November 2015

VinaLand Fund Update
To be read in conjunction with the Notice of the Extraordinary General Meeting and
Circular
29 October 2015
Ho Chi Minh City, Vietnam
1
Disclaimer
The information contained herein has been prepared by VinaCapital Limited (the “Company") and is subject to updating, completion, revision,
further verification and amendment without notice.
The information contained herein has not been approved by any listing authority or any investment regulator. The information does not constitute
or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall they or any part of them form the basis
of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Forward-looking
information is based on the estimates and opinions of the Company's at the time the statements are made. The Company assumes no obligation to
confirm or update forward-looking statements should circumstances or management's estimates or opinions change.
No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Group or any of its
directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions
contained herein and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions,
misstatements, negligence or otherwise for any other communication written or otherwise.
The information herein may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. By
accepting receipt of this document, you agree to be bound by the limitations and restrictions set out above.
Neither these pages nor any copy of them may be taken or transmitted into or distributed in any jurisdiction where the distribution of such
material would be prohibited under the jurisdiction’s applicable securities laws. Any failure to comply with this restriction may constitute a
violation of national securities laws.
2
Content
1. Vietnam macroeconomic & property market update
2. Overview of VNL Fund
3. Review of the last 12 months and since EGM 2012
4. Strategy going forward
3
Vietnam macroeconomic update
Investor confidence is improving with large manufacturers shifting from China to Vietnam while infrastructure and
construction are gaining momentum and boosting demand for property
Growth has been consistent and stable…
Non-Performing Loan ratio: 3.25%
(2012: 17.0%)
Currency: Devalued by 5%, stable
relative to peers, cheaper assets for
foreign investors
250
Nominal GDP (LHS)
10.0
Real GDP growth (RHS)
200
8.0
150
6.0
100
4.0
50
2.0
0
0.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F
Banks are consolidating, 25 mergers
have created 12 consolidated banks
with more to come
Borrowing rates, have reduced from
15% (2012) to between 7% and 10%
…while lending rates have been trending downwards
60%
50%
Credit growth
40%
Lending rate
30%
20%
10%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F
Sources: VCG Research, Vietnam’s Government Statistics Office (GSO)
4
Key macroeconomic impacts on the property market
Consumer confidence remains strong
ANZ consumer confidence index
145
140
135
130
125
120
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Gold, a traditional alternative to property, has lost 39% in the
last four years
Increasing Urbanisation will continue
COMEX, USD/oz
2,000
26%
in 2013
(22.9m)
33%
in 2030
(33.7m)
1,750
1,500
1,250
1,000
Oct 10 Apr 11 Oct 11 Apr 12 Oct 12 Apr 13 Oct 13 Apr 14 Oct 14 Apr 15 Oct 15
5
New regulatory impact on the property market
New Housing Law and Real Estate Business Law, both effective 1 July 2015 is generating more interest in VNL’s
projects, however legislation needed to define details.
Foreign Ownership
• Established a transparent legal framework to
help protect home buyers and increase the
confidence of foreign investors
• Relaxing foreign ownership regulations and
subsidized credit are helping to boost demand
for real estate
• Activity is currently in the Condominium market
which provides higher margins to developers
Dai Phuoc Lotus in 2015
Sale of Land Plots only
• Foreign real estate developers can now sell land
lots with completed infrastructure (subject to
approval)
• VNL is securing revised licensing that will enable
sale of land lots only
Dai Phuoc Lotus – 3 years ago
6
Property market update - Condominium & landed property sector
Vietnam's unsold land and built inventory has fallen sharply since Q1 2015 to USD2.68 billion (18%). 80% of
buyers are interested in units at around USD 220,000
Condominiums in Q3 2015
• Condominiums currently drive the market, the mid-to-high end
segment provides better margins for developers
• 30% increase in foreign investor enquiries since July 2015
• 10,114 units launched (up 200% YOY) in HCMC, while Hanoi
launched 9,160 units (up 112% YOY)
• Medium term concerns exist on the ability of the market to
absorb new supply
Landed Property in Q3 2015
VNL’s Azura condominium project, Danang
• Active progress was only observed in projects that
have been partially completed or near completion.
