Corporate Presentation - Vinhomes
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where happiness lives Corporate Presentation May 2019
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.
1
Vietnam's #1 Integrated Real Estate Developer
Dominant market share of 20%(1) across ALL residential segments in Vietnam,
3.2x the next largest developer.
Key Highlights
Dominant Real Estate
Vietnam Residential Set Developer and a
Ability to Harness
for Multi-year Upwards Community and Lifestyle
Vingroup Ecosystem
Cycle Creator Experiencing
Accelerating Growth
High Earnings Visibility
Proven Track Record and
Supported by Unrivalled Experienced Management
Rapid Cash Flow Cycle
c.15 Year(4) Land Bank Team and Robust
Leading to Superior
and Sustainable Corporate Governance
Returns
Business Model
Notes: (1) Based on number of units sold across all segments in the residential market of HCMC and Hanoi in 2018, 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 2016-2018, according to CBRE. (4) Based on 93mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018 – 2020.
2
where happiness lives Key Investment Highlights
Key Investment Highlights
1 Ability to Harness Vingroup Ecosystem
2 Vietnam Residential Set for Multi-year Upwards Cycle
Dominant Real Estate Developer and a Community and Lifestyle
3 Creator Experiencing Accelerating Growth
where happiness lives
High Earnings Visibility Supported by Unrivalled c.15 Year(1) Land
4 Bank and Sustainable Business Model
Proven Track Record and Rapid Cash Flow Cycle Leading to
5 Superior Returns
Experienced Management Team and Robust Corporate
6 Governance
Note: (1) Based on 93mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018 – 2020.
4
1 Ability to Harness Vingroup Ecosystem
Vingroup has established itself as a market leader across the full breadth of consumer related sectors from essentials to
aspirational.
Residential Retail Leasing
Integrated residential Retail mall owner, developer and
developer in Vietnam operator in Vietnam
Consumer Retail Hospitality
Comprehensive multi-format retail Hospitality and
operator entertainment operator
Social Infrastructure Industrials/Technology
Healthcare and education provider Automobile manufacturer, mobile
Pharmaceutical and agricultural devices and technology ventures
producer
Essentials Aspirational
#1 loyalty program in Vietnam with c.6.5 million members(1)
The Largest Listed Company in Vietnam
Note: (1) As of 31 March 2019
52 Unique Vietnamese Fundamentals for Home Ownership
Fastest Growing Economy in Southeast Asia with Strongest Middle Income Highest Population Proportion Among Workforce
Growth Population with Age Range Between 25 – 44 as % of Total Population
2018 – 2020E Real GDP Growth (%)
6.9% Middle Income Population(1)
6.2% Growth 32.8% 32.6%
2018 – 2020E CAGR (%)
5.0% 5.1%
4.1% 20.0%
30.7%
3.5%
14.2%
7.0% 28.8% 28.8%
3.2% 2.5% 2.0%
27.7%
Thailand
Vietnam
Malaysia
Singapore
Indonesia
Philippines
Thailand
Singapore
Malaysia
Vietnam
Philippines
Indonesia
Vietnam Malaysia Indonesia Thailand Singapore Philippines
Fastest Urban Population Growth in Southeast Asia, with Increasing Inflow of FDI
Significant Room to Run Registered FDI (US$bn) / Cumulative Contribution of FDI by Sectors (%)
Urban Population 2018E – 2025E Growth (%) Vietnam’s Urbanization Rate by Year
(%) Revised housing regulations for foreigners from 1 July 2015
Total addressable market to rise by Foreign Vietnamese can now buy several residential properties in Vietnam if they have
c. 3.6x to c. 204k condominium units per valid visas
3.5% annum(2) by 2022E Foreigners can now buy leasehold residential if they have an entry visa
2.7% 2.7%
2.9%
3.1% Proportion of urban households in Vietnam Real Estate accounts for 14% of total cumulative FDI (2012 – 2018)
set to increase at a CAGR of 3.5% over
2018 – 2025E
50.0% 35.9 35.5
1.6% Others
38.0% 40.0%
35.0% 37.0% 24.4 21%
21.6 22.8
20.2
16.3 Power
6%
Manufacturing
Real estate 56%
Thailand
Singapore
Malaysia
Vietnam
Philippines
Indonesia
17%
2017E 2018E 2019E 2020E 2025E
2012 2013 2014 2015 2016 2017 2018
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 204,000 units in 2022E.
62 Vietnam Residential Market Set to Take Off
Vietnam’s Housing Significantly More Affordable Than Regional Peers Vietnam’s Mortgage Market is Significantly Underpenetrated Compared to
Home Price-to-Income Ratio (x) in 2017(1) Regional Peers
7.5 Total Home Mortgage Loans Outstanding as % of GDP in 2016
6.9
Average 6.0
49.5% 50.6%
4.9
4.7
4.0
Average 31.3%
20.0%
4.9%
1.9%
HCMC Kuala Lumpur Jakarta Bangkok Manila Vietnam Philippines Thailand Malaysia Singapore
Inflation and Interest Rate Sustained at Low Levels Vietnamese Residential Prices have Significant Room to Run
Prime Residential Price Growth
(3)
(Index: 2006 = 100)
(2)
Average CPI (Y-o-Y) Lending Rate Deposit Rate
10 16% 275
9.2 HCMC
9 13.5% 14% 250 Bangkok
Kuala Lumpur
8 Manila Residential
12% 225
Average
7 6.6 Shanghai upside
10% 200 potential
6
7.6% 7.5% 175
5 8%
4.1 6.9%
4 3.5 3.5 150
6%
3 2.7
4% 125
2
100
1 0.6 2%
75
0 0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2012 2013 2014 2015 2016 2017 2018
