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VINGROUP JOINT STOCK COMPANY

Corporate Presentation November 2017

CORPORATE PRESENTATION2

Clear Market Leader Across Multiple Sectors

The Ultimate Vietnam Macro Play

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

aspirational.

Essentials Aspirational

#1 loyalty program in Vietnam with 3.1 million members

Source: CBRE, Colliers, Vietnam National Administration of Tourism, Health Statistics Yearbook, Company estimates. Notes: (1) Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-

tenant shopping malls in Hanoi and HCMC. As at August 2017. (2) Based on number of convenience stores for the top 7 key players in Vietnam. (3) Based on mid end units sold in Hanoi and Ho Chi Minh City in 2016.

(4) Market share is for VinSchool only. Based on total number of kindergarten, elementary, secondary and high school students in selected private and international schools in Hanoi and HCMC in 2017. (5) Based on number

of keys in 5-star hotels and resorts provided by Vietnamtourism.gov.vn

Integrated residential

developer in Vietnam

Residential~24%(3)Market

share:

Retail mall owner, developer and

operator in Vietnam

Retail Leasing~60%(1)Market

share:

Healthcare

and education provider

Social Infrastructure

Hospitality and

entertainment operator

Hospitality

Comprehensive multi-format

retail operator

Consumer RetailMarket

share:~50%(2)

CVS

~41%(5)Market

share:

~20%(4)Market

share:


0.0 0.1 0.3

0.9

1.6

2.3

3.1

3.8

4.3

6.8

8.7

9.8

1993 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 30 Jun-17

Proven track record

of successfully

building & scaling

businesses before

starting new ones

Vingroup’s continued innovation and growth of business segments primed towards the Vietnamese consumer has been the key

to its success.

Preserving The Start-up Mindset

1993 – 2006

1993 – Technocom was set up

2000 – Technocom-Vingroup returned to Vietnam

2001 – Vinpearl Launch

2002 – Vincom Launch

2003 – 1st Vinpearl Hospitality Development (Resort Nha Trang)

2004 – 1st Vincom Center (Ba Trieu)

2006 – 1st VinpearlLand (Nha Trang)

Notes: (1) Total assets from 2009 to 30 June 2017 based on IFRS financials, while total assets from 2006 to 2008 based on VAS financials. Assuming USDVND exchange rate of 22,770. (2) Includes

3 additional Vincom malls in October and November 2017: Vincom+ Ky Anh, Ha Tinh, Vincom+ Uong Bi, Quang Ninh and Vincom Plaza Tuy Hoa, Phu Yen. (3) Includes 6 full-serviced hospitals and

2 clinics consolidated. (4) Includes both VinMart and VinMart+.

Total Assets (US$bn)(1)

24 years of operating experience achieving US$9.8 bn in total assets (c.70x increase since 2007)

Listed on HOSE as

the largest real

estate company by

market capitalization

2007

As of 30 October,

10 Vinhomes properties

44 Vincom malls(2)

24 Vinpearl facilities

8 Vinmec facilities(3)

Vinhomes Royal

City, Times City and

Riverside launched

2010 – 2011Vincom Retail listed on HOSE with

an initial equity offering size of

US$743mm

20172012: Vincom – Vinpearl merger

2013: US$550mm raised from

international markets incl. US$200mm

investment from WP consortium and first

corporate international bond

2014: US$70mm equity placement

Revenue exceeded US$$1bn for the first

time

2012 – 2014

3 10

Founded

2011

Sep

2017

1 8(3)

Founded

2012

Sep

2017

9 904(4)

Founded

2014

Sep

2017

1 14

Founded

2013Sep

2017

# of Projects


Vingroup Ecosystem of Complementary Businesses Under One Brand

• Diversified integrated developer across various segments

– Residential, commercial, hospitality, mixed-use properties

• Quality properties at prime locations across Vietnam

• Only nationwide real estate player

• Ecosystem of complementary consumer-focused

service offerings at each site

• Formation of ideal population catchment areas

• Value-accretive synergies between businesses

• Broaden customer segments across age groups

• New business initiatives to spearhead leadership in

underpenetrated industries and broaden customer product

offerings

• Capitalizing on favorable macroeconomics and industry-

specific factors

• First-mover advantage

• Emerged as a national champion with one of the

largest and widest retail network

• Further diversification across consumer sector

exposure

• Strengthen market position in consumer focused

sectors

c.91.0mm(1)

sqm of landbank

>3.1mmmembers

• At least 10 years worth of

development pipeline

• Unparalleled land sourcing expertise

Single card,

nationwide access

Benefits lock in repeat

spending

1993 – 2011

Integrated Real Estate Developer

and Operator

2012 – 2013

Developing Ecosystem

2015 – YTD 2017

Expanding in Consumer Product

Spectrum

2014 – 2015

Anchoring Dominant

Position in Consumer

Sectors

Notes: (1) As of 30 Sep 2017.


Vingroup’s Key Competitive Advantages

4. Largest Landbank Provides Pillar for Long Term Platform Growth

3. Growing Recurring Revenue From Multiple Market-Leading Consumer Businesses

5. Experienced & Proven Management Team with Strong Track Record

1. Vietnam at a Favorable Macroeconomic Inflection Point

2. Undisputed Leader in the Vietnam Residential Real Estate Sector


1. Vietnam at a Favorable Macroeconomic

Inflection Point


One of the Highest Private Consumption in Southeast Asia

Favourable Macroeconomic Indicators for Consumption Growth

Fastest Growing Economy in Southeast Asia…

2018E Real GDP growth (%)

Growing Middle Class Set to Drive Next Wave of Consumption

Source: EIU, GSO Vietnam.

Middle ClassNo. of households (‘000) with

disposable income of more than

US$25,000 per annum

Highest Population Proportion Among Workforce…

Population with age range between 25 – 44 as % of total population

Private consumption as % of GDP

2016 2017E 2018E 2019E 2020E 2021E

Philippines 73.6% 72.8% 72.8% 72.7% 72.3% 72.2%

Vietnam 68.5% 68.8% 68.6% 67.9% 66.9% 65.9%

Indonesia 57.7% 58.1% 58.3% 57.2% 57.2% 57.2%

Malaysia 54.9% 55.4% 56.0% 57.1% 58.2% 58.9%

Thailand 50.6% 49.9% 49.1% 48.9% 48.6% 48.5%

Singapore 36.5% 35.3% 35.4% 35.9% 35.9% 35.9%

922 968 1,021

?

2016 2017E 2018E Future

Vietnam

9301,576

2004 2020E

Philippines

999

2,335

1990 2020E

Thailand

Disposable income per capita (US$)

6.5%

5.6%

4.8% 4.7%

2.6% 2.0%

Vie

tnam

Ph

ilippin

es

Mala

ysia

Indonesia

Thaila

nd

Sin

ga

pore

313367 404

455521

600

2016

2017E

2018E

2019E

2020E

2021E

32.7% 32.4%

30.6% 30.4%

29.1%

27.9%

Vietnam Malaysia Indonesia Thailand Singapore Philippines


Vietnam Residential Real Estate set to Benefit from Urbanization

Lowest Home Ownership in the Region

Strong Uptick in Urbanization ExpectedVietnam Has the Lowest % of Home Mortgage Loans as % of GDP

Notes: (1) HCMC and Shanghai data from Savills, Bangkok and Manila from Bank of International Settlements database. (2) Vietnam home ownership statistic based on article titled ‘Urbanisation spurs

real estate development in Vietnam’ (2016) – Oxford Business, Philippines from DHS survey (2013), Thailand from REIC (2011), China from Trading Economics (2014) and Singapore from Singapore

Department of Statistics (2016). (3) Vietnam data from Agency of the Ministry of Planning and Investment (2014), Philippines from BSP & HDMF (2016), China from PBOC (2015), Thailand from Country

Editor (2015) and Singapore from Monetary Authority of Singapore (2016). (4) Sourced from BMI and World Bank data.

