green City Sai Gon Can Tho 1 Development Project o Vincom Xuan Khanh 19 projects at key tourism destinations Quang Ninh 1 Development Project o Vinpearl Ha Long Da Nang 1 Completed Project o Vinpearl Premium Da Nang 2 Development Projects o Lang Van o FPI Da Nang Hoi An 1 Development Project o Vinpearl Resort Hoi An Binh Dinh 1 Development Project o Vinpearl Quy Nhon Nha Trang, Khanh Hoa 4 Completed Projects o Vinpearl Resort Nha Trang o Vinpearl Land Nha Trang o Vinpearl Luxury Nha Trang o Vinpearl Golf Club - Nha Trang 5 Development Projects o Vinpearl Premium Nha Trang Bay o Vinpearl Premium Golf Land o Vinpearl Villas Hon Tre Nha Trang o Vinpearl Resort & Villas Phu Quy o Vinpearl Hon Mot Cam Ranh 2 Development Projects o Vinpearl Cam Ranh o Vinpearl Bai Dai Da Lat 1 Development Project o Vinpearl Da Lat Phu Quoc 1 Completed Project o Vinpearl Phu Quoc Phase 1 (3) 19 (1) Market data as of 30 April 2015 (2) As of 31 December 2014, Vingroup has 45 projects in Vietnam, of which, controlling interest in 44 projects, except Green City Sai Gon (2) Vinpearl Phu Quoc Phase 2 under construction

20 2 Capital Efficient Business Model Integrated Development Model Royal City Recycle Capital through Opportunistic Disposals Vincom Ba Trieu Tower A (office component) Vincom Financial Tower (office) Vincom Ba Trieu Tower B (office component) Vincom A HCMC (shopping mall, hotel) Vincom Dong Khoi (office component) (2) Residential GFA (1) Residential segment presales helps to lighten capital requirements in a mixed-use project 54% 46% Commercial and others GFA (1) Recurring revenue becomes a larger component of total project revenues over time Sale Price (3) US$25mn US$51mn US$64mn US$472mn US$238mn Profit % (4) >150% >100% >900% >100% >200% Holding period (years) 2 0 (5) Area Sold 22,480 sqm 31,300 sqm 24,059 sqm 98,057 sqm 78,463 sqm Acquirer Demonstrated ability of successful asset sales even in challenging macroeconomic conditions Recycling of capital into new investments to generate high ROE 20 (1) As of 31 December 2014 (2) Long-term operating lease with Vicentra, the entire cash proceeds have been received as of 31 July 2013 (3) Exchange rate at the end of the transaction years were used. (4) % profit denotes the profit achieved from the sale, by comparing the sale price with the construction cost, taking into account depreciation, of the assets (5) Vincom Financial Tower was sold upon construction completion

21 3 One of the Largest Landbanks in Prime Locations Across Vietnam Effective Landbank Breakdown by Construction Status (1) GFA Breakdown by Type (1)(2) (million sqm) 13.0 million sqm 68.1 million sqm Others 27% 53.3 Low rise 38% Entertainment 1% School 2% Completed Under construction Development Completed Under construction Development Hospital 5% Hotel 3% Commercial 7% High rise 17% Total GFA: 32,802,344 sqm (2)(3) Planned GFA Breakdown by Construction Status (1)(2) Land banking strategy (million sqm) 20.0 million sqm 12.8 million sqm 81.1 million sqm of landbank is sufficient for at least 10 years of development Seek to acquire land adjacent to existing mixed-use projects to benefit from economies of scale and increase the critical mass of existing projects Only look for land at prime locations in major cities Proactive in infrastructure development to support accessibility of own projects Completed Under construction Development Completed Under construction Development Vincom Projects Vinpearl Projects 21 (1) Landbank and GFA as of 31 December 2014 (2) Landbank and GFA of under-development projects are subject to change (3) GFA includes completed, under construction and development projects

