Vingroup JSC

4Q2019 Earnings Presentation

3 FEBRUARY 2020
Important Notice
IMPORTANT: The information contained herein is preliminary and subject
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2
Table of Contents

1 Key Highlights 2 Operational Updates 3 Strategic Review

4 Key Initiatives for 2020 5 Financial Summary

3
Key Highlights

4
 At a Glance: 4Q2019 Financial Performance

 Total Revenue  Recurring Revenue(1)  EBITDA(2)

4Q2019 FY2019 4Q2019 FY2019 4Q2019 FY2019

VND VND VND VND VND VND

38.2tn 130.8tn 15.4tn 36.7tn 11.8tn 33.9tn

1.1% YoY 7.3% YoY 204.7% YoY 90.0% YoY 30.8% YoY 35.2% YoY

 Profit After Tax  Total Assets  Total Equity

4Q2019 FY2019 FY2019 FY2019

VND VND VND VND

3.6tn 7.7tn 408.6tn 120.6tn

9.3% YoY 24.4% YoY 41.8% YoY 21.6% YoY

Source: Company information as of 31 December 2019.

(1) Recurring revenue excludes consumer retail which Vingroup divested in December 2019. 5
(2) Adds back capitalized interest expenses and foreign exchange losses/ (gains).
Key Highlights in 2019

01 • Vinhomes: Launched Vinhomes Grand Park (HCMC) and Vinhomes Symphony (Hanoi); 58,300 units pre-sold in 3 mega-
projects with 88% sold, up 421% YoY; completed bulk sale transactions of 38,800 units in 2019, accounting for 65% of 2019
pre-sales

• Vincom Retail: Launched 9 new malls in 4Q2019, bringing the total retail GFA to 1.6 million sqm as of 31 December 2019
Robust operating
performance
across Vingroup’s
• Vinpearl: Opened 3 new hotels and ramped up operation with room nights sold growing by 51%
core business
segments
• VinFast: Started the delivery of 3 car models, introduced 3 new e-scooter models Ludo, Impes and Klara S and successfully
sold 50,000 e-scooters and 19,400 cars(1) as of 31 December 2019

• VinSmart: Introduced 6 new Vsmart smartphone models, 5 smart TV models to date and sold 600,000 phones in 2019

• VinID: Number of members grew by 45% YoY from more than 6.2 million in 2018 to 9 million members in 2019

02 • Recurring revenue(2) grew strongly by 90.0% YoY to reach over VND36.7tn with improvements across most existing businesses
Strong financial and the newer industrials segment
performance with • Gross profit improved by 30.3% YoY to reach over VND37.7tn, with margins improving by 4 percentage points, led by
healthy balance improvements in the property sales segment where margins improved by 23 percentage points and the hospitality and
sheet entertainment segment where margins improved by 21 percentage points
• EBITDA improved by 35.2% YoY at c.VND33.9tn with margin improving by 5 percentage points from 20.6% in 2018 to 25.9%

03 Strategic
• In 4Q2019, Vingroup swapped its entire interest in VinCommerce for an option exchangeable into a non-controlling interest in a
subsidiary of Masan which will own VinCommerce and Masan Consumer Holdings, Masan’s existing consumer manufacturing
review to exit retail
business
in order to focus
on industrial
• VinPro and Adayroi have also been closed as the Group streamlines its retail business in order to focus its resources on the
businesses
industrial businesses

6
Source: Company information as of 31 December 2019.
(1) Includes 2,400 Chevrolet cars.
(2) Recurring revenue excludes consumer retail which Vingroup divested in December 2019.
Residential

60,100 Units pre-sold in 2019 VND91tn Pre-sales in 2019

28,900 Units delivered in 2019(1)

VND91tn Unbilled bookings(2)

Source: Company Information as of 31 December 2019. 7

(1) Includes shophouses, shopoffices, condotels and beach villas.
(2) As of 31 December 2019.
Pre-sales Momentum Continues
01 Pre-sales (1) by Value
Breakdown by Launched Year (VNDtn)

28 61 79 70 91 Unbilled Sales of Vinhomes (VNDtn)

