Vingroup 2014 April InvestorPresentation IR

VINGROUP JOINT STOCK COMPANY
Investor Presentation
April 2014
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Table of contents
A. Introduction to Vingroup
B. Business Strategy
10 - 12
C. Key Investment Highlights
13 - 22
D. Business Overview
23 - 24
E. Financial Overview VAS
25 - 32
Financial Overview IFRS
33 - 39
G. Appendix Vincom Retail
40 - 42
F.
6 - 12
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
A. Introduction to Vingroup
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
History of Vingroup
Vincom Leadership in Residential, Commercial and Retail
Transformational Merger in 2011 to form Vingroup
Established in May 2002
Expanded operations into consumer focused industry

sectors such as hospitality and leisure
Listed on the HOSE in 2007

Opened the first commercial building Vincom Center Ba Trieu in 2004
Synergies with large land bank owned by Vinpearl
Launched over 8,000 apartments at Royal City, Times City in 2010

and 2011
Lowered overall cost of funding for the Group
Made a conscious decision to focus on the core business in Vietnamese

real estate McKinsey (2012)
Total Assets
3,585
Economies of scale
US$ mn
Critical mass and diversified business model and

revenue streams
2,641
1,237
1,680
Membership program integration across all consumer

segments
1,001
2009
2010
2011
2012
2013
Vinpearl Leadership in Hospitality
Summary Financials(1)
Established in 2001
(US$mn)
2010
2011
2012
2013
Opened the first resort, Vinpearl Resort Nha Trang in 2003
Revenue
183
109
374
870
Opened Vinpearl Land in 2006 and Vinpearl Luxury Nha Trang,

Vinpearl Golf Club - Nha Trang, Vinpearl Luxury Danang in 2011
EBITDA
152
84
185
550
1,237
1,680
2,641
3,585
258
256
259
617
Listed on the HOSE in Jan 2008
Total Assets (2)
Total Assets
US$ mn
1.
2.
362
379
2009
2010
435
2011
Merger with
Vincom to form
Vingroup
Cash + Cash
Equivalents + Shortterm investments
Jan-12
Financials are prepared under VAS; Based on exchange rate of US$1 = VND21,135
Total assets from 2009-2011 contains only Vincoms total assets. 2012 includes Vinpearl and Vincoms total assets
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Integrated Platform Focused on the Vietnamese Urban Consumer

Uniquely positioned to benefit from Vietnams consumption growth
Consumer Expenditure
on Housing
(US$ Bn)
on Tourism
(US$ Bn)
12.4
15.3
6.9
10
8.0
9.4
10.9
12.2
13.6
9.4
6.6
7.3
10.3
on Hospital
(US$ Bn)
11.3
9.6
8.3
8.3
6.4
3.9
11
12
13E
14E
15E
16E
10
11
12
13E
14E
15E
16E
10
4.6
11
Develop, Manage and

Operate Commercial
and High-end
Residential and MixedUse Properties
104.9
7.3
5.4
68.9
12
13E
Residential and
Commercial
Total Consumer
Spending (1)
(US$ Bn)
14E
15E
10
16E
78.9
11
115.6
142.1
127.7
91.6
12
13E
14E
15E
16E
Largest Developer In Vietnam

Premium Brand Recognition
Diversified Sector Exposure
Retail Properties
Hospitality and
Entertainment
Hospital
Education
Retail and
Lifestyle
Manage and Operate

High-end Retail
Properties
Develop, Manage, and

Operate Premium
Tourism, Hospitality
Properties
Manage and Operate
Entertainment Services
Manage and Operate

a High-end and Highquality Hospital
Quality Formal
Education from
Kindergarten to High
School
Own International &

Domestic retail brands;
Source: Economist Intelligence Unit as of 31 December 2013

1. Total Consumer Spending equals Consumer Expenditure on Housing, on Tourism, on Hospital and others
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Significant Focus on Recurring Revenue Streams

Gradual shift towards a greater percentage of revenues coming from recurring income streams such as retail,
hospitality and hospital enhances the resilience of the business model.
Recurring Revenue Streams Continue to Grow (1)
(US$ mn)
US$85mn (10%)
(3)
US$76mn (9%)
(3)
Existing Portfolio Continues to Ramp Up
US$14.0mn (2%)
Total GFA (2) = 1,386,991m2
(3)
Vincom
Center
Ba Trieu
Tower A&B
2013
Retail Rental Income Hospitality & Beauty
Hospital
Vincom
Center
Ba Trieu
Tower C
Vincom
Center
Dong Khoi
Vincom
Mega Mall
Royal City
Vincom Center
Long Bien
Vincom
Mega Mall
Times City
176
2003
2006
2004
Vinpearl Resort
Nha Trang
Targeting Significant Contribution from Recurring Income

%
40.7%
2010
32.5%
2012
2013
Vinpearl Land
2010
Medium
term
1.
2.
Source: Audited VAS Consolidated Financial Statement for 2010, 2011; 2012 and Un-audited VAS
Consolidated Financial Statement for 2013; Based on exchange rate of US$1 = VND21,000
GFA figures as at 31 December 2013
3.
Vinpearl
Golf Club
Nha Trang
Vinpearl Luxury
Da Nang
2013
Vinmec
International
Hospital
New Landmark Projects Launched in 2013
GFA(2): c. 229,604m2
5.2x the next largest mall in Hanoi
Indoor amusement park, ice-rink,
indoor water park, hypermarket,
cinema, etc
2012
Vinpearl Luxury
Nha Trang
Jul13
20.1%
2011
2009
Vincom Mega Mall Royal City
45.0%
18.5%
2011
Vincom Mega Mall Times City