22 4 Ecosystem of Complementary Products and Services Synergies Amongst Consumer Segments & Increased Exposure Across All Brands Quality residential properties and uncompromising services High-quality retail, entertainment experience Quality office space at premium locations Large landbank in up-and-coming cities in Vietnam, experienced in development and management of high-end hospitality properties Amusement parks and family entertainment centers International-standard and quality hospitals Full continual system from kindergarten through high school with modern facilities Own & Operate a portfolio of supermarkets and convenience stores at prime locations in key cities Electronics Retailing Clothing and accessories retailing Facilities, Services & Benefits for Vingroup Customers Membership Program Allows Clear Identification of High Value Consumers VIP Vingroup offers premium services and products, with a focus on exclusive privileges to premium cardholders 3 categories of Membership Diamond Card, Gold Card and Silver Card categories offer varying range of privileges to members Program integrates a vast array of benefits and offers cardholders preferential treatment and privileges for all all products and services provided by Vingroup Tiering of VIP Members Allows Further Differentiation and Targeting of Ultra High Net Worth Consumers Residential Sales and Management Vinhomes Hospitality and Entertainment Services Vinpearl Resort Vinpearl Luxury Vinpearl Premium Vinpearl Golf Club Vinpearl Land Education Vinschool Retail Vincom Vincom Mega Mall Retailing VinMart and VinMart + VinFashion VinPro and VinPro + BFF VinEco Healthcare Vinmec International Hospital Targeting Vietnam s Burgeoning Upperand Middle-Class Premium Ultra High Net Worth Segment 22

23 5 Nation-wide Retail Network Robust investment in supermarkets, convenience stores, department stores and high-street fashion stores at central locations throughout Vietnam. Leveraging Vingroup s financial capacity and relationships with suppliers to build brand equity. Retail network at the end of May 2015 Key Retail Brands 15 VinMart, 31 VinMart +, 6 VinPro, 8 VinPro +, 9 VinFashion stores VinMart VinPro & VinMart + & VinPro + VinFashion VinDS Hanoi 9 VinMart 15 VinMart + 3 VinPro 3 VinPro + 7 VinFashion North Vietnam (2) 3 VinMart 1 VinPro 1 VinFashion Vinmart (>3,000 m2 supermarkets) and Vinmart+ ( m2 convenience stores) Vinpro (electronics and appliances) VinFashion (modern fashion) VinDS (Specialty retail stores specializing in cosmetics, shoes, sportswear, furniture & household appliances) Ho Chi Minh City 2 VinMart 16 VinMart + 2 VinPro 2 VinPro + 1 VinFashion Central Vietnam 1 VinMart 2 VinPro + South Vietnam (3) 1 VinPro + Comprehensive E-commerce More Quality Choices for Vietnamese Consumers Proven execution capability and capital resources from Vingroup Leveraging existing supplier relationships and attracting new quality retailers Expanding portfolio of shopping malls allows participating brands to achieve rapid expansion Relentless focus on quality products and customer service excellence Objectives: Hundreds of retail stores throughout Vietnam in the near term Seamless online-offline collaboration to deliver quality goods to customers doorstep 23 (1) As of 30 May 2015 (2) Excludes stores in Hanoi (3) Excludes stores in HCM City

24 6 Well-recognized Premium Brand Names in Vietnam 24 Strong Brands Across Segments Secured 2 (1) out of the 20 Golden Sites in Vietnam in 2010 Vingroup develops its commercial, retail, residential and mixed-use properties under the Vincom brand name Demonstrated ability to sell residential and commercial real estate even in difficult times in 2010 and 2011 Proven execution skills: Completion of large scale projects under CBRE s estimation of construction time The properties have been selected as the headquarters of financial institution and embassies and also home to several Vietnamese and foreign organisations Successful in identifying and developing premium hospitality projects Hosted large national and international events e.g. Miss Vietnam World 2008, Miss Universe 2010 and Miss Earth 2010, Miss Vietnam 2014 World-class full-serviced general hospital and clinics at urban center in Hanoi and Ho Chi Minh city International standard facility equipped with modern test, diagnostic and operating facilities Educational philosophy behind Vinschool focuses on the overall development of students from an early stage in order to develop and shape the future generations of Vietnam Rapidly expanding supermarket and convenience store network at central locations in key cities in Vietnam Wide range of electronics and household appliances Making international standard fashion readily accessible and affordable in Vietnam Leveraging Vingroup s retail network and experience, VinEcom aims to focus on first class customer care, and to create a best-in-class online retail experience in Vietnam (1) In February 2013, Vingroup transferred 100% interest in Vincom A Ho Chi Minh City to a real-estate investment company. As of 31 May 2013, the cash proceeds have been received in full Numerous Awards from independent media is a testimony of the Group s brand name International Shopping Centre 2013 for Vincom Center A HCMC Global RLI Awards 2013 Best Mixed-use Development (Asia) for Vinhomes Riverside Best Retail Development (Vietnam) for Vincom Mega Mall Royal City Asia Pacific Property Awards Best Retail Developer in Vietnam Euromoney Real Estate Awards 2012 Euromoney Real Estate Awards 2014 Best Developer (Vietnam) South East Asia Property Awards 2012 South East Asia Property Awards 2014 Best Villa Development (Vietnam) for Vinhomes Riverside South East Asia Property Awards 2012 Best Condominium Development (Vietnam) for Royal City South East Asia Property Awards 2013 Vietnamese Golden Star Award