• Investors are increasingly sophisticated, demanding
quality builds, infrastructure, amenities and better
repayment plans
VNL’S Danang Beach Resort & Golf Course project, Danang
7
Contents
1. Vietnam macroeconomic & property market update
2. Overview of VNL Fund
3. Review of the last 12 months and since EGM 2012
4. Strategy going forward
8
VinaLand Limited (VNL) overview
Fund summary
NAV:
NAV per share:
Portfolio summary
US$388.3m
US$0.90
(30 September 2015)
(30 September 2015)
Share price:
US$0.60
(29 October 2015)
Discount:
-33.6%
(29 October 2015)
Market cap:
US$256.3m
(29 October 2015)
Total shares
outstanding:
427,091,266
(29 October 2015)
Current assets:
23
Divestments:
23 full and residential unit sales
Debt:
Fund level (ZDPs) : 7.5% NAV
Project level (Bank) : 19.7% NAV
Fund Cash balance:
USD29.3m (incl. ZDP)
VNL’s Azura Apartment Tower adjacent to newly completed VinGroup Retail Centre
which opened in July 2015. Azura is now 90 percent sold.
9
Portfolio breakdown
Portfolio breakdown
Hanoi
Sector
9.2% Hanoi region
NAV%
Hospitality
2.3%
Township
20.6%
Mixed use
34.8%
Residential
42.3%
Development status
Danang
23.9% Central region
Land banking
7.4%
Planning stage
62.2%
Development stage
29.0%
Nha Trang
Operating assets
1.4%
Valuation
66.9% HCMC region
Ho Chi Minh
Assets not yet revalued
Assets revalued
4.9%
95.1%
Note: NAV at 30 September 2015
10
Top ten investments
Investment
No.
Location
Sector
VNL %
VOF %
Site area
(ha)
Portfolio NAV
(USD)1
NAV %
1
Century 21
South
Residential
75.0%2
25.0%2
30.1
69.9
17.3%
2
Danang Golf and Beach Integrated
Development
Central
Residential
75.0%
25.0%
248.3
54.2
13.4%
3
Dai Phuoc Lotus
South
Township
54.0%
18.0%
198.5
34.3
8.5%
4
VinaSquare
South
Mixed Use
46.5%
15.5%
3.1
33.7
8.3%
5
Pavilion Square
South
Mixed Use
90.0%
0.0%
1.4
31.8
7.9%
6
Times Square Hanoi
North
Mixed Use
65.0%
0.0%
4.0
27.0
6.7%
7
Aqua City
South
Township
40.0%
0.0%
250.2
23.2
5.7%
8
Trinity Park
South
Residential
75.0%
25.0%
33.7
20.3
5.0%
9
Green Park Estate
South
Mixed Use
62.9%
33.9%
15.7
17.9
4.4%
10
Capital Square (P1+P2+P3)
Central
Mixed Use
61.7%
20.6%
6.6
16.3
4.0%
Total of Top 10 Investments (USD million)
328.7
81.1%
Remaining Investments (USD million)
76.5
18.9%
Total Portfolio (USD million)
405.2
100.0%
Note:
1. NAV at 30 September 2015
2. Economic interest of VNL and VOF in Century 21.
11
Performance since 2012 EGM
• VNL’s share price increased 47% to 60cents, from a closing price of 41cents in November 2012 (EGM)
• NAV per share is 90 cents compared with US$1.11 in November 2012
• Trading discount to NAV is currently 33.6% compared to 63.3% in November 2012
Share price and NAV per share and average trading volume
Per share data
1.20
Trading volumes (m)
2.0
1.11
1.8
1.00
0.80
0.90
Trade discount as at 30
Nov 2012: 63.3%
Trade discount as at 29
October 2015: 33.6%
0.60
0.40
1.6
1.4
1.2
0.60
1.0
.8
0.41
.6
.4
0.20
.2
-
.0
Average trading volume
NAV per share
Share Price
12
Performance since 2012 EGM - share buy back
• VNL has spent USD30.8m to buy back 56.3m shares since the 2012 EGM at an average price of 54.7 cents
• Since inception, VNL has spent USD39.6m repurchasing 72.9m shares (14.58% of shares issued) which have
been cancelled.