(Phase 1)
Dec 13
GFA(2): c. 142,690 m2
4.7x the next largest mall in Hanoi
Indoor aquarium, amusement park,
hypermarket, cinema, etc
% of total revenue
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Strategic Investment in Vincom Retail to Further Accelerate Growth

The strategic investment by Warburg Pincus in Vincom Retail, wholly-owned by Vingroup, is a clear vote of confidence
in both Vietnam and its retail markets, and Vingroups strategy, business model and management team
The largest initial investment in a Vietnamese company
by a global private equity firm to date
Leveraging first-mover advantage to maintain the lead

as the dominant retail real estate player in Vietnam
Retail NLA (m2) (2)
3.0 3.5mn
Private equity investment by

1.5mn
and
Others
into Vincom Retail
28%
May 2013
US$200mn
Transaction Highlights
The Consortium will own c. 20% of Vincom Retail

Commitment to invest up to $25mn in future overseas listing of Vingroup and
opportunity to invest an additional ~$100m in Vincom Retail
Warburg Pincus 2nd investment in ASEAN & first-ever transaction in Vietnam
FinanceAsias Best Vietnam Deal
5 Years From Now
Largest portfolio of retail properties in Vietnam with seven (3) properties

at prime locations in Hanoi and Ho Chi Minh City by December-2013
In addition to Hanoi and Ho Chi Minh, plans to expand into up-andcoming cities such as Hai Phong, Da Nang, and Quang Ninh (Ha Long)
Leverage Warburg Pincus network and experience in developing retail

businesses
Leveraging Vingroups growing network of customers through Vinclub

membership programme
Active board-level participation at Vincom Retail to add board diversity

Joseph Gagnon from Warburg Pincus joined the Board of Management of
Vingroup in July-2013
1. Refer to Vingroup website for formal press release
2. Source: Warburg Pincus forecast, expert discussions
Now
Advances Vingroups control of the retail market and

increasing recurring income
(1)
Values Vincom Retail at US$1.1bn on a post money basis
Savico
Phu My Hung
Lotte
Accelerate roll-out of business plan and provide growth capital

Enhances management capabilities and strategic flexibility
3. Vincom Center Ba Trieu Tower A&B retail, Vincom Center Ba Trieu Tower C, Vincom Center Dong Khoi,
Vincom Center Long Bien, Vincom Mega Mall Royal City, Vincom Mega Mall Times City and Vincom Hai Phong
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Residential Cash Flows Are Resilient & Locked In

Continue to ramp up our major development projects, with a substantial amount of presales locked in with cash
deposits on hand.
Resilient Apartment and Villa Sales with Upside to Come
2009
2010
2011
2012
2013
244
71
290
Unrecognized
revenue as at
31 Dec 2013
Progress
payment for
un-recognized
revenue
Vinhomes
Riverside
Vinhomes
Times City
Vinhomes
Royal City
Major Projects To Be Handed Over This Year (1)

Total GFA: 1.207mn m2 (54% residential)
3,697/4,518 (82%) units sold and leased; of
which, 788 units delivered
Total contract value: US$539mn, received
US$468mn
Phase 1: 3,152/4,254 (74%) units sold; of
which, 2,419 units delivered
Total contract value: US$399mn, received
US$392mn

Total contract value with 5 sub-developers
and a wholesaler: US$772mn, received
US$581mn
Vincom
Center
Ha Long
65
78
361
Mixed-use site, a total land area of 1.6ha, 5
56 Nguyen
Chi Thanh
149
605
Vincom Projects
1.
2.
As at 31 December 2013
These projects are undergoing an approval process as a result of which the components and GFA are subject to change
storey-mall with 1 basement

Total GFA(3): 43,589m2
Started: Oct 2013
Expected completion: Oct 2014
Mixed-use residential, retail, office and
school
Total GFA(3): 226,382m2 (49% residential)
Expected start: 1Q 2014
Expected completion: 1Q 2017
Mixed-use project in Binh Thanh District, Ho
Project
Thomas
90
255
434
Vincom
Hai Phong
873
694
hotel, golf course, villas, entertainment,
Total GFA: 597,446m2

Started : 4Q 2013
Expected completion: Oct 2014 (phase 1)
Vincom
Village 2
Vinhomes Riverside
Vinhomes Times City
Vinhomes Royal City
Large scale resort development includes
Vinpearl
Phu Quoc
(US$mn)
Promising Pipeline of New Projects (2)
Chi Minh City

Site area: c. 355,000m2
High-end retail, office & residential and
parking complex
Total GFA: c.144,730m2 (56% residential)
Mixed-use project adjacent to Vinhomes
Riverside in Long Bien, Hanoi
Total GFA: c. 596,523m2 (79% residential)
Vinpearl Projects
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Understanding the Land Acquisition & Purchase Process

Understanding the development and presale process is a crucial part of appreciating Vingroups locked-in revenue
streams.
Presales (1)
Land Acquisition
1. Obtaining approval-in-principle
Acquire an approval-in-principle
from the local peoples 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
o Obtain the land use right
certificate for 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
Stage 2 Sale &

Purchase Contract
Second Stage of
Presale conversion
to SPA
Delivery
Stage 3
Apportioned
Pre-sales Before
Completion
Third Stage
Installments
When foundation
work or first floor area
is complete
buyer has 15 days to
confirm purchase
Subsequent
installment
payments made
depending on SPA
terms
On confirmation and
signing of SPA - loan
principal applied to
the deposit and
installments under the
SPA
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
18 months at
~2% interest
1. Vietnamese law requires the completion of either the foundation of a building or its 1st floor area for a sale and purchase agreement to be signed.
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
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
B. Business Strategy
10
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
What Differentiates Vingroup?
Largest Developer in
Vietnam with Premium
Brand Name
Fully Integrated Real

