corporate presentation - vinhomes...2 vietnam's #1 integrated real estate developer key...

Corporate Presentation

where happiness lives

May 2019

1

Disclaimer

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

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

commitment whatsoever.

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

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

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

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

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

of the suitability, merits and consequences of investment in the Company.

This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and

all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as

“believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof,

other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future

performance. These forward-looking statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their respective affiliates, directors, officers,

employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances.

2

Vietnam's #1 Integrated Real Estate Developer

Key Highlights

Dominant market share of 20%(1) across ALL residential segments in Vietnam,

3.2x the next largest developer.

Notes: (1) Based on number of units sold across all segments in the residential market of HCMC and Hanoi in 2018, according to CBRE. (2) Based on number of units sold in the mid-end segment in HCMC and Hanoi in 2018, according to CBRE. (3) Based on number of units sold in the high-end and luxury

condominium segments in HCMC and Hanoi from 2016-2018, according to CBRE. (4) Based on 93mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018 – 2020.

Dominant Real Estate

Developer and a

Community and Lifestyle

Creator Experiencing

Accelerating Growth

Ability to Harness

Vingroup Ecosystem

Vietnam Residential Set

for Multi-year Upwards

Cycle

High Earnings Visibility

Supported by Unrivalled

c.15 Year(4) Land Bank

and Sustainable

Business Model

Proven Track Record and

Rapid Cash Flow Cycle

Leading to Superior

Returns

Experienced Management

Team and Robust

Corporate Governance

Key Investment Highlights


4

Key Investment Highlights

Vietnam Residential Set for Multi-year Upwards Cycle2

Dominant Real Estate Developer and a Community and Lifestyle

Creator Experiencing Accelerating Growth3

High Earnings Visibility Supported by Unrivalled c.15 Year(1) Land

Bank and Sustainable Business Model4

Proven Track Record and Rapid Cash Flow Cycle Leading to

Superior Returns5

Ability to Harness Vingroup Ecosystem1

Experienced Management Team and Robust Corporate

Governance6


Note: (1) Based on 93mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018 – 2020.

5

The Largest Listed Company in Vietnam

Essentials Aspirational

#1 loyalty program in Vietnam with c.6.5 million members(1)

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

aspirational.

1 Ability to Harness Vingroup Ecosystem

Automobile manufacturer, mobile

devices and technology ventures

Industrials/Technology

Comprehensive multi-format retail

operator

Consumer Retail

Integrated residential

developer in Vietnam

Residential

Healthcare and education provider

Pharmaceutical and agricultural

producer

Social Infrastructure

Hospitality and

entertainment operator

Hospitality

Retail mall owner, developer and

operator in Vietnam

Retail Leasing

Note: (1) As of 31 March 2019

6

3.5%

4.1%

5.0% 5.1%

6.2%

6.9%

Sin

ga

pore

Thaila

nd

Ma

laysia

Indonesia

Ph

ilippin

es

Vie

tnam

1.6%

2.7% 2.7% 2.9%

3.1%

3.5%

Sin

ga

pore

Th

aila

nd

Ph

ilippin

es

Ma

laysia

Indonesia

Vie

tnam

16.3

21.6 20.222.8 24.4

35.9 35.5

2012 2013 2014 2015 2016 2017 2018

Source: JLL Research.

Note: (1) Middle income population defined as households with income of more than US$10,000 per annum. (2) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium demand of 204,000 units in 2022E.

Fastest Growing Economy in Southeast Asia with Strongest Middle Income

Growth2018 – 2020E Real GDP Growth (%)

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

Middle Income Population(1)

Growth2018 – 2020E CAGR (%)

32.8% 32.6%

30.7%

28.8% 28.8%

27.7%

Vietnam Malaysia Indonesia Thailand Singapore Philippines

Fastest Urban Population Growth in Southeast Asia, with

Significant Room to RunUrban Population 2018E – 2025E Growth (%)

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

Manufacturing56% Real estate

17%

Power6%

Others21%

Revised housing regulations for foreigners from 1 July 2015

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

valid visas

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

Real Estate accounts for 14% of total cumulative FDI (2012 – 2018)

Vietnam’s Urbanization Rate by Year

(%)

Total addressable market to rise by

c. 3.6x to c. 204k condominium units per

annum(2) by 2022E

Proportion of urban households in Vietnam

set to increase at a CAGR of 3.5% over

2018 – 2025E

20.0%

14.2%

7.0%

3.2% 2.5% 2.0%

Vie

tnam

Indonesia

Ph

ilippin

es

Th

aila

nd

Ma

laysia

Sin

ga

pore

35.0% 37.0% 38.0% 40.0%

50.0%

2017E 2018E 2019E 2020E 2025E

2 Unique Vietnamese Fundamentals for Home Ownership

7

Vietnam’s Housing Significantly More Affordable Than Regional PeersHome Price-to-Income Ratio (x) in 2017(1)

Average 6.0

4.0

4.7 4.9

6.9

7.5

HCMC Kuala Lumpur Jakarta Bangkok Manila

Vietnam Residential Market Set to Take Off

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

31 Dec 2018.

2

Vietnam’s Mortgage Market is Significantly Underpenetrated Compared to

Regional PeersTotal Home Mortgage Loans Outstanding as % of GDP in 2016

1.9%4.9%

20.0%

49.5% 50.6%

Vietnam Philippines Thailand Malaysia Singapore

Average 31.3%

Vietnamese Residential Prices have Significant Room to RunPrime Residential Price Growth

