JOINT STOCK COMPANY

Corporate Presentation
May 2020
Important Notice
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 Vingroup 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 of 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, other 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
Vision and Values
Vision Values
Vingroup aims to develop into a leading Technology – Industry – CREDIBILITY INTEGRITY CREATIVITY
Services group in the region. We will continuously innovate,
create sustainable ecosystems of quality products and services,
SPEED EXCELLENCE COMPASSION
to improve the lives of the Vietnamese people, and elevate the
position of Vietnamese brands globally.

3
Comprehensive Ecosystem of Dominant Businesses Addressing
All Consumer Needs
Vingroup’s suite of offerings effectively captures the entire Vietnamese consumer’s wallet

Residential Housing(1) 17% Hospitality and Entertainment(3) 15% Retail Mall(4) 19%

● Vinhomes luxury, high-end and mid- ● Vinpearl premium resorts and hotels, ● Vincom “all-in-one” shopping,
range integrated residential properties high-end amusement parks and world- entertainment and dining malls
with comprehensive facilities class golf courses ― 79 retail malls operational
― 121,900 residential units sold(2) ― 16,800 rooms of hotels and beach
villas operational

Transportation 11% Consumer Retail(4)(5) 19%

2019A
● VinFast’s e-motorcycles and ● VinMart supermarkets, VinMart+
automobiles are designed and Vietnam minimarts and convenience stores
manufactured to international standards Household 96% 4% ― 2,866 VinMart+ stores, 134 VinMart
― Delivered 5,230 cars and 10,100 Spending supermarkets
electric scooters in 1Q2020
US$176bn

Communication 3% Healthcare 5% Education 5%

● VinSmart advanced technology and ● Vinmec international hospitals and ● Vinschool’s high-quality K-12 school
smart devices clinics system
― 12 smartphone models launched to- ― 7 hospitals, 5 clinics ● VinUniversity’s advanced higher
date education(6)
― Sold 456,000 smartphones in ― 32 schools operational
1Q2020

Refer to share of 2019A Vietnam household spending

Source: Oxford Economics, Company information.
Note: Company data as of 31 March 2020.
(1) Consists of spending on housing, utilities, furnishing, equipment and home spending. (2) Based on total number of residential units sold by Vinhomes from 2010 to 2017 as a business line of Vingroup and 2018, 2019 and 1Q2020 as an entity. 4
Includes units developable under block sale. (3) Consists of hotels, restaurants, recreation and culture spending. (4) Refers to the total spending on food, non-alcoholic drinks, alcoholic drinks, tobacco, clothing and footwear. (5) Non-controlling
interest in a subsidiary of Masan Group which owns Masan Consumer Holdings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of grocery retail stores (6)
Enrolment to start in 2020.
Largest Consumer-Centric Ecosystem in Vietnam

 Largest listed company in Vietnam with a market

capitalization of US$14.0bn(1)
● Subsidiaries, Vinhomes and Vincom Retail are the
3rd(1) and 13th(1) largest listed companies

 Among the most profitable non state-owned companies

in Vietnam
● Top 2 highest profit before tax amongst listed
companies: US$673mm(2) (only after Vinhomes)
● Vietnam’s Top 10 Largest Businesses by Vietnam
Report

 Largest consumer-centric ecosystem in Vietnam with

US$17.5bn(3) of assets spanning real estate,
consumer, Industry and technology

 Vingroup is an essential part of Vietnam economy

● Vingroup’s consolidated revenue(2) accounts for
2.2% of Vietnam’s total GDP in 2019
● Vingroup’s listed entities(1) account for 22% of total
/
market capitalization on the Ho Chi Minh Stock
Exchange
● The largest private Vietnamese employer with
approximately 51,100 employees(4)

DIGITAL PLATFORM

CUSTOMERS . DATA . TECHNOLOGY

Source: Company filings, Ho Chi Minh Stock Exchange website.
Note: USDVND exchange rate of 23,230 as of 31 Dec 2019 and 23,460 as of 15 May 2020. 5
(1) As of 15 May 2020. Ranking based on Ho Chi Minh Stock Exchange
(2) Based on 2019 VAS financials
(3) Total assets as of 31 March 2020 based on VAS financials
(4) As of 31 Dec 2019
Track Record of Developing New Businesses into Market
Leaders
US$8.2bn raised through 18 transactions
since 2013, of which US$4.5bn was in equity
Total Assets (US$bn)(1)
Position

(2)
Residential

Real Estate
1993 – 2006 Retail Malls
(3)

● 1993 – Technocom was set up

● 2000 – Technocom-Vingroup returned to Vietnam
● 2001 – Vinpearl Launch
(4)
● 2002 – Vincom Launch Hospitality and Entertainment
● 2003 – 1st Vinpearl Hospitality Development (Resort Nha Trang)
● 2004 – 1st Vincom Center (Ba Trieu)
● 2006 – 1st VinpearlLand (Nha Trang)
Automobiles Pioneer
17.5

Industrials
17.4

13.7 Smart Devices 3 (5)

11.0
Hospitals and (6)
8.7 Clinics

6.9

Services
K-12 Schools and University (7)
4.6
4.1
3.3
2.5
1.7 Supermarkets/ Minimarts/
0.9 (8)
0.1 0.3 Convenience Stores

1993 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mar-20

US$17.5bn in total assets (c.175x increase since 2007)

Source: Financial information as of 31 March 2020.

(1) Total assets from 2009 to 2018 based on IFRS financials, while total assets from 2007 to 2008, 2019 and 1Q2020 based on VAS financials. USDVND exchange rate of 23,660 as at 31 March 2020. (2) Based on cumulative units sold in 2016 –
2019 across all segments in the residential markets of HCMC and Hanoi, only includes retail sales, according to CBRE, as of 31 December 2019. (3) Based on Vincom’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping
malls in Hanoi and HCMC as of June 2019. (4) Based on number of rooms in 5-star hotels and resorts in the cities that Vinpearl’s brands are present by Vietnamtourism.gov.vn, data collected in July 2019. (5) Based on market share in the 4th week of
March 2020 (GfK report), after 15 months since the launch of the first smartphone model. (6) Vinmec hospitals were ranked among Top 1 or Top 2 on quality indicators that are set and assessed annually by the Ministry of Health. (7) Based on total
6
number of kindergarten to high school students in selected private and international schools in Hanoi and HCMC in June 2019. (8) Based on store count market share of minimarts and hyper/ supermarkets, according to McKinsey, as of April 2019.
Our Transformation
Vingroup continues to build on its dominance in Vietnam’s consumer ecosystem, while growing its Manufacturing
Industry and and
Technology segments to expand its global footprint

1993 – 2011 2012 – CURRENT 2016 – CURRENT

Integrated Real Estate Developing a Leapfrog into Industry and

Developer and Operator Consumer Ecosystem Technology

Automobiles

Customer Base Platform

Smart Devices

Healthcare Technology R&D and IT

Solution Development

Education
Residential

(1)
Consumer Retail
Retail Malls
Preserving the
start-up mindset
Hospitality and
Entertainment

The Vingroup Strategy

Continue to cement market leading position of Vingroup’s Leverage on ecosystem to anchor leading positions Rapidly scale and develop manufacturing and
core real estate platform across consumer businesses technological capabilities to expand footprint globally

7
Source: Company Information
(1) Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings (consumer products) and VinCommerce (retail)
Developing Modern Industry Technology and Innovation
Capabilities to Bring Vingroup into the
to Drive Vingroup’s Global Future
Expansion
Global technology and manufacturing leaders
Robust Macroeconomic Tailwinds have already migrated operations into Vietnam

High Foreign Direct

Among the Highest
Investment – US$38.2
Proportion of Young
billion in 2019, having
Workforce in ASEAN
grown at a CAGR of
– 69.2% of population(2)

Technology & Innovation

12.9% since 2012(1)

Industry
Rapidly Increasing
Solid Education – Urbanization – 37%
Literacy rate of 95%(3) living in cities
(40% by 2025E)

Business Units Business Units

● Technology R&D and IT Solution Development
● Automobiles
● Smart Devices

Key Rationale Key Rationale

● Utilize technology to unlock value from customer data
● Leveraging Vietnam as an industrial hub
and ecosystem
● Large active and young workforce
● Integrate technology into existing business to improve
● Low manufacturing cost efficiency and decision making
● Supportive government and political stability ● Develop new innovations to provide an advantage to
● Substantial and growing domestic market our business
● Strategically located for global distribution ● Explore potential new revenue sources

Source: Company information, General Statistics Office of Vietnam, Oxford Economics.

