VINDS

ADAYROI VINECO
VINPRO VINPEARL
VINDS VINMEC
VINSCHOOL
VINMART
MODERN
RETAIL
HEALTHCARE
ADAYROI VINDS
VILLA INSPIRE
VINPRO VINEXPRESS
VINPRO
EDUCATION INSPIRE
+

SUSTAINABLE
BEST PRACTICE ENTERTAINMENT
SHOPHOUSE GOLF COURSE
VINMART+ HEALTHCARE

VINSCHOOL
CLEAN
VILLA VINECO SAFE AGRICULTURE
SAFE EDUCATION

RESORT SAFE VINPEARL HOSPITALITY

AGRICULTURE MODERN HEALTH VINCOM
ENTERTAINMENT
RETAIL SAFE HEALTH
ENTERTAINMENT
CLEAN PROPERTY VINPRO SHOPHOUSE
PREMIUM ENTERTAINMENT
EDUCATION HOSPITALITY EFFICIENCY
REAL ESTATE
CONDOTEL
VILLA
VINDS VINSCHOOL VILLA
HAPPINESS CONVENIENCE
VINMEC
EFFICIENCY
CONVENIENCE SAFE
VINCOM VINHOMES PROPERTY
HAPPINESS CLEAN
INNOVATION CLEAN CONVENIENCE VINHOMES
HUMANITY PROPERTY
HEALTH AGRICULTURE VINCOM ENTERTAINMENT
RESORT
PREMIUM
VINPEARL INSPIRE
ADAYROI RESORT
EFFICIENCY ENTERTAINMENT
VILLA QUALITY VINECO
HOSPITALITY

TO CREATE A BETTER LIFE FOR THE VIETNAMESE PEOPLE

ANNUAL REPORT 2015
 CONTENT VINGROUP 2015
Vision, Mission and Core Values 6

06
2015 At a Glance 8
2015 Titles and Awards 9
2015 Highlights 10
Message from the Chairman 12
2011 – 2015 Financial and Operational 16
Highlights

CORPORATE PROFILE

20
20 About Vingroup
22 Corporate Milestones
24 Businesses
28 Corporate Structure
30 Board of Directors
32 Management
34 Supervisory Board
35 Development Strategy

MANAGEMENT REPORT ON 2015

42
BUSINESS PERFORMANCE AND
2016 PLAN OF ACTION
2015 Economy and 2016 Outlook 42
Vingroup Operations and Financial 44
Performance in 2015
Blueprint for 2016 54

Corporate Governance

58
58 Vingroup Governance Structure
60 Report of the Board of Directors
62 Report of the Supervisory Board
64 Governance Report
66 Internal Audit Report
67 Risk Management
70 Share Information and Investor Relations

SUSTAINABLE DEVELOPMENT

78
Vingroup’s Vision for Sustainability 78
2015 Highlights 80
Managing Sustainability 82
2015 Sustainability Report 85

94
CONSOLIDATED FINANCIAL
STATEMENTS
94 VAS Consolidated Financial Statements
188 Summary IFRS Consolidated Financial
Statements
195 Reconciliation between VAS and IFRS
Consolidated Income Statements
 vingroup 2015
To create
Property: Vinhomes – Where happiness lives
Vincom – Retail and entertainment under one roof

a better life Hospitality and Entertainment: VINPEARL & Vinpearl land invites
for the Vietnamese
visitors to enjoy life’s best experiences

people Consumer Retail: VinCOMMERCE brings world’s best products and services
right to your door

Healthcare: Vinmec delivers comprehensive diagnostic, treatment, and

preventive services

Education: Vinschool goes beyond teaching to nurture the next

generation of the nation’s leaders

Agriculture: VinEco creates a sustainable ecosystem to grow, sustain, and

protect Vietnam’s food supply for the long-term health and welfare of the people

VINPEARL HA LONG BAY RESORT

Ha Long, Quang Ninh
 Integrity
To create a better life for the
Vietnamese people
“There is still so much to do. We have only just begun to deliver on our promise to
improve the quality of life of the people in Vietnam. What we have achieved is quite
small in the context of Vietnam’s economy, let alone the world.”

Pham Nhat Vuong,

Chairman of the Board
Quoted in the December 2015 issue of Forbes Vietnam
vingroup 2015

Vision, Mission and Core Values 6

2015 At a Glance 8

2015 Titles and Awards 9

2015 Highlights 10

Message from the Chairman 12

2011 – 2015 Financial and Operational 16

Highlights
 vingroup 2015
5
4
Vision, Mission and
Core Values
Vision
Vingroup’s vision is to be the leading property developer and retailer
in Vietnam by establishing a reputation as a Vietnamese brand that
adheres to international standards.
Mission
For the market: Vingroup provides products and services that meet the
highest international standards while reflecting the customs and cultural
values of Vietnam.
Shareholders and partners: To uphold a cooperative spirit of mutual
development and to commit to becoming “The Number One Companion”
to our partners and shareholders by creating sustainable value over the
long-term.
For employees: To establish a dynamic, creative and compassionate work
environment that enables all employees to achieve their highest potential.
For the Vietnamese society: To demonstrate corporate social responsibility
that harmonizes corporate goals with community contributions.
Vision, Mission and Core Values
Core Values
Credibility - Integrity - Creativity - Speed - Quality - Humanity
Credibility Vingroup vigorously protects its Credibility as one would protect one’s honor. The Group is fully
prepared to execute its plans and spares no effort in meeting its goals.
6
Integrity Vingroup considers Integrity a foundation of its business. We comply fully with the law and
maintain the highest level of professional and social ethics. In other words, customers come 7
first.
vingroup 2015
Creativity Vingroup believes that Creativity enables the Group to deliver on its philosophy of “Dare To Think,
Dare to Do” aimed at building an organization eager to learn.
Speed Vingroup considers Speed and efficiency in every activity as a guiding principle. We practice “Fast
Decision – Fast Investment – Fast Deployment –Fast Sales – Fast change and Quick Adaptation.”
Quality The Group operates under the principle of “Best People – Best Products and Services – Best Life –
Best Society.”
Humanity Vingroup respects the interests all of our stakeholders. We value employees as our most important
resource, and we foster harmony among stakeholders’ interests to create a foundation for fairness,
integrity, unity, and strength.
“PreservING
the Start-Up Mindset”
SLOGAN
As a twenty-three-year-old company, Vingroup believes it is important to preserve the entrepreneurial ways of thinking
that led to its success. The start-up mindset includes listening to customers, cultivating creativity, demonstrating
the courage to innovate, and collaborating to succeed. These qualities will continue to guide our future growth and
development.
Logo
The Vingroup logo shows a bird in flight towards the sun, expressing our desire to reach new heights and our
determination to achieve new levels of success.
The V-shape of the bird’s wings refers both to Vietnamese national pride and to victory in our competitive markets.
The five stars beneath the bird stand for Vingroup’s gold-standard criteria and principles.
The two colors, red and yellow, are from Vietnam’s national flag, expressing Vingroup’s pride in Vietnamese identity,
spirit, and intelligence.
 2015
at a glance

2015 Titles
TOTAL ASSETS
And Awards
VND145.5 trillion 8
Top 10 largest corporate taxpayers Vinschool honored with
in Vietnam (Vietnam Report) Certificate of Excellence from 9
Ministry of Education and Training
OWNERS’ EQUITY NET REVENUE

Among the many titles received by Vingroup during
2015, in November, the Group was for the second
VND37.6 trillion VND34.0 trillion consecutive year ranked among the ten largest
corporate taxpayers in Vietnam, and the only private
corporate taxpayer on the Top Ten list.
vingroup 2015
This award was given in recognition of Vinschool’s
participation in comprehensive education reform,
particularly its teaching quality and pioneering role in
educational innovation.

MARKET CAPITALIZATION PROFIT BEFORE TAX Top 10 Vietnam Gold Star Award Euromoney Awards
(Vietnam’s Young Entrepreneur
Association)
VND85.4 trillion VND2.9 trillion Vietnam’s Young Entrepreneur Association recognized Vingroup received three Euromoney Real Estate Awards
the Group with its prestigious Top Ten Gold Star Award, in 2015. These awards included Best Developer Overall –
based on its significant contributions to the Vietnamese Vietnam, Best Mixed Use Developer – Vietnam and “Best
economy and the nation. Hotel/Leisure Developer – Vietnam.

VINHOMES sales of 14,000 3,500,000

apartments, villas and shophouses
VINSCHOOL enrollment of
VINPEARL LAND guests Top 15 Best Brand Award (Ministry of Most valuable real estate brand
Industry and Trade) in Vietnam in 2015 (Brand Finance
Awards)
50 VINMART supermarkets On March 15, 2015, Vingroup was awarded the Best In October 2015, Vinhomes was recognized as the most

10,000 K-12 students and 500 VINMART +

convenience stores
Brand Award for 2015 by the Ministry of Industry
and Trade, for the eighth consecutive year, an award
valuable real estate brand in Vietnam by Brand Finance.
Vincom and Vinpearl were also listed among the fifty
presented jointly by the Vietnam Economic Times and most valuable brands in Vietnam.
the Vietnam Trade Promotion Bureau.

22 VINCOM shopping centers Approximately 30,000 Top 10 5-star Hotels in Vietnam

(Vietnam National Administration
Asia Pacific Property Awards

in 11 provinces employees plus thousands more of Tourism)

jobs created for the economy in
construction and other services
supporting our activities
This award was presented by Vietnam National
Administration of Tourism, a unit of the Ministry
of Culture, Sports, and Tourism. Vinpearl Nha
Trang Resort has now received this award for six
consecutive years.
On May 9, 2015, Times City received the Highly
Commended Award in the Vietnam Best Mixed-Use
Development category and Vincom Mega Mall Times
City received the Highly Commended Award in the
Vietnam Best Retail Development category at the Asia
Pacific Property Awards.
 Vingroup successfully launched sales
of new projects and introduced
several new property products
2015 HIGHLIGHTS Vinhomes continued its nonstop schedule of breaking
ground for new development projects nationwide. From
apartments, urban villas, resort villas to shophouses,
the Group led the mid- to high-end segments across all
categories with a record of 14,000 units sold during
2015. In addition, three Vinhomes mixed-use projects
in Hanoi were recognized as the most desirable urban
communities to live in Vietnam.
Beyond continuing to grow in terms of units sold, Vingroup
also introduced two new product categories – Vincom
Shophouses and Vinpearl Condotels. These new categories
add to the diversity of offerings and provide customers with
additional investment options.
Vinpearl opened three new resorts
in 2015
Vinpearl simultaneously opened three new five-star
resorts: Vinpearl Ha Long Bay Resort, Vinpearl Nha Trang
Bay Resort & Villas on Hon Tre Island and Vinpearl Phu
Quoc Resort & Golf, bringing the brand’s total capacity
to more than 5,000 hotel and beach villa rooms. Vinpearl
was the first high-end hotel operator to launch 5-star
projects in Phu Quoc and Ha Long. In addition, the Group
unveiled the well -received sale-and-management plan
designed to provide an ownership option packaged with
attractive returns.
Vingroup was the fastest-growing
retailer in Vietnam
During 2015, Vingroup was the fastest-growing retail
operator in Vietnam by combining organic nation-wide
expansion with the completion of the acquisitions of
100% interests in MaxiMark and Vinatexmart. Vingroup’s
retail network has reached store counts of 50 VinMart
supermarkets, 500 VinMart+ convenience stores, 115
VinPro and VinPro+ electronics stores, and 41 VinDS
consumer lifestyle specialty stores.
Vinpearl Safari Phu Quoc opened VinEco produced its first crop of
clean and safe vegetables
In December 2015, Vingroup opened Vinpearl Safari
and Conservation Park in Ganh Dau on Phu Quoc On October 1, 2015, VinEco delivered its first crop of
Island. Vinpearl Safari Phu Quoc is Vietnam’s first safe vegetables only six months after the company
semi-wild zoo. With this latest addition, Vinpearl was established. In launching VinEco, the Group has
Phu Quoc became the leading eco-tourism mega– entered large–scale agricultural production as a means
project in Vietnam, as well as a major destination for of offering Vietnamese consumers a trusted source of
tourists from throughout Southeast Asia. fresh, safely harvested and delivered vegetables.
Private equity investment firm
Warburg Pincus made an additional
investment in Vincom Retail
10
Vincom Retail added fifteen new
shopping malls The leading private equity investment firm Warburg
11
Pincus made an additional investment of approximately
2015 was a year of rapid expansion for Vincom Retail,
USD100 million and remains a minority investor in
with 15 new shopping malls added, bringing the
vingroup 2015
Vincom Retail. This follow–on to their earlier investment
total number of shopping malls in the network to 22.
brings Warburg’s total investment in Vincom Retail to
Vincom Retail also increased its presence in key cities
USD300 million. Warburg Pincus’ investment represents
and provinces throughout Vietnam, including Hanoi,
one of the largest investments made by a private equity
Ho Chi Minh City, Da Nang, Hai Phong, Quang Ninh,
firm in a Vietnamese company to date.
Can Tho and Viet Tri, and, as a result, extended the
Group’s lead over its nearest competitors in terms of
retail space under management.
E-Commerce website
www.adayroi.com launched
In August 2015, Vingroup launched the beta version
of its e–commerce subsidiary, Adayroi, offering the
widest range of products of any e–commerce operator
in Vietnam. Adayroi not only offers fashion, stationary,
electronics, health and beauty aids, baby care
merchandise, but also automobiles and fresh groceries
– categories that were not previously available online
in Vietnam.
Vinmec opened two new hospitals Vinmec receives JCI accreditation
in Phu Quoc and Ho Chi Minh City
In June 2015, Vinmec became the first hospital in
In 2015, Vinmec opened two new hospitals in Phu Vietnam to receive a Joint Commission International
Quoc and Ho Chi Minh City, delivering on the plan (JCI) Certificate. Recognized in more than 90 countries,
to expand the Vinmec healthcare network to ten JCI is the gold standard in global healthcare.
hospitals throughout the country within 5 years.
Vinmec Central Park International Hospital is the
Group’s first hospital in Ho Chi Minh City. In Phu
Quoc, Vinmec Phu Quoc International Hospital is the
island’s first hospital designed to provide premium
quality medical care to both local and visitors from
outside of Vietnam.
 Message from the Chairman
Our inspiring mission
“To create a
Dear Valued Shareholders,
better life for the On behalf of the Board of Directors, I would
like to extend to you my warmest greetings
Vietnamese people” and wish you good health, happiness, and
success.
Ladies and Gentlemen,
2015 – A year of spectacular
breakthroughs
In 2015, improvements in the macro-
economic outlook have led to a recovery
in the real estate market. Macroeconomic
improvements were broad–based, and
economic growth is now at the highest level
of the past five years. Inflation is at record
Achieved record
revenue levels of
low levels and interest rates have stabilized.
34.0
These economic improvements have
VND created a favorable climate for real estate
trillion and development.
Contracted
property sales For Vingroup, 2015 has been a year of
totaled numerous grand opening and ground-
70.8
breaking ceremonies, and also a year of
VND breakthroughs throughout the Group. Our
trillion. business units have grown dramatically
in scale and geographic coverage across
added Vietnam. Vingroup has achieved record
12,000 revenue levels of VND 34.0 trillion, and
contracted property sales totaled VND70.8
new trillion. We added 12,000 new employees to
employees to support our growth, bringing total employee
support our
Vingroup has chosen a challenging growth, bringing
head count to approximately 30,000.
road ahead. Our mission is to total employee
Our reputation and influence have grown
improve the quality of life for head count to
as the Group remains the largest private
current and future generations of approximately
30,000. taxpayer in Vietnam and has been awarded
Vietnamese people. We will devote a Top Ten Gold Star Award, in addition to
all of our heart, mind and effort to receiving recognition from several other
realize that mission. well–known national and international
organizations.
Within each business segment, Vinhomes
has maintained its position as Vietnam’s
leading residential developer, having
Pham Nhat Vuong launched several new apartment, villa and
shophouse developments throughout
Vingroup Chairman
the country. Vinhomes is also the leader
in number of units sold, with record
contracted sales of 14,000 residential units.
In 2015 Vinhomes was recognized by Brand
Finance, the world’s leading brand valuation
consultancy, as one of the Top Ten most
valuable brands in Vietnam – the only real
estate brand on this list.
Vincom Retail more than doubled the 12
number of shopping centers under
management by adding fifteen new malls, 13
bringing its current total to 22. Vincom
shopping centers continue to be landmark
vingroup 2015
projects in the cities and provinces where
they are located.
Vingroup’s Hospitality and Entertainment
business segment also witnessed substantial
expansion. Vinpearl opened three new
resorts, raising its total capacity to 5,000
five–star hotel and beach–villa rooms in
Vietnam’s top four tourist destinations.
Vinpearl Safari now boasts the country’s first
semi-wild zoo.
Our Consumer Retail business segment has
grown at the fastest pace of any unit within
the Group. VinCommerce’s retail network
now covers almost all of Vietnam’s cities and
provinces, setting a foundation for future
progress. As of February 2016, VinMart
operates 550 retail stores, of which 50 are
VinMart supermarkets and 500 are VinMart+
convenience stores. VinPro manages 115
stores, of which 15 are VinPro ICT Centers
and 100 are VinPro+ electronics retail stores.
The newest retail concept, VinDS, already
reaches 41 consumer lifestyle specialty retail
stores.
Finally, beyond business targets, our social
infrastructure businesses also advanced the
important goal of enhancing the quality of
life for the Vietnamese people. By actively
investing in this sector, Vingroup challenges
other firms to improve their business
practices in medical care, education and
agriculture in order to promote a sustainable
society.
 Message from the Chairman

2016 – Accelerate our network throughout Vietnam.

As 2016 begins, Vietnam’s Central Institute
for Economic Management (CIEM) forecasts
Vingroup is that the Vietnamese economy will achieve a
making growth rate of 6.5 to 7%, with inflation around
The Group’s emphasis on quality, efficiency,
and sustainability will include greater
investments in advanced technology and
human resource to build solid management
systems that can support our future growth.

2016
4%, and social investment of approximately
31 to 32% of GDP. Foreign direct investment
the year in Vietnam is expected to grow as a result of
to renew new trade agreements, especially the Trans
management’s Pacific Partnership (TPP) agreement. This
focus on macroeconomic backdrop is expected to
In my heart, I believe that pursuing our mission
– “To create a better life for the Vietnamese
people” – will enable us to achieve new
heights and, at the same time, maintain our
core values:

vingroup 2015
Quality and bring yet another year of fresh opportunities
and challenges for Vingroup. “CREDIBILITY – INTEGRITY – CREATIVITY –
Efficiency SPEED – QUALITY – HUMANITY”
in all of our Our strategy for 2016 is to expand the Group’s
business units products and services in order to complete On behalf of the Board of Directors, I express
our ecosystem of complementary business my profound gratitude for your continued
units. trust and support.

Ladies and Gentlemen, Sincerely yours,

After 23 years of continuous development,

Vingroup has set new records in both its
operational results and its contributions
to the community. This is the right time for
us to reflect on the lessons from our past
accomplishments and failures and embrace
change in order to break even greater records.
At the start of the fourth quarter, the Board
of Director changed our slogan from “Where
Pham Nhat Vuong
the Best Gather and Grow” to “Preserving
the Start -Up Mindset” in order to emphasize Chairman of the Board
the importance of entrepreneurship. This
renewed emphasis on lean and efficient
thinking is aimed at encouraging everyone
at Vingroup to rekindle the innovative spirit
and passion that have driven the founders
since the Group was first established over two
decades ago.

Building on this entrepreneurial theme,

Vingroup is making 2016 the year to channel
management’s focus towards Quality and
Efficiency in all of our business units. Our
growth is not just measured in scale but also
in the quality of our products and services
and in the effectiveness of our management,
so that each business unit can achieve its
full potential. To “accelerate”, Vingroup will
VINPEARL NHA TRANG BAY RESORT & VILLAS
continue to initiate new projects and grow
Hon Tre, Nha Trang
 2011 - 2015 Financial and

2011 - 2015 Financial and operational highlights

operational highlights

NET REVENUE TOTAL ASSETS

Key Locations
billion VND billion VND
34,048 16
27,724
145,495
18,378
90,070
17
55,825 75,773 Network
7,904 35,513
2,314

vingroup 2015
Vingroup’s extensive business network covers prime
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 locations across 51 cities and provinces in Vietnam,
ready to provide top quality products and services.
Recurring revenue Revenue from sale of properties
Key Locations
Business units headquartered in Hanoi and Nha Trang
contributed the highest level of profit (above 10% each) to the
Group’s revenues in 2014 and 2015.
OWNERS’ EQUITY SHOPPING MALL NETWORK
883 Certral South
Hanoi North
HCM City Vietnam1 Vietnam Vietnam2
22
billion VND
Vinhomes
514
Vincom Retail
37,577 483
27,463 Vinpearl & Vinpearl Land
10,874 18,617 5 6
8,252 132 VinMart & VinMart+
2 94 3
VinPro & VinPro+
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 VinDS

Number of shopping malls Total GFA ('000 sqm) Vinmec

Vinschool
VinEco
(1) Excluding Hanoi
(2) Excluding Ho Chi Minh City

NUMBER OF HOTEL ROOM NIGHTS SOLD NUMBER OF VINPEARL LAND VISITORS

Property
Hospitality and Entertainment
Consumer Retail
Room nights ('000) Visitors ('000) 3,486 Healthcare
Education
3,258 Agriculture

725
556
1,769
473 1,238
306 383 1,211

List of subsidiaries and associates

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Further details can be found in Consolidated Financial Statements – VAS Consolidated Financial Statements, Page 94.
 Credibility
“As one of Vietnam’s leading companies, Vingroup has created thousands of jobs,
becoming a leader in the nation’s economy. In addition to its role as a developer of
real estate, Vingroup also creates and manages retail malls and stores, hospitality
and entertainment properties, healthcare facilities, schools, and agricultural
products.

All of Vingroup’s businesses share the common goal of improving the quality of life
for the Vietnamese people.”

Forbes Magazine Vietnam, August 2015 CORPORATE PROFILE

About Vingroup 20

Corporate Milestones 22

Businesses 24

Corporate Structure 28

Board of Directors 30

Management 32

Supervisory Board 34

Development Strategy 35
 18

19

Cor porat e Prof i l e

VINHOMES ROYAL CITY
Hanoi
 VINPEARL LAND Cácdấu
Các dấumốc
mốcphát
pháttriển
triển

20

21

G
Cor
I ỚIporat
T H I ỆUe VI
Prof
NG ROUP
ile
VINPEARL SAFARI
VINSCHOOL

About Vingroup Vingroup Joint Stock Company (“Vingroup” or “the Group”) is
one of the largest listed companies in Vietnam, as measured
Company Name: VINGROUP JOINT STOCK COMPANY by market capitalization. From its earliest years, Vingroup
has focused on developing hospitality, commercial and
Ticker: VIC residential properties, specifically under its Vinpearl and
Charter capital: VND19,398,548,510,000 (as at March 18, 2016) Vincom brands.
Headquarters: No. 7 Bang Lang 1, Vinhomes Riverside Ecological After 23 years of growth, Vingroup today bases its strategy on
Area, Viet Hung Ward, Long Bien District, Hanoi, Vietnam the principles of sustainability and professional management
to operate in three main business segments. These are:
Tel: (84-4) 3974 9999
 Property Vinhomes luxury apartments and villas, and
Fax: (84-4) 3974 8888 Vincom high quality shopping malls.
 Consumer Retail VinCommerce manages VinMart
supermarkets and VinMart+ convenience stores, VinPro and
VinPro+ electronics and appliance stores, VinDS consumer
lifestyle specialty retail stores, and Adayroi comprehensive
e–commerce.
In addition to these core business segments, Vingroup also
develops and operates businesses in Social Infrastructure
Services including Healthcare under the Vinmec brand,
Education under the Vinschool brand and Agriculture under
the VinEco brand. These social infrastructure businesses are
aimed at improving the standards of living in communities
throughout Vietnam.

Business registration number and tax code: 0101245486  Hospitality and Entertainment Vinpearl 5–star and 5– Collectively, all of Vingroup’s businesses are pioneering the
star–plus resorts, and Vinpearl Land amusement parks and modernization of Vietnamese consumer trends.
Website: www.vingroup.net family entertainment centers.
Corporate Milestones
Corporate Milestones

2001 2002 2003 2004 2006

Vinpearl JSC (formerly Hon Tre Tourism and
Trading Limited Liability Company) is established
on July 25.
Vincom JSC (formerly Vietnam
Commercial JSC) is founded on May 3.
General Five-star resort Vinpearl Nha
Trang commences operation.
Vincom Center Ba Trieu is
launched in Hanoi. As the first
modern shopping center in
Hanoi, Vincom Center Ba Trieu
introduces a new shopping
experience to the capital of
Vietnam.
Vinpearl Land opens, turning
formerly arid Hon Tre Island
into a luxury tourist destination,
symbolizing the rapid growth of 22
tourism in Nha Trang and other
areas of Vietnam. 23

Cor porat e Prof i l e

2007 2008 2009 2010 2011
Vinpearl cable car, with a total of 3,320 meters in Vingroup becomes the first real estate company in Vincom becomes the first Vincom Center Dong Khoi Vinpearl Luxury Nha Trang, a five–
length, connects Phu Quy Pier and Hon Tre Island. Vietnam to be selected by Russell Investments for Vietnamese company to issue opens in Ho Chi Minh City. star resort, and Vinpearl Golf Nha
Vinpearl Nha Trang Resort opens one more tower, the Russell Global Index. USD100 million of convertible Trang open simultaneously.
raising the total number of five-star guest rooms bonds on Singapore Exchange The Group commences
to 485. (SGX). apartment pre-sales for the Vinpearl Da Nang Resort & Villas
Royal City project in Hanoi. open.
Vincom lists its shares on the Ho Chi Minh City
Stock Exchange with ticker symbol VIC.

2012 2013 2014 2015

Vincom JSC merges with Vinpearl
JSC and increases total charter
capital to VND5.5 trillion. The Group
now operates under the new name,
Vingroup Joint Stock Company.
Vingroup introduces the Vinmec
brand and opens Vinmec International
Hospital in Times City urban area.
Vingroup is honored as the “Best
Developer – Vietnam” by Euromoney.
Vinhomes Riverside is honored as the
“Best Villa Development – Vietnam
and Asia Pacific” at the Southeast Asia
Property Awards in Singapore.
Vingroup becomes a Foundation Member of the World
Economic Forum.
Vinschool is established and launches education offerings
ranging from kindergarten through high school.
A consortium led by Warburg Pincus, a leading global private
equity firm focused on growth capital, invests USD200 million
in a strategic partnership with Vincom Retail. Warburg Pincus
invests an additional USD100 million in Vincom Retail in 2015,
raising the total investment to USD300 million, while still a
minority shareholder.
Vincom Mega Mall Royal City opens as Asia’s largest
underground combined entertainment and retail complex.
Vingroup successfully issues USD200 million of international
senior unsecured bonds, the first benchmark-sized
international bonds issued by a Vietnamese company. The
transaction is named the “Best Vietnam Deal 2013” by Finance
Asia and “Vietnam Capital Markets Deal of the Year 2013” by
IFR Asia.
Vinhomes Central Park, one of the most modern and luxurious Vingroup marks a breakthrough
urban areas, breaks ground in Ho Chi Minh City. The Landmark year with major progress in all of
81 tower has 81 floors and a height of 461 meters, which, upon the Group business segments.
completion, will become the tallest building in Vietnam and one Vingroup sells 14,000 apartments,
of the ten tallest buildings in the world. villas and shophouses during the
year and operates 15 additional
Vinschool inaugurates at Times City, increasing enrollment to shopping malls and 3 more hotels
6,300 K-12 students. by year–end.
VinMart and VinMart+ commence operations. Vinpearl Resort & Villas pioneers a
new concept by combining resorts
Vinpearl Phu Quoc Resort opens after ten months of construction, and beach villas and Vinpearl Resort
a record completion speed. & Golf combines hotels and villas
with an international-standard golf
Vinhomes Nguyen Chi Thanh, one of the leading high–end course. New businesses launched
projects in Central Hanoi, commences residential sales. during the year includes VinPro
electronics and appliance stores,
Almaz International Cuisine and Convention Center launches a VinDS consumer lifestyle specialty
state–of–the–art entertainment, culinary, and convention center stores and VinEco clean vegetables.
in Vinhomes Riverside.
BUSINESSES
LĨNH VỰC KINH DOANH
Property
VINHOMES
PREMIUM APARTMENTS AND VILLAS
Vinhomes is the leading real estate brand in Vietnam.
Vinhomes develops, sells, and manages mixed-use residential
real estate projects that target the mid – and high–end
market segments. Vinhomes projects are in prime locations in
Vietnam’s most populous cities and provinces.
Vinhomes’ unique differentiating factor is the scale and
ability to include all the supporting commercial infrastructure
and services necessary for an established community.
Vinhomes developments offer onsite shopping malls, schools,
healthcare facilities, supermarkets or convenience stores,
entertainment, and a countless culinary options. In addition,
there are state–of–the–art facilities with a comprehensive set
of amenities including playgrounds, sports centers, all-season
swimming pools and lounges for receptions and special events.
Vinhomes’ three largest urban areas, including Vinhomes Times
City, Vinhomes Royal City, and Vinhomes Riverside are listed
among “Most desirable urban areas in Vietnam” by the press.
Vinhomes properties include:
 Vinhomes Royal City
 Vinhomes Times City
 Vinhomes Riverside
 Vinhomes Nguyen Chi Thanh – Hanoi
 Vinhomes Gardenia
 Vinhomes Dong Khoi
 Vinhomes Central Park
 Vinhomes Ha Tinh
VINCOM
QUALITY SHOPPING MALLS
Vincom is a leading operator of retail malls in Vietnam. This
business unit has three brands: Vincom Center, Vincom Mega
Mall and Vincom Plaza.
Its principal advantages are a large scale and the seamless
integration of entertainment, culinary and retail in its
commercial properties. Vincom provides luxury outlets, a
broad selection of brands and the highest level of comfort
and convenience. By offering these features, Vincom sets new
standards for shopping and entertainment in Vietnam.
Vincom Center shopping malls are in prime locations of
Vietnam’s major cities. Vincom Center shopping malls include:
 Vincom Center Ba Trieu, Hanoi
Vincom Center Nguyen Chi Thanh, Hanoi

 Vincom Center Dong Khoi, Ho Chi Minh City
Vincom Mega Malls are large-scale shopping malls offering
a broad array of shopping options combined with the latest
entertainment facilities such as waterparks, ice rinks, and
aquariums. Vincom Mega Malls include:
24
25
VINPEARL PHU QUOC RESORT & VILLAS
Phu Quoc, Kien Giang
 Vincom Mega Mall Royal City, Hanoi VINCOM OFFICE
 Vincom Mega Mall Times City, Hanoi PREMIUM OFFICE LEASING
 Vincom Mega Mall Thao Dien, Ho Chi Minh City
Vincom Office provides office properties for lease. These
Vincom Plaza shopping malls provide modern shopping properties are located in the heart of major financial and
experience in newer cities and suburban areas in Hanoi and business centers. The properties offer maximum natural
Ho Chi Minh City. Vincom Plaza shopping malls include: light, energy efficiency, and modern, professional work
environments.
 Vincom Plaza Long Bien, Hanoi
 Vincom Plaza Thu Duc, Ho Chi Minh City Vincom Office includes:
 Vincom Plaza Quang Trung, Ho Chi Minh City
 Vincom Plaza Go Vap, Ho Chi Minh City  Vincom Office Royal City
 Vincom Plaza Ha Long, Quang Ninh  Vincom Office Times City
 Vincom Plaza Le Thanh Tong, Hai Phong  Vincom Office Dong Khoi
 Vincom Plaza Viet Tri, Phu Tho
 Vincom Plaza Ngo Quyen, Da Nang
 Vincom Plaza Hung Vuong, Can Tho
Hospitality
 Vincom Plaza Bien Hoa, Dong Nai
and Entertainment
 Vincom Plaza Long Xuyen, An Giang
MaxiMark shopping malls, which are now being converted
to Vincom shopping malls, include: VINPEARL
HOSPITALITY
 MaxiMark 3/2
Vinpearl is the market-leading hospitality and tourism brand
 MaxiMark Cong Hoa
 MaxiMark Nha Trang in Vietnam, including 5-star and 5-star-plus resorts and beach
villas throughout Vietnam. Vinpearl develops and manages
 MaxiMark Cam Ranh
 MaxiMark Ninh Thuan mixed-use hospitality and tourism projects across Vietnam,
including Ha Long, Da Nang, Nha Trang, and Phu Quoc. After
opening the first Vinpearl hotel in Nha Trang, Vinpearl has built

a portfolio of luxury hotels in five categories:
Vinpearl Resorts – five-star resorts,
Vinpearl Luxury – five-star-plus resorts,
Vinpearl Resorts & Villas – a combination
of five-star resort hotels and villas, Vinpearl
Resorts & Golf – a combination of five–
star resorts and golf courses, and Vinpearl
Golf – free–standing golf courses.
Vinpearl Hotels & Resorts include:
 Vinpearl Nha Trang Resort network of Vincom shopping malls and VinCommerce retail
 Vinpearl Phu Quoc Resort
 Vinpearl Ha Long Bay Resort
 Vinpearl Luxury Nha Trang
Vinpearl Resorts & Villas include:
 Vinpearl Da Nang Resort & Villas
 Vinpearl Nha Trang Bay Resort & Villas
 Vinpearl Golf Land Resort & Villas
Vinpearl Resort & Golf include:
 Vinpearl Phu Quoc Resort & Golf
Vinpearl Golf include:
 Vinpearl Golf Nha Trang
 Vinpearl Golf Phu Quoc
VINPEARL LAND
ENTERTAINMENT
Vinpearl Land is Vingroup’s entertainment
brand, offering high-quality amusement
parks and family entertainment centers.
These facilities are located in Vingroup’s
resorts and mixed-use developments
throughout the nation. They are large-
scale complexes comparable to the leading
global theme parks.
Vinpearl Land facilities include:
Outdoor amusement parks:
 Vinpearl Land Nha Trang
 Vinpearl Land Phu Quoc
 Vinpearl Safari Phu Quoc
Indoor amusement parks and entertainment
centers:
 VinpearlLand Royal City
Vinpearl Land Times City
 retailed through 41 stores and about 40,000 square meters of
Vinpearl Land Thao Dien
 retail space. VinDS also manages international brands such as
Vinpearl Land Ha Long
 Mango, BCBG, FCUK, and DKNY under franchise agreements.
Vinpearl Land Da Nang
 HIGH QUALITY K-12 EDUCATION
Vinpearl Land Can Tho
 Adayroi is the leading e-commerce website in Vietnam with
Vinpearl Land Bien Hoa
 a mission to bring a modern life and amenities for Vietnamese
consumer RETAIL
VINCOMMERCE
CONSUMER RETAIL
VinCommerce is the umbrella brand for
the Group’s consumer retail offerings
– VinMart, VinPro, VinDS, Adayroi, and
VinExpress. The goal of VinCommerce
is to develop a comprehensive and
market-leading network of retail stores
in all the major retail formats throughout
Vietnam, where customers can experience
the convenience of modern retail both in
brick-and-mortar stores and online.
VinMart Supermarkets and VinMart+
Convenience Stores aim to win customers’
trust by providing high quality products
from trusted sources, supported by
exceptional service. As of February 2016, the
Group operates 50 VinMart supermarkets
and 500 VinMart+ convenience stores in
Hanoi, Ho Chi Minh City, and many other
provinces.
VinPro and VinPro+ Electronics and
Appliances Stores are the Group’s retail
brands for electronics and home appliances.
These brands were introduced during 2015
to offer home appliances, smart phones,
televisions, and other high-technology
products. VinPro and VinPro+ ICT stores are
located in all Vincom shopping centers and
at major intersections in Vietnam’s largest
cities and provinces. At the end of February
2016, there were 115 VinPro and VinPro+
stores located in Hanoi, Ho Chi Minh City,
and 43 other cities and provinces.
VinDS, the consumer lifestyle division of VinCommerce,
operates in 5 key consumer categories: Cosmetics, Fashion,
Footwear, Sports and Home. Targeting the mid-end
Vietnamese consumer market, VinDS has over 200 brands
families. Adayroi has the ability to reach customers through a
stores. Adayroi’s management has a deep understanding
of the market, quality and product origin control systems, a
network of international standard logistics, and professional
customer care service.
The Adayroi website provides diverse products including
fashion, health & beauty aids, mom & baby, sports & outdoors,
food, electronics, books & stationery, home appliances,
automobiles & motorcycles, and consumer services.
VinExpress transportation and logistics operates a network
of warehouses and a fleet of transportation vehicles that
together provide fast and convenient delivery and logistics
services throughout the country for VinCommerce customers.
VinExpress currently operates 20 transportation hubs in
Vietnam.
Social Infrastructure
services
VINMEC
HIGH QUALITY HEALTHCARE SERVICES
Vinmec is a top-tier healthcare company in Vietnam that
adheres to international standards.
The Vinmec staff is comprised of highly skilled medical experts,
who are assisted by the most advanced and modern equipment
imported from the United States, Canada, Europe, and Japan.
Vinmec’s goal is to become the region’s most trusted world-
class hospital by providing the best medical facilities and
treatments for the Vietnamese people and for visitors from
abroad.
Vinmec properties include:
 Vinmec Times City International Hospital
 Vinmec Phu Quoc International Hospital
Businesses
 Vinmec Central Park International Hospital
 Vinmec Nha Trang International Hospital
 Vinmec Ha Long International Hospital (December 2016)
 Vinmec Royal City International Clinic
 Vinmec Saigon International Clinic
VINSCHOOL
26
Vinschool is a comprehensive kindergarten, secondary, and
high school educational system. All of the schools in the 27
system are equipped with advanced educational facilities.
Cor porat e Prof i l e
Vinschool has made significant investments in qualified
teachers and progressive curriculums. Vinschool dynamic
teaching environment aims to prepare students to take
maximum advantage of both domestic and international
educational opportunities, all the while remaining grounded
in Vietnamese culture and values.
Vinschool facilities include:
 Vinschool Kindergarten – Times City
 Vinschool Kindergarten – Royal City
 Vinschool Kindergarten – Vinhomes Riverside
 Vinschool Elementary School – Times City
 Vinschool Secondary and High School – Times City
VINECO
TRUSTED SOURCE OF FOOD
VinEco was launched in 2015 with the goal of providing
consumers with a trusted source of clean and fresh food
products. VinEco uses modern and large-scale agricultural
production techniques. Initial products, including fresh
vegetables, fruits, and flowers, have been welcomed by
consumers. VinEco also partners with leading domestic
agricultural producers in order to supplement and diversify
its product offerings and to stimulate the adoption of modern
agricultural production in Vietnam.
Vingroup takes pride in becoming one of the leading private
companies in the region through tireless efforts and innovation.
As a company built and led by young Vietnamese entrepreneurs,
Vingroup reflects the spirit and aspirations of Vietnam.
corporate STRUCTURE
corporate STRUCTURE

Vingroup operates four core businesses, under

six separate profit-and-loss centers (P&L).
Subsidiary companies in the six businesses
retain self-governance capacity, have their own
balance sheets, and are accountable for their
own business plans and financial performance. GENERAL MEETING
OF SHARE HOLDERS
The corporate divisions of the Group provide 28
support, supervision, and operational advice
to the business units. These corporate divisions 29
also play a leading role in the committees and BOARD OF DIRECTORS
working groups that meet to assess, monitor, CHAIRIMAN

Cor porat e Prof i l e

and make decisions regarding the Group and
its business units. PHAM NHAT VUONG

SUPERVISORY BOARD

CHIEF EXECUTIVE OFFICER

COMMITTEES
DUONG THI MAI HOA

CORPORATE OFFICE

HOSPITALITY AND Finance Division

PROPERTY CONSUMER RETAIL HEALTHCARE EDUCATION AGRICULTURE OTHERS
ENTERTAIMENT

Communication Division

Vinhomes property VinCommerce General Vinmec International Vincom Construction

Vinpearl Holding JSC
development companies
Vinhomes property sales Vinpearl project
companies development companies
Vincom Retail JSC Vinpearl Hotel
Management Company
Commercial Services JSC General Hospital JSC
VinMart supermarkets
and VinMart+
convenience stores
VinPro and VinPro+
electronics and
appliances stores
Vinschool LLC Legal and Compliance
VinEco Agricultural Management companies
Investment Development Division
and Production LLC
Risk Management
VinAcademy Education
Vinmec hospitals Vincom Security LLC Division
and Training LLC
Contruction Supervisory
Division
Vinlinks JSC
Vinmec clinics
Internal Audit Division

Infomation Technology
Vincom Retail Vinpearlland LLC Division
VinDS Consumer
North VietNam
Lifestyle stores
LLC
Security and Fire Prevention
Division
Vincom Retail
South VietNam Adayroi e-commerce
LLC

VinExpress transportation
and logistics
Board of Directors
BOARD OF DIRECTORS

The Board of Directors consists of ten board members. The Board is headed by its Chairman and includes three independent members.
NAME
Mr. Pham Nhat Vuong
Ms. Pham Thuy Hang
Ms. Pham Thu Huong
Mr. Le Khac Hiep
Ms. Nguyen Dieu Linh
Ms. Vu Tuyet Hang
Ms. Mai Huong Noi
Mr. Joseph Raymond Gagnon
MS. NGUYEN DIEU LINH
POSITION Vice Chairwoman cum Deputy CEO and
Authorized Spokesperson
Chairman
Vice Chairwoman Ms. Nguyen Dieu Linh has been a member of the Board of
Vice Chairwoman Directors since 2008 and Deputy CEO of the Group since
Vice Chairman cum Independent Board Member 2005. Prior to joining Vingroup, she was an attorney with
Vice Chairwoman cum Deputy CEO and Authorized Spokesperson Ngo Migueres & Partners in Hanoi from 1996 to 1999. She
graduated from Hanoi University with a B.A. degree in
Vice Chairwoman
English and French. She also received a B.A. in Law from the
Board Member
University of Social Sciences and Humanities.
Board Member
Mr. Marc Villiers Townsend
Independent Board Member
Mr. Townsend was elected as an Independent Board Member
of the Board of Directors in 2013. He is currently Managing
Director of CB Richard Ellis Vietnam where he has worked
since 2003. He was General Director of Regus in Southeast
Asia from 1998 to 2002 and Vice Director of Marketing and
30
Commerce at Rockwell Real Estate Co. in Manila from 1997
31
to 1999. Mr. Townsend graduated from the University of
Montpellier (France) and received a B.S. degree in Accounting
from the University of Exeter (UK). He also completed the

Cor porat e Prof i l e

Mr. Marc Villiers Townsend Independent Board Member Program in Management Development at the Asian Institute
Mr. Ling Chung Yee Roy Independent Board Member
Ms. Vu Tuyet Hang
of Management in Manila.