Urban population, % of total(4)

Home ownership rate (%)(2)

Vietnam’s Residential Prices Still Lagging Behind Regional Peers

“By 2020, 50% of Vietnam’s

population will live in urban

areas/cities.”

“An estimate of 374,000 additional

housing units will be in cities every

year to cope with rising demand.”

Total amount of home mortgage loans outstanding as % of GDP(3)

Vietnam’s

mortgage

market is

unpenetrated

compared to

regional peers

(1)

360+%

80%

90%

100%

110%

120%

130%

140%

150%

160%1

Q 2

00

9

2Q

20

09

3Q

20

09

4Q

20

09

1Q

20

10

2Q

20

10

3Q

20

10

4Q

20

10

1Q

20

11

2Q

20

11

3Q

20

11

4Q

20

11

1Q

20

12

2Q

20

12

3Q

20

12

4Q

20

12

1Q

20

13

2Q

20

13

3Q

20

13

4Q

20

13

1Q

20

14

2Q

20

14

3Q

20

14

4Q

20

14

1Q

20

15

2Q

201

5

3Q

20

15

4Q

20

15

1Q

20

16

2Q

20

16

3Q

20

16

4Q

20

16

1Q

20

17

2Q

20

17

Resid

entia

l price in

dex

(re-b

ased t

o 1

00%

)

HCMC Shanghai Bangkok Manila

30%

53%

70%

90% 91%

Vietnam Philippines Thailand China Singapore

1.9% 4.9%

18.4% 20.0%

50.6%

Vietnam Philippines China Thailand Singapore

34%

50%

2016 2020


$0

$500

$1,000

$1,500

$2,000

2013 2014 2015 2016 2017

High-end Mid-end Low-end

Source: CBRE.

2013 2014

2013 2014

Residential Market a Direct Beneficiary of the Growing Middle Class

Prices (US$ psm)Number of units sold

Hanoi Residential Transactions On The Rise… …With High-end Prices Reaching A 5-year High

Number of units sold Prices (US$ psm)

HCMC Residential Transactions Also Accelerating…

…With High- And Mid-end Prices Increasing The Fastest In The Last 3

Years

Paradigm shift to widespread home ownership has driven huge pick-up in transaction volumes.

Vingroup is a key beneficiary of the positive Vietnam real estate outlook

2.5x

3.0x

0

2,000

4,000

6,000

8,000

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3


2015 2016 2017

$0

$500

$1,000

$1,500

$2,000

2013 2014 2015 2016 2017


0

2,000

4,000

6,000

8,000

10,000

12,000

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3


2015 2016 2017


Modern Retail Set for Explosive Growth in Vietnam

Modern grocery retail growth

2016A – 2021E CAGR (%)(1)

(1) Based on market size in terms of retail sales value

Source: Euromonitor, EIU, Colliers

Convenience stores and supermarkets market

growth 2016A – 2021E CAGR (%)(1)

High Potential to Close Regional Gap in Mall GFA Compared to

Regional Peers Vietnam is Starved for Modern Retail Format

Modern Grocery Retail Set to Outpace Traditional Grocery Retail

Traditional grocery

retail CAGR (%)(1)

7.3%

5.1%

7.1%

3.7%

3.2%

1.8%

Convenience stores market growth Supermarkets market growth

Convenience Store and Supermarkets Growth is Highest in SEA

Low penetration of modern retail presents an opportunity for outsized growth as Vietnam’s mall space and modern retail

turnover close the regional gap

2016 modern grocery retail as part of total grocery retail by value (%)2016 GFA per capita (sqm)

4.9%

17.2%

30.3%

41.7%46.2%

71.7%

Vietnam Indonesia Philippines Malaysia Thailand Singapore

10.3x

3.5x0.2

2.4

0.8

Hanoi/ HCMC Bangkok Metro Manila

13.4%

9.7%

9.5%

7.9%

3.6%

3.1%

0% 4% 8% 12% 16%

Vietnam

Philippines

Indonesia

Thailand

Malaysia

Singapore

29.2%

17.9%

12.0%

10.2%

10.2%

(1.1%)

9.2%

8.4%

6.6%

2.6%

6.8%

3.6%

(5%) 0% 5% 10% 15% 20% 25% 30% 35%

Vietnam

Philippines

Indonesia

Malaysia

Thailand

Singapore


2. Undisputed Leader in the Vietnam Residential

Real Estate Sector


7,966

1,700400 300

Vingroup #2 #3 #4

Mid-End

Luxury

Affordable

High-End

The Undisputed Leader in Residential in Vietnam

Vingroup’s Market Cap Is c.5x of Next Player In Real Estate Industry

Source: CBRE.

Notes: (1) As of 17 November 2017, based on USDVND exchange rate of 22,715. Other real estate players’ market capitalization values rounded to the nearest US$ hundred million.

(2) Based on mid end units sold in Hanoi and Ho Chi Minh City in 2016

Market capitalization (US$mm)(1)

Commercial,

residential, hospitality

and mixed-used

properties developer

Industrial and

business parks

developer

Southern Vietnam

integrated low-rise

projects developer

Southern Vietnam

residential projects

developer

Vinhomes and VinCity – Quality Living For The Vietnamese Consumer

Powerful

Brand and

Best-in-Class

Ecosystem

Complementary businesses under a single

brand creates synergistic value accretion

Properties worth more due to

complementary services (schools, hospitals,

retail malls)

Expansive and integrated community serves

to lock-in customer demand

Properties in the eco-system are more

resilient to business cycles and were first to

be bought after a crisis

Presale of residential units to develop the

retail and commercial components unlike

single-use developers

Attractive

Residential

Presales

Model

Middle – high class families (~24%(2) of market)

share)

Singles and graduates in big cities, young families

• Broad product offering

Apartments, Villas, Shophouses, Shop-offices,

Office-tels / SOHOs

• Full ecosystem available

• Highly accessible

• Direct highway or metro access to downtown

• Ecosystem of quality infrastructure services provided

by Vingroup or partners

Very Strong

Cash Flow +

IRR

Stable through-the-cycle gross margins of

30 – 60+%

Target unlevered IRR of ~25% for integrated

mixed use projects


•Vingroup’s Projects

1

Ngoc Thuy

Ngọc Lâm

p. Long Biên

3Mai Dịch

8

4

5

23

•Vingroup Projects

Hanoi Development Projects

Hoàn Kiếm

Lake

Ho Chi Minh City Development Projects

Ho Chi

Minh City

Airport4

2

6

3

5

1

District 6

District 5District 4

District 3

District 1Phú Nhuận

Bình Thạnh

Gò Vấp Thủ Đức

Tân Bình

District 10

Phú Thượng

Trung Thôn

Vinhomes and VinCity: A Differentiated Developer with Grade A Sites

Not Just a Homebuilder – But A Community Creator Well-located Grade A Sites

• c.24% market share(1)

• 15,000 homes and villas sold

• Highest number of residential properties sold in each of the last

3 years in Hanoi and Ho Chi Minh City

Residential

Retail /

Office Medical School

Hospitality /

Entertainment

• Vinhomes

Central Park:

–The Central

–The Park

–Landmark

81

– > 10,000

units

• Vincom

Center

Central Park

• Vinmec

Central Park

International

Hospital

• Vinschool

K-12

education

• 5-star

Vinpearl Hotel

Landmark 81

–450 hotel

rooms

• VinpearlLand

indoor

entertainment

• Vinhomes

Times City &

Park Hill

–c.13,000

units

• Vincom

Mega Mall

Times City

• Vincom

Office Times

City

• Vinmec

Times City

International

Hospital

• Vinschool

Kindergarten

–5 schools

• Vinschool

Elementary,

Secondary

and High

School

• VinpearlLand

Aquarium

Times City

Central

Park(HCMC)

Times

City(Hanoi)

Ecosystem of complementary products and services at each site

Source: CBRE.