(1) Based on total registered capital invested into projects licensed during the period. Data from the Ministry of Planning and Investment.
(2) Defined as population between age 15-64. 8
(3) Based on percentage of literate population at 15 years of age. Data from the General Statistics Office of Vietnam.
Corporate Structure
US$14.0bn (1)

REAL ESTATE INDUSTRIALS & TECHNOLOGY SERVICES

US$10.0bn (1)
73.7% 51.2% 100%
Automobiles Hospitals and Clinics
Residential

US$2.3bn (1)

60.3% 62.0% 100%

Retail Malls Smart Devices Education

non- (2)
100.0% Hospitality and 80.0% Technology R&D and IT controlling
Entertainment Solution Development Consumer Retail

51.2%
Customer Base Platform

Entities listed on HOSE

Source: HOSE. Company information as of 31 March 2020
Note: All shareholding percentages presented are based on Vingroup’s effective interest.
9
(1) Indicates market capitalization of the listed entity as of 15 May 2020. USDVND exchange rate of 23,460.
(2) Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of
grocery retail stores
Key Investment Highlights

01 Largest Ecosystem in
Vietnam with Market
Leadership Across Multiple
02 Dominant Integrated Real
Estate Developer, Owner and
Operator
03 Favourable Macro-economic
Trends to Drive Vietnam’s
Consumption Growth
Businesses

04 Proven Track Record

of Developing
Vietnamese Brands of
05 Visionary Management
with Vast Experience and
High Standards of
06 Diversified Funding Profile
with Proven Access to
Multiple Sources of Capital
Scale Corporate Governance

10
Key Investment Highlights

Largest Ecosystem in Vietnam with Market Leadership Across Multiple

01 Businesses

11
01 Largest Ecosystem Comprising of Multiple Market Leaders
Launched In One Year After Launch Today(1) Position

2008 ~200 units sold 121,900 units sold(2)

Real Estate
2004 1 mall 79 operational malls

2003 533 rooms 16,800 rooms

The 2018-2019 (3) N/A

5,230 cars and 10,100 electric
Pioneer
Industrials

scooters delivered in 1Q2020

Vingroup 2018 N/A

456,000 smartphones sold in
1Q2020 3
Ecosystem
2012 1 hospital 7 hospitals and 5 clinics
Services

2013 1 school 32 schools

(4)

207 VinMart+ stores; 48 VinMart 2,866 VinMart+ stores; 134

2014
supermarkets VinMart supermarkets

Source: CBRE, Collliers.

(1) Information as of 31 March 2020, unless otherwise stated
(2) Based on total number of residential units sold by Vinhomes from 2010 to 2017 as a business line of Vingroup and 2018, 2019 and 1Q2020 as an entity. Includes units developable under block sale transactions. 12
(3) E-motorcycles were launched in 2018 and automobiles were first delivered in 2019.
(4) Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of
grocery retail stores
Ecosystem Powered by Vietnam’s Largest Customer Loyalty
Program
01 Attracting Users and Keeping Them Engaged
(Millions of registered users)
50

9
6
4
2

2016 2017 2018 2019 2025E

(1)
02 Transforming VinID into a Customer Base Platform

Grocery Transport Hospitality & FinTech

Entertainment

(2)
9.6mm members

03 Extending Platform to Our Strategic Partners

External parties

(>8m customers)
(>7m customers)
Healthcare
Real Estate Education

Vingroup Agriculture
(>2m customers) Smart Device Ecosystem
(>2m customers)

Commerce Automobiles

Hospitality
(>50m users)

(>50m customers)
(>10m customers)

13
Source: Company information as of 31 March 2020, unless otherwise stated.
(1) Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings and VinCommerce
(2) As of 31 Mar 2020
Key Investment Highlights

Dominant Integrated Real Estate Developer,

02 Owner and Operator

14
02 Dominant Integrated Real Estate Developer, Owner and
Operator
Unrivalled nation-wide land bank to support Vingroup’s growth and sustainability

HOSPITALITY AND
RESIDENTIAL, OFFICE AND INDUSTRIAL RETAIL MALLS ENTERTAINMENT

RESIDENTIAL
165mm US$22.9bn US$3.4bn 79 16,800
sqm of residential Addressable market(2) Unbilled bookings Operational malls Total rooms in hotels
land bank(1) and beach villas

OFFICE FOR LEASE

120,000 96% 5.2mm ~1.6mm 17

sqm of office NLA(3) Occupancy rate sqm of office NLA(3) sqm of Retail GFA Key tourist destinations
in operation by the end of 2035 across Vietnam

INDUSTRIAL REAL ESTATE

22.1mm 6.9mm 43 out of 63 45
Cities and provinces Projects under
sqm of NSA(4) sqm of NLA(3)
covered in Vietnam operation(5)
in pipeline for sale in pipeline for lease

Well-diversified coverage of real estate segments across Vietnam

Source: CBRE. Company information as of 31 March 2020. unless otherwise stated.

Note: USDVND exchange rate of 23,660 as of 31 March 2020.
(1) As of 31 December 2019
(2) For condominium market only; based on CBRE condominium demand model and annual condominium demand of c.186,040 units in 2022E at an assumed price of US$127,000 per unit. 15
(3) Represents net leasable area
(4) Represents net saleable area for the project’s lifetime
(5) Including four Vinpearl Golf courses, four VinWonders amusement parks, two Safaris and two F&B and ancillary entertainment service areas
02 Vinhomes: Dominant Residential Platform

01 Largest Land Bank Delivers Sustainable Growth 02 Superior Returns

Land bank(1) (mm sqm) Return-on-Equity(2)(%)

Vinhomes 38.8%
165
Land & Houses 19.1%

~20x the land bank of our next

largest competitors
Ayala Land 15.7%

7 7 5
Novaland 15.4%
Vinhomes Novaland Nam Long Khang Dien
BSD 9.6%

03 Unparalleled Execution Capabilities 04 Diversified Product Offerings

Land  Ability to secure the best land banks in Vietnam
Acquisition ● Total addressable market of US$22.9bn(3)

Average Selling Prices (US$ / sqm)(5)

per annum
Master  Master planning capabilities and integrated developments
Planning and
Design
Land  Accelerated land clearance process (9-12 months) Diamond – Luxury apartment 1.3% Luxury
Clearance units that offer the most privileged 0.4mm > US$4.0k
living standard Households
Infrastructure  Vingroup ecosystem of retail malls, schools, hospitals, etc.
and Ecosystem Ruby – High-end apartments High-end
for young affluent families 4.4% US$2.0k – $4.0k
1.2mm Households
Sales and  High take up rates during presales with high % of upfront payments
Marketing
Sapphire – Modern
apartment units catered Mid-end
Quality Control  In-house construction management, ability to control costs, quality 19.4%
US$1.0k – 2.0k
and speed for young and savvy 5.2mm Households

