Corporate Presentation - Vincom Retail

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Corporate Presentation - Vincom Retail
Corporate Presentation

                 May 2021
Corporate Presentation - Vincom Retail
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 Vincom Retail 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
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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
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                                                                                                                                                                                                1
Corporate Presentation - Vincom Retail
Executive Summary

    Vincom Retail (“VRE”) is the largest and fastest growing retail developer, owner
    and operator in Vietnam

    Key investment highlights are as follows:

                   Vietnam Economy

                  Remains Resilient
                    Amidst Covid-19
                       Outbreak
                                                     Modern Retail Set to
                                                           Take Off
                                                                                         Largest and Most
                                                                                       Dominant Retail Platform

                Proven Track Record of

                                                                               
                                                     Ability to Leverage the
                Highly Scalable Platform                                                      Institutional Level
                                                        Best-in-Country
                 with Strong Operating                                                      Corporate Governance
                                                      Vingroup Ecosystem
                      Performance

    Market leader in terms of the shopping mall GFA in Vietnam’s major cities…

                                                             …the direct proxy for consumer demand

                              The Dominant and Fastest Growing Retail Platform in Vietnam

2                                                                                                                   2
Corporate Presentation - Vincom Retail
Vingroup & Vincom Retail: Market Leaders In Vietnam
                                                                                                      Largest Listed Company in Vietnam
                                                                                                                                                                                                                                        Vincom Retail
                                                                                                                                                                                                                                         A Key Subsidiary of
                                                                                                      Largest Real Estate Developer in Vietnam
                                                                                                                                                                                                                                        Vingroup JSC

                                                                                                      c. 168 mm sqm of Landbank(1)
                                                                                                                                                                                                             Hanoi                                 80
                                                                                                                                                                                                                                                          (8)

                                                                                                                                                                                                                                                Operational
                Ecosystem of Complementary Businesses                                                                                                 Vincom Retail                                                                               Malls
                                                                                                                                                                Largest Retail
                                                                                                                                                                Developer, Owner
                                                                                                                                                                and Operator in                                                                                 (9)
                                                                                                                                                                Vietnam                                   Ho Chi Minh City                     1.7 mn
                                                                                                                                                                                                                                                Retail GFA
Residential           Hospitality            Healthcare             Education             Automobile             Smartphone                       ~29% NLA leased to internal                                                                     (sqm)
                                                                                                                                                    and affiliated tenants(2)
 Premium             Leading              Leading               Leading               First                 Top 5
  and large            hospitality           hospital               private                Vietnam-               smartphone                            Vinhomes:
  scale real           operator in           operator               school                 ese smart              producer in                           Vietnam’s largest real estate                  Unique Multi format Model
  estate               Vietnam                                      operator               and green              Vietnam
  developer                                 About 750                                     vehicle
                                                                                                                                                        developer
                      Approx.               beds under            More than              manufactu-            2.8 million
 Largest in           17,500                operation              32,000                 rer                    smart-                                VinFast:
  Vietnam              rooms                                        students                                      phones sold                           Flagship automobile and e-
                                            7 full-                                                                                                                                                         Vincom Center                   Vincom Mega Mall
                       owned &                                      registered            89,900 cars            since                                 motorcycle showrooms
                                                                                                                                                                                                             No. of Malls: 7
 1,592 units          managed               service                at 35                  and electric           launch(7)
                                                                                                                                                                                                                                                No. of Malls: 4
  presold(3)                                 general                                                                                                                                                    Retail GFA: 280,026 sqm            Retail GFA: 444,098 sqm
                                                                    facilities(5)          motor-                                                      Vinschool:
  (Contracted                                hospitals                                                                                                                                                         (17% total)                        (27% total)
                                                                                           cycles sold                                                 Leading private school operator
  sales of                                   and 5                                         since
  VND 6                                      clinics                                       launch(6)
  trillion(4))                                                                                                                                         VinMart:
                                                                                                                                                       Vietnam’s largest modern grocery
                                                                                                                                                       retail chain by presence                               Vincom Plaza                         Vincom+
                                                                                                                                                                                                             No. of Malls: 54                  No. of Malls: 15
                                                                                                                                                                                                         Retail GFA: 857,517 sqm           Retail GFA: 71,936 sqm
                                                              VinID: ~11 mn Members, Largest Loyalty Program in Vietnam(5)                                                                                      (52% total)                       (4% total)

                                                                   Vincom Retail is the Ultimate Consumer Play for Vietnam
  Note:
  (1)     Refers to Vinhomes’ landbank (2) MSN-Vincommerce is an affiliated tenant (3) For 1QFY2021, estimated pre-sale under SPAs and pre-sale bookings under deposits, including BCC projects deposits (4) Include retail value only
  (5) (6) (7) (8) (9) As of 31 March 2021
                                                                                                                                                                                                                                                                      3
Corporate Presentation - Vincom Retail
Emergence Of Vincom Retail As A Clear Market Leader
                                                                                                                              Establishing Platform                                       Accelerating Growth With
                                        Early Years & Formation                                                                    For Growth                                              Dominant Market Share

       2004 – 2013                                    2014                                 2015                                   2016                               2017                          2018                2019 – 2020
        Royal City launched                  First Vincom                       Vincom Mega                         10 new Vincom                          Listed on HOSE in          Launched 20                 Launched 13 (2019)
                                                shopping mall                        Mall Thao Dien                      shopping malls                         November                    shopping malls,              and 1 (2020)
        Times City launched                    outside Hanoi &                      launched                          Introduction                           H&M opened 2 stores         including Landmark           shopping malls and
        US$200 million                         HCMC                                                                     of Vincom+ format                                                  81                           expanded our
                                                                                                                                                                in Hanoi and Ho Chi
           investment                           − VCP Ha Long                                                                                                                                                            international tenant
                                                                                                                                                                Minh City
        “Best Retail                                                             US$100mm                                                                                                                              portfolio across key
                                                                                                                                                               Zara opened first store                                  malls (Uniqlo,
           Developer in                                                              follow-on
                                                                                                                                                                in Hanoi
           Vietnam” by                                                               investment                        First Zara flagship                                                                              Decathlon, CGV,
           Euromoney in 2012                                                                                             store in Vietnam                      Key tenants added:         Signed leasing               H&M, Mango, Muji,
                                                                                  10 new Vincom
                                              First Robins                                                              opened at Vincom                       Inditex brands              contracts for                Pizza 4P’s, Haidilao)
                                                                                     shopping malls &
                                                department store in                                                      Center Dong Khoi in                    (Stradivarius, Massimo
                                                                                     Acquisition of 5                                                                                       approximately               Pioneer in
                                                Vietnam opened in                                                        HCMC                                   Dutti, Pull & Bear),        191,000 sqm NLA
                                                                                     Maximark malls                                                                                                                      experiential
                                                Royal City in April                                                                                             H&M and Old Navy
                                                                                                                       c.US$390mm Vingroup                                                 and over 1,200               retail-tainment in
                                                2014                                                                     follow on investment                                               advertising contracts        Vietnam

            Retail GFA (‘000 sqm)                                                                                                                                                                                                                7980