Estate Owner &
Developer with Exposure
to Key Consumer
Segments
Unique Vingroup
Membership Platform
that Strategically Unites
Target High Value
Consumers
Capital Recycling Model

That has been
Successfully
Demonstrated
These elements provide competitive

advantages for Vingroup
Strong brand equity

attracts premium
tenants & clienteles
Pricing premium for

new projects focused
on the high / middle
class Vietnamese
consumer
11
Significant growth
potential in hospital,
retail, leisure,
education and
residential sectors
Fully leveraged to ride

expansion of upper /
middle class
Realize synergies
between Vingroups
consumer focused
segments
Able to target different

tiers of high value
consumers through
differentiated
membership
Higher % of recurring
revenues over time
Asset sales allow

recycling of capital
into more consumer
driven business
segments
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Business Strategies Are Reinforcing

Focus on High-quality, Large-scale Mixed Use Developments
in Prime Locations and Further Expand into Selected
Strategic Cities
Leverage on 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 increases
its appeal
Develop high-quality resorts and villas

Capture the segment of increasing domestic
Grow Recurring Revenues Across Consumer Segments

and Enhance Inventory Property Turnover
Develop a substantial portfolio of commercial buildings
(including office, retail and resort properties)
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
household wealth
Attract more international tourists

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
Diversify and Enhance Property Income

Stream
Commence large-scale projects near
high-growth areas
Expansion into the upper mid-end segment

Expand addressable market by providing
more affordable units
Stable & Defensive Two pronged approach

Develop properties for sale
Operate properties for stable, recurring
income
Pre-sales reduces the need to raise capital
12
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
C. Key Investment Highlights
13
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Investment Highlights
14
Vietnams Largest Listed Real Estate Developer
Capital Efficient Real Estate Platform with Track Record of Successful Asset
Disposals
One of the Largest Landbank in Prime Locations Across Vietnam
Well-recognized Premium Brand Names in Vietnam
Proven Track Record of Access to Capital Markets
Highly Experienced Management and Good Corporate Governance
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Vietnams Largest Listed Real Estate Developer
Vingroup is the largest listed real estate company in Vietnam by market capitalization with controlling interest in
over 30 developments, which are in prime urban and high growth areas in key cities throughout Vietnam.
The Largest Company(1) and the only Pure-Play Exposure
Controlling Interest In over 30 Projects(2) Across Vietnam

Landbank (3): 10.03mn m2
US$ mn
Ha Noi
6 Completed Projects
3.352
995
356
197
#3
#4
Vingroup
Pure-play real
estate developer
High-quality
commercial,
residential,
hospitality and
mixed-used
properties
#2
Mass market
residential
builder
Furniture and
granite business
Primarily
industrial and
business parks
and high-end
hotels
Infrastructure
development
Diversifying into Telecom &

rubber, mining &
hydropower
Developer of
industrial parks
developer
Also invests in
network
development
energy, mining
and education
o Vincom Center Ba TrieuTower

A&B (Shopping Mall)
o Vincom Center Ba Trieu Tower C
o Vincom Center Long Bien
o Vinmec International Hospital
o Vincom Mega Mall Royal City
o Vincom Mega Mall Times City
7 Development Projects
o Vinhomes Royal City
o Vinhomes Times City (Excluding
Vinmec)
o Vinhomes Riverside
o Vincom Soap Tobacco
o Vincom Village 2
o Vincom Dan Phuong
o 56 Nguyen Chi Thanh
1 Completed and Sold
o Vincom Center Ba TrieuTower A
and Tower B (Office Components)
Landbank (3): 60.71mn m2

Hoi An
1 Development Project
o Vinpearl Resort Hoi An
Da Nang
1 Completed Project
o Vinpearl Luxury Da Nang
o Lang Van
o Vinpearl Villas Ngu Hanh Son
Binh Dinh
o Vinpearl Quy Nhon
Nha Trang, Khanh Hoa

4 Completed Projects
Hung Yen
o Vincom Hung Yen
A Clear Leader In Vietnamese Real Estate
15
1.
2.
3.
Proven ability to secure prime sites in the Central Business Districts

of Hanoi and Ho Chi Minh City
Hai Phong
o Vincom Hai Phong
Quang Ninh
o Vincom Center Ha Long
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
Ho Chi Minh City

1 Completed Project
o Vincom Center Dong Khoi
o Green City
o Project Thomas
2 Completed and Sold Projects
o Vincom Center A Ho Chi Minh City
o Vincom Financial Tower
Can Tho
o Vinpearl Resort Nha Trang

o Vinpearl Land
o Vinpearl Luxury Nha Trang
o Vinpearl Golf Club Nha Trang
o Vinpearl Villas Hon Tre
o The Beach Villas
o Vinpearl Hon Mot
Cam Ranh
o Vinpearl Cam Ranh
o Vinpearl Bai Dai
Da Lat
o Vinpearl Da Lat
Phu Quoc
o Vinpearl Phu Quoc
o Vincom Can Tho
Source: Bloomberg as of 12 February 2014, CBRE report dated 17 October 2013

As of 31 December 2013, Vingroup has 36 projects in Vietnam, of which, Vingroup has controlling interest in 34 projects, except Green City and Tan Cang
Attributable site area based on effective interest for projects under construction and future developments
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Integrate Real Estate Platform

Synergies Amongst Consumer Segments & Increases
Exposure Across All Brands
Strong capability in the development and management of
commercial properties and proven access to funding
High-end commercial and residential properties
Large landbank in up-and-coming cities in Vietnam, experienced
in development and management of high-end hospitality
properties; managing and operating entertainment services
International-standard and quality hospitals
Full continual system from kindergarten through high school with
modern facilities
Premium and well-recognized brands; VinKC Unique focused
approach in retail for children
Full-serviced gym and spa facilities
A variety of Facilities & Service Benefits to Members

