Báo cáo phân tích VINHOMES

Báo cáo phân tích mã chứng khoán VHO được lập bằng tiếng anh, phân tích bài bản các chỉ tiêu tài chính, triển vọng tăng trưởng, triển vọng ban lãnh đạo giúp các nhà đầu tư có cái nhìn tổng quan hơn về doanh nghiệp đang chuẩn bị niêm yết Vinhomes

Management Presentation March 2018

where happiness lives

Joined Vinhomes in February

2018 to lead Finance and Investment

Over 15 years of experience in the financial services industry, having advised on over US$100 billion of completed M&A transactions

Senior real estate role at Citigroup until 2016 Founder of investment firm Quintet Partners, and formerly held leadership positions at Citigroup, Lehman Brothers and Deutsche Bank

Ms Linh Nguyen Dieu

Vice Chairwoman of Vingroup CEO of Vinhomes

Vice Chairwoman of Vingroup from 2008 to date, Deputy CEO

of Vingroup from 2005 to August

2016 and CEO of Vinhomes JSC since 2013

Over 22 years of experience in the real estate industry and legal field, with more than 15 years of experience with Vingroup Ms

Linh has led the real estate development and sales activities since the early days, and was instrumental in establishing the Vinhomes brand name in Vietnam

Formerly with law firms Ngo Migueres and Partners and Gide Loyrette Nouel in Hanoi

Ms Thuy Le, CFA

Vice Chairwoman of Vingroup

Vice Chairwoman of Vingroup from November 2011 to May

2014 and CEO of Vingroup from June 2009 to May 2014 Held a key leadership position in Novagroup (parent company of Novaland Group) before rejoining Vingroup in September 2017 as Vice Chairwoman and

Chairwoman of Vinfast LLC to oversee the build out of Vinfast Over 22 years of experience in the financial services and real estate industry, and 7 years with Vingroup

Formerly held other key leadership positions at Vingroup, Lehman Brothers, and

Novagroup

Ms Diu Nguyen Thi

Deputy CEO of Vingroup

Joined Vingroup since 2014 as Deputy CEO

Over 22 years of experience in the capital markets, M&A and real estate

Formerly held leadership positions at UBS, AFH Finance and Investments Consultancy JSC, and JP Morgan

Ms Anne Pham, CFA

Chief Investment Officer of

Vingroup

Chief Investment Officer of Vingroup since February 2017, joined Vingroup since April 2013

to be responsible for international fund raising and investor relations

Over 9 years of experience in investment banking, investments, corporate finance, and risk management advisory before joining Vingroup

Formerly head of Vietnam investment banking at Barclays and investment analyst at Lion Global Investor and OCBC Bank

1

2

A Must-own Investment Opportunity

Vietnam’s #1 integrated real estate developer with a focus on residential and office

Key Investment Highlights

The “Crown-Jewel” of Vingroup

Direct exposure to consumer demand and the accelerating growth of Vietnam’s middle income

Source: CBRE Notes: (1) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E Excludes 35mm sqm of potential land allocation (2) Based on accumulated sold units in the most recent 3 years across all segments in the residential market of HCMC and Hanoi as of 31 Dec 2017 (3) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2015-2017

High Earnings Visibility Supported by Unrivalled

and Sustainable Business Model

Vietnam Residential Set for Multi-year Upwards Cycle

Dominant Real Estate Developer and a

Community and Lifestyle Creator Experiencing Accelerating Growth

Proven Track Record and Rapid Cash Flow Cycle Leading to Superior Returns

Ability to Harness Vingroup Ecosystem

Experienced Management Team and Robust

Corporate Governance

3

Long-term Trends Driving Demand

Undisputed Market Leader in Vietnam

6.4% Real GDP growth (2018 – 2020E)

Record US$24.4bn FDI

14–18(7) years of development

Rapid and Sustainable Growth

End-to-end real estate value chain execution capabilities and full ecosystem of complementary services