                                                                                                                                                                                                               7,017
            Leasing Revenue (VND bn)
                                                                                                       2014 – 2020 CAGR:
                                                                                                                                                                                                                                                 6980

                                                                                                                                                                                                                                           (1)
                                                                                                                                                                                                                                  6,008
                                                                                                     Leasing revenue: 20.1%
                                                                                                                                                                                           5,506
                                                                                                           GFA: 22.0%                                                                                                                            5980

              1st Retail Mall 1st Integrated
               in Vietnam       Project in                                                                                                                                   4,455                                                               4980

                                 Vietnam                           Investment by                                                                    3,805
                                                                      Warburg
                                                                                                                                                                                                                                                 3980

                                                                      Pincus
                                                                                                                                                                            IEO and
                                                                                                                           2,427                                           listed on                                                             2980

                                                                                                 1,927                                                                       HOSE

                                                                                                                                                                                                               1,598               1,654
                                                                                                                                                                                           1,448
                                                                                                                                                                                                                                                 1980

                 Vincom Center       Vincom Center
                    Ba Trieu           Dong Khoi                                                                                                    1,023                    1,173
                                                                                                                            851
                                                                         467                      499                                                                                                                                            980

                       42                       93
                                                                                                                                                                                                                                                 -20

                     2004                     2010                      2013                     2014                     2015                      2016                     2017          2018                2019                2020
        No. of
        malls            1                        2                        5                         6                       23                          31                   46            66                   79                   80

                  17 Years of Operating Experience Achieving ~1.7 mm sqm of Retail GFA (~35x Increase Since 2004)
    Note: As of 31 March 2021
    Leasing revenue is based on Vietnam Accounting Standard (VAS) Audited Consolidated Financial Statements for respective years
4   (1) Leasing revenue took into account the impact of Vincom Retail’s supporting package to tenants impacted by Covid-19 in 2020, totaling VND 865bn                                                                                                  4
Corporate Presentation - Vincom Retail
Retail Consolidates Around The Dominant Local Landlord

                                                                                                               dominant local landlord
                                                                                                                        Global examples clearly demonstrate retail consolidation around the
                          Vincom Retail

                                                                                                               Significant parallels seen between VRE and regional retail leaders
         Vietnam’s largest retail developer, owner and
                            operator

                                                                                                               Vietnam's
                         GFA (mm sqm)
                                                                                                                           current position at an early, higher growth stage of the retail
                                           1.7
                         1.0                                                                                    cycle translates to a stronger growth profile and a more dominant market
                                                                                                                        share
                        2016              2020

                                                                                                                                                                                         SM Prime

                         Central Pattana
                                                                                                              Vietnam                                                Philippines’ largest retail real estate developer
       Thailand’s largest shopping mall developer arm of
                                                                                                                                                                    GFA (mm sqm)(3)           Market Share by GFA(2)
                         Central Group
                                                                                                                                                                                                                  50%
          GFA (mm sqm)(1)             Market Share by GFA(1)                                                                                                                       9.8
                                                                                                   Thailand             Philippines                                                               28%
                                                    20%                                                                                                               2.2
                                        15%
                         4.7                                                                              Singapore
           0.9                                                                                                                                                       2007        2019            2007             2019
                                                                                                                                                                               Total Market Size (GFA sqm)(2)
         2013           2020              2013           2020
                                                                                                                                                                                  7.8mm           10.7mm
                     Total Market Size (GFA sqm)(1)                                                          Indonesia
                         5.6mm         18.9mm

                                                                                                                                                                                 PT. Pakuwon Jati
     CapitaLand Integrated Commercial Trust
                                                                                                                                                                      Indonesia’s largest mall owner and operator
    Largest proxy for Singapore’s commercial real estate
         NLA (mm sq. ft)             Market Share by NLA(3)                                                                                                           NLA (mm sqm)               Market Share by NLA(4)
                                                         15.4%
                          10.4                                                                                                                                                      0.7                           20.4%
                                           5.6%                                                                                                                        0.3                         13.3%
             3.3

            2011         2020              2011           2020
                   Total Market Size (NLA sq. ft)(3)                                                                                                                  2012         2020             2012          2020
                                                                                                                                                                               Total Market Size (NLA sqm)(4)
              58.9mm                        67.4mm                                                                                                                           ~2.5mm                   ~3.2mm(5)
    Source: Company filings, Colliers, Statista, Urban Redevelopment Authority, Savills, Urbis.
    1.    Based on Central Pattana’s retail NLA in Bangkok Metropolitan Area and total shopping mall NLA in Bangkok Metropolitan Area.
    2.    Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila.
    3.    Based on retail floor space supply in Singapore (2009-2024), extracted from Capitaland Mall Trust (CMT) Annual Report 2019
    4.    Based on PT. Pakuwon Jati’s retail NLA as of Dec-2012 and 3Q 2020 vs. shopping mall NLA of Jakarta

5                                                                                                                                                                                                                         5
Corporate Presentation - Vincom Retail
Key Investment Highlights
Corporate Presentation - Vincom Retail
Key Investment Highlights
                            Vietnam’s Economy Remains Resilient Amidst Covid-19 Outbreak
                        1   ‒   Vietnam On A Rebound – The Brightest Spot In SEA’s Economies
                            ‒   Clearer Signs Of A Speedy Recovery; Ready For A “New Normal”

                        2   Huge Potential for Further Expansion in Vietnam’s Retail Space
                               Modern Retail Set to Take Off
                               Only Retail Platform With Nationwide Access
                               Metro and Bus Infrastructure To Accelerate Retail Mall Footfall

                            Multi Format Model Covers a Larger Market Opportunity
                        3
                               Solidified Position as Dominant Retail Platform in Vietnam

                        4   Ability to Leverage the Best-in-Country Vingroup Ecosystem

                        5   Institutional Level Corporate Governance

                                                                                                  7
Corporate Presentation - Vincom Retail
Vietnam On A Rebound – The Bright Spot In South East Asia’s Economies

Vietnam continues to maintain the highest GDP growth among Southeast Asia countries for the next three years

Estimated Real GDP growth (%)

        (9.5)                                                                                                                                                                                           7.1        7.0
                     6.5         6.3                                                 (5.8)                                                                                                                                6.5
                                                                                                                            (5.0)      5.0                                   5.0         5.2
                                                                  4.6                                                                                4.8         (1.1)
                                                                              4.2                3.8
                                                    (7.2)
                                                                                                           2.6

                Philippines                                 Thailand                         Singapore                              Malaysia                             Indonesia                             Vietnam

                                                                                                         2021        2022            2023

      Vietnam GDP continues strong growth in 2021 due to domestic consumption rebound, strong FDI inflow due to supply chain shift and accelerated public investment

          Forecasted domestic consumption grows                                           Vietnam to become the new center of                                            Highest level of public investment in terms
  1       at top level of Southeast Asia
                                                                                     2    global supply chain
                                                                                                                                                                 3       of GDP % to boost domestic economy
   Domestic consumption growth (%)                                                   Constant FDI disbursement despite ongoing Covid pandemic                        Public investment as % of GDP (2021 Target)
                                                                                     (USD billion)
                                                                              10.6                                                                                                                                          6.8
                                                                                                                         20.4       20.0
                                        8.8                                                                      19.1
                           8.2                                                                            17.5                                                                                                      5.7
                                                                                                 15.8
                                                    7.0                                  14.5
                                                                                                                                                                                               4.0      4.1
                                                                                                                                                                                   3.6
              4.6                                                       4.4
                                                                                                                                                                       2.4
                                                                  3.0
                                                                                                                                              3.8          4.1
                                              0.5           0.5

