Corporate Presentation · This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of

Corporate Presentation

where happiness lives

May 2020

1

Disclaimer

IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material

information concerning Vinhomes Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment decision or

commitment whatsoever.

None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes any representation or warranty (express or

implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the

intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this

presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal,

business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination

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

Vietnam's #1 Integrated Real Estate Developer

Key Highlights

Dominant market share of 22%(1) across ALL residential segments in Vietnam, 5.5x(1) the next

largest developer. In the mid-end segment, Vinhomes has a significant market share of 45%(2)

Source: CBRE report as of 1Q20

Notes: (1) Based on number of units sold across all segments in Vietnam’s residential market between 2016 and 1Q20, only include retail sales (2) Based on accumulated sold units in the mid-end segment in Vietnam in 2019 – 1Q20. (3) Based on 153 sqm total

residential GFA for sale divided by average residential GFA sold annually from 2020 – 2022E

Dominant Real Estate

Developer and a

Community and Lifestyle

Creator Experiencing

Accelerating Growth

Ability to Harness Vingroup

Ecosystem

Vietnam Residential Set for

Multi-year Upwards Cycle

High Earnings Visibility

Supported by Unrivalled

c.30 Year(3) Land Bank for

Residential Development

and Sustainable Business

Model

Proven Track Record and

Rapid Cash Flow Cycle

Leading to Superior

Returns

Experienced Management

Team and Robust

Corporate Governance


Key Investment Highlights

4

Key Investment Highlights

Vietnam Residential Set for Multi-year Upwards Cycle2

Dominant Real Estate Developer and a Community and Lifestyle

Creator Experiencing Accelerating Growth3

High Earnings Visibility Supported by Unrivalled c.30 Year(1) Land

Bank and Sustainable Business Model4

Proven Track Record and Rapid Cash Flow Cycle Leading to Superior

Returns5

Ability to Harness Vingroup Ecosystem1

Experienced Management Team and Robust Corporate Governance6


Note: (1) Based on 153mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2020 – 2022E.

5

The Largest Listed Company in Vietnam

Essentials Aspirational

#1 loyalty program in Vietnam with c. 9.6 million members(1)

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

aspirational.

1 Ability to Harness Vingroup Ecosystem

Automobile manufacturer, mobile

devices and technology ventures

Industrials/Technology

Comprehensive multi-format

retail operator

Consumer Retail

Integrated residential

developer in Vietnam

Residential

Healthcare and education provider

Pharmaceutical and agricultural

producer

Social Infrastructure

Hospitality and

entertainment operator

Hospitality

Retail mall owner, developer and

operator in Vietnam

Retail Leasing

Source: CBRE, McKinsey, Vietnam National Administration of Tourism, Health Statistics Yearbook, Company estimates.

Notes: (1) As of 31 March 2020

6

0.5%

1.5%1.7%

2.0%

2.3% 2.4%

Sin

ga

pore

Th

aila

nd

Ma

laysia

Indonesia

Ph

ilippin

es

Vie

tnam

22.8 24.4

35.9 35.538.2

2015 2016 2017 2018 2019

Source: CBRE Vietnam, Euromonitor, Colliers, JLL Research, BMI, MPI

Note: (1) Middle income population defined as households with income of more than US$10,000 per annum. (2) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium demand of 186,000 units in 2022E.

Fastest Growing Economy in Southeast Asia with Strongest Middle Income

Growth2019 – 2021E Real GDP CAGR (%)

Highest Population Proportion Among WorkforcePopulation with Age Range Between 25 – 44 as % of Total Population

Middle Income Population(1)

Growth2019 – 2021E CAGR (%)

32.8% 32.7%

31.1%

30.1% 29.9% 29.6%

28.6% 28.0%

Vietnam Malaysia Singapore Indonesia Myanmar Laos Philippines Thailand

Fastest Urban Population Growth in Southeast Asia, with

Significant Room to RunUrban Population 2019 – 2026E CAGR (%)

Increasing Inflow of FDIRegistered FDI (US$bn) / Cumulative Contribution of FDI by Sectors (%)

Manufacturing59%

Real estate16%

Power7%

Others18%

Revised housing regulations for foreigners from 1 July 2015

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

valid visas

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

Real Estate accounts for 16% of cumulative FDI by 2019

Vietnam’s Urbanization Rate by Year

(%)

Total addressable market to rise by

c. 3.3x to c. 186k condominium units per

annum(2) by 2022E

Proportion of urban households in Vietnam

set to increase at a CAGR of 2.4% over

2019 – 2026E

36.6% 37.3%

41.7%

2018 2019 2026E

17.0%

8.1% 7.1%

5.3%

2.9% 1.4%

Vie

tnam

Ph

ilippin

es

Indonesia

Th

aila

nd

Ma

laysia

Sin

ga

pore

2 Unique Vietnamese Fundamentals for Home Ownership

(0.8%)(0.5%)

2.3%

3.6% 4.1%

4.7%

Th

aila

nd

Sin

ga

pore

Ma

laysia

Indonesia

Ph

ilippin

es

Vie

tnam

7

Vietnam’s Housing Significantly More Affordable Than Regional PeersHome Price-to-Income Ratio (x) in 2018(1)

4.1

5.3 5.6

5.9

7.0

HCMC Kuala Lumpur Bangkok Jakarta Manila

Vietnam Residential Market Set to Take Off

Source: JLL, Euromonitor.

Note: (1) Based on top quintile household incomes and an entry level apartments across cities. (2) Represents lending rate for housing loans offered for the first year of the loan term. (3) Represents deposit rate offered for the 12-month terms by a number of notable commercial banks as of May 2020.

2

Vietnam’s Mortgage Market is Significantly Underpenetrated Compared to

Regional PeersTotal Home Mortgage Loans Outstanding as % of GDP in 2019

5.9%

23.3%

39.7%

48.3%

Vietnam Thailand Malaysia Singapore

Average 37.1%

Vietnamese Residential Prices have Significant Room to RunPrime Residential Price Growth

(Index: 2006 = 100)

Residential

upside

potential

Inflation and Interest Rate Sustained at Low Levels

6.6

4.1

0.9

3.23.5 3.5

2.8

10.4%

7.5% 7.9%

7.0%

0%

2%

4%

6%

8%

10%

12%

0

1

2

3

4

5

6

7

2013 2014 2015 2016 2017 2018 2019

Av

era

ge

Average CPI (Y-o-Y) Lending Rate Deposit Rate

75

100

125

150

175

200

225

250

275

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

HCMCBangkokKuala LumpurManilaShanghai

(2) (3)

Average 6.0

8

Vinhomes Poised to Benefit from Higher Condominium Absorption in Vietnam

Natural Growth in Number

of Households

Accelerated Increase in Demand for

Condominiums in HCMC & Hanoi

Significant Multi-Year Growth

Potential vs. Regional Peers

7.2 7.8 8.0

11.3 12.5 13.0

91.7

96.5

99.0

2014 2019 2022E

Hanoi population (mm)

HCMC population (mm)

Vietnam population (mm)

Population in Vietnam Annual Condominium Demand in HCMC &

Hanoi

Source: Euromonitor, CBRE. Note: (1) CBRE estimates 67.6% home ownership rate in Vietnam for 2018. (2) CBRE estimates that proportion of household who own a condominium in Hanoi/HCMC ranges from 9 – 16% as of 2018.

Total addressable market for condominiums in HCMC & Hanoi to rise by c. 3.2x by 2022

16

29

84

18 30

102

2014 2019 2022E

Demand for Condominium Units (Hanoi) ('000 units)

Demand for Condominium Units (HCMC) ('000 units)

~186,000

~59,000~34,000

c. 3.2x

increase

• Rising affluence and income will lift

household ownership(1) and conversion

into condominium units(2)

• 2019 absorption of 59k is relatively small

when compared with natural household

creation level – CBRE expects demand to

catch up to 186k (3.2x increase) by 2022E

• Nationwide numbers are likely higher,

presenting opportunities to Vinhomes

• Population in Vietnam is expected to grow

from 96.5mm to 99.0mm in the 4 years

from 2019 to 2022E

• Expected to increase number of

household units by ~1mm in 2022E or

~300k annually

• HCM and Hanoi addressable

condominium market is a small fraction

compared with regional peers due to

affordability and mortgage availability

• With improvements in both, the scope for

growth in the condominium addressable

market is significant

203

58

27 23

Shanghai (*) Bangkok (*) HCMC Hanoi

Average Annual Sales Volume 2013 – 2018 (‘000 units)

HCMC & Hanoi have Significant Room for

Expansion in Absorption Compared to

Regional Peers

7.5x

HCMC8.8x

Hanoi

2

(*)Shanghai and Bangkok number calculated from 2013 - 2017

9

c.40%(4)