Property  Strong after sales service and management of facilities

Management 44.2% Affordable
12.0mm Households
< US$1.k
Source: Company information
Note:
(1) As of 31 December 2019
(2) Refers to net profit after minority interests divided by shareholder’s equity in 2019.
(3) For condominium market only; based on CBRE condominium demand model and annual condominium demand of c.186,000 units in 2022F at an assumed price of US$127,000 per unit. 16
(4) JLL report as of March 2018. Percentages shown exclude 30.8% of households within the segment of household below affordable. 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.
Enhancing Value-Added Services and Explore New Businesses
to Increase Company Value

Direct Sales Model and

Online Platform to Improve operational
replace Agency model efficiency across the value
at Mega projects to chain, enhance Vinhomes
improve transparency growth potentials and
and customer care increase company value

Maximize income To invest in industrial real

streams by offering estate to capitalize on the
additional ancillary attractive sector tailwinds
products, and value- and grow Vinhomes’
added services recurring income portfolio
Create stable income To continue on the path
for homebuyers by of digital transformation:
actively offering rental centralized data
and sub-leasing processing and
management services Continue to grow management centers for
Vinhomes’ land bank, each smart city project, to
launch and develop use Building Information
projects on schedule Modelling in design and
to use online platform for
home sales

17
Expansion into Industrial Real Estate to Capitalize on the
Attractive Sector Tailwinds
01 Leveraging Vinhomes’ Expertise in Sourcing/ Acquiring Land 02 Additional Pillar of Vinhomes’ Medium Term Strategy to
as well as Real Estate Development Diversify and Increase Recurring Revenue and Provide More
Avenues for Capital Recycling

Vinhomes’ Superior Industrial Real Estate End-to-end Value Diversification Across the 3 Segments
Chain

 Access to industrial park land bank through

Vingroup, VinFast and VinSmart
Land Residential
Acquisition
 Experience in master planning for integrated
projects such as Hanoi, Hai Phong, Quang
Master Ninh, Ho Chi Minh City (Can Gio) and Phu
Planning and
Design Quoc
 Synergy with VinFast/VinSmart – ecosystem of Office
industrial and smart device manufacturing,
Infrastructure
and suppliers and importers
Ecosystem
 End-to-end construction management capability
Construction to ensure rapid execution and quality control
and  Ability to control costs and deadlines
Quality
Control Industrial
 Ability to identify key anchor tenants based on
experience and in-depth understanding across
Identify verticals
Anchor
Tenants

18
02 Vincom Retail: Largest & Fastest-Growing Retail Mall Platform
Vincom Retail’s dominant position and nationwide scale makes it Vietnam’s “Go-to” platform for international and
established local brands

Retail Consolidates Around the Multi Format Retail Model to Penetrate

01 Dominant Local Landlord 02 Different Markets Across Vietnam 03 Best-in-class Tenant Portfolio

Vincom Vincom Vincom FASHION & BEAUTY

Center Mega Mall Plaza Vincom+
79 ~1.6mm 16% Typical Size
(GFA sqm)
40,000 –
60,000
60,000 –
150,000+
10,000 –
40,000
3,000 –
5,000
Operational sqm of GFA 3y
Malls Retail GFA CAGR(1) Develop- 18 – 24 24+ 12+ 6+
ment
Timeline
(months)

No. of Malls 7 3 54 15 … and many more

NORTH
VIETNAM
Positioning For the For the The family Transforming
shopping modern favorite retail
HANOI F&B AND ENTERTAINMENT
elite lifestyle behavior
19
10 Malls
Located in
prime
Large
lifestyle
Designed
for families
Network of
community
Malls locations in malls living in retail malls in
CENTRAL the central located in and medium-
VIETNAM business the center of around density non-
districts of integrated smaller central
Hanoi and developme- cities and locations in

20 Ho Chi Minh
City
nts or
densely
outside the
central
Hanoi and
Ho Chi Minh
… and many more
Malls populated core of City as well
HO CHI MINH CITY
areas in key large cities as the central
CENTRAL cities core of ANCHOR
13 VIETNAM smaller
towns and
Malls provinces

17
Malls

Source: Company information as of 31 March 2020 unless otherwise stated.

(1) GFA from 2016 to 2019. 19
02 Vinpearl: Leading Integrated Hospitality and Entertainment
Platform in Vietnam
Dominant and Fast Growing Portfolio to
Premium Hospitality Portfolio at Integrated Lodging and Entertainment Capture Domestic and International
01 Vietnam’s Most Coveted Locations 02 Portfolio of 5+ Star Brands 03 Tourism Demands

Distinct product lines a holistic coverage across different (Total number of rooms)
46% Room
Night 68% Total Visitors
Revenue 29% Growth (2) customer segments
Growth(1) Growth(1)

DA NANG
Rooms 2,625 16,782
Young Couples Friends and Couples &
Facilities 7 & Group Family Savvy Travelers 15,986
Lang Quang Ninh
Brands Vinpearl Luxury Son Travelers
present Vinpearl Resort
Ha Nam
VinWonders

6,248
Vinpearl Golf Thanh Hoa
Vinpearl Condotel

6,248
Cua Hoi
5
Ha Tinh
NHA TRANG
Rooms 6,130 Quang
Binh 9,750
Facilities 10
Hue
Brands Vinpearl Luxury
present Vinpearl Resort DA
Vinpearl Discovery NANG

5,868
VinWonders 5
Vinpearl Golf Hoi An 5,975
Vinpearl Condotel

10,534
9,738
RESORTS & HOTELS RESORTS & HOTELS

2,781
NHA 4,029
PHU QUOC TRANG

1,500
Rooms 4,884 Tay Ninh
PHU

3,882
Facilities 9 QUOC

3,194
2,529
Others
Brands Vinpearl Luxury Can Tho
present Vinpearl Resort
Vinpearl Discovery
VinWonders Current projects 2015 2016 2017 2018 2019
Vinpearl Golf
VinOasis
Hotel rooms Beach villa rooms

Source: Company information as of 31 March 2020, unless otherwise stated.

(1) Refers to 2016 – 2019 CAGR. 20
(2) Refers to 2019 growth in total number of visitors.
Key Investment Highlights

Favorable Macro-economic Trends to Drive Vietnam

03 Consumption Growth

21
03 Strong Macro Tailwinds

One of the Highest Private

Fastest Growing Economy Strongest Middle Income Consumption in Southeast …All Set to Drive
01 in Southeast Asia 02 Growth 03 Asia 04 Consumption Growth

Real GDP growth 2019 - 21E CAGR Middle income population(1) growth Private consumption as % of GDP in Disposable income per capita (US$)
(%) 2019 - 21E CAGR (%) 2019

17.0% ?
4.7%
76.5%

VIETNAM
68.2%
68.2% 1,822 1,958 2,148
4.1%

3.6% 59.4% 58.6%

2017A 2018A 2019A Future

48.9%

PHILIPPINES
2,646
2.3%
36.0%

603
6.0%

1990A 2021E

2.1% 2.2%
1.7% 1.8%

THAILAND
4,289

(0.8%) (0.5%)
909

Malaysia
Vietnam
Philippines
Malaysia

Indonesia

Thailand

Singapore
Vietnam
Philippines

Indonesia
Singapore

Thailand
Malaysia

Vietnam
Philippines
Indonesia
Thailand

Singapore

1990A 2021E

Source: Euromonitor, EIU, CEIC. 22

Note: Exchange rates are based on historical exchange rates in respective years as provided by EIU.
(1) Middle income population defined as households with income of more than US$10,000 per annum. 2019 middle income population is an estimate while 2020 and 2021 are forecasts.
03 Targeted Industry Segments Poised for Strong and Sustained
Growth
…Providing Ample Room
Low Car Ownership in …Providing Ample Room Low Mobile Penetration in for Strong Mobile Phone
01 Vietnam… 02 for Strong Future Car Sales 03 Vietnam… 04 Sales