                                                                                         2015   2016     2017    2018    2019       2020     Q1/20    Q1/21

                                 -2.1                                                     Global corporations continue to relocate and expand factories
                    -3.6                                                                                           in Vietnam
       -4.7

                                 2020         2021F                                  Free Trade Agreements such as CPTPP, EVFTA and RCEP will                    Public investment is expected to keep increasing during the
                                                                                                 boost Vietnam’s international trades                                   first half of 2021, with suitable monetary policy

Source: GDP consensus from Bloomberg, GSO, CEIC, IMF and BMI

                                                                                                                                                                                                                                  8
Corporate Presentation - Vincom Retail
Promising Retail Outlook, Ready For A “New Normal"
Mobility to retail malls and entertainment activities in major
cities has returned to pre – Covid level                                                                  Vietnam posts solid retail sales throughout the pandemic
                 Mobility to retail malls and entertainment activities has rebounded                       Nominal Retail sales change YoY (%)

                                                                                                                                                                                                            12.0
              Vietnam                             Hanoi                           HCMC                                                                                                          10.0
                                                                                                                                                                                     7.0
                                                                                                            5.7 6.5                                           4.0          3.7
                                                                                                                      2.0         1.4 1.4        1.8
                                                          -1%                           0%                                  1.5

                                                                                                                                            -0.14
                                                                                                                                                       -2.9
                                                                                                                                                                    -8.4         -10.0
                     -9%
                                                                                                                                                                                            -15.7

                                              -13%                            -13%                                                                                                                      -24.4
          -16%

                                         Dec-20             Mar-21
                                                                                                                                                2020           2021F

Rental outlook in Vietnam remains positive compared to regional countries
 % change in rental rate forecast

    Shanghai      Guangzhou         Beijing          Taiwan      Singapore      Tokyo        Hong Kong   Brisbane     Sydney           Perth        Melbourne       Auckland             HCMC          Hanoi

                                                                               2020            2021F          2019 - 2021 Cumulative

Source: Google Mobility Index, CBRE Research, eMarketer

                                                                                                                                                                                                                   9
2 Huge Potential For Further Expansion In Vietnam’s Retail Space
     Low and fast growing disposable income per capita compared to neighboring countries, coupled with low
     mall NLA, presents an opportunity to enlarge Vietnam’s retail mall space to close the regional gap.

     Modern Retail is still at a Nascent Stage…                                                                                 …With the Growing Middle Class Set to Drive
                                                                                                                                Next Wave of Consumption
      Vietnam has a Low Mall NLA compared to Thailand and Philippines(1)                                                        Vietnam’s Disposable Income per Capita is similar to Philippines in
                                                                                                                                2004 and Thailand in 1990, implying huge growth potential (1)
      NLA (mm sqm)                                                                                                              Disposable income per capita (US$)

                                                              7.9
                                                                                                   7.3                                                                                          2,796
                                                                                                                                                                                       2,554
                                                                                                                                                                        1,808
                                       3.6x                                                                                                          950        1,018
                                                                              3.3x                                                Vietnam
                                                                               2.9x
                        2.2
                                                                                                                                                    2017        2018     2019          2023      2024

                 Hanoi/ HCMC                              Bangkok                           Metro Manila                                                                                        3,818
                                                                                                                                                                                      3,547
                                                                                                                                                               2,824
      Strong supply which validates the market’s potential, backed by
      stable rental rate(2)
                                                                                                                                Philippines         930
      Rental rate (USD/sqm/month)                                        Future Supply (sqm NLA)
      150.0                                                         Hanoi                                                156
      120.0                                                                               73             29
                                                                                                                                                   2004        2019                   2023      2024
       90.0
       60.0                                                                  1,054       1,054       1,127              1,209

       30.0                                                                                                                                                                           6,902     7,246
         -                                                                                                                                                              6,221
                1Q20       2Q20        3Q20     4Q20       1Q21              2020        2021F       2022F              2023F
                                                                    HCMC
      150.0
                                                                                                                         70
      120.0                                                                                              114
                                                                                          57                                     Thailand           999
       90.0
       60.0                                                                                          1,106              1,220
                                                                             1,049       1,049
       30.0
                                                                                                                                                   1990                 2019          2023      2024
         -
                1Q20       2Q20        3Q20      4Q20       1Q21             2020        2021F       2022F              2023F
                     Rent rate (CBD)          Rent rate (Non CBD)                       Current                Future

     Source: EIU, Colliers, CBRE Market Report in Hanoi and HCMC in 2020 and 1Q2021
10   Note: (1) Includes NLA pipeline 2020-2021 (2) As of 31 March 2021                                                                                                                                  10
2 Modern Retail Set to Take Off

 Vietnam is Starved for Modern Retail Format                                                                                  E-Commerce More Catalyst Than Threat
 Significantly Underpenetrated Modern Non-Discretionary Retail Remains                                                        E-Commerce Penetration(2)
 2020/21(1) NLA per capita (sqm)                                                                                              (%)                                       2019A      2024E
                                                                                                                      1.8             40%

                                                                                                            1.4
                                                                                              1.1
                                                                                                                                28%

                                   0.5            0.5            0.5           0.5
                                                                                                                                                   21%
      0.1            0.1                                                                                                                                                                                         Low Penetration
                                                                                                                                                               15%                                                  vs Peers
                                                                                                                                                                                13%
    HCMC           Hanoi         Beijing       Jakarta      Shanghai         Manila      Singapore Bangkok            Kuala                    11%                                            11%        10%
                                                                                                                                                            9%
                                                                                                                     Lumpur
                                                                                                                                                                           4%              5%         4%
 Modern Retail Format an Attractive Solution in Vietnam                                                                                                                                                              2% 3%

                  Attractiveness of Modern
                                                                                        Attractiveness of Modern                   China      Indonesia   Singapore      Philippines      Malaysia   Thailand        Vietnam

                     Retail to Consumers                                                     Retail to Tenants
                                                                                                                              Vincom Retail Further Consolidates Leadership
      Limited alternatives for                                              Significantly higher footfall and sales         Position
       entertainment and social activities                                    psm achieved compared to
                                                                              unorganized retail                                    Malls: A Key                       Providing the                      Digital
      One stop platform for discretionary +                                                                                        Activity Hub                       Infrastructure                 transformation
       non-discretionary consumption                                         Provides quality control with
                                                                              guaranteed infrastructure and logistics
                                                                              that helps to build brand equity                         Leading the service quality and customer experience

                                                                                                                              
 Stand-alone Department Store Formats have Lost Out                                                                                     Destination for and a trustworthy partner of major international brands to be
                                                                                                                                        present in Vietnam for the first time

