Corporate Presentation

February 2021
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 Vincom Retail 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.

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looking statements as a result of new information or to reflect future events or circumstances.

1
 Executive Summary

Vincom Retail (“VRE”) is the largest and fastest growing retail developer, owner
and operator in Vietnam

Key investment highlights are as follows:

Vietnam Economy

 Remains Resilient
Amidst Covid-19
Outbreak
 Modern Retail Set to
Take Off
 Largest and Most
Dominant Retail Platform

Proven Track Record of

  
Ability to Leverage the
Highly Scalable Platform Institutional Level
Best-in-Country
with Strong Operating Corporate Governance
Vingroup Ecosystem
Performance

Market leader in terms of the shopping mall GFA in Vietnam’s major cities…

…the direct proxy for consumer demand

The Dominant and Fastest Growing Retail Platform in Vietnam

2 2
 Vingroup & Vincom Retail: Market Leaders In Vietnam
Largest Listed Company in Vietnam
 Vincom Retail
A Key Subsidiary of
Largest Real Estate Developer in Vietnam
 Vingroup JSC

c. 168 mm sqm of Landbank(1)

 Hanoi 80
(8)

Operational
Ecosystem of Complementary Businesses Vincom Retail Malls
Largest Retail
Developer, Owner
and Operator in (9)
Vietnam Ho Chi Minh City 1.7 mn
Retail GFA
Residential Hospitality Healthcare Education Automobile Smartphone ~28% NLA leased to internal (sqm)
and affiliated tenants(2)
 Premium  Leading  Leading  Leading  First  Top 4
and large hospitality hospital private Vietnam- smartphone Vinhomes:
scale real operator in operator school ese smart producer in Vietnam’s largest real estate Unique Multi format Model
estate Vietnam operator and green Vietnam
developer  About 750 vehicle
developer
 Approx. beds under  About manufactu-  1.9 million
 Largest in 17,500 operation 29,300 rer smart- VinFast:
Vietnam rooms students phones Flagship automobile and e-
 7 full- Vincom Center Vincom Mega Mall
owned & registered  76,900 cars sold(7) motorcycle showrooms
No. of Malls: 7
 27,700 managed service at 35 and electric
No. of Malls: 3
units general Retail GFA: 280,026 sqm Retail GFA: 444,098 sqm
facilities(5) motor- Vinschool:
presold(3) hospitals (18% total) (24% total)
cycles(6) Leading private school operator
(Contracted and 5
sales of clinics
VND 64 VinMart:
trillion(4)) Vietnam’s largest modern grocery
retail chain by presence Vincom Plaza Vincom+
No. of Malls: 54 No. of Malls: 15
Retail GFA: 857,517 sqm Retail GFA: 71,936 sqm
VinID: ~11 mn Members, Largest Loyalty Program in Vietnam(5) (53% total) (5% total)

Vincom Retail is the Ultimate Consumer Play for Vietnam

Note:
(1) Refers to Vinhomes’ landbank (2) MSN-Vincommerce is an affiliated tenant (3) For FY2020, estimated pre-sale under SPAs and pre-sale bookings under deposits, including bulk sales deposits (4) Include retail and bulk sales value
(5) (6) (7) (8) (9) As of 31 Dec 2020
3
 Emergence Of Vincom Retail As A Clear Market Leader
Establishing Platform Accelerating Growth With
Early Years & Formation For Growth Dominant Market Share

2004 - 2013 2014 2015 2016 2017 2018 2019-2020

 Royal City launched  First Vincom  Vincom Mega  10 new Vincom  Listed on HOSE in  Launched 20  Launched 13 (2019)
shopping mall Mall Thao Dien shopping malls November shopping malls, and 1 (2020)
 Times City launched outside Hanoi & launched  Introduction  H&M opened 2 stores including Landmark shopping malls and
 US$200 million HCMC of Vincom+ format 81 expanded our
in Hanoi and Ho Chi
investment − VCP Ha Long international tenant
Minh City
 Best Retail  US$100mm portfolio across key
 Zara opened first store malls (Uniqlo,
Developer in follow-on
in Hanoi
Vietnam” by investment  First Zara flagship Decathlon, CGV,
Euromoney in 2012 store in Vietnam  Key tenants added:  Signed leasing H&M, Mango, Muji,
 10 new Vincom
 First Robins opened at Vincom Inditex brands contracts for Pizza 4P’s, Haidilao)
shopping malls &
department store Center Dong Khoi in (Stradivarius, Massimo
Acquisition of 5 approximately  Pioneer in
in Vietnam HCMC Dutti, Pull & Bear), 191,000 sqm NLA
Maximark malls experiential
opened in Royal H&M and Old Navy
 c.US$390mm Vingroup and over 1,200 retail-tainment in
City in April 2014 follow on investment advertising contracts Vietnam

Retail GFA (‘000 sqm) 7980

7,017
Leasing Revenue (VND bn)
2014 – 20 CAGR:
6980

(1)
6,008
Leasing revenue: 20.1%
5,506
GFA: 22.0% 5980

1st Retail Mall 1st Integrated

in Vietnam Project in 4,455 4980

Vietnam Investment by 3,805

Warburg
3980

Pincus
IPO and
2,427 listed on 2980

1,927 HOSE

1,598 1,654
1,448
1980

Vincom Center Vincom Center

Ba Trieu Dong Khoi 1,023 1,173
851
467 499 980

42 93
-20

2004 2010 2013 2014 2015 2016 2017 2018 2019 2020
No. of
malls 1 2 5 6 23 31 46 66 79 80

