Corporate Presentation - Vinhomes
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where happiness lives Corporate Presentation May 2021
Disclaimer Disclaimer IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning Vinhomes Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment decision or commitment whatsoever. None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes any representation or warranty (express or implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination of the suitability, merits and consequences of investment in the Company. This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances.
where happiness lives Key Business Highlights
Vinhomes’ Unique Investment Proposition
1 Proxy to Vietnam and a Key Beneficiary of Attractive Macro and Sector Tailwinds
• Vietnam posting 4.48% GDP growth in 1Q2021 amid regional peers’ economic contractions and expected to achieve above
7% in 2021, among the highest in the world
• Fastest growing middle-income population in SEA, with attractive fundamentals for multi-year property growth cycles
2 Dominant Real Estate Developer with Unrivalled Land Bank
• Clear market leader with dominant (1) market share in the mid and high-end segments
• Unrivalled land bank sufficient for c.30 (2) years of development, expected to deliver sustainable growth
3 Ability to Harness Vingroup Ecosystem, Providing a Sustained Competitive Advantage
• Integration of complementary product suite creates unique mixed-use developments and enhances value creation
• Community and lifestyle creator with the ability to leverage on the Vingroup platform and comprehensive ecosystem
4 Proven Execution Track Record, with Business Strategies Aligned to Market Environment
• Proven execution track record with rapid cash flow cycle from on-time construction and bulk sales strategy
• Active strategic management with the ability to pivot and roll-out strategies aligned to market environment
5 Superior Operational Performance, Coupled with Robust Balance Sheet and Access to Capital
• Continues to achieve superior operational and financial performance, delivering on earnings growth with robust margins
• Well-positioned to withstand market challenges with robust balance sheet supported by long term blue chip investors and
partners
6 Experienced Management Team and Robust Corporate Governance
• Senior leadership with significant depth of experience and pedigree
• Highly committed to robust corporate governance standards in line with global best practices
7 Portfolio Diversification into Industrial Real Estate as The Next Growth Engine
• Strong tailwinds within the industrial sector with accelerating inbound FDI and supportive government initiatives
• Enhances recurring income stream and buffers the cyclical nature of residential earnings
Note: (1) Based on accumulated sold units from 2016 to 1Q2021 across mid-end and high end segments in the residential markets of HCMC and Hanoi, according to CBRE
(2) Based on 164 million sqm total residential GFA for sale divided by average residential GFA sold annually from 2020 – 2022E
3
1 Attractive Fundamentals For Multi-Year Property Growth Cycles
The Fastest Recovering and Growing Economy In SEA Region Strongest Middle Income Growth
Real GDP growth(1) (%) Middle Income Population(2) Growth, 2020 – 2025E CAGR (%)
7.0 7.0 6.4
13.9%
6.0 6.0 5.5
4.7 5.3 12.5%
4.5 4.0 4.5
3.5 2.9
9.4%
8.0%
6.4%
(2.3) 3.6%
(6.0) 1.7%
(6.3)
(7.0)
(10.0)
Philippines Thailand Singapore Malaysia Indonesia Vietnam Singapore Malaysia Thailand Philippines Indonesia Vietnam
2020 2021 2022
Vietnam Targets To Spend Highest Level Of Public Investment As % Of Significantly Underpenetrated Mortgage Market
GDP And Has Made Strongest Rate Cuts in 2020 Total Home Mortgage Loans Outstanding as % of GDP in 2020
51.9%
Public investment as % of GDP (2020 Target)
48.1%
YTD Average 41.7%
policy rate 200 180 147 75 116 125
cuts (bps)
10.4%
25.0%
6.6%
3.9% 3.9% 3.8%
2.6% 6.4%
Vietnam Philippines Singapore Thailand Malaysia Indonesia Vietnam Thailand Malaysia Singapore
Vinhomes Offers The Best Proxy to Tap Growth of Vietnam’s Middle Class and Consumer Demand
Source: Euromonitor, MPI
Note: (1) Euromonitor, Jan 2021 (2) Middle income population defined as households with income of more than US$10,000 per annum
4
2 Dominant Residential Real Estate Developer
Dominance of Vietnam Residential Market by a Largest Land Bank Expected to Deliver Sustainability and
Growth
Significant Margin
where happiness lives
• 146,492 Residential Units Pre-sold Since 2010 Land bank (mm sqm)
(3)
Translates to 164mm sqm of
• US$19Bn Contracted Sales Since 2010 168 residential GFA (3)(4)
Significant (2) Dominant (1)
Residential market share in Vietnam across Residential market share in Vietnam ~24x the land bank of next largest competitor
ALL condominium segment across MID-END condonium segment
7 7 6
Vinhomes
Vinhomes
(5) (5) (5)
25% Developer A Vinhomes Developer A Developer B Developer C
33% Developer A
3%
Developer B
Developer C 56%
Developer B
Capturing the Huge Middle Income Opportunity with the
Vinhomes Sapphire Brand
3% Developer C
65% 2% 3%
2% Developer D 2%
2% Developer D
4%
Others
Others where happiness lives
(2) Significant (2)
Dominant Happy Vinhomes Vinhomes Vinhomes
Residential market share in Vietnam across Residential market share in Vietnam across
HIGH-END condominium segment LANDED PROPERTIES segment Town Sapphire Ruby Diamond
Vinhomes Vinhomes
Affordable Mid-End High-End Luxury
21%
Developer A Developer A
38% Developer B
18%(3)
Residential
44% Developer B
Developer C
6% Strongmarket
Trackshare
Record of Historical Sales Value
in Vietnam across ALL segments
59% Developer C
6%
Developer D 4%
Developer D
3% 3%
4%4% 6% Others Unbilled bookings of US$2.4Bn(6) as of 31 Mar 2021
Others
US$Bn 2010 – 2015 2016 2017 2018 2019 2020 1Q21
Complete Ecosystem of Complementary Offerings at Each Site with an Emphasis on Quality
Historical Sale
2.9 2.7 3.0 2.9 3.9 2.8 2.4
Value
Hospitality /
Retail Property Consumer Retail Medical School Entertainment
Source: CBRE, Company Filings. Notes: Based on USDVND of 21,095 for 2013; 21,388 for 2014; 22,485 for 2015; 22,761 for 2016; 22,698 for 2017 and 23,240 for 2018, 23,270 for 2019, 23,035 for 2020, 23,070 for 1Q21. (1) Based on accumulated sold units from 2019 to 1Q21 across mid-end segment in the
residential market of HCMC and Hanoi, according to CBRE. (2) Based on accumulated sold units in the high-end, luxury condominium, all condominium and landed segments in HCMC and Hanoi from 2016-1Q21, according to CBRE. (3) As of 31 March 2021 (4) Including apartments, officetel, shophouses,
shop office, villa, commercial for sale, beach villa and condo-tel. Excludes completed projects. 164 mm sqm of residential GFA converts into c. 146 mm sqm of NSA. Not including GFA from Vinhomes Hoc Mon and Industrial land bank. (5) Residential land bank of next largest residential development 5
competitors based on latest available public filings (6) Include retail and bulk sales value. Doesn’t include certain bulk sales transactions at advanced stage of discussion at the time of reporting.