Consumer Retail
Vincom Center Ba Trieu
Vincom Center Long Bien
Vincom Center Dong Khoi
Vincom Mega Mall Royal City
Vincom Mega Mall Times City
Hospital
Vinmec at Times City
Vinmec at Royal City
Education
Vinschool at Vinhomes Riverside
Vinschool at Royal City
Vinschool at Times City
16
Hospitality Services
Vinpearl Resort
Vinpearl Luxury
Vinpearl Golf Club Nha Trang
Fitness and Beauty care

Vincharm Health Club
( Ho Chi Minh City)
Vincharm Spa Long Bien
Vincharm Spa Da Nang
Vincharm Spa Nha Trang
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
different ranges of products and services
provided by Vingroup
Tiering of VIP Members Allows Further Differentiation

and Targeting of Ultra High Net Worth Consumers
Premium Ultra High

Net Worth Segment
Targeting Vietnams
Burgeoning Upperand Middle-Class
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Capital Efficient Business Model (Cont)
Integrated Development Model
Recycle Capital through Opportunistic Disposals

2006
Royal City
2010
Vincom Center
Ba Trieu Tower
A (office
component)
Commercial and
others GFA
46% (1)
Residential GFA
54% (1)
Sale Price
Profit %(3)
Residential segment
presales used to fund
development of both the
residential and
commercial components
Recurring
revenue
becomes a
larger
component of
total project
revenues
over time
Holding
period
(years)
Area Sold
2012
Vincom
Financial Tower
(office)
2013
Vincom Center
Ba Trieu
Tower B
(office
component)
2013
Vincom Center A
HCMC
(shopping mall,
hotel)
Vincom Center
Dong Khoi
(office
component)(2)
US$24.5mn
US$51.1mn
US$63.5mn
US$471.6mn
US$237.4mn
170%
100%
960%
129%
238%
0 (4)
22,480 m2
31,300 m2
24,059 m2
98,057 m2
77,694 m2
Acquirer
Demonstrated ability to create onshore liquidity by monetizing assets

even in unfavorable conditions
Recycling of capital into consumer growth segments that are more defensible and higher yielding
Residential &
Commercial
17
1.
2.
Retail
properties
Hospitality,
Tourism and
Entertainment
By GFA as of 31 December 2013

Long-term operating lease with Vicentra, total cash was received as of 31 July 2013
International
Hospital
High quality
education
systems
3. % profit denotes the profit achieved from the sale, by comparing the sale price
with the construction cost, taking into account depreciation, of the assets
4. Vincom Financial Tower was sold upon construction completion
Leading Retail Brands

Fitness & Beauty care
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
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)
10.03 million sqm
Others
16%
60.71 million sqm

Hospital and school
4%
39.2
21.51
0,05
1,87
Completed
Under
construction
8,02
3,77
Development
Completed
Under
construction
Development
Retail and Office ( 2)

9%
Apartment
13%
Planned GFA Breakdown by Construction Status (1)(2)
70.74 million square metres of effective landbank is

14.00 million sqm
9.38 million sqm
7,78
4,13
0,25
0,83
Under construction
Development
Vincom Projects
1. andbank and GFA as at 31 December 2013

1. Subject to change as projects are in planning phase
sufficient for the next 10 years of deployment
Seek to acquire land adjacent to existing mixed-use
9,87
18
Total GFA: 24,464,965m2 (2)(3)
Land banking Strategy
(million sqm)
Completed
Villa
53%
Hotel
5%
Completed
Only look for land at prime locations in major cities

Proactive in infrastructure development to support
1,60
Under construction
projects to benefit from economies of scale and increase

the critical mass of existing projects
Development
accessibility of own projects
Vinpearl Projects
3. GFA includes completed, under construction and development projects
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Well-recognized Premium Brand Names in Vietnam

Strong Brands Across Segments
Numerous Awards from independent media is a

testimony of the Groups brand name
Secured 2 (1) out of the 20 Golden Sites in Vietnam

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 CBREs estimation of construction time
Recognized for quality of service

Successful in identifying and developing premium
hospitality projects
International Shopping Centre 2013 for Vincom

Center A HCMC
Global RLI Awards 2013
Best Mixed-use Development (Asia) for Vinhomes

Riverside
Asia Pacific Property Awards 2013
Best Retail Developer in Vietnam

Euromoney Real Estate Awards 2012
Hosted large national and international events e.g. Miss

Vietnam World 2008, Miss Universe 2010 and Miss
Earth 2010
World-class hospitals
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 and instill knowledge and
health and life skills
Full continual system from kindergarten through high

school with modern facilities
Best Developer (Vietnam)

South East Asia Property Awards 2012
Best Villa Development (Vietnam) for Vinhomes

Riverside
Best Condominium Development (Vietnam) for
Royal City
Provides modern fitness and spa facilities operated by

professional fitness, beauty care and therapy
specialists to support other Vingroup brands
19
1.
n February 2013, Vingroup transferred 100% interest in Vincom Center A Ho Chi Minh City to a real-estate investment company.
As at 31 May 2013, the cash proceeds have been received in full
Vietnamese Golden Star Award
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Well-recognized Premium Brand Names in Vietnam (cont)

Vingroups brand names are instrumental in securing new sites, achieving premium pricing and attracting global
brand tenants
Attract Global Brand Tenants (1)
Premier Retail Malls and Offices in Key Cities

Hanoi
Total Retail NLA (2): 341,862m2
Vincom Center
Ba Trieu
Tower A, B &C
Vincom Center
Long Bien
Vincom
Mega Mall
Royal City
Vincom
Mega Mall
Times City
Ho Chi Minh City