25 6 Well-recognized Premium Brand Names in Vietnam (cont ) Vingroup s brand names are instrumental in securing new sites, achieving premium pricing and attracting global brand tenants Prime Retail Malls Strategically Located in Key Cities with a High Quality and Diversified Tenant Base (1) Vincom Ba Trieu Tower A, B &C Hanoi Total Retail GFA (2) : 432,129sqm Vincom Long Bien Vincom Mega Mall Royal City Vincom Mega Mall Times City Ho Chi Minh City Total GFA (2) : 71,210 sqm Retail Ha Long Total Retail GFA (2) : 30,777 sqm Vincom Dong Khoi Vincom Thu Duc Vincom Ha Long Golden sites 25 (1) Tenants for Vincom and Vincom Mega Mall in Ho Chi Minh City and Hanoi (2) GFAs as of 31 December 2014

26 7 Track Record in Accessing International Capital Markets Vingroup has a pioneering track record of success in the international capital markets, raising upward of US$1 billion since 2009 through 6 major transactions Secondary Placement of Ordinary Shares RegS/144A International Senior Unsecured Notes International Syndicated Loan Private Equity Investment by Convertible Bonds Convertible Bonds April 2014 US$70mn Vietnam Capital Markets Deal 2013 Best Vietnam Deal 2013 October 2013 US$200mn Issuers that matter Best Vietnam Deal 2013 October 2013 US$150mn into Vincom Retail Best Vietnam Deal Real-estate Deal of the Year May 2013 US$200mn Best Capital Markets Deal 2012 Best Vietnam Deal 2012 Best Vietnam Deal 2012 Apr & Jul 2012 US$300mn Debt and equity-linked Deal of the year 2010 Nov 2009 US$100mn Good relationship with all leading domestic banks with repeat loan and bond issuance Holistic cooperation with local banks, including facilitation of mortgage financings for customers and transactional banking services at Vingroup commercial properties Cash & short-term investments sufficient to cover any near term debt maturities independent of any new capital raising Demonstrated ability to create onshore liquidity through capital recycling of non-core assets Strong cash balance maintained to service working capital and interest payments Strong control over capital expenditures allow flexibility around liquidity management 26 (1) The majority of the $100 millions CBs were converted into shares and a small amount were fully redeemed by June 2011