2 Unrivalled Land Bank in Strategic Locations Forms Pillar of Growth
Land Bank by Site Area Gross development value (2)(3)
(mm sqm)
~60% of GDV is attributable to key cities of Hanoi and HCMC
Translates to 164mm sqm of residential GFA(1)(2)
Others Hanoi:
14%
US$15.6 bn
6 Hanoi
32%
Hung Yen 19%
HCMC
Quang Ninh
26%
Ho Chi Minh City:
(1) 8%
US$12.6 bn
155
Total GDV (up to 2025): US$48.2bn
13
Land bank by GFA for sale (mm sqm) (1)(2)(3)
Launched Pipeline Projects ~50% of residential GFA is located in key cities of HCMC and Hanoi
Additional projects under feasibility studies
Hanoi
GFA: 14.7mm sqm
Others
19% Hanoi
20%
6 million sqm is under feasibility study Hung Yen 16%
HCMC
Ho Chi Minh City
31% GFA: 22.3mm sqm
Quang Ninh
14%
Total Residential GFA (up to 2025) 73mm sqm
Notes: (1) As of 31 December 2020. (2) Including apartments, officetel, shophouses, shop office, villa, commercial for sale, beach villa and condo-tel. Excludes completed projects. 164 mm sqm of residential GFA converts into c. 146 mm sqm of NSA. Not including GFA from Vinhomes Hoc Mon. (3) Represents
residential GDV only, excluding other for-sales components such as hospital, school, etc which may be sold to other third parties; for projects to be launched up to 2025 only.
6
3 Ability to Harness Vingroup Ecosystem
Vingroup has established itself as a market leader across the full breadth of consumer related sectors from essentials
to aspirational
Residential Retail Leasing
where happiness lives
Integrated residential Retail mall owner, developer and
developer in Vietnam operator in Vietnam
Consumer Retail
Hospitality
(2)
Comprehensive multi-format Hospitality and
retail operator entertainment operator
Social Infrastructure Industrials/Technology
Healthcare and education provider
Automobile manufacturer, mobile
devices and technology ventures
#1 loyalty program in Vietnam with c.11 million members(1)
Vingroup is The Largest Listed Company in Vietnam
Source: CBRE, McKinsey, Vietnam National Administration of Tourism, Health Statistics Yearbook, Company estimates. Note: (1) As of 31 March 2021 (2) Non-controlling interest in a subsidiary of Masan Group which owns Masan Consumer Holdings, the largest manufacturer of consumer products by revenue,
and VinCommerce, the largest consumer retail network in terms of number of grocery retail stores
7
3 Vinhomes – Not Just a Homebuilder but a Community Creator
(1)
Residential / Hospitality /
where happiness lives Office Retail / Office Consumer retail Medical School Entertainment
• Vinhomes • Vincom Center • Vincommerce • Vinmec • Vinschool • 5-star Vinpearl
#1 dominant integrated Central Park: Central Park Central Park K-12 education Hotel Landmark
residential and commercial − 7 VinMart + International 81
developer − The Central • Landmark 81 Hospital
Central commercial − 1 VinMart − 223 hotel
Park − The Park space rooms
Ecosystem of complementary (HCMC)
− Landmark 81
consumer service offerings at
each project − > 11,000 units
Active in mega project
• Vinhomes • Vincom • Vincommerce • Vinmec Times • Vinschool • Vinpearl Land
developments and pioneers in
partnerships with sub-developers Times City & Mega Mall City Kindergarten Aquarium
Park Hill Times City − 6 VinMart + International Times City
on projects − 5 schools
Hospital
Times − c.13,000 units • Vincom Office − 1 VinMart
City Times City • Vinschool
Nation-wide operation and first (Hanoi) Elementary,
Secondary and
mover advantage in several
High School
second-tier cities and satellite
project developments
Ecosystem of Complementary Products and Services At Each Site
Note: (1) Non-controlling interest in a subsidiary of Masan Group which owns Masan Consumer Holdings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of grocery retail stores
8
4 Proven Track Record and Rapid Cash Flow Cycle Leading to Superior Returns
Vinhomes’ Superior End-to-end Value Chain Award Winning Developments
Ability and track record in securing the best land bank in Vietnam
Continuously search for and acquire new sites through project Best Mixed-Use
development
Best Township
Land Acquisition Development
Development
Vietnam
Master planning ability in developing and designing integrated projects Vinhomes Ocean Park Vinhomes Smart City
with ecosystems
Master Planning and
Design
Effectively assists Vietnamese state agencies in identifying land rights Worth Living Vietnam Urban
holders and facilitating resettlements on the government’s behalf Project Planning Awards
Successfully shortens land clearance process from c. 2—3 years
Land Clearance per project to c. 9—12 months Vinhomes/
Vinhomes Ocean Park
Vinhomes Ocean Park
Significant de-risking of model through Vingroup’s ecosystem of
complementary offerings such as hospitals, schools and retail Industry Leading Operational Metrics
Infrastructure and Return-on-Equity(1) (%)
Ecosystem
Ability to get customers to pay 70% upfront, reducing Vinhomes’
Vinhomes 30.4%
reliance on credit financing
Pre-sales, Sales High take-up rate of 95% achieved for cumulative units launched
Research and until 31 December 2020 at three mega projects (2) Novaland 22.4%
Marketing
Ability to control costs, quality and deadlines to ensure efficient
delivery of superior quality properties Land & Houses 18.8%
Construction and
Quality Control
Ayala Land 7.4%
Comprehensive range of after-sales services to ensure Vinhomes’
buyers needs are met
Property Ancillary facilities such as gyms, pools, meeting areas, barbeque pits, BSD 3.2%
Management parks and waterways at Vinhomes properties
Vinhomes’ Unique Execution Capabilities Translate to Significant Competitive Advantage
Secures Land at
Competitive Rates
Effective Cost and Quality
Controls to Maintain Margins Unique Selling Strategies
De-risk Development Outlays After-Market Service Offering Captures
Customer & Enhances Loyalty to Vinhomes
Source: Company filings
Notes: (1) LTM as of Dec 2020; net profit after minority interests divided by shareholder’s equity (2) Including bulk sales units. Three mega projects are Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Grand Park, which are the key growth driver for Vinhomes in 2018, 2019, 2020.
