February 2021

Corporate Presentation

1

Disclaimer

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

contain all material information concerning Vincom Retail Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the

basis for any investment decision or commitment whatsoever.

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

(express or implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made

available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects

of the Group. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation

should be construed as constituting legal, business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or

appropriate in order to make an independent determination of the suitability, merits and consequences of investment in the Company.

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

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

of forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”,

“assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not

historical facts. Forward-looking statements are not guarantees of future performance. These forward-looking statements speak only as at the date of this presentation, and none of

the company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update or revise any forward-

looking statements as a result of new information or to reflect future events or circumstances.

2

Vincom Retail (“VRE”) is the largest and fastest growing retail developer, owner

and operator in Vietnam

Key investment highlights are as follows:

Market leader in terms of the shopping mall GFA in Vietnam’s major cities…

…the direct proxy for consumer demand

Proven Track Record of

Highly Scalable Platform

with Strong Operating

Performance

Vietnam Economy

Remains Resilient

Amidst Covid-19

Outbreak

Ability to Leverage the

Best-in-Country

Vingroup Ecosystem

Modern Retail Set to

Take Off

Institutional Level

Corporate Governance

Largest and Most

Dominant Retail Platform

The Dominant and Fastest Growing Retail Platform in Vietnam

Executive Summary

2

3

Leading

hospital

operator

About 750

beds under

operation

7 full-

service

general

hospitals

and 5

clinics

Leading

hospitality

operator in

Vietnam

Approx.

17,500

rooms

owned &

managed

Premium

and large

scale real

estate

developer

Largest in

Vietnam

27,700

units

presold(3)

(Contracted

sales of

VND 64

trillion(4))

Leading

private

school

operator

About

29,300

students

registered

at 35

facilities(5)

Vingroup & Vincom Retail: Market Leaders In Vietnam

~28% NLA leased to internal

and affiliated tenants(2)

1.7 mnRetail GFA

(sqm)

80Operational

Malls

Hanoi

Ho Chi Minh City

Vincom Retail is the Ultimate Consumer Play for Vietnam

Note:

(1) Refers to Vinhomes’ landbank (2) MSN-Vincommerce is an affiliated tenant (3) For FY2020, estimated pre-sale under SPAs and pre-sale bookings under deposits, including bulk sales deposits (4) Include retail and bulk sales value

(5) (6) (7) (8) (9) As of 31 Dec 2020

Vincom RetailA Key Subsidiary of

Vingroup JSC

Largest Retail

Developer, Owner

and Operator in

Vietnam

Vincom Retail

VinID: ~11 mn Members, Largest Loyalty Program in Vietnam(5)

Largest Listed Company in Vietnam

Largest Real Estate Developer in Vietnam

Vincom Mega Mall

No. of Malls: 3

Retail GFA: 444,098 sqm

(24% total)

Vincom Plaza

No. of Malls: 54

Retail GFA: 857,517 sqm

(53% total)

Vincom CenterNo. of Malls: 7

Retail GFA: 280,026 sqm

(18% total)

Vincom+

No. of Malls: 15

Retail GFA: 71,936 sqm

(5% total)

Unique Multi format Model

(8)

(9)

c. 168 mm sqm of Landbank(1)

VinFast:

Flagship automobile and e-

motorcycle showrooms

Vinhomes:

Vietnam’s largest real estate

developer

Vinschool:

Leading private school operator

First

Vietnam-

ese smart

and green

vehicle

manufactu-

rer

76,900 cars

and electric

motor-

cycles(6)

Top 4

smartphone

producer in

Vietnam

1.9 million

smart-

phones

sold(7)

VinMart:

Vietnam’s largest modern grocery

retail chain by presence

Ecosystem of Complementary Businesses

Residential Hospitality Healthcare Education Automobile Smartphone

4

Emergence Of Vincom Retail As A Clear Market Leader

Early Years & FormationEstablishing Platform

For Growth

Accelerating Growth With

Dominant Market Share

2017 Listed on HOSE in

November

H&M opened 2 stores

in Hanoi and Ho Chi

Minh City

Zara opened first store

in Hanoi

Key tenants added:

Inditex brands

(Stradivarius, Massimo

Dutti, Pull & Bear),

H&M and Old Navy

2014 First Vincom

shopping mall

outside Hanoi &

HCMC

− VCP Ha Long

First Robins

department store

in Vietnam

opened in Royal

City in April 2014

17 Years of Operating Experience Achieving ~1.7 mm sqm of Retail GFA (~35x Increase Since 2004)

2015 Vincom Mega

Mall Thao Dien

launched

US$100mm

follow-on

investment

10 new Vincom

shopping malls &

Acquisition of 5

Maximark malls

2016 10 new Vincom

shopping malls

Introduction

of Vincom+ format

First Zara flagship

store in Vietnam

opened at Vincom

Center Dong Khoi in

HCMC

c.US$390mm Vingroup

follow on investment

2004 - 2013 Royal City launched

Times City launched

US$200 million

investment

Best Retail

Developer in

Vietnam” by

Euromoney in 2012

Note: As of 31 Dec 2020

Leasing revenue is based on Vietnam Accounting Standard (VAS) Audited Consolidated Financial Statements for respective years and Consolidated Financial Statements for 2020

(1) Leasing revenue took into account the impact of Vincom Retail’s supporting package to tenants impacted by Covid-19 in 2020, totaling VND 865bn