Residential market share in Vietnam across

premium segment

Consumer Retail Retail Property Medical School

Hospitality /

Entertainment

165

8 7 6

Vinhomes Developer 1 Developer 2 Developer 3

High-EndAffordable LuxuryMid-End

Capturing the Huge Middle Income Opportunity with the

Vinhomes Sapphire Brand

Source: CBRE, Company Filings. Notes: Based on USDVND of 21,095 for 2013; 21,388 for 2014; 22,485 for 2015; 22,761 for 2016; 22,698 for 2017 and 23,240 for 2018, 23,270 for 2019 and . (1) Based on total number of residential units sold by Vinhomes from 2010 to 2017 as a business line of

Vingroup and 2018 – 1Q20 as an entity. Includes units developable under block sale. (2) Based on all launched Vinhomes residential projects as a business line of Vingroup from 2010 to 2017 and as an entity in 2018 – 1Q20. (3) Based on accumulated sold units from 2019 to 1Q20 across mid-end

segment in the residential market of HCMC and Hanoi, according to CBRE. (4) Based on accumulated sold units in the high-end, luxury condominium, and all segments in HCMC and Hanoi from 2016-1Q20, according to CBRE. (5) As of 31 March 2020. (6) Including apartments, officetel, shophouses,

shop office, villa, commercial for sale, beach villa and condo-tel. 153 mm sqm of residential GFA converts into c. 136 mm sqm of NSA. Not including GFA from Vinhomes Hoc Mon. (7) Include retail and bulk sales value. Doesn’t include certain bulk sales transactions at advanced stage of discussion at the time

of reporting.

Land bank (mm sqm)

Vinhomes

Sapphire

Largest Land Bank Expected to Deliver Sustainability and

Growth

Dominance of Vietnam Residential Market by

a Significant Margin

• ~122,000(1) Residential Units Sold Since

2010

• US$16.3bn(2) of GDV Sold since 2010

18%(3)

Residential market share in Vietnam across ALL segments

Unbilled bookings of US$3.36bn(7) as of 31 March 2020

Strong Track Record of Historical Sales Value

(5)

US$bn 2010 – 2015 2016 2017 2018 2019 1Q2020

Historical Sales

Value2.9 2.7 3.0 2.9 3.9 3.4

Translates to 169mm sqm of total GFA(5)(6)

including 153mm sqm of residential GFA

Complete Ecosystem of Complementary Offerings at Each Site with an Emphasis on Quality

~20x the land bank of next largest competitor

3



Vinhomes

RubyVinhomes

Diamond

Happy

Town

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

22%(4)

Residential market share in Vietnam across

ALL segment

VinhomesOthers

Vinhomes

Developer 1

Developer 2

Developer 3

Developer 4

Others

45%(3)

Residential market share in Vietnam across mid-end segment

VinhomesOthers

Vinhomes

Developer 1

Developer 2

Developer 3

Developer 4

Others

VinhomesOthers

Vinhomes

Developer 1

Developer 2

Developer 3

Developer 4

Others

10

13

152

Launched Pipeline Projects

(1)

3 million sqm is under feasibility study

Hanoi12%

HCMC33%

Quang Ninh47%

Hung Yen4%

Others3%

Hanoi

GFA: 19mm sqm

Ho Chi Minh City

GFA: 51mm sqmKey beneficiary

of upcoming

infrastructure

developments

Land bank by GFA for sale (mm sqm) (1)(2)

45% of residential GFA is located in key cities of HCMC and Hanoi

Gross development value (3) (for projects to be launched up to 2025)

Total Residential GFA: 153mm sqm

Hanoi42%

HCMC28%

Quang Ninh9%

Hung Yen13%

Others8%

Hanoi:

US$18.5 bn

Ho Chi Minh City:

US$12.3 bn

70% of GDV is attributable to key cities of Hanoi and HCMC

Total GDV (up to 2025): US$44.0bn

3

Additional projects under feasibility studies

Translates to 169mm sqm of total GFA(1)(2) including

153mm sqm of residential GFA

Notes: (1) As of 31 March 2020. (2) Including apartments, officetel, shophouses, shop office, villa, commercial for sale, beach villa and condo-tel. 153 mm sqm of residential GFA converts into c. 136 mm sqm of NSA. Not including GFA from Vinhomes Hoc Mon. (3) Represents residential

GDV only, excluding other for-sales components such as hospital, school, .etc which may be sold to other third parties.

Land Bank by Site Area

(mm sqm)

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

11

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

reliance on credit financing

High take-up rate of 88% achieved for cumulative units launched

until YE2019 at three mega projects

Proven Track Record and Rapid Cash Flow Cycle Leading to Superior Returns5

Comprehensive range of after-sales services to ensure Vinhomes’

buyers needs are met

Ancillary facilities such as gyms, pools, meeting areas, barbeque pits,

parks and waterways at Vinhomes properties

Ability and track record in securing the best land bank in Vietnam

Continuously search for and acquire new sites through project

development

Vinhomes’ Superior End-to-end Value Chain

38.8%

19.1%

15.7%

15.4%

9.6%

Vinhomes

Land &Houses

Ayala Land

Novaland

BSD

After-Market Service Offering Captures

Customer & Enhances Loyalty to VinhomesUnique Selling Strategies

De-risk Development OutlaysEffective Cost and

Quality Controls to

Maintain Margins

Secures Land at

Competitive Rates

Vinhomes’ Unique Execution Capabilities Translate to Significant Competitive Advantage

Evident in Industry Leading Operational MetricsReturn-on-Assets(1) (%)

Source: Company filings

Notes: (1) Refers to net profit in 2019 divided by total assets in 2019. (2) Refers to net profit after minority interests divided by shareholder’s equity in 2019. (3) Including bulk sales units. Three mega projects are Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Grand Park, which are the key growth

driver for Vinhomes in 2018, 2019, 2020.

Land Acquisition

Land Clearance

Pre-sales, Sales

Research and

Marketing

Property

Management

Construction and

Quality Control

Master Planning and

Design

Master planning ability in developing and designing integrated projects

with ecosystems

Effectively assists Vietnamese state agencies in identifying land rights

holders and facilitating resettlements on the government’s behalf

Successfully shortens land clearance process from c. 2—3 years

per project to c. 9—12 months

Ability to control costs, quality and deadlines to ensure efficient

delivery of superior quality properties

Return-on-Equity(2) (%)

12.3%

8.9%

5.7%

5.4%

4.0%

Vinhomes

Land & Houses

BSD

Ayala Land

Novaland

Infrastructure and

Ecosystem

Significant de-risking of model through Vingroup’s ecosystem of

complementary offerings such as hospitals, schools and retail

12

Board of

Directors

Management

Team

Committed to robust

corporate governance

standards in line with

global best practices

Senior leadership with

significant depth of

experience and pedigree

Proven on-the-grounds

management team

supporting nation-wide

operations

Proven ability to hire,

train and retain talent

across business lines

Vinhomes is led by a team of highly experienced board of directors who are

supported by a experienced management team with average 23 – 24 years of experience

Cao Thi Ha An

Executive Director

>29 years experience

Project Development Director at Vingroup

since 2016

Previously Deputy CEO and Director of

Military Insurance JSC

Varun Kapur

Independent Non-Executive Director


Currently also Managing Partner of Indgrowth

Capital

Previously Partner and Managing Director at

TPG

Mueen Uddeen

Independent Non-Executive Director


Currently also Managing Director of

Arcpoint Associates Advisory

Pham Nhat Vuong

Non-Executive Director


Founder of Vingroup, formerly known as

Technocom Corporation in 1993

Chairman of Vingroup since 2011

Nguyen Viet Quang

Non-Executive Director


CEO of Vingroup

Previously Chairman at Vinmec

>17 years experience in financial

services

Appointed Deputy Chief Executive of

Finance and Investment of Vinhomes

in 2018

Chartered Accountant

Douglas Farrell

Dy CEO

Finance and Investment >17 years with Vingroup


Project Development Director of

Vingroup since 2005

Currentl holds directorships in other

Vinhomes subsidiaries

Pham Thieu Hoa

CEO

>5 years with Vingroup


Previously executive at Richard Moore

Associates, Audio Visual Global and

Head of Marketing Department at Syrena

Nguyen Ngoc Thuy Linh

Dy CEO

Operations



Previously Sales and Marketing

Director at Mercedes Benz An

Du Autohaus

Nguyen Duc Quang

Dy CEO

Sales and Marketing

Nguyen Dieu Linh

Chairwoman



Vice Chairwoman of Vingroup since 2008,

previously Deputy CEO of Vingroup

15 years with Vingroup

Previously held directorship in

Vincom Security since 2018

Nguyen Vu Hung

Dy CEO

Security, Safety and Fire Prevention



Previously Dy CEO of Vingroup

Pham Van Khuong

Dy CEO

Construction

6 Experienced Management Team and Robust Corporate Governance

13

Controls put in Place

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

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

Shareholders

• Interested parties must abstain from voting

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

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

Vietnam

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

• In addition, Vinhomes has ROFR on land that can be used for residential from Vingroup at cost. This ROFR gives