Notes: (1) Based on mid end units sold in Hanoi and Ho Chi Minh City in 2016.

Expanding

coverage

CBD

Expanding

coverage

5km

5km

CBD

Hanoi Development Projects

Metro Lines Under Construction Planned Metro Lines CBD

•Vingroup Projects

https://upload.wikimedia.org/wikipedia/commons/f/f5/The_panorama_of_Times_City_Square.jpg


On

go

ing

pro

jects

Pro

jects

lau

nc

hed

in 2

018

Robust Residential Sales for Recent New Projects with Strong Pipeline

Ongoing and Upcoming Residential Project Footprint

10 1

2017: 1.9mm sqm 2020: 5.6mm sqm

Ongoing Projects

Upcoming Projects

Legend

2

4

6

3

5

79

Anticipated pre-sales by geography

Selected Pipeline Projects

As of 30 Sep 2017, unbilled sales from all residential projects was US$4.7bn

Project City

GFA

(sqm)

% pre-

sold(1)

Average ASP(1)

(US$ / sqm)

Vinhomes Central Park HCMC 1,700,000 98%Apartment: $2,300(2)

Villa: $7,800

Vinhomes Golden River HCMC 594,000 88%Apartment: $4,100(2)

Villa: $13,500

Vinhomes The Harmony Hanoi 706,000 56% $3,300

Vinhomes Imperia Hai Phong 688,000 61% $1,600

1

2

3

4

Project City GFA (sqm)

Expected

Completion(3)

Vinhomes Project #1 Hanoi 1,214,000 2019

VinCity Project #1 Thanh Hoa 1,508,000 2019

Vinhomes Project #2 Hanoi 1,023,000 2019

Vinhomes Project #3 HCMC 94,747,000 Beyond 2020

VinCity Project #2 Hanoi 6,160,000 Beyond 2020

VinCity Project #3 HCMC 6,326,000 Beyond 2020

5

6

8

9

7

Hanoi

HCMC

10

8

Notes: Project names have been masked due to sensitivity

(1) As of 30 September 2017

(2) Based on the NSA per sqm for apartment units

(3) Dependent on market conditions

More than 2.5x growth

with larger focus on

Hanoi & HCMC

1

HCMC

2

HCMC

8

HCMC

10

HCMC

7

Hanoi

9

Hanoi

3

Hanoi

4

Hai Phong

5

Hanoi

6

Thanh Hoa

More than 70% of projects

pre-sold

Hanoi &

HCMC58%

Others42%

Hanoi & HCMC87%

Others13%


3. Growing Recurring Revenue From Multiple

Market-Leading Consumer Businesses


18%

41%

2013 2017

9

356

878

1,112

2014A 2015A 2016A 2017E

Consumer Expenditure in Vietnam CAGR CAGR

By Category 2012-2016 2016-2020

Housing and Utilities 9% 10%

Clothing and Footw ear 9% 10%

Furnishing and Home 9% 10%

Recreation and Culture 9% 10%

Restaurants and Hotels 10% 11%

Education 10% 11%

Healthcare 10% 10%

Vingroup has a proven track record of developing consumer focused business segments and aims to create market leaders in

each high growth consumer segment it enters.

Building The Leader in Each High Growth Consumer Sector

Source: BMI, EIU, GSO Vietnam, Colliers International Research, Vietnam National Administration of Tourism, General Statistics Office.

Notes: (1) Based on 2015 data from Vietnam General Statistics Office. (2) Based on historical and forecast data from BMI. (3) Based on number of keys in 5-star hotels and resorts provided by

Vietnamtourism.gov.vn.

VinCommerce and Vincom Retail: Consolidating A Dominant Position

• Household retail brands with

top-of-mind awareness among

consumers

• Successful integration of

seamless O2O (online-to-offline)

strategy

Number of VinMart and VinMart+ stores

Contribution to GDP as of 2015 (%)(1)

Vingroup is Active In Key Segments Of Vietnam’s Economy…

Sectors where Vingroup is Active

…With A Strong Focus On High Growth Consumer Categories

3 5 6

21

31

46

2012A 2013A 2014A 2015A 2016A 2017E

Vinpearl: Strong Foothold In A Burgeoning Tourism Industry

Vinpearl market share based on number of keys (%)(3)

• Tailored suite of concepts

capturing the full spectrum of

consumer segments

• Demand set to grow

exponentially with international

tourist growth

• Key beneficiary of expanding

domestic middle class with

increasing consumer

expenditure on the hospitality

sector

Number of Vincom Retail malls

• Largest nationwide retail

coverage from North to South

• Dominant retail platform with

60% market share of shopping

mall GFA in Vietnam’s major

cities

(2)

2011 – 2015 GDP CAGR (2011 - 2015) (%)

(Size of bubble represents USD value of the sector)

1,045


VinCommerce

Comprehensive Multi-Format Retailer

Cities and Provinces Covered

Hanoi

7 Vincom malls16 VinMart

403 VinMart+

7 VinPro17 VinDS

North Vietnam(2)


21 VinMart+6 VinPro2 VinDS

Central Vietnam


46 VinMart+

2 VinPro2 VinDS

South Vietnam(3)

10 Vincom malls15 VinMart41 VinMart+

11 VinPro6 VinDS

Ho Chi Minh City


332 VinMart+

6 VinPro12 VinDS

32 VinPro904 VinMart & VinMart+ 39 VinDS

VinMart (2nd largest and

fastest growing supermarket

player) and VinMart+

(Largest and most extensive

convenience store footprint)

VinPro (Vietnam’s leading

specialized and only mall-

based electronics retailer)

VinDS (Vietnam’s leading

modern department store

operator)

29 / 63

Nationwide Retail Footprint(1)

Vincom Retail

Multi-Concept Retail Malls

Stores975

Vincom Center Vincom Plazas Vincom+

Malls44

No. of Malls: 4

Retail GFA:

165,876 sqm

No. of Malls: 3

Retail GFA:

395,148 sqm

Vincom Mega Mall

No. of Malls: 29

Retail GFA:

553,303 sqm

No. of Malls: 8

Retail GFA:

46,149 sqm

Existing Mall Portfolio and Pipeline

Target:

200

Vincom Retail malls to grow to 200 malls by 2021

Source: Vingroup as of 30 Oct 2017

Notes: (1) Store count as of 30 Sep 2017, except Vincom Retail malls. (2) Excludes stores in Hanoi. (3) Excludes stores in Ho Chi Minh City

Vincom Retail and VinCommerce Nation-wide Modern Retail Network

VinMart+ stores VinMart stores

VinMart and VinMart+ stores to grow to 5,000 stores by 2021

Existing Store Portfolio and Pipeline

Target: 5,000

1 1 2 3 5 6 21 31 46

44

70

86

0.0 0.0 0.1 0.1 0.5 0.5

0.9 1.0 1.2

2004 2009 2010 2012 2013 2014 2015 2016 2017E 2021E

Existing Malls Identified Pipeline Projects

Projects Undergoing Feasibility Studies GFA (mm sqm)

307825 980

4,800

49

53 65

200

356

878 1,045

2015 2016 2017E 2021E


Retail Consolidates Around the Dominant Local Landlord…

Source: Company filings, Colliers

Notes: (1) Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC as at August 2017 (2) Based on Central Pattana’s retail

NLA in Bangkok and total shopping mall NLA in Bangkok (3) Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila (4) As of 30 June 2017.