91

65 68
53
36

2015 2016 2017 2018 2019

02 Development Status and Launch Progress of Mega Cities

Vinhomes Ocean Park Vinhomes Smart City Vinhomes Grand Park
Location • Gia Lam District, Hanoi • Nam Tu Liem District, Hanoi • District 9, Ho Chi Minh city
Product size area • 420 ha • 280 ha • 271 ha
Construction start date • 2018 • 2018 • 2018
Estimated delivery start date • Low-rise delivery started • 3Q2020E • 3Q2020E
• High-rise delivery to start in 2Q2020E

% construction completion • 31 Dec 2019: 29% • 31 Dec 2019: 24% • 31 Dec 2019: 37%
Number of units 44,000 45,600 43,600
launched / to be launched in
2019 / 2020
(units)(2)

2019 2020 Total 2019 2020 Total 2019 2020 Total

Annual Pre-sales
8
Source: Company Information as of 31 December 2019.
(1) Pre-sales defined as number of units under SPA and under non-cancellable deposits.
(2) Including retail and retail-equivalent units from bulk sales transaction
Delivery in 2019
28,900 units(1) delivered in 2019, 88% increase YOY
Units (#)
26,600

1,200
300
Hanoi Ho Chi Minh City Others

Hanoi Ho Chi Minh City Others

Vinhomes Ocean Park Vinhomes The Harmony Vinhomes Golden River Vinhomes Central Park Vinhomes Star City Vinhomes Imperia

Vinhomes New Center

Vinhomes Smart City Vinhomes Metropolis Vinhomes Marina Ha Tinh

Beachfront Condotel
Vinhomes Sky Lake Vinhomes Green Bay Shophouse Ca Mau
Nha Trang

In 2020, there expected to be c.26,600(2) high-rise and low-rise units to be delivered from Vinhomes Ocean Park, Vinhomes Smart City and
Vinhomes Grand Park, and c.3,700(1) units from other projects, not to mention developable units under bulk sales transactions, sustaining revenue
and profitability upward momentum

9
Source: Company Information as of 31 December 2019. # unit rounded to nearest ‘000.
(1) Include shophouses, shopoffices, condotel and beach villas.
(2) Figures rounded to the nearest ’00.
Enhancing Value-Added Services and Explore New Businesses
to Increase Company Value

Direct Sales Model and

Online Platform to Improve operational
replace Agency model efficiency across the value
at Mega projects to chain, enhance Vinhomes
improve transparency growth potentials and
and customer care increase company value

Maximize income To invest in industrial real

streams by offering estate to capitalize on the
additional ancillary attractive sector tailwinds
products, and value- and grow Vinhomes’
added services recurring income portfolio
Create stable income To continue on the path
for homebuyers by of digital transformation:
actively offering rental centralized data
and sub-leasing processing and
management services Continue to grow management centers for
Vinhomes’ land bank, each smart city project, to
launch and develop use Building Information
projects on schedule Modelling in design and
to use online platform for
home sales

10
Retail Leasing

79 Operational malls
1.6 million sqm of retail GFA

43 Cities and provinces

90% Overall occupancy in 2019(1)

11
Source: Company information as of 31 December 2019.
(1) Average occupancy does not include malls which underwent major renovation.
Key Operational Highlights
Operational improvement led by Vincom Mega Malls

01 Retail GFA 02 Average Occupancy

(‘000 sqm) FY2018 FY2019 Change (%) (%) FY2018 FY2019 Change (bps)

Vincom Center 246 280 13.8 Vincom Center(2) 91.7% 91.3% 40

Vincom Mega
395 388 1.8 Vincom Mega Mall 88.5% 91.7% 320
Mall(1)

Vincom Plaza 745 858 15.2 Vincom Plaza 88.3% 88.7% 40

Vincom+ 63 72 15.0 Vincom+ 78.5% 84.9% 640

Total 1,448 1,598 10.3 Total 88.4% 89.8% 140

12
Source: Company information as at 31 December 2019.
(1) Due to re-categorizing of a few shop-offices from Investment Property to Inventory for Sale.
(2) Occupancy rate of Vincom Centers was slightly impacted due to a big tenant moving out of Vincom Ba Trieu for 6 months from Feb to Sep 2019, which was replaced by another tenant at the end of 2019.
Key Operational Updates in 2019
The number of tenants increased in 4Q2019 and several projects are undergoing tenant mix upgrade
Update on New Launches and New Tenants Renovation and Upgrade
VCC Pham Ngoc Thach
Malls launched/ to GFA added Average
 Completed the renovation
launch (‘000 sqm) Occupancy rate  Upgraded tenant mix with the first
Uniqlo store in Hanoi, renowned cuisine
brands such as Haidilao, Pizza 4Ps
4Q2019 9 malls 80 96%

