corporate presentation december 2018...vinhomes’ strategic and growth plan the #1 residential real...
TRANSCRIPT
Corporate Presentation December 2018
where happiness lives
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
Executive Summary
Vietnam’s #1 integrated real estate developer with a focus on residential and office
Key Investment Highlights
Dominant market share of 15%(1) across ALL residential segments in Vietnam, 3.5x the next largest
developer. In the premium segment alone, Vinhomes also has a dominant market share.
The “Crown-Jewel” of VingroupDirect exposure to consumer demand and the accelerating growth of Vietnam’s middle income
Notes: (1) Based on accumulated sold units in the most recent 3 years across all segments in the residential market of HCMC and Hanoi as of 31 Dec 2017, according to CBRE.
Dominant Real Estate
Developer and a
Community and Lifestyle
Creator
Ability to Harness
Vingroup Ecosystem
Vietnam Residential Set
for Multi-year Upwards
Cycle
High Earnings Visibility
Supported by Unrivalled
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
3
Vinhomes: Best Market, Best Segment, Best Platform
Fastest Growing
Economy in Asia
Long-term Trends
Driving Demand
Undisputed Market
Leader in Vietnam
Macro Outlook Residential Outlook Market Leadership
6.4% Real GDP growth (2018 – 2020E)
Record US$35.9bn FDI
inflows in 2017(1)
Highest working age(3)
population in Southeast Asia
Accelerating urbanization
– Total addressable market to rise by
c. 3.4x to c. 204k condominium
units per annum(5) by 2022E
Best affordability of 4.0x home price to
income ratio(6) compared to Southeast
Asian peers’ average of 6.0x
Rapid and Sustainable Growth Supported by Complete End-to-end Real Estate Value Chain Capabilities
Unbilled bookings of US$2.3bn as of 30 Nov 2018
VinCity brand accesses a huge untapped market opportunity in Vietnam, increasing our addressable market size by c.3x(8)
End-to-end real estate value chain execution capabilities and full ecosystem of complementary services
Middle income households expected
to grow at a 18% CAGR(4) in 2018E
– 2020E
Source: JLL Research, CBRE. Notes: (1) Based on total registered FDI. (2) Average public and private sector infrastructure investment in 2016 as a % of GDP. (3) Working age defined as age 25 – 44. Vietnam had the highest proportion of working age population of 48.7% out of total population as of 31 December 2016. (4) Middle income
household defined as number of households with disposable income of more than US$25,000 per annum. (5) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium demand of 203,792 units in 2022E. (6) Based on Ho Chi Minh City’s top quintile household income and an
entry level apartment. (7) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. Excludes 31mm sqm of potential land allocation. (8) Represents increase from US$9.4bn per annum addressable market size of 5.7% of households in the high-end and luxury segment to
US$25.9bn per annum addressable market size of 69.3% across all segments from affordable to mid-end to high-end and luxury segments.
Mortgage market is significantly
underpenetrated
– Total home mortgage loans outstanding
1.9% of GDP in 2016
Highest infrastructure spending in
Southeast Asia – 5.7% of GDP(2)
Unique ecosystem of
complementary services attract
owner-occupier customers
Proportion of urban households in
Vietnam set to increase at a CAGR of
3.5% over 2018 – 2025E
Strong support from blue-chip
sponsor Vingroup
Stellar execution track record
National champion with nationwide
presence through largest landbank
Attractive gross profit margins
164mm sqm of well-located land bank,
20x the next player, representing
c.15(7) years of development
4
High-EndAffordable LuxuryMid-End
Capturing the Huge Middle Income Opportunity with the
VinCity Brand
Vinhomes’ Dominance in Vietnam’s Residential Market
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 23,365 for 11M2018. (1) Based on total number of residential units sold by Vinhomes from 2010 to 11M2018 as a business line of Vingroup. (2) Based on all launched Vinhomes residential
projects as a business line of Vingroup as of 30 November 2018. (3) Based on accumulated sold units in the most recent 3 years across all segments in the residential market of HCMC and Hanoi as of 31 Dec 2017, according to CBRE. (4) As of 30 June 2018 (5) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for
sale, beach villa and condo-tel. Excludes completed projects. 95mm sqm of residential GFA converts into c. 83mm sqm of NSA. (6) Including all completed, under construction and pipeline properties. (7) Includes residential GFA for sale only.
