VINH HOAN

THE WORLD’S LEADING

PANGASIUS COMPANY
INDUSTRY DYNAMICS
Top 10 companies accounted for 54% value of Vietnam pangasius industry in 2016
US$m VINH HOAN
(VHC)
300
15%
251
250 BIENDONG
8%
200
Over 190 other
150 134 companies HUNG
102 101 46% VUONG
100 80 (HVG)
61 58 54 6%
45 45
50
Golden
0
Quality
6%
GODACO NAVICO
2% TRUONG HUNGCA (ANV)
GIANG AGIFISH 5%
3%
3% (AGF)
3% I.D.I (IDI)
3%
Top 10 pangasius companies in Vietnam in 2016 2016 Market share (%)
VINH HOAN: LEADING PANGASIUS COMPANY SINCE 2010
Top pangasius exporters by value (USD mn)

2008 2009 2010 2011 2012 2013 2014 2015 2016

Navico Hung VHC VHC VHC VHC VHC VHC VHC
188 Vuong 126 151 155 166 207 228 251
122
Hung VHC Hung Hung Hung Agifish Hung Biendong Biendong
Vuong 115 Vuong Vuong Vuong 113 Vuong 117 134
169 101 101 120 140
VHC NamViet Anvifish Agifish Agifish Hung NAVICO Hung Hung
101 85 62 84 92 Vuong 109 Vuong Vuong
106 96 102
Agifish Anvifish Agifish Anvifish Anvifish IDI AGIFISH Navico Golden
90 57 59 83.1 83 98 85 93 Quality
101
COMPARABLES
Attractive multiples and lower leverage compared to peer companies

18.0x
EV/EBITDA 25.0x
P/E
16.0x
14.0x 20.0x
12.0x
10.0x 15.0x
8.0x
6.0x 10.0x
4.0x 5.0x
2.0x
0.0x 0.0x
NM NM

Total Debt/Capital %
80%
70%
60%
50%
40%
30%
20%
10%
0%

Note: Last twelve month basis

Source: Capital IQ
20 YEARS OF GROWTH
Started production Purchased
Listed on of collagen & Thanh Binh
HOSE gelatin
Vinh Hoan Became the Processing
was Total #1 pangasius Design capacity: capacity
founded processing company approx. 2,000 MT expected by
capacity: end of 2017:
of finished products
150MT/day 900 MT/day
p.a

1997 1999 2007 2008 2010 2014 2015 2016 2017

Total processing
Purchased Van capacity: 750MT/day
The first Total Duc Tien Giang New kabayaki line in
workshop’s processing Total VDTG, with capacity:
capacity: capacity: processing approx. 2,000 MT of
100MT/day 450MT/day capacity: finished products p.a
550MT/day
OUR CORE VALUES

1. INTEGRATED BUSINESS MODEL

2. DIVERSIFIED PRODUCT PORTFOLIO

3. RENOWNED REPUTATION FOR QUALITY

4. SOLID AND EXPANDING CUSTOMER BASE

5. DEDICATED MANAGEMENT TEAM

CORE VALUES | 1. INTEGRATED BUSINESS MODEL
Marketing and
Hatchery Farm Processing
Sales

Hatchery area: 75 ha
Grow-out farming area: 7 processing facilities for  Ho Chi Minh City sales
400 ha fillets and value-added office
Self-supply: approx.
Raw materials self- products  International
40% of fingerlings
supply ratios (approx.): 3 fish meal and fish oil subsidiaries/branches
• Pangasius: 60% facilities in China, Singapore,
and the US.
• Barramundi: 100% 1 collagen & gelatin
• Tilapia: 50% factory
Pangasius processing
capacity: aprrox. 800 tons
of raw materials/day
Complete traceability along the supply chain to ensure
food safety, quality and sustainability
CORE VALUES | 2. DIVERSIFIED PRODUCT PORTFOLIO

Frozen fillets

Pangasius Barramundi Tilapia

Value-added products

Ready-to-cook Ready-to-eat

By-products

Fish oil Fishmeal Fish fins Fish nuggets

Hydrolyzed proteins
extracted from fish
skin
Collagen Gelatin
CORE VALUES | 3. RENOWNED REPUTATION FOR QUALITY
Products quality is ensured by strict compliance with international farming standards and modern processing facilities

