2016 INVESTOR CONFERENCE

12-14 October 2016 Park Hyatt Saigon, Ho Chi Minh

VinaCapital Vietnam Opportunity Fund

Andy Ho
Chief Investment Officer
Managing Director
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Mastertitle
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style VOF overview

• Launched 2003. Migrated from AIM to the LSE Main Board on 30th March 2016.
A closed-end fund, domiciled in Guernsey.

• High-conviction, multi-asset strategy.

Focus on sectors that benefit from domestic consumption and infrastructure growth in Vietnam.

• Net Assets USD850.4m or USD4.08/share (+25.9% CY2016 YTD), Market Cap USD650m (30 Sep 2016).
VOF is one of the largest and most liquid Vietnam closed-end funds.

• Discount to NAV 23.6% (30 Sep 2016), current estimate 22% (7 Oct 2016)
Ongoing share buyback programme has returned $242m1 to investors over the past 5 years.

• Managed by an experienced, institutionalised team across asset classes including private equity, listed
equities and real estate.

• Fully independent, non-executive board with deep experience in Vietnam and other emerging markets.

As at 30 Sep 2016, VOF has spent USD242 million overall repurchasing 116 million shares which have been cancelled and total voting rights in the Company are now 208,646,258 2
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Why VOF
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style VOF strategy

VOF’s strategy takes advantage of market inefficiencies by investing in public and private equity.

50% of VOF is invested in a high conviction portfolio of c.20 quoted investments, unconstrained by
1 index weightings.

Strong record in private equity and privatisations

2
Achieved a weighted average gross IRR of over 20%1 across 40 specific fully realised private equity deals2

3 Unique ability to invest in SOE privatisations on a selective basis.

4 Legacy real estate portfolio is being reduced, with several large exits recently completed.

Note: The private equity track record is for the private equity portfolio within VOF; returns are only for 40 specific fully realised deals in the private equity portfolio
1 Weighted average gross returns based on total equity invested. Net returns are unavailable because the private equity investments are part of a multi-asset strategy portfolio from VOF. The expenses for VOF are not broken down by asset class
2 Includes SOE privatisation, private company and PIPE deals as of 31 August 2016; does not include convertible debt transactions

• SOE privatisations: Investments made into state-owned enterprises (SOEs) during the process of privatisation
• Private company: Privately negotiated investments made into a privately-held company, usually accompanied by special rights, terms and/or minority protections 4
• PIPE: Privately negotiated investment made into an OTC, public-held or listed company
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portfolio and performance
Performance is driven by our conviction to large public equity holdings, private equity investments, and
OTC investments (pre-IPO and privatisations).

Annualised returns

4.1% 3.1% Asset class1 FY2016 Last 3 years1 Last 5 years1

Capital market 25.0% 15.4% 9.8%

6.6%

6.7%
Listed 22.0% 15.7% 8.8%

7.8%
NAV
50.9%
USD850.4m OTC 60.2% 12.7% 13.4%
8.5%
Private equity (0.9%) 25.9% 21.3%
12.3%

Real estate projects 10.3% (9.2%) (9.2%)

Listed Equity Private Equity Operating assets VOF NAV/share growth 16.4% 10.9% 6.0%

Bonds Real estate projects Unlisted Equity

Cash and others Overseas Equity VN Index (USD) return 3.7% 10.4% 0.5%

Investments by asset class as of 30 Sep 2016

1. Returns are compounded monthly returns
2. Not all asset classes are stated, for a complete table of performance across all asset classes see appendix
3. Source: VOF Audited FY Reports, 30 June 2010 – 31 December 2015. VOF unaudited reports July 2015 – May 2016 5
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2016 Foreign
Investee company % of NAV Asset class Sector Description earnings ownership
growth premium
Leading dairy company with dominant
Vinamilk (VNM) 16.1 Listed Food & Beverage 28% 0%
market share

Hoa Phat Group (HPG) 9.7 Listed Materials Largest steel manufacturer in Vietnam 53% 0%

