VINGROUP Corporate Presentation - September 2021
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VINGROUP
Corporate Presentation
September 2021
2 Important Notice IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning Vingroup Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment decision or commitment whatsoever. None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes any representation or warranty (express or implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination of the suitability, merits and consequences of investment in the Company. This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward- looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances.
Vingroup
Landmark 81 - the tallest building in Vietnam (Vinhomes Central Park, HCMC)
4
Unique and Dominant, Comprehensive Live-Work-Play Ecosystem
#1 #1 #1
Mobility Real Estate Development Retail Mall
Vinhomes luxury, high-end and mid-range integrated Vincom “all-in-one” shopping, entertainment and
VinFast cars and e-motorcycles designed and residential and commercial projects dining retail malls
manufactured to international standards
• c. 16,000 residential retail units sold in 1H2021 • 80 retail malls in operation
• c. 16,600 cars and 22,900 electric scooters sold in
1H2021
#3 Customers #1
Smart Devices Digital Ecosystem
VinSmart smart city, smart home, IoT, battery and • VinID super-app(1)
automotive components • Vinshop B2B2C general trade platform
Largest • OneHousing comprehensive home purchase and
• Launched 85% of total functions in the smart city Ecosystem rental portal
solution to integrate into Vinhomes existing mega in Vietnam
projects
Data Technology
#1 #1 #1
Education Healthcare Hospitality and Entertainment
• Vinschool high-quality K-12 school system Vinmec international hospitals and clinics Vinpearl premium resorts and hotels, high-end
• VinUniversity university and post-graduate education amusement parks and world-class golf courses
• 35 Vinschool campuses under operation in 4 • 7 hospitals (2 JCI-accredited hospitals)
Source: Oxford Economics, Company information.
provinces and municipalities • 5 clinics • 17,500 operational hotels and beach villa rooms
Note: Company data as of 30 June 2021, unless otherwise stated. (#) ranking based on
market share.
(1) VinID is one of the largest loyalty platforms in Vietnam.
5
The Largest Conglomerate in Vietnam,
Asia’s Next Tiger Economy
(1) (2)
2.2% Most profitable
of nominal GDP amongst privately owned enterprises
contributed by consolidated revenue of
Vingroup companies in 2020
14.7%(3) Nationwide operations
of VN Index (4) in all 63 provinces and municipalities
(3) (5)
US$33.4bn 44,100 employees
combined market cap Largest private Vietnamese corporate employer
Source: Company Information, HOSE Website, Bloomberg, Vietnam Profit 500 as of 1 September, 2021
Notes: USDVND exchange rate of 23,160
(1) Contributed by consolidated revenue from Vingroup companies in 2020; (2) Including Vingroup’s subsidiary companies (3) Included Vingroup, Vinhomes and Vincom Retail; (4) Market VinFast factory, Dinh Vu, Hai Phong, Vietnam
Capitalization of VN Index (US$227.1bn) (5) As at 31 December 2020
6
Track Record of Developing New Businesses into Market Leaders
US$3.9bn raised through equity
transactions in the last 3 years
Total Assets (US$bn)(1) Position
Real Estate #1 (2)
Development
Real Estate
(3)
Retail Mall #1
• 1993 – Technocom was set up
• 2000 – Technocom-Vingroup returned to Vietnam
Hospitality & (4)
• 2001 – Vinpearl Launch #1
Entertainment
• 2002 – Vincom Launch
• 2003 – 1st Vinpearl Hospitality Development (Resort Nha Trang) 18.2
• 2004 – 1st Vincom Center (Ba Trieu) 17.4 Mobility (5)
#1
Industrials
• 2006 – 1st VinpearlLand (Nha Trang) (10)
13.7 Smart City,
N/A
Smarthomes and IoT
11.0
8.7 Healthcare #1 (6)
6.9
Services
4.1 4.6 Education #1 (7)
3.3
2.5
1.7
0.9
0.1 0.3 Digital Ecosystem #1 (8)
1993 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
US$18.2bn in total assets (c.182x increase since 2007)
Source: Financial information as of 31 December 2020, unless otherwise stated
(1) Total assets from 2009 to 2018 based on IFRS financials, while total assets from 2007 to 2008, 2019, 2020 based on VAS financials. USDVND exchange rate of 23,160. (2) Based on cumulative units sold in 2016 – 2020 across all segments in the residential markets of HCMC and Hanoi, only includes retail sales, according to CBRE, as of 31 December
2020. (3) Based on Vincom’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC as of June 2019. (4) Based on number of rooms in 5-star hotels and resorts in the cities that Vinpearl’s brands are present by Vietnamtourism.gov.vn, data collected in July 2019. (5) Based on market share in the
respective segments of A, D-sedan and D-SUV, according to VAMA and company information in 2Q2021. (6) Vinmec hospitals were ranked among Top 1 or Top 2 on quality indicators that are set and assessed annually by the Ministry of Health. (7) Based on total number of kindergarten to high school students in selected private and international schools in
Hanoi and HCMC in June 2019. (8) VinID is one of the largest loyalty platforms in Vietnam.
7
Riding on an Exciting Digital Journey to Transform Experience
on Unprecedented Scale
3 4 5
STAGE
2 Enablers Catalysts Strategies
• Data-rich customer platform • Large addressable markets • Best-in-class and smart products
• Strategic partnership • High rate of technology adoption • Disrupt traditional industries with new technologies
with industry leaders • Technology-driven innovative consumer platforms
• World-class R&D team • Attractive demographics
• Data analytics to enhance customer understanding
• Geopolitical advantage and improve offerings
• Improve operational efficiency
STAGE
Delivered core offerings with #1 Real Estate #1 Mobility #1 Healthcare
1 market leadership Development
#1 Retail Mall #1 Hospitality and #1 Education
Entertainment
Source: Company Information
8
Corporate Structure
US$15.5bn(1)
REAL ESTATE INDUSTRIALS & SERVICES
TECHNOLOGY
51.5%
US$15.2bn (1) Mobility (2)
73.7% 75.0% Healthcare
Real Estate Development 72.3%
US$2.7bn (1) Smart City,
Smarthomes and IoT
60.3% 100.0% Education
Retail Mall
80.0% Technology R&D and IT
Solution Development
98.1%
Hospitality and Entertainment
53.7%
Digital Ecosystem
Pharmaceutical and Life
69.0% Sciences
Entities listed on HOSE
Source: HOSE as at 1 September, 2021, Company information as at 30 June, 2021
Note: All shareholding percentages presented are based on Vingroup’s effective interest. (1) Indicates market capitalization of the listed entity as of 1 September, 2021. USDVND exchange rate of 23,160 (2) In August, 2021 VinES, a subsidiary of Vingroup, was formed to lead the Group’s effort in battery and cells technology and production.