                                                                                                                              
    Lotte Vietnam on losing streak                                                                                                      Progressively applying digital transformation to enhance customers’
                                                                         Parkson Vietnam shutters store                                 experience via improved service quality
    since operations began
      …However, during its ten years of
      operation in Vietnam, Lotte Mart has
                                                                              …Parkson Vietnam has closed another
                                                                              of its stores as it continues to struggle                Close and flexible connection between retail malls and e-commerce to support
                                                                                                                                        shoppers and tenants via a network of credible e-commerce partners

                                                                                                                              
      never closed a year with profit…                                        to make its business profitable…
                                                                                                                                        Utilize the readily available customer base from VinID

                                 Vincom Retail’s Disruption Has Already Leapfrogged the “Department Store” Phase
Source: EIU, Euromonitor, Vietnam Investment Review, Inside Retail Asia, CBRE Vietnam
(1) Includes NLA pipeline 2020-2021 (2) % E-commerce penetration represented by internet retailing over retailing.
                                                                                                                                                                                                                                11
2 Only Retail Platform With Nationwide Access

Portfolio Leasing Creates Significant Bargaining Power…                                                                                             … and Ability to Attract Best-in-Class Tenant Portfolio, with
                                                                                                                                                    more than 1,000 Unique Tenants(1)

                                      HANOI    HAI                            •    80 malls across 43
                                              PHONG
                                                                                   cities and
                                                                                   provinces(1)

                                                                                                                                 Fashion & Beauty
                                                        DA
                                                       NANG

                                                                              •    4 retail formats for
                                                                                   specific areas
                                                        DONG                  •    Proven and
                                                         NAI
                                                                                   scalable retail
                                     CAN              HCMC
                                     THO                                           development
                                                                                   platform

                                 Vietnam
                                                                                First stores in

                                                                                                                               Entertainment
                                                                               Vietnam for Zara,

                                                                                                                                 F&B and
                                                                                     H&M

                First stores in
               Hanoi for Uniqlo

                                                               First store in retail
                                                                                                                                                                (1)
                                                               malls of Decathlon
                                                                                                                                 Anchor

                         VRE’s dominant position and nationwide scale makes it Vietnam’s “Go-to” platform
                        for international and established local brands

     Source: Company information as of 31 March 2021
     (1)   Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of grocery retail stores

12                                                                                                                                                                                                                                                                12
2 Metro And Bus Infrastructure To Accelerate Retail Mall Footfall
Most of VRE malls are covered by the upcoming metro lines in Ho Chi Minh City and Hanoi, and major VRE megamalls such as
VMM Ocean Park, Smart City and Grand Park have extra cover of VinBus routes – significant boost in connectivity and footfall
expected
                           Metro Lines                           Under Construction                Planned Lines                  Bus routes

    Ho Chi Minh City                                                                                                  Hanoi
                                                                                                    District 9
                                                                                              1                                                    4
                                     VINCOM PLAZA                   Go Vap District                                           Tay Ho                             VINCOM CENTER
                                       SAIGON RES                                                                                             VINCOM CENTER     PHAM NGOC THACH
                                                                                                                              District       NGUYEN CHI THANH
         4
                                                                                               VINCOM MEGA MALL
                                                                                                                                                                                      1
                                                               VINCOM MEGA MALL
             Ho Chi Minh                                           THAO DIEN                      GRAND PARK
             City Airport                                                                                                                                   5
                                                                                                                          VINCOM CENTER
                                                                                                                          TRAN DUY HUNG
                                             3                                                 1   2    3    4
                                                                                                                                                                          CBD
                                                                                                                                                                                                                           1
                                                                                                                                                                                                Long Bien
                            5 District 1                                                                                                                        VINCOM CENTER
                                                                                                                                                                                  3              Distirct        Trau Quy
                                                                                                                                                                   BA TRIEU
                                                                         2   District 2                           VINCOM MEGA MALL
                                                                                                                      SMART CITY                                                                                           8
                                           CBD                                                                                                                                                                       VINCOM MEGA MALL
                                                                                                                                                                                          VINCOM MEGA MALL              OCEAN PARK
               VINCOM PLAZA                                                                                                                                                                   TIMES CITY
                    3/2                                                                                           1       2   3    4     5

                                       VINCOM CENTER                                                                  Ha Dong
                                          DONG KHOI                                                                    District                  VINCOM MEGA MALL                                                6     7       8   9   10
                                                                                                                                                     ROYAL CITY

                                                                                                                      2                                                                                      Hung Yen
                 District 10                                                                                                                                                                                 Province
                                                                                                                                                                                   Hoang Mai
                                                                                                                                                                    Van Dien        District
                                               Tan Phu District

                                                                                      Preliminary VinBus routes as of 31 Dec 2020 (*)
1     Grand Park - Emart                             2   Grand Park – Tan Son Nhat airport                        1   Long Bien – Tran Phu – Smart City             2   Long Bien – Cau Giay – Smart City    3   Giap Bat – Smart City

3     Grand Park – Sai Gon bus station               4   Grand Park- Mien Dong bus station                        4   Ho Tay water park – Smart City                5   VCP Long Bien – Smart City

5     Mien Dong bus station – National University NUA                                                             6   Hao Nam – Ocean Park                          7   My Dinh – Ocean Park                 8   Ham Nghi – Ocean Park

                                                                                                                  9   Interconnected Complex – Ocean Park         10    Noi Bai – Ocean Park

                                                                                                                                       Vingroup’s mixed use and VRE’s mall models are suited to tap

                                                                                                                         
                   With urban metro lines opening for the first time in Ho Chi Minh
                   City and Hanoi and extra coverage of VinBus routes, the shift                                                       on this trend, given their targeted positioning and proximity to
                   from street retail to organized retail (malls) will accelerate                                                      the stations

Note: (*) Business plan which is subject to change                                                                                                                                                                                          13
3 Multi Format Model Covers A Larger Market Opportunity

      Annual Income
        Distribution                                         Holistic Segment Coverage Across Formats                                  Competitors
     (% of population
       in Vietnam)(1)                        Vincom Center   Vincom Mega Mall         Vincom Plaza               Vincom+

                                          Target Segment:
             Affluent                                         Target Segment:
                                           City Center/
              (6%)                           CBD consumers     Integrated                                                                         Lotte
                                           Middle & upper       development                                                                       Target
                                             middle income       catchment area                                                     AEON
                                                                                                                                                   Segment:
                                                               Targets families                                                    Target
                                                                                                                                                   Upper middle
               Middle                                            across all                                                         Segment:
                                                                                                                                                   income
              Income                                             income segments                                                    Middle
                                                               Focus on                                                            income /
               (24%)                                             shopping –                                                         Upper middle
                                                                 experience based   Target Segment:                                 income
                                                                 shopping to         Heart of provincial
                                                                 enhance customer      town plus urban
                                                                 experience            non-CBD
            Emerging
                                                                                       consumers of
               (32%)                                                                   key cities
                                                                                     Family &                                                     BIG C GO
                                                                                       activity hub                                                Target
                                                                                     Middle income                                                Segment:
                                                                                                                                                   Mass to
             Aspiring                                                                                                                              middle income
               (17%)
                                                                                                            Target Segment:
                                                                                                             Regional &
                                                                                                               non-CBD            Vincom Retail has access
                                                                                                               catchment areas     to addressable market
               Mass                                                                                          Mass to            segment of over US$176bn
               (21%)                                                                                           middle income
                                                                                                                                      of retail revenue