Sofitel Legend Metropole Operating

7.1 Hospitality One of Vietnam's best 5-star hotels 10% N/A
Hotel Hanoi asset
One of Vietnam's top ten commercial
Eximbank (EIB) 4.8 Listed Financials 150% 0%
banks
One of the top five dairy companies
International Dairy Product 4.4 Private equity Food & Beverage 40% N/A
with potential growth
Consumer The largest jewelry manufacturer and
Phu Nhuan Jewelry (PNJ) 4.4 Listed 160% 7%
Discretionary distributor in Vietnam
Khang Dien House (KDH) 4.3 Listed Real Estate Developer of affordable town houses 100% 7%
Diversified FMCG producer with
Quang Ngai Sugar JSC 3.6 OTC Food & beverage N/A N/A
dominant market share in soymilk
Real estate & VCIM-managed Vietnam real estate
VinaLand Ltd (AIM:VNL) 2.8 Listed N/A N/A
construction fund
Petrovietnam Technical Leading oil and gas technical service
2.7 Listed Mining, oil & gas 10% 0%
Services Corporation (PVS) provider in Vietnam.
Total 60.0%

As of 30 Sep 2016, excludes cash and government bond holdings

Source: Bloomberg, VinaCapital research

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VOF listed equity holdings

1 Represent 54% of the Fund with a concentrated portfolio of conviction holdings in <20 stocks.

Focus on domestic consumption growth with little exposure to import/export related companies,
2 hence less risk from macroeconomic variables such as FX and/or trade policies (TPP).

Investments mostly come from prior privatisations and PIPE deals, which allows VOF to take
3 meaningful positions without impacting price given current stock market liquidity.

4 Valuation of 14x 2016 lower than market multiples but earnings growth >20%.

Our active stock selection strategy has generated superior returns of 41% vs 14% and doubled peers
5
CY2016 to August.

1. Source: Bloomberg
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Vietnam Stock Market

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Vietnam style
outperforms ASEAN peers
The market continues to trade at a discount but the valuation gap is expected to close as the market’s
breadth and depth increase.

Trailing PE Trailing PE, ROE (%), September 2016

30
28 INDONESIA
(Div yield: 1.8%)
26 PHILIPPINES
THAILAND
24 (Div yield: 3.3%) (Div yield: 1.7%)
22 MALAYSIA
(Div Yield: 3.1%)
20
18 VIETNAM
(Div yield: 2.3%)
16 CHINA
(Div yield: 1.9%)
14
SINGAPORE
12 (Div yield: 3.9%)
10
8.5 9 9.5 10 10.5 11 11.5 12 12.5 13
ROE (%)
Source: Bloomberg, VinaCapital research

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Capital style continue to improve
markets
Total market cap of USD69.5 billion1 across 2 exchanges and 690 listed companies.
Foreign interest continues to accelerate on expectation of further privatisations and lifting of FOL.

Last price Volume

1,600 Improved liquidity as 10

market deepens and
progressive reform 9
1,400
8
1,200
Rapid influx of 7
1,000 “hot” money
6

800 5

Billions
4
600
3
400
2
200
1

0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

VNIndex Volume - RHS VNIndex Last Price - LHS MSCI EM Last Price - LHS

1. Market cap of combined bourses, Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX), as of 30 Sep 2016. VNIndex represents HOSE only.
Source: Bloomberg, VinaCapital Research & Analysis

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ownership style
limits has quickened pace

Foreign ownership events in 2015 – 2016

A number of companies have removed their

Q3
FOL, including Vinamilk and Domesco
2016

Almost a dozen companies have taken steps

May
towards increasing their foreign ownership
2016
limits

Feb Three companies indicated they will seek

2016 approval to allow 100% foreign ownership

Government indicates its intention to sell

Oct stakes in several companies, which will need
to increase their limits to extract full value

Government clarifies companies will set their

Sep own limits1, Saigon Securities Co(SSI) is the
first to remove their foreign ownership limit

June Decree 60 is released indicating foreign

2015 ownership restrictions will be reduced

1. Government clarifies companies will set their own limits up to their maximum FOLs, which corresponds to their respective business activities/industries.