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
31 Dec 2018.
72 Vinhomes Poised to Benefit from Higher Condominium Absorption in Vietnam
Total addressable market for condominiums in HCMC & Hanoi to rise by c. 3.6x by 2022
Natural Growth in Number Accelerated Increase in Demand for Significant Multi-Year Growth
of Households Condominiums in HCMC & Hanoi Potential vs. Regional Peers
Population in Vietnam Annual Condominium Demand in HCMC & HCMC & Hanoi have Significant Room for
Hanoi Expansion in Absorption Compared to
100.1 Regional Peers
c. 3.6x
~204,000 Average Annual Sales Volume 2013 – 2017 (‘000 units)
95.5 increase
106
98
92.6 203
~56,000
~34,000
9.6
8.6 8.5
7.3 8.1 7.7
31 7.8x 9.9x
25
16 18 HCMC Hanoi
58
2014 2017 2022E 2014 2018 2022E 26 20
Hanoi population (mm) Demand for Condominium Units (Hanoi) ('000 units)
HCMC population (mm) Demand for Condominium Units (HCMC) ('000 units)
Vietnam population (mm) Shanghai Bangkok HCMC Hanoi
• Population in Vietnam is expected to grow
from 95.5mm to 100.1mm in the 5 years
• Rising affluence and income will lift
household ownership and conversion (1)
from 2017 to 2022E into condominium units(2)
• HCM and Hanoi addressable
condominium market is a small fraction
• Expected to increase number of household
units by 3.4mm in 2022E or 688k annually
• 2018 absorption of 56k is relatively small
when compared with natural household
compared with regional peers due to
affordability and mortgage availability
creation level – CBRE expects demand to
• Potential housing demand of up to
800,000 housing units per annum on
catch up to 204k (3.6x increase) by 2022E
• With improvements in both, the scope for
growth in the condominium addressable
average from 2018 to 2022 in Ho Chi Minh • Nationwide numbers are likely higher,
market is significant
City and Hanoi presenting opportunities to Vinhomes
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.
83 Dominant Real Estate Developer and a Community and Lifestyle Creator
Experiencing Accelerating Growth
Dominance of Vietnam Residential Market by a
Significant Margin
Largest Land Bank Expected to Deliver Sustainability and
Growth
• ~60,000 Residential Units Sold Since 2010
(1) Land bank (mm sqm)
Translates to 93mm sqm of residential GFA(6)(7)
where happiness lives (6)
• US$11.5bn of GDV Sold since 2010
(2) 161
Residential market share in Vietnam
across ALL segments (3) ~20x the land bank of next largest competitor
Hung Thinh 8 7 7
Vinhomes
Dat Xanh
Vinhomes Developer 1 Developer 2 Developer 3
Sunshine
Gamuda Capturing the Huge Middle Income Opportunity with the
Vinhomes Sapphire Brand
Others
where happiness lives
Residential market share in Vietnam Residential market share in Vietnam
across mid-end segments (5)
Happy Vinhomes Vinhomes Vinhomes
across premium segment (4)
Town Sapphire Ruby Diamond
Vinhomes Hung Thinh Vinhomes Keppel Land Affordable Mid-End High-End Luxury
Nam Long Phu My Hung
Others LDG Others Tan Hoang
Minh
Strong Track Record of Historical Sales Value
Dat Xanh Novaland
Unbilled bookings of US$3.2bn as of 31 Mar 2019
US$bn 2010 – 2015 2016 2017 2018 2019(6)
Complete Ecosystem of Complementary Offerings at Each Site with an Emphasis on Quality
Historical Sales Value 2.9 2.3 2.9 2.9 0.5
Hospitality /
Consumer Retail Retail Property Medical School Entertainment
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 1Q2019. (1) Based on total number of residential units sold by Vinhomes from 2010 to 2017 as a business line of Vingroup and
2018, 1Q2019 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 1Q2019. (3) Based on accumulated sold units in 2016 – 2018 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) Based on accumulated sold units in the mid-end residential segments in HCMC and Hanoi from 2016-2018, according to CBRE.(6) As of 31 March
2019. (7) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects.