17 Years of Operating Experience Achieving ~1.7 mm sqm of Retail GFA (~35x Increase Since 2004)
Note: As of 31 Dec 2020
Leasing revenue is based on Vietnam Accounting Standard (VAS) Audited Consolidated Financial Statements for respective years and Consolidated Financial Statements for 2020
4 (1) Leasing revenue took into account the impact of Vincom Retail’s supporting package to tenants impacted by Covid-19 in 2020, totaling VND 865bn 4
 Retail Consolidates Around The Dominant Local Landlord

 dominant local landlord

Global examples clearly demonstrate retail consolidation around the
Vincom Retail

 Significant parallels seen between VRE and regional retail leaders

Vietnam’s largest retail developer, owner and
operator

 Vietnam's
GFA (mm sqm)
current position at an early, higher growth stage of the retail
1.7
1.0 cycle translates to a stronger growth profile and a more dominant market
share
2016 2020

SM Prime

Central Pattana
Vietnam Philippines’ largest retail real estate developer
Thailand’s largest shopping mall developer arm of
GFA (mm sqm)(3) Market Share by GFA(2)
Central Group
50%
GFA (mm sqm)(1) Market Share by GFA(1) 9.8
Thailand Philippines 28%
20% 2.2
15%
4.7 Singapore
0.9 2007 2019 2007 2019
Total Market Size (GFA sqm)(2)
2013 2020 2013 2020
Total Market Size (GFA sqm)(1) 7.8mm 10.7mm
Indonesia
5.6mm 18.9mm

PT. Pakuwon Jati

CapitaLand Integrated Commercial Trust
Indonesia’s largest mall owner and operator
Largest proxy for Singapore’s commercial real estate
NLA (mm sq. ft) Market Share by NLA(3) NLA (mm sqm) Market Share by NLA(4)
15.4%
10.4 0.7 20.4%
5.6% 0.3 13.3%
3.3

2011 2020 2011 2020

Total Market Size (NLA sq. ft)(3) 2012 2020 2012 2020
Total Market Size (NLA sqm)(4)
58.9mm 67.4mm ~2.5mm ~3.2mm(5)
Source: Company filings, Colliers, Statista, Urban Redevelopment Authority, Savills, Urbis.
1. Based on Central Pattana’s retail NLA in Bangkok Metropolitan Area and total shopping mall NLA in Bangkok Metropolitan Area.
2. Based on SM Prime’s retail GFA in Metro Manila and total retail GFA in Metro Manila.
3. Based on retail floor space supply in Singapore (2009-2024), extracted from Capitaland Mall Trust (CMT) Annual Report 2019
4. Based on PT. Pakuwon Jati’s retail NLA as of Dec-2012 and 3Q 2020 vs. shopping mall NLA of Jakarta

5 5
Key Investment Highlights
Key Investment Highlights
Vietnam’s Economy Remains Resilient Amidst Covid-19 Outbreak
1 ‒ Vietnam On A Rebound – The Brightest Spot In SEA’s Economies
‒ Clearer Signs Of A Speedy Recovery; Ready For A “New Normal”

2 Huge Potential for Further Expansion in Vietnam’s Retail Space

 Modern Retail Set to Take Off
 Only Retail Platform With Nationwide Access
 Metro and Bus Infrastructure To Accelerate Retail Mall Footfall

Multi Format Model Covers a Larger Market Opportunity

3
 Solidified Position as Dominant Retail Platform in Vietnam

4 Ability to Leverage the Best-in-Country Vingroup Ecosystem

5 Institutional Level Corporate Governance

7
1 Vietnam On A Rebound - The Brightest Spot In SEA’s Economies

The Only Country In ASEAN Which Had Positive GDP Growth In 2020E And The Strongest GDP Growth Forecast in 2021E
Real GDP growth (%) 2020 2021 2022
7.6 7.7 6.9
6.6 6.7
4.9 5.6 5.1 4.9 5.3
4.2 4.1
2.9

(1.1)

(5.8) (5.0)
(7.2)
(9.5)
Philippines Thailand Singapore Malaysia Indonesia Vietnam

Vietnam GDP to continue growing in 2021 led by a recovery in domestic consumption, resilient FDI due to supply chain shift and public investment

Highest Domestic Consumption Growth Vietnam to Become The New Center of The Highest Level Of Public Investment Spending
1 2 3
Country In ASEAN during 2020-2021 Global Manufacturing Supply Chain As % Of GDP To Support Local Economy
Domestic consumption growth (%) Implemented FDI has been resilient despite Covid-19 Public investment as % of GDP (2021 Target)
(US$bn)
10.6
8.8 20.4 20.0
8.2 19.1 6.8
7.0 17.5
15.8
14.5 5.7
4.6 4.4
3.0 4.1
4.0
3.6
0.5 0.5
2.4
2015 2016 2017 2018 2019 2020

-2.1 Increasing immigration and expansion of global leaders into

Vietnam
-3.6
-4.7

2020 2021
Free trade agreements such as CPTPP, EVFTA and RCEP to Public investment expected to continue the elevated trend
boost Vietnam's foreign trade in 1H21 with accommodative monetary policy
Source: Bloomberg GDP consensus, GSO, CEIC and BMI