Land bank (mm sqm)
A Key Subsidiary of Vingroup JSC
VinCity (“VC”)
No. of Projects: 7(6)
GFA: c. 28mm sqm(7)
Largest Land Bank Expected to Deliver Sustainability and
GrowthDominance of Vietnam Residential Market by a
Significant Margin
• ~49,600(1) Residential Units Sold Since 2010
• US$9.8bn(2) of GDV Sold since 2010
Vinhomes (“VH”)
No. of Projects: 29(6)
GFA: c. 68mm sqm(7)
161
7 5 1
Vinhomes Developer 1 Developer 2 Developer 3
Unbilled bookings of US$2.3bn as of 30 Nov 2018
Strong Track Record of Historical Sales Value
(4)where happiness lives
US$bn 2010 – 2014A 2015A 2016A 2017A 11M2018A
Historical Sales Value 1.3 1.6 2.3 2.9 1.7
Translates to 95mm sqm of residential GFA(4)(5)
Complete Ecosystem of Complementary Offerings at Each Site with an Emphasis on Quality
Consumer Retail Retail / Office Medical School
Hospitality /
Entertainment
where happiness lives where happiness lives
~25x the land bank of next largest competitor
5
15%(3)
Residential market share in Vietnam across ALL segments
Vinhomes15%
Developer 14%
Developer 24%
Developer 33%
Developer 42%
Others 72% Vinhomes53%
15%
14%
9%
9%
Top 5 Developers
comprising 28%
market share(1)
Focus on Townships &
Integrated Development
Leverage off large land bank
located in upcoming
integrated developments
Secure first-mover
advantage in key satellite
cities
Vinhomes’ Strategic and Growth Plan
The #1 Residential Real Estate Developer with Focus on Residential and Office Expertise
Pursue Strategic
Partnerships
Proactively secure
partnerships via JV or M&A
Further expand market
share of residential market
from current 15%(1),
leveraging off expansion
into VinCity brand
Vis
ion
Gro
wth
Str
ate
gie
sK
ey P
rio
riti
es
in F
Y1
8 –
FY
20
Mo
vin
g
into
201
9
Targeting to launch 12 projects in Hanoi, HCMC
and Hai Phong in 2019Successfully launched 2 VinCity
projects in 2018
Note: (1) Based on accumulated sold units in the most recent 3 years across all segments in the residential market of HCMC and Hanoi as of 31 Dec 2017.
Active Land Bank
Management
Assess best and highest
use for 164mm sqm of
land bank
Opportunistic land
acquisitions
Unique position to
acquire further
unsurpassable land bank
Increase Product
Diversification
Focus on key projects
supported by upcoming
Infrastructure developments
Expand development of
townships and integrated
projects
Focus on tapping on foreign
buyers who currently
comprise a small percentage
Growing recurring income
from office and residential
properties for lease
6
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 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. Excludes 31mm sqm of potential land allocation.
7
The Largest Listed Company in Vietnam
Essentials Aspirational
#1 loyalty program in Vietnam with c.5.6 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 that Cannot be Replicated
Note: (1) As of 30 November 2018
8
Automobile and smart
device manufacturer
Industrials
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
3.5%
4.1%
5.0% 5.1%
6.2%
6.9%
Sin
ga
pore
Thaila
nd
Ma
laysia
Indonesia
Ph
ilippin
es
Vie
tnam
1.6%
2.7% 2.7% 2.9%
3.1%
3.5%
Sin
ga
pore
Th
aila
nd
Ph
ilippin
es
Ma
laysia
Indonesia
Vie
tnam
16.3
21.6 20.222.8 24.4
35.9
2012 2013 2014 2015 2016 2017
Source: JLL Research.
Note: (1) Middle income population defined as households with income of more than US$10,000 per annum. (2) For condominium market in HCMC and Hanoi only; based on CBRE condominium demand model and annual condominium
demand of 203,792 units in 2022E.
Fastest Growing Economy in Southeast Asia with Strongest Middle Income
Growth2018 – 2020E Real GDP Growth (%)
Highest Population Proportion Among WorkforcePopulation with Age Range Between 25 – 44 as % of Total Population
Middle Income Population(1)
Growth2018 – 2020E CAGR (%)
32.8% 32.6%
30.7%
28.8% 28.8%
27.7%
Vietnam Malaysia Indonesia Thailand Singapore Philippines
Fastest Urban Population Growth in Southeast Asia, with
Significant Room to RunUrban Population 2018E – 2025E Growth (%)
Increasing Inflow of FDIRegistered FDI (US$bn) / Cumulative Contribution of FDI by Sectors (%)
Manufacturing58%
Real estate17%
Power7%
Others18%
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 17% of total cumulative FDI (2012 – 2017)
Vietnam’s Urbanization Rate by Year
(%)
Total addressable market to rise by
c. 3.4x to c. 204k condominium units per
annum(2) by 2022E
Proportion of urban households in Vietnam
set to increase at a CAGR of 3.5% over
2018 – 2025E
20.0%
14.2%
7.0%
3.2% 2.5% 2.0%
Vie
tnam
Indonesia
Ph
ilippin
es
Th
aila
nd
Ma
laysia
Sin
ga
pore
35.0% 37.0% 38.0% 40.0%
50.0%
2017E 2018E 2019E 2020E 2025E
2 Unique Vietnamese Fundamentals for Home Ownership
9
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: JLL Research. 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 2018 YTD.