 Source: BCG population and wealth models
 (1) MAC (Middle income and affluent customers)
14                                                                                                                                                                14
3 Solidified Position As Dominant Retail Platform In Vietnam

                               Distinguished retail formats and focused on wide range of lifestyle oriented consumers

Prime Urban and High Growth Areas in Key Cities                                   Unique Multi – Format Retail Model
                                                                                  (Segmentation by GFA)

            43                         80                 ~1.7mm                   Vincom Center
                                                                                   Location: City-center, CBD
                                                                                                                              Vincom Mega Mall
                                                                                                                              Location: In integrated,
       Cities/                     Operational             Retail GFA              Retail GFA: 40,000 –                       mixed-use projects
                                                                                   60,000 sqm                                 Retail GFA: 60,000 –
      Provinces                      Malls                   (sqm)                 No. of Malls: 7                            150,000+ sqm
                                                                                   Total GFA: 280,026 sqm                     No. of Malls: 4
                                                                                                                              Total GFA: 444,098 sqm

 Key Cities
                                                      North Vietnam (ex. Hanoi)
                                                          19 Vincom Malls
                                                                                                                     16.9%
                                                          16 Vincom Plazas                                       4.4%          26.9%
                                                           3 Vincom+
      Hanoi
       11 Vincom Malls
         5 Vincom Centers
         3 Vincom Mega Malls                          Central Vietnam                                                 51.9%
                                                          20 Vincom Malls
         3 Vincom Plazas
                                                          13 Vincom Plazas
                                                           7 Vincom+
                                                                                   Vincom+                                    Vincom Plaza
      Ho Chi Minh City                                                             Location: Medium-density,                  Location: High-density,
       13 Vincom Malls                                                             non-CBD                                    CDB of cities
         2 Vincom Center                              South Vietnam (ex. HCMC)     Retail GFA: 3,000 – 5,000                  ex. Hanoi and HCMC
                                                                                   sqm                                        Retail GFA: 10,000 –
         1 Vincom Mega Mall                               17 Vincom Malls
                                                                                   No. of Malls: 15                           40,000 sqm
         7 Vincom Plazas                                  15 Vincom Plazas         Total GFA: 71,936 sqm                      No. of Malls: 54
                                                           2 Vincom+                                                          Total GFA: 857,517 sqm
         3 Vincom+

                                                                                                                       
                                                                                                                                Proven and scalable retail
                                                                                              4 retail mall formats
                                                                                                                                development platform

 Note: As at 31 March 2021

                                                                                                                                                             15
4 Ability To Leverage The Best-in-Country Vingroup Ecosystem

      c.168mm                                    Access to Landbank from
                                                                                                                                           29%                                Market Leading Retail Brands Form
                                                                                                                                           NLA leased to
      sqm of                                     Vietnam’s Biggest Developer                                                               internal and                       Immediate Tenant Foundations
      Landbank(1)
                                                                                                                                           affiliated tenants(2)
                                        Vinhomes’s Landbank Breakdown
      c.30 years
      worth for                        mn sqm

         development                                                                                                                              Accelerates concept
                                                                                                                                                    to completion
                                                                                                     155
         pipeline for
         Vinhomes                                                                                                                                 Drives consumer
                                                                                                                                                    footfall                                                      (3)

      Unparalleled
      land sourcing                                           13
         expertise
                                                           Launched                          Pipeline projects

     Up to                                                                                                                                                                    Largest Loyalty Programme in
                                                 Integrated Developments Provide                                                             11m                              Vietnam Reinforces
     100,000                                     Mega Malls with Natural Catchment                                                           Members(2)                       Captive Spending
     Residents(2)

                                                     Times City
                                                  (opened: 4Q2013)
                                                                                                 Ocean Park
                                                                                              (opened 12.2020)                                                                               Single card,
                                                                                                                                                                                             nationwide access
         Guaranteed
          Footfall for
          Malls                                                                                                                                                                              Benefits lock in
                                                                                                                                                                                              repeat spending
 Note:
 1.    Refers to Vinhomes’ landbank
 2.    As of 31 March 2021
 3.    Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce,
16     the largest consumer retail network in terms of number of grocery retail stores
                                                                                                                                                                                                                        16
5 Institutional Level Corporate Governance

          Conflict Area                             Description                                                           Control

                                                                                          •   All transactions must be entered into on commercially reasonable
                                                                                              basis as a statutory requirement.
                              •   Vingroup will continue to be VRE’s majority
        Decision Making                                                                   •   Significant related party transactions must be approved by the Board
                                  shareholder following the Offering
                                                                                              of Directors or the general meeting of shareholders
                                                                                          •   Interested parties must abstain from voting

                                                                                          •   Non-compete from Vingroup on retail; VRE has a clear Right of First
                              •   Both Vingroup and VRE are in the business of property
          Competition                                                                         Refusal (“ROFR”) for all stand-alone retail projects, retail
                                  development
                                                                                              components and select mixed-use projects with well-defined criteria

                                                                                          •   The ROFR above gives VRE economies of scale in land sourcing,
                                                                                              and delaying early-stage development costs
       Land Bank Access       •   Vingroup holds much larger land bank than VRE           •   VRE has ROFR on land that can be used for retail, at cost
                                                                                          •   VRE has an independent land sourcing team and primarily focuses
                                                                                              on different types of projects than Vingroup

                                                                                          •   Allows VRE to expand faster with the key anchor tenants in place in
                                                                                              advance of commencing construction
      Related Party Tenants   •   VRE has related party-tenants (Vingroup entities)
                                                                                          •   Leases are negotiated on an arms’ length commercial terms
                                                                                          •   Governed by related party rules under “Decision Making”

                                                                                          •   Fees are calculated based on comparable third-party service
                              •   VRE has contracts with Vingroup entities such as            providers and Vingroup fees are allocated based on number of man
                                  Vinpearl and Vinmec for non-core services such as           hours and assets under management
      Management Services
                                  lodging rental and periodic health check for
           Contracts                                                                      •   Helps VRE to manage expansion with minimum overhead as it can
                                  employees, and Vingroup for headquarters services
                                                                                              share resources and costs with the rest of Vingroup
                                  such as marketing, treasury and corporate HR
17                                                                                        •   Governed by related party rules

                                                                                                                                                                     17
1Q2021 Key Highlights
Financial Performance – 1Q2021

                                                Revenue from leasing continued its recovery momentum from the 3rd quarter of 2020

Total revenue                                                                                                                                    Leasing revenue
VND billion                                                                                                                                       VND billion
                                             % of previous year level                                                                                                                            % of previous year level

         73.8%                   82.2%                     79.7%                    116.8%                     132.1%                                     90.6%                      78.8%                     88.9%                    84.3%                     118.1%

               (3.3%)                                                     84.4%
                                                                                                   (2)
                                                                                                                                                                  (9.8%)                                                                       4.1%

                                                                                      3,253
                                                                                                                 2,226                                                                                                                   1,645                     1,712
        1,686                     1,630                     1,760                                                                                           1,449                     1,307                    1,608

