Classified: Public

VINACAPITAL CLEAN ENERGY PLATFORM

Khoa Nguyen, Head of Energy and Infrastructure

5 November 2020

Classified: Public

Clean Energy in Vietnam

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Vietnam Energy Overview

Current Market & Outlook by Sub-Sector

Classified: Public

Vietnam Is The Fastest Growing Economy in SE Asia and Needs Significant Power Investment to Fuel Its Growth

3| Source: EVN, World Bank

130 143

161

181

209

230

252 274

298

140 158

176 190

212 230

250 267

286

2014 2015 2016 2017 2018 2019 2020 2021 2022

Energy Demand (TWh) Energy Supply (TWh)

It is estimated that the current power plan will require an investment of ~USD 150 billion by 2030.

(CAGR: 8.5%)(CAGR: 11%)Power Demand Gap

Classified: Public

Renewables Have Already Become Vietnam’s Lowest-cost Option to Meet Increased Demand of Energy (LCOE Basis)

4| Source: McKinsey

Tipping Point

Vietnam’s average LCOE1, $/megawatt-hour

1. Levelized cost of electricity. Calculated by averaging LCOE for good solar and wind locations in North and South. Fuel: coal (unsubsidized)import coal price (based on China); gas (unsubsidized), liquefied-natural-gas price. Capacity factors: coal 70%, gas 60%, solar 22%, wind 30-37%. WACC: solar/wind 7% (2017 onward), others 10%.2. Levelized cost of electricity for unsubsidized domestic gas is $50/MWh, assuming a constant gas price of $6/one million British thermal units and capacity factor of 60%.

3. Liquefied natural gas4. Onshore-wind capital expenditures converge from $1.5 watt in 2017 to $1.1/watt “should cost” in 2021 based on bottom-up assessment.

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Though Current Government, Power Development Plan Relies Heavily on Coal, The Actual Mix Expected to be Weighted More Towards Clean Energy*

5| Source: Vietnam Power Master Plan (ver. 7, revised)

* Many large coal projects have been delayed due to execution and financing issues; some are currently under consideration for conversion into LNG power plants

26

48 55 9

15 19

22

25

28

1

4

12

1

2

6

2

3

9

60

96

129

-

20

40

60

80

100

120

140

2020 2025 2030

Coal Gas Hydro Solar Wind Other Total

Energy Mix

Current Government Master Plan: Installed Capacity, GW

4GW of Solar already achieved in 2019!

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Clean Energy Has Huge Potential to Become The Best Option for Vietnam to Serve Its Future Energy Needs

6| Source: MoIT, EVN and McKinsey

Significant development potential for Vietnam renewables till 2030, studied by McKinsey, Vietnam Ministry of Industry & Trade and EVN

4.50.2

7.212

6

19

61

39 38Market Potential

Policy support

• G2G support for LNG import

• Tax incentives

• 20 years Feed-in Tariff (till Jun-19)

‒ Ground: 9.35c; After 7.09c (draft)

‒ Floating: After 7.69c (draft)

‒ Rooftop: 9.35c (draft)

• Tax incentives

• 20 years Feed-in Tariff (till Nov-21)

‒ Onshore: 8.5c

‒ Off-shore: 9.8c

• Tax incentives

Wind Gas-FiredSolar

Potential capacity (GW)Master plan 2030 (GW)Installed capacity (GW)

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About VinaCapital

Why VinaCapital

Team

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VinaCapital Has Developed, Invested in and Currently Manages over USD 1bn In Real Estate Investments

20182006

Vinaland Ltd.• Vietnam’s largest real estate closed-end-

fund, listed on London AIM• Total AUM over USD 600 million• Invested in over 50 projects in Vietnam

• USD 4 billion JV between VinaCapital and Gold Yield Enterprises Ltd, a JV between Suncity Group (Macau) and VMS Group

• Largest FDI project in Quang Nam Province• Phase 1 is set to open in early 2020, including a world-

class casino, 1,000 hotel rooms and a golf course

2015

• USD 300 mn JV hospitality property platform between VinaCapital and Warburg Pincus with 16 hotels/resorts across Vietnam & Cambodia

• Home-grown Fusion brand providing end-to-end solutions for hospitality project development

2016

2015• Currently invested in 12 projects across Vietnam• Special situation, joint venture & new platform

incubation PRINCIPAL

INVESTMENT

Extensive track record of direct development, investment and management of real estate properties across Vietnam

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Vinacapital Brings a Unique “Local Foreign Investor” Skillset That Can Catalyze Power Development

No Particulars Local Players VinaCapital International Players VinaCapital Advantages

1. Local access & expertise, incl regulatory

15+ years of local investing experience & deep networks, allowing significant deal origination and project licensing management capacity

2. Local leadershipWe are long-term focused only on Vietnam with strong access to high quality deals

3. Local execution track record

70+ Investment professionals investing across asset classes

4.Ability to attract & retain world class management team

Energy team has >100+ years of power & business building experience.

5. Financing strengthVinaCapital group has > USD 3.3 billion AUM invested in Vietnam.

6.Commitment to international standards (incl EHS)

Adherence to global standards in environment, health & safety

Why VinaCapital?

VinaCapital forms the perfect lynch-pin between local and international players; aligning ethos by bringing strengths in local executions and insights to the partnership

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Disclaimer

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Past performance is not a guarantee of future returns.

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P: +84 (0) 28 3821 9930 F: +84 (0) 28 3821 9931

Email: ir@vinacapital.com

Website: www.vinacapital.com

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