Valuation Report

1
Mrs. Huynh Kieu Tien

On Behalf Of
BnW Valuation and Financial Services Joint Stock Company
Contents
1 VALUATION SUMMARY...........................................................................................................2
2 SWOT ANALYSIS........................................................................................................................3
3 DOCUMENTATION.....................................................................................................................3
4 INSTRUCTIONS...........................................................................................................................3
5 BASIS OF VALUATION..............................................................................................................4
6 SITE DESCRIPTION AND TOPOGRAPHY...............................................................................4
7 PLANNING MATTERS................................................................................................................5
8 LOCATION...................................................................................................................................6
9 IDENTIFICATION & IMPROVEMENTS...................................................................................7
10 ENVIRONMENTAL MATTERS..................................................................................................8
11 MARKET COMMENTARY..........................................................................................................8
11.1 VIETNAM OVERVIEW........................................................................................................8
11.2 REAL ESTATE MARKET IN HO CHI MINH CITY.........................................................10
12 MARKET EVIDENCE................................................................................................................11
13 VALUATION...............................................................................................................................12
14 APPENDIX..................................................................................................................................15
282/4/41 Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City 1
23 November 2023
On Behalf Of
1 VALUATION SUMMARY
282/4/41 BUI HUU NGHIA STREET, WARD 2, BINH THANH DISTRICT, HCMC
Instructing Party Mrs. Huynh Kieu Tien
Basis of Valuation Market value basis - ownership rights not burdened by restrictions
due to the absence of lease or rental contracts
Relying Party & Mrs Huynh Kieu Tien
Purpose of Valuation Valuation objective: To serve as a basis for determining the
market value of the requested real estate appraisal.
Land area 42m2
Zoning Urban residential land
Description The urban house consists of 1 ground floor and 1 upper floor located in a 5m wide alley that
can park cars. The house is built with brick walls, wooden floors, and a corrugated iron roof.
Valuation Market Approach
Methodology
Date of Inspection 10 October 2023
Valuation Date 23 November 2023
Valuer’s Details BNW Valuation and Financial Services Joint Stock Company
Key points
 The land’s planning matters has been adjusted within the existing residential land use cluster (implemented
under Item 6 of Notice No. 154/TB-VP dated March 12, 2007, by the Office of the People's Council and
People's Committee of the City).
 The property has been transferred to Mrs. Nguyen Hong Tham under Contract No. 022803 dated September 24,
2020, certified by Asia Notary Office (according to File No. 001988.CN.005).
 The property consists of a portion of land area that is not recognized and a portion of land area that does not
comply with the architectural requirements respectively 8.36m2 and 13.86m2.
This Executive Summary forms a part of and should not be used or read independently from the complete report.
Particular attention is drawn to the Qualifications, Important Notices and Disclaimers included in this report.
23 November 2023
On Behalf Of
2 SWOT ANALYSIS
Strengths
 Nearby: Ba Chieu Market, Gia Dinh Parish Church, close to schools, near two major hospitals, which are
Oncology Hospital and Gia Dinh People's Hospital, My Phuoc Apartment Complex, public park. It is also
easily accessible to main roads (Bach Dang, Vo Thi Sau, Le Quang Dinh, Dien Bien Phu).
 The house is built at an elevated level, reducing the risk of flooding.
 There is a spacious and airy alley, allowing car access directly to the house.
 The house has a convenient location, adjacent to District 1, District 3, Phu Nhuan District, and Go Vap District.
Weaknesses
 There is a large utility pole in front of the house.

 Feng shui: The house is located at the end of a dead-end alley, with a direct path leading to the front door.
 There is no car parking area available.
Opportunities
 Located in an area with potential for future price appreciation.