The Board of Directors is the Group’s policy-making body, with the authority to make decisions and to exercise all rights and Vice Chairwoman cum Deputy CEO
responsibilities that do not fall under the jurisdiction of the General Meeting of Shareholders. The Board of Directors is also
Professor Ling Chung Yee
Roy
responsible for implementing the decisions of the General Meeting of Shareholders. Ms. Vu Tuyet Hang has been a member of the Board of
Directors since 2011 and Deputy CEO since 2010. Prior to
joining Vingroup, Ms. Vu Tuyet Hang was head of Schmidt’s Independent Board Member
BOARD MEMBERS import-export department in Ho Chi Minh City from 1994 to
2005. She graduated from Vietnam University of Commerce Professor Ling was elected to the Board in 2011. He is
Mr. Pham Nhat Vuong and also holds a B.S. degree in International Economics from
the Foreign Trade University.
currently Managing Director of RL Capital Management Pte
Ltd. Professor Ling has also been an independent board
Chairman member of ChinaSing Investment Holdings Ltd. (Bermuda),
Mr. Pham Nhat Vuong was elected to the Board of Directors in 2002 and elected Chairman in 2011. He has a long track record Zed-E Asia Ltd. Singapore, and China Flexible Packaging
as an entrepreneur both inside and outside Vietnam. He established the Group’s core businesses, starting with its two initial Ms. Mai Huong Noi Holdings Ltd. (Bermuda) from 2012 to 2014. From 2008 to
brands, Vincom and Vinpearl. He graduated from Moscow Geology University with a B.S. degree in Geological Economic 2009, he served as Vice President of Real Estate Investment
Board Member cum Deputy CEO Banking at JP Morgan Chase Asia. He also worked at Lehman
Engineering.
Brothers, Goldman Sachs, and Salomon Smith Barney from
Ms. Mai Huong Noi has been a Board Member since 2008
2001 to 2008. He graduated from the National University
and Deputy CEO since 2012. She was also CEO of the Group
Ms. Pham Thuy Hang Ms. Pham Thu Huong
of Singapore with a B.B.A. degree and from INSEAD with an
from 2006 to 2012. Prior to joining Vingroup, she was Deputy
Executive M.B.A. degree. He is a Chartered Financial Analyst
Director of the Customer Service Division and an accountant
Vice Chairwoman Vice Chairwoman (CFA) and a member of the Singapore Institute of Directors.
at the Hanoi Post Office from 1991 to 2006. Ms. Mai Huong
Noi received a B.S degree in Economics and Banking from the
Ms. Pham Thuy Hang was elected to the Board of Directors in Ms. Pham Thu Huong was elected to the Board of Directors
National Economics University.
2005 and elected Vice Chairwoman in 2010. Ms. Pham Thuy in 2011. She is a graduate of the National University of Kiev
Hang is a graduate of Hanoi University with a B.A. degree in (Ukraine) with a B.S. degree in International Law.
Russian Linguistics and Literature.
Mr. Joseph Raymond Gagnon
Board Member
Mr. Le Khac Hiep Mr. Gagnon was elected to the Board in 2013. He is currently
Vice Chairman cum Independent Board Member Representative Office before becoming its Deputy General a Managing Director of Warburg Pincus Asia and leads its real
Director for External Relations. Previously, he was a researcher estate investment business in North Asia. He is also a member
Mr. Le Khac Hiep was elected to the Board in 2006. He was at the Institute of Physics in the Vietnam Academy of Science of the Board of Directors of Vincom Retail, a subsidiary of
also Chairman of the Group from 2006 to 2011. He was and Technology from 1984 to 1994. Mr. Le Khac Hiep Vingroup. He was a Director of Warburg Pincus Asia in Hong
appointed an Independent Member of the Board in 2014. graduated from the National University of Kharkiv (Ukraine) Kong from 2008 to 2011 and Director of Business Development
From 1994 to 2004, he headed Prudential Real Estate’s Vietnam with a Distinguished B.S. degree in Physics. at GE Capital in Tokyo, Japan from 2003 to 2005. Mr. Gagnon
graduated from Wake Forest University, USA.
MANAGEment
01
04
07
NAME
01 Ms. Duong Thi Mai Hoa
02 Ms. Nguyen Dieu Linh
03 Ms. Vu Tuyet Hang
04 Ms. Mai Huong Noi
05 Mr. Pham Van Khuong
06 Mr. Dang Thanh Thuy
07 Ms. Nguyen Thi Diu
08 Ms. Nguyen Thi Thu Hien
The Board of Directors may elect a board member or appoint an outside executive to the position of CEO. The Board also
decides on the compensation and employment terms for the CEO. The CEO need not be the Chairperson of the Board. The CEO’s
term of office is three years, unless otherwise decided by the Board. The CEO may be reappointed to successive terms.
MANAGEment
MANAGEMENT MEMBERS
Ms. Duong Thi Mai Hoa Mr. Dang Thanh Thuy
Chief Executive Officer Deputy CEO
Before becoming the Group’s CEO in 2014, Ms. Duong had Mr. Dang Thanh Thuy was appointed Deputy CEO in 2010. He
more than twenty years of experience in senior leadership was previously Assistant to the Managing Director of Golden
positions at multinational corporations. She was a General Hope Nha Be JVC and the Daewoo Hotel in Hanoi. During his 32
02 03
Director responsible for Corporate Banking at Maritime Bank, years at Vingroup, Mr. Dang Thanh Thuy has made significant
General Director of Vietnam International Bank (VIB), Chief contributions to the development of Vinpearl’s projects as 33
Financial Officer of Oracle Vietnam, Chief Accountant at Credit they have become major tourist destinations in Vietnam. He
Lyonnais Bank Vietnam, and Head of Financial Planning at graduated from the University of Languages and Foreign
Cor porat e Prof i l e
VMEP, a subsidiary of Chinfon Vietnam. Studies and received an MBA degree from the University of
Northern California.
Ms. Nguyen Dieu Linh
Vice Chairwoman cum Deputy CEO and Ms. Nguyen Thi Diu
Authorized Spokesperson Deputy CEO
Further details can be found in Corporate Profile – Board of Ms. Nguyen Thi Diu was appointed Deputy CEO in 2014. She
05 06 Directors, Page 30. served as Director of Investment Banking Vietnam at UBS from
2013 to 2014. From 2008 to 2013, she was Chair and CEO of
AFH Finance and Investment Consultancy JSC. From 1996 to
Ms. Vu Tuyet Hang
2008, she was Chief Representative and Head of Investment
Banking at JP Morgan Vietnam. She received her MBA degree
Vice Chairwoman cum Deputy CEO in Finance from the University of Hawaii.
Further details can be found in Corporate Profile – Board of
Ms. Nguyen Thi Thu Hien
Directors, Page 30.
Chief Accountant
Ms. Mai Huong Noi
08
Ms. Nguyen Thi Thu Hien has been Vingroup’s Chief
Vice Chairwoman cum Deputy CEO Accountant since 2008. She was Chief Financial Officer of
Ha Viet Investment JSC from 2005 to 2008 and its Chief
Further details can be found in Corporate Profile – Board of Accountant from 2003 to 2005. She graduated from Hanoi
Directors, Page 30. University of Finance and Accounting. She received a B.A.
POSITION degree in English from the University of Languages and
Foreign Studies. She is also a member of the Association of
Mr. Pham Van Khuong
Chief Executive Officer Chartered Certified Accountants.
Vice Chairwoman cum Deputy CEO and Authorized Spokesperson
Deputy CEO
Vice Chairwoman cum Deputy CEO
Board Member cum Deputy CEO Mr. Pham Van Khuong was appointed Deputy CEO in 2007.
Deputy CEO He has more than 28 years’ experience in construction and
Deputy CEO industrial technology. From 1996 to 2003, he was Director of
Deputy CEO Construction and Water Resources Technology in the Ministry
of Construction. He started his career in 1982 as a design
Chief Accountant
engineer at Vietnam Water, Sanitation, and Environment JSC.
He received a B.S. degree in Engineering from the University
of Architecture.
Supervisory Board
The Supervisory Board is elected by the General Meeting of Shareholders. The Supervisory Board has four members, each of
whom serves for a five-year term.
NAME POSITION
Mr. Nguyen The Anh Head
Mr. Dinh Ngoc Lan Member
Ms. Do Thi Ngoc Van Member
Ms. Nguyen Thi Van Trinh Member
The responsibility of the Supervisory Board is to inspect the validity and legality of the Group’s business activities and financial reports.
SUPERVISORY BOARD MEMBERS
Mr. Nguyen The Anh
Head of the Supervisory Board
Mr. Nguyen The Anh was elected to the Supervisory Board
in 2007. Prior to joining the Supervisory Board, he worked at
the Bank for Foreign Trade of Vietnam’s Secretariat from 1995
to 1997 and at the Vietnam Financial Leasing Co. from 1997
to 2000. From 2001 to 2005, he served as Assistant to the
Director General of the Bank for Foreign Trade and from 2005
to 2007 as Deputy Head of the Bank’s Corporate Office. He
received a B.S. degree in Economics and a Master of Political
Economics from the National University of Vietnam.
Ms. Do Thi Hong Van
Member
Ms. Do Thi Hong Van was elected as an Independent
Member of the Supervisory Board in 2011. She is currently
Chief Accountant at Nghe An Sugar Pte. Ltd (previously
known as Tate & Lyle Sugar Nghe An Co. Ltd.) and was a
Financial Controller with Shell Vietnam Ltd. from 1998 to
2007. Ms. Do Thi Hong Van holds a B.S. degree in Economics
and Accounting and is a senior member of the Association
of Chartered Certified Accountants. She is also a licensed
auditor recognized by the Vietnam Association of Certified
Public Accountants (VACPA).
Mr. Dinh Ngoc Lan
Member
Mr. Dinh Ngoc Lan was elected to the Supervisory Board in
2009. Previously, he worked as an auditor at the State Audit
Office of Vietnam from 1996 to 2007 and as Regional Office
Deputy Head of Business Auditing from 2007 to 2008. Mr.
Dinh Ngoc Lan received a B.S. degree in Economics from the
Vietnam University of Commerce.
Ms. Nguyen Thi Van Trinh
Member
Ms. Nguyen Thi Van Trinh was elected as an Independent
Member of the Supervisory Board in 2011. She serves as
Managing Director in charge of Commerce and Financial
Investment at Asia Star Trading and Investment Pte. Ltd.
She was previously Head of Department at Tomen General
Commerce from 1996 to 2004. She received a B.S. degree in
Economics from the Vietnam University of Foreign Trade and
a degree in Executive Administrative Management from the
Asian Institute of Technology.
DEVELOPMENT STRATEGY
2011 – 2015 STRATEGY
CORPORATE STRATEGY AND IMPLEMENTATION
 During the period from 2011 to 2015, the Group emphasized
large-scale, mid- to high-end projects in prime locations.
This strategy enabled Vingroup to expand its presence
throughout Vietnam, increasing awareness of its brands.
 By making the quality of its products and services the
cornerstone of the Vingroup brand, the Group aimed at
increasing customer satisfaction and leading new consumer
trends and preferences.
 By expanding and diversifying its product offerings, the
Group grew its capabilities in sales, leasing, and property
management.
 During this period of rapid growth in size and complexity,
Vingroup adopted best practices in corporate governance,
and improved management transparency to meet
international standards.
 Vingroup was a pioneer in attracting international
investments and forming strategic partnerships with
leading global organizations in order to become one of
largest corporations in the region.
KEY ACHIEVEMENTS DURING THE PERIOD
Business Achievements
From 2011 to 2015, whilst Vietnam’s economy and property
market were engaged in recovery from the global financial
crisis, Vingroup demonstrated sustained and stable
development. The Group not only weathered the economic
downturn but took advantage of this opportunity to expand
and reform, which allowed it to make significant headways in
the following areas:
Property Development
In its property sector, Vingroup concentrated on large, mixed-
use projects in prime locations, while simultaneously growing
its portfolio of retail real estates.
The hallmarks of Vingroup’s growth during this period were
SPEED and CREDIBILITY in carrying out agreements with
contractors and customers. Despite the drop in the property
market and construction activity, Vingroup building sites did
not miss a single day of construction. The focus on speed
and delivery on commitments enabled the Group to meet
its deadlines for Vinhomes Riverside, Vinhomes Royal City,
and Vinhomes Times City and allowed us to add amenities
even exceeding initial plans. These accomplishments further
fortified Vingroup’s position as the leading property developer
in Vietnam.
As of February of 2016, Vincom Retail operates 22 shopping
malls with gross floor area (GFA) of approximately 883,000
square meters. The Group’s urban communities and retail
properties incorporate all of the elements that characterize 34
the sought-after modern lifestyle, including shopping,
entertainment, and restaurants. 35
Hospitality and Entertainment
Cor porat e Prof i l e
In this segment, the Group’s strategies include expanding the
portfolio of high-end hotels and amusement parks in well-known
destinations in order to establish Vinpearl as the dominant
brand among foreign tourists. Vinpearl also aims to promote the
practice of domestic vacations, as a new trend in Vietnam.
 Even during the economic slowdown, Vinpearl and Vinpearl
Land continued to establish their brand dominance by
expanding the scale and quality of their operations.
 Vinpearl grew from 840 rooms in 2011 to more than 5,000
rooms across eight hotels and beach villas complexes in
2015. These facilities are now located in Vietnam’s most
popular destinations: Ha Long, Da Nang, Nha Trang and Phu
Quoc. In Nha Trang and Phu Quoc, Vingroup’s hospitality
and entertainment model was enhanced with mixed-use
projects that incorporated brands targeting different sub-
segments, outdoor amusement parks as large as hundreds
of hectares, international-standard golf courses, and
Vietnam’s first semi-wild safari park.
 From 2011 to 2015, Vinpearl and Vinpearl Land welcomed
more than 830,000 hotel guests, and approximately 11
million guests visited the Group's entertainment centers.
During this time, the numbers of hotel guests and
entertainment center visitors grew by an average of 35%
and 30% per year, respectively.
Consumer Retail
Vingroup’s corporate strategy has been to position consumer
retail operations as part of an ecosystem of value-added
products. Implementation of this strategy has involved the
rapid expansion of the Group’s retail network.
Vingroup now participates in Vietnam’s fast-growing retail
sector through a comprehensive set of brands: VinMart and
VinMart+, VinPro and VinPro+ and VinDS.
 DEVELOPMENT STRATEGY
While relatively new to the retail sector, Vingroup has already
made significant progress.
 By the beginning of December, 2015, VinMart+ had become
the largest convenience store chain in Vietnam after just one
year of operations, and today it boasts a total of 500 stores
throughout the country. The VinMart+ network is projected
to reach 63 cities by the end of 2016.
 VinDS house brands such as ShoeCenter, Beautyzone, and
Sportsworld have won the loyalty of customers, thanks to
the diversity of well-selected products and a customer-
friendly floor plan.
 To complete the VinCommerce retail ecosystem, the Group
established the Adayroi e-commerce website and the
VinExpress delivery service. Together, these operations bring
maximum convenience to Vingroup customers throughout
the country, with a product line approaching tens of
thousands of different items that can be delivered to North,
South, and Central Vietnam.
Social Infrastructure Services including Healthcare, Education,
and Agriculture
Vingroup’s strategy has been to build a product and service
ecosystem that can fulfill the mission of to create “a better
life for the Vietnamese people.”
 Over the past four years, Vinmec has created three general
hospitals and two clinics that meet international standards.
Vinmec now serves patients from both domestic and
international customer segments.
 Vinschool has been in operation for just three years since
2013, but has established its reputation for quality and a
progressive educational philosophy. The schools currently
enroll a record of nearly 10,000 students.
 With VinEco, the Group provides consumers with a trusted
source of clean, fresh food at reasonable prices. VinEco is a
mass market brand, aimed at serving all consumers living in
urban areas.
Governance
In response to the economic fluctuations brought on by the
global economic crisis, and to adapt to its growth, Management
decided in 2013 to restructure the Group’s organization
under the program “Transform To Succeed.” The aims of the
restructuring were to improve transparency, sustainability,
and efficiency, and to build a solid, decentralized foundation
for future growth.
Vingroup completed the decentralization of its management
in 2014 with the creation of business segment profit-and-loss
centers (P&Ls).
By 2015, Vingroup was organized to operate in six segments;
each subsidiary company had its own accounting, operational
autonomy, and responsibility for planning and executing its
own business strategy. The completion of this transformation
enabled the Board of Directors and Management to focus
on creating strategies for the Group as a whole. Divisions in
the Group’s Corporate Office are responsible for providing
operational guidance and supervision to the P&Ls, as well as
monitoring the implementation of these strategies.
The current management structure of the Group is based on
lessons learned from management experts such as McKinsey,
PwC, Ernst & Young, as well as internal studies. This structure
is consistent with the latest management thinking about
the kinds of management systems required to support
continued growth in an organization with such a diverse set
of businesses as Vingroup.
Attracting best in class candidates for leadership position
and investing in advanced human resource systems have
also be adopted as part of the management restructuring.
These systems are needed to promote improved training
for changing needs, and enable employees to embrace the
Group’s business cultures and values.
Regional Leadership
Management believes that globalization brings about
fresh opportunities and challenges. Therefore, the Group
is constantly preparing itself for the inevitable changes as
a result of Vietnam’s increasing integration into the global
economy.
 One result of the Group’s transformation has been that its
Chairman was recognized by Forbes Magazine as Vietnam’s
first billionaire, beginning in 2012 and continuing through
2015.
 Vingroup became the first local company to attract an
investment from international investment fund Warburg
Pincus, which invested a total of USD300 million. The
Group also raised over USD1 billion from the international
financial markets during this period. Several of Vingroup’s
transactions were the first of their kinds for a Vietnamese
issuer, which created a track record for other local
corporates to venture internationally.
Society and Community
By 2015, Vingroup is credited with modernizing the
appearance of many cities and communities throughout
Vietnam by creating modern urban neighborhoods. In
addition, we introduced advanced hospital and educational
systems, developed modern retail formats and offered new
recreational venues. These are notable contributions to the
nation over a short time period.
Employing approximately 30,000 people, and creating
thousands of indirect jobs, Vingroup takes pride in its
contributions to society and community.
In accordance with its core values of Humanity and
CORPORATE STRATEGY FOR
THE PERIOD 2016 - 2020
For the next five years, Vingroup intends to further evolve
its business model. One objective is to reduce the share of
profits coming from residential sales to less than half of the
Group’s total profits by growing recurring revenues, of which
consumer and retail businesses are the key focus areas.
Because real estate markets tend to experience greater
cyclicality, they can introduce more instability into the
Group’s revenue and profits. Overreliance on the property
sector may lead to higher cost of financing and limit
long-term planning. In contrast, service business such
as shopping mall, hotel and amusement park operation,
consumer retail, healthcare, and education, tend to be less
cyclical and to produce more stable income, contributing
more stable cash flows.
With this strategy, the Group expects the regular cash flows
from recurring businesses will augment profitability from
residential sales. At the same time, we will continue to
expand our network of commercial properties, hospitality
and consumer retail operations.
DEVELOPMENT STRATEGY
Integrity, the Group devotes an increasing share of its
resources to charitable activities, even during periods
of slower economic activity. For example, Vingroup
supports healthcare checkups at Vinmec, programs to
eradicate hunger and poverty, and New Year’s gifts to poor
households and families with war heroes and invalids.
Vingroup also created and supports the football talent 36
development fund PVF and Phat Tich Custodial Care and
Youth Development Center for the elderly and orphans. 37
Collectively, the Group’s charitable programs produced
tangible results and demonstrate our commitment to
Cor porat e Prof i l e
supporting much-needed social programs.
Today, the Vincom brand of shopping centers and Vinpearl
brand of hotels and resorts are the leaders in their
categories in Vietnam. Further expansion of these two
brands from 2016 to 2020 will provide the foundation for
the Group’s new strategy.
Vingroup’s consumer retail, education, and healthcare
segments are on a path to solidify their market position,
and will receive more investment to strengthen their
quality, efficiency and profitability.
Business segments other than residential sales offer the
potential to build an ecosystem in which different businesses
supplement and reinforce one another to create greater
competitive advantage and protect the Group’s position in
the property segment. This strategy requires developments
in each business segment as follows:
 Shopping Malls Vincom Retail will continue to expand
the scale and scope of its retail offerings and adopt best
practices to remain the most successful malls in Vietnam.
 DEVELOPMENT STRATEGY

 Hospitality and Entertainment
o Vinpearl aims to enhance service quality and breadth of
products to increase revenue per customer and attract
new customers.
o The Group also plans to expand into city hotels –
international-standard business hotels located at prime
locations at economic and population centers in major
cities.
o At its Vinpearl Land amusement parks, the Group will
continue to upgrade its equipment and game systems to
deliver brand-new experiences that have not previously
are committed to for the Group over the long term and who
demonstrate the potential to assume greater responsibility as
their business segments grow.
Finally, Vingroup sees the need to cultivate a strong corporate
culture especially as our operations span industries and
geographies. The Group will emphasize start-up values in
order to support its expansion throughout Vietnam and 38
enable Vingroup to maintain its market-leading position.
39

Cor porat e Prof i l e

been available in the domestic market.

 Consumer Retail The robust expansion of VinMart,

VinMart+, VinPro, VinPro+, and VinDS will lead to new
store openings and more merchandise while continuing
to emphasize product quality. VinEco is strategic to this
expansion by enabling our supermarkets and convenience
stores to become a trusted and proprietary source of clean
and fresh foods. At the same time, VinCommerce will also
build strong partnerships with more Vietnamese suppliers.

 In Social Infrastructure Services healthcare, education

and agriculture will gain greater awareness and complete
our ecosystem.

Our investment strategy in core sectors will continue to

emphasize the value of the ecosystem, rather than pursuing
expansion for its own sake.

ADMINISTRATIVE AND HUMAN RESOURCE

DEVELOPMENT

To keep pace with our increasing size and scope, Vingroup

will continue to build a lean and efficient management
system to produce the best possible results. The goal is to
avoid becoming top-heavy or bureaucratic, and to match
organization structure to corporate strategy.

These goals will require that Vingroup continue to achieve

greater decentralization in the management of the P&Ls, while
the Corporate Office becomes more proficient at strategic
planning and formulation of strategy. The Group’s internal
audit and risk management functions will develop at both
the P&Ls and the Corporate Office in order to closely monitor
different kinds of threats to the business.

Our aim for human resource is to be lean, resourceful, effective,

and professional. The Group will continue to train leaders from
our ranks in order to fill the organization with employees who
 Speed
Accelerate to lead market
changes
“Vingroup is growing throughout Vietnam and continues to surprise the market,
from the stature of its products to its development pace and schedule. The real
estate industry is anxiously awaiting the market impact from sales of Vingroup’s
“mega-project,” Vinhomes Central Park at Tan Cang. All property developers are
watching what Vingroup is doing.”
MANAGEMENT REPORT ON 2015
BUSINESS PERFORMANCE AND 2016
PLAN OF ACTION
Marc Townsend
CEO of CBRE Vietnam and Independent Member
2015 Economy and 2016 Outlook 42
of Vingroup’s Board of Directors
Vingroup Operations and Financial 44
Performance in 2015

Blueprint for 2016 54

 MANAGEMENT REPORT ON 2015 BUSINE SS P ER FORMANC E
40

41

AND 2016 PLAN OF ACTION

Hanoi
VINHOMES TIMES CITY - PARK HILL
2015 Economy and 2016 Outlook
2015 Economy
GDP growth
MACROECONOMIC RECOVERY
reached a five-
year high of 2015 was a year of volatility in world economic
6.68%
conditions, due to the plunge in oil prices and
the depreciation of the Chinese currency.
Despite this volatility, there were bright spots
in the Vietnamese economy. According to
Inflation in
Vietnam’s General Statistics Office (GSO), GDP
2015 fell to
0.63%
growth reached a five-year high of 6.68%.
Vietnam’s industrial and construction sector
grew at an annual rate of 9.64% in 2015,
the lowest level considerably above the growth rates of 5.08%
in 14 years in 2013 and 6.42% in 2014.
Inflation in 2015 fell to 0.63%, the lowest level
real estate FDI in 14 years. The Vietnamese government has
reached kept inflation in check, helping enterprises
USD2.4
reduce input and production costs, as well
as stimulating consumption and boosting
growth. Export growth continued at the
trillion
high rate of 8.1%, and disbursements from
foreign direct investment (FDI), rose by 17.4%
compared with 2014. Data from the State
Bank of Vietnam shows that credit growth of
18% exceeded expectations and reached the
highest level in recent years.
2015 – A SOLID FOUNDATION FOR
ROBUST PROPERTY DEVELOPMENT
AND GROWTH IN RETAIL SPENDING
2015 economic growth fueled a recovery in
the property markets while government policy
changes also spurred market expansion.
The new Housing and Real Estate laws took
effect in July 2015, creating a clearer legal
framework for market development. Foreign
individuals and enterprises may now own
properties in Vietnam, and foreign individuals
can lease them to others. These new regulations
have been reformed to enhance transparency,
fairness, and consistency, and to protect buyers
from fraud and misuse of funds. These legal
developments provide the basis for sustainable
growth in the property market.
Other policy changes aimed at directing capital
inflows to the property market have also been
implemented. During the first nine months of
2015, real estate credit growth reached 14.6%,
a five-year high. The government has agreed
to extend the term loan for lenders of the
VND30 trillion financing package to 15 years.
Both the categories of eligible borrowers and
the number of banks that can administer this
credit package have been expanded.
Together with funds from commercial
banks, external capital was also raised to the
maximum level, where FDI and remittances
make up the bulk of these funds. According
to the Ministry of Planning and Investment,
real estate FDI has reached USD2.4 trillion,
accounting for 9.9% of total registered FDI.
The property market ranks third among
sectors attracting FDI.
In addition to more government support,
Vietnam’s property market has benefited from
actions taken by developers themselves. These
actions include improvements in construction
quality and product innovations, resulting in
record sales especially for centrally located
projects. Customer confidence has been restored,
particularly for reputable developers. According
to a report by the Ministry of Construction, the
inventory of properties in January 2016 was
valued at VND49 trillion, a drop of 34% from
VND74 trillion at the end of 2014.
The number of transactions completed in
Hanoi and Ho Chi Minh City, the two largest
markets, doubled from the previous year.
Prices rose most noticeably in properties with
good infrastructure and in prime locations.
During 2015, mergers and acquisitions in the
property market increased in both quantity
and transaction value.
According to the Vietnam Trade Promotion
Agency - Ministry of Industry and Trade
(VietTrade), there is a lot of potential in the
Vietnam retail market. Vietnam has a large
population of over 90 million people, a
young median age of 30 years, and a growing
GDP per capita of approximately USD2,000.
GDP per capita is projected to grow swiftly,
making way for solid development in retail
sales, especially in modern retail stores. A
survey conducted by VietTrade indicates
that modern trade is currently only 25% of
the total retail market in Vietnam. There are
2015 Economy and 2016 Outlook
VIETNAM GDP GROWTH VIETNAM FDI DISBURSEMENT
% billion USD
8.00 14.5
6.7 14.5
6.3
13.5
6.00 6.0
5.4
5.3 12.5
4.00
12.4
11.5 11.5 42
11.0
2.00 10.5
10.5
43
0.00 9.5
AND 2016 PLAN OF ACTION
MANAGEMENT REPORT ON 2015 BUSINE SS P ER FORMANC E
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Source: General Statistics Office of Vietnam Source: Foreign Investment Agency – Ministry of Planning and Investment
only 724 supermarkets, 132 retail centers and a few hundred NEW OPPORTUNITIES
convenience stores (not including stand-alone traditional
stores) in Vietnam. Supermarkets and retail centers can only Forecasters expect the retail sector to expand at a robust pace
be found in big cities and at central locations. There is a dearth in 2016. The ANZ-Roy Morgan Vietnam Consumer Confidence
of modern retail stores in suburban areas or provinces. Index reached a record level of 144.8 during 2015. With
expectations of low inflation and stable growth, consumption
The modern retail sector experienced robust growth in 2015 is poised to increase rapidly in 2016, leading to positive effects
as many new companies entered the market and others
on the consumer retail trade and stimulating the demand for
expanded through mergers and acquisitions. In addition
retail space in shopping malls.
to VinMart and VinMart+, multinational retail chains such
as Aeon Mall, Lotte and Auchan opened supermarkets and The housing, apartment, and residential land sectors will do
hypermarkets in major cities. Collectively, these modern
well in 2016, since the demand for investment opportunities
retail chains are helping to accelerate the shift of Vietnam’s
has recovered faster than the supply of available properties.
consumers away from traditional markets and toward modern
In particular, high-end properties in prime locations with
retail formats.
good infrastructure and full utilities are forecasted to attract
higher-income domestic and foreign customers.
2016 Outlook Vietnam’s hospitality sector is also expected to show signs
of recovery and industry observers believe tourism could
STABLE MACROECONOMIC OUTLOOK grow even faster if there are improvements in the quality of
service. During 2015, major international and domestic hotel
Vietnam’s economy is forecasted to rebound in 2016, in sync operators have invested heavily at famous beach destinations
with the world economy. CIEM forecasts that GDP growth will such as Phu Quoc, Nha Trang, and Ha Long, fuelling further
reach 6.82%. CIEM’s inflation target for 2016 is 4.37%. Export industry development especially in the beach resort and
growth is forecasted to reach 10.4%, well above the growth rate vacation villa segment in the coming years.
in 2015. Macroeconomic growth is likely to continue the solid
trend in 2015. Household consumption levels are bound to
increase, along with private investment and exports. Imports
are also projected to rise as Vietnam’s economy increases its
integration with ASEAN’s Economic Community and the Trans
Pacific Partnership.
During 2015, Vietnam concluded negotiations and entered
into a series of bilateral trade agreements with Korea, the
European Union and the Trans Pacific Partnership. These
agreements are likely to attract additional FDI and strengthen
the domestic property market.

Vingroup Operations and
Financial Performance in 2015
BUSINESS OPERATIONS
PROPERTY
Business Performance
In the property segment, 2015 has been a
successful year for Vingroup:
Vinhomes initiated construction of numerous
mixed-use projects throughout the country.
The Group sold a total of 14,000 apartments,
villas, and commercial shophouses, the
highest in its history. Total presale contract
value also set a new record of VND70.8 trillion
for the year. Key projects include Vinhomes
The group sold a
Central Park in Ho Chi Minh City, Vinhomes
total of
14,000
Times City – Park Hill in Hanoi, and Vinpearl
beach villa projects in Nha Trang, Da Nang,
apartments,
and Phu Quoc.
villas, and
Contracted sales of VND70.8 trillion will
commercial
be recognized as revenue once projects
shophouses
are completed and residential units are
delivered to customers. Under accounting
rules, sale contracts signed in 2015 cannot
the total
be recognized as revenue until those projects
number of malls
have been handed over to customers.
in operation
Effectively this backlog of deferred revenue
nationwide is
22
ensures meaningful increases in residential
profits for the next few years.
Vincom Retail achieved breakthrough results
with the addition of 15 new shopping malls
in 2015, bringing the current total to 22.
Vincom shopping malls are now located
in 11 provinces and cities in Vietnam. Total
gross floor area in Vincom malls is now
approximately 883,000 square meters. Of this
total, about 662,000 square meters of gross
floor area is in Hanoi and Ho Chi Minh City.
Vingroup continues to create new real estate
products to lead consumer trends. Vincom’s
shophouse format and Vinpearl’s condotel
are two examples of cooperation between
separate business units such as Vinhomes,
Vincom, and Vinpearl.
Vincom shophouse format is a model that
combines commercial and residential uses.
This new format is currently being offered
in Can Tho, Hai Phong, and Thai Binh, and
expanded to other provinces in 2016. Vinpearl
condotel format is a combination of hotel and
apartment that includes room reservation
services and other hotel amenities. The first
Vinpearl condotels are currently launching in
Nha Trang.
Besides innovative products, Vingroup’s
dynamic sales strategy in 2015 demonstrated
the Group’s ability to be nimble and creative
as it continues distinguish itself as the market
pioneer.
In July of 2015, Vingroup signed strategic
partnerships with eight world-leading firms in
the fields of design, engineering, construction,
and fire protection. These firms include Atkin,
Gensler, Aedas, Mace, Artelia, Meinhardt,
Aurecon, and Arup, whose partnerships
ensure Vingroup’s leadership in international
design.
Progress of Development Projects
During 2015, the Group accelerated the
development of its projects, particularly its
mega-projects Vinhomes Central Park and
Vinhomes Times City – Park Hill. Construction
of these two mega-projects has been
advancing nonstop to ensure on-time delivery
to customers will take place as promised from
2016 to 2018.
Vincom Retail continued to expand its
shopping mall network in large cities and
provinces. Vincom has further refined a
format that combines retail stores, restaurants
and entertainment centers conveniently in
a single location to create new consumer
shopping habits. Key projects completed
in 2015 include Vincom Center Nguyen Chi
Thanh in Hanoi, Vincom Plaza Ngo Quyen in
Da Nang, and Vincom Mega Mall Thao Dien in
Ho Chi Minh City.
P ROJECT
Vinhomes Central Park
This project is being developed on a 42.2 hectare site running over one
kilometer along the bank of the Saigon River, giving the project a prime
location that is convenient for both land and water transport. This location
is also a stop on the Ben Thanh - Suoi Tien metro line. Vinhomes Central
Park is expected to create a modern and eco-friendly living environment
for the city, and to help change the landscape along the Saigon River in
downtown Ho Chi Minh City. The project broke ground in 2014 and is
scheduled for completion in 2018.
P ROJECT
Vinhomes Times City –
Park Hill 44
Following the success of Vinhomes Times City Phase 1, the Group
launched the second phase – Vinhomes Times City – Park Hill. This
phase has a total area of 14 hectares. It is inspired by Singapore’s
45
green architecture, combining a condominium complex in an urban
environment with a resort lifestyle. This project targets the mid-
AND 2016 PLAN OF ACTION
MANAGEMENT REPORT ON 2015 BUSINE SS P ER FORMANC E
to high-end segment and is designed for upper-middle-income
customers. Vinhomes Times City – Park Hill will begin delivering
apartments in 2016 and be completed in 2017.
P ROJECT
Vincom Center
Nguyen Chi Thanh
Vincom Center Nguyen Chi Thanh is located on Nguyen Chi Thanh Street,
a major route that connects central Hanoi to the new Westside urban area.
With a condominium that combines shopping malls, offices, and luxury
apartments, Vincom Center Nguyen Chi Thanh has a stunning modern
design based on an all-in-one model including shopping, entertainment,
and healthcare facilities. The project began operation in November of
2015 and added another 50,000 square meters of retail space. The office
tower was handed over during the fourth quarter of 2015, while first
deliveries of the apartment tower will begin in the first quarter of 2016.
P ROJECT
Vincom Plaza
Ngo Quyen, Da Nang
Located on Ngo Quyen Boulevard, the new main route through Da
Nang, this shopping mall is close to the Pham Van Dong – Le Duan
roundabout and the Han River Bridge. Vincom Plaza Ngo Quyen
boasts the first ice rink in Da Nang and a 3,000 square meter VinKE,
an edutainment playground for children and another first for the city.
The mall began operation in July of 2015 and added 40,000 square
meters of retail space for Da Nang.
P ROJECT
Vincom Mega Mall
Thao Dien
Vincom Mega Mall Thao Dien is the first Vincom Mega Mall in Ho Chi
Minh City, following two successful Mega Mall projects in Hanoi. It is one
of the largest shopping malls in Vietnam’s commercial center. Located
in the heart of Thao Dien, District 2, the project fronts on major roads,
connects to transportation systems, and sits atop the An Phu metro
station on the Ben Thanh – Suoi Tien Line. Construction of the Thao Dien
Mega Mall began in January 2015 and was completed in December,
bringing online 60,000 square meters of Ho Chi Minh City retail space.

HOSPITALITY AND
ENTERTAINEMENT
Business Performance
The 5-star Vinpearl
brand now covers
Vinpearl claimed the leading position in
8
Vietnam’s hospitality market in 2015 with the
opening of three new hotels – Vinpearl Nha
Trang Bay Resort & Villas, Vinpearl Phu Quoc
resort hotels, Resort & Golf, and Vinpearl Ha Long Bay Resort.
5
The 5-star Vinpearl brand now covers eight
resort hotels, five resort villa developments,
and two golf courses. These are located in Nha
resort villa Trang, Phu Quoc, Da Nang, and Ha Long.
developments, and
2
During 2015, Vinpearl stimulated further
development in the hospitality industry by
transforming Quang Ninh and Phu Quoc with
golf courses major new tourist attractions. The opening
of Vinpearl Ha Long Bay Resort has made
going to the beach in winter a hot new trend
for Northerners. Vinpearl further extended
its lead in combining vacation destinations
with entertainment and discovery activities
following the opening of Vinpearl Phu Quoc
Resort & Golf.
Vinpearl took a major step forward in 2015
with the opening of its Vinpearl Safari and
Conservation Park in Phu Quoc. The park is
now home to 2,000 wild animals representing
140 rare species, and is the only semi-wild zoo
in Vietnam.
Progress of Development Projects
During 2015, the Group launched large
Vinpearl mixed-use resort and beach villa
projects in Phu Quoc, Nha Trang, and Da Nang,
including the 300-hectare Vinpearl Phu Quoc.
Situated on one of the five most impressive
beaches on the planet and with a 3-kilometer
beach frontage, the project is one of Vinpearl’s
most important in recent years.
In October 2015, Vinpearl Phu Quoc
Resort & Golf, phase 2 of the Phu Quoc
development, opened with 402 additional
rooms. Construction is continuing on 220
international-standard villas which are slated
to be delivered during 2016. Villa sales have
received enthusiastic reception from buyers
throughout 2015.
The luxury Vinpearl Phu Quoc Resort not
only provides hospitality and entertainment
facilities, but also includes Vinmec Phu Quoc
International Hospital, adding to Phu Quoc’s
advantages as an eco-tourism resort complex.
CONSUMER RETAIL
Business Performance
Vingroup’s entered the retail sector in 2015
with the creation of a network of retail brands
with all the major store formats, covering 49
provinces and cities throughout Vietnam, plus
an online platform. VinCommerce includes
the operations described below:
VinMart supermarkets and VinMart+
convenience stores
2015 marked Vingroup’s acquisition of
large supermarket chains Vinatexmart and
MaxiMark to supplement internal expansion
of its existing store network. VinCommerce
now operates 50 VinMart supermarkets and
500 VinMart+ stores in all of Vietnam’s large
cities such as Hanoi, Ho Chi Minh City, Da
46
47
Nang, Can Tho, Bien Hoa, Hai Duong, Ha Long,
Ninh Binh, and Ha Tinh.
Adayroi e-commerce
as of february 2016,
August of 2015 saw the launch of a beta
version of Adayroi B-2-C e-commerce website. there are
50
After 90 days, Adayroi reached a volume of
50,000 orders per month with a network of
4,200 trusted suppliers, paving the way for
strong growth in 2016. VinMart
supermarkets and
500
Other VinCommerce business units
VinPro and VinPro + electronics and
appliance store network. This unit now VinMart+
operates 15 VinPro ICT centers and 100 convenience
VinPro+ stores in key cities and provinces
stores
across Vietnam.
VinDS consumer lifestyle retail stores
VinCommerce’s newest retail unit is
developing five consumer lifestyle concepts
in Vietnam, as well as partnering with more
than 200 domestic and international brands.
The business unit opened 14 new stores
 Vingroup Operations and
Financial Performance in 2015
vingroup’s network in December of 2015, bringing its total to
of retail brands 41 VinDS stores. Four of these stores have
covers
a total floor area of 24,000 square meters,
49
demonstrating the efficiency and fast store
opening capability of the Group.
VinExpress transportation and logistics
provinces and cities
throughout Vietnam This new services provides retail customers
in Vietnam with business-to-consumer and
business-to-business delivery. VinExpress
also manages delivery time and costs for
customers of Vingroup with a network of 20
transportation hubs spread throughout the
country for fast and safe nationwide delivery.
SOCIAL INFRASTRUCTURE SERVICES
HEALTHCARE
Business Performance
During 2015, Vinmec expanded its hospital
network with the opening of Vinmec Phu
Quoc International Hospital in June and
Vinmec Central Park International Hospital in
December. Vinmec’s revenue in 2015 rose to
VND771 billion, an increase of 17.4% over 2014.
Vinmec Times City International Hospital in
2015 became the first hospital in Vietnam
to obtain certification from the Joint
Commission International (JCI), the gold
standard in the field of international hospital
evaluation. Vietnam’s Ministry of Science
and Technology has granted ISO 15189-2012
accreditation to the Laboratory Department
of Vinmec Times City International Hospital.
This accreditation covers the Hospital’s
medical laboratories of Hematology,
Biochemistry, and Microbiology.
Project Updates
During the next five years, Vinmec plans
to open ten new, high-quality hospitals
throughout Vietnam and to establish Vinmec
Medical University. In 2016, Vinmec will put
into operation new international hospitals at
Nha Trang and Ha Long. In addition, Vinmec
will work with international educational
institutions to open accredited joint degree
programs for Vinmec Medical University.
EDUCATION
Business Performance
Vinschool achieved revenue of VND514
billion in 2015, an increase of 124% over
2014. Student enrollment also rose by 58%
from 6,300 students in 2014 to nearly 10,000
students in 2015.
In 2015, Vinschool became the first school
system in Vietnam to implement the
transformation process known as “The Leader
In Me” throughout its K-12 student body.
Vinschool fostered a sense of integration by
collaborating with domestic and international
partners to provide students with
opportunities to participate in international
competitions. 2015 saw Vinschool students
winning major awards at prestigious
international competitions.
During the year, Vinschool was the only K-12
school in Vietnam honored with a visit by the
Prime Minister of New Zealand.
Last but not least, Vinschool was also one of
three schools in Vietnam to be recognized
by Microsoft Showcase Schools for its active
integration activities.
Project Updates
Vinschool is planning to expand its network
to 22 schools nationwide, with all schools
located in urban areas.
AGRICULTURE
Business Performance
VinEco was established in 2015. Among its
objectives is to conduct research on advanced
technology that can be applied to agriculture.
New techniques will help VinEco produce and
bring to market safe, organic vegetables, fruits,
herbs, and flowers that meet VietGAP and
GlobalGAP standards.
 Vingroup Operations and Vingroup Operations and
Financial Performance in 2015 Financial Performance in 2015

Just six months after its announcement of plans to invest in
agriculture, VinEco brought to market its first harvest of fresh
vegetables on October 1, 2015. VinEco’s fruits and vegetables
are grown on its own farm using high-technology production
methods. During the fourth quarter of 2015, VinEco successfully
delivered about 2,000 tons of VietGAP-certified produce.
Project Updates
VinEco is now beginning to farm in many provinces throughout
the country in order to widen its product offerings. VinEco
farming locations now include Vinh Phuc, Quang Ninh, Ho
Chi Minh City, Dong Nai, and Lam Dong with total monthly
output of 3,000 tons of fresh produce across Vietnam.
To meet increasing and more stringent nutritional demand,
VinEco is negotiating partnerships with local government
organizations and farmers in Moc Chau, Hai Phong, and Da
Lat. VinEco farms here will produce clean, fresh and organic
vegetables on large-scale automated facilities.
of 2014 to VND20.2 trillion at the end of 2015. Other short-term
payables rose 190% from VND9.8 trillion at the end of 2014 to
VND28.6 trillion at the end of 2015.
Current assets increased by 92% (or VND32.5 trillion), as
investments held to maturity, short-term advances to suppliers,
inventories and other current assets rose by VND7.1 trillion,
VND5.2 trillion, VND11.7 trillion and VND4.3 trillion respectively
at the end of 2015.
 Investments held to maturity include deposits with terms longer
than three months at leading banks in Vietnam. Bank deposits
Construction in progress increased by 59% or VND6.7 trillion from
VND11.4 trillion at the end of 2014 to VND18.1 trillion at the
end of 2015. The increase reflected the ongoing construction
activities at new projects such as Vinhomes Star (VND3.0 trillion),
Vinhomes Paradise (VND2.0 trillion) Vinhomes Riverside 2
(VND1.1 trillion) and Vinhomes Springlake (VND818 billion).
Investments in associates and jointly controlled entities increased 50
by 552% from VND1.0 trillion at the end of 2014 to VND 6.7 trillion
at the end of 2015. The Group’s new investments included Can 51
Gio Urban Tourism JSC (VND4.8 trillion) and Vien Dong Pearl LLC
(VND513 billion).