Total NLA (2): 29,788m2 Retail; 80,828m2 Office
Vincom Center Dong Khoi
Vincom Center A HCMC
(3)
Golden
sites
20
1.
2.
3.
Tenants for Vincom Center and Vincom Mega Mall in Ho Chi Minh City and Hanoi
NLAs as of 31 December 2013
Vingroup announced the transaction of its 100% interested in Vincom Center A Ho Chi Minh City in March 2013
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Track Record in Accessing Capital Markets

Vingroup has a pioneering track record of success in the international capital markets, having raised more than
US$1 billion since 2009 through 6 major transactions
RegS/144A
International Senior
Unsecured Notes
International
Syndicated Loan
Private Equity
Investment by
Unsecured Loans
Best Vietnam Deal 2013
October 2013
US$200mn
21

October 2013
US$150mn
2013 Real-estate Deal of

the Year
May 2013
US$200mn(1)
Convertible Bonds
Best Capital Markets

Deal 2012
into Vincom Retail

Vietnam Capital
Markets Deal 2013
Convertible Bonds
January 2013
US$100mn
Mar & 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
Demonstrated ability to create onshore liquidity through

capital recycling of non-core assets
Holistic cooperation with local banks, including facilitation

of mortgage financings for customers and transactional
banking services at Vingroup commercial properties
Strong cash balance maintained to service working

capital and interest payments
Cash & short term investments sufficient to cover any

near term debt maturities independent of any new capital
raising
Strong control over capital expenditures allow flexibility

around liquidity management
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
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
Board of Management
Ms. Pham Thuy Hang
Vice Chairwoman
Ms. Pham Thu Huong

Vice Chairwoman
Ms. Le Thi Thu Thuy

Vice Chairwoman
Ms. Nguyen Dieu Linh

Vice Chairwoman cum Deputy CEO
Ms. Vu Tuyet Hang

Mr. Le Khac Hiep

Vice Chairman
Ms. Mai Huong Noi

Mr. Marc Villers Townsend (1)

Independent Member
Mr. Joseph Gagnon (2)

Independent Member
Mr. Ling Chung Yee Roy (3)

Independent Member
Key Executives
Ms Duong Thi Mai Hoa
CEO
Over 20 years in industry
Recently joined Vingroup
Ms Nguyen Dieu Linh

Vice Chairwoman & Deputy CEO
14 years in industry
9 years with Vingroup
Ms Mai Huong Noi
Board member and Deputy CEO
22
1.
2.
3.
Ms Le Thi Thu Thuy

Vice Chairwoman
Mr Dang Thanh Thuy

Deputy General Director of
Vingroup JSC and General
Director of Vinpearl
11 years with Vinpearl
Professor Do Tat Cuong

Acting CEO
4 years with Vinmec
Ms Vu Tuyet Hang
Vice Chairwoman & Deputy CEO
Ms Nguyen Thi Huyen Tran

Deputy General Director
Ms Le Thuy Anh
COO
3 years with Vinmec
Mr Pham Van Khuong

Deputy General Director
Over 29 years in industry
Ms Tran Thi Khanh Van

Chief Accountant
Mr Nguyen Manh Duc

Chief Accountant
3 years with Vinmec
Mr. Marc Villers Townsend is the Managing Director of CBRE Vietnam (Ho Chi Minh City)
Mr. Joseph Gagnon is a Managing Director from Warburg Pincus
Mr. Ling Chung Yee Roy is the Managing Director of RL Capital Management
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
D. Business Overview
23
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Operational Properties
Description
Vincom Center Ba
Trieu - Tower A&B
Retail, office, in Hanoi

Office: Tower A was sold to BIDV in 2006; Tower B was
Effective
Occupancy rate
Ownership (1)
(1)
Start date of
Construction/Operation
GFA breakdown (m2)
99.16%
Office Sold
Retail 99%
2003 - Nov 2004
Retail: 27,103; Parking: 7,089
99.16%
Residential Sold
Retail 96%
2008 - Aug 2009
Apartments: 29,646; Retail: 15,386;
Retail 90%
Jul 2008 - Apr 2010
sold to Techcombank in Q1/2012

Vincom Center Ba
Trieu - Tower C
Retail, residential, in Hanoi

Residential: 208 high-end apartments have been sold in
Parking: 7,253
2009
Golden
site
Vincom Center
Dong Khoi
Retail, office and apartments on one of the 20 Golden
Vincom Center Long

Bien
Retail, in Hanoi
99.16%
Vincom Mega Mall

Royal City
Retail, amusement park and entertainment services,
99.16%
Vincom Mega Mall

Times City
Retail, amusement park and entertainment services,
Vinpearl Land
Apartments: 16,463; Retail: 50,784; Office:

78,463; Parking: 32,214
Retail - 87%
Retail 95%
(2)
May 2011 - Dec 2011
Retail & Parking: 45,448
Jan 2010 July 2013
Retail and amusement park: 229,604;
in Hanoi
in Hanoi
Description
Vinpearl Resort
Nha Trang
99.16%
Sites, in Ho Chi Minh City
An international 5 star hotel in Vinpearl Nha Trang
Parking: 208,209
88.47%
Retail 92%
(3)
Site Area
(sqm)
Start date of
Construction/Operation
100.00%
1,327,037
Jul 2002 - Dec 2003
A luxurious resort located on Hon Tre Island
Vinpearl Golf Club

- Nha Trang
Vinperal Golf Club - Nha Trang is an 18 hole, par 71
Vinpearl Luxury
Da Nang
Vinpearl Luxury Da Nang is situated on the most beautiful
Components
Hotel: 485 rooms