        1Q20                      2Q20                      3Q20                      4Q20                       1Q21                                       1Q20                      2Q20                      3Q20                     4Q20                      1Q21

Gross profit                                                                                    Leasing NOI (1)                                                                                EBITDA
VND billion                                                                                      VND billion                                                                                    VND billion
                          % of previous year level                                                                       % of previous year level                                                                        % of previous year level

      78.1%            67.3%           78.4%           112.7%            154.0%                          86.1%         81.1%           91.3%           86.5%            132.1%                        88.9%           73.1%            94.0%          110.5%           141.2%

                                                                                                              (6.3%)                                      11.5%                                                                       43.3%
                                                                                                                                                                                                                                                                 (2)
                                       86.1%                       (2)                                                                                                                                        (14.8%)
           (14.9%)

                                                        1,572                                                                                                                                                                                           1,746
                                                                                                                                                                        1,313                                                                                           1,508
                                                                         1,168                                                          1,174           1,178                                                                          1,218
                                                                                                         998             930                                                                          1,068             910
        759                              845
                        646

       1Q20            2Q20             3Q20            4Q20             1Q21                            1Q20          2Q20             3Q20            4Q20             1Q21                         1Q20             2Q20            3Q20             4Q20            1Q21

Note: Based on VAS Consolidated Quarterly Financial Statements of 2020 and 1Q2021
These financial metrics took into account the impact of the rental support (VND300bn in 1Q, VND375bn in 2Q, VND145bn in 3Q and VND 46bn in 4Q). There was no rental support recorded in 1Q2021
(1)    NOI for leasing of investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses which include land lease costs but exclude
       management expenses allocated from parent company
(2)    Total revenue, Gross profit, and EBITDA 4Q2020 surged due to revenue from delivery of shophouses
                                                                                                                                                                                                                                                                                  19
Key Operational Metrics

Retail GFA                                              Occupancy rate

                                               Change                                        Change             Change
(‘000 m2)                    1Q2020   1Q2021                               1Q2020   1Q2021             4Q2020
                                                 (%)                                          (ppts)             (ppts)

Vincom Center                 280      280       -      Vincom Center      92.1%    95.0%      2.3     93.1%     1.9%

Vincom Mega Mall              388      444      14.4    Vincom Mega Mall   87.6%    87.3%      0.3     86.0%     1.3%

Vincom Plaza                  858      858       -      Vincom Plaza       82.2%    80.4%      1.8     80.2%     0.2%

Vincom+                        72       72       -      Vincom+            76.5%    74.4%      2.1     73.8%     0.6%

Total                        1,598    1,654     3.5     Total              84.9%    84.4%      0.5     83.8%     0.6%

Note: As at March 31, 2021

                                                                                                                          20
Footfall Recovery Post Pandemic
 1 Footfall
Hanoi                                                                                    HCMC
Million visitors                                                                         Million visitors

     5                                 2020         2021                                  5
                                                                                                                                      2020           2021

     4                                                                                    4

     3                                                                                    3

     2                                                                                    2

     1                                                                                    1

     0                                                                                    0
           Jan     Feb   Mar   April   May    Jun   July   Aug   Sep   Oct   Nov   Dec          Jan         Feb   Mar   April   May    Jun    July    Aug    Sep   Oct   Nov   Dec

                                                                                         Other Provinces
                                                                                         Million visitors
   ●     1Q2021’s footfall stabilized versus 4Q2020, while footfall in March              12                                           2020           2021
         bounced back to reach 90% of the footfall in March 2019
                                                                                          10

   ●     Hanoi experienced a good recovery thanks to tenant upgrade in                     8
         VCC Pham Ngoc Thach and Tran Duy Hung, which continued to
         attract visitors                                                                  6

                                                                                           4
   ●     Retail malls in HCMC were still affected due to a lack of
         international visitors. However, improvement is expected by the                   2
         end of 2021 with adoption of “vaccine passport”
                                                                                           0
                                                                                                 Jan        Feb   Mar   April   May    Jun    July    Aug    Sep   Oct   Nov   Dec

                                                                                                                                                                                     21
Tenants’ Sale On Track For Recovery
  1               Food & Beverage                Fashion                    Enterntainment                  Cinema
                                                                                 (1)                  (2)
Covid-19 relative impact in 2020
                                                                               (1)              (2)

                             Least impact          Least impact                        Medium impact                 Most impact

Recovery in 1Q2021

                                                                                                                     Very strong
                             Gradual recovery      Gradual recovery                    Strong recovery
                                                                                                                     recovery

        Entertainment and Cinema recovery marks a success in our commitment to support tenants overcoming
  2
        challenges posed by the pandemic

   ● In 2021, support package comes in the form of shopping vouchers

   ● The program has been activated since 1Q2021, and will be implemented and disbursed from 2Q2021

Source: Company report as of 31 March 2021
                                                                                                                                   22
Business Highlights in 1Q2021
 ANCHOR TENANTS COMMIT TO ACCOMPANY AND EXPAND THEIR NETWORKS IN NEW RETAIL MALLS, HIGHLIGHTS FOR
 RESIDENTIAL PROJECTS AND SUROUNDING AREAS

                                           FLAGSHIP BRANDS
  VMM SMART CITY

Plan to launch in 3Q2021

 LEASING PLAN AND TENANT GROWTH
  CHAIN TENANTS EXPANSION

         Area                 Achieved
               7%             28% leasing target for 2021

                                                                                                    23
Marketing Activities in 1Q2021

                                                        Spring Festival 2021
                       Lunar New Year                                                  International Women’s Day
                     (15 Jan – 28 Feb 2021)                                                    (01 – 08 Mar 2021)

                                                                              Featured event “Secret Gift For Her” with participation of
                                                                         
    Lunar New Year Fair offering a variety of regional specialties, was
    held across Vincom malls including VCP Long Bien with “Happy              famous singers namely Rapper G.Ducky, singer Hoang Dung,
    Tet” Fair, VCP Sky Lake with “Spring Book Festival”                       singer S.T Son Thach

    Retail malls were gorgeously decorated with colorful spring               Dating and a surprise gift from a handsome man for first
   themes and landscapes
                                                                             female guest on International Women’s Day

    Series of traditional games for families and children: DIY                Couple challenge and lucky drawing with vouchers and
   lucky money envelope, making toy figurines from sticky rice
                                                                             gifts by Vincom. Gifts for female customers (cosmetics,
                                                                              jewelry, accessories) from retail tenants

 Footfall in 1Q2021:             Over 36.8 million

                                                                                                                                           24
Apply Environmental Initiatives To Optimize Operational Activities
 “Sustainable Development” is the underlying principle throughout business operations of Vincom Retail. Operation is optimized as a results of:
 Energy saving and environmental protection initiatives (using clean energy, recycling waste, reducing chemical use)
 Technology application to standardize and automate processes and optimize operations

             Environmental protection initiatives                                          Technology application in operation
                  1                                        2                                     1                                     2

           Solar panels                      Cooling water treatment                     Optimize air-                           Automated
                                               technology for air-                       conditioning                          parking system
                                              conditioning system                          system
  Finish installing and deployment       Replace chemical water               Test – drive intelligent algorithm    Complete trial of automated car
   of solar panels for 50 retail malls     treatment system with E-water         to control the air-conditioning        parking system at Royal City.
                                           cooling technology for all retail     system with a Singaporean             Plan for implementation across
                                           malls                                 partner                                large retail malls such as Times
                                                                                                                        City, Đong Khoi, Ba Trieu

