MARCH 2018 INFORMATION MEMORANDUM VAN PHU ...app.pmgasia.com/InvestAsean2018/pdf/VN_VanPhu_26032018.pdfBT Sai Gon - Connecting Pham Van Dong to Go Dua intersection, Highway 1, Thu

1

INFORMATION MEMORANDUM

VAN PHU - INVEST

MARCH 2018

2

CONTENTS

I. EXECUTIVE SUMMARY

II. GROUP OVERVIEW

III. PROJECT OVERVIEW

IV. FINANCIAL INFORMATIONS

V. SUMMARY

VI. APPENDIX

LEARN MORE

3I. EXECUTIVE SUMMARY

Van Phu – Invest Investment JSC is a prestigious Urban Land Bank

Developer focusing on Hanoi and Ho Chi Minh city. Van Phu – Invest

has current charter capital of 1,600 billion VND with 271 people

including management team and employees. Main activities as

followed:

Construction activities: many residential real estates, urban areas,

high-rise blocks, low-rise complexes as well as numerous BT

projects, for which construction activities are conducted by

subsidiaries.

Management Service provider: The company manages Van Phu

New Urban area; conduct and operate day-to-day activities until

the project is handed over to functioning authority.

Plan 2018: Van Phu plans to list its shares on the Ho Chi Minh

(HOSE) stock exchange, with the target in middle 2018.

Mission: Van Phu targets to transform itself into a market leader, in

the back of strong economic performance, positive demographic

trends, and growing demand for residential properties.

OVERVIEW

Many large-scale projects with total investment capital of up hundreds of

millions USD, and implementing projects having significant influence on

regional and national socio-economic development, such as Van Phu new

urban area, the Van Phu Victoria, Hao Nam Residential Complex building,

Giang Vo Complex, etc.

PROVEN TRACK RECORD IN RESIDENTIAL REAL ESTATE DEVELOPMENT

The Company has experts and great capability to well-develop their own

projects from the beginning to the end. Many projects have been handed

over successfully to the authorities with very high quality evaluation.

EXPERIENCED MANAGEMENT TEAM

Many experiences in successful implementation of BT projects to exchange

for land banks with Government. The Company also owns numbers of

Residential Land Bank focused in Hanoi (~234 hectares) and Ho Chi Minh City

(3.2 hectares), as Hanoi and Ho Chi Minh city have great potentials and the

necessary support network for long term sustainable growth.

LARGE CBD LAND BANKING VIA BUIT-TRANSFER CONTRACTS AND SELECTIVE EQUITIZATION

High Equity; High margin; Low Leverage & ROE is greater than 35%

FINANCIAL STRENGTH

KEY INVESTMENT HIGHLIGHTS

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CONTENTS


II. GROUP OVERVIEW



V. SUMMARY

VI. APPENDIX

LEARN MORE

5

URBAN LAND BANK

DEVELOPER

IN HANOI: 234 hectares.

IN HCMC: 3.2 hectares.

POSITIONING & LAND BANK SHAREHOLDER & TOTAL ASSETS

TRACK RECORDS: SOLD 4010 UNITS

NO SHARES (M) LAND AREA(m2)

1Infrastructure of Van Phu New Urban Area–

Ha Dong district – Hanoi 948,000

2 The Van Phu – Victoria Building Complex 15,000

3New Campus – the University of Public Security Ordnance Technology – CAND

University - Hanoi263,000

4 Hanoi-Bac Giang Express Way BOT project 45.8km

5 The Victoria Shop-house Project 18,800

6BT Sai Gon - Connecting Pham Van Dong to

Go Dua intersection, Highway 1, Thu Duc, HCM

2.75km

7 New Campus – University of Public Health 77,300

SHAREHOLDERS SHARES (M) % TOTAL ASSETS(M.USD)

MR TOAN & RELATED PARTIES 96.8 61.00

136.00FOREIGN INVESTORS 9.94 6.21

OTHERS 53.26 32.79

TOTAL 160 100

Address:177 Trung Kinh street, Hanoi, Vietnam

Ticker: VPI

Listed on Hanoi Stock Exchange: Nov 2017

ROE:35%

Establishment: in 2003

Total number of employees: 271 people

Average working age: 35 years old

Average age of Management Board: 42 years

old

(Internal stake holders locked at 65% total shares)

6II. GROUP OVERVIEW1.1 DEVELOPMENT HISTORY

Over the last 15 years of operating and thriving, Van Phu has shown great progress and exceptional growth in not only sale figure but also in quality of the products.

2003 • Founded in 2003 as a branch of Quang Ninh Housing Construction Company.

• Develop New Urban Area Van Phu Project in Ha Dong district - Hanoi with 94,8 ha, populated 20,000 people.

•Signed BT contract to implement project for new premises for the University of Public Health – Ministry of Health

•Signed a BT Contract to implement a construction project of connecting section from Pham Van Dong Street to Go Dua

Intersection – National High way 1, Thu Duc District.•Handed over the new premises for the University of Public Health – Ministry of Health.

• Received Top 50 Vietnam Famous Trademark Certificate

• Being listed on Hanoi Stock Exchange (HNX), start constructing West Lake Services Apartment Project.