Middle income households expected

to grow at a 18% CAGR(4) in 2018E – 2020E

Source: JLL, CBRE Notes: (1) Based on total registered FDI (2) Average public and private sector infrastructure investment in 2016 as a % of GDP (3) Working age defined as age 25 – 44 Vietnam had the highest proportion of working age population of 48.7% out of total population as of 31 December 2016 (4) Middle income household defined as number of households with disposable income of more than US$25,000 per annum (5) Based on Ho Chi Minh City’s top quintile household income and an entry level apartment (6) Excludes 35mm sqm of potential land allocation (7) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E Excludes 35mm sqm of potential land allocation (8) Based on range of gross profit margins from 2011 – 2017 (9) Contracted sales figure is prior to the deduction of interest support (10) Consolidates sales from BCC projects as this would otherwise be recognised as profit line item on the financial statements due to BCC accounting treatment

Mortgage market is significantly underpenetrated

– Total home mortgage loans outstanding 1.9% of GDP in 2016

Highest infrastructure spending

c.30–50%(8)

Unique ecosystem of complementary services attract owner-occupier customers

Proportion of urban households in Vietnam set to increase at a CAGR of 3.2% over 2015 – 2025E

Strong support from blue-chip sponsor Vingroup

Stellar execution track record

Only national champion with nationwide presence

4

Capturing the Huge Middle Income Opportunity with the VinCity Brand

Vinhomes’ Dominance in Vietnam’s Residential Market

Source: General Statistics Office of Vietnam, World Factbook, World Bank, CBRE, Company FIlings Notes: Based on USDVND of 22,698 (1) Based on accumulated sold units in the most recent 3 years across all segments in the residential market of HCMC and Hanoi as of 31 Dec 2017 (2) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2015-2017 (3) Based on total number of residential units sold by Vinhomes from 2010 to 2017 Total net saleable area is 4.4mm sqm (4) Based on all launched Vinhomes residential projects as of 31 Dec 2017 (5) Excludes 35mm sqm of potential land allocation (6) Including all completed, under construction and pipeline properties (7) Includes residential GFA only (8) Based on pre-sales report, prior to deducting interest support

~20.5x the land bank of next largest competitor

Land bank (mm sqm)

A Key Subsidiary of Vingroup JSC

VinCity (“VC”)

No of Properties: 8 (6) GFA: c 28mm sqm (7) (Upcoming brand)

~42,000 (3)

Residential Units Sold Since 2010

US$8.6bn (4)

of GDV Sold since 2010

Largest Land Bank Will Deliver Sustainability and Growth

Complete Dominance of Vietnam Residential Market by a Significant Margin

Vinhomes (“VH”)

No of Properties: 28 (6) GFA: c 66mm sqm (7)

Outstanding unrecognized contracted sales of US$3.5bn as of 31 Dec 2017

Strong Track Record of Contracted Sales of Launched Projects

Highlight 6.7bn and 2.5bn in speaker

market share(1)

Vinhomes 48%

Keppel Land, 6%

Thao Dien Investment, 4%

Novaland, 4%

Phu My Hung, 3%

Others 35%

Vinhomes 15%

Novaland 4%

Hung Thinh Corp 4%

Dat Xanh 3%

Geleximco 2%

Others 72%

where happiness lives

US$bn

YTD

2014 2015A 2016A 2017A 2018E 2019E

Contracted Sales of Launched Projects 1.3 1.6 2.8 3.0 4.6 7.6

5

Vinhomes’ Dominance Surpasses all Regional Peers by a Large Margin

No regional peers enjoy the same degree of market dominance as Vinhomes in their respective local markets in terms of land bank for future development pipeline, profitability margins and revenue

Indonesia Peers Overview – 2016A Revenue – Property Sales (US$ bn)

3.2x

Source: Company Filings Notes: Exchange rates based on USDVND 22,698; USDTHB 32; USDIDR 13,553; USDPHP 52 used (1) Excludes 35mm sqm of potential land allocation (2) PATMI includes US$140.7mm of profits after tax from block sale of Vinhomes Central Park (3) Based on financial statements, recognized revenue is net of interest support (4) As of 31 Dec 2017

Thailand Peers Overview – 2016A Revenue – Property sales (US$ bn)

Philippines Peers Overview – 2016A Revenue – Property sales (US$ bn) Vietnam Peers Overview – 2016A Revenue – Property sales (US$ bn)

