Corporate Presentation December 2018 Disclaimer IMPORTANT: The - - PowerPoint PPT Presentation

Corporate Presentation

December 2018

where happiness lives

Disclaimer

IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning Vinhomes Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment decision or commitment whatsoever. None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes any representation or warranty (express or implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination

• f the suitability, merits and consequences of investment in the Company.

This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof,

• ther variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future
• performance. These forward-looking statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their respective affiliates, directors, officers,

employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances. 2

Executive Summary

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

Dominant market share of 15%(1) across ALL residential segments in Vietnam, 3.5x the next largest

• developer. In the premium segment alone, Vinhomes also has a dominant market share.

The “Crown-Jewel” of Vingroup

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

Notes: (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, according to CBRE.

Dominant Real Estate Developer and a Community and Lifestyle Creator Ability to Harness Vingroup Ecosystem Vietnam Residential Set for Multi-year Upwards Cycle High Earnings Visibility Supported by Unrivalled Land Bank and Sustainable Business Model Proven Track Record and Rapid Cash Flow Cycle Leading to Superior Returns Experienced Management Team and Robust Corporate Governance

3

Vinhomes: Best Market, Best Segment, Best Platform

Fastest Growing Economy in Asia Long-term Trends Driving Demand Undisputed Market Leader in Vietnam Macro Outlook Residential Outlook Market Leadership

 6.4% Real GDP growth (2018 – 2020E)  Record US$35.9bn FDI

inflows in 2017(1)

Highest working age(3) population in Southeast Asia

  Accelerating urbanization

– Total addressable market to rise by

• c. 3.4x to c. 204k condominium

units per annum(5) by 2022E

 Best affordability of 4.0x home price to

income ratio(6) compared to Southeast

Asian peers’ average of 6.0x

Rapid and Sustainable Growth Supported by Complete End-to-end Real Estate Value Chain Capabilities

Unbilled bookings of US$2.3bn as of 30 Nov 2018



VinCity brand accesses a huge untapped market opportunity in Vietnam, increasing our addressable market size by c.3x(8)



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 Research, 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) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium demand of 203,792 units in 2022E. (6) Based on Ho Chi Minh City’s top quintile household income and an entry level apartment. (7) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. Excludes 31mm sqm of potential land allocation. (8) Represents increase from US$9.4bn per annum addressable market size of 5.7% of households in the high-end and luxury segment to US$25.9bn per annum addressable market size of 69.3% across all segments from affordable to mid-end to high-end and luxury segments.

 Mortgage market is significantly

underpenetrated – Total home mortgage loans outstanding

1.9% of GDP in 2016

 Highest infrastructure spending in

Southeast Asia – 5.7% of GDP(2)

 Unique ecosystem of

complementary services attract

• wner-occupier customers

 Proportion of urban households in

Vietnam set to increase at a CAGR of

3.5% over 2018 – 2025E

 Strong support from blue-chip

sponsor Vingroup

 Stellar execution track record  National champion with nationwide

presence through largest landbank



Attractive gross profit margins

 164mm sqm of well-located land bank,

20x the next player, representing c.15(7) years of development

4

High-End Affordable Luxury Mid-End

Capturing the Huge Middle Income Opportunity with the VinCity Brand

 Vinhomes’ Dominance in Vietnam’s Residential Market

Source: CBRE, Company Filings. Notes: Based on USDVND of 21,095 for 2013; 21,388 for 2014; 22,485 for 2015; 22,761 for 2016; 22,698 for 2017 and 23,365 for 11M2018. (1) Based on total number of residential units sold by Vinhomes from 2010 to 11M2018 as a business line of Vingroup. (2) Based on all launched Vinhomes residential projects as a business line of Vingroup as of 30 November 2018. (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, according to CBRE. (4) As of 30 June 2018 (5) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects. 95mm sqm of residential GFA converts into c. 83mm sqm of NSA. (6) Including all completed, under construction and pipeline properties. (7) Includes residential GFA for sale only.

Land bank (mm sqm)

A Key Subsidiary of Vingroup JSC

VinCity (“VC”)

• No. of Projects: 7(6)

GFA: c. 28mm sqm(7)

Largest Land Bank Expected to Deliver Sustainability and Growth



Dominance of Vietnam Residential Market by a Significant Margin

• ~49,600(1) Residential Units Sold Since 2010
• US$9.8bn(2) of GDV Sold since 2010

Vinhomes (“VH”)

• No. of Projects: 29(6)

GFA: c. 68mm sqm(7) 161 7 5 1 Vinhomes Developer 1 Developer 2 Developer 3

Unbilled bookings of US$2.3bn as of 30 Nov 2018

Strong Track Record of Historical Sales Value



(4) where happiness lives

US$bn 2010 – 2014A 2015A 2016A 2017A 11M2018A Historical Sales Value 1.3 1.6 2.3 2.9 1.7

Translates to 95mm sqm of residential GFA(4)(5)

Complete Ecosystem of Complementary Offerings at Each Site with an Emphasis on Quality Consumer Retail Retail / Office Medical School Hospitality / Entertainment

 

where happiness lives where happiness lives

~25x the land bank of next largest competitor

5

15%(3)