Responsible &
sustainable
certifications
First pangasius First pangasius Total GAP-certified
farm to receive ASC company to obtain farming area: 180ha
certificate in 2012 BAP 4 star in 2015
The largest ASC- Total BAP-certified
certified farming farming area: 155ha
area: 142ha

Environmental, social
responsibility and
food safety standards
CORE VALUES | 4. SOLID AND EXPANDING CUSTOMER BASE
Over 180 customers in over 40 countries

Canada
34% Europe EU
15% 15% Japan (*)
US China (*) 19%
37% 6%
Hong Kong
30%

Latin America (*)

Australia
2%
28%

% of VHC export value over

total Vietnam export value 2016
(*) Growing markets
CORE VALUES | 4. SOLID AND EXPANDING CUSTOMER BASE
Sales contribution of Top 10 customers

2016 42%

2015 52%

Reduced reliance on key customers

No. of
customers
9
2016 25
180
12
2015 28
170
50% 70% 100% % of sales
CORE VALUES | 5. DEDICATED MANAGEMENT TEAM
The Founder and Chairwoman – Mdm. Truong Thi Le Khanh- whose vision, innovations, and commitment has
been the driving force behind the relentless growth of Vinh Hoan since its inception.
A visionary, experienced and focused management team.
Shareholders
Supervisory
Board
Procurement Board of management
Committee Chairwoman Truong Thi Le Khanh
Internal control
Remuneration
Committee Vinh Hoan Corp.
General Director Nguyen Ngo Vi Tam

Vinh Global sales

Vinh Finance and Relationship
Vinh Foods Aquaculture
Welness Director marketing Director
3 Directors Director of
Director Director
Sustainability

Production Thanh VDTG

Director Binh Director
Director
GOING FORWARD....
GROWTH POTENTIALS
Increasing demand for farmed freshwater fish as an affordable and sustainable source of protein

World population 2050: 9.1bn

Food supply: + 70% (*)
Fish Production Projections: Growth in world aquaculture production by
Aquaculture vs Capture species (2025 vs 2013-15)
48%
50% 47% 40% 39% 37%
30%
21%

50% 53% CATFISH, CARP SHRIMP TILAPIA SALMON MOLLUSCS

EELS AND AND TROUT
MILKFISH
(INCL.
Avg 2013-15est 2025 PANGASIUS)

Aquaculture Capture for human consumption

Charts data source: (*) FAO, “How to feed the world in 2050” paper
OECD/FAO (2016), “OECD-FAO Agricultural Outlook”,
OECD Agriculture statistics (database),
http://dx.doi.org/10.1787/agr-data-en.
GROWTH POTENTIALS

Vietnam accounts for > 95% of the US catfish 6th most consumed seafood in the US in 2015(2)
imports(1)
299 Percentage of pangasius consumption/total seafood
247.62 consumption per capita in the US in 2015:
236.82 229.06 288
220 5%
224.52 237.12 CAGR of pangasius consumption (2011-2015): 20%
213 214.23

2012 2013 2014 2015 2016

Vietnam pangasius (US mn) Total US catfish imports (US mn)

(1) Urner Barry Publications and U.S. Department of Commerce and Census Bureau
(2) Source: The National Fisheries Institute, 2016
GROWTH POTENTIALS
Pangasius remains in the top growth of farmed species thanks to its high productivity,
competitive price, good taste, and vast applications
Pangasius is native to sustainable aquaculture: Highly commercial:
 Native to Mekong River Delta;  White fillets, firm and flaky flesh;
 Disease resistance;  Non-fishy, non-muddy taste, pleasing all ages;
 Low feed conversion ratio;  Easy to cook, fits every cuisine;
 Easy boneless filleting  Competitive price
4.75 Source: Urner Barry. All rights reserved
4.5 4.5 4.5 4.5 4.5
4.5 4.38 4.35 4.3 4.3 4.3