27 8 Experienced Management Team, Good Corporate Governance and Strong Sponsor Mr. Pham Nhat Vuong Chairman of the Board of Management Holds a Bachelors Degree in Geological Economic Engineering 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 Major shareholder of Vingroup Ms. Pham Thuy Hang Vice Chairwoman Ms. Vu Tuyet Hang Vice Chairwoman cum Deputy CEO Mr. Marc Villiers Townsend (1) Independent Member Board of Management Ms. Pham Thu Huong Vice Chairwoman Mr. Le Khac Hiep Vice Chairman Mr. Joseph Gagnon (2) Independent Member Ms. Nguyen Dieu Linh Vice Chairwoman cum Deputy CEO Ms. Mai Huong Noi Member cum Deputy CEO Mr. Ling Chung Yee Roy (3) Independent Member Key Executives Ms. Duong Thi Mai Hoa CEO Over 20 years experience Recently joined Vingroup Ms. Vu Tuyet Hang Vice Chairwoman & Deputy CEO Over 20 years experience 9 years with Vingroup Mr. Dang Thanh Thuy Deputy CEO of Vingroup JSC and General Director of Vinpearl 18 years experience 11 years with Vinpearl Professor Nguyen Thanh Liem CEO 39 years experience 2 years with Vinmec Ms. Nguyen Dieu Linh Vice Chairwoman & Deputy CEO 14 years experience 9 years with Vingroup Mr. Pham Van Khuong Deputy CEO Over 29 years experience 11 years with Vingroup Ms. Nguyen Thi Huyen Tran Deputy CEO 18 years with Vingroup Ms. Le Thuy Anh COO 15 years experience 3 years with Vinmec Ms. Mai Huong Noi Board member and Deputy CEO 23 years experience 8 years with Vingroup Ms. Nguyen Thi Diu Deputy CEO 20 years experience Recently joined Vingroup Ms. Tran Thi Khanh Van Chief Accountant 23 years experience 7 years with Vinpearl Mr. Nguyen Manh Duc Chief Accountant 14 years experience 3 years with Vinmec 27 (1) Mr. Marc Villiers Townsend is the Managing Director of CBRE Vietnam (Ho Chi Minh City) (2) Mr. Joseph Gagnon is a Managing Director from Warburg Pincus (3) Mr. Ling Chung Yee Roy is the Managing Director of RL Capital Management

28 E. Business Overview 28

29 Operational Properties Vincom Ba Trieu - Tower A&B Description Retail, in Hanoi Office: Tower A was sold to BIDV in 2006; Tower B was sold to Techcombank in Q1/2012 Effective Ownership (1) Site Area (sqm) Start date of Construction/Operation GFA breakdown (sqm) 98% 3, Nov 2004 Retail: 27,103; Parking: 7,089 Vincom Ba Trieu - Tower C Retail, residential in Hanoi Residential: 208 high-end apartments have been sold in % 3, Aug 2009 Apartment: 29,646; Retail: 15,386; Parking: 7,253 Golden site Vincom Dong Khoi, Ho Chi Minh City Retail, office and apartments on one of the 20 Golden Sites, in Ho Chi Minh City 98% 10,843 Jul Apr 2010 Apartment: 16,871; Retail: 50,784; Office: 78,463; Parking: 29,142 Vincom Long Bien, Ha Noi Retail, in Hanoi 98% 13,261 May Dec 2011 Retail: 38,060; Parking: 7,398 Vincom Mega Mall Royal City Vincom Mega Mall Times City Retail, amusement park and entertainment services, in Hanoi 98% N/A Jan Jul 2013 Retail and amusement park: 229,604; Parking: 208,209 Retail, amusement park and entertainment services, in Hanoi 98% N/A Feb Dec 2013 Retail : 121,976; Parking: 106,844 Vincom Ha Long, Quang Ninh Retail, in Ha Long City 98% 15,950 Nov Oct 2014 Retail : 30, Vinpearl Resort Nha Trang Vinpearl Land Nha Trang Vinpearl Luxury Nha Trang Vinpearl Golf Club - Nha Trang Vinpearl Premium Da Nang Vinpearl Resort Phu Quoc - Phase 1 Vinmec International Hospital Vinschool (1) As of 31 December 2014 An international 5 star hotel in Vinpearl Nha Trang complex of hotel, resort, tourism, and recreation on Hon Tre Island. Hospitality and recreational complex built on an area consists of many modern and unique large-scale recreational facilities 92% 1,327,037 Jul Dec 2003 Hotel: 485 rooms Restaurant & bars; Meeting facilities and fitness center. 100% 540,134 Nov Aug 2006 Provides a variety of indoor and outdoor games, a water park, an aquarium, a food village, a shopping street, A luxurious resort located on Hon Tre Island 93% 376,165 Apr May luxury hotel villas comprised of 18 Beach- Front Villas, 20 Hill-top Suites, 15 Grand Hilltop Suites, 24 Garden Villas, 6 Pool-side Villas and 1 Presidential Suite King An 18 hole, par 71 championship golf course, located on Hon 93% 684,819 Nov May hole golf course Tre Island Situated on the most beautiful beachfront site on the famous Son Tra Dien Ngoc beach An international 5 star hotel situated in Long Beach area, district of Phu Quoc Island Description International-standard general hospital Start date of Construction/Operation: Feb 2011/Jan 2012 High quality schools in urban areas 1 st kindergarten school open in June 2013 at Vinhomes Riverside 93% 155,087 Nov Jul hotel rooms; 39 luxury villas Others: 2 restaurants, 4 bars, business center and meeting facilities. 51% 1,188,670 Dec Nov room hotel, 44 luxury villas (33 completed, 11 under construction) Others: conference room, 27-hole golf course, an aquarium & amusement park Effective Ownership (1) Facilities 95% Vinmec has facilities including Vinmec International Hospital in Times City, Vinmec Clinics in Royal City and Vincom Dong Khoi, Ho Chi Minh City Total GFA of Vinmec International Hospital in Times City: 77,459 sqm 100% Vinschool has 3 facilities in Hanoi: Vinschool Times City, Vinschool Vinhomes Riverside, and Vinschool Royal City