94 Unrivalled Land Bank in Strategic Locations forms Pillar of Growth for Vinhomes
Significant and Sustainable Land Bank… …Allowing Vinhomes to Continue Extending
its Nationwide Presence Across Prime Sites
Land Bank by Site Area Gross development value(4) (2019 – 2024)
(mm sqm) Translates to 93mm sqm
of residential GFA(1)(2) 61% of GDV is attributable to key cities of HCMC and Hanoi
Others 3%
5 Hai Phong 2%
Hung Yen Hanoi
24% No. of Projects(5): 14
Hanoi, 31%
(1)
152 Quang Ninh HCMC Ho Chi Minh City
10% 30% No. of Projects(5): 10
~20x the land bank of
next largest competitor
in country
9
Total GDV (2019 – 2024):
US$45.7bn
Launched Pipeline Projects Land bank by GFA for sale (mm sqm)(1)(2)
Additional projects under feasibility studies 50% of residential GFA is located in key cities of HCMC and Hanoi
Thanh Hoa 1% Others 2% Hanoi
Hai Phong 2% GFA: 15mm sqm
Unrivalled land bank in strategic locations with c.15(3)
years' worth of development and access to sites Hung Yen Hanoi
13% 16%
earmarked for landmark projects
Ho Chi Minh City
GFA: 32mm sqm
In 1Q2019, Vinhomes began project development
procedures for c. 5mm sqm in order to supplement to its Key Quang Ninh HCMC
landbank within 2019 beneficiary of 32% 34%
upcoming
infrastructure
developments Total Residential GFA:
93mm sqm(3)
(1) As of 31 March 2019. (2) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes completed projects. 93mm sqm of residential GFA converts into c. 86mm sqm of NSA. (3) Based on 93mm sqm total GFA for sale divided by average amount
of residential GFA sold annually from 2018 – 2020. (4) 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.) (5) Includes pipeline and under construction projects,
105 Unparalleled Execution Capabilities through End-to-end Value Chain
Vinhomes’ Superior End-to-end Value Chain Evident in Industry Leading Operational Metrics
Return-on-Assets(1) (%)
Ability and track record in securing the best land bank in Vietnam
Continuously search for and acquire new sites through project Vinhomes 12.3%
Land Acquisition development
Land & Houses 9.4%
Master planning ability in developing and designing integrated projects
with ecosystems
Master Planning and
Design Ayala Land 5.0%
Effectively assists Vietnamese state agencies in identifying land rights
holders and facilitating resettlements on the government’s behalf
Novaland 4.7%
Land Clearance
BSD 3.3%
Significant de-risking of model through Vingroup’s ecosystem of
complementary offerings such as hospitals, schools and retail
Infrastructure and Return-on-Equity(2) (%)
Ecosystem
Ability to get customers to pay 70% upfront, reducing Vinhomes’
Vinhomes 33.0%
reliance on credit financing
Pre-sales, Sales c.70% of residential units were sold within three months of the
Research and commencement of pre-sales in 2017(3) Land & Houses 21.0%
Marketing
Vincom Construction, one of the largest construction
management firms in Vietnam No Va Land 16.6%
Construction and Ability to control costs, quality and deadlines to ensure efficient
Quality Control delivery of superior quality properties
Ayala Land 15.6%
Comprehensive range of after-sales services to ensure Vinhomes’
buyers needs are met
Property Ancillary facilities such as gyms, pools, meeting areas, barbeque pits, BSD 5.0%
Management parks and waterways at Vinhomes properties
Vinhomes’ Unique Execution Capabilities Translate to Significant Competitive Advantage
Secures Land at
Competitive Rates
Effective Cost and Quality
Controls to Maintain Unique Selling Strategies
De-risk Development Outlays After-Market Service Offering Captures
Customer & Enhances Loyalty to Vinhomes
Margins
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.
116 Experienced Management Team and Robust Corporate Governance
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
Nguyen Dieu Linh Pham Nhat Vuong Nguyen Viet Quang
Chairwoman Non-Executive Director Non-Executive Director
>15 years with Vingroup >25 years experience >22 years experience
>22 years experience Founder of Vingroup, formerly known as CEO of Vingroup
Vice Chairwoman of Vingroup since 2008, Technocom Corporation in 1993 Previously Chairman and CEO of Board of
previously Deputy CEO of Vingroup Chairman of Vingroup since 2011 Directors at Vinmec
Board of
Directors Cao Thi Ha An Varun Kapur Mueen Uddeen
Executive Director Independent Non-Executive Director Independent Non-Executive Director
>27 years experience >27 years experience >30 years experience
Business Development Director at Currently also Managing Partner of Indgrowth Currently also Managing Director of
Vingroup since 2016 Capital Arcpoint Associates Advisory
Previously Deputy CEO and Director of Previously Partner and Managing Director at
Military Insurance JSC TPG
Pham Thieu Hoa Dao Thi Thien Huong Douglas Farrell Nguyen Duc Quang
CEO Standing Dy CEO Dy CEO Dy CEO
>15 years with Vingroup >18 years experience Finance and Investment Sales and Marketing
>20 years experience Previously Partner and Dy CEO >15 years experience in financial >4 years with Vingroup
Project Development Director of at PwC Vietnam and CFO at services >10 years experience
Vingroup since 2005 Vietjet Air Appointed Deputy Chief Executive of Previously Sales and Marketing
Currently holds directorships in other Finance and Investment of Vinhomes Director at BMW
Vinhomes subsidiaries in 2018
Management Chartered Accountant
Team Phi Thi Thuc Nga Nguyen Ngoc Thuy Linh Nguyen Van Trai
Pham Van Khuong
Dy CEO Dy CEO Dy CEO Dy CEO
Customer services Construction Operations Security, Safety and Fire Prevention
>10 years with Vingroup >16 years with Vingroup >3 years with Vingroup >10 years with Vingroup
Currently in charge of customer >35 years experience >8 years experience Previously held directorship in
services for Vinhomes Previously Dy CEO of Vingroup Previously executive at Richard Moore Vincom Security since 2013
Associates, Audio Visual Global and
Head of Marketing Department at Syrena
Committed to robust Proven on-the-grounds
corporate governance Senior leadership with Proven ability to hire,
management team
standards in line with significant depth of train and retain talent
supporting nation-wide
global best practices experience and pedigree across business lines
operations