Key Competitive
Advantages
1 Favourable Macro-Economics in Vietnam and Across All Consumer Industries
2 Unparalleled Execution Capabilities in New Business Sectors
3 Dominant Integrated Real Estate Developer, Owner and Operator
4 Largest Ecosystem in Vietnam with Market Leadership Across Multiple Businesses
5 Proven Track Record of Developing Vietnamese Brands of Scale
6 Prudent Financial Policies and Strong Financial Position
VinFast Manufacturing Complex, Hai Phong
1. Favourable Macro-economics in Vietnam and
Across All Consumer Industries
VinFast Manufacturing Complex, Hai Phong11
1
Strong Macro Tailwinds
Fastest Growing Economy in Fastest Growing Middle- One of the Highest Private One Of The Strongest Internet
Southeast Asia Income Segment in SEA Consumption in Southeast Asia Economy Growth In SEA
Real GDP growth 2019A - 21E Middle income population(1) growth Private consumption as % of GDP in Internet economy GMV growth
CAGR (%) 2019 - 24E CAGR (%) 2019 CAGR 2020-25E (%)
76.5%
Vietnam’s internet
economy is expected
68.2% to reach US$52bn in
2025E from US$14bn 30.0%
13.9%
4.7% in 2020E 29.0%
58.6% 59.4%
4.1% 25.0%
48.9% 23.0%
3.6%
21.0%
19.0%
7.9% 36.0%
7.2%
2.3%
5.0%
2.8%
1.1%
(0.8%) (0.5%)
Indonesia
Vietnam
Malaysia
Singapore
Thailand
Philippines
Malaysia
Vietnam
Thailand
Indonesia
Singapore
Philippines
Vietnam
Malaysia
Indonesia
Thailand
Singapore
Philippines
Vietnam
Malaysia
Indonesia
Singapore
Thailand
Philippines
Source: Euromonitor, CEIC. Information collected in May 2020
Note: Exchange rates are based on historical exchange rates in respective years as provided by EIU.
(1) Middle income population defined as households with disposable income of more than US$10,000 per annum. 2019 middle income population is an estimate while 2020 to 2024 are forecasts12
1
Robust Growth Expected for ICE in Vietnam and EVs Globally
1. Significantly Low Car Penetration 3. VinFast EVs positioned to penetrate both international EV and ICE
2019 car ownership per 1,000 people segments with our product offering
15.3x
13.0x North America (US & Canada)
23x
VinFast target markets (2026E)(1)
4.6x
2.3x
1.4x
3x
Vietnam Philippines Indonesia Thailand USA Malaysia EV market size (2026E) (1)
Number of times the car ownership in Vietnam 1x
EV market size (2022E) (1)
Europe2
2. Leading To Substantial Growth In The Passenger Car Market 6x
Vietnamese car market projection (‘000 units/year) VinFast target markets (2026E) (1)
601
2x
520 EV market size (2026E) (1)
1x
446 EV market size (2022E) (1)
380
361
Potential 29.5mm vehicles
2019A 2020E 2021E 2022E 2023E TAM size(2) $1,073bn value
Source: EIU, Fitch Solutions (1) Market size analysis based on vehicle segments C, D and E; (2) 2026E market size of VinFast's addressable segments in phase 1 and phase 2 countries13
1
Consumer Spending to Grow across Vingroup’s Key Consumer Segments
Healthcare - Increasing Household Education - Increasing Household Tourism - Domestic And International
Healthcare Expenditure From Aging Education Spending As More Families Tourist Arrivals Increasing At A Rapid
Population And Rising Disposable Income Can Afford Quality Education Pace
Household Healthcare Expenditure (US$bn) Household Education Expenditure (US$bn) Arrivals (mm)
96.1
6.1 5.1 89.9
82.8
5.5 4.6 23.9
4.9 4.1 73.6 22.5
20.9
4.4 3.7 63.8
4.0 3.3 17.5
3.5 2.9 14.0
48.0
4.9
72.2
67.4
62.0
56.1
49.7
43.1
2019A 2020E 2021E 2022E 2023E 2024E 2019A 2020E 2021E 2022E 2023E 2024E 2020A 2021E 2022E 2023E 2024E 2025E
International tourists Domestic tourists
Source: Pew Survey, BMI, Euromonitor.14
1
Experiencing Favorable Geopolitical Shifts
• Beneficiary of global supply chain disruption Highest level of public investment as % of GDP Stable FDI flow
due to geopolitical shifts (2020 Actual) Registered FDI (US$ bn)
• Supportive government policies and robust
infrastructure investment
8%
0
• Strategic geographical advantage supports 38
global distribution 36 36
0
• Competitive advantages in land supply, labor 0
6%
29
costs and human capital 0
5%
24
23
Increasing migration and expansion of global 0
leaders into Vietnam 4%
0 4%
0
0
1%
0
0
ID SGN PH MY TH VN 2015 2016 2017 2018 2019 2020
Source: ADB, Statista, Oxford Economics.2. Unparalleled Execution Capabilities
in New Business Sectors
VinFast electric car – VF e35 model16
2
Successfully Created State-Of-The-Art Mobility Solutions Platform in Record Time
PHASE 1 PHASE 2 PHASE 3
Foundation Establishment of Acceleration Smart Technology & Go Global Global EV Rollout
(2017 –2019) Manufacturing & (2020 –2021) Electrification (2022+)
Commercial Infrastructure
6 new smart EV models
Lux SA2.0 VF e36
VF e32 (A-segment)
Fadil Lux A2.0 President V8 VF e34 VF e35
VF e33 (B-segment)
VF e34P (C-segment)
2018 2019 2020 2021 2022 2023
Klara Impes Ludo VinBus (SOP) Theon Feliz 3 new e-motorcycle
Note: EV = Electric Vehicle, ICE = Internal Combustion Engine models17
2
VinFast Sustaining Stellar Track Record of Market Penetration
#1 across all segments with dominant market share in 2Q2021
E-Motorcycle E-segment E-segment
A-segment
Sedan SUV
Best-seller across all car
models for 2
consecutive months
1 E-motorcycle segment 1 A-segment hatchbacks Sedan: #1 in premium mid-size 1 SUV: #1 in premium mid-size
1
(25% in 2Q2021) (62% in 2Q2021) sedans (87% in 2Q2021) SUVs (87% in 2Q2021)
15 months to reach 18 months to reach 18 months to reach 18 months to reach
#1 position #1 position #1 position #1 position
(1)
(1) 87%
62%
(1) 87%
25% (1)
3Q2020 4Q2020 1Q2021 2Q2021 3Q2020 4Q2020 1Q2021 2Q2021 3Q2020 4Q2020 1Q2021 2Q2021 3Q2020 4Q2020 1Q2021 2Q2021
E-Motorcycle A-segment E-segment Sedans E-segment SUVs
ASEAN NCAP level 4 ASEAN NCAP level 5 ASEAN NCAP level 5
Source: Based on VAMA and Company information as of 30 June 2021.