2018 Launched 20

shopping malls,

including Landmark

81

Signed leasing

contracts for

approximately

191,000 sqm NLA

and over 1,200

advertising contracts

4

2019-2020 Launched 13 (2019)

and 1 (2020)

shopping malls and

expanded our

international tenant

portfolio across key

malls (Uniqlo,

Decathlon, CGV,

H&M, Mango, Muji,

Pizza 4P’s, Haidilao)

Pioneer in

experiential

retail-tainment in

Vietnam

42 93467 499

851 1,023 1,1731,448 1,598 1,654

1,927

2,427

3,805

4,455

5,506

7,017

6,008

-20

980

1980

2980

3980

4980

5980

6980

7980

2004 2010 2013 2014 2015 2016 2017 2018 2019 2020

1 2 5 6 23 31 46 66 No. of

malls

Vincom Center

Ba TrieuVincom Center

Dong Khoi

1st Retail Mall

in Vietnam

1st Integrated

Project in

Vietnam

Leasing Revenue (VND bn)

Investment by

Warburg

Pincus

8079

2014 – 20 CAGR:

Leasing revenue: 20.1%

GFA: 22.0%

Retail GFA (‘000 sqm)

IPO and

listed on

HOSE

(1)

55

Retail Consolidates Around The Dominant Local Landlord

Global examples clearly demonstrate retail consolidation around the

dominant local landlord

Significant parallels seen between VRE and regional retail leaders

Vietnam's current position at an early, higher growth stage of the retail

cycle translates to a stronger growth profile and a more dominant market

share

Vincom Retail

Vietnam’s largest retail developer, owner and

operator

SM Prime

Philippines’ largest retail real estate developer

Central Pattana

Thailand’s largest shopping mall developer arm of

Central Group

CapitaLand Integrated Commercial Trust

Largest proxy for Singapore’s commercial real estate

Vietnam

Thailand

Singapore

Indonesia

Philippines

1.0

2016 2020

GFA (mm sqm)

2.2

9.8

2007 2019 2007 2019

GFA (mm sqm)(3) Market Share by GFA(2)

5.6%

15.4%

2011 2020

Market Share by NLA(3)

Source: Company filings, Colliers, Statista, Urban Redevelopment Authority, Savills, Urbis.

1. Based on Central Pattana’s retail NLA in Bangkok Metropolitan Area and total shopping mall NLA in Bangkok Metropolitan Area.

2. Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila.

3. Based on retail floor space supply in Singapore (2009-2024), extracted from Capitaland Mall Trust (CMT) Annual Report 2019

4. Based on PT. Pakuwon Jati’s retail NLA as of Dec-2012 and 3Q 2020 vs. shopping mall NLA of Jakarta

10.7mm7.8mm

Total Market Size (NLA sq. ft)(3)

67.4mm

Total Market Size (GFA sqm)(2)

2013 2020

15%20%

2013 2020

GFA (mm sqm)(1) Market Share by GFA(1)

Total Market Size (GFA sqm)(1)

18.9mm5.6mm

0.94.7

28%50%

1.7

3.310.4

2011 2020

NLA (mm sq. ft)

58.9mm

PT. Pakuwon Jati

Indonesia’s largest mall owner and operator

Market Share by NLA(4)

Total Market Size (NLA sqm)(4)

~2.5mm ~3.2mm(5)

0.30.7

2012 2020

NLA (mm sqm)

13.3%20.4%

2012 2020

Key Investment Highlights

7

Vietnam’s Economy Remains Resilient Amidst Covid-19 Outbreak

‒ Vietnam On A Rebound – The Brightest Spot In SEA’s Economies

‒ Clearer Signs Of A Speedy Recovery; Ready For A “New Normal”

Huge Potential for Further Expansion in Vietnam’s Retail Space

Modern Retail Set to Take Off

Only Retail Platform With Nationwide Access

Metro and Bus Infrastructure To Accelerate Retail Mall Footfall

1

2

Multi Format Model Covers a Larger Market Opportunity

Solidified Position as Dominant Retail Platform in Vietnam

Ability to Leverage the Best-in-Country Vingroup Ecosystem4

Institutional Level Corporate Governance

3

5

Key Investment Highlights

8

Source: Bloomberg GDP consensus, GSO, CEIC and BMI

Highest Domestic Consumption Growth

Country In ASEAN during 2020-2021

The Only Country In ASEAN Which Had Positive GDP Growth In 2020E And The Strongest GDP Growth Forecast in 2021E

Real GDP growth (%)

Vietnam GDP to continue growing in 2021 led by a recovery in domestic consumption, resilient FDI due to supply chain shift and public investment

Free trade agreements such as CPTPP, EVFTA and RCEP to

boost Vietnam's foreign trade

Highest Level Of Public Investment Spending

As % Of GDP To Support Local Economy

Public investment as % of GDP (2021 Target)

1 Vietnam to Become The New Center of The

Global Manufacturing Supply Chain2 3

14.515.8

17.519.1

20.4 20.0

2015 2016 2017 2018 2019 2020

Implemented FDI has been resilient despite Covid-19

Increasing immigration and expansion of global leaders into

Vietnam

(US$bn)

Domestic consumption growth (%)

Public investment expected to continue the elevated trend

in 1H21 with accommodative monetary policy

(9.5)

(7.2) (5.8) (5.0)