(Index: 2006 = 100)

Residential

upside

potential

Inflation and Interest Rate Sustained at Low Levels

9.2

6.6

4.1

0.6

2.7

3.5 3.5

13.5%

7.6% 7.5%

6.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

0

1

2

3

4

5

6

7

8

9

10

2012 2013 2014 2015 2016 2017 2018

Avera

ge

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

75

100

125

150

175

200

225

250

275

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

HCMCBangkokKuala LumpurManilaShanghai

(2) (3)

8

Vinhomes Poised to Benefit from Higher Condominium Absorption in Vietnam

Natural Growth in Number

of Households

Accelerated Increase in Demand for

Condominiums in HCMC & Hanoi

Significant Multi-Year Growth

Potential vs. Regional Peers

7.3 7.78.58.1 8.6

9.6

92.6

95.5

100.1

2014 2017 2022E

Hanoi population (mm)

HCMC population (mm)

Vietnam population (mm)

Population in Vietnam Annual Condominium Demand in HCMC &

Hanoi

Source: CBRE. Note: (1) CBRE estimates 67.5% home ownership rate in HCMC and Hanoi for 2017. (2) CBRE estimates less than half of households in HCMC and Hanoi own condominium units in 2017.

Total addressable market for condominiums in HCMC & Hanoi to rise by c. 3.6x by 2022

16 25

98

18

31

106

2014 2018 2022E

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

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

~204,000

~56,000~34,000

c. 3.6x

increase

• Rising affluence and income will lift

household ownership(1) and conversion

into condominium units(2)

• 2018 absorption of 56k is relatively small

when compared with natural household

creation level – CBRE expects demand to

catch up to 204k (3.6x increase) by 2022E

• Nationwide numbers are likely higher,

presenting opportunities to Vinhomes

• Population in Vietnam is expected to grow

from 95.5mm to 100.1mm in the 5 years

from 2017 to 2022E

• Expected to increase number of household

units by 3.4mm in 2022E or 688k annually

• Potential housing demand of up to

800,000 housing units per annum on

average from 2018 to 2022 in Ho Chi Minh

City and Hanoi

• HCM and Hanoi addressable

condominium market is a small fraction

compared with regional peers due to

affordability and mortgage availability

• With improvements in both, the scope for

growth in the condominium addressable

market is significant

203

58

26 20

Shanghai Bangkok HCMC Hanoi

Average Annual Sales Volume 2013 – 2017 (‘000 units)

HCMC & Hanoi have Significant Room for

Expansion in Absorption Compared to

Regional Peers

7.8x

HCMC9.9x

Hanoi

2

9

Consumer Retail Retail Property Medical School

Hospitality /

Entertainment

Vinhomes Hung Thinh

Nam Long

LDG

Dat Xanh

Others

Vinhomes Keppel Land

Phu My Hung

Tan HoangMinh

Novaland

Others

161

8 7 7

Vinhomes Developer 1 Developer 2 Developer 3

High-EndAffordable LuxuryMid-End

Capturing the Huge Middle Income Opportunity with the

Vinhomes Sapphire Brand

Source: CBRE, Company Filings. Notes: Based on USDVND of 21,095 for 2013; 21,388 for 2014; 22,485 for 2015; 22,761 for 2016; 22,698 for 2017 and 23,240 for 2018, 23,250 for 1Q2019. (1) Based on total number of residential units sold by Vinhomes from 2010 to 2017 as a business line of Vingroup and

2018, 1Q2019 as an entity. (2) Based on all launched Vinhomes residential projects as a business line of Vingroup from 2010 to 2017 and as an entity in 2018 and 1Q2019. (3) Based on accumulated sold units in 2016 – 2018 across all segments in the residential market of HCMC and Hanoi, according to

CBRE. (4) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2016-2018, according to CBRE. (5) Based on accumulated sold units in the mid-end residential segments in HCMC and Hanoi from 2016-2018, according to CBRE.(6) As of 31 March

2019. (7) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects.

Land bank (mm sqm)

Vinhomes

Sapphire

Largest Land Bank Expected to Deliver Sustainability and

GrowthDominance of Vietnam Residential Market by a

Significant Margin

• ~60,000(1) Residential Units Sold Since 2010

• US$11.5bn(2) of GDV Sold since 2010

Residential market share in Vietnam

across ALL segments (3)

Unbilled bookings of US$3.2bn as of 31 Mar 2019

Strong Track Record of Historical Sales Value

(6)


across premium segment (4)

US$bn 2010 – 2015 2016 2017 2018 2019(6)

Historical Sales Value 2.9 2.3 2.9 2.9 0.5

Translates to 93mm sqm of residential GFA(6)(7)

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

~20x the land bank of next largest competitor

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


across mid-end segments (5)

VinhomesHung Thinh

Dat Xanh

Sunshine

Gamuda

Others



Vinhomes

RubyVinhomes

Diamond

Happy

Town

10

Land Bank by Site Area

(mm sqm)

9

152

Launched Pipeline Projects

(1)

~20x the land bank of

next largest competitor

in country

Unrivalled land bank in strategic locations with c.15(3)

years' worth of development and access to sites

earmarked for landmark projects

In 1Q2019, Vinhomes began project development

procedures for c. 5mm sqm in order to supplement to its

landbank within 2019

Hanoi16%

HCMC34%

Quang Ninh32%

Hung Yen13%

Hai Phong 2%

Thanh Hoa 1% Others 2% Hanoi

GFA: 15mm sqm

Ho Chi Minh City

GFA: 32mm sqm

Key

beneficiary of

upcoming

infrastructure

developments

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

50% of residential GFA is located in key cities of HCMC and Hanoi

Gross development value(4) (2019 – 2024)