Note: E-segment sedans include VinFast Lux A, Mercedes E-Class, BMW Series-5, Volvo S90, Audi A6, Jaguar XF. E-segment SUVs include VinFast Lux SA, Porsche Cayenne, Mercedes-Benz GLE, Volvo X90, Audi Q5, BMW X5, BMW X6, Range Rover Velar, Range Rover Sport, Land Rover Discovery, Lexus GX, Jaguar F-Pace, Volkswagen Touareg.
(1) Quarterly market share as of 2Q2021.18
2
Established Manufacturing Capabilities and Commercial Infrastructure
Record time to market • State-of-the-art
Manufacturing Complex 12 months • Launched three
car models 18 months
Established supply Lithium ion battery factory with LG Chem Extensive distribution network for both automobiles
chain and Electrification and e-motorcycles
partnerships with
industry leaders
Automobiles / E-Motorcycles
78 199
Showrooms, Showrooms,
Dealers Dealers
& Workshops & Workshops
Source: Company information19
2
Strategic Partnerships with Industry Leaders Complement In-house R&D Capabilities
Integrated in-house product development capability Electrification
400
AI / Big Data
Experience Design Engineers
Automobiles / Motorcycles
Smart Vehicle
730 Application Center
VinFast R&D
Industrial Design Automotive
Electronics
Center
Industrial Technology
760
Autonomous
Driving
Center
VinSmart Engineers
Hardware Design
720
Smart Devices
One Mount Group Engineers /
Data Scientists
Software Design
Fully utilized the smart device research and
manufacturing capability in the ecosystem
Product Integration Core Development Capabilities &
Key Suppliers and Industry Partners
Vingroup Technology Ecosystem HR
Source: Company Information3. Dominant Integrated Real Estate Developer,
Owner and Operator
Vinhomes Grand Park (HCMC)21
3
Dominant Integrated Real Estate Developer, Owner and Operator
• Unrivalled nation-wide land bank to support Vingroup’s growth and sustainability
RESIDENTIAL, OFFICE AND INDUSTRIAL RETAIL MALLS HOSPITALITY AND
ENTERTAINMENT
RESIDENTIAL
164mn US$22.9bn US$2.2bn 80 17,500
sqm of residential GFA Addressable market(1) Unbilled bookings(2) Malls under operation Total rooms in hotels and beach
landbank villas
OFFICE FOR LEASE
120,000 87% 5.2mm ~1.7mm 17
sqm of office NLA(3) Occupancy rate sqm of office NLA(3) sqm of Retail GFA Key tourist destinations across
in operation by the end of 2035 Vietnam
INDUSTRIAL REAL ESTATE
22.1mm 6.9mm 43 out of 63 47
sqm of NSA(4) sqm of NLA(3) Cities and provinces covered Projects under operation(5)
in pipeline for sale in pipeline for lease in Vietnam
Well-diversified coverage of real estate segments across Vietnam
Source: CBRE. Company information as of 30 June 2021, unless otherwise stated.
(1) For condominium market only; based on CBRE condominium demand model and annual condominium demand of c.186,000 units in 2022E at an assumed price of US$127,000 per unit.
(2) As of 30 June 2021, FX USDVND 23,160
(3) Represents net leasable area. Business plan and subject to change
(4) Represents net saleable area for the project’s lifetime
(5) Including four Vinpearl Golf courses, four VinWonders amusement parks, two Safaris and two F&B and ancillary entertainment service areas22
3
Vinhomes – The Dominant Residential Platform
Largest Land Bank Delivers Sustainable Growth Superior Returns
Land bank(1) (mm sqm) Return-on-Equity(2)(%)
Translates to
164mm sqm of
~24x the land bank of our
next largest Vinhomes 30.4%
residential GFA competitors Land & Houses 18.8%
168
Ayala Land 7.4%
Novaland 22.4%
7 7 5 BSD 3.2%
Vinhomes Developer A Developer B Developer C
Unparalleled Execution Capabilities Diversified Product Offerings
Land Acquisition • Ability to secure the best land banks in Vietnam
US$22.9bn (3) total addressable
Average Selling Prices (US$ / sqm)(5)
Master Planning and market per annum
• Master planning capabilities and integrated developments
Design
Diamond – Luxury apartment units that offer 1.3% Luxury
Land Clearance • Accelerated land clearance process (9-12 months) 0.4mm > US$4.0k
the most privileged living standard
Households
Infrastructure and
• Vingroup ecosystem of retail malls, schools, hospitals, etc.
Ecosystem Ruby – High-end apartments for young High-end
affluent families 4.4% US$2.0k – $4.0k
1.2mn Households
• High take up rates during presales with high % of upfront
Sales and Marketing
payments Sapphire – Modern apartment
Mid-end
units catered for young and 19.4%
US$1.0k – 2.0k
• In-house construction management, ability to control costs, savvy 5.2mn Households
Quality Control
quality and speed
Property 44.2% Affordable
• Strong after sales service and management of facilities 12.0mn Households < US$1.k
Management
Source: Company information
(1) As of 30 June 2021. Including apartments, office-tels, shop-houses, 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. (2) Refers to net profit after minority interests divided
by shareholder’s equity in 2020. (3) For condominium market only; based on CBRE condominium demand model and annual condominium demand of c.186,000 units in 2022F at an assumed price of US$127,000 per unit. (4) JLL report as of March 2018. Percentages shown exclude 30.8% of households within the segment of household below affordable.