 Save nearly 9% of energy costs          Eliminate the environmental          Minimize human errors in              Reduce headcount to operate
  of the entire retail malls system        chemical pollutants used              operation                             Reduce cash frauds
 Reduce carbon emission by                                                     Save costs by minimizing errors       Improve customers’ experience
  7,157 tons/ year                                                               and automating processes               at retail malls

                                                                                                                                                           25
2021 Strategy Plan
2021 Strategies And Plan
                             Continue to develop Vincom Center (VCC)/Vincom Mega Mall
                              (VMM)/Vincom Plaza (VCP) in the big and Tier-1 cities to offer a dynamic
                              and engaging experience to the residential community in Vinhomes’           5 new shopping malls
     Product                  mega projects and surrounding areas                                         New malls’ occupancy target: VMM 85%,
     Strategy                Enhance customer experience, embrace digital technologies, and               VCP and VC+ 95% (including committed
                              ascertain the number one destination for customers by expanding and          tenants)
                              diversifying tenants’ portfolio with international and Vietnamese brands

                             Expand the group of international, large, chain and anchor tenants
                              (Fashion, F&B, Furniture, Home accessories, Supermarket, etc.) in           Upgrade tenant mix at VCC Metropolis
     Tenant                   existing shopping malls                                                      (Hanoi), VCP Phan Van Tri (HCMC), VCP
     Strategy                Pioneer in reaching and bringing international, prestigious brands           Hung Vuong (Can Tho)
                              and attractive retail models to Vietnam for the first time
                             Accompany and support Vietnamese tenant groups

                                                                                                          Roll out Tenant Portal
     Digital
                                                                                                          Build data warehouse system
   Transform-                Apply digital transformation initiatives to create a dynamic, engaging      Enhance Vincom web/ Vincom app to
      ation                   customer experience and maximize operational efficiency                      facilitate customer experience to and at
                                                                                                           Vincom malls

                                                                                                          Implement marketing and communication
   Marketing                 Solidify Vincom Retail’s leading position for effective cooperation and      plans for the grand openings of major
                              consumers’ trust
    Strategy                                                                                               projects namely Grand World and Vincom
                             Expand channels for brand communication: Web/App                             Mega Mall Smart City

                                                                                                          Enhance a quality service program to offer
   Customer                  Provide a safe shopping environment with quality products and services       impressive shopping experience for the
                             Optimize operating costs and energy costs
    Services                                                                                               continuously increasing end-users and
                                                                                                           customers

Note: Company information                                                                                                                               27
Sale Goals And Action Plan
  Goals

                  Leading shopping malls                                       Shopping malls of Vietnamese
                                                                              Pioneer in bringing shopping experiences from
                            with presence across Vietnam
                                                                               prestigious domestic and international brands

  Action Plan

                                       3 projects, including 1 Vincom Mega Mall 2 Vincom Plaza
 New opening
                                      100,000 sqm GFA                        Increase nationwide
                                                                             retail GFA to
                                                                                                   ~1.8mn sqm
 Upgrade
 tenant mix                            3 projects, including 1   Vincom Center      2 Vincom Plaza
                                  Number of stores          Target tenants for finalizing

 Chain and                             20%
 anchor
 tenants                           Area
 development
                                      >20%
Note: Company information
                                                                                                                               28
Financial Update
Financial Performance In 1Q2021 vs 1Q2020

Figures in VND billion                                              1Q20                 1Q21       YoY (%)   Commentary
Leasing of Investment
                                                                                                              Given the strong recovery of retail market in 1Q2021, no more support
Properties and Rendering of                                        1,449                 1,712        18.2
                                                                                                              package in the form of rental rebates in the quarter
Related Services

                                                                                                              Handed over 111 units from Bac Lieu, My Tho, Uong Bi in 1Q21
Sale of Inventory Properties                                         201                  452         124.9
                                                                                                              compared to 54 units in 1Q20

                                                                                                              Mainly from commission fee for real estate brokerage at Grand World –
Other Revenue                                                         36                   62         72.2    approx. VND 20 billion (no similar transaction in 1Q20), the rest was an
                                                                                                              increase in management fee of Condotels

Total Revenue                                                      1,686                 2,226        32.0

Gross Profit(1)                                                      759                 1,168        53.9

Operating Profit / (Loss)                                            575                  960         67.0

Profit / (Loss) before Tax                                           619                  980         58.3

Profit / (Loss) after Tax for the
                                                                     492                  781         58.7
Period

Profit / (Loss) after Tax and
                                                                     492                  781         58.7
Minority Interest

Note: VAS Consolidated Quarterly Financial Statements in 2020, 2021
(1) Gross profit already subtracted D&A relating to investment properties accounted for under VAS

                                                                                                                                                                                      30
Financial Performance

Total revenue                                                                                                                                 Gross Profit (1)
 VNDbn                                                                                                                                         VNDbn
                                                                                                                                              Gross Profit Margin (%)
                                                                                                                                                    50.8%                 39.9%                47.6%                 45.9%                 45.0%                52.5%
                              9,124                9,259
                                        185                  215        8,329
                                                                                  172                                                                                                            4,404
                                                   2,027                                                                                                                                                   (84)       3,825 (164)
                              3,433                                     2,149                                                                                              3,641 (47)             735
        5,518
                                                                                                                                                     2,801                  806                                       1,034
          951 112                                                                                                                                              48
                                                                                                                   2,226                                       411
                                                   7,017                6,008                                                62                                                                 3,752                                                             1,169 (20)
                              5,506                                                           1,686 36                                                                    2,882                                       2,954
        4,455                                                                                                               452                      2,342                                                                                   759 (44)
                                                                                                    201
                                                                                              1,449                1,712                                                                                                                     668 135              1,002 187

         2017                 2018                  2019                 2020                 1Q20                 1Q21                              2017          2018           2019         2020         1Q20         1Q21
     Leasing of Investment Properties                     Sale of Inventory Properties                 Other Revenue                                Leasing of Investment Properties Sale of Inventory Properties Other Revenue
                                                                                                                                                                Depreciation & amortization of Investment properties (VNDbn)
                                                                                                                                                       829            1,042        1,331          1,357         339          346

Leasing Net Operating Income (NOI) (2)                                                                                                        Profit After Tax and Minority Interest
 VNDbn                                                                                                                                         VNDbn
Leasing NOI Margin (%)
  69.3%        69.5%                             70.6%                71.3%                  69,2%               76.9%

                                                                                                                                                                                                2,851
                                                   4,955                                                                                                                   2,404                                     2,385
                                                                        4,274
                              3,829                                                                                                                  1,905
        3,089

                                                                                                                                                                                                                                             492                  781
                                                                                               998                 1,313

         2017                 2018                  2019                 2020                 1Q20                 1Q21                              2017                  2018                  2019                 2020                  1Q20                 1Q21