AND 2016 PLAN OF ACTION

MANAGEMENT REPORT ON 2015 BUSINE SS P ER FORMANC E
Financial Performance in 2015
at the end of 2015 increased by VND7.1 trillion, 177% over
2014. The main reasons for this increase were greater cash Advances from customers rose by 207% or VND13.6 trillion
inflows from deposits and down payments from customers from VND6.6 trillion at the end of 2014 to VND20.2 trillion at
KEY FINANCIAL INDICATORS purchasing properties from two Vingroup subsidiaries, Tan the end of 2015, reflecting a surge in down payments from
Lien Phat Investment and Construction JSC, the developer of customers who purchased apartments, shophouses and villas
2015 2014 % Increase/
Indicators (VND trillion) (VND trillion) decrease the Vinhomes Central Park project and Vinpearl Phu Quoc LLC, in Vinhomes Times City – Park Hill (an increase of VND6.0
the developer of Vinpearl Phu Quoc beach villas. trillion), Vinhomes Central Park (an increase of VND7.4 trillion),
Total assets 145.5 90.1 62%
and Vinhomes Nguyen Chi Thanh – Hanoi (an increase of
Total liabilities 107.9 62.6 72%  Short-term advances to suppliers increased by almost 4 times VND1.0 trillion). There were also large increases in short-term
Owners' equity 37.6 27.5 37% or VND5.2 trillion over 2014. The increase reflects greater advances from customers purchasing villas at Vinpearl Phu
advances to contractors due to construction of new projects. Quoc, Vinpearl Nha Trang Bay Resort & Villas, and Vinpearl Golf
Short-term assets 67.7 35.2 92%
Land Resort & Villas (an increase of VND1.9 trillion).
Fixed assets 19.8 11.0 80%  Inventories increased by 72% or VND11.7 trillion during
Total presale contract value 70.8 17.8 298% 2015, mostly due to the increase in value of residential Other short-term payables increased by 190% from VND9.8
properties under construction, where Vinhomes Central trillion at the end of 2014 to VND28.6 trillion at the end of 2015.
Net revenue 34.0 27.7 23%
Park and Vinhomes Times City – Park Hill are the two largest This increase came from the growth in deposits and advance
Cost of goods sold 22.3 17.3 29% contributors. payments from customers purchasing homes and villas at
Selling, general and administrative expenses 6.9 2.9 136% Vinhomes Times City – Park Hill (an increase of VND2.8 trillion),
 Other current assets rose by VND4.3 trillion, an increase of Vinhomes Central Park (an increase of VND11.5 trillion), and
Operating profit 3.5 5.4 -35% 343%, reflecting the growth of deposits held for investment in, Vinpearl Phu Quoc (an increase of VND3.6 trillion).
Profit before tax 2.9 5.4 -47% and acquisition of, other companies and real estate projects.
Net profit after tax 1.5 3.8 -60% Total debt increased by 13% or VND4.2 trillion from VND 32.7
Fixed assets rose by 80% or VND8.8 trillion from VND11.0 trillion trillion at the end of 2014 to VND36.9 trillion at the end of 2015.
Stock dividend payout (%)* 11.8% 14.0% at the end of 2014 to VND19.8 trillion at the end of 2015. During Long-term loans and borrowings increased by 13% or VND4.0
Source: Vingroup JSC audited consolidated financial statements for 2014 and 2015 2015, the group put into operation many new projects, including trillion and short-term loans grew by 10%. VND-denominated
Vinpearl Nha Trang Bay Resort & Villas, Vinpearl Golf Land Resort debt as a percentage of total debt was 80.6% at the end of 2015,
* The Annual General Meeting of 23 April 2015 approved the plan to distribute accrued profit after tax. In this plan, the stock dividend payout ratio from profit after tax for 2014 was
1000-to-140, corresponding to VND1,400 per share. The stock dividend payout ratio from profit after tax for the first quarter of 2015 was 1000-to-118, corresponding to VND1,180 & Villas, Vinpearl Phu Quoc, Vinpearl Ha Long Bay Resort, Vinpearl an increase over 2014, when VND-denominated debt was 65.8%
per share. Safari, Vinmec hospitals and the self-service retail areas in newly of total debt. The average maturity of debt at the end of 2015
opened shopping malls. In addition, fixed assets at newly was 3.6 years, compared to 4.0 years at the end of 2014. The ratio
DISCUSSION AND ANALYSIS OF THE BALANCE Thanh, and Vinhomes Times City – Park Hill, as well as Vinpearl acquired subsidiaries contributed nearly VND350 billion to the of total debt to total assets declined from 36% in 2014 to 25% in
SHEET AS AT DECEMBER 31, 2015 beach villas, a record in terms of units sold for the Group. increase in fixed assets. 2015, demonstrating the Group’s ability to reduce leverage.

Vingroup’s current assets rose by 92%, from VND35.2 trillion
at the end of 2014 to VND67.7 trillion at the end of 2015.
Current liabilities also increased by 164%, from VND24.6 trillion
at the end of 2014 to VND64.8 trillion at the end of 2015.
These increases reflect the successful signing of 14,000 sales
contracts for apartments and villas across Vingroup projects,
including Vinhomes Central Park, Vinhomes Nguyen Chi
The Group’s construction activities were carried out at a rapid
pace throughout Vietnam, leading to a significant increase in the
value of inventories, as well as advance payments to contractors.
Vingroup reported record growth in cash inflows from down
payments, deposits, and advances from property buyers. These
cash inflows are reflected in two balance sheet items. Advances
from customers rose by 207% from VND6.6 trillion at the end
Investment properties increased by 9% or VND1.4 trillion from
VND15.4 trillion at the end of 2014 to VND16.8 trillion at the end of
2015 as the Group opened new shopping malls. These included
Vincom Center Nguyen Chi Thanh in Hanoi, Vincom Plaza Viet Tri
in Phu Tho, Vincom Plaza Le Thanh Tong in Hai Phong, Vincom
Plaza Hung Vuong in Can Tho, Vincom Plaza Long Xuyen in An
Giang and Vincom Mega Mall Thao Dien in Ho Chi Minh City.
Long-term unearned revenue grew by 82% or VND1.2 trillion from
VND1.5 trillion at the end of 2014 to VND2.7 trillion at the end
of 2015. The increase was due primarily to management service
revenue for beach villas at Vinpearl Nha Trang and Vinpearl Phu
Quoc.
Retained earnings fell by 62% or VND2.6 trillion from VND 4.2 trillion
 Vingroup Operations and Vingroup Operations and
Financial Performance in 2015 Financial Performance in 2015

at the end of 2014 to VND1.6 trillion at the end of 2015, due to a
dividend declaration of VND3.8 trillion and equity transactions of
VND244 billion.
Net profits attributable to equity holders of the Parent Company
reached VND1.2 trillion in 2015. During the year, non-controlling
interests rose by 104% or VND7.4 trillion to VND14.4 trillion at the
end of 2015. The increase was due to capital contributed by non-
controlling shareholders, and purchase of new subsidiaries.
from VND2.2 trillion in 2014 to VND3.9 trillion in 2015. This
increase matched the overall expansion of the Group’s scale
and the launch of new businesses. The increase in expenses
explains the Group’s decline in net profit after tax, which
fell by 60% from 2015. Net profit after tax for 2015 was 50%
of the Group’s target. This shortfall is due to the fact that
revenues and profits from contracted property sales are
only recognized after the properties have been handed over
to purchasers. Projects where contracted sales had not yet
been handed over included Vinhomes Times City – Park Hill,
Vinhomes Central Park, and Vinhomes Nguyen Chi Thanh in
Hanoi.

KEY FINANCIAL RATIOS 52

DISCUSSION AND ANALYSIS OF THE INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2015
Indicators 2015 2014 53
Net revenue increased by VND6.3 trillion, or 23%, from VND27.7 trillion in 2014 to VND34.0 trillion in 2015. Growth was powered Liquidity ratio (times)
largely by expansion in Vingroup’s retail sector.

AND 2016 PLAN OF ACTION

MANAGEMENT REPORT ON 2015 BUSINE SS P ER FORMANC E
Current ratio: Current assets/Current liabilities 1.04 1.43
NET REVENUE ANALYSIS FOR 2015 AND 2014 Quick ratio: (Current assets – Inventories)/ Current liabilities 0.61 0.77
2015 2014 Capital structure (times)
Value Value Total liabilities1/Total assets 0.74 0.70
(VND Percentage (VND Percentage
Item trillion) (%) trillion) (%) Total liabilities/Owners’ equity 2.87 2.28
Sale of inventory property 21.2 62.2 21.8 78.5 Leverage (times)
Leasing activities and rendering related services 2.7 7.8 2.2 7.9 Debt ratio: Total debt/Total assets 0.25 0.36
Rendering hotel, amusement park, and related services 2.8 8.4 2.1 7.6 Operating capacity (times)
Rendering hospital and related services 0.8 2.3 0.7 2.4 Asset turnover: Net revenue/Total assets 0.23 0.31
Sale of goods in supermarkets, convenience stores, and retail outlets 4.3 12.6 0.4 1.5 Profitability (times)
Rendering education and related services 0.5 1.5 0.2 0.8 Profit after tax/Gross revenue 0.04 0.14
Rendering other services 1.7 5.2 0.3 1.2 Profit after tax/Net revenue 0.04 0.14
Total 34.0 100 27.7 100 Return on Equity: Profit after tax/Equity 0.04 0.14
Source: Vingroup JSC audited consolidated financial statements for 2014 and 2015 Return on Assets: Profit after tax/Total assets 0.01 0.04
Operating income/Net revenue 0.10 0.19
Revenue from other business units also increased over the prior Vingroup’s gross profit increased by VND1.3 trillion, representing
year, for example: year-over-year growth of 12%, from VND10.4 trillion in 2014 to Operating income/Total assets 0.02 0.06
VND11.7 trillion in 2015. The gross profit margin in 2015 was 34%. 1
Total liabilities include amounts payable to suppliers, deposits from customers, and borrowings. Liabilities also include the proceeds from contracted sales paid for by customers for
 Revenue from leasing activities and rendering related services under-construction properties. These payments will be recognized as revenue once the properties have been delivered to customers.
grew by 21%, from VND2.2 trillion in 2014 to VND2.7 Finance income rose by VND586 billion, from VND1.3 trillion in
trillion in 2015. This increase was due to the opening and 2014 to VND1.9 trillion in 2015. The increase was due largely to The Group’s liquidity ratios for the year ended December 31, with 2014, due to an increase in selling, general, and
acquisition of 15 new shopping malls. an increase in interest income of VND502 billion. 2015 declined as short-term liabilities rose faster than short-term administrative expenses, which, in turn, was due primarily
assets. The current ratio fell from 1.43 times to 1.04 times, and the to the Group’s expansion. As has been explained, 2015
 Revenue from rendering hotel, amusement park, and related Finance expenses fell by VND209 billion compared to 2014, a quick ratio decreased from 0.77 times to 0.61 times. Short-term profitability ratios do not fully reflect the Group’s operating
services increased by 35% or VND734 billion, from VND2.1 decrease of 6%, from VND3.5 trillion in 2014 to VND3.3 trillion liabilities rose as proceeds increased from contracted sales of performance as several projects that have been pre-sold have
trillion in 2014 to VND2.8 trillion in 2015. Powering this growth in 2015. The drop occurred because capitalized interest on under-construction projects paid for by customers. not been recognized.
were three new resorts in Ha Long, Nha Trang, and Phu Quoc, construction-in-progress increased from VND617 billion in
in addition to the Vinpearl Land amusement park and the 2014 to more than VND1.5 trillion in 2015. The ratio of total liabilities to total assets rose from 0.70 to 0.74
Vinpearl Safari and Conservation Park . times. The ratio of total liabilities to owners’ equity increased
Vingroup’s selling expenses increased by VND2.2 trillion, from 2.28 times to 2.87 times. These increases are due to the
 Revenue from hospital and education segments increased by from VND739 billion in 2014 to VND3.0 trillion in 2015. The increase in customer deposits. The ratio of total debt to total
45% or VND399 billion over 2014 as Vinmec brought online two increase was due largely to greater advertising and promotion assets, or the leverage ratio, declined from 0.36 times at the
new hospitals, one in Phu Quoc and one in Ho Chi Minh City expenses in the property sale segment. end of 2014 to 0.25 times at the end of 2015.
and Vinschool expanded student headcount to approximately
10,000 students. General and administrative expenses rose by VND1.8 trillion, The Group’s profitability ratios declined in 2015 as compared
Blueprint for 2016
2016 BUSINESS strategy
PROPERTY
Vinhomes will maintain its market-leading position in the
property development sector by delivering high quality
products and premium customer service in all urban areas.
Development and expansion of its network of professional
agents will also continue.
Vincom Retail shall further increase the geographic coverage
of shopping malls to add another 15 malls in key cities and
growth provinces.
Improvements in operations management and tenant
services will continue as Vincom Retail welcomes additional
international brands as tenants in its malls. Vincom’s goal is
to make available international brands so that Vietnamese
people may purchase conveniently near their homes without
the need to travel abroad.
HOSPITALITY AND ENTERTAINMENT
Vinpearl will continue to expand its five-star hotels, resorts,
and beach villas at prime locations throughout the country
to diversify its sources of revenue. Entertainment centers will
be developed for most properties as a means of enhancing
amenities and supplementing cash flows for the Group.
CONSUMER RETAIL
Vietnam’s consumer market is being driven by rising
spending levels, rapid urbanization, and demands for higher
standards of living. These trends make Vietnam one of the
most dynamic economies in Southeast Asia. With a young
population, rising income levels, fast urbanization, and an
attractive business environment, Vietnam’s retail market has
high development potential. Similarly, Vietnam’s e-commerce
industry is undergoing robust growth thanks to high Internet
penetration and rapid smartphone adoption.
VinCommerce is growing the network of VinMart and VinPro
stores throughout the country to take advantage of these
trends. In particular, investments in the VinMart+ convenience
store network are aimed at increasing store concentration
closer to density seen in other countries in the region. During
2016, the retail line of business will continue its brand building
efforts, enhance customer service, and create new customer
care strategies around its loyalty program – the Vingroup
Card.
SOCIAL INFRASTRUCTURE SERVICES
A forecast by BMI indicates that, as the third most populous
country in Southeast Asia and the 14th most populous in the
world, Vietnam will increase her spending on healthcare by
13.3% from 2016 to 2018, and by 12.2% from 2018 to 2023.
Vingroup believes that education investments are strongly
supportive of economic growth. The goal of education
investments is to develop human resources to meet labor
force needs while promoting a meritocratic environment at
the same time.
As one of the world’s leading agricultural exporters,
Vietnam is now applying modern production techniques to
boost output.
54
Vingroup social infrastructure businesses have an action upgrades its competencies, improves corporate governance,
plan for 2016 as follows: and continues to relentlessly pursue business opportunities
in order to maximize profitability across all business lines.
 Vinmec International Hospitals will expand its network
by opening new hospitals in large cities and will add We will continue to evaluate various sources of financing
specialty departments through collaboration with leading from the international and domestic markets, and ensure our
healthcare providers around the world. M&A activities are effective, with more attention channelled
towards fast integration with the Group’s existing businesses.
 Vinschool will expand its K-12 education system in
urban areas where Vinhomes is located. Vinschool The Group will also focus on human resource development
will also increase international cooperation through with more training and a more streamlined organizational
exchange programs for study abroad. structure to align with corporate goals and strategies.
 VinEco plans to increase both the breadth of its product Our strategy for human resource development tailors
line and the volume of its production. The business unit’s advanced training programs to improve technical skills and
goal for 2016 is to deliver 36,000 tons of more than 100 places emphasis on building a strong, sustainable corporate
varieties of fresh produce, and to expand its distribution culture to ensure the Group remains one of the most attractive
network both domestically and internationally. employers in Vietnam.
PLANS FOR BUSINESS
DEVELOPMENT AND HUMAN
RESOURCE
Vingroup plans to grow cashflow from recurring revenue
businesses, rationalize management processes and enhance
quality and the level of services provided at Vinhomes
residences, Vincom shopping centers, Vinpearl Land
amusement parks, Vinschool facilities, Vinmec hospitals and
clinics and VinCommerce retail outlets.
2016 will be a year of Quality and Efficiency as Vingroup
 Quality
Improving Vingroup’s management and governance is one of the Group’s major
goals in 2016. The Company has set a goal of building a strong management
system that is based on the application of the best international practices. To
manage its growth, the Group needs management systems that can guide its
operations in a responsible, transparent, and effective manner.

It is the dream of all businesses to have all employees be constantly Proactive,

Responsible and Effective. Thus, it is essential to create and maintain a working
environment that nurtures and fosters these characteristics.

Co rp o ra te Go ve rna nce
Vingroup Board of Directors
Symposium on the topic of “Proactive,
Responsible, Effective Governance” Vingroup Governance Structure 58

Report of the Board of Directors 60

Report of the Supervisory Board 62

Governance Report 64

Internal Audit Report 66

Risk Management 67

Share Information and Investor Relations 70

 56

57

Cor porat e G overnance

VINPEARL GOLF NHA TRANG
Hon Tre, Nha Trang
VINGROUP GOVERNANCE STRUCTURE
VINGROUP GOVERNANCE STRUCTURE

During the five-year period from 2011 through 2015, Vingroup
launched a number of initiatives to strengthen its management
and governance procedures. These initiatives were aimed at
applying best practices in accordance with the Group’s core values
and aligning individual total compensation with business results.
Role of the management systems
in Vingroup’s development
Vingroup has identified corporate governance as a critical
CORE VALUES OF VINGROUP’S The Board of Directors does not have special committees
MANAGEMENT MODELS because the functions of supervision and risk management
are already assigned to dedicated Divisions in the Corporate
Vingroup’s governance structure has been developed based Office. These Divisions supervise the operations of the
on the following core values: business units and are empowered to assist take control of
operational units as needed.
Effectiveness – Fairness –
The Supervisory Board is responsible for carrying out
 When projects require coordination between multiple
Accountability – Transparency duties assigned by the GMS and for monitoring the
business performance, management and operations of
Vingroup believes that effective management systems enable the Group. The Supervisory Board is elected by the GMS
the organization to promote its core values, control business and works independently from the Board of Directors and
Relationship between the Corporate Office and P&Ls /
Affiliates
Relationships between the Corporate Office and the business
units are managed in accordance with the Enterprise Law and
Vingroup regulations.
58
business units, they are managed under the terms of
Vingroup’s responsibility matrix based on the RASCI framework 59
(Recommender, Approver, Supporter, Consultant, and Informee).
This framework is used to clarify responsibility, facilitate

Cor porat e G overnance

success factor in achieving sustainable growth and
operations, and delegate responsibilities among its various
profitability. The Group has issued an internal management
business units. The Group constantly looks for ways to realize
code of conduct describing the requirements for professional
the synergies among the various business units and P&Ls to
and transparent management of operations. The code of
help meet its business goals.
conduct is designed to protect the interests of shareholders,
customers, employees, and the community.
Vingroup Management and
PRINCIPLES OF THE MANAGEMENT Governance Structure
CODE OF CONDUCT
Further details can be found in Corporate Profile – Corporate
Structure, Page 28.
The Vingroup management and governance system follows
standard international practices for publicly listed companies
and includes a General Meeting of Shareholders, a Board
of Directors, a Supervisory Board, a Chief Executive Officer
Maintain an (CEO), along with functional units and representatives of the
effective Parent Company in the Group’s subsidiaries (the independent
management
structure profit-and-loss centers, or “P&Ls”). Vingroup’s management
Protect the legal and governance structure is used for both the Parent Company
rights and ensure – Vingroup JSC – and the P&Ls.
equal treatment
Vingroup’s
of all shareholders
Management The components of the Vingroup management structure
Code of are described below:
Provide transparent Conduct
operations
 The General Meeting of Shareholders (GMS) has the
highest level of authority within Vingroup and includes all
Prevent conflicts
shareholders with voting rights. The GMS determines key
among concerned governance structures and has power to appoint members
03 parties of the Board of Directors and Supervisory Board.
 The Board of Directors (BOD) is the Group’s management
body, elected by the General Meeting of Shareholders and
(Extract from Provision No 3, Vingroup Management Code of
entrusted with the authority to make business decisions
Conduct – issued on August 16, 2013) for the Group, and exercise rights and responsibilities that
do not fall within the jurisdiction of the General Meeting of
Shareholders.
Management. cooperation and promote transparency.
 The Management includes the CEO and Deputy CEOs Mechanism for coordination between the Corporate Office and
who are appointed by the Board of Directors. The CEO is the business units
the legal representative of the Group and has the highest
authority in managing the daily operations of the Group. Vingroup business units are directed to cooperate with each
The Management is responsible for overseeing the Group’s other for mutual long-term benefit under arm’s length principles.
business operations by managing and supervising the
heads of Divisions in the Corporate Office and the senior Representing the Group’s interest and that of other shareholders,
executives at each P&L. the Corporate Office coordinates and mediates to realize
synergies and save costs for the units in question as well as the
 The Corporate Office is the body charged with supporting Group as a whole.
the Board of Directors, the CEO, and the Management of
the Company in formulating the Group’s business strategies The Corporate Office also sets policies and guidelines to ensure
and direction. The Corporate Office also carries out such that business units work with each other and with the Parent
functions as brand-building, corporate advertising, Company to utilize resources efficiently and leverage their
capital allocation, fund raising, mergers and acquisitions, individual strengths.
investments – all aimed at maximizing benefits for
shareholders.
Other corporate management functions assigned to the
Corporate Office include setting human resource policies,
evaluating business results, and information technology
management policies. During 2015, the responsibilities,
roles, and objectives of Divisions within the Corporate
Office have been recalibrated to reduce overlap and
duplication of effort, and to ensure effective supervision of
business units.
 The P&Ls are responsible for implementing Group
decisions, resolving issues not reserved under the
jurisdiction of the Management and Corporate Office,
running the day-to-day operations of the business units,
and reporting to the Group as required and requested. The
P&Ls are also responsible for escalating issues to the Group
on matters that affect shareholder interests.
Report of the Board of Directors
Evaluation of the Board
of Directors on the
Management and Business
Performance in 2015
APPROACH
In compliance with provisions in the Group charter, internal
regulations and prevailing law, the Board of Directors has
completed the following governance and supervisory
activities during 2015:
 Supervised capital-raising exercises to finance project
development.
 Successfully organized the AGM on April 23, 2015.
 Ensured the 2014 Financial report, Annual report and
the quarterly financial reports provided a timely and
comprehensive update of the Group’s business performance
and financial state on the reporting date.
 Supervised the implementation of GMS and BOD resolutions.
 Maintained oversight on activities in order to improve
operational performance and meet business targets.
 Supervised the disclosure of information to stakeholders.
2015 REPORT
The Board of Directors believes that efforts to restructure and
optimize the organization structure and streamline business
operations have resulted in a more efficient, and lean corporate
structure, without negatively impacting output. Net revenue was
VND34.0 trillion for 2015, amounting to 113.5% of the budget
approved by the AGM. Although profitability fell short of the
budgeted amount at 50% of the approved target of VND3.0
trillion, Vingroup set a record of contracted sales of VND70.8
trillion, a figure which will flow into revenue and profit in the next
few years.
Even with more intense competition during 2015, Vingroup’s
projects still met their deadlines and achieved outstanding
operating results. Revenues also exceeded planned levels and
the Group maintained its leadership position in core areas. These
achievements are thanks to the hard work and stewardship
on the part of Management and senior executives, whose
Report of the Board of Directors
Corporate Management and
perseverance and adaptability resulted in timely, innovative advanced technology and progressive management tools to
strategic adjustments and coordinated execution. improve operational efficiency, (3) empowering and raising
Governance Plans for 2016 the productivity of middle-management executives, and (4)
Vingroup continues to maintain its leadership in contributions further aligning individual objectives and incentives with
to the community. Among these contributions are building During 2015, Vingroup restructured its organization to those of the team.
schools for children in remote and mountainous areas, improve overall efficiency and raise the productivity of each
donating heifers to farmers, and using advanced and employee. In 2016, the Group will undertake a comprehensive
environmentally-friendly technologies in all of its projects. management system reform. The comprehensive reform in Participation of Board 60
members in corporate
2016 aims to build a new system that will improve internal
control to ensure sustainability for the long term. 61
activities of the board of governance programs
The 2016 comprehensive management system reform
directors during 2015
Cor porat e G overnance
includes a number of components aimed at: (1) refining During 2015, members of the Board of Directors (except for
management systems in accordance with best practices and three independent members) participated in all seminars and
maintaining the Group’s culture and core values, (2) integrating training sessions on corporate management and governance.
INTRODUCTION OF THE BOARD OF DIRECTORS
The Board of Directors consists of ten members, including a
Chairman and three independent directors.
Further details can be found in Corporate Profile – Board of
Directors, Page 30.
BOARD MEETINGS AND THE PROMULGATION OF
THE GROUP’S MAJOR DECISIONS
During 2015, the Board held a total of 18 meetings with a
member participation rate of 100%. The Board issued 95
resolutions, approving important policies that impacted the
Group’s operations and prospects. The resolutions can be
summarized as follows:
Number of
Content resolutions
Reorganizing the corporate management 64
and operational structure, establishing
the P&Ls, making executive appointments
at the Group and P&L levels
Fund raising, issuance of corporate bonds, 11
pledging of assets
Investment approval and changes to 9
construction schedules of development
projects
Increasing charter capital by paying share 11
dividends and converting the international
convertible bonds into shares
Total 95
Report of the Supervisory Board
Report of the Supervisory Board

Activities of the Supervisory

Board During 2015
During 2015, the Supervisory Board collaborated closely with
the Board of Directors and Management. The Supervisory
Board frequently monitored resolutions issued by the Board,
decisions by Management and audits conducted by the
Internal Audit Division. It helped to ensure that resolutions
were issued and implemented in compliance with legal
regulations and the internal policies of the Group.
 Supervised execution of business plans and progress of
achieving revenue targets.
 Assessed financial investments and advised the Board on
ways to minimize risk and maximize returns.
 Ensured accuracy of quarterly and annual financial
statements in accordance with Vietnamese Accounting
Standards and current fiscal policies.

Ensured compliance with laws and regulations on
information disclosure.
In addition to these quarterly meetings, the Supervisory
Board attended several Board meetings and met the Internal
Audit Division, functional Divisions and independent auditors
in order to carry out its duties.
Plan of Action of the 62
Supervisory Board for 2016
63
In 2016, the Supervisory Board plans to continue to carry out

Cor porat e G overnance

The Supervisory Board carried out these functions during
2015:
 Supervised implementation of 2015 AGM’s resolutions
covering dividends, increasing charter capital, and other
AGM actions.
its mandated functions and responsibilities, as follows:
 Reviewed and evaluated key related-party transactions.
 Monitor the suitability and legality of the Group’s business
activities.
The Supervisory Board has not reported any unusual changes
in business, investment, or finance during 2015. It did not
 Examine the implementation of Annual General Meeting
perform any unscheduled inspections during 2015, due to the
(AGM) and Board resolutions and decisions.
stability and transparency of the Group’s business activities.

 Reviewquarterly and annual financial statements for accuracy

During 2015, the Supervisory Board held four quarterly meetings as follows: and completeness.

Number of  Advise the Board on ways to increase capital efficiency and

No Date attendees Content Result improve asset utilization. Examine mechanisms and policies to
1 March 30, 2015 4/4 Evaluated several key resolutions issued The resolutions have been properly minimize risk in the Group’s business operations.
by the Board of Directors during the first executed.
quarter  Carry out inspection programs in specific business areas
Reviewed the consolidated and separate Financial statements were accurately based on requests from shareholders.
financial statements, and draft audited prepared in accordance with the standards.
financial statements in 2014  Coordinate activities among the Supervisory Board, the
2 June 29, 2015 3/4 Evaluated and reviewed the The resolutions were made in accordance Board of Directors, Management and shareholders to
implementation of resolutions issued by with the regulations and the charter and maximize efficacy.
the Board of Directors during the second they have been correctly executed.
quarter
3 September 8, 4/4 Evaluated and reviewed the The results indicated that the relevant
2015 implementation of resolutions issued by Divisions and businesses had carried out the
the Board of Directors during the third resolutions correctly.
quarter
Reviewed transactions with related parties The implementation of information
and the implementation of information disclosure and transactions with related
disclosure parties are in compliance with the law.
Reviewed financial reports of the first 6 The 1H2015 financial report fully reflected
months in 2015 the financial position of the Group for the
first 6 months and was reviewed by the
independent auditor Ernst & Young.

4 December 22, 4/4 Evaluated the implementation of key The projects were implemented on schedule
2015 projects with almost no mistakes regarding financial
regulation and asset management. Key
regulatory approvals had been obtained, and
outstanding documents were being updated
or applied for by the relevant Divisions.
Governance Report
2015 Governance Report
The Board of Directors and Management place great emphasis
on the role of corporate governance in the management
of the Group. During 2015, Vingroup fully complied with
prevailing regulations on corporate governance applicable to
a publicly listed company regarding information disclosure.
We disclosed information related to business activities within
the required time in a transparent manner to all stakeholders
and investors.
In 2015, Management reorganized certain divisions in order
to enhance their administrative and competitive capabilities.
We also concentrated on reviewing and establishing a set of
internal regulations to streamline processes and strengthen
management capability. These regulations will enhance the
capacity and efficiency of administration in areas such as
business, finance, investment, human resources, risks, brand
management, information technology, asset utilization, and
internal supervision and audit.
Vingroup is proud to be one of the few enterprises providing
shareholders and investors with transparent information
through information released to the Stock Exchange and the
State Securities Commission in accordance with regulations
for listed companies, as well as through financial reports
made in line with Vietnamese Accounting Standards (VAS)
and International Financial Reporting Standards (IFRS).
Remuneration for the
Board of Directors,
Supervisory Board and
Management
REMUNERATION MECHANISM
The remuneration policy for the members of the Board of
Directors, Supervisory Board, and Management complies
with the regulations on remuneration, incentives and
operating expenses for members of the Board of Directors, the
Supervisory Board and the CEO in the Charter. Remuneration
is further approved by the Annual General Meeting and
complies with relevant laws.
REMUNERATION FOR THE BOARD OF DIRECTORS
AND SUPERVISORY BOARD IN 2015
In 2015, there were ten Board members and four members of
the Supervisory Board, after one member of the Supervisory
Governance Report
Board resigned in April 2015. International Hospitals, Vinpearl Hotels and Resorts, Vinpearl
Land amusement parks, and Vinschool. Vingroup Cards are
In April 2015, the total remuneration for members of the also given to members of the Board of Directors, Supervisory
Board of Directors and the Supervisory Board of Vingroup Board, and Management to earn loyalty points when using
was approved by the AGM as a percentage of after-tax profit Group services.
as below:
 Business-related expenses Actual expenses for business
 The remuneration for the Board of Directors not to exceed trips are reimbursed for members of the Board of Directors, 64
0.4% of 2015 after-tax profit. Supervisory Board, and Management as follows:
Business class tickets for air, rail, water or road travel both 65
 The remuneration for the Supervisory Board not to exceed domestically and internationally.
0.1% of 2015 after-tax profit. Group hotels for business-related travel, or 4 or 5-star
Cor porat e G overnance
hotels if Group hotels are not available.
2015 remunerations for the Board of Directors and the Supervisory Other business expenses are reimbursed based on actual
Board are: costs.
 The Board of Directors received a total of VND5.5 billion,
equivalent to 0.37% of 2015 after-tax profit, and
Changes in membership of
 The Supervisory Board received a total of VND1.5 billion,
the BOarD of directors,
Supervisory Board and
equivalent to 0.1% of 2015 after-tax profit.
Management
Management received salaries and incentives based on their
employment contracts, and did not receive any other form of
remuneration.
Ms. Hoang Thuy Mai – a member of the Supervisory Board –
Other benefits for members of the Board of Directors, resigned on April 23, 2015.
Supervisory Board and Management
 Regular health check-up Members of the Board of
Director, Supervisory Board, and Management receive Change in the list of
full reimbursement of actual costs for an annual check-up
related parties of a public
company
at one of the Vinmec International Hospitals or another
quality medical outlet selected by the Group.
 Health insurance In addition to social and medical None.
insurance according to the law, members of the Board
of Directors, Supervisory Board and Management are
provided with health insurance for themselves and for
direct family members.
 Company telephone Members of the Board of Directors,
Supervisory Board and Management are supplied with a
mobile phone with services plus reimbursement for usage
costs.
 Discounts when using Group services Members of the
Board of Directors, Supervisory Board, and Management
receive discounts for certain Group products and services.
Such discounts are applicable for services at Vinmec General
Internal Audit Report
Internal Audit Activities
in 2015
In 2015, the Internal Audit Division reviewed and evaluated
business and compliance activities of the Corporate Office
and P&Ls. In particular:
 Inspecting and evaluating the quality of real estate products
sold to customers and customer care services.
 Reviewing compliance in addressing the interests of
customers in accordance with the law and terms of sale.
 Following up on customers’ feedback and suggestions.
 Monitoring relationships between the Group’s construction
companies and vendors to ensure that partners are treated
with fairness, transparency, timeliness and in the spirit of
mutual long-term benefit.

Inspecting the working environment, compensation,
employment benefits and training programs, in order
to provide equitable incentives and equal development
opportunities to Vingroup employees.
 Evaluating the use of assets to create returns, regularly
comparing the operating metrics of the Group’s business
lines with leading regional companies in the same industries.
 Cooperating with the Finance Division and International
Finance and M&A Division to review the adequacy,
reliability, timeliness and transparency of financial and
nonfinancial information of each P&L in order to support
the management functions of the Corporate Office.
The Internal Audit Division keeps updated on relevant
developments in audit practices and functioned as an
independent and specialized body to monitor the business
operation and financial condition of the P&Ls. In 2016, the
Internal Audit Division will also strengthen its advisory role to
help the P&Ls achieve their targets.
Risk management
The aims of Risk Management
includes the CEO, Divisions of the Corporate Office and the
lines of business.
Vingroup has built a risk management framework in
 The second line of defense is responsible for building
accordance with international rules and standards (ISO
policies, procedures and risk management tools, supporting
31000), while ensuring that it is suitable to the Group’s
the implementation of risk management activities at the
corporate structure and the business environment in Vietnam.
Corporate Office and P&Ls. The second line of defense
Risk management at Vingroup is based on these principles:
consists of the Board of Directors and the Risk Management 66
 A consistent risk management framework, coupled with Division.
effective risk management tools, should support the Group’s 67
business development strategies.  The third line of defense is responsible for assessing the
effectiveness and efficiency of risk management activities
Cor porat e G overnance
 Risk
management should identify risks in a timely manner in the Group. The third line of defense encompasses the
and help maximize the outcome of favorable opportunities. Internal Audit Division.
 Vingroup will clearly allocate responsibilities and ownership Based on the three lines of defense, the risk management
in risk management and establish regular supervision and responsibilities are assigned to the Board, the Management and
reporting mechanisms. the Divisions as follows:
 We will establish a common language in order to strengthen
Responsible party Risk management responsibility
the risk management culture at Vingroup.
Board of Directors Issues regulations, strategies and
policies on risk management, and
The Group recognizes that risk management is not only determines the organization structure,
about threats but also about opportunities. Therefore, risk functions and responsibilities of the risk
management is not risk minimization at all costs, but is about management system.
optimizing the correlation between risks and opportunities,
and accepting risks within a pre-defined risk appetite. CEO Supervises and ensures that risk
management activities are carried
Vingroup is prepared to take risks in a prudent manner for
out in line with strategies and policies
justifiable business rationales. on risk management.
The Risk Management Coordinate with other Divisions to
manage risks with approved tools,
Risk management structure
Division, Internal
Audit Division, and limits, procedures appropriate for the
Risk Management Corporate Office and P&Ls.
The model of risk management used at Vingroup is departments at the
constructed with three lines of defense in order to ensure the P&Ls
independence and objectiveness of the Risk Management
Division. The model of risk management operates throughout the
Group, from the Parent Company to P&Ls, to ensure coherent
 The first line of defense is responsible for risk ownership and continuous management of risk.
and management in its operations. The first line of defense
2
Board of Directors
Risk Management Process
Risk Management
Division
1 3 The Group uses a risk management process consisting of six
Internal Audit
components. This process provides a logical and systematic
CEO
Division
approach to identify, analyze, assess the level of severity,
Corporate Office
formulate the risk mitigation measures, monitor and
P&Ls
review, and communicate risks to provide information for
 Risk management Risk management

Management to use for decision-making and timely response
to both risks and opportunities. This risk management system
is constructed based on the principles and guidelines of ISO
31000 standards as well as best risk management practices in
the industry.
The CEO and Head of the Risk Management Division submit
risk management policies to the Board of Directors for
approval at least annually, and the major risk factors of the
Group is reviewed and assessed at least quarterly.
those with promising economic prospects. Specialized
divisions monitor the macroeconomic environment and
consult with the Management and P&Ls to forecast future
macroeconomic trends and their impacts on key business
areas, from there working out appropriate strategies and
policies.
Financial risks
Financial risks for Vingroup include risks related to liquidity,
interest rates and foreign currencies. Quarterly, the Finance
Division and International Finance and M&A Division assess
Project development risks
Vingroup maintains a thorough project management
system comprising several components for budgeting,
cost management, quality control, regulatory compliance
and speed of execution. There are stringent procedures to
select well-qualified vendors for projects based on criteria
such as experience and reputation. We also emphasize
close supervision of our contractors. Senior executives in
the Construction Supervisory Division are experienced
practitioners from the design and engineering industries,
well-equipped to evaluate the quality of external contractors.
than on seniority in order to attract and motivate talent.
The Group seeks to build a full leadership pipeline and
strong management bench to support our rapid expansion.
VinAcademy regularly organizes large-scale training programs
for employees. Last but not least, Vingroup places emphasis
on growing young talent to become future managers.
Environmental risks 68
Construction projects may cause air, noise and water pollution. 69
Large-scale mixed-use projects may impact ecological,
economic and social environments around them. We pay

Cor porat e G overnance

Risk Management Activities
in 2015
During 2015, in line with our approach, Vingroup continued
to strengthen the risk management procedures. When there
are significant transactions, market volatility or changes in the
legal framework, the Corporate Office and P&Ls had consulted
with the Risk Management Division, and functional Divisions
such as the Legal Division and the Finance Division following
the process for timely assessment and resolution.
conditions in the capital and financial markets to proactively
manage the debt portfolio and other commitments of the Personnel risks
significant attention to the potential environmental impacts
of each project. All projects undertaken by Vingroup goes
Group. The Finance Division and International Finance and M&A through rigorous socio and environmental appraisals before
Division consult with local and international banking and finance The domestic labor market still lacks experienced personnel, development commences, and the Group uses the strictest
experts to propose and implement risk management solutions, especially those with senior roles. We have a competitive standards in design and environment-friendly materials in our
such as using derivatives, especially ahead of large transactions compensation framework which is based on results rather projects.
or transactions in foreign currencies. In order to manage liquidity
risks, Vingroup actively manages our debt maturity profile and
ensures that cashflows are carefully controlled.
Competition risks

To improve the risk management system, it was necessary to
raise risk management awareness on the part of all the staff
at the first line of defense. Therefore, during 2015, the Group
frequently organized seminars to disseminate information
about new risks and changes in the legal environment for all
members in the Management and staff.
MANAGING MATERIAL RISKS IN 2015
In 2015, the following risks have been identified to have
material implications on the Group’s operations and
prospects, and have been appropriately monitored and
controlled as follows:
Macroeconomic risks
Operations in the property, retail and hospitality businesses
tend to fluctuate with changing macroeconomic conditions.
Important macroeconomic factors such as growth rates,
inflation, credit growth, exchange rates, consumer indices,
saving rates, investment and unemployment affect
Vingroup’s operations and results. The Group manages
macroeconomic risks by focusing on recurring income
businesses such as commercial and hospitality properties,
retail, healthcare and education, and maintaining an
investment portfolio comprising many projects in
provinces and cities throughout the country, especially
Vingroup’s businesses, such as real estate, leasing and retail,
face a high level of competition. For each line of business,
competitors of the Group vary from multi-national groups to
domestic rivals offering products and services similar to those
of Vingroup. We innovate constantly to launch new, attractive
and high-quality products and enhance our competitiveness
in the market. Our loyalty program, Vingroup Card, has also
been designed to link the ecosystem of products and services,
increase value add for customers, and position Vingroup
ahead of the competition.
Investment risks
Investments in new projects are implemented based on
business strategies that are defined at the beginning of the
year. Every investment has to be financially viable compared
to our average cost of capital or the relevant P&Ls, or be
important to the Group’s strategy. Before an investment
is made in a new project, risks such as market, legal,
licensing, tax or operational have to be carefully assessed,
and mitigating solutions proposed if necessary. The Group
frequently consults with financial, legal and tax advisers and
follows rigorous due diligence and mergers & acquisitions
processes for potential acquisitions.
 Share Information and