Restaurant & bars; Meeting facilities and fitness
center.
100.00%
1,610,875
Nov 2005 - Aug 2006
consists of many modern and unique large-scale

recreational facilities
Vinpearl Luxury
Nha Trang
Parking: 348,410
Effective
Ownership (1)
complex of hotel, resort, tourism, and recreation on Hon

Tre Island.
Hospitality and recreational complex built on an area
Retail and amusement park (phase 1): 222,471;
Feb 2011 - Dec 2013
Provides a variety of indoor and outdoor games,

a water park, an aquarium, a food village, a
shopping street, 1,350 seat event hall and 5,056
seat amphitheater.
100.00%
151,363
Apr 2008 - May 2011
84 luxury hotel villas comprised of 18 Beach

Front Villas, 20 Hill-top Suites, 15 Grand Hill-top
Suites, 24 Pool Villas, 6 Pool-side Villas and 1
Presidential Suite.
100.00%
684,819
Nov 2008 - May 2011
100.00%
155,087
Nov 2009 - Jul 2011
Golf course: 18 holes
championship golf course, located on Hon Tre Island

beachfront site on the famous Son Tra Dien Ngoc beach
200 hotel rooms; 39 luxury villas

Others: 2 restaurants, 4 bars, business center
and meeting facilities.
Description
Vinmec International
Hospital
International General Hospital

Start date of Construction/Operation: Feb 2011/07 Jan
Effective
Ownership (1)
88.59%
Facilities
International five-star hotel hospital at Times City, Hanoi.

Total GFA of 77,459sqm
2012
Vinschool
quality schools in urban areas

High
st
1 kindergarten school open in June 2013 at Vinhomes
100.00%
Vinschool currently has 3 facilities in Hanoi: Vinschool Times City, Vinschool Vinhomes Riverside,
Vinschool Royal City
Riverside
24
1. As of 31 December 2013
2. Retail at 2 underground floors B1, B2
3. Retail at underground floor B1
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
E. Financial Overview VAS
25
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Debt Maturity
As of 31 December 2013, Vingroup has VND13,047 billion cash and cash equivalents and short term investment which
is adequate to cover the near term debt maturities.
(VNDbn)
13,445
982
10,808
6,246
4,231
527
3,023
35
369
6,217
6,050
107
2,250
Less Than 1 Year
Corporate Bonds
1-3 Years
Convertible Bonds
3-5 Years
Convertible loan
Long-Term Borrowings
107
More Than 5 Years
Short Term Borrowings
Source: VAS Consolidated FS for 9M 2013
26
Source: VAS Consolidated Financial Statement for 2013

1. There is a high possibility that bonds are converted to equity. Yield to maturity is 1.4% to 1.14%, lower than 5.5% coupon at time of issuance
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Debt Mix Analysis

Diversified Funding Sources (1)
Debt Breakdown (1)

By Currency
International
Bonds
15,4%
Others
3,4%
Bank Loans
20,8%
VND
47%
USD
53%
Convertible
Bonds
22,8%
By Interest Rate
Domestic
Bonds
37,6%
Total: VND27,276 Bn (US$1.29Bn)
27
Notes: Based on an exchange rate of US$1=VND21,135

1. As of 31 December 2013
Fixed
42%
Float
59%
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Income Statement Highlights

Revenue
Gross Profit
(In US$m)
869
(In US$m)
76.1%
43.5%
694
48.2%
38.3%
374
333
183
109
149
65
45
34
252
122
176
48
Dec-10
Dec-10
Dec-11
Dec-12
Dec-13
Sale of inventory properties
Recurring income
Dec-11
Dec-12
Gross profit
Gross margin
(In US$m)
550
82,7%
77,2%
70,0%
62.8%
60,0%
46.4%
63,3%
38.9%
49,4%
185
152
115
Dec-10
Dec-13
Note: (1) EBITDA excludes valuation gains / losses of investment property and investment
property under construction.
(2) Margins greater than 100% primarily due to share of profits / losses of associates and
other operating income resulting from disposition of interest in associates / joint ventures
and gain from disposal of investment properties and other assets.
Source:
Note:
Audited VAS Consolidated Financial Statements for 2010, 2011, 2012, 2013.
Based on exchange rate of US$1 = VND21,135
Dec-11
Dec-12
Net income profit
EBITDA
28
30,0%
Note:
10,0%
87
51
Dec-12
338
20,0%
84
Dec-11
50,0%
40,0%
23.4%
Dec-10
Dec-13
Profit for the Year (1)(2)
EBITDA (1)(2)
(In US$m)
180
139
Dec-13
Net income margin
(1) Margins greater than 100% primarily due to valuation gains / losses of investment
property and investment property under construction.
(2) Includes profit after tax of discontinued operations.
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Revenue Performance
Total Revenue
Rental
(In US$m)
(In US$m)
Sale of Inventory Properties

85
((In US$m)
694
869
59
45
34
252
148
65
2010
2011
2012
2013
Hospitality and Beauty Care
374
2010
2011
Hospital
76
183
13
57
109
2010
Source:
Notes:
2013
(In US$m)
(In US$m)
29
2012
2011
2012
2013
Audited VAS Consolidated Financial Statements for 2010, 2011, 2012, 2013
NA
NA
2010
2011
2012
2013
NA
NA
2010
2011
2012
2013
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Profitability Gross Profit and Margin

Total Gross Profit
Rental
(In US$m)
(In US$m)
300
72%
333
65%
67%
39
24
(In US$m)
250
61%
200
51
150
100
29
100%
249
80%
80%
60%
50%
29%
119
50
19
36% 40%
127
20%
2010
180
2012