Anchor

F&

B a

nd

En

tert

ain

men

tF

ashio

n &

Beauty

Inditex Brands

… with Ability to Attract Best-in-Class Tenant Portfolio, with about

1,000 Unique Tenants(4)

• Vincom Retail is a clear

market leader with 60%

market share

• Significant parallels

seen between VRE and

regional retail leaders in

terms of market

consolidation

• Investment by Warbug

Pincus in 2013 a

validation of Vincom

Retail’s platform

• Fastest mall roll-out

since 2013 to-date, to

capture lack of modern

retail space in Vietnam

VRE’s dominant position and nationwide scale makes it Vietnam’s “Go-to”

platform for international and established local brands

Vincom Retail

Vietnam’s largest retail developer, owner and operator

SM Prime

Philippines’ largest retail real estate developer

Central Pattana

Thailand’s largest shopping mall developer arm of Central

Group

GFA (mm sqm)(1)

Market Share by GFA(1)

GFA (mm sqm)(3)


10.7 mm7.8 mm

Total Market Size (GFA sqm)(3)

NLA (mm sqm)(2)

Market Share by NLA(2)Total Market Size (NLA sqm)(2)

4.4 mm3.9 mm


1.3 mm

Vincom Retail – Unrivalled Retail Mall Platform In Vietnam

0.78

2017

60%

2017

0.6 0.7

2013 2016

15%17%

2013 2016

2.23.5

2007 2016

28%

33%

2007 2016


Growth Trajectory of VinMart & VinMart+ Platform

Largest Network in the Convenience Store Space…

.. and Leadership Position in the Supermarkets/ Hypermarkets space

Market share (2016)(1)

Market share (2016)(1)

VinMart & VinMart+ – Building the Dominant Player in Vietnam

2014

2015

Location breakdown

2017E Store count

VinMart: 65

VinMart+: 980

Total: 1,045

2017

>5,000

stores

Strong Growth in Store Count and Profitability

Gross Profit

margin(2) >15% >15%<15%

VinMart+ VinMart

Source: Euromonitor; USDVND exchange rate of 22,770.

Notes: (1) Based on number of stores for the top 7 key players in Vietnam. (2) Segmental profit for Vincommerce based on consolidated VAS 2015, 2016 & 2017 financials,

adjusted for loyalty programs

established

established

2021

target

Store openings

Same-store sales growth

Increased customer base from VG ecosystem

The VinMart and VinMart+ platform has established a market

leading position in 3 years since they were first established in

2014 and 2015, respectively. Both brands are first-movers in

locations all across Vietnam.

Revenue (US$ mm)

Hanoi46%

HCMC38%

Rest of Vietnam

16%

461

>4,700

2017E 2021E

51.2%

13.8%

10.1%

7.9%

6.6%

6.1%

4.4%

VinMart+

Circle K

B's Mart

Coop Food

Shop & Go

Satra Food

Ministop

34.3%

22.7%

14.0%

8.7%

8.3%

7.9%

4.1%

CoopMart

VinMart

Big C

FiviMart

Aeon

Metro

Lotte Mart

307

825 84349

53 61

356

878 904

0

200

400

600

800

1000

1200

2015 2016 9M17

Num

ber

of sto

res

>3,700

8x

increase

&


VinCommerce – Multi-Format Retailer Providing Comprehensive

Products and Services

Largest and most extensive convenience

store operator In Vietnam(1)

“One-stop” convenience concept

differentiated by hybrid minimart model

Household “community store” with emphasis

on food safety, traceable produce

Positioning

2nd largest supermarket player in

Vietnam(1)

Wide product offering with emphasis on

quality, traceable fresh produce

Expansion alongside Vincom Retail malls

Online portal with largest product offering in Vietnam with over 8,200 merchants

28 modern logistics hubs providing prompt delivery

Vietnam’s leading specialized and only

mall-based electronics retailer

Largest presence in shopping malls

complemented by Adayroi marketplace

Business type Convenience Store

Loyalty Program

Supermarket

E-commerce

Specialty Store

Reduce average storage and operating costs

Lower transportation costs

Reduce spoilage and wastage

Reduce average staff costs

Maintain strong emphasis on quality and training

Bu

sin

es

s P

illa

rs

Largest loyalty programme in Vietnam with 3.1 mm members

Allows customers to redeem points across Vingroup ecosystem, including Adayroi

Leverage Vincom Retail footfall

Improve market share and local

penetration

Average store size 100 (primarily) – 200 sqm 1,700 – 2,500 sqm in 3 formats 500 – 2,000 sqm

Operational KPIs

Nationwide store offerings that cater to the mass to affluent Vietnamese population

Notes: (1) Based on number of stores for the top 7 key players in Vietnam.


• Best-in-class ecosystem – Synergy among product offerings that cover a

wide spectrum of customer target groups, enhancing value

• Self-funding business model – Villa sale and recurring revenue to finance

integrated resort infrastructure development and construction

• In-place Infrastructure – Positive network effects and predictable cost base

can pose barriers of entry that most competitors cannot compete effectively

Unique Model – Destination Integrated Resort

1,786

2,292

2,743 3,097

3,334 3,651

532

709

847

975

1,198

1,978

2,318

3,001

3,591

4,071

4,532

5,628

2012 2013 2014 2015 2016 2017

2016 – 2017 Growth

Total: +24%

International: +65%

Domestic: +10%

Strong projected international +

Local Arrivals

Creation of a Unique Hospitality Ecosystem in Nha Trang

Market Share(1): 2014: 22% 2015: 38% 2016: 51%

Launch Date of Nha Trang Projects

Vinpearl Empire

Condotel

VinpearlLand

Nha Trang VinpearlLand Nha Trang launched

Completion on Sep 2018:

Beach Front Condotel (959 rooms)

Vinpearl Luxury

Nha Trang

Vinpearl Golf Land

Resort & Villas

2003

2007

2011

2015

2017

2018

Future Planning: Vinpearl Phu Quy – Khanh Hoa , Vinpearl Hon Mot,

Vinpearl Bai Tru Villas

Existing Nha Trang Resort & Villas facility developed to add

deluxe format

2006

Vinpearl Luxury Nha Trang opened (84 rooms)

Vinpearl Golf Club Nha Trang started operations

Vinpearl Golf Land Resort and Villas facility was built (426 rooms)

Vinmec Nha Trang added2016

Nha Trang Long Beach Villas launched

Completion on Dec 2017:

Vinpearl Empire Condotel (1,221 rooms)

1st Vinpearl facility opened

– Nha Trang Resort & Villas (Executive) (476 rooms)

Vinpearl Nha Trang Bay Resort & Villas launched (483 rooms)

Vincom Plaza Thai Nguyen, Nha Trang completed

Vinpearl Nha Trang

Resort & Villas

Strong Growth In Domestic And International Visitor Arrivals

Domestic

International

Visitor Arrivals in Nha Trang (‘000s)

Source: Vietnam National Administration of Tourism, Department of Tourism – Khanh Hoa Province.

Notes: (1) Based on number of keys in 5-star hotels and resorts in Nha Trang in 2017 provided by Vietnamtourism.gov.vn. (2) Based on annualised 10M 2017 figures for domestic and foreign visitors.