Segments include households within the respective income ranges: Luxury (more than US$85k), Premium (US$55k – US$85k), Mid-end (US$25k – US$55k), Affordable (US$10k – US$25k) and Below Affordable (below US$10k). (5) Based on net saleable area.23
3
Property Development Model and Payment Schedule Built on Favorable Regulatory
Framework for an Efficient Self-funding Business Model
2 – 2.5 years
Condo: 6 months Condo: 6 – 10 months Condo: 12 – 16 months
Villa: 12 months Villa: 2 – 3 months Villa: 9 – 10 months
Master Planning Construction & Handover to
Site Selection Land Clearance Foundation
& Design Fitting Out Buyers
• In-principle investment approval • Government is responsible for Collection of cash based on the construction progress
• Project master plan site clearance (2) (totaling up to 70% of purchase price for Vietnamese
• Receive land allocation to developers; up to 50% for foreign developers)
• Environmental assessment
begin construction
• Project design
Pre- Sales: Effective Management of Default Risk
• Majority of units are pre-sold immediately after land clearance has
completed and project construction has broken ground
• Presale customers required to pay non-refundable deposits of at least 30%
of total purchase price
• In 2020, 89% of Vinhomes customers paid 70% or higher of total contract
price to secure discount
• 95% of purchase price must be paid before being issued the land
Payment of estimated land use
use right certificate (LURC)
and rental fee(1)
• Full payment will be collected thereafter
Source: Company Information, CBRE
(1) In order to expedite the land clearance process, Vingroup typically pays estimated land use and rental fees in advance, and the Government uses such advanced payments for land owners resettlement compensations
(2) While the Government is in charge of site clearance, Vingroup takes an active and coordinated role in terms of identifying land right holders, education and, in some cases, purchasing land rights24
3
Expansion into Industrial Real Estate to Capitalize on the Attractive Sector Tailwinds
Leveraging Vinhomes’ Expertise in Sourcing/ Acquiring Land as Additional Pillar of Vinhomes’ Medium Term Strategy to Diversify
well as Real Estate Development and Increase Recurring Revenue and Provide More Avenues for
Vinhomes’ Superior Industrial Real Estate End-to-end Value Chain Capital Recycling
Diversification Across the 3 Segments
Access to industrial park land bank through Vingroup,
VinFast and VinSmart
Land
Acquisition
Residential
Experience in master planning for integrated projects
Master such as Hanoi, Hai Phong, Quang Ninh, Ho Chi Minh City
Planning and (Can Gio) and Phu Quoc
Design
Synergy with VinFast/VinSmart – ecosystem of industrial
Infrastructure and smart device manufacturing, suppliers and importers
and Ecosystem Office
End-to-end construction management capability to
ensure rapid execution and quality control
Construction
and Ability to control costs and deadlines
QC
Ability to identify key anchor tenants based on
experience and in-depth understanding across verticals Industrial
Identify Anchor
Tenants
Source: Company information25
3
Industrial Real Estate as a New Growth Driver
Major Infrastructure Investments And IPs Expansion To Capture Manufacturing Shifts
The Van Don – Mong Cai (Quang Ninh province) and Ninh Binh – Hai Phong
expressways will bridge the connectivity with China to capitalize on manufacturing shift
IP landbank to be expanded to emerging provinces including Quang Ninh, Ha Nam,
Bac Giang, etc.
Rental escalation of 5 – 10% for IPs in good locations
Van Don–Mong Cai
Expressway is expected to
be complete by 2022
Industrial land rental has seen moderate escalation
Ninh Binh–Hai Phong Industrial Land Asking Rents in 2Q2021
stretch is in progress to
US$/sqm/remaining leasing term
complete the linkage to 350
Quang Ninh
300
250
200
150
100
50
0
HCMC
Long An
BR-VT
Quang Nam
Danang
Bac Giang
Dong Nai
Hai Duong
Ha Nam
Thai Nguyen
Tay Ninh
Quang Ngai
Hung Yen
Bac Ninh
Ha Noi
Hai Phong
Nghe An
Binh Duong
Minimum rent Maximum rent
Source: News articles, CBRE Research, 2Q20214. Largest Ecosystem in Vietnam with Market Leadership Across Multiple Businesses
27
4
Largest Ecosystem in Vietnam 11AM
Book hotel
1PM
Health check-up
with Market Leadership
Across Multiple Businesses
10AM 2PM
• The only company in Vietnam with extensive Conference Pay for coffee
call
presence across the consumer ecosystem
• Leadership position across multiple consumer
sectors demonstrate ability to start new
business and develop them into industry 24/7
champions
8:30AM 4:30PM
• Leveraging unique database unmatched by School Groceries
any competitor to create sustainable “moat”
• Today, applying superior data analytics
capabilities to enhance customer experience
and cross-selling opportunities
7:30AM 6PM
Drive Shopping
Source: Company information 6AM
Home28
4
Leveraging Data Analytics for Deep Behavioral Understanding and Continual Improvement
of Platform Offerings
Data
CONSUMER DATA Analytics CONSUMER PREFERENCES
CONSUMER DATA Personalized Services
& Products
Smart Solutions
Customer Product
Touchpoints Enhancements
Superior ecosystem experience based on unified & Solutions
Lifestyle and
customer profiles Convenience
Connectivity
TOUCH POINTS Introduce New NEW OFFERINGS / MARKETS
Offerings
Industrial Tech Others
Dr.AidTM
Source: Company Information
Consumer Tech & Fintech29
4
One Mount Group is Creating Vietnam’s Largest Digital Ecosystem
One Mount’s integrated ecosystem across multiple platforms is developing an expansive and fast growing O2O network starting with three main economic
sectors: Retail, Real Estate and Financial Services.
TAM: $4bn1 TAM: $45bn2 TAM: $20bn3
Super App connected to the largest B2B2C platform transforming One-stop-shop for real estate products
loyalty platform in Vietnam traditional retail and services
• Unique customer database covering all • Deep synergy with VinID as payment, • All-in-one platform for home
facets of 11mm customers’ daily life order, and loyalty app buying or renting and other related
housing services
• Seamless customer experience on • Aims to become Vietnam’s largest
• Loyalty programs master distributor • Property search, payment and
• Cashless payments after-sales services on a single
• Fintech solutions • Innovates traditional retail stores tech-enabled platform
• Vouchers, shopping and ticketing through supply chain optimization via
Vinshop app • Under pilot test
Source: Company information, Bain Temasek report 2019