30 F. Financial Overview - VAS 30

31 Debt profile overview Debt maturity As of 31 Mar 2015: Average debt maturity: 3.7 years Amortising borrowings (1) : 41.5% Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Corporate Bonds Convertible Bonds Convertible Loan Long-Term Borrowings Short Term Debts Average borrowing cost 17.0% 11.3% 10.8% 9.9% 9.7% Dec-11 Dec-12 Dec-13 Dec-14 Mar Source: Q VAS Consolidated Financial Statement As of 30 April 2015, US$144.7mn of CBs have been converted or submitted for conversion to equity. There is a high possibility that bonds are converted to equity. Note: Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (1) Amortising borrowings as of 31 March 2015

32 Debt Mix Analysis Diversified Funding Sources (1) Debt Breakdown (1) Others 0.1% Domestic bond 36.5% USD 30.7% By Currency Bank loans 41.5% VND 69.3% By Interest Rate Convertible loan 1.2% Convertible bond 9.4% International bond 11.4% Fixed 27.8% Total: VND36,126 Bn (US$1.67Bn) Floating 72.2% 32 Note: Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (applied to 2015 financials) (1) Based on VAS Consolidated FS as of 31 March 2015

33 Income Statement Highlights Revenue Gross Profit 1, , Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Recurring income Sales of properties EBITDA (1) Profit for the Year (1)(2) Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Adjustment for sale of Vincom A HCMC Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Adjustment for sale of Vincom A HCMC 33 Source: Audited VAS Consolidated Financial Statements for 2010, 2011, 2012, 2013,2014 and VAS Consolidated Financial Statements for Q Note: CAGR from 2011 to 2014 Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (applied to 2015 financials) (1) Dec-13 includes fair value adjustment realized when the Group sold Vincom A HCMC (2) Includes profit after tax of discontinued operations

34 Revenue Performance Total Revenue Rental (1) Sale of Properties 1, , Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Hospitality & Entertainment Services Healthcare Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 NA Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 NA Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar Source: Audited VAS Consolidated Financial Statements for 2011, 2012, 2013,2014 and VAS Consolidated Financial Statement for Q Note: CAGR from 2011 to 2014 Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (applied to 2015 financials) (1) Exclude rental from Group s Subsidiaries

35 Profitability Gross Profit and Margin Total Gross Profit Rental (1) Sale of Properties ((In US$m) % 67% 61% 61% 58% 58% Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 50% % 37% 37% 38% 29% Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar Gross Margin Gross Margin Hospitality and Entertainment Healthcare (In US$m) (In US$m) % 40% 48% 8 25% 24% 23% % % 7 (4) (63%) (3) (21%) 2 2 Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Gross Margin Dec-11 Dec-12 Dec-13 Dec-14 Mar-14 Mar-15 Gross Margin 35 Source: Audited VAS Consolidated Financial Statements for 2010, 2011, 2012, 2013, 2014 and VAS Consolidated Financial Statements for Q Note: Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (applied to 2015 financials) (1) Exclude rental from Group s Subsidiaries