• Being Approved the feasibility study for the investment project to construct roads connecting urban areas and,

residential areas in Ha Dong District, in the form of a BT Contract

• Completing the V5-V6 Low rise housing and office for lease complex V5,V6

2006

2011•Commenced The Van Phu – Victoria high-rise apartment and commercial service complex project in Van Phu New Urban Area, HaDong District, Hanoi.•Signed a Build Transfer Contract to construct premises for the University of Public Security Ordnance Technology – Ministry of PublicSecurity

2015

2016

2017

2018 • Start Commencing new projects in 15th March 2018: The Terra – Hao Nam and in May 2018:Grandeur Palace Giang Vo Residential Complex

7II. GROUP OVERVIEW1.2 SOCIAL ACTIVITIES

VISIT AND DONATE USD 26,000 TO HELPPEOPLE IN THE CENTRAL OF VIETNAM AS OF

FLOOD IN 2016

ANNUALLY DONATING USD 450,000 OUT OF USD 950,000 IN PARTICIPATION OF PROJECT

”SCREENING THE COLORECTAL CANCER IN HANOI”

VAN PHU – INVEST COMMITS TO BE SPONSORTO CONTRUCT A BOARDING SCHOOL IN ONE A

DIFFICULT PROVINCE

IN THE MEMORANDUM RESOURCES VĂN PHÚ –INVEST VISITED CEMETERY TRUONG SON ,

VIETNAM

DONATING USD 450,000 ANNUALLY TO THE “LOVING ARMS” FOUNDATION ORGANIZED BY

HANOI PEOPLE’S COMMITTEE

VAN PHU - INVEST AND PEOPLE'SPOLICENEWSPAPER INAUGURATED THE HOUSE

OF GRATITUDE

II. GROUP OVERVIEW

INVESTMENT LEGAL DEPARTMENT DEPARTMENT

ACCOUNTING DEPARTMENTHR

PLANNING & ENGINEERING DEPARTMENT

PROPERTY SALES &

MANAGEMENT DEPARTMENT

VAN PHUNEW URBAN AREA

PROJECT MANAGEMENT

UNIT

ADMIN DEPARTMENT

SHAREHOLDER COMMITEE

BOARD OF DIRECTORS

BOARD OF MANAGEMENT

SUPERVISORY BOARD

BODOFFICEINTERNAL CONTROL

BOARD

Mr To Nhu ToanChairman of the Board, General Director

•Doctor of Business Administration,Architect

•More than 20 years experience in theField of construction and real estate.

Mr To Nhu ThangDeputy General Director

• Bachelor ofForeign Languages

• 10 years experience in the field construction & real estate.

Mr Pham Hong ChauDeputy General Director• Master of Accountancy• More than 20 years of

experience in investment, audit and tax consulting.

Ms Nguyen Dieu TuDeputy General Director

•Master of Urban Management

•More than 20 years of experience in the field of construction and real estate.

Mr Ngo Duc LongMember of the Board

•Ph.D. in Economics, Master of Laws

•More than 20 years of expe rience in the field of accounting & auditing, construction and Investment

Mr Chu Duc LuongMember of the Board

•Bachelor of Economics, Ba chelor of Administration

•More than 20 years of experience incorporate leadership and management

Mr Dinh Quoc HaDeputy General Director

•More than 15 years of experience in the field of construction and real estate Investment

1.3 GROUP ORGANIZATION STRUCTURE1.4 BOARD OF DIRECTORS

II. GROUP OVERVIEW1.5 SUBSIDIARIES

Investment Limited CompanyVăn Phú – Giảng Võ

Văn Phú 1 Investment JSC


51.0%

100%

51.0%

Printing and Cultural Products JSC

BOT Hanoi – Bac GiangInvestment JSC

33.0%

46.8%

35.0%

Văn Phú Bắc Ái JSC


60.0%

51.0%

VĂN PHÚ - INVEST

Van Phu Property JSC36.0%

100%Hung Son Investment Ltd

Van Phu Trading Development and Investment JSC

II. GROUP OVERVIEW2. GROUP BUSINESS MODEL

EQUITIESACQUIRING DEVELOPED

RIGHTS VIA BT &

EQUITIZATION

PROJECT TYPE 1

• Co - Developers

• Capital mobilized from projects (partners

contribute extra fund)

PROJECT TYPE 2

• Self - Developed

• Funding resources from Banks andUser.

PROJECT TYPE 3

• Transfer projects to recover capitals &profits

11II. GROUP OVERVIEW

Focused Strategy

Professional

and Dedicated

Prudent Capital

Management

Competitive

Products

Cost Effective Land

Banking

Not being spread out over many business activities

Intensely focused on Residential Housing

2.2 GROUP FOCUSED STRATEGY2.1 CORE COMPETENCIES

Concentrated on reasonably priced projects with possible high profit margin

II. GROUP OVERVIEW

2.3 EFFECTIVE LAND ACQUISITION CAPABILITIES

Van Phu possesses unparalleled land acquisition capabilities:

•Effective development of BT contracts.

•Most projects locate in big cities in Vietnam i.e. Hanoi and

Ho Chi Minh city.

•Selective Equitization via acquiring shares from State-own

enterprises, as well as ability to work with the local authorities to

obtain land-use rights, red book, and construction licenses in the

fastest possible time.

•Strong execution and Reasonably priced projects (middle

market), the Company can deliver attractive products to Users at

competitive price compared to other local and international

players.

ACQUIRING CBDLAND

BANK

SPEEDY

CONSTRUCTING

HIGH TURNOVER OF

CAPITALS

Van Phu has gained considerable strength from its competitive products

• Our products moving toward environmentally friendly

style.

• Well built, structurally sound, reasonably priced

products combines with competitive referral and

professional sales events.

• Strong reputation from Van Phu Group ensures fast

development process, lead to speedy product ownership

and red book ownership.

2.4 COMPETITIVE PRODUCTS

II. GROUP OVERVIEW2.5 PROFESSIONAL AND DEDICATED

1• Fast turnover rate supported by team of dedicated professionals

2

Thanks to professional and experienced team, the standard development process

for new project from land acquisition to deliver takes approximately 30 months,

leads to significantly reduce financial cost.

Relatively standardized property development process that is suitable for fast

turnovers, with the ability to lock in deposits at the development stages which

can be converted into contracted sales once the building foundation is completed.

The Company can utilize its own experienced and dedicated architecture and

construction engineer team.

Strong capabilities and efficient resource utilization from:

• Fast turn-over rate due to good sale rate (good

products). Also the ability to spot ineffective projects

and immediately and successfully liquidate them for

profit, may contribute to Van Phu’s being financially

prudent.

• Debt to equity ratio remains at low level, as we’re involved

directly, actively engaging and monitoring projects from

start to finish , compared to peers, makes Văn Phú – Invest

easily to mobilise capital.