Notes: (1) represents Vietnam’s forecasted digital financial services revenue in 2025, not including 1ID serves the B2C portion of 1MG B2B2C strategy; (2) represents FMCG market size including fresh products; (3) represents residential real estate market (primary and secondary)5. Proven Track Record of Developing Vietnamese Brands of Scale
31
5
Proven Track Record of Developing Vietnamese Brands of Scale
Most Loved and Respected
Brands Best Designs
Vietnam Report 2020 International Property Awards
● Top 10 largest enterprises in Vietnam ● Best Retail Development – Asia Pacific (2019) – Vincom Center
Landmark 81
ASEAN NCAP 2020
● Best International Retail Development (2019) – Vincom Center
● Excellent award for new manufacturer safety commitment Landmark 81
World Travel Awards 2019 ● World's Best Property (2018) – Vinhomes Riverside
● Asia’s Leading Family & Beach Resort – Vinpearl Resort & Spa Phu Quoc Asia Pacific Property Awards
● World’s Leading Riverfront Hotel – Vinpearl Luxury Landmark 81 ● Mixed Use Development and Sustainable Residential
Brand Finance 2019 Development (2021) – Vinhomes Smart City
● Vietnam’s Top 50 Most Valuable Brands ● Best Mixed-Used Development (2019) – Vinhomes Ocean Park
AUTOBEST 2018 ● Vietnam's Best High-Rise Building (2017) – Vinhomes Metropolis
● “A Star is Born” Award ● Vietnam's Best Architectural Building (2017) – Landmark 81
Contribution to a Sustainable Most Successful Transactions
Economy
Forbes
The Asset AAA
● Global 2000 (2019-2020)
● Asia’s 200 Best Over A Billion (2019) ● Best Vietnam Transaction (2020)
Forbes Vietnam ● Best Vietnam IPO (2018), Best M&A (2018), Best Syndicated Loan
● Top 50 Listed Companies (2019) (2018), Best Issuer – Corporate (Southeast Asia – 2018)
● Top 40 Most Valuable Brands in Vietnam (2018) FinanceAsia
Nikkei Asia 300 (2015 – 2019) ● Best Frontier Market Transaction (2020)
● Top 300 largest and fastest growing businesses in Asia ● IPO of the Year (2018), Best Vietnam Deal (2018), Private Equity
Global Banking & Finance Review 2019 Deal (2017)
● Best Investor Relations Company in Vietnam
Source: Company information32
5
Superior Brand Equity Fosters Consumer Trust and Lower Customer Acquisition Costs
Vin-brands being a household name across sectors…
Vinhomes – VinFast
Vingroup Vinpearl
Vincom Retail
Top 2 local brand Top 10 Brand “A Star is Born” Award Top 10 Five-star Hotels Vietnam
Nielsen 2020 Forbes Vietnam 2020 Auto Best 2018 Tourism Awards 2018
…serves as a launch pad for new products to gain immediate recognition and access to a large customer base
Over 4.6 million subscribers and members on YouTube and Facebook fan groups respectively Record sale
5,200 within 10 days
ICE cars
60
Dedicated
1 million 4,000 within 12 hours
fan groups
Members
VF e34 pre-orders
Source: Company information as of September 2021
25,000 within 3 months
VF e34 pre-orders6. Prudent Financial Policies and Strong Financial Position
34
6
Prudent Financial Policies and Strong Financial Position
• Minimum cash balance of US$700m or above to avoid liquidity risk
Liquidity • Only Vietnamese issuer with access to multiple sources of capital, including domestic and international banks, domestic bond market, as
management well as international private and public capital markets
• As of Jun 2020, Vingroup has secured short-term bank credit line of US$1.2bn, providing ample liquidity support
Staggered debt • Well-staggered debt maturity profile with preference towards longer dated tenors
maturity • Balanced mix of USD and VND denominated borrowings
• Regular risk management reviews and discussion with senior management before major refinancing exercise or new product launch
Risk
management • Established a prudent investment mechanism, taking into consideration of compatibility with corporate strategy, investment return,
business synergy, with approval from the Board and Investment Committee
Prudent and • Prudent and flexible dividend policy subject to Vingroup’s growth plans, investment requirements and relevant financial covenants
flexible dividend • Vingroup has not paid cash dividend since 2015. We do not expect to pay significant cash dividends in the near term given our growth and
policy
investment plans35
6
Global Reputation and Good Execution Helped Attract Top-tier International Investors
Sovereign Wealth Funds Equity Capital Markets
Banking Public
Partners Markets
Strategic Partners & Joint Ventures Convertible / Exchangeable Bond Markets
Private Internal
Markets Cash flow
Private Equity International Debt Capital Markets
Other investors/ capital Domestic Debt Capital Markets
Source: Company information36
6
Visionary Management with Proven Track Record
Board of Directors
Mr. Pham Nhat Vuong • Holds a Bachelors Degree in Geological Economic Engineering, graduated from Moscow Geology University in Russia
Chairman of the Board of Directors • Long track record as an entrepreneur both in and out of Vietnam, founded Technocom Limited Company in Ukraine, which was sold to Nestle S.A. in 2010
• Established Vinpearl in 2001 and Vincom in 2002
• Founder and largest single shareholder in Vingroup
• Recognized as Vietnam’s first billionaire by Forbes Magazine (2012), and retained the position as the billionaire with the highest networth in Vietnam since then
Ms. Pham Thuy Hang Ms. Pham Thu Huong Mr. Nguyen Viet Quang Ms. Nguyen Dieu Linh
Vice Chairwoman Vice Chairwoman Vice Chairman cum CEO Vice Chairwoman
Mr. Adil Ahmad(1) Mr. Michael Chin Jeawuk(2) Mr. Ronaldo Dy-Liacco Ibasco(3) Mr. Park Woncheol(4)
Independent Member Independent Member Independent Member Member
Senior Management
Ms. Thai Thi Thanh Hai Ms. Le Thi Thu Thuy Ms. Le Mai Lan
• Vice Chairwoman • Vice Chairwoman • Vice Chairwoman
• 27+ yrs experience • 25+ yrs experience • 24+ yrs experience
• 7+ yrs with Vingroup • 13+ yrs with Vingroup • 7+ yrs with Vingroup
Mr. Nguyen Viet Quang Ms. Mai Huong Noi Mr. Pham Van Khuong Ms. Duong Thi Hoan
• CEO • Dy CEO • Dy CEO • Dy CEO
• 25+ yrs experience • 30+ yrs experience • 38+ yrs experience • 22+ yrs experience
• 11+ yrs with Vingroup • 15+ yrs with Vingroup • 19+ yrs with Vingroup • 14+ yrs with Vingroup
Mr. Michael Lohscheller Ms. Anne Pham
• CEO, VinFast Global • CIO
• 20+ years of leadership in • 16+ yrs experience
global car industry • 8+ yrs with Vingroup
Management has an average of 27+ years of experience
Source: Company information as of 30 June 2021.
(1) Mr. Adil Ahmad is the Chairman of FWD Takaful Bhd, Board Director of HSBC Amanah Malaysia Bhd, and Board Director of FIDE Forum; (2) Mr. Michael Chin Jeawuk is an independent director at Pepper Svings Bank (Korea) and CEO of Shareable Asset; (3) Mr. Donaldo Di-Liacco Ibasco is COO and Executive Board member at Emerging Power Inc.