VMM Times City

2019 13 malls 153 96%
 Upgraded international fashion
brands

2020 target 10 malls 260 >90%

VCC Dong Khoi

 Added well-known cosmetics,
New tenants Key chains agreed to F&B and household appliances
expand brands

Number of brands to-date GFA leased to this group

>1,000 +29% VCP Ngo Quyen, Da Nang
 Finished upgrading tenant mix
 Expanded international tenant portfolio:
H&M, Mothercare, Starbucks

VMM Royal City

 Introduced Decathlon – the first French
super sports supermarket in Vietnam

13
Source: Company information as at 31 December 2019.
Hospitality and Entertainment

16,800 Rooms in operation

11,900 Rooms owned
4,900 Rooms managed(1)

33 Projects under
operation 3 Projects launched in
FY2019 3 Pipeline projects for
FY2020(2)

14
Source: Company information as of 31 December 2019.
(1) Rooms managed are at Vinpearl facilities in Phu Quoc which are not consolidated into Vingroup's earnings results.
(2) Including the reopening of Vinpearl Luxury Phu Quoc.
Key Operating Highlights

01 Hospitality 02 Entertainment – Vinpearl Land

(No. of room nights sold(1), ‘000) (No. of guests, ‘000)
Key Highlights
1,745
5,803
4,873
1,153

3,081
 Opened 3 new hotels, adding
717 800 rooms to capacity

 Record numbers of room nights

sold (1.7 million) and guests to
2017 2018 2019 2017 2018 2019 Vinpearl Land (5.8 million),
achieving double digit growth in
core markets
(Revenue(1), VND bn) (Revenue, VND bn)

 Successfully introduced new

7,298
2,481
attractions at Vinpearl Land Nha
2,124 Trang
5,126
1,681
3,714

2017 2018 2019 2017 2018 2019

15
Source: Company information as of 31 December 2019.
(1) Includes projects in Phu Quoc.
Improving Performance across the Region

01 Nha Trang 02 Phu Quoc(1) 03 Da Nang

1,433
3,066 1,748

1,155

1,310
2,115

1,076

1,656

573

744
311
472 299 224
251
297 180
95

2017 2018 2019 2017 2018 2019 2017 2018 2019

Total revenue (VND bn) Number of room nights sold (‘000)

Source: Company information as of 31 December 2019.

(1) Since August 2018, Vinpearl facilities in Phu Quoc are no longer consolidated in Vingroup Consolidated Financial Statements 16
New Launches in 2019
Vinpearl inaugurated 3 hotels in Ho Chi Minh City and Hai Phong with combined capacity of 796 rooms

Vinpearl Luxury Landmark 81 Vinpearl Imperia Hai Phong Vinpearl Rivera

• Brand segment: Luxury • Brand segment: Hotel & Resort • Brand segment: City hotel
• Property type: Hotel • Property type: Hotel • Property type: Hotel
• Location: Ho Chi Minh City • Location: Hai Phong • Location: Hai Phong
• Rooms: 223 • Rooms: 362 • Rooms: 211
• Highlights: • Highlights: • Highlights:
− One-of-a-kind experience at the tallest hotel in − Prime location in largest port city in North − Prime location by Cam River (largest river in Hai
Southeast Asia and the tallest building in Vietnam Phong)
Vietnam
− First 5-star complex in Hai Phong − Unique design with neo-classical facade
− An observation deck atop the 81st floor, at over
− Full suite of ancillary services for MICE and
460m high point with a rooftop bar offering
event organization
undisrupted 360-degree views of Ho Chi Minh
City
− Strategically located at the center of Ho Chi
Minh City with splendid view of Saigon River. It
is well-connected to popular tourist destinations
• Awards:
− Three-time winner at 2019 World Travel Awards
for Asia’s Leading Riverfront Hotel, Vietnam’s
Leading City Hotel and Vietnam’s Leading Hotel
Suite