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investment titlestyle
style in SOE privatisations
opportunity

Vietnam is forecast to experience some of the fastest IPO growth in the world, with a 208%
increase expected between 2015 and 20202 largely driven by SOE privatisations
Market cap / Steady privatisation of SOEs3
Charter Number of privatised SOEs by year
Expected 2016 IPO pipeline Core business
capital
(USDm) 222

Sabeco Consumer goods 3,767*

Satra Group Consumer goods 3,041* 174

Vietnam Rubber Industrial

1,166
Group production 144

Benthanh Group Real estate 1,113

115
Telecommunicati
Mobifone 670
on

Vissan Consumer goods 349* 74 74

60
Song Da Corporation Infrastructure 205

Vinapharm Pharmaceutical 106 20

12
Vietnam Expressway
Infrastructure 45
Corporation
2008 2009 2010 2011 2012 2013 2014 2015 2016-2020
Vietjet Airlines Airline 27
1. * Estimated market capitalisation. Numbers without * are estimated charter capital.
2. Source: “Global M&A and IPO Activity to Accelerate Until 2017-18” Baker & McKenzie. 12
3. Source: General Statistics Office, State Bank of Vietnam, Grant Thornton Private Equity Survey, February 2016, VinaCapital Research & Analysis.
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The fund continues to review both government and private opportunities

1 VOF’s PE team has generated superior returns of over 20% over 40 fully realised investments.

PE is focusing on private companies particularly in the consumer and infrastructure sectors to gain
2 exposure to Vietnam’s growing middle class and the government’s plan to spend USD2.5b per year
over the next five years.

Currently 12%, the PE portion of the fund will increase to 20% in the next 1-2 years, and we are
3 reviewing a dozen transactions worth >USD100m.

Note: The private equity track record is for the private equity portfolio within VOF; returns are only for 40 specific fully realised deals in the private equity portfolio
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Private style
equity investment summary

In total, VinaCapital’s Vietnam Opportunity Fund (VOF) has invested nearly USD780 million across 92
private equity-related transactions since inception1

Private equity investments by transaction type2 Private equity investments by sector33

Investments by Type of Deal2 Investments by Sector3
2%
Consumer Staples
15.2% 7%
6% 21% Industrials
SOE Privatisation Materials
8% Consumer Discretionary
Private Company
Financials
92 deals PIPE (in OTC & Listed 92 deals
25.0% 16% Health Care
59.8% Equity) 13%
Energy
Utilities
13% 14% Information Technology

Note: The private equity track record is for the private equity portfolio within VOF
1 Includes private company, SOE privatisation and PIPE deals as of 31 Aug 2016; does not include convertible debt transactions
2 Percent of total number of private equity deals as of 31 Aug 2016

• SOE privatisations: Investments made into state-owned enterprises (SOEs) during the process of privatisation
• Private company: Privately negotiated investment made into a privately-held or non-listed company, usually accompanied by special rights, terms and/or
minority protections
• PIPE: Privately negotiated investment made into an OTC, public-held or listed company
3 Percent of total number of private equity deals by GICS sector as of 31 Aug 2016 14
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participate instyle
private equity investments
VinaCapital plays an active role in investee companies, providing ongoing support in a number of areas

development
membership

Recruitment

Operational
governance
Leadership
advisory &

Corporate
Strategic

research

Business

support
market
Board

& HR
Transaction summary Investment returns
• Education – Leading international school in Vietnam • Investment: USD4.5m
• Management buy-out • Gross Return: IRR 55%, multiple
• 2004 – 2013 4.2x
• Exited via trade sale to Cognita
• Consumer goods – Leading coffee producer in Vietnam • Investment: USD5.0m
• SOE privatisation, stake purchased in auction • Gross Return: IRR 19%, multiple
• 2010 – 2014 1.8x
• Exited via trade sale to Masan Group
• Constriction materials – Vietnam’s leading ceramic tiles • Investment: USD15.2m
manufacturer • Gross Return: IRR 33%, multiple
• Growth capital and brought in strategic investor 2.4x
• 2009 – 2014
• Exited via trade sale to Siam Cement Group
• Agriculture – leading seeds and agriculture company in • Investment: USD30.6m
Vietnam • Gross Return: IRR 23%, multiple
• Growth capital and corporate governance 2.7x
• 2009 – 2014
• Exited via trade sale to Standard Chartered Private Equity
• Healthcare – leading private hospital operator • Investment: USD10.3m
• Management buy-out • Gross Return: IRR 37%, multiple
• 2009 – 2013 2.3x
• Exited via trade sale to Fortis
• Consumer goods – Vietrnam’s leading soymilk producer • Investment: USD14.7m
• 2015 – present • Unrealised return: 50%, multiple
• 50% upside based on latest mark to market 1.5x