Residential market share in Vietnam across ALL segments

Vinhomes 15% Developer 1 4% Developer 2 4% Developer 3 3% Developer 4 2% Others 72% Vinhomes 53% 15% 14% 9% 9%

Top 5 Developers comprising 28% market share(1)

Focus on Townships & Integrated Development

Leverage off large land bank located in upcoming integrated developments



Secure first-mover advantage in key satellite cities

 Vinhomes’ Strategic and Growth Plan

The #1 Residential Real Estate Developer with Focus on Residential and Office Expertise

Pursue Strategic Partnerships

Proactively secure partnerships via JV or M&A



Further expand market share of residential market from current 15%(1), leveraging off expansion into VinCity brand



Vision Growth Strategies Key Priorities in FY18 – FY20 Moving into 2019

Targeting to launch 12 projects in Hanoi, HCMC and Hai Phong in 2019



Successfully launched 2 VinCity projects in 2018



Note: (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.

Active Land Bank Management

Assess best and highest use for 164mm sqm of land bank



Opportunistic land acquisitions



Unique position to acquire further unsurpassable land bank



Increase Product Diversification

Focus on key projects supported by upcoming Infrastructure developments



Expand development of townships and integrated projects



Focus on tapping on foreign buyers who currently comprise a small percentage



Growing recurring income from office and residential properties for lease



6

Key Investment Highlights

Vietnam Residential Set for Multi-year Upwards Cycle

2

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

3

High Earnings Visibility Supported by Unrivalled c.15 Year(1) Land Bank and Sustainable Business Model

4

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

5

Ability to Harness Vingroup Ecosystem

1

Experienced Management Team and Robust Corporate Governance

6

where happiness lives Note: (1) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. Excludes 31mm sqm of potential land allocation.

7

The Largest Listed Company in Vietnam Essentials Aspirational #1 loyalty program in Vietnam with c.5.6 million members(1)

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

1 Ability to Harness Vingroup Ecosystem that Cannot be Replicated

Note: (1) As of 30 November 2018

8

Automobile and smart device manufacturer

Industrials

Comprehensive multi-format retail

• perator

Consumer Retail

Integrated residential developer in Vietnam

Residential

Healthcare and education provider Pharmaceutical and agricultural producer

Social Infrastructure

Hospitality and entertainment operator

Hospitality

Retail mall owner, developer and

• perator in Vietnam

Retail Leasing

3.5% 4.1% 5.0% 5.1% 6.2% 6.9% Singapore Thailand Malaysia Indonesia Philippines Vietnam 1.6% 2.7% 2.7% 2.9% 3.1% 3.5% Singapore Thailand Philippines Malaysia Indonesia Vietnam 16.3 21.6 20.2 22.8 24.4 35.9 2012 2013 2014 2015 2016 2017

Source: JLL Research. Note: (1) Middle income population defined as households with income of more than US$10,000 per annum. (2) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium demand of 203,792 units in 2022E.

Fastest Growing Economy in Southeast Asia with Strongest Middle Income Growth

2018 – 2020E Real GDP Growth (%)

Highest Population Proportion Among Workforce

Population with Age Range Between 25 – 44 as % of Total Population

Middle Income Population(1) Growth

2018 – 2020E CAGR (%)

32.8% 32.6% 30.7% 28.8% 28.8% 27.7% Vietnam Malaysia Indonesia Thailand Singapore Philippines

Fastest Urban Population Growth in Southeast Asia, with Significant Room to Run

Urban Population 2018E – 2025E Growth (%)

Increasing Inflow of FDI

Registered FDI (US$bn) / Cumulative Contribution of FDI by Sectors (%) Manufacturing 58% Real estate 17% Power 7% Others 18% Revised housing regulations for foreigners from 1 July 2015

 Foreign Vietnamese can now buy several residential properties in Vietnam if they have

valid visas

 Foreigners can now buy leasehold residential if they have an entry visa

Real Estate accounts for 17% of total cumulative FDI (2012 – 2017)

 

Vietnam’s Urbanization Rate by Year (%)

• Total addressable market to rise by
• c. 3.4x to c. 204k condominium units per

annum(2) by 2022E

• Proportion of urban households in Vietnam

set to increase at a CAGR of 3.5% over 2018 – 2025E 20.0% 14.2% 7.0% 3.2% 2.5% 2.0% Vietnam Indonesia Philippines Thailand Malaysia Singapore 35.0% 37.0% 38.0% 40.0% 50.0% 2017E 2018E 2019E 2020E 2025E

2 Unique Vietnamese Fundamentals for Home Ownership

9

Vietnam’s Housing Significantly More Affordable Than Regional Peers

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

Average 6.0

4.0 4.7 4.9 6.9 7.5 HCMC Kuala Lumpur Jakarta Bangkok Manila

Vietnam Residential Market Set to Take Off

Source: JLL Research. 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.