126 Institutional Level Corporate Governance
Corporate governance principles emphasize a quality Board, sound internal controls, transparency and accountability to all
shareholders
Controls put in Place
• All transactions must be entered into on commercially reasonable basis as a statutory requirement
No conflict of
• Significant
Shareholders
related party transactions must be approved by the Board of Directors or the General Meeting of
interest in decision
making
• Interested parties must abstain from voting
• Vinhomes to undertake Vingroup residential and office mixed-use development going forward No direct
• Vingroup
Vietnam
to continue holding non-residential and non-office mixed used development real estate properties in competition with
Vingroup
• Entire project development team of Vingroup has been transferred to Vinhomes to ensure alignment of interest Clear distinction of
• Ingives
addition, Vinhomes has ROFR on land that can be used for residential from Vingroup at cost. This ROFR
Vinhomes economy of scale in land sourcing and leverage of the Vingroup brand in site acquisition
scope for Vinhomes
• 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
Fair market
• Helps Vinhomes to manage expansion with minimum overhead as it can share resources and costs with the practices
rest of Vingroup
• Governed by related party rules
13where happiness lives Business Strategy & Operational Updates
Strong Market Dominance in High-end Segment, Driving Growth with New Brand
Vinhomes Sapphire
Total addressable market of US$25.9bn(1) per annum
Average Selling Prices (US$ / sqm)(4)
Leverage Vinhomes’ dominant market leadership
across high-end and luxury segments…
Vinhomes Diamond Luxury
where happiness lives 1.3%(3) Phu My
• Luxury apartment units that offer the most privileged living
standard
0.4mm
House-
Hung
holds US$3.0k
where happiness lives
Vinhomes Ruby CapitaLand
High-end 4.4%(3)
• High-end apartments for young affluent families looking for
a modern, well-equipped and quality living environment 1.2mm Households Keppel Land
… driving growth from Vinhomes Sapphire brand to US$2.0k
capture untapped and huge addressable
market opportunity
Novaland
Vinhomes Sapphire Mid-end 19.4%(3)
where happiness lives Thao Dien
5.2mm Households
• Modern apartment units catered for young and savvy
home-buyers
Investment
US$1.2k
• Unique ability to offer Vingroup ecosystem, amenities, and
community environment
Affordable 44.2%(3)
• Strong reputation of prompt delivery of projects / units
12.0mm Households
• Differentiated after sales management service offering – property
management, repairs and security services US$0.6k
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. (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.
151Q2019 Major Sales Activities
BLOCK SALES STRATEGY FOR PROJECT TRANSFER OF
INSTITUTIONAL SALES
MEGA DEVELOPMENTS VINHOMES ME LINH
• In March 2019, Vinhomes established the • Block sales strategy to be adopted along side • Total area: 34.8 ha
Institutional Sales Department which handles retail sales, especially in mega developments
bulk/block sales and project transfers with
• Components: villa
• Vinhomes will focus on master planning,
institutional buyers.
attracting sub-developers and institutional
• Target ASP: USD 1,700/ sqm NSA
• This initiative results from strong interests investors, into mega projects • Target launch date: May 2019
expressed by many domestic and foreign
• Block sales will help to shorten development • Sold 91.48% stake in Prime Lands JSC,
investors (including Singapore, Korea and
cycle and provide more options to home development vehicle of Vinhomes Me Linh
Japan) in large quantities of Vinhomes’ products.
buyers project and recognized gain of USD 64.5 million
• The team conducted several overseas under finance income
roadshows in Japan, Korea and received strong
interest from institutional buyers in these
countries.
16Delivery of Completed Units in 2019
Hanoi HCMC
Vinhomes Green Bay Vinhomes The Harmony Vinhomes Metropolis Vinhomes Central Park
• Exclusive luxury villa and apartment complex • A high-end ecological urban area located • The only large-scale mixed-use project in • Inspired by New York’s Central Park, the
located in a green space with an 8-hectare in Hanoi. Its villas incorporate French, the exclusive diplomatic neighborhood in Ba project includes the largest riverside park in
reservoir and a 2.6-hectare park in Nam Tu Indochinese, Venetian and Greek Dinh, one of the four central districts of the city, and the tallest building in Vietnam
Liem District – the new administrative area of architectural styles with large amounts of Hanoi Landmark 81, at 461 meters
Hanoi open green space • Construction completed. Delivery started in • Construction completed
• Delivery of low-rise units is completed • Phase 1: Construction completed and put Aug 2018 • Delivery is expected to complete in 2Q
• Delivery of high-rise units is expected to into operation • Delivery is expected to complete in 2Q 2019
complete in 2Q 2019 • Phase 2: Construction completed 2019
• Delivery is expected to complete in 2Q
2019
Hai Phong
Vinhomes Sky Lake Vinhomes Sportia(1) Vinhomes Ocean Park Vinhomes Imperia
• A mixed use development in Nam Tu Liem new • Located in the Tay Mo, Dai Mo area, the • The largest integrated mixed-use master • A five-star mixed use complex with 1,500
administrative area of Hanoi. It is adjacent and 280ha mega project has only a 14.7% development in Hanoi. Encompassing over luxury villas and a 45-storey hotel tower,
looks over the 32-hectare Cau Giay park, with construction density and a mega sports 420 hectares, the project follows the located in Hong Bang District, Hai Phong
19-hectare water surface reservoir complex with a plethora of unique modern Singapore style and offers a wide City
• Topped out towers S1-S3 – process of finishing amenities. variety of amenities for residents • Paris section: Construction completed.
• Delivery started in 2Q 2019 • Under construction • Under construction Delivery is completed
• Delivery is expected to start in 2019 • Delivery is expected to start in 2019 • Venice section: Construction completed.
Delivery is completed
• Boutique houses: Construction completed.