USD
Million shares
VNL share price vs. Share buyback since EGM
1.00
10
7.8
0.80
8
7.4
0.60
0.60
5.3
4.4
0.41
3.7
0.40
4
3.0
2.6
2.5
1.8
1.2
1.1
Share buyback volume
1.0
0.5
2
Sep-15
Aug-15
Jul-15
0.2
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
0.1
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Jul-13
Jun-13
May-13
0.5 0.6
0.2 0.5 0.30.3
0.4
Aug-13
0.6
Apr-13
0.3 0.4
Mar-13
Jan-13
Nov-12
-
Dec-12
0.6
Feb-13
0.20
3.9
Oct-15
2.2
4.1
6
-
Share price
Figures are as at 29 October 2015
13
Contents
1. Vietnam macroeconomic & property market update
2. Overview of VNL Fund
3. Review of the last 12 months and since EGM 2012
4. Strategy going forward
14
Key project licensing achievements
VNL's key licensing achievements on current assets
Phu Hoi:
IL/MP/LURs
Danang Golf
220Ha:
LURs
Nam Phat:
MP/LUR
Romana
Phan
Thiet:
More LURs
Century 21:
MP
Times Square:
LUR
Long An
IP: MP
Dai Phuoc
Lotus :
IL/MP/LURs
My Gia:
LURs
Capital
Square DN
Phase 2 & 3:
IL/MP
Aqua City:
IL/MP
Note:
1. IL: Investment License
2. MP: Master Plan
3. LUR: Land Use Right Certificate
Saigon
Design
Center:
MP
Saigon Phu Yen
Hotel: MP
Pham Hung Rd:
LUR
Pavilion:
MP
Danang
Marina:
Revised
MP
Pham Hung:
Revised IL
and MP
approval to
include
residential
use
My Gia:
More
LURs
Capital Square
DN Phase 2:
Land fee
payment and
LUR is ongoing
Green Park
Principal approval to
convert the land
from factory use to
residential and
commercial purpose
The Garland:
48/53 LURCs
has been
issued into
the Buyer’s
names
VinaSquare:
Revised IL &
LUR
15
Performance over past 12 months and since 2012 EGM
Second AGM
• Shareholders supported all six resolutions recommended by the Board;
(November 2014)
• Three directors were re-appointed, as was PricewaterhouseCoopers
(Hong Kong) as independent auditor to the Company;
• An amendment to the Company’s Articles of Association was also
supported
Divestment Conditions
• High cost of borrowing, low liquidity, broad reaching lack of confidence;
2013-2014:
• Delays in completion of project licensing;
• Reduced ability to dispose of projects, larger projects in particular;
• Focused on transactions that were able to achieve NAV or close to NAV,
avoiding a fire sale
2015:
• Noticeable improvement in liquidity within the real estate market;
• Progress with project licensing has increased VNL’s ability to dispose of
projects
16
VNL’s divestment achievements since EGM November 2012
VNL has completed 12 full and 1 partial divestments at an average premium to NAV of 15.6%
NAV at exit
Net proceeds to VNL
Cummulative Net Proceeds
USDm
250
EGM 2012 Target
232
214
196
179
161
143
125
107
100.4
89
81.3
71
62.2
54
13.6
15.3
2.8 2.7
4.5 4.6
1.8 1.7
Sheraton
Hotel
Signature 1
Land
Hao Khang
Land
Prodigy
Hotel
May-13
Jul-13
Nguyen Du
Office
Jan-13
66.1
31.4
18
3.0 3.2
65.5
70.8
51.4
36
6.3
2.7 3.1
100.4
9.0
Oct-13
Dec-13
13.5
16.1
Vina
Properties
Hotel
Jan-14
19.1 19.9
Hospitality
Holdings
Jul-14
9.5 10.9
Marie Curie
Jul-14
3.3 3.2
0.5 0.6
4.6
4.7
Capital
SG Quy Nhon Vung Bau Square phase
Phu Quoc
1
Nov-14
Mar-15
Mar-15
6.8
10.5
14.8
19.1
HAS Project NPV Project
Aug-15
Oct-15
Nov-15
Nov-15
17
VNL’s divestment achievements since EGM November 2012