2

Vietnam’s Mortgage Market is Significantly Underpenetrated Compared to Regional Peers

Total Home Mortgage Loans Outstanding as % of GDP in 2016 1.9% 4.9% 20.0% 49.5% 50.6% Vietnam Philippines Thailand Malaysia Singapore

Average 31.3% 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

9.2 6.6 4.1 0.6 2.7 3.5 13.5% 7.6% 0% 2% 4% 6% 8% 10% 12% 14% 16% 1 2 3 4 5 6 7 8 9 10 2012 2013 2014 2015 2016 2017 Average Average CPI (Y-o-Y) Lending Rate Deposit Rate

(2) (3)

75 100 125 150 175 200 225 250 275 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 HCMC Bangkok Kuala Lumpur Manila Shanghai 10

11

Hanoi

Sold Units

Transaction volume down due to lack of supply Stable pricing level in mid-end segment waiting for new launch projects

US$/sqm 2,000 4,000 6,000 8,000 10,000 1Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q18 Luxury High-end Mid-end Affordable

▼36% y-o-y

Ho Chi Minh City

Sold Units

Absorption rate dropped due to the impact of ghost month Selling price in luxury segment expected to increase significantly

US$/sqm 2,000 4,000 6,000 8,000 10,000 12,000 14,000 1Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q18 Luxury High-end Mid-end Affordable

▼7% q-o-q ▼16% y-o-y

$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 2015 2016 2017 3Q18 2018F 2019F 2020F Luxury High-end Mid-end Affordable

Forecast

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2015 2016 2017 2018F 2019F 2020F Luxury High-end Mid-end Affordable

Forecast

Source: CBRE

Market Overview – Condominium 2

Vinhomes Poised to Benefit from Higher Condominium Absorption in Vietnam

Natural Growth in Number

• f Households

Accelerated Increase in Demand for Condominiums in HCMC & Hanoi Significant Multi-Year Growth Potential vs. Regional Peers

7.3 7.7 8.5 8.1 8.6 9.6 92.6 95.5 100.1 2014 2017 2022E Hanoi population (mm) HCMC population (mm) Vietnam population (mm)

Population in Vietnam Annual Condominium Demand in HCMC & Hanoi

Source: CBRE. Note: (1) CBRE estimates 67.5% home ownership rate in HCMC and Hanoi for 2017. (2) CBRE estimates less than half of households in HCMC and Hanoi own condominium units in 2017.

Total addressable market for condominiums in HCMC & Hanoi to rise by c. 3.4x by 2022

16 26 98 18 33 106 2014 2017 2022E Demand for Condominium Units (Hanoi) ('000 units) Demand for Condominium Units (HCMC) ('000 units)

203,792 59,193 33,909

• c. 3.4x

increase

• Rising affluence and income will lift

household ownership(1) and conversion into condominium units(2)

• 2017 absorption of 59k is relatively small

when compared with natural household creation level – CBRE expects demand to catch up to 204k (3.4x increase) by 2022E

• Nationwide numbers are likely higher,

presenting opportunities to Vinhomes

  

• Population in Vietnam is expected to grow

from 95.5mm to 100.1mm in the next 5 years from 2017 to 2022E

• Expected to increase number of household

units by 3.4mm in 2022E or 688k annually

• Potential housing demand of up to

800,000 housing units per annum on average from 2018 to 2022 in Ho Chi Minh City and Hanoi

  

• HCM and Hanoi addressable

condominium market is a small fraction compared with regional peers due to affordability and mortgage availability

• With improvements in both, the scope for

growth in the condominium addressable market is significant

 

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

7.8x HCMC 9.9x Hanoi 12

2

13

Visible and meaningful progress on infrastructure developments will boost real estate capital values and greatly increase connectivity for Vinhomes projects

Metro Line # 2 Cat Linh – Ha Dong Metro Line # 3 Nhon – Hanoi Station Road Expansion Metro Line # 1 Ben Thanh – Suoi Tien Connecting the Old to the New City Vinhomes Projects in Close Proximity

• Vinhomes Galaxy
• Vinhomes Gallery
• Vinhomes Metropolis
• Vinhomes Gallery
• Vinhomes Riverside
• Vinhomes The Harmony
• Vinhomes Times City
• Vinhomes Royal City
• VinCity Ocean Park
• Vinhomes Golden River
• Vinhomes Central Park
• Vinhomes Central Park
• Vinhomes Golden River

Development Status

• Construction completed
• Trial run began in July

2018

• Commercial operation to

start by year end

• About 45% completed
• Commercial operation to

start by 2023

• Various projects under

construction include elevated Ring road #2, segments of Ring road #3,

• verpasses in CBD areas
• Projects under

development include Ring road #3.5 and #4

• About 56% completed
• Commercial operation to

start by 2021

• Projects under

development include Metro Line #2, Thu Thiem #4 bridge Other Commentary

• Overall improvement to

VinCity projects from enhanced infrastructure

• Key projects improving

infrastructure to and within District 2 (the new city) include Thoi Dai bridge (completed), My Thuy Intersection (completed), Metro Line #1 (under construction)

Hanoi HCMC

Source: Company, CBRE

2 Highest Infrastructure Spending will Boost Real Estate Capital Values

Strong Market Dominance in Vinhomes, Driving Growth from VinCity

Source: CBRE, JLL Research. Notes: (1) For condominium market only; based on CBRE condominium demand model and annual condominium demand of 203,792 units in 2022E 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$25.9bn of the total addressable market. (2) Percentages shown exclude 30.8% of households within the segment of household below affordable. (3) 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). (4) Based on net saleable area.