Car ownership per 1,000 people Vietnamese car sales projection Smartphones per household Smartphone sales in Vietnam
(‘000 unit/year) (1) (‘000 units)

34.3x
371
4.0 19,350

790 334
18,790
306

280
2.9 18,206
255
2.6
230
17.4x 17,623

400 1.9 17,036

8.9x 1.4
16,440

204 1.0

23

Malaysia
Vietnam

Philippines
Indonesia

Thailand

Singapore
Vietnam Thailand Developed United 2019A 2020E 2021E 2022E 2023E 2024E 2019A 2020E 2021E 2022E 2023E 2024E
Countries States

Number of times the car ownership in Vietnam

Source: Pew Survey, BMI, Euromonitor. 23

(1) Based on first official transfer of ownership/ registration of a new road motor vehicle with at least four-wheels, designed for the purpose of carrying 9 or fewer passengers (including the driver) and with a gross vehicle weight of less than 3.5
tonnes. Includes saloons, estates, coupes, convertibles, MPVs and SUVs and excludes quad bikes. The transfer is generally from an automotive retailer to a consumer or to a commercial, governmental or non-profit organisation. Measured
in number of vehicles sold.
03 Consumer Spending to Grow across Vingroup’s Key
Consumer Segments

01 Healthcare 02 Education 03 Tourism

Increasing household healthcare Increasing household education Domestic and international tourist
expenditure from aging population spending as more families can afford arrivals increasing at a rapid pace
and rising disposable income quality education
(US$bn) (US$bn) (mm)

International tourists
Total
117.4
6.1 5.1
106.0
21.5
5.5 4.6
95.4
4.9 4.1 20.1
85.4
4.4 3.7 18.8
76.2
4.0 3.3 17.6
67.6
3.5 2.9 16.4

15.2

95.9
85.9
76.6
67.9
59.8
52.5

2019A 2020E 2021E 2022E 2023E 2024E 2019A 2020E 2021E 2022E 2023E 2024E 2019A 2020E 2021E 2022E 2023E 2024E

Vingroup is primed to capitalise on rapid growth in key sectors of Vietnam’s economy

24
Source: BMI, Euromonitor.
Note: US$ to VND exchange rate of 23,250 used.
Key Investment Highlights

04 Proven Track Record of Developing Vietnamese Brands of Scale

25
04 Leading Brand With Mass Recognition
Most Loved and
Respected Brands Best Designs
Brand Finance 2019 International Property Awards 2018
● Vietnam’s Top 50 Most Valuable Brands ● World's Best Property – Vinhomes Riverside
Vietnam Report 2019 Asia Pacific Property Awards
● No.1 in Top 10 Real Estate Developers in Vietnam ● Vietnam’s Best Retail Development (2019) – Vincom Center
Vietnam Tourism Awards 2018 Landmark 81
● Top 10 Five-star Hotels in Vietnam, Vietnam Top Resort ● Best Mixed-Used Development (2019) – Vinhomes Ocean Park
and Best Hospitality Developer in Vietnam ● Vietnam's Best High-Rise Building (2017) – Vinhomes
AUTOBEST 2018 Metropolis
● “A Star is Born” Award ● Vietnam's Best Architectural Building (2017) –
Landmark 81
● Vietnam's Best Mixed-Used Development (2016) –
Vinhomes Central Park

Contribution to a Sustainable Most Successful

Economy Transactions
Forbes Vietnam
● Top 50 Listed Companies (2019) The Asset AAA
● Top 40 Most Valuable Brands in Vietnam (2018) ● Best Vietnam IPO (2018), Best M&A (2018), Best
Forbes Asia 2018 Syndicated Loan (2018), Best Issuer – Corporate
● Asia’s Fab 50 (Southeast Asia – 2018)
Nikkei Asia 300 (2015 – 2017) FinanceAsia
● Top 300 largest and fastest growing businesses in Asia ● IPO of the Year (2018), Best Vietnam Deal (2018),
Standard and Poors 2014 Private Equity Deal (2017)
● Top 100 ASEAN companies
Global Banking & Finance Review 2019
● Best Investor Relations Company in Vietnam

26
04 VinFast is Vietnam’s Only Automobile Brand
VinFast delivered its first e-motorcycles within 15 months from inception and its first cars by Jun 2019

Vietnam’s Largest and Most Advanced Automobile Production Facility Nov 2018
● Launch and delivery of VinFast’s first e-motorcycle model

250,000 E-motorcycles / annum 250,000 Cars / annum

Jun – Dec 2019
● Delivery of 3 car models
● Start of operations at the lithium ion battery factory as part of
a joint venture with LG Chem
● Launch of 2 more e-scooter models targeting the mass
market
● Received ASEAN NCAP 5-star rating for Lux A & Lux SA and
4-star rating for Fadil from ASEAN NCAP
● Introduced new versions of Klara (Klara S), Ludo and Impes
which allow both self-charge at home and battery exchange at
VinFast’s stations

Mar 2020
● Introduce 18 service centers in Vincom Retail’s shopping malls
Strategic Partnership with Industry Leaders
GLOBALLY RENOWNED STRATEGIC PARTNERS

1Q2020 Performance Network

Car: Car:
5,230 units delivered 21 authorized dealers,
1,100 units presold 36 show rooms/workshops(1)
E-VEHICLE RELATED PROJECT PARTNERS
E-scooter: E-scooter:
10,100 units delivered 63 authorized dealers,
6,800 units presold 18 show rooms
27
Source: Company information as of 31 March 2020.
(1) Include the 18 showrooms which are for both cars and e-scooters and include 14 new workshops opened on 13 May.
VinSmart Smart Devices Ecosystem with Vsmart at the Center
01 Started off with Smart Phones
Number of phones sold in 1Q2020: 456,000 Market share: 16.7%
Vsmart Joy 3 broke the daily sales record for the VND 2-3 million Rapidly gained market share in the smartphone market, reaching 16.7% in
smartphone segment by selling 12,000 units within 14 hours the 4th week of March, ranking among top 3 brands (1)
Market share (%) 16.7%
12 Models launched to-date 15.1%
13.9% 13.7%
1st Active 1, Active 1+, Joy 1 and Joy 1+ (Dec 2018)
12.1%
Round 10.6% 10.8% 11.0%

8.1% 8.5%
7.7%
2nd Bee, Star, Joy 2+ and Live (3Q2019) 6.1% 6.2%
Round

3rd Bee 3, Active 3, Joy 3 and Star 3 (Dec 2019 – Feb 2020)
Round
Week Week Week Week Week Week Week Week Week Week Week Week Week
1 2 3 4 5 6 7 8 9 10 11 12 13

BEE 3 ACTIVE 3 JOY 3 STAR 3

January February March

02 Strategic Partnership with Industry Leaders 03 Developing an IoT and Smart Devices Ecosystem
Strategic Technology Partners

Local Distribution Partners

28
Source: Company information as of 31 March 2020.
(1) Market share and ranking according to GfK statistics.
Key Investment Highlights