Delivery is almost completed
• Manhattan section: Construction
completed. Delivery is completed
• Monaco section: Under construction due to
design adjustment. Delivery is expected to
start in May 2019
Note: (1) Low-rise component called Vinhomes Green Villa.
17where happiness lives Financial Highlights
1Q2019 at a Glance
New Pre-sold and New Bookings &
Block sale(4)
Deposits secured(3) Unbilled Bookings(3)
1Q2018 1Q2019 1Q2018 1Q2019 1Q2019
688 5,452 USDmn USDmn USDmn
units units New 327 520 65
692% yoy Unbilled 2,761 3,204
Revenue from Profit after Tax &
Gross Profit(2)
Property Sales(1) Minority Interest
1Q2018 1Q2019 1Q2018 1Q2019 1Q2018 1Q2019
USDmn USDmn USDmn USDmn USDmn USDmn
770 310 232 95 168 108
-60% yoy -58% yoy -35% yoy
Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements. Fx rate: USD 1 = VND 23,250 (1) Include revenues of USD 206mn from Vinhomes projects & USD 100 mn from BCC projects. BCC projects include: Vinhomes Imperia, Vinhomes The Harmony, Vinhomes Dragon
Bay and Vinhomes Star City Thanh Hoa. They are held by Vingroup, where Vinhomes has an exclusive right to develop, market and receive 99% Profit, and the owners receive 1% Profit. Vinhomes recognizes its BCC distribution as Finance Income. (2) Represents gross profit of property sales only.
Include USD 43mn from Vinhomes projects, USD 51mn from BCC projects. (3) Estimated pre-sale under SPAs and pre-sale bookings under deposits; # unit rounded to nearest ‘000. (4) Bulk sale deal of Vinhomes Me Linh project under shares transfer transaction
191Q2019 Highlights
Vinhomes Projects (Consolidated) BCC Projects
• Total: USD 207 mn • Total amount: USD 99 mn
• Key contributors: • Key contributors:
Revenue from − VH Green Bay: USD 30 mn − VH The Harmony: USD 56 mn
1
Property Sales − VH Metropolis: USD 34 mn − VH Imperia: USD 13 mn
− VH Central Park: USD 65 mn − VH Star City Thanh Hoa: USD 26 mn
− VH Golden River: USD 77 mn
• Gross profit: USD 43 mn • Gross profit: USD 52 mn
Gross Profit & • Gross profit margin: 21% • Gross profit margin: 51 %
2 • Adjusted Gross profit margin: 33% (2)
Margin(1)
• Profit before tax was USD 146 mn, -31% yoy, in which USD 47 mn was from Vinhomes projects and USD 39 mn was from
Profit Before BCC projects
4 • Consolidated profit after tax was USD 116 mn, -33% yoy
Tax
• Consolidated PATMI was USD 108 mn, -35% yoy
• Total number of units: 5,332 units, ▲ 1,868% yoy • Total number of units: 120 units, ▼66% yoy
Pre-sales and • Bookings: USD 430 mn, ▲ 178% yoy • Bookings: USD 89 mn, ▼42% yoy
5 Bookings(3) •
• Cash collected/deposited: USD 745 mn Cash collected/deposited: USD 59 mn
• Unbilled bookings: USD 3 bn • Unbilled bookings: USD 273 mn
Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS 1Q2018 consolidated unaudited financial statements. Fx rate: USD 1 = VND 23,250.
(1) Represents gross profit of property sales only. (2) Adjusted to exclude distribution projects and Vinhomes Landmark 81. (3) Estimated pre-sale under SPAs and pre-sale bookings under deposits. As of March 31, 2019.
20Financial Performance 1Q2019 vs 1Q2018
Figures in USD mn 1Q2018 1Q2019 Change (%) Key Commentary
• 1Q2019 revenue mostly came from Vinhomes Metropolis, Golden
River, Central Park, and Green Bay projects
Sale of Inventory Properties 440 208 -52%
• The reduction is due to a smaller number of units being handed over in
the current period
• Other revenue increased due to the merger of Vincom Construction into
Other Revenue 13 44 242% Vinhomes in 4Q2018 and shared profit from Vincom Retail, Vinpearl
and Vinschool among others(1)
Total Revenue 453 252 -44%
Gross Profit 123 57 -54%
• Q1 2019 margin decreased c. 1.634bps vs Q1 2018 and lower than
% Margin 27% 23% -1,634 bps normalized margin due to deliveries of high-construction cost project of
Vinhomes Landmark 81.