Project: Nguyen Du
Project: Sheraton
Project: Signature 1
Project: Hao Khang
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Location: Hanoi
Type: Operating office building
Exit announcement: January 2013
Net proceeds: $3.2m
Net proceeds/NAV at exit: +7.9%
Net proceeds/NAV at EGM: -6.1%
Location: Nha Trang
Type: Operating hotel
Exit announcement: May 2013
Net proceeds: $3.1m
Net proceeds/NAV at exit: +15.1%
Net proceeds/NAV at EGM: +15.1%
Location: HCMC
Type: Resi development site
Exit announcement: July 2013
Net proceeds: $2.7m
Net proceeds/NAV at exit: -3.4%
Net proceeds/NAV at EGM: -3.4%
Location: HCMC
Type: Resi development site
Exit announcement: October 2013
Net proceeds: $4.6m
Net proceeds/NAV at exit: +2.8%
Net proceeds/NAV at EGM: -7.8%
Project: Prodigy
Project: Vina Properties
Project: Hospitality Holdings
Project: Marie Curie
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Location: Ha Noi
Type: Operating hotel
Exit announcement: December 2013
Net proceeds: $1.7m
Net proceeds/NAV at exit: -5.5%
Net proceeds/NAV at EGM: -31.7%
Location: HCMC
Type: Operating hotel
Exit announcement: January 2014
Net proceeds: $16.1m
Net proceeds/NAV at exit: +19.2%
Net proceeds/NAV at EGM: +8.2%
Location: various
Type: Operating hotels
Exit announcement: July 2014
Net proceeds: $19.9m
Net proceeds/NAV at exit: +4.5%
Net proceeds/NAV at EGM: +215.3%
Location: HCMC
Type: Office/Resi development site
Exit announcement: July 2014
Net proceeds: $10.9m
Net proceeds/NAV at exit: +14.3%
Net proceeds/NAV at EGM: +24.6%
Project: Saigon Quy Nhon
Project: Vung Bau Phu Quoc
Project: HAS
Project: NPV
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Location: Quy Nhon
Type: Operating hotel
Exit announcement: March 2015
Net proceeds: $0.6m
Net proceeds/NAV at exit: +27.3%
Net proceeds/NAV at EGM: +24.5%
Location: Phu Quoc
Type: Hospitality development Site
Exit announcement: March 2015
Net proceeds: $4.7m
Net proceeds/NAV at exit: +2.9%
Net proceeds/NAV at EGM: +1.6%
Location: Quang Nam
Type: Township development site
Exit announcement: August 2015
Net proceeds: $10.5m
Net proceeds/NAV at exit: +53.5%
Net proceeds/NAV at EGM: +36.3%
Location: Danang
Type: Residential development site
Exit announcement: October 2015
Net proceeds: $19.1m*
Net proceeds/NAV at exit: +29.4%
Net proceeds/NAV at EGM: +51.7%
* US$15.8m collected
Capital Square phase 1 partial divestment
Future pipeline divestments
• Completed 12 full and 1 partial divestments since the EGM 2012
•
•
•
•
•
•
•
• Net proceeds of USD100.4m which is 15.6% above NAV at exit;
Location: Danang
Type: Commercial development site
Exit announcement: November 2014
Net proceeds: $3.2m
Net proceeds/NAV at exit: -3.5%
Location: All regions.
Approximately 8 additional disposals
under negotiation and /or at various
stages of documentation
• VNL continues to pursue a number of disposals and is working
with both foreign and local investors.
18
Re-activation of project development
The Ocean Apartment – Danang
Block A:
• 46 units were re-launched in April 2014.
• 100% sold by 30 September 2015.
• Construction completion achieved in June 2015.