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private company (current investment):
An Cuong Woodworking
A leading wood-working and decorative materials company based in Ho Chi Minh City, which serves the domestic market and
exports to Japan, Southeast Asia, North America and Europe

Value of exports of wood and wooden products (USDm)1

6,891.6
6,145.3
5,591.8

Return drivers & investment 4,665.5

Transaction summary Value creation
rationale

• June 2016, VOF alongside DEG
invested USD30 million into An
Cuong Joint Stock Company
• The company currently offers
the largest range of decorative
surfaces in ASEAN with more
than 1,000 variations of colours
and grains that can be matched
and customized with various
core materials
• The products are primarily
used for producing modern
furniture with extensive
applications for furniture
components and made to
assembly furniture
• Consistent growth rate of 30 – • Introduction of independent
35% over the past several director who has expertise in
years, annual turnover of over sales and marketing to help
USD70 million in 2015 with new strategic initiative 2012 2013 2014 2015
• The company has dominant • Appointment of CFO to
market share in branded MFC oversee the implementation of
panels (50%) and laminate ERP and financial reporting Furniture and Furnishing Spending in Vietnam (USDbn)2
panels (70%)
• Active participation at board
• Wood-based materials are and management level to 4.6
4.2
slowly taken over solid wood advise the founder/CEO on
3.8
due to cost competitiveness Company’s strategic direction
3.3
and changing consumer habits and financial management 3.0
2.7
2.5
• Compelling growth prospects • Appoint E&S expert to conduct 2.3 2.2 2.3
2.0
on the back of solid recovery in full review and implement E&S
Vietnam’s real estate market action plan

• Opportunity for value creation • Introduce and connect the

through professionalising company to business network
management, financial and new opportunities
2009 2010 2011 2012 2013 2014e 2015f 2016f 2017f 2018f 2019f
reporting & systems, corporate
governance and E&S matters
1. Source: 2015 GSO Statistical Yearbook.
2. Source: BMI, PwC Estimates. 16
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privatisation (current investment):
Vinatex – Vietnam National Textile & Garment Group
Vinatex is one of Vietnam’s leading textile and garment corporations, involved in the import, export, production and
distribution of textile and garment products

Vietnam textile and garment exports by country (2016)1

United States
16%
2% Japan
2% South Korea
Return drivers & investment
Transaction summary Value creation 3% 49% China
rationale 3%
Germany
4%
• Vinatex held an IPO through a • Vinatex has a strong network • Obtained one board seat out of United Kingdom
9%
public auction in September and infrastructure for the a seven-member board Netherlands
2014, successfully selling 47% import, export and distribution 12% Canada
of the company of textiles in Vietnam and • Assisted management in a
strategic investment program Others
internationally
• VOF acquired a 3% stake in to enhance vertically
Vinatex and brought in a • Textile and garment exports integrated production process
strategic partner, Itochu, who accounted for USD15.6 billion Vietnam exports by percent of total export value (2016)1
also acquired a 3% stake year-to-date August 2016, or • Fostered relationship with
nearly 14% of total export Itochu to help Vinatex boost 5.6% Machinery and equipment
value over the same time trade ties and technical know- 7.5%

period1 how 9.8%

Footwear
13.8%
• Vietnam’s increasing • Assisted management with
Computers and parts
integration into global trade corporate governance and 19.9%
through various free trade financial reporting
Textiles and garments
agreements will enhance the • Worked with the company and
market for Vietnamese exports other shareholders to prepare Telephones, mobile phones and parts
43.3%
for listing
Others