Share Information and Investor Relations

Investor Relations

Vingroup Shares During 2015 FFounding

oundi
d ng
ng shareholders
Ticker: VIC
Outstanding shares (as at December 31, 2015): 1,868,188,087 shares
Market capitalization (as at December 31, 2015): VND85.4 trillion

2015 share price 70

Volume 0.39%
Share price Date Price (VND) Trading volume Date (‘000) 37.11%
Closing December 31, 2015 45,700 Closing December 31, 2015 3,400
71
High December 31, 2015 46,000 High September 18, 2015 7,000
46.18%

Cor porat e G overnance

Low April 6, 2015 36,500 Low May 8, 2015 90
Average volume-weighted price 41,200 Average daily volume 1,100 16.32%
Source: Bloomberg and VCSC
Share performance in 2015 Other shareholders - Foreign

Significant shareholders Other shareholders - Domestic

Prior to September of 2015, Vingroup’s share price moved in market index, because investors began to recognize the positive
tandem with the VN-Index, as the market was weighed down by sales prospects which surpassed expectations and provided
external drivers such as a CNY devaluation and a Fed’s rate hike. visibility for future earnings growth as a new hand-over cycle Shareholder structure
After September of 2015, VIC substantially outperformed the begins in 2H16. (As at December 31, 2015)
Ownership
Number of shares percentage Number of
Foreign investors No Shareholder held (shares) (%) shareholders
SCIC announced privatization
were net sellers due CNY Fed announced 1 Founding shareholders 7,373,208 0.39 1
to concerns about a of large enterprises and TPP
devaluation rate hike
potential Fed hike negotiation concluded Domestic 7,373,208 0.39 1
Foreign 0 0 0
2 Significant shareholders (holding above 5%) 862,647,337 46.18 3
Domestic 862,647,337 46.18 3
Foreign 0 0 0
3 Other shareholders 998,167,542 53.43 8,822

40,000 Domestic 693,340,899 37.11 8,205

25%
Foreign 304,826,643 16.32 617
35,000
Total 1,868,188,087 100 8,826
15% 30,000 Domestic shareholders 1,563,361,444 83.68 8,209

25,000 Foreign shareholders 304,826,643 16.32 617

5% Significant shareholders holding over 5%

20,000
(As at December 31, 2015)
15,000
Number of shares held
-5%
10,000 Name (shares) Ownership percentage (%)
Mr. Pham Nhat Vuong 532,428,120 28.50
5,000
Vietnam Investment Group JSC 226,622,964 12.13
-15%
January March May July September December Hong Thai Investment and Development Company Limited 103,596,253 5.55

VIC VN Index
Total 862,647,337 46.18
 Share Information and Investor Relations Share Information and Investor Relations

History of charter capital increase (2011 – 2015) Insider holdings

Capital mobilized (As of December 31, 2015)
Time of Capital before the from the issuance Capital after the Number of Ownership
issuance Transaction Recipients issuance (VND) (VND) issuance (VND) shares held percentage
2011 Conversion of Convertible 3,726,252,370,000 185,246,560,000 3,911,498,930,000
Title Name Position (shares) (%)
international bonds bondholders Board of Mr. Pham Nhat Vuong Chairman 532,428,120 28.50
Directors
2012 Share swap Existing 3,911,498,930,000 1,582,334,120,000 5,493,833,050,000 Ms. Pham Thuy Hang Vice Chairwoman 61,314,926 3.28 72
shareholders
Ms. Pham Thu Huong Vice Chairwoman 91,811,045 4.91
Stock dividend Existing 5,493,833,050,000 1,510,787,500,000 7,004,620,550,000
Mr. Le Khac Hiep Vice Chairman cum Independent Board 0 0
73
shareholders
Member
2013 Public issuance Existing 7,004,620,550,000 2,276,481,600,000 9,281,102,150,000

Cor porat e G overnance

shareholders Ms. Nguyen Dieu Linh Vice Chairwoman cum Deputy CEO 140,853 0.01
Conversion of Convertible 9,281,102,150,000 6,966,640,000 9,288,068,790,000 Ms. Vu Tuyet Hang Vice Chairwoman cum Deputy CEO 9 0
international bonds bondholders
Ms. Mai Huong Noi Board Member cum Deputy CEO 0 0
Share swap Existing 9,288,068,790,000 7,968,000,000 9,296,036,790,000
shareholders Mr. Joseph Raymond Gagnon Board Member 0 0
2014 Conversion of Convertible 9,296,036,790,000 722,201,960,000 10,018,238,750,000 Mr. Marc Villiers Townsend Independent Board Member 0 0
international bonds bondholders
Mr. Ling Chung Yee Roy Independent Board Member 0 0
Stock dividend Existing 10,018,238,750,000 4,527,312,230,000 14,545,550,980,000
shareholders Management Ms. Duong Thi Mai Hoa CEO 0 0
2015 Conversion of Convertible 14,545,550,980,000 372,690,630,000 14,918,241,610,000 Ms. Nguyen Dieu Linh Vice Chairwoman cum Deputy CEO 140,853 0.01
  international bonds bondholders
Ms. Vu Tuyet Hang Vice Chairwoman cum Deputy CEO 9 0.00
Stock dividend Existing 14,918,241,610,000 3,763,639,260,000 18,681,880,870,000
shareholders Ms. Mai Huong Noi Board Member cum Deputy CEO 0 0

Mr. Pham Van Khuong Deputy CEO 1,144,049 0.06

Dividend payment history (2011 - 2015) Mr. Dang Thanh Thuy Deputy CEO 177,983 0.01

Ms. Nguyen Thi Diu Deputy CEO 0 0

Dividend year (%) Form of payment Time of payment
2011 12.40 Share 2012 Ms. Nguyen Thi Thu Hien Chief Accountant 108 0.00001

2012 15.10 Share 2012 Supervisory Mr. Nguyen The Anh Head of the Supervisory Board 7,489 0.0004
Board
2013 21.49 Cash 2014 Mr. Dinh Ngoc Lan Member of the Supervisory Board 1,055 0.0001
48.70 Share 2014 Ms. Nguyen Thi Van Trinh Member of the Supervisory Board 0 0
2014 14.00 Share 2015 Ms. Do Thi Hong Van Member of the Supervisory Board 0 0
Q1 2015* 11.80 Share 2015
Total 687,025,637 36.77
* This is the advance dividend for 2015’s first-quarter profit, which was approved by the shareholders at the Annual General Meeting held on April 23, 2015.

Transactions by insiders in 2015

Treasury shares (held by the Parent Company): None. Number of shares

Number of shares held held after the
prior to the transaction transaction

Name Relationship with insiders Shares (%) Shares (%) Rationale

Vu Tuyet Hang 19,499 0.001 9 0 Selling of shares
Vu Khanh Phuong Sister to Board Member 30,658 0.002 0 0 Selling of shares
 Share Information and Investor Relations Share Information and Investor Relations

Bonds listed on overseas exchanges 2015 Investor Relations Calendar

Value as at Value as at
31.12.2015 Change 01.01.2015
Bond Exchange (USD) (USD) (USD) Citigroup - 12th Annual Asia Pacific Investor Conference Singapore
Convertible bonds (*) Singapore Exchange (SGX-ST) 106,300,000 (56,900,000) 163,200,000 Thailand Infrastructure and REIT Conference Bangkok
Unsecured International bonds Singapore Exchange (SGX-ST)

(*) As of March 16, 2016: All convertible bonds have been converted into common shares
200,000,000 0 200,000,000
Q1 Release of FY 2014 financial results
Credit Suisse Asia Frontier Markets Conference London & New York 74
VietCapital Vietnam Access Day Conference Ho Chi Minh City
Bond issuances in 2015 75
Bond value

Cor porat e G overnance

Bond Number of issuance Type of bond Currency (VND billion) FY 2014 Investor Meeting and tele video conference Hanoi & Ho Chi Minh City
2 year tenor 3 Domestic VND 3,005 Annual General Meeting Hanoi
Quý 2
Q2
3 year tenor 4 Domestic VND 5,605 UBS LVMC Conference Bangkok
4 year tenor 1 Domestic VND 800 1Q 2015 Investor Call Hanoi
VCSC - Vietnam Access Day 2015 Ho Chi Minh City

Shareholders and Investor bulge-bracket investment banks to further ensure access for
all investors. These conferences were held in both domestic
Relations Activities in 2015
HOSE Daiwa Vietnam Corporate Day Singapore
and overseas locations such as Singapore, Thailand, the UK
HOSE Investors' Day Ho Chi Minh City
and the US, where we met hundreds of investors who have

Vingroup maintains an active investor relations program to

handle inquiries, disclose information, and manage relations
interest in Vingroup.
Q3 Korea - Vietnam Day
2Q 2015 Investor Call
Seoul
Hanoi

with shareholders, investors, analysts and other interested
parties. We are committed to equitable treatment of all
shareholders, including minority, institutional, domestic and
foreign.
The Group provides shareholders and the public timely and
accurate information on its businesses through its official
website and SGXNet. Investor presentation materials as well
as news and financial releases of the Group in both English
and Vietnamese are released simultaneously and may be
viewed and downloaded from its website www.vingroup.net,
under the Investor Relations web page.
In addition to the AGM, quarterly conference calls and investor
meetings following the release of financial results, Vingroup
also hosts regular briefings and meetings with investors and
analysts as well as site visits to keep them updated on the
Group’s various projects, financial and operational results.
Many of these events feature access to senior management
to answer questions regarding strategy and operational
focus. During 2015, Vingroup organized 170 events, including
meetings, conference calls and site visits for investors. The
Group hosted meetings and presented at a number of
conferences organized by leading financial institutions and
The fourth annual Vingroup Tour took place in November Euromoney Conference - Vietnam Global Investment Forum Hanoi
2015 with the participation of more than 60 investment funds
and securities firms, an increase of 50% compared to 2014.
This increase reflects growing interest in the Group, and our
new projects in major cities and provinces such as Hanoi, Ha Morgan Stanley Fourteenth Annual Asia Pacific Singapore
Long and Nha Trang. Summit
Efforts to deliver and connect Vingroup to investors have
been recognized at the Asian Excellence 2015 Awards, which
Vingroup Tour 2015
3Q 2015 Investor Meeting
Hanoi, Ha Long & Nha Trang
Ha Long Q4
honored Vingroup with the “Best Investor Relations Company
- Vietnam” award. Ms. Duong Thi Mai Hoa also received the
“Asia’s Best CEO - Investor Relations” award by the Hong
Kong’s Corporate Governance Asia journal in 2015.
Vingroup’s Investor Relations aims to engage in more activities
next year. We plan to increase the number of appearances and
investor contact opportunities as well as to provide prompt
responses to investor and analyst inquiries. Investor Relations
can be reached via email at ir@vingroup.net.
Vingroup Tour 2015 Vietnam Access Day – VCSC
Humanity
Invest in a sustainable
ecosystem
“Vingroup will demonstrate corporate social responsibility and patriotism by har-
monizing corporate benefits with community contributions.”

Vingroup’s Mission

SUSTAINABLE DEVELOPMENT

Vingroup’s Vision for Sustainability 78

2015 Highlights 80

Managing Sustainability 82

2015 Sustainability Report 85

 S us tainable Development
VINHOMES TIMES CITY - PARK HILL
Hanoi
Vingroup’s vision for sustainability
vingroup’s vision for
sustainability is expressed
in four key commitments
Market – Vingroup provides unique, creative, premium
products and services that meet international standards and
exceed customer expectations while reflecting local tastes
and upholding Vietnamese cultural values.
Shareholders and Partners – Vingroup is committed to
becoming the most preferred partner by upholding a spirit of
Sustainability by the numbers
18.000 Vinhomes residents received
VinEco clean, safe agricultural products
during 2015.
Vingroup employees received a total of
2.4 million hours of training,
including 1.1 million hours for
technical skills.
Lunar New Year gifts were given to over
600,000 people in more than
150,000 households.
Vingroup supported construction of
1,581 homes for poor families in areas
impacted by storms and floods, bringing
to over 20,000 the number of homes
built for poor families.
Nearly 2,000 tons of clean, fresh
vegetables and fruits were supplied
through Vinmart supermarkets
throughout Vietnam.
cooperation for mutual benefit in which the Group is respected
by our shareholders and partners for creating long-term value.
Employees – Vingroup upholds equal opportunity
employment practices based on merit while also striving
to be a compassionate employer that offers a creative and
dynamic workplace.
Society – Vingroup seeks to demonstrate its leadership in the
corporate community and commitment to corporate social
responsibility by harmonizing corporate goals with contributions
to the community.
4,400 poor families in 7 provinces
received free heifers and training in
farming techniques to them sustainably
escape poverty. To date, a total of
19,400 heifers have been provided to
families in 14 provinces.
A corporate culture project spearheaded
by 60 ambassadors was launched to
promote Vingroup values.
56 articles on sustainability and corporate
culture published over 52 weeks in 2015
reached all Vingroup employees via internal
media channels.
9,000 members in Vinclub social
network, the internal platform built to
promote the Vingroup corporate culture.
Vingroup employees contributed over
1,000 ideas to improve quality and
productivity after a symposium on
promoting a responsible, proactive, and
effective culture.
2015 Highlights
VINECO AGRICULTURAL PRODUCTS LAUNCHED,
EMPLOYING ADVANCED, SAFE, AND
RESOURCE-EFFICIENT TECHNOLOGY
Six months after the announcement of the VinEco brand,
the Group’s first agricultural products arrived in stores. Early
deliveries were made possible through the use of advanced,
mechanized and environmentally friendly production
techniques. Some of the production techniques being used
by VinEco have been imported from Japan and Israel.
VinEco observes the strictest standards of agricultural
production in its selection of input factors such as soil,
water, and seeds. The use of modern techniques in growing,
harvesting, packaging, preserving, and distributing has also
led to a positive reception from customers.
VINSCHOOL ELEMENTARY SCHOOL - TIMES CITY
Hanoi
GROUNDBREAKING FOR THE PUBLIC PARK
AT VINHOMES CENTRAL PARK, THE LARGEST
RIVERSIDE PARK IN THE CENTER OF HO CHI MINH
CITY
The park has a total land area of 14 hectares, stretching along
the Saigon River. When finished, this park will provide an oasis
of green space at the heart of the city, where community
activities such as sports and live performances will be held
frequently. The large pond at the center of the Park will
contribute to a more natural environment.
The park will be one of the select few in Ho Chi Minh
City featuring a water music display, wifi service, and
complimentary public potable water fountains.
INCREASED EMPHASIS ON HEALTHCARE AND
EDUCATION
The Group has given priority to these two sectors to improve
the quality of life for residents of Vinhomes communities in
particular and the people of Vietnam in general.
During 2015, Vinmec opened two new hospitals in Phu
Quoc and Ho Chi Minh City. Construction continues on new
hospitals in Quang Ninh, Nha Trang, and Hai Phong. Vinmec is
also making preparations for the opening of Vinmec Medical
University.
Among 2015 highlights was the expansion of Vinschool
enrollment to 10,000 students. During the year, Vinschool
continued to update its educational program and teaching
methods. VinAcademy is preparing for the launch of its
International VinUniversity, which will partner with leading
universities around the world.
IN VILLAGES WITH ENVIRONMENTAL
POLLUTION, MORE THAN 300 CHILDREN
RECEIVED FREE HEALTH EXAMINATIONS FROM
VINMEC STAFF
In Bac Ninh, Vinmec International General Hospital provided
free health examinations for children in Man Xa village after
reports of children with lead exposure. These actions were well
received and inspired Vinmec to organize a follow-on series of
community events called “Bridge of Hope,” to promote cancer
preventive screenings.
“Health examinations by Vinmec helped the residents see the
need to have regular checkups to detect cancer at an early stage.”
Nguyen Huu Quat, Deputy Party Secretary, Bac Ninh
Province
EDURUN 2015 SUCCESSFULLY RAISED
VND1.2 BILLION FOR SCHOOLS IN REMOTE
MOUNTAINOUS AREAS
The EduRun Race was jointly sponsored by Vinschool, Dan
Tri online newspaper, and the Nhan Ai Fund. This event
raised funds to build schools for children living in the
highland area of Chieng So, Son La Province. Held for the
first time on March 30, 2015, the event drew more than
7,000 participants and raised over VND1.2 billion.
After a very successful start, the EduRun Race is being
staged annually as a main Vingroup-Vinschool community
contribution event.
2015 Highlights
APARTMENTS CONSTRUCTED WITH “GREEN
LIVING” THEME
Vingroup’s experience in creating quality apartments was
applied to the creation of automated and environmentally
friendly homes in mixed-use urban areas. The “Green Living”
concept has since been brought to the forefront in the
Group’s latest projects such as Vinhomes Times City – Park Hill, 80
Vinhomes Gardenia, and Vinhomes Central Park.
81
Vingroup’s new homes emphasize modernity and harmony
with nature, where residents can fully recharge after a busy
S us tainable Development
work day.
FIRE PREVENTION PROMOTION AND
INVESTMENT
In November of 2015, Vinhomes organized large-scale
fire drills to help residents learn about fire prevention and
rescue services. Among the buildings covered by the drill
were Vinhomes Times City, Vinhomes Royal City, and Vincom
Center Dong Khoi. Participants in the fire drill included local
fire fighters, police, emergency medical technicians, Vinmec
hospital staff, local People’s Committees, residents, and
building employees. The event was the biggest fire drill of
2015.
“The fire drill was the largest and most well-organized in
2015, with active participation from the Ho Chi Minh City fire
department, rescue forces, building employees at Vincom Center
Dong Khoi, the Red Cross and area hospitals.”
Lieutenant General Bui Van Thanh, Public Security
Deputy Minister
VINPEARL SAFARI ANNOUNCES PROGRAM ON
ANIMAL CONSERVATION
In September of 2015, Vingroup announced the Vinpearl
Safari Animal Conservation Program to carry out research,
education, and fund-raising programs for the conservation
of wild animals in order to raise public awareness of
environmental issues and promote green tourism. The first
programs will study endangered species and their natural
habitats, with initial focus on those indigenous to Vietnam.
 MANAGING SUSTAINABILITY
MANAGING SUSTAINABILITY

VINGROUP’S SUSTAINABILITY During the period of 2016–2020, long-term sustainability ENGAGEMENT ACTIVITIES WITH STAKEHOLDERS
STRATEGY in 2016 - 2020
requires that Vingroup balance among all of the four goals:
(1) accomplishing business goals in order to grow effectively OUR INVESTORS OUR CUSTOMERS OUR COMMUNITY
and sustainably, (2) constantly developing human resources,
Vingroup’s economic growth is closely linked to
(3) maintaining social responsibilities, and (4) protecting the
commitments to the Group’s employees, environmental
environment.
protection and corporate social responsibility. Economic
growth is the most important component as it fuels the 82
Group’s operations and allows us to fulfill commitments to
our people, society and the environment.
83

S us tainable Development
Vingroup’s goal is to maximize growth in ways that ACCOMPLISHING BUSINESS GOALS IN
ENVIRONMENTAL ORDER TO GROW EFFECTIVELY AND
PROTECTION are sustainable. The Group seeks to maintain its
SUSTAINABLY
Management regularly holds direct • For home-buyers, we develop Vingroup works with community
leadership position in the real estate market, as meetings with shareholders and organizations to understand the needs
environmentally-friendly projects
well as to lead in all of the other business segments
investors to deliver updates on with high green density. Customer of local residents. The Group supports
in which it operates. At the same time, the Group
intends to make sustainable contributions to the business performance and important care includes well laid-out mock-up community programs such as local
economy by observing transactions. The Group also units, easy-to-follow hand-over clubs and charity events sponsored by
all of the consumer organizes timely AGMs and follows minutes and highly-qualified residents in Vinhomes urban areas.
Protection of the environment is a requirement for protection standards corporate governance best practices
that apply, including Vingroup intends to consultants to facilitate transactions.
success. Vingroup will minimize energy usage in all of its
environmental and social develop its human regarding disclosures. The Investor • For tenants at shopping centers, we
facilities, and will observe environmental protection Relations Quarterly Newsletters, the
standards. resources in ways that are optimize the category mix, attract
plans in each of the buildings that the Group manages. Vingroup website, periodic meetings
sustainable, to guarantee popular anchors and hold periodic
Our construction activities will adhere to the highest
employee rights and equal and site visits are additional avenues large-scale events to attract shoppers.
standards of environmental
protection, and our
treatment of all employees, for Management to engage investors. • For our other customers, our
to build a strong corporate culture, to deliver the highest Customer Care Center hotline is
products will be designed
quality of employee training, and to build team spirit
with “Green Living” in mind. available 24/7 to provide information
within its workforce by organizing community
As a responsible and assistance on any of the Group’s
involvement and charitable activities for employees.
corporate citizen, products and services.
the Group develops
products that meet
community standards, improve social wellbeing OUR REGULATORS OUR EMPLOYEES OUR BUSINESS PARTNERS
where we operate, and demonstrate respect for CONSTANTLY DEVELOPING
MAINTAINING SOCIAL the values of our community, employees, HUMAN RESOURCES
RESPONSIBILITIES business partners, and customers.

ENGAGING STAKEHOLDERS The following six key stakeholder groups have been
identified:
METHODOLOGY 1. Investors 4. Regulators
2. Customers 5. Employees The Group participates in conferences Further details can be found in Sustainable The Group maintains relationships
3. Community 6. Business partners
organized by our regulators and is a Development – 2015 Sustainability Report, with suppliers and business partners
Vingroup identifies the key stakeholder groups by assessing
member of many trade associations, Page 85. based on transparency and mutual
the potential impact that they have on the Group’s businesses Vingroup maintains close engagement of our stakeholders
including the World Economic benefit. Suppliers are selected based
and impact of stakeholders’ interests in sustainability issues. through various communication channels to ensure their
Forum, the Vietnamese Association of on criteria including compliance with
Our relationship with these stakeholders are managed based feedback on sustainability issues are promptly addressed.
Those issues range from corporate governance, business Enterprises with Foreign Investments the law, commitment to environment
on trust, transparency, a principle of long-term mutual
performance, product innovation and service quality, to (VAFIE) and real estate associations. protection and sustainability values.
benefits and the highest ethical standards.
contribution to the society and the environment where we do
business.
 2015 Sustainability Report
MANAGING SUSTAINABILITY

MATERIALITY MATRIX Accomplishing business COMPLIANCE WITH PROCUREMENT STANDARDS

goals in order to grow
TO MEET SOCIAL AND ENVIRONMENTAL
Vingroup has adopted a materiality matrix approach to materiality to stakeholders with the potential impact on the REQUIREMENTS
identify major sustainability issues and then balance their Group’s businesses and resources. effectively and sustainably
MAXIMIZING GROWTH TO MEET SUSTAINABILITY True to its pledge, Vingroup gives careful consideration to

MATERIALITY MATRIX COMMITMENTS the impact on sustainability goals in its decision making.
Each component in the value chain balances economic, 84
5.0 During 2015, Vingroup’s business growth and financial social, and environmental outcomes.
performance have remained strong. 85
Integrating sustainability in supplier selection
4.5 Further details can be found in Report of Management on 2015

S us tainable Development
Business Performance and 2016 Plan of Action – Vingroup Vingroup places great importance on ESG-related issues by
Operations and Financial Performance in 2015, Page 44. giving preference to suppliers who prioritize ESG elements,
Product responsibility
in order to promote sustainable development. The selection
4.0 criteria include capacity to supply, quality, value-added
Local community Safety and health LEADERSHIP IN REAL ESTATE AND ALL OTHER
BUSINESS SEGMENTS services, cost, innovation, ESG assessments, and adherence
Economic efficiency to labor rights, human rights, and environmental protection.
3.5 Energy Vingroup maintained a leadership position across its
Market presence Vingroup places great importance on ESG-related issues when
Diversity and equal opportunity business segments, notably in real estate, hospitality and
retail. choosing suppliers. To promote sustainable development,
Jobs the Group gives preference to suppliers who prioritize ESG
3.0 Public policy
Materiality to Vingroup

Human rights Further details can be found in Report of Management on 2015 element to be our strategic partners. The selection criteria
Regulatory compliance Education and training
Supplier evaluation
Business Performance and 2016 Plan of Action – Vingroup include capacity to supply, quality, value-added services, cost,
Anti-corruption Operations and Financial Performance in 2015, Page 44. innovation, ESG assessments, and adherence to labor rights,
2.5 Fair remuneration human rights, and environmental protection.
MAKING SUSTAINABLE CONTRIBUTION TO THE
Waste management ECONOMY For instance, during 2015, Vingroup selected eight leading
2.0 international firms to be our strategic partners in design,
Contribution to the national budget supervision consultancy, project management, mechanical
and electrical, engineering, and fire prevention. These
1.5 Vingroup is a high-ranking contributor to the national budget companies are also known for their sustainability efforts and
through its corporate tax payments. The Group ranked 7th in experience on developing green and environmentally-friend-
2015 with a total tax payment of VND4.2 trillion. ly projects. The design consulting company Aedas won the
2011 GreenDot award for sustainable designs and have had
1.0
This was the second consecutive year in which Vingroup many projects conferred the GreenMark standard – one of
ranked among the top ten corporate taxpayers and was the the most stringent green building standards in the world
only privately owned enterprise to achieve this ranking. from the Ministry of Construction in Singapore. The project
0.5 management consulting firm Artelia is also one of the best
Dividends paid to shareholders companies in sustainable development with experience
implementing hundreds of sustainable projects in France,
0.0 Vingroup returns capital to shareholders in the form of China, Vietnam and African countries.
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 dividends and share repurchases. The Group’s prudent
balancing of regular dividend payments and investment Another example of the Group’s supplier selection is the
Materiality to our stakeholders in growth opportunities has helped to build trust with choice of Israel-based Netafim as a source for agricultural
MANAGING MATERIAL ISSUES shareholders and indirectly contributes to the national technology. Netafim has supplied thousands of projects
economy. throughout the world with their water-saving drip irrigation
technology. Netafim will also transfer its technology to
In 2015, the Group conducted a materiality analysis by the responsible Divisions and agreed on a course of action
Furthers details can be found in Corporate Governance – Share Vingroup and provide training to VinEco technical staff.
surveying our stakeholders to organize issues into a matrix which was subsequently carried out during the year.
information and Investor Relations, Page 70.
based on their materiality to us and to our stakeholders. After
the issues had been categorized, Management discussed with
2015 Sustainability Report 2015 Sustainability Report

Sustainability in project selection and development
Vingroup pays special attention to sustainability issues in project
selection. The Group conducts extensive ESG and environmental
studies before undertaking a development project.
In project development, our projects are energy-saving and
have lots of green and clean space as a result of focusing on
green and environmentally-friendly design. Vingroup selects
environmentally-friendly construction materials such as
insulating materials to save energy, light brick, adobe bricks
from industrial waste instead of traditional bricks, man-made
of performance so that fairness and equality of treatment is development scorecard. The Group encourages and sponsors
upheld for all employees. elective education to advance employee career goals. In
order to promote adaptability in the workforce, we also create
Human resource development strategy opportunities for job rotation so that staff can gain hands-on
exposure and practical training.
Recruitment strategy
Employee rights and work environment
Vingroup recruits capable candidates who desire to work in a 86
dynamic, creative and efficient environment.
Vingroup protects employee rights and maintains a healthy
work environment. We do not discriminate on the basis of 87
Development strategy ethnic origin, age, gender, or educational background. In
addition, we maintain a competitive total compensation

S us tainable Development
wood created from straw, rice husks or wood chips instead We pay special attention to employee development scheme aimed at sustainably balancing employee needs with
of natural wood, and local materials instead of imported through providing extensive training and a robust personal fiduciary responsibility to shareholders.
materials.
Total number of employees and average salary
In large-scale development projects, to prepare for long-term
demand, Vingroup has partnered with local agencies to
develop basic infrastructures such as roads, freeways, power Content 2010 2011 2012 2013 2014 2015
stations, and water treatment facilities. Number of employees (people) 936 2,150 5,562 8,731 17,312 29,192
Average salary (VND milion) 8.5 9.1 7.8 9.1 10.0 9.3*
Sustainable products and services
*2015 average salary declined as a result of a sharp increase in the number of employees, mainly in the service sector.
Vingroup’s aspiration of “to create a better life for the
Vietnamese people” underlines our sustainable development 2015 employee distribution by education 2015 employee distribution by age
strategy, and our ecosystem of products and services is fully
aligned with these goals. (People) (People)
18,978 Below university - level 19,652 20 - 30
Further details can be found in Corporate Profile – Businesses,
Page 24.

7,413 31 - 40
Sustainable Human Resource
Development 9,585 University

“Human resource has always been a prime asset of the

Group. It is the dream of all businesses to have all employees 52 Above 60
629 Ph.D and Master
be constantly Proactive, Responsible and Effective. Thus, it
is essential to create and maintain a working environment 41 - 50 78
8
1,678 397 51 - 60
that nurtures and fosters these characteristics.”
2015 employee average age: 28 years
Vingroup Board of Directors
Symposium on the topic of
Vingroup’s work schedule Working conditions
“Proactive, Responsible, Effective Governance”
Vingroup employees work eight hours per day. Vingroup is committed to maintaining a work environment in
PROTECTING EMPLOYEE RIGHTS Non-customer-facing or office employees work five and which each employee can realize his or her full potential. We
one-half days per week, whilst customer-facing or service provide all employees with comfortable, modern offices and
Vingroup’s employees are the driving force behind its success. employees work six days per week. All employees receive paid regular health exams. Customer-facing or service employees
The Group aims to develop a skilled workforce that includes public holidays, vacation and personal days in accordance are further supplied with uniforms and work in environments
experts in key fields and cultivate a professional and friendly with the Labor law. that meet safety and sanitation standards.
work environment. We manage and evaluate staff on the basis
SUSTAINABILITY REPORT
Labor regulations
It is Group policy to maintain an Employee Code of Conduct
that fully complies with all labor regulations.
Employee allowances
• Mobile phone service, where required for specific jobs
• Meals
• Vehicle fuel
• Transportation to and from work
Compensation and benefits
Vingroup salary levels are higher than for other companies
in the real estate sector. We pay competitive salaries for
outstanding performance and experience levels.
Social, health, and unemployment insurance are provided
in accordance with applicable laws. The Group also provides
extra health insurance for all of its employees.
Bonus payments
Vingroup has a coherent incentive system for the Corporate
Office and all Group companies. We also reward employee
with outstanding achievement awards and bonuses.
Employee benefits
The Group employee benefit programs include recreational
and other group programs for employees and their
families. Vingroup builds sports and recreation facilities
for employees to use and regularly organize sports
competition among staff. Recognition and rewards are
given to employees’ children who excel in their studies,
sports, and the arts. The Group also organizes summer
camps with classes in life skills. Last but not least, an
assistance fund is available to help employees and their
loved ones in cases of extreme hardship.
Fairness in the workplace
Treating employees fairly is a Group policy. Fair treatment
encompasses the following standards:
• Non-discrimination of the basis of gender, ethnic group,
social group, and religion.
• Respect for employees opinions.
• Compensation based on performance and contributions
to the business.
• Equal opportunity for recruitment and promotion.
Vingroup encourages women to improve their management,
professional, language, and IT skills. The Group establishes
favorable conditions for women to participate in training and
exchange courses held in Vietnam and overseas, particularly
for courses that fit their personal development scorecard.
Demonstrating the success of our efforts, women are
represented in high proportion at all levels of management
at Vingroup.
2015 employee distribution by gender (people)
Total Male Female
29,192 15,464 13,728
BUILDING A SUSTAINABLE CORPORATE CULTURE
Building a rich and inclusive corporate culture
The core values in Vingroup’s corporate culture are valuable
assets that connect staff members through different phases
of growth, locations and business units to form the basis for
common purpose and development.
To promote the corporate culture, Vingroup has developed
an awards program called, “Good People, Good Deeds,” and
another program known as “Transform To Succeed,” aimed
building support for the group core values. These programs
have helped employees think and work more effectively,
saving time and improving efficiency.
The Group magazine, “Vingroup Home,” published for the past
five years, provides news and project updates for employees
and serve as a forum for exchanging ideas and information
and learning about the Group’s history. In 2015, the magazine
was successfully converted into a social network named
Vinclub.vn.
A meeting of the minds in terms of culture between an
organization and its employees is important in developing a
sustainable corporate structure. As a result, corporate culture
helps Vingroup continue to grow its businesses. It also plays
a crucial role in continuing to attract and retain talented
employees.
Vingroup and the “Proactive, Responsible, and Effective”
mindset
Internalizing this motto is required for employees to be
successful at Vingroup. In turn, this mindset helps the Group
to continue to grow.
The “Vingroup Culture Project”
The Vingroup Culture Project has chosen more than 60 culture
ambassadors to spread the Vingroup corporate values among
all business units.
In November of 2015, Vingroup launched the Culture
Project. This effort includes a newsletter distributed
Vingroup's very own social network
Vingroup
Initiatives
P&Ls
Portal
HUMAN RESOURCE TRAINING
Strengthening human resource and building long-term
value for employees
Vingroup believes that investing in a capable workforce
yields valuable dividends in corporate competitiveness. By
offering numerous training programs, the Group plans to
create the conditions in which all employees can continue
to develop their skills.
In a recent poll conducted by Alphabet, Vingroup climbed
38 notches from the 79th position to the 41st position in the
Top 50 Best places to work in Vietnam, based on employee
compensation, rewards, and training. The Group was
SUSTAINABILITY REPORT
monthly via email, providing information about community
activities organized by the Group and business units during
the month. The Culture Project also organized a series of
training programs and other activities promoting corporate
culture.
During 2015, the Culture Project created an internal
communications tool, the social network Vinclub.vn, where 88
there are separate sections for each business unit with
information on activities planned for employees of that unit. 89
Within the larger web site, there are sub-sections like Vingroup
Pride and innovation contests set up to serve campaigns
S us tainable Development
at the corporate level and to promote greater employee
involvement.
Vingroup Vingroup
Portal Pride
Groups Vingroup
360
o
named “The Best Place To Work” in Real Estate/Architecture/
Design and Retail/Wholesale/Commerce. This is the second
consecutive year we were named the best place to work in
the real estate category. Vingroup also ranked 2nd place in
the Tourism/Hotel category.
Vingroup establishes training programs aimed at improving
employee skills as a means of raising the capabilities of all the
business units.
The Talent Pool project
In the fourth quarter of 2015, Vingroup established the Talent
Pool Project to prepare the next generation of leaders.
SUSTAINABILITY REPORT SUSTAINABILITY REPORT

The Talent Pool Project includes the Young Talent Scholarships
and Vingroup Future Leaders programs:
• The Young Talent Scholarships are awarded to outstanding
students, who also have an opportunity to work as interns
at Vingroup.
• Vingroup Future Leaders is a program that seeks recent
graduates to work at the grass roots level.
Connecting staff to corporate programs
Participation in Group programs
Improving the social environment where we does business
As Vingroup expands its operations, we create jobs
throughout Vietnam, both during the construction phases
and when business operations actually begin. As a result,
we help to reduce economic inequality between cities and
rural areas.
Vinmec, Vinschool, and VinEco all contribute to ensuring a
full and healthy life for Vietnamese people, while helping to
increase benefits for all age groups. VinMart and VinMart+
provide reasonably priced, high quality products with full
information on product sources. VinEco creates a domino
development. As a pioneer enterprise in real estate and
hospitality, the Group is determined to observe green,
innovative, and eco-friendly standards both for customers
and for employees, and to build eco-friendly projects.
Internally, the Group seeks to raise employee awareness of the
importance of environmental protection and adaptation to
climate change. Our focus includes waste treatment systems, 90
energy utilization, the protection of natural resources, and
reducing greenhouse gas emissions in every Vingroup project. 91
GREEN BUSINESS ACTIVITIES

Vingroup places emphasis on employee participation in all
Group activities. Among them, employee activities supporting
the Party has been judged to be outstanding, and the Group’s
Trade Union has been recognized as a leader in Long Bien
District and Hanoi.
Vingroup organizes entertainment and sports activities
including soccer, badminton, yoga, and zumba. Other
entertainment programs include choirs, Vingroup Pride, art
exhibits, Welcome Spring, and running competitions. These
entertainment, sports, and culinary programs attract the
attendance of many staff members, providing them with
meaningful opportunities to relax and work together in ways
that reinforce the Group’s culture.
Community activities to promote social welfare
Community activities sponsored by Vingroup enjoy the
support and involvement of many employees.
The Group encourages staff members to participate in a wide
range of community charitable programs including blood
donation, food and clothing drives, book donations for orphans
and poor families, especially those in remote, mountainous areas
during the Lunar New Year holiday.
Social and environmental
responsibility
SOCIAL RESPONSIBILITY
Developing products for the benefit of the community
Further details can be found in Report of Management on 2015
Business Performance and 2016 Plan of Action – Vingroup
Operations and Financial Performance in 2015, Page 44.
S us tainable Development
effect by raising the quality of agricultural products.
Vingroup has a program to monitor energy savings in all of
our office buildings. We use a variety of methods to raise
Responsibility to the community, employees, partners,
awareness of energy usage, including contests for energy
and customers
savings. To control energy usage, Vingroup carried out
monthly analysis of gas and water consumption during 2015.
Vingroup organizes activities for community development
and environmental protection. In addition, we invest in
We also launched a “Small Actions Produce Great Results”
healthcare, education, and agricultural production to raise the
campaign to generate awareness of environmental protection
living standards of residents of Vingroup communities, as well
throughout the Group. Regularly organized initiatives such
as citizens in general.
as “Turn off the PC when not in use”, “Print on both sides”,
“Electricity off” have successfully raised awareness of and
During 2015, Vingroup continued its tradition of contributing
enforced the habits of energy and resource saving.
to charitable programs, including programs for poor people,
wounded veterans, families of martyrs, recipients of the
GREEN PRODUCTS, GREEN HOMES, AND GREEN
Vietnamese Heroic Mothers Award, orphans, and other social
ENVIRONMENTS
welfare beneficiaries.
Vingroup’s emphasis on environmental protection extends
Vingroup has also supported the healthcare sector, built
from project design through construction and operation
cultural facilities, promoted education, and provided
at all of our properties: resort complexes, shopping malls,
incentives for higher learning. Among many programs, we
urban areas, offices, and apartment buildings. Our planning
supported the Senior Citizens Center and the Youth Training
and architectural design teams are dedicated to achieving
Program. The Group’s donations to charity exceed VND100
environmental protection in every aspect of their work.
billion each year.
Their ideas for protecting the environment include the most
efficient use of space, the creation of modern living and resort
Vingroup sponsors the football talent development fund
complexes, and energy efficiency in building design and
(PVF), which was established in 2009 to support young
construction.
athletes. Since 2009, PVF has held seven courses and its teams
have won major tournaments including the Vietnam National
In all of Vingroup’s landmark developments: from Vinpearl
Youth Championship.
Nha Trang Resort and Vincom Ba Trieu in the early days to
recently completed communities such as Vinhomes Royal
Vingroup’s support of charitable programs has demonstrated
City, Vinhomes Times City, Vinhomes Central Park, Vinpearl
the Group’s ongoing commitment to achieving humanitarian,
Da Nang Resort & Villas, and Vinpearl Phu Quoc, we strive for
social, and charitable goals.
a cutting edge design in properties that are well planned,
comprehensive, and sustainably developed.
Environmental protection
Vingroup understands that effective and efficient resource
utilization is essential to the achievement of sustainable
 Creativity
“Vingroup’s assets grew by leaps and bounds in 2011 – 2015. At the prevailing
exchange rates, Vingroup’s total assets grew four times – from USD1.6 billion
in 2011 to USD6.5 billion in 2015 – which is equivalent to a compound annual
growth rate of 42% p.a.

Vingroup’s 2015 revenue of VND34.0 trillion also grew by an impressive 23% over
2014, of which retail sales at its supermarkets and convenience stores increased to
VND4.3 trillion, 987% higher than last year.”