4.25 4.09
4
4
3.75
3.5
3.25 3.1
3.05 3.1
3.03
3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1
3.02
2.98 2.95 3
2.9 2.9
3 2.83
2.75 2.7 2.7 2.7 2.7 2.7 2.7 2.7
2.68 2.65 2.65 2.65 2.65 2.65 2.65
2.75
2.5 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35
2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15
2.25
1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
2
1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.67 1.7
1.75 1.61

1.5
USD/lb JAN-16 FEB-16 MAR-16 APR-16 MAY-16 JUN-16 JUL-16 AUG-16 SEP-16 OCT-16 NOV-16 DEC-16
Pangasius, Vietnam, Fillet, Fz, 5-7 oz
Tilapia Fil, Fz (IVP) Shall/Stand Skin, Chem Free, CN, 5-7 oz
Tilapia Fil, Fz (IVP) Shall/Stand Skin, Chem Free, CN, 7-9 oz
Cod Shatt (FAS), Skls/Bnls, Atlantic 16-32 oz
Haddock, Atl, IQF, Skin-on, 8/10 oz
Haddock, Atl, IQF, Skin-on, 6/8 oz
Saithe, Pollock, Sknls/Bnls, Iceland, Shatt 8-16 oz
Pollock, Fil, AK, Pacific, Sin Fz, Sknls/Bnls, Shatt, 4-6 oz
GOAL AND STRATEGIES
Environmental and Economic Sustainability

Branding

Sales & Value-added Products

Capacity

Business Diversification

Promote Free Trade

STRATEGIES | 1. BRANDING
In Aug 16, adopt new corporate identity with clear three-arm hierarchy to prioritize on each core business

Deploy more efficient and consistent communication assets (e.g. company websites and social media assets)
STRATEGIES | 2. SALES AND VALUE-ADDED PRODUCTS
In 2016, forged into 5 new markets in 2016, expanding sales network to 180
Increase footholds in
customers over 40 nations
existing markets and
Entered Spain’s largest supermarket chain - Mercadona’s shelves in Dec 16
develop new markets
2016
58% 16% 10% 5% 4%
(USD)
Develop other strategic
sales channels
2015
62% 17% 7% 5% 5%
(USD)

Develop value-added
USA EU China & Hong Kong
products (VAP) Canada Australia Latin America
Japan ASEAN Israel

Sales Strategies Market Breakdown 2016 vs 2015

STRATEGIES | 2. SALES AND VALUE-ADDED PRODUCTS

Increase footholds in US EU Australia

existing markets and
develop new markets
 Promote free trade  Increase market  Direct sales
of Vietnam share in high-end  Branding
pangasius segments  Expand sales of
Develop other strategic  Develop sales for  Direct sales barramundi
sales channels barramundi and  Branding
tilapia  Improve reputation

Develop value-added
products

Sales Strategies
STRATEGIES | 2. SALES AND VALUE-ADDED PRODUCTS
China Latin America Japan
Increase foothold in
existing markets and
develop new markets  Direct sales of  Direct sales  Develop high-end
premium products  Promote product segments
to retailers and quality and food  Develop value-
Develop other strategic restaurant chains safety added products
sales channels  Sales to
foodservices

Develop value-added
products

Sales Strategies
STRATEGIES | 2. SALES AND VALUE-ADDED PRODUCTS
• 7 new VAD products in 2016: 1 ready-to-eat and 6 ready-to-cook.
Increase footholds in • 2 ready-to-cook products made into final list for “New Products” award
existing markets and at 2 largest seafood tradeshows in Boston and Brussels.
develop new markets • In Oct 16, launch new ready-to-eat (kabayaki grilled pangasius)
processing facility in VDTG with capacity of nearly 2,000MT FPs p.a.
• On-going projects of developing families of kabayaki-related ready-to-
Develop other strategic cook products.
sales channels

Develop value-added
products (VAP)

(USDm) 2015 2016 16 vs 15 2017F 17F vs 16

Sales Strategies Value-added products 2.5 3.4 36% 15 441%
VAP Sales forecast
STRATEGIES | 3. CAPACITY EXPANSION
Maintain self-supply ratio at approx 65%, in 2016: 64%.
Prioritize expanding farming area certified with international farming standards
Raw material capacity (ASC, Global GAP, BAP):
• Vinh Aquaculture division specializes in training and supporting contracted farms to
meet certification standards.