3

Luxury High-end Mid-end Affordable

1.3%(3) 0.4mm House- holds 4.4%(3) 1.2mm Households 19.4%(3) 5.2mm Households 44.2%(3) 12.0mm Households

• Target middle-income families seeking a premium
• ffering
• 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

  

• Target single, graduates and young families seeking

smaller units

• Highly accessible with direct highway or metro

access to downtown

• Community offering with full amenities (school,

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

 

US$2.0k US$0.6k US$1.2k US$3.0k

Average Selling Prices (US$ / sqm)(4)

Phu My Hung CapitaLand Keppel Land Novaland Thao Dien Investment

where happiness lives

… driving growth from VinCity brand to capture untapped and huge addressable market opportunity of US$16.5bn(1) per annum Leverage Vinhomes’ dominant market leadership across high-end and luxury segments…

(Upcoming Brand)

• Total addressable market of US$25.9bn(1) per annum

where happiness lives

 

14

15

VinCity Ocean Park (Formerly VinCity Gia Lam) Vinhomes New Center (Formerly VinCity Ha Tinh) Vinhomes West Point (Formerly Vinhomes Melodia) Vinhomes Star City Thanh Hoa (Formerly Vinhomes Thanh Hoa) Location

• Trau Quy Town, Gia Lam District,

Hanoi

• Thach Linh Ward, Ha Tinh City,

Ha Tinh Province

• Pham Hung Street, Me Tri Ward,

Nam Tu Liem District

• Le Loi Boulevard, Dong Hai

Ward, Dong Huong District, Thanh Hoa City Launch Date(1)

• Oct 2018
• Jun 2018
• Jun 2018
• Apr 2018

Launched Products

• 13 buildings
• 7,549 apartments
• NSA: 413,807 sqm
• 1 building
• 456 apartments
• NSA: 22,942 sqm
• 3 buildings
• 1,400 apartments
• NSA: 120,037 sqm
• 754 villas
• NSA: 265,770 sqm

ASP (VND mm / NSA sqm)

• 30.0
• 17.7
• 49.9
• 18.8

% Booked(2)

• 89%
• 23%
• 57%
• 62%

Buyer Profile

• Buyers mainly from Hanoi and

surrounding provinces

• Wide variety of buyers: young or

multi-generation families, singles

• No foreigners
• Buyers mainly from Ha Tinh

− Including private business

• wners and civil servants
• A substantial proportion of

foreigners (mainly Koreans)

• High-end domestic buyers
• No foreigners
• Buyers mainly from Thanh Hoa

− Including private business

• wners and civil servants

Notes: (1) Soft launch. (2) Estimated pre-sale under SPAs (for Vinhomes Star City Thanh Hoa, Vinhomes West Point and Vinhomes New Center) and pre-sale bookings under deposits (for VinCity Ocean Park). As of November 30, 2018

Healthy Take-up Rates for New Launches in 11M 2018 3

16

VinCity Ocean Park VinCity Sportia VinCity Grand Park Location

• Trau Quy Town, Gia Lam District, Hanoi
• 14km from CBD
• Nam Tu Liem District, Hanoi
• 3km from new CBD Hanoi
• District 9, HCMC
• 30-minute drive to city center

Site Area

• 420 hectare
• 281 hectare
• 272 hectare

Development Period

• 2018 – 2022
• 2018 – 2022
• 2018 – 2022
• No. of Apartments
• Approx. 44,000/ 66 buildings
• Approx. 45,000/ 58 buildings
• Approx. 43,500/ 71 buildings
• No. of Low-Rise Villas
• Approx. 2,400
• Approx. 100
• Approx. 1,600

Key Amenities

• 6.1 ha salt water lagoon
• 117 ha water surface and greenery
• Vinmec hospital, K-12 education, VinUni
• Over 200 sport courts
• Educational and healthcare facilities
• 36 ha park with 5,000 sqm integrated

water play zone

• Educational and healthcare facilities

Launched Area in 4Q18 and 1Q19(1)

• Already soft-launched in October 2018
• 16 buildings (targeted)
• Already soft-launched in December 2018
• 7 buildings (targeted)
• Kick-off targeting in Q1.2019
• 12 buildings (targeted)

Approvals secured(2)

• 100%
• 100%(3)
• Land Use Fee approvals and LUR

certificates to be secured in Q1.2019

Subject to regulatory approvals and market conditions (1) For VinCity Grand Park. (2) Typically include 1/500 Master Plan, Approval In-Principle or Investment Registration Certificate, Land Allocation Decision, Land Use Fee Decision and Land Use Right Certificate and Construction Permit. (3) For high-rise component

Launch Update of VinCity Projects 3

Located in key urban centers with c.15(2) years' worth of 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

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

Source: CBRE. Notes: (1) As of 30 Jun 2018. (2) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. (3) Including apartments, office-tel, shop-houses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects. 95mm sqm of residential GFA converts into c. 83mm sqm of NSA. (4) Includes pipeline and under construction projects, (5) Pursuant to a Memorandum of Understanding for feasibility study. (6) Pursuant to project development agreements. (7) Represents residential GDV only. GDV is calculated based on net saleable area multiplied by the weighted average selling price of the project (based on middle of target ASP range per project.)