 Underground electrical wiring can be implemented on the street.
 It can be rented out to students due to its proximity to universities.
Threats
 If in the future the government opens up the border, the land area may be reduced.
 There is a risk of fire if the electrical wiring system in front of the house catches fire.
3 DOCUMENTATION
 Price appraisal contract between BnW Valuation and Financial Services Joint Stock Company and individual
Mrs. Huynh Kieu Tien.
 Documents, records, and legal papers related to the appraised property provided by Mrs. Huynh Kieu Tien.
 Survey and investigation data related to property value.
 Current legal documents:
o Decision 02/2020/QD-UBND of Ho Chi Minh City People's Committee promulgating the Regulation on
land price lists in Ho Chi Minh City in the period of 2020-2024
o Decision 510/QD-BXD 2023 announcing project construction investment capital ratio in 2022
o Decision No. 02/2020/QD-UBND dated January 16, 2020
o Civil Code of the Socialist Republic of Vietnam 2015
o Commercial Law of the Socialist Republic of Vietnam 2005
o Regulation No. 18/2016/QD-UBND regulating residential land limits in Ho Chi Minh City dated May 16,
2016.
o Circular No. 45/2018/TT-BTC dated May 7, 2018
o Circular No. 158/2014/TT-BTC dated October 27, 2014
o Circular No. 28/2015/TT-BTC dated March 06, 2015
o Circular No. 126/2015/TT-BTC dated August 20, 2015
4 INSTRUCTIONS
Instructing Party Mrs. Huynh Kieu Tien

Relying Party & Mrs Huynh Kieu Tien
23 November 2023
On Behalf Of
Purpose of Valuation Valuation objective: To serve as a basis for determining the market value of the requested
real estate appraisal.
Basis of Valuation as Market value basis - ownership rights not burdened by restrictions due to the absence of
instructed lease or rental contracts
Date of Inspection 10 October 2023
Valuation Date 23 November 2023
A copy of the Letter of Instruction is appended.

The valuation has been prepared in accordance with Mrs Huynh Kieu Tien and BnW Valuation and Financial Services
Joint Stock Company.
5 BASIS OF VALUATION
Valuation objective: To serve as a basis for determining the market value of the requested real estate appraisal.
Legal characteristics
 The state recognizes the land use rights.

 The location of the property is within the green park planning according to the detailed inter-district planning of
District 1, 2, 3, 14, as stated in Decision No. 1163/KTST.QH dated February 1, 1999.
 According to the planned adjustment, it falls under the existing residential land use cluster (implemented under
Item 6 of Notice No. 154/TB-VP dated March 12, 2017, by the Office of the People's Council and People's
Committee of the City).
 It was transferred to Mrs. NGUYEN HONG THAM on October 13, 2020, under Contract No. 022803 dated
September 24, 2020, certified by Asia Notary Office.
Economic and technical characteristics
 Geographical and administrative location of the property: 282/4/41 Bui Huu Nghia Street, Ward 2, Binh Thanh
District, Ho Chi Minh City.
 Lot. No: 1
 Land area: 42m2
 Land group: Non-agricultural
 House level: Level 3
 Construction area and usable area (m2): 42m2 and 68.3m2
 Intended use: Urban residential land
 House structure: 1 ground floor and 1 upper floor
 Number of rooms: 2 rooms
 Usable area of each room: 15m2 and 13m2
 Property location: located in alley 282 Bui Huu Nghia, close to the crowded residential area of Ba Chieu
market and other services
 Natural conditions and surrounding environment: quiet and clean residential area
 Shape of the land plot: almost rectangular
6 SITE DESCRIPTION AND TOPOGRAPHY
Current registered proprietor