Vinhomes economy of scale in land sourcing and leverage of the Vingroup brand in site acquisition

• Management service fees and construction EPC contracts are calculated based on comparable third-party service

providers and Vingroup fees are allocated based on number of man hours and assets under management

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

Vingroup

• Governed by related party rules

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

shareholders

No conflict of

interest in decision

making

No direct

competition with

Vingroup

Clear distinction of

scope for Vinhomes

Fair market

practices

6 Institutional Level Corporate Governance


Covid-19 Impact Assessment

15

Source: Vietnam Ministry of Health

Confirmed COVID-19 Cases in Vietnam

0

5

10

15

20

25

0

50

100

150

200

250

300

350

1-M

ar

2-M

ar

3-M

ar

4-M

ar

5-M

ar

6-M

ar

7-M

ar

8-M

ar

9-M

ar

10

-Ma

r

11

-Ma

r

12

-Ma

r

13

-Ma

r

14

-Ma

r

15

-Ma

r

16

-Ma

r

17

-Ma

r

18

-Ma

r

19

-Ma

r

20

-Ma

r

21

-Ma

r

22

-Ma

r

23

-Ma

r

24

-Ma

r

25

-Ma

r

26

-Ma

r

27

-Ma

r

28

-Ma

r

29

-Ma

r

30

-Ma

r

31

-Ma

r

1-A

pr

2-A

pr

3-A

pr

4-A

pr

5-A

pr

6-A

pr

7-A

pr

8-A

pr

9-A

pr

10

-Apr

11

-Apr

12

-Apr

13

-Apr

14

-Apr

15

-Apr

16

-Apr

17

-Apr

18

-Apr

19

-Apr

20

-Apr

21

-Apr

22

-Apr

23

-Apr

24

-Apr

25

-Apr

26

-Apr

27

-Apr

28

-Apr

29

-Apr

30

-Apr

1-M

ay

2-M

ay

3-M

ay

4-M

ay

5-M

ay

6-M

ay

7-M

ay

8-M

ay

9-M

ay

10

-Ma

y

11

-Ma

y

12

-Ma

y

13

-Ma

y

Daily confirmed cases Total number of confirmed cases

Strict nationwide social

distancing extended to

22 AprilStrict nationwide

social distancing

easing on April 23 in

most cities and

provinces

All Vinhomes

project

construction

resumed on

April 16

All

Vinhomes

showflats

reopened on

April 23

17 new imported case

on May 7

Vinhomes Online

launched on April 16

Suspended all flights

between Korea and

Vietnam

Hanoi & HCMC shut

down bars, karaoke

Suspended all visas and

entry for travelers from 27

European countries

Suspended entry

for all foreign

nationals

HCMC closed

restaurants, gyms,

spasStrict nationwide

social distancing

for 15 days

Patient

N17

Covid – 19: Timeline and Number of cases in Vietnam

16

• In 2020, supply in HCMC and Hanoi continues to be under constraint, which helps to avoid price cut and facilitates bulk

sales strategy, allowing Vinhomes to withstand the impact from Covid-19 environment

• In this cycle, Vinhomes’ core target market is the more resilient mid-end segment, thanks to their fundamental buy-to-live

demand

• Vietnamese government cut interest rates, which should reduce borrowing costs on mortgagesPreliminary Impact

Assessment

• Increase interaction with buyers/ prospects via non-traditional channels such as Facebook, Viber and other alternatives

and introduce Vinhomes TV online channels with marketing videos to boost sales

• Bring forward and launched Vinhomes’ online sales platform, through which customers can tour the projects/ units online,

interact with Vingroup’s sales team and place order without having to physically visit the transaction floor

• Collaboration/Ongoing negotiation with several prospective bulk sales buyers on projects such as Vinhomes Smart City,

Vinhomes Grand Park and Vinhomes Ocean Park

• Give promotions in conjunction with VinFast and VinSmart, to cross sell within the ecosystem

• All construction sites resumed on April 16 and all showrooms reopened on April 23

Business Initiatives

Covid -19 Impact Assessment

17

Delaying tax and

land fee payment

Support for

impacted

businesses and

workers

Preferential Credit

by Commercial

Banks

Electricity cost

subsidy

Government Support Packages

Package VND USD Current status Details

180 trillion 8.2 billion

Approved /

Implementation

commenced

• Value added tax, corporate income tax and land premiums payables will be

deferred for 5 months.

• Real estate developers are included in the list of eligible businesses


Approved /

Implementation

commenced

• Allowances for the unemployed, those under unpaid leave and family

businesses impacted by Covid – 19

• Employers in financial troubles who have continued to pay staff at least 50

per cent of the salaries will be able borrow at zero interest

600 trillion 27.7 billion Ongoing

• More than 10 banks in Vietnam, including the four biggest SOBs, are

implementing a credit support package for Vietnamese enterprises, including

extending debt repayment deadlines and exempting or reducing lending rates

(by 0.5 – 1%).

• Eligible borrowers are enterprises in the less impacted sectors, which need

capital for business growth such as agriculture, seafood, medical services,

electricity. More impacted businesses can borrow if they can guarantee debt

repayment.


Approved /

Implementation

commenced

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

the escalating pricing schedule

• Prices for production to be cut by 10% in April, May and June 2020

• Hotels will enjoy a lower cost at the prices for production from April 2020

Note: support measures highlighted in Orange are applicable to Vinhomes


Business Strategy Updates – Residential

19

• Unique ability to offer Vingroup ecosystem, amenities, and

community environment

• Strong reputation of prompt delivery of projects / units

• Differentiated after sales management service offering – property

management, repairs and security services

Luxury apartment units that offer the most

privileged living standard

Driving Growth with New Brand Vinhomes Sapphire

Source: CBRE, JLL Research. Notes: (1) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2016-1Q20 (2) Based on accumulated sold units in mid-end segment in HCMC and Hanoi 2019 – 1Q20 (3) For condominium market only;

based on CBRE condominium demand model and annual condominium demand of c.186,000 units in 2022E at an assumed price of US$127,000 per unit. (4) Percentages shown exclude 30.8% of households within the segment of household below affordable. (5) 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). (6) Based on net saleable area.

1.3%(5)

0.4mm

House-

holds

4.4%(5)

1.2mm Households

19.4%(5)

5.2mm

Households

44.2%(5)

12.0mm Households

o

High-end

US$2.0k

Affordable

Under US$1.0k

Mid-end

US$1.0k

Luxury

US$4.0k

Ave

rag

e S

ell

ing

Pri

ce

s (

US

$ /

sq

m)(

6)

Phu My

Hung

CapitaLand

Keppel Land

Novaland

Thao Dien

Investment

Leverage Vinhomes’ dominant market leadership of

c.38%(1) across high-end and luxury segments to

provide products in the mid-end segment and quickly

rise to #1 position with c.45%(2) market share

Total addressable market of

US$22.9bn(3) per annum

Vinhomes Diamond

Vinhomes Sapphire

Modern apartments

for young and savvy home-buyers

Vinhomes Ruby

High-end apartments for young

affluent families

20

Key Strategy

• Focus on the development of VHM mega projects

• Master developer in mega projects, which entails master planning, develops

infrastructure and attracts sub-developers and institutional investors to co-

develop mega projects

− Track record and financial capacity to conduct large scale infrastructure

development; hence it has credibility with other developers

− Infrastructure include schools, the hospitals, shopping malls or retail outlets,

which are mostly Vingroup branded

Benefit for Vinhomes

Earlier cash flow as compared to

retail sale

Shorter project development

period with secondary

developers concurrently building

up the project

Benefit for Customers

Greater options (international/

local schools, international/local

developers, etc.)