(Philippines), Founder and Managing Partner at Treetop Lane Capital Ltd. (Hong Kong), Board Director and Treasurer at Boldr (Philippines), and independent director at Cebu International Finance Corp. (Phillipipines); (4) Mr. Park Woncheol is a Board Director at SK South East Asia Pte. Ltd, and a member of New Business Team at SK SUPEX Council37
6
Committed to International Corporate Standards
1. Seasoned Management Teams for Every Business Segment
Ms. Tran Mai Hoa
Mr. Pham Thieu Hoa CEO Ms. Nguyen Thi Diu
Mr. Michael Lohscheller CEO President
CEO
• 27+ yrs experience
• 25+ yrs experience
• 34+ yrs experience • 7+ yrs with Vingroup
• 7+ yrs with Vingroup
• 20+ yrs experience • 18+ yrs with Vingroup
Mr. Truong Quoc Dr. Nguyen Quang
Hung Dr. Bui Hai Hung Huy Dr. Vu Ha Van
CEO CEO CEO CEO
• Previous: Director of AI Products & • Previous: Scientist at Google Deepmind, Stanford • Previous: Principal Architect, Software
Engineering at Microsoft (US) • Percey F. Smith Chair of Mathematics at Yale
Research Institute Engineer at Microsoft (US)
• 3+ yrs with Vingroup University
• 3+ years with Vingroup • 3+ yrs with Vingroup • 3+ yrs with Vingroup
Ms. Le Thuy Anh Ms. Phan Ha Thuy Ms. Le Mai Lan Ms. Nguyen Mai Hoa
CEO CEO President CEO
• 24+ yrs experience • 28+ yrs experience • 24+ yrs experience
• 10+ yrs with Vingroup • 7+ yrs with Vingroup • 7+ yrs with Vingroup • 30 yrs experience
• 15 yrs with Vingroup
2. Significant Representation from Independent Directors
directors are directors are directors are
3 of 9 independent 3 of 9 independent 2 of 6 independent
Source: Company information as of 31 December 2021Covid-19 and 2Q2021
Performance Update
One Mount Group headquarters39
Vietnam is on Track to Achieve Herd Immunity
The 4th outbreak had negatively impacted Q2. However, the Vietnamese Government has been swift and decisive to increase vaccination
rate in order to achieve “herd immunity”. Since then, close to 20 million Vietnamese have been vaccinated (1).
Overall positive outlook with acceleration of vaccination plan
• COVID-19 new cases surged to 469k as at 1 September 2021, of which more than 50% have recovered
• Social distancing measures applied strictly at industrial zone clusters and major city (esp. HCMC) hampered growth and PMI in 2Q2021
• Vietnam’s cumulative vaccination has increased rapidly with contracts signed for 90 million doses in order to achieve a 75% vaccination rate and herd immunity target by
YE2021-1Q2022
The Delta variant has impacted Vietnam severely The Govt. has implemented urgent vaccination… …with herd immunity expected to be achieved soon
Total No. of cases Million Doses Vaccination Rates (%)(3)
(Log scale) (2)
Up by 15x Aim to achieve 75% vaccination rate
90
30 20 Within 3 months by end-2021 / 1Q 2022
75
25
16
60
20
12
45
15
78
71 72
8 64 65 68
10 30 58 61 61
45 48
4 37 37 38 40
5 15
23
18
13
0 0 0
United…
United…
Malaysia
World
Vietnam
Asia
India
France
Japan
Indonesia
Laos
Germany
Israel
Thailand
Singapore
Philippines
Australia
Cambodia
Jan-21
May-20
Jan-21
Jan-20
Feb-21
Aug-21
Mar-21
May-21
Jul-21
Jul-20
Apr-21
Mar-20
Nov-20
Mar-21
May-21
Jul-21
Sep-21
Jun-21
Sep-20
Sep-21
Vietnam Asia World
Vaccination Plan to Accelerate in 2H2021 to Achieve Herd Immunity by 2021 Year End to Early 2022
Source: Ministry of Health, Our World in Data.
(1) As at 1 September, 2021. (2) the number of cases is presented under log scale for better comparison (3) % of population with at least one dose. Some vaccines may required more than one dose.40
Businesses are Nimbly Adapting to the New Normal
Business impact
• No material impact on sales • Moderate impact to retail sales. • Moderate impact in 2Q as malls near • Material impact – indoors
No impact on bulk sales and industrial clusters accounted for minor facilities are closed except when
delivery of completed products contribution serving as quarantine hotels
• However, malls closed in HCMC since
15 July may have bigger impact in
3Q2021 before businesses are
allowed to reopen
Initiatives adopted to tackle COVID
All Businesses
• Strict compliance with “5K” • Adopted new sales method to • Vinhomes resident app to • Safety measures: temperature • Cost optimization and staff
requirements; regular testing ensure customers’ safety such support after-sales services checks and medical declaration training in anticipation of
for front line employees as online consultation, test drive points at mall entrance 2022 recovery
at home, and home delivery • Promoted touchless payment
and take-away platform41
VinFast Operational Highlights in 2Q2021
2Q2021 Performance Highlights Unveiling new EV models
01 2Q2021 performance (units sold) 01 Cars
Recorded 25,000 pre-orders as of July 2021 for VF e34
9,700(1) 16,800 Pre-order started on 24 March 2021 2022 Launch 2022 Launch
Cars E-motorcycles
+41% QoQ +175% QoQ
+76% YoY +100% YoY
02 Top 4 most extensive network 02 E-Motorcycles
Car E-motorcycle
3Q2021 Klara-A2 (6/2021) Vento (3/2021)
24% New models
36% 78 199
showrooms, 45% showrooms,
dealers & dealers & 58% A back-to-school model
workshops workshops targeting high-school
18% students
19%
3S showrooms 1S showrooms Authorized dealers
03 Others 03 Test run electric bus and electric car
• 454 charging stations built in • In discussion with promising
1H2021 automotive technology companies
• ~8,200 charging ports across to gain access to next-generation
60/63 cities and provinces technologies
Source: Company information as of 30 June 2021
(1) Including Fadil, Lux A2.0, Lux SA2.0 and VinFast President.42
VinFast Going Global
01 VinFast Global Showroom Design Competition Results 03 Fortify senior management with industry veterans with global experience
9 best designs honored at
1,000 designs from 90
Times Square
countries • 20+ years of leadership in global car industry
Michael Lohscheller
CEO, VinFast Global
04 On track with commercial infrastructure establishment
• Completed recruitment of senior management for each international market
VinFast Global Showroom – First-prize design by Vicky Daroca (US)
• Opened offices in the US, Canada, Netherlands, Germany and France
02 Comprehensive global marketing campaigns initiated
• On track with commercial infrastructure roll-out, having secured premium
showroom locations in key international markets
• Partnership established with global leading firms and startup companies
• Gotion High-Tech >> LFP (lithium iron phosphate) batteries
Times Square (New York) advertisement of VinFast Global TVC - YouTube LINK
• StoreDot >> Fast charging technology
Source: Company information as of 30 June 2021, CEO photo from AutoTimes43
VinFast’s International Presence
Netherlands Germany
Amsterdam
Vietnam
Frankfurt
Canada
Amsterdam Hai Phong
Vancouver
Paris Hanoi
U.S. Frankfurt
Hai Phong
France Hanoi
U.S. – California
Headquarters
Manufacturing facilities
Paris
Showrooms
Phase 1
Phase 2 Australia44
Vinhomes Implementing Connected Smart City Solutions
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
Security Management
• Smart traffic • Smart intercom
Air Quality Monitoring • Smart fire alarm system • Smart parking
• Smart camera • Smart city hub
• Smart access control • Smart staff management
• Air quality monitoring • Central command centre
Smart Parking
Transportation Community
• Electric public buses • Resident App
• AI camera facial recognition
• Cashless payment via App
Home and Devices
• Smart home
Smart Kids Pay (Feature of VinID App) Launched
85%
of the functions45
Vinhomes 2Q2021 Highlights
01 Retail sales Retail units pre-sold and deposits secured(1) Retail contracted value(1)
remained units VND bn
8,918
strong 2,476
momentum in
5,985
2Q2021 1,592
despite
resurgence of
Covid-19
1Q2021 2Q2021 1Q2021 2Q2021
02 Continue O2O
Metrolines Launch Livestream kick-off Vinhomes Resident Apps 2021 Asia Pacific Property Awards
strategy
Multiple awards
solidify position
as leading
property
developer
• Attracted 16,000 participants • Comprehensive platform to cater to the needs • Vinhomes Smart City awarded
of residents nationwide Mixed Use Development
• Best-in-class customer experience Sustainable Residential Development
• 19,800 users, 15,400 successful downloads, • Vinhomes Grand Park awarded Residential High
8,607 successful bookings(2) Rise Development
Source:
(1) Company information as of 30 June 2021. Including Vinhomes’ and BCC projects only.