Mrs. Nguyen Hong Tham
Site area & Physical Description
23 November 2023
On Behalf Of
The land has been determined from planning and alleys, has an almost rectangular shape with an area of 42m2, facing
southwest. It is in a 5-meter-wide alley connecting to alley 282 Bui Huu Nghia and is in the land behind Gia Dinh
church.
Description Measurements
North-western boundary 9.75 metres
South-western boundary 5.25 metres
North-eastern boundary 5.8 metres
South-eastern boundary 9.75 metres
Total Site Area 49.64 square metres
*The area of the house includes the portion that is not officially recognized.
Accessibility: The main entrance of the house is located in the southwest direction, aligned with the alley at 282/4 Bui
Huu Nghia.
Important Notice
Based on our inspection and comparison with the Certificate of Ownership and Housing and Land Planning Information,
the property is assessed to have encroached on the boundary of the road. (7.71m2).
7 PLANNING MATTERS
23 November 2023
On Behalf Of
 The location of the property is within
the green park planning according to the
detailed inter-district planning of
District 1, 2, 3, 14, as stated in Decision
No. 1163/KTST.QH dated February 1,
1999.
 According to the planned adjustment, it
falls under the existing residential land
use cluster (implemented under Item 6
of Notice No. 154/TB-VP dated March
12, 2017, by the Office of the People's
Council and People's Committee of the
City).
 The detailed adjustment plan for urban construction at a scale of 1/2000 for the residential area of Ward 1, 2, 3,
14, Binh Thanh District (planning - architecture and transportation) is documented in Decision No. 2616/QD-
UBND approved by the Binh Thanh District People's Committee on March 1, 2011.
8 LOCATION
Position
 The real estate area is situated in the southwest direction, at the end of a minor alley that branches off from the
main alley of 282 Bui Huu Nghia Street. It is located in a densely populated area close to Ba Chieu Market.
Surrounding and Adjoining Development
 The surrounding development area mainly consists of residential properties and prominent amenities such as Ba
Chieu Market, My Phuoc Apartment Complex, Binh Thanh District Hospital, Gia Dinh Church, Lam Son
Primary School and Secondary School.
 The real estate area is within walking distance to Ba Chieu Market, Gia Dinh Church, and Lam Son Primary
School and Secondary School. It is conveniently located near major roads such as Dien Bien Phu and Bach
Dang and is approximately 3.7km away from the Landmark 81 commercial center.
Road system & Access
 The front of the house is aligned at the end of the alley at 282/4 Bui Huu Nghia.
 Bui Huu Nghia Street provides access to Bach Dang Street, Dien Bien Phu Street.
Services and Amenities
 All the usual services of gas,

electricity, water, sewer and
drainage are available to the
property.
 Public bus stations are a short
distance away in Le Van
Duyet Street and Bach Dang
Street.
23 November 2023
On Behalf Of
9 IDENTIFICATION & IMPROVEMENTS
Building construction
 External walls & Facade: cement brick walls with window ledges
 Floors: wooden floors
 Internal wall: painted rendered with brick walls
 Windows: iron-framed windows with glasses
 Ceilings: suspended acoustic tile grid system
 Roof: corrugated iron roof
23 November 2023
On Behalf Of
Accomodation
Accomodation is briefly described as follows:
282/4/41 Bui Huu Nghia Road in front of the house