Hanoi 16% HCMC 36% Quang Ninh 39% Hung Yen 4% Hai Phong 3% Thanh Hoa 1% Ha Tinh 1%

Hanoi GFA: 15mm sqm Ho Chi Minh City GFA: 34mm sqm Key beneficiary of upcoming infrastructure developments

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 …

 

3 161 Launched Pipeline Projects

(1)

52% of residential GFA is located in key cities of HCMC and Hanoi

Hanoi 37% HCMC 34% Quang Ninh 12% Hung Yen 8% Hai Phong 4% Thanh Hoa 2% Ha Tinh 1% Da Nang 1%

Hanoi

• No. of Projects(4): 16

Ho Chi Minh City

• No. of Projects(4): 10

Gross development value(7) (2018 – 2024)

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

Translates to 95mm sqm

• f residential

GFA(1)(3)

Total Residential GFA: 95mm sqm(3) ~20x the land bank of next largest competitor in country Total GDV(2018 – 2024): US$40.2bn

17

1.7 1.6 0.5 0.6 10.2 9.7 8.6 5.5 2.2 2.2 79% 80% 92% 97% 96% 94% Kuala Lumpur Jakarta Bangkok Manila HCMC Hanoi 92% 89% 81% 84% 85% 89% 90% 93% 97% 96% 96% 83% 90% 77% 76% 74% 77% 83% 88% 94% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Positive Office Macroeconomics Creating Tailwinds for Office Industry in Vietnam

Positive Growth Trajectory Reflected in Steadily Improving Occupancy Rates

Occupancy rate (%)

... Vietnam Continues to Lag in Institutional Grade Real Estate Compared to ASEAN Peers

Estimated size of institutional grade real estate in 2013 (US$bn)

… Supplemented by Improved Perceptions by Companies

Surveyors’ view on business expansion in ASEAN (%)

Even with the Significant Improvements in Supply in Recent Years

HCMC Hanoi

Coupled with the decrease in proportion of Grade C office supply, strong investment from international investors at much tighter cap rates indicate that the Vietnam office cycle is at an inflection point

HCMC and Hanoi lag behind the highest ASEAN peer in total stock by c. 5x 34% 29% 29% 26% 23% 22% 22% 18% 12% 5% Vietnam Myanmar Indonesia Thailand Cambodia Malaysia Philippines Singapore Laos Brunei

Source: Savills.

241 189 89 84 48 21 Singapore Indonesia Thailand Malaysia Philippines Vietnam

Occupancy (%) 2020’s Supply (mm sqm)

• Increasing proportion of foreign tenants in

Hanoi from 46% to 55%

• Growing number of Fortune 500 companies

setting up offices in Vietnam – 2015: Apple in HCMC, General Electric in Hanoi and HCMC

54% 45% 13% 13% 1% 4% 4% 12% 6% 7% 5% 6% 6% 5% 3% 2% 9% 6% 2014 2017 Others Singapore EU UK USA Korea China Japan Vietnam

Others 46% Others 55%

Vietnam’s institutional grade real estate has significant room to grow

Tenant Mix by Country (%)

4

Total Supply (mm sqm)

18

Exposure to High Quality Recurring-income Office Properties 4

Source: Savills. Note: (1) 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 in 2017 (mm sqm) Total GFA / Number of Operational Offices

Manila Kuala Lumpur Bangkok Hanoi HCMC Jakarta

10.2 8.6

1.6 1.7

5.5 9.7

Office Property: Dong Khoi

• HCMC and Hanoi total office

supply is less than 20% of regional markets

• Large development potential

exists for Vinhomes

Property Dong Khoi Location Ho Chi Minh City Equity Stake 100% Valuation US$375mm(1) Description

• Situated in the most prime location in District 1

– the heart of Ho Chi Minh City

• Series of comprehensive in-house utilities

98 999 2 9 2017A 2018E 2019E 2020E 2021E 2022E Total GFA ('000 sqm) No of Operational Offices

Target to grow GFA by at least c. 10x by 2022E

19

 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 5

 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

31.2% 24.1% 16.7% 15.4% 14.2% Vinhomes Land & Houses Novaland Ayala land BSD

After-Market Service Offering Captures Customer & Enhances Loyalty to Vinhomes



Unique Selling Strategies De-risk Development Outlays



Effective Cost and Quality Controls to Maintain Margins



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 (x)

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 2017 (IFRS Audited Consolidated FS for 2016 and 2017). (3) Calculated based on 2017 PATMI / average shareholder's equity of 2016 and 2017. (4) Calculated as 2017 adjusted PATMI divided by average total equity attributable to Vinhomes JSC (IFRS Audited Consolidated FS for 2016 and 2017). (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  Vincom Construction, one of the largest construction management firms in Vietnam  Ability to control costs, quality and deadlines to ensure efficient delivery of superior quality properties Return-on-Equity(3) (%)