Tri Thuc Tre Journal, April 2015 CONSOLIDATED FINANCIAL

STATEMENTS

VAS Consolidated Financial 94

Statements

Summary IFRS consolidated 188

financial statements

Reconciliation between VAS and IFRS 195

consolidated income statements
VAS consolidated financial statements VAS consolidated financial statements

CONS OLIDATED FINANCIAL STATEMENTS

VINPEARL NHA TRANG BAY RESORT & VILLAS
Hon Tre, Nha Trang

VAS consolidated financial
statements
GENERAL INFORMATION
THE COMPANY
Vingroup Joint Stock Company (“the Company”) is a joint
stock company established in Vietnam in accordance with the
Business Registration Certificate No 0103001016 issued by
the Hanoi Department of Planning and Investment on 3 May
2002 and the Business Registration Certificate No 0101245486
re-issued on 12 May 2010. The Company also subsequently
received the 60th amended Business Registration Certificate
dated 18 March 2016.
The Company’s shares were listed on the Ho Chi Minh City
Stock Exchange (“HOSE”) from 19 September 2007 in pursuant
THE BOARD OF DIRECTORS
Members of Board of Directors during the year and at the date
of this report are:
Mr. Pham Nhat Vuong Chairman
Ms. Pham Thuy Hang Vice Chairwoman
Ms. Pham Thu Huong Vice Chairwoman
Mr. Le Khac Hiep Vice Chairman
Ms. Nguyen Dieu Linh Vice Chairwoman
Ms. Vu Tuyet Hang Vice Chairwoman
Ms. Mai Huong Noi Member
Mr. Joseph Raymond Gagnon Member
Mr. Marc Villiers Townsend Member
Mr. Ling Chung Yee Roy Member
SUPERVISORY BOARD
Members of the Supervisory Board during the year and at the
date of this report are:
Mr. Nguyen The Anh Head of the Supervisory Board
Ms. Dinh Ngoc Lan Member
Ms. Do Thi Hong Van Member
Ms. Nguyen Thi Van Trinh Member
Ms. Hoang Thuy Mai Member
Resigned on 23 April 2015
to Decision No.106/QD-TTGDHCM issued by the Director of
HOSE on 7 September 2007.
The current principal activities of the Company in this year
are to invest in, construct and trade real estate properties; to
carry out capital mobilization and investment activities; and
to provide general administrative services.
The Company’s head office is registered at No. 7, Bang Lang
1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward,
Long Bien district, Hanoi, Vietnam. Its branch is located at No.
72, Le Thanh Ton and No. 45A, Ly Tu Trong street, Ben Nghe
ward, district 1, Ho Chi Minh city, Vietnam.
MANAGEMENT
Members of the Management during the year and at the date
of this report are:
Ms. Duong Thi Mai Hoa Chief Executive Officer
Ms. Nguyen Dieu Linh Deputy CEO
Ms. Vu Tuyet Hang Deputy CEO
Ms. Mai Huong Noi Deputy CEO
Mr. Pham Van Khuong Deputy CEO
Mr. Dang Thanh Thuy Deputy CEO
Ms. Nguyen Thi Diu Deputy CEO
LEGAL REPRESENTATIVE
The legal representative of the Company during the year and
at the date of this report is Ms. Duong Thi Mai Hoa.
AUDITOR
The auditor of the Company is Ernst & Young Vietnam Limited.
VAS consolidated financial statements
REPORT OF MANAGEMENT
Group will continue its business.
Management is responsible for ensuring that proper
The management of Vingroup Joint Stock Company
accounting records are kept which disclose, with reasonable
(“the Company”) is pleased to present its report and the
accuracy at any time, the consolidated financial position of
consolidated financial statements of the Company and its
the Group and to ensure that the accounting records comply
subsidiaries (collectively referred to as the “Group”) for the
with the applied accounting system. It is also responsible for
year ended 31 December 2015.
safeguarding the assets of the Group and hence for taking 94
reasonable steps for the prevention and detection of fraud
MANAGEMENT’S RESPONSIBILITY IN RESPECT OF
THE CONSOLIDATED FINANCIAL STATEMENTS
and other irregularities. 95
Management confirmed that it has complied with the above
CONS OLIDATED FINANCIAL STATEMENTS
Management is responsible for the consolidated financial
requirements in preparing the accompanying consolidated
statements of each financial year which give a true and fair
financial statements.
view of the consolidated financial position of the Group and of
the consolidated results of its operations and its consolidated
cash flows for the year. In preparing those consolidated
STATEMENT BY MANAGEMENT
financial statements, Management is required to:
Management hereby state that, in its opinion, the
 Select suitable accounting policies and then apply them
accompanying consolidated financial statements give a
consistently;
true and fair view of the consolidated financial position of
 Make judgements and estimates that are reasonable and
the Group as at 31 December 2015 and of the consolidated
prudent;
results of its operations and its consolidated cash flows for the
 State whether applicable accounting standards have been
year then ended in accordance with Vietnamese Accounting
followed, subject to any material departures disclosed and
Standards, Vietnamese Enterprise Accounting System and
explained in the consolidated financial statements; and
the statutory requirements relevant to preparation and
 Prepare the consolidated financial statements on the going
presentation of consolidated financial statements.
concern basis unless it is inappropriate to presume that the
For and on behalf of Management
Duong Thi Mai Hoa
Chief Executive Officer
Hanoi, Vietnam
30 March 2016
VAS consolidated financial statements VAS consolidated financial statements

Independent auditors’ report CONSOLIDATED BALANCE SHEET

as at 31 December 2015
Currency: VND
To: The Shareholders of Vingroup Joint Stock Company An audit involves performing procedures to obtain audit Beginning balance
evidence about the amounts and disclosures in the Code ASSETS Notes Ending balance (Reclassified)
We have audited the consolidated financial statements consolidated financial statements. The procedures selected 100 A. CURRENT ASSETS 67,699,619,665,953 35,211,202,920,049
of Vingroup Joint Stock Company (“the Company”) and depend on the auditors’ judgment, including the assessment
its subsidiaries (collectively referred to as the “Group”) as of the risks of material misstatement of the consolidated 110 I. Cash and cash equivalents 5 6,938,465,104,490 7,607,513,719,673 96
prepared on 30 March 2016 and set out on pages 6 to 112, financial statements, whether due to fraud or error. In making 111 1. Cash 3,771,965,874,567 1,709,677,822,085
which comprise the consolidated balance sheet as at 31 those risk assessments, the auditors consider internal control
112 2. Cash equivalents 3,166,499,229,923 5,897,835,897,588
97
December 2015, the consolidated income statement and relevant to the entity’s preparation and fair presentation of
consolidated cash flow statement for the year then ended the consolidated financial statements in order to design audit 120 II. Short-term investments 6 11,142,979,590,895 4,088,913,717,901

CONS OLIDATED FINANCIAL STATEMENTS

and the notes thereto. procedures that are appropriate in the circumstances, but not 121 1. Held-for-trading securities 32,369,112,000 105,781,413,500
for the purpose of expressing an opinion on the effectiveness
122 2. Provision for held-for-trading securities (14,958,000,000) (31,336,416,600)
Management’s responsibility of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used 123 3. Held-to-maturity investments 11,125,568,478,895 4,014,468,721,001
The Company’s management is responsible for the preparation and the reasonableness of accounting estimates made by 130 III. Current accounts receivable 13,848,128,025,192 5,028,809,010,579
and fair presentation of these consolidated financial the Company’s management, as well as evaluating the overall
131 1. Short-term trade receivables 7.1 2,438,800,372,894 833,001,466,347
statements in accordance with Vietnamese Accounting presentation of the consolidated financial statements.
Standards, Vietnamese Enterprise Accounting System and 132 2. Short-term advances to suppliers 7.2 6,695,026,549,290 1,459,215,551,015
the statutory requirements relevant to preparation and We believe that the audit evidence we have obtained is 135 3. Short-term loan receivables 8 1,763,123,912,802 2,125,166,122,168
presentation of consolidated financial statements, and for such sufficient and appropriate to provide a basis for our audit
internal control as the Company’s management determines opinion. 136 4. Other short-term receivables 9 3,165,754,530,947 712,150,024,751
is necessary to enable the preparation and presentation of 137 5. Provision for doubtful short-term receivables 7.1, 8, 9 (214,577,340,741) (100,724,153,702)
consolidated financial statements that are free from material Opinion
140 IV. Inventories 11 28,027,417,689,166 16,314,883,755,059
misstatement, whether due to fraud or error.
In our opinion, the consolidated financial statements give a 141 1. Inventories 28,085,895,835,621 16,321,938,925,683
Auditors’ responsibility true and fair view, in all material respects, of the consolidated 149 2. Provision for obsolete inventories (58,478,146,455) (7,055,170,624)
financial position of the Group as at 31 December 2015, and of
150 V. Other current assets 7,742,629,256,210 2,171,082,716,837
Our responsibility is to express an opinion on these the consolidated results of its operations and its consolidated
consolidated financial statements based on our audit. We cash flows for the year then ended in accordance with 151 1. Short-term prepaid expenses 12 1,548,029,401,201 333,307,150,026
conducted our audit in accordance with Vietnamese Standards Vietnamese Accounting Standards, Vietnamese Enterprise 152 2. Value-added tax deductible 22 660,027,543,114 549,937,309,384
on Auditing. Those standards require that we comply with Accounting System and the statutory requirements relevant
153 3. Tax and other receivables from the State 22 23,050,885,079 43,148,945,553
ethical requirements and plan and perform the audit to obtain to preparation and presentation of consolidated financial
reasonable assurance about whether the consolidated financial statements. 155 4. Other current assets 13 5,511,521,426,816 1,244,689,311,874
statements are free from material misstatement. 200 B. NON-CURRENT ASSETS 77,795,052,912,266 54,858,563,585,414
Ernst & Young Vietnam Limited 210 I. Long-term receivables 254,324,078,479 1,040,134,586,490
215 1. Long-term loan receivables 8 62,559,839,165 939,532,495,238
216 2. Other long-term receivables 9 191,764,239,314 100,602,091,252
220 II. Fixed assets 19,763,407,382,671 10,985,930,243,582
221 1. Tangible fixed assets 14 19,114,346,085,751 10,526,340,741,649
222 Cost 22,037,695,324,834 12,125,926,443,789
223 Accumulated depreciation (2,923,349,239,083) (1,599,585,702,140)
Tran Phu Son Nguyen Quoc Anh
227 2. Intangible assets 15 649,061,296,920 459,589,501,933
Deputy General Director Auditor
Audit Practising Registration Certificate: 0637-2013-004-1 Audit Practising Registration Certificate No.: 2584-2013-004-1 228 Cost 789,293,394,723 570,640,927,890
229 Accumulated amortisation (140,232,097,803) (111,051,425,957)
Hanoi, Vietnam
30 March 2016
VAS consolidated financial statements VAS consolidated financial statements

Currency: VND Currency: VND

Beginning balance Beginning balance
Code ASSETS Notes Ending balance (Reclassified) Code RESOURCES Notes Ending balance (Reclassified)
230 III. Investment properties 16 16,827,664,243,533 15,399,141,224,526 320 8. Short-term loan and finance lease obligations 26.1 1,424,617,794,094 1,299,068,123,531
231 1. Cost 18,192,494,564,257 16,337,225,559,687 321 9. Short-term provision 27 120,697,938,748 99,627,506,502
232 2. Accumulated depreciation (1,364,830,320,724) (938,084,335,161) 330 II. Non-current liabilities 43,069,048,383,487 38,025,402,913,132
240 IV. Long-term assets in progress 18,115,293,364,854 11,409,488,269,731 336 1. Long-term unearned revenues 24 2,683,411,532,468 1,471,496,586,240 98
242 1. Construction in progress 18 18,115,293,364,854 11,409,488,269,731 337 2. Other long-term liabilities 25.2 4,406,204,612,974 4,942,187,209,141
99
250 V. Long-term investments 9,597,557,595,727 4,009,611,846,975 338 3. Long-term loans and finance lease obligations 26.2 33,122,684,524,987 28,101,065,447,242
252 1. Investments in associates, jointly controlled entities 19.1 6,715,538,162,046 1,030,494,731,370 339 4. Convertible bonds 28 2,382,401,760,582 3,342,284,090,914

CONS OLIDATED FINANCIAL STATEMENTS

253 2. Investments in other entities 19.2 2,882,019,433,681 1,815,581,443,945 341 5. Deferred tax liabilities 36.3 474,345,952,476 168,369,579,595
254 3. Provision for long-term investments - (3,000,000,000) 400 D. OWNERS’ EQUITY 37,576,843,213,037 27,462,688,675,777
255 4. Held-to-maturity investments 19.2 - 1,166,535,671,660 410 I. Capital 29.1 37,576,843,213,037 27,462,688,675,777
260 VI. Other long-term assets 13,236,806,247,002 12,014,257,414,110 411 1. Share capital 29.1 18,681,880,870,000 14,545,550,980,000
261 1. Long-term prepaid expenses 12 1,437,896,150,549 1,018,937,547,468 411a - Shares with voting rights 18,681,880,870,000 14,545,550,980,000
262 2. Deferred tax assets 36.3 170,157,957,461 56,584,412,185 412 2. Share premium 29.1 5,798,727,464,308 4,582,534,150,067
268 3. Other long-term assets 13 3,000,000,000,000 4,800,000,000,000 415 3. Treasury shares 29.5 (2,974,924,074,484) (2,974,924,074,484)
269 4. Goodwill 20 8,628,752,138,992 6,138,735,454,457 420 4. Other funds belonging to owners’ equity 29.1 27,845,114,930 22,845,114,930
270 TOTAL ASSETS 145,494,672,578,219 90,069,766,505,463 421 5. Undistributed earnings 29.1 1,601,415,502,116 4,220,035,125,587
421a - Undistributed earnings of prior year 2,350,786,383,324 1,061,452,449,513
Beginning balance 421b - (Accumulated losses)/undistributed earnings of (749,370,881,208) 3,158,582,676,074
Code RESOURCES Notes Ending balance (Reclassified) current year
300 C. LIABILITIES 107,917,829,365,182 62,607,077,829,686 429 6. Non-controlling interests 29.1 14,441,898,336,167 7,066,647,379,677
310 I. Current liabilities 64,848,780,981,695 24,581,674,916,554 440 TOTAL LIABILITIES AND OWNERS’ EQUITY 145,494,672,578,219 90,069,766,505,463
311 1. Short-term trade payables 4,578,748,195,301 1,588,034,984,490
312 2. Short-term advances from customers 21 20,221,096,466,017 6,581,278,862,139
- Down payment from customers for purchase of 19,365,321,728,392 3,299,807,295,075
inventory properties
- Advances from other customers 855,774,737,625 3,281,471,567,064
313 3. Statutory obligations 22 1,678,401,228,369 1,037,104,329,754
314 4. Payables to employees 293,440,169,231 146,071,639,639
315 5. Short-term accrued expenses 23 6,920,895,138,980 3,496,546,329,891
- Accrual for bond and loan interests 830,480,551,017 1,412,328,936,912
- Accrual for construction costs 3,833,550,276,538 1,254,563,464,393
- Other accrued expenses 2,256,864,311,425 829,653,928,586
Ngo Nguyet Hang Nguyen Thi Thu Hien Duong Thi Mai Hoa
318 6. Short-term unearned revenues 24 1,056,738,019,276 502,313,840,716 Preparer Chief Accountant Chief Executive Officer
319 7. Short-term other payables 25.1 28,554,146,031,679 9,831,629,299,892
- Downpayment from customers under deposit, 24,902,889,733,089 7,847,174,664,786 30 March 2016
loan and other agreements
- Other payables 3,651,256,298,590 1,984,454,635,106
VAS consolidated financial statements VAS consolidated financial statements

CONSOLIDATED INCOME STATEMENT CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2015 for the year ended 31 December 2015
Currency: VND Currency: VND
Previous year Previous year
Code ITEMS Notes Current year (Reclassified) Code ITEMS Notes Current year (Reclassified)
01 1. Revenue from sale of goods and rendering of 30.1 34,054,968,884,836 27,726,701,600,235 I. CASH FLOWS FROM OPERATING ACTIVITIES
services
01 Profit before tax 2,852,100,965,401 5,409,680,638,498 100
02 2. Deductions 30.1 (7,002,571,734) (3,068,229,199)
Adjustments for:
10 3. Net revenue from sale of goods and rendering of 30.1 34,047,966,313,102 27,723,633,371,036
services 02 Depreciation and amortisation 41 2,215,531,092,798 1,582,956,786,204 101
03 Provisions 180,300,335,624 95,586,098,902
11 4. Cost of goods sold and services rendered 31 (22,338,933,561,491) (17,284,911,479,916)

CONS OLIDATED FINANCIAL STATEMENTS

04 Foreign exchange losses arisen from revaluation of monetary 32 392,125,548,103 153,521,258,290
20 5. Gross profit from sale of goods and rendering of 11,709,032,751,611 10,438,721,891,120
accounts denominated in foreign currency
services
21 6. Finance income 30.3 1,931,520,080,322 1,346,022,091,036 05 Profits from investing activities 41 (1,894,455,580,399) (1,333,188,623,458)

22 7. Finance expenses 32 (3,282,074,915,976) (3,491,052,587,060) 06 Interest expense 32 2,721,940,288,870 2,916,411,635,062

23 - In which: Interest expense (2,402,860,475,537) (2,711,269,664,974) 08 Operating profit before changes in working capital 6,467,542,650,397 8,824,967,793,498

24 8. Shares of profit/(loss) of associates, joint-ventures 19.1 39,227,754,200 (8,770,659,254) 09 Increase in receivables (4,510,794,740,749) (236,771,046,585)

25 9. Selling expenses 33 (2,957,825,676,439) (739,332,476,177) 10 (Increase)/decrease in inventories (7,424,030,776,827) 7,828,554,877,896

26 10. General and administrative expenses 33 (3,922,773,154,112) (2,170,716,923,462) 11 Increase/(decrease) in payables (other than interest, corporate 40,818,058,572,231 (435,168,123,808)
income tax)
30 11. Operating profit 3,517,106,839,606 5,374,871,336,203
12 Increase in prepaid expenses (1,756,985,859,776) (979,838,213,859)
31 12. Other income 34 283,039,374,788 241,964,963,890
13 Decrease in held-for-trading securities 112,322,695,000 -
32 13. Other expenses 34 (948,045,248,993) (207,155,661,595)
14 Interest paid (4,381,857,928,346) (3,191,276,794,957)
40 14. Other (loss)/profit 34 (665,005,874,205) 34,809,302,295
15 Corporate income tax paid (1,421,314,104,431) (1,910,568,513,664)
50 15. Accounting profit before tax 2,852,100,965,401 5,409,680,638,498
17 Other cash outflows from operating activities - (3,085,600,466)
51 16. Current corporate income tax expense 36 (1,424,642,826,631) (1,653,273,503,894)
20 Net cash flows from operating activities 27,902,940,507,499 9,896,814,378,055
52 17. Deferred income tax income 36 74,017,304,681 19,638,606,879
II. CASH FLOWS FROM INVESTING ACTIVITIES
60 18. Net profit after tax 1,501,475,443,451 3,776,045,741,483
21 Purchase and construction of fixed assets and other long-term (14,514,819,118,699) (12,078,574,548,052)
61 19. Net profit after tax attributable to shareholders 29.1 1,215,774,826,080 3,158,582,676,074 assets
of the parent
22 Proceeds from disposals of fixed assets and other long-term assets 38,823,385,497 1,233,509,487,141
62 20. Net profit after tax attributable to non-controlling 29.1 285,700,617,371 617,463,065,409
interests 23 Loans to other entities and payments for purchase of debt instru- 41 (18,880,888,911,471) (4,394,117,030,716)
70 21. Basic earnings per share 38 636 1,895 ments of other entities

71 22. Diluted earnings per share 38 636 1,895 24 Collections from borrowers and proceeds from sale of debt instru- 41 8,840,834,375,998 3,944,306,480,156
ments of other entities
25 Payments for investments in other entities (net of cash held by 41 (20,185,422,456,828) (12,714,336,731,816)
entity being acquired)
26 Proceeds from sale of investments in other entities, (net of cash 41 4,450,260,724,277 2,592,111,751,675
held by entity being disposed)
27 Interest and dividends received 1,152,731,210,286 1,017,729,795,067
30 Net cash flows used in investing activities (39,098,480,790,940) (20,399,370,796,545)
III. CASH FLOWS FROM FINANCING ACTIVITIES
Ngo Nguyet Hang Nguyen Thi Thu Hien Duong Thi Mai Hoa
Preparer Chief Accountant Chief Executive Officer 31 Capital contribution and issuance of shares 41 7,544,319,623,168 4,359,528,098,609

30 March 2016
VAS consolidated financial statements VAS consolidated financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Currency: VND

Previous year as at 31 December 2015 and for the year then ended
Code ITEMS Notes Current year (Reclassified)
33 Drawdown of borrowings 20,664,801,635,454 17,264,986,730,202 1. CORPORATE INFORMATION 2. BASIS OF PREPARATION
34 Repayment of borrowings (16,711,194,036,085) (8,682,400,989,542) Vingroup Joint Stock Company (“the Company”) is a joint 2.1 Accounting standards and system
36 Dividends paid to equity holders 41 (974,185,674,300) (2,366,476,025,105) stock company established in Vietnam in accordance with the
Business Registration Certificate No. 0103001016 issued by The consolidated financial statements of the Company and its 102
40 Net cash flows from financing activities 10,523,741,548,237 10,575,637,814,164 the Hanoi Department of Planning and Investment on 3 May subsidiaries (the “Group”) expressed in Vietnam dong (“VND”)
50 Net (decrease)/ increase for the year (671,798,735,204) 73,081,395,674 2002 and the Business Registration Certificate No. 0101245486 are prepared in accordance with Vietnamese Enterprise 103
re-issued on 12 May 2010. The Company also subsequently Accounting System and Vietnamese Accounting Standard
60 Cash and cash equivalents at the beginning of the year 7,607,513,719,673 7,534,048,703,295
received the 60th amended Business Registration Certificate issued by the Ministry of Finance as per:

CONS OLIDATED FINANCIAL STATEMENTS

61 Impact of exchange rate fluctuation 2,750,120,021 383,620,704 dated 18 March 2016.
70 Cash and cash equivalents at the ending of the year 5 6,938,465,104,490 7,607,513,719,673
The Company’s shares were listed on the Ho Chi Minh City
Stock Exchange (“HOSE”) from 19 September 2007 in pursuant
to Decision No.106/QD-TTGDHCM issued by the Director of
HOSE on 7 September 2007.
The current principal activities of the Company are to invest in,
construct and trade real estate properties; to carry out capital
mobilization and investment activities; and to provide general
administrative services. Principal activities of subsidiaries in
this year are presented in Appendix 1.
 Decision No. 149/2001/QD-BTC dated 31 December 2001
on the Issuance and Promulgation of Four Vietnamese
Accounting Standards (Series 1);
 Decision No. 165/2002/QD-BTC dated 31 December 2002
on the Issuance and Promulgation of Six Vietnamese
Accounting Standards (Series 2);
 Decision No. 234/2003/QD-BTC dated 30 December 2003
on the Issuance and Promulgation of Six Vietnamese
Accounting Standards (Series 3);

The Group’s ordinary course of real estate trading business
starts at the time of application for investment certificate,
commencement of site clearance, construction and ends at
the time of completion. Thus, the Group’s ordinary course of
real estate trading business is from 12 to 36 months.
Ngo Nguyet Hang Nguyen Thi Thu Hien Duong Thi Mai Hoa
Preparer Chief Accountant Chief Executive Officer The Group’s ordinary course of business cycle for other
business activities is 12 months.
30 March 2016
The Company’s head office is registered at No. 7, Bang Lang
1 street, Vinhomes Riverside eco-urban Area, Viet Hung ward,
Long Bien district, Hanoi, Vietnam. Its branch is located at No.
72, Le Thanh Ton and No. 45A, Ly Tu Trong street, Ben Nghe
ward, district 1, Ho Chi Minh city, Vietnam.
The number of the Group’s employees as at 31 December 2015
là: 482 (31 December 2014: 532).
As at 31 December 2015, the Company has 75 subsidiaries. The
information on these subsidiaries, along with the Company’s
voting rights and equity interest in each subsidiary are detailed
in the Appendix 1.
As at 31 December 2015, the Group also holds investments in
a number of associates as disclosed in Note 19.1.
 Decision No. 12/2005/QD-BTC dated 15 February 2005
on the Issuance and Promulgation of Six Vietnamese
Accounting Standards (Series 4); and
 Decision No. 100/2005/QD-BTC dated 28 December 2005
on the Issuance and Promulgation of Four Vietnamese
Accounting Standards (Series 5).
Accordingly, the accompanying consolidated financial
statements, including their utilisation are not designed for
those who are not informed about Vietnam’s accounting
principles, procedures and practices and furthermore are
not intended to present the financial position and results of
operations and cash flows in accordance with accounting
principles and practices generally accepted in countries other
than Vietnam.
For the purpose of preparing the consolidated balance sheet,
the Group has also supplemented details of certain line
items in the balance sheet, i.e. “Advances from customers”
(Code 312), “Accrued expenses” (Code 315), and “Other
short-term payables” (Code 319). The purpose of presenting
these additional details in the consolidated balance sheet is
to provide more relevant information to the users of these
consolidated financial statements. These changes were
approved by the Ministry of Finance in accordance with
the Official Letter No. 5966/BTC/CDKT dated 4 May 2012 on
supplementing details to the forms of the financial statements.
VAS consolidated financial statements
2.2 Applied accounting documentation system
The Company’s applied accounting documentation system is
the General Journal system.
2.3 Fiscal year
The Group’s fiscal year applicable for the preparation of its
consolidated financial statements starts on 1 January and
ends on 31 December.
2.4 Accounting currency
The consolidated financial statements are prepared in VND
which is also the Company’s accounting currency.
2.5 Basic of consolidation
The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries for the year
ended 31 December 2015.
Subsidiaries are fully consolidated from the date of acquisition,
being the date on which the Group obtains control, and
continued to be consolidated until the date that such control
ceases.
The financial statements of the subsidiaries are prepared
for the same reporting year as the parent company, using
consistent accounting policies.
All intra-company balances, income and expenses and
unrealised gains or losses resulting from intra-company
transactions are eliminated in full.
Non-controlling interests represent the portion of profit or
loss and net assets not held by the Group and are presented
separately in the consolidated income statement and within
equity in the consolidated balance sheet, separately from
parent shareholders’ equity.
Impact of change in the ownership interest of a subsidiary,
without a loss of control, is recorded in retained earnings.
3. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
3.1 Changes in accounting policies and disclosures
The accounting policies adopted by the Group in preparation
of the consolidated financial statements are consistent with
those followed in the preparation of the Group’s annual
consolidated financial statements for the year ended 31
December 2014 except for the changes in the accounting
policies in relation to the followings:
3.1.1 Circular No. 200/2014/TT-BTC providing guidance on
enterprise accounting system
On 22 December 2014, the Ministry of Finance issued
the Circular No. 200/2014/TT-BTC providing guidance on
enterprise accounting system (“Circular 200”) replacing
Decision No. 15/2006/QD-BTC dated 20 March 2006
(“Decision 15”) and Circular No. 244/2009/TT-BTC dated 31
December 2009 of the Ministry of Finance (“Circular 244”).
Circular 200 is effective for the financial year beginning on
or after 1 January 2015.
The effects of the change in accounting policies in
accordance with Circular 200 to the Group are applied
on a prospective basis as Circular 200 does not required
for retrospective application. The Group also reclassifies
certain corresponding figures of prior year following the
presentation of the current year’s consolidated financial
statements in accordance with Circular 200 as disclosed in
Note 42.
3.1.2 Circular No. 202/2014/TT-BTC providing guidance on
preparation and presentation of consolidated financial
statements
On 22 December 2014, the Ministry of Finance issued
the Circular No. 200/2014/TT-BTC providing guidance on
preparation and presentation of consolidated financial
statements (“Circular 202”) replacing section XIII of Circular
No. 161/2007/TT-BTC dated 31 December 2007. Circular 202 is
effective for the preparation and presentation of consolidated
financial statements for the financial years beginning on or
after 1 January 2015.
The effects of the change in accounting treatment in
accordance with Circular 202 are applied on a prospective as
this Circular does not require for restropective application.
3.2 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, cash at
banks and short-term, highly liquid investments with an
original maturity of no longer than three months that are
readily convertible into known amounts of cash and that are
subject to an insignificant risk of change in value.
3.3 Inventories
Inventory property
Property acquired or being constructed for sale in the
ordinary course of business or for long-term lease qualified for
recognition of outright sales, rather than to be held for rental
or capital appreciation, is held as inventory and is measured
at the lower of cost incurred in bringing the inventories to
their present location and condition, and net realisable value
Cost includes:
 Freehold and leasehold rights for land;
 Amounts paid to contractors for construction; and
 Borrowing costs, planning and design costs, costs of site
preparation, professional fees for legal services, property
transfer taxes, construction overheads and other related costs.
Net realisable value is the estimated selling price in the
ordinary course of the business, based on market prices at the
reporting date and less estimated costs to completion and
the estimated costs of sale.
The cost of inventory recognised in profit or loss on disposal
is determined with reference to the specific costs incurred on
the property sold and an allocation of any non-specific costs
based on the appropriate basis.
Other inventories
Inventories are carried at the lower of cost incurred in bringing
each product to its present location and condition and net
realisable value.
Net realisable value represents the estimated selling price in
the ordinary course of business less the estimated costs to
complete and the estimated costs necessary to make the sale.
The perpetual method is used to record the costs of other
inventories, cost of other inventories is valued at the cost of
purchase, on weighted average basis.
Provision for obsolete inventories
An inventory provision is created for the estimated loss arising
due to the impairment of value (through diminution, damage,
obsolescence, etc.) of raw materials, finished goods, and
other inventories owned by the Group, based on appropriate
evidence of impairment available at the consolidated balance
sheet date. Increases and decreases to the provision balance
are recorded into the cost of goods sold account in the
consolidated income statement.
3.4 Receivables
Receivables are presented in the consolidated financial
statements at the carrying amounts due from customers and
VAS consolidated financial statements
other debtors, after provision for doubtful debts.
The provision for doubtful debts represents amounts of
outstanding receivables at the balance sheet date which are
doubtful of being recovered. Increases and decreases to the
provision balance are recorded as general and administrative
expense in the consolidated income statement.
104
3.5 Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated 105
depreciation.
CONS OLIDATED FINANCIAL STATEMENTS
The cost of a tangible fixed asset comprises its purchase price
and any directly attributable costs of bringing the tangible
fixed asset to working condition for its intended use.
Expenditures for additions, improvements and renewals are
added to the carrying amount of the assets and expenditures
for maintenance and repairs are charged to the consolidated
income statement as incurred.
When tangible fixed assets are sold or retired, any gain or loss
resulting from their disposal (the difference between the net
disposal proceeds and the carrying amount) is included in the
consolidated income statement
3.6 Leased assets
The determination of whether an arrangement is, or contains
a lease is based on the substance of the arrangement at
inception date and requires an assessment of whether the
fulfilment of the arrangement is dependent on the use of a
specific asset and the arrangement conveys a right to use the
asset.
A lease is classified as a finance lease whenever the terms
of the lease transfer substantially all the risks and rewards
of ownership of the asset to the lessee. All other leases are
classified as operating leases.
Where the Group is the lessee
Assets held under finance leases are capitalised in the
consolidated balance sheet at the inception of the lease at the
fair value of the leased assets or, if lower, at the net present
value of the minimum lease payments. The principal amount
included in future lease payments under finance leases are
recorded as a liability. The interest amounts included in lease
payments are charged to the consolidated income statement
over the lease term to achieve a constant rate on interest on
the remaining balance of the finance lease liability.
Capitalised financial leased assets are depreciated on a
VAS consolidated financial statements
straight-line basis over the shorter of the estimated useful
lives of the assets and the lease term, if there is no reasonable
certainty that the Group will obtain ownership by the end of
the lease term.
Rentals under operating leases are charged to the consolidated
income statement on a straight-line basis over the lease term.
Where the Group is the lessor
The net investment under finance lease contracts is included
as a receivable in the consolidated balance sheet. The interest
amount of the leased payments are recognized in the
consolidated income statement over the period of the lease
contracts to achieve a constant rate of interest on the net
investment outstanding.
Assets subject to operating leases are included as the Group’s
investment properties in the consolidated balance sheet.
Initial direct costs incurred in negotiating an operating lease
are recognised in the consolidated income statement as
incurred.
Lease income is recognised in the consolidated income
statement on a straight-line basis over the lease term.
3.7 Intangible assets
Intangible assets are stated at cost less accumulated
amortisation.
The cost of an intangible fixed asset comprises of its purchase
price and any directly attributable costs of preparing the
intangible fixed asset for its intended use. Expenditures for
additions, improvements are added to the carrying amount
of the assets and other expenditures are charged to the
consolidated income statement as incurred.
When intangible fixed assets are sold or retired, any gain or
loss resulting from their disposal (the difference between the
net disposal proceeds and the carrying amount) is included in
the consolidated income statement.
Land use rights
Definite and indefinite land use rights are recorded as intangible
assets based on land use right certificates issued by governing
bodies.
The advance payment for land rental, of which the land
lease contracts have effectiveness prior to 2003 and Land
use right certificate being issued, are recorded as intangible
asset according to Circular No. 45/2013/TT-BTC issued by the
Ministry of Finance on 25 April 2013 guiding the management,
use and depreciation of fixed assets (“Circular 45”).
Research and development costs
Research costs and development costs that do not meet the
capitalisation criteria are expensed as incurred.
Development expenditure on an individual project is
recognized as an intangible asset only if the Group can
demonstrate all of the following conditions:
 The technical feasibility study of completing the intangible
asset so that it will be available for use or sale;
 The intention to complete and use or sell the intangible
asset;
 The ability to use or sell the intangible asset;
 The asset will generate probable future economic benefits;
 The availability of resources to complete the development
and to use or sell the intangible asset;
 The ability to measure reliably the expenditure during the
development; and
 They are estimated to meet all criteria for use duration and
value prescribed for intangible fixed asset.
Development costs capitalised as asset are stated at cost less
accumulated amortisation. Amortisation of the asset begins
when development is completed and the asset is available for
use.
3.8 Depreciation and amortisation
Depreciation and amortisation of tangible fixed assets and
intangible assets are calculated on a straight-line basis
over the estimated useful life of each asset as follows:
Buildings and structures 5 - 50 years
Machineries and equipment 3 - 15 years
Means of transportation 3 - 12 years
Office equipment 4 - 8 years
E-commerce website 20 years
Computer software 3 - 8 years
Land use rights with definite term 36 - 48 years
Distribution rights, copyright and others 3 - 15 years
No amortisation is charged on the land use rights with
indefinite terms.
3.9 Investment properties
Investment properties are stated at cost, including transaction
costs, less accumulated depreciation.
Subsequent expenditure relating to an investment property
that has already been recognized is added to the net book
value of the investment property when it is probable that
future economic benefits, in excess of the originally assessed
standard of performance of the existing investment property,
will flow to the Group.
Depreciation of investment properties are calculated on a
straight-line basis over the estimated useful life of each asset
as follows:
Buildings and structures 25 - 48 years
Machinery and equipment 8 - 15 years
Amortization of definite land use rights presented as
investment properties are calculated on a straight-line basis
over granted period from 25 to 48 years.
No amortisation is charged on the land use rights presented
as investment properties with indefinite terms.
Investment properties are derecognised when either they
have been disposed of or when the investment properties are
permanently withdrawn from use and no future economic
benefit is expected from its disposal. The difference between
the net disposal proceeds and the carrying amount of the
assets is recognised in the consolidated income statement in
the period of retirement or disposal.
Transfers are made to investment properties when, and
only when, there is a change in use, evidenced by ending of
owner-occupation or readiness for sale, commencement of an
operating lease to another party or ending of construction or
development. Transfers are made from investment properties
when, and only when, there is change in use, evidenced by
commencement of owner-occupation or commencement of
development with a view to sale. The transfer from investment
property to owner-occupied property or inventories does
not change the cost or the carrying value of the property for
subsequent accounting at the date of change in use.
3.10 Borrowing costs
Borrowing costs consist of interest and other costs that the
Group incurs in connection with the borrowing of funds.
Borrowing costs are recorded as expense during the period
in which they are incurred, except to the extent that they are
capitalized as explained in the following paragraph.
VAS consolidated financial statements
Borrowing costs that are directly attributable to the acquisition,
construction or production of an asset that necessarily take a
substantial period of time to get ready for its intended use or
sale are capitalized as part of the cost of the respective asset.
3.11 Prepaid expenses
Prepaid expenses are reported as short-term or long-term 106
prepaid expenses on the consolidated balance sheet and
amortised over the period for which the amounts are paid
or the period in which economic benefits are generated in 107
relation to these expenses.
CONS OLIDATED FINANCIAL STATEMENTS
Long-term prepaid expenses include long-term prepaid land
rental, pre-operation expenditure, tools and supplies, and
other prepaid expenses that bring future economic benefits
for more than one year period.
Prepaid land rental expenses include unallocated prepaid
land rental expenses that were paid pursuant to Land Rental
Contract signed with authorities. Such prepaid land rental
is classified as long-term prepaid expenses for allocation to
the consolidated income statement over the remaining lease
period, according Circular 45.
3.12 Business combinations and goodwill
Business combinations are accounted for using the purchase
method. The cost of a business combination is measured as
the fair value of assets given, equity instruments issued and
liabilities incurred or assumed at the date of exchange plus
any costs directly attributable to the business combination.
Identifiable assets and liabilities and contingent liabilities
assumed in a business combination are measured initially at
fair values at the date of business combination.
Goodwill acquired in a business combination is initially
measured at cost being the excess of the cost the business
combination over the Group’s interest in the net fair value of
the acquiree’s identifiable assets, liabilities and contingent
liabilities. If the cost of a business combination is less than
the fair value of the net assets of the subsidiary acquired, the
difference is recognized directly in the consolidated income
statement. After initial recognition, goodwill is measured
at cost less any accumulated amortisation. Goodwill is
amortised over 10-year period on a straight-line basis. The
Group annually carries out test of impairment of goodwill, and
if there is indicator that the impairment amount is higher than
the annual amortisation, the excess of goodwill impairment
over annual amortisation shall be expended in the period.
Assets acquisitions and business combinations
The Group acquires subsidiaries that own real estate projects.
VAS consolidated financial statements
At the time of acquisition, the Group considers whether the
acquisition represents the acquisition of a business. The
Group accounts for an acquisition as a business combination
where an integrated set of activities is acquired in addition to
the property.
When the acquisition of subsidiaries does not represent a
business, it is accounted for as an acquisition of a group of
assets and liabilities. The cost of the acquisition is allocated
to the assets and liabilities acquired based upon their relative
fair values, and no goodwill or deferred tax is recognised.
Business combinations involving entities or businesses under
common control
Business combinations involving entities or businesses under
common control are accounted for as follows:
 The assets and liabilities of the two combined entities are
reflected at their carrying amounts on the date of business
combination;
 No goodwill is recognised from the business combination;
 The consolidated income statement reflects the results
of the combined entities from the date of the business
combination; and
 Any difference between the consideration paid and the net
assets of the acquiree is recorded in equity.
3.13 Investments
Investment in associates
The Group’s investment in its associate is accounted for using
the equity method of accounting. An associate is an entity
in which the Group has significant influence that are neither
subsidiaries nor joint ventures. The Group generally deems
they have significant influence if they have over 20% of the
voting rights.
Under the equity method, the investment is carried in the
consolidated balance sheet at cost plus post-acquisition
changes in the Group’s share of net assets of the associates.
Goodwill arising on acquisition of the associate is included in
the carrying amount of the investment. The Group does not
charge any amortisation on the goodwill, but annually carries
out test of impairment of goodwill. The consolidated income
statement reflects the Group’s share of the post-acquisition
results of operation of the associate.
The share of post-acquisition profit/(loss) of the associates
is presented on face of the consolidated income statement
and its share of post-acquisition movements in reserves
is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of
the investment. Dividend/profit sharing receivable from
associates reduces the carrying amount of the investment.
The financial statements of the associates are prepared for the
same reporting year as the Group and using the consistent
accounting policies with the Group. Where necessary,
adjustments are made to bring the accounting policies in line
with those of the Group.
Investments in securities and other investments
Investments in securities and other investments are stated at
their acquisition costs
Provision for trading security and investment in securities
Provision is made for any diminution in value of the held-for-
trading securities and investments in capital of other entities
at the balance sheet date in accordance with the guidance
under Circular 228/2009/TT-BTC dated 7 December 2009 and
Circular 89/2013/TT-BTC dated 26 June 2013 issued by the
Ministry of Finance. Increases and decreases to the provision
balance are recorded as finance expense in the consolidated
income statement.
Held to maturity investment
Held-to-maturity investments are stated at their acquisition
costs. After initial recognition, these investments are
measured at recoverable amount. Any impairment loss
incurred is recognised as expense and deducted against the
value of such investments.
3.14 Payables and accruals
Payables and accruals are recognised for amounts to be paid
in the future for goods and services received, whether or not
billed to the Group.
3.15 Accrual for severance pay
The severance pay to employee is accrued at the end of
each reporting period for all employees who have been
more than 12 months in service up to balance sheet date at
the rate of one-half of the average monthly salary for each
year of service up to 31 December 2008 in accordance with
the Labour Code, the Law on Social Insurance and related
implementing guidance. Commencing 1 January 2009,
the average monthly salary used in this calculation will be
revised at the end of each reporting period following the
average monthly salary of the 6-month period up to the
reporting date. Any changes to the accrued amount will be
taken to the consolidated income statement.
This accrued severance pay is used to settle the termination
allowance to be paid to employee upon termination of
their labour contract following Article 48 of the Labour
Code.
3.16 Provisions
General provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation.
When the Group expects some or all of a provision to be
reimbursed by a third party, for example under an insurance
contract, the reimbursement is recognised as a separate
asset but only when the reimbursement is virtually certain.
The expense relating to any provision is presented in the
consolidated income statement net of any reimbursement.
If the effect of the time value of money is material,
provisions are discounted using a current pre tax rate that
reflects, where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provision
due to the passage of time is recognised as a finance cost.
Provision for warranty expenses for apartments and villas
The Group estimates provision for warranty expenses based
on revenues and available information about the repair of
apartments and villas sold in the past.
3.17 Foreign currency transactions
Transactions in currencies other than the Group’s reporting
currency of VND are recorded at the actual transaction
exchange rates at transaction dates which are determined as
follows:
 Transaction resulting in receivables are recorded at the
buying exchange rates of the commercial banks designated
for collection;
 Transactions resulting in liabilities are recorded at the
selling exchange rates of the transaction of commercial
banks designated for payment; and
 Payments for assets or expenses without liabilities initially
VAS consolidated financial statements
being recognised is recorded at the buying exchange rates
of the commercial banks that process these payments.
At the end of the period, monetary balances denominated
in foreign currencies are translated at the actual transaction
exchange rates at the balance sheet dates which are
determined as follows:
108
 Monetary assets are translated at buying exchange rate of
the commercial bank where the Group conduct transactions
regularly; 109
 Monetary liabilities are translated at selling exchange
CONS OLIDATED FINANCIAL STATEMENTS
rate of the commercial bank where the Group conduct
transactions regularly.
All realised and unrealised foreign exchange differences are
taken to the consolidated income statement.
3.18 Treasury shares
Own equity instruments which are reacquired (treasury
shares) are recognised at cost and deducted from equity.
No gain or loss is recognised upon purchase, sale, issue or
cancellation of the Group’s own equity instruments.
3.19 Appropriation of net profits
Net profit after tax (excluding gain from bargain purchases) is
available for appropriation to shareholders after approval in
the annual general meeting, and after making appropriation
to reserve funds in accordance with the Company’s Charter
and the Vietnamese regulatory requirements.
The Group maintains the reserve funds which are
appropriated from the Group’s net profit as proposed by the
Board of Directors and subject to approval by shareholders at
the annual general meeting.
3.20 Advances from customers
Payments received from customers as deposits for the
purchase of residential properties in the future that do not
meet the conditions for revenue recognition, are recognised
and presented as “Advances from customers” in the liability
section of the consolidated balance sheet.
Payments received from customers under deposits, loan
and other agreements are recognised and presented as
“Other short-term payables” in the liability section of the
consolidated balance sheet.
VAS consolidated financial statements
3.21 Revenue recognition
Revenue is recognised to the extent that it is probable that
the economic benefits will flow to the Group and the revenue
can be reliably measured. Revenue is measured at the fair
value of the consideration received or receivable, excluding
trade discount, rebate and sales return. The following specific
recognition criteria must also be met before revenue is
recognised.
Revenue from sale of inventory property
Revenue from sale of inventory property is recognised when
the significant risks and rewards incident to ownership of the
properties have passed to the buyer.
Revenue from sale of inventory property also includes
long-term lease of inventory property qualified for recognition
of outright sales. If the lease-term is greater than 90% of the
asset’s useful life, the Group will recognize the revenue for the
entire prepaid lease payment if all of the following conditions
are met:
 Lessee is not allowed to cancel the lease contract during the
lease term, and the lessor is not reponsible for reimbursing
the prepaid lease payments under any circumstances;
 The prepaid lease payment is not less than 90% of the total
estimated lease payment collected under contract over
the lease period and lessee must pay all rental within 12
months from the commencement of the lease;
 Almost all risks and rewards associated with the ownership
of leased assets are transferred to the lessee;
 Lessor must estimate the full cost of leasing activity.
Revenue from leasing of investment properties
Rental income arising from leased investment properties
is recognized in the consolidated income statement on a
straight line basis over the lease terms on ongoing leases.
Sale of goods
Revenue is recognised when the significant risks and rewards
of ownership of the goods have passed to the buyer, usually
upon the delivery of the goods.
Rendering of services
Revenue from hotel, amusement park, education, beauty,
hospital, real estate management and other related services is
recorded when the services are rendered. When the outcome
of the contract is certainly determined, revenue will be
recognised based on percentage of completion.
Gains from securities trading/capital transfer
Gains from securities trading and capital transfer are
determined as the excess of selling prices against the cost of
securities sold. Such gains are recognised on the trade date
when the relevant contracts are executed.
Interest
Revenue is recognised as the interest accrues (taking into
account the effective yield on the asset) unless collectability
is in doubt.
Dividends
Income is recognised when the Group’s entitlement as an
investor to receive the dividend is established.
3.22 Construction contract
Where the outcome of a construction contract can be
estimated reliably, revenue and costs are recognised by
reference to the stage of completion of the contract activity
at the consolidated balance sheet date based on the
construction works as certified by customers. Variations in
contract work, claims and incentive payments are included
to the extent that they have been agreed with the customer.
Where the outcome of a construction contract cannot be
estimated reliably, contract revenue is recognised to the
extent of contract costs incurred that is probably recoverable.
Contract costs are recognised as expenses in the period in
which they are incurred.
Difference between the cumulative revenue of a construction
contract recognised to date and the cumulative amount of
progress billings of that contract is presented as construction
contract receivable/payable based on agreed progress
billings in the consolidated balance sheet.
3.23 Taxation
Current income tax
Current income tax assets and liabilities for the current and
prior periods are measured at the amount expected to be
recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that
are enacted as at the consolidated balance sheet date.
Current income tax is charged or credited to the consolidated
income statement, except when it relates to items recognised
directly to equity, in which case the current income tax is also
dealt with in equity.
Current income tax assets and liabilities are offset when there
is a legally enforceable right for the Group to offset current
tax assets against current tax liabilities and when the Group
intends to settle its current tax assets and liabilities on a net
basis.
Deferred income tax
Deferred tax is provided on temporary differences at the
consolidated balance sheet date between the tax base of
assets and liabilities and their carrying amount for financial
reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary
differences, except:
 Where the deferred tax liability arises from the initial
recognition of an asset or liability in a transaction which at
the time of the transaction affects neither the accounting
profit nor taxable profit or loss; and
 In respect of taxable temporarily differences associated with
investments in subsidiaries and associates, and interests in
joint ventures where timing of the reversal of the temporary
difference can be controlled and it is probable that the
temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for all deductible temporary
differences, carried forward unused tax credit and unused tax
losses, to the extent that it is probable that taxable profit will
be available against which deductible temporary differences,
carried forward unused tax credit and unused tax losses can
be utilised, except:
 Where the deferred tax asset arises from the initial
recognition of an asset or liability which at the time of the
related transaction, affects neither the accounting profit
nor taxable profit or loss at the time transaction incurred;
 In respect of deductible temporarily differences associated
with investments in subsidiaries and associates, and interests
in joint ventures, deferred tax assets are recognised only to
the extent that it is probable that the temporary difference
will reverse in the foreseeable future and taxable profits will
be available against which the temporary differences can
be utilised.
The carrying amount of deferred income tax assets is reviewed
at each consolidated balance sheet date and reduced to the
VAS consolidated financial statements
extent that it is probable that sufficient taxable profit will be
available to allow all or part of the deferred income tax asset to
be utilised. Previously unrecognised deferred income tax assets
are re-assessed at each consolidated balance sheet date and are
recognised to the extent that it has become probable that future
taxable profit will allow the deferred tax assets to be recovered.
Deferred income tax assets and liabilities are measured at the 110
tax rates that are expected to apply in the year when the asset
realised or the liability is settled based on tax rates and tax laws
that have been enacted at the consolidated balance sheet date. 111
Deferred tax is charged or credited to the consolidated income
CONS OLIDATED FINANCIAL STATEMENTS
statement, except when it relates to items recognised directly
to equity, in which case the deferred tax is also dealt with in the
equity account.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right for the Group to offset current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority on:
 Either the same taxable entity; or
 When the Group intends either settle current tax liabilities
and assets on a net basis or to realise the assets and settle
the liabilities simultaneously, in each future period in which
significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
3.24 Convertible bond
Bonds that are convertible by the holder into a fixed number
of ordinary shares of the entity are separated into financial
liability (a contractual arrangement to deliver cash or another
financial asset) and equity instrument (a call option granting
the holder the right, for a specified period of time) based
on the terms of the contract. In cases where the numbers
of ordinary shares to be converted is not fixed, the entire
convertible bonds are classified as a financial liability.
On issuance of the convertible bond, the fair value of the
liability component is determined by discounting the future
payment (including principal and interest) to present value at
the market rate for an equivalent non-convertible bond less
issuance cost. This amount is classified as a financial liability
measured at amortised cost (net of transaction costs) until it
is extinguished on conversion or redemption.
The remainder of the proceeds is allocated to the conversion
option that is recognised and included in shareholders’
equity. The carrying amount of the conversion option is not
re-measured in subsequent years.
VAS consolidated financial statements VAS consolidated financial statements