The urban house consists of 1 ground floor and 1 upper floor in a 5m wide alley that can park cars. It consists of 2
bedrooms with area being 13m2 and 15m2.
Views/ Outlook: overlooking the large electric pole and alley.
10 ENVIRONMENTAL MATTERS
Through the assessment process, we were unable to identify any clear signs of pollution. However, we cannot assess the
presence of any potential hidden pollution or other indicators. The assessed value may decrease if there is a polluted
substance, and our assessment will be affected by the mentioned issue. This valuation assumes that the location is not
polluted, and BNW Valuation and Financial Services Joint Stock Company will not assume any legal responsibility for
any losses related to pollution.
11 MARKET COMMENTARY
11.1 Vietnam Overview
Population Growth  The estimated population of Vietnam in 2023 is 98,858,950, representing a 0.68%
increase compared to 2022. This tends to create new housing demands in both
developed and emerging areas, and even impact commercial real estate prices (refer
Figure 1).
Inflation Rate  The annual inflation rate in Vietnam declined to 3.59% in October 2023 from
September’s seven-month high of 3.66%. Prices rose at a softer pace for food & drink
services (2.81% vs 2.87% in September), housing & construction materials (6.88% vs
7.33%), clothing & footwear (1.97% vs 2.06%), culture, entertainment & tourism (1.34%
vs 1.37%), and education (7.14% vs 7.25%). Meanwhile, cost of transport continued to
increase (3.9% vs 3.2%). The annual inflation, which excludes volatile items, declined to
a 14-month low of 3.43% from 4.49% in the previous month (refer Figure 2). (Source:
General Statistics Office of Vietnam)
23 November 2023
On Behalf Of
GDP  Vietnam’s GDP increased by 5.33% in the third quarter of 2023, indicating a positive
trend with consecutive quarterly increases compared to 3.28% in the first quarter, and
4.05% in the second quarter (which was revised down from 4.14%). The GDP increase in
the first nine months of 2023 indicates that the economic recovery is continuing,
although at a slower pace (refer Figure 3).
Unemployment  The number of unemployed people increased to 1.08 million. This number increased by
Rate 6,300 people compared to the previous quarter and 22,100 people compared to the same
period last year. However, the unemployment rate remained stable at 2.3% (refer Figure
4).
Figure 1: Population Growth of Vietnam Figure 2: Inflation Rate of Vietnam
Source: General Statistics Office of Vietnam Source: General Statistics Office of Vietnam
Figure 3: GDP of Vietnam YoY Growth Figure 4: Unemployment Rate of Vietnam
Source: General Statistics Office of Vietnam Source: General Statistics Office of Vietnam
23 November 2023
On Behalf Of
11.2 Real Estate Market in Ho Chi Minh City
Supply  In the residential real estate segment, the third quarter of 2023 witnessed approximately 90%
of the primary supply in key markets coming from existing projects. The total primary
supply (including existing and new supply) was approximately 38,000 units, with around
14,000 units in the North, 3,300 units in the Central region, 17,500 units in the South, and
2,600 units in the West being introduced to the market.
 The real estate market in the Southern region (Ho Chi Minh City and surrounding provinces)
continued to lead in terms of primary supply for the first nine months of 2023. The supply of
apartments in Ho Chi Minh City and Binh Duong accounted for 97.3% of the primary
apartment basket and 65.7% of the overall basket in the region. In the third quarter of 2023,
Ho Chi Minh City recorded approximately 4,000 units of new apartment supply, a 74%
increase compared tothe previous year.
Price  The average selling price of apartments ranged from 60 to 80 million VND per square meter,
showing a 2-3% annual increase. The absorption rate of apartments reached approximately
22%, calculated based on the primary supply in the entire Ho Chi Minh City area and
surrounding provinces. The overall absorption rate in the third quarter of 2023 was around
15-20%. Among them, the absorption rate in Ho Chi Minh City was higher than in other
surrounding provinces (estimated average above 22%).
 Unlike the previous period, by the end of the third quarter of 2023, the market no longer
observed deep price reductions for newly launched real estate products. In fact, the prices of
new primary products started to increase slightly by 2%-5%.
Policies  Efforts are being made to improve the content of decrees and regulations related to real
estate business laws. By the end of 2023, four important laws related to real estate, namely
the Investment Law, Enterprise Law, Real Estate Business Law, and Housing Law, will be
revised and passed. This will bring more prospects to the real estate situation in our country
in the future.
 Additionally, the government issued Decree 08/2023, amending a number of regulations in
Decree 65/2022/ND-CP in a more open direction, with a more suitable roadmap for bond
issuance and extension; Resolution 33/2023/NQ-CP promulgates a number of solutions to
solve and promote the real estate market to develop safely, healthily, and sustainably…
Environment  The business investment environment in the real estate sector is still not truly transparent,
fair, and healthy. Many companies take advantage of market manipulation. There are
numerous real estate companies with weak capacity and lack of professionalism, leading to
various instances of misconduct in property auctions in different localities. The Thu Thiem
land auction case involving Tan Hoang Minh Real Estate Group is a typical example. This is
a violation intentionally created to manipulate the Thu Thiem real estate market in particular
and the real estate market of Ho Chi Minh City in general.
 In addition, land management in localities still has limitations, such as parcel splitting, lot
division, and uncontrolled land sales. There is a lack of transparency and openness in the
information system, resulting in a state of "price chaos".
 Finally, the volume of waste generated in construction and demolition activities affects the
living environment. The forecast is a reduction in agricultural land expansion in the future
due to urbanization and climate change, while the increasing population poses a risk to the
safety of sustainable ecosystems.
Forecast  According to the forecast by DXS - FERI, the real estate market has reached the final stage
of the downturn, and it is currently nearing the bottom. Dr. Pham Anh Khoi, the Director of
the Institute for Economic, Financial, and Real Estate Research at Dat Xanh Services, stated
that: By the second quarter of 2024, the market is expected to begin recovering, and clearer
growth momentum will be evident from 2025 onwards. The anticipated recovery is expected
to start in the housing market in major cities such as Hanoi, Ho Chi Minh City, Binh Duong,
and Can Tho, and gradually extend to satellite towns.
23 November 2023
On Behalf Of
12 MARKET EVIDENCE
In arriving at our assessment of the current market value of the property, we considered the asking price of the following
properties:
Address Comment
The house has 1 ground floor, 3 floors, and reinforced