2
Vietnam’s Mortgage Market is Significantly Underpenetrated Compared to
Regional PeersTotal Home Mortgage Loans Outstanding as % of GDP in 2016
1.9%4.9%
20.0%
49.5% 50.6%
Vietnam Philippines Thailand Malaysia Singapore
Average 31.3%
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
13.5%
7.6%
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
Avera
ge
Average CPI (Y-o-Y) Lending Rate Deposit Rate(2) (3)
75
100
125
150
175
200
225
250
275
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
HCMC Bangkok
Kuala Lumpur Manila
Shanghai
10
11
Hanoi
Sold Units
Transaction volume down due to lack of supply Stable pricing level in mid-end segment waiting for new launch projects
US$/sqm
0
2,000
4,000
6,000
8,000
10,000
1Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q18
Luxury High-end Mid-end Affordable
▼36%
y-o-y
Ho Chi Minh City
Sold Units
Absorption rate dropped due to the impact of ghost month Selling price in luxury segment expected to increase significantly
US$/sqm
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q18
Luxury High-end Mid-end Affordable
▼7% q-o-q
▼16% y-o-y
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
2015 2016 2017 3Q18 2018F 2019F 2020F
Luxury High-end Mid-end Affordable
Forecast
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2015 2016 2017 2018F 2019F 2020F
Luxury High-end Mid-end Affordable
Forecast
Source: CBRE
Market Overview – Condominium2
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 7.78.58.1 8.6
9.6
92.6
95.5
100.1
2014 2017 2022E
Hanoi population (mm)
HCMC population (mm)
Vietnam population (mm)
Population in Vietnam Annual Condominium Demand in HCMC &
Hanoi
Source: CBRE. Note: (1) CBRE estimates 67.5% home ownership rate in HCMC and Hanoi for 2017. (2) CBRE estimates less than half of households in HCMC and Hanoi own condominium units in 2017.
Total addressable market for condominiums in HCMC & Hanoi to rise by c. 3.4x by 2022
16 26
98
18
33
106
2014 2017 2022E
Demand for Condominium Units (Hanoi) ('000 units)
Demand for Condominium Units (HCMC) ('000 units)
203,792
59,19333,909
c. 3.4x
increase
• Rising affluence and income will lift
household ownership(1) and conversion
into condominium units(2)
• 2017 absorption of 59k is relatively small
when compared with natural household
creation level – CBRE expects demand to
catch up to 204k (3.4x increase) by 2022E
• Nationwide numbers are likely higher,
presenting opportunities to Vinhomes
• Population in Vietnam is expected to grow
from 95.5mm to 100.1mm in the next 5
years from 2017 to 2022E
• Expected to increase number of household
units by 3.4mm in 2022E or 688k 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
26 20
Shanghai Bangkok HCMC Hanoi
Average Annual Sales Volume 2013 – 2017 (‘000 units)
HCMC & Hanoi have Significant Room for
Expansion in Absorption Compared to
Regional Peers
7.8x
HCMC9.9x
Hanoi
12
2
13
Visible and meaningful progress on infrastructure developments will boost real estate capital values
and greatly increase connectivity for Vinhomes projects
Metro Line # 2
Cat Linh – Ha Dong
Metro Line # 3
Nhon – Hanoi Station
Road
Expansion
Metro Line # 1
Ben Thanh – Suoi Tien
Connecting the
Old to the New City
Vinhomes Projects in
Close Proximity
• Vinhomes Galaxy
• Vinhomes Gallery
• Vinhomes Metropolis
• Vinhomes Gallery
• Vinhomes Riverside
• Vinhomes The Harmony
• Vinhomes Times City
• Vinhomes Royal City
• VinCity Ocean Park
• Vinhomes Golden River
• Vinhomes Central Park
• Vinhomes Central Park
• Vinhomes Golden River
Development Status • Construction completed
• Trial run began in July
2018
• Commercial operation to
start by year end
• About 45% completed
• Commercial operation to
start by 2023
• 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
• 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
VinCity projects from
enhanced infrastructure
• 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)
Hanoi HCMC
Source: Company, CBRE
2 Highest Infrastructure Spending will Boost Real Estate Capital Values
Strong Market Dominance in Vinhomes, Driving Growth from VinCity
Source: CBRE, JLL Research. Notes: (1) For condominium market only; based on CBRE condominium demand model and annual condominium demand of 203,792 units in 2022E at an assumed price of US$127,000 per unit. This includes only 66.3% of the population based on households in the mid end (19.4%) and affordable (44.2%)
segments out of US$25.9bn of the total addressable market. (2) Percentages shown exclude 30.8% of households within the segment of household below affordable. (3) 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). (4) Based on net saleable area.