N/A 13.2

N/A 16.0

N/A 12.3

40 27.5

19 12.8

9 10.5

19 18.7

5 9.4

Land bank (mm sqm) Net Margins

Land bank (mm sqm) Net Margins

(%)

Land bank (mm sqm) Net Margins (%)

Macro outlook

Residential property outlook

Property Clock(1)

Stars are Aligned for Vinhomes

Source: Company filings, EIU, Emerging trends in Asia Pacific 2018 – PWC, JLL, and FactSet as of 9 Feb 2018 Notes: Based on exchange rate of USDVND 22,698 used (1) According to JLL (2) Based on 2018 ranking of residential assets buy / hold / sell recommendations by city According to the Emerging Trends in Real Estate Asia Pacific 2018 Survey (3) Based on 2018 city development prospects according to the Emerging Trends in Real Estate Asia Pacific 2018 Survey (4) Based on total revenue growth (5) Based on A-share market capitalization

Decline Slowing

Growth Slowing

Capital Value Rising

Capital Value Falling

Decline Slowing

Growth Slowing

Capital Value Rising

Capital Value Falling

Decline Slowing

Growth Slowing

Capital Value Rising

Capital Value Falling

Decline Slowing

Growth Slowing

Capital Value Rising

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Key Investment Highlights

Dominant Real Estate Developer and a Community and Lifestyle Creator Experiencing Accelerating Growth

2

Land Bank and Sustainable Business Model

Note: (1) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E Excludes 35mm sqm of potential land allocation

where happiness lives

8

Vietnam’s Housing Significantly More Affordable Than Regional Peers

Home Price-to-Income Ratio (x) in 2017(1)

HCMC Kuala Lumpur Jakarta Bangkok Manila

Vietnam Residential Market Set to Take Off

Source: JLL Note: (1) Based on top quintile household incomes and an entry level apartments across cities (2) Represents lending rate for housing loans offered for the first year of the loan term (3) Represents deposit rate offered for the 12-month terms by a number of notable commercial banks as at 2018 YTD

Vietnamese Residential Prices have Significant Room to Run

Prime Residential Price Growth (Index: 2006 = 100)

Residential upside potential

Inflation and Interest Rate Sustained at Low Levels

Vinhomes Poised to Benefit from Higher Condominium Absorption in Vietnam

Increasing Population with Decreasing Household Sizes

Increased Demand for Housing with Higher Condominium Conversions

HCMC & Hanoi Absorption Has Huge Room to Grow vs Peers

7.3 7.7

8.5 8.1 8.6

9.6 3.4 3.3 3.0

2014 2017 2022E

Hanoi population (mm)HCMC population (mm)Average persons per household

“Population in HCMC and Hanoi expected

to grow by 11% from 16.3mm in 2017 to 18.1mm in 2022E largely due to

19.2%

2014 2017 2022EDemand for Housing Units (Hanoi) ('000 units)Demand for Housing Units (HCMC) ('000 units)Condominium conversion ratio

Growth in condominium market to be driven primarily by:

• Growing affluence and higher conversion from traditional housing to condominiums

• Home ownership rate of 90% overstated due to traditional housing

• Relaxation of foreign housing ownership regulations

• HCMC and Hanoi addressable market is still lagging behind key regional peers

Annual Condominium Demand in HCMC &

Hanoi

203

58

26 20 Shanghai Bangkok HCMC Hanoi

Average Annual Sales Volume 2013 – 2017 (‘000 units)

HCMC & Hanoi have Significant Room for Expansion in Absorption Compared to Regional Peers

Demographics in HCMC & Hanoi Annual Housing Demand in HCMC & Hanoi

1

Source: CBRE Note: (1) Refers to percentage of demand for housing that becomes demand for condominium units

Total addressable market for condominiums in HCMC & Hanoi to rise by c 3.5x to 206,000 units per annum by

7.8x HCMC

9.9x Hanoi

206,109

59,193 23,226

c 3.5x increase

(1)

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Vietnam Residential Set for Explosive Growth

2015

16%

2025

31%

Performance of Dominant Local Player

Market Capitalization in 2010 and 2018

% of Middle Income Population(1)

by 6 - 11x from 2010

to 2018

Vietnam is at similar crossroads

as China 10 years

ago

Vinhomes as the dominant player, is poised to replicate, if not surpass, this success and growth