Van Phu – Invest also strive to ensure our actions regarding capital management are likely to be of most benefitial:

2.6 PRUDENT CAPITAL MANAGEMENT

• Strong cooperation with local and international partners to stay ahead of the competition

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CONTENTS


II. GROUP OVERVIEW



V. SUMMARY

VI.APPENDIX

LEARN MORE

15III. PROJECT OVERVIEW DIVERSIFY PROPERTY LOCATIONS IN HANOI

16III. PROJECT OVERVIEW DIVERSIFY PROPERTY LOCATIONS IN HCMC (Cont.)


5 YEARS PLANNING STRATEGY

Van Phu focuses on CBD land bank and such surrounding urban areas in Hanoi & HCMC for a number ofreasons:

Healthy profit margin at 47%, ROE at 35% and comfortable level EPS;

Hanoi and HCMC have great potentials, the necessary infrastructure & support system for long term sustainable growth: 13

million ++ in HCMC and 8 million ++ in Hanoi, young population with 62% in working age; 5,4% yearly urbanization rate (2017 via

E&Y);

To secure such prominent and expensive CBD land bank and the surrounding urban areas, implementation of BT projects with

government to exchange for land bank is a must, which Van Phu is one of the leading experts in the field;

However, Van Phu’s selection for BT projects must satisfy:

+ Mid-size, mid-scale projects, not mega or giga cities

+ Not concentrating on bridges, high passes as these projects carry greater risks.

+ Focus on construction of roads, campuses and/or office blocks;

+ No pressure to pursue massive projects;

To increase land bank, concentrated in Hanoi first, and gradually move prospective land bank to closer to inner Hanoi;

To use Equity and Land Bank effectively to ensure accountability to shareholders.


VAN PHU’S CRITERIA ON PROJECT SELECTIONS:

Each and every project must pass our strict criteria before being implemented and proceeded:

Moving towards eco friendly style, ensure our corporate responsibilities;

To harmonize the interests of all participating stake holders:

+ Adhering and fully comply to Government’s planning;

+ The surrounding communities;

+ Contractors, Suppliers;

To integrate Van Phu’s image into local communities benefit platform, to create value-added growth, and to involve

anyone from labor, environmental, health, transportation, social justice in the community. It expresses our astute stewardship

of public resources, that recognizes the economic trade-offs between growth and stagnation, externalization and

internalization of costs and benefits.

To secure fast-paced development for high profit margin, for sustainable growth;

III. PROJECT OVERVIEW PROJECTS STATUS

No Project nameLand Area(m2)

GFA (m2)

1 Van Phu New Urban Area 947,984 265,351

2 The Van Phu –Victoria 15,000 208,279

3

Low-rise housing and

office for lease complex V5, V6 - Van Phu New Urban

area

18,800 64,000

COMPLETED PROJECTS DEVELOPMENT PROJECTS

PROCESSING

No Project name Land Area(m2) GFA (m2)

1 129 Dinh Tien Hoang -Binh Thanh district, HCMC 7,200 84,325

2 Complex Building 234 Ly Tu Trong – District 1, HCMC 642 4,187

3 132 Dao Duy Tu street - District 10, HCMC 10,618 98,747

4 582 Kinh Duong Vuong street – Binh Tan District, HCMC 11,463 106,606

5 12 Ky Dong Street – District 3, HCMC 940 -

6 42 Truong Dinh – District 3, HCMC 807

7 Grandeur Palace – Giang Vo Residential Complex, Ba Dinh District, Hanoi 9,031 49,770

8 The Terra - Hao Nam, Dong Da District, Hanoi 6,681 27,852

9 West Lake Serviced Apartment Project, Tay Ho District, Hanoi 4,632 32,056

10 The Victoria - An Hung Commercial Service& High-end Apartment and Low- Rise housing complex project, Ha

Dong district, Hanoi35,574 288,250

11 Grandeur Palace –My Dinh, Nam Tu Liem District, Hanoi 22,744 213,825

12 Kien Hung High- rise Residential Area, Ha Dong district, Hanoi 9,986 108,849

13 Kien Hung urban Functional Area , Ha Dong district, Hanoi 75,684 126,339

14 Phu Lam Residential Area Project, Ha Dong district, Hanoi 136,430 257,978

15 Bac Lam Urban area project, Ha Dong district, Hanoi 418,422 483,946

16 Ha Cau Residential Housing Area, Ha Dong district, Hanoi 23,014 133,356

17 Residential area of Duong Noi, Ha Dong district, Hanoi 25,522 39,431

18 Huu Hoa New Urban Area - Ha Dong district, Hanoi 1,560,000 -

Van Phu - IM _ Van Phu Urban Area (Add in).pptxVan Phu - IM _ Van Phu Urban Area (Add in).pptxVan Phu - IM_ The Van Phu Victoria.pptxVan Phu - IM_ The Van Phu Victoria.pptxVan Phu - IM_V5&6.pptxVan Phu - IM_V5&6.pptxVan Phu - IM_V5&6.pptxVan Phu - IM_V5&6.pptxVan Phu - IM_V5&6.pptxVan Phu - IM_V5&6.pptxVan Phu - IM_V5&6.pptx

III. PROJECT OVERVIEW VAN PHU GROUP’S PROJECT PORTFOLIO

No Year Completed/ Expected Project nameLocation

Owned

%

Land area

(m2)GFA (m2)

No of

Storey

No of

Unit

No of

Unit sold

TYPE 1. CO-DEVELOPERS

1 2018 - 2020

129 Dinh Tien Hoang –

Binh Thanh district, HCM

city

Binh Thanh

District,

Hanoi

19% 7,200 84,325 20 473 -

2 2018-2021

Grandeur Palace Giang

Vo

Residential Complex

Ba Dinh

District,

Hanoi

100% 9,031 49,770

Storey: 22;

Low-rise

storeys: 4

175 -

3 2018-2021

The Victoria - An Hung

Commercial Service&

High-end

Apartment and Low- Rise

housing complex project

Ha Dong

District,

Hanoi

100% 35,574 288,250

High-rise: 4-

5; Low-rise:

5-7

1,486 -

4 2019 - 2021Grandeur Palace –

My Dinh Hanoi

Nam Tu

Liem, Hanoi 62% 22,744 213,825 45 970 -

21III. PROJECT OVERVIEW VAN PHU GROUP’S PROJECT PORTFOLIO (Cont.)