8
1 Clearer Signs Of A Speedy Recovery; Ready For A “New Normal”

Mobility is gradually returning to pre-Covid levels Daily Community Cases In Vietnam Comparison of Social Distancing Measures
Index First wave of Subseqeuent wave of
48
10% Mobility level pre Covid-19 Country infections (1H20) infections (2H20)
Dec 1, three Areas Imposed
0% 42 new cases in
(10)% HCMC, all F1 Nationwide Da Nang
1st wave: 141 cases
36 and F2 were VN (1 - 22 Apr) (28 Jul – 25 Aug)
(20)% 2nd wave: 527 cases
confirmed (100% of GDP) (1% of GDP)
(30)%
30 negative Jakarta, wets Java,
(40)%
Gorontalo and West Jakarta
(50)% 24 ID Sumatra (14 Sep to 11 Oct)
(60)% (Apr to early Jun) (18% of GDP)
18 (33% of GDP)
(70)%
(80)% Nationwide Varying timeframes for different
12 MY (18 Mar - 3 May) states (mid-Dec: 50% of GDP;
(100% of GDP) mid-Nov: 84%, mid-Oct; 50%)
6
Nationwide Manila and adjacent provinces
Vietnam Hong Kong Korea PH (16 Mar - 31 May) (4 – 18 Aug)
0
Thailand Singapore Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (100% of GDP) (45% of GDP)

Whilst Retail Sales Across The Region Start to Recover Rental Outlook In Vietnam Remains Stable And Solid Retail Leasing Enquiry Growth Expected
in 2021, Vietnam Proves Its Leading Position With Early Not Experienced A Decrease in Rental Rates
and Sustainable Growth
Nominal retail sales change YoY (%) % change in rental rate forecast (YoY) Sqm NLA

12.0
10.0 +533% 67,862
6.5 7.0
5.7 1.4 4.0 3.7
2.0 1.8 +95%
1.5 1.4 10%
0%
-0.14 -10%
-2.9
-20% 31,600
-8.4 -30%
-10.0
-40%
-15.7 16,200
-50%
10,718
-60%
-24.4

HCMC Hanoi
2020 2021F 2020 2021F 2019 - 2021 Cumulative 2020 2021F

Source: Google Mobility Index; CBRE Research, eMarketer

9
 2 Huge Potential For Further Expansion In Vietnam’s Retail Space
Low and fast growing disposable income per capita compared to neighboring countries, coupled with low
mall NLA, presents an opportunity to enlarge Vietnam’s retail mall space to close the regional gap.

Modern Retail is still at a Nascent Stage… …With the Growing Middle Class Set to Drive
Next Wave of Consumption
Vietnam has a Low Mall NLA compared to Thailand and Philippines(1) Vietnam’s Disposable Income per Capita is similar to Philippines in
2004 and Thailand in 1990, implying huge growth potential (1)
NLA (mm sqm) Disposable income per capita (US$)

7.9
7.3 2,796
2,554
1,808
3.2x 950 1,018
2.9x Vietnam
2.9x
2.5
2017 2018 2019 2023 2024

Hanoi/ HCMC Bangkok Metro Manila 3,818

3,547
2,824
Strong supply which validates the market’s potential, backed by
stable rental rate(2)
Philippines 930
Rental rate (USD/sqm/month) Future Supply (sqm NLA)
150.0 Hanoi 156
120.0 73 82
2004 2019 2023 2024
90.0
60.0 1,054 1,054 1,127 1,209

30.0 6,902 7,246

- 6,221
1Q20 2Q20 3Q20 4Q20 2020 2021F 2022F 2023F
HCMC
150.0
70
120.0 114
57 Thailand 999
90.0
60.0 1,106 1,220
1,049 1,049
30.0
1990 2019 2023 2024
-
1Q20 2Q20 3Q20 4Q20 2020 2021F 2022F 2023F
Rent rate (CBD) Rent rate (Non CBD) Current Future

Source: EIU, Colliers, CBRE Research (Hanoi and HCMC Market Insights 2020)
10 Note: (1) Includes NLA pipeline 2020-2021 (2) As of 31 Dec 2020 10
2 Modern Retail Set to Take Off

Vietnam is Starved for Modern Retail Format E-Commerce More Catalyst Than Threat
Significantly Underpenetrated Modern Non-Discretionary Retail Remains E-Commerce Penetration(2)
2020/21(1) NLA per capita (sqm) (%) 2019A 2024E
1.8 40%

1.4
1.1
28%

0.5 0.5 0.5 0.5

21%
0.1 0.2 Low Penetration
15% vs Peers
13%
HCMC Hanoi Beijing Jakarta Shanghai Manila Singapore Bangkok Kuala 11% 11% 10%
9%
Lumpur
4% 5% 4%
Modern Retail Format an Attractive Solution in Vietnam 2% 3%

 Attractiveness of Modern
 Attractiveness of Modern China Indonesia Singapore Philippines Malaysia Thailand Vietnam

Retail to Consumers Retail to Tenants

Vincom Retail Further Consolidates Leadership
 Limited alternatives for  Significantly higher footfall and sales Position
entertainment and social activities psm achieved compared to
unorganized retail Malls: A Key Providing the Digital
 One stop platform for discretionary + Activity Hub Infrastructure transformation
non-discretionary consumption  Provides quality control with
guaranteed infrastructure and logistics
that helps to build brand equity  Leading the service quality and customer experience