Total Residential GFA:

93mm sqm(3)

Hanoi, 31%

HCMC30%

Quang Ninh10%

Hung Yen24%

Hai Phong 2%Others 3%

Hanoi

No. of Projects(5): 14

Ho Chi Minh City

No. of Projects(5): 10

61% of GDV is attributable to key cities of HCMC and Hanoi

Total GDV (2019 – 2024):

US$45.7bn

(1) As of 31 March 2019. (2) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects. 93mm sqm of residential GFA converts into c. 86mm sqm of NSA. (3) Based on 93mm sqm total GFA for sale divided by average amount

of residential GFA sold annually from 2018 – 2020. (4) Represents residential GDV only. GDV is calculated based on net saleable area multiplied by the weighted average selling price of the project (based on middle of target ASP range per project.) (5) Includes pipeline and under construction projects,

5

Additional projects under feasibility studies

Translates to 93mm sqm

of residential GFA(1)(2)

Unrivalled Land Bank in Strategic Locations forms Pillar of Growth for Vinhomes4

Significant and Sustainable Land Bank… …Allowing Vinhomes to Continue Extending

its Nationwide Presence Across Prime Sites

11

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

reliance on credit financing

c.70% of residential units were sold within three months of the

commencement of pre-sales in 2017(3)

Unparalleled Execution Capabilities through End-to-end Value Chain5

Comprehensive range of after-sales services to ensure Vinhomes’

buyers needs are met

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

parks and waterways at Vinhomes properties

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

Continuously search for and acquire new sites through project

development

Vinhomes’ Superior End-to-end Value Chain

33.0%

21.0%

16.6%

15.6%

5.0%

Vinhomes

Land & Houses

No Va Land

Ayala Land

BSD

After-Market Service Offering Captures

Customer & Enhances Loyalty to VinhomesUnique Selling Strategies

De-risk Development OutlaysEffective Cost and Quality

Controls to Maintain

Margins

Secures Land at

Competitive Rates

Vinhomes’ Unique Execution Capabilities Translate to Significant Competitive Advantage

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

Source: Company filings.

Notes: (1) Refers to net profit in 2018 divided by total assets in 2018. (2) Refers to net profit after minority interests divided by shareholder’s equity in 2018. (3) Average presale 3 months after launch date of projects opened for sale in 2018.

Land Acquisition

Land Clearance

Pre-sales, Sales

Research and

Marketing

Property

Management

Construction and

Quality Control

Master Planning and

Design

Master planning ability in developing and designing integrated projects

with ecosystems

Effectively assists Vietnamese state agencies in identifying land rights

holders and facilitating resettlements on the government’s behalf

Vincom Construction, one of the largest construction

management firms in Vietnam

Ability to control costs, quality and deadlines to ensure efficient

delivery of superior quality properties

Return-on-Equity(2) (%)

12.3%

9.4%

5.0%

4.7%

3.3%

Vinhomes

Land & Houses

Ayala Land

Novaland

BSD

Infrastructure and

Ecosystem

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

complementary offerings such as hospitals, schools and retail

12

Board of

Directors

Management

Team

Committed to robust

corporate governance

standards in line with

global best practices

Senior leadership with

significant depth of

experience and pedigree

Proven on-the-grounds

management team

supporting nation-wide

operations

Proven ability to hire,

train and retain talent

across business lines

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

supported by a experienced management team with average 18 – 19 years of experience