3
Luxury
High-end
Mid-end
Affordable
1.3%(3)
0.4mm
House-
holds
4.4%(3)
1.2mm Households
19.4%(3)
5.2mm Households
44.2%(3)
12.0mm Households
• Target middle-income families seeking a premium
offering
• 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
• Target single, graduates and young families seeking
smaller units
• Highly accessible with direct highway or metro
access to downtown
• Community offering with full amenities (school,
hospital, malls) on “Day 1” – unlike competitors
US$2.0k
US$0.6k
US$1.2k
US$3.0k
Ave
rag
e S
ell
ing
Pri
ce
s (
US
$ / s
qm
)(4)
Phu My
Hung
CapitaLand
Keppel Land
Novaland
Thao Dien
Investment
where happiness lives
… driving growth from VinCity brand to capture
untapped and huge addressable
market opportunity of US$16.5bn(1) per annum
Leverage Vinhomes’ dominant market leadership
across high-end and luxury segments…
(Upcoming Brand)
Total addressable market of US$25.9bn(1) per annum
where happiness lives
14
15
VinCity Ocean Park
(Formerly VinCity Gia Lam)
Vinhomes New Center
(Formerly VinCity Ha Tinh)
Vinhomes West Point
(Formerly Vinhomes Melodia)
Vinhomes Star City Thanh Hoa
(Formerly Vinhomes Thanh Hoa)
Location • Trau Quy Town, Gia Lam District,
Hanoi
• Thach Linh Ward, Ha Tinh City,
Ha Tinh Province
• Pham Hung Street, Me Tri Ward,
Nam Tu Liem District
• Le Loi Boulevard, Dong Hai
Ward, Dong Huong District,
Thanh Hoa City
Launch Date(1) • Oct 2018 • Jun 2018 • Jun 2018 • Apr 2018
Launched
Products
• 13 buildings
• 7,549 apartments
• NSA: 413,807 sqm
• 1 building
• 456 apartments
• NSA: 22,942 sqm
• 3 buildings
• 1,400 apartments
• NSA: 120,037 sqm
• 754 villas
• NSA: 265,770 sqm
ASP (VND mm
/ NSA sqm)
• 30.0 • 17.7 • 49.9 • 18.8
% Booked(2) • 89% • 23% • 57% • 62%
Buyer Profile • Buyers mainly from Hanoi and
surrounding provinces
• Wide variety of buyers: young or
multi-generation families, singles
• No foreigners
• Buyers mainly from Ha Tinh
− Including private business
owners and civil servants
• A substantial proportion of
foreigners (mainly Koreans)
• High-end domestic buyers
• No foreigners
• Buyers mainly from Thanh Hoa
− Including private business
owners and civil servants
Notes:
(1) Soft launch. (2) Estimated pre-sale under SPAs (for Vinhomes Star City Thanh Hoa, Vinhomes West Point and Vinhomes New Center) and pre-sale bookings under deposits (for VinCity Ocean Park). As of November 30, 2018
Healthy Take-up Rates for New Launches in 11M 20183
16
VinCity Ocean Park VinCity Sportia VinCity Grand Park
Location • Trau Quy Town, Gia Lam District, Hanoi
• 14km from CBD
• Nam Tu Liem District, Hanoi
• 3km from new CBD Hanoi
• District 9, HCMC
• 30-minute drive to city center
Site Area • 420 hectare • 281 hectare • 272 hectare
Development Period • 2018 – 2022 • 2018 – 2022 • 2018 – 2022
No. of Apartments • Approx. 44,000/ 66 buildings • Approx. 45,000/ 58 buildings • Approx. 43,500/ 71 buildings
No. of Low-Rise Villas • Approx. 2,400 • Approx. 100 • Approx. 1,600
Key Amenities • 6.1 ha salt water lagoon
• 117 ha water surface and greenery
• Vinmec hospital, K-12 education, VinUni
• Over 200 sport courts
• Educational and healthcare facilities
• 36 ha park with 5,000 sqm integrated
water play zone
• Educational and healthcare facilities
Launched Area in 4Q18
and 1Q19(1)
• Already soft-launched in October 2018
• 16 buildings (targeted)
• Already soft-launched in December 2018
• 7 buildings (targeted)
• Kick-off targeting in Q1.2019
• 12 buildings (targeted)
Approvals secured(2) • 100% • 100%(3) • Land Use Fee approvals and LUR
certificates to be secured in Q1.2019
Subject to regulatory approvals and market conditions
(1) For VinCity Grand Park. (2) Typically include 1/500 Master Plan, Approval In-Principle or Investment Registration Certificate, Land Allocation Decision, Land Use Fee Decision and Land Use Right Certificate and Construction Permit. (3) For high-rise component
Launch Update of VinCity Projects3
Located in key urban centers with c.15(2) years' worth of
development and access to sites earmarked for landmark
projects
Proven execution capability across Vietnam has made
Vinhomes a trusted developer for large-scale and infrastructure
projects such as the metro line in Hanoi
4 Unrivalled Land Bank in Strategic Locations forms Pillar of Growth for Vinhomes
Source: CBRE. Notes: (1) As of 30 Jun 2018. (2) Based on 95mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. (3) Including apartments, office-tel, shop-houses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects. 95mm sqm of
residential GFA converts into c. 83mm sqm of NSA. (4) Includes pipeline and under construction projects, (5) Pursuant to a Memorandum of Understanding for feasibility study. (6) Pursuant to project development agreements. (7) 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.)