Larger and more amenities to

enjoy

Shorter wait time to receive unit

Benefit for Secondary

Developers

Save time and effort in land bank

replenishment as Vinhomes

mega projects have completed

or close to completed the

approval process

Utilize an integrated

infrastructure and supporting

amenities


Bulk Sale Strategy to Boost Execution and Pull Forward Cash Flow

21

Innovating Sales Channel to Enhance Customer Experience and Transparency

Current Agency Sales Model

Vinhomes

Customers

Agency

Direct Sales Model and Online Platform

Team of 600 internal sales staff

and tens of thousands of

external sales agents to deliver

quality services to customers,

including helping providing

mortgage assistance, pre-/post-

sale services

Transparent pricing between

buyer and seller

Customers will receive regular

updates about the project and

any issue is addressed directly

via a single point of contact

Customers feel more involved

and given direct communication

to Vinhomes, improving brand

value

Direct sales

Online platform that provides

real-time updates and project

information, as well as allows

customers to complete

transaction in a quick and

easy manner

Simplify the home buying

process and improve

customer experience

Boost brand exposure

through digital marketing and

technologies such as virtual

reality

Implementation of Industry

4.0 vision as part of

Vingroup’s digital initiative

Online Platform

Vinhomes

Customers

Sales

representatives

Online

platform

Vinhomes will roll out a scheme to have direct/online sales replacing agency as primary distribution channel

22

On 9 April 2020, Vinhomes officially launched Vinhomes

Online – Vinhomes’ e-commerce platform

This platform aims to kickstart a new trend for modern and

transparent trading in the Vietnamese real estate industry

Vinhomes Online connects customers directly with the

Developer and allows them to purchase properties with

unrivalled speed, convenience and pricing

Main features include:

Browsing project and property information

Simple but efficient search engine

Calculating payment and loan options

Making online purchases and deposits securely

24/7 support channels

As of May 12, the website had nearly 200,000 visitors and a

total of more than 740 units have been transacted

successfully.

This platform’s launch coincided with the social distancing

period during the Covid-19 outbreak, thus helping

homebuyers and investors to make purchases without having

to go to the trading floor or meeting the sales staff directly.

Launch of Vinhomes Online – 200 Units Sold on the First Day

23

Enhancing Value-Added Services and Explore New Businesses to Increase Company Value

Improve operational efficiency

across the value chain, enhance

Vinhomes growth potentials and

increase company value

Direct Sales Model and

Online Platform to replace

Agency model at Mega

projects to improve

transparency and customer

care

Create stable income for

homebuyers by actively

offering rental and sub-

leasing management

services

To continue on the path of

digital transformation:

centralized data processing

and management centers for

each smart city project, to use

Building Information Modelling

in design and to use online

platform for home sales

Maximize income streams

by offering additional

ancillary products, and

value-added services

Continue to grow Vinhomes’

land bank, launch and

develop projects on schedule

Considering to expand into

industrial real estate to

capitalize on the attractive

sector tailwinds and grow

Vinhomes’ recurring income

portfolio

Enhancing Value-Added Services and Explore New Businesses to Increase Company

Value

24

Beneficiary of preferential tax incentives within the Economic Zone

Strategically located with high connectivity to transportation networks – a key driver for rent escalation

Close proximity to the China-Vietnam border and major global shipping routes

Key beneficiary of the shift of manufacturing supply chains to Vietnam due to US-China trade war

Industrial parks to create a comprehensive ecosystem for producers and suppliers (including extended support facilities)

Flexible business model offering both for-sale, allowing for quick capital recycle and for-lease, enabling for recurring income stream

High growth segment with ability to quickly scale up

Industrial Parks as the Next Engine of Growth – Key Takeaways

25

Positive Office Macroeconomics Creating Tailwinds for Office Industry in Vietnam

Robust macro backdrop, declining proportion of Grade C office supply, coupled with strong investment from international investors at tighter cap rates indicate that the Vietnam

office cycle is at an inflection point

41%

37%

35%

35%

33%

29%

22%

19%

12%

3%

Vietnam

Thailand

Indonesia

Malaysia

Philippines

Myanmar

Singapore

Cambodia

Laos

Brunei

45% 41%

13% 14% 4% 3%

12% 11%

7% 8% 6% 5% 5% 3% 2% 5% 6% 10%

2017 2019

Others

Singapore

EU

UK

USA

Korea

China

Japan

Vietnam

Increasing proportion of foreign tenants in

Hanoi from 55% to 59%

Tenant Mix by Country (%)

Others 55% Others 59%

Vietnam’s

institutional

grade real

estate has

significant

room to grow

Source: Savills

92%

89%

81%

84% 85%

89% 90%

93%

97% 96% 97% 97% 96%

83%

90%

77% 76% 74%

77%

83%

88% 94% 94% 93%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Positive Growth Trajectory Reflected in Steadily Improving Occupancy RatesOccupancy rate (%)

… Supplemented by Improved Perceptions by CompaniesSurveyors’ view on business expansion in ASEAN (%)

0.5 0.3

0.3 0.4

4.0 3.9

3.0

1.3

0.8 0.7

80% 81% 96% 94%

87% 98%

Jakarta KualaLumpur

Singapore Bangkok Hanoi HCMC

HCMC and

Hanoi lag

behind the

highest

ASEAN

peer in

total stock

by c. 5-6x

Even with the Significant Improvements in Supply in Recent Years

241

189

89 84

48

21

SingaporeIndonesiaThailandMalaysiaPhilippinesVietnam

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

to ASEAN PeersEstimated size of institutional grade real estate in 2013 (US$bn)

Occupancy (%)

2022’s Supply (mm sqm)

Total Supply – Grade A (mm sqm)

HCMC Hanoi

26

Expansion into Industrial Real Estate

Manufacturing65%

Real estate10%

Others25%

Total Registered FDI: US$38.2bn

22.824.4

35.9 35.538.2

2015 2016 2017 2018 2019

Source: (1), (2) CBRE, World Bank, MPI, (3) (4) Savills Vietnam Industrial Report, 1H2019, (5) Trading Economics 2019 , (6) Vietnam news, first 11 months 2019, (7) Savills Vietnam Industrial Report, 1H2019, as of July 2019, Includes China, Malaysia, India, and Indonesia.

Expansion into Industrial Real Estate

PMI consistently >50 in the last twelve months

suggesting positive business conditions(5) Manufacturing & Processing IIP

Growth of 10.6%(6) Highest Industrial Production Growth of 9.6%

Across Key Asia Manufacturing Destinations(7)

FDI in Vietnam Has Seen Accelerating GrowthRegistered FDI (US$ Bn)(1)

Government to invest additional VND21 trillion (US$924 million) in the development of

infrastructure for economic zones and industrial parks(4)

Shifting of manufacturing supply chains to Vietnam due to US-China trade war, low

labour costs and government incentives to drive FDI (e.g. LG, Samsung, Kyocera,

Nintendo etc.)

Room for growth in manufacturing contribution to Vietnam GDP (current contribution:

20%)

Abundant land supply to facilitate incoming manufacturing projects

Diversification due to COVID-19 disruption

IPs in Northern Vietnam remained a promising market with land prices up 6.5% yoy

as at 1Q. 2020 despite COVID-19

Structural Drivers for Increasing Manufacturing in Vietnam(3)

Province Occupancy Rent

1 Ho Chi Minh City 24.3%YoY Stable

2 Binh Duong 27.6%YoY 54.6%YoY

3 Hanoi 8.5%YoY 8.6%YoY

4 Dong Nai 20.8%YoY 21.1%YoY

5 Ba Ria – Vung Tau 1.4%YoY 7.8%YoY

6 Bac Ninh 6.3%YoY 13%YoY

7 Hai Phong 10%YoY 4.5%YoY

8 Hai Duong 18.8%YoY 29.4%YoY

Industrial Park Occupancy and Rental Indicators(4) of Top FDI DestinationsTop Provinces by FDI, 2019

~60% of FDI is in Manufacturing & ProcessingRegistered FDI (US$Bn), 2019(2)

Industrial Real Estate in Vietnam is an Attractive Investment Proposition

27

Vinhomes Industrial Real Estate Strategy

Vinhomes’ Superior End-to-end Value Chain

Track record in securing the best land bank in Vietnam

Access to industrial park land bank through Vingroup, VinFast and

VinSmart

Track record in developing complex mega, integrated projects both at

Vinhomes and Vingroup level

Experience in master planning for integrated projects such as Hanoi, Hai

Phong, Quang Ninh, Ho Chi Minh City (Can Gio) and Phu Quoc

De-risking through ecosystem of complementary offerings such as

housing, schools

Synergy with VinFast/VinSmart – ecosystem of industrial and smart

device manufacturing, suppliers and importers

End-to-end construction management capability to ensure rapid execution

and quality control

Ability to control costs and deadlines

Diversification Across the 3 Segments

Leveraging Vinhomes’ Expertise in Sourcing/ Acquiring Land as well as

Real Estate Development

Additional Pillar of Vinhomes’ Medium Term Strategy to Diversify and

Increase Recurring Revenue and Provide More Avenues for Capital

Recycling

Land Acquisition

Master Planning and

Design

Infrastructure and

Ecosystem

Construction and

Quality Control

Identify Anchor Tenants

Ability to identify key anchor tenants based on experience and in-depth

understanding across verticals

Expansion into industrial real estate to capitalize on the attractive sector tailwinds

Residential

Office

Industrial

Vinhomes Industrial Real Estate Strategy

28

Shift of Manufacturing Supply Chains to

Support Vietnam FDI Growth

Company Products

LG (Korea) Smartphones

Kyocera (Korea) Printers (Partial relocation)

Nintendo (Japan) Video Game Consoles

Samsung (Korea) Smartphones

Brooks Running (USA) Shoes

GoerTek (China) Wireless earphones

Source: Turner & Townsend, International Construction Market Survey, 2018

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Vietnam(HCMC)

Indonesia(Jarkata)

Malaysia(Kuala Lumpur)

Basic Warehouse & Factory Large WH/Distribution Center Hi-Tech Factory

Note: (1) Based on survey of American Chamber of Commerce in China. “No plans” excluded.