2016’s capacity: approx. 750 MT/day, up 11% yoy

Expand processing capacity for VAP:
• Kabayaki grilled pangasius line in VDTG: approx. 2,000MT p.a.
• Ready-to-cook products line in Dong Thap: approx. 120MT of raw materials/day
Production capacity In Jan 2017, purchased 100% shares of Thanh Binh Dong Thap

2017 2018 2019

(MT of raw materials per day)
Workshop No.1 Workshop No.2 Both workshops
Additional capacity of Thanh Binh
150 150 50-100
Dong Thap’s 2 workshops
STRATEGIES | 4. BUSINESS DIVERSIFICATION
Collagen & Gelatin Other seafood M&A

The first company In Jan 2017, purchased 100% shares of

produces single-source Thanh Binh Dong Thap
collagen peptide and Synergies:
gelatin from pangasius • Location
skin • Human resources (direct labor,
technical and managerial team)
STRATEGIES | 5. PROMOTE FREE TRADE
Promote free trade • Track record of campaigning against unfair trade defence
• The only Vietnamese pangasius company enjoys 0% anti-
dumping duty in the U.S market.
• Coordinator between NAFIQAD and professional consultant
supporting NAFIQAD during the preparation phase for
submitting equivalency documentation to USDA.

• Public education, digital marketing campaign, and other efforts to

Promote the industry develop understanding about the industry
BUSINESS PERFORMANCE AND FORECAST
(+44% yoy) 950
(+12% yoy) 832
9220
7,304
6,307 6,493 552 576
5,095 14%
4,228 26% 334 331 CAGR: 26%
CAGR: 15%

2012 2013 2014 2015 2016 2017F 2012 2013 2014 2015 2016 2017F

Net revenue (VND bn) EBITDA (VND bn)

335
250 274 2017F
196 233
174
22% Expansion of farming area VND 260bn~USD 11.3mn
CAGR: 12%
Expansion of processing
capacity VND 439bn~USD 19.1mn
2012 2013 2014 2015 2016 2017F
Total VND 699bn~USD30.4mn
Total export value (USD mn) Capital Expenditure Plan
BUSINESS PLAN
Revenue and Gross Profit Margin by Products

Product Name Revenue (VND bn) Revenue (USD mn) Gross Profit Margin
(%)
Frozen pangasius fillets 6,682 291 17%
Fishmeal, fish oil and other by-
1,577 69 1%
products
Value-added products 198 9 27%
Collagen, Gelatin 118 5 13%
Fish feed 345 15 6%
Other aquatic products (Shrimp,
300 13 14%
barramundi, tilapia)
Total 9,220 401 14%
SHARE INFO & SHAREHOLDERS STRUCTURE
 Outstanding shares: 92.3m
 Treasury shares: 0.2m
 Foreign ownership limit: 100%
 Current foreign ownership: 28%

SHAREHOLDERS STRUCTURE
(as of Nov 21, 2016)

Others, Mdm.
44.16% Khanh,
49.32%

Dragon
Capital,
6.52%
Disclaimer
This presentation contains “forward-looking” statements regarding the business operations and prospects of
Vinh Hoan Corporation (the “Company”) and industry factors affecting it. These statements are identified by
words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “could,” “may,” “will,” “should,” “planned,”
“potential,” “continue,” “momentum,” “forecast,” and other words referring to events that may occur in the future.
These statements reflect the Company’s current view of future events and are based on its assessment of, and
are subject to, a variety of risks and uncertainties beyond its control, each of which could cause actual results to
differ materially from those indicated in the forward-looking statements. These factors could negatively impact
the Company's results of operations. Among other things, future profitability may be affected by the Company’s
ability to grow its business, which faces competition from companies that may have substantially greater
resources than the Company. Other risks and uncertainties regarding the Company, its business and the
industries in which it operates are referenced from time to time in the Company’s filings with the Ho Chi Minh
City Stock Exchange. The Company is under no obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact Vinh Hoan IR at: ly.nguyen@vinhhoan.com