40
35
30
25
20
15
10
5
0
48
2011
2012
(In US$m)
2013
34%
19
2010
2011
2012
Gross Profit Margin
30
Source:
Note:
2013
0%
2010
2011
2012
2013
2010
2011
2012
2013
NA
NA
Gross Profit Margin
139
2010
2011
Hospital
0,5
45% 0,45
0,4
0,35
0,3
0,25
34
0,2
0,15
0,1
0,05
0
2013
(In US$m)
(4)
(3)
(20%)
(63%)
Gross Profit Margin
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Balance Sheet Highlights

Total Cash and Short-Term Investments
Total Assets
(In US$m)
(In US$m)
617
3,585
2,641
356
258
256
72
58
77
186
198
183
Dec-10
Dec-11
Dec-12
Cash and cash eq.
1,680
259
1,237
261
Dec-13
Dec-10
Dec-11
Dec-12
Dec-13
ST investments
Total Equity
Total Debt (1) and Net Debt (2)
(In US$m)
(In US$m)
1,296
881
1,033
452
773
514
390
543
286
Dec-10
Dec-11
Dec-12
Dec-13
678
475
Dec-10
219
Dec-11
Dec-12
Total Debt
Dec-13
Net Debt
Note: (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..
31
Source:
Note:
Audited VAS Consolidated Financial Statements for 2010, 2011, 2012 , 2013.
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Key Credit Metrics

Recurring Income / Interest Expense (1)
EBITDA / Interest Expense (1)
(x)
(x)
1.26x
3.93x
1.04x
2.53x
0.57x
0.54
1.58x
1.04x
Dec-10
Note:
Dec-11
Dec-12
(1) Interest expense includes capitalized interest.
Note:
Debt (1) / EBITDA

(x)
Dec-10
Dec-13
Dec-11
Dec-12
Dec-13
Total Debt (1) / Total Capitalization (2)

5.6x
(x)
5.6x
0.67x
4.2x
0.55x
0.55x
Dec-10
Dec-11
0.59x
3.6x
2.6x
2.4x
1.9x
1.2x
Dec-10
Dec-11
Debt / EBITDA
32
Dec-12
Dec-13
Dec-12
Dec-13
Net Debt / EBITDA
Note:
(1) 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.
Source:
Note:
Note:
designated as at fair value through profit or loss.
(2) Total capitalization is equal to total debt plus total book value of equity.
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
F. Financial Overview - IFRS
33
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Debt Maturity
As of 31 December 2013, Vingroup has USD 616 million cash and cash equivalents and short term investment which is
adequate to cover the near term debt maturities.
(US$mn)
552
501
46
193
222
25
141
17
17
284
283
106
Less than 1 year
5
More than 5 years
Corporate bonds
1-3 years
Convertible bond
3-5 years
Convertible loan
Long-term borrowings
Short-term debts
Source: VAS Consolidated FS for 9M 2013
34
Source: IFRS Consolidated Financial Statement for 2013

1. There is a high possibility that bonds are converted to equity. Yield to maturity is 1.4% to 1.14%, lower than 5.5% coupon at time of issuance
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Income Statement Highlights

Revenue
Gross Profit
(In US$m)
(In US$m)
869
73.1%
48.6%
41.6%
694
343
307
182
148
34
Dec-10
110
185
65
45
Dec-11
122
176
Dec-12
Dec-13
Recurring income
133
Dec-10
Gross profit
Gross margin
(1)(2)
123.9%
69.5%
48.4%
260
232
117
Dec-11
EBITDA
Dec-12
Dec-10
Dec-13
IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013.

137
149
Dec-11
Dec-12
Net income profit
EBITDA margin
Note: (1) EBITDA excludes valuation gains / losses of investment property and investment
property under construction.
(2) Margins greater than 100% primarily due to share of profits / losses of associates and
other operating income resulting from disposition of interest in associates / joint ventures
and gain from disposal of investment properties and other assets.
Source:
Note:
Dec-13
142.8%
105.7%
604
35
Dec-12
(In US$m)
75.5%
Dec-10
Dec-11
Profit for the Year
(In US$m)
176
128
54
Sales of Inventory Properties
EBITDA (1)(2)
97.0%
39.5%
Note:
289
33.3%
Dec-13
Net income margin
(1) Margins greater than 100% primarily due to valuation gains / losses of investment
property and investment property under construction.
(2) Includes profit after tax of discontinued operations.
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Revenue Performance
Total Revenue
Rental
(In US$m)
(In US$m)

85
((In US$m)
694
869
59
45
34
252
148
65
2010
2011
2012
2013
2010
2011
2012
2013
Hospital
(In US$m)
(In US$m)
76
14
307
57
182
110
2010
36
Source:
Notes:
2011
2012
2013
IFRS Consolidated Financial Statements for 2010, 2011, 2012, 2013

NA
NA
2010
2011
2012
2013
NA
NA
2010
2011
2012
2013
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Profitability Gross Profit and Margin

Total Gross Profit
Rental
(In US$m)

300
(In US$m)
(In US$m)
79%
77%
343
79%
46
27
74%
200
63
150
249
72%
250
36%
36%
106
29%
100
35
50
67
19
2010
2011
2012
2013
2010
2011
2012
2013
2010
2011
2012
2013
NA
NA
Gross Profit Margin
133
Hospital
(In US$m)
(In US$m)
46%
128
34%
(4)
(3)
35
54
19
(21%)
2010
2011
2012
2013
(63%)
2010
2011
2012
Gross Profit Margin
37
Source:
Note:

2013
Gross Profit Margin
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Balance Sheet Highlights

Total Cash and Short-Term Investments
Total Assets
(In US$m)
(In US$m)
616
4,056
3,325
356
210
214
71
58
139
156
Dec-10
Dec-11
Cash and cash eq.
258
2,454
1,720
77
181
260
Dec-12
Dec-13
ST investments
Total Equity
Dec-10
Dec-11
Dec-12
Dec-13
Total Debt (1) and Net Debt (2)
(In US$m)
(In US$m)
1,103
792
790
1,268
1,005
771
747
556
346
Dec-10
Dec-11
Dec-12
Dec-13
652
472
Dec-10
258
Dec-11
Total Debt
Dec-12
Dec-13
Net Debt
Note: (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..
38
Source:
Note:
IFRS Consolidated Financial Statements for 2010, 2011, 2012 , 2013.

INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Key Credit Metrics

Recurring Income / Interest Expense (1)
EBITDA / Interest Expense (1)
(x)
(x)
1.26x
4.32x
1.05x
2.84x
0.55x
1.98x
0.54x
1.39x
Dec-10
Note:
Dec-11
Dec-12
Dec-10
Dec-13
Note:
Debt (1) / EBITDA
Dec-11
Dec-13
Total Debt (1) / Total Capitalization (2)
(x)
(x)
0,57x
4.3x
4.0x
0,41x
3.2x
3.1x
1.9x
Dec-12
2.2x
0,53x
0,37x
2.1x
1.1x
Dec-10
Dec-11
Debt / EBITDA
Note:
39
Source:
Note:
Dec-12
Dec-13
Dec-10
Dec-11
Dec-12
Dec-13
Net Debt / EBITDA
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.
Note:
designated as at fair value through profit or loss.
(2) Total capitalization is equal to total debt plus total book value of equity.
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
G. Appendix Vincom Retail
40
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Modern retail sector set to take off in Vietnam (contd)

Aggressive expansion plans for retailers
Type
Apparel
Replay
Current stores
Expansion by 2017
~780
~3,500
~190
~750
~310
~1,050
~150
~1,500
Sketche
Ecko
Hyper / super
market
Hiway
F&B
Others
Citimart B&A
Recent / known new entrants
41
Sources: Non-exhaustive.
Note: Company websites, press search, interviews and Viingroup//WP estimates.
RATINGS UPDATE PRESENTATION
Potential for cap rate compression

Retail yields vs. borrowing rates major markets
15%
10%
5%
0%
Hanoi / HCMC
New Delhi
Jakarta
Bangkok
Retail Yield
42
Sources: CBRE, Savills, Central Banks.
KL
Guangzhou
Beijing
Singapore
Shanghai
Hong Kong
Borrowing Rates
RATINGS UPDATE PRESENTATION
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.
43
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION
Investor Relations Department

Vingroup JSC
Vingroup Office Tower, Vinhomes Riverside Eco-Urban Area
Long Bien District, Hanoi, Vietnam

Tel:
+84 (4) 3974 9999 ext. 926
Fax:
+84 (4) 3974 8888
Website:
http://www.vingroup.net
E-mail:
ir@vingroup.net
INVESTOR
PRESENTATION
INVESTOR
PRESENTATION

Vingroup 2014 April InvestorPresentation IR

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Vingroup 2014 April InvestorPresentation IR

Uploaded by

Copyright:

Available Formats

VINGROUP JOINT STOCK COMPANY

C. Key Investment Highlights

E. Financial Overview VAS

Financial Overview IFRS

G. Appendix Vincom Retail

Transformational Merger in 2011 to form Vingroup

Established in May 2002

Expanded operations into consumer focused industry

Listed on the HOSE in 2007

Synergies with large land bank owned by Vinpearl

Launched over 8,000 apartments at Royal City, Times City in 2010

Lowered overall cost of funding for the Group

Made a conscious decision to focus on the core business in Vietnamese

Critical mass and diversified business model and

Membership program integration across all consumer

Vinpearl Leadership in Hospitality

Opened the first resort, Vinpearl Resort Nha Trang in 2003

Opened Vinpearl Land in 2006 and Vinpearl Luxury Nha Trang,

Listed on the HOSE in Jan 2008

Total Assets (2)

Integrated Platform Focused on the Vietnamese Urban Consumer

Develop, Manage and

Largest Developer In Vietnam

Manage and Operate

Develop, Manage, and

Manage and Operate

Own International &

Source: Economist Intelligence Unit as of 31 December 2013

Significant Focus on Recurring Revenue Streams

Existing Portfolio Continues to Ramp Up

Total GFA (2) = 1,386,991m2

Targeting Significant Contribution from Recurring Income

New Landmark Projects Launched in 2013

Vincom Mega Mall Royal City

Vincom Mega Mall Times City

Strategic Investment in Vincom Retail to Further Accelerate Growth

Leveraging first-mover advantage to maintain the lead

Private equity investment by

into Vincom Retail

The Consortium will own c. 20% of Vincom Retail

5 Years From Now

Largest portfolio of retail properties in Vietnam with seven (3) properties

Leverage Warburg Pincus network and experience in developing retail

Leveraging Vingroups growing network of customers through Vinclub

Active board-level participation at Vincom Retail to add board diversity

Advances Vingroups control of the retail market and

Values Vincom Retail at US$1.1bn on a post money basis

Accelerate roll-out of business plan and provide growth capital

Residential Cash Flows Are Resilient & Locked In

Major Projects To Be Handed Over This Year (1)

Total contract value: US$539mn, received

Total GFA: 1.193mn m2 (56% residential)

Mixed-use site, a total land area of 1.6ha, 5

storey-mall with 1 basement

Mixed-use project in Binh Thanh District, Ho

hotel, golf course, villas, entertainment,

Total GFA: 597,446m2

Large scale resort development includes

Promising Pipeline of New Projects (2)

Chi Minh City

Understanding the Land Acquisition & Purchase Process

The Group offers

Stage 2 Sale &