1. Source: Vietnam Customs Office, data represents year-to-date figures as of August 2016 17
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Case style
oftitle
SOE style
privatisation (exited investment):
DHG Pharmaceutical JSC
DHG Pharmaceutical is the No.1 domestic generic drugs producer in Vietnam with 5% market share, extensive
distribution network and strong management team

Vietnam Drugs Expenditure (USDbn)

$4.0
3.4
$3.5 3.1
$3.0 2.8
2.6
2.4
$2.5
Return drivers & investment 1.9
Transaction summary Value creation $2.0 1.7
rationale 1.4 1.3 1.4
1.6
$1.5 1.1 1.2
0.8 0.9
• Since the initial investment • Top production capacity in • Obtained one board seat $1.0 0.7

in 2004 through an IPO the industry with diversified $0.5

auction, VOF invested product mix • Advised management on $0.0

USD17m to acquire a 7.3% company strategy 2008 2009 2010 2011 2012 2013 2014 2015

stake in DHG • Widest distribution network Expenditure on local drugs Total expenditure
among domestic • Worked with management
• VOF exited the investment pharmaceutical companies to find a strategic investor
in June 2016 and realized a (Taisho, the leading DHG Revenue and Net Earnings (USDmn)
75% IRR • A fundamentally good pharmaceutical company in
company with attractive net Japan)
margin of over 14%
(amongst the highest in the $200 178
164
industry) and solid balance 154
$160 133
sheet (rich cash and no 113
$120
debt) 79
93
$80 68
• Proven track record of 19%
22 26 24 26
net profit CAGR over 2008- $40
6
16 17 18
2015 $0
2008 2009 2010 2011 2012 2013 2014 2015
• Excellent management team
Revenue Net Earnings

1. Source: Drugs Administration of Vietnam

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private company (current investment):
Novaland Group (NVLG)
Novaland is a leading private residential real estate developer in Vietnam with an established reputation as a
developer focusing on well-located, mid-scale projects with a large land bank and the ability to execute

Residential units sold in HCMC1

29,048

14,758

Return drivers & investment 5,979 7,112

Transaction summary Value creation
rationale
3,464
• NVLG sought to obtain • NVLG is currently valued at • Helped connect NVLG with 1,027
capital to expand and USD1.4bn, with a total of VinaCapital partners for
2013 2014 2015
leverage its strong position 16,000 sold and pre-sold business collaboration
in Ho Chi Minh City units Novaland Other
• Provided NVLG with land
• VOF invested USD15m into • NVLG is developing ~35 bank opportunities for
a convertible preferred projects with over 20,000 future project development
stake in NVLG with a 5% apartments selling at prices
• Consulted with the
Novaland yearly units sold and new projects
running yield, 15% ranging from USD100k to launched1
company on funding
minimum IRR and USD350k per unit 11
strategy 8,000 12
significantly discounted 10
• NVLG has a large land bank
convertible options 7,112
of 23ha in Ho Chi Minh City, 6,000
8
• Income and capital growth and sold more than 16,000
with significant downside units from 2013 – 2016, 4,000
protections to investor and 23% of all residential 3,464 4
2
units sold in 20151 2,000

1,027
0 0
2013 2014 2015

Units sold New project launches

1. Source: VinaCapital Research & Analysis, CBRE Vietnam

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private company (current investment):
Thai Hoa International Hospital
Thai Hoa International Hospital is a premium healthcare facility in the Mekong Delta, with strong leadership and high
quality equipment and services

Doctors, beds per 10,000 population (2014)1

31.3
28.2
25.3

Return drivers & investment

Transaction summary Value creation
rationale 8.8
5.5 6.2

• Thai Hoa sought capital to pay • Thai Hoa currently has 200 • Appointed an independent
down debt and expand beds, with the ability to scale board member to help the Mekong Delta Vietnam HCMC
operations up to 300 beds in the same company improve its
location management system Doctors per 10,000 population Beds per 10,000 population
• VOF invested USD9m for a
controlling stake in Thai Hoa • The hospital employs 30 • Helped the company refinance
International Hospital, a doctors, and is capable of its debt and created a source
leading healthcare provider treating over 300,000 patient of funding for launching new Public and private hospitals breakdown2
located in the Mekong Delta visits per year clinics
region
• The number of private • Identified and employed a CFO
hospitals is expected to grow to enhance the company’s
(currently accounting for 14.5% financial systems 1,069 1,089
1,030 1,040 1,042
of all hospitals) as 1,002
overcrowding and poor service • Identified and employed a
continue to plague the public Head of Business Development
85 121 133 150 167 185
hospital system • Deployed a management 2009 2010 2011 2012 2013 2014
incentive plan
Private hospitals Public hospitals

1. Source: GSO 2014 Statistical yearbook

2. Source: Business Monitor International 20
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The Fund continues to Divest of direct Real estate investments.