0.39x 0.36x 0.33x 0.25x 0.20x Vinhomes Land & Houses Novaland Ayala Land BSD

(2) (4)

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

20

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 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

6 Institutional Level Corporate Governance          

No conflict of interest in decision making No direct competition with Vingroup Clear distinction of scope for Vinhomes Fair market practices

21

Experienced Management Team and Robust Corporate Governance 6

Board of Directors Management Team

Committed to robust corporate governance standards in line with global best practices Senior leadership with significant depth of experience and pedigree Proven on-the-grounds management team supporting nation-wide

• perations

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 18 – 19 years of experience

Cao Thi Ha An Non-Executive Director

 >27 years experience  Business Development Director at Vingroup since 2016  Previously Deputy CEO and Director

• f 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 Advisory

Pham Nhat Vuong Chairman and Non- Executive Director

 >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  CEO of Vingroup  Previously Chairman and CEO of Board

• f Directors at Vinmec

Nguyen Dieu Linh CEO

 As above  >10 years with Vingroup  Currently in charge of customer services for Vinhomes

Phi Thi Thuc Nga Dy CEO Customer services

 >15 years experience in financial services  Appointed Deputy Chief Executive of Finance and Investment of Vinhomes in 2018  Chartered Accountant

Douglas Farrell Dy CEO Finance and Investment

 >15 years with Vingroup  >20 years experience  Project Development Director of Vingroup since 2005  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

• f Marketing Department at Syrena

Nguyen Ngoc Thuy Linh Dy CEO Operations

 >4 years with Vingroup  >10 years experience  Previously Sales and Marketing 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 since 2008, previously Deputy CEO of Vingroup  >10 years with Vingroup  Previously held directorship in Vincom Security since 2013

Nguyen Van Trai Dy CEO Security, Safety and Fire Prevention

22

Financial Highlights

where happiness lives

9M 2018 Discussion

24

Vinhomes Projects (Consolidated) BCC Projects (Equity Accounting)

Revenue

• Total amount: VND20.3 tn
• Key contributors:

− Vinhomes Green Bay (VND6.6 tn) − Vinhomes Central Park (VND5.5 tn) − Vinhomes Golden River (VND4.3 tn)(1)

• Total amount: VND30.4 tn
• Key contributors:

− Vinhomes Golden River(1) (VND14.2 tn) − Vinhomes The Harmony (VND11.2 tn) − Vinhomes Imperia (VND4.3 tn)

• Gross profit: VND6.8 tn
• Gross profit margin: 33.6%
• Gross profit: VND9.8 tn
• Gross profit margin: 32.4%
• Profit before tax was VND15.1 tn, ▲137% yoy, in which VND8.085 tn was from Vinhomes

projects and VND7.016 tn was from BCC projects

• VND 2.0 tn gain from transfers of the Vinhomes Lotus project
• Consolidated profit after tax was VND12.2 tn, ▲143% yoy
• Consolidated PATMI was VND11.887 tn
• Total number of units: 8,800 units
• Bookings: VND28.2 tn
• Cash collected/deposited: VND22.8 tn
• Unbilled bookings: VND44.4 tn
• Total number of units: 1,400 units
• Bookings: VND12.3 tn
• Cash collected/deposited: VND13.0 tn
• Unbilled bookings: VND8.7 tn

Gross Profit & Margin(2) Profit Before Tax YTD Bookings(3)

1 2 3 4

Notes: Based on Vinhomes JSC VAS 9M 2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS 9M 2017 pro-forma consolidated unaudited financial statements prepared by management (1) Vinhomes Golden River was consolidated into Vinhomes in June 2018. Prior to June 2018, Vinhomes recognized BCC distribution from Vinhomes Golden River as finance income. (2) Represents gross profit of property sales only. (3) Estimated pre-sale under SPAs and pre-sale bookings under deposits. Figures including Vinhomes West Point (Hanoi), Vinhomes Star City Thanh Hoa, Vinhomes New Center (Ha Tinh), and VinCity Ocean Park (Hanoi), and 10 other existing launched projects; # unit rounded to nearest ‘00. As of November 30, 2018

Financial Performance 9M 2018 (Vinhomes Projects & BCC Projects)

25

Figures in VND bn The Harmony (Hanoi, low-rise) Imperia (Hai Phong, low-rise) Dragon Bay (Quang Ninh, low-rise) Golden River (HCMC, mixed) Total BCC projects Revenue 11,204 4,334 622 14,202 30,361 Cost of Sale (7,240) (2,746) (247) (10,283) (20,517) Gross Profit 3,964 1,587 375 3,918 9,845 % Margin 35.4% 36.6% 60.2% 27.6% 32.2% SG&A (999) (352) (48) (1,007) (2,406) Other incomes & costs (356)

• 4

(351) PBT 2,609 1,235 327 2,915 7,087 PBT to Vinhomes (99%) 2,583 1,223 324 2,886 7,016 Figures in VND bn 9M 2018 VHM 9M 2018 BCC Projects Gains from project transfer Total Adjusted 9M 2018 Sale of Inventory Properties 20,329 30,361 2,005 52,695 Other Revenue 2,077

• 2,077

Total Revenue 22,405 30,361 2,005 54,772 Cost of Sale (15,414) (20,517)