Transaction costs are allocated over the lifetime of the bond
on a straight line basis. At initial recognition, issuance costs
are deducted from the liability component of the bond.
4. SIGNIFICANT ACQUISITIONS AND DISPOSALS
OF SUBSIDIARIES
4.1 Acquisition of groups of assets
During the year, the Group has acquired shares of the following
companies from individuals and corporate counterparties.
Management has reviewed and assessed that the acquisition of
Acquisition of Vin Tay JSC, a new subsidiary
On 12 June 2015, the Group acquired 95% voting shares of
Vin Tay JSC from corporate and individual counterparties with
total consideration of VND248 billion and thereby, Vin Tay JSC
became a subsidiary of the Group. As at the acquisition date,
Vin Tay JSC owned a vacant building in Ninh Kieu district, Can
Tho city, Vietnam.
Acquisition of Blue Star JSC, a new subsidiary
On 21 August 2015, the Group acquired 100% voting shares
of Blue Star JSC from corporate counterparties with total
door delivery service. The Group has acquired Vinlinks JSC for
the purpose of providing logistics services to entities with the
Group, especially to those operating in retail business.
On 31 December 2015, the Group is in the process of
determining the fair value of identifiable assets, liabilities or
Assets
Cash and cash equivalents
Trade receivables and other receivables
contigent liabilities of Vinlinks JSC, Hop Nhat Express JSC and
Hop Nhat Trading JSC at the date of acquisition. Therefore, the
Group applies provisional accounting method to consolidate
these companies. The provisional fair values of identifiable
assets and liabilities of these companies are presented below:
Currency: VND
Provisional fair value recognised at acquisition date
112
113
5,609,442,957
45,045,182,377

CONS OLIDATED FINANCIAL STATEMENTS

shares of these companies is the acquisition of groups of assets,
rather than business combinations. The total consideration for
each of these acquisitions was allocated to the assets, liabilities
acquired based on their relative fair values on acquisition date.
Accordingly, a part of consideration was allocated to land use
rights or land rental rights and recognised in construction in
progress (Note 18). The non-controlling interests were also
recognised at their relative proportion of the interests in the
assets and liabilities acquired. These assets and liabilities are
presented in the same categories as other similar assets and
liabilities held by the Group.
Acquisition of Suoi Hoa JSC, a new subsidiary
On 6 January 2015, the Group acquired 88% of voting shares
of Suoi Hoa JSC from individuals with total consideration of
VND225 billion and thereby, Suoi Hoa JSC became a subsidiary
of the Group. Suoi Hoa JSC is the owner of a potential real
estate project in Bac Ninh city, Bac Ninh province, Vietnam.
Acquisition of SuperHigh-speed JSC, a new subsidiary
On 17 March 2015, the Group acquired 100% voting shares of
Superhigh-speed JSC from individuals with total consideration
of VND158 billion and thereby, Superhigh-speed JSC became
a subsidiary of the Group. The principal activity of Superhigh-
speed JSC is to provide transportation services.
Acquisition of Anh Sao Real Estate Joint Stock Company (“Anh
Sao JSC“), a new subsidiary
On 13 May 2015, the Group acquired 94% of voting shares
of Anh Sao JSC from individuals with total consideration
of VND1,575 billion and thereby, Anh Sao JSC became a
subsidiary of the Group. Anh Sao JSC is the owner of a
potential real estate project in Nha Be district, Ho Chi Minh
city, Vietnam.
On 31 July 2015, the Group disposed its entire voting shares
held in Anh Sao JSC (Note 4.3).
consideration of VND2,031 billion, including VND2,149 billion Other current assets 24,571,725,620
in cash and VND152 billion of the investment in Ocean Thang
Long Investment JSC (Note 19.2). Thereby, Blue Star JSC Fixed assets 43,556,750,874
became a subsidiary of the Group. Blue Star owns a potential Other assets 18,386,404,339
real estate project in Cau Giay district, Hanoi, Vietnam.
137,169,506,167
Acquisition of Me Tri JSC, a new subsidiary Liabilities
Trade payables 29,422,930,049
On 1 December 2015, the Group acquired 67.17% voting
shares of Me Tri JSC from individuals with total consideration of Other long-term liabilities 44,462,097,434
VND1,811 billion and thereby, Me Tri JSC became a subsidiary Long-term loans and borrowings 35,401,556,609
of the Group. Me Tri JSC owns a potential real estate in Nam Tu
Liem district, Hanoi, Vietnam. Total identifiable net assets at fair value 27,882,922,075
Non-controlling interests (5,595,845,341)
Acquisition of Metropolis Hanoi, a new subsidiary
Goodwill from business combination (Note 20) 224,637,199,866
On 18 December 2015, the Group acquired 100% voting In which, allocation to:
shares of Metropolis Hanoi JSC from a corporate counterparty - Vinlinks JSC 212,916,929,493
with total consideration of VND1,484 billion and thereby,
Metropolis Hanoi JSC became a subsidiary of the Group. - Hop Nhat Express JSC 9,198,103,041
Metropolis Hanoi owns a potential real estate project in Nam - Hop Nhat Trading JSC 2,522,167,332
Tu Liem district, Hanoi, Vietnam.
Total purchase consideration 246,924,276,600
4.2 Business combination Analysis of cash flows on acquisition
Net cash acquired with the subsidiaries 5,609,442,957
Acquisition of Hop Nhat Vietnam Corporation JSC, a new
subsidiary Cash paid (246,924,276,600)
Net cash flow used in acquisition (241,314,833,643)
On 25 April 2015, the Group acquired 80% voting shares of
Hop Nhat Vietnam Corporation JSC from an individual with
Total consideration was VND247 billion and was fully paid in JSC and Hop Nhat Trading JSC for the period from the date of
total consideration of VND245 billion. Hop Nhat Vietnam
cash. Total loss before tax of Vinlinks JSC, Hop Nhat Express acquisition to 31 December 2015 is VND27 billion.
Corporation JSC was subsequently renamed to Vinlinks JSC.
Through this transaction, the Group also indirectly acquired
99.92% and 99.80% voting shares of Hop Nhat Express JSC
and Hop Nhat Trading JSC, the two (2) existing subsidiaries
of Vinlinks JSC at the acquisition date. Thereby, Vinlinks JSC,
Hop Nhat Express JSC and Hop Nhat Trading JSC became
subsidiaries of the Group. Hop Nhat Express JSC was
subsequently merged to Vinlinks JSC.
The principal activity of Vinlinks JSC is to provide door-to-
VAS consolidated financial statements VAS consolidated financial statements

Acquisition of VEFAC JSC, a new subsidiary
On 6 May 2015, the Group acquired 89.42% voting shares
of VEFAC JSC from equitisation of Vietnam Exhibition Fair
Center One-member Limited Liability Company with total
consideration of VND1,497 billion and thereby, VEFAC JSC
Assets
Cash and cash equivalents
became a subsidiary of the Group. The principal activities
of VEFAC JSC are organizing trade advertisements and
promotions in the form of domestic and overseas trade fairs,
exhibitions and conference. The Group has acquired VEFAC
JSC for the purpose of having opportunities to develop
potential real estate projects.
Currency: VND
Provisional fair value recognised at acquisition date
1,620,080,973,532
Acquisition of Vietnam Textile Fashion Trading
Company Limited (“Vinatexmart LLC”), a new subsidiary
On 8 May 2015, the Group acquired 100% voting right in
Vinatexmart LLC from a corporate counterparty with total
consideration of VND230 billion. Thereby, Vinatexmart LLC
became a subsidiary of the Group and was subsequently
merged into Vincommerce JSC, another subsidiary of the
Group.
Vinatexmart LLC operates in the retail sector with supermarket
chains and branded stores in many provinces nationwide.
The acquisition of Vinatexmart LLC is a part of the Group’s
investment strategy in the retail market.
On 31 December 2015, the Group is in the process of
determining the fair value of identifiable assets, liabilities
or contingent liabilities of Vinatexmart LLC at the date of
acquisition and applies provisional accounting method to 114
consolidate Vinatexmart LLC. The provisional fair values
of identifiable assets and liabilities of Vinatexmart LLC are
presented below: 115

CONS OLIDATED FINANCIAL STATEMENTS

Fixed assets 64,084,010,499 Currency: VND
Other assets 14,564,143,536 Provisional fair value recognised at acquisition date
1,698,729,127,567 Assets
Liabilities Cash and cash equivalents 18,616,703,249
Statutory obligation 6,350,768,122 Trade receivables and other receivables 43,845,206,277
Other liabilities 21,609,425,915 Inventories 192,492,807,035
Total identifiable net assets at fair value 1,670,768,933,530 Prepaid expenses 86,891,655,435
Non-controlling interests (176,337,057,143) Fixed assets 204,060,520,400
Goodwill from business combination (Note 20) 3,020,090,863 Other assets 52,690,541,541
Total purchase consideration 1,497,451,967,250 598,597,433,937
Analysis of cash flows on acquisition Liabilities
Net cash acquired with the subsidiary 1,620,080,973,532 Trade payables and other payables 288,796,207,424
Cash paid (1,497,451,967,250) Other long-term liabilities 11,764,122,382
Net cash flow from acquisition 122,629,006,282 Long-term loans and borrowings 198,087,133,452
Total identifiable net assets at fair value 99,949,970,679
Total consideration is VND1,497 billion that has been fully the date of acquisition to 31 December 2015 is VND37 billion.
paid in cash. Profit before tax of VEFAC JSC for the period from Non-controlling interests 38,865,008,796
Goodwill from business combination (Note 20) 90,685,020,525
Total purchase consideration 229,500,000,000
Analysis of cash flows on acquisition
Cash acquired with the subsidiary 18,616,703,249
Cash paid (229,500,000,000)
Net cash flow used in acquisition (210,883,296,751)

Total consideration is VND230 billion that has been fully paid date to 1 June 2015 is (the merger date between Vinatexmart
in cash. Loss before tax of Vinatexmart LLC from acquisition LLC and Vincommerce JSC) VND11 billion.
VAS consolidated financial statements VAS consolidated financial statements

Acquisition of VinEco Tam Dao LLC, a new subsidiary
On 1 June 2015, the Group acquired 89.02% voting shares
of VinEco Tam Dao LLC. According to the Decision No. 1431/
QD-UBND of the People’s Committee of Vinh Phuc on the
transformation from Industrial and Agriculture Tam Dao
One-member Limited Liability Company to VinEco Tam Dao
LLC, the Group has become the owner with 89.02% voting
shares of VinEco Tam Dao LCC with the committed capital of
VND267 billion out of the charter capital of VND300 billion. The
principal activities of VinEco Tam Dao are to produce and trade
agricultural products. The Group has acquired VinEco Tam Dao
LLC for the purpose of providing safe fruits and vegetables to
the market by applying advanced technologies.
On 31 December 2015, the Group is in the process of
determining the fair value of identifiable assets, liabilities
or contingent liabilities of VinEco Tam Dao LLC at the date of
acquisition and applies provisional accounting method to
consolidate VinEco Tam Dao LLC. The provisional fair values
of identifiable assets and liabilities of VinEco Tam Dao LLC are
presented below:
Acquisition of Hanoi Entertainment Culture Sport Center JSC, a
new subsidiary
On 15 September 2015, the Group acquired 100% voting
shares of Hanoi Entertainment Culture Sport Center JSC from
corporate counterparties with total consideration of VND330
billion. The principal activities of Hanoi Entertainment Culture
Sport Center JSC are investing, developing, providing service
and leasing of shopping and entertainment centers. The
acquisition of Hanoi Entertainment Culture Sport Center JSC
is a part of the Group’s strategy to expand into real estate
leasing business.
The fair values of identifiable assets and liabilities of Hanoi
Entertainment Culture Sport Center JSC at the date of
acquisition are presented below: 116
Currency: VND
117
Fair value recognised at acquisition date

Assets

CONS OLIDATED FINANCIAL STATEMENTS

Currency: VND
Provisional fair value recognised at acquisition date Cash and cash equivalents 5,935,563,734

Assets Construction in progress (i) 539,200,497,956

Cash and cash equivalents 500,041,229 Other assets 18,758,330,018

Held-to-maturity investment 9,595,498,578 563,894,391,708

Other receivables 3,929,918,043 Liabilities
Fixed assets 15,124,287,228 Deferred tax liabilities (ii) (Note 36.3) 106,823,200,000
Construction in progress 9,028,609,602 Other liabilities 728,818,991
Other current assets 1,164,848,285 Total identifiable net assets at fair value 456,342,372,717
39,343,202,965 Non controlling interests (2,392,988,461)

Liabilities Gain on bargain purchase (Note 34) (123,824,134,645)

Other short-term payables 8,344,551,179 Total purchase consideration 330,125,249,611
Other liabilities 486,186,940 Analysis of cash flows on acquisition
Total identifiable net assets at fair value 30,512,464,846 Cash acquired with the subsidiary 5,935,563,734
Non-controlling interests (30,512,464,846) Cash paid (330,125,249,611)
Goodwill arising on acquisition - Net cash flow used in acquisition (324,189,685,877)
Total purchase consideration (*) -
Analysis of cash flows on acquisition (i) Construction in progress includes fair value at the date of (ii) Deferred tax liabilities arise from temporary difference
acquisition of the right to develop Vincom Trung Tu project between tax base and accounting base of the right to develop
Cash acquired with the subsidiary 500,041,229 (Note 18) in Dong Da district, Hanoi city. The right to develop Vincom Trung Tu project.
Cash paid - this project is represented by the construction permit and
land rental contract of Hanoi Entertainment Culture Sport Total consideration is VND330 billion that has been fully paid
Net cash flow from acquisition 500,041,229
Center JSC. The fair value of this project development right in cash. Loss before tax of Hanoi Entertainment Culture Sport
is VND534 billion which was determined by an independent Center JSC from acquisition date to 31 December 2015 is
(*) Total consideration of VND267 billion is settled with the contribution of VND138 billion to VinEco Tam Dao LLC. Loss valuer; VND18 billion.
capital contribution by the Group to VinEco Tam Dao LLC. before tax of VinEco Tam Dao LLC from acquisition date to 31
Up to 31 December 2015, the Group has made a capital December 2015 is VND16 billion.
VAS consolidated financial statements VAS consolidated financial statements

Acquisition of An Phong JSC, a new subsidiary
On 15 November 2015, the Group acquired 100% voting
shares of An Phong JSC from individuals with total provisional
consideration of VND1,835 billion. Thereby, An Phong JSC
became a subsidiary of the Group. The principal activities
of An Phong JSC are providing retail premises for rent and
operating in the retail sector with a supermarkets chain
under the brand-name of MaxiMark. The acquisition of An
Phong JSC is a part of the Group’s investment strategy in
retail market, increase the supply of retail premises for rent, in
combination with other subsidiaries of the Group, especially
the subsidiaries in the retail business.
On 31 December 2015, the Group is in the process of
determining the fair value of identifiable assets, liabilities or
contingent liabilities of An Phong JSC at the date of acquisition
and applies provisional accounting method to consolidate An
Phong JSC. The provisional fair values of identifiable assets
and liabilities of An Phong JSC at the acquisition date are
presented below:
Currency: VND
(i)
The investment properties includes the fair value of
shopping malls determined by an independent valuer of
VND1,658 billion.
(ii) Deferred tax liability arises from business combination.
Total consideration is provisionally measured at VND1,835
billion, in which, VND1,002 billion was paid in cash. Loss
before tax of An Phong JSC from the acquisition date to 31
December 2015 is VND400 million.
Acquisition of Dong Phu Hung – Binh Thuan JSC, a new subsidiary
Hung – Binh Thuan JSC became a subsidiary of the Group. The
principal activities of Dong Phu Hung – Binh Thuan JSC are
investing, constructing and trading real estate properties. The
acquisition of Dong Phu Hung – Binh Thuan JSC is to develop
a number of potential real estate and tourism projects that
owned by Dong Phu Hung – Binh Thuan JSC in Ham Tan
district, Binh Thuan province.
118
On 31 December 2015, the Group is in the process of
determining the fair value of identifiable assets, liabilities or
contingent liabilities of Dong Phu Hung – Binh Thuan JSC at 119
the date of acquisition and applies provisional accounting
method to consolidate Dong Phu Hung – Binh Thuan JSC. The

CONS OLIDATED FINANCIAL STATEMENTS

Provisional fair value recognised at acquisition date On 28 December 2015, the Group acquired 100% of voting provisional fair values of identifiable assets and liabilities of
Assets shares of Dong Phu Hung – Binh Thuan JSC from individuals Dong Phu Hung – Binh Thuan JSC at the acquisition date are
with total consideration of VND874 billion. Thereby, Dong Phu presented below:
Cash and cash equivalents 24,806,921,516
Trade receivables 478,708,889,693 Currency: VND
Inventories 175,617,155,513 Provisional fair value recognised at acquisition date

Construction in progress (i) 578,374,391,499 Assets

Cash and cash equivalents 128,832,773,540
Investment properties (i) 1,079,177,000,000
Other receivables 108,614,869,455
Other assets 27,613,892,322
Inventories 41,500,980,400
2,364,298,250,543
Other current assets 454,592,793,500
Liabilities
Investment in associates 4,798,892,080,000
Trade payables 262,036,713,359
Other non-current assets 8,245,657,556
Accrued expenses 18,612,140,433
5,540,679,154,451
Other short-term payables 33,242,103,778
Liabilities
Short-term loans 209,578,380,731
Trade payables 37,875,261,788
Deferred tax liability (ii) 265,728,153,616
(Note 36.3) Accrued expenses 69,333,777,190

Other non-current liabilities 29,098,368,798

Short-term loans and borrowings 4,975,000,000,000
Other liabilities 44,169,830,564
Long-term loans and borrowings 157,261,596,052
Total identifiable net assets at fair value 414,300,284,909
Total identifiable net assets at fair value 1,388,740,793,776
Non controlling interests 7,251,105,975
Non controlling interests 8,509,350,703
Goodwill arising on acquisition (Note 20) 452,448,609,116
Goodwill arising on acquisition (Note 20) 437,342,855,521
Total purchase consideration 874,000,000,000
Total purchase consideration 1,834,593,000,000
Analysis of cash flows on acquisition
Analysis of cash flows on acquisition
Cash acquired with the subsidiary 128,832,773,540
Cash acquired with the subsidiary 24,806,921,516
Cash paid (874,000,000,000)
Cash paid (1,002,000,000,000)
Net cash flow used in acquisition (745,167,226,460)
Net cash flow used in acquisition (977,193,078,484)
Total consideration is VND874 billion that has been fully paid JSC from the acquisition date to 31 December 2015 is VND5
in cash. Loss before tax of Dong Phu Hung – Binh Thuan billion.
 VAS consolidated financial statements VAS consolidated financial statements

Acquisition of Sunflower JSC, a new subsidiary
On 30 December 2015, the Group acquired 100% voting shares
of Sunflower JSC from individuals with total consideration of
VND5,680 billion. Through this acquisition, the Group also
acquired 98.3% voting right in Vinaconex – Viettel JSC, an
existing subsidiary of Sunflower JSC at the date of acquisition.
Thereby, Sunflower JSC and Vinaconex – Viettel JSC became
subsidiaries of the Group.
The principal activities of Sunflower JSC and Vinaconex
– Viettel JSC are investing, constructing and trading real
estates. The acquisition of these companies is for the purpose
of development of potential real estate projects in Hoan Kiem
district and Nam Tu Liem district, Hanoi.
On 31 December 2015, the Group is in the process of
determining the fair value of identifiable assets, liabilities
or contingent liabilities of Sunflower JSC and Vinaconex –
Viettel JSC at the date of acquisition and applies provisional
accounting method to consolidate these companies. The
provisional fair values of identifiable assets and liabilities of
Sunflower JSC and Vinaconex – Viettel JSC at the acquisition
date are presented below:
4.3 Significant disposal transactions
Disposal of Anh Sao JSC, an existing subsidiary
On 31 July 2015, the Group disposed the entire 94% voting
shares of Anh Sao JSC to a corporate counterparty with total
consideration of VND1,668 billion. Thereby, the profit from this
disposal, which is the difference between the consideration
and the carrying amount net assets transferred, is recognised
in the consolidated income statement (Note 30.3).
Partial disposal of voting shares of Emigo Vietnam Fashion Joint
Stock Company, an existing subsidiary
previously known as Vinfashion Joint Stock Company, to
individuals with a total consideration of VND31 billion, and
thus reducing the Group’s voting shares of Emigo Vietnam
Fashion Joint Stock Company to 39%. Thereby, Emigo Vietnam
Fashion Joint Stock Company became an associate of the
Group, and was subsequently renamed to M.Y.M Fashion JSC as
presented in Note 19.1. As the result, profit from this disposal,
which is the difference between: (1) the consideration and the 120
fair value of the investment in Emigo Vietnam Fashion Joint
Stock Company which is determined by equity method; and
(2) carrying amount of net assets disposed, was recognised in 121
the consolidated income statement (Note 30.3).

CONS OLIDATED FINANCIAL STATEMENTS

Currency: VND
Provisional fair value recognised at acquisition date On 10 December 2015, the Group disposed of 31% voting
shares of Emigo Vietnam Fashion Joint Stock Company,
Assets
Cash and cash equivalents 753,674,376,994 5. CASH AND CASH EQUIVALENTS
Advance to suppliers 2,263,830,722,441 Currency: VND
Construction in progress 28,996,050,149
Ending balance Beginning balance
Other assets 8,840,274,266 Cash on hand 34,915,215,231 9,220,874,607
3,055,341,423,850 Cash at banks 3,717,308,507,824 1,697,280,782,527
Liabilities Cash in transit 19,742,151,512 3,176,164,951
Short-term loans and borrowings 280,000,000,000 Cash equivalents 3,166,499,229,923 5,897,835,897,588
Other liabilities 3,862,958,567 TOTAL 6,938,465,104,490 7,607,513,719,673
Total identifiable net assets at fair value 2,771,478,465,283
Non controlling interests 677,046,818,347 Cash equivalents include bank deposits in VND with terms from 3.5% to 5% per annum on 31 December 2015 (31
Goodwill arising on acquisition (Note 20) 2,231,894,716,370 ranging from 1 to 3 months and earn interest rates ranging December 2014: 4% to 7.5% per annum).

In which, allocation to: Details of foreign currencies:

- Sunflower JSC 11,157,547,476
Ending balance Beginning balance
- Vinaconex – Viettel JSC 2,220,737,168,894
Foreign currencies:
Total purchase consideration 5,680,420,000,000
- United States dollar 3,038,673 1,322,830
Analysis of cash flows on acquisition
- Euro 8,567 300
Cash acquired with the subsidiary 753,674,376,994
- Singapore dollar - 20
Cash paid (5,680,420,000,000)
- Japanese Yen 75,000 70,000
Net cash flow used in acquisition (4,926,745,623,006)
- British Pound 20 150

Loss before tax of Sunflower JSC and Vinaconex – Viettel JSC - Canadian dollar - 15
from the acquisition date to 31 December 2015 is VND660
- Hong Kong dollar 1,000 300
million.
- Australian dollar 200 -
 VAS consolidated financial statements VAS consolidated financial statements

7. TRADE RECEIVABLES AND SHORT-TERM ADVANCE TO SUPPIERS

Currency: VND

Currency: VND
(31,336,416,600)
(13,940,856,000)

(17,395,560,600)
Provision

Carrying value
3,516,847,342,390

497,621,378,611

4,014,468,721,001
7.1 Short-term trade receivables

Beginning balance
Currency: VND

(reclassified)
Beginning balance
Ending balance (reclassified)
Sale of inventory properties 1,220,757,401,526 454,341,472,019 122
Beginning balance

74,444,996,900
18,428,256,000

56,016,740,900
Fair value

Cost
3,516,847,342,390

497,621,378,611

4,014,468,721,001
(reclassified)

Leasing activities and rendering related services 256,588,553,650 222,348,822,022

123
Rendering hotel, amusement park and related services 91,852,450,219 46,193,370,495
Rendering hospital and related services 42,697,629,658 24,415,240,296

CONS OLIDATED FINANCIAL STATEMENTS

Sale of goods in supermarkets, convenience stores and other retail outlets 100,442,622,389 2,824,255,316
Rendering education and related services 703,673,277 2,969,286,736

Carrying value
9,602,998,237,082

1,522,570,241,813

11,125,568,478,895 11,125,568,478,895
105,781,413,500
32,369,112,000

73,412,301,500
Cost

Rendering construction and related services 601,465,507,260 23,039,563,914

Ending balance Others 124,292,534,915 56,869,455,549

TOTAL 2,438,800,372,894 833,001,466,347
In which:
Trade receivables from customers 2,362,083,197,049 640,279,529,209
Cost
9,602,998,237,082

1,522,570,241,813
(14,958,000,000)
(14,958,000,000)
Provision

Trade receivables from related parties (Note 37) 76,717,175,845 192,721,937,138

Provision for doubtful debts (111,652,055,514) (36,049,751,247)
Details of receivables which account for more than 10% of balance
(i) Short-term deposits and certificate of deposits in VND as at 31 December 2015 Sale of inventory properties to a corporate counter party 628,772,614,597 -
(i) During the year, the Company has disposed all of these held-for-trading

with terms ranging from 3 months to 1 year and earn interest at rates ranging
securities. Gain from this disposal is recognized in Finance income (Note 30.3)

Rendering construction and related services to a corporate counter party 344,852,318,673 -

17,411,112,000
Fair value
17,411,112,000

-
Ending balance

Sale of inventory properties and management service to a corporate counter party - 185,928,942,639
Sale of inventory properties to a related party (Note 37) - 163,028,002,628

7.2 Short-term advances to suppliers includes advances to suppliers, construction contractors and
32,369,112,000
Cost
32,369,112,000

consultants of the real estate projects of the Group.

Short-term advances to suppliers at 31 December 2015 mainly
6. SHORT-TERM INVESTMENTS

6.2 Held-to-maturity investments

Shares of Pertro Vietnam Fertilizer

Shares of Joint Stock Commercial

Bank for Investment and
6.1 Held-for-trading securities

Short-term bank deposits and

Development of Vietnam (i)

Current portion of long-term

from 5% to 7.8% per annum.

and Chemicals Corporation

bank deposits (Note 19.2)

certificate of deposits (i)
TOTAL

TOTAL
VAS consolidated financial statements VAS consolidated financial statements

8. LOAN RECEIVABLES 9. OTHER RECEIVABLES

Currency: VND
Currency: VND Beginning balance
Ending balance
Beginning balance (reclassified)
Ending balance (reclassified) Short-term:
Short-term: Interests 890,625,661,389 428,978,175,621
Loans to corporate counterparties (i) 698,668,376,862 2,026,383,376,328 Deposits for opening Letter of Credits 66,841,542,654 38,078,268,211 124
Current portion of long-term loans to customers and individuals (ii) 1,009,251,354,122 82,578,564,022 Deposit for the purpose of project development, selling apartments 532,479,238,433 26,180,124,801
Loans to related parties (Note 37) 55,204,181,818 16,204,181,818 Dividends 36,115,522,222 36,115,522,222 125
1,763,123,912,802 2,125,166,122,168 Advances to employees 59,515,702,495 13,722,309,095

CONS OLIDATED FINANCIAL STATEMENTS

Long-term: Disposal of equity investments 93,448,998,244 -
Loans to individuals (ii) 904,533,000,000 904,533,000,000 Receivables from the ex-shareholders of subsidiaries 220,279,946,923 -
Loans to customers (ii) 112,278,193,287 117,578,059,260 Deposit for a business co-operation contract (i) 1,050,000,000,000 -
Loans to a corporate counterparty 55,000,000,000 - Others 216,447,918,587 169,075,624,801
In which: current portion of long-term loans to customers (1,009,251,354,122) (82,578,564,022) TOTAL 3,165,754,530,947 712,150,024,751
62,559,839,165 939,532,495,238 In which:
Provision for doubtful loan receivables (67,064,381,376) (45,908,601,100) Other receivables 3,154,795,491,628 601,667,953,367
Other receivables from related parties (Note 37) 10,959,039,319 110,482,071,384
(i) These are loans to counterparties, which are unsecured tenant’s shares held by major shareholders, or by the entire
and earn interest at rates ranging from 7% to 10% per annum, assets and inventories of tenants at retail location. Long-term:
which include a convertible loan provided by Tan Lien Phat Long-term deposits for outlet rentals 179,574,004,529 99,679,218,417
JSC, a subsidiary, to a corporate counterparty, which grants  Loans to individuals for their acquisition of shares of an
Others receivables 12,190,234,785 922,872,835
Tan Lien Phat JSC with the right to convert these loans into associate. These loans have term of 3 years from 26 July
shares of borrower. 2013 to 22 November 2013 and earn interest of 13% per TOTAL 191,764,239,314 100,602,091,252
annum. These loans are secured by the entire shares of the
Provision for doubtful other receivables (35,860,903,851) (18,765,801,355)
(ii) This comprises: associate which had been acquired by these individuals.
(i)
This amount mainly includes deposit receivables of of developing a potential real estate project in Hanoi.
 Loansto tenants of the Group’s shopping malls with terms
VND1,050 billion to a corporate counterparty for the purpose
ranging from 3 to 5 years. These loans are secured by the

10. BAD DEBTS

Bad debts of the Group mainly include overdue trade receivables, loan receivables and interest receivables from customers:
Currency: VND
Ending balance Beginning balance
Debtor Cost Receivable amount Cost Receivable amount
Receivables 676,500,521,674 526,657,154,382 103,462,990,153 35,567,855,897
Loans 82,578,564,023 17,844,590,574 82,578,564,023 49,749,544,577
Unrecognized interest 19,169,910,308 - - -
TOTAL 778,248,996,005 544,501,744,956 186,041,554,176 85,317,400,474
Details of overdued receivables which account for more than 10% of total overdue receivables:
Thai Kieu Limited Liabilities Company 129,395,946,169 32,816,589,711 129,395,946,169 64,721,543,714
Ocean Group Joint Stock Company 30,751,857,534 30,751,857,534 - -
Ocean Thang Long Joint Stock Company 94,697,103,485 94,697,103,485 - -
VAS consolidated financial statements VAS consolidated financial statements

11. INVENTORIES 13. OTHER CURRENT AND NON-CURRENT ASSETS Balances of other current and non-current assets as at 31
Currency: VND December 2015 are as below:
Beginning balance These mainly include deposits for the development of
Ending balance (reclassifed) potential projects or for acquiring shares of other entities.
Inventory properties under construction 23,916,488,173,756 12,981,426,785,251 Currency: VND
Completed inventory properties (*) 2,254,855,916,792 2,983,199,417,908 Beginning balance
Ending balance (reclassifed)
Inventories for hospital, supermarkets, hotel and retail outlets 1,417,091,695,671 233,060,588,602 126
Short-term:
Goods in transit 297,671,215,241 14,404,215,653
Deposits for investment purpose (i) 4,629,328,253,727 783,166,666,670
Construction and garment raw materials 91,902,736,933 25,068,106,693 127
Dividend advanced to non-controlling shareholders holding preference 598,725,944,622 178,055,416,737
Tools and equipment 78,385,314,913 84,779,811,576
shares (ii)

CONS OLIDATED FINANCIAL STATEMENTS

Others 29,500,782,315 - Others 283,467,228,467 283,467,228,467
28,085,895,835,621 16,321,938,925,683 TOTAL 5,511,521,426,816 1,244,689,311,874

(*) Including inventory properties acquired with a view to sale Detail of inventory properties used as collaterals for borrowings Long-term:
amounting to VND501 billion. and corporate bonds of the Group are disclosed in Note 26.
Deposits for investment purpose (iii) 3,000,000,000,000 4,800,000,000,000
Detail of movements of provision for obsolete inventories: TOTAL 3,000,000,000,000 4,800,000,000,000
Currency: VND
Beginning balance (i) This mainly consists of: (ii) These are dividends advanced to non-controlling
Ending balance (reclassifed)
shareholders holding preference shares of Vincom Retail JSC
Beginning balance 7,055,170,624 8,938,534,347  A deposits of VND3,000 billion to individual counterparties and Vinmec JSC, subsidiaries of the Group.
Add: Provision made during the year 55,111,612,196 3,366,534,260 for the adittional acquisition of shares in an other long-term
investments of the Group; (iii) A deposit of VND3,000 billion to a corporate counterparty
Less: Utilisation and reversal of provision during the year (3,688,636,365) (5,249,897,983) for securing the right to the investment in a potential real
Ending balance 58,478,146,455 7,055,170,624  Other deposits of VND1,405 billion for acquisition of shares. estate project in Hung Yen province.