Profit sharing from BCC projects -45%
• Profit distribution from BCC projects such as Vinhomes The Harmony,
78 43
Vinhomes Imperia, Dragon Bay and Star City Thanh Hoa
Other finance income 51 83 62%
Operating Profit 208 143 -31%
Profit before Tax 209 144 -31%
Profit for the Period 171 116 -33%
Profit after Tax and Minority Interest 168 109 -35%
1Q2019 1Q2019
Gross Profit GPM
One-off projects include:
Gross Profit & Gross Profit Margin Analysis (USDmn) (%)
• Landmark 81 due to unique cost structure
Gross profit and Gross Profit Margin reported in the (construction cost of much taller buildings is
57 23%
consolidated financial statements (not including BCC projects) higher than that of ordinary projects)
Gross profit and Gross Profit Margin for all projects, assuming • Distribution projects such as Vinhomes Thang
94 31%
consolidation of BCC projects Long and a few units in Vinhomes Riverside
GPM of all projects, excluding non-residential asset transfers (phase 1)
97 40%
and one-off projects
Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements. YoY comparison is with Vinhomes JSC VAS 1Q2018 consolidated unaudited financial statements. Fx rate: USD 1 = VND 23,250
(1) Shared profit from Vincom Retail’, Vinpearl, Vinschool’ to cover the development costs until the assets, including the shopping malls, schools, etc are transferred into the respective Vingrroup’s subsidiaries
21Financial Performance 1Q2019 (Vinhomes Projects & BCC Projects)
Summary BCC Project Performance and Reconciliation
Imperia Dragon Bay Thanh Hoa
The Harmony (Hai Phong, (Quang Ninh, (Thanh Hoa,
Figures in USD mn (Hanoi, low-rise) low-rise) low-rise) Low-rise) Total BCC projects
Revenue 54 14 3 27 98
Cost of Sale (32) (6) (1) (9) (48)
Gross Profit 22 8 2 19 50
% Margin 41.0% 55.5% 60.7% 67.9% 51.1%
SG&A 2 (1) (1) (4) (4)
Profit attributable 24 6 1 11 43
Profit attributable to Vinhomes (99%) 24 6 1 11 43
Adding Performance of BCC into Vinhomes P&L Assuming Full Consolidation
Figures in USD mn 1Q2019 VHM 1Q2019 BCC Projects Total Adjusted 1Q2019
Sale of Inventory Properties 208 98 306
Other Revenue 44 - 44
Total Revenue 252 98 350
Cost of Sale (195) (48) (243)
Gross Profit 57 50 107
Profit sharing from BCC projects 43 (43) -
(*)
Operating Profit 143 - 143
Profit before Tax 144 - 144
Profit for the Period 116 - 116
Profit after Tax and Minority Interest 109 - 109
Note: Based on Vinhomes JSC VAS 1Q2019 consolidated unaudited financial statements and management accounts of the BCC projects. Fx rate: USD 1 = VND 23,250.
(*) Includes gain from selling stake at Prime Lands JSC, which owns Vinhomes Me Linh project, which was recognized as financial income in financial statements.
22Financial Performance Overview
Total Revenue Gross Profit
(USD mn) (USD mn)
1,663
89
35
418
1
658 13
482 97
75 453 192 222
252 57
11 8 31 15 39 399 123 7
6
5 1
13 176 184 5
402 550 1,538 440 124
208 (0) (1) 46
(2)
2016 2017 2018 1Q2018 1Q2019 2016 2017 2018 1Q2018 1Q2019
(1) (1)
Sale of Inventory Properties Leasing Others Sale of Inventory Properties Leasing Others
Profit before Tax Profit after Tax and Minority Interest
(USD mn) (USD mn)
848
614
209 144 168
120 91 71 61 109
2016 2017 2018 1Q2018 1Q2019 2016 2017 2018 1Q2018 1Q2019
Note: Based on VAS Audited Consolidated Financial Statements for 2016, 2017, 2018 and Unaudited Consolidated Financial Statements 1Q2019. Fx rate: USD 1 = VND 23,250
(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
23Financial Performance Overview (cont’d)
Total Revenue Gross Profit and Gross Profit Margin
(USD mn) (USD mn)
40.3% 50.8% 32.6% 21.5% 35.5%
41.3% 38.9% 33.9% 29.9% 30.8%
4,103
2,924 92 1,060
38
(2) 774 92
916 382 1
893 636 13
106
934 952
8 31 21
17 3,095
4 230 7
114 955
19 1,934 299 8 752 1
5
898 770 371
306 231
94
(1)
(2)
2016 2017 2018 1Q2018 1Q2019
2016 2017 2018 1Q2018 1Q2019
Sale of Inventory Properties Leasing Others (1)
Sale of Inventory Properties Leasing Others
Margin for Sale of Inventory Properties Margin for Leasing
Adjusted EBITDA and Margin Adjusted PATMI
(USD mn) (USD mn)
37.3%(3) 33.8% 46.9%
1,514 733
612
402 257
493 681 9
11
14 34 39
0
43 1,514
49 54 24 612
54 0
24 116 168
144
209 144 413
240 594 209 144
189 168 2
2
(2),(3) (2) (4) (4)
2016 2017 2018 1Q2018 1Q2019 2016 2017 2018 1Q2018 1Q2019
EBITDA EBITDA Attributable to Block Sale of 6 Buildings in Vinhomes Central Park PATMI PATMI Attributable to Block Sale of 6 Buildings in Vinhomes Central Park
Sponsorship & Donation Sales Consulting Fees Trademark Fees Adjusted EBITDA Margin 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 (3) Adjusted EBITDA margin calculation excludes other operating income recognized from block sale of 6 buildings in Vinhomes
(iii) unaudited Consolidated Financial Statements 1Q2019. Fx rate: USD 1 = VND 23,250 Central Park.
(1) Others principally comprises revenue from general contractor services, shared profit from VCR, Vinschool and Vinpearl and others (4) Adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of VHPM in 2018;
(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 however, this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously
24 (“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 paid to Vingroup JSC which are not expected to be incurred going forward.
forward.Balance Sheet Overview
Total Assets Inventory
USD mn USD mn
1,585 1,587
5,148 5,526
1,225 1,370
731
2,207
1,614 365
296 3,923 4,155
904 1,911
709
2016 2017 2018 1Q2019 2016 2017 2018 1Q2019
Current Assets Non-current Assets
Total Cash & Cash Equivalents(1) and Total Borrowings Total Equity
USD mn USD mn
1,372
2,071 2,183
1,133
659
394
195 411 435
121 67 138
2016 2017 2018 1Q2019 2016 2017 2018 1Q2019
Total Borrowings Cash and Cash Equivalents
Note: Based on VAS Audited Consolidated Financial Statements for 2016, 2017, 2018 and VAS Unaudited Consolidated Financial Statements for 1Q2019. Fx rate: USD 1 = VND 23,250
(1) Cash and cash equivalents includes short-term investments.