17
Source: Company information as of 31 December 2019.
Operational Achievements in 2019
Vinpearl gained notable achievements in business
development, marketing, products and operation
Marketing: successfully organized festivals attracting thousands
01 of visitors
02 New products
“All Inclusive” Packages
Target markets: Russia, South
Korea, Vietnam
Features:
 Accommodation and room service
 All-day dining options
 Vinpearl amusement park, Vinpearl
safari, outdoors activities, cultural
shows
 Dedicated kids activities
 Spas and other high end services
Source: Company information as of 31 December 2019.
Vinpearl Land continuously developed new concepts and
destinations to refresh its images and attract visitors
01 World Garden – Vinpearl Land Nha Trang
Festive • Featuring over 10,000 plants from
Wonderland: the 5 continents: Rose Dome,
attracted Desert Dome, Vietnam Dome,
200,000
customers in
European Dome and Orchid
6 days Dome
• Awarded Largest cactus-display
dome in Vietnam
02 Zip line – Vinpearl Land Nha Trang
“Vinpearl Family Club”
• Highest speed zip line (100km/h),
Longest zip line in Vietnam
(880m), Highest quickjump (5.8m)
• Zip Line together with Alpine
Coaster attracted ~80% visitors to
Vinpearl Land
 Comprehensive package
featuring edutainment, F&B
options, indoors and outdoors
activities catering to different
age group from babies to 16
years old
18
Industrials

10 Vsmart smartphones launched to

date ~1,000 Battery exchange stations

5 New VinSmart TV models

>100 Showroom / authorized dealers

19
Source: Company information as of 31 December 2019.
Supportive Long-term Fundamentals Exhibited by Vietnam’s
Automotive Industry
Vietnam’s car and scooter markets are expected to experience remarkable growth on the back of strong consumer demand
and government support

Vietnamese Car Market Projection (2016-2023F)(1) Growth Drivers for VinFast’s cars
New car sales (‘000 unit/year) 3
2 01 Imports are 30% above previous year
1
601
520 80% of car owners plan to buy new car; car ownership expected to
446 02
380 increase by 40%(2)
308
238 214 254
Middle & affluent class expected to grow by 50% by 2025(3), with car
03
ownership a key aspiration
2016 2017 2018 2019E 2020E 2021E 2022E 2023E

ICE Bikes and E-motorbike Demand Forecast Growth Drivers Offering “1st Mover Advantage” to VinFast’s e-scooters
‘000 unit/year 2018-30E CAGR
• Push from the Government to encourage green transportation to
meet -8% target for green house gas reduction by 2030 and address
3942 critical levels of pollution in Hanoi and HCMC
3503
117
2365 • e-Scooter products are affordably priced and aim to cater to the mass
market, across various customer segments
3,386
1,577 • Growing number of charging points and battery rental shops
across Vietnam will improve convenience and increase popularity of e-
scooter products
2018 2030E
ICE bikes E-motorbikes • No dominant brand in the Vietnam e-scooter market yet

20
Source: Company information as of 31 December 2019.
(1) IHS Markit Automotive 2019, BCG analysis.
(2) Based on BCG customer survey results, interviewing >500 people in Hanoi and Ho Chi Minh City.
(3) BCG CCI Population Model.
Developing Vietnam’s First and Only Automobile Marquee
Start of operations at the lithium ion Received ASEAN NCAP 5-star rating for
battery factory as part of a joint venture Lux A & Lux SA and 4-star rating for Fadil
with LG Chem from ASEAN NCAP

Nov Jun Jul Sep Oct Dec

2018 2019 2019 2019 2019 2019

Launch and Delivery of 3 Launch of 2 more e- Introduced new versions of Klara

delivery of car models scooter models (Klara S), Ludo and Impes which
VinFast’s first e- targeting the mass allow both self-charge at home and
scooter model market battery exchange at VinFast’s
KLARA LUX A 2.0 LUX SA 2.0 FADIL LUDO IMPES
stations

Cumulative Orderbook Network

~1,000 battery exchange stations

19,400 car units (1)

E-scooter: 63 authorized dealers,

17 show rooms (2)

50,000 e-scooter units Car: 21 authorized dealers,

17 show rooms (2)

Source: Company information as of 31 December 2019. 21

(1) Includes 2,200 Chevrolet cars.
(2) Total number of showrooms for both cars and e-scooters
VinSmart Smart Devices Ecosystem with Vsmart at the Center
Google enabled VinSmart to develop Smart TV on Android
01 Started off with Smart Phones 02 operating system
10 Models launched to-date 5 Smart TV models launched to-date
1st Active 1, Active 1+, Joy 1 and Joy 1+ (Dec 2018)
Round

2nd Bee, Star, Joy 2+ and Live (3Q2019)