12. PREPAID EXPENSES Currency: VND

Beginning balance
Ending balance (reclassifed)
Short-term:
Selling expenses related to apartments not yet handed over 1,141,536,744,894 125,717,369,317
Tools and supplies 102,913,017,914 92,926,354,559
Interest expense 23,446,929,828 20,667,325,201
Corporate income tax 207,807,092,577 42,770,778,456
Others 72,325,615,988 51,225,322,493
TOTAL 1,548,029,401,201 333,307,150,026
Long-term:
Land rental 163,520,735,608 193,397,545,649
Expenditures for overhaul 37,798,336,027 22,715,049,107
Tools and supplies 1,018,070,710,745 558,191,520,089
Pre-operating expenses 106,227,531,032 136,731,575,820
Rental fee for supermarket areas 36,999,995,943 34,668,669,724
Others 75,278,841,194 73,233,187,079
TOTAL 1,437,896,150,549 1,018,937,547,468
VAS consolidated financial statements

14. TANGIBLE FIXED ASSETS

Currency: VND
Buildings and Machineries and Means of
structures equipment transportation Office equipment Others Total
Cost:
Beginning balance 7,806,549,253,427 3,445,191,671,253 374,143,917,903 295,322,685,148 204,718,916,058 12,125,926,443,789
Additions 7,202,558,715,241 2,529,020,605,821 371,036,139,163 326,019,292,247 234,157,949,540 10,662,792,702,012
128
In which:
Newly purchased 76,914,043,132 619,400,835,581 286,012,511,642 250,880,025,806 228,420,853,437 1,461,628,269,598 129
Newly constructed 4,329,578,327,508 1,139,964,536,458 - - - 5,469,542,863,966

CONS OLIDATED FINANCIAL STATEMENTS

Acquisition of subsidiary 398,273,676,070 187,932,819,737 85,023,627,521 75,139,266,441 2,592,267,400 748,961,657,169
Transfer from investment properties (Note 16) 2,276,750,334,874 507,573,629,692 - - - 2,784,323,964,566
Other additions 121,042,333,657 74,148,784,353 - - 3,144,828,703 198,335,946,713
Decreases (462,508,074,364) (160,764,605,894) (29,177,990,572) (78,133,353,460) (20,439,796,677) (751,023,820,967)
In which:
Sold, disposed (7,673,728,458) (45,135,084,127) (16,656,185,449) (23,913,701,354) (1,700,449,836) (95,079,149,224)
Reclassify to investment properties (Note 16) (175,014,638,913) (68,240,168,645) - - - (243,254,807,558)
Other reductions (279,819,706,993) (47,389,353,122) (12,521,805,123) (54,219,652,106) (18,739,346,841) (412,689,864,185)
Ending balance 14,546,599,894,304 5,813,447,671,180 716,002,066,494 543,208,623,935 418,437,068,921 22,037,695,324,834
In which:
Fully depreciated 4,470,134,982 75,815,842,272 3,422,680,248 18,029,313,880 15,080,906,177 116,818,877,559

Accumulated depreciation:
Beginning balance 529,681,981,112 810,925,875,132 119,027,352,551 67,612,705,058 72,337,788,287 1,599,585,702,140
Additions 662,178,035,906 529,209,016,598 84,041,288,124 100,114,306,356 49,066,587,838 1,424,609,234,822
In which:
Depreciation for the year 397,405,057,909 363,193,085,221 54,363,382,832 32,484,118,306 47,726,234,178 895,171,878,446
Acquisition of subsidiary 217,929,931,558 95,725,252,815 29,677,905,292 67,630,188,050 108,011,140 411,071,288,855
Reclassify from investment properties (Note 16) 46,810,903,271 68,825,891,971 - - - 115,636,795,242
Other additions 32,143,168 1,464,786,591 - - 1,232,342,520 2,729,272,279
Decreases (41,218,069,460) (39,833,838,443) (4,056,384,465) (13,540,789,689) (2,196,615,822) (100,845,697,879)
In which:
Sold, disposed (3,925,679,821) (9,036,726,983) (2,544,697,166) (3,357,798,987) (543,402,907) (19,408,305,864)
Reclassify to investment properties (Note 16) (6,902,821,258) (13,197,155,544) - - - (20,099,976,802)
Other reductions (30,389,568,381) (17,599,955,916) (1,511,687,299) (10,182,990,702) (1,653,212,915) (61,337,415,213)
Ending balance 1,150,641,947,558 1,300,301,053,287 199,012,256,210 154,186,221,725 119,207,760,303 2,923,349,239,083
Net carrying amount:
Beginning balance 7,276,867,272,315 2,634,265,796,121 255,116,565,352 227,709,980,090 132,381,127,771 10,526,340,741,649
Ending balance 13,395,957,946,746 4,513,146,617,893 516,989,810,284 389,022,402,210 299,229,308,618 19,114,346,085,751

Details of tangible fixed assets used as collaterals for borrowings and corporate bonds of the Group are disclosed in Note 26.
VAS consolidated financial statements

15. INTANGIBLE ASSETS

Currency: VND
Indefinite land Definite land E-commerce
use rights Distribution right use rights Land rental rights website (i) Copyrights Computer software Total
Cost
Beginning balance (Reclassified) 37,127,969,964 94,000,000,000 201,161,797,247 184,938,875,055 - 2,580,563,961 50,831,721,663 570,640,927,890
Additions - - 23,100,660,791 - 275,936,512,654 13,553,500,317 129,088,954,751 441,679,628,513 130
In which:
131
Newly purchased - - 4,918,159,829 - - 13,553,500,317 124,128,831,562 142,600,491,708
Newly constructed - - - - 275,936,512,654 - - 275,936,512,654

CONS OLIDATED FINANCIAL STATEMENTS

Acquisition of subsidiary - - 18,182,500,962 - - - 4,960,123,189 23,142,624,151
Decreases - - (31,547,071,966) (184,938,875,055) - - (6,541,214,659) (223,027,161,680)
In which:
Transfer to construction in progress and inventories - - (31,547,071,966) (184,938,875,055) - - (216,485,947,021)
Other reductions (6,541,214,659) (6,541,214,659)
Ending balance 37,127,969,964 94,000,000,000 192,715,386,072 - 275,936,512,654 16,134,064,278 173,379,461,755 789,293,394,723
In which:
Fully depreciated - - - - - 530,358,400 15,910,683,465 16,441,041,865
Accumulated amortization
Beginning balance (Reclassified) - 18,277,777,778 14,928,792,874 50,104,974,480 - 2,065,791,345 25,674,089,480 111,051,425,957
Additions - 31,333,333,333 16,318,365,949 - 5,299,744,420 1,052,239,853 27,096,498,593 81,100,182,148
In which:
Amortization for the year - 31,333,333,333 6,039,380,610 - 5,299,744,420 1,052,239,853 25,163,206,889 68,887,905,105
Acquisition of new subsidiaries - - 10,278,985,339 - - - 1,933,291,704 12,212,277,043
Decreases - - (764,039,410) (50,104,974,480) - - (1,050,496,412) (51,919,510,302)
In which:
Transfer to construction in progress and inventories - - (764,039,410) (50,104,974,480) - - - (50,869,013,890)
Other reductions - - - - - - (1,050,496,412) (1,050,496,412)
Ending balance - 49,611,111,111 30,483,119,413 - 5,299,744,420 3,118,031,198 51,720,091,661 140,232,097,803
Net carrying amount:
Beginning balance 37,127,969,964 75,722,222,222 186,233,004,373 134,833,900,575 - 514,772,616 25,157,632,183 459,589,501,933
Ending balance 37,127,969,964 44,388,888,889 162,232,266,659 - 270,636,768,234 13,016,033,080 121,659,370,094 649,061,296,920

(i) This is the value of Adayroi.com, an e-commerce website of Details of intangible assets used as collaterals for borrowings
the e-commerce project developed by Vinecom LLC. and corporate bonds of the Group are disclosed in Note 26.
VAS consolidated financial statements

16. INVESTMENT PROPERTIES

Currency: VND

Land use rights Buildings and structures Machineries and equipment Total
Cost:
Beginning balance (Reclassified) 4,900,170,072,460 9,561,123,746,332 1,875,931,740,895 16,337,225,559,687
Additions 3,332,611,432,929 3,148,005,396,101 1,003,806,281,857 7,484,423,110,887 132
In which:
133
Newly constructed 2,468,696,107,481 2,707,798,798,859 934,729,313,414 6,111,224,219,754
Reclassify from tangible fixed assets (Note 14) 18,144,719,369 156,869,919,544 68,240,168,645 243,254,807,558

CONS OLIDATED FINANCIAL STATEMENTS

Increase due to acquisition of subsidiary 845,770,606,079 283,336,677,698 836,799,798 1,129,944,083,575
Decreases (658,939,414,165) (4,236,836,698,845) (733,377,993,307) (5,629,154,106,317)
In which:
Reclassify to inventories (502,635,280,742) (2,116,390,497,394) (225,804,363,615) (2,844,830,141,751)
Reclassify to tangible fixed assets (Note 14) (156,304,133,423) (2,120,446,201,451) (507,573,629,692) (2,784,323,964,566)
Ending balance 7,573,842,091,224 8,472,292,443,588 2,146,360,029,445 18,192,494,564,257
Accumulated depreciation:
Beginning balance (Reclassified) 128,186,307,039 438,015,791,263 371,882,236,859 938,084,335,161
Additions 87,435,729,368 323,843,501,321 219,168,155,437 630,447,386,126
In which:
Depreciation/amortisation for the year 39,788,099,616 313,237,530,574 205,905,638,306 558,931,268,496
Reclassify from tangible fixed assets (Note 14) 2,584,135,475 4,318,685,783 13,197,155,544 20,099,976,802
Increase due to acquisition of subsidiary 45,063,494,277 6,287,284,964 65,361,587 51,416,140,828
Decreases (11,032,219,955) (117,089,132,456) (75,580,048,152) (203,701,400,563)
In which:
Reclassify to inventories - (81,310,449,140) (6,754,156,181) (88,064,605,321)
Reclassify to tangible fixed assets (Note14) (11,032,219,955) (35,778,683,316) (68,825,891,971) (115,636,795,242)
Ending balance 204,589,816,452 644,770,160,128 515,470,344,144 1,364,830,320,724
Net carrying amount:
Beginning balance 4,771,983,765,421 9,123,107,955,069 1,504,049,504,036 15,399,141,224,526
Ending balance 7,369,252,274,772 7,827,522,283,460 1,630,889,685,301 16,827,664,243,533
VAS consolidated financial statements VAS consolidated financial statements

As at 31 December 2015, the fair value of the Group’s investment properties is determined as follows: 17. CAPITALISED BORROWING COSTS The capitalised borrowing costs in relation to general borrowings
are determined by applying a capitalisation rate of 10.69% per
(i) By an independent valuer in its draft reports: annum on the accumulated weighted average expenditure
During the year, the Group capitalised borrowing costs
amounting to VND1,481 billion (for period ended 31 December of the real estate projects. The capitalisation rate used is the
Investment properties VND Billions
2014: VND617 billion). These costs related to specific and general weighted average of the borrowing costs applicable to the
Vincom Dong Khoi (office component) 4,971 borrowings to finance the real estate projects of the Group. borrowings of the Group that are outstanding during the year.
Vincom Dong Khoi (retail component) 4,839
134
Vincom Mega Mall Royal City 4,754 18. CONSTRUCTION IN PROGRESS
Vincom Mega Mall Times City 2,612
Details of construction in progress of the Group are presented as below: 135
Vincom Ba Trieu – Tower A & B (retail component) 2,172
Currency: VND

CONS OLIDATED FINANCIAL STATEMENTS

Vinhomes Nguyen Chi Thanh (retail component) 1,711
Beginning balance
Vincom Mega Mall Thao Dien 1,341 Ending balance (reclassified)
Vincom Ba Trieu – Tower C (retail component) 1,204 Vinhomes Star project (*) 3,010,584,175,105 -
Vincom Thu Duc 495 Vinhomes Paradise project (*) 1,987,225,173,391 -
Vincom Ngo Quyen, Da Nang 365 Vinhomes Central Park project (*) 1,818,156,762,596 2,663,931,085,123
MaxiMark Cong Hoa 318 Vinhomes Riverside 2 project 1,135,894,144,276 40,801,352,790
Vincom Ha Long 311 Thao Dien project (*) 844,666,731,848 1,623,262,808,291
Vincom Long Bien 293 Vinhomes Springlake project (*) 817,972,759,456 -
Vincom Le Thanh Tong, Hai Phong (retail component) 259 Vinpearl Premium Golf Land project 668,363,446,429 62,659,288,859

Vinhomes Riverside (school component) 251 Vincom Xuan Khanh Can Tho project 622,457,582,346 501,086,251,562

Vincom Plaza Viet Tri 209 Vincom Trung Tu project (*) 586,183,027,208 -

Vincom Plaza Long Xuyen, An Giang 194 Vinhomes Smart City project (*) 561,485,481,324 442,467,019,372

Vincom Center Hung Vuong, Can Tho 173 Vinmec Hospital project 509,750,176,708 65,900,291,896

Building 307-309 Vo Van Ngan 140 Vincom Plaza Go Vap project 490,336,000,000 -
Vu Yen island eco-urban area project 410,632,423,817 -
Vinhomes Royal City (school component) 140
Vinpearl Quy Nhon project (*) 400,452,118,618 377,985,958,115
Hoan My Hospital 136
Vinpearl Phu Quoc project 395,053,725,772 222,041,798,848
MaxiMark 3/2 128
Vinhomes Riverside Hai Phong project 309,249,657,518 -
MaximMark Nha Trang 110
Golf Con Au, Can Tho project 264,421,179,531 -
Vinpearl Shopping Mall at Hon Tre island, Vinh Nguyen ward, Khanh Hoa province 84
Vincom Bac Ninh project (*) 261,266,168,755 -
MaxiMark Phan Rang 41
Lang Van project 255,707,579,088 232,705,632,840
MaxiMark Cam Ranh 24
Times City project 244,612,364,031 784,581,629,027
(i) Estimated by the Group: Hon Mot project (*) 222,061,969,695 193,759,570,979

Investment properties Vinpearl Condotel Nha Trang project 215,967,772,182 -

VND Billions
Agricultural projects 197,525,140,937 -
Residential apartments at Royal City project under long-term lease contract (*) 119
Vinhomes Riverside Hotel project 174,164,560,811 169,299,017,912
Villas in Vinhomes Riverside eco-urban area 2,448
Vinpearlland amusement park project 152,192,079,793 -
(*) Land use right and assets on the land of residential Details of remaining investment properties used as collaterals
apartments of Vinhomes Royal City project under a long-term for borrowings and corporate bonds of the Group are Tay Ho View project 152,852,323,368 136,450,339,308
lease contract are being used as collaterals for the loan of a presented in Note 26. Vinpearl Premium Golf Land and Vinpearl Nha Trang Spa projects 137,233,168,277 -
corporate counterparty.
Upgrading system of Vinmart supermarket projects 122,032,432,940 12,721,694,241
 TOTAL

TOTAL
Other projects

development right.
E-commerce project
Vinpearl Hoi An project
Vincom Ha Tinh project

Vincom Thu Duc project

Vinpearl Ha Long project

Investments in associates
Future Property Invest project
Vinhomes Gardenia project (*)
Vincom Plaza Bien Hoa project

Other long-term investments

Vincom Buon Me Thuot project

Vincom Ly Bon Thai Binh project

Vincom Hung Vuong, Hue project

19. LONG-TERM INVESTMENTS

Vinhomes Nguyen Chi Thanh project (*)

Vinpearl Premium Nha Trang Bay project

Vincom Plaza Long Xuyen An Giang project

Provision for diminution of long-term investments

VAS consolidated financial statements

(*) The construction in progress above include the project

19.2
19.1
Notes
18,115,293,364,854
624,585,030,478
-
-
-
-
-
-
-
25,899,738,346
60,826,885,884
71,638,460,640
79,461,006,322
82,574,687,134
100,694,000,000
101,113,430,230

9,597,557,595,727
-
2,882,019,433,681
6,715,538,162,046
Ending balance
Ending balance

and corporate bonds of the Group are disclosed in Note 26.

11,409,488,269,731
419,113,367,514
168,844,771,919
602,433,027,000
101,750,000,000
1,315,763,194,052
67,929,253,870
85,922,322,766
943,994,136,107
96,888,466,776
-
-
-
77,195,990,564
-
-
(reclassified)
Beginning balance

2,843,076,175,315
(3,000,000,000)
1,815,581,443,945
1,030,494,731,370
(reclassified)
Beginning balance
Long-term assets in progress used as collaterals for borrowings

Currency: VND
Currency: VND

19.1 Investments in associates

Details of investment in associates of the Group are presented as follows:

Currency: VND
Vien Dong
Thang Long Pearl Urban
Real Estate Development
Green City Trading Investment Can Gio
Foreign Trade Development Investment Ho Tay Real Hanoi Breeds Company M.Y.M Nha Trang Tourist City
Concrete JSC JSC JSC Estate JSC (i) JSC Limited Fashion JSC Port JSC (ii) Corporation (iii) Total
As at 1 13,352,690,188 943,022,019,919 20,659,825,905 - 47,351,350,371 6,108,844,987 - - - 1,030,494,731,370
January
2015
Transfer from - - - 53,040,424,665 - - 11,232,107,806 - - 64,272,532,471
subsidiary to
associate
Investment 6,300,000,000 - 150,000,000,000 - - 513,232,500,000 78,000,000,000 88,532,600,000 4,798,892,080,000 5,634,957,180,000
during the
year

Shared 4,757,730,314 36,650,307,406 646,595,225 373,611,330 53,509,316 2,986,615,920 (7,632,093,855) 1,391,478,544 - 39,227,754,200
profit/(loss)
in the year
Disposal of - - - (53,414,035,995) - - - - - (53,414,035,995)
associate
As at 31 24,410,420,502 979,672,327,325 171,306,421,130 - 47,404,859,687 522,327,960,907 81,600,013,951 89,924,078,544 4,798,892,080,000 6,715,538,162,046
December
2015

(i) On 19 June 2015, General meeting of shareholders of Ho Tay Real Estate JSC of net assets of the company at the date of acquisition, and applying provisional
(“Ho Tay JSC”) approved the increase in its charter capital from VND75 billion accounting method to determine goodwill arisen from this transaction.
to VND200 billion. As the Group refused to subscribe for the new shares, the
Group’s equity interest in Ho Tay JSC decreased from 70% to 26.25%. As a result, (iii) On 28 December 2015, the Group acquired 100% equity interest in Dong Phu
Ho Tay JSC became an associate of the Group. On 30 December 2015, the Group Hung - Binh Thuan JSC as presented in Note 4. On 31 December 2015, the Group
disposed its whole equity interest in Ho Tay JSC to a corporate counterparty with is in the process of determining the fair value of identifiable net assets of Dong
total consideration of VND53 billion. Phu Hung - Binh Thuan JSC at the acquisition date, which includes the investment
in Can Gio Tourist City Corporation, an associate, with a book value of VND4,799
(ii) On 24 July 2015, the Group acquired 34.64% equity interest in Nha Trang Port billion. The investment in Can Gio Tourist City Corporation is currently provisionally
JSC through UPCOM stock exchanges with a total consideration of VND89 billion. accounted for in the 2015 consolidated financial statements.
On 31 December 2015, the Group is in the process of determining the fair value
VAS consolidated financial statements

CONS OLIDATED FINANCIAL STATEMENTS

137
136
Details of the associate and the Group’s voting right and equity interest in each entity as at 31 December 2015 are presented as follows:

Voting Equity
No. Associate right (%) interest (%) Head office Principal activities
1 Foreign Trade Concrete JSC (“Foreign Trade JSC”) 30.00 30.00 223 Nguyen Trong Truyen, Ward 10, Phu Nhuan Manufacturing and trading
District , Ho Chi Minh City concrete
2 Green City Development JSC (“Green City JSC”) 49.10 46.75 No.72 Le Thanh Ton, Ben Nghe Ward, District 1, Real estate development
Ho Chi Minh City
3 Thang Long Real Estate Trading Investment JSC 35.00 35.00 No. 13, Hai Ba Trung, Trang Tien Ward, Hoan Real estate development
(“Thang Long JSC”) Kiem District, Hanoi
4 Hanoi Breeds JSC (“Hanoi Breeds JSC”) 37.63 19.53 No. 77 Le Hong Phong, Nguyen Trai Ward, Ha Breeding livestock
Dong District, Hanoi
5 Vien Dong Pearl Urban Development Investment 45.00 45.00 No. 72 Le Thanh Ton, Ben Nghe Ward, District 1, Real estate development
Company Limited (“Vien Dong Pearl LLC”) Ho Chi Minh City
6 Nha Trang Port JSC (“Nha Trang Port JSC”) 34.64 30.59 No. 05 Tran Phu, Vinh Nguyen Ward, Nha Trang Seaport operation
City, Khanh Hoa
7 M.Y.M. Fashion JSC (“M.Y.M. Fashion JSC”) 39.00 39.00 No. 07, Bang Lang 1 Street, Vinhomes Riverside Manufacturing clothes, fabrics
Eco-urban area, Viet Hung Ward, Long Bien wholesaler, readymade garment
VAS consolidated financial statements

District, Hanoi and shoes

8 Can Gio Tourist City Corporation 34.90 34.36 No. 72 Le Thanh Ton, Ben Nghe Ward, District 1, Real estate development
(“Can Gio Tourist JSC”) Ho Chi Minh City

Ending balance Beginning balance

Number of shares Value (VND) Number of shares Value (VND)
Foreign Trade JSC 1,800,000 24,410,420,502 900,000 13,352,690,188
Green City JSC 73,650,000 979,672,327,325 73,650,000 943,022,019,919
Thang Long JSC 1,750,000 171,306,421,130 1,750,000 20,659,825,905
Nha Trang Port JSC 8,500,000 89,924,078,544 - -
Hanoi Breeds JSC 676,800 47,404,859,687 676,800 47,351,350,371
Vien Dong Pearl LLC (*) (*) 522,327,960,907 (*) 6,108,844,987
M.Y.M Fashion JSC (**) 11,700,000 81,600,013,951 (**) (**)
Can Gio Tourist JSC 69,798,651 4,798,892,080,000 - -
TOTAL 6,715,538,162,046 1,030,494,731,370

(*) These are limited liability companies.

(**) At 31 December 2014, this is a subsidiary of the Group.

19.2 Other long-term investments

Details of other long-term investment of the Group into other entities are presented as follows:
Ending balance Beginning balance(Reclassified)

Number Voting Equity Number of Voting Equity

of shares right (%) interest (%) Value (VND) shares right (%) interest (%) Value (VND)
Ecology Developing Investment 54,741,497 18.25 18.25 564,728,918,336 80,470,000 18.25 18.25 1,093,496,443,945
JSC (i)
Thanh Nien Media JSC 400,000 3.87 3.87 12,400,000,000 400,000 3.87 3.87 12,400,000,000
8/3 Investment JSC - - - - 300,000 10.00 10.00 3,000,000,000
Thuan Phong Energy 300,000 3.00 3.00 3,000,000,000 300,000 3.00 3.00 3,000,000,000
Development JSC
The Vietnam National Textile 50,000,000 10.00 10.00 552,395,000,000 50,000,000 10.00 10.00 551,685,000,000
and Garment Group
Ocean Thang Long JSC - - - - 15,200,000 13.10 13.10 152,000,000,000
Hochiminh City Service Trading 56,985,344 19.00 19.00 1,749,495,515,345 - - - -
JSC (ii)
TOTAL 2,882,019,433,681 1,815,581,443,945

(i) In 2015, Ecology Developing Investment JSC (“Ecology JSC”) was demerged to individual counterparties.
into three companies of Ecology Developing Investment JSC (the surviving
entity), Hong Thai Developing Trading Investment LLC (“Hong Thai LLC”) and (ii) On 5 October 2015, the Group acquired 56,985,344 shares, equivalent to 19%
Nam Thai Developing Trading Investment LLC (“Nam Thai LLC”). The Group of charter capital in Thanh Pho Ho Chi Minh Investment Service Trading JSC
then contributed additional capital to Ecology JSC with amount of VND488 from individual counterparties.
billion and transferred all equity interest in Hong Thai LLC and Nam Thai LLC
Currency: VND

Note Ending balance Beginning balance (Reclassified)

Long-term deposits (*) 1,522,570,241,813 1,664,157,050,271
In which: current portion of long-term deposits 6.2 (1,522,570,241,813) (497,621,378,611)
TOTAL - 1,166,535,671,660

(*) Current portion of long-term deposits as at 31 December 2015 represents from 7.5% to 7.8% per annum. The historical costs of these deposits equals to
bank deposits with terms from 19 months to 25 months and earn interest ranging their book value.
VAS consolidated financial statements

CONS OLIDATED FINANCIAL STATEMENTS

139
138
VAS consolidated financial statements VAS consolidated financial statements

20. GOODWILL
Currency: VND
Cost Accumulated amortisation Net carrying amount
Goodwill on acquisition of Beginning balance Beginning balance Beginning balance
subsidiaries (reclassified) Additions Disposed Ending balance (reclassified) Amortisation Disposed Ending balance (reclassified) Ending balance
Hanoi South JSC 2,246,022,053,760 - - 2,246,022,053,760 677,817,874,772 224,602,205,376 - 902,420,080,148 1,568,204,178,988 1,343,601,973,612
PFV JSC (1)
567,441,137,177 - - 567,441,137,177 183,201,261,541 56,744,113,718 - 239,945,375,259 384,239,875,636 327,495,761,918 140
Sai Dong JSC 2,251,823,291,311 - - 2,251,823,291,311 357,403,239,420 225,182,329,131 - 582,585,568,551 1,894,420,051,891 1,669,237,722,760
Royal City JSC 1,262,707,762,179 - - 1,262,707,762,179 412,288,964,308 126,270,776,218 - 538,559,740,526 850,418,797,871 724,148,021,653 141
Vinpearl Da Nang LLC (2) 221,392,584,812 - (12,001,862,555) 209,390,722,257 88,491,186,148 21,356,960,498 (5,208,189,785) 104,639,956,861 132,901,398,664 104,750,765,396

CONS OLIDATED FINANCIAL STATEMENTS

Tan Lien Phat JSC 498,584,453,672 - - 498,584,453,672 4,154,870,447 49,858,445,367 - 54,013,315,814 494,429,583,225 444,571,137,858
Vincommerce JSC (2) 553,898,715,800 - (132,190,896,880) 421,707,818,920 13,050,764,263 54,440,694,748 (6,454,590,537) 61,036,868,474 540,847,951,537 360,670,950,446
Khanh Gia LLC (3)
219,657,806,517 82,216,262,278 (83,392,604,500) 218,481,464,295 1,143,424,198 21,764,408,313 (230,036,330) 22,677,796,181 218,514,382,319 195,803,668,114
Vinlinks JSC (4)
- 212,916,929,493 - 212,916,929,493 - 14,676,805,602 - 14,676,805,602 - 198,240,123,891
An Phong JSC (4)
- 437,342,855,521 - 437,342,855,521 - 5,783,311,684 - 5,783,311,684 - 431,559,543,837
Vinaconex – Viettel JSC (4) - 2,220,737,168,894 - 2,220,737,168,894 - 555,184,292 - 555,184,292 - 2,220,181,984,602
Dong Phu Hung – Binh Thuan JSC (4) - 452,448,609,116 - 452,448,609,116 - 377,040,508 - 377,040,508 - 452,071,568,608
Others 63,532,698,829 116,582,929,237 (172,775,220) 179,942,852,846 8,773,464,503 14,751,899,940 (1,427,894) 23,523,936,549 54,759,234,326 156,418,916,297
TOTAL 7,885,060,504,057 3,522,244,754,539 (227,758,139,155) 11,179,547,119,441 1,746,325,049,600 816,364,175,395 (11,894,244,546) 2,550,794,980,449 6,138,735,454,457 8,628,752,138,992

(1) In 2013, PFV Investment and Trading Joint Stock Company (4) These goodwill are arisen from business combination 21. ADVANCE FROM CUSTOMERS
(“PFV JSC”), a subsidiary, was merged into the Company. transactions during the year as presented in Note 4. As
at 31 December 2015, the Group applied provisional Currency: VND
(2) In 2015, the Group’ s equity interest in these subsidiaries accounting method to recognise these goodwill.
Beginning balance
decreased through restructuring transactions, resulting
Ending balance (reclassified)
adjustments in the goodwill accordingly.
Downpayment from customers under real estate sale and purchase 19,365,321,728,392 3,299,807,295,075
(3) In 2015, Khanh Gia LLC was merged into Vincom Thu Duc agreement
LLC. This company was then merged into South Vincom Advance from customers under other contracts 855,774,737,625 3,281,471,567,064
Retail LLC (previously known as Vincom Center B HCMC
LLC). Purchase of resettlement apartments - 7,908,840,016
Long-term lease of apartments (i) 191,433,541,758 3,110,184,032,352
Hospitality services 168,147,343,315 113,443,693,274
Medical services 32,924,875,970 17,150,880,830
General construction contracts 417,955,827,622 12,000,000,000
Education services and others 45,313,148,960 20,784,120,592
TOTAL 20,221,096,466,017 6,581,278,862,139
In which:
Advance from customers 20,221,096,466,017 6,575,973,160,023
Advance from related parties (Note 37) - 5,305,702,116

(i) This represents an advance under the long-term apartment contract date. In case of finding customers who have demand
lease contract signed between Royal City JSC and a corporate of purchasing apartments, this contract will be amended or
customer on 1 August 2013 with term of 50 years since the terminated.
VAS consolidated financial statements VAS consolidated financial statements

22. STATUTORY OBLIGATIONS 24. UNEARNED REVENUE

Currency: VND Currency: VND
Payables for Payment made Beginning balance
Beginning balance the year in the year Ending balance Ending balance (reclassified)
Payables Short-term
Value added tax 128,974,462,211 2,425,085,574,674 (1,910,883,738,142) 643,176,298,743 Apartments/villas management services 194,671,051,737 36,276,517,999
Corporate income tax (Note 36) 503,959,105,076 1,578,521,354,312 (1,421,314,104,431) 661,166,354,957 Education services 365,247,876,157 303,886,910,031 142
Personal income tax 25,209,166,721 305,891,355,779 (278,024,237,438) 53,076,285,062 Lease of villa management services 148,083,223,337 -

Land use fee and land rental fee 371,099,590,034 1,899,169,627,264 (2,099,659,452,048) 170,609,765,250 Office leasing 97,876,548,628 115,135,246,409 143
payable Others 250,859,319,417 47,015,166,277

CONS OLIDATED FINANCIAL STATEMENTS

Foreign contractor tax arising from - 112,752,577,813 - 112,752,577,813 TOTAL 1,056,738,019,276 502,313,840,716
acquring of shares transactions
Long-term
Others 7,862,005,712 212,089,133,933 (182,331,193,101) 37,619,946,544
Apartments/villas management services 1,198,094,154,929 1,074,639,325,548
TOTAL 1,037,104,329,754 6,533,509,623,775 (5,892,212,725,160) 1,678,401,228,369
Education services 90,716,093,933 296,574,236,223
Lease of villa management services 1,319,975,110,242 -

Receivables Collected in Office leasing 7,668,595,322 58,815,202,020

Beginning balance for the year the year Ending balance Others 66,957,578,042 41,467,822,449
Receivables
TOTAL 2,683,411,532,468 1,471,496,586,240
Value added tax 549,937,309,384 193,717,192,768 (83,626,959,038) 660,027,543,114
Overpayment of corporate income 23,626,601,879 (5,196,237,134) - 18,430,364,745 25. OTHER PAYABLES
tax
Others 19,522,343,674 (14,901,823,340) - 4,620,520,334 25.1 Other short-term payables
Currency: VND
TOTAL 593,086,254,937 173,619,132,294 (83,626,959,038) 683,078,428,193
Beginning balance
  Ending balance (reclassified)
23. SHORT-TERM ACCRUED EXPENSES Payment from customers under deposit, loan and other agreements (i) 24,902,889,733,089 7,847,174,664,786
Other short-term payables 3,651,256,298,590 1,984,454,635,106
Currency: VND
Deposits by tenants to be refunded within the next 12 months (Note 25.2) 198,735,029,285 126,677,298,798
Beginning balance
Ending balance (reclassified) Deposits by counterparties for purchase of the Group’s investments 1,142,312,091,675 494,312,091,675
Construction costs 3,833,550,276,538 1,254,563,464,393 Payables for acquisition of shares (ii) 1,082,421,151,363 -
Accrued costs for properties transferred 1,481,238,686,362 709,720,429,437 Payables for collection on behalf 226,536,581,710 150,466,699,390
Interests 830,480,551,017 1,412,328,936,912 Dividends payable 66,146,583,977 38,062,015,345
Commission fee 170,787,321,201 8,989,887,304 Social insurance payable 12,765,259,655 6,572,609,862
Severance allowance 15,976,951,769 9,361,134,676 Payable to customers due to cancellation of contracts 189,536,276,226 104,206,086,965
Other accrued expenses 588,861,352,093 101,582,477,169 Apartment maintenance fund held on behalf of customers 460,188,180,130 604,895,150,936
TOTAL 6,920,895,138,980 3,496,546,329,891 Payables to customers due to early termination of lease contracts 23,010,241,318 271,317,937,777
Of which: Others 249,604,903,251 187,944,744,358
Short-term accrued expenses due to related parties (Note 37) 6,476,650,924 301,388,889 TOTAL 28,554,146,031,679 9,831,629,299,892
Other short-term accrued expenses 6,914,418,488,056 3,496,244,941,002 In which:
Other short-term payables 28,517,060,118,470 9,830,007,590,431
Other short-term payables to related parties (Note 37) 37,085,913,209 1,621,709,461

26. LOANS AND FINANCE LEASES
26.1 Short-term loans
Current portion of
long-term loans from banks
Short-term loans from banks
Others
TOTAL
In which:
Short-term loans from
related parties
Others
26.1.1 Short-term loans from banks
Lender
Vietnam Technological and Commercial Joint Stock
Bank
Bank for Investment and Development of Vietnam –
Quang Trung Branch
Vietnam Joint Stock Commercial Bank for Industry and
Trade – Ho Chi Minh City Branch 1
Bank for Investment and Development of Vietnam –
Ho Chi Minh City Branch
Maybank Vietnam
Joint Stock Commercial Bank for Foreign Trade of
Vietnam – Binh Tay Branch
Others
TOTAL

TOTAL
 Deposits
deposits.
Long-term
(i) Including:
(Note 25.1)
Deposits from tenants
projects of the Group;
Other long-term liabilities
25.2 Other long-term liabilities
VAS consolidated financial statements
Center Dong Khoi Office Lease Contract signed between
(i) This is the advance from a customer under the Vincom
in relation to the development of Vinhomes Central Park
apartment/villas sale and purchase contracts in real estate
project. Following terms of Deposit Agreements, the
the purpose of signing Business Cooperation Contract
corporate counterparties under Deposit Agreements for
with total amount of VND8,130 billion from
billion from customers for the purpose of signing
Deposit and loan contracts with total amount of VND16,567
in Vinhomes Central Park project as collaterals for these
Group has used a number of apartments being developed
Payment under the office lease contract at Vincom Center Dong Khoi (i)
In which: Deposits from tenants to be refunded within the next 12 months
to 2058.
 Payables
 Payables
Hanoi LLC.
(ii) Including:
4,406,204,612,974
30,788,236,251
3,988,274,000,000
387,142,376,723
(198,735,029,285)
585,877,406,008
Ending balance
receivables from this counterparty;
4,942,187,209,141
41,562,659,358
4,612,274,000,000
288,350,549,783
(126,677,298,798)
415,027,848,581
(reclassified)
Beginning balance
to a third party with total amount of VND670
Currency: VND
Times Trading LLC and a corporate customer with lease term
of VND413 billion to acquire equity interest in Metropolis
billion to purchase shares of An Phong JSC, after offsetting
to a corporate counterparty with total amount
Currency: VND
Beginning balance Movement during the year Ending balance
Balance
Notes (reclassified) Payable amount Increase Decrease Balance Payable amount
26.2.1 1,176,868,123,531 1,176,868,123,531 2,130,548,540,783 (2,702,946,745,656) 604,469,918,658 604,469,918,658
26.1.1 - - 5,707,884,582,328 (5,347,436,706,892) 360,447,875,436 360,447,875,436
26.1.2 122,200,000,000 122,200,000,000 614,103,292,607 (276,603,292,607) 459,700,000,000 459,700,000,000
1,299,068,123,531 1,299,068,123,531 8,452,536,415,718 (8,326,986,745,155) 1,424,617,794,094 1,424,617,794,094
37 10,000,000,000 10,000,000,000 475,000,000,000 (60,300,000,000) 424,700,000,000 424,700,000,000
1,289,068,123,531 1,289,068,123,531 7,977,536,415,718 (8,266,686,745,155) 999,917,794,094 999,917,794,094
Ending balance
USD VND equivalent Maturity date Interest rate Collateral
8,255,975 186,007,121,932 6 months from disbursement date Upon each (i)
disbursement
2,610,482 58,840,271,482 6 months from disbursement date Upon each (i)
disbursement
38,326,794,490 From 4 January 2016 to 4 March 2016 5.8% per annum None
31,254,098,398 From 12 February 2016 to 13 April 2016 6.5% per annum None
22,324,853,471 From 11 January 2016 to 9 June 2016 From 6% to 6.25% per None
annum
19,451,714,857 From 3 February 2016 to 3 May 2016 From 5.6% to 6.0% per (ii)
annum
4,243,020,806 6 months from disbursement date From 6% to 7.5% per None
annum
VAS consolidated financial statements
10,866,457 360,447,875,436
CONS OLIDATED FINANCIAL STATEMENTS
145
144
VAS consolidated financial statements VAS consolidated financial statements

(i)
These loans are guaranteed by the Company to pay (ii) This loan is secured by term deposit contract under asset
irrevocable letter of credit of VinEco LLC and VinEco Tam Dao collateral contract owned by An Phong JSC.
LLC.

26.1.2 Other short-term loans and a related party (Note 37) bearing interest rates of 15%
and 7% per annum respectively.
Including unsecured loans from an individual counterparty
146
26.2 Long-term loans Currency: VND

Beginning balance Movement during the year Ending balance 147

Notes Balance (reclassified) Payable amount Increase Decrease Balance Payable amount

CONS OLIDATED FINANCIAL STATEMENTS

Long-term loans from bank 26.2.1 8,068,650,703,392 8,068,650,703,392 6,417,772,995,895 4,090,186,743,855 10,396,236,955,432 10,396,236,955,432
Convertible loan 26.2.1 413,789,273,050 413,789,273,050 25,489,669,349 - 439,278,942,399 439,278,942,399
International syndicated loan 26.2.1 2,408,630,311,357 2,408,630,311,357 141,197,472,852 2,549,827,784,209 - -
Corporate bonds 26.2.2 17,209,995,159,443 17,209,995,159,443 9,778,699,214,831 4,701,525,747,118 22,287,168,627,156 22,287,168,627,156
TOTAL 28,101,065,447,242 28,101,065,447,242 16,363,159,352,927 11,341,540,275,182 33,122,684,524,987 33,122,684,524,987

26.2.1 Long-term loans from banks
Lender
Bank for Investment and
Development of Vietnam
– Quang Trung Branch
In which: current portion
Bank for Investment and
Development of Vietnam
– Khanh Hoa Branch
In which: current portion
Vietnam Joint Stock
Commercial Bank for
Industry and Trade
In which: current portion
Joint Stock Commercial
Bank for Foreign Trade of
Vietnam
In which: current portion
Saigon Thuong Tin Joint
Stock Commercial Bank
Foreign convertible loan 20,000,000
TOTAL 20,098,531 10,835,515,897,831
(i) Bank for Investment and Development of Vietnam – Quang other components belong to the project; land use right for
Trung Branch the 145 ha of land at Vinhomes Riverside project but do not
Ending balance include E3, E6, G1, G2 and a part of G3; all assets formed by the
The first loan is secured by the land use right and the assets project expenditure; all asset rights, benefits, compensation
USD VND equivalent Maturity date Interest rate Collateral
on the land, real estates, medical equipments of Vinmec and other payments in relation to Vinhomes Riverside project
535,448,500,948 From 18 January 2019 12-month VND saving rate (i) International General Hospital at 458 Minh Khai street, Vinh at present and in the future; 25,281,780 shares of Vingroup JSC
to 31 December 2024 + 1% to 4.5% per annum
Tuy ward, Hai Ba Trung district, Hanoi. owned by a subsidiary (Note 29.5); land use right and assets
on the land at No.7 Tran Phu street, Nha Trang city, Khanh Hoa
(147,363,803,719) The second loan is secured by the land use right and the assets province; all rights arising from the transfer agreement of land
298,931 86,822,061,438 12 March 2017 Fixed rate 6.5% and (ii) on the land, real estates, rights and other benefits relating to use rights with attached infrastructure between Sai Dong JSC
12-month VND saving rate Vinmec International General Hospital Nha Trang project and and a number of secondary investors.
+ 4% per annum financial guarantee from a subsidiary.
(200,400) (64,196,199,349) The third loan is secured by land use rights and assets on
(ii) Bank for Investment and Development of Vietnam – Khanh land at No. 4A Hoang Viet street, Ward 04, Tan Binh district,
4,825,888,573,496 From 6 January 2016 Equivalent VND saving rate (iii) Hoa Branch Ho Chi Minh city; and assets rights arising from a business
to 29 July 2024 + 3.5% to 6% per annum
cooperation contract signed between An Phong JSC and
This loan is secured by 19,502,210 shares owned by the Dong Hai One Member LLC.
(319,234,594,615)
Company in Vinpearl JSC and 10,103,098 shares owned by
4,158,076,407,775 From 7 May 2020 to Fixed rate 7% and (iv) Vinpearl Hoi An LLC (Note 29.5). The fourth loan is secured by land use rights and assets
30 May 2029 equivalent VND saving rate attached to it, as well as all machineries, equipments under
+ 3% to 3.6% per annum (iii) Vietnam Joint Stock Commercial Bank for Industry and Trade MaxiMark Phan Rang shopping mall project of An Phong JSC.
(73,675,321,108)
The first loan is secured by all asset rights, benefits, (iv) Joint Stock Commercial Bank for Foreign Trade of Vietnam
1,394,471,330,500 23 May 2019 Fixed rate 11.5% in the first (v)
compensation and other payments in relation to Vinhomes
12 months.
From 13th month onwards: Central Park project at present and in the future, excluding The first loan is secured by the land use rights and assets on
equivalent VND saving rate those collateral assets presented in Note 26.2.1 - (iv). the land of Tan Cang Sai Gon Complex project (“Vinhomes
+ 4% per annum Central Park project”); Buildings constructed on the land
The second loan is secured by all properties of Vinhomes area of Vinhomes Central Park project, including B5.1-3; B5.2
439,278,942,465 24 October 2019 Fixed rate 8.75% (vi) Riverside project developed and owned by Sai Dong JSC, a areas and other assets constructed on these areas, exluding
subsidiary, a real estate developer including all renovation the apartment component belong to B5.1-1, B5.1-2, B5.1-3,
and other assets already constructed, or to be formed in B5.1-5, B5.1-6, B5.3 and other assets which are constructed
future, excluding the villa, shopping mall areas, school and permanently on these areas; All other rights, benefits,
VAS consolidated financial statements
reimbursements and other payments received or will be
received in exchange or replacement for any rights and assets
mentioned above.
The second loan is secured by the rights, ownership and
benefits of an owner in relation to its charter capital
contribution in Vinpearl Phu Quoc LLC; Any dividends declared
by Vinpearl Phu Quoc LLC but not yet paid to an owner; The
construction works of Project Stage 1 of the Vinpearl Phu
Quoc project excluding the villa component; Mortage assets
under loan contract No. 01/2010/HDTC/VCB-VPLDN (“Primary
contract”) dated 6 September 2010 and appendix PL01-
01/2014/HDTC/VCB.HGM-VPLDN after being released from
all liabilities associated to the Primary contract; Mortgage
contracts relating to Project Vinpearl Phu Quoc Stage 1 along
with the entire accounts receivable and contract rights arising
from the mortgage contracts; The entire rental and other fees
that customers or users of services in the components of
Phase 1 of the Project have to pay; Insurance contracts and
proceeds from insurance contracts; The entire bank accounts
and their balances; All approvals issued now or in the future
for the benefit of Vinpearl Phu Quoc LLC; Machineries and
equipment owned by Vinpearl Phu Quoc LLC; Intellectual
property rights and all other intangible assets of Vinpearl Phu
Quoc LLC not belong to intellectual property rights.
The third loan is secured by machineries and equipments
associated with Vinpearl Ha Long Luxury Resort project; Rights
to receive the insurance benefits according to insurance
contracts related to Vinpearl Ha Long Luxury Resort; and
financial guarantee from the Company.
26.2.2 Corporate bonds
(a) Domestic corporate bonds
Lender Ending balance Term and maturity
Vietnam Joint Stock 3,484,743,905,651 From 3 years to 4.5
Commercial Bank for
Industry and Trade
Bank for Investment and 981,666,450,740 From 3 years to 5
Development of Vietnam
Vietnam Technological and 11,694,039,772,462 From 2 years to 5
Commercial Joint Stock
Bank
Bank for Foreign Trade of 1,787,037,548,000
Vietnam
TOTAL 17,947,487,676,853
The fourth loan is secured by machineries used in business
operations of MaxiMark District 2 and all assets associated
with Homyland 2 project of An Phong JSC.
(v) Saigon Thuong Tin Joint Stock Commercial Bank
Collateral for this loan includes property rights arising from
the sales and purchase contracts of 111 villas in Vinhomes
Riverside Eco-urban Area owned by Vinhomes 1 LLC and
conveyance documents of these sale and purchase contracts.
(vi) Convertible loan from WP Investments III B.V. (“Warburg
Pincus”) and Credit Suisse AG, Singapore Branch (“Credit Suisse”)
These are loans from Credit Suisse and Warburg Pincus under
Convertible Loans Agreement between Vincom Retail JSC,
a subsidiary and two counterparties in 2013 and 2014 with
the amount of USD15 million and USD5 million respectively,
equivalent to VND376,600,000,000 and VND112,250,000,000,
respectively (not excluding borrowing costs incurred). These
convertible loans bear an interest rate of 8.75% per annum
and can be fully or partially converted into preference shares
of Vincom Retail JSC three months after the earlier of (i) the
completion date of issuing preference shares of Vincom
Retail JSC to Credit Suisse and Warburg Pincus; and (ii) 31
March 2014. As at 31 December 2015, this loan has not been
converted into preference shares of Vincom Retail JSC.
Currency: VND
Interest rate Collaterals
12-month interest paid-in-arrears (i)
years VND saving rates (+) 3% to 6% per
annum
12-month interest paid-in-arrears (ii)
years VND saving rates (+) 5.5% per annum
12-month interest paid-in-arrears (iii)
years VND saving rates (+) 4% to 5% per
annum
5 years 6-month interest paid-in-arrears VND (iv)
saving rates (+) 4% per annum
(i) Vietnam Joint Stock Commercial Bank for Industry and Trade
The first bond is secured by assets owned by subsidiaries,
including (*) 2 schools in T35, T36 at the Vinhomes Times City
Project; (**) Land lot No. 01 under the map No. 171/2014/
TD.BD with an area of 4,302m2, land lot No. 01 under the
map No. 172/2014/TD.BD with an area of 6,949m2, land lot
No. 01 under the map No. 173/2014/TD.BD with an area of
2,138m2 at An Vien project, Vinh Nguyen ward, Nha Trang
city, all assets, rights and benefits formed and to be formed
on and related to these lands; (***) Land lot with an area of
151,362m2 at Area 7, Hon Tre island, Vinh Nguyen ward,
Nha Trang city, all assets, rights, benefits formed and to be
formed on and related to these lands including construction
work for 6-star Luxury hotel, Spa Luxury complex and other
supporting components; and other rights, benefits related to
the land and its associated assets.
The second bond is secured by assets on the land which are
part of the shopping mall (including parking areas) at Tower A,
B, and C of Vincom Ba Trieu project, owned by North Vincom
Retail LLC, a subsidiary.
(ii) Bank for Investment and Development of Vietnam
This bond is secured by: the asset on the land of Vincom Mega
Mall Royal City including parking areas; Vincom Mega Mall
Royal City’s revenue account and all incomes and benefits
arising from employing the assets on the land.
(iii) Vietnam Technological and Commercial Joint Stock Bank
The first bond is secured by the trading center, service and
underground parking of Vincom Dong Khoi Tower, 11,322,000
shares of the Company owned by Vinpearl JSC, a subsidiary
(Note 29.5);
The second bond is secured by real estates, estates and rights
27. SHORT-TERM PROVISION
Warranty provision
TOTAL
Warranty provision
Based on the past experience of the level of repairment for
VAS consolidated financial statements
arising from: (*) land lot No. 00 at CC-1 and CC-2 (KT-A Area)
at the An Vien project, Vinh Nguyen - Vinh Truong ward, Nha
Trang city, Khanh Hoa province with total area of 3,997m2; (**)
land lot No.01, under the map No. 673/2011/TD.BD, land lot
No. 01 (Area C, D, E, F, G), under the map No 1702/2015SDD,
land lot No. 01 (Area B), under the map No 1703/2015SDD
at Hon Tre Island, Vinh Nguyen ward, Nha Trang city, Khanh
Hoa province with total area of 1,603,910m2; (***) all 148
associated assets on land of VAP Project and 5-star hotel
Project (including mortgaged land), which are not exclusively
reserved for Vinpearl Luxury Nha Trang and Villas area at Hon 149
Tre island, Nha Trang city, Khanh Hoa province; and (****) all
asset rights (excluding asset rights related to Vinpearl Luxury
CONS OLIDATED FINANCIAL STATEMENTS
Nha Trang Project and Villas area), and all other rights, benefit,
reimbursement right on other payments granted to these
subsidiaries;
The third bond is secured by guarantee obligation of a
subsidiary.
(iv) Joint Stock Commercial Bank for Foreign Trade of Vietnam
This bond is secured by land use rights of Vinpearl Nha Trang
Bay Resport & Villas and Vinpearl Premium Land (except for
the villas areas of these projects), all machineries, equipment
of Vinpearl Nha Trang Bay Resort & Villas, as well as financial
guarantee of the Company.
(b) International bonds
International bonds with face value of USD200 million were
issued in November 2013 for a maturity term of 4.5 years.
These bonds are unsecured, bearing fixed interest rate of
11.625% per annum and the interest is paid twice a year.
The Group issued these bonds to meet the needs of working
capital and providing capital for real estate projects and other
projects of the Group.
Currency: VND
Beginning balance
Ending balance (reclassified)
120,697,938,748 99,627,506,502
120,697,938,748 99,627,506,502
apartments and villas sold, the Group recognised a warranty
provision for expenses which may occur in relation to
apartments and villas sold during the year.
VAS consolidated financial statements VAS consolidated financial statements