Cao Thi Ha An

Executive Director

>27 years experience

Business Development Director at

Vingroup since 2016

Previously Deputy CEO and Director of

Military Insurance JSC

Varun Kapur

Independent Non-Executive Director


Currently also Managing Partner of Indgrowth

Capital

Previously Partner and Managing Director at

TPG

Mueen Uddeen

Independent Non-Executive Director


Currently also Managing Director of

Arcpoint Associates Advisory

Pham Nhat Vuong

Non-Executive Director


Founder of Vingroup, formerly known as

Technocom Corporation in 1993

Chairman of Vingroup since 2011

Nguyen Viet Quang

Non-Executive Director


CEO of Vingroup

Previously Chairman and CEO of Board of

Directors at Vinmec

>10 years with Vingroup

Currently in charge of customer

services for Vinhomes

Phi Thi Thuc Nga

Dy CEO

Customer services

>15 years experience in financial

services

Appointed Deputy Chief Executive of

Finance and Investment of Vinhomes

in 2018

Chartered Accountant

Douglas Farrell

Dy CEO

Finance and Investment >15 years with Vingroup


Project Development Director of

Vingroup since 2005

Currently holds directorships in other

Vinhomes subsidiaries

Pham Thieu Hoa

CEO


>8 years experience

Previously executive at Richard Moore

Associates, Audio Visual Global and

Head of Marketing Department at Syrena

Nguyen Ngoc Thuy Linh

Dy CEO

Operations



Previously Sales and Marketing

Director at BMW

Nguyen Duc Quang

Dy CEO

Sales and Marketing

Nguyen Dieu Linh

Chairwoman



Vice Chairwoman of Vingroup since 2008,

previously Deputy CEO of Vingroup


Previously held directorship in

Vincom Security since 2013

Nguyen Van Trai

Dy CEO

Security, Safety and Fire Prevention



Previously Dy CEO of Vingroup

Pham Van Khuong

Dy CEO

Construction


Previously Partner and Dy CEO

at PwC Vietnam and CFO at

Vietjet Air

Dao Thi Thien Huong

Standing Dy CEO

6 Experienced Management Team and Robust Corporate Governance

13

Controls put in Place

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

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

Shareholders

• Interested parties must abstain from voting

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

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

Vietnam

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

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

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

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

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

management

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

rest of Vingroup

• Governed by related party rules

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

shareholders

No conflict of

interest in decision

making

No direct

competition with

Vingroup

Clear distinction of

scope for Vinhomes

Fair market

practices

6 Institutional Level Corporate Governance

Business Strategy & Operational

Updates


15

• Unique ability to offer Vingroup ecosystem, amenities, and

community environment

• Strong reputation of prompt delivery of projects / units

• Differentiated after sales management service offering – property

management, repairs and security services

• Modern apartment units catered for young and savvy

home-buyers

• Luxury apartment units that offer the most privileged living

standard

Strong Market Dominance in High-end Segment, Driving Growth with New BrandVinhomes Sapphire

Source: CBRE, JLL Research. Notes (1) For condominium market only; based on CBRE condominium demand model and annual condominium demand of 203,792 units in 2022E at an assumed price of US$127,000 per unit. (2) Percentages shown exclude 30.8% of households within the segment of household

below affordable. (3) 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). (4) Based on net saleable area.

Luxury

High-end

Mid-end

Affordable

1.3%(3)

0.4mm

House-

holds

4.4%(3)

1.2mm Households

19.4%(3)

5.2mm Households

44.2%(3)

12.0mm Households

US$2.0k

US$0.6k

US$1.2k

US$3.0k

Ave

rag

e S

ell

ing

Pri

ce

s (

US

$ / s

qm

)(4)

Phu My

Hung

CapitaLand

Keppel Land

Novaland

Thao Dien

Investment


… driving growth from Vinhomes Sapphire brand to

capture untapped and huge addressable

market opportunity

Leverage Vinhomes’ dominant market leadership

across high-end and luxury segments…

Total addressable market of US$25.9bn(1) per annum

Vinhomes Sapphire

Vinhomes Diamond

• High-end apartments for young affluent families looking for

a modern, well-equipped and quality living environment

Vinhomes Ruby



16

1Q2019 Major Sales Activities

PROJECT TRANSFER OF

VINHOMES ME LINH

• Total area: 34.8 ha

• Components: villa

• Target ASP: USD 1,700/ sqm NSA

• Target launch date: May 2019

• Sold 91.48% stake in Prime Lands JSC,

development vehicle of Vinhomes Me Linh

project and recognized gain of USD 64.5 million

under finance income

BLOCK SALES STRATEGY FOR

MEGA DEVELOPMENTS

• Block sales strategy to be adopted along side

retail sales, especially in mega developments

• Vinhomes will focus on master planning,

attracting sub-developers and institutional

investors, into mega projects

• Block sales will help to shorten development

cycle and provide more options to home

buyers

INSTITUTIONAL SALES

• In March 2019, Vinhomes established the

Institutional Sales Department which handles

bulk/block sales and project transfers with

institutional buyers.

• This initiative results from strong interests

expressed by many domestic and foreign

investors (including Singapore, Korea and

Japan) in large quantities of Vinhomes’ products.

• The team conducted several overseas

roadshows in Japan, Korea and received strong

interest from institutional buyers in these

countries.

17

Delivery of Completed Units in 2019

Note: (1) Low-rise component called Vinhomes Green Villa.

Hanoi HCMC

• Inspired by New York’s Central Park, the

project includes the largest riverside park in

the city, and the tallest building in Vietnam

Landmark 81, at 461 meters

• Construction completed

• Delivery is expected to complete in 2Q

2019

Vinhomes Central Park

• A high-end ecological urban area located

in Hanoi. Its villas incorporate French,

Indochinese, Venetian and Greek

architectural styles with large amounts of

open green space

• Phase 1: Construction completed and put

into operation

• Phase 2: Construction completed


2019

Vinhomes The Harmony

• The only large-scale mixed-use project in

the exclusive diplomatic neighborhood in Ba

Dinh, one of the four central districts of

Hanoi

• Construction completed. Delivery started in

Aug 2018


2019

Vinhomes Metropolis

• Exclusive luxury villa and apartment complex

located in a green space with an 8-hectare

reservoir and a 2.6-hectare park in Nam Tu

Liem District – the new administrative area of

Hanoi

• Delivery of low-rise units is completed

• Delivery of high-rise units is expected to

complete in 2Q 2019

Vinhomes Green Bay

Hai Phong

Vinhomes Imperia

• A five-star mixed use complex with 1,500

luxury villas and a 45-storey hotel tower,

located in Hong Bang District, Hai Phong

City

• Paris section: Construction completed.

Delivery is completed

• Venice section: Construction completed.

Delivery is completed

• Boutique houses: Construction completed.

Delivery is almost completed

• Manhattan section: Construction

completed. Delivery is completed

• Monaco section: Under construction due to

design adjustment. Delivery is expected to

start in May 2019

• A mixed use development in Nam Tu Liem new

administrative area of Hanoi. It is adjacent and

looks over the 32-hectare Cau Giay park, with

19-hectare water surface reservoir

• Topped out towers S1-S3 – process of finishing

• Delivery started in 2Q 2019

Vinhomes Sky Lake

• Located in the Tay Mo, Dai Mo area, the

280ha mega project has only a 14.7%

construction density and a mega sports

complex with a plethora of unique

amenities.