(3) Gross profit margins include the full impact of guarantee package. (4) Recurring revenue includes both hotel operations and entertainment services. (5) Based on annualized 9M 2017 revenue and

gross income.

(2)

Strong Cash Flow and Profitability of Nha Trang Projects

Gross Profit

margin(3) <20% >25%>20%

(4) (5)

2017: 53%

81 101 142

322157 144

403

258287

2015 2016 2017E


Growing Market Share Set To Capture Demand Upside

• Unique Multi-format

model captures full

breath of customer

income and age

segments

• Leadership in scale

and depth of auxiliary

hospitality services

Vinpearl market share in Vietnam hospitality industry (%)(1)

• Existing Projects

• Upcoming Projects

Nha

Trang

Phu Quoc

Da Nang

Ha Long Bay

Hoi An

Hanoi

Nghe An

Ha Tinh

Ha Long Bay

384 rooms

28% market share

Da Nang

361 rooms

13% market share

Pipeline:

• River Front Condotel (2018)

– 864 roomsPhu Quoc

1,941 rooms

73% market share

Pipeline:

• Vinpearl Phu Quoc 5

– Phase 1 (2018)

– 1,373 rooms

• Vinpearl Phu Quoc 5 – Phase 2

(2018/19) – 555 rooms

• Vinpearl Phu Quoc Villa 4 (2018)

– 373 villas

Ecosystem: Hotels, villas, amusement

park, integrated resort, safari, golf and

hospital

Under-construction Projects To Replicate Vinpearl’s Success In Nha

Trang Across Other Key Hubs(1)(2)

Can Tho

Rolling Out the Blueprint

Key Market Growth Drivers In Place

International Tourist Arrivals Set for

Strong Growth…

International Tourist Arrivals Growth (mm)(3)

9%

10%10%

11%

Recreation andculture

Restaurants andhotels

…Along with Domestic Hospitality

Consumption

Strong Projected Growth in Consumer

Expenditure in Key Segments(4)

CAGR 2012 –2016 CAGR 2016 –2020Nha Trang

2,302 rooms

53% market share

Pipeline:

• Empire Condotel

(2018) – 1,221 rooms

• Beach Front Condotel (2018)

– 959 rooms

Ecosystem: Hotels, villas, amusement

park, golf and hospitals

Notes: (1) Based on number of keys in 5-star hotels and resorts provided by Vietnamtourism.gov.vn. (2) Data as at 2017. (3) Based on Collier's independent modern retail research report. (4)

Based on historical and forecast data from BMI.

18%

25%

37%39% 41%

2013 2014 2015 2016 2017

73%Phu Quoc

Nha Trang53%

Ha Long 28%

Danang 13%

10

14

2016A 2020E


4. Large Landbank Provides Pillar for Long Term

Platform Growth


16.3

74.7 91.0

Under construction &development

Land reserves Total landbank

Landbank is Vingroup’s Pillar of Growth

Landbank by site area (mm sqm)

At least 10 years

worth of development

pipeline for Vingroup

Truly Nationwide Developer with Proven Ability to Secure

Prime Sites in the CBD of Hanoi and Ho Chi Minh City

Largest landbank among

Vietnam property developers

3 out of 5 competitors are

industrial real estate

developers with landbank

outside prime areas

Landbank (mm sqm)

141 projects in prime cities consisting of 75 operational projects and 66

under development

Landmark projects nationwide

Largest landbank across key urban and tourism centers

of Vietnam

Proactive in infrastructure development to support

accessibility of own projects

Source: CBRE, Savills, JLL, PwC Research and analysis

Notes: (1) As of 30 Sep 2017.

One of the Largest Landbanks in Prime Locations Across Vietnam

(1)

91.0

37.6

22.0 21.7 19.9 10.0

Vin

gro

up

Industr

ial R

ED

evelo

per

#1

Industr

ial R

ED

evelo

per

#2

Resid

entia

l &

Urb

an D

evelo

per

Industr

ial R

ED

evelo

per

#3

Resid

entia

l &

Com

merc

ial

Develo

per

Ho Chi Minh City

1 completed Vinhomes project

12 operational Vincom Retail malls

1 operational Vinmec hospital

4 Vinhomes developments

1 VinCity developments

4 Vincom Retail mall developments

Rest of Vietnam

23 operational Vincom Retail malls 4 operational Vinmec hospital

3 Vinhomes development

3 VinCity development

22 Vincom Retail mall developments

2 Vinmec developments

Operating Project

Under construction and pipeline projects

North Vietnam

1 operational Vinpearl resorts

2 Vinpearl developments

Central Vietnam



Nha Trang, Khanh Hoa



South Vietnam

1 Vinpearl development

Ho Chi Minh City

Da Nang

Hanoi

Residential & commercial

Hospitality

Phu Quoc, Kien Giang



Hanoi 4 completed Vinhomes projects 8 operational Vincom Retail malls 1 operational Vinmec hospital

7 Vinhomes developments



1 Vinmec developments


Year 2006 2010 2012 2013 2015

Sale

Price(1) US$25 mm Confidential US$64 mm US$472 mm Confidential

Profit %(2) >150% >100% >900% >100% >130%

Holding

period2 yrs 0(3) yrs 8 yrs 1 yr 0(3) yrs

Maximizing Profitability via Vingroup’s Integrated Development

Platform

Ability to Recycle Capital via Opportunistic Real Estate sales and

Re-allocate Capital via M&A Activities

Vincom Center

Ba Trieu –

Office Tower

A

Office Tower

in Hanoi

Vincom Center

Ba Trieu –

Office Tower

B

Vincom Center

A HCMC

Office Tower

in Hanoi

Source: CBRE, Savills, JLL, PwC Research and analysis

Notes: (1) Exchange rate at the end of the transaction years were used. (2) % profit denotes the profit achieved from the sale, by comparing the sale price with

the construction cost, taking into account depreciation, of the assets (3) Sold upon construction completion

Vingroup has demonstrated its ability to proactively

recycle, reinvest and divest assets

Year Oct 2014, Apr 2015 Oct 2015 Dec 2016

Details

Acquisition of both

Oceanmart and

Vinatexmart at cost

Supply and distribution

synergies with VinMart

& VinMart+ network

Acquisition of 5

Maximark malls,

(>70,000sqm GFA)

Expanded retail mall

network, promoting

Vietnamese brands

Successfully integrated

VinLinks infrastructure

with the VinCommerce

delivery platform

VinLinks’ entire stake

subsequently sold to

Sagawa Express

Vingroup creates value via its real estate platform before

recycling capital into higher ROE projects

Nati

on

wid

e

pro

ject

so

urc

ing

cap

ab

ilit

y

Eco

no

mie

s o

f scale

an

d t

rack r

eco

rd i

n

pro

ject

man

ag

em

en

t

Do

min

an

t p

latf

orm

to

dri

ve l

on

g-t

erm

pro

fits

Landbank & Land

Acquisitions

Planning, Construction

& Development

Property

SalesRecurring

Income

Business

Operations

Capital Recycling /

Divestments

Op

po

rtu

nis

tic

Mo

ne

tizati

on

Fully Integrated Platform Across the Value Chain with Ability to

Proactively Recycle Capital


5. Experienced & Proven Management Team

With Strong 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

In 2012, he was recognized as Vietnam’s first billionaire by Forbes Magazine, and retained the position as the billionaire with the highest networth in