Hanoi 16%
HCMC36%
Quang Ninh39%
Hung Yen 4%
Hai Phong 3%
Thanh Hoa 1% Ha Tinh 1% Hanoi
GFA: 15mm sqm
Ho Chi Minh City
GFA: 34mm sqm
Key
beneficiary of
upcoming
infrastructure
developments
Land bank by GFA for sale (mm sqm)(1)(3)
… Allowing Vinhomes to Continue Extending its Nationwide
Presence Across Prime SitesLand bank by site area (mm sqm)
Significant and Sustainable Land Bank …
3
161
Launched Pipeline Projects
(1)
52% of residential GFA is located in key cities of HCMC and Hanoi
Hanoi 37%
HCMC 34%
Quang Ninh 12%
Hung Yen 8%
Hai Phong 4%
Thanh Hoa 2%Ha Tinh 1%Da Nang 1%
Hanoi
No. of Projects(4): 16
Ho Chi Minh City
No. of Projects(4): 10
Gross development value(7) (2018 – 2024)
71% of GDV is attributable to key cities of HCMC and Hanoi
Translates to
95mm sqm
of residential
GFA(1)(3)
Total Residential GFA:
95mm sqm(3)
~20x the land bank of
next largest
competitor in country
Total GDV(2018 – 2024):
US$40.2bn
17
1.7 1.6
0.5 0.6
10.2 9.7
8.6
5.5
2.2 2.2
79% 80%
92% 97% 96% 94%
Kuala Lumpur Jakarta Bangkok Manila HCMC Hanoi
92% 89%
81%
84% 85%
89% 90%
93%
97% 96% 96%
83%
90%
77% 76%
74%
77%
83%
88%
94%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Positive Office Macroeconomics Creating Tailwinds for Office Industry in Vietnam
Positive Growth Trajectory Reflected in Steadily Improving Occupancy Rates Occupancy rate (%)
... Vietnam Continues to Lag in Institutional Grade Real Estate
Compared to ASEAN PeersEstimated size of institutional grade real estate in 2013 (US$bn)
… Supplemented by Improved Perceptions by CompaniesSurveyors’ view on business expansion in ASEAN (%)
Even with the Significant Improvements in Supply in Recent Years
HCMC Hanoi
Coupled with the decrease in proportion of Grade C office supply, strong investment from international investors at much tighter cap rates
indicate that the Vietnam office cycle is at an inflection point
HCMC and
Hanoi lag
behind the
highest
ASEAN peer
in total stock
by c. 5x
34%
29%
29%
26%
23%
22%
22%
18%
12%
5%
Vietnam
Myanmar
Indonesia
Thailand
Cambodia
Malaysia
Philippines
Singapore
Laos
Brunei
Source: Savills.
241
189
89 84
48
21
SingaporeIndonesiaThailandMalaysiaPhilippinesVietnam
Occupancy (%) 2020’s Supply (mm sqm)
• Increasing proportion of foreign tenants in
Hanoi from 46% to 55%
• Growing number of Fortune 500 companies
setting up offices in Vietnam
– 2015: Apple in HCMC, General Electric in
Hanoi and HCMC
54% 45%
13% 13%
1% 4%
4% 12% 6% 7% 5%
6% 6% 5% 3% 2%
9% 6%
2014 2017
Others
Singapore
EU
UK
USA
Korea
China
Japan
Vietnam
Others 46% Others 55%
Vietnam’s
institutional
grade real
estate has
significant
room to
grow
Tenant Mix by Country (%)
4
Total Supply (mm sqm)
18
Exposure to High Quality Recurring-income Office Properties4
Source: Savills. Note: (1) Valuation provided by JLL as of 31 Dec 2017, capitalization rate of 7.0% assumed.
Vietnam Still Starved of Office Supply Relative To Regional PeersTotal Office Supply in 2017 (mm sqm)
Total GFA / Number of Operational Offices
ManilaKuala Lumpur Bangkok Hanoi HCMC Jakarta
10.2 8.6 1.6 1.7 5.5 9.7
Office Property: Dong Khoi
• HCMC and Hanoi total office
supply is less than 20% of
regional markets
• Large development potential
exists for Vinhomes
Property Dong Khoi
Location Ho Chi Minh City
Equity Stake 100%
Valuation US$375mm(1)
Description • Situated in the most prime location in District 1
– the heart of Ho Chi Minh City
• Series of comprehensive in-house utilities
98
999
2
9
2017A 2018E 2019E 2020E 2021E 2022E
Total GFA ('000 sqm) No of Operational Offices
Target to grow GFA by at least c. 10x by 2022E
19
Ability to get customers to pay 70% upfront, reducing Vinhomes’
reliance on credit financing
c.85% of residential units were sold within three months of the
commencement of pre-sales in 2017(5)
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
31.2%
24.1%
16.7%
15.4%
14.2%
Vinhomes
Land & Houses
Novaland
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 MetricsAverage Asset Turnover Ratio(1) for 2017 (x)
Notes: (1) Asset turnover ratio calculated as total revenue in 2017 divided by average total assets of 2016 and 2017. (2) Calculated as total revenue in 2017 divided by average total assets of 2016 and 2017 (IFRS Audited Consolidated FS for 2016 and 2017). (3) Calculated based on
2017 PATMI / average shareholder's equity of 2016 and 2017. (4) Calculated as 2017 adjusted PATMI divided by average total equity attributable to Vinhomes JSC (IFRS Audited Consolidated FS for 2016 and 2017). (5) Average presale 3 months after launch date of projects opened
for sale in 2017.