25Key Credit Metrics
Net Debt(1) / (Total Assets – Cash & Cash Equivalent) Net Debt(1) / Equity
27.7%
136.0%
23.8%
18.5%
56.9%
45.5%
2017 2018 1Q2019 2017 2018 1Q2019
Total Debt / Total Assets Interest Coverage Ratio
Times
29.9% 17.2
26.7%
20.5%
7.8
2017 2018 1Q2019 1Q2018 1Q2019
Note: Based on VAS Audited Consolidated Financial Statements for 2017, 2018 and VAS Unaudited Consolidated Financial Statements for 1Q2019. Fx rate: USD 1 = VND 23,250.
(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investment)
(2) Interest coverage ratio = EBIT/Interest Expense
26where happiness lives Appendix
Valuable Land Bank Proximate to Upcoming Metro and Highway Infrastructure
Significant boost in connectivity will accelerate demand for pipeline projects
Ho Chi Minh City Hanoi
New Eastern Bus Station
Project F
Suoi Tien Long Binh
Project D
Depot
Hi-Tech Park
Thu Duc District 251 ha
Thu Duc Vinhomes Vinhomes
Grand Park Project E Riverside
Project G
Go Vap
Vinhomes
District Binh Tho District 9 Metropolis CBD Vinhomes
Vinhomes Sky Lake Vinhomes Nguyen Chi Thanh The Harmony
Phuoc Long
Bin Thanh Vinhomes Project A
Phu Nhuan District Project
B West Point Vincom Ba Trieu
District Rach Chiec
New Port Vinhomes Vinhomes
Vinhomes Times City
Van Thanh An Phu Vinhomes Green Bay Royal City
Thao Dien Project C Sportia Project C
District 3 CBD Vinhomes Central Park Project B
Vinhomes
Vinoffice Dong Khoi
Opera House District 2 Ocean Park
Ba Son
Ben Thanh
Project A District 1 Vinhomes Golden River
Project H
Vinhomes Properties City Centre Vinhomes Properties City Centre
HCMC Metro Line 1 Upcoming Metro Lines Under development and pipeline Upcoming Hanoi Metro Lines Under development and pipeline
(before 2030)
Source: CBRE, Company Information.
28Case Study: Vinhomes Competitive Positioning
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
Vinhomes Ecopark – Ecopark – Hanoi Garden – Northern Gamuda –
Ocean Park Palm Forest AquaBay Canal Park Diamond Zen Residence
Int’l
Unit Size • 28 - 76 • 71 - 91 • 47 - 109 • 86 - 184 • 94 – 107 • 52 - 106 1 #1
Broker 15% higher ASP than peers(1)
(sqm / unit) (1 - 3 BRs) (2 - 3 BRs) (1 - 3 BRs) (2 - 3 BRs) (1 - 3 BRs)
ASP • - • 906 • 1,004 • 773 • 1,124 • 1,167
(US$ / sqm) • Vinhomes Ocean Park able to sell at a premium
due to:
Developer • Vinhomes • Vihajico • Vihajico • Berjaya – • Incomex • Gamuda
− Reputation of Vinhomes as a developer
Handico12 Land
− Scale / amenities
Other Factors as Compared to Vinhomes
− Construction quality
Location, • ▼ • ▼ • ▲ • ▲ • ▲
Accessibility,
Infrastructure
Developer • ▼ • ▼ • ▼ • ▼ • ▼ Int’l
1 #2
Broker 10 – 15% higher ASP than peers(1)
Scale / • ▼ • ▼ • ▼ • ▼ • ▼
Amenities
Construction • -- • -- • ▼ • ▼ • -- • In Hanoi, Vinhomes’ projects can achieve a
Quality much higher ASP
Unit Size • ▲ • ▲ • ▲ • ▲ • ▲
Management • -- • -- • ▼ • ▼ • ▼
Company
• Unrivalled brand equity driving steady customer demand
• Unique integrated ecosystem offering of complementary suite of amenities / facilities
Source: Company, Int’l Broker #1, Int’l Broker #2 (names to be revealed subject to clearance)
Note: (1) Refers to surrounding comparable projects.
29Continued Support from Customers and Mortgage Lenders
Proportion of sold units with a mortgage was 58% on average
(cumulatively for all projects sold by Vinhomes as of Mar 31, 2019)
FOREIGN BUYERS(1) MORTGAGES
10% 59%
146 bps(2) 439 bps(3)
• Projects with highest number of sold units with a mortgage were
Percentage of Vinhomes Vinhomes Vinhomes Vinhomes
Project Selling points foreign Star City Green Bay The Harmony New Center
buyers Percentage 86% 76% 68% 68%
Situated in the West of Hanoi, (%)
Vinhomes West Point has been
Vinhomes
West Point
developed to set a new standard of
25.4% • Proportion of sold units with a mortgage depends on clients’
living, with its harmonious combination preferences, locations and sales policy
(Hanoi)
Percentage of foreign buyers declined by 127 bps from 31 Dec 18 because buyers of
of water, trees and “All-in-one”
Vinhomes Sapphire apartment units are mostly domestic buyers
facilities. • Vinhomes homebuyers often enjoy favorable interest rates relative to
the market thanks to good relationships between Vinhomes (as the
A mixed use development in Nam Tu
project developer) and large banks
Liem new administrative area of Hanoi.