Vietnam from 2013 to 2017

Ms. Pham Thuy Hang

Vice Chairwoman

Mr. Nguyen Viet Quang

Member

Ms. Pham Thu Huong

Vice Chairwoman

Mr. Joseph Gagnon(1)

Member

Ms. Nguyen Dieu Linh

Vice Chairwoman

Mr. Marc Villiers Townsend(2)

Independent Member

Mr. Le Khac Hiep

Vice Chairman cum Independent Member

Prof. Ling Chung Yee Roy(3)

Independent Member

Board of Directors

Ms. Mai Huong Noi

Dy CEO

26 yrs experience

11 yrs with Vingroup

Ms. Nguyen Thi Diu

Dy CEO

23 yrs experience

4 yrs with Vingroup

Ms. Nguyen Dieu Linh

Vice Chairwoman (Vingroup)

CEO

21 yrs experience


Mr. Pham Van Khuong

Dy CEO

30 yrs experience


Ms. Duong Thi Mai Hoa

CEO

24 yrs experience

4 yrs with Vingroup

Management

Ms. Tran Mai Hoa

CEO

23 yrs experience

3 yrs with Vingroup

Ms. Thai Thi Thanh Hai

CEO

23 yrs experience

3 yrs with Vingroup

Ms. Vo Thi Phuong Thao

CEO

20+ yrs experience

7 yrs with Vingroup

Ms. Duong Thi Hoan

Dy CEO

18 yrs experience


Ms. Vu Tuyet Hang

CEO

21 yrs experience


Ms. Le Thuy Anh

CEO

17 yrs experience

5 yrs with Vinmec

Ms. Phan Ha Thuy

CEO

16 yrs of experience

4 yrs with Vingroup

Mr. James B. DeLuca

CEO

30+ yrs experience with

GM as Executive VP of

Global Manufacturing

(1) Mr. Joseph Gagnon is a Managing Director of Warburg Pincus

(2) Mr. Marc Villiers Townsend is the Chairman of CBRE Cambodia

(3) Pro. Ling Chung Yee Roy is the Managing Director of RL Capital Management

Experienced Management Team, Strong Corporate Governance

and Sponsor

Management of Subsidiary Businesses

Senior Management

Ms. Thai Thi Thanh Hai

Vice Chairwoman

Ms. Le Thi Thu Thuy

Vice Chairwoman

Ms. Le Mai Lan

Vice Chairwoman


Holistic cooperation with financial institutions, including facilitation

of mortgage financings for customers and transactional banking

services at Vingroup commercial properties

Good relationship with all leading domestic banks with repeat loan

and bond issuance

Secondary

Placement of

Ordinary Shares

April 2014

US$70 mm

International

Syndicated Loan

October 2013

US$150 mm

RegS/144A

International Senior

Unsecured Notes

October 2013

US$200 mm

Best Vietnam Deal 2013

Vietnam Capital

Markets Deal 2013

Issuer that matters

2013 Real-estate Deal

of the Year

May 2013

US$200 mm

June 2015

US$100 mm

Private Equity

Investment by

February 2016

VND3,000 bn

Domestic Senior

Unsecured Notes,

guaranteed by

Asia Pacific Property Awards 2016

Vietnam's Best Mixed-Used Development – Vinhomes Central Park

Vietnam's Best High-Rise Development – Landmark 81

Vietnam's Best Residential Landscape Architecture – Vinhomes Times City – Park Hill

Brand Finance Awards 2016

Vinhomes – The most valuable real estate brand in Vietnam

Vincom Retail, VinCommerce, Vinpearl and South Hanoi JSC –Top 50 most valuable brands in Vietnam

Vietnam Report

2017: Ranked 1st in Top 10 Reputable Real Estate Developers category

2015: Top 10 largest corporate tax payers

Forbes Vietnam 2016: Top 50 best listed companies on the Vietnam Stock Exchange

Ministry of Industry and Trade 2015: Top 10 brand awards

Vietnam National Administration of Tourism 2015: Top 10 5-star hotels in Vietnam

Domestic awards

The Asset AAA: Vietnam Best Syndicated Loan 2016

Standard and Poors 2014: Top 100 ASEAN companies

Finance Asia 2014: Region’s Best Borrower – Vietnam

Southeast Asia Property Awards 2014: Best developer -Vietnam

July 2016

US$300 mm

International

Syndicated Loan

Vietnam Best

Syndicated Loan 2016

Convertible Bonds

Apr & Jul 2012

US$300 mm(1)


Best Capital

Markets Deal 2012


Vincom Retail

Initial Equity

Offering

Largest ever equity

offering in Vietnam

Top 10 listed companies

on HOSE (by market cap)

Nov 2017

US$743 mm

Prestigious Global Awards and Accolades

c.US$2.2 bn Raised Internationally Through Several Pioneering

Transactions Since 2010

Note: (1) Converted into shares in 1Q2016

Euromoney Real Estate Awards 2017

Best overall real estate developer in Vietnam

Best retail developer in Vietnam

Best mixed-used developer in Vietnam

Best Leisure / Hotel Developer

Vietnam’s Flag Bearer in the International Capital Markets


6. Future Developments


Aiming to Become Leading Producer of Motorcycles and

Automobiles

Partnership with Renowned Designers and Leaders in

Automotive Production

1. Based on customer survey results, interviewing >500 people in Hanoi and Ho Chi Minh City conducted by BCG

Source: EIU, Vietnam Ministry of Industry and Trade, Pew Research Centre (2014), HIS, IFM Research and BCG analysis

Share of households that own a car (%)

Low Automobile Penetration Compared to Regional

PeersVietnam Passenger Car Sales Expected to Grow

Significantly

Sales (‘000)

80% of car owners plan to buy

new cars; car ownership

expected to increase by 40%(1)

VinFast: Vietnam – Style – Safety – Innovation – Pioneer

THE brand of choice for Vietnamese cars

Production capacity (‘000)

E-scooters 5-seat Sedan & 7-seat SUV

Reputable strategic and production consultants

Renowned Italian design partners

VinFast – first “Made In Vietnam” automobiles

300

1,000

First year of launch(From 2H 2018)

2025

250

500

First year of launch(From 4Q 2019)

2025

238 263 367

429 490

547 595

651 711

774 836

904 976

1,055

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

82%

51%

6% 4% 2%

Mala

ysia

Thaila

nd

Ph

ilippin

es

Indonesia

Vie

tnam


7. Financial Overview – VAS


694 1,019 932

1,618

865

1,633 176

278 579

910

687

878

870

1,297 1,511

2,528

1,552

2,511

2013 2014 2015 2016 9M2016 9M2017

Property sales Recurring revenue

333

488 519

765

476

805

2013 2014 2015 2016 9M2016 9M2017

338(1)

177

67

154139

121

2013 2014 2015 2016 9M2016 9M2017

586(1)

454

337

590

414

469

2013 2014 2015 2016 9M2016 9M2017

(US$ mm) (US$ mm)

(US$ mm) (US$ mm)

Revenue

EBITDA

Gross profit

Profit for the year/period(2)

Income Statement Highlights – VAS

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Interim/Unaudited VAS Consolidated FS for

9M2017

Note: CAGR from 2013 to 2016.