• Buyer handovers commenced on 5th July and a total of
36 apartments (80%) have been handed over to
Ocean Apartments – completed Block A
owners as at 29 October 2015 .
• Average selling price : USD1,593/sqm.
Block B
• 70 units planned for the second tower.
• Proposed sales revenue of approximately USD9.75m.
• Launch date pending possible disposal.
Perspective of the Ocean Apartment – Block B
19
Re-activation of project development
The Point Phase 1 and 2 – Danang
• 40 three-bedroom pool villas fronting the Dunes Golf Course.
• Phase 1 (20 villas) re-launched in October 2014. Phase 1
infrastructure and villas due for completion by the end of
October 2015.
• Phase 2 (20 villas) launched in April 2015. Under-construction.
• Average selling price : USD267,000 per villa.
• 68% sold (27 out of 40 villas) as at 29 October 2015.
Perspective of The Point
General Arrangement of The Point
Current construction works as at 29 October 2015
20
Re-activation of project development
The Azura Tower in Danang
• 225 units launched in 2010
• Sales stalled during market slowdown
• 90% sold as at 29 October 2015
• Expect to sell down all remaining unsold stock by the end
of 2015
• Average selling price : USD185,000/unit.
• VNL had divested the land portion of Phase 1, excluding
the Azura Tower to VinGroup which opened on 30 June
2015
• Both improved market in Danang and the new retail mall
have acted as a catalyst to increase sales and will
improve marketability of VNL’s adjoining sites.
Azura Apartment Tower adjacent to newly completed Vincom Retail Centre
21
Development residential sales – 2012 to 2015 (YTD)
•
•
•
•
2012 – 20 apartments sold
2013 – 33 apartments sold
2014 – 35 apartments sold
2015 – 60 apartment sold (YTD)
• 2010 - 2013 – 15 apartment sold
• 2014 – 19 apartment sold
• 2015 – 12 apartment sold (YTD)
89% sold
20
33
35
60
Year 2012
Year 2013
Year 2014
Year 2015 (YTD)
15
19
12
Year 2010 2013
Year 2014
Year 2015
(YTD)
100% sold
22
7
• 2014 – 7 villas sold
• 2015 – 22 villas sold (YTD)
• 2013 – 17 villas sold
• 2014 – 26 villas sold
• 2015 – 5 villas sold (YTD)
Year 2014
73% sold
17
26
5
67% sold
Year 2013
Year 2014
90
•
•
•
•
2012 – 13 land plots sold
2013 – 37 land plots sold
2014 – 90 land plots sold
2015 – 102 land plots sold (YTD)
Year 2015 (YTD)
13
96% sold
Year 2012
Year 2015 YTD)
102
37
Year 2013
Year 2014 Year 2015 (YTD)
22
Development and marketing awards 2015
International Recognition – Development & Marketing Awards in 2015
In May 2015, VNL projects won three awards at the 2015/16 International Property
Awards (Asia Pacific Region), which are among the region’s most prestigious real
estate industry accolades
1. Best Golf Development in Vietnam for Danang Golf
2. Best Residential Development in Vietnam for Dai Phuoc Lotus
3. Best Development Marketing in Vietnam for VinaLiving
On 14 August 2015, VNL projects received two awards at the inaugural Vietnam
Property Awards 2015
1. Best condominium development for The Ocean Apartments at Danang Golf
and Beach Resort, and
2. Best Villa development (resort) for The Point at Danang Golf and Beach
Resort.
23
Contents
1. Vietnam macroeconomic & property market update
2. Overview of VNL Fund
3. Review of the last 12 months and since EGM 2012
4. Strategy going forward
24
Recap: EGM 2012 targets and performance to date
EGM held in November 2012
• In November 2012, shareholders supported a recommendation from the Board for a new 3 year term to
target the realization of approximately USD250m from disposals and make distributions to shareholders of
approximately USD142m during the period November 2012 to November 2015.
Performance since EGM 2012
• Delay in divesting projects resulted in a higher proportion of net proceeds collected being diverted to
capital commitments, securing project licensing /approvals & operating expenses.