Vinhomes Sky
Lake (Hanoi)
It is adjacent and looks over the 32- 12.5% • Interest supports offered to homebuyers by developers for 18 to 24
hectare Cau Giay park, with 19- months, and a grace period for principal payments during the period of
hectare water surface reservoir interest support
Vinhomes
The only large-scale mixed-use project • Vinhomes Ocean Park and Vinhomes Sportia buyers can take out a
in the exclusive diplomatic
Metropolis 6.9% mortgage of up to 35 years.
neighborhood in Ba Dinh, one of the
(Hanoi)
four central districts of Hanoi
Note: (1) For all units sold in Vinhomes projects from the incorporation of the residential business in Vingroup until 31 March 2019, excluding projects launched before 2015 (i.e. Vinhomes Royal City and Vinhomes Times City). (2) Compared to foreigners take up rate for all units sold in
Vinhomes projects from the incorporation of the residential business in Vingroup until 31 December 2018, excluding projects launched before 2015. (3) Compared to mortgage penetration rate for all units sold in Vinhomes projects from the incorporation of the residential business in
Vingroup until 31 December 2018, excluding projects launched before 2015.
30Market Summary for 1Q2019
Hanoi – supply and demand Launched units Sold units
11,822 9,390
No. of units +46% yoy +36% yoy
10,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017 2018 2019
Launched units Sold units
Hanoi – pricing Mid-end & Luxury &
Affordable High-end
Price (USD/m2) slight increase strong increase
7,000 High-end segment’s ASP increased significantly due
6,000 to launch of new developments in prestigious
5,000
4,000 locations with high ASPs
3,000
2,000
1,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016 2017 2018 2019
Luxury High-end Mid-end Affordable
US$6,013 US$2,234 US$1,264 US$839
Source: CBRE.
31Market summary for 1Q2019
HCMC – supply and demand
Launched units Sold units
4,423 5,924
-52% yoy inventory
No. of units
10,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2016 2017 2018 2019
High-end Mid-end Affordable
HCMC – pricing prices increase across
all segments due to
Price (USD/m2) restricted supply
6,000
4,000
2,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019
Luxury High-end Mid-end Affordable
Source: CBRE.
32Infrastructure Development Underway
Visible and meaningful progress on infrastructure developments will boost real estate capital values
and greatly increase connectivity for Vinhomes projects
Hanoi
Road Metro Line # 2 Metro Line # 3
Expansion Cat Linh – Ha Dong Nhon – Hanoi Station
Vinhomes Projects in Close • Vinhomes Riverside • Vinhomes Galaxy • Vinhomes Metropolis
Proximity • Vinhomes The Harmony • Vinhomes Gallery • Vinhomes Gallery
• Vinhomes Times City
• Vinhomes Royal City
• Vinhomes Ocean Park
Development Status • Various projects under construction • Construction completed • About 45% completed
include elevated Ring road #2, • Trial run began in July 2018
segments of Ring road #3,
• Commercial operation started
overpasses in CBD areas
• Commercial operation to start by 2023
• Projects under development include
Ring road #3.5 and #4
Other Commentary • Overall improvement to Vinhomes
projects from enhanced infrastructure
Source: Company, CBRE.
33Infrastructure Development Underway
Visible and meaningful progress on infrastructure developments will boost real estate capital values
and greatly increase connectivity for Vinhomes projects
Quang Ninh HCMC
Van Don – Mong Cai HCMC – Moc Bai highway Metro Line # 1 Connecting the
highway Ben Thanh – Suoi Tien Old to the New City
Vinhomes Projects in • Vinhomes Green Ha Long • Vinhomes Golden River • Vinhomes Golden River • Central Park
Close Proximity • Vinhomes Central Park • Vinhomes Central Park • Golden River
• Leman Golf
Development Status • Expected completion in 2021 • Expected approval in 2020 • About 56% completed • Projects under development
• Expected completion in 2025 include
Metro Line #2, Thu Thiem 4
bridge
• Commercial operation to
start by 2021
Other Commentary • Overall improvement to • Overall improvement to • Key projects improving
Vinhomes projects and local Vinhomes projects and local infrastructure to and within
economy from enhanced economy from enhanced District 2 (the new city)
connections connections include Thoi Dai bridge
(completed), My Thuy
Intersection (completed),
Metro Line #1 (under
construction)
Source: Company, CBRE.
34Low Risk Capital Effective Business Model
Vinhomes Property Development Business Model and Payment Schedule
Preparation of Construction
Unit
Site for Completion
Construction
Construction and Handover
Preparation Marketing Execute Purchase
Pre-sales Handover
of Projects Process Commence Confirmation
Strong Management of Default Risk 95% of purchase
price must be
Majority of units are pre-sold immediately after land clearance has completed and
paid before
project construction has broken ground Collection of cash being issued the
Presale customers required to make down payment of approximately 30% of total based on the land use right
purchase price (for Vinhomes Ruby and Vinhomes Diamond properties) or 10% (for construction certificate (LURC)
Vinhomes Sapphire properties) process
(totaling up to 70% Full payment will
Upfront payments from majority Vinhomes customers, typically c.70% of total of purchase price) be collected
purchase price when sales contract is signed(1) thereafter
Note: (1) Based on sales of launched projects through 31 December 2017.
35where happiness lives Investor Relations Department 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: ir@vinhomes.vn
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