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: ir@vinhomes.vn

Investor Relations Department

where happiness lives