• Under construction

• Delivery is expected to start in 2019

Vinhomes Sportia(1)

• The largest integrated mixed-use master

development in Hanoi. Encompassing over

420 hectares, the project follows the

modern Singapore style and offers a wide

variety of amenities for residents

• Under construction

• Delivery is expected to start in 2019

Vinhomes Ocean Park

Financial Highlights


19

Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements. Fx rate: USD 1 = VND 23,250 (1) Include revenues of USD 206mn from Vinhomes projects & USD 100 mn from BCC projects. BCC projects include: Vinhomes Imperia, Vinhomes The Harmony, Vinhomes Dragon

Bay and Vinhomes Star City Thanh Hoa. They are held by Vingroup, where Vinhomes has an exclusive right to develop, market and receive 99% Profit, and the owners receive 1% Profit. Vinhomes recognizes its BCC distribution as Finance Income. (2) Represents gross profit of property sales only.

Include USD 43mn from Vinhomes projects, USD 51mn from BCC projects. (3) Estimated pre-sale under SPAs and pre-sale bookings under deposits; # unit rounded to nearest ‘000. (4) Bulk sale deal of Vinhomes Me Linh project under shares transfer transaction

New Pre-sold and

Deposits secured(3)

Revenue from

Property Sales(1)

1Q2019

USDmn

310

5,452

units

1Q2019

-60% yoy

Gross Profit(2)

New Bookings &

Unbilled Bookings(3)

1Q2019

USDmn

95

USDmn

520

3,204

1Q2019

-58% yoy

Block sale(4)

Profit after Tax &

Minority Interest

USDmn

108

1Q2019

USDmn

65

1Q2019

-35% yoy

1Q2018

USDmn

770

1Q2018

USDmn

232

USDmn

168

1Q2018

688

units

1Q2018 1Q2018

New

Unbilled692% yoy

USDmn

327

2,761

1Q2019 at a Glance

20

1Q2019 Highlights

Revenue from

Property Sales1

Profit Before

Tax4

Gross Profit &

Margin(1)2

Vinhomes Projects (Consolidated) BCC Projects

• Total: USD 207 mn

• Key contributors:

− VH Green Bay: USD 30 mn

− VH Metropolis: USD 34 mn

− VH Central Park: USD 65 mn

− VH Golden River: USD 77 mn

• Total amount: USD 99 mn

• Key contributors:

− VH The Harmony: USD 56 mn

− VH Imperia: USD 13 mn

− VH Star City Thanh Hoa: USD 26 mn

• Profit before tax was USD 146 mn, -31% yoy, in which USD 47 mn was from Vinhomes projects and USD 39 mn was from

BCC projects

• Consolidated profit after tax was USD 116 mn, -33% yoy

• Consolidated PATMI was USD 108 mn, -35% yoy

• Gross profit: USD 43 mn

• Gross profit margin: 21%

• Adjusted Gross profit margin: 33% (2)

• Gross profit: USD 52 mn

• Gross profit margin: 51 %

• Total number of units: 5,332 units, ▲ 1,868% yoy

• Bookings: USD 430 mn, ▲ 178% yoy

• Cash collected/deposited: USD 745 mn

• Unbilled bookings: USD 3 bn

• Total number of units: 120 units, ▼66% yoy

• Bookings: USD 89 mn, ▼42% yoy

• Cash collected/deposited: USD 59 mn

• Unbilled bookings: USD 273 mn

Pre-sales and

Bookings(3)5

Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS 1Q2018 consolidated unaudited financial statements. Fx rate: USD 1 = VND 23,250.

(1) Represents gross profit of property sales only. (2) Adjusted to exclude distribution projects and Vinhomes Landmark 81. (3) Estimated pre-sale under SPAs and pre-sale bookings under deposits. As of March 31, 2019.

21

Financial Performance 1Q2019 vs 1Q2018

Figures in USD mn 1Q2018 1Q2019 Change (%) Key Commentary

Sale of Inventory Properties 440 208 -52%

• 1Q2019 revenue mostly came from Vinhomes Metropolis, Golden

River, Central Park, and Green Bay projects

• The reduction is due to a smaller number of units being handed over in

the current period

Other Revenue 13 44 242%

• Other revenue increased due to the merger of Vincom Construction into

Vinhomes in 4Q2018 and shared profit from Vincom Retail, Vinpearl

and Vinschool among others(1)

Total Revenue 453 252 -44%

Gross Profit 123 57 -54%

% Margin 27% 23% -1,634 bps

• Q1 2019 margin decreased c. 1.634bps vs Q1 2018 and lower than

normalized margin due to deliveries of high-construction cost project of

Vinhomes Landmark 81.