NoYear Completed/

ExpectedProject name Location

Owned

%

Land area

(m2)GFA (m2) No of Storey No of Unit

No of

Unit sold

TYPE 2. SELF - DEVELOPING PROJECTS

1 2017 - 2019 The Terra – Hao NamDong Da district,

Hanoi 51% 6,681 27,852

High-rise 13;

Low-rise:4 97 -

2 2017 - 2019 West Lake Service Apartment

Project

West Lake

District, Hanoi 100% 4,632 32,056 15 200 -

3 2019 - 2020 Duong Noi Residential projectHa Dong District,

Hanoi 50% 25,522 39,431 5 128 -

4 2018 - 2020 Kien Hung Urban Area project Ha Dong District,

Hanoi 50% 75,684 126,339 4 382 -

5 2019 - 2021 Phu Lam Residential Area projectHa Dong District,

Hanoi 50% 136,430 257,978

High-rise:21;

Detached

house: 5

1,089 -

6 2019 - 2021 Bac Lam Urban area project Ha Dong District,

Hanoi 50% 418,422 483,946

High-rise: 15-

25;

Low-rise: 4-6

2,482 -

7 2019 - 2021 Ha Cau Housing Area Ha Dong District,

Hanoi 50% 23,014 133,356

High-rise: 40;

Low-rise: 4882 -

8 2019 – 2023 Huu Hoa Residential ProjectThanh Tri District,

Hanoi 25% 1,560,000 - - - -

22III. PROJECT OVERVIEW VAN PHU GROUP’S PROJECT PORTFOLIO (Cont.)

No Year Completed/ Expected Project name LocationOwned

%

Land area

(m2)GFA (m2)

No of

StoreyNo of Unit

No of

Unit sold

TYPE 3. TRANSFER TO RECOVER CAPITALS & PROFITS

1 Expect to be

completed in 2018

Complex Building 234 Ly Tu Trong

District 1, HCMC 19% 642 4,187 10 30 -

2 Expect to be

completed in 2018

132 Dao Duy Tu street District 10, HCMC 19% 10,618 98,747 25 647 -

3 Expect to be

completed in 2018

582 Kinh Duong Vuongstreet

Binh Tan District, HCMC

19% 11,463 106,606 25 699 -

4Expect to be completed in

2018

Project at 12 Ky Dong Street

District 3, HCMC 19% 940 - 12 - -

5Expect to be completed in

2018

Project at 42 Truong Dinh Street

District 3, HCMC 19% 807 - 6-8 - -

6 2018 - 2021

Kien Hung High-rise

Residential

Area Project

Ha Dong

District,

Hanoi

50% 9,986 108,849 25 704 -

23III. PROJECT OVERVIEW VAN PHU GROUP- BT & BOT PROJECTS

No BT & BOT Project names Land bank Exchange from BT & BOT Location: GFA Implementation duration Current status

1BT Construction project of Public Security Ordnance Technology premises in the form of Build - Transfer

(BT) Contract177 Trung Kinh - Cau Giay Ha Noi

Thuan ThanhDistrict, Bac Ninh

Province26.3ha 2010- 2012 Completed

2 BT Construction project of Public Health University premises in the form of Build - Transfer (BT) Contract Giang Vo Bac Tu Liem

District, Hanoi 7.73ha 2015-2016 Completed

3

BOT Construction investment project to rehabilitate and improve National Highway 1, Hanoi - Bac Giangsection in the form of Build - Operate - Transfer (BT)

Project

Road Fares Bac Giang Total length: 45.8 km 2014-2016 Completed

4BT Construction project of traffic roads linking urban areas and residential areas in Ha Dong District in the

form of Build - Transfer (BT) Contract

Projects: Ha Cau, Duong Noi, Kien Hung projects includingHigh-rise residential area & Urban area project)

Phu Lam & Bac Lam

Ha Dong, Hoai Duc - Hanoi

Total length:6.2 km 2017- 2019 On-going

5

BT Construction investment project of connecting section from Pham Van VND to Go Dua Intersection-National Highway 1 - Thu Duc District in the form of

Build - Transfer (BT) Contract

Projects: Kinh Duong Vuong, Dao Duy tu, Dinh Tien Hoang, Ly Tu Trong, Truong Dinh, Ky Dong project

Thu Duc District. Ho Chi Minh city

Total length: 2.75 km 2017- 2019 On-going

6BT Project on upgrading and expanding Section

70 of Van Dien - Ha Dong road in the form of Build - Transfer (BT) Contract

Ha Dong, Thanh Tri - Hanoi

Total length: 15 km 2017-2020 On-going

6.1 Huu Hoa Residential Project Expect to obtain 1/500 Master Plan on 31/10/2018

6.2The plot of land plots D1-1 Planning urban zone S5, Ngu Hiep commune, Thanh Tri district Expect to obtain 1/500 Master Plan on 30/01/2019

6.3Land plot LX12 is under planning number 20 Planning urban area A6, ward Quang An, Tay Ho District Expect to obtain 1/500 Master Plan on 30/5/2019

6.4HH1 plot is located in plot K4-1 Urban planning H2 2 Phu Do Ward, Trung Van Ward, Nam Tu Liem District Expect to obtain 1/500 Master Plan on 30/5/2019

6.5The plot of land plots K4-1 Planning urban zone H2-2, Trung Van ward,Nam Tu Liem District Expect to obtain 1/500 Master Plan on 30/5/2019

6.6The plot is planned plot F6S3 urban area, Dai Mo ward, district Nam Tu Liem Expect to obtain 1/500 Master Plan on 30/01/2018

6.7The plot of land plot K3-5 Planning urban GS, Xuan Phu ward, Nam TuLiem district Expect to obtain 1/500 Master Plan on 30/01/2018