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
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(3) (%)
0.39x
0.36x
0.33x
0.25x
0.20x
Vinhomes
Land & Houses
Novaland
Ayala Land
BSD
(2)
(4)
Infrastructure and
Ecosystem
Significant de-risking of model through Vingroup’s ecosystem of
complementary offerings such as hospitals, schools and retail
20
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
6 Institutional Level Corporate Governance
No conflict of
interest in decision
making
No direct
competition with
Vingroup
Clear distinction of
scope for Vinhomes
Fair market
practices
21
Experienced Management Team and Robust Corporate Governance6
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 18 – 19 years of experience
Cao Thi Ha An
Non-Executive Director
>27 years experience
Business Development Director at
Vingroup since 2016
Previously Deputy CEO and Director
of Military Insurance JSC
Varun Kapur
Independent Non-Executive Director
>27 years experience
Currently also Managing Partner of
Indgrowth Capital
Previously Partner and Managing
Director at TPG
Mueen Uddeen
Non-Executive Independent Director
>30 years experience
Currently also Managing
Director of Arcpoint Associates
Advisory
Pham Nhat Vuong
Chairman and Non-
Executive Director
>25 years experience
Founder of Vingroup, formerly known
as Technocom Corporation in 1993
Chairman of Vingroup since 2011
Nguyen Viet Quang
Non-Executive
Director
>22 years experience
CEO of Vingroup
Previously Chairman and CEO of Board
of Directors at Vinmec
Nguyen Dieu Linh
CEO
As above >10 years with Vingroup
Currently in charge of
customer services for
Vinhomes
Phi Thi Thuc Nga
Dy CEO
Customer services
>15 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
>15 years with Vingroup
>20 years experience
Project Development Director of Vingroup
since 2005
Currently holds directorships in other
Vinhomes subsidiaries
Pham Thieu Hoa
Dy CEO
Project Development
>3 years with Vingroup
>8 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
>4 years with Vingroup
>10 years experience
Previously Sales and
Marketing Director at BMW
Nguyen Duc Quang
Dy CEO
Sales and Marketing
Nguyen Dieu Linh
Executive Director
and CEO
>15 years with Vingroup
>22 years experience
Vice Chairwoman of Vingroup since
2008, previously Deputy CEO of
Vingroup
>10 years with Vingroup
Previously held directorship
in Vincom Security since
2013
Nguyen Van Trai
Dy CEO
Security, Safety and Fire Prevention
22
Financial Highlights
where happiness lives
9M 2018 Discussion
24
Vinhomes Projects (Consolidated) BCC Projects (Equity Accounting)
Revenue
• Total amount: VND20.3 tn
• Key contributors:
− Vinhomes Green Bay (VND6.6 tn)
− Vinhomes Central Park (VND5.5 tn)
− Vinhomes Golden River (VND4.3 tn)(1)
• Total amount: VND30.4 tn
• Key contributors:
− Vinhomes Golden River(1) (VND14.2 tn)
− Vinhomes The Harmony (VND11.2 tn)
− Vinhomes Imperia (VND4.3 tn)
• Gross profit: VND6.8 tn
• Gross profit margin: 33.6%
• Gross profit: VND9.8 tn
• Gross profit margin: 32.4%
• Profit before tax was VND15.1 tn, ▲137% yoy, in which VND8.085 tn was from Vinhomes
projects and VND7.016 tn was from BCC projects
• VND 2.0 tn gain from transfers of the Vinhomes Lotus project
• Consolidated profit after tax was VND12.2 tn, ▲143% yoy
• Consolidated PATMI was VND11.887 tn
• Total number of units: 8,800 units
• Bookings: VND28.2 tn
• Cash collected/deposited: VND22.8 tn
• Unbilled bookings: VND44.4 tn
• Total number of units: 1,400 units
• Bookings: VND12.3 tn
• Cash collected/deposited: VND13.0 tn
• Unbilled bookings: VND8.7 tn
Gross Profit & Margin(2)
Profit Before Tax
YTD Bookings(3)
1
2
3
4
Notes: Based on Vinhomes JSC VAS 9M 2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS 9M 2017 pro-forma consolidated unaudited financial statements prepared by management
(1) Vinhomes Golden River was consolidated into Vinhomes in June 2018. Prior to June 2018, Vinhomes recognized BCC distribution from Vinhomes Golden River as finance income. (2) Represents gross profit of property sales only. (3) Estimated pre-sale under SPAs and pre-sale bookings under deposits. Figures including Vinhomes West
Point (Hanoi), Vinhomes Star City Thanh Hoa, Vinhomes New Center (Ha Tinh), and VinCity Ocean Park (Hanoi), and 10 other existing launched projects; # unit rounded to nearest ‘00. As of November 30, 2018
Financial Performance 9M 2018 (Vinhomes Projects & BCC Projects)
25
Figures in VND bn
The Harmony
(Hanoi, low-rise)
Imperia
(Hai Phong,
low-rise)
Dragon Bay
(Quang Ninh,
low-rise)
Golden River
(HCMC,
mixed)
Total BCC
projects