Forecast shortfall at November 2015
• Forecast estimated realisation shortfall at November 2015 of approximately USD145m, and distribution to
shareholders shortfall of approximately USD110m.
25
Positive platform
Q4 2015 and 2016 positive platform
• The market did not recover in 2013 and 2014 as anticipated
• However in 2015, significant improvement in liquidity & growing confidence in the property sector has
enabled the Vietnamese real estate market to commence a meaningful recovery.
• It is expected that the remainder of 2015 and 2016 will continue to be positive and this will maintain a
platform for VNL to dispose of several larger projects and also achieve growth in values.
26
Indicative realisation and distribution profile – Illustrative outcome
Forecast to Nov 2016
Actual to Oct 2015
USDm
EGM 2012 Target Realisation
EGM 2012 Target Shareholder Distribution
Realisation (Actual and Forecast)
Shareholder Distribution (Actual and Forecast)
350
Forecast
Actual
300
270
250
250
200
142
150
106
125
100
33
50
0
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
The figures shown on this slide are illustrative estimates only. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund or any investment discussed in this
presentation may differ materially from those reflected or contemplated in such illustrative estimates. Any projections, market outlooks or illustrative estimates are forward-looking statements and are
based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect the performance of the Fund or any investment. Any outlooks and assumptions
should not be construed to be indicative of the actual events which will occur.
27
VNL’s pipeline divestments - rationale of indicative realisation profile
Realisation Forecast Rationale
EGM 2012 Target Realisation
EGM 2012 Target Shareholder Distribution
Realisation (Actual and Forecast)
Forecast to
Nov 2016
Actual to
Oct 2015
Shareholder Distribution (Actual and Forecast)
350
Forecast
Actual
300
250
270
250
200
142
150
106
125
100
50
0
Nov-12
33
Nov-13
Nov-14
Nov-15
Nov-16
• Currently not less than 8 pipeline project
disposals under discussion, negotiation, or at
various stages of documentation.
• Past experience with real estate disposal
transactions in Vietnam has shown that not all
transactions reach a successful closure.
• Subsequently, assumptions adopted to arrive at
an indicative estimated realisation forecast have
taken into account market risks and challenges
and assumptions have been made that some
disposals will not proceed to closure.
• Based on these assumptions it is estimated
that by 21 November 2015 there will be
sufficient contracted disposals with a deposit
paid by the purchaser to achieve the following
divestment value
Based on various assumptions, the
estimated realisation forecast from
November 2015 to November 2016 will
result in a total divestment value of up
to approximately USD164m.
The figures shown on this slide are illustrative estimates only. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund or any investment discussed in this presentation may differ
materially from those reflected or contemplated in such illustrative estimates. Any projections, market outlooks or illustrative estimates are forward-looking statements and are based upon certain assumptions. Other events
which were not taken into account may occur and may significantly affect the performance of the Fund or any investment. Any outlooks and assumptions should not be construed to be indicative of the actual events which
will occur.
28
EGM and AGM: 24 November 2015
The 2015 EGM & AGM will be held on;
Tuesday 24 November 2015 in London, U.K. (for all details including time & venue refer to separate
notice of the EGM and AGM)
• At the AGM, four ordinary resolutions will be proposed to shareholders, including adoption of the
consolidated financial statements, re-appointment of two directors and re-appointment of the auditor.
• At the EGM, one special resolution and one ordinary resolution will be proposed to shareholders to
implement a proposed modification and limited extension of the Company’s realisation strategy for a
further period of up to twelve months
Full details relating to the EGM and AGM resolutions including Board recommendations to
shareholders are set out in the Notice of EGM and Notice of AGM
All shareholders are encouraged to vote.
29
VinaCapital Group
17th floor, Sun Wah Tower
115 Nguyen Hue, District 1, Ho Chi Minh City, Vietnam
P: (84 8) 3821 9930 F: (84 8) 3821 9931
Email: [email protected]
Website: www.vinacapital.com
Ho Chi Minh City
30
Hanoi
Danang
Nha Trang
Singapore