Profit sharing from BCC projects 78 43 -45%• Profit distribution from BCC projects such as Vinhomes The Harmony,

Vinhomes Imperia, Dragon Bay and Star City Thanh Hoa

Other finance income 51 83 62%

Operating Profit 208 143 -31%

Profit before Tax 209 144 -31%

Profit for the Period 171 116 -33%

Profit after Tax and Minority Interest 168 109 -35%

Gross Profit & Gross Profit Margin Analysis

1Q2019

Gross Profit

(USDmn)

1Q2019

GPM

(%)

Gross profit and Gross Profit Margin reported in the

consolidated financial statements (not including BCC projects)57 23%

Gross profit and Gross Profit Margin for all projects, assuming

consolidation of BCC projects94 31%

GPM of all projects, excluding non-residential asset transfers

and one-off projects97 40%

One-off projects include:

• Landmark 81 due to unique cost structure

(construction cost of much taller buildings is

higher than that of ordinary projects)

• Distribution projects such as Vinhomes Thang

Long and a few units in Vinhomes Riverside

(phase 1)

Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements. YoY comparison is with Vinhomes JSC VAS 1Q2018 consolidated unaudited financial statements. Fx rate: USD 1 = VND 23,250

(1) Shared profit from Vincom Retail’, Vinpearl, Vinschool’ to cover the development costs until the assets, including the shopping malls, schools, etc are transferred into the respective Vingrroup’s subsidiaries

22

Financial Performance 1Q2019 (Vinhomes Projects & BCC Projects)

Figures in USD mn

The Harmony

(Hanoi, low-rise)

Imperia

(Hai Phong,

low-rise)

Dragon Bay

(Quang Ninh,

low-rise)

Thanh Hoa

(Thanh Hoa,

Low-rise) Total BCC projects

Revenue 54 14 3 27 98

Cost of Sale (32) (6) (1) (9) (48)

Gross Profit 22 8 2 19 50

% Margin 41.0% 55.5% 60.7% 67.9% 51.1%

SG&A 2 (1) (1) (4) (4)

Profit attributable 24 6 1 11 43

Profit attributable to Vinhomes (99%) 24 6 1 11 43

Figures in USD mn 1Q2019 VHM 1Q2019 BCC Projects Total Adjusted 1Q2019

Sale of Inventory Properties 208 98 306

Other Revenue 44 - 44

Total Revenue 252 98 350

Cost of Sale (195) (48) (243)

Gross Profit 57 50 107

Profit sharing from BCC projects 43 (43) -

Operating Profit(*) 143 - 143

Profit before Tax 144 - 144

Profit for the Period 116 - 116

Profit after Tax and Minority Interest 109 - 109

Summary BCC Project Performance and Reconciliation

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

Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements and management accounts of the BCC projects. Fx rate: USD 1 = VND 23,250.

(*) Includes gain from selling stake at Prime Lands JSC, which owns Vinhomes Me Linh project, which was recognized as financial income in financial statements.

23

Financial Performance Overview

Profit before Tax Profit after Tax and Minority Interest

Total Revenue Gross Profit

120 91

848

209 144

2016 2017 2018 1Q2018 1Q2019

71 61

614

168 109

2016 2017 2018 1Q2018 1Q2019

(USD mn) (USD mn)

402 550 1,538 440 208

6 11

35

5 13

75

97

89

8 31

482 658

1,663

453 252

2016 2017 2018 1Q2018 1Q2019

Sale of Inventory Properties Leasing Others(1)

176 184

399

124 46 (0) (1)

13

1 5

15 39

1

(2)

7

192 222

418

123 57

2016 2017 2018 1Q2018 1Q2019


(USD mn)(USD mn)

Note: Based on VAS Audited Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited Consolidated Financial Statements 1Q2019. Fx rate: USD 1 = VND 23,250

(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

24

Financial Performance Overview (cont’d)

Adjusted EBITDA and Margin Adjusted PATMI

Total Revenue Gross Profit and Gross Profit Margin

Note: The financials as presented above are illustrative and based on the arithmetic aggregation of (i) Vinhomes JSC audited general purpose financials for FY2016-2018, (ii) Excluded Projects financials for FY2016-2018 and

(iii) unaudited Consolidated Financial Statements 1Q2019. Fx rate: USD 1 = VND 23,250

(1) Others principally comprises revenue from general contractor services, shared profit from VCR, Vinschool and Vinpearl and others

(2) Includes other operating income and other operating expenses and adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of Vinhomes Property Management

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

forward.

(3) Adjusted EBITDA margin calculation excludes other operating income recognized from block sale of 6 buildings in Vinhomes

Central Park.

(4) Adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of VHPM in 2018;

however, this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously

paid to Vingroup JSC which are not expected to be incurred going forward.

898

1,934

3,095

770306

19

952

916

114 299

17

38

92

8 31934

2,924

4,103

893 636

2016 2017 2018 1Q2018 1Q2019

Sale of Inventory Properties Leasing Others

371

752 955

231 94

8

21

13

1 5

4

1

92

(2)

7

382

7741,060

230106

2016 2017 2018 1Q2018 1Q2019


38.9%

50.8%

41.3%

40.3%

240594

1,514

209 144

144

054 24

43 49

1114

493 681

1,514

209 144

2016 2017 2018 1Q2018 1Q2019

33.8%37.3%(3)

189

413

612

168

2

116

0

54 24

34 39

9

257402

733

612

168

2

2016 2017 2018 1Q2018 1Q2019

Margin for Sale of Inventory Properties Margin for Leasing

(1)

(2)

33.9%

32.6%

46.9%

29.9%

21.5%

30.8%

35.5%

(USD mn) (USD mn)

(USD mn)(USD mn)

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

Sponsorship & Donation Sales Consulting Fees Trademark FeesAdjusted EBITDA Margin

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

Sponsorship & Donation Sales Consulting Fees Trademark Fees

(2),(3) (2) (4) (4)