Based on exchange rate of US$1 = VND 22,770 (applied to 2017 financials)

(1) Includes fair value adjustment of US$200mm realized when the Group sold

Vincom Center A Ho Chi Minh City

(2) Includes profit after tax of discontinued operations


14

41

57

79

58

81

2013 2014 2015 2016 9M2016 9M2017

85

103

118

146

111

147

2013 2014 2015 2016 9M2016 9M2017

694

1,019932

1,618

865

1,633

2013 2014 2015 2016 9M2016 9M2017

76

99

126

177

151

173

2013 2014 2015 2016 9M20169M2017

(US$ mm)(US$ mm)

(US$ mm)

Retail leasing

(US$ mm)

Property sale(1)(2)

Hospitality & entertainment services(2) Healthcare & educationConsumer retail(1)

(US$ mm)

Total revenue

-20

200

434

322

454

2013 2014 2015 2016 9M2016 9M2017

(US$ mm)

870

1,2971,511

2,528

1,552

2,511

2013 2014 2015 2016 9M2016 9M2017

Revenue Performance – VAS

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Interim/Unaudited VAS

Consolidated FS for 9M2017

Note: CAGR from 2013 to 2016


(1) Includes adjustment for certain trading activities in consumer retail

(2) Includes adjustment impact due to Vinpearl beach villa revenue guarantee scheme


(US$ mm) (%)(US$ mm) (%)

Retail leasingProperty sale(1)(2)

Hospitality & entertainment services(2) Healthcare & education

(US$ mm) (%) (US$ mm) (%)

Consumer retail(1)

(US$ mm) (%)

(US$ mm)

Total gross profit

249

378 371

574

318

573

36% 37% 40% 35% 37% 35%

2013 2014 2015 2016 9M2016 9M2017

5258 60

75

55

83

61% 56% 51% 51% 49% 56%

2013 2014 2015 2016 9M2016 9M2017

34 39

30

19

33

54

46% 40% 24% 11% 22% 31%

2013 2014 2015 2016 9M2016 9M2017

(3)

12

17 16 14

8

(20%)

28% 30%20% 23%

10%

2013 2014 2015 2016 9M2016 9M2017

1

33

60

43

80

6%

16% 14% 14% 18%

2013 2014 2015 2016 9M2016 9M2017

Gross Margin (includes depreciation and amortization under VAS)

333

488519

765

476

805

2013 2014 2015 2016 9M2016 9M2017

Profitability – Gross Profit and Margin – VAS

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and

Interim/Unaudited VAS Consolidated FS for 9M2017

Note: CAGR from 2013 to 2016


(1) Includes adjustment for certain trading activities in consumer retail

(2) Includes impact of reclassification of gross profit due to sale of Vinpearl beach villas from hospitality & entertainment services to

property sale; correspondingly, revenue recognized under the revenue guarantee scheme is reflected in the property sale segment

Margin decline due

to two new schools

and one new

hospital builtMargin decline in FY16

due to 7-month closure

of Nha Trang Resort

and pre-opening costs

incurred for 3 hotels


3,5854,214

6,455

7,918

9,000

8811,285 1,667 1,986 2,183

2013 2014 2015 2016 9M2017

Total assets (VAS) Total equity (VAS)

1.2x

1.9x

2.2x

1.9x 2.1x(4)

2013 2014 2015 2016 9M2017

1,296

1,5321,638

1,745

2,028

678885

758

1,150

1,401

2013 2014 2015 2016 9M2017

Total debt Net debt

(US$ mm)

(US$ mm)

Total assets & total equity

Total debt(1) and net debt(2)

Net debt(2) / EBITDA

Balance Sheet Highlights – VAS

(2) Net debt is equal to total debt less cash and cash

equivalents and short-term (ST) investments

(3) ST investments include short-term loan receivables

(4) Based on LTM EBITDA

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016, Interim/Unaudited VAS Consolidated FS for 9M2017, and

Interim/Unaudited IFRS Consolidated FS for 1H2017


(1) Total debt is equal to interest-bearing loans and borrowings, plus financial liabilities designated as at fair value through profit or loss

617 647 880 595 627Total cash and

short-term

investments(3)

2,6929,825

Total assets (IFRS) Total equity (IFRS)

As of 1H2017


Domestic bond69.2%

Bank loans12.5%

Syndicated loan

14.4%

Others3.9%

Total debt

US$2.0bn

Diversified funding sources – breakdown of total debt Breakdown of total assets

Breakdown by currency Breakdown by interest rate

VND84.2%

USD14.5%

EUR1.3%

Floating86.4%

Fixed13.6%

Balance Sheet Highlights – VAS (cont’d)

Source: Interim/Unaudited VAS Consolidated FS for 9M2017

Based on exchange rate of US$1 = VND 22,770

Note: As of 30 September 2017

(1) Includes assets relating to hospital operations and education operations, as well as cash & cash equivalents, short-term investments, receivables, investments in associates, and other adjustments

Residential55.3%

Leasing of retail area

14.1%

Hospitality & entertainment

services10.7%

Retail trading6.6%

Others13.4%

Total assets

US$9.0bn

(1)


Debt maturity

(US$ mm)

Average borrowing cost

10.8%9.9% 9.4%

8.8% 8.7%

Dec-13 Dec-14 Dec-15 Dec-16 Sep-17

Debt profile overview – VAS

As of 30 September 2017:

Average debt maturity: 2.38 years

211

932

21645

45

113

134

249

29

28

25

505

1,074

378

71

Less than 1 year 1-3 years 3-5 years More than 5 years

Corporate bonds Syndicated loan Bank borrowings

Source: Audited VAS Consolidated FS for 2013, 2014, 2015, 2016 and Interim/Unaudited VAS Consolidated FS for 9M2017



Appendix


Simon Property

US’s largest shopping mall operator

Vietnam

Thailand

Singapore

Indonesia

Philippines

Australia

Global examples clearly demonstrate retail consolidation around the

dominant local landlord

Significant parallels seen between VRE and regional retail leaders

Vietnam's current position at an early, higher growth stage of the retail cycle

translates to a stronger growth profile and a more dominant market share

Vincom Retail

Vietnam’s largest retail developer, owner and

operator

Scentre Group

Australia’s largest retail owner and

operator

SM Prime

Philippines’ largest retail real estate developer

Central Pattana

Thailand’s largest shopping mall developer arm of

Central Group

CapitaLand

Singapore’s largest retail mall owner and

manager

United States

0.78

2017

60%

2017

GFA (mm sqm)(1)


2.23.5

2007 2016

28%

33%

2007 2016

GFA (mm sqm)(3)


13%

17%

2008 2013

Market Share by NLA(4)

2.1% 3.4%

1996 2007

2002 2008

Market Share by GLA(6)

Lippo Karawaci

Indonesia’s largest mall owner and operator

arm of Lippo Group


11.1 mm

Total Market Size (GLA sqm)(7)

502 mm 657 mm

14.9 mm

Total Market Size (GLA sqm)(6)

10.7 mm7.8 mm

Market Share by GLA(7)

Total Market Size (NLA sqm)(4)

3.2 mm 3.5 mm


0.6 0.7

2013 2016

15%

17%

2013 2016

NLA (mm sqm)(2)

Market Share by NLA(2)

Total Market Size (NLA sqm)(2)

4.4 mm3.9 mm


1.3 mm


6.8 mm 8.5 mm

19%

25%

Source: Company filings, Colliers, Statista, Urban Redevelopment Authority, Savills, Urbis.

1. Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC. As at August 2017 2. Based on Central Pattana’s retail NLA in Bangkok and total

shopping mall NLA in Bangkok 3. Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila 4. Based on CapitaLand’s retail NLA in Singapore, and total retail NLA in Singapore. Includes only

operational malls and retail space of integrated developments of CapitaLand 5. Based on Lippo Karawaci’s retail GFA in Indonesia, and combined shopping mall GFA of Jakarta, Greater Jakarta and Surabaya. Total

Indonesian Retail GFA unavailable 6. Based on Westfield Holdings’ GLA in Australia in 2002 and 2008, divided by total Australia shopping center GLA in 2001 and 2007. Westfield Holdings was restructured into Scentre

Group in 2014 7. Based on Simon Property’s retail GLA in the U.S, and total shopping mall GLA in the U.S.