Visionary Management with Vast Experience and High Standards of

05 Corporate Governance

29
05 Visionary Management With Proven Track Record
Mr. Pham Nhat Vuong
Chairman of the Board of Directors
● Holds a Bachelors Degree in Geological Economic Engineering, graduated from Moscow Geology University in Russia
● Long track record as an entrepreneur both in and out of Vietnam, founded Technocom Limited Company in Ukraine, which was sold to Nestle S.A. in 2010
● Established Vinpearl in 2001 and Vincom in 2002
● Founder and largest single shareholder in Vingroup
● Recognized as Vietnam’s first billionaire by Forbes Magazine (2012), and retained the position as the billionaire with the highest networth in Vietnam since then

Board of Directors

Ms. Pham Thuy Hang Ms. Pham Thu Huong Ms. Nguyen Dieu Linh Mr. Nguyen Viet Quang
Vice Chairwoman Vice Chairwoman Vice Chairwoman Vice Chairman cum CEO

Mr. Le Khac Hiep Mr. Marc Villiers Townsend(1) Mr. Prof. Ling Chung Yee Roy(2) Mr. Park Won Cheol(3)
Vice Chairman cum Independent Member Independent Member Independent Member Member

Senior Management
Ms. Thai Thi Thanh Hai Ms. Le Thi Thu Thuy Ms. Le Mai Lan
● Vice Chairwoman ● Vice Chairwoman ● Vice Chairwoman
● 26+ yrs experience ● 24+ yrs experience ● 23+ yrs experience
● 6+ yrs with Vingroup ● 12+ yrs with Vingroup ● 6+ yrs with Vingroup

Management

Mr. Nguyen Viet Quang Ms. Mai Huong Noi Mr. Pham Van Khuong Mr. Vo Quang Hue
● CEO ● Dy CEO ● Dy CEO ● Dy CEO
● 24+ yrs experience ● 29+ yrs experience ● 37+ yrs experience ● 40+ yrs experience
● 10+ yrs with Vingroup ● 14+ yrs with Vingroup ● 18+ yrs with Vingroup ● 3+ yrs with Vingroup

Ms. Nguyen Thi Diu Ms. Duong Thi Hoan Mr. James B. DeLuca Ms. Anne Pham
● Dy CEO ● Dy CEO ● Dy CEO ● CIO
● 24+ yrs experience ● 21+ yrs experience ● 41+ yrs experience with ● 15+ yrs experience
● 6+ yrs with Vingroup ● 13+ yrs with Vingroup GM as EVP of Global ● 7+ yrs with Vingroup
Manufacturing
● 3+ yrs with Vingroup

Management has an average of 27+ years of experience

Source: Company information as of 31 March 2020. 30
(1) Mr. Marc Villiers Townsend is the Chairman of CBRE Cambodia.
(2) Prof. Ling Chung Yee Roy is the Managing Director of RL Capital Management.
(3) Mr. Park Won Cheol is the member of the Board of Directors, SK Investment Vina II Pte. Ltd.
05 Committed to International Corporate Standards
01 Separate Management Teams for Every Business Segment

Ms. Tran Mai Hoa Ms. Vu Tuyet Hang Ms. Thai Thi Thanh Ms. Le Thi Thu
Mr. Pham Thieu
Hoa CEO CEO Hai Thuy
CEO CEO CEO

● 33+ yrs ● 26+ yrs ● 29+ yrs ● 26+ yrs

experience ● 24+ yrs
experience experience experience
experience
● 17+ yrs with ● 6+ yrs with ● 15+ yrs with ● 6+ yrs with
Vingroup Vingroup Vingroup Vingroup
● 12+ yrs with
Vingroup

Ms. Le Thuy Anh Ms. Phan Ha Thuy Ms. Le Mai Lan

Ms. Nguyen Thi Diu
CEO CEO President
President
● 24+ yrs ● 23+ yrs ● 27+ yrs ● 23+ yrs
experience experience experience experience
● 6+ yrs with ● 9+ yrs with ● 6+ yrs with ● 6+ yrs with
Vingroup Vingroup Vingroup Vingroup

02 Significant Representation from Independent Directors

3 of 9 2 of 6 2 of 6
directors are directors are directors are
independent independent independent(1)

Source: Company information as of 31 March 2020. 31

(1) Including a new independent director to come on board in May to replace the former director stepping down
Key Investment Highlights

Diversified Funding Profile with Proven Access to Multiple Sources of

06 Capital

32
06 Access to Multiple Sources of Capital
International and domestic recognition of Vingroup’s success has led to multiple sources of funding being available to
Vingroup

Private Markets Internal Cashflows Public Markets

Strategic Partners &

Equity Capital Markets
Joint Ventures

Convertible /
Exchangeable Bond
Markets
Sovereign Wealth
Funds & Private Equity

Debt Capital Markets

International
Development Banks
Banks Local Vietnam Bond
Markets

Multiple Banking Partners

Vingroup is continuously exploring alternative sources of capital so as to maintain an optimal capital structure
and efficient overall cost of funds for the Group
Source: Company information as of 31 March 2020. 33
06 Strong Fund Raising Track Record

International Private Equity Strategic Partnership & Equity

Syndicated Loan Investment Investment

US$575mm US$500mm US$1bn

Nov 2019 Sep 2019 May 2019

US$8.2bn
raised through 18 transactions International Loan Exchangeable Bond Convertible Preference Shares
since 2013 Largest EB in South East Asia in the past Issuance
3 years

Vietnam Best M&A 2018

US$360mm US$450mm US$400mm
 Well-developed relationship with leading Mar 2019 Jun & Oct 2018 Aug 2018

domestic banks with repeat loan and bond

issuances
Initial Equity Offering Strategic Investment ECA Credit Facility Guaranteed by

 Deep access to both local and international

Largest ever equity offering in Vietnam
Best Vietnam Deal 2018
US$950mm
October 2018
capital markets Best Frontier Market transaction 2018
Best Vietnam IPO 2018 International Syndicated Loan
US$1.35bn US$853mm US$400mm

 Financial flexibility May 2018 May 2018 Apr 2018

 Low cost of funds

Initial Equity Offering Private Equity International
Largest ever equity offering in Vietnam at Investment Syndicated Loan
time of listing 2013 Real Estate Deal of the Year Vietnam Best Syndicated Loan 2016
Top 10 listed companies on HOSE US$100mm US$300mm
(by mkt cap) Jun 2015 Jul 2016
US$743mm US$200mm US$150mm
Nov 2017 May 2013 Oct 2013

34
Source: Company information as of 31 March 2020, unless otherwise stated.
Technology Driven Growth Strategy

35
VinTech is to Become the Centre of Technological Innovation for
the Group
“Vingroup will become a leading technology company in 10 years” – Chairman Pham Nhat Vuong

Artificial Ventures,
Robotic
Intelligence/ Data Cloud Applied Software
Cyber Security Process Innovation &
Machine Analytics Computing Material Development
Automation Incubator
Learning

● Chatbot systems ● Data analytics to ● Cloud-based ● Security pentest / ● Advanced ● SAP Robotic ● System ● VinTech
save energy and Hospitality audit material research Process Integration Innovation Fund
● Computer Vision/ improve Management laboratories Automation for services for for applied
Smart Cameras customer service solutions ● Defense and Vingroup enterprise research projects
response service software and startups

Source: Company information as of 31 March 2020. 36

 Key Highlights in 2019
01
Products and services

 Developed products for assisting medical imaging diagnostics

 Facial recognition and anti-spoofing features for Vsmart Live phones

 Cyber security defense and protection services, and FIDO2-Certificated authenticator product, a leading security authentication technology