Revenue 11,204 4,334 622 14,202 30,361
Cost of Sale (7,240) (2,746) (247) (10,283) (20,517)
Gross Profit 3,964 1,587 375 3,918 9,845
% Margin 35.4% 36.6% 60.2% 27.6% 32.2%
SG&A (999) (352) (48) (1,007) (2,406)
Other incomes & costs (356) - - 4 (351)
PBT 2,609 1,235 327 2,915 7,087
PBT to Vinhomes (99%) 2,583 1,223 324 2,886 7,016
Figures in VND bn
9M 2018
VHM
9M 2018
BCC Projects
Gains from
project transfer
Total Adjusted
9M 2018
Sale of Inventory Properties 20,329 30,361 2,005 52,695
Other Revenue 2,077 - - 2,077
Total Revenue 22,405 30,361 2,005 54,772
Cost of Sale (15,414) (20,517) - (35,931)
Gross Profit 6,991 9,845 2,005 18,841
Profit sharing from BCC projects 7,016 - - 7,016
Operating Profit / (Loss) 15,020 - - 15,020
Profit / (Loss) before Tax 15,101 - - 15,101
Profit / (Loss) for the Period 12,196 - - 12,196
Profit / (Loss) after Tax and Minority Interest 11,887 - - 11,887
Summary BCC Project Performance and Reconciliation
Adding Performance of BCC and Transfer Projects into Vinhomes P&L Assuming Full Consolidation
Note: Based on Vinhomes JSC VAS 9M 2018 consolidated unaudited financial statements and management accounts of the four BCC projects
Financial Performance 9M 2018 vs 9M 2017
26
Figures in VND bn
9M 2017
(Proforma)(1)9M 2018
(Actual)
Change
(%) Key Commentary
Sale of Inventory Properties 18,882 20,329 ▲8% • 9M 2018 revenue are mostly from Green Bay, Central Park
and Golden River, whilst 9M 2017 revenue were mostly from
Times City Park Hill and Central Park
Other Revenue 420 2,077 ▲395%
Total Revenue 19,302 22,405 ▲16%
Gross Profit 7,390 6,991 ▼-15%
% Margin 38.3% 31.2% ▼-708 bps • Drop in gross profit margin due to increase in deliveries of
units with less favorable facings in Vinhomes Green Bay,
Vinhomes Central Park, lower priced units in Golden River
and limited gross margin from advisory projects
(e.g. Vinhomes Thang Long)
Profit sharing from BCC projects 685 7,016 ▲924% • Significant increase contributed from Imperia, Harmony,
Golden River handover in 2018
(which were not delivered in 9M 2017)
Operating Profit / (Loss) 5,798 15,020 ▲159%
Profit / (Loss) before Tax 6,114 15,101 ▲147%
Profit / (Loss) for the Period 4,978 12,196 ▲145%
Profit / (Loss) after Tax and Minority
Interest
4,884 11,887 ▲143%
Note: Based on Vinhomes JSC VAS 9M 2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS 9M 2017 pro-forma consolidated unaudited financial statements.
(1) Pro forma adjusted for the merger and restructuring to form Vinhomes JSC from Hanoi Southern JSC and other entities including certain subsidiaries of Vingroup JSC which occurred during 4Q2017 and 1Q2018.
Financial Performance
978
2,795 2,109
6,114
15,101
2015 2016 2017 9M2017 9M2018
795 1,649 1,410
4,884
11,887
2015 2016 2017 9M2017 9M2018
27
Profit before Tax Profit after Tax and Minority Interest
VND bn VND bn
3,929
9,339 12,780
18,882 20,329
161
133
263
282
831
1,745
2,254
138 2,077
4,920
11,217
15,297
19,302
22,405
2015 2016 2017 9M2017 9M2018
Sale of Inventory Properties Leasing of Investment Properties Others(1)
1,395 4,101 4,281
7,278 6,828
6 (3) (12)
18 123
356 898
94 163
1,401
4,454 5,167
7,390 6,991
2015 2016 2017 9M2017 9M2018
Sale of Inventory Properties Leasing of Investment Properties Others
33.6%33.5%35.5%
19.1%-4.6%3.7%Margin
Margin for Sale of Inventory Margin for Leasing of Investment Properties
Total Revenue Gross Profit and Gross Profit Margin
43.9%
-1.9%
38.5%
6.4%
VND bnVND bn
Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 9M 2018. 9M 2017 is pro-forma consolidated unaudited financial statements prepared by management. (1) Includes revenue
from retail outlets, entertainment, healthcare services, real estate management services and others
3,890
9,157
15,327
41,597
975 2,802 1,562
12,684
31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18
Total Borrowings
VND bn
Total Assets Inventory
VND bn
VND bn
Total Cash & Cash Equivalents(1) and Total Borrowings
VND bn
Total Equity
7,129 9,549 10,124
46,275
31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18
6,146 8,475
17,006
38,316
31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18
28
12,377 16,492
44,421
107,649
12,930 21,029
6,883
30,546
25,307 37,521
51,304
138,195
31-Dec-15 31-Dec-16 31-Dec-17 30-Sep-18
Current Assets Non-current Assets
Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 9M 2018
(1) Cash and cash equivalents includes short-term investments and adjusted for one-off receivables which have been collected before the issue of the 30.09.2018 FS and deposits in segregated account. (2) Due to consolidation and establishment of
Vinhomes JSC.