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Quang Ninh’s Van Don International Airport

Ha Long – Hai Phong Expressway

• Biggest spender in Southeast Asia on infrastructure investment

• Infrastructure investments targeted at attracting foreign investments

• Main economic hubs of Hanoi and HCMC and Special Economic Zones such as Hai Phong, Quang Ninh to benefit from significant infrastructure investment

• Hanoi: 12 major highways completed in the past 4 years with the first metro line to open in 2018

• HCMC: 5 new highway projects ongoing with 2 metro lines under construction

• Infrastructure projects will contribute to development of real estate markets and higher capital values in key cities

• Vinhomes’ projects located near many recent and upcoming key infrastructure developments

Source: CBRE

Note: (1) Public and private sector infrastructure investment in 2016 as a % of GDP

Vietnam is the leader in Southeast Asia’s infrastructure race – spending billions to attract foreign investments

China Vietnam Indonesia Myanmar Singapore Phillippines Malaysia Thailand

Vietnam is the leader in Southeast Asia

by a significant margin

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Strong Market Dominance in Vinhomes, Driving Growth from VinCity Brand

Source: CBRE, JLL Notes: (1) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2015-2017 (2) For condominium market only; based on CBRE condominium demand model and annual condominium demand of 206,109 units in 2022F at an assumed price of US$127,000 per unit

This includes only 66.3% of the population based on households in the mid end (19.4%) and affordable (44.2%) segments out of US$26.2bn of the total addressable market (3) Percentages shown exclude 30.8% of households within the segment of household below affordable (4) Segments include households within the respective income ranges: Luxury (more than US$85k), Premium(US$55k – US$85k), Mid-end (US$25k – US$55k), Affordable (US$10k – US$25k) and Below Affordable (below US$10k) (5) Based on net saleable area (6) Represents residential GDV only GDV is calculated based on net saleable area multiplied by the weighted average selling price of the project (7) Including under construction and pipeline properties Given that VinCity is a new brand under Vinhomes, there is likely to be more upcoming projects in the future

• Unique ability to offer Vingroup ecosystem, amenities,

and community environment

• Strong reputation of prompt delivery of projects / units

• Differentiated after sales management service offering

– property management, repairs and security services

• 2018 – 2024 GDV of US$29bn(6) from 28 projects(7)

• First mover advantage within the mid-end market

segment

• Community offering with full amenities (school,

hospital, malls) on “Day 1” – unlike competitors

• Strong inbound demand from property brokers and

proposal requests from banks

• 2018 – 2024 GDV of US$11bn(6) from 8 projects(7)

where happiness lives

… driving growth from VinCity brand to capture

untapped and huge addressable market opportunity of US$16.6bn(2) per annum

Leverage Vinhomes’ dominant market leadership of 48%(1) across high-end and luxury segments…

DON’T REPLACE DB Slide – made changes Thuy wanted it reorganized

Source: CBRE, C&W, Company information

Notes: (1) Based on feasibility studies valuation by CBRE and Cushman & Wakefield

Significant Upside Through Launch of Large Integrated Developments

Description

• Excellent inter-provincial connectivity due to fast improving infrastructure in the future, including the Lach Huyen Deep Sea Port and the Van Don International Airport

• Set to benefit from tourism development in Ha Long under Quang Ninh 2020 Master Plan

• Second home destination for many Vietnamese

• Key tourist hub with UNESCO site – Can Gio Mangrove

• Future infrastructure developments including bridges and highways to enhance economic activity and decentralisation

• Easily accessible to HCMC CBD via National Road 22 and future Metro Line 2

• Residential developments evenly distributed across affordable, mid-end and high-end segments