94 Business Initiatives Aligned to Market Environment
1 2 3
Driving Growth Through
Bulk Sales Strategy Innovative Sales Channel
Vinhomes Sapphire
• Capitalize on the huge potential • Well defined wholesale strategy to • Transition towards a direct/online
of Vietnam’s rapidly growing further enhance execution and sales model as the primary
middle-class pull forward cash flows, further distribution channel
strengthening liquidity
• Robust ecosystem helps • Enhanced customer experience
Vinhomes to successfully execute • Shorter project development with transparent pricing and direct
large township projects period with secondary developers communication with a single point
concurrently building up the of contact
• Maximize income streams by
project
offering additional ancillary • Vin3S platform introduced as a
products, and value-added • Leverage on Vinhomes’ track one stop shop for all products and
services record and financial capacity to services within the Vingroup’s
conduct large scale infrastructure ecosystem, providing cross-selling
development and marketing opportunities
Dominant (1)
Market Share in Mid-End Segment Reputable Project Partners
Note: (1) Based on accumulated sold units from 2016 to 4Q2020 across mid-end segment in the residential market of HCMC and Hanoi, according to CBRE
105 Consistently Delivered Since IPO
Maintaining Dominant Leadership Successfully Expanding into Mid-End Segment
Landbank (MM sqm) PATMI (VND Bn)
At IPO (2017) FY2020 At IPO (2017) FY2020
21x 21x 6x 7x Dominant (2) 33%
Residential market
share in Vietnam
164 168 11,319 27,351 across mid-end 56%
segment 3%
~8 ~8 ~ 2,000 ~ 3,900 2%
2%
4%
Vinhomes Next Vinhomes Next Vinhomes Next Vinhomes Next
largest VN largest VN largest VN largest VN Vinhomes Developer A Developer B Developer C Developer D Others
Developer (1) Developer
(1)
Developer
(1)
Developer
(1)
Vinhomes continues to be the dominant platform with unmatched
landbank Successfully introduced the Vinhomes Sapphire product targeting
mid-end segment
Provides visibility on earnings and superior financial performance
Delivering Growth Promise… …While Improving Margins
Revenue (VND Bn) Gross Profit from property sales (VND Bn)
Next Largest VN Developer (1)
Vinhomes 31% 55% 37%
89,184 35,979
22,425 25,095
~12,000
46,798
~ 5,000
2018 2019 2020
2017 2020 2017 2020 Gross Profit from property sales Gross Profit Margin from property sales
Continued to deliver on earnings growth, significantly Unparalleled scale and superior end-to-end execution capabilities
outperforming peers leading to robust margin
Successful Execution and Strong Track Record Led to Investment from New Long-term Shareholders (e.g. KKR, Temasek in June 2020)
Notes: (1) Next largest Vietnam developer by market capitalization; information obtained from public filings (2) Based on accumulated sold units from 2019 to 1Q21 across mid-end segment in the residential market of HCMC and Hanoi, according to CBRE
115 Well-positioned To Withstand Market Challenges
Balance
Total Assets
Sheet Overview Total Cash & Cash Equivalents(1) and Total Borrowings
VND Bn VND Bn
215,326 210,096 31,909
197,241
26,505
24,955
23,096
57,686 113,014 113.671
119,689
13,693 15,768
28,486
9,542
139,555
102,312 96.425 4,525
91,203
31-Dec-18 31-Dec-19 31-Dec-20 31-Mar-21 31-Dec-18 31-Dec-19 31-Dec-20 31-Mar-21
Current Assets Non-current Assets Total Borrowings Cash and Cash Equivalents
Net Debt(2) / Equity
Supported by Blue-Chip
Reputed Project Partners
Long-Term Shareholders
20%
14%
10%
31-Dec-19 31-Dec-20 31-Mar-21
Robust Balance Sheet Position Supported by Prudent Risk Management Practices and Superior Access to Capital
Note: Based on VAS Audited Consolidated Financial Statements for 2017, 2018, 2019, 2020 and VAS Unaudited Consolidated Financial Statements for 1Q2021
(1) Cash and cash equivalents includes short-term investments. (2) Net Debt = (Short-term Borrowings + Long-term Borrowings) – Cash & Cash Equivalent.
126 Experienced Management Team and Robust Corporate Governance
Vinhomes is led by a team of highly experienced board of directors who are supported by a experienced management team with average 23 – 24 years of experience
Nguyen Dieu Linh Pham Nhat Vuong Pham Thieu Hoa
Executive Chairwoman Non-Executive Director Executive Director cum CEO
>17 years with Vingroup >27 years experience >17 years with Vingroup
>24 years experience Founder of Vingroup, formerly known as >33 years experience
Vice Chairwoman of Vingroup since 2008, Technocom Corporation in 1993 CEO of Vinhomes, previously Project
previously Deputy CEO of Vingroup Chairman of Vingroup since 2011 Development Director of Vingroup since
2005
Ashish Sashtry Cao Thi Ha An Tran Kien Cuong
Non-Executive Director Executive Director Executive Director
>25 years experience >29 years experience >6 years with Vingroup
Board of Currently Partner of KKR, Co-Head of Asia Project Development Director at Vingroup >35 years experience
Directors Pacific Private Equity and Head of since 2016 Currently Senior Director at Vinhomes
Southeast Asia Previously Deputy CEO and Director of
Military Insurance JSC
Mueen Uddeen Varun Kapur Hoang D. Quan
Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director
>42 years experience >29 years experience >25 years experience
Currently Managing Director of Arcpoint Currently also Managing Partner of Currently Founder & Chairman, FinSafe
Associates Advisory Indgrowth Capital JSC.
Previously Partner and Managing Director Previously Deputy CEO, PVI Asset
at TPG Management
Pham Thieu Hoa
Executive Director cum CEO
>17 years with Vingroup
>33 years experience
Previously Project Development Director at
Vingroup since 2005
Nguyen Thu Hang Douglas Farrell Nguyen Duc Quang
Management Standing Dy CEO Dy CEO, Finance and Investment Dy CEO, Sales and Marketing
Team >12 years of experience in auditing, risk >17 years experience in financial services >6 years with Vingroup
management and banking Appointed Deputy Chief Executive of >15 years experience
Previously Director of DCM at VietinBank & Finance and Investment of Vinhomes in Previously Sales and Marketing Director at
Board Member of IVB 2018 Mercedes Benz An Du Autohaus
Member of CPA Australia since 2009 Chartered Accountant
Pham Van Khuong Mai Thu Thuy Nguyen Vu Hung
Dy CEO, Construction Dy CEO, Support Dy CEO, Security, Safety and Fire Prevention
>18 years with Vingroup >15 years with Vingroup 15 years with Vingroup
>37 years experience Previously Dy CEO of Vincommerce, Previously held directorship in Vincom
Previously Dy CEO of Vingroup Director at Vingroup and Vinpearl Security since 2018
Proven on-the-grounds management
Committed to robust corporate Senior leadership with Proven ability to hire, train and
governance standards in line with significant depth of experience team supporting nation-wide retain talent across business
global best practices and pedigree operations lines
136 Institutional Level Corporate Governance
Corporate governance principles emphasize a quality Board, sound internal controls, transparency and accountability to all
shareholders
Controls put in Place