Together with VNL, which is in the process of a realisation strategy, we sold a number of projects this
1 year, including Century 21, Pham Hung Road, and Danang Golf, which generated proceeds of USD50m
and in excess of NAV.

DRE has reduced from approximately 15% of NAV in prior year to less than 7% currently, and cash will
2 be recycled to PE and Listed.

3 We have visibility on continuing reductions over the next 12-18 months.

13.9%
6.9%
8.5%
Reduced
11.7% to
DRE
Operating Assets
CapM and others

84.6%
74.4%
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Performance & Summary

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performance compared to peers

CY 2016 YTD FY 2017

For CY2016 YTD and FY20171, VOF’s 41.4%
capital markets portfolio outperformed
its peers2, VN Index (USD terms), ETFs
and MSCIs with highest returns of
41.4% and 14.3%, respectively.
20.6%
17.5%
14.3%
12.5%
7.7% 6.7% 7.8% 7.1%
2.8% 3.6% 3.2% 4.2% 3.0%

Over FY2012 – FY2016, the 3-year and

VOF CM Peers Average VN index VNM ETF FTSE ETF MSCI EM MSCI VN
5-year annualised returns of VOF’s
capital markets portfolio ranked first,
as compared with its peers, VN Index
11.8% 11.8%
(USD terms), ETFs and MSCIs with 10.6%
highest returns of 11.82% and 11.79%, 8.3% 8.2%
respectively. 6.1%
3.6% 4.0%

-1.3% -0.6%
-2.1%
-2.9%
-4.7% -4.6%
3-year annualised returns 5-year annualised returns

1. Source: Numis Securities Country Funds Parity report as of 31 Aug 2016. Calendar year performance per Numis. Fiscal year to date performance based on NAV per share in USD terms.
2. Capital Market peers include VNH, VEIL, VEH and the VN Index.

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discount title
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management style
and share buyback programme

Since implementing the buyback programme VOF has reduced its discount, and the main board listing has increased both
trading and liquidity.
5.00 VOF share price, NAV and shares bought back – 30 Sep 2016 (USD, millions)
4.50
NAV/share
4.00 USD4.08
3.50
Discount
3.00
23.6%
2.50 Share price
2.00 USD3.11
1.50
1.00
0.50
-