(1)
(1)
(1)(2)
Balance Sheet Overview
10.6 10.4
9M2017 9M2018
28%
23%
31-Dec-17 30-Sep-18
Net Debt(1) / (Total Assets – Cash & Cash Equivalent) Net Debt(1) / Equity
136%
62%
31-Dec-17 30-Sep-18
Times
Interest Coverage Ratio(2)Total Debt / Total Assets
30% 30%
31-Dec-17 30-Sep-18
29
Notes: Based on VAS Unaudited Consolidated Financial Statements for 9M 2018
(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investment).
(2) Interest Coverage Ratio =EBIT/ Interest Expenses. 9M 2017 number is based on pro-forma consolidated unaudited financial statements prepared by management
Key Credit Metrics
Appendix
where happiness lives
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 properties) or 10% (for VinCity 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.
31
Vin
ho
mes
Typ
ical C
om
peti
tor
Pro
ject(
5)
Case Study: Vinhomes vs. CompetitionVinhomes Golden River
Typical Competitor Project(6)
Land
Acquisition /
Developing
Master Plan
T
Construction
Commencement
T + 10 months
Construction
Completion
Expected:
T + 34 months
Delivery of Units
Expected:
T + 36 months
Total Time from Land
Acquisition to Pre-sales
c.13 months
Total Development Time
22 – 26 months
Pre-sale
Commencement
T + 13 months
Vinhomes Golden River
Land
Acquisition /
Developing
Master Plan
T
Construction
Commencement
T + 6 months
Construction
Completion
T + 13 months
Delivery of Units
T + 21 months
Total Time from Land
Acquisition to Pre-sales
c. 7 months
Total Development Time
c. 15 months
Pre-sale
Commencement
T + 7 months
Case Study: Vinhomes’ Superior Execution vs. Competitors
Source: CBRE. Notes: (1) Represents average incremental units sold every quarter from the launch date to 30 June 2018 for Vinhomes Golden River, and 31 Dec 2017 for other projects. (2) Represents percentage of development pre-sold as at 30 June 2018 for Vinhomes Golden
River, and 31 Dec 2017 for other projects. (3) Average selling price of units based on Net Saleable Area. (4) Represents the total number of units in the entire development. (5) Represents the availability of complementary amenities and facilities (i.e. schools, parks, retail units)
developed by the residential homebuilder for home buyers. (6) According to CBRE, timeline is based on construction timeline applied for 25 – 30 storey condominiums with 200 – 300 units.
Project
Launch
Date
Sold Units
per
Quarter(1) Sold Rate (2)
Price
(US$ psm) (3)
No. of
Units(4)
Integrated
Ecosystem(5)
Vinhomes
Golden
River
Jun 2016 319 93% 4,295 2,741
Sunwah
Pearl2Q2017 285 64% 2,317 1,337
Opal Pearl 4Q2016 36 100% 1,869 180
Empire
City4Q2016 180 98% 3,100 982
City
Garden
(Phase 2)
4Q2015 57 95% 2,460 478
Vinhomes Project Sales Performance vs. Competitors in
the Same Area (HCMC)
• Faster time-to-market driving strong IRRs
• Premium brand status driving customer demand
• Unique integrated ecosystem offering of
complementary suite of amenities / facilities
Project Unlevered IRR: 15 – 20%(6)
Project Unlevered IRR: 38%
Following project
Very Positive Sales Results by Vinhomes Despite Large
Volume Launched
32
• In Hanoi, Vinhomes’ projects can achieve a
much higher ASP
• VinCity 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)
33
VinCity well poised for future growth given unrivalled brand equity and positive spill-over effects
VinCity
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
• -- • -- • ▼ • ▼ • ▼
VinCity 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: VinCity Competitive Positioning
Headquarters: No.7, Bang Lang 1, Vinhomes Riverside, Viet Hung Ward, Long Bien District, Hanoi, Vietnam
Tel: +84 (24) 3974 9999 ext. 9759 Website: http://ir.vinhomes.vn/en
Fax: +84 (24) 3974 8888 E-mail: [email protected]
Investor Relations Department
where happiness lives