25

394

659

1,372 1,133

121 67 195 138

2016 2017 2018 1Q2019

Total Borrowings Cash and Cash Equivalents

USD mn

Total Assets Inventory

USD mn

Total Cash & Cash Equivalents(1) and Total Borrowings

USD mn

Total Equity

411 435

2,071 2,183

2016 2017 2018 1Q2019

365

731

1,585 1,587

2016 2017 2018 1Q2019

Balance Sheet Overview

709 1,911

3,923 4,155 904

296

1,225 1,370

1,614 2,207

5,148 5,526

2016 2017 2018 1Q2019

Current Assets Non-current Assets

Note: Based on VAS Audited Consolidated Financial Statements for 2016, 2017, 2018 and VAS Unaudited Consolidated Financial Statements for 1Q2019. Fx rate: USD 1 = VND 23,250

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

USD mn

26

Key Credit Metrics

17.2

7.8

1Q2018 1Q2019

27.7%

23.8%

18.5%

2017 2018 1Q2019

136.0%

56.9%45.5%

2017 2018 1Q2019

Times

29.9%26.7%

20.5%

2017 2018 1Q2019

Note: Based on VAS Audited Consolidated Financial Statements for 2017, 2018 and VAS Unaudited Consolidated Financial Statements for 1Q2019. Fx rate: USD 1 = VND 23,250.

(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investment)

(2) Interest coverage ratio = EBIT/Interest Expense

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

Interest Coverage RatioTotal Debt / Total Assets

Appendix


28

CBDVinhomes Sky Lake

Vinhomes

Metropolis

Vinhomes

Royal CityVinhomes Times City

Vincom Ba Trieu

Vinhomes

The Harmony

Vinhomes

West Point

Project C

Project GProject E

Project B

Vinhomes

Riverside

Project A

Vinhomes Properties

Hanoi

City Centre

Ho Chi Minh City

Source: CBRE, Company Information.

Significant boost in connectivity will accelerate demand for pipeline projects

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

(before 2030)

Valuable Land Bank Proximate to Upcoming Metro and Highway Infrastructure

Rach Chiec

Phuoc Long

Binh Tho

Thu Duc

Hi-Tech Park

Suoi Tien

New Eastern Bus Station

Long Binh

Depot

New Port

District 9

District 1

Phu Nhuan

District

Bin Thanh

District

Go Vap

District

Thu Duc District

District 2

251 ha

Project C

Ben Thanh

Opera HouseBa Son

Thao DienAn Phu

Vinhomes Central ParkDistrict 3

Van Thanh

Vinhomes

Grand Park

Vinhomes Golden River

Vinoffice Dong Khoi

CBD

Project A

Project B

Vinhomes Properties City Centre

Vinhomes

Sportia

Vinhomes Nguyen Chi Thanh

Project D

Vinhomes

Green Bay

Vinhomes

Ocean Park

Project F

Project H

29

• In Hanoi, Vinhomes’ projects can achieve a

much higher ASP

• Vinhomes Ocean Park able to sell at a premium

due to:

− Reputation of Vinhomes as a developer

− Scale / amenities

− Construction quality

15% higher ASP than peers(1)

Vinhomes mega projects well poised for future growth given unrivalled brand equity and positive spill-over effects

Vinhomes Properties Command a Premium Over Comparable Hanoi Projects … Validated through

Assessment by International

Experts

1

10 – 15% higher ASP than peers(1)1

Source: Company, Int’l Broker #1, Int’l Broker #2 (names to be revealed subject to clearance)

Note: (1) Refers to surrounding comparable projects.

• Unrivalled brand equity driving steady customer demand

• Unique integrated ecosystem offering of complementary suite of amenities / facilities

Int’l

Broker #1

Int’l

Broker #2

Case Study: Vinhomes Competitive Positioning

Vinhomes

Ocean Park

Ecopark –

Palm Forest

Ecopark –

AquaBay

Hanoi Garden –

Canal Park

Northern

Diamond

Gamuda –

Zen Residence

Unit Size

(sqm / unit)

• 28 - 76

(1 - 3 BRs)

• 71 - 91

(2 - 3 BRs)

• 47 - 109

(1 - 3 BRs)

• 86 - 184

(2 - 3 BRs)

• 94 – 107 • 52 - 106

(1 - 3 BRs)

ASP

(US$ / sqm)

• - • 906 • 1,004 • 773 • 1,124 • 1,167

Developer • Vinhomes • Vihajico • Vihajico • Berjaya –

Handico12

• Incomex • Gamuda

Land

Other Factors as Compared to Vinhomes

Location,

Accessibility,

Infrastructure

• ▼ • ▼ • ▲ • ▲ • ▲

Developer • ▼ • ▼ • ▼ • ▼ • ▼

Scale /

Amenities• ▼ • ▼ • ▼ • ▼ • ▼

Construction

Quality

• -- • -- • ▼ • ▼ • --

Unit Size • ▲ • ▲ • ▲ • ▲ • ▲

Management

Company

• -- • -- • ▼ • ▼ • ▼

30

Continued Support from Customers and Mortgage Lenders

Percentage of foreign buyers declined by 127 bps from 31 Dec 18 because buyers of

Vinhomes Sapphire apartment units are mostly domestic buyers

• Projects with highest number of sold units with a mortgage were

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

preferences, locations and sales policy

• Vinhomes homebuyers often enjoy favorable interest rates relative to

the market thanks to good relationships between Vinhomes (as the

project developer) and large banks

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

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

interest support

• Vinhomes Ocean Park and Vinhomes Sportia buyers can take out a

mortgage of up to 35 years.

FOREIGN BUYERS(1)

10%146 bps(2)

MORTGAGES

59%439 bps(3)

Project Selling points

Percentage of

foreign

buyers

Vinhomes

West Point

(Hanoi)

Situated in the West of Hanoi,

Vinhomes West Point has been

developed to set a new standard of

living, with its harmonious combination

of water, trees and “All-in-one”

facilities.