 Successfully developed several applications to enhance productivity and optimize performance, such as computer vision technology, language processing,
construction site management app and digital signature

 Wearable device Vantix-Band and software system for tracking/analysing activities and improving productivity

02 03
Research Sponsorship

 AI and computer vision researches
 Several articles published at leading international conferences
(ICCV 19, NIPS 19 and AAAI Conference on AI 2020)
 Numerous Common Vulnerabilities and Exposures (CVE)
published on National Vulnerability Database of the National Institute
of Technical Standards (US)
 VinAI booth at NIPS in Canada. NIPS is a world-leading AI
conference
 Funded multiple basic science research projects, applied and
start-up research projects and granted 158 masters / PhD
scholarships
 Launched the second round of applied research and start-up
sponsoring program and received 240 applications

37
Source: Company information as of 31 December 2019.
Vietnam is Well Placed to Overcome Any
Headwinds from Covid-19

38
Stable Vietnam Macroeconomic Developments
Vietnam enjoys strong and stable macroeconomic fundamentals which will not only give it considerable flexibility to absorb
any external or fiscal shocks due to Covid-19 impact, but also enable the Government to provide necessary concession or
subsidy to help the companies and its people to withstand the present situation

Vietnam’s exchange rate has been among the most stable in the region Continued strong trade surpluses
(Indexed chart) (Trade surplus, US$ bn)
9.9

6.8

1.6 1.9

2016 2017 2018 2019

Steady growth in foreign exchange reserves Improving fiscal position over the years with falling % of public debt
(Foreign exchange reserves, US$ bn) (Public debt as % of GDP, %)

72.9 50.3
48.4
55.5
49.1
45.9
36.5

42.2

2016 2017 2018 2019 2016 2017 2018 2019

39
Source: FactSet, EIU, public information.
Effective Management of the Covid-19 Situation in Vietnam
Early, decisive, and effective actions by the Government of Vietnam has led to Vietnam being able to start easing social
distancing measures on 23 April 2020

● On 24 January 2020, Vietnam activated the Public Health Emergency Operations Centre to coordinate all information and provide
direction to control the outbreak, immediately after two Covid-19 infection cases in Vietnam were confirmed on 23 January 2020

● Since then, the Government of Vietnam has ordered strict and aggressive application of infection prevention and control measures
since the first confirmed cases

● Vietnam continues to ensure that it is well prepared for a potential increase in demand for healthcare facilities by enhancing the
readiness of its health care facilities and community

● The Government of Vietnam has also implemented various measures aimed at containing the spread of the virus, such as
enforcing social distancing, putting a stop to social events and gatherings of over 20 people, and regular disinfection of public
places such as shopping centers, parks, and tourist areas

● Vingroup has been in compliance with these preventive measures to help minimize the spread of the virus within its facilities /
locations / operations

● On 23 April 2020, the Government of Vietnam eased on social distancing measures

● The Covid-19 situation has been relatively under control with 261,004 tests conducted, 314 confirmed cases in 30 / 63 cities and
provinces, 260 recovered cases and 0 deaths.

Source: WHO, Public information, Vietnam’s Ministry of Health. Information obtained as of 16 May 2020. 40
Supporting Policies by the Government of Vietnam for Corporates
The Government of Vietnam and commercial banks have rolled out a series of measures to help corporates weather the
Covid-19 situation

Initiatives VND trillion USD billion Current status Details

• Value added tax, corporate income tax and land premiums payables will
01 Delaying tax Approved / be deferred for 5 months. As a result, Vingroup will be able to defer
and land fee 180 8.2 Implementation corporate tax payment of VND7.2tn in total
payments commenced
• Real estate developers are included in the list of eligible businesses

• Allowances for people who have become unemployed, are under

02 Support for
Approved / furlough leave and whose family businesses have been impacted by
impacted
62 2.7 Implementation Covid-19
businesses
and workers
commenced • Employers in financial difficulty, but who have continued to pay staff at
least 50% of their salaries will be able borrow at no interest

• More than 10 banks in Vietnam, including the four biggest state-owned

banks, are implementing a credit support package for Vietnamese
03 Preferential enterprises, including extending debt repayment deadlines and
credit by exempting or reducing lending rates (by 0.5 – 1%)
600 27.7 Ongoing
Commercial • Eligible borrowers are enterprises in the less impacted sectors, which
banks need capital for business growth such as agriculture, seafood, medical
services, electricity. Heavily impacted businesses can only borrow if
they can guarantee debt repayment

• Prices for household consumption to be cut by 10% for Threshold 1 to 4

04 Electricity in the escalating pricing schedule
cost subsidy
11 0.48 Under review • Prices for production to be cut by 10% in April, May and June 2020
• Hotels will thus enjoy lower costs (at the prices for production) from
April 2020
41
Source: Public information.
Preliminary Impact Assessment of Covid-19 on Vingroup
Impact assessment
• New supply in HCMC and Hanoi continues to
be a constraint, resulting in steady prices and
helps facilitate our bulk sales strategy
• Vinhomes’ core target market is the more
resilient mid-end segment with stronger
fundamentals due to their “buy-to-live” demand
• Government of Vietnam has cut interest rates,
reducing borrowing costs on mortgages for
buyers
• 2 weeks of construction lock down and 3
weeks of showroom closure
• 5 February – 5 March: Beginning – Footfall
decreased 30% YoY. Tenants’ revenue
decreased 11% - 47% YoY
• 5 March – 27 March: Breakout – Footfall
decreased 54% YoY. Tenants’ revenue
decreased by 46 – 90% YoY
• 28 March – 22 April: Social distancing –
Temporary closure of 79 malls, only VinMart
supermarkets, Medicare, and banks remained
open
• 4 March – Temporary closure of 7 hotels /
resorts
• 21 – 31 March – Temporary closure of another
12 hotels / resorts
• April – All hotels / resorts temporarily closed
to adhere with the social distancing policy
issued by the Government
Source: Company information as of 8 May 2020.
Business initiatives Recovery status
 Increase interaction with potential buyers via Vinhomes TV online  Construction was two months ahead of
channels, Facebook, Viber and other non-traditional channels to boost schedule which allowed for no delays in
pre-sales delivery activity despite the mandatory
 Launch Vinhomes’ online sales platform, enabling tours of projects lockdown in April 2020
and units, interaction with sales staff and placing of orders to take place  Construction was suspended from 3 - 15
online April and resumed from 16 April
 Ongoing negotiations with several prospective bulk sales buyers on  Reopened all show flats from 23 April
projects such as Vinhomes Smart City, Vinhomes Grand Park and
Vinhomes Ocean Park
 Additional promotions in conjunction with VinFast and VinSmart, to help
cross-sell within the Vingroup ecosystem
 VND300bn support package has been spent by Vincom Retail in  Reopened all 79 shopping malls after the
1Q2020 to support tenants and a similar package will be provided in social distancing order was lifted on 23
2Q2020 April
 Connect tenants with online service providers and online  From 23-26 April, average footfall
platforms: Issued 47,814 vouchers via VinID app. Supported 167 stores/ recovered to ~75% of March levels
tenants with online sales, cooperated with 3 partners: OneID, Grabfood, (before mandatory social distancing was
Now implemented)
 Ensure a safe shopping environment for customers with thermal
temperature screening and increased sanitation/ disinfecting measures
 Implement cost saving measures such as reducing overtime pay, utility
costs and advertising/ promotion expenses, deferring constructions and
renovations and deferring VAT, CIT and annual land fee payments
 Revisit plans for new malls openings to ensure financial viability in near-
term
 Implement cost-saving measures:  Reopened 13 hotels and resorts, 2
‒Negotiate with the suppliers on price reduction and payment-term Vinpearl Golf facilities and 2 amusement
extension parks on 28-29 April in time for the 30
April – 3 May vacation
‒ Negotiate with banks on interest rate reduction and repayment
deferral  Reopen an addition of 9 hotels and
resorts and the remaining Vinpearl Golf
‒ Suspend outsourced services such as medical and entertainment
facilities and amusement parks by the
services
end of May
‒ Minimize administrative expenses
 Assist customers to reschedule their bookings
 Integrate Vinpearl and agents’ booking systems to accelerate
booking processes when the situation improves
 Working on post-impact promotional packages with all three domestic
airlines in anticipation of pent-up demand for domestic tourism
42
Preliminary Impact Assessment of Covid-19 on Vingroup (Cont’d)
Impact assessment
• VinFast plant – operations are temporarily
suspended from 6 April to 30 April due to
compulsory lockdown order from the
government
• Showrooms and authorized dealers – ordered
to temporarily close following the issuance of
the Government’s social distancing policy
• Limited impact to VinSmart’s supply chain
due to higher level of stock parts vs. peers
• Products are competitive and continue to enjoy
good absorption rates in line with growth in
market share
• Production capacity of c.23 million phones/ year
is sufficient for internal use and contract
manufacturing, minimizing need for
additional capex
• Positive impact as customers adopt / increase
usage of online channels
• Number of transactions surge due to social
distancing measures
Source: Company information as of 8 May 2020.
Business initiatives Recovery status
 Research innovative marketing campaigns and special promotions to  All showrooms and authorized dealers
be launched post easing of social distancing measures were reopened on 23 April
 Conduct in-depth training for skill upgrades and technology transfer to  Production resumed from 4 May
gradually reduce operational costs
 Accelerate development of VinFast’s supporting industry (i.e.
Supplier Park) to mitigate supply chain risks and reduce costs
 Optimize inbound/ outbound transportation costs, reduce outsourced
expenses, stricter monitoring of energy consumption
 Prepare sales plan with different scenarios but stocking sufficient parts  Minimal impact
to avoid disruption in the event of any surge in demand
 Mitigate supply risk by using seaway transportation to supplement
logistics transportation via land and air
 Join forces with major retailers to organize major retail sales events.
Customers will enjoy complementary delivery services and discounts for
online purchases
 Collaborate with VinFast R&D institutes to help manufacture invasive
ventilators. VinSmart has sent the first two trial ventilator models for
feedback from the Ministry of Health in order to get certified for mass
production in mid-May
 Actively onboard and collaborate with partners to promote O2O  No disruption
shopping
 Promote online shopping through the Grocery and Shopping features on
the VinID app; expand offerings/ functions to allow customers to shop
directly on the VinID app (not just claim vouchers and accumulate
points)
 Offer VinID Pay e-wallet service that allows electricity, water and cable
TV online payments to help customers avoid direct contact with cash
43
Key Initiatives for 2020