Shift of Manufacturing Supply Chains to Support Vietnam FDI Growth

Vietnam Has Comparatively Lower Industrial Construction Cost($/m2)

Source: Euromonitor, 2019

6.8%6.4%

5.0% 4.8%

3.4%2.9%

Vietnam Philippines Indonesia Malaysia Thailand Singapore

Vietnam is the Fastest Growing Economy in Southeast AsiaReal GDP, 2014-2019 CAGR (%)

25%

11%

8%

6%

6%

4%

4%

Southeast Asia

Mexico

South Asia

Elsewhere

United States

East Asia

Europe

Southeast Asia is the Clear Top Choice of Relocation of China-based

Manufacturing Facilities(1)

(%)

Examples of Recent Relocations of Manufacturing Facilities to Vietnam

Vietnam is the Fastest Growing and Most Attractive Manufacturing Destination in Southeast Asia

Southeast Asia in Benefiting from Supply Chain Shift Amidst US-China Trade War with Increase in Industrial Valuations

29

Current Projects Pipeline for Industrial Real Estate

Hanoi

Hai Duong

Bac Ninh

Ha Long

(Quang Ninh)

Cat Ba

IslandHai Phong

Lach Huyen

Deep Sea Port

Lach Huyen Deep Sea Port:

Expanding Vietnam's shipping

routes to the rest of the world

Current Shipping

Routes

Future Shipping

Routes Hai Phong

North

America Europe

Middle

East

North China

Korea

Japan

Singapore

TW

HK

Van Don

International AirportArea: 4.0mm sqm

Investment Capital:

c.US$2bn

Vinhomes Industrial Sites are Expected to Benefit from Key Infrastructure Developments and Investment Focus

Hai Phong – Ha

Long Highway

Travelling time from Hai

Phong shortened to 1.5 hours

from 3 hours previously

New completed airport to

generate further economic

activity

Van Don

International Airport

Existing

Infrastructure

Hanoi – Hai

Phong highway

(Road No. 5B)

Highway No. 18

Hai Phong - Ha

Long Highway

Future

Infrastructure

Ha Long – Van

Don Highway

Current Tenants in VinFast Supplier Park Industrial Projects

Location Delivery / Operation Start

Delivery / Operation

End

NSA(1) / NLA(2)

(‘000 sqm)

GDV(3) / TDC(4)

(US$mn)

Hai Phong 2021 – 2022 2022 – 2025 4,550 560 Quang Ninh 2023 2024 – 2026 2,550 330 Others 2022 – 2023 2025 – 2032 14,980 2,180 Total Pipeline Projects – Sales 22,080 3,070 Hai Phong 2020 onwards 2,550 1,380 Quang Ninh 2023 onwards 640 240 Others 2023 onwards 3,750 1,360 Total Pipeline Projects – Leasing 6,940 2,980

Total Industrial Projects 29,020 6,060

Source: Management projections. Notes: All NLA/NSA and GDV/RNAV/TDC figures have been rounded to the nearest 10, where applicable. As of 31 December 2019. All figures in US$mm (with FX rate: 23,660) unless otherwise stated

(1) Represents net saleable area for the project's lifetime. (2) Represents net leasable area. (3) Represents gross development value (product of net saleable area and average selling price) for the project’s lifetime, subject to adjustments based on approvals to be received in later phrases, calculated for for-sale component. (4) Represents total development costs which include construction costs and land

costs, calculated for for-lease component.


1Q2020 Operational Updates

31

Key updates in 1Q2020

Upward revision of revenue and profit targets secured underpinned by ahead-of-schedule delivery and higher bulk sales

• Two-month ahead-of-schedule construction helped offset mandatory lockdown in April. Construction resumed on April 16

• c.70% of the revenue target comes from delivery of retail units sold since 4Q2018, whilst c.30% was secured by bulk sales recognition.

Two bulk sales transactions pre-sold in 2019 account for 80% of bulk sales’ contribution to the revenue target. Closed a transaction with

another Japanese buyer in 1Q20

• Delivery to start from 2020 for projects launched in 2018 including Vinhomes Ocean Park, Vinhomes Smart City, Vinhomes West Point

and Vinhomes Marina.

2

Growing recurring income contribution from Industrial and Commercial real estate in order to diversify income streams and

mitigate any volatility from residential real estate cycles

•Existing portfolio of 4 office buildings located in the prime CBD areas and central locations in Ho Chi Minh City and Hanoi, and

manufacturing and supplier park in Hai Phong

•Plan to gradually grow the office portfolio to c. 5m sqm NLA by 2035 and the industrial portfolio to c. 29m sqm of NLA/NSA for sale and

for lease

5

Ample liquidity thanks to healthy pre-sales and bulk sales secured since 2019

• Strong pre-sales proceeds since 2019 significantly deleveraged the balance sheet, strengthened liquidity

• Maintaining a conservative leverage and prudent interest coverage policy

• Bulk sales helped bring forward the cash flow and shorten the investment cycle

1

Cautiously optimistic pre-sales outlook driven by a balanced mix of retail and bulk sales

• Launched Vinhomes TV YouTube channel, Vinhomes Online platform earlier than plan with attractive promotions that helped boost sales

• Steady bulk sales momentum thanks to continued supply constraint for well-located projects. Closed a transaction with another

Japanese buyer in 1Q20

3

Quality land bank to fortify Vinhomes' leadership in residential real estate and is a source of further liquidity

• Besides 8 projects that have been launched, Vinhomes has a pipeline portfolio of 14 projects with 138 million sqm of residential GFA that

can serve as a source of further liquidity if Covid-19 prolongs. Total GDV of projects to be launched up to 2025 is US$44bn 4

32

Note: Based on Vinhomes JSC VAS 1Q2020 unaudited consolidated financial statements. (1) Estimated pre-sale under SPAs and pre-sale bookings under deposits, including bulk sales deposits; (2) Average number of units sold in 1Q2016, 1Q2017, 1Q2018, and 1Q2019; (3) Include retail

and bulk sales value. Doesn’t include certain bulk sales transactions at advanced stage of discussion at the time of reporting; (4) Converted revenue, includes both Vinhomes and BCC projects and bulk sales under shares transfer transaction; (5) Represents gross profit of property

sales only

Units Pre-sold and

Deposits secured(1)

Revenue from

Property Sales(4)

1Q20

VND

17.7 tn

4,826

units

1Q20

Gross Profit(4,5)

Unbilled Bookings(3)

1Q20

VND

10.8 tn

VND

79.6 tn

1Q20

192% yoy

Profit after Tax &

Minority Interest

VND

6.8 tn

1Q20

169% yoy

1Q19

VND

8.6 tn

1Q19

VND

3.7 tn

VND

2.5 tn

1Q19

5,452

units

1Q19 1Q19

Unbilled

11% yoy

VND

74.5 tn

7% yoy

Units Pre-sold and

Deposits secured(1)

4,826

units

1Q20

2,400

units

Average 1Qs

(2016 – 2019)(2)

101%

106% yoy

1Q2020 Operational Highlights

33

In March 2020, the Vinhomes TV YouTube channel was launched

The channel broadcasts high-quality videos that include project

introduction, up-to-date construction progress, on-site footage of

completed landscapes and amenities

Prospective buyers can visually learn about the projects without

having to make a visit in person

In February 2020, Vinhomes announced a package deal where

customers will receive VinFast discount vouchers with their home

purchases.