• (35,931)

Gross Profit 6,991 9,845 2,005 18,841 Profit sharing from BCC projects 7,016

• 7,016

Operating Profit / (Loss) 15,020

• 15,020

Profit / (Loss) before Tax 15,101

• 15,101

Profit / (Loss) for the Period 12,196

• 12,196

Profit / (Loss) after Tax and Minority Interest 11,887

• 11,887

Summary BCC Project Performance and Reconciliation Adding Performance of BCC and Transfer Projects into Vinhomes P&L Assuming Full Consolidation

Note: Based on Vinhomes JSC VAS 9M 2018 consolidated unaudited financial statements and management accounts of the four BCC projects

Financial Performance 9M 2018 vs 9M 2017

26

Figures in VND bn 9M 2017 (Proforma)(1) 9M 2018 (Actual) Change (%) Key Commentary Sale of Inventory Properties 18,882 20,329 ▲8%

• 9M 2018 revenue are mostly from Green Bay, Central Park

and Golden River, whilst 9M 2017 revenue were mostly from Times City Park Hill and Central Park

Other Revenue 420 2,077 ▲395% Total Revenue 19,302 22,405 ▲16% Gross Profit 7,390 6,991 ▼-15% % Margin 38.3% 31.2% ▼-708 bps

• Drop in gross profit margin due to increase in deliveries of

units with less favorable facings in Vinhomes Green Bay, Vinhomes Central Park, lower priced units in Golden River and limited gross margin from advisory projects (e.g. Vinhomes Thang Long)

Profit sharing from BCC projects 685 7,016 ▲924%

• Significant increase contributed from Imperia, Harmony,

Golden River handover in 2018 (which were not delivered in 9M 2017)

Operating Profit / (Loss) 5,798 15,020 ▲159% Profit / (Loss) before Tax 6,114 15,101 ▲147% Profit / (Loss) for the Period 4,978 12,196 ▲145% Profit / (Loss) after Tax and Minority Interest 4,884 11,887 ▲143%

Note: Based on Vinhomes JSC VAS 9M 2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS 9M 2017 pro-forma consolidated unaudited financial statements. (1) Pro forma adjusted for the merger and restructuring to form Vinhomes JSC from Hanoi Southern JSC and other entities including certain subsidiaries of Vingroup JSC which occurred during 4Q2017 and 1Q2018.

Financial Performance

978 2,795 2,109 6,114 15,101 2015 2016 2017 9M2017 9M2018 795 1,649 1,410 4,884 11,887 2015 2016 2017 9M2017 9M2018

27

Profit before Tax Profit after Tax and Minority Interest

VND bn VND bn

3,929 9,339 12,780 18,882 20,329 161 133 263 282 831 1,745 2,254 138 2,077 4,920 11,217 15,297 19,302 22,405 2015 2016 2017 9M2017 9M2018 Sale of Inventory Properties Leasing of Investment Properties Others

(1)

1,395 4,101 4,281 7,278 6,828

6 (3) (12) 18 123

356 898 94 163 1,401 4,454 5,167 7,390 6,991 2015 2016 2017 9M2017 9M2018 Sale of Inventory Properties Leasing of Investment Properties Others 33.6% 33.5% 35.5% 19.1%

• 4.6%

3.7% Margin Margin for Sale of Inventory Margin for Leasing of Investment Properties

Total Revenue Gross Profit and Gross Profit Margin

43.9%

• 1.9%

38.5% 6.4%

VND bn VND bn

Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 9M 2018. 9M 2017 is pro-forma consolidated unaudited financial statements prepared by management. (1) Includes revenue from retail outlets, entertainment, healthcare services, real estate management services and others

3,890 9,157 15,327 41,597 975 2,802 1,562 12,684 31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18 Total Borrowings

VND bn

Total Assets Inventory

VND bn VND bn

Total Cash & Cash Equivalents(1) and Total Borrowings

VND bn

Total Equity

7,129 9,549 10,124 46,275 31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18 6,146 8,475 17,006 38,316 31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18

28

12,377 16,492 44,421 107,649 12,930 21,029 6,883 30,546 25,307 37,521 51,304 138,195 31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18 Current Assets Non-current Assets

Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 9M 2018 (1) Cash and cash equivalents includes short-term investments and adjusted for one-off receivables which have been collected before the issue of the 30.09.2018 FS and deposits in segregated account. (2) Due to consolidation and establishment of Vinhomes JSC. (1) (1) (1) (2)

Balance Sheet Overview

10.6 10.4 9M2017 9M2018 28% 23% 31-Dec-17 30-Sep-18

Net Debt(1) / (Total Assets – Cash & Cash Equivalent) Net Debt(1) / Equity

136% 62% 31-Dec-17 30-Sep-18

Times

Interest Coverage Ratio(2) Total Debt / Total Assets

30% 30% 31-Dec-17 30-Sep-18

29

Notes: Based on VAS Unaudited Consolidated Financial Statements for 9M 2018 (1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investment). (2) Interest Coverage Ratio =EBIT/ Interest Expenses. 9M 2017 number is based on pro-forma consolidated unaudited financial statements prepared by management