Apr-12
Dec-06

Aug-09
Dec-03
Apr-04

Dec-04

Dec-12

Dec-15
Aug-04

Apr-05

Dec-05

Dec-08

Dec-09

Dec-10

Dec-11
Aug-05

Apr-06
Aug-06

Apr-07

Dec-07
Aug-07

Apr-08
Aug-08

Apr-09

Apr-10
Aug-10

Apr-11
Aug-11

Aug-12

Apr-13

Dec-13
Aug-13

Apr-14

Dec-14
Aug-14

Apr-15
Aug-15

Apr-16
Aug-16
10

8
Millions of
shares

5
Share buyback commenced
Oct 2011
3

Oct Jan Feb April May June July August Sep

Month Nov 2015 Dec 2015 Mar 2016
2015 2016 2016 2016 2016 2016 2016 2016 2016
VOF NAV1 $689.2m $691.5m $694.4m $671.8m $687.9m $723.3m $747.0m $756.3m $796.8m $809.6m $851.2m $850.4m
NAV/share/ $3.18 / $3.21 / $3.24 / $3.16/ $3.25/ $3.42/ $3.53/ $3.62/ $3.82/ $3.88/ $4.08/ $4.08/
share price $2.58 $2.40 $2.39 $2.23 $2.41 $2.55 $2.79 $2.80 $2.82 $2.98 $2.99 $3.11
Share
$1.9m $2.6m $1.8m $4.1m $2.7m $0.5m 0 $2.7m 0 0 0 0
b/back
Discount2 18.9% 25.2% 26.2% 29.4% 25.9% 25.5% 21% 22.8% 26.1% 23.2% 26.8% 23.6%
1. VOF NAV USDm, inclusive of share buybacks
2. Discount based on Bloomberg closing price of last trading day of NAV month reported
3. Source: Bloomberg 30 Sep 2016
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Mastertitle
titlestyle
style Summary
Positive outlook for Vietnam and VOF.

Economy
• An economy that is outperforming its peers
• Free trade agreements that open up over 75% of the
world’s GDP to trade with Vietnam
VOF
• A unique multi-asset strategy that take advantage of
the inefficiencies in Vietnam’s investment
environment
• Proven track record in public and private markets

• Domestic consumption growth that will favour

domestic companies • Real estate exits continue in 2016 and 2017

• Stable political regime that continues to support • Improved corporate governance

investment and is committed to lifting Foreign
Ownership Limits
• Improved liquidity following move to the Main
Market. All-share trackers have been buying in June

• Current discount to NAV is an opportunity for value

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Why Vietnam
 Click
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Mastertitle
titlestyle
style Why Vietnam

Vietnam’s growth is driven by rising domestic consumption and rapid infrastructure development.

• Demographics
94 million people with an average age under 30

• High GDP growth

One of the best performing emerging markets with 6.7% GDP growth (2015), 2016 expected to remain strong

• Rising foreign investment

FDI inflows continue to support job creation, domestic consumption, industrialisation and enhance exports

• International trade
Several free-trade agreements will bolster economic growth

• Privatisations and market development

Capital markets will continue to deepen and broaden through IPOs and large scale privatisations of SOE’s

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revitalisation of the economy

Vietnam’s 2016 GDP growth is projected to continue at 6.3%, making it among the highest performers in
the world; meanwhile inflation remains manageable

GDP is growing at impressive pace Vietnam’s GDP is outpacing most Asian frontier and emerging markets1
GDP growth and inflation GDP forecast, 2016

India 7.5%
19.9%
18.1% Bangladesh 6.6%

China 6.5%

Vietnam 6.3%
12.6% Philippines 6.0%
11.8%
Sri Lanka 5.0%

8.4% Indonesia 4.9%

6.7%
6.6% 6.5% 6.8% Pakistan 4.5%
6.0% 6.0% 6.3%
7.5%
7.0% 7.1% 4.0%
Malaysia 4.4%
6.4% 6.2%
5.7% 5.4% 5.2% 5.4% Thailand 3.0%
1.8%
0.6% Korea 2.7%

Taiwan 1.5%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F

Real GDP Growth Inflation

1IMF World Economic Outlook, April 2016, emerging and frontier market classifications based on MSCI classifications
Source: IMF, ADB, General Statistics Office, VinaCapital Research & Analysis 28
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educated style
and inexpensive workforce

The affluent middle-class will double to 21m Vietnam’s young, productive population has been
people by 2030. Labour costs are among the a catalyst in attracting foreign direct investments
lowest in the region. and driving growth.
Average monthly wage by country Net foreign inflows (USDbn)
In USD, 2014
12
$453 Vietnam labour costs half
that of China resulting in
$403 10 Strong FDI inflows
manufacturing jobs
$369 moving to Vietnam supported by remittances
from overseas diaspora
and a positive trade
8
balance accounts for a
healthy FX reserve
$253 $249
6

$176
4

0
Malaysia China Thailand Indonesia Philippines Vietnam 1970 1980 1990 2000 2010

Kenya Philippines Vietnam

Nigeria Sri Lanka Bangladesh

Source: World Bank, General Statistics Office, Ministry of Agricultural & Rural Development, VinaCapital Research & Analysis Source: General Statistics Office, Ministry of Planning & Investment, VinaCapital Research & Analysis

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High-value export economy

Steady export growth Well balanced export markets

Exports value (USD billion) Exports by market, 2015
200
180
Europe
160 21%
USA
140 33%
China
120
100 Japan