Round

3rd Bee 3 and Active 3 (Dec 2019 – Jan 2020)

Round
ACTIVE 3 BEE 3

Number of phones sold in 2019: 600,000 Number of TVs sold: 2,500

Market share: 7.5%(1) Record breaking
market share for a first time entrant

03 Strategic Partnership with Industry Leaders 04 Developing an IoT and Smart Devices Ecosystem
Strategic Technology Partners

Local Distribution Partners

22
Source: Company information as of 31 December 2019.
(1) Market share for December 2019.
Technology

23
 Key Highlights in 2019
01
Product and services

 Developed products for assisting medical imaging diagnostics

 Facial recognition and anti-spoofing features for Vsmart Live phones

 Cyber security defense and protection services, and FIDO2-Certificated authenticator product, a leading security authentication technology

 Successfully developed several applications to enhance productivity and optimize performance, such as computer vision technology, language
processing, construction site management app and digital signature

 Wearable device Vantix-Band and software system for tracking/analysing activities and improving productivity

02 03
Research Sponsorship

 AI and computer vision researches
 Several articles published at leading international conferences
(ICCV 19, NIPS 19 and AAAI Conference on AI 2020)
 Numerous Common Vulnerabilities and Exposures (CVE)
published on National Vulnerability Database of the National Institute
of Technical Standards (US)
 VinAI booth at NIPS in Canada. NIPS is a world-leading AI
conference
 Funded multiple basic science research projects, applied and
start-up research projects and granted 158 masters / PhD
scholarships
 Launched the second round of applied research and start-up
sponsoring program and received 240 applications

24
Source: Company information as of 31 December 2019.
Strategic Review

25
 Strategic Review
In 2019, Vingroup conducted
extensive strategic review
including:
INDUSTRIALS TECHNOLOGY • Share swap of VCM business
• VinFast and VinSmart • VinTech to become the with Masan’s consumer business.
to produce Vietnamese leading technology Retain non-controlling interest in
branded automobiles, company in Vietnam, combined business, Vietnam’s
e-scooters, and smart contributing to leading consumer retail platform
devices for distribution Vietnam’s rise in the
locally and across global value chain ‒ Continued exposure to
international markets Vietnam’s high potential
consumer retail segment
‒ Expected minimal impact on
Vingroup’s profit and loss in
short-term and retain long-
term potential upside
• Exit electronics retail to focus on
core businesses
• Merge Adayroi into VinID to create
Largest online leading digital ecosystem
to mirror Vingroup’s physical
Consumer-centric ecosystem
Ecosystem in • Exit Vinpearl Air and consider
Vietnam REAL ESTATE AND SOCIAL partnership to support hospitality
SERVICES business; minimal impact on
Streamlining of businesses to existing business as Vinpearl Air is
focus resources and
• Vingroup’s expanding ecosystem integrated
through traditional real estate, hospitality, in early stage
management attention on
entertainment, healthcare, education segments
newly developed Industrials
and Technology while
solidifying leadership in the
Real Estate and Social
Services sector

26
Source: Company information as of 31 December 2019.
VinCommerce Transaction Description
• VinCommerce to merge with Masan’s Consumer Holdings to create Vietnam’s leading consumer – retail company
Transaction • Vingroup swapped entire interest in VinCommerce for an option exchangeable into a non-controlling interest in the
structure combined business

• Key highlights of the new Combined Entity include:

 Owning a distribution network of 2,600 VinMart & VinMart+ stores in 50 provinces with millions of customers
Combined Entity and 14 high-tech farms of VinEco
overview
 Leveraging expertise and resources from 20 years of experience in consumer goods from Masan. Masan is
a dominant market leader in several food categories such as condiments, instant noodles and fresh meat

• Network expansion:
 VinCommerce is currently the largest retailer in Vinhomes projects and Vincom Retail malls. For new stores,
parties will continue to work together closely to map out their network expansion strategy, including
VinCommerce being preferred partner to Vinhomes/Vincom Retail and vice versa

• VinID:
Strategic
cooperation  VinCommerce continues to share customer data with VinID. VinID also receives information from other
Vingroup subsidiaries, and supplies its members with customer data analytics to help them realize (O2O
strategy, effective targeted marketing)

• B2B supply contract:

 Vingroup continues to buy quality VinEco vegetables from VinCommerce, and source other consumer products
from VinCommerce at wholesale prices