6.8

The A3 / NO housing area is under detailed planningCau Giay new urban area, Yen Hoa ward,Trung Hoa, Cau Giay District Expect to obtain 1/500 Master Plan on 30/01/2018

6.9

The plot is located in plots 14-1 and 12-2 Planning urban zone S4, Phu Luong Ward, Ha Dong District

Expect to obtain 1/500 Master Plan on 31/05/2019

6.10The land lot C4-ODK2 under H2-3 urban planning, Khuong Dinh ward, Thanh Xuan district. Expect to obtain 1/500 Master Plan on 31/05/2019

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Located: in Ha Dong district, Hanoi

Land area: 94,8ha

Low rise: 2.599 units

High rise: 13 blocks

Construction period: 2006-2008

2,030

467

86

-

02

04

06

08

10

-

500

1,000

1,500

2,000

2,500

2007 2008 2009

Số sản phẩm đã bán Giá bán BQ (triệu VND/m2)

1. VAN PHU NEW URBAN AREA

../Documents/Tài liệu IM Văn Phú - Invest/Van Phu - IM _ Van Phu Urban Area (Add in).pptx

The Van Phu - Victoria high-rise complex

• Located at the heart of Van Phu New Urban Area, is designed basedon the iconic Victoria - Goddess of Victory, which is a landmark forVan Phu New Urban Area as well as Ha Dong District. The projectwas recognized for its superior quality compared to its price.

• The Van Phu - Victoria has created a vibrant, modern, and civilizedarea in the heart of Ha Dong District with many superior facilities.With a diverse room mix and design adhering to feng shui to offerbeautiful views, complete with sunshine and wind, The Van Phu -Victoria is always the first choice of customers in Ha Dong area.

2. THE VAN PHU VICTORIA HIGH RISE COMPLEX

../Documents/Tài liệu IM Văn Phú - Invest/Van Phu - IM_ The Van Phu Victoria.pptx

The Victoria Shophouses• This is international standard shophouses.• This is the first commercial shophouse area in Ha Dong District,

between a normal residential home and a shop, the VictoriaShop- house area is recognized as the pioneering project for thecommercial shop-house model in the West of Hanoi which ishighly attractive to customers.

3. THE VICTORIA SHOPHOUSES

../Documents/Tài liệu IM Văn Phú - Invest/Van Phu - IM_V5&6.pptx

274. BT PUBLIC SECURITY ORDINANCE TECHNOLOGY

Investor: MINISTRY OF PUBLIC

SECURITIES

• Construction period:

Built 2010 – Transferred 11/2011

• Location: Ho Town, Bac Ninh

• Land area: 263,000 m2

• GFA: approximately 108,000 m2.

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285. BT UNIVERSITY OF PUBLIC HEALTH

• Investor: MINISTRY OF HEALTH

• Construction period: Built 7/2015 – Transfered 7/2016

• Location: North Tu Liem District, Hanoi;

• Project scale:

Land area: 7.73 hectares;

Building blocks: Housing Complex, Meeting Hall,

Clinics, LABs, Garages, Gardens..

Van Phu - DHYTCC.pptx

29

BT UNIVERSITY OF PUBLIC HEALTH (cont)

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30

Investor: MINISTRY OF TRANSPORT

Implementation duration: Built in 2014 and

operated from Jan 2016.

Location: Hanoi – Bac Ninh Province – Bac Giang

Province.

Total length: 45,8 km

6. BOT HIGHWAY HÀ NỘI - BẮC GIANG

Van Phu - IM_ BOT HÀ NỘI - BAC GIANG.pptxVan Phu - IM_ BOT HÀ NỘI - BAC GIANG.pptx

31

CONTENTS


II. GROUP OVERVIEW



V. SUMMARY

VI. APPENDIX

LEARN MORE

32IV. FINANCIAL INFORMATION

VND bn 2017 2016

Consolidated Income Statements

Net revenue 875.4 773.7

Gross Profit 456.8 99.9

EBIT 549.4 48.2

Net profit after tax 418.9 17.9

Consolidated Balance sheet

Current assets 2,587.2 2,335

Non-current assets 1,150.3 374.4

Total assets 3,737.5 2,709.3

Current liabilities 1,344.6 1,910.2

Short-term loans 333.9 547.5

Long-term liabilities 356 447.3

Long-term loans 279 59.4

Total Liabilities 1,700.7 2,357.5

Net assets 2,036.8 351.8

Key ratios

EBIT margin (%) 59.7 6.2

Net profit margin (%) 47.8 2.3

Net Debt/Equity (x) 0.84 6.7

Projected Revenue & Profit 2018 – 2021 (bn VND)

875.4

2006

3419

61866696

418.9 600.8743 1007

1168

0

1000

2000

3000

4000

5000

6000

7000

8000

2017 2018 2019 2020 2021

Projected revenue Projected Profit

In 2018: recognize profit from project New urban area

Van Phu; The Terra - Hao Nam; Grandeur Palace Giang Vo; part of An Hung New

Urban Area (low-rise building)

In 2019: recognize revenue from project Grandeur Palace Mỹ Đình, An Hưng,

Kiến Hưng projects

33IV. FINANCIAL INFORMATION VALUATION COMPARABLES

COMPARABLE VALUATION

PeersPrice (VND) Market cap

(VND bn)EPS

(VND) P/E P/B ROE ROA

VPI 37,700 6,032 4,303 8.52 3.27 35.1% 13.1%

NLG 34,200 5,354 3,413 9.98 1.83 15.6% 7.6%

NVL 81,500 51,683 3,314 24.26 4.14 17.5% 4.7%

DXG 29,750 8,937 2,499 11.81 2.35 18.3% 9.5%

KDH 34,300 11,592 2,018 17.10 2.22 9.6% 5.8%

VIC 87,200 228,425 1,610 53.78 7.32 8.7% 2.2%

NTL 9,950 606 1,537 6.46 0.66 9.7% 6.3%

Data achieved from Stoxplus on 02 Feb 2018

LIQUIDITY RATIOS (VND BN) AS AT 31/12/2017

Total assets 3,737.5

Charter capital 1,600.0

Equity 2,036.8

Bank loans 613.00

Debts to related parties -

D/A ratio 0.46

D/E ratio 0.83

Current ratio (x) 1.92

Quick ratio (x) 1.05

Net revenue 875.4

Profit after tax and MI 418.9

34

CONTENTS


II. GROUP OVERVIEW



V. SUMMARY

VI. APPENDIX

LEARN MORE

V. SUMMARY

What we are and what we strive for:

•Dedicated and Professional Urban Land Bank Developer focusing in Hanoi: 234 ha and HCMC: 3,2 ha, with 15 years of experience in

construction, real estate development as well as management service provider.