Vinhomes Green

Ha Long

Vinhomes

National Road 22 Expansion Ring Road No 3 Metro Line No 2 HCMC - Can Tho Railway

Ferry Routes (from HCMC) Upcoming Rung Sac Skyway

QUANG NINH

HAI PHONG PROVINCE

HAI PHONG CBD

HA LONG CITY

CAT BA ISLAND

QUANG YEN TOWN CAT HAI ISLAND

Bach Dang Road

Tuan Chau Island Provincial

Road

No 359

Chanh River Bridge

Cat Bi Airport

HO CHI MINH CITY

Da Kao Binh Hung

Di An Thuan An

Cu Chi

Bien Hoa

Hoc Mon Province

Vinhomes Dragon Bay

Vincom Plaza Hai Phong Vu Yen Golf Course

Vinhomes Imperia

Vinpearl

Ha Long Bay Resort

Current bridge Ferry

Completed road Under-construction road

Vinhomes Green Ha Long

Vinhomes Long Beach Can Gio

VinCity Cu Chi

14

2015A 2016A 2017A 2018E

No of New Project Launches

15

development and access to sites earmarked for landmark projects

Proven execution capability across Vietnam has made Vinhomes a trusted developer for large-scale and infrastructure projects such as the metro line in Hanoi

Potential land allocation of c 35 mm sqm with proposed metro

3 Unrivalled Land Bank in Strategic Locations forms Pillar of Growth for Vinhomes

Source: CBRE Note: (1) As of 31 Dec 2017 (2) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E Excludes 35mm sqm of potential land allocation (3) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa dn condo-tel Excludes 35mm sqm of potential land allocation (4) Includes pipeline and under construction projects, (5) Pursuant to a Memorandum of Understanding (6) Pursuant to project developments and project acquisition agreements (7) Represents residential GDV only GDV is calculated based on net saleable area multiplied by the weighted average selling price of the project

Hanoi 15%

HCMC 40%

Quang Ninh 37%

Land bank by GFA for sale (mm sqm) (1)(3)

… Allowing Vinhomes to Continue Extending its Nationwide Presence Across Prime Sites

Land bank by site area (mm sqm)

Significant and Sustainable Land Bank …

Total Land bank

(1)

55% of land bank is located in key cities of HCMC and Hanoi

Hanoi 37%

HCMC 34%

Quang Ninh 12%

Gross development value (7) (2018 – 2024)

71% of GDV is attributable to key cities of HCMC and Hanoi

Includes

95mm sqm

of residential GFA(1)(3)

Total Residential GFA:

95mm sqm

~20.5x the land bank

of next largest competitor in country

16

N11 Gia Lam

Vinhomes Sky Lake

Vinhomes

Royal City

Vinhomes Gardenia

Times City

Ba Trieu

Vinhomes Nguyen Chi Thanh

Vinhomes / VinCity Properties Upcoming Vinhomes / VinCity Properties

Rach Chiec Phuoc Long Binh Tho

Thu Duc Hi-Tech Park

Suoi Tien

New Eastern Bus Station

Long Binh Depot

Vinhomes Properties

Vinhomes Golden River

New Port

District 9

District 1

Phu Nhuan District

Bin Thanh District

Go Vap District

Thu Duc District

Ben Thanh

Thao Dien

An Phu

Vinhomes Central Park

District 3 Van Thanh

Ho Chi Minh City

Vinhomes The Harmony

364 ha (1)

Source: CBRE, Company Information

VinCity Tay Tang Long

Vincom Center Dong Khoi

VinCity New Saigon

VinCity Gia Lam

Vinhomes

Co Loa

VinCity Dream City

Significant boost in connectivity will accelerate demand for pipeline projects

(before 2030)

Valuable Land Bank Proximate to Upcoming Metro and Highway Infrastructure

17

Ability to get customers to pay 70% upfront, reducing Vinhomes’

reliance on credit financing c.85% of residential units were sold within three months of the commencement of pre-sales in 2017(5)

Unparalleled Execution Capabilities through End-to-end Value Chain

4

Comprehensive range of after-sales services to ensure Vinhomes’

buyers needs are met Ancillary facilities such as gyms, pools, meeting areas, barbeque pits, parks and waterways at Vinhomes properties

Ability and track record in securing the best land bank in Vietnam Continuously search for and acquire new sites through project development

Vinhomes’ Superior End-to-end Value Chain

Secures Land at Competitive Rates

Vinhomes’ Unique Execution Capabilities Translate to Significant Competitive Advantage

Evident in Industry Leading Operational Metrics

Average Asset Turnover Ratio (1) for 2017 (%)