27
Source: Company information as of 31 December 2019.
 Creating a Full-fledged Consumer Retail National Champion
 Leading omni-channel player
 Comprehensive multi-format offline
and online networks
Vertical integration across the consumer
01
value chain
 Capture manufacturer margins along with retailer
and distribution margins for all Masan Consumer
products sold within VinCommerce stores synergies across
Sharing of R&D and manufacturing
VinCommerce
capabilities between VinCommerce and 02
Masan Consumer
 Accelerate development of VinCommerce’s “in-house” private
label capabilities and broadens its private label offerings
 Allows Masan Consumer to leverage established
VinCommerce brands (VinMart Cook and VinEco)
Mutual expansion of distribution networks
 Masan Consumer branded products to benefit from
VinCommerce's >2,600 stores, growing online presence,
and control over product placements within stores
 Enables VinCommerce to tap Masan Consumer's general
/ traditional trade channels
 Dominant consumer products player with
profitability and high projected growth
 Market leader in core sub-categories to
benefit from Vietnam’s high growth
06 Financial synergies
 Masan Consumer's profitable business and cash flows to
Significant support VinCommerce expansion
and Masan 05 Cost synergies
Consumer
platforms...  Potential savings from combining and/or streamlining the
Combined Entity’s logistics chain and distribution network as
well as certain management functions
03 04
Broaden the fresh food ecosystem
 Fresh produce is key to attracting local Vietnamese
consumers to stores and are high margin products
 Priority access to high quality fresh meats through a
combination of Masan Meats and VinEco
28
Rationale of the Transaction and Financial Impact

Transaction enables Vingroup to focus its resources on industrials and technology pillars while
1
maintaining market-leading position in its core real estate businesses

Vingroup continues to hold significant minority interest in an enlarged consumer-retail national

2
champion

Broadened ecosystem and extended access to consumers through integration of VinID with the
3
Combined Entity’s business

VinMart supermarkets and VinMart+ minimarts to remain an integral part in Vincom Retail shopping
4
malls and Vingroup’s integrated projects

Transaction provides short-term / immediate improvement in blended profitability while retaining

5
significant upside in a larger consumer-retail platform

29
Key Initiatives for 2020

30
Key Initiatives for 2020
01 Real Estate and Social Services
● Continue to sell units in 3 mega projects and launch 3 new projects, namely Vinhomes Wonderpark (Hanoi), Vinhomes Galaxy (Hanoi) and Vinhomes Dream City (Hung
Yen)
● Innovative sales strategy to focus on direct and online channels to promote transparency, optimize revenue and cut costs
● Expand into industrial park real estate as a new driver for growth

● Open 10 new retail malls with a total GFA of 260k sqm

● Upgrade shopping space, introduce more brands catering to consumer preferences and income, offer more amenities and apply advanced technology
● Introduce the tourist-retail model

● Introduce VinHoliday, a 3-star hotel brand

● Select world-renowned hotel management brands to manage a few Vinpearl hotels to increase variety of choices for customers
● Expand Vinpearl Land and Vinpearl Safari parks (VPL Phu Quoc phase 2, World Garden at VPL Nha Trang)
● Upgrade services and products to international standards; Develop new sources of customers from core markets

● Promote digital transformation to enhance customer experience, leverage on key products such as stem cell, gene technology
● Develop new models and products to shift from cure to prevention

● Launch 5 additional campuses

● Digitalize and transform all curriculum into blended learning of online and offline channels

● Inaugurate VinUni at Vinhomes Ocean Park

● Plan for the first enrolment in September 2020

● Maintain customer loyalty program – key product to gain market share, affirming the leading position with optimal cost
● Continue to develop payment services, which is a springboard for developing financial services
● Analyze data by algorithms to facilitate promotions, shopping suggestions, searches
● NewRetail: a smart, convenient and transparent platform to support consumers’ daily shopping, including O2O services to attract and retain new customers to the
ecosystem.