80 Korea
21%
60 5% Others
40 9%
11%
20
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F

Diverse export base with an increasing shift to high-tech products Manageable trade deficit
Exports by product category (USD billion), 2015 Trade balance (USD billion)

Crude oil 3.7 5 50%

Vehicles 5.5 40%

0
Wood & Wooden Products 6.9 30%
Machine & Equipment 11.2 -5 20%
Footwears 12.0 -10 10%
Commodities 13.8 0%
Computers & Electronics 15.6 -15
-10%
Textiles & Garments 25.3 -20 -20%
Cellphones & Accessories 30.2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016F
Others 37.9 Trade Balance Exports Growth Imports Growth

Source: General Statistics Office, Vietnam Customs, Ministry of Planning & Investment, VinaCapital Research & Analysis 30
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improving macroeconomics

FX reserves strengthening off positive trade flows Inflation remains stable thanks to low commodity prices
USD billion YoY CPI MoM CPI

40 5 8 3

4 6
30 2

3 4
20 1
2 2
10 0
1 -
2013 2014 2015 2016
- 0 (2) (1)

2016F
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015
YoY CPI MoM CPI
Gross Reserves (LHS) Months of Imports (RHS)

VND remains one of the most stable currencies against the USD Non-performing loans are declining, but structural issues remain
compared to regional peers Percentage of total outstanding loans

160% 6.0%
150% 5.0%
140%
4.0%
130%
120% 3.0%
110% 2.0%
100%
1.0%
90%
80% 0.0%

2015E
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014
2012 2013 2014 2015

Indonesian Rupiah Malaysian Ringgit Philippines Peso

Thai Baht Vietnam Dong

Source: General Statistics Office, State Bank of Vietnam, Vietnam Customs, Bloomberg, VinaCapital Research & Analysis

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portfolio management team

Andy Ho, MBA Duong Vuong, CFA

Chief Investment Officer and Managing Director
• 8 years at VinaCapital, currently MD of VOF and Chief
Investment Officer of VinaCapital.
• Former Director of Investments at Prudential Vietnam,
management positions at Dell Ventures and Ernst &
Young in both the US and Vietnam.
• MBA from MIT Sloan School of Management, BS from
the University of Colorado, USA Certified Public
Accountant.
Deputy Managing Director, Capital Markets
• 2 years at VinaCapital, currently responsible for VOF’s
capital market and PIPE investments.
• 20 years of experience including the last 9 years in
Vietnam.
• Former Research Head at PXP Vietnam Asset
Management, Senior Investment Analyst at ADIA in Abu
Dhabi and Banks Analyst for Merrill Lynch in London.
• Supported by a director and investment manager
accompanied by research team.

Khanh Vu, M.Com Loan Minh Dang, MBA

Investment Director
• 5 years at VinaCapital, currently investment director
(PIPEs) and member of VOF’s investment committee.
• Over 14 years of managerial experience in corporate
finance, asset management, investment banking, and
risk and compliance.
• Previously at Macquarie Bank based in New York and
Sydney. Prior to that, he was with Deloitte and Arthur
Andersen based in Sydney.
• Masters degree from University of New South Wales,
Sydney.
Deputy Managing Director, Private Equity
• 8 years at VinaCapital, responsible for private equity
investments and sourcing.
• Former Audit Manager for KPMG Vietnam and on the
Management and Financial Accounting team at Unilever
Vietnam.
• MBA from University of Hawaii, Vietnamese Certified
Public Accountant and UK ACCA member.
• Supported by a director and two managers accompanied
by research team.

Supported by a 10 member research team, including CFA charter holders or MBA qualified

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VinaCapital
17th Floor, Sun Wah Tower
115 Nguyen Hue Street
District 1
Ho Chi Minh City
Vietnam
+84 8 3821 9930
www.vinacapital.com

Andy Ho – Managing Director

andy.ho@vinacapital.com
+84 8 3821 9930

Khanh Vu – Investment Director

khanh.vu@vinacapital.com
+84 8 3821 9930

Ho Chi Minh City Hanoi Danang Singapore

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