36 Balance Sheet Highlights Total Cash and Short-Term Investments Total Assets (In US$m) 1,676 2,634 3,575 4,205 4,451 Dec-11 Dec-12 Dec-13 Dec-14 Mar-15 Cash and cash eq. ST investments Dec-11 Dec-12 Dec-13 Dec-14 Mar-15 Total Equity Total Debt (1) and Net Debt (2) ,276 1, , , , ,674 1, Dec-11 Dec-12 Dec-13 Dec-14 Mar-15 Dec-11 Dec-12 Dec-13 Dec-14 Mar-15 Total Debt Net Debt 36 Source: Note: Audited VAS Consolidated Financial Statements for 2010, 2011, 2012, 2013, 2014 and VAS Consolidated FS for Q Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (applied to 2015 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

37 Key Credit Metrics Recurring Income / Interest Expense (1) EBITDA / Interest Expense (1) 3.93x 1.04x 1.26x 1.79x 1.92x 1.58x 2.57x 2.20x 0.55x 1.04x Dec-11 Dec-12 Dec-13 Dec-14 LTM Mar-15 Dec-11 Dec-12 Dec-13 Dec-14 LTM Mar-15 Debt (2) / EBITDA Net Debt (3) / Net Debt + Total Equity 5.62x 5.59x 2.59x 4.18x 2.36x 3.80x 2.20x 4.70x 2.90x 36% 60% 44% 41% 44% 1.23x Dec-11 Dec-12 Dec-13 Dec-14 LTM Mar-15 Dec-11 Dec-12 Dec-13 Dec-14 Mar-15 Debt / EBITDA Net Debt / EBITDA 37 Source: Audited VAS Consolidated Financial Statements for 2010, 2011, 2012, 2013,2014 and VAS Consolidated FS for Q Note: Based on exchange rate of US$1 = VND 21,580 as of 31 March 2015 (applied to 2015 financials) (1) Interest expense includes capitalized interest. (2) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss.net debt is equal to total debt less cash and cash equivalents and short-term investments (3) Net debt is equal to total debt less cash and cash equivalents and short-term investments

38 G. Trading Performance 38

39 Share Price (VND) Share Price Performance over the Last 12 Months 70,000 65,000 60,000 55,000 50,000 45,000 40,000 May-14 Jun-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar Apr-15 Volume (m) Vingroup Share Volume Vingroup Share Price VN Index rebased Price VND48,600 as of 30 Apr Day 20 Day 30 Day 1 mth 3 mth 6 mth 12 mth 24 mth 36 mth 48 mth 60 mth Average daily volume ('000) , Average daily trading value (VND'000) 28,258,704 31,135,413 34,913,449 31,135,413 38,785,254 40,452,075 55,626,913 45,657,489 34,089,097 29,443,303 26,439,792 Average daily trading value (US$'000) 1,366 1,505 1,687 1,505 1,874 1,955 2,688 2,206 1,647 1,423 1,278 Total volume traded (m) % of total shares outstanding 0.4% 0.9% 1.5% 0.9% 3.0% 6.8% 18.9% 32.5% 37.1% 43.6% 51.0% % of free float 0.8% 1.8% 3.0% 1.8% 6.0% 13.7% 37.7% 65.0% 74.3% 87.3% 102.1% Share price Highest traded price (VND) 49,400 49,400 49,500 49,400 52,500 52,500 60,000 60,000 60,000 60,000 60,000 Lowest traded price (VND) 47,100 45,700 45,700 45,700 45,700 44,000 40,686 40,013 34,767 31,647 21,297 Performance over the period 2.1% 3.4% (1.4%) 3.4% 1.3% 1.3% 11.2% 16.6% 20.9% (8.9%) 91.5% (1) Index outperformance over the period 1.4% 1.4% 1.9% 1.4% 3.6% 7.6% 13.9% (2.0%) 2.2% (26.0%) 87.9% Average closing price (VND) 48,390 47,480 47,730 47,480 48,416 48,127 48,241 46,957 44,898 44,174 41,975 Volume weighted average price (VND) 48,559 47,647 47,895 47,647 48,801 48,380 49,864 47,798 46,972 46,103 44,257 Market cap as of 30 Apr 2015 (US$ m) 3,253.0 Total number of shares (m) 1,454.6 Vingroup is well covered by 11 research analysts 39 Source: Bloomberg as of 30 April Note: Share prices prior to 28 August 2014 adjusted for payment of dividends in stock. (1) Performance against the VN Index.