Stand-alone Department Store Formats have Lost Out Destination for and a trustworthy partner of major international brands to be
present in Vietnam for the first time


Lotte Vietnam on losing streak Progressively applying digital transformation to enhance customers’
Parkson Vietnam shutters store experience via improved service quality
since operations began
…However, during its ten years of
operation in Vietnam, Lotte Mart has
…Parkson Vietnam has closed another
of its stores as it continues to struggle  Close and flexible connection between retail malls and e-commerce to support
shoppers and tenants via a network of credible e-commerce partners


never closed a year with profit… to make its business profitable…
Utilize the readily available customer base from VinID

Vincom Retail’s Disruption Has Already Leapfrogged the “Department Store” Phase
Source: EIU, Euromonitor, Vietnam Investment Review, Inside Retail Asia, CBRE Vietnam
(1) Includes NLA pipeline 2020-2021 (2) % E-commerce penetration represented by internet retailing over retailing.
11
 2 Only Retail Platform With Nationwide Access

Portfolio Leasing Creates Significant Bargaining Power… … and Ability to Attract Best-in-Class Tenant Portfolio, with
more than 1,000 Unique Tenants(1)

HANOI HAI • 80 malls across 43

PHONG
cities and
provinces(1)

Fashion & Beauty

DA
NANG

• 4 retail formats for

specific areas
DONG • Proven and
NAI
scalable retail
CAN HCMC
THO development
platform

Vietnam
First stores in

Entertainment
Vietnam for Zara,

F&B and
H&M

First stores in
Hanoi for Uniqlo

First store in retail

(1)
malls of Decathlon
Anchor

VRE’s dominant position and nationwide scale makes it Vietnam’s “Go-to” platform
 for international and established local brands

Source: Company information as of 31 Dec 2020

(1) Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce, the largest consumer retail network in terms of number of grocery retail stores

12 12
 2 Metro And Bus Infrastructure To Accelerate Retail Mall Footfall
Most of VRE malls are covered by the upcoming metro lines in Ho Chi Minh City and Hanoi, and major VRE megamalls such as
VMM Ocean Park, Smart City and Grand Park have extra cover of VinBus routes – significant boost in connectivity and footfall
expected
Metro Lines Under Construction Planned Lines Bus routes

Ho Chi Minh City Hanoi

District 9
1 4
VINCOM PLAZA Go Vap District Tay Ho VINCOM CENTER
SAIGON RES VINCOM CENTER PHAM NGOC THACH
District NGUYEN CHI THANH
4
VINCOM MEGA MALL
1
VINCOM MEGA MALL
Ho Chi Minh THAO DIEN GRAND PARK
City Airport 5
VINCOM CENTER
TRAN DUY HUNG
3 1 2 3 4
CBD
1
Long Bien
5 District 1 VINCOM CENTER
3 Distirct Trau Quy
BA TRIEU
2 District 2 VINCOM MEGA MALL
SMART CITY 8
CBD VINCOM MEGA MALL
VINCOM MEGA MALL OCEAN PARK
VINCOM PLAZA TIMES CITY
3/2 1 2 3 4 5

VINCOM CENTER Ha Dong

DONG KHOI District VINCOM MEGA MALL 6 7 8 9 10
ROYAL CITY

2 Hung Yen
District 10 Province
Hoang Mai
Van Dien District
Tan Phu District

Preliminary VinBus routes as of 31 Dec 2020 (*)

1 Grand Park - Emart 2 Grand Park – Tan Son Nhat airport 1 Long Bien – Tran Phu – Smart City 2 Long Bien – Cau Giay – Smart City 3 Giap Bat – Smart City

3 Grand Park – Sai Gon bus station 4 Grand Park- Mien Dong bus station 4 Ho Tay water park – Smart City 5 VCP Long Bien – Smart City

5 Mien Dong bus station – National University NUA 6 Hao Nam – Ocean Park 7 My Dinh – Ocean Park 8 Ham Nghi – Ocean Park

9 Interconnected Complex – Ocean Park 10 Noi Bai – Ocean Park

Vingroup’s mixed use and VRE’s mall models are suited to tap

 
With urban metro lines opening for the first time in Ho Chi Minh
City and Hanoi and extra coverage of VinBus routes, the shift on this trend, given their targeted positioning and proximity to
from street retail to organized retail (malls) will accelerate the stations

Note: (*) Business plan which is subject to change 13

 3 Multi Format Model Covers A Larger Market Opportunity

Annual Income
Distribution Holistic Segment Coverage Across Formats Competitors
(% of population
in Vietnam)(1) Vincom Center Vincom Mega Mall Vincom Plaza Vincom+

Target Segment:
Affluent
 City Center/ Target Segment:
(6%) CBD consumers Lotte
 Integrated
 Middle & upper development Target
middle income AEON
catchment area Segment:
Target
 Targets families Upper middle
Middle Segment:
across all income
Income income segments Middle
income /
(24%) Upper middle
* Focus on shopping – Target Segment: income
experience based  Heart of provincial
shopping to enhance town plus urban
customer experience non-CBD
Emerging
consumers of
(32%) key cities
 Family & BIG C GO
activity hub Target
 Middle income Segment:
Mass to
Aspiring middle income
(17%)
Target Segment:
 Regional &
non-CBD Vincom Retail has access
catchment areas to addressable market
Mass  Mass to segment of over US$176bn
(21%) middle income
of retail revenue