280/126/2A Bui Huu concrete terrace, 6 bedrooms, 4 bathrooms, wooden
Nghia, Ward 2, Binh furniture. The car alley is parked close to the house, 1 block
Thanh District away from the alley where cars avoid each other, central
6,300,000,000 VND location near Ba Chieu market. The house is currently
rented for 18 million/month.
280/47/7B Bui Huu

Nghia Ward 2, Binh The house has 1 ground floor, 1 mezzanine, 2 floors, and 1
Thanh District terrace. Car alley, location near Ba Chieu market
6,000,000,000 VND
90/83 Vu Tung Ward 2, The house has 1 ground floor and 1 floor. The house has
Binh Thanh District two alleys front and back. Newly renovated house, small
5,700,000,000 VND alley, motorbikes avoid each other.
5/47E No Trang Long The house has 1 ground floor, 2 floors, 1 terrace. There are
Ward 7, Binh Thanh 4 bedrooms, 5 bathrooms, spacious and airy terrace. Car
District park in front of the house. Newly built, currently being
6,000,000,000 VND completed.
482/52C (one part) Le

The house has 1 ground floor, 1 mezzanine, 2 floors, 1
Quang Dinh Ward 11,
terrace. Car alley and newly built house are currently under
Binh Thanh District
construction.
5,900,000,000 VND
23 November 2023
On Behalf Of
13 VALUATION
The valuation of the building asset is presented in the following table:
COMPARABLE COMPARABLE COMPARABLE

VALUATED ASSET
ASSET 1 ASSET 2 ASSET 3
282/4/41 Bui Huu 280/47/7B Bui Huu 5/47E No Trang Long 280/126/2A Bui Huu
Address Nghia, Ward 2, Binh Nghia Ward 2, Binh Ward 7, Binh Thanh Nghia, Ward 2, Binh
Thanh District Thanh District District Thanh District
Negotiable price
6,000,000,000 6,000,000,000 6,100,000,000
(VND)
1 ground floor, 3 1 ground floor, 3
1 ground floor, 1 floor 1 ground floor, 1 floor
floors, terrace floors, terrace
Brick walls, reinforced Brick walls, reinforced
Brick walls, wooden
Information concrete floors, Brick walls, Fibro concrete floors,
floors, corrugated iron
reinforced concrete cement roof reinforced concrete
roof
roof roof
House level 3 House level 3 House level 3 House level 3
Built from 2008 2016 2022 2010
Effective age 15 7 1 13
Economic life 50 50 50 50
Percentage
depreciation 30.00% 14.00% 2.0% 26.0%
Residual value 70.00% 86.00% 98.0% 74.0%
Floor area (m2) 68.3 160.7 45.1 132.7
Construction unit
1,776,000
price 8,718,000 1,776,000 7,192,000
Value of assets
84,910,560 1,204,845,036 78,495,648 706,240,016
on land
Value of land plot 4,795,154,964 5,921,504,352 5,393,759,984
Land area (m2) 42 39 48 41.8
Land use right unit
122,952,691 123,364,674 129,037,320
price (VND/m²)
The comparative approach is used in the market-based approach to adjust land prices for comparable assets based on
the following appraisal factors:
 Land price table
 Boundary lines
 Asset condition
 Construction details
Based on these factors, the value per unit area of the comparable assets is determined in relation to the appraised asset,
as presented in the following table:
COMPARABLE VALUATED COMPARABLE COMPARABLE COMPARABLE