Notes: (1) Asset turnover ratio calculated as total revenue in 2017 divided by average total assets of 2016 and 2017 (2) Calculated as total revenue in 2017 divided by average total assets of 2016 and pro forma 2017 (3) Calculated based on 2017 PATMI / average shareholder's equity of 2016 and 2017 (4) Calculated as total PATMI (general purpose only) divided by average total equity attributable to Vinhomes JSC (general purpose only) (5) Average presale 3 months after launch date of projects opened for sale in 2017

Land Acquisition

Land Clearance

Pre-sales, Sales Research and Marketing

Property Management

Construction and Quality Control

Master Planning and Design

Master planning ability in developing and designing integrated projects with ecosystems

Effectively assists Vietnamese state agencies in identifying land rights holders and facilitating resettlements on the government’s behalf

Successfully shortens land clearance process from c 2—3 years per project to c 3—9 months

Vincom Construction, probably the largest master contractor by contract value among 3rd party contractors

Ability to control costs, quality and deadlines to ensure efficient delivery of superior quality properties

Significant de-risking of model through Vingroup’s ecosystem of complementary offerings such as hospitals, schools and retail

18

T

Construction Commencement

T + 10 months

Construction Completion

T + 13 months

Vinhomes Golden River

Land Acquisition / Developing Master Plan

T

Construction Commencement

T + 6 months

Construction Completion

T + 7 months

c.88% of residential units were sold within three months of the commencement of pre-sales

Source: CBRE Notes: (1) Represents average incremental units sold every quarter from the launch date to 31 Dec 2017 (2) Represents percentage of development pre-sold as at 31 Dec 2017 (3) Average selling price of units based on NSA (4) Represents the total number of units

in the entire development (5) Represents the availability of complementary amenities and facilities (i.e schools, parks, retail units) developed by the residential homebuilder for home buyers (6) According to CBRE, timeline is based on construction timeline applied for 25 – 30 storey condominiums with 200 – 300 units

Project

Launch Date Sold Units per Qtr (1) Sold Rate (2)

Price (US$ psm)

(3)

No of Units (4)

Integrated Ecosystem (5)

Vinhomes Golden River

Vinhomes Project Sales Performance vs Competitors in the Same Area (HCMC)

complementary suite of amenities / facilities

Project Unlevered IRR: 15 – 20%(6)

Project Unlevered IRR: 38%

Following project

Very Positive Sales Results by Vinhomes Despite Large Volume Launched

19

Source: Savills Notes: (1) Weighted by occupied NLA (2) Cumulative development cost includes development cost of all projects which have completed construction as at that year (3) Represents average yield-on-cost of all properties in their

n th year of operation (i.e n = 1,2,3,4,5) Yield-on-cost calculated as annualized NOI divided by development cost (4) Valuation provided by JLL as of 31 Dec 2017 Capitalization rate of 7.0% assumed

Vietnam Still Starved of Office Supply Relative To Regional Peers

Total office supply 2017 (mm sqm)

504

Cumulative Development Cost (US$mm) (2)

Total Net Leasable Area / Number of Operational Offices

Manila Kuala Lumpur Bangkok Hanoi HCMC Jakarta

• Large development potential exists for Vinhomes

Dong Khoi

Cost: US$76mm Valuation(4): US$380m

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Residential

~15%(3)

Market share:

Retail mall owner, developer and operator in Vietnam

Retail Leasing

~60%(1) Market

share:

Healthcare and education provider

Social Infrastructure

Hospitality and entertainment operator

~41%(5)

Market share:

~20%(4) Market

share:

Vingroup has established itself as a market leader across the full breadth of consumer related sectors from essentials to aspirational

Source: CBRE, Colliers, Vietnam National Administration of Tourism, Health Statistics Yearbook, Company estimates Notes: (1) Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC As at August 2017 (2) Based on number of convenience stores for the top 7 key players in Vietnam (3) Based on accumulated sold units in the most recent 3 years across all segments in the residential market of HCMC and Hanoi as of 31 Dec 2017 (4) Market share is for VinSchool only Based on total number of kindergarten, elementary, secondary and high school students in selected private and international schools in Hanoi and HCMC in 2017 (5) Based on number of keys in 5-star hotels and resorts provided by Vietnamtourism.gov.vn (6) As of 31 Dec 2017 21