(1.1)

2.9

7.6

4.2 5.6

6.7 4.9

7.7 6.6

4.9 4.1

5.1 5.3 6.9

Philippines Thailand Singapore Malaysia Indonesia Vietnam

2020 2021 2022

2.4

3.6 4.0 4.1

5.7

6.8

-4.7

-3.6

-2.1

0.5 0.5

4.44.6

8.28.8

7.0

3.0

10.6

2020 2021

Vietnam On A Rebound - The Brightest Spot In SEA’s Economies 1

9

5.72.0

1.4

-0.14-2.9

-8.4-10.0

-15.7

-24.4

6.5

1.5 1.41.8

4.0 3.7

7.010.0

12.0

2020 2021F

Source: Google Mobility Index; CBRE Research, eMarketer

(80)%

(70)%

(60)%

(50)%

(40)%

(30)%

(20)%

(10)%

0%

10%

Vietnam Hong Kong Korea

Thailand Singapore

Mobility is gradually returning to pre-Covid levels Daily Community Cases In Vietnam Comparison of Social Distancing Measures

Country

First wave of

infections (1H20)

Subseqeuent wave of

infections (2H20)

Areas Imposed

VN

Nationwide

(1 - 22 Apr)

(100% of GDP)

Da Nang

(28 Jul – 25 Aug)

(1% of GDP)

ID

Jakarta, wets Java,

Gorontalo and West

Sumatra

(Apr to early Jun)

(33% of GDP)

Jakarta

(14 Sep to 11 Oct)

(18% of GDP)

MY

Nationwide

(18 Mar - 3 May)

(100% of GDP)

Varying timeframes for different

states (mid-Dec: 50% of GDP;

mid-Nov: 84%, mid-Oct; 50%)

PH

Nationwide

(16 Mar - 31 May)

(100% of GDP)

Manila and adjacent provinces

(4 – 18 Aug)

(45% of GDP)0

6

12

18

24

30

36

42

48

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1st wave: 141 cases

2nd wave: 527 cases

Dec 1, three

new cases in

HCMC, all F1

and F2 were

confirmed

negative

Mobility level pre Covid-19Index

Whilst Retail Sales Across The Region Start to Recover

in 2021, Vietnam Proves Its Leading Position With Early

and Sustainable Growth

Rental Outlook In Vietnam Remains Stable And

Not Experienced A Decrease in Rental Rates

Nominal retail sales change YoY (%)

Solid Retail Leasing Enquiry Growth Expected

16,200

10,718

31,600

67,862

HCMC Hanoi

2020 2021F

+95%

% change in rental rate forecast (YoY) Sqm NLA

+533%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

2020 2021F 2019 - 2021 Cumulative

Clearer Signs Of A Speedy Recovery; Ready For A “New Normal” 1

10

Huge Potential For Further Expansion In Vietnam’s Retail Space

Low and fast growing disposable income per capita compared to neighboring countries, coupled with low

mall NLA, presents an opportunity to enlarge Vietnam’s retail mall space to close the regional gap.

Modern Retail is still at a Nascent Stage… …With the Growing Middle Class Set to Drive

Next Wave of Consumption

Disposable income per capita (US$)

Vietnam’s Disposable Income per Capita is similar to Philippines in

2004 and Thailand in 1990, implying huge growth potential (1)

Source: EIU, Colliers, CBRE Research (Hanoi and HCMC Market Insights 2020)

10

2

Vietnam has a Low Mall NLA compared to Thailand and Philippines(1)

NLA (mm sqm)

Strong supply which validates the market’s potential, backed by

stable rental rate(2)

Note: (1) Includes NLA pipeline 2020-2021 (2) As of 31 Dec 2020

Future Supply (sqm NLA)

Hanoi

HCMC

950 1,018

1,808

2,5542,796

2017 2018 2019 2023 2024

930

2,824

3,5473,818

2004 2019 2023 2024

999

6,2216,902 7,246

1990 2019 2023 2024

Vietnam

Philippines

Thailand

2.5

7.97.3

Hanoi/ HCMC Bangkok Metro Manila

2.9x

3.2x2.9x

Rental rate (USD/sqm/month)

Rent rate (CBD) Rent rate (Non CBD)

-

30.0

60.0

90.0

120.0

150.0

1Q20 2Q20 3Q20 4Q20

-

30.0

60.0

90.0

120.0

150.0

1Q20 2Q20 3Q20 4Q20

1,054 1,054 1,127 1,209

73 82

156

2020 2021F 2022F 2023F

1,049 1,049 1,106 1,220

57114

70

2020 2021F 2022F 2023F

Current Future

11

Source: EIU, Euromonitor, Vietnam Investment Review, Inside Retail Asia, CBRE Vietnam

(1) Includes NLA pipeline 2020-2021 (2) % E-commerce penetration represented by internet retailing over retailing.