(2) As of 19 July 2021.46
Vincom Retail 2Q2021 Highlights
01 Leasing revenue(1) Leasing NOI(1) EBITDA(1)
Recovery VND bn VND bn VND bn
% of previous year level % of previous year level % of previous year level
momentum
continued from 91% 79% 89% 84% 118% 105% 86% 81% 91% 87% 132% 101% 89% 73% 94% 111% 141% 111%
the 3rd quarter
of 2020
1,608 1,645 1,712 1,746 1,508
1,449 1,307 1,370 1,313 1,218
998 930 1,174 1,178 939 1,067 910 1,006
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Anchor tenants expanded their presences New tenants as of 2Q2021
Tenant base
VCP CAN THO 2 VCP HA LONG
02 continues to
expand in
Vincom malls
VMM OCEAN PARK VCP BIEN HOA
Note:
(1) Based on Vincom Retail’s consolidated financial statements.47
Vinpearl 2Q2021 Highlights
Hospitality Operational Highlights
Revenue (VNDbn) Quarterly Room Nights Sold (‘000)
Opening of new super complex Phu Quoc United Center
809 240
753 729
217
604 207
173
3Q2020 4Q2020 1Q2021 2Q2021
3Q2020 4Q2020 1Q2021 2Q2021
Positioning Highlights
VinWonders New “tourism-entertainment
Revenue (VNDbn) Number of guests (‘000) “All-in-one” destination
universe” comparable to global tourist
hotspots like South Korea’s Jeju, Singapore’s
317 907 Thousands of rides and games
Clarke Quay, or Las Vegas in the US
624
Scale: >1,000 ha 24/7 shopping and resort ecosystem
171
144 147 404 397
Marketing campaign
781k reaches on 1.6mn interactions 49,400 rooms night sold in
3Q2020 4Q2020 1Q2021 2Q2021 3Q2020 4Q2020 1Q2021 2Q2021 Facebook fanpage on media Phu Quoc in April 2021
(+79% MoM)(1)
Source: Company information as of 30 June 2021.
(1) As of 26 April 2021.48
One Mount Group Continues to Solidify Platform
VinID reaffirmed its #1 10.8mn
largest loyalty platform online grocery app in verified users
Vietnam(1) (+8.1% YoY) (+2.1% YTD)
VinShop has rapidly Hanoi
Nationwide presence and verified shops
captured and modernized
traditional retail markets Bac Ninh
54,900
14/63 +37% YTD
Hai Duong Bac Giang
cities and growth in
Hung Yen Hai Phong retailers
Thai Binh provinces verified retailers
Ha Nam
Nam Dinh
Ninh Binh
Supply chain optimization in focus
Built dashboard Monitor the Identify cost
system based on KPIs/logistics optimization
actual data operation opportunities
Ho Chi Minh City
Binh Duong Achievements
Dong Nai
>95% +10%
Ba Ria - Vung Tau
Truck utilization Warehouse staff productivity
rate thanks to mobile app deployment
Source: Company information as of 30 June 2021.
(1) Surveyed by VTV24.49
Vinschool Pioneered in Online Education to Facilitate
Teaching and Learning During Covid
> 20,000 students LMS platform (Learning Management System)
used LMS / took online exam in • First educator in Vietnam to roll out an online platform in significant scale
school year 2020-21 • Developed based on Canvas and customized by Vinschool’s in-house team in 3 months
• Access to lectures and activities anywhere, anytime to ensure seamless learning experience
• Resilient amidst Covid-19 – Vinschool uniquely positioned to shift to online learning
c.18,000 courses • Free online classes for all students in Vietnam, as part of the “no students left behind” initiative
shared on LMS in school year
2020-21
Key functions
c.460,000 lectures • Digitize & manage centrally all academic materials: lectures, exercises, reference materials
shared on LMS in school year
2020-21 • Provide integrated analytical reporting system to evaluate students
> 200,000 users Tutor platform (Tutor.vinschool.edu.vn)
recorded within 24 hours of • Go live in Jun 2021 after 6 days of coding & design infrastructure to meet unlimited access
going live
• 621 courses and 2,062 classrooms hosted online by Vinschool teachers to help over
c. 1M views; 621courses; 200,000 nation-wide students keep up with their education due to school closures during
Covid-19
2,062 classrooms;
within 7 days of going liveKey Initiatives for 2021
51
Key Initiatives for 2021
01 Industrials & Technology
• Launch 5 e-motorcycle models and prepare to launch 3 new smart EV & ICE car models
• Start commercial operation of VinBus in 2H2021
• Prepare for international expansion: manpower, establishment of commercial infrastructure
• VinID: Promote and expand the customer loyalty network through various programs in association with partners
• VinShop: Expand coverage to dominate the market, introduce new features and solutions, including financial services for VinShop retailers
• OneHousing: Promote primary sale for strategic partners, expand into secondary market, strengthen customers’ engagement by opening offline store at partners’ projects
02 Services
• Leverage market demand for bulk sales in both existing and upcoming projects to drive pre-sales momentum
• Continued roll-out of O2O strategy through livestream kick-off events and massive launches to bolster growth during the pandemic
• Digital transformation continues with the introduction of the Sales Agent and Resident Apps, further enhancing contactless interactions for sales forces and residents
• Open 3 new projects: VMM Smart City, VCP Bac Lieu, and VCP My Tho, and renovate certain Vincom Centers and Vincom Plazas
• Continue to cultivate relationship with chain and anchor tenants for long-term development
• Deploy cost optimization initiatives to alleviate Covid impact
• Promote cost saving and staff training initiatives
• Tailor products and marketing activities for various customer targets
• Accelerate the deployment of preventive healthcare and new healthcare service models (e.g. tele-health, homecare)
• Promote digital transformation, develop products / features to increase competitive advantages and enhance customer experience
• VinUni to become a member of international quality accreditation organizations AACSB (Business Administration), ABET (Engineering – Computer Science)
• Vinschool to open new K-12 facilities and lead the education segment with online tutoring platformFinancial Summary
VinFast electric car – VF e35 model53
Income Statement Highlights
Revenue(1) Gross Profit(1) EBITDA(1) (2) Profit After Tax(1)
(VNDbn) (VNDbn) (VNDbn) (VNDbn)
27.3% 33.7% 24.9% 25.3% 24.8% 25.9% 36.0% 25.9% 33.5% 29.9%
137,380
36,778
35,639
34,492 34,201
107,794
102,254 13,815
29,376 27,943
99,058
11,399
66,425
18,698
88,497
62,472
16,658
49,705 15,477
38,460
12,555
34,439
4,546
38,323
35,829
24,012
1,402 1,469
15,266
19,297
2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021
Recurring revenue Property sales % Gross profit margin % EBITDA margin
Source: Audited VAS Consolidated Financial Statements for 2018 – 2020, Reviewed VAS Consolidated Financial Statements for 2Q2020 and 2Q2021.