31
Source: Company information.
Key Initiatives for 2020 (cont’d)
02 Industrials & Technology

● Launch new car, electric bus and e-scooter models across the mid to high-end segments
● Integrate after-sales and marketing services into a single customer care division
● Focus on Vietnam market whilst continuing to explore exporting opportunities

● Launch new phone models, including 5G phones and several smart home devices
● Focus on Vietnam market whilst continuing to explore exporting opportunities

● Deploy software to optimize Vingroup’s business operations, and leverage to provide to third parties
● Develop Big Data in healthcare and biometrics; Invest in Lab Cyber 4.0 to provide cybersecurity services to domestic and international companies
● Select sponsorship to promote AI and via VinIF and VinTech Fund

32
Source: Company information.
Financial Summary

33
Income Statement Highlights – VAS
01 Revenue 02 Gross Profit 03 EBITDA(2) 04 Profit After Tax
(VNDbn) (VNDbn) (VNDbn) (VNDbn)

30.3% 30.1% 24.7% 29.1% 26.7% 19.7% 20.6% 25.9%

130,790 37,697
121,894
33,892

28,923 7,702
64,501

26,554
89,350
25,069
6,191
83,272

5,655

17,430 17,588
57,614 4,458
62,482

15,380
37,296

66,288
38,623
26,868
20,319

2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019

Recurring revenue Gross profit margin(1) EBITDA margin

Property sales

34
Source: Audited VAS Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited VAS Consolidated Financial Statements for 2019
(1) Adjusted gross profit margin removing one-off / extraordinary projects, such as Landmark 81 (Vinhomes Central Park) and Vinhomes Thang Long.
(2) Adds back capitalised interest expenses and foreign exchange losses/ (gains).
Revenue Performance – VAS
01 Property Sale 02 Leasing 03 Hospitality & Entertainment Services(1)
(VNDbn) (VNDbn) (VNDbn)

6,963 7,759
83,272
6,670
5,559
62,482 64,501
4,410 4,960
3,322 4,030
37,296

2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019

04 Healthcare 04 Education 06 Industrials

(VNDbn) (VNDbn) (VNDbn)

9,929

3,025
2,631

1,852 2,063
1,450
1,093 1,013
713
556

2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019

35
Source: Audited VAS Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited VAS Consolidated Financial Statements for 2019.
(1) Adjusted for the sales of beach villas to reflect underlying business performance.
Gross Profit and Margin – VAS
01 Property Sale(1) 02 Leasing 03 Hospitality & Entertainment Services(2)
(VNDbn) 55% (VNDbn) (VNDbn)
39% 39% 51% 52% 51% 52% 15% 13% 17%
32% 12%

34,560
3,614
23,911 25,148
2,838
2,310 1,303
14,589 1,704 891
767
487

2016 2017 2018 2019 2016 2017 2018 2019

2016 2017 2018 2019

04 Healthcare 05 Education 06 Industrials(3)

(VNDbn) (VNDbn) (VNDbn)
18% 23%
6% 17%
6% 4% 2%
(3%)

344

195 205
166
107 121 80 NM NM
(68)
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019

Source: Audited VAS Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited VAS Consolidated Financial Statements for 2019.
(1) Adjusted gross profit margin removing one-off / extraordinary projects, such as Landmark 81 (Vinhomes Central Park) and Vinhomes Thang Long. 36
(2) Adjusted for the sales of beach villas to reflect underlying business performance.
(3) Not meaningful as delivery of cars only started in late 3Q2019.
Balance Sheet Highlights – VAS
01 Total Debt(1) & Net Debt(2) 02 Debt(1),(2) / EBITDA(4) 03 Total Assets & Total Equity 04 Breakdown of Total Assets(3)
(VNDbn) (VNDbn)

10,327 8,814 15,509 28,908

408,573
3.77x
127,784 3.63x

3.02x
2.92x
98,876 2.81x 25%
288,127
91,092 35%
2.59x

2.31x
75,584 VND408.6tn
213,792
1.91x 9%
183,476

10%
49,360
14%
1%
39,759 40,546 120,601 2% 4%

99,167
29,432

48,291 52,557

Property sale Automobiles/ Smart Devices

Hospitality & entertainment Leasing

2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 Consumer retail Healthcare & education

Total debt Net debt Total Debt / EBITDA Others Assets managed on a Group basis
Net Debt / EBITDA Total assets Total equity

Cash and short-term investments

Source: Audited VAS Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited VAS Consolidated Financial Statements for 2019 37
(1) Total debt is equal to interest-bearing loans and borrowings.
(2) Net debt is equal to total debt, less cash and cash equivalents and short-term investments.
(3) Others refers to agriculture 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.
(4) On a LTM basis for EBITDA.
Balance Sheet Highlights – VAS (cont'd)
Diversified Funding Sources –
01 Breakdown of Total Debt 02 Total Debt Breakdown By Currency 03 Total Debt Breakdown By Interest Rate