44
Key Initiatives for 2020
01 Real Estate and Social Services
● Continue to sell units in 3 launched mega projects and consider launching low rise component at Vinhomes Wonder Park through direct and online channels
● Commence a 10-year roadmap of developing commercial property (office) and industrial parks to help Vinhomes generate stable recurring income
● Reduce crowds at Vinhomes sales premises by enabling remote signing of contracts/ delivery notes
● Push in-house digital transformation, i.e. township management, and digitalize back office functions such as accounting and HR
● Leverage land bank as a further source of liquidity if Covid-19 prolongs

● Support tenants as much as possible, through support package/ rent waivers and connecting tenants with online platforms and providers
● Ensure Vincom malls continue to be preferred shopping destinations post Covid-19 through promotional campaigns
● Manage pipeline expansion with longer term nationwide expansion strategy to reach 158+ malls (representing 5 million sqm GFA) located in all 63 cities and provinces
by 2026

● Opened 16 facilities on 28-29 April and target to gradually open the rest until August, coupled with flexible booking to stimulate demand
● Minimize capex spending by keeping only essential capex while deferring spending as long as possible to reduce burden on cashflow, coupled with cost cutting
initiatives such as implementing shift work for staff, reducing spending on training, traveling, and transportation, and renegotiating with banks to lower interest rates
and accept longer payment schedules

● Promote digital transformation to enhance customer experience, leverage on key products such as stem cell, gene technology
● Develop new models and products to shift from cure to prevention

● Launch 4 new Vinschool campuses and digitalize all curriculum into blended learning of online and offline channels
● Inaugurate VinUni at Vinhomes Ocean Park; with plans for the first enrolment in Fall 2020

02 Industrials & Technology

● Maintain customer loyalty program – a key product to gain market share, affirming our leading position with optimal cost
● Continue developing e-payment services – a springboard for financial services – coupled with algorithm powered data analysis to facilitate promotions and
engagement
● New Retail – a smart and convenient platform to support consumers’ daily shopping, including O2O services to attract and retain new customers to the ecosystem
● Defer discretionary capex plans and focus on Vietnam market whilst continuing to explore exporting opportunities
● Launch enhanced SUV model (V8) and three new e-scooter models

● Launch new phone models to cover more segments, targeting market share whilst continuing to explore exporting opportunities

45
Source: Company information.
Financial Summary

46
Income Statement Highlights – VAS
01 Revenue 02 Gross Profit 03 EBITDA(2) 04 Profit After Tax
(VNDbn) (VNDbn) (VNDbn) (VNDbn)

30.1% 24.7% 29.1% 25.9% 12.9% 18.5% 19.3% 24.2% 39.2% 62.0%

121,894
130,036

37,551

31,507
64,505

28,951 7,717
89,350
26,554
83,272

23,532 6,238

5,655
62,482

16,552
65,531

9,528

1,942
38,623

5,805
15,368
26,868

14,797 3,826
6,883 1,986 505
8,430
8,485
6,367

2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020
Gross profit margin(1) EBITDA margin
Recurring revenue
Property sales

Source: Audited VAS Consolidated Financial Statements for 2017, 2018 and 2019, Unaudited VAS Consolidated Financial Statements for 1Q2020. 47
Note: 1Q2019 numbers are pro-forma, excluding the retail segment and assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
(1) Adjusted gross profit margin removing one-off / extraordinary projects, such as Landmark 81 (Vinhomes Central Park) and Vinhomes Thang Long.
(2) Adds back foreign exchange losses/ (gains).
Revenue Performance – VAS
01 Property Sale 02 Leasing 03 Hospitality & Entertainment Services(1)
(VNDbn) (VNDbn) (VNDbn)

7,759
6,792
83,272 6,670
5,559
62,482 64,505
4,410 4,960

1,689 1,797 1,751 1,511

8,430 6,883

2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020

04 Healthcare 04 Education 06 Industrials

(VNDbn) (VNDbn) (VNDbn)
9,201

3,025
2,631
2,063
1,852 3,259
1,450
1,013
669 582 1,232
512 362 556

2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020

Source: Audited VAS Consolidated Financial Statements for 2017, 2018 and 2019, Unaudited VAS Consolidated Financial Statements for 1Q2020. 48
Note: 1Q2019 numbers are pro-forma, assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
(1) Adjusted for the sales of beach villas to reflect underlying business performance.
Gross Profit and Margin – VAS
01 Property Sale(1) 02 Leasing 03 Hospitality & Entertainment Services(2)
(VNDbn) (VNDbn) (VNDbn)
54.7% 51.1% 53.8%
52.4% 51.1% 51.5%
38.9% 39.1% 41.5%
32.0%
22.5% 19.4%
15.5% 13.4% 16.4%
34,518
3,654