VinFast discount vouchers

Car buyers can enjoy car loans with even longer loan tenor

This special deal promotes cross-selling opportunities within Vingroup’s

eco-system

Key Marketing Events “Buy Vinhomes – Get VinFast voucher” Promotional Package Launch of Vinhomes TV – Providing detailed project information online

Vinhomes continues to find new ways to increase customer engagement, offer better services as well as benefits to homebuyers

Key Marketing Events

34

Key Projects Update

Vinhomes Ocean Park Vinhomes Smart City Vinhomes Grand Park

Location • Gia Lam District, Hanoi • Nam Tu Liem District, Hanoi • District 9, Ho Chi Minh City

NSA (sqm) (1) • 2,953,000 (3) • 2,250,000 • 3,160,000

GDV (US$mn) (2) • 3,054 (3) • 2,557 • 3,781

Estimated delivery

start date

• Low-rise delivery started since 2019

• High-rise delivery started since 2019

• Low-rise delivery started since 1Q2020

• High-rise delivery started since 2019

• High rise delivery started 1Q2020

% construction

completion

• 31 Mar 2020: 34% • 31 Mar 2020: 28% • 31 Mar 2020: 42%

Cumulative

number of units

sold by 31 Mar 20/

Total number of

unit (4)

Retail Sales Bulk Sales Total

Note: (1) NSA is size area for low-rise and gross area for high-rise (2) FX rate: 23,660 (3) Does not includes 2,395 low-rise units handed over in 2019 (4) Including retail and retail-equivalent units from bulk sales transaction and rounded to the nearest ‘00. Doesn’t include

certain bulk sales transactions at advanced stage of discussion at the time of reporting. Total estimated numbers of units by projects include low rise units and are subject to change.

47,300

23,700

By 31.03.2020 Est. Total units

47,000

22,100


45,500

28,200


Retail and Bulk Sales for mega-city projects

Key Projects Update

35

Moving into 2Q2020

• Continued delivery of the three mega projects, Vinhomes Ocean Park, Vinhomes Smart City and

Vinhomes Grand Park, launched in 2018/2019, which retail sales of Vinhomes Ocean Park and Smart

City has started delivery in 1Q20

• 2Q20 delivery schedule: Vinhomes Grand Park, Vinhomes Ocean Park, Vinhomes Smart City, Vinhomes

West Point and Vinhomes Marina

• Ahead-of-schedule construction helps offset mandatory construction lockdown during April 01 – 15

Innovative

Initiatives

• Vinhomes Online platform launched on April 09 is expected to be a key sales channel during lockdown

period, and a good complementary channel during social distancing

• Sales teams continued to leverage on Vinhomes TV YouTube channel and deploy sales initiatives such

as high quality streaming, off-site signing of deposit, sales contract and hand-over confirmation

• Customer satisfaction to be enhanced by the direct sales force, providing a professional, transparent and

efficient sales service

• All showrooms have reopened on April 23

Prudently

managing

liquidity

• Continue to pursue bulk sales strategy in 2020 in the mega-projects alongside retail sales to meet 2020

targets

• Payment of land use fees and corporate income tax can be deferred

• Working with suppliers to stretch payment terms

• In discussion with relationship banks to expand credit lines and maintaining conservative leverage and

coverage ratios

Ahead-of-

Schedule

Delivery

36

Expected launch date • 2H2020 (~ 1,100 low-rise units)

Location • Tan Hoi, Lien Trung, Tan Lap and Lien Ha wards,

Dan Phuong District, Hanoi

Total project area

(including infrastructure)

• 133 ha

Total Residential GFA • 976,000 sqm

Components • High-rise apartments

• Shop-houses, villas

Featured amenities • Vietnam’s biggest swimming pool complex (indoor

and outdoor)

• 16ha grand ecological park

• Vincom Plaza

Expected delivery start • 2021

New Project Launch in 2020 – Vinhomes Wonder Park


Financial Highlights in 1Q2020

38

1Q2020 Highlights

Revenue from

Property Sales1

Gross Profit &

Margin(1)2

• Total: VND 5.7 tn

• Key contributors:

−VH Marina: VND 2.5 tn

−VH Smart City: VND 1.7 tn

−VH Ocean Park: VND 1.4 tn

• Total amount: VND 1.0 tn

• Key contributors:

−VH The Harmony: VND 0.4 tn

−VH Star City: VND 0.4 tn

−VH Imperia: VND 0.2 tn

• Gross profit: VND 2.8 tn

• Gross profit margin: 48%

• Gross profit: VND 0.6 tn

• Gross profit margin: 53%

• Total number of pre-sold units : 4,786 units

• Pre-sales value: VND 6.0 tn

• Unbilled pre-sales: VND 78.0 tn

• Total number of pre-sold units: 40 units

• Pre-sales value: VND 0.4 tn

• Unbilled pre-sales: VND 1.6 tn

Pre-sales (3)(4)5

Notes: Based on Vinhomes JSC VAS 1Q2020 unaudited consolidated financial statements. Yoy comparison is with Vinhomes JSC VAS 1Q2019 unaudited consolidated financial statements. (1) Represents gross profit of property sales only (2) Includes the recognition of bulk sales

at Vinhomes Grand Park project (3) Estimated pre-sale under SPAs and pre-sale secured under non-cancellable deposits under both retail and bulk sales. Doesn’t include certain bulk sales transactions at advanced stage of discussion at the time of reporting

PBT, PAT &

PATMI4

• Profit before tax was VND 10.1 tn, +201% yoy, in which VND 9.7 tn (2) was Vinhomes projects and VND 0.4 tn was from BCC

projects

• Consolidated profit after tax was VND 7.6 tn, +185% yoy

• Consolidated PATMI was VND 6.8 tn, +169% yoy

Vinhomes Projects (Consolidated) BCC Projects (Equity Accounting)

39

Financial Performance 1Q2020 vs 1Q2019

Figures in VND bn 1Q2019(1) 1Q2020 (1) Change (%) Key Commentary

Sale of Inventory Properties (2) 4,837 5,717 18%

Other Revenue 1,016 802 -21%

Total Revenue 5,853 6,519 11%

Gross Profit 1,329 2,949 122%

% Margin 23% 45% 2,253 bps• Significant increase thanks to Vinhomes Ocean Park, Vinhomes Smart City

and Vinhomes Marina with high margin

Profit sharing from BCC projects 999 411 -59%

• Profit distribution from BCC projects mainly contributed by Vinhomes The

Harmony and Vinhomes Star City

• Due to smaller number of handed over units compared to that of 1Q2019

Other finance income 1,941 8,180 321% • 1Q2020 recognized a significant gain of bulk sales at Vinhomes Grand Park

Operating Profit 3,335 10,128 204%

Profit before Tax 3,358 10,124 201%

Profit for the Period 2,687 7,645 185%

Profit after Tax and Minority Interest 2,540 6,844 169%

Note: (1) Based on Vinhomes JSC VAS 1Q2020 unaudited consolidated financial statements. Yoy comparison is with Vinhomes JSC VAS 1Q2019 unaudited consolidated financial statements; (2) Does not include BCC projects which is recorded as finance Income

40

Summary BCC Project Performance and Reconciliation

Adding Performance of BCC into Vinhomes P&L Assuming Full Consolidation

Financial Performance 1Q2020 (Vinhomes Projects & BCC Projects)

Figures in VND bn

The Harmony

(Hanoi, low-rise)

Imperia

(Hai Phong, low-rise)

Thanh Hoa

(Thanh Hoa, Low-rise)

Skylake

(Hanoi, High-rise) Total BCC projects

Revenue 383 198 379 78 1,038

Cost of Sale (221) (68) (162) (32) (483)

Gross Profit 162 130 217 46 555

% Margin 42% 66% 57% 59% 53%

SG&A (19) (15) (56) (10) (100)

Profit attributable 142 115 129 29 415

Profit attributable to Vinhomes (99%) 141 114 127 29 411

Figures in VND bn Adjusted 1Q2020 VHM (1) 1Q2020 BCC Projects Total Adjusted 1Q2020

Sale of Inventory Properties 16,695 1,038 17,733

Other Revenue 802 - 802

Total Revenue 17,497 1,038 18,535

Cost of Sale (7,040) (483) (7,523)

Gross Profit 10,457 555 11,012

Profit sharing from BCC projects 411 (411) -

Operating Profit 10,128 - 10,128

Profit before Tax 10,124 - 10,124

Profit for the Period 7,645 - 7,645

Profit after Tax and Minority Interest 6,844 - 6,844

Note: Based on Vinhomes JSC VAS 1Q2020 unaudited consolidated financial statements and management accounts of the BCC projects. (1) Adjusted finance performance includes gain from bulk sales in the form of share transfer transaction, which was recognized as financial

income in financial statements into Sale of Inventory Properties and Cost of Sale.

(*) Due to delays in regulatory approval processes, a number of pipeline projects may have to be developed under BCC format.