32%39%

2012 2017

Retail Consolidates Around the Dominant Local Landlord


Market Cap

SM Prime

(Philippines)US$16.5 bn

CPN (Thailand) US$7.1 bn

Market Cap

SM Prime

(Philippines)US$2.2 bn

CPN (Thailand) US$1.4 bn

27 3036 39

43 4651 53 55

6267

10 10 12 15 15 18 20 23 2529

30

3 56 21

31

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Mall Count

SM Prime Central Pattana Vincom Retail

Mall Evolution Of Peers In The Last 10 Years

Metrics

GDP per capita

(US$)

Philippines 1,390

Thailand 3,370

2006

Metrics

GDP per capita (US$)

Philippines 2,947

Thailand 5,913

2016

7.5x increase

CAGR of 22.4%

5.1x increase

CAGR of 18.0%

59.5%

10.8% 7.8%

44.4%

VRE has Superior Growth Profile Compared to Regional Peers…

2011 – 2016 CAGR 2017E – 2021E CAGR(2)

Poised to Enjoy Long-Term Market Dominance in Retail Space

44

13 6 4

VCR Lotte Parkson Aeon

(no. of malls)(1)

… and Has a Portfolio Much Larger than Domestic Peers

(CAGR by no. of malls)

Commanding Lead over Competitors in Vietnam

1.2 0.3 0.1 0.4Retail GFA(1)

(mm sqm)

2006 – 2016

Source: Company filings, EIU, FactSet.

1. Refers to large-scale retail properties that include multi-tenant (shopping malls) and predominantly single-tenant formats (department stores).

2. Assuming all remaining pipeline projects are completed by 2021

Vincom Retail Poised to Enjoy Market Dominance in Retail Space


Most of VRE malls are covered by the upcoming metro lines in Ho Chi Minh City and Hanoi – significant boost in connectivity

and footfall expected.

CBD

Under Construction Planned Lines

District 6

District 5

District 8

District 4

District 7

District 3

District 1Phú Nhuận

Bình Thạnh

Gò Vấp Thủ Đức

Ho Chi

Minh City Airport

4

2

6

3

5

Tân Bình

District 10

CBD

Ho Chi Minh City

VINCOM PLAZA SAIGON RES

VINCOM PLAZA3/2

VINCOM MEGA MALLTHAO DIEN

VINCOM CENTERNGUYEN CHI THANH

VINCOM MEGA MALLROYAL CITY

VINCOM CENTER DONG KHOI

VINCOM MEGA MALLTIMES CITY

VINCOM CENTERBA TRIEU

3

8

5

2

67

4

1

3

Trung Văn

Dương Nội

Mai Dịch

Nhổn

Bách Khoa

Giáp Bát

Khu đô thị

Xa La

p. Long Biên

Phú Thượng

Nhật Tân

Ngoc Thuy

phường

Xuân Đỉnh

Phú Đô

Đại Mỗ

Văn Điển

Thanh Trì

Đông Ngàn

Trung Thôn

Ngọc Lâm

Metro Lines

Hanoi

1

5km

`

5km

With the opening of urban metro lines in Ho Chi Minh City

and Hanoi, the shift from street retail to organized retail

malls will accelerate Vingroup mixed-use & VRE mall models are able to tap on

this trend, given the targeted positioning and proximity to

stations

Metro Infrastructure Will Accelerate Retail Mall Footfall


Savvy Travelers

Centrally located and highly accessible city

hotels and condotels in established tourist

cities

Lower

than

US$120

Vinpearl: Capturing The Full Spectrum of Customer Segments

International

Brand

Hotels

Target

Segment:

Upper middle

income

Local Brand

Hotels

Target

Segment:

Middle/Upper

Middle

income

Competitors

Vinpearl has

access

to addressable

market segment of

over US$7.4bn(1)

of tourist spending

Source: EIU.

Notes: (1) Based on 2016 International tourism receipts in Vietnam.

Ho

listi

c S

eg

me

nt

Co

vera

ge

Ro

om

Rate

Seg

me

nts

Holistic Coverage Across Room Rate Segments

Average

Daily Room

Rate

US$120 –

$300

More than

US$300

Family Destinations

Integrated facilities with a diverse range of

entertainment at renowned resort

destinations

Vinpearl Premium Resorts:

High-end international and

domestic tourists

Families and frequent visitors

Vinpearl Resorts:

Upper-mid income international and

domestic travelers

Tour group-friendly

Corporate retreats

Small families and couples

Vinpearl Oasis:

Mid-income domestic travellers and

tour groups

Small families and couples

Exclusive Getaways

Exotic adventures/new destinations with

direct connectivity to integrated resorts

Vinpearl Villas:

Multi-generation international and

domestic tourists

Exclusive beach villas directly

connected to integrated facilities or

stand-alone hotels

Situated at newly launched /

innovative / exotic locations

Prioritizes exclusivity and tailored

services

Vinpearl Hotels and Condotels:

Business executive and business

travelers

Small families

Vinpearl’s integrated resort model clearly differentiates itself from other competitors

who only offer a standalone hotel product

Vinpearl Golf

Affluent, upper-mid income regional and domestic travelers

Business Travelers

Individuals, small families and friends

VinpearlLand / Safari

Across all income levels and age groups

Mainly upper income locals

Others


VinMart

Domestic

retailer #1

Domestic

retailer #2

Foreign

retailer #1

Foreign

retailer #2

Foreign

retailer #3

Foreign

retailer #4

Key players

Cooperatives & individual farmers,

wholesalers


wholesalers

Sourcing from farms in Vietnam


wholesalers

Cooperatives & individual farmers, wholesalers


wholesalers

VinEco

Input PackagingGrow Harvest DistributeStorage Logistics Retail

Production Processing Distribution and retail

Dom

estic m

odern

reta

ilers

Fore

ign r

eta

ilers

Amongst modern retailers, only Vingroup is active in all stages of the value chain

Source: PwC research

VinCommerce – Competitive mapping


Well developed infrastructureis the growth driver for VinCommerce

Internal customers

External customers

Over 8,200 merchants and suppliers

Launched in August 2015, adayroi!com already offers the widest

range of products than any e-commerce operator in Vietnam

To seamlessly connect offline with online retailing, and with the

nationwide logistic network

Full suite of services to merchants, from content, image design to

delivery and customer care

28 modern logistic hubs in 13/63 cities and provinces nationwide

Fleet of delivery trucks, vans and motorcycles equipped with automated,

real-time management system

Commitment to provide B2C-logistics service with the shortest lead time

to customers, and advanced delivery services for business partners

Exceptional offerings for Vingroup Card users

Vietnam’s largest

community of 3.1 mm

members

First and only card in

Vietnam that is able to

connect and integrate

advantages and

benefits

Points can be redeemed

everywhere within the

Vingroup ecosystem

Special priorities and

benefits for cardholders

As of 30 September 2017

VinCommerce Complemented by Innovative E-commerce and Robust

Infrastructure


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.

Disclaimer


Vingroup JSC

Vingroup Office Tower, Vinhomes Riverside Eco-Urban Area

Long Bien District, Hanoi, Vietnam

Tel: +84 (24) 3974 9999 ext. 9759

Fax: +84 (24) 3974 8888

Website: http://www.vingroup.net

E-mail: [email protected]

Investor Relations Department

http://www.vingroup.com.vn/

mailto:[email protected]

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