Source: BCG population and wealth models

(1) MAC (Middle income and affluent customers)
14 14
3 Solidified Position As Dominant Retail Platform In Vietnam

Distinguished retail formats and focused on wide range of lifestyle oriented consumers

Prime Urban and High Growth Areas in Key Cities Unique Multi-Format Retail Model
(Segmentation by GFA)

43 80 ~1.7mm Vincom Center

Location: City-center, CBD
Vincom Mega Mall
Location: In integrated,
Cities/ Operational Retail GFA Retail GFA: 40,000 – mixed-use projects
60,000 sqm Retail GFA: 60,000 –
Provinces Malls (sqm) No. of Malls: 7 150,000+ sqm
Total GFA: 280,026 sqm No. of Malls: 3
Total GFA: 444,098 sqm

Key Cities
North Vietnam (ex. Hanoi)
19 Vincom Malls
18.7% 25.5%
16 Vincom Plazas
3 Vincom+ 4.1%
Hanoi
11 Vincom Malls
5 Vincom Centers
3 Vincom Mega Malls Central Vietnam 51.7%
20 Vincom Malls
3 Vincom Plazas
13 Vincom Plazas
7 Vincom+
Vincom+ Vincom Plaza
Ho Chi Minh City Location: Medium-density, Location: High-density,
13 Vincom Malls non-CBD CDB of cities
2 Vincom Center South Vietnam (ex. HCMC) Retail GFA: 3,000 – 5,000 ex. Hanoi and HCMC
sqm Retail GFA: 10,000 –
1 Vincom Mega Mall 17 Vincom Malls
No. of Malls: 15 40,000 sqm
7 Vincom Plazas 15 Vincom Plazas Total GFA: 71,936 sqm No. of Malls: 54
2 Vincom+ Total GFA: 857,517 sqm
3 Vincom+

 
Proven and scalable retail
4 retail mall formats
development platform

Note: As at 31 December 2020

15
 4 Ability To Leverage The Best-in-Country Vingroup Ecosystem

c.168mm Access to Landbank from

28% Market Leading Retail Brands Form
NLA leased to
sqm of Vietnam’s Biggest Developer internal and Immediate Tenant Foundations
Landbank(1)
affiliated tenants(2)
Vinhomes’s Landbank Breakdown
 c.30 years
 worth for mn sqm

development  Accelerates concept

to completion
155
pipeline for
Vinhomes  Drives consumer
footfall (3)

 Unparalleled
 land sourcing 13
expertise
Launched Pipeline projects

Up to Largest Loyalty Programme in

Integrated Developments Provide 11m Vietnam Reinforces
100,000 Mega Malls with Natural Catchment Members(2) Captive Spending
Residents(2)

Times City
(opened: 4Q2013)
Ocean Park
(opened 12.2020)  Single card,
 nationwide access
 Guaranteed
Footfall for
Malls  Benefits lock in
repeat spending
Note:
1. Refers to Vinhomes’ landbank
2. As of 31 December 2020
3. Non-controlling interest in a subsidiary of Masan Group which owns MasanConsumerHoldings, the largest manufacturer of consumer products by revenue, and VinCommerce,
16 the largest consumer retail network in terms of number of grocery retail stores
16
 5 Institutional Level Corporate Governance

Conflict Area Description Control

• All transactions must be entered into on commercially reasonable

basis as a statutory requirement.
• Vingroup will continue to be VRE’s majority
Decision Making • Significant related party transactions must be approved by the Board
shareholder following the Offering
of Directors or the general meeting of shareholders
• Interested parties must abstain from voting

• Non-compete from Vingroup on retail; VRE has a clear Right of First

• Both Vingroup and VRE are in the business of property
Competition Refusal (“ROFR”) for all stand-alone retail projects, retail
development
components and select mixed-use projects with well-defined criteria

• The ROFR above gives VRE economies of scale in land sourcing,

and delaying early-stage development costs
Land Bank Access • Vingroup holds much larger land bank than VRE • VRE has ROFR on land that can be used for retail, at cost
• VRE has an independent land sourcing team and primarily focuses
on different types of projects than Vingroup

• Allows VRE to expand faster with the key anchor tenants in place in
advance of commencing construction
Related Party Tenants • VRE has related party-tenants (Vingroup entities)
• Leases are negotiated on an arms’ length commercial terms
• Governed by related party rules under “Decision Making”

• Fees are calculated based on comparable third-party service

• VRE has contracts with Vingroup entities such as providers and Vingroup fees are allocated based on number of man
Vinpearl and Vinmec for non-core services such as hours and assets under management
Management Services
lodging rental and periodic health check for
Contracts • Helps VRE to manage expansion with minimum overhead as it can
employees, and Vingroup for headquarters services
share resources and costs with the rest of Vingroup
such as marketing, treasury and corporate HR
17 • Governed by related party rules

17
4Q2020 Key Highlights
Financial Performance – 4Q2020
All key financial figures continued remarkable momentum from the 3rd quarter
Total Revenue Leasing Revenue
VNDbn % of 2019 level VNDbn % of 2019 level