•Cost effective in acquiring CBD land bank via BT contracts and Selective Equitization in Hanoi and HCMC, focusing in mid-size,

mid-scale projects, roads, campuses, real estate;

• Improving products standard, striving to behave ethically, conduct business fairly, operate transparently, protect the environment

and support worthy causes;

•Land Bank development increases in value and quantity.

•High equity, low gear, high ROE: 35%, high EPS: VND 4,303.(2017)

V. SUMMARY

2. On-going Project s :

•BT Sai Gon - Connecting Pham Van Dong to Go Dua intersection, Highway 1, Thu Duc District, HCMC;

•West Lake Serviced Apartment Project, Tay Ho District, Hanoi;

•The Terra - Hao Nam, Dong Da District, Hanoi

•BT Project on upgrading and expanding Section 70 of Van Dien - Ha Dong road, Ha Dong District, Hanoi;

•The Victoria – An Hung Commercial Service & High-end Apartment and Low-Rise Housing Complex project, Ha Dong District, Hanoi.

37

CONTENTS


II. GROUP OVERVIEW



V. SUMMARY

VI. APPENDIX

LEARN MORE

38V. Appendix A – TYPE 1: Co- Developers Projects 20171. 129 DINH TIEN HOANG STREET

Located at Dinh Tien Hoang street, between Vu Tung - Dinh Tien Hoang intersection and Dinh Tien Hoang - Phan Dang Luuintersection, on the route linking to District 1 center, the project holds traffic and commercial advantages, only 3 km,11 minutesby car from Ben Thanh market.The project showcases synchronous social infrastructure such as parks, supermarkets, hospitals, schools, and facilities such asswimming pool, fitness center, kindergarten, cafe - restaurants ... which bring its customers a modern and comfortable life.

Location No.129 Dinh Tien Hoang, Ward 3, BinhThanh District, Ho Chi Minh CityConsolidation in to GroupYear of Construction Q2/2018Area 7,200 m2GFA 84,325 m2Building Height 20 floorsNumber of Units 473Apartment sizePrice per square meterLegal StatusInvestment cost VND 1,089 billionDevelopment Status Preparing 1:500 Master PlanProject valuation

Project highlights

39V. Appendix A – TYPE 1: Co-Developers Projects 20172. GRANDEUR PALACE GIANG VO RESIDENTIAL COMPLEX138 GIANG VO – BA DINH DISTRICT - HN

Location 138B Giang Vo – Ba Dinh District - HNConsolidation in to GroupYear of Construction Q2/2018Area 9,031 m2GFA 49,770 m2Building Height 4-22 floorsNumber of Units 175Apartment sizePrice per square meterLegal Status Acquired construction permit; Investment cost VND 1,650 billion

Development StatusExpected Construction in

Quarter 1/2018Project valuation

The 138B Giang Vo residential complex creates a royal yet peaceful lifestyle in the heart of the city. The project features 32 mansionswith European neoclassical architecture, located in a peaceful garden setting with absolutely no traffic dust, and separated from thenoisy urban life. The complex exposes the beauty of modern architecture and luxury, high-class facilities, according to 5-star hotelstandards such as infinity pool, Sky bar, fitness center, spa, meditation garden, restaurants... for residents and guests residing at theproject's condotels.

Project highlights

40

Project highlights

The complex consists of three 45-storey commercial service and apartment buildings, three basement level and three parkingfloors to ensure at least on car parking slot for one apartment. The project offers high-end services and facilities, including:four-season swimming pool, gym, kindergarten, restaurant, shophouse... The low-rise residential area with 166 modernneoclassical European-style commercial townhouses, for the purpose of both living and business, suitable with Vietnamesecustom will bring about an exciting commercial area on To Huu street.

Location La Khe ward, Ha Dong district, Ha Noi

Consolidation in to GroupYear of Construction In 2018Area 35,574 m2GFA 288,250 m2Building Height 4-45 floorsNumber of Units 1,486Apartment sizePrice per square meterLegal StatusInvestment cost VND 3,305 billionDevelopment Status Preparing 1/500 Master PlanProject valuation

V. Appendix A – TYPE 1: Co-Developers Projects 20173. THE VICTORIA - AN HUNG COMMERCIAL SERVICE& HIGH-END APARTMENT AND LOW- RISE HOUSING COMPLEX PROJECT

41

Grandeur- My Dinh Complex is a complex of three 45 storey buildings, located on Pham Hung Street, Cau Giay District, with agreat advantage of approximity to the central areas, major administrative offices. The project is also located in the highpopulation, high-end office areas such as Duy Tan, KeangNam.... The project is in line with the master plan for relocation ofcentral agencies to the West of Hanoi in order to facilitate the development of modern infrastructure.

Location Pham Hung road, Nam Tu Liem district, Ha NoiConsolidation in to GroupYear of Construction Q2/2018Area 22,744 m2GFA 213,825 m2Building Height 45 floorsNumber of Units 970Apartment sizePrice per square meter

Legal StatusAcquired permit from Hanoi People

Committee to complete project procedure

Investment cost VND 3,760 billion

Development StatusOn-going land acquisition and expect Master

Plan 1:500 in Q2/2018Project valuation

Project highlights

V. Appendix A – TYPE 1: Co-Developers Projects 20174. GRANDEUR PALACE – MY DINH HANOI

42V. Appendix B – TYPE 2: Self - Developing Projects 2017

1. THE TERRA – HAO NAM

Location 83 Hao Nam, Dong Da District, Ha Noi

Consolidation in to GroupYear of Construction March-18Area 6681 m2GFA 27852 m2Building Height 4-13 floorsNumber of Units 97Apartment sizePrice per square meterLegal Status Acquired construction permit; Investment cost VND 725 billion

Development Statusconstruction work starting in January

2018Project valuation

The project is located in the cultural political center of Hanoi with a great advantage for commercial activities and transportation due toits proximity to the Cat Linh - Ha Dong elevated railway station, and Le Duan - Nhon Metro station ...