Modern Retail Set to Take Off

Vietnam is Starved for Modern Retail Format E-Commerce More Catalyst Than Threat

E-Commerce Penetration(2)

28%

11%9%

4% 5% 4%2%

40%

21%

15%13%

11% 10%

3%

China Indonesia Singapore Philippines Malaysia Thailand Vietnam

2019A 2024E(%)

Vincom Retail Further Consolidates Leadership

Position

Attractiveness of Modern

Retail to Consumers

Attractiveness of Modern

Retail to Tenants

Modern Retail Format an Attractive Solution in Vietnam

Significantly Underpenetrated Modern Non-Discretionary Retail Remains

Malls: A Key

Activity Hub

Providing the

Infrastructure

Vincom Retail’s Disruption Has Already Leapfrogged the “Department Store” Phase

Low Penetration

vs Peers

Limited alternatives for

entertainment and social activities

One stop platform for discretionary +

non-discretionary consumption

Significantly higher footfall and sales

psm achieved compared to

unorganized retail

Provides quality control with

guaranteed infrastructure and logistics

that helps to build brand equity

Stand-alone Department Store Formats have Lost Out

Lotte Vietnam on losing streak

since operations began

…However, during its ten years of

operation in Vietnam, Lotte Mart has

never closed a year with profit…

Parkson Vietnam shutters store

…Parkson Vietnam has closed another

of its stores as it continues to struggle

to make its business profitable…

2

Digital

transformation

2020/21(1) NLA per capita (sqm)

Leading the service quality and customer experience

Destination for and a trustworthy partner of major international brands to be

present in Vietnam for the first time

Progressively applying digital transformation to enhance customers’

experience via improved service quality

Close and flexible connection between retail malls and e-commerce to support

shoppers and tenants via a network of credible e-commerce partners

Utilize the readily available customer base from VinID

0.1 0.2

0.5 0.5 0.5 0.5

1.1

1.4

1.8

HCMC Hanoi Beijing Jakarta Shanghai Manila Singapore Bangkok KualaLumpur

1212

Only Retail Platform With Nationwide Access

Portfolio Leasing Creates Significant Bargaining Power… … and Ability to Attract Best-in-Class Tenant Portfolio, with

more than 1,000 Unique Tenants(1)

Source: Company information as of 31 Dec 2020

(1) Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of grocery retail stores

2

CAN

THO

DONG

NAI

HCMC

DA

NANG

HANOI HAI

PHONG

VRE’s dominant position and nationwide scale makes it Vietnam’s “Go-to” platform

for international and established local brands

Vietnam

Fa

sh

ion

& B

ea

uty

F&

B a

nd

En

tert

ain

me

nt

An

ch

or (1)

First stores in

Vietnam for Zara,

H&M

First stores in

Hanoi for Uniqlo

First store in retail

malls of Decathlon

• 80 malls across 43

cities and

provinces(1)

• 4 retail formats for

specific areas

• Proven and

scalable retail

development

platform

13

Metro And Bus Infrastructure To Accelerate Retail Mall Footfall

Under Construction Planned LinesMetro Lines

With urban metro lines opening for the first time in Ho Chi Minh

City and Hanoi and extra coverage of VinBus routes, the shift

from street retail to organized retail (malls) will accelerateVingroup’s mixed use and VRE’s mall models are suited to tap

on this trend, given their targeted positioning and proximity to

the stations

2

Most of VRE malls are covered by the upcoming metro lines in Ho Chi Minh City and Hanoi, and major VRE megamalls such as

VMM Ocean Park, Smart City and Grand Park have extra cover of VinBus routes – significant boost in connectivity and footfall

expected

3

1

1

8

2

4

5

CBD

Van Dien

Ha Dong

District

Long Bien

Distirct

Tay Ho

District

Hoang Mai

District

Trau Quy

Hung Yen

Province

Hanoi

VINCOM MEGA MALLROYAL CITY

1

2

3

CBD

4

5

Ho Chi Minh CityDistrict 9

District 1

Go Vap District

District 2

Tan Phu District

District 10

VINCOM CENTER BA TRIEU

VINCOM CENTERTRAN DUY HUNG

VINCOM CENTER PHAM NGOC THACH

Ho Chi Minh

City Airport

Preliminary VinBus routes as of 31 Dec 2020 (*)

1 Grand Park - Emart 2 Grand Park – Tan Son Nhat airport

3 Grand Park – Sai Gon bus station 4 Grand Park- Mien Dong bus station

6 Hao Nam – Ocean Park 7 My Dinh – Ocean Park 8 Ham Nghi – Ocean Park

9 Interconnected Complex – Ocean Park

1 Long Bien – Tran Phu – Smart City 2 Long Bien – Cau Giay – Smart City 3 Giap Bat – Smart City

4 Ho Tay water park – Smart City 5 VCP Long Bien – Smart City

Noi Bai – Ocean Park

Mien Dong bus station – National University NUA5

10

Bus routes

1 2 3 4

1 2 3 4 5

6 7 8 9 10

VINCOM PLAZA SAIGON RES

VINCOM MEGA MALLTHAO DIEN

VINCOM MEGA MALLGRAND PARK

VINCOM PLAZA3/2

VINCOM CENTERNGUYEN CHI THANH

VINCOM MEGA MALLSMART CITY

VINCOM CENTER DONG KHOI

VINCOM MEGA MALLOCEAN PARKVINCOM MEGA MALL

TIMES CITY

Note: (*) Business plan which is subject to change

1414

Multi Format Model Covers A Larger Market Opportunity

Annual Income

Distribution

(% of population

in Vietnam)(1)

Target Segment:

City Center/

CBD consumers

Middle & upper

middle income

Target Segment:

Integrated

development

catchment area

Targets families

across all

income segments

* Focus on shopping –

experience based

shopping to enhance

customer experience

Target Segment:

Heart of provincial

town plus urban

non-CBD

consumers of

key cities

Family &

activity hub

Middle income

Target Segment:

Regional &

non-CBD

catchment areas

Mass to

middle income

Lotte

Target

Segment:

Upper middle

income

Holistic Segment Coverage Across Formats Competitors

Vincom Center Vincom Mega Mall Vincom Plaza Vincom+

AEON

Target

Segment:

Middle

income /

Upper middle

income

Vincom Retail has access

to addressable market

segment of over US$176bn

of retail revenue

Affluent

(6%)

Mass

(21%)

Aspiring

(17%)

Emerging

(32%)

Middle

Income

(24%)

Source: BCG population and wealth models

(1) MAC (Middle income and affluent customers)

3

BIG C GO

Target

Segment:

Mass to

middle income

15

Unique Multi-Format Retail Model

Vincom CenterLocation: City-center, CBD

Retail GFA: 40,000 –

60,000 sqm

No. of Malls: 7

Total GFA: 280,026 sqm

Vincom Mega MallLocation: In integrated,

mixed-use projects

Retail GFA: 60,000 –

150,000+ sqm

No. of Malls: 3

Total GFA: 444,098 sqm

Vincom PlazaLocation: High-density,

CDB of cities

ex. Hanoi and HCMC

Retail GFA: 10,000 –

40,000 sqm

No. of Malls: 54

Total GFA: 857,517 sqm

Vincom+Location: Medium-density,

non-CBD

Retail GFA: 3,000 – 5,000

sqm

No. of Malls: 15

Total GFA: 71,936 sqm

(Segmentation by GFA)

Key Cities

43Cities/

Provinces

80Operational

Malls

~1.7mmRetail GFA

(sqm)

Distinguished retail formats and focused on wide range of lifestyle oriented consumers

Prime Urban and High Growth Areas in Key Cities

Note: As at 31 December 2020

4 retail mall formats

Proven and scalable retail

development platform

25.5%

51.7%

4.1%

18.7%

Hanoi

11 Vincom Malls

5 Vincom Centers

3 Vincom Mega Malls

3 Vincom Plazas

Ho Chi Minh City

13 Vincom Malls

2 Vincom Center

1 Vincom Mega Mall

7 Vincom Plazas

3 Vincom+

North Vietnam (ex. Hanoi)

19 Vincom Malls

16 Vincom Plazas

3 Vincom+

Central Vietnam

20 Vincom Malls

13 Vincom Plazas

7 Vincom+

South Vietnam (ex. HCMC)

17 Vincom Malls

15 Vincom Plazas

2 Vincom+

3 Solidified Position As Dominant Retail Platform In Vietnam

1616

Ability To Leverage The Best-in-Country Vingroup Ecosystem

Largest Loyalty Programme in

Vietnam Reinforces

Captive Spending

Integrated Developments Provide

Mega Malls with Natural Catchment

Access to Landbank from

Vietnam’s Biggest Developer

c.30 years

worth for

development

pipeline for

Vinhomes

Unparalleled

land sourcing

expertise

Vinhomes’s Landbank Breakdown

mn sqm

Single card,

nationwide access

Benefits lock in

repeat spending

Guaranteed

Footfall for

Malls

Market Leading Retail Brands Form

Immediate Tenant Foundations

Accelerates concept

to completion

Drives consumer

footfall

c.168mm sqm of

Landbank(1)

Up to

100,000Residents(2)

28% NLA leased to

internal and

affiliated tenants(2)

11m Members(2)

Note:

1. Refers to Vinhomes’ landbank

2. As of 31 December 2020

3. Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce,

the largest consumer retail network in terms of number of grocery retail stores

13

155

Launched Pipeline projects

Times City

(opened: 4Q2013)

Ocean Park

(opened 12.2020)

4

(3)

17

Institutional Level Corporate Governance

Conflict Area Description Control

Decision Making• Vingroup will continue to be VRE’s majority

shareholder following the Offering

• All transactions must be entered into on commercially reasonable

basis as a statutory requirement.

• Significant related party transactions must be approved by the Board

of Directors or the general meeting of shareholders

• Interested parties must abstain from voting

Competition• Both Vingroup and VRE are in the business of property

development

• Non-compete from Vingroup on retail; VRE has a clear Right of First

Refusal (“ROFR”) for all stand-alone retail projects, retail

components and select mixed-use projects with well-defined criteria

Land Bank Access • Vingroup holds much larger land bank than VRE

• The ROFR above gives VRE economies of scale in land sourcing,

and delaying early-stage development costs

• VRE has ROFR on land that can be used for retail, at cost

• VRE has an independent land sourcing team and primarily focuses

on different types of projects than Vingroup

Related Party Tenants • VRE has related party-tenants (Vingroup entities)

• Allows VRE to expand faster with the key anchor tenants in place in

advance of commencing construction

• Leases are negotiated on an arms’ length commercial terms

• Governed by related party rules under “Decision Making”

Management Services

Contracts

• VRE has contracts with Vingroup entities such as

Vinpearl and Vinmec for non-core services such as

lodging rental and periodic health check for

employees, and Vingroup for headquarters services

such as marketing, treasury and corporate HR

• Fees are calculated based on comparable third-party service

providers and Vingroup fees are allocated based on number of man

hours and assets under management

• Helps VRE to manage expansion with minimum overhead as it can

share resources and costs with the rest of Vingroup

• Governed by related party rules17

5

4Q2020 Key Highlights

19

998930

1,174 1,178

(6.3%)

0.3%

VNDbn

1Q20 2Q20 3Q20

Leasing NOI

86.1% 81.1% 91.3%

(1)

% of 2019 level

All key financial figures continued remarkable momentum from the 3rd quarter

1,686 1,4491,6301,307

1,760 1,608

3,253

1,645

(3.3%)84.8%

(9.8%) 2.3%

VNDbn

1Q20 2Q20 3Q20 1Q20 2Q20 3Q20

Total Revenue Leasing Revenue

VNDbn

73.8% 82.2% 79.7% 90.6% 78.8% 88.9%

% of 2019 level % of 2019 level

759

646

845

(14.9%) 86.1%

1,572

VNDbn

1Q20 2Q20 3Q20

Gross Profit

78.1% 67.3% 78.4%

% of 2019 level

1,068

910

1,218

1,746

(14.8%) 43.3%

VNDbn

1Q20 2Q20 3Q20

EBITDA

88.9% 73.1% 94.0%

% of 2019 level

4Q20 4Q20

4Q204Q204Q20

112.7% 110.5%86.5%

Note: Based on VAS Consolidated Quarterly Financial Statements

These financial metrics already took into account the impact of the rental support (VND300bn in 1Q, VND375bn in 2Q, VND145bn in 3Q and VND46bn in 4Q)

(1) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses

which include land lease costs but exclude management expenses allocated from parent company

116.8% 84.3%

Decline 2Q vs. 1Q

Growth 4Q vs. 3Q

Financial Performance – 4Q2020

20

Retail GFA Occupancy rate

(‘000 sqm) 2019 2020Change

(%)

Vincom Center 280 280 -

Vincom Mega Mall 388 444 14.4

Vincom Plaza 858 858 -

Vincom+ 72 72 -

Total 1,598 1,654 3.5

2019 2020Change

(ppts)

Vincom Center 91.3% 92.7% 1.4

Vincom Mega Mall 91.7% 86.8% 4.9

Vincom Plaza 88.7% 81.5% 7.2

Vincom+ 84.9% 75.2% 9.7

Total 89.8% 84.4% 5.4

Note: As of 31 December 2020

Key Operational Metrics

21

1 Footfall

2 Tenants’ sales in 2020

3

(2)

Note: As at 31 December 2020; Company information

(1)(1) (2)

-

1

2

3

4

5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Hanoi (2020)

-

1

2

3

4

5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

HCMC (2020)Million Million

Overall, footfall has positively recovered. Hanoi malls saw strong footfall recovery thanks to upgraded VCC Metropolis, VCC Pham Ngoc Thach with more

international famous brands driving footfall

Newly opened VMM Ocean Park in December was well received

HCMC malls witnessed weaker recovery than in Hanoi due to travel restriction impact, which lead to fewer foreign tourists

Tenants’ Recovery Post Covid-19

F&B Entertainment CinemaFashion

COVID-19 relative impact

Recovery status

Strong recovery

witnessed across

Hanoi and HCMC

Strong recovery

witnessed across

Hanoi and HCMC

Gradual recovery

witnessed across

Hanoi and HCMC

Gradual recovery

witnessed across

Hanoi and HCMC

Least

impacted

Least

impacted

Medium

impacted

Most

impacted

Resumption of business activities & improved tenant sales resulted in less tenant support in 4Q2020. Total support package of 2020

was VND865bn (vs. VND 820bn in 9M2020).

22

Occupancy rate: 93%

(including committed tenants)

VCC LANDMARK 81 VCC METROPOLIS VCC TRAN DUY HUNGVCC PHAM NGOC THACH

Key tenants

Chain tenants expansion

15%Area

New tenants

of total tenants%11Number of new tenants Accounting for

114

New mall opening – Vincom Mega Mall Ocean Park

Upgrading Operating Malls

Leasing Plan and Tenant Growth Achievement

On 17 December 2020, Vincom Retail was

honored among the top 10 leading brands

in Vietnam 2020 by Forbes Vietnam

Business Highlights In 4Q And 2020

23

Marketing Activities That Drive Footfall And Tenant Sales

Vietnamese Women’s Day

(20 Oct 2020)

Radiant flowers - Happy

fragrance

Black Friday, Christmas

(23 Nov 2020 – 15 Jan 2021)

Welcome festival - Warm

and full of love

Opening Day

(11 Dec 2020)

Christmas Festival in

the Ocean City

(19 December 2020)

Marketing Campaigns Grand Opening of VMM Ocean Park

The first event ever held at Vincom -

Discover Vincom with beautiful men

Footfall: ~4mn (visits)

Tenant sales: ~VND 548bn

Activities focus on decoration, cheerful

events with up to 70% discount

Presence of famous singers and

Christmas Music Night

Footfall: ~6mn (visits)

Tenant sales: VND 823bn

Music performance event with the

participation of singer Noo Phuoc Thinh

Bus Tour & Roadshow, in cooperation

with VinFast, transported internal

customers and Vinhomes residents to

Vincom

Footfall: ~76.2 thousands (visits)

Tenant sales: ~VND 20bn

The first Christmas night in the Ocean

City with a music performance

featuring famous singers

Light and fireworks show – first time at

Ocean Park urban area

Light up the tallest Christmas tree in

Hanoi

Roadshow, in cooperation with

VinFast, transported Vinhomes

residents

Guide customers to prevent disease at Vincom malls including wearing mask before entering the shopping mall or participating in entertainment activities

Hourly disinfection with hand sanitizer when entering and leaving shopping mall

Viral marketing on Fan pages of the 80 shopping malls and on company website

Promoting disease prevention and safety measures at Vincom malls

2021 Strategy Plan

25

Customer

Services

Continue to develop Vincom Center (VCC)/Vincom Mega Mall

(VMM)/Vincom Plaza (VCP) in the big and Tier-1 cities to offer a dynamic

and engaging experience to the residential community in Vinhomes’

mega projects and surrounding areas

Enhance customer experience, embrace digital technologies, and

ascertain the number one destination for customers by expanding and

diversifying tenants’ portfolio with international and Vietnamese brands

Product

Strategy

Marketing

Strategy

Tenant

Strategy

2021 Strategies And Plan

Expand the group of international, large, chain and anchor tenants

(Fashion, F&B, Furniture, Home accessories, Supermarket, etc.) in

existing shopping malls

Pioneer in reaching and bringing international, prestigious brands

and attractive retail models to Vietnam for the first time

Accompany and support Vietnamese tenant groups

Solidify Vincom Retail’s leading position for effective cooperation and

consumers’ trust

Expand channels for brand communication: Web/App

Provide a safe shopping environment with quality products and services

Optimize operating costs and energy costs

5 new shopping malls

New malls’ occupancy target: VMM 85%,

VCP and VC+ 95% (including committed

tenants)

Upgrade VCP Da Nang to VCC

Upgrade tenant mix at VCC Metropolis

(Hanoi), VCP Phan Van Tri (HCMC), VCP

Hung Vuong (Can Tho)

Digital

Transform-

ation Apply digital transformation initiatives to create a dynamic, engaging

customer experience and maximize operational efficiency

Roll out Tenant Portal

Build data warehouse system

Enhance Vincom web/ Vincom app to

facilitate customer experience to and at

Vincom malls

Implement marketing and communication

plans for the grand openings of major

projects namely Grand World, Vincom

Mega Mall Smart City, and Vincom Mega

Mall Grand Park

Enhance a quality service program to offer

impressive shopping experience for the

continuously increasing end-users and

customers

26

Leading shopping mallswith presence across Vietnam

Shopping malls of VietnamesePioneer in bringing shopping experiences from

prestigious domestic and international brands

New opening

Chain and

anchor

tenants

development

5 projects, including 2 Vincom Mega Mall 2 Vincom Plaza 1Vincom+

150,000 sqm GFA ~1.8mn sqmIncrease nationwide

retail GFA to

Number of stores

20%

Area

20%

Target tenants for finalizing

Upgrade

tenant mix 3 projects, including 1 Vincom Center 2 Vincom Plaza

Sale Goals And Action Plan

Goals

Action Plan

Financial Update

28

Figures in VND billion 4Q2019 4Q2020 YoY (%) Commentary QoQ (%) Commentary

Leasing of Investment

Properties and Rendering of

Related Services1,951 1,645 15.7

An additional VND45.6 billion

(US$1.9 million) tenant support

package was granted

Revenues from advertising,

utilities and car-parking was also

lower due to the social distancing

period, and overall Covid-19

impact

2.3

Sale of Inventory Properties 785 1,547 97.1

Two major projects (My Tho and

Bac Lieu) were handed-over in

4Q2020

1,347.7

Two major projects (My Tho

and Bac Lieu) were handed-

over in 4Q2020

Other revenue 48 61 27.4 33.5

Total Revenue 2,784 3,253 16.8 84.8

Gross Profit(1) 1,395 1,572 12.7 86.1

Operating Profit / (Loss) 1,096 1,186 8.2 76.3

Profit / (Loss) before Tax 1,109 1,211 9.2 69.0

Profit / (Loss) after Tax for the

Period884 975 10.3 70.3

Profit / (Loss) after Tax and

Minority Interest883 974 10.3 70.3

Note: VAS Consolidated Quarterly Financial Statements

(1) Gross profit already subtracted D&A relating to investment properties accounted for under VAS

Financial Performance In 4Q2020 vs 4Q2019

29

Figures in VND billion 2019 2020 Change (%) Commentary

Leasing of Investment Properties

and Rendering of Related

Services7,017 6,008 14.4

In 2020, the Company disbursed VND865 billion to support tenants

affected by the Covid-19 pandemic

Sale of Inventory Properties 2,027 2,149 6.0

Other revenue 215 172 20.0 Entertainment business and operation of Condotel Da Nang were

heavily impacted by Covid-19

Total Revenue 9,259 8,329 10.0

Gross Profit(1) 4,404 3,821 13.2

Operating Profit / (Loss) 3,546 2,901 18.2

Profit / (Loss) before Tax 3,576 2,993 16.3

Profit / (Loss) after Tax for the

Period2,852 2,382 16.5

Profit / (Loss) after Tax and

Minority Interest2,851 2,382 16.5

Financial Performance In 2020 vs 2019

Note: VAS Consolidated Quarterly Financial Statements

(1) Gross profit already subtracted D&A relating to investment properties accounted for under VAS

30

3,0893,829

4,9554,280

998 930 1,174 1,178

2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20

2.3422.882

3.7522.951

668 587 838 858

411

806

735

1,034

135 110 49

740

48

(47)