(1) Financial numbers for FY2018-2020 are pro-forma, adding bulk sales and excluding the retail and agriculture segments.
(2) Adds back foreign exchange losses / (gains).54
Revenue Performance – VAS
Property sale(1) Leasing Hospitality & Entertainment Services(2)
(VNDbn) (VNDbn) (VNDbn)
99,058
88,497 7,789
6,792 6,662
6,670
66,425 5,559
38,460 3,156 3,383 3,711
34,439
2,031
1,349
2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021
Healthcare Education Industrials
(VNDbn) (VNDbn) (VNDbn)
17,415
3,025
2,631 2,675 9,201 9,314
2,244
2,063 6,336
1,310 1,450
1,270
1,053
780
556
2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021
Source: Audited VAS Consolidated Financial Statements for 2018 – 2020, Reviewed VAS Consolidated Financial Statements for 2Q2020 and 2Q2021.
(1) Financial numbers for FY2017-2020 are pro-forma, adding bulk sales and excluding the retail and agriculture segments.
(2) Adjusted for the sales of beach villas to reflect underlying business performance.55
Gross Profit and Margin – VAS
Property sale(1) Leasing Hospitality & Entertainment Services(2)
(VNDbn) (VNDbn) (VNDbn)
13.4% 41.7% 45.1%
53.7% 57.8% -5.0% 1.6%
45.3% 50.6%
31.2% 51.1% 53.8% 49.0% 53.9%
45.1%
44,828
3,654 3,249
35,643 3,267
2,838
27,623 1,304 32 609
891
22,219 1,825 (945)
17,440 1,424 (1,626)
(3,492)
(187)
2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021
Healthcare Education Industrials
(VNDbn) (VNDbn) (VNDbn)
23.9% 20.0% 16.6% 22.0% 23.6% 31.9%
-2.6% 5.5% 5.5% 6.6%
(246) (567) (761)
(2,436)
(2,731) (2,946)
722
454 531 (6,634)
405 (5,039)
(7,695)
308 255
536 58 218 51 218
60 80
(68) (58)
(159) (265) (84) -13.3%
-29.7%
-44.2% -8.4% -7.8%
2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021 2018 2019 2020 1H2020 1H2021
Gross profit margin Adjusted gross profit margin(3)
Source: Audited VAS Consolidated Financial Statements for 2018 – 2020, Reviewed VAS Consolidated Financial Statements for 2Q2020 and 2Q2021.
(1) Financial numbers for FY2017-2020 are pro-forma, adding bulk sales and excluding the retail and agriculture segments.
(2) Adjusted for the sales of beach villas to reflect underlying business performance.
(3) Adjusted gross profit is cash gross profit adjusted for Covid-19 related expenses including charges incurred despite operation being shut down.56
Balance Sheet Highlights
Debt(1)(2)(3) / Operating EBITDA(4) Total Assets & Total Equity(6) Breakdown of Total Assets
(x) (VNDbn) (%)
8.9% 8.7% 8.1% 7.9%
25%
3.1x 3.1x 422,504 418,948
3.0x
401,156
2.8x 30%
2.6x
VND418.9tn 13%
2.3x 2.3x
2.2x
267,381
11%
16% 5%
144,388
135,853
118,443
85,591
Property sale
Industrials (Mobility & Smart devices)
Hospitality & entertainment
Leasing
2018 2019 2020 LTM 2021 Dec-18 Dec-19 Dec-20 Jun-21
Healthcare & education
Total Debt / Operating EBITDA Net Debt / Operating EBITDA Total assets Total equity Others
(7)
Average borrowing cost(5)
Source: Audited VAS Consolidated Financial Statements for 2018 – 2020, Reviewed VAS Consolidated Financial Statements for 2Q2020 and 2Q2021.
Note: (1) Total debt is equal to interest-bearing loans and borrowing. (2) Net debt is equal to total debt, less cash and cash equivalents and short-term investments. (3) Short-term investments exclude share option. (4) On a LTM basis for recurring revenue, operating EBITDA and interest expense, calculated using pro-forma figures, excluding retail and
agriculture segments. Operating EBITDA is EBITDA adjusted for non-recurring items (5) Inclusive of hedging expenses. (6) Numbers for FY2017-2019 are pro-forma, excluding retail and agriculture segments (7) Others refers to technology and others. Assets managed on a Group basis refers to assets such as long term investment, deposits for transfer
investment and financial obligation guarantee, among others.57
Balance Sheet Highlights
Breakdown of Total Debts Total Debt Breakdown By Currency Total Debt Breakdown By Interest Rate
(%) (%) (%)
Domestic bond
32.4% Bank loans Fixed (2)
3.3% VND (1)
43.6%
73.1%
VND138.2tn USD VND138.2tn
VND138.2tn 26.9%
Exchangeable bond
8.2% Syndicated
loan
Other 51.0% Floating
5.0% 56.4%
Debt Maturity
(VNDbn)
64,228
7,760
35,522
Average debt maturity:
23,099 3.45 years
31,767
3,297 11,822
19,979 33,368 6,656 Average debt maturity (excl. Vinhomes’ debts):
20,736 3.89 years
8,492 2,964 6,656
Less than 1 year 1-3 years 3-5 years More than 5 years
Corporate bond Syndicated loan Bank borrowings & others
Source: Audited VAS Consolidated Financial Statements for 2018 – 2020, ReviewedVAS Consolidated Financial Statements for 2Q2020 and 2Q2021.
(1) Includes US$ debt which is hedged for foreign exchange rate purposes.
(2) Includes floating rate debt which is hedged for interest rate purposes.You can also read