• All transactions must be entered into on commercially reasonable basis as a statutory requirement No conflict of
• Significant
Shareholders
related party transactions must be approved by the Board of Directors or the General Meeting of
interest in decision
• Interested parties must abstain from voting making
• Vinhomes to undertake Vingroup residential and office mixed-use development going forward No direct
• Vingroup
Vietnam
to continue holding non-residential and non-office mixed used development real estate properties in competition with
Vingroup
• Entire project development team of Vingroup has been transferred to Vinhomes to ensure alignment of interest Clear distinction of
• InVinhomes
addition, Vinhomes has ROFR on land that can be used for residential from Vingroup at cost. This ROFR gives
economies of scale in land sourcing and leverage of the Vingroup brand in site acquisition
scope for Vinhomes
• Management service fees and construction EPC contracts are calculated based on comparable third-party service
providers and Vingroup fees are allocated based on number of man hours and assets under management
Fair market
• Helps Vinhomes to manage expansion with minimum overhead as it can share resources and costs with the rest of
Vingroup practices
• Governed by related party rules
147 Industrial Real Estate As A New Growth Driver
Industrial Real Estate in Vietnam is an Attractive Investment Proposition
Vietnam’s FDI and PMI Achieved Highest Levels Over The Last 12 Months Top Provinces in Drawing Investment 1Q21
Expansion into Industrial Real Estate
Despite Covid-19 Outbreak In 1Q21 Registered FDI (US$ Bn), 1Q21(2)
Registered FDI (US$ Bn)(1) Registered FDI PMI Index1,000 946 Accumulated Registered Capital 1Q21
$10.13bn +18.5%YoY
6.0 52 52 52 51 52 54 60
51 50
48 46
5.0 42 43 50 679 649
4.0 33 40
446 431 420
3.0 30
2.0 20
1.0 10
2.1 3.7 1.6 1.8 3.1 0.7 1.7 2.3 2.9 2.1 2.0 3.5 4.7
0.0 - 0
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Hai Phong HCMC Bac Giang Binh Duong Daklak Tay Ninh
Despite The 3rd Wave Of Covid, Rent Reached A New High While Occupancy
Structural Drivers for Increasing Manufacturing in Vietnam (3)
Rate Remained Healthy Across Industrial Parks In 1Q21
EU-Vietnam Free Trade Agreement (EVFTA) came into effect in August 2020 after 10 Industrial Land & Ready-built Factory Market (3)
years of negotiation, and is set to boost manufacturing activity. The EVFTA is
expected to increase GDP by 4.6% and EU bound exports by 42.7% by 2025 Lease price
Economic Zone Occupancy rate
YoY growth
Shifting of manufacturing supply chains to Vietnam due to US-China trade war, low
labour costs and government incentives to drive FDI (e.g. LG, Samsung, Kyocera,
Northern:
Nintendo etc.)
5.8% 75% - 98%
Large headroom for growth in manufacturing contribution to Vietnam GDP Hanoi, Hai Phong, Bac Ninh, Hung Yen and
One of the most cost-efficient markets for industrial building costs, and one of the Hai Duong
most competitive tax regimes in Asia
Southern:
Abundant land supply to facilitate incoming manufacturing projects
3.1% 82% - 86%
Diversification due to COVID-19 disruption HCMC, Binh Duong, Dong Nai, Ba Ria –
The New Law on Investment and Law on Enterprise came into effect on 1 Jan 2021, Vung Tau and Long An
providing further incentives for foreign investment
PMI rebounding to 54 in Mar 2021 reflective of swift return to positive business conditions (4)
10% growth in industrial production in Apr 2021 (4)
Source: (1), (2) CBRE, World Bank, MPI, FIA and Company research, Exclusive LNG projects in Long An, Can Tho (3) JLL (4) Trading Economics
15where happiness lives 1Q2021 Operational Updates
Key Messages
COVID-19 outbreak well-contained, bolstering market confidence and economic recovery
• The COVID-19 outbreak in 1Q 2021 was quickly contained. Vietnam’s economy continued its upward climb, surging ahead with a
4.48% GDP growth (YoY) for 1Q 2021
• Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) reached 53.6 in March 2021 and saw USD 4.7 billion in registered
1 FDI, the highest monthly print in the past 12 months, reflecting a strong rebound in manufacturing and business confidence
• New orders increased for the seventh consecutive month at its fastest pace since July 2019. Public investment improved
significantly in 1Q, increasing 7.5% YoY and at its highest rate since 2011
• The accelerating trend of urbanization, coupled with a low-interest rate environment, are expected to drive a strong growth cycle
in Vietnam’s real estate
Robust pre-sales despite the impact of COVID-19 and Lunar New Year
• Nearly 1,600 units presold to retail customers in 1Q 2021 with a total contracted value of VND 6 trillion (+97% YoY)
2
• Condominiums contributed VND 3 trillion (50%) in pre-sales, maintaining a balanced mix of high- and low-rise sales in 1Q
• Approximately 92% high-rise units sold in 1Q 2021 attributable to Vinhomes Ocean Park and Smart City project
Healthy backlog maintain revenue and profit recognition momentum
3 • Around 2,900 retail units delivered in 1Q2021 mostly from mega projects
• Total converted revenue(1) and profit after tax in 1Q2021 reaching VND 15.6 trillion and VND 5.5 trillion
Note: (1) Converted revenue includes revenue recognition from retail sales, bulk sales sales of BCC projects and revenue from other activities.
Source: IHS Markit, VnEconomy, Company Information.
171Q2021 Highlights
Retail Units Pre-sold
and Deposits New Retail Booking(1) Unbilled Bookings(2)
secured(1)
1Q20 1Q21 1Q20 1Q21 1Q20 1Q21
1,216 1,592 VND VND VND VND
units units 3.1 tn 6.0 tn 79.6 tn 55.4 tn
31% yoy 97% yoy 30% yoy
Revenue from Profit after Tax &
Gross Profit(3)
Property Sales(3) Minority Interest
1Q20 1Q21 1Q20 1Q21 1Q20 1Q21
VND VND VND VND VND VND
5.7 tn 10.0 tn 2.8 tn 5.6 tn 6.8 tn 5.4 tn
75% yoy 103% yoy 21% yoy
Note: Based on Vinhomes JSC VAS 1Q2021 unaudited consolidated financial statements. (1) Estimated pre-sale under SPAs and pre-sale bookings under deposits, including BCC projects deposits; (2) Include retail and bulk sales value. Doesn’t include certain bulk sales transactions at advanced stage of
discussion at the time of reporting; (3) Represents gross profit of property sales only, does not include BCC projects and bulk sales in form of share transfer transactions.
18Roll-out of Innovative Platforms to Drive Digital Transformation
Launch of the Online Introduction of O2O
VHM Sales Agent App Leasing Platform Business Model
• The VHM Sales Agent App equips • In March 2021, Vinhomes launched its • In January 2021, Vinhomes
sales agents with a smart, convenient e-commerce leasing website announced its Online-to-Offline (O2O)
and transparent platform to access https://stay.vinhomes.vn/ business model
updated information about new • Attractive promotions offered for first- • An important milestone in the digital
launches and existing projects time customers to lease Vinhomes’ transformation of the Company’s
serviced apartments through this ecosystem covering sale, lease, and
platform transfer
Vinhomes’ digital transformation to create an ecosystem that will enhance customer
engagement and build brand loyalty
Source: Company Information.
19Sales Mobile App as Supporting Tools for Agents
Intuitive UI Real Time Unit Description
Design Inventory Display (e.g. floor plan)
• Better experience not only for the
end-buyers but also for sales
agents
• VHM Sales Agent App is a smart
and convenient platform to provide
o News and information
about new launches and
existing projects
o Real-time availability of
inventory and prices
• Building a sustainable and
transparent market, benefitting all
stakeholders
2021 Target number of users
120 Agencies
20,000 Salespersons
Source: Company Information.
20Promoting Green Initiatives and Sustainability within the Vinhomes Community
Technopark
VinBus Operations Charging Stations Green Office Building
• The very first electric bus Vinbus • Development of charging stations for • Technopark, our newest 43-storey
manufactured by VinFast started test- electric vehicles at Vinhomes’ urban office building in Ocean Park was
running in Vinhomes Ocean Park areas designed and operated according to
(Hanoi) the most rigorous criteria of LEED
Platinum certification, focusing on
Green – Smart – Wellness
Vinhomes remain committed towards green initiatives and sustainable development
Source: Company Information.
21Implementing Connected Smart City Solutions
Transportation Security
• Electric public Buses • Smart Traffic
• Smart Fire Alarm System
• Smart Camera
• Smart Access control
• Air Quality Monitoring
Community Management
• VinID Resident App • Smart Intercom
• AI Camera Facial • Smart Parking
Recognition • Smart City Hub
• Cashless Payment via • Smart Staff Management
App
• Central Command Centre
Home and Devices
• Smart Home
• Highly advanced comprehensive smart city solutions developed by VinSmart integrated into Vinhomes existing mega projects
• Pioneer of the smart city concept, first in SEA to implement comprehensive smart city of this scale, providing an unrivalled experience
to residents
Source: Company Information.
22Exciting Sales & Marketing Activities and Recent Awards
Vinhomes Maintains its
Handover of the Manhattan’s Position as Vietnam’s Most
Lunar New Year Festival at First Units at Vinhomes Reputable Property Vinhomes Grand Park
Vinhomes Smart City Grand Park Developer Honored Excellent Agents
• In Jan 2021, a Spring • On 20 Mar 2021, the first • In Mar 2021, Vietnam • In Jan 2021, all 61 agents of
festival was held at villa and shophouse units at Report published the list of the Vinhomes Grand Park
Vinhomes Smart City The Manhattan – Vinhomes Top 10 most reputable project were invited to an
• Residents and visitors Grand Park project – were companies in the real year end party
enjoyed entertainment delivered to their owners estate sector in 2021 • An award ceremony was
activities representing • The Manhattan was sold out held to celebrate top
different Asian national within only 8 days and • Vinhomes once again was performance amongst all
cultures: Vietnam, Japan, completed in only 10 ranked No. 1, marking the Vinhomes agents nation-
Korea, and Hong Kong months. company’s 7th consecutive wide
year at this position
Strong commitment to delivery and smart and healthy lifestyle bolster Vinhomes reputation, gaining market
recognition
Source: Company Information.
23Overview of Launched Projects
Project Name Vinhomes Ocean Park Vinhomes Smart City Vinhomes Grand Park
Total NSA (sqm) (1) 3,500,000 2,601,000 3,241,000
47,200 47,000 45,500
31,300 39,300
Cumulative Units Sold and
26,800 8,600
Delivered / To Be Delivered as 2,600
5,300
of 31 March 2021 (2)
30,700
28,700 21,500
Units sold Total units Units sold Total units Units sold Total units
Delivered To be delivered Total
Unbilled Sales (3)
13,435 10,110 29,405
(VND billion)
Construction progress 63% 38% 57%
Notes: (1) Numbers are rounded to the nearest ’000 (2) Numbers are rounded to the nearest ’00 and subject to design change in bulk sales transactions (3) Numbers are rounded to the nearest ’0
24Moving into 2Q 2021
Market optimism • Smooth political leadership transition dispels market uncertainty and provides confidence to investors
amidst new • Availability of Covid-19 vaccines both in Vietnam and globally as catalysts to restore consumer
government confidence and business activities
leadership and • Adjustment to the Master plan for Tier 1 cities which includes new urban areas planned and continued
the availability of infrastructure investment to increase the rate of urbanization
COVID-19
vaccines • Industrial real estate to further benefit from continued inflows of FDI inflow and supply
chain/manufacturing diversion into Vietnam
Vinhomes’ new • Vinhomes’ new launches, most notably Dream City (Ocean Park 2) and Wonder Park in 2H 2021, are
projects to well-timed to take advantage of the market recovery
leverage market • 3 mega projects (Ocean Park, Smart City, Grand Park) to continue their sales momentum to the end of
tailwind and 2021
drive sales
performance
Rolling out of • O2O (online to offline) sales model roll out offers a seamless customer journey across multiple platforms
O2O sales as Vinhomes strives to deliver a best-in-class customer experience
model and • Promoting a green and smart ecosystem with the introduction of Vinbus and EV charging stations at
creating a smart Vinhomes projects
and sustainable • Technopark in Vinhomes Ocean Park to apply LEED premium certification for sustainability
ecosystem achievement, welcoming tenants in 2Q 2021
25where happiness lives Key Project Updates
New Project Launches in 2021
Vinhomes Dream City (Ocean Park 2) Vinhomes Wonder Park
Located at West of Hanoi and connected rapidly with My Dinh, Cau Giay,
Vinhomes Dream City is conveniently located next to Vinhomes Ocean
Ba Dinh, Hoan Kiem by metro line. The project will include parks complex
Park and will create a lively suburban community served by a complete
with high-end residential villas and townhouses – a model for ecological
ecosystem of life-essential products and services
urban living
Description Mega mixed-use integrated residential and Description Mega mixed-use integrated residential and commercial
commercial project project
Location Van Giang, Hung Yen Location Dan Phuong, Hanoi
Total project area (including
infrastructure)
~460ha Site Area ~133ha
Total Residential GFA(1) Key Components Apartments/Villas /Townhouses /Schools /Shopping Mall/
7,853,000 sqm
Eco-parks/Swimming Complex
Key Components Apartments / Villas / Shophouses / Schools / 16ha grand ecological park
Hospitals / Shopping Malls Vietnam’s biggest swimming pool complex (indoor and
outdoor)
Conveniently Located Ecosystem of Life-
next to Vinhomes Ocean
Park
essential Products And
Services
Fast Track Connect
with Core Districts
Model for Ecological
Urban Living
.
27where happiness lives Financial Highlights
1Q2021 Highlights
Vinhomes Projects (Consolidated) BCC Projects (Equity Accounting)
• Total: VND 10.0 tn • Total amount: VND 0.2 tn
Revenue from • Key contributors: • Key contributors:
1
Property Sales − VH Ocean Park: VND 6.1 tn − VH Star City: VND 0.1 tn
− VH Grand Park: VND 1.5 tn − VH Imperia: VND 0.1 tn
− VH Smart City: VND 1.3 tn
− VH Symphony: VND 0.5 tn
Gross Profit & • Gross profit: VND 5.6 tn • Gross profit: VND 0.1 tn
2 Margin from
Property Sales (1) • Gross profit margin: 56% • Gross profit margin: 56%
• Profit before tax was VND 7.1 tn, -30% yoy, in which VND 7 tn (2) was Vinhomes projects and VND 0.1 tn was from BCC projects
PBT, PAT & • Consolidated profit after tax was VND 5.5 tn, -28% yoy
4
PATMI • Consolidated PATMI was VND 5.4 tn, -21% yoy
• Total number of pre-sold units : 1,566 units • Total number of pre-sold units: 26 units
5 Pre-sales (3)
• Pre-sales value: VND 5.7 tn • Pre-sales value: VND 0.3 tn
• Unbilled pre-sales: VND 54.3 tn • Unbilled pre-sales: VND 1.1 tn
Notes: Based on Vinhomes JSC VAS 1Q2021 consolidated financial statements. YoY comparison is with Vinhomes JSC VAS 1Q2020 consolidated financial statements. (1) Represents gross profit of property sales only (2) Includes the recognition of bulk sales at Vinhomes Grand Park project (3) Estimated pre-
sale under SPAs and pre-sale secured under non-cancellable deposits under both retail and bulk sales.
29Financial Performance 1Q2021 vs 1Q2020
Figures in VND bn 1Q2020(1) 1Q2021 (1) Change (%) Key Commentary
• Sale of inventory properties increase 75% thanks to great number of
(2) apartments handed over at Vinhomes Ocean Park and Vinhomes Grand Park
Sale of Inventory Properties 5,717 10,016 75%
projects in 1Q2021 and a recognition of VND 2,900 billion bulk sale
transaction with a local developer
Other Revenue 802 2,971 270%
Total Revenue 6,519 12,986 99%
Gross Profit 2,949 6,212 111%
% Margin 45% 48% 260 bps
• Profit distribution from BCC projects is contributed by Vinhomes Star City and
Vinhomes Imperia
Profit sharing from BCC projects 411 93 -77%
• Profit distribution reduced as BCC projects completed their hand-over
process
Other finance income 8,180 2,214 -73% • 1Q2020 recognized a significant gain of bulk sales at Vinhomes Grand Park
Operating Profit 10,128 7,054 -30%
Profit before Tax 10,124 7,085 -30%
Profit After Tax 7,645 5,478 -28%
Profit after Tax and Minority Interest 6,844 5,396 -21%
Note: (1) Based on Vinhomes JSC VAS 1Q2021 consolidated financial statements. YoY comparison is with Vinhomes JSC VAS 1Q2020 consolidated financial statements; (2) Does not include BCC projects which is recorded as finance Income
30Financial Performance 1Q2021 (Vinhomes Projects & BCC Projects)
Summary BCC Project Performance and Reconciliation
The Harmony Imperia Thanh Hoa Skylake
Figures in VND bn (Hanoi, low-rise) (Hai Phong, low-rise) (Thanh Hoa, Low-rise) (Hanoi, High-rise) Total BCC projects
Revenue - 61 155 - 216
Cost of Sale - (24) (71) - (95)
Gross Profit - 37 84 - 121
% Margin - 61% 54% - 56%
SG&A - (4) (7) - (11)
Profit attributable - 33 61 - 94
Profit attributable to Vinhomes (99%) - 33 60 - 93
Adding Performance of BCC into Vinhomes P&L Assuming Full Consolidation
Figures in VND bn Adjusted 1Q2021 VHM 1Q2021 BCC Projects Total Adjusted 1Q2021
(1)
Sale of Inventory Properties 12,424 216 12,640
Other Revenue 2,971 - 2,971
Total Revenue 15,395 216 15,611
Cost of Sale (7,486) (95) (7,581)
Gross Profit 7,909 121 8,030
Profit sharing from BCC projects 93 (93) -
Operating Profit 7,054 - 7,060
Profit before Tax 7,085 - 7,085
Profit for the Period 5,478 - 5,478
Profit after Tax and Minority Interest 5,396 - 5,396
(*) Due to delays in regulatory approval processes, a number of pipeline projects may have to be developed under BCC format.
Note: Based on Vinhomes JSC VAS 1Q2021 unaudited consolidated financial statements and management accounts of the BCC projects. (1) Adjusted finance performance includes gain from bulk sales in the form of share transfer transaction, which was recognized as financial income in financial statements.
311Q2021 Financial Performance Overview
Financial Performance Overview
Total Revenue Gross Profit and Gross Profit Margin
(VND bn) (VND bn) 45% 46%
71,548 48% 56%
3,340 27,456 25,936
51,627
38,664 898
191 346
2,352
603 495
2,079 1,114
67,310 10,061
816 12,986 6,212
48,162 6,519 290 26,662 2,949
2,616 25,095 457
35,769 524 244 74
354 163
278 9,527 124
5,717 10,016 2,751 5,592
2018 2019 2020 1Q2020 1Q2021 2018 2019 2020 1Q2020 1Q2021
(1) (1) Margin for Sale of
Sale of inventory property Leasing Others Sale of inventory property Leasing Others Inventory Properties
Margin for Leasing
Profit before Tax Profit after Tax and Minority Interest
(VND bn) (VND bn)
36,517
29,746 27,351
21,747
19,719
14,284
10,124
7,085 6,844 5,396
2018 2019 2020 1Q2020 1Q2021 2018 2019 2020 1Q2020 1Q2021
Note: Based on VAS Audited Consolidated Financial Statements for 2018, 2019, 2020 and Unaudited Consolidated Financial Statements for 1Q2021 (1) Includes revenue from general contractor services, shared profit from VCR, Vinschool, Vinpearl (until such components are completely transferred to those
respective Vingroup’s subsidiaries) and others
321Q2021 Financial Performance Overview
Financial Performance Overview (adjusted)
Total Adjusted Revenue Adjusted Gross Profit and Gross Profit Margin
(VND bn) (VND bn)
30% 54% 55% 45% 46%
31% 54% 46% 61% 59%
98,746
43,928
74,863 3,340 35,281 346
67,084 898 495
2,079 191
22,959
816 2,352 603
1,114 18,535 290 11,013
94,508 15,611 8,027
244 43,087
71,968 524 2,617 34,487 74
63,618 124 455
278 354 22,425 163
17,733 12,640 10,815 7,409
2018 2019 2020 1Q2020 1Q2021 2018 2019 (1) 2020 1Q2020 1Q2021
(2)
Sale of Inventory Properties (1) Leasing Others (2) Sale of Inventory Properties Leasing Others
Margin for Sale of
Margin for Leasing
Inventory Properties
Adjusted EBITDA and Margin Adjusted PATMI
(VND bn) (VND bn)
Margin 30%(3) 47% 41% 59% 51%
27,351
21,747
40,060
32,475 14,284
22,363
10,834 6,844 5,396
7,941
2018 2019 2020 1Q2020 1Q2021 2018 2019 2020 1Q2020 1Q2021
EBITDA Adjusted EBITDA Margin
Notes: The financials as presented above are illustrative and based on the arithmetic aggregation of (i) Vinhomes JSC audited general purpose financials for FY2018-2020, (ii) Excluded Projects financials for FY2018-2010 and (iii) Unaudited Consolidated Financial Statements 1Q2021. (1): Adjusted for Revenue
and Gross profit of BCC projects and bulk sales recognized as finance income. (2) Others principally comprises revenue from general contractor services, shared profit from VCR, Vinschool and Vinpearl and others
33Balance Sheet Overview
Total Assets Inventory
Balance Sheet Overview
VND bn VND bn
215,326
197,241 207,714
60,297
57,686
113,014
113,671
119,689 42,984 41,596
36,858
28,486
139,555
91,203 102,312 94,043
31-Dec-18 31-Dec-19 31-Dec-20 31-Mar-21 31-Dec-18 31-Dec-19 31-Dec-20 31-Mar-21
Current Assets Non-current Assets
Total Cash & Cash Equivalents(1) and Total Borrowings Total Equity
VND bn VND bn
31,909
94,605
26,505 89,130
24,955
23,096
64,715
15,768 48,145
13,693
9,542
4,525
31-Dec-18 31-Dec-19 31-Dec-20 31-Mar-21 31-Dec-18 31-Dec-19 31-Dec-20 31-Mar-21
Total Borrowings Cash and Cash Equivalents
Note: Based on VAS Audited Consolidated Financial Statements for 2018, 2019, 2020 and Unaudited Consolidated Financial Statements for 1Q2021.
(1) Cash and cash equivalents includes short-term investments.
34Key Credit Metrics
Net Debt(1) / (Total Assets – Cash & Cash Equivalent(2)) Net Debt(1) / Equity
7.0% 6.8%
19.8%
4.6% 14.3%
10.3%
31-Dec-19 31-Dec-20 31-Mar-21 31-Dec-19 31-Dec-20 31-Mar-21
Total Debt / Total Assets Interest Coverage Ratio(3)
Times
13.4% 17.4
11.6% 11.1%
12.9
31-Dec-19 31-Dec-20 31-Mar-21 1Q2020 1Q2021
Notes: Based on VAS Audited Consolidated Financial Statements for 2019, 2020 and Unaudited Consolidated Financial Statements for 1Q2021
(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – Cash & Cash Equivalent. (2) Cash and cash equivalents includes short-term investments. (3) Interest coverage ratio = EBIT/Interest Expense
35Debt Profile
01 Total debt breakdown by funding sources 02 Total debt breakdown by currency Total debt breakdown by interest rate
03
VND
99.4% Fixed
Domestic 28.7%
Floating
bond
71.3%
68.7%
VND23 tn VND23 tn VND23 tn
Other
26.2%
USD
0.6%
Bank loans
5.1%
Domestic bond Bank loans Other VND USD Floating Fixed
Debt maturity (VNDbn)
04
13,534 Corporate bond Bank borrowings & others
9,365
6,136 Average debt
898 maturity:
1.34 years
8,467 7,398
196
–
Less than 1 year 1-3 years 3-5 years
Source: Unaudited VAS Consolidated Financial Statements for 1Q2021.
.
36where happiness lives Appendix Additional Materials
Hanoi – High Absorption Rate Affirms Robust Recovery
ASP trending higher in 1Q 2021, signaling improving market sentiment
Sold units: 4,156 Launched units: 4,421
-44% +94% Sold Units Launched Units -39% +170%
QoQ YoY QoQ YoY
15,000
15,000
10,000
10,000
5,000 5,000
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Hanoi Condominium Market – Average Selling Price (1) Affordable Mid-end High-end
2,500
9% QoQ
High-end 2,000
18% YoY
1,500
1,000
1% QoQ
Mid-end 500
5% YoY
-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
5% QoQ 2015 2016 2017 2018 2019 2020 2021
Affordable
10% YoY High-end Mid-end Affordable
Source: CBRE Research, 1Q 2021 HIGH-END: US$2,000 – 4,000 psm
(1) Selling price: US$ psm (excluding VAT and quoted on NSA) MID-END: US$1,000 – 2,000 psm AFFORDABLE: < US$1,000 psm
38Hanoi – Thriving Secondary Market and Expansion of New Supply in Suburban Areas
Increasing Secondary Prices in the Affordable Segment Strong Price Increases in Infrastructure Development Areas
Q1 2019 Q1 2020 Q1 2021
Change 1-3% YoY
US$ psm
7% comp 8% comp
2019 2019
Strong YOY Growth in Supply in Outer Districts
+270% The East region was Price in suburban areas and projects near close-to-
YoY the leading contributor
to new supply, followed completion infrastructure picked up rapidly in the
by the West and South
regions
secondary market
New supply concentrated at locations outside of
core districts
Source: CBRE Research, 1Q 2021
Note: (1) Average secondary price, including land and construction cost, excluding VAT, and quoted on NSA
39HCMC – Supply Shortage Across All Segments
HCMC Condominium units sold in 1Q2021 outstripped launched units, depleting the current market supply
Sold units: 2,624 Sold Units Launched Units Launched units: 1,709
-48% -30% -74% -53%
QoQ YoY QoQ YoY
15,000
15,000
10,000
10,000
5,000 5,000
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
HCMC Condominium Market – Average Selling Price (1) Affordable Mid-end High-end Luxury
8,000
-2.4% QoQ
7,000
Luxury 4.7% YoY 6,000
5,000
2.2% QoQ 4,000
High-end
0.6% YoY 3,000
2,000
1.6% QoQ 1,000
Mid-end
6.4% YoY 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019 2020 2021
2.1% QoQ
Affordable
1.6% YoY Luxury High-end Mid-end Affordable
Source: CBRE Research, 1Q 2021 LUXURY: >US$4,000 psm HIGH-END: US$2,000 – 4,000 psm
(1) Selling price: US$ psm (excluding VAT and quoted on NSA) MID-END: US$1,000 – 2,000 psm AFFORDABLE: < US$1,000 psm
40HCMC – Ongoing Development in Neighbor Provinces and New Thu Duc City
Strong Secondary Price Increases in New Development Areas HCMC Landed Property Prices Over the Years
6,000 1Q 2019 1Q 2020 1Q 2021
6,500 ▲ 7% y-o-y
Change 1-10% YoY
5,000 5,500
Primary price (US$ psm)
4,000 4,500 ▲ 2% y-o-y
US$ psm
3,500
3,000
128% comp 21% comp 2,500 ▲ 5% y-o-y
2019 2019
2,000
1,500
1,000 500
(500) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
0
District 1 Binh Thanh District 2 District 9 Nha Be 2019 2020 2021
Villa Townhouse Shophouse
New Supply Locations
New supply is still New development areas had a large step up in
concentrated in the
East driven by secondary prices over the years, notably District 9
EAST 1
5
ongoing
urbanization Townhouses and Shophouses are the preferred
3 projects in Thu Duc, landed property formats as opposed to villas
1
2 Dong Nai and Binh
Duong Similar to Hanoi, HCMC’s new supply also
6
7
originates from projects located outside of core
4 districts, particularly in the East
Landed Properties: 1 Luxury: 3 projects Mid-end: 2 projects
project High-end: 2 projects Affordable: NA
Source: CBRE Research, 1Q 2021 LUXURY: >US$4,000 psm HIGH-END: US$2,000 – 4,000 psm
Note: (1) Average secondary price, including land and construction cost, excluding VAT MID-END: US$1,000 – 2,000 psm AFFORDABLE: < US$1,000 psm
41Master Plans Continue to Drive Ongoing Development Plans
Red River Master Plan Chu Phan- Trang Viet
Thuong Cat – Lien Mac
DISTRICTS
HONG HA BRIDGE
Vong La – Hai Boi
• 12 bridges across Red River Me Linh
Tam Xa - Xuan Canh
• 6-lane riverside road Dong Anh
Bac Cau
• 6 riverside areas with total area of 1,998 ha for new urban Dan Phuong
area/public construction
North Tu Liem Tay Ho
• Tentative approval: June 2021 Bo De
Long Bien
Ba Dinh
Moving out from Core Districts Hoan Kiem
Long Bien – Cu Khoi
Hai Ba Trung
Hoang Mai Dong Du – Bat Trang
Red River Kim Lan – Van Duc
Not develop urban area
Gia Lam
• Move residences and State Agencies offices at Old Quarter, To develop urban area
Thanh Tri Hoang Mai,
universities, hospitals out of Hanoi center Bridge
Thanh Tri 1,Thanh Tri 2
6 lane road along with
• Develop new area at North of Red River, East of Ring Road 4 for the river
Thuong Tin
relocation
ME SO BRIDGE
Northwestern Urban
HCMC Review Master Plan
Area Attraction
• Propose infrastructure development plan for
new areas: Thu Duc City, Hiep Phuoc Port,
North West Urban area, Binh Quoi- Thanh
Da, Can Gio
• Relocate industrial facilities outside of city,
promoting high technology industry
Source: CBRE Research, 1Q 2021
42Pipeline in Close Proximity to Upcoming Metro / Highway Infrastructure
Significant boost in connectivity is anticipated to accelerate demand for pipeline projects
Ho Chi Minh City Hanoi
New Eastern Bus Station
Project E
Suoi Tien Long Binh
Vinhomes Wonder Park
Depot
Hi-Tech Park
Thu Duc District 251 ha
Thu Duc Vinhomes Vinhomes
Grand Park Project D Riverside
Vinhomes Symphony
Go Vap
Vinhomes
District Binh Tho District 9 Metropolis CBD Vinhomes
Vinhomes Skylake Vinhomes Nguyen Chi Thanh The Harmony
Phuoc Long
Bin Thanh Vinhomes Project A
Phu Nhuan District
Rach Chiec West Point Vincom Ba Trieu
District New Port Vinhomes Vinhomes
Vinhomes Times City
Van Thanh An Phu Green Bay Royal City
Thao Dien Project B
District 3 CBD Vinhomes Central Park Vinhomes Project C Project B
Smart City Vinhomes
Vinoffice Dong Khoi
Opera House District 2 Ocean Park
Ba Son
Ben Thanh
Project A District 1 Vinhomes Golden River
Project F
Vinhomes Properties City Centre Vinhomes Properties City Centre
HCMC Metro Line 1 Upcoming Metro Lines Under development and pipeline Upcoming Hanoi Metro Lines Under development and pipeline
(before 2030)
Source: CBRE, Company Information.
43Infrastructure Development Underway – Hanoi
Visible and meaningful progress on infrastructure developments is expected to boost real estate capital values
and greatly increase connectivity for Vinhomes projects
Hanoi
Road Metro Line # 2 Metro Line # 3
Expansion Cat Linh – Ha Dong Nhon – Hanoi Station
Vinhomes Projects in Close • Vinhomes Riverside • Vinhomes Galaxy • Vinhomes Metropolis
Proximity • Vinhomes The Harmony • Vinhomes Gallery • Vinhomes Gallery
• Vinhomes Times City
• Vinhomes Royal City
• Vinhomes Ocean Park
Development Status • Various projects under construction • Completed construction, received • About 45% completed
include elevated Ring road #2, safety certification and ready for • Commercial operation for the 8.5km
segments of Ring road #3, Vinh Tuy 2 commercial run in 2021 sky train to start by end of 2021
bridge overpasses in CBD areas
• Projects under development include
Ring road #3.5 and #4
Other Commentary • Overall improvement to Vinhomes
projects from enhanced infrastructure
Source: Ministry of Transport Portal, Company Information.
44Infrastructure Development Underway
Visible and meaningful progress on infrastructure developments is expected to boost real estate capital values
and greatly increase connectivity for Vinhomes projects
Quang Ninh HCMC
Van Don – Mong Cai HCMC – Moc Bai highway Metro Line # 1 Connecting the
highway Ben Thanh – Suoi Tien Old to the New City
Vinhomes Projects in • Vinhomes Green Ha Long • Vinhomes Golden River • Vinhomes Golden River • Central Park
Close Proximity • Vinhomes Central Park • Vinhomes Central Park • Golden River
• Leman Golf
Development Status • Expected completion in 2021 • Expected approval in 2021 • About 56% completed • Projects under development
• Expected construction to start • Sky train testing to start by include
in 2023 end of 2021 Metro Line #2, Thu Thiem 4
bridge
• Expected completion in 2025 • Commercial operation to start
in 2022
Other Commentary • Overall improvement to • Overall improvement to • Key projects improving
Vinhomes projects and local Vinhomes projects and local infrastructure to and within
economy from enhanced economy from enhanced District 2 (the new city)
connections connections include Thoi Dai bridge
(completed), My Thuy
Intersection (completed),
Metro Line #1 (under
construction)
Source: Ministry of Transport Portal, Company Information.
45Update On Transformational Projects In The Pipeline
Green Ha Long Project Vinhomes Long Beach Can Gio
Strategically located to benefit from infrastructure development and Located in the only coastal district of Ho Chi Minh City, situated neatly in
economic expansion driven by industrial production and tourism the southern special economic zone of the country. It will be a “3 in 1”
development destination of “classy living, working, and leisure tourism”
Ho Chi Minh City
District 1
Description Mega mixed-use integrated residential, commercial and
hospitality project
Vinhomes
Location Ha Long City and Quang Yen district Long Beach Can Gio
Total project area Total site area: 4,109.64 ha
(including (Quang Yen district: 3,186 ha) Location Can Gio District, Ho Chi Minh City
infrastructure) (Ha Long City: 923.64 ha)
Total Residential GFA ~81.3 million sqm Site Area 2,870 ha
Key Components Apartments / Villas / Shophouses / Schools / Shopping Key Components Villas / Townhouses / Schools / Hospitals / Hospitality
Malls / Amusement Park Facilities / Entertainment Facilities
Robust Close to Key “3 in 1” Destination Of
Within the Southern
Infrastructure
Support
Strong Tourism
Potential
Economic
Zones
Special Economic
Zone
Classy Living, Working,
And Leisure Tourism
Note: Subject to change. GFA figures are based on company estimate and subject to market conditions and regulatory approval.
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