41

2,109

19,719

29,746

3,358

10,124

2017 2018 2019 1Q2019 1Q2020

1,410

14,284

21,747

2,540

6,844

2017 2018 2019 1Q2019 1Q2020

12,780

35,769

48,162

4,837 5,717

263

816

1,114

299 278

2,254

2,079

2,352

717 524

15,297

38,664

51,627

5,853 6,519

2017 2018 2019 1Q2019 1Q2020

Sale of Inventory Properties Leasing Others(1)

4,281

9,527

26,662

1,028 2,751

(12)

244

603

106 94

898

290

191

195 104

5,167

10,061

27,456

1,329 2,949

2017 2018 2019 1Q2019 1Q2020

Sale of Inventory Properties Leasing Others(1)

48.1%

Note: Based on VAS Audited Consolidated Financial Statements for 2017, 2018, 2019 and Unaudited Consolidated Financial Statements for 1Q2020 (1) Includes revenue from general contractor services, shared profit from VCR, Vinschool, Vinpearl (until such components are

completely transferred to those respective Vingroup’s subsidiaries) and others

Profit before Tax Profit after Tax and Minority Interest

Total Revenue Gross Profit and Gross Profit Margin

(VND bn) (VND bn)

(VND bn)(VND bn)

Margin for Sale of

Inventory PropertiesMargin for Leasing

33.8%35.5%

21.3%

Financial Performance Overview

42

13,82222,363

32,475

3,93710,834

552

1,136

322

15,832 22,363

32,475

3,937

10,834

2017 2018 2019 1Q2019 1Q2020

44,960

71,96863,618

8,61117,733

952

8161,114

299

278

886

2,079 2,352

717

524

46,798

74,863 67,084

9,627

18,535

2017 2018 2019 1Q2019 1Q2020

Sale of Inventory Properties Leasing Others

17,48522,425

34,487

3,68710,815

483

244

603

106

94

23

290

191

195

104

17,99122,959

35,281

3,988 11,013

2017 2018 2019 1Q2019 1Q2020

Sale of Inventory Properties Leasing Others

33.8%(3)Margin

9,601

14,284

21,747

2,540

6,844

552

909

257

11,319 14,284

21,747

2,540

6,844

2017 2018 2019 1Q2019 1Q2020

Margin for Sale of

Inventory PropertiesMargin for Leasing

29.9%

PATMI PATMI Attributable to Block Sale of 6 Buildings in Vinhomes Central Park

Sponsorship & Donation Sales Consulting Fees Trademark Fees

Notes: The financials as presented above are illustrative and based on the arithmetic aggregation of (i) Vinhomes JSC audited general purpose financials for FY2017-2019, (ii) Excluded Projects financials for FY2017-2019 and (iii) Unaudited Consolidated Financial Statements 1Q2020. (1): Adjusted for Revenue and Gross profit of BCC projects and bulk sales

recognized as finance income. (2) Others principally comprises revenue from general contractor services, shared profit from VCR, Vinschool and Vinpearl and others. (3) Includes other operating income and other operating expenses and adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of Vinhomes Property Management (“VHPM”) in 2018; however, this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously paid to Vingroup JSC, which are not expected to be incurred going forward. (4) Adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred

post acquisition of VHPM in 2018; however, this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously paid to Vingroup JSC which are not expected to be incurred going forward

48.4%

(1)

45.7%

38.9% 31.2% 54.2% 61.0%42.8%

50.8% 29.9% 54.1% 33.8%35.5%

(2)

61.1%

Adjusted EBITDA Margin

EBITDA EBITDA Attributable to Block Sale of 6 Buildings in Vinhomes Central Park

Sponsorship & Donation Sales Consulting Fees Trademark Fees

(VND bn) (VND bn)

(VND bn)(VND bn)

Adjusted EBITDA and Margin Adjusted PATMI(4)

Total Adjusted Revenue Adjusted Gross Profit and Gross Profit Margin

(1) (2)

Financial Performance Overview (cont’d)

43

15,327

31,909

26,505 26,626

1,562 4,525

13,693

4,794

31-Dec-2017 31-Dec-2018 31-Dec-2019 31-Mar-2020

Total Borrowings Cash and Cash Equivalents

10,124

48,145

64,715 72,339

31-Dec-2017 31-Dec-2018 31-Dec-2019 31-Mar-2020

17,006

36,858

60,297 61,642

31-Dec-2017 31-Dec-2018 31-Dec-19 31-Mar-20

44,42191,203

139,555 141,421

6,883

28,486

57,686 61,586

51,304

119,689

197,241

31-Dec-2017 31-Dec-2018 31-Dec-2019 31-Mar-2020

Current Assets Non-current Assets

203,007

Note: Based on VAS Audited Consolidated Financial Statements for 2017, 2018, 2019 and Unaudited Consolidated Financial Statements for 1Q2020.

(1) Cash and cash equivalents includes short-term investments.

VND bn

Total Assets Inventory

VND bn

VND bn

Total Cash & Cash Equivalents(1) and Total Borrowings

VND bn

Total Equity

Balance Sheet Overview

44

Key Credit Metrics

7.8

17.4

1Q2019 1Q2020

23.8%

7.0%

11.0%

31-Dec-2018 31-Dec-19 31-Mar-20

56.9%

19.8%

30.2%

31-Dec-2018 31-Dec-19 31-Mar-20

26.7%

13.4% 13.1%

31-Dec-2018 31-Dec-19 31-Mar-20

Notes: Based on VAS Audited Consolidated Financial Statements for 2017, 2018 , 2019 and Unaudited Consolidated Financial Statements for 1Q2020

(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – Cash & Cash Equivalent. (2) Cash and cash equivalents includes short-term investments. (3) Interest coverage ratio = EBIT/Interest Expense

Times

Net Debt(1) / (Total Assets – Cash & Cash Equivalent(2)) Net Debt(1) / Equity

Interest Coverage Ratio(3)Total Debt / Total Assets


Appendix

46

Source: CBRE Research, 1Q 2020

Launched Units

Sold Units

9,185 7,883 8,242

10,493

8,541

6,048 4,969

14,391

11,673

9,063

6,073

9,535

1,639

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

2017 2018 2019 2020

Average no. of new launch units per

quarter (2017-Q1 2020): 6,900 units

6,507 8,350

5,644

8,561 6,904

5,917 4,678

11,172 9,390

7,080

4,808

7,361

2,144

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

2017 2018 2019 2020Luxury High-end

Launched units: 1,639

-86% yoy

Sold units: 2,144

-77% yoy

1Q20 Market Summary – Condominium Market in Hanoi

47

7,475 9,880

7,909 9,552 9,660

7,222 6,274 8,260

5,924 4,576

13,386

5,532 3,757

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

2017 2018 2019 2020

Luxury High-end

Source: CBRE Research, 1Q 2020

Launched Units

Sold Units

5,321

9,575 7,787

9,048 9,649

6,255 6,328 8,250

4,423 4,124

13,072

4,573 3,606

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

2017 2018 2019 2020

Average no. of new launch units per

quarter (2017-2020): 7,000 units

Launched units: 3,606

-18% yoy

Sold units: 3,757

-37% yoy

1Q Market Summary – Condominium Market in HCMC

48

CBDVinhomes Skylake

Vinhomes

Metropolis

Vinhomes

Royal CityVinhomes Times City

Vincom Ba Trieu

Vinhomes

The Harmony

Vinhomes

West Point

Project C

Vinhomes SymphonyProject D

Project B

Vinhomes

Riverside

Project A

Vinhomes Properties

Hanoi

City Centre

Ho Chi Minh City

Source: CBRE, Company Information.

Significant boost in connectivity will accelerate demand for pipeline projects

Under development and pipeline Upcoming Hanoi Metro Lines Under development and pipelineHCMC Metro Line 1 Upcoming Metro Lines

(before 2030)

Pipeline in Close Proximity to Upcoming Metro / Highway Infrastructure

Rach Chiec

Phuoc Long

Binh Tho

Thu Duc

Hi-Tech Park

Suoi Tien

New Eastern Bus Station

Long Binh

Depot

New Port

District 9

District 1

Phu Nhuan

District

Bin Thanh

District

Go Vap

District

Thu Duc District

District 2

251 ha

Project C

Ben Thanh

Opera HouseBa Son

Thao DienAn Phu

Vinhomes Central ParkDistrict 3

Van Thanh

Vinhomes

Grand Park

Vinhomes Golden River

Vinoffice Dong Khoi

CBD

Project A

Project B

Vinhomes Properties City Centre

Vinhomes Nguyen Chi Thanh

Vinhomes Wonder Park

Vinhomes

Green Bay

Project E

Project F

Vinhomes

Smart City Vinhomes

Ocean Park

49

Infrastructure Development Underway

Source: Company, CBRE.