40 H. Appendix Financial Overview - IFRS (1) 40 (1) Source: IFRS Consolidated Financial Statement for 2014

41 Debt profile overview Debt maturity As of 31 Dec 2014: Average debt maturity: 4.0 years Amortising borrowings (1) : 35.9% Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Corporate Bonds Convertible Bonds Convertible Loan Long-Term Borrowings Short Term Debts Average borrowing cost 17.7% 11.2% 11.6% 11.0% 10.0% Dec-10 Dec-11 Dec-12 Dec-13 Dec Source: IFRS Consolidated Financial Statement for 2014 Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 financials) Note: Based on exchange rate of US$1 = VND 21,375 (1) Amortising borrowings as of 31 December 2014

42 Debt Mix Analysis Diversified Funding Sources (1) Debt Breakdown (1) Others 0.2% By Currency Bank loans 35.9% Domestic bonds 40.6% USD 32.9% VND 67.1% Convertible loans Convertible 1.3% bonds 9.5% International bonds 12.5% Fixed 23.5% By Interest Rate Total: VND32,437 Bn (US$1.52Bn) Floating 76.5% 42 Notes: Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 financials) (1) As of 31 December 2014

43 Income Statement Highlights Revenue Gross Profit 1, Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Recurring income Sales of inventory properties Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 EBITDA (1)(2) Profit for the Year (2)(3) Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Adjustment for sale of Vincom Center A HCMC Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Adjustment for sale of Vincom Center A HCMC 43 Source: IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013, and 2014 Note: Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 financials) (1) EBITDA excludes valuation gains / losses of investment property and investment property under construction (2) Dec-13 EBITDAs and Profits include fair-value adjustment realised when the Group sold Vincom Center A HCMC (3) Includes profit after tax of discontinued operations

44 Revenue Performance Total Revenue Rental Sale of Properties 1, , Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Hospitality and Entertainment Healthcare NA NA NA NA Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec Source: IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013, and 2014 Note: Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 financials)

45 Profitability Gross Profit and Margin Total Gross Profit Rental Sale of Properties 79% 77% 79% 74% 71% 72% % 36% 37% 29% Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Gross Margin Gross Margin Hospitality and Entertainment Healthcare % 46% 41% NA NA 8 26% 53 NA NA (4) (3) (63%) (21%) Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Gross Margin Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Gross Margin 45 Source: IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013, and 2014 Note: Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 financials)

46 Balance Sheet Highlights Total Cash and Short-Term Investments Total Assets ,024 4, ,707 2,435 3,299 Dec-10 Dec-11 Dec-12 Dec-13 Dec14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Cash and cash eq. ST investments Total Equity Total Debt (1) and Net Debt (2) 1,521 1, , , Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Total Debt Net Debt 46 Source: IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013, and 2014 Note: Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 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

47 Key Credit Metrics Recurring Income / Interest Expense (1) EBITDA / Interest Expense (1) 1.74x 4.37x 0.55x 0.54x 1.04x 1.26x 2.85x 1.40x 1.99x 2.98x Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Debt (2) / EBITDA Net Debt (3) / Net Debt + Total Equity 4.05x 4.32x 49% 3.15x 1.96x 2.21x 3.21x 2.07x 3.28x 1.92x 30% 25% 37% 37% 1.07x Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Debt / EBITDA Net Debt / EBITDA 47 Source: IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013, and 2014 Note: Based on exchange rate of US$1 = VND 21,375 as of 31 December 2014 (applied to 2014 financials) (1) Interest expense includes capitalized interest. (2) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss (3) Net debt is equal to total debt less cash and cash equivalent and short-term investment

48 Disclaimer This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, cost of construction, availability of real estate properties and land, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operation expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events. 48

49 Investor Relations Department Vingroup JSC Vingroup Office Tower, Vinhomes Riverside Eco-Urban Area Long Bien District, Hanoi, Vietnam Tel: +84 (4) ext. 815 Fax: +84 (4) Website: