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TRANSCRIPT
Corporate Presentation
where happiness lives
September 2019
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 Vinhomes 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
Vietnam's #1 Integrated Real Estate Developer
Key Highlights
Dominant market share of 18%(1) across ALL residential segments in Vietnam, 4.5x the next largest
developer. In the premium segment, Vinhomes has a significant market share of c.40%(3)
Notes: (1) Based on number of units sold across all segments in the residential market of HCMC and Hanoi between 2016 and 6M2019, according to CBRE. (2) Based on number of units sold in the mid-end segment in HCMC and Hanoi in 2018, according to CBRE. (3) Based on number of units sold in the
high-end and luxury condominium segments in HCMC and Hanoi from 2016-6M2019, according to CBRE. (4) Based on 88mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018 – 2020..
Dominant Real Estate
Developer and a
Community and Lifestyle
Creator Experiencing
Accelerating Growth
Ability to Harness
Vingroup Ecosystem
Vietnam Residential Set
for Multi-year Upwards
Cycle
High Earnings Visibility
Supported by Unrivalled
c.15 Year(4) Land Bank
and Sustainable
Business Model
Proven Track Record and
Rapid Cash Flow Cycle
Leading to Superior
Returns
Experienced Management
Team and Robust
Corporate Governance
Key Investment Highlights
where happiness lives
4
Key Investment Highlights
Vietnam Residential Set for Multi-year Upwards Cycle2
Dominant Real Estate Developer and a Community and Lifestyle
Creator Experiencing Accelerating Growth3
High Earnings Visibility Supported by Unrivalled c.15 Year(1) Land
Bank and Sustainable Business Model4
Proven Track Record and Rapid Cash Flow Cycle Leading to
Superior Returns5
Ability to Harness Vingroup Ecosystem1
Experienced Management Team and Robust Corporate
Governance6
where happiness lives
Note: (1) Based on 88mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018 – 2020.
6
The Largest Listed Company in Vietnam
Essentials Aspirational
#1 loyalty program in Vietnam with c.7.8 million members(1)
Vingroup has established itself as a market leader across the full breadth of consumer related sectors from essentials to
aspirational.
1 Ability to Harness Vingroup Ecosystem
Automobile manufacturer, mobile
devices and technology ventures
Industrials/Technology
Comprehensive multi-format
retail operator
Consumer Retail
Integrated residential
developer in Vietnam
Residential
Healthcare and education provider
Pharmaceutical and agricultural
producer
Social Infrastructure
Hospitality and
entertainment operator
Hospitality
Retail mall owner, developer and
operator in Vietnam
Retail Leasing
(1) As of 31 August 2019
7
1.6%
2.8%
4.4%
5.0% 5.5%
6.7%
Sin
ga
pore
Th
aila
nd
Ma
laysia
Indonesia
Ph
ilippin
es
Vie
tnam
1.2%
2.1%
2.7%2.9% 2.9%
3.9%
Sin
ga
pore
Th
aila
nd
Mala
ysia
Ph
ilippin
es
Indonesia
Vie
tnam
20.222.8 24.4
35.9 35.5
2014 2015 2016 2017 2018
Source: CBRE Vietnam, Euromonitor, Oxford Economics 2018, EIU, Colliers, JLL Research, BMI, World Bank
Note: (1) Middle income population defined as households with income of more than US$10,000 per annum. (2) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium demand of 186,000 units in 2022E.
Fastest Growing Economy in Southeast Asia with Strongest Middle Income
Growth2018 – 2020E Real GDP Growth (%)
Second Highest Population Proportion Among WorkforcePopulation with Age Range Between 25 – 44 as % of Total Population
Middle Income Population(1)
Growth2018 – 2020E CAGR (%)
33.0% 32.9%
30.6%
29.9% 29.5%
28.4% 28.4% 28.2%
Malaysia Vietnam Indonesia Myanmar Laos Thailand Singapore Philippines
Fastest Urban Population Growth in Southeast Asia, with
Significant Room to RunUrban Population 2018A – 2025E Growth (%)
Increasing Inflow of FDIRegistered FDI (US$bn) / Cumulative Contribution of FDI by Sectors (%)
Manufacturing47%
Real estate19%
Power5%
Others29%
Revised housing regulations for foreigners from 1 July 2015
Foreign Vietnamese can now buy several residential properties in Vietnam if they have
valid visas
Foreigners can now buy leasehold residential if they have an entry visa
Real Estate accounts for 19% of FDI in 2018
Vietnam’s Urbanization Rate by Year
(%)
Total addressable market to rise by
c. 3.3x to c. 186k condominium units per
annum(2) by 2022E
Proportion of urban households in Vietnam
set to increase at a CAGR of 3.9% over
2018 – 2025E
35.2% 35.9%
41.0%
2017 2018 2025E
29.9%
16.2%
11.3%
2.5% 2.5% 2.4%
Vie
tnam
Indonesia
Ph
ilippin
es
Ma
laysia
Sin
ga
pore
Th
aila
nd
2 Unique Vietnamese Fundamentals for Home Ownership
8
Vietnam’s Housing Significantly More Affordable Than Regional PeersHome Price-to-Income Ratio (x) in 2017(1)
Average 6.0
4.0
4.7 4.9
6.9
7.5
HCMC Kuala Lumpur Jakarta Bangkok Manila
Vietnam Residential Market Set to Take Off
Source: Market research, JLL. Note: (1) Based on top quintile household incomes and an entry level apartments across cities. (2) Represents lending rate for housing loans offered for the first year of the loan term. (3) Represents deposit rate offered for the 12-month terms by a number of notable commercial
banks as at 31 Dec 2018.
2
Vietnam’s Mortgage Market is Significantly Underpenetrated Compared to
Regional PeersTotal Home Mortgage Loans Outstanding as % of GDP in 2018
5.7%8.4%
22.7%
40.1%
51.0%
Vietnam Philippines Thailand Malaysia Singapore
Average 30.6%
Vietnamese Residential Prices have Significant Room to RunPrime Residential Price Growth
(Index: 2006 = 100)
Residential
upside
potential
Inflation and Interest Rate Sustained at Low Levels
9.2
6.6
4.1
0.6
2.7
3.5 3.5
13.5%
7.6% 7.5%
6.9%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
1
2
3
4
5
6
7
8
9
10
2012 2013 2014 2015 2016 2017 2018
Avera
ge
Average CPI (Y-o-Y) Lending Rate Deposit Rate
75
100
125
150
175
200
225
250
275
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
HCMCBangkokKuala LumpurManilaShanghai
(2) (3)
9
Vinhomes Poised to Benefit from Higher Condominium Absorption in Vietnam
Natural Growth in Number
of Households
Accelerated Increase in Demand for
Condominiums in HCMC & Hanoi
Significant Multi-Year Growth
Potential vs. Regional Peers
7.3 7.8 87.9 8.6
13.0
90.73
94.66
100.2
2014 2018 2022E
Hanoi population (mm)
HCMC population (mm)
Vietnam population (mm)
Population in Vietnam Annual Condominium Demand in HCMC &
Hanoi
Source: Euromonitor, CBRE. Note: (1) CBRE estimates 67.6% home ownership rate in Vietnam for 2018. (2) CBRE estimates that proportion of household who own a condominium in Hanoi/HCMC ranges from 9 – 16% as of 2018.
Total addressable market for condominiums in HCMC & Hanoi to rise by c. 3.3x by 2022
16 25
84
18
31
102
2014 2018 2022E
Demand for Condominium Units (Hanoi) ('000 units)
Demand for Condominium Units (HCMC) ('000 units)
~186,000
~56,000~34,000
c. 3.3x
increase
• Rising affluence and income will lift
household ownership (1) and conversion
into condominium units(2)
• 2018 absorption of 56k is relatively small
when compared with natural household
creation level – CBRE expects demand to
catch up to 186k (3.3x increase) by 2022E
• Nationwide numbers are likely higher,
presenting opportunities to Vinhomes
• Population in Vietnam is expected to grow
from 94.66mm to 100.2mm in the 4 years
from 2018 to 2022E
• Expected to increase number of household
units by 1.0mm in 2022E or 238k annually
• Potential housing demand of up to
800,000 housing units per annum on
average from 2018 to 2022 in Ho Chi Minh
City and Hanoi
• HCM and Hanoi addressable
condominium market is a small fraction
compared with regional peers due to
affordability and mortgage availability
• With improvements in both, the scope for
growth in the condominium addressable
market is significant
203
58
27 23
Shanghai (*) Bangkok (*) HCMC Hanoi
Average Annual Sales Volume 2013 – 2018 (‘000 units)
HCMC & Hanoi have Significant Room for
Expansion in Absorption Compared to
Regional Peers
7.5x
HCMC8.8x
Hanoi
2
(*)Shanghai and Bangkok number calculated from 2013 - 2017
10
Consumer Retail Retail Property Medical School
Hospitality /
Entertainment
161
7 7 5
Vinhomes Novaland Nam Long Khang Dien
High-EndAffordable LuxuryMid-End
Capturing the Huge Middle Income Opportunity with the
Vinhomes Sapphire Brand
Source: CBRE, Company Filings. Notes: Based on USDVND of 21,095 for 2013; 21,388 for 2014; 22,485 for 2015; 22,761 for 2016; 22,698 for 2017 and 23,240 for 2018, 23,250 for 8M2019. (1) Based on total number of residential units sold by Vinhomes from 2010 to 2017 as a business line of Vingroup and
2018, 8M2019 as an entity. (2) Based on all launched Vinhomes residential projects as a business line of Vingroup from 2010 to 2017 and as an entity in 2018 and 8M2019. (3) Based on accumulated sold units in 2016 – 6M2019 across all segments in the residential market of HCMC and Hanoi, according to
CBRE. (4) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2016-2018, according to CBRE. (5) As of 30 June 2019. (6) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes
completed projects.
Land bank (mm sqm)
Vinhomes
Sapphire
Largest Land Bank Expected to Deliver Sustainability and
GrowthDominance of Vietnam Residential Market by a
Significant Margin
• ~91,000(1) Residential Units Sold Since 2010
• US$13.9bn(2) of GDV Sold since 2010
18%(3)
Residential market share in Vietnam across ALL segments
Unbilled bookings of US$3.4bn as of 31 August 2019
Strong Track Record of Historical Sales Value
(5)
c.37%(4)
Residential market share in Vietnam across
premium segment
US$bn 2010 – 2015 2016 2017 2018 8M2019
Historical Sales Value 2.9 2.7 3.0 2.9 2.4
Translates to 88mm sqm of residential GFA(5)(6)
Complete Ecosystem of Complementary Offerings at Each Site with an Emphasis on Quality
~20x the land bank of next largest competitor
3
where happiness lives
where happiness lives
Vinhomes
RubyVinhomes
Diamond
Happy
Town
Dominant Real Estate Developer and a Community and Lifestyle Creator Experiencing Accelerating Growth
VinhomesOthers
Vinhomes
Keppel Land
Thao Dien
CapitalLand
Novaland
Others
Vinhomes
Others
Vinhomes
Hung Thinh
Dat Xanh
Novaland
Gleximco
Others
c.16%(4)
Residential market share in Vietnam across
mid-end segment
Vinhomes
Others
Vinhomes
Hung Thinh
Novaland
Dat Xanh
Vihajico
Others
12
Land Bank by Site Area
(mm sqm)
12
149
Launched Pipeline Projects
(1)
~20x the land bank of
next largest competitor
in country
In 2Q2019, Vinhomes is in last stage to record 2
million m2 out of the potential 5 million m2 into its
land bank.
Hanoi16%
HCMC34%
Quang Ninh32%
Hung Yen 13%
Hai Phong 2%
Thanh Hoa 1% Others 2%Hanoi
GFA: 15mm sqm
Ho Chi Minh City
GFA: 32mm sqm
Key
beneficiary of
upcoming
infrastructure
developments
Land bank by GFA for sale (mm sqm)(1)(2)
50% of residential GFA is located in key cities of HCMC and Hanoi
Gross development value(2) (2019 – 2024)
Total Residential GFA:
88mm sqm(3)
Hanoi, 31%
HCMC30%
Quang Ninh10%
Hung Yen24%
Hai Phong 2%
Others 3%Hanoi
No. of Projects(4): 14
Ho Chi Minh City
No. of Projects(4): 10
61% of GDV is attributable to key cities of HCMC and Hanoi
Total GDV (2019 –
2024): US$45.7bn
5
Additional projects under feasibility studies
Translates to 88mm sqm
of residential GFA(1)(2)
Note: (1) As of 26 July 2019. (2) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects. 88mm sqm of residential GFA converts into c. 71mm sqm of NSA. (3) Represents residential GDV only. GDV is calculated based on
net saleable area multiplied by the weighted average selling price of the project (based on middle of target ASP range per project.) (4) Includes pipeline and under construction projects
Unrivalled Land Bank in Strategic Locations forms Pillar of Growth for Vinhomes4
Significant and Sustainable Land Bank… …Allowing Vinhomes to Continue Extending its
Nationwide Presence Across Prime Sites
13
Ability to get customers to pay 70% upfront, reducing Vinhomes’
reliance on credit financing
c.87% of residential units were sold within three months of the
commencement of pre-sales in 2018 and first half of 2019(3)
Unparalleled Execution Capabilities through End-to-end Value Chain5
Comprehensive range of after-sales services to ensure Vinhomes’
buyers needs are met
Ancillary facilities such as gyms, pools, meeting areas, barbeque pits,
parks and waterways at Vinhomes properties
Ability and track record in securing the best land bank in Vietnam
Continuously search for and acquire new sites through project
development
Vinhomes’ Superior End-to-end Value Chain
33.0%
21.0%
16.6%
15.6%
5.0%
Vinhomes
Land & Houses
No Va Land
Ayala Land
BSD
After-Market Service Offering Captures
Customer & Enhances Loyalty to VinhomesUnique Selling Strategies
De-risk Development OutlaysEffective Cost and Quality
Controls to Maintain
Margins
Secures Land at
Competitive Rates
Vinhomes’ Unique Execution Capabilities Translate to Significant Competitive Advantage
Evident in Industry Leading Operational MetricsReturn-on-Assets(1) (%)
Source: Company filings
Notes: (1) Refers to net profit in 2018 divided by total assets in 2018. (2) Refers to net profit after minority interests divided by shareholder’s equity in 2018. (3) Average presale 3 months after launch date of projects opened for sale in 2018 and 1H2019
Land Acquisition
Land Clearance
Pre-sales, Sales
Research and
Marketing
Property
Management
Construction and
Quality Control
Master Planning and
Design
Master planning ability in developing and designing integrated projects
with ecosystems
Effectively assists Vietnamese state agencies in identifying land rights
holders and facilitating resettlements on the government’s behalf
Successfully shortens land clearance process from c. 2—3 years
per project to c. 9—12 months
Vincom Construction, one of the largest construction
management firms in Vietnam
Ability to control costs, quality and deadlines to ensure efficient
delivery of superior quality properties
Return-on-Equity(2) (%)
12.3%
9.4%
5.0%
4.7%
3.3%
Vinhomes
Land & Houses
Ayala Land
Novaland
BSD
Infrastructure and
Ecosystem
Significant de-risking of model through Vingroup’s ecosystem of
complementary offerings such as hospitals, schools and retail
14
Board of
Directors
Management
Team
Committed to robust
corporate governance
standards in line with
global best practices
Senior leadership with
significant depth of
experience and pedigree
Proven on-the-grounds
management team
supporting nation-wide
operations
Proven ability to hire,
train and retain talent
across business lines
Vinhomes is led by a team of highly experienced board of directors who are
supported by a experienced management team with average 22 – 23 years of experience
Cao Thi Ha An
Executive Director
>28 years experience
Project Development Director at Vingroup
since 2016
Previously Deputy CEO and Director of
Military Insurance JSC
Varun Kapur
Independent Non-Executive Director
>28 years experience
Currently also Managing Partner of Indgrowth
Capital
Previously Partner and Managing Director at
TPG
Mueen Uddeen
Independent Non-Executive Director
>41 years experience
Currently also Managing Director of
Arcpoint Associates Advisory
Pham Nhat Vuong
Non-Executive Director
>26 years experience
Founder of Vingroup, formerly known as
Technocom Corporation in 1993
Chairman of Vingroup since 2011
Nguyen Viet Quang
Non-Executive Director
>23 years experience
CEO of Vingroup
Previously Chairman at Vinmec
>11 years with Vingroup
Currently in charge of customer
services for Vinhomes
Phi Thi Thuc Nga
Dy CEO
Customer services
>16 years experience in financial
services
Appointed Deputy Chief Executive of
Finance and Investment of Vinhomes
in 2018
Chartered Accountant
Douglas Farrell
Dy CEO
Finance and Investment >16 years with Vingroup
>32 years experience
Project Development Director of
Vingroup since 2005
Currently holds directorships in other
Vinhomes subsidiaries
Pham Thieu Hoa
CEO
>4 years with Vingroup
>9 years experience
Previously executive at Richard Moore
Associates, Audio Visual Global and
Head of Marketing Department at Syrena
Nguyen Ngoc Thuy Linh
Dy CEO
Operations
>5 years with Vingroup
>14 years experience
Previously Sales and Marketing
Director at Mercedes Benz An
Du Autohaus
Nguyen Duc Quang
Dy CEO
Sales and Marketing
Nguyen Dieu Linh
Chairwoman
>16 years with Vingroup
>23 years experience
Vice Chairwoman of Vingroup since 2008,
previously Deputy CEO of Vingroup
>11 years with Vingroup
Previously held directorship in
Vincom Security since 2013
Nguyen Van Trai
Dy CEO
Security, Safety and Fire Prevention
>17 years with Vingroup
>36 years experience
Previously Dy CEO of Vingroup
Pham Van Khuong
Dy CEO
Construction
6 Experienced Management Team and Robust Corporate Governance
15
Controls put in Place
• 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
• Vinhomes to undertake Vingroup residential and office mixed-use development going forward
• Vingroup to continue holding non-residential and non-office mixed used development real estate properties in
Vietnam
• Entire project development team of Vingroup has been transferred to Vinhomes to ensure alignment of interest
• In addition, Vinhomes has ROFR on land that can be used for residential from Vingroup at cost. This ROFR
gives Vinhomes economy of scale in land sourcing and leverage of the Vingroup brand in site acquisition
• Management service fees and construction EPC contracts 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 Vinhomes to manage expansion with minimum overhead as it can share resources and costs with the
rest of Vingroup
• Governed by related party rules
Corporate governance principles emphasize a quality Board, sound internal controls, transparency and accountability to all
shareholders
No conflict of
interest in decision
making
No direct
competition with
Vingroup
Clear distinction of
scope for Vinhomes
Fair market
practices
6 Institutional Level Corporate Governance
Business Strategy & Operational Updates
where happiness lives
17
• Unique ability to offer Vingroup ecosystem, amenities, and
community environment
• Strong reputation of prompt delivery of projects / units
• Differentiated after sales management service offering – property
management, repairs and security services
• Modern apartment units catered for young and savvy
home-buyers
• Luxury apartment units that offer the most privileged living
standard
Driving Growth with New Brand Vinhomes Sapphire
Source: CBRE, JLL Research. Notes: (1) Based on accumulated sold units in the high-end and luxury condominium segments in HCMC and Hanoi from 2016-2018. (2) For condominium market only; based on CBRE condominium demand model and annual condominium demand of 186,040 units in 2022E at an
assumed price of US$127,000 per unit. (3) Percentages shown exclude 30.8% of households within the segment of household below affordable. (4) Segments include households within the respective income ranges: Luxury (more than US$85k), Premium(US$55k – US$85k), Mid-end (US$25k – US$55k),
Affordable (US$10k – US$25k) and Below Affordable (below US$10k). (5) Based on net saleable area.
Luxury
High-end
Mid-end
Affordable
1.3%(4)
0.4mm
House-
holds
4.4%(4)
1.2mm Households
19.4%(4)
5.2mm Households
44.2%(4)
12.0mm Households
oUS$2.0k
Under US$1.0k
US$1.0k
Over
US$4.0k
Ave
rag
e S
ell
ing
Pri
ce
s (
US
$ / s
qm
)(5)
Phu My
Hung
CapitaLand
Keppel Land
Novaland
Thao Dien
Investment
where happiness lives
… driving growth from Vinhomes Sapphire brand to
capture untapped and huge addressable
market opportunity
Leverage Vinhomes’ dominant market leadership of
c.40%(1) across high-end and luxury segments…
Total addressable market of US$22.9bn(2) per annum
Vinhomes Sapphire
Vinhomes Diamond
• High-end apartments for young affluent families looking for
a modern, well-equipped and quality living environment
Vinhomes Ruby
where happiness lives
where happiness lives
18
Wholesale Strategy to Boost Execution and Pull Forward Revenue and Profit Recognition
Key Strategy
• Focus on the development of VHM mega projects
• Master developer in mega projects, which entails master planning, develops
infrastructure and attracts sub-developers and institutional investors to co-develop
mega projects
− Track record and financial capacity to conduct large scale infrastructure
development; hence it has credibility with other developers
− Infrastructure include schools, the hospitals, shopping malls or retail outlets,
which are mostly Vingroup branded
Benefit for Vinhomes
Earlier cash flow as compared to
retail sale
Shorter project development
period with secondary
developers concurrently building
up the project
Benefit for Customers
Greater options (international/
local schools, international/local
developers, etc.)
Larger and more amenities to
enjoy
Shorter wait time to receive unit
Benefit for Secondary
Developers
Save time and effort in land bank
replenishment as Vinhomes
mega projects have completed or
close to completed the approval
process
Utilize an integrated infrastructure
and supporting amenities
where happiness lives
19
Operational Highlights of 2Q2019
Launching of long-awaited Vinhomes Grand Park
• Vinhomes Grand Park’s kick-off event was held on 22 June 2019 and soft launched in July
• Booking secured for c.10,000 units up to 21 Jul 2019, 100% of retail units launched
• Vinhomes Grand Park’s bulk sales: c. 6,900 units, 100% unit launched
1
Successful marketing campaign resulted strong pre-sales performance
• In May and June 2019, lagoon festival was organized to welcome ~50,000 people and contracts were signed for 1,700 units
within a month
• Vinhomes Ocean Park Ruby products were launched in 15 June 2019 with c.200 contracts signed in 2 weeks
• Continue to organize marketing events for 3 mega projects in 2H2019
2
Accomplishments of the bulk sales strategy in 2Q2019
• Deposit agreements signed for 4 blocks of Vinhomes Smart City, and 10 blocks of Vinhomes Grand Park
• Purchase agreements signed for 100% low-rise units of Vinhomes Ocean Park for c.1,700 units, remaining will be recorded in
3Q2019
3
Project injection to Vinhomes
• Vinhomes Dream City Hung Yen (456ha) has been transferred from Vingroup to Vinhomes. Effective interest of 100%
• Vinhomes’ interest in Vinhomes Grand Park is to be increased in 3Q2019. Expected effective interest of 90%
• Vinhomes Marina is to be transferred to Vinhomes in 2H2019. Expected effective interest of 100%
4
20
2Q2019 Key Events at Vinhomes
Vinhomes Grand Park’s Kick-Off Event Successful marketing campaign resulted strong pre-sales performance
Total number of units sold/deposit during this period:
~1,700 units/c. 2,800 – rise units launched in 2Q2019
On June 22, the long-awaited kick-off event for
Vinhomes Grand Park mega project, called “Light Up
The Future”, was held in Ho Chi Minh City
Over 12,000 sales people from 63 distribution
agencies participated – a record-breaking number
The 271-ha project was revealed by state-of-the-art
LED mapping technology
The events attracted ~50,000 visitors and future residents,
helped boost sales and create a good reputation as
customers could experience the amenities provided
The 24.5 ha reservoir – the project’s highlight – was
introduced for the first time
A series of entertainment events were held at Vinhomes
Ocean Park during 25 May – 30 June 2019
Bulk sales: c. 6,900 units (100% of units launched)
Retail sales: received booking for 10,007 units in July (100% of
units launched)
21
0.8
1.2
1.5
2.0
2.6
2015 2016 2017 2018 8M2019
Vinhomes Ruby/Diamond Apartments Vinhomes Sapphire Apartment
Vinhomes Villas Block sale
35.6
53.2
65.2 67.6
55.2
2015 2016 2017 2018 8M2019
Annual pre-sales (VND trillion) Pre-Sale NSA (mm sqm)
Breakdown by launched year
27.7 60.8 79.3 77.9
Unbilled bookings
69.8
Pre-Sales Momentum Continues
Project Name Location Product Type
Date
Launched
No. of
Apartments/
Villas
Launched
NSA
launched
(sqm)
NSA pre-sold
(sqm) % pre-sold (1)
Estimated
delivery start
date
Apartments/
Villas
pre-sold in
8M2019
(units)
Pre-sales
secured in
8M2019
(billion VND)
Vinhomes Ocean Park Hanoi High-rise Oct-18 21,771 1,271,661 869,184 68% 2019 7,470 9,430
Vinhomes Ocean Park Hanoi Low-rise Oct-18 2,395 638,022 638,022 100% 2019 887 7,159
Vinhomes Smart City Hanoi High-rise Dec-18 14,909 1,016,192 784,164 77% 2020 7,793 8,415
Vinhomes Grand Park HCMC High-rise Jul-19 16,867 1,046,238 1,045,259 100% 2020 16,852 23,648
Others(2)
4,034 895,116 675,343 75% 685 3,417
Total 59,976 4,867,229 4,011,971 82% 33,687 52,068
Note: (1) Percentage of pre-sold is calculated by NSA pre-sold over total NSA launched. (2) Include Vinhomes West Point, Vinhomes New Center Ha Tinh, Vinhomes Marina and Vinhomes Star City Thanh Hoa
22
Vinhomes Ocean Park Vinhomes Smart City Vinhomes Grand Park
Location • Gia Lam District, Hanoi • Nam Tu Liem District, Hanoi • District 9, Ho Chi Minh city
Product size area • 420 ha • 280 ha • 271 ha
Construction start date • 2018 • 2018 • 2018
Estimated delivery start
date
• Dec 2019 • 2020 • 2020
% construction
completion
• 30 Jun 2019: 18%
• Estimated 31 Dec 2019: 36%
• 30 Jun 2019: 14%
• Estimated 31 Dec 2019: 31%
• 30 Jun 2019: 13%
• Estimated 31 Dec 2019: 34%
Upcoming events • Regular site tours for existing and potential buyers
• Weekly Lagoon festivals to be held until end of Aug
2019
• 8 events organized at the Japanese Garden – a
highlight landscaping area in Sep 2019
• 8 entertainment events to be organized on site in Sep
2019
Number of units
launched in 2019
(# of units)
Mega-city projects
Development Status and Upcoming Launches Of Mega Cities
6.5
8.9
1.817.2
45.0
Cumulative units launched todate
Total Project Units
Total
units
launch
up to 31
Dec
2019 2.74.5
1.68.9
45.3
Cumulative units launched todate
Total Project Units
Total
units
launch
up to
31 Dec
2019
6.9
43.6
Cumulative units launched todate
Total Project Units
(2)
Total units
launch up to
31 Dec 2019
Bulk Sales Retail Sales To be launched in Subsequent Phases Launched Units Launched but Unsold Units
(3)
(2)
(3)
(3)
(2)
Note: (1) Picture of Vinhomes Ocean Park is taken in May 2019, pictures of Vinhomes Smart City and Vinhomes Grand Park are taken in July 2019 (2) Estimated figures, not reflecting the upcoming change in terms of number of units due to the introduction of Vinhomes Ruby and
Vinhomes Diamond, (3) Cummulative number of units lauched since inception until 30 June 2019;
23
Vinhomes Dream City Vinhomes Grand Park Vinhomes Marina
Location Hung Yen Ho Chi Minh City Hai Phong
Total project area
(including infrastructure)
456 ha 271 ha 49.2 ha
Injection status • Transferred from Vingroup to
Vinhomes
• Vinhomes’ effective interest: 100%
• Vinhomes’ interest to be increased
in 3Q2019
• Vinhomes’ expected effective
interest: 90%
• To be transferred to Vinhomes in
2H2019
• Vinhomes’ expected effective
interest: 100%
Injection method • Change of Developer
• No cost incurred
• Share transfer
• Transaction value: c. VND 18
trillion
• Project transfer
• Transfer at cost (TBD when
transaction completed)
Update on Project Injection Into Vinhomes
24
Delivery in 2019
Note: (1) Low-rise component called Vinhomes Green Villa
318 90 167 858 290 50 10
1,250
~610
140 ~180
1,760
~2,110
0
1,500
3,000
Vinhomes Star City Vinhomes The Harmony Vinhomes Metropolis Vinhomes Green Bay Vinhomes Sky Lake
Units (#)
Units Delivered or to be Delivered in 2019
Delivered in 1H19
To be Delivered in 2H19Retail SalesBulk Sales
Vinhomes The Harmony Vinhomes Metropolis Vinhomes Green Bay Vinhomes Sky Lake
1,734
55 93 236
4,810
200 10 30
6,210 6,550
260 110
270
0
1,500
7,000
Vinhomes Smart City Vinhomes Ocean Park Vinhomes Imperia Vinhomes Golden River Vinhomes Central Park
Vinhomes Imperia Vinhomes Ocean ParkVinhomes Smart City(1) Vinhomes Central Park
Vinhomes Star City
Vinhomes Golden River
Delivery of Completed Units in 2019
25
Moving into 2H2019
• 1st time launch of luxury product line - Vinhomes Diamond in Vinhomes
Smart City
• Further bulk sales transfers on negotiation
• Continue to organize comprehensive marketing events to boost sales for 3
mega projects.
Launches(1) –
3 mega cities
continue to be
the focus
1
Expected
delivery 2
• Hanoi: increasing interest from foreign investors continues to boost
residential demand
• Hanoi: more supply coming in the West and East areas with moderate price
growth
• HCMC: the East continues to lead the market (mainly Vinhomes Grand
Park)
• HCMC: new launches expected in 2H2019 thus stabilizing price growth
Market
Conditions(2)3
Note: (1) Subject to regulatory approvals and market conditions. (2) Source: CBRE
• Vinhomes Skylake, Vinhomes Star City, and Vinhomes Imperia are main
projects to be delivered in 2H2019 for retail home buyers.
• Vinhomes Smart City, and Vinhomes Ocean Park will be key deliveries in
2H2019 for bulk sales.
Financial Highlights
where happiness lives
Profit before Tax Profit after Tax and Minority Interest
Total Revenue Gross Profit
2,795 2,109
19,719
9,730
13,387
2016 2017 2018 1H2018 1H2019
1,649 1,410
14,285
7,859
9,853
2016 2017 2018 1H2018 1H2019
(VND bn) (VND bn)
9,339 12,780 35,769 14,795 24,965
133
263
816
271
574
1,745
2,254
2,079
462
1,198
11,217 15,297
38,664
15,527
26,736
2016 2017 2018 1H2018 1H2019
Sale of Inventory Properties Leasing Others(1)
4,101 4,281
9,527
4,072
10,106
(3) (12)
244
30
264
356 898
290
25
206
4,454 5,167
10,061
4,127
10,576
2016 2017 2018 1H2018 1H2019
Sale of Inventory Properties Leasing Others(1)
(VND bn)(VND bn)
Note: Based on VAS Audited Consolidated Financial Statements for 2016, 2017, 2018 and VAS Reviewed Consolidated Financial Statements 6M2019. (1) Includes revenue from general contractor services, shared profit from VCR, Vinschool, Vinpearl (until such components are completely
transferred to those respective Vingroup’s subsidiaries) and others
Financial Performance Overview
27
Adjusted EBITDA and Margin(2,3) Adjusted PATMI(4)
Total Revenue Gross Profit and Gross Profit Margin
20,879
44,960
71,963
39,81432,964
434
952
916
271 574
393
886
2,130
462 1,198
21,705
46,798
75,009 40,547 34,735
2016 2017 2018 1H2018 1H2019
Sale of Inventory Properties Leasing Others
8,622
17,485 22,213
12,101 14,145 175
483
298
30 264 91
23
2,130
25
206 8,887
17,99124,641
12,155
14,615
2016 2017 2018 1H2018 1H2019
Sale of Inventory Properties Leasing Others(1)
38.9%
50.8%
41.3%
40.3%
5,581
13,822
35,208
10,75514,5583,359
1,259 552
999 1,136
262 322
11,460 15,832
35,208
10,75514,558
2016 2017 2018 1H2018 1H2019
33.8%37.3%(3)
Margin
4,383
9,601
14,234
7,8599,853
2,687
1,259552
799 909
209 2579,338 11,319
14,234
7,859
9,853
2016 2017 2018 1H2018 1H2019
Margin for Sale of Inventory Properties Margin for Leasing
(1)
(2)
33.9%
32.6%
46.9%
30.4%
11.0%
42.9%
46.0%
(VND bn) (VND bn)
(VND bn)(VND bn)
PATMI PATMI Attributable to Block Sale of 6 Buildings in Vinhomes Central Park
Sponsorship & Donation Sales Consulting Fees Trademark FeesAdjusted EBITDA Margin
EBITDA EBITDA Attributable to Block Sale of 6 Buildings in Vinhomes Central Park
Sponsorship & Donation Sales Consulting Fees Trademark Fees
Note: The financials as presented above are illustrative and based on the arithmetic aggregation of (i) Vinhomes JSC audited general purpose financials for FY2016-2018, (ii) Excluded Projects financials for FY2016-2018 and (iii) Reviewed Consolidated Financial Statements 6M2019. (1) Others principally comprises revenue from
general contractor services, shared profit from VCR, Vinschool and Vinpearl and others. (2) Includes other operating income and other operating expenses and adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of Vinhomes Property Management (“VHPM”) in 2018; however,
this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously paid to Vingroup JSC, which are not expected to be incurred going forward. (3) Adjusted EBITDA margin calculation excludes other operating income recognized from block sale of 6 buildings in Vinhomes Central Park.
(4) Adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of VHPM in 2018; however, this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously paid to Vingroup JSC which are not expected to be incurred going forward
Financial Performance Overview (cont’d)
28
26.5% 41.9%
9,157
15,327
31,909
26,062
2,802 1,562 4,525
14,612
31-Dec-2016 31-Dec-2017 31-Dec-2018 30-Jun-2019
Total Borrowings Cash and Cash Equivalents
VND bn
Total Assets Inventory
VND bn
VND bn
Total Cash & Cash Equivalents(1) and Total Borrowings
VND bn
Total Equity
9,549 10,124
48,145
58,973
31-Dec-2016 31-Dec-2017 31-Dec-2018 30-Jun-2019
8,475
17,006
36,858
27,630
31-Dec-2016 31-Dec-2017 31-Dec-2018 30-Jun-19
16,492 44,421
91,203 103,263
21,029
6,883
28,486 35,672
37,521 51,304
119,689
138,935
31-Dec-2016 31-Dec-2017 31-Dec-2018 30-Jun-2019
Current Assets Non-current Assets
Note: Based on VAS Audited Consolidated Financial Statements for 2016, 2017, 2018 and VAS Reviewed Consolidated Financial Statements for 6M2019.
(1) Cash and cash equivalents includes short-term investments.
Balance Sheet Overview
29
Key Credit Metrics
12.0
14.3
1H2018 1H2019
27.7%
23.8%
9.2%
31-Dec-2017 31-Dec-2018 30-Jun-19
136.0%
56.9%
19.4%
31-Dec-2017 31-Dec-2018 30-Jun-19
Times
29.9%26.7%
18.8%
31-Dec-2017 31-Dec-2018 30-Jun-19
Net Debt(1) / (Total Assets – Cash & Cash Equivalent) Net Debt(1) / Equity
Interest Coverage RatioTotal Debt / Total Assets
Note: Based on VAS Audited Consolidated Financial Statements for 2017, 2018 and VAS Reviewed Consolidated Financial Statements for 6M2019. (1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investment).
(2) Interest coverage ratio = EBIT/Interest Expense
Average Debt Maturity: 1.17 years
30
Appendix
where happiness lives
32
0
1,000
2,000
3,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2016 2017 2018 2019
High-end Mid-end Affordable
Price (USD/m2)
02,0004,0006,0008,000
10,00012,00014,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2016 2017 2018 2019
Launched units Sold units
No. of units
Market Summary for 1H2019
Hanoi – supply and demand
Hanoi – pricing
Q2 2019: $2,345
Average: $1,955
Launched units: 17,700
+25% yoy
Sold units: 16,300
+27% yoy
Mid-end & Affordable
slight increase
Luxury & High-end
achieved new high
CBRE definition: Luxury: > US$4,000 psm; High End: US$2,000 - $4,000 psm; Mid End: US$1,000 - $2,000 psm; Affordable: < US$1,000 psm (exclude VAT and quote on NSA)
Note: (1) Includes only units subject to retail sales
33
Market Summary for 1H2019HCMC – supply and demand
Launched units: 8,547
-42% yoy
HCMC – pricing
prices increase across
all segments due to
restricted supply
01,0002,0003,0004,0005,0006,0007,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2017 2018 2019
Luxury High-end Mid-end Affordable
Price (USD/m2)
88% Sold out in newly
launched projects
Sold units: 10,500
inventory
CBRE definition: Luxury: > US$4,000 psm; High End: US$2,000 - $4,000 psm; Mid End: US$1,000 - $2,000 psm; Affordable: < US$1,000 psm (exclude VAT and quote on NSA)
0
2,500
5,000
7,500
10,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2017 2018 2019Launched units Sold units
No. of units
Note: (1) Includes only units subject to retail sales
(1) (1)
Market Summary for 1H2019
34
Vinhomes: Not Just a Homebuilder but a Community Creator
#1 dominant integrated
residential and commercial
developer
Ecosystem of
complementary consumer
service offerings at
each project
Active in mega project
developments and pioneers
in partnerships with sub-
developers on projects
Nation-wide operation and
first mover advantage in
several second-tier cities
and satellite project
developments
Residential
Retail /
Office Medical School
Hospitality /
Entertainment
Central
Park
(HCMC)
• Vinhomes
Central Park:
− The Central
− The Park
− Landmark 81
− c.11,000 units
• Vincommerce
− 7 VinMart +
− 1 VinMart
• Vincom Center
Central Park
• Landmark 81
commercial
space
• Vinmec
Central Park
International
Hospital
• Vinschool
K-12 education
• 5-star Vinpearl
Hotel Landmark
81
− 223 hotel
rooms
Times
City
(Hanoi)
• Vinhomes
Times City &
Park Hill
− c.13,000 units
• Vincommerce
− 6 VinMart +
− 1 VinMart
• Vincom
Mega Mall
Times City
• Vincom Office
Times City
• Vinmec Times
City International
Hospital
• Vinschool
Kindergarten
− 5 schools
• Vinschool
Elementary,
Secondary and
High School
• Vinpearl Land
Aquarium Times
City
Ecosystem of Complementary Products and Services At Each Site
where happiness lives
35
Continued Support from Customers and Mortgage Lenders
Percentage of foreign buyers declined by 127 bps from 31 Dec 18 because buyers of
Vinhomes Sapphire apartment units are mostly domestic buyers
• Projects with highest number of sold units with a mortgage were
• Proportion of sold units with a mortgage depends on clients’
preferences, locations and sales policy
• Vinhomes homebuyers often enjoy favorable interest rates relative to
the market thanks to good relationships between Vinhomes (as the
project developer) and large banks
• Interest supports offered to homebuyers by developers for 18 to 24
months, and a grace period for principal payments during the period of
interest support
• Vinhomes Ocean Park and Vinhomes Smart City buyers can take
out a mortgage of up to 35 years.
FOREIGN BUYERS(1)
9%MORTGAGES
55%
Project Selling pointsPercentage of
foreign buyers
Vinhomes
Golden River
(HCMC)
Vinhomes Golden River is constructed
along the Saigon river, in the heart of
District 1. The area is expected to
become home to new office
skyscrapers, commercial centers, and
beautiful riverside walks.
30.0%
Vinhomes
West Point
(Hanoi)
Situated in the West of Hanoi,
Vinhomes West Point has been
developed to set a new standard of
living, with its harmonious combination
of water, trees and “All-in-one” facilities.
24.5%
Vinhomes
Skylake
(Hanoi)
A mixed use development in Nam Tu
Liem new administrative area of Hanoi.
It is adjacent and looks over the 32-
hectare Cau Giay park, with 19-hectare
water surface reservoir
12.6%
Vinhomes The
Harmony
Vinhomes
Star City
Vinhomes
Ocean Park
Percentage (%) 68% 70% 64%
Note: (1) For all units sold in Vinhomes projects from the incorporation of the residential business in Vingroup until 30 June 2019, excluding projects launched before 2015 (i.e. Vinhomes Royal City and Vinhomes Times City)
Proportion of sold units with a mortgage was 55% on average
(cumulative for all projects sold by Vinhomes as of June 30, 2019)
36
CBDVinhomes Skylake
Vinhomes
Metropolis
Vinhomes
Royal CityVinhomes Times City
Vincom Ba Trieu
Vinhomes
The Harmony
Vinhomes
West Point
Project C
Project GProject E
Project B
Vinhomes
Riverside
Project A
Vinhomes Properties
Hanoi
City Centre
Ho Chi Minh City
Source: CBRE, Company Information.
Significant boost in connectivity will accelerate demand for pipeline projects
Under development and pipeline Upcoming Hanoi Metro Lines Under development and pipelineHCMC Metro Line 1 Upcoming Metro Lines
(before 2030)
Valuable Land Bank Proximate to Upcoming Metro and Highway Infrastructure
Rach Chiec
Phuoc Long
Binh Tho
Thu Duc
Hi-Tech Park
Suoi Tien
New Eastern Bus Station
Long Binh
Depot
New Port
District 9
District 1
Phu Nhuan
District
Bin Thanh
District
Go Vap
District
Thu Duc District
District 2
251 ha
Project C
Ben Thanh
Opera HouseBa Son
Thao DienAn Phu
Vinhomes Central ParkDistrict 3
Van Thanh
Vinhomes
Grand Park
Vinhomes Golden River
Vinoffice Dong Khoi
CBD
Project A
Project B
Vinhomes Properties City Centre
Vinhomes Nguyen Chi Thanh
Project D
Vinhomes
Green Bay
Project F
Project H
Vinhomes
Smart City Vinhomes
Ocean Park
37
• In Hanoi, Vinhomes’ projects can achieve a
much higher ASP
• Vinhomes Ocean Park able to sell at a premium
due to:
− Reputation of Vinhomes as a developer
− Scale / amenities
− Construction quality
15% higher ASP than peers(1)
Vinhomes mega projects well poised for future growth given unrivalled brand equity and positive spill-over effects
Vinhomes Properties Command a Premium Over Comparable Hanoi Projects … Validated through
Assessment by International
Experts
1
10 – 15% higher ASP than peers(1)1
Source: Company, Int’l Broker #1, Int’l Broker #2 (names to be revealed subject to clearance)
Note: (1) Refers to surrounding comparable projects.
• Unrivalled brand equity driving steady customer demand
• Unique integrated ecosystem offering of complementary suite of amenities / facilities
Int’l
Broker #1
Int’l
Broker #2
Case Study: Vinhomes Competitive Positioning
Vinhomes
Ocean Park
Ecopark –
Palm Forest
Ecopark –
AquaBay
Hanoi Garden –
Canal Park
Northern
Diamond
Gamuda –
Zen Residence
Unit Size
(sqm / unit)
• 28 - 76
(1 - 3 BRs)
• 71 - 91
(2 - 3 BRs)
• 47 - 109
(1 - 3 BRs)
• 86 - 184
(2 - 3 BRs)
• 94 – 107 • 52 - 106
(1 - 3 BRs)
ASP
(US$ / sqm)
• - • 906 • 1,004 • 773 • 1,124 • 1,167
Developer • Vinhomes • Vihajico • Vihajico • Berjaya –
Handico12
• Incomex • Gamuda
Land
Other Factors as Compared to Vinhomes
Location,
Accessibility,
Infrastructure
• ▼ • ▼ • ▲ • ▲ • ▲
Developer • ▼ • ▼ • ▼ • ▼ • ▼
Scale /
Amenities• ▼ • ▼ • ▼ • ▼ • ▼
Construction
Quality
• -- • -- • ▼ • ▼ • --
Unit Size • ▲ • ▲ • ▲ • ▲ • ▲
Management
Company
• -- • -- • ▼ • ▼ • ▼
38
Infrastructure Development Underway
Source: Company, CBRE.
Visible and meaningful progress on infrastructure developments will boost real estate capital values
and greatly increase connectivity for Vinhomes projects
Road
Expansion
Metro Line # 2
Cat Linh – Ha Dong
Metro Line # 3
Nhon – Hanoi Station
Vinhomes Projects in Close
Proximity
• Vinhomes Riverside
• Vinhomes The Harmony
• Vinhomes Times City
• Vinhomes Royal City
• Vinhomes Ocean Park
• Vinhomes Galaxy
• Vinhomes Gallery
• Vinhomes Metropolis
• Vinhomes Gallery
Development Status • Various projects under construction
include elevated Ring road #2,
segments of Ring road #3,
overpasses in CBD areas
• Projects under development include
Ring road #3.5 and #4
• Construction completed
• Trial run began in July 2018
• About 45% completed
• Commercial operation to start by 2023
Other Commentary • Overall improvement to Vinhomes
projects from enhanced infrastructure
Hanoi
39
Infrastructure Development Underway
Van Don – Mong Cai
highway
HCMC – Moc Bai highway Metro Line # 1
Ben Thanh – Suoi Tien
Connecting the
Old to the New City
Vinhomes Projects in
Close Proximity
• Vinhomes Green Ha Long • Vinhomes Golden River
• Vinhomes Central Park
• Leman Golf
• Vinhomes Golden River
• Vinhomes Central Park
• Central Park
• Golden River
Development Status • Expected completion in 2021 • Expected approval in 2020
• Expected completion in 2025
• About 56% completed
• Commercial operation to
start by 2021
• Projects under development
include
Metro Line #2, Thu Thiem 4
bridge
Other Commentary • Overall improvement to
Vinhomes projects and local
economy from enhanced
connections
• Overall improvement to
Vinhomes projects and local
economy from enhanced
connections
• Key projects improving
infrastructure to and within
District 2 (the new city)
include Thoi Dai bridge
(completed), My Thuy
Intersection (completed),
Metro Line #1 (under
construction)
Quang Ninh HCMC
Source: Company, CBRE.
Visible and meaningful progress on infrastructure developments will boost real estate capital values
and greatly increase connectivity for Vinhomes projects
40
Low Risk Capital Effective Business Model
Preparation of
Site for
Construction
Unit
Construction
Preparation
of Projects
Marketing
Process Commence
Execute Purchase
ConfirmationHandoverPre-sales
Vinhomes Property Development Business Model and Payment Schedule
Strong Management of Default Risk
Majority of units are pre-sold immediately after land clearance has completed and
project construction has broken ground
Presale customers required to make down payment of approximately 30% of total
purchase price (for Vinhomes Ruby and Vinhomes Diamond properties) or 10% (for
Vinhomes Sapphire properties)
Upfront payments from majority Vinhomes customers, typically c.70% of total
purchase price when sales contract is signed(1)
95% of purchase
price must be
paid before
being issued the
land use right
certificate (LURC)
Full payment will
be collected
thereafter
Construction
Completion
and Handover
Collection of cash
based on the
construction
process
(totaling up to 70%
of purchase price)
Note: (1) Based on sales of launched projects through 31 December 2017.
Headquarters: No.7, Bang Lang 1, Vinhomes Riverside, Viet Hung Ward, Long Bien District, Hanoi, Vietnam
Tel: +84 (24) 3974 9999 ext. 9594 Website: http://ir.vinhomes.vn/en
Fax: +84 (24) 3974 8888 E-mail: [email protected]
Investor Relations Department
where happiness lives