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 1Q2021
(1) Depreciation and amortization relating to investment properties is below the graph and should be added back (to Gross Profit) under IFRS. Since 2018, “Other” segment includes results from management of Da Nang condotels which was incurring loss as the property
    was still ramping up after launch in May 2018.
(2) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses which include land lease costs but exclude
    management expenses allocated from parent company.                                                                                                                                                                                                                         31
Balance Sheet

Total Assets                                                                                                                                  Total Borrowings, Cash and Cash Equivalents
 VNDbn                                                                                                                                        VNDbn

                                                                                                                                                                                                                      5,726                            5,686
            38,684                                                            39,816                           39,780
                                             35,839                                                                                                                                                                               4,945

            10,911                                                            11,125                           11,423                                                                                                                                              4,122
                                              7,121
                                                                                                                                                                3,133
                                                                                                                                                    2,780                            2,785
                                                                                                                                                                                                 2,177
            27,773                           28,718                           28,691                           28,357

         31/12/2018                       31/12/2019                       31/12/2020 (2)                   31/03/2021                                31/12/2018                       31/12/2019                       31/12/2020 (2)                   31/03/2021
                                                                                                   (1)
         Investment Properties and Investment Properties Under Construction                                 Other Assets                                                            Borrowings                   Cash & equivalent

                                                                                                                                                                                                    (3)
Total Equity                                                                                                                                  (Net Debt / (Net Cash)) / Equity
 VNDbn                                                                                                                                        VNDbn

            28,509                           26,954                           29,336                           30,117

                                                                                                                                                                                                                            2.7%
                                                                                                                                                                                          2.3%

                                                                                                                                                                                                                                                            1.0%

                                                                                                                                                       31/12/2018

                                                                                          (2)                                                                                                                                            (2)
         31/12/2018                       31/12/2019                       31/12/2020                       31/03/2021                                                                31/12/2019                         31/12/2020                      31/03/2021

                                                                                                                                                       Net cash

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 1Q2021
(1) Investment Properties and Investment Properties Under Construction (IP/IPUC) are valued at development cost minus depreci ation and amortization and are not fair valued
(2) Decline in other assets, cash and cash equivalents, total equity as well as increase in gearing ratio as of 31 December 2019 was due to the payment of cash dividends of VND 2,445bn in April 2019 and buy back 56.5 mil treasury shares completed in November 2019
(3) Net Debt / (Cash) = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalents + ST Investments).
                                                                                                                                                                                                                                                                           32
Appendix
Updated Mall Openings Plan Until 2026

 No.                                Model                  Number of projects                 Location                 Retail GFA (sqm)

             To be developed 2021 – 2026

     1       VCC                                                   2                            Hanoi                           95,000

                                                                                Hanoi, HCMC, Hung Yen, Dong Anh, Can
     2       VMM                                                  27                                                          2,413,000
                                                                                           Gio, Cam Ranh

                                                                                    Hanoi, HCMC, My Tho, Bac lieu,
     3       VCP                                                  19                                                           489,000
                                                                                            Hai Phong, etc.

     4       VC+                                                   1                         Thanh Hoa                           3,000

             TOTAL                                                49                                                          3,000,000

● 49 new shopping malls, increasing GFA retail floor from nearly 1.7 million sqm to approx. 4.7 million sqm
● Land bank for retail mall development is sourced from Vincom Retail self-developed projects and through Vingroup and its
  subsidiaries
● Depending on the pandemic situation, Vincom Retail can be flexible in development progress and openings of new retail malls

Note: Numbers are rounded to the nearest thousand ('000)

                                                                                                                                          34
Bridging VAS to IFRS
                                                                                                                                                                                                                   Unit: VND Billion
                                                                    VAS                    Adj.              IFRS                                         Commentary on Adjustments
                                                                   1Q2021                                   1Q2021
Leasing revenue and other related                                                                                             Realized unearned revenue of deposit from customer in relation to
                                                                      1,712                 45                1,757
services                                                                                                                      amortization of deposit
Sale of inventory properties                                           452                                     452
Other revenue                                                          62
Total revenue                                                         2,226                 45                2,271
Cost of leasing activities and other related
                                                                     (710)                 367                (343)           Mostly depreciation of malls included in VAS; excluded under IFRS
services
Cost of inventory properties sold                                    (266)                                    (266)
Others                                                                (82)                                     (82)
Cost of goods & services                                            (1,058)                367                (691)
Gross profit                                                         1,168                 412                1,580
Selling expenses                                                      (92)                                     (92)
General and administrative expenses                                   (64)                  18                 (46)           Amortization of Goodwill included in VAS; excluded under IFRS
Other income                                                            21                                      21
Other expense                                                          (1)                                      (1)
Finance expense                                                      (154)                 (44)               (198)           Amortization of Deposit from customer
Finance income                                                         102                  15                 117            Amortisation of Deposit under BCC
Profit before tax                                                      980                 402                1,382
Tax expense                                                           (199)                (80)               (279)           Deferred tax arising from above adjustments
Profit after tax                                                       781                 322                1,103

Note: Based on VAS Consolidated Financial Statements for 1Q2021 and conversion to IFRS by management, excluding impact from Investment Property and Investment Property Under Construction (IP/IPUC) revaluation gain/loss

                                                                                                                                                                                                                                  35
Vietnam Swiftly Controlled Covid-19

    More than 511,000 people have been vaccinated against Covid – 19 as of May 2nd, 2021(1). The Vietnamese Government plans
                          to vaccinate 30 million people (~ 30% of its population) by the end of this year

              1st wave of Covid-19                                                                                   2nd wave of Covid-19                             3rd wave of Covid-19
              40% growth within 2                                                                                Visitors to shopping centers                 Pandemic was well under controlled
               months after social                           +40%            15                                     grew 32% after social                      by the end of March. Retail malls’
              distancing was lifted                                                                                  distancing was lifted                       visitors are expected to grow
                                                                                                                                                  14
                                                                                                                                                                        strongly from Q2
                                                                                             2nd Outbreak                13                13
                                                                                           (Jul 28 – Sep 20)                                             14                                14
                                                                                                                                                                                                +40%
                                                                                                          12
                                                                                                                                                 +32%
                                                             12
                                                                                                                                                                           667
                                                                                            10
           1st Outbreak                        11
         (Mar 5 – Apr 30)                                                                                                                                                        10
        9

                                                                                                                                                                                                    Million visitors
                                                                                           433

                                                                                                                                                          317

                              4
                                                                                                                                                                                         155
       109
                                                                            59
                         30
                                           0                0                                              1             0                 0      3

     Mar-20           Apr-20           May-20            Jun-20           Jul-20          Aug-20        Sep-20        Oct-20         Nov-20     Dec-20   Jan-21          Feb-21        Mar-21

                                                                                   Community cases                Shopping mall visitors

Source: Minitry of Health, Company report as of March 31, 2021, (1) Our World in Data

                                                                                                                                                                                                                       36
Investor Relations Department
Vincom Retail JSC
7 Bang Lang 1, Vinhomes Riverside, Viet Hung Ward
Long Bien District, Hanoi, Vietnam
Tel:         +84 (24) 3974 9999 ext. 9545
Fax:         +84 (24) 3974 8888
Website:     ir.vincom.com.vn/en
E-mail:      ir@vincom.com.vn
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