(1)
VND
Domestic bond 69.3%
34.3% Floating Fixed
72.2% (2)
27.8%

USD
30.3%

Others
VND127.8tn VND127.8tn VND127.8tn
4.2%

Bank loans, Syndicated loan,

6.3% 47.1%
EUR
Exchangeable 0.4%
bond
8.0%

38
Source: Interim / Unaudited VAS Consolidated Financial Statements for 2019.
(1) Includes USD debt which is hedged for foreign exchange rate purposes.
(2) Includes floating rate debt which is hedged for interest rate purposes.
Key Credit Metrics and Debt Maturity Profile – VAS
01 Recurring Revenue / Interest Expense(1)(2) 02 EBITDA / Interest Expense(2) 03 Debt Maturity

Average debt
maturity:
4.54x 44,865 3.56 years
7.29x
6.99x
4.21x Average debt

7,758
maturity (excl.
6.43x
Vinhomes’ debts):
3.73x 4.18 years

31,045 30,716

17,393
2.85x

7,811

13,468
3.77x

2,060
21,159

4,626
21,174

19,714

15,290

15,500
1,033
1,957
2016 2017 2018 2019 2016 2017 2018 2019 Less than 1 1-3 years 3-5 years More than 5
year years

Bank borrowings & others

Syndicated loan

Corporate bond
39
Source: Audited VAS Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited VAS Consolidated Financial Statements for 2019.
(1) Interest expense includes capitalized interest.
(2) On a LTM basis for recurring revenue, EBITDA and interest expense.
Leverage, Coverage and Other Ratios – VAS

FY2019 FY2018 Change

Leverage ratios

Net debt(1) / EBITDA(3) 2.92x 3.02x (0.10x)

Net debt(1) /
26.0% 28.0% (2.0%)
(Total assets – cash & short-term investments)

Coverage ratios

Recurring revenue / Interest expense(2)(3) 7.29x 6.99x 0.30x

EBITDA / Interest expense(2)(3) 3.73x 4.54x (0.81x)

Others

Debt maturity (years) 3.56 3.11 0.45

Debt maturity (years)

4.18 3.64 0.54
(Excl. Vinhomes’ debts)

40
Source: Audited VAS Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited VAS Consolidated Financial Statements for 2019
(1) Net debt is equal to total debt, less cash and cash equivalents and short-term investments.
(2) Interest expense includes capitalized interest.
(3) On a LTM basis for recurring revenue, EBITDA and interest expense.
VINGROUP OFFICES
HANOI HEADQUARTERS
Vingroup Joint Stock Company (“Vingroup” or “the Group”) is the largest listed companies in Vietnam, as measured by market Number 7, Bang Lang 1, Vinhomes Riversides
capitalization with VND388.3 trillion (c.USD16.7 billion) as at 31 January 2020. Long Bien District
Hanoi, Vietnam
Vingroup today bases its strategy on the principles of sustainability and professional management to operate in three major business
segments:

 Industrials
HO CHI MINH CITY BRANCH
− VinFast, the first and largest domestic comprehensive automobile-maker and electric scooter producer in Vietnam Vincom Dong Khoi – 4th Floor
72 Le Thanh Ton, District 1
− VinSmart smart electronic devices including smartphones under the Vsmart brand
Ho Chi Minh City, Vietnam
 Technology

− VinTech conduct research on AI, automation and next-generation materials and employ applications of technologies accordingly

− VinID, the largest customer base platform serving the Vingroup ecosystem

 Real Estate and Social Services

− Residential Vinhomes premium apartments, villas and shophouses, mid-end real estate with integrated facilities, Happy Town –
affordable housing

− Retail Leasing Vincom quality shopping malls

− Hospitality-focused Vinpearl hotels, resorts and beach villas, and Vinpearl Land amusement parks and conservation parks
CONTACTS
− Healthcare service provider, Vinmec (including hospitals and clinics)
Investor Relations Department
− Quality education provider Vinschool featuring the K-12 education system and VinUni non-profit private university Address: Vingroup Hanoi Office (Headquarters)
Vingroup was listed on the HOSE on 07 September 2007. More information on the Group can be found at www.vingroup.net. Email: ir@vingroup.net
Tel: +84 (24) 3974 9999 (Ext. 9462)
Fax: +84 (24) 3974 8888

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