Key Credit Metrics

Appendix

where happiness lives

Low Risk Capital Effective Business Model

Preparation of Site for Construction Unit Construction Preparation

• f Projects

Marketing Process Commence Execute Purchase Confirmation Handover Pre-sales

Vinhomes Property Development Business Model and Payment Schedule

Strong Management of Default Risk  Majority of units are pre-sold immediately after land clearance has completed and project construction has broken ground  Presale customers required to make down payment of approximately 30% of total purchase price (for Vinhomes properties) or 10% (for VinCity properties)  Upfront payments from majority Vinhomes customers, typically c.70% of total purchase price when sales contract is signed(1)  95% of purchase price must be paid before being issued the land use right certificate (LURC)  Full payment will be collected thereafter Construction Completion and Handover Collection of cash based on the construction process (totaling up to 70%

• f purchase price)

Note: (1) Based on sales of launched projects through 31 December 2017.

31

Vinhomes Typical Competitor Project(5)

Case Study: Vinhomes vs. Competition Vinhomes Golden River Typical Competitor Project(6)

Land Acquisition / Developing Master Plan T Construction Commencement T + 10 months Construction Completion Expected: T + 34 months Delivery of Units Expected: T + 36 months Total Time from Land Acquisition to Pre-sales

c.13 months

Total Development Time

22 – 26 months

Pre-sale Commencement T + 13 months

Vinhomes Golden River

Land Acquisition / Developing Master Plan T Construction Commencement T + 6 months Construction Completion T + 13 months Delivery of Units T + 21 months Total Time from Land Acquisition to Pre-sales

• c. 7 months

Total Development Time

• c. 15 months

Pre-sale Commencement T + 7 months

Case Study: Vinhomes’ Superior Execution vs. Competitors

Source: CBRE. Notes: (1) Represents average incremental units sold every quarter from the launch date to 30 June 2018 for Vinhomes Golden River, and 31 Dec 2017 for other projects. (2) Represents percentage of development pre-sold as at 30 June 2018 for Vinhomes Golden River, and 31 Dec 2017 for other projects. (3) Average selling price of units based on Net Saleable Area. (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 Quarter(1) Sold Rate (2) Price (US$ psm)

(3)

• No. of

Units(4) Integrated Ecosystem(5) Vinhomes Golden River Jun 2016 319 93% 4,295 2,741 Sunwah Pearl 2Q2017 285 64% 2,317 1,337 Opal Pearl 4Q2016 36 100% 1,869 180 Empire City 4Q2016 180 98% 3,100 982 City Garden (Phase 2) 4Q2015 57 95% 2,460 478

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

• Faster time-to-market driving strong IRRs
• Premium brand status driving customer demand
• Unique integrated ecosystem offering of

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



32

• In Hanoi, Vinhomes’ projects can achieve a

much higher ASP

• VinCity Ocean Park able to sell at a premium

due to:

− Reputation of Vinhomes as a developer − Scale / amenities − Construction quality

15% higher ASP than peers(1)

33

VinCity well poised for future growth given unrivalled brand equity and positive spill-over effects

VinCity Ocean Park Ecopark – Palm Forest Ecopark – AquaBay Hanoi Garden – Canal Park Northern Diamond Gamuda – Zen Residence Unit Size (sqm / unit)

• 28 - 76

(1 - 3 BRs)

• 71 - 91

(2 - 3 BRs)

• 47 - 109

(1 - 3 BRs)

• 86 - 184

(2 - 3 BRs)

• 94 – 107
• 52 - 106

(1 - 3 BRs) ASP (US$ / sqm)

• 906
• 1,004
• 773
• 1,124
• 1,167

Developer

• Vinhomes
• Vihajico
• Vihajico
• Berjaya –

Handico12

• Incomex
• Gamuda

Land Other Factors as Compared to Vinhomes Location, Accessibility, Infrastructure

• ▼
• ▼
• ▲
• ▲
• ▲

Developer

• ▼
• ▼
• ▼
• ▼
• ▼

Scale / Amenities

• ▼
• ▼
• ▼
• ▼
• ▼

Construction Quality

• ▼
• ▼
• Unit Size
• ▲
• ▲
• ▲
• ▲
• ▲

Management Company

• ▼
• ▼
• ▼

VinCity Properties Command a Premium Over Comparable Hanoi Projects … Validated through Assessment by International Experts

1

10 – 15% higher ASP than peers(1)

1

Source: Company, Int’l Broker #1, Int’l Broker #2 (names to be revealed subject to clearance) Note: (1) Refers to surrounding comparable projects.

• Unrivalled brand equity driving steady customer demand
• Unique integrated ecosystem offering of complementary suite of amenities / facilities

 

Int’l Broker #1 Int’l Broker #2

Case Study: VinCity Competitive Positioning

Headquarters: No.7, Bang Lang 1, Vinhomes Riverside, Viet Hung Ward, Long Bien District, Hanoi, Vietnam Tel: +84 (24) 3974 9999 ext. 9759 Website: http://ir.vinhomes.vn/en Fax: +84 (24) 3974 8888 E-mail: ir@vinhomes.vn

Investor Relations Department

where happiness lives