(84)(164)

(44) (52) (41)

(27)

2,801

3,641

4,404 3,821

759 646 845 1,572

2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20

Leasing of Investment Properties Sale of Inventory Properties Other Revenue

39.6% 48.0% 48.3%

4,4555,506

7,0176,008

1,449 1,307 1,608 1,645

951

3,4332,027

2,149

201 294 1071,547

112

185 215172

3629

4661

5,518

9,124 9,2598,329

1,6861,630

1,760 3,253

2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20

Leasing of Investment Properties Sale of Inventory Properties Other Revenue

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Quarterly Financial Statements of 2020

(1) Depreciation and amortization relating to investment properties is below the graph and should be added back (to Gross Profit) under IFRS. Since 2018, “Other” segment includes results from management of Da Nang condotels which was incurring loss as the property

was still ramping up after launch in May 2018.

(2) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses which include land lease costs but exclude

management expenses allocated from parent company.

VNDbn

Total Revenue Gross Profit

VNDbn

50.8% 39.9% 47.6%

Gross Profit Margin (%)

Leasing Net Operating Income (NOI) Profit After Tax and Minority Interest

VNDbn VNDbn

Leasing NOI Margin (%)

69.3% 69.5% 70.6%

(2)

(1)

45.0%

69.2% 73.2% 71.9%

Depreciation & amortization of investment properties (VNDbn)

45.9%

829 1.042 1.331 1.359 338339 335 346

1,905

2,404

2,851

2,382

492 343 572974

2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20

71.0%71.3%

Financial Performance

31

VNDbn

Total Assets Total Borrowings, Cash and Cash Equivalents

Total Equity (Net Debt / (Net Cash))(3) / Equity

VNDbn

VNDbn VNDbn

21,481 27,773 28,718 28,558

16,652 10,911 7,121

11,212

38,133 38,684 35,839

39,769

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20

Investment Properties and Investment Properties Under Construction Other Assets

5,974

2,780 2,785

5,726

4,095

3,133

2,177

4,945

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20

Total Borrowings Cash and Cash Equivalents

26,094 28,509

26,954 29,336

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20

7.2%

Net cash

2.3% 2.7%

31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20

(2)(2)

(2)

(2)

(1)

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 4Q2020

(1) Investment Properties and Investment Properties Under Construction (IP/IPUC) are valued at development cost minus depreciation and amortization and are not fair valued

(2) Decline in other assets, cash and cash equivalents, total equity as well as increase in gearing ratio as of 31 December 2019 was due to the payment of cash dividends of VND 2,445bn in April 2019 and buy back 56.5 mil

treasury shares completed in November 2019

(3) Net Debt / (Cash) = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalents + ST Investments).

Balance Sheet

Appendix

33

Bridging VAS To IFRS

Unit: VND Billion

VAS

2020

Adj. IFRS

2020

Commentary on Adjustments

Leasing revenue and other related

services6,008 51 6,059

Realized unearned revenue of deposit from customer in relation

to amortization of deposit

Sale of inventory properties 2,149 2,149

Other revenue 172 172

Total revenue 8,329 51 8,380

Cost of leasing activities and other

related services(3,057) 1,283 (1,774)

Mostly depreciation of malls included in VAS; excluded under

IFRS

Cost of inventory properties sold (1,115) (1,115)

Others (336) (336)

Cost of goods & services (4,508) 1,283 (3,225)

Gross profit 3,821 1,334 5,155

Gain/loss from recording FV of IP/IPUC 1,204 1,204Fair valuations of the investment properties and investment

properties under construction (“IP/IPUCs”) are based on valuation

reports by independent valuers as of 30 June 2020

Selling expenses (330) (330)

General and administrative expenses (399) 73 (326) Amortization of Goodwill included in VAS; excluded under IFRS

Other income 124 124

Other expense (32) (32)

Finance expense (467) (108) (575) Amortization of deposit from customer

Finance income 276 65 341 Revert capitalized interest income to IPUC

Profit before tax 2,993 2,567 5,560

Tax expense (610) (241) (851) Mainly deferred tax arising from fair value adjustment of IP/IPUC

Profit after tax 2,382 2,326 4,709

34

Source: Vietnam Ministry of Health; Company information

As of 31 December 2020

0

100

200

300

400

500

600

700

800

900

0

6

12

18

24

30

36

42

48

Community cases (LHS) Vincom Retail Footfall (RHS)

(‘000)

26 Jul: First

community case in

Da Nang after 99

days of no new

cases in Vietnam

Only 3 community

cases since 3 Sep.

All F1 and F2 were

confirmed negative

VCP Buon Me Thuot

closed for 2 weeks

from 3 to 17 Aug

VCP Da Nang closed

for 5 weeks from 28

Jul to 5 Sep

1st wave of Covid-19 (5 Mar – 30 Apr)2st wave of Covid-19 (28 Jul – 20 Sep)

Vietnam Swiftly Contained Covid-19

Investor Relations Department

Vincom Retail JSC

7 Bang Lang 1, Vinhomes Riverside, Viet Hung Ward

Long Bien District, Hanoi, Vietnam

Tel: +84 (24) 3974 9999 ext. 9545

Fax: +84 (24) 3974 8888

Website: ir.vincom.com.vn/en

E-mail: ir@vincom.com.vn