The project consists of a 13-storey residential and commercial service building, 3 basement levels, and a shop-house street with a 7m widefacade on Hao Nam street, with facilities such as a nursery, restaurants, cafes, ... which will bring a peaceful lifestyle, separate from thehustle and bustle streets and provide many facilities for the project residents and surrounding areas.

Project highlights

43V. Appendix B – TYPE 2: Self – Developing Projects 2017 2. WEST LAKE SERVICED APARTMENT

Location Quang An, Tay Ho District, Ha NoiConsolidation in to GroupYear of Construction Dec-17Area 4,632 m2GFA 32,056 m2Building Height 15 floorsNumber of Units 200Apartment sizePrice per square meter

Legal StatusAcquired construction

permit; Investment cost VND 830 billion

Development StatusConstruction starting in

December 2017Project valuation

Project highlights

Conveniently located in Quang An, Tay Ho, West Lake serviced Serviced apartment Apartment project is an ideal spot for foreignprofessionals and families, international visitors who want to look for a peaceful and tranquil place in Hanoi.

Only about 4 km from the center center of Hanoi’s Old Quarter and 45 minutes to the airport, this is a fresh living space with nearly 1,000hectares of water and greenery, West Lake is always the top choice for international visitors to Vietnam.

44V. Appendix B – TYPE 2: Self – Developing Projects 20172. DUONG NOI RESIDENTIAL PROJECT

Project highlights

Duong Noi residential project showcases 128 commercial shophouses, located on 70A road with convenient transportinfrastructure, which is easy to connect to the central area through To Huu - Le Van Luong, Thang Long Highway andsurrounding areas through the main roads such as Le Trong Tan, Le Quang Dao, ...

Location Duong Noi ward, Ha Dong District, Ha NoiConsolidation in to GroupYear of Construction Q2/2018Area 25,522 m2GFA 39,431 m2Building Height 5 floorsNumber of Units 128Apartment sizePrice per square meter

Legal StatusInvestment cost VND 365 billion

Development StatusCompleted 1/500 Master Plan, preparing

land evaluation procedureProject valuation

45V. Appendix B – TYPE 2: Details Of Developing Projects 20173. KIEN HUNG URBAN AREA PROJECT

The project covers an area of approximately 7.5 hectares in Kien Hung Ward, Ha Dong District, with complete and synchronousinfrastructure including 387 adjacent houses, villas, schools, green parks ... The project is adjacent to Ring Road 3.5 which is easy toconnect with main arterial roads such as National Highway 6, Road 70. Especially, the new planned road connecting Phuc La - VanPhu street through the Manor Center Park new urban area to the Ring Road 3 Nguyen Xien street will shorten the distance and timeto travel to the central area and to the airport and suburban areas.

Location Kien Hung ward, Ha Dong District, Ha Noi

Consolidation in to GroupYear of Construction Q2/2018Area 75,684 m2GFA 213,825m2Building Height 4 floorsNumber of Units 382Apartment sizePrice per square meter

Legal StatusInvestment cost 1,263 VND Bil

Development StatusCompleted 1/500 Master Plan; ongoing process for land evaluation

Project valuation

Project highlights

46V. Appendix B – TYPE 2: Self - Developing Projects 20174. PHU LAM RESIDENTIAL AREA PROJECT

The project is located in Phu Lam Ward and Yen Nghia Ward, Ha Dong District, Hanoi with 567 low-rise houses and one 21-floor apartment building offering green and clean space and living environment promising an ideal life for residents.

Location Phu Lam Ward and Yen NghiaWard, Ha Dong District, Hanoi

Consolidation in to GroupYear of ConstructionArea 136,430 m2GFA 255,728 m2Building Height 5-21 floorsNumber of Units 1098Apartment sizePrice per square meterLegal StatusInvestment cost VND 2,354 billion

Development StatusCompleted 1/500 Master Plan;

ongoing process for land evaluationProject valuation

Project highlights

47V. Appendix B – TYPE 2: Self - Developing Projects 20175. BAC LAM URBAN AREA PROJECT

The project showcases a harmonious landscape design, reasonable, neo-classical style low-rise building in harmony with themodern high-rise buildings. Bac Lam urban area with a total area of 41 hectares is invested synchronously from houses to publicworks with the emphasis on lakes and large green areas, kindergartens, and school system and facilities such as four-seasonswimming pool, fitness center, children's playground, ...

Location Phu Lam Ward and Yen NghiaWard, Ha Dong District, Hanoi

Consolidation in to GroupYear of ConstructionArea 418,422 m2GFA 483,946 m2Building Height 4-25 floorsNumber of Units 2,482Apartment sizePrice per square meterLegal StatusInvestment cost VND 4,954 billion

Development StatusCompleted 1/500 Master Plan; ongoing

process for land evaluationProject valuation

Project highlights

48V. Appendix B – TYPE 2: Self - Developing Projects 20176. HA CAU HOUSING PROJECT

The project is located in the administrative center of Ha Dong District, adjacent to Van Phu new urban area and HuyndaiHillState project. The project is adjacent to Phuc La - Van Phu street and Nguyen Trai streets. The project offers completeinfrastructure including schools, hospitals, Metro hypermarkets, Lotte Cinema and especially a 100 hectares park, sport andrecreation center.