73.8% 82.2% 79.7% 116.8% 90.6% 78.8% 88.9% 84.3%

Decline 2Q vs. 1Q
84.8% 2.3%
(3.3%) (9.8%)

Growth 4Q vs. 3Q

3,253

1,686 1,630 1,760 1,608 1,645

1,449 1,307
1Q20 2Q20 3Q20 4Q20 1Q20 2Q20 3Q20 4Q20
(1)
Gross Profit Leasing NOI EBITDA
VNDbn % of 2019 level VNDbn % of 2019 level VNDbn % of 2019 level

78.1% 67.3% 78.4% 112.7% 86.1% 81.1% 91.3% 86.5% 88.9% 73.1% 94.0% 110.5%

(14.9%) 86.1% 0.3%

(6.3%) (14.8%) 43.3%

1,572
1,746
1,174 1,178
845 1,218
998 1,068
759 930 910
646
1Q20 2Q20 3Q20 4Q20 1Q20 2Q20 3Q20 4Q20 1Q20 2Q20 3Q20 4Q20
Note: Based on VAS Consolidated Quarterly Financial Statements
These financial metrics already took into account the impact of the rental support (VND300bn in 1Q, VND375bn in 2Q, VND145bn in 3Q and VND46bn in 4Q)
(1) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses
which include land lease costs but exclude management expenses allocated from parent company
19
 Key Operational Metrics
Retail GFA Occupancy rate
Change Change
(‘000 sqm) 2019 2020 2019 2020
(ppts)
(%)

Vincom Center 280 280 - Vincom Center 91.3% 92.7% 1.4

Vincom Mega Mall 388 444 14.4 Vincom Mega Mall 91.7% 86.8% 4.9

Vincom Plaza 858 858 - Vincom Plaza 88.7% 81.5% 7.2

Vincom+ 72 72 - Vincom+ 84.9% 75.2% 9.7

Total 1,598 1,654 3.5 Total 89.8% 84.4% 5.4

Note: As of 31 December 2020

20
 Tenants’ Recovery Post Covid-19
1 Footfall Hanoi (2020) HCMC (2020)
Million Million
5 (1) (2)
5 (1) (2)
4 4

3 3

2 2
1 1
- -
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

 Overall, footfall has positively recovered. Hanoi malls saw strong footfall recovery thanks to upgraded VCC Metropolis, VCC Pham Ngoc Thach with more
international famous brands driving footfall
 Newly opened VMM Ocean Park in December was well received
 HCMC malls witnessed weaker recovery than in Hanoi due to travel restriction impact, which lead to fewer foreign tourists

2 Tenants’ sales in 2020

F&B Fashion Entertainment Cinema

COVID-19 relative impact

Least Least Medium Most

impacted impacted impacted impacted

Recovery status

Strong recovery Strong recovery Gradual recovery Gradual recovery

witnessed across witnessed across witnessed across witnessed across
Hanoi and HCMC Hanoi and HCMC Hanoi and HCMC Hanoi and HCMC

Resumption of business activities & improved tenant sales resulted in less tenant support in 4Q2020. Total support package of 2020
3 was VND865bn (vs. VND 820bn in 9M2020).

Note: As at 31 December 2020; Company information

21
 Business Highlights In 4Q And 2020
New mall opening – Vincom Mega Mall Ocean Park
Key tenants

Occupancy rate: 93%

(including committed tenants)
Upgrading Operating Malls

VCC PHAM NGOC THACH VCC LANDMARK 81 VCC METROPOLIS VCC TRAN DUY HUNG

Leasing Plan and Tenant Growth Achievement

Chain tenants expansion New tenants
Area Number of new tenants Accounting for On 17 December 2020, Vincom Retail was

15% 114 %11 of total tenants honored among the top 10 leading brands
in Vietnam 2020 by Forbes Vietnam

22
 Marketing Activities That Drive Footfall And Tenant Sales
Marketing Campaigns Grand Opening of VMM Ocean Park

Vietnamese Women’s Day Black Friday, Christmas Opening Day Christmas Festival in
(20 Oct 2020) (23 Nov 2020 – 15 Jan 2021) (11 Dec 2020) the Ocean City
Radiant flowers - Happy Welcome festival - Warm (19 December 2020)
fragrance and full of love

 The first event ever held at Vincom -  Activities focus on decoration, cheerful  Music performance event with the  The first Christmas night in the Ocean
Discover Vincom with beautiful men events with up to 70% discount participation of singer Noo Phuoc Thinh City with a music performance
 Presence of famous singers and  Bus Tour & Roadshow, in cooperation featuring famous singers
Christmas Music Night with VinFast, transported internal  Light and fireworks show – first time at
customers and Vinhomes residents to Ocean Park urban area
Vincom  Light up the tallest Christmas tree in
Hanoi
 Footfall: ~4mn (visits)  Footfall: ~6mn (visits)  Footfall: ~76.2 thousands (visits)  Roadshow, in cooperation with
 Tenant sales: ~VND 548bn  Tenant sales: VND 823bn  Tenant sales: ~VND 20bn VinFast, transported Vinhomes
residents

Promoting disease prevention and safety measures at Vincom malls

 Guide customers to prevent disease at Vincom malls including wearing mask before entering the shopping mall or participating in entertainment activities
 Hourly disinfection with hand sanitizer when entering and leaving shopping mall
 Viral marketing on Fan pages of the 80 shopping malls and on company website