Visible and meaningful progress on infrastructure developments will boost real estate capital values

and greatly increase connectivity for Vinhomes projects

Road

Expansion

Metro Line # 2

Cat Linh – Ha Dong

Metro Line # 3

Nhon – Hanoi Station

Vinhomes Projects in Close

Proximity

• Vinhomes Riverside

• Vinhomes The Harmony

• Vinhomes Times City

• Vinhomes Royal City

• Vinhomes Ocean Park

• Vinhomes Galaxy

• Vinhomes Gallery

• Vinhomes Metropolis

• Vinhomes Gallery

Development Status • Various projects under construction

include elevated Ring road #2,

segments of Ring road #3, overpasses

in CBD areas

• Projects under development include

Ring road #3.5 and #4

• Construction completed

• Trial run began in July 2018

• About 45% completed

• Commercial operation to start by 2023

Other Commentary • Overall improvement to Vinhomes

projects from enhanced infrastructure

Hanoi

50

Infrastructure Development Underway

Van Don – Mong Cai

highway

HCMC – Moc Bai highway Metro Line # 1

Ben Thanh – Suoi Tien

Connecting the

Old to the New City

Vinhomes Projects in

Close Proximity

• Vinhomes Green Ha Long • Vinhomes Golden River

• Vinhomes Central Park

• Leman Golf

• Vinhomes Golden River

• Vinhomes Central Park

• Central Park

• Golden River

Development Status • Expected completion in 2021 • Expected approval in 2020

• Expected completion in 2025

• About 56% completed

• Commercial operation to start

by 2021

• Projects under development

include

Metro Line #2, Thu Thiem 4

bridge

Other Commentary • Overall improvement to

Vinhomes projects and local

economy from enhanced

connections

• Overall improvement to

Vinhomes projects and local

economy from enhanced

connections

• Key projects improving

infrastructure to and within

District 2 (the new city)

include Thoi Dai bridge

(completed), My Thuy

Intersection (completed),

Metro Line #1 (under

construction)

Quang Ninh HCMC

Source: Company, CBRE.

Visible and meaningful progress on infrastructure developments will boost real estate capital values

and greatly increase connectivity for Vinhomes projects

51

Low Risk Capital Effective Business Model

Preparation of

Site for

Construction

Unit

Construction

Preparation

of Projects

Marketing

Process Commence

Execute Purchase

ConfirmationHandoverPre-sales

Vinhomes Property Development Business Model and Payment Schedule

Strong Management of Default Risk

Majority of units are pre-sold immediately after land clearance has completed and

project construction has broken ground

Presale customers required to make down payment of approximately 30% of total

purchase price (for Vinhomes Ruby and Vinhomes Diamond properties) or 10%

(for Vinhomes Sapphire properties)

Upfront payments from majority Vinhomes customers, typically c.70% of total

purchase price when sales contract is signed(1)

95% of purchase

price must be

paid before

being issued the

land use right

certificate (LURC)

Full payment will

be collected

thereafter

Construction

Completion

and Handover

Collection of cash

based on the

construction

process

(totaling up to 70%

of purchase price)

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

52

PERCENTAGE OF FOREIGN BUYERS DECLINED BY 127 BPS FROM 31 DEC 18

BECAUSE BUYERS OF VINHOMES SAPPHIRE APARTMENT UNITS ARE MOSTLY

DOMESTIC BUYERS

• Projects with high number of sold units with A mortgage were

• Proportion of sold units with a mortgage depends on clients’ preferences,

locations and sales policy

• Vinhomes homebuyers often enjoy favorable interest rates relative to the

market thanks to good relationships between Vinhomes (as the project

developer) and large banks

• Interest supports offered to homebuyers by developers for 18 to 24

months, and a grace period for principal payments during the period of

interest support

• Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Grand

Park buyers can take out a mortgage of up to 35 years.

FOREIGN BUYERS(1)

8%

MORTGAGES

65%

Project Selling pointsPercentage of

foreign buyers

Vinhomes

Golden River

(HCMC)

Vinhomes Golden River is constructed

along the Saigon river, in the heart of

District 1. The area is expected to

become home to new office skyscrapers,

commercial centers, and beautiful

riverside walks

30%

Vinhomes West

Point (Hanoi)

Situated in the West of Hanoi, Vinhomes

West Point has been developed to set a

new standard of living, with its

harmonious combination of water, trees

and “All-in-one” facilities

23%

Vinhomes

Skylake

(Hanoi)

A mixed use development in Nam Tu

Liem new administrative area of Hanoi. It

is adjacent and looks over the 32-hectare

Cau Giay park, with 19-hectare water

surface reservoir

14%

Vinhomes

Ocean Park

Vinhomes

Smart City

Vinhomes Grand

Park

Percentage (%) 68% 64% 79%

Notes: Data as of 31 March 2020 (1) for all units sold in vinhomes projects from the incorporation of the residential business in Vingroup until 31 March 2020, excluding projects launched before 2015 (i.e. Vinhomes Royal City and Vinhomes Times City)

Proportion of sold units with a mortgage

Continued Support from Customers and Mortgage Lenders

53

Source: Management projections. Notes: All NLA/NSA and GDV/RNAV/TDC figures have been rounded to the nearest 10, where applicable. As of 31 December 2019. All figures in US$mm (with FX rate: 23,660) unless otherwise stated

(1) Represents net saleable area for the project's lifetime. (2) Represents gross development value (product of net saleable area and average selling price) for the project’s lifetime. (3) as of 31 December 2019. (4) Represents net leasable area. (5) RNAV based on management’s estimates for operational properties. (6) TDC represents total development costs which include construction costs and land costs,

calculated for pipeline properties. (7) Schools and hospitals for lease. (8) Represents gross development value (product of net saleable area and average selling price) for the project’s lifetime, subject to adjustments based on approvals to be received in later phrases, calculated for for-sale component. (9) Represents total development costs which include construction costs and land costs, calculated for for-lease component.

Office and Social Infrastructure (Leasing)

Location Effective Stake

Operational

Start

NLA(4)

(‘000 sqm)

RNAV(5) / TDC(6)

(US$mn)

Occupancy

Rate(3)

Office - Hanoi 100.0% 2014 – 2019 40 70 88% – 100.0%

Office - HCMC 100.0% 2010 – 2019 80 370 97% – 100.0%

Total Operational Office Projects 120 440 96%

Office - Hanoi 58% – 100.0% 2020 – 2029 990 650

Office - HCMC 61% – 90.0% 2021 – 2035 1050 750

Office - Others 99% – 100.0% 2020 – 2035 2380 1460

Social Infrastructure(7) 2020 – 2024 660 360

Total Pipeline Office & Social Insfrastructure (Leasing) 5,070 3,220

Total Office & Social Insfrastructure (Leasing) 5,190 3,660

Industrial Projects

Location


Start


End

NSA(1)

/ NLA(4)

(‘000 sqm)

GDV(8)

/ TDC(9)

(US$mn)

Hai Phong 2021 – 2022 2022 – 2025 4,550 560

Quang Ninh 2023 2024 – 2026 2,550 330

Others 2022 – 2023 2025 – 2032 14,980 2,190

Total Pipeline Projects – Sale 22,080 3,070

Hai Phong 2020 onwards 2,550 1,380

Quang Ninh 2023 onwards 640 240

Others 2023 onwards 3,750 1,360

Total Pipeline Projects – Leasing 6,940 2,980

Total Industrial Projects 29,020 6,060

Overview of Land Bank

Real Estate for sale

Location Effective Stake Launch Delivery Start Delivery End

NSA(1)

(‘000 sqm)

GDV(2)

(US$mn)

Cumulative

Pre sold (%)(3)

Hanoi 84.0% – 100.0% 2019 2019 – 2020 2020 – 2027 6,140 6,584 24.9% – 79.7%

HCMC 90.1% 2019 2020 2027 3,504 3,786 24.9%

Others 90.0% – 100.0% 2019 2019 2021 – 2027 3,299 2,418 1.2% – 58.7%

Total Launched Projects 12,944 12,788 34.7%

Hanoi 43.3% – 100.0% 2020 – 2021 2021 – 2022 2024 – 2027 5,844 9,172

HCMC 88.2% – 99.9% 2021 2022 – 2022 2027 – 2037 49,168 26,500

Others 95.8% – 100.0% 2021 – 2022 2022 – 2023 2025 – 2040 83,335 50,242

Total Pipeline Projects 138,346 85,916

Total Real Estate for sale 151,290 98,704

1

2

3


Headquarters: No.7, Bang Lang 1, Vinhomes Riverside, Viet Hung Ward, Long Bien District, Hanoi, Vietnam

Tel: +84 (24) 3974 9999 ext. 9594 Website: http://ir.vinhomes.vn/en

Fax: +84 (24) 3974 8888 E-mail: [email protected]

Investor Relations Department

http://ir.vinhomes.vn/

mailto:[email protected]

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Corporate Presentation · This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of