NO.
FACTOR ASSET ASSET 1 ASSET 2 ASSET 3
Market price (before
6,000,000,000 6,000,000,000 6,100,000,000
A adjustment)
Prices converted into
122,952,691 123,364,674 129,037,320
B standard units
Have certificate of Have certificate of Have certificate of Have certificate of
C1
Legal status land use rights land use rights land use rights land use rights
23 November 2023
On Behalf Of
Rate 100.0% 100.0% 100.0% 100.0%
Adjustment rate 0.0% 0.0% 0.0%
Adjustment amount
(VND/m²) 0.00 0.00 0.00
Value per meter after
adjustment (VND) 122,952,691 123,364,674 129,037,320
Location Bui Huu Nghia Bui Huu Nghia No Trang Long Bui Huu Nghia
Land price table
25,400 25,400 24,000 25,400
(VND)
C2 Adjustment ratio (%) 0.00% 5.83% 0.00%
Adjustment amount
0 7,196,273 0
(VND)
122,952,691 130,560,947 129,037,320
adjustment (VND)
Road alignment 3.67m wide alley 3.50m wide alley 3.60m wide alley 2.00m wide alley
Position 3 3 3 4
Rate 100% 100% 100% 80%
C3 Adjustment ratio (%) 0% 0% 25%
Adjustment amount
0 0 32,259,330
(VND)
122,952,691 130,560,947 161,296,650
adjustment (VND)
Shape Relatively square Relatively square Backyard extension Relatively square
Adjustment ratio (%) 0% 12.06% 0%
C4 Adjustment amount
0 15,745,650 0
(VND)
122,952,691 146,306,597 161,296,650
adjustment (VND)
D Indicative prices 122,952,691 146,306,597 161,296,650
Average value of
D1 indicative prices 143,518,646
(VND)
Difference between
average value of
D2 -14.33% 1.94% 12.39%
indicative prices
(VND)
E Summary of C
Total adjustment
E1 0 22,941,923 32,259,330
value (VND)
Number of adjustment
E2 0 2 1
(Time)
E3 Adjustment rate (%) 0% 6% - 12% 25%
Total net adjustment
E4 0.00 22,941,922.82 32,259,330.05
value (VND)
Price per square meter
for property appraisal 122,952,691
F (VND)
Value of valuated asset
5,164,013,038
(VND)
23 November 2023
On Behalf Of
VALUATION RESULT
Total value of valuation asset
No. Name Amount (VND)
1 Land 5,164,013,038
2 Asset on land (Residual value: 70%) 84,910,560
Total value (VND) 5,248,923,598
23 November 2023
On Behalf Of
14 APPENDIX
Appendix 1: Certificate of land use rights, ownership of residential houses, and attached assets.
23 November 2023
On Behalf Of
Decision No. 02/2020/QD-UBND on issuing regulations on land prices in Ho Chi Minh City for the period 2020 - 2024.
Appendix 2: Comparison ratio of square-shaped and rear-widening land shapes.
Square-shaped real estate Price of 1m2 Rear widening real estate Price of 1m2
90/83 Vu Tung, Ward 2, 5/47E No Trang Long Ward
157,480,315 139,583,333
Binh Thanh District 7, Binh Thanh District
Alley Bui Huu Nghia, Ward 2, Alley Bui Huu Nghia, Ward
126666666.7 145,833,333
Binh Thanh District 2, Binh Thanh District
Wide alley Bui Huu Nghia, Ward Alley 3m Vu Tung, Ward 2,

151,785,714 103,603,604
2, Binh Thanh District Binh Thanh District
AVERAGE 145,310,899 AVERAGE 129,673,423
Discrepancy 15,637,475 12.06%
Thus, 1 square meter of land with a square shape has a higher price than 1 square meter of land with a tapered shape by
12.06%
Appendix 3: Building ratio
Unit: 1,000 VND/per m2 of floor area