23
2021 Strategy Plan
2021 Strategies And Plan
 Continue to develop Vincom Center (VCC)/Vincom Mega Mall
(VMM)/Vincom Plaza (VCP) in the big and Tier-1 cities to offer a dynamic
and engaging experience to the residential community in Vinhomes’  5 new shopping malls
Product mega projects and surrounding areas  New malls’ occupancy target: VMM 85%,
Strategy  Enhance customer experience, embrace digital technologies, and VCP and VC+ 95% (including committed
ascertain the number one destination for customers by expanding and tenants)
diversifying tenants’ portfolio with international and Vietnamese brands

 Expand the group of international, large, chain and anchor tenants

(Fashion, F&B, Furniture, Home accessories, Supermarket, etc.) in  Upgrade VCP Da Nang to VCC
Tenant existing shopping malls  Upgrade tenant mix at VCC Metropolis
Strategy  Pioneer in reaching and bringing international, prestigious brands (Hanoi), VCP Phan Van Tri (HCMC), VCP
and attractive retail models to Vietnam for the first time Hung Vuong (Can Tho)
 Accompany and support Vietnamese tenant groups

 Roll out Tenant Portal

Digital
 Build data warehouse system
Transform-  Apply digital transformation initiatives to create a dynamic, engaging  Enhance Vincom web/ Vincom app to
ation customer experience and maximize operational efficiency facilitate customer experience to and at
Vincom malls

 Implement marketing and communication

Marketing  Solidify Vincom Retail’s leading position for effective cooperation and plans for the grand openings of major
consumers’ trust
Strategy projects namely Grand World, Vincom
 Expand channels for brand communication: Web/App Mega Mall Smart City, and Vincom Mega
Mall Grand Park

 Enhance a quality service program to offer

Customer  Provide a safe shopping environment with quality products and services impressive shopping experience for the
 Optimize operating costs and energy costs
Services continuously increasing end-users and
customers

25
Sale Goals And Action Plan
Goals

Leading shopping malls Shopping malls of Vietnamese

Pioneer in bringing shopping experiences from
with presence across Vietnam
prestigious domestic and international brands

Action Plan

5 projects, including 2 Vincom Mega Mall 2 Vincom Plaza 1 Vincom+

New opening
150,000 sqm GFA Increase nationwide
retail GFA to
~1.8mn sqm
Upgrade
tenant mix 3 projects, including 1 Vincom Center 2 Vincom Plaza
Number of stores Target tenants for finalizing

Chain and 20%

anchor
tenants Area
development
20%
26
Financial Update
 Financial Performance In 4Q2020 vs 4Q2019

Figures in VND billion 4Q2019 4Q2020 YoY (%) Commentary QoQ (%) Commentary
 An additional VND45.6 billion
(US$1.9 million) tenant support
package was granted
Leasing of Investment
Properties and Rendering of 1,951 1,645 15.7  Revenues from advertising, 2.3
Related Services utilities and car-parking was also
lower due to the social distancing
period, and overall Covid-19
impact

 Two major projects (My Tho

 Two major projects (My Tho and
and Bac Lieu) were handed-
Sale of Inventory Properties 785 1,547 97.1 Bac Lieu) were handed-over in 1,347.7
over in 4Q2020
4Q2020

Other revenue 48 61 27.4 33.5

Total Revenue 2,784 3,253 16.8 84.8

Gross Profit(1) 1,395 1,572 12.7 86.1

Operating Profit / (Loss) 1,096 1,186 8.2 76.3

Profit / (Loss) before Tax 1,109 1,211 9.2 69.0

Profit / (Loss) after Tax for the

884 975 10.3 70.3
Period
Profit / (Loss) after Tax and
883 974 10.3 70.3
Minority Interest
Note: VAS Consolidated Quarterly Financial Statements
(1) Gross profit already subtracted D&A relating to investment properties accounted for under VAS

28
 Financial Performance In 2020 vs 2019

Figures in VND billion 2019 2020 Change (%) Commentary

Leasing of Investment Properties

 In 2020, the Company disbursed VND865 billion to support tenants
and Rendering of Related 7,017 6,008 14.4
affected by the Covid-19 pandemic
Services

Sale of Inventory Properties 2,027 2,149 6.0

 Entertainment business and operation of Condotel Da Nang were

Other revenue 215 172 20.0
heavily impacted by Covid-19

Total Revenue 9,259 8,329 10.0

Gross Profit(1) 4,404 3,821 13.2

Operating Profit / (Loss) 3,546 2,901 18.2

Profit / (Loss) before Tax 3,576 2,993 16.3

Profit / (Loss) after Tax for the

2,852 2,382 16.5
Period

Profit / (Loss) after Tax and

2,851 2,382 16.5
Minority Interest

Note: VAS Consolidated Quarterly Financial Statements

(1) Gross profit already subtracted D&A relating to investment properties accounted for under VAS