25.4%

Vinhomes Sky

Lake (Hanoi)

A mixed use development in Nam Tu

Liem new administrative area of Hanoi.

It is adjacent and looks over the 32-

hectare Cau Giay park, with 19-

hectare water surface reservoir

12.5%

Vinhomes

Metropolis

(Hanoi)

The only large-scale mixed-use project

in the exclusive diplomatic

neighborhood in Ba Dinh, one of the

four central districts of Hanoi

6.9%

Vinhomes

Star City

Vinhomes

Green Bay

Vinhomes

The Harmony

Vinhomes

New Center

Percentage

(%)

86% 76% 68% 68%

Proportion of sold units with a mortgage was 58% on average

(cumulatively for all projects sold by Vinhomes as of Mar 31, 2019)

Note: (1) For all units sold in Vinhomes projects from the incorporation of the residential business in Vingroup until 31 March 2019, excluding projects launched before 2015 (i.e. Vinhomes Royal City and Vinhomes Times City). (2) Compared to foreigners take up rate for all units sold in

Vinhomes projects from the incorporation of the residential business in Vingroup until 31 December 2018, excluding projects launched before 2015. (3) Compared to mortgage penetration rate for all units sold in Vinhomes projects from the incorporation of the residential business in

Vingroup until 31 December 2018, excluding projects launched before 2015.

31

Market Summary for 1Q2019

Hanoi – supply and demand Launched units

11,822

Sold units

9,390

+46% yoy +36% yoy

Source: CBRE.

0

5,000

10,000

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

2015 2016 2017 2018 2019

Launched units Sold units

No. of units

Hanoi – pricing Mid-end &

AffordableLuxury &

High-endslight increase strong increase

01,0002,0003,0004,0005,0006,0007,000

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

2015 2016 2017 2018 2019

LuxuryUS$6,013

High-endUS$2,234

Mid-endUS$1,264

AffordableUS$839

Price (USD/m2)

High-end segment’s ASP increased significantly due

to launch of new developments in prestigious

locations with high ASPs

32

Market summary for 1Q2019

HCMC – supply and demandLaunched units

4,423

Sold units

5,924-52% yoy inventory

Source: CBRE.

0

5,000

10,000

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

2016 2017 2018 2019

High-end Mid-end Affordable

No. of units

HCMC – pricing prices increase across

all segments due to

restricted supply

0

2,000

4,000

6,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019

Luxury High-end Mid-end Affordable

Price (USD/m2)

33

Infrastructure Development Underway

Source: Company, CBRE.

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

and greatly increase connectivity for Vinhomes projects

Road

Expansion

Metro Line # 2

Cat Linh – Ha Dong

Metro Line # 3

Nhon – Hanoi Station

Vinhomes Projects in Close

Proximity

• Vinhomes Riverside

• Vinhomes The Harmony

• Vinhomes Times City

• Vinhomes Royal City

• Vinhomes Ocean Park

• Vinhomes Galaxy

• Vinhomes Gallery

• Vinhomes Metropolis

• Vinhomes Gallery

Development Status • Various projects under construction

include elevated Ring road #2,

segments of Ring road #3,

overpasses in CBD areas

• Projects under development include

Ring road #3.5 and #4

• Construction completed

• Trial run began in July 2018

• Commercial operation started

• About 45% completed

• Commercial operation to start by 2023

Other Commentary • Overall improvement to Vinhomes

projects from enhanced infrastructure

Hanoi

34

Infrastructure Development Underway

Van Don – Mong Cai

highway

HCMC – Moc Bai highway Metro Line # 1

Ben Thanh – Suoi Tien

Connecting the

Old to the New City

Vinhomes Projects in

Close Proximity

• Vinhomes Green Ha Long • Vinhomes Golden River

• Vinhomes Central Park

• Leman Golf

• Vinhomes Golden River

• Vinhomes Central Park

• Central Park

• Golden River

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

• Expected completion in 2025

• About 56% completed

• Commercial operation to

start by 2021

• Projects under development

include

Metro Line #2, Thu Thiem 4

bridge

Other Commentary • Overall improvement to

Vinhomes projects and local

economy from enhanced

connections

• Overall improvement to

Vinhomes projects and local

economy from enhanced

connections

• Key projects improving

infrastructure to and within

District 2 (the new city)

include Thoi Dai bridge

(completed), My Thuy

Intersection (completed),

Metro Line #1 (under

construction)

Quang Ninh HCMC

Source: Company, CBRE.

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

and greatly increase connectivity for Vinhomes projects

35

Low Risk Capital Effective Business Model

Preparation of

Site for

Construction

Unit

Construction

Preparation

of Projects

Marketing

Process Commence

Execute Purchase

ConfirmationHandoverPre-sales

Vinhomes Property Development Business Model and Payment Schedule

Strong Management of Default Risk

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

project construction has broken ground

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

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

Vinhomes Sapphire properties)

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

purchase price when sales contract is signed(1)

95% of purchase

price must be

paid before

being issued the

land use right

certificate (LURC)

Full payment will

be collected

thereafter

Construction

Completion

and Handover

Collection of cash

based on the

construction

process

(totaling up to 70%

of purchase price)

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

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

Tel: +84 (24) 3974 9999 ext. 9759 Website: http://ir.vinhomes.vn/en

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

Investor Relations Department


http://ir.vinhomes.vn/

mailto:[email protected]

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