Consist of
Investment capital ratio for construction of Return on
individual residential buildings investment Construction cost Equipment cost
0 1 2
11130.01 One-story house, brick walls, 1,983 1,776
corrugated iron roof.
11130.02 One-story house, enclosed apartment, 5,209 4,686
load-bearing brick walls, cast-in-place
reinforced concrete roof.
11130.03 Two to three-story house, reinforced 7,988 7,192

concrete frame structure; brick walls;
cast-in-place reinforced concrete
floors and roof, without a basement.
There is one basement floor. 9,862 8,871
23 November 2023
On Behalf Of
11130.04 The villa-style house features two to 10,036 8,718
three floors with a reinforced concrete
frame structure. The walls are
constructed with bricks, and the floors
and roof are made of cast-in-place
reinforced concrete. There is no
basement in the house.
There is one basement floor. 10,802 9,391

11130.05 A house with 4-5 floors, a reinforced
concrete frame structure, brick walls,
and cast-in-place reinforced concrete
floors and roof, without a basement.
The construction area is below 50 m2. 8,708 7,322
The construction area ranges from 50 8,109 7,109

to below 70 m2.
to below 90 m2.
to below 140 m2.
to below 180 m2.
The construction area is 180 m2 or 6,752 6,299
more.
11130.06 The house has four to five floors, with
a reinforced concrete frame structure.
The walls are built with bricks, and
the floors and roof are cast-in-place
reinforced concrete. Additionally,
there is one basement floor.
The construction area is below 50 m2. 9,616 8,726

to below 70m2
The construction area from 70 - below 8,592 7,939
90m2
Construction area from 90 to below 8,453 7,881
140 m2
Construction area from 140 - below 8,280 7,764
180m2
Construction area from 180m2 8,019 7,529
23 November 2023
On Behalf Of
VALUATION CERTIFICATION
Acting under instructions from Mrs. Huynh Kieu Tien, BNW Valuation and Financial Services Joint Stock Company has undertaken a
valuation of 282/4/41 Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City. We confirm that we have inspected the
property as described herein and have prepared this report.
Subject to the overriding stipulations contained within the body of this report, the market value of the subject property is:
5,248,923,598 VND
(Five Billion, Two Hundred Forty-eight Million, Nine Hundred Twenty-three Thousand, Five Hundred Ninety-eight Vietnam Dong)
This certificate of valuation forms part of, and should not be used or read independently from, the complete report.
HUYNH THAI PHUONG NAM LUONG BAO PHUONG NGHI

Valuer BnW Valuation and Financial Services
Joint Stock Company
23 November 2023

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1

Mrs. Huynh Kieu Tien

 There is a large utility pole in front of the house.

 Located in an area with potential for future price appreciation.

Instructing Party Mrs. Huynh Kieu Tien

A copy of the Letter of Instruction is appended.

 The state recognizes the land use rights.

6 SITE DESCRIPTION AND TOPOGRAPHY

Current registered proprietor

 All the usual services of gas,

282/4/41 Bui Huu Nghia Road in front of the house

Figure 1: Population Growth of Vietnam Figure 2: Inflation Rate of Vietnam

Figure 3: GDP of Vietnam YoY Growth Figure 4: Unemployment Rate of Vietnam

11.2 Real Estate Market in Ho Chi Minh City

The house has 1 ground floor, 3 floors, and reinforced

280/47/7B Bui Huu

482/52C (one part) Le

The valuation of the building asset is presented in the following table:

COMPARABLE COMPARABLE COMPARABLE

COMPARABLE VALUATED COMPARABLE COMPARABLE COMPARABLE

Total value of valuation asset

No. Name Amount (VND)

2 Asset on land (Residual value: 70%) 84,910,560

Total value (VND) 5,248,923,598

Appendix 2: Comparison ratio of square-shaped and rear-widening land shapes.

Wide alley Bui Huu Nghia, Ward Alley 3m Vu Tung, Ward 2,

AVERAGE 145,310,899 AVERAGE 129,673,423

Discrepancy 15,637,475 12.06%

Appendix 3: Building ratio

Unit: 1,000 VND/per m2 of floor area

11130.03 Two to three-story house, reinforced 7,988 7,192

There is one basement floor. 9,862 8,871

There is one basement floor. 10,802 9,391

The construction area is below 50 m2. 8,708 7,322

The construction area ranges from 50 8,109 7,109

The construction area ranges from 50 8,789 8,107

HUYNH THAI PHUONG NAM LUONG BAO PHUONG NGHI

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