23,911 25,148 2,838 1,274

2,310 891
767
394 293
870 745
2,792 3,515
(338)
2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020

Cash gross profit

04 Healthcare 05 Education 06 Industrials

(VNDbn) (VNDbn) (VNDbn)

3.7% (1.7%) 1.2% -1% 1.6% 0.4% 0.8% 1.4% -2.5%

-11%
2% (182)

(246) 25 (5.6%)
(1,146)
308

205
(44.1%)
107 117 (5,039)
80
60 (54.8%)
(82)

2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020 2017 2018 2019 1Q2019 1Q2020
(11)
(68) (106) Cash gross profit

Source: Audited VAS Consolidated Financial Statements for 2017, 2018 and 2019, Unaudited VAS Consolidated Financial Statements for 1Q2020. 49
Note: 1Q2019 numbers are pro-forma, assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
(1) Adjusted gross profit margin removing one-off / extraordinary projects, such as Landmark 81 (Vinhomes Central Park) and Vinhomes Thang Long.
(2) Adjusted for the sales of beach villas to reflect underlying business performance.
Balance Sheet Highlights – VAS
01 Debt(1)(2) / EBITDA(3) 02 Total Assets & Total Equity 03 Breakdown of Total Assets(5)
(VNDbn)

9.0% 8.9% 8.6% 8.6%

413,613
403,741

25%

34%

288,127
VND413.6tn
12%

213,792

11%

4.1x 15%
3.9x 4%

3.2x 3.4x
3.1x 120,589 122,112
3.0x 2.8x
2.4x 99,167

Property sale

52,557 Automobiles/ Smart Devices

Hospitality & entertainment

Leasing

Healthcare & education

2017 2018 2019 1Q2020 2017 2018 2019 1Q2020 Others

Total Debt / EBITDA Net Debt / EBITDA Total assets Total equity

Average borrowing cost(4)

Source: Audited VAS Consolidated Financial Statements for 2017, 2018 and 2019, Unaudited VAS Consolidated Financial Statements for 1Q2020.
(1) Total debt is equal to interest-bearing loans and borrowings.
(2) Net debt is equal to total debt, less cash and cash equivalents and short-term investments. 50
(3) On a LTM basis for recurring revenue, EBITDA and interest expense, calculated using pro-forma 2019 figures, assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
(4) Inclusive of hedging expenses.
(5) Others refers to agriculture and others. Assets managed on a Group basis refers to assets such as long term investment, deposits for transfer investment and financial obligation guarantee, among others.
Balance Sheet Highlights – VAS (cont'd)
Diversified Funding Sources –
01 Breakdown of Total Debt 02 Total Debt Breakdown By Currency 03 Total Debt Breakdown By Interest Rate

VND
74.4%(1)
Domestic bond
Fixed
34.7% (2)
33.4%

Bank loans,
9.3% USD
25.2%

Others VND136.6tn VND136.6tn VND136.6tn

3.9%

Exchangeable
bond, 7.7%
EUR
0.4% Floating
Syndicated loan 66.6%
44.5%

51
Source: Unaudited VAS Consolidated Financial Statements for 1Q2020.
(1) Includes US$ debt which is hedged for foreign exchange rate purposes.
(2) Includes floating rate debt which is hedged for interest rate purposes.
Key Credit Metrics and Debt Maturity Profile – VAS
01 Recurring Revenue / Interest Expense(1) 02 EBITDA / Interest Expense(1) 03 Debt Maturity
(VNDbn)

Average debt
maturity:
3.51 years

46,975 Average debt

maturity (excl.

3,618
Vinhomes’ debts):
42,353
4.16 years

Decreased due

13,778
to the absence
33,868
9.8x
of retail

23,528
segment
9.2x

10,935
8.6x

4,025
6.0x
5.3x
4.9x
4.4x
4.6x
13,409

20,971

128
24,551

19,829

12,247
1,962 1,034

2017 2018 2019 1Q2020 2017 2018 2019 1Q2020 Less than 1 1-3 years 3-5 years More than 5
year years

Bank borrowings & others

Syndicated loan

Corporate bond
52
Source: Audited VAS Consolidated Financial Statements for 2017, 2018 and 2019, Unaudited VAS Consolidated Financial Statements for 1Q2020.
(1) On a LTM basis for recurring revenue, EBITDA and interest expense, calculated using pro-forma 2019 figures, assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
Leverage, Coverage and Other Ratios – VAS

1Q2020 FY2019 (pro-forma)(3) Change

Leverage ratios

Net debt(1) / EBITDA(2) 2.8x 2.6x (0.2x)

Net debt(1) /
29.5% 26.2% 3.3 ppts
(Total assets – cash & short-term investments)

Coverage ratios

Recurring revenue / Interest expense(2) 4.6x 5.0x (0.4x)

EBITDA / Interest expense(2) 4.9x 5.2x 0.3x

Others

Debt maturity (years) 3.51 3.56 (0.05)

Debt maturity (years)

4.16 4.18 (0.02)
(Excl. Vinhomes’ debt)

Average borrowing cost(4) 8.6% 8.6% 0 ppts

Source: Audited VAS Consolidated Financial Statements for 2017, 2018 and 2019, Unaudited VAS Consolidated Financial Statements for 1Q2020.
(1) Net debt is equal to total debt, less cash and cash equivalents and short-term investments.
53
(2) On a LTM basis for recurring revenue, EBITDA and interest expense, calculated using pro-forma 2019 figures, assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
(3) FY2019 pro-forma numbers assuming VinCommerce and VinEco were disposed and VinPro was dissolved from 1 January 2019.
(4) Inclusive of hedging expenses.
VINGROUP OFFICES
HANOI HEADQUARTERS
Vingroup Joint Stock Company (“Vingroup” or “the Group”) is the largest listed companies in Vietnam, as measured by market Number 7, Bang Lang 1, Vinhomes Riversides
capitalization with VND328.1 trillion (c.USD14.0 billion) as at 15 May 2020. Long Bien District
Hanoi, Vietnam
Vingroup today bases its strategy on the principles of sustainability and professional management to operate in three major business
segments:

 Industrials
HO CHI MINH CITY BRANCH
− VinFast, the first and largest domestic comprehensive automobile-maker and electric scooter producer in Vietnam Vincom Dong Khoi – 4th Floor
72 Le Thanh Ton, District 1
− VinSmart smart electronic devices including smartphones under the Vsmart brand
Ho Chi Minh City, Vietnam
 Technology

− VinTech conduct research on AI, automation and next-generation materials and employ applications of technologies accordingly

− VinID, the largest customer base platform serving the Vingroup ecosystem

 Real Estate and Social Services

− Residential Vinhomes premium apartments, villas and shophouses, mid-end real estate with integrated facilities, Happy Town –
affordable housing

− Retail Leasing Vincom quality shopping malls

− Hospitality-focused Vinpearl hotels, resorts and beach villas, and VinWonders amusement parks and conservation parks
CONTACTS
− Healthcare service provider, Vinmec (including hospitals and clinics)
Investor Relations Department
− Quality education provider Vinschool featuring the K-12 education system and VinUni non-profit private university Address: Vingroup Hanoi Office (Headquarters)
Vingroup was listed on the HOSE on 07 September 2007. More information on the Group can be found at www.vingroup.net. Email: ir@vingroup.net
Tel: +84 (24) 3974 9999 (Ext. 9462)
Fax: +84 (24) 3974 8888

54