Location Kien Hung ward, Ha Dong District, Ha NoiConsolidation in to GroupYear of ConstructionArea 23,014 m2GFA 133,356 m2Building Height 4-40 floorsNumber of Units 882Apartment sizePrice per square meter

Legal StatusInvestment cost VND 1,866 billion

Development StatusCompleted 1/500 Master Plan; ongoing

process for land evaluationProject valuation

Project highlights

49V. Appendix B – TYPE 2: Self - Developing Projects 20177. HUU HOA RESIDENTIAL PROJECT

Huu Hoa new urban area is located in an extremely convenient road network on Ring Road 3.5, directly linked to Ha Dongsouthern route and Road 70. The project is about 12 km from the historic inner city center, about 7 km from the NationalConvention Center, where there is an elevated railway station to the center of Hanoi. This is one of the fastest growing areasin Hanoi today.

Location Huu Hoa commune, Thanh Tri District, Ha NoiConsolidation in to GroupYear of ConstructionArea 1.560.000 m2GFA m2Building Height 15 floorsNumber of UnitsApartment sizePrice per square meter

Legal StatusInvestment cost

Development Status preparing 1/500 Master Plan Project valuation

Project highlights

50V. Appendix C – TYPE 3 : Transfer to Recover Capitals & Profits Projects 20171. 234 LY TU TRONG STREET – HCM CITY

The project is located in the heart of District 1, adjacent to Ly Tu Trong street, near Le Anh Xuan junction and just 1 km awayfrom Ben Thanh market. Located in the heart of the city, with many commercial centers, office buildings and 3-4 stars hotelsof , there is a high demand from visitors to Ho Chi Minh City.In an area of a high population density with above average income, high consumption level and concentrated withdomestic and international tourists, the project has the potential to develop a 3 star hotel with high occupancy.

Location 234 Ly Tu Trong, District 1, HCMC

Consolidation in to GroupYear of ConstructionArea 642 m2GFA 4,187 m2Building Height 10 floorsNumber of Units 30Apartment sizePrice per square meterLegal StatusInvestment costDevelopment Status Preparing 1/500 Master PlanProject valuation

Project highlights

51V. Appendix A: Details Of Developing Projects 2017

132 DAO DUY TU STREET

The project is located at the corner of the T-junction, adjacent to Dao Duy Tu and Ngo Quyen streets, next to the Thong NhatStadium, 5.5 km away from Ben Thanh Market. The project has convenient transportation location which easily connects toboth downtown and suburban areas via main roads such as Hong Bang, 3/2, and Vo Van Kiet and Cach Mang Thang Tamstreet.

Location 132 Dao Duy Tu Street, Ward 6, District 10, Ho Chi Minh CityConsolidation in to GroupYear of ConstructionArea 10,618 m2GFA 98,747 m2Building Height 25 floorsNumber of Units 647Apartment sizePrice per square meter

Legal StatusInvestment cost

Development Status Preparing 1/500 Master PlanProject valuation

V. Appendix C – TYPE 3 : Transfer to Recover Capitals & Profits Projects 20172. 132 DAO DUY TU STREET

Project highlights


582 KINH DUONG VUONG STREET

The project is located on the axis of Kinh Duong Vuong Street, a two-way street with high traffic volume, near the West Bus Station, which is very convenient to connect with the southwestern provinces.

Location 582 Kinh Duong Vuong Street, An Lac Ward, Binh Tan District, Ho Chi Minh City

Consolidation in to GroupYear of ConstructionArea 11,463 m2GFA 106,606 m2Building Height 25 floorsNumber of Units 699Apartment sizePrice per square meterLegal StatusInvestment cost

Development StatusPreparing procedures for planning 1/500 Master

PlanProject valuation

V. Appendix C – TYPE 3 : Transfer to Recover Capitals & Profits Projects 20173. 582 KINH DUONG VUONG STREET

Project highlights



The project's location is conveniently in the heart of District 3, on the busy two-way crowded street with many large office buildings, 3 to 4 star hotels, restaurant and is only about 1 km from Saigon Railway Station.This is an area with high population density, good average income, potential to develop a office building or a 3 - 4 star hotel.

Location 12 Ky Dong, District 3, Ho Chi Minh City

Consolidation in to GroupYear of ConstructionArea 642 m2GFABuilding Height 12 floorsNumber of UnitsApartment sizePrice per square meterLegal StatusInvestment cost



V. Appendix C – TYPE 3 : Transfer to Recover Capitals & Profits Projects 20174. 12 KY DONG STREET

Project highlights



This project is located on Truong Dinh Street, on the one-way street section. On this section there are many administrative agencies, offices, schools, villas, which make it suitable to develop an office building.

Location 42 Truong Dinh, District 3, Ho Chi Minh City

Consolidation in to GroupYear of ConstructionArea 807 m2GFABuilding Height 6-8 floorsNumber of UnitsApartment sizePrice per square meterLegal StatusInvestment cost



V. Appendix C – TYPE 3 : Transfer to Recover Capitals & Profits Projects 20175. 42 TRUONG DINH STREET

Project highlights

55V. Appendix C – TYPE 3: Transfer to Recover Capitals & Profits Projects 20176. KIEN HUNG HIGH – RISE RESIDENTIAL AREA PROJECT

Kien Hung high-rise apartment building is a modern apartment complex located on Phuc La - Van Phu road, which is easilyconnected with main roads such as National road No.6, Road 70, Ring Road 3.5. Especially, the new planned roadconnecting Phuc La - Van Phu street through the Manor Center Park new urban area to the Ring Road 3 will shorten thedistance and time to travel to the central area and to the airport and suburban areas.

Location Kien Hung ward, Ha Dong District, Ha NoiConsolidation in to GroupYear of ConstructionArea 9,986 m2GFA 213,825 m2Building Height 25 floorsNumber of Units 704Apartment sizePrice per square meterLegal StatusInvestment cost VND 971 billion

Development StatusCompleted 1/500 Master Plan; ongoing process for land evaluation

Project valuation

Project highlights

56

THANK YOUVAN PHU - INVEST INVESTMENT JSC

Building Văn Phú177 Trung Kính, Yên Hòa, Cầu Giấy District , Hà Nội

+84 24 6258 3535

+84 24 6258 3636+84 9 0624 [email protected]

www.vanphu.vn