29
 Financial Performance
(1)
Total Revenue Gross Profit
VNDbn VNDbn
Gross Profit Margin (%)
50.8% 39.9% 47.6% 45.9% 45.0% 39.6% 48.0% 48.3%
9,124 9,259
215 8,329 4,404
185 (84) 3,821 (164)
2,027 172 3,641 (47) 735
3,433 2,149 1,034
5,518 2,801 806
112 48
951 411
1,572
1,760 3,253 3.752
7,017 646 845 (27)
6,008 1,630 61 2.882 2.951 759
5,506 1,686 46 1,547 2.342 (41) 740
4,455 29 (44) (52)
201 36 294 107 135 49
110
1,449 1,307 1,608 1,645 668 587 838 858

2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20
Leasing of Investment Properties Sale of Inventory Properties Other Revenue
Leasing of Investment Properties Sale of Inventory Properties Other Revenue Depreciation & amortization of investment properties (VNDbn)
829 1.042 1.331 1.359 339 335 346 338

(2)
Leasing Net Operating Income (NOI) Profit After Tax and Minority Interest
VNDbn VNDbn
Leasing NOI Margin (%)

69.3% 69.5% 70.6% 71.3% 69.2% 71.0% 73.2% 71.9%

2,851
2,404 2,382
1,905

4,955 974
3,829 4,280
3,089 492 343 572
998 930 1,174 1,178

2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20
Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Quarterly Financial Statements of 2020
(1) Depreciation and amortization relating to investment properties is below the graph and should be added back (to Gross Profit) under IFRS. Since 2018, “Other” segment includes results from management of Da Nang condotels which was incurring loss as the property
was still ramping up after launch in May 2018.
(2) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses which include land lease costs but exclude
management expenses allocated from parent company.

30
 Balance Sheet

Total Assets Total Borrowings, Cash and Cash Equivalents

VNDbn VNDbn
5,974
5,726
38,133 38,684 39,769
35,839 4,945

10,911 11,212 4,095

7,121
16,652
3,133
2,780 2,785
2,177
27,773 28,718 28,558
21,481

(2)
31-Dec-17 31-Dec-18 31-Dec-19 (2) 31-Dec-20 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
(1) Total Borrowings Cash and Cash Equivalents
Investment Properties and Investment Properties Under Construction Other Assets

Total Equity (Net Debt / (Net Cash))(3) / Equity

VNDbn VNDbn

28,509 29,336
26,094 26,954 7.2%

2.3% 2.7%

Net cash
(2)
31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20

31-Dec-17 31-Dec-18 31-Dec-19 (2) 31-Dec-20

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 4Q2020
(1) Investment Properties and Investment Properties Under Construction (IP/IPUC) are valued at development cost minus depreciation and amortization and are not fair valued
(2) Decline in other assets, cash and cash equivalents, total equity as well as increase in gearing ratio as of 31 December 2019 was due to the payment of cash dividends of VND 2,445bn in April 2019 and buy back 56.5 mil
treasury shares completed in November 2019
(3) Net Debt / (Cash) = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalents + ST Investments).
31
Appendix
Bridging VAS To IFRS
Unit: VND Billion
VAS Adj. IFRS Commentary on Adjustments
2020 2020
Leasing revenue and other related Realized unearned revenue of deposit from customer in relation
6,008 51 6,059
services to amortization of deposit
Sale of inventory properties 2,149 2,149
Other revenue 172 172
Total revenue 8,329 51 8,380
Cost of leasing activities and other Mostly depreciation of malls included in VAS; excluded under
(3,057) 1,283 (1,774)
related services IFRS
Cost of inventory properties sold (1,115) (1,115)
Others (336) (336)
Cost of goods & services (4,508) 1,283 (3,225)
Gross profit 3,821 1,334 5,155
Fair valuations of the investment properties and investment
Gain/loss from recording FV of IP/IPUC 1,204 1,204 properties under construction (“IP/IPUCs”) are based on valuation
reports by independent valuers as of 30 June 2020
Selling expenses (330) (330)
General and administrative expenses (399) 73 (326) Amortization of Goodwill included in VAS; excluded under IFRS
Other income 124 124
Other expense (32) (32)
Finance expense (467) (108) (575) Amortization of deposit from customer
Finance income 276 65 341 Revert capitalized interest income to IPUC
Profit before tax 2,993 2,567 5,560
Tax expense (610) (241) (851) Mainly deferred tax arising from fair value adjustment of IP/IPUC
Profit after tax 2,382 2,326 4,709

33
Vietnam Swiftly Contained Covid-19

2st wave of Covid-19 (28 Jul – 20 Sep)

1st wave of Covid-19 (5 Mar – 30 Apr)
26 Jul: First
community case in
Da Nang after 99 (‘000)
days of no new
cases in Vietnam VCP Da Nang closed
48 for 5 weeks from 28 900
Jul to 5 Sep

800
42

700
36

600
30

500

24

400

18
300

Only 3 community
12 cases since 3 Sep.
All F1 and F2 were 200
confirmed negative
VCP Buon Me Thuot
6 closed for 2 weeks 100
from 3 to 17 Aug

0 0

Community cases (LHS) Vincom Retail Footfall (RHS)

Source: Vietnam Ministry of Health; Company information

As of 31 December 2020
34
Investor Relations Department
Vincom Retail JSC
7 Bang Lang 1, Vinhomes Riverside, Viet Hung Ward
Long Bien District, Hanoi, Vietnam
Tel: +84 (24) 3974 9999 ext. 9545
Fax: +84 (24) 3974 8888
Website: ir.vincom.com.vn/en
E-mail: [email protected]