Controls put in Place

• All transactions must be entered into on commercially reasonable basis as a statutory requirement

• Significant related party transactions must be approved by the Board of Directors or the General Meeting of Shareholders

• Interested parties must abstain from voting

• Vinhomes to undertake all Vingroup residential and office mixed-use development going forward

• Vingroup to continue holding non-residential and non-office mixed used development real estate properties in Vietnam

• Entire project development team of Vingroup has been transferred to Vinhomes to ensure alignment of interest

• In addition, Vinhomes has ROFR on land that can be used for residential from Vingroup at cost This ROFR gives Vinhomes economy of scale in land sourcing and leverage of the Vingroup brand in site acquisition

• Management service fees and construction EPC contracts are calculated based on comparable third-party service providers and Vingroup fees are allocated based on number of man hours and assets under management

• Helps Vinhomes to manage expansion with minimum overhead as it can share resources and costs with the rest of Vingroup

• Governed by related party rules

Corporate governance principles emphasize a quality Board, sound internal controls, transparency and accountability to all shareholders

No conflict of interest in decision making

No direct competition with Vingroup

Clear distinction of scope for Vinhomes

Fair market practices

22

Senior leadership with significant depth of experience and pedigree

Proven on-the-grounds management team supporting nation-wide operations

Proven ability to hire, train and retain talent across business lines

Vinhomes is led by a team of highly experienced board of directors who are supported by a experienced management team with average 15 years of experience

Cao Ha An

Non-Executive Director

>27 years experience Project Development Director at Vingroup since 2016

Previously Deputy CEO and Director

of Military Insurance JSC

Varun Kapur

Independent Non-Executive Director

>27 years experience Currently also Managing Partner of Indgrowth Capital

Previously Partner and Managing Director at TPG

Mueen Uddeen

Non- Executive Independent Director

>30 years experience Currently also Managing Director of Arcpoint Associates

Pham Nhat Vuong

Chairman and Executive Director

Non->25 years experience Founder of Vingroup, formerly known

as Technocom Corporation in 1993 Chairman of Vingroup since 2011

Nguyen Viet Quang

Non-Executive Director

>22 years experience Previously Chairman and CEO

of Board of Directors at Vinmec

Nguyen Dieu Linh

CEO

>23 years experience Previously Director of Property Management at Savills Vietnam and General Director at TNS Holdings

Nguyen Thi Thu Hoai

Dy CEO

>15 years experience Appointed Deputy Chief Executive of Finance and Investment of our Company in 2018

Douglas Farrell

Dy CEO Finance / Investment

>15 years with Vingroup

>20 years experience Project Development Director of Vingroup since 2013

Currently holds directorships in other Vinhomes subsidiaries

Pham Thieu Hoa

Dy CEO Project Development

>3 years with Vingroup

>8 years experience Previously executive at Richard Moore Associates, Audio Visual Global and Head

of Marketing Department at Syrena

Nguyen Ngoc Thuy Linh

Dy CEO, Operations

>4 years with Vingroup

>10 years experience Previously Sales Director at BMW

Nguyen Duc Quang

Dy CEO Sales and Marketing

Nguyen Dieu Linh

Executive Director and CEO

>15 years with Vingroup

>22 years experience Vice Chairwoman of Vingroup, previously Deputy CEO of Vingroup

23

Key Financial Highlights

where happiness lives

There will be ongoing transfers of pipeline projects into Vinhomes to consolidate all residential developments under it

General Purpose vs Special Purpose Financials for Vinhomes

FY2015-2017 Historical Financials Going Forward

Special Purpose Financials

BCC arrangements to be equity accounted for in the consolidated financial statements

General Purpose Financials (Combined)

General Purpose Financials (Consolidated)

Reorganized Vinhomes as at Feb 2018

Other Vingroup subsidiaries

Vingroup subsidiary 1

Vingroup subsidiary 2

Vingroup subsidiary 3

Vinhomes subsidiary 1

Vinhomes subsidiary 2

Vinhomes subsidiary 3

Vinhomes subsidiary 4

ListCo BCC arrangements

(for residential and office projects only)

24