28. CONVERTIBLE BOND

Convertible bonds amounting to USD300 million were issued
in April and July 2012 with a term of 5 years. This type of bond
is unsecured, bearing fixed interest rate of 5% per annum.
Management has assessed that there is no equity component
in these convertible bonds (since there is no known fixed
number of shares to be converted on issue date) and as
a result, has recognised the entire convertible bonds as
financial liabilities.
Following the terms of these convertible bonds, the
bondholders have the right to convert the bonds into ordinary
shares of the Company at the price which is subject to annual
adjustment on 3 October, starting on 3 October 2012 until 3
October 2016. The balance of these bonds as at 31 December
2015 is USD106,300,000.
150
151
Currency: USD

CONS OLIDATED FINANCIAL STATEMENTS

Movement during the year
Beginning
balance New issuance Converted to shares Due but not yet converted Ending balance
Value 163,200,000 - (56,900,000) - 106,300,000

Currency: VND
Current year Previous year (Reclassified)
Initial recognition of convertible bond after deducting issuance 5,939,186,943,335 5,939,186,943,335
costs
Equity component - -
Liability component at initial recognition 5,939,186,943,335 5,939,186,943,335
Add: Accumulated amortisation of bond issuance costs
Beginning balance 162,522,147,579 87,116,756,481
Amortisation in the year 132,515,669,668 75,405,391,098
Ending balance 295,037,817,247 162,522,147,579
Minus: Accumulated conversion at the end of the year (4,048,330,000,000) (2,859,120,000,000)
Add: Unrealised foreign exchange loss arising from revaluation of 182,189,341,667 89,583,200,000
ending balance
Add: Realised foreign exchange loss during the year 14,317,658,333 10,111,800,000
Liability component at the end of the year 2,382,401,760,582 3,342,284,090,914

During the year, the bondholders converted bonds
amounting to USD59,900,000 into 37,269,063 ordinary
shares at VND39,000/share for the period from 1 January
to 25 April 2015 and at VND31,000/share from thereon.
Consequently, issued share capital of the Company increased
by VND372,690,630,000 and share premium of the Company
increased by VND710,507,720,930.
25 February 2016, the bondholders have converted all of these
remaining bonds balance into ordinary shares of the Company.
Accordingly, USD106,300,000 are converted into 71,666,764
ordinary shares at the conversion price of VND31,000/share.
Consequently, share capital of the Company increased by
VND716,667,640,000 (equivalent to 71,666,764 ordinary shares
at par value of VND10,000/share).

As at 31 December 2015, the remaining balance of

unconverted bonds was USD106,300,000. From 22 January to

VINCOM MEGA MALL ROYAL CITY

Hanoi
VAS consolidated financial statements VAS consolidated financial statements

29. OWNERS’ EQUITY

29.1 Increase and decrease in owners’ equity Currency: VND

Other funds belonging Non-Controlling

Issued share capital Share premium Treasury shares to owners’ equity Undistributed earnings Interests (reclassified) Total
Previous year (Reclassified)
152
Beginning balance 9,296,036,790,000 1,781,641,494,624 (4,351,625,014,572) 17,845,114,930 7,727,938,813,282 4,314,823,590,896 18,786,660,789,160
Net profit for the year - - - - 3,158,582,676,074 617,463,065,409 3,776,045,741,483 153
Increase from convertible bonds 722,201,960,000 2,095,118,040,000 - - - - 2,817,320,000,000

CONS OLIDATED FINANCIAL STATEMENTS

Other funds - - - 5,000,000,000 (5,000,000,000) - -
Capital contribution from non-controlling interests - - - - - 2,948,518,325,753 2,948,518,325,753
Re-issuance of treasury shares - 29,926,107,875 1,376,700,940,088 - - 1,110,846,866 1,407,737,894,829
Investment in new subsidiaries - - - - - 1,771,122,364,556 1,771,122,364,556
Piecemeal acquisition of equity interest in existing subsidiaries - - - - - (1,683,527,470,290) (1,683,527,470,290)
Partial disposal of existing subsidiaries - 675,848,507,568 - - - (453,311,293,506) 222,537,214,062
Disposal of subsidiaries - - - - - (3,223,906,441) (3,223,906,441)
Stock dividends 4,527,312,230,000 - - - (4,527,312,230,000) - -
Dividend declared to non-controlling interests - - - - - (735,179,143,566) (735,179,143,566)
Cash dividends - - - - (1,844,966,743,620) - (1,844,966,743,620)
Dividends advanced to non-controlling interests in 2013 - - - - (288,851,000,000) 288,851,000,000 -
Other decreases - - - - (356,390,149) - (356,390,149)
Ending balance 14,545,550,980,000 4,582,534,150,067 (2,974,924,074,484) 22,845,114,930 4,220,035,125,587 7,066,647,379,677 27,462,688,675,777
Current year
Beginning balance 14,545,550,980,000 4,582,534,150,067 (2,974,924,074,484) 22,845,114,930 4,220,035,125,587 7,066,647,379,677 27,462,688,675,777
Net profit for the year - - - - 1,215,774,826,080 285,700,617,371 1,501,475,443,451
Increase from convertible bonds (Note 28) 372,690,630,000 710,507,720,930 - - - - 1,083,198,350,930
Other funds - - - 5,000,000,000 (5,000,000,000) - -
Stock dividends (ii) 3,763,639,260,000 - - - (3,763,639,260,000) - -
Capital contribution from non-controlling interests - - - - - 7,544,319,623,168 7,544,319,623,168
Investment in new subsidiaries - - - - - 635,327,457,691 635,327,457,691
Piecemeal acquisition of equity interest in existing subsidiaries - - - - (172,893,467,524) 47,496,474,797 (125,396,992,727)
Partial disposal of existing subsidiaries without loss of control - 477,565,957,602 - - (70,917,138,764) (273,278,149,441) 133,370,669,397
Disposal of subsidiaries - - - - - (136,460,041,659) (136,460,041,659)
Dividend declared to non-controlling interests - - - - - (553,515,146,415) (553,515,146,415)
Adjustment for profit after tax attributable to non-controlling interest in - - - - 178,055,416,737 (178,055,416,737) -
prior year
Deferred taxed assets arising from treasury shares held by subsidiaries - 28,119,635,709 - - - 3,715,537,715 31,835,173,424
(Note 36.3)
Ending balance 18,681,880,870,000 5,798,727,464,308 (2,974,924,074,484) 27,845,114,930 1,601,415,502,116 14,441,898,336,167 37,576,843,213,037
VAS consolidated financial statements
(i) Included:
 Capital contributions of VND5,925 billion (equivalent to
USD279 million) from Warburg Pincus and Credit Suisse
into Vincom Retail JSC, a subsidiary, in accordance with the
agreements signed between the Company, Vincom Retail
JSC and other companies within the Group with Warburg
Pincus and Credit Suisse on 28 May 2013 and 12 July 2013
together with subsequent amendments. In which, capital
contribution in the year is VND2,152 billion (equivalent to
99 million USD). Vincom Retail JSC issued preference shares
and ordinary shares to Warburg Pincus and Credit Suisse.
Preference shares issued by Vincom Retail JSC are dividend
preference shares, convertible into the ordinary shares of
Vincom Retail JSC and entitled to other privileges.
Pursuant to the Mortgage Agreement between Vincom
Retail JSC, Warburg Pincus and Credit Suisse dated 12
July 2013 and subsequent amendments in relation to the
issuance of preference shares by Vincom Retail JSC and
convertible loans as presented in Note 26.2.1, the entire
equity interest of Vincom Retail JSC in Vincom Center Ba
Trieu LLC, Vincom Center B HCMC LLC, Hai Phong Land LLC
and 50% equity interest in Vincom Mega Mall Times City LLC
have been used as collaterals for irrevocably guaranteeing
the Group‘s obligations under the transaction documents
and Founders and the Group’s obligations in relation to the
put options granted to Warburg Pincus and Credit Suisse.
As at 31 December 2015, the Group is in discussion with
Warburg Pincus and Credit Suisse on the replacement of
the collaterals mentioned above with the entire equity
29.2 Capital transactions with owners
Issued share capital
Beginning balance
Increase
Decrease
Ending balance
VAS consolidated financial statements
interest held by Vincom Retail JSC in North Vincom Retail 29.3 Dividend
LLC since the above companies have been merged into Currency: VND
North Vincom Retail LLC. Current year Previous year
Dividend declared and paid during the year 3,763,639,260,000 6,372,278,973,620
 Captial contributions of VND3,235 billion from Continental
Pacific Invesment LLC (“Continental Pacific LLC”) in Vinmec Dividend declared after the date of reporting period and not - -
JSC, a subsidiary, in accordance with the agreements signed yet recognised as liability as at 31 December 2015
between Vinmec JSC and other companies with Continental Cash dividend per ordinary share - 1,844,966,743,620 154
Pacific LLC on 10 December 2015. Vinmec JSC issued
preference shares and ordinary shares to Continental Pacific Stock dividend per ordinary share (in 2015: VND2,580 per share, in 3,763,639,260,000 4,527,312,230,000
LLC. Preference shares issued by Vinmec JSC are dividend 2014: VND4,870 per share) 155
preference shares, convertible into ordinary shares of
Vinmec JSC and entitled to other privileges. Pursuant to the 29.4 Ordinary and preference shares
CONS OLIDATED FINANCIAL STATEMENTS
Mortgage Agreement between Royal City JSC, a subsidiary,
and Continental Pacific LLC on 10 December 2015 in Currency: VND
relation to the issuance of preference shares of Vinmec JSC, Ending balance Beginning balance
all investments of Royal City JSC in Vincom Retail JSC are Authorised shares 1,868,188,087 1,454,555,098
used as collaterals to guarantee Vinmec JSC’s obligations
under the transaction documents and for the Founders and Issued shares 1,868,188,087 1,454,555,098
a corporate counterparty’s obligations in relation to put Ordinary shares 1,868,188,087 1,454,555,098
options granted to Continental Pacific LLC.
Preference shares - -
(ii) On 23 April 2015, the General Shareholder Meeting of the Shares in circulation 1,735,156,855 1,348,806,899
Company adopted the Resolution No. 01/2015/NQ-DHDCD- Ordinary shares 1,735,156,855 1,348,806,899
VINGROUP on the declaration of stock dividends at the ratio
of 1,000:258 (each existing shareholder owning 1,000 shares Preference shares -
will receive dividends of 258 shares). Accordingly, the number Repurchased shares (treasury shares) 133,031,232 105,748,199
of additional shares that the Company issued was 376,363,926
under the Notification No. S26/2015-VIC/VSD dated 6 July Ordinary shares 133,031,232 105,748,199
2015 of the Securities Depository Center. Preference shares - -
Par value of the outstanding ordinary share is VND10,000 per share (in 2014: VND10,000 per share).
Currency: VND 29.5 Treasury shares Commercial Bank for Industry and Trade (Note 26.2.1)
Current year Previous year and 3,045,214 shares are used as collaterals for the loan
As at 31 December 2015, the number of shares of the obligations of the Company and the Groups’s subsidiaries.
Company held by the subsidiaries and associates is as follows:
14,545,550,980,000 9,296,036,790,000  Vinpearl Hoi An LLC, a subsidiary, held 13,642,392 shares, in
 Vinpearl JSC held 66,217,327 shares, in which 19,502,210 which 10,103,098 shares are used as collaterals for the bank
4,136,329,890,000 5,249,514,190,000
shares are used as collaterals for the loan of Vinpearlland loan of Vinpearlland LLC (Note 26.2.1).
- - LLC, a subsidiary (Note 26.2.1) and 11,322,000 shares are
18,681,880,870,000 14,545,550,980,000 used as collaterals for the bond obligation as presented in  Xavinco JSC, a subsidiary, held 8,731,930 shares; in
Note 26.2.2. which 3,793,000 shares are used as collaterals for future
contractual obligations of the Company.
 Royal City JSC, a subsidiary, held 44,439,583 shares; in
which 25,281,780 shares are used as collaterals for the loan
of Sai Dong JSC, a subsidiary, from Vietnam Joint Stock
VAS consolidated financial statements VAS consolidated financial statements

30. REVENUES 30.3 Finance income

Currency: VND
30.1 Revenue from sale of goods and rendering of services
Currency: VND Current year Previous year
Previous year Interest income 1,637,439,302,366 1,135,822,131,296
Current year (reclassified)
Disposal of held-for-trading securities (Note 6.1) 38,910,393,500 -
Gross revenue 34,054,968,884,836 27,726,701,600,235
Realised foreign exchange gain 30,813,033,113 25,073,872,348
of which: 156
Dividend income 8,460,239,107 6,283,198,881
Revenue from sale of inventory property 21,179,148,427,947 21,771,825,649,847
Revenue from sale of goods in supermarkets, convenience stores and retail 4,312,995,120,187 422,544,558,414
Re-measurement of previously hold equity interest in an associate - 49,000,000,000 157
outlets Disposal of other investments 208,207,626,821 111,050,324,885

CONS OLIDATED FINANCIAL STATEMENTS

Revenue from rendering hotel, amusement park and related services 2,847,874,120,764 2,115,560,587,606 Other financial income 7,689,485,415 18,792,563,626
Revenue from leasing activities and rendering related services 2,655,125,765,258 2,193,750,851,580 TOTAL 1,931,520,080,322 1,346,022,091,036
Revenue from rendering construction and related services 1,028,312,653,853 17,788,745,325
Revenue from rendering hospital and related services 770,606,961,951 656,565,516,769 31. COST OF GOODS SOLD AND SERVICES RENDERED
Revenue from rendering education and related services 514,231,160,146 229,548,890,248 Currency: VND
Others 746,674,674,730 319,116,800,446 Previous year
Current year (reclassified)
Less sales deduction (7,002,571,734) (3,068,229,199)
Cost of inventory property sold 12,594,041,335,413 13,691,661,203,482
Net revenue 34,047,966,313,102 27,723,633,371,036
Cost of goods sold in supermarkets, convenience stores and retail 3,762,913,601,872 396,763,214,198
of which: outlets
Revenue from sale of inventory property 21,179,148,427,947 21,771,825,649,847 Cost of rendering hotel, amusement park and related services 2,214,225,322,491 1,275,315,373,836
Revenue from sale of goods in supermarkets, convenience stores and retail 4,305,993,748,453 421,051,494,099 Cost relating to the leasing activities and rendering related services 1,313,815,679,575 954,584,472,397
outlets
Cost of rendering construction and related services 1,024,524,980,366 17,786,966,450
Revenue from rendering hotel, amusement park and related services 2,847,874,120,764 2,113,985,422,722
Cost of rendering hospital and related services 552,822,011,722 490,626,247,256
Revenue from leasing activities and rendering related services 2,655,125,765,258 2,193,750,851,580
Cost of rendering education and related services 351,757,050,359 143,803,619,760
Revenue from rendering construction and related services 1,028,312,653,853 17,788,745,325
Revenue from rendering hospital and related services 770,605,761,951 656,565,516,769 Others 524,833,579,693 314,370,382,537

Revenue from rendering education and related services 514,231,160,146 229,548,890,248 TOTAL 22,338,933,561,491 17,284,911,479,916

Others 746,674,674,730 319,116,800,446

In which 32. FINANCE EXPENSES
Sales to others 33,950,819,883,198 27,669,720,554,184
Currency: VND
Sales to related parties 97,146,429,904 53,912,816,852
Current year Previous year
Loan interest 2,402,860,475,537 2,711,269,664,974
30.2 Revenue and expense relating to investment properties
Amortisation of loan arrangement and bond issuance costs 319,079,813,333 205,141,970,088
Currency: VND
Previous year Realised foreign exchange losses 145,703,080,204 3,958,699,850
Current year (reclassified) Unrealised foreign exchange losses 392,125,548,103 153,521,258,290
Rental income from investment properties 2,655,125,765,258 2,193,750,851,580 Provision (reversal)/provision for diminution in value of investments (16,848,788,998) 25,260,645,258
Direct operating expenses of investment properties that generated rental 1,299,884,812,167 949,593,718,246 Early settlement discount - 124,052,174,708
income during the year
Loss on transfer of equity interest in other entities 942,277,735 256,429,191,919
Direct operating expenses of investment properties that did not generate 13,930,867,408 4,990,754,151
rental income during the year Others 38,212,510,062 11,418,981,973
Income from trading of investment properties - 298,601,954,166 TOTAL 3,282,074,915,976 3,491,052,587,060
VAS consolidated financial statements VAS consolidated financial statements

33. SELLING AND GENERAL AND ADMINISTRATIVE EXPENSES 36. CORPORATE INCOME TAX
Currency: VND

Current year Previous year The statutory corporate income tax (“CIT”) rate applicable  A number of entities in the Group whose the previous year
to the Company and its subsidiaries is 22%, except for the turnover of less than VND20 billion are applying tax rate of
Selling expenses during the year
following entities: 20%.
- Labor costs 609,393,418,962 91,994,748,152
- External services expense 1,593,620,134,637 355,945,073,967  Vinpearl Nha Trang LLC, Vinpearl Phu Quoc LLC and The tax returns filed by the Company and its subsidiaries
- Others 754,812,122,840 291,392,654,058
Vinpearlland LLC (branches in Nha Trang and Phu Quoc) are subject to examination by the tax authorities. As the 158
apply the incentive tax rate of 5%. application of tax laws and regulations is susceptible
2,957,825,676,439 739,332,476,177  Vinmec JSC applies the incentive tax rate of 10%; to varying interpretations, the amounts reported in the
General and Administrative expenses during the year  VinEco LLC applies the incentive tax rate of 15%; consolidated financial statements could be changed at a later 159
 Phu Quoc Tourism JSC, Vineco Tam Dao LLC và Vinschool date upon final determination by the tax authorities.
- Labor costs 1,110,047,951,059 403,091,427,652
LLC are in the tax exemption period;

CONS OLIDATED FINANCIAL STATEMENTS

- Depreciation and amortisation 973,405,400,852 710,198,947,399
- External services expense 1,069,392,897,794 550,394,812,290 36.1 CIT expense Currency: VND
- Expense for charity and supportive activities 360,568,804,205 298,584,453,672 Current year Previous year
- Others 409,358,100,202 208,447,282,449 Current tax expense 1,424,642,826,631 1,653,273,503,894
3,922,773,154,112 2,170,716,923,462 Deferred tax income (74,017,304,681) (19,638,606,879)
TOTAL 6,880,598,830,551 2,910,049,399,639 1,350,625,521,950 1,633,634,897,015

34. OTHER INCOME AND OTHER EXPENSES 36.2 Current tax

Currency: VND
Previous year The current CIT payable is based on taxable profit for the liability for current tax is calculated using tax rates that have
Current year (reclassified) current year. The taxable profit of the Group for the year been enacted by the balance sheet date.
Other income 283,039,374,788 241,964,963,890 differs from profit as reported in the consolidated income
statement because it excludes items of income or expense Reconciliation between the profit before tax and taxable
Gains from disposal of fixed assets 35,700,385,497 24,328,372,540 that are taxable or deductible in other years and it further profit is presented below:
Penalties received 70,708,814,696 171,712,796,402 excludes items that are not taxable or deductible. The Group’s
Gains from bargain purchase on business combination (Note 4) 123,824,134,645 - Currency: VND
Others 52,806,039,950 45,923,794,948 Previous year
Other expenses 948,045,248,993 207,155,661,595 Current year (reclassified)
Profit before tax 2,852,100,965,401 5,409,680,638,498
Loss from disposal of fixed assets 72,547,843,357 21,224,154,155
Contract penalties and other fines 838,917,328,631 151,817,772,986 Adjustments to increase/(decrease) accounting profit

Others 36,580,077,005 34,113,734,454 Dividend income (8,460,239,107) (6,283,198,881)

NET OTHER PROFIT (LOSS) (665,005,874,205) 34,809,302,295 Share in (profit)/loss of associates (39,227,754,200) 8,770,659,254
Gain from acquisition of subsidiaries (123,824,134,645) -
35. PRODUCTION AND OPERATING COSTS Reversal of provision for the investment in subsidiary - (74,376,020,041)
Currency: VND
Gain from re-measurement of previously held equity interest - (49,000,000,000)
Previous year
in associate
Current year (reclassified)
Raw materials 5,631,331,843,325 879,029,080,377 Difference in loss/(profit) from acquisition and disposal of 63,205,309,373 291,421,328,258
equity interest without changing control in subsidiaries
Cost of developing inventory properties 22,299,459,268,555 10,082,169,661,584 between consolidated and separate financial statements
Labour costs 2,273,760,802,057 1,694,145,663,642 Difference in profit from disposal of equity interest in Nam (159,143,561,819) -
Depreciation and amortisation 2,339,355,227,442 1,577,833,100,022 Thai and Hong Thai LLC between consolidated and separate
financial statements
Expenses for external services 4,006,701,892,764 1,561,742,854,969
Difference in profit from disposal of subsidiaries with loss (22,508,391,039) 787,985,225
Others (excluding finance expenses) 2,374,341,291,041 940,236,561,463
of control between consolidated and separate financial
TOTAL 38,924,950,325,184 16,735,156,922,057 statements
VAS consolidated financial statements VAS consolidated financial statements

Currency: VND Currency: VND

Previous year Previous year
Current year (reclassified) Current year (reclassified)
Revaluation of land use right for villa sold at Vinpearl Da Nang 5,256,244,987 15,768,734,962 Net estimated current Corporate Income Tax charged to the 1,424,642,826,631 1,653,273,503,894
LLC consolidated income statement
Interest expenses on loans corresponding to un-contributed 50,357,254,274 42,237,330,451 CIT payables at the beginning of year 503,959,105,076 896,557,840,180
chartered capital
CIT over paid at the beginning of year (23,626,601,879) - 160
Amortisation of land development right 1,218,786,344,912 84,087,059,015
Adjustment for CIT from re-issue of treasury shares by - 3,271,878,028
Amortisation of goodwill on consolidated financial statements 816,364,175,395 649,042,000,804 subsidiaries 161
Unrealised profit of subsidiaries 331,037,131,619 104,711,429,420 CIT obligation arising from acquisition of new subsidiaries 9,930,175,099 4,315,419,967

CONS OLIDATED FINANCIAL STATEMENTS

Donations 158,874,222,631 285,865,183,534 Other adjustments (12,864,621,733) (15,880,611,827)
Profit from re-issuing treasury shares held by subsidiaries - 14,872,172,856 Provisional CIT for down payment from customers 214,960,761,914 43,836,133,922
Taxable income from merger between the Company and PFV - 163,090,875,120 Finalised CIT for down payment from customers (52,951,550,462) (194,473,147,303)
JSC
CIT paid during the year (1,421,314,104,431) (1,910,568,513,664)
Gain/(loss) from changing in capital contribution amount in 113,562,667,611 (99,305,922,543)
CIT payable at the end of the year 642,735,990,215 480,332,503,197
subsidiaries
In which:
Unallocated loss from merger of subsidiaries 632,542,971,011 -
CIT payable at the end of the year (Note 22) 661,166,354,957 503,959,105,076
Loss from merger of subsidiaries (778,781,518,336) -
CIT overpaid at the end of the year (18,430,364,742) (23,626,601,879)
Revert amortisation of issuance cost of preference shares (30,079,843,225) (26,416,980,585)
issued by a subsidiary
Adjustment of the profit related to Tri An program (13,636,008,429) (50,234,514,279)
Allocation of revaluation of assets arising from mergers (1,132,845,814,925) -
Others 44,159,375,675 46,722,887,059
Losses of subsidiaries 2,212,671,473,948 1,186,581,865,797
Tax loss carried forward (60,012,625,116) (215,557,714,205)
Estimated current taxable profit 6,130,398,245,996 7,782,465,799,719
In which:
Taxable profit subject to 22% tax rate (normal business 1,647,457,168,838 1,558,013,085,123
activities and other activities)
Taxable profit subject to 22% tax rate (real estate activities) 4,613,750,710,612 5,766,957,895,424
Taxable profit subject to 20% tax rate 62,252,432,906 14,888,632,763
Taxable profit subject to 10% tax rate (hospitality activities) 159,161,197,699 451,531,057,425
Taxable profit subject to 0% tax rate (education activities) 53,297,622,250 14,360,822,188
Losses ineligible for offsetting against taxable income (405,520,886,309) (23,285,693,204)
Estimated current Corporate Income Tax 1,405,832,339,830 1,659,624,448,015
Adjustment for CIT incentive (9,380,219,059) (22,576,552,871)
Adjustment for CIT from re-issue of treasury shares by - (3,271,878,027)
subsidiaries
Adjustment for under accrual of tax from previous years 28,190,705,860 19,497,486,777
VAS consolidated financial statements VAS consolidated financial statements

36.3 Deferred tax liabilities recognised by the Group, and the movements
thereon, during the current and previous year:
The following are the deferred tax assets and deferred tax
Currency: VND

Consolidated balance sheet Consolidated income statement

Ending balance Beginning balance Current year Previous year
Deferred tax assets 162
Temporary difference of unrealised profit from internal transactions inside the 80,540,170,317 23,036,514,474 57,503,655,845 23,036,514,474
Group 163
Selling expenses allowable for capitalisation for tax purpose in current year 13,013,856,584 - 13,013,856,584 -

CONS OLIDATED FINANCIAL STATEMENTS

Temporary difference relating to treasury shares held by subsidiaries (Note 29.1) 31,835,173,424 - - -
Difference relating to assets used as capital contribution to subsidiaries 27,177,901,153 28,080,276,384 (902,375,231) (859,956,018)
Temporary difference relating to reduction in value of assets used as capital 11,250,599,073 - 11,250,599,073 -
contribution to ISADO
Temporary differences in internal capital contribution to Vincom Long Bien LLC 4,542,935,175 4,635,648,138 (92,712,963) 4,635,648,138
Accrued advertising expenses and other expenses for sold investment properties - - - (12,755,197,365)
Temporary difference relating to Vincom Center Ba Trieu – Tower C - - - 18,667,899,251
Others 1,797,321,735 831,973,191 965,348,544 (96,495,723)
Deferred tax liabilities
Differences in internal capital contribution to Vincom Mega Mall Times City (12,544,961,545) (24,496,832,647) 11,951,871,101 (24,496,832,647)
Differences arising from fair value adjustment of assets acquisition from Khanh Gia JSC - (77,223,969,220) - -
Differences in revaluation of Vinpearl Da Nang LLC’ assets at acquisition date (47,631,013,288) (49,106,901,690) 1,475,888,403 3,893,761,097
Deferred tax liabilities relating to bond issuance cost in subsidiaries (3,210,666,000) - (3,210,666,000) -
Temporary difference from revaluation of project development right of Hon Mot (13,510,761,290) (16,563,124,040) 3,052,362,750 7,613,265,672
Project

Temporary difference of the unearned revenue in Tri An-Tan Gia program (19,832,420,863) - (19,832,420,863) -
Differences arising from fair value adjustment of assets as acquisition of An Phong JSC (*) (265,728,153,616) - - -
Differences arising from fair value adjustment of assets as acquisition of Dong Phu (2,927,921,312) - - -
Hung – Binh Thuan JSC (*)
Differences arising from fair value adjustment of assets as acquisition of Hanoi (106,823,200,000) - - -
Entertainment Culture Sport Center JSC(*)
Others (2,136,854,561) (978,752,000) (1,158,102,562) -
Net deferred tax liabilities (304,187,995,014) (111,785,167,410)
Deferred tax income 74,017,304,681 19,638,606,879
Reflected in the consolidated financial statements as follows:
Deferred tax assets 170,157,957,461 56,584,412,185
Deferred tax liabilities (474,345,952,476) (168,369,579,595)
Net deferred tax liabilities (304,187,995,015) (111,785,167,410)

(*)These are deferred tax liabilities arising from business combination transactions, presented in Note 4.
VAS consolidated financial statements VAS consolidated financial statements

36.4 Unrecognised deferred tax
Tax losses carried forward
The Company and its subsidiaries are entitled to carry each
individual tax loss forward to offset against taxable profits
arising within five years subsequent to the year in which the loss
was incurred. At the balance sheet date, the Company and its
subsidiaries had aggregated accumulated tax losses of VND4,600
billion available for offset against future taxable profits.
37. TRANSACTIONS WITH RELATED PARTIES
These are estimated tax loss as per the Company and its
subsidiaries’ corporate income tax declarations which have
not been audited by the local tax authorities as of the date of
these consolidated financial statements. No deferred income
tax assets were recognised in respect of the accumulated
tax losses because future taxable profit of these subsidiaries
cannot be ascertained at this stage.
Terms and conditions of transactions with related parties:
During the year, the Group provided unsecured loans to
related parties at interest rates of 7% per annum, and received
loans from related parties at interest rates of 7% per annum.
These unsecured loans is to be settled in cash or offsetting
against receivables/liabilities.
During the year the Group also sold/purchased goods and
Amounts due to and due from related parties as at 31 December 2015 were as follows:
rendering/purchased services to/from related parties based
on the price offered to third parties.
During the year, the Group has not made provision for
doubtful debts relating to amounts due from related parties
(31 December 2014: nil). This assessment is undertaken each
financial period through the examination of the financial
position of the related parties and the market in which the 164
related parties operate.
165
Currency: VND

CONS OLIDATED FINANCIAL STATEMENTS

Significant transaction with related parties during the year were as follows : Related parties Relationship Transactions Current year Previous year
Short-term trade receivables (Note 7.1)
Currency: VND
Vietnam Investment Under common Receivable from transfer of properties - 163,028,002,628
Related parties Relationship Transactions Current year Previous year GroupJoint Stock owners
Vietnam Investment Under common owners Receivables from transfer of - 163,028,002,628 Company
Services fee receivables 3,438,885,092 -
Group Joint Stock properties
Company Kindheart Foundation Under common Construction fee receivables 68,893,191,610 27,409,932,592
Collection from transfer of (163,028,002,628) -
properties owners

Green City Development Associate Advance for business - 266,500,000,000 Receivables from medical tests 1,056,070,017 2,181,926,786
JSC cooperation contract Other related parties Other related Services fee receivables 3,329,029,126 102,075,132
parties
Borrowings - (300,000,000,000) 76,717,175,845 192,721,937,138
Repayment of principal - 300,000,000,000 Short-term loan receivables (Note 8)
Lending 500,000,000,000 - Thang Long JSC Associate Short-term loans 55,204,181,818 16,204,181,818
Collection of loans principal (500,000,000,000) - 55,204,181,818 16,204,181,818
Hanel One Member LLC Major shareholder of Dividend payable - (285,000,000,000) Other receivables (Note 9)
subsidiary (up to 18
August 2014) Dividend paid - 285,200,000,000 Other related parties Other related Other receivables 5,432,460,002 725,964,500
Collection of deposits for - (200,000,000,000) parties
purchasing share
Kindheart Foundation Under common Charity expenses receivables 5,526,579,317 109,756,106,884
Borrowings - (240,000,000,000) owners
10,959,039,319 110,482,071,384
Payable for share acquisition - (564,144,000,000) Short-term trade payables
Payment for share acquisition - 564,144,000,000 Foreign Trade JSC Associate Payables for construction materials 14,494,336,920 -
Vien Dong Pearl LLC Associate Borrowings (475,000,000,000) (10,000,000,000) 14,494,336,920 -
Repayment of principal 60,300,000,000 - Advance from customers (Note 21)
Foreign Trade Concrete Associate Payable for purchase of concrete (113,586,469,600) - Other related parties Other related Down payment for apartments in - 5,305,702,116
JSC parties Times City and Royal City project
Payment for purchase of 97,033,262,542 -
concrete
- 5,305,702,116
Kindheart Foundation Under common owners Charity expenses payble (201,694,581,574) (287,168,365,249)
Charity expenses transferred 69,100,359,367 296,399,766,898
VAS consolidated financial statements VAS consolidated financial statements

Currency: VND 38. EARNINGS PER SHARE

Related parties Relationship Transactions Current year Previous year Basic earnings per share amounts are calculated by dividing the convertible preference shares) by the weighted average
Short-term accrued expenses (Note 23) net profit/(loss) after tax for the year attributable to ordinary number of ordinary shares outstanding during the year plus
Vien Dong Pearl LLC Associate Interest payables 5,025,300,000 301,388,889 shareholders of the Group by the weighted average number the weighted average number of ordinary shares that would
of ordinary shares outstanding during the year. be issued on conversion of all the dilutive potential ordinary
Other related parties Other related parties Other payables 1,451,350,924 - shares into ordinary shares.
6,476,650,924 301,388,889 Diluted earnings per share amounts are calculated by
dividing the net profit/(loss) after tax attributable to ordinary The following reflects the income and share data used in the 166
Other short-term payables (Note 25)
shareholders of the Group (after adjusting for dividend on basic and diluted earnings per share computations:
Key members of Key members of Down payments for beach villas 17,556,468,800 -
Currency: VND 167
management management of Vinpearl Phu Quoc Project
Current year Previous year
M.Y.M Fashion JSC Associate (since 10 Dec Centralized cash flow 18,178,161,051 -

CONS OLIDATED FINANCIAL STATEMENTS

(Restated)
2015) management payable
Net profit after tax attributable to ordinary shareholders 1,215,774,826,080 3,158,582,676,074
Payable for collection on behalf 86,238,674 -
Net profit attributable to ordinary shareholders adjusted for the effect 1,215,774,826,080 3,158,582,676,074
Other related parties Other related parties Other receivables 1,265,044,684 1,621,709,461 of dilution
37,085,913,209 1,621,709,461 Weighted average number of ordinary shares (excluding treasury shares) for 1,536,160,288 872,698,394
Short-term loans (Note 26.1) basic earnings per share

Vien Dong Pearl LLC Associate Short-term loans 424,700,000,000 10,000,000,000 Effect of bonus issues in July 2015 376,363,926 376,363,926
424,700,000,000 10,000,000,000 Effect of bonus issues in July 2014 - 418,098,151
Weighted average number of ordinary shares (excluding treasury 1,912,524,214 1,667,160,471
shares) for basic earnings per share
Details on loans and interest rate to related parties are as follows:
Currency: VND Basic earnings per share 636 1,895

Related parties Relationship Interest rate Maturity date Collateral Lending receivables Diluted earnings per share 636 1,895
Short-term loan receivables (Note 8) Convertible bonds (Note 28), preference shares and but they were not included in the calculation of diluted
Thang Long JSC Associate 7% per annum 2 December 2016 None 55,204,181,818 convertible loans issued by Vincom Retail JSC, a subsidiary, earnings per share because they are anti-dilutive for the years
could potentially dilute basic earnings per share in the future, presented.
55,204,181,818
39. COMMITMENTS AND CONTINGENCIES
Details on loans and interest rate from related parties are as follows:
Capital expenditure commitments relating to on-going Commitment under operating leases where the Group is
Currency: VND real estate projects a lessor
Related parties Relationship Interest rate Maturity date Collateral Lending receivables
The Group has entered into a number of contracts relating to The Group, as lessor, lets out office, retail and mixed use spaces
Short-term loans (Note 26)
the development of some real estate projects. The remaining under operating lease agreements. The future minium rental
Vien Dong Pearl LLC Associate 7% per annum 5 May 2016 None 424,700,000,000 commitment on these contracts amounted to approximately receivables under the agreement as at the balance sheet date
424,700,000,000 VND20,478 billion as at 31 December 2015, in which are as follows:
commitments related to land use right are VND 786 billion. Currency: VND
Transactions with other related parties
Ending balance Beginning balance
Remuneration to members of the Board of Directors and Board of Management of the Company:
Less than 1 year 1,550,500,448,342 1,213,400,118,896
Currency: VND
Current year Previous year From 1 to 5 years 2,605,382,920,856 1,930,482,028,651

Salaries and bonus 24,709,478,446 19,220,752,820 More than 5 years 1,770,642,136,912 1,360,077,632,919

24,709,478,446 19,220,752,820 TOTAL 5,926,525,506,110 4,503,959,780,466

Under the business co-operation contract signed in February projects, the Group is entitled to share of Thien Huong’s
2012 between the subsidiaries within the Group and Thien revenue, which is equal to 15% of revenue and can be adjusted
Huong Investment JSC (“Thien Huong”) regarding the school according to the agreement. The duration of the co-operation
operation in Vinhomes Riverside and Vinhomes Royal City agreement is from February 2012 to the end of August 2043.
VAS consolidated financial statements
Commitment under operating leases where the Group is
a lessee
The Group, as lessee, entered into certain operating lease
Less than 1 year
From 1 to 5 years
More than 5 years
TOTAL
Under the co-operation contracts signed in May 2015
between An Phong JSC and a corporate counterparty
regarding the cooperation in constructing and exploiting
Dong Tan Shopping Mall Project, this corporate counterparty
will be entitled to the adjusted rental fee. Duration of the
contract is 35 years from the completion and finalization date
of the project; after that, two parties sign lease contract.
Other commitments
Commitments related to the real estate project at 233 and 223B
Nguyen Trai, Thanh Xuan, Hanoi
In accordance with the co-operation agreement dated
20 April 2015 between Xavinco JSC and a corporate
counterparty regarding the development of a real estate
project, Xavinco JSC committed to provide financial support
to the counterparty carrying out relocation with an amount of
VND71 billion as well as to provide loan to this counterparty
to make capital contribution into Xalivico JSC with an amount
of VND130 billion. The remaining commitments as at 31
December 2015 are VND166 billion.
Commitments under the contract to purchase shares of VEFAC JSC
According to the Share Transfer Contract for strategic investor
signed between the Company and VEFAC One Member LLC
dated 13 March 2015, the Company committed to raise
100% of financing source for the development of National
Exhibition Center Project following the approved master plan.
The Company also commits to complete phase 1 of National
Exhibition Center Project within 3 years of receiving the site
except for objective conditions.
Commitment for site clearance compensation for Vu Yen Island
project
Pursuant to the Official Letter No. 3070/UBND-DC2 on the
agreements with the minimum lease commitments under
these agreements at 31 Dec 2015 as follows:
Currency: VND
Ending balance Beginning balance
385,904,000,252 351,658,622,267
1,315,048,177,986 655,215,574,220
3,858,014,544,056 3,797,111,323,359
5,558,966,722,294 4,803,985,519,846
advance for site clearance and land compensation for Vu Yen
Island Project, a complex of entertainment facilities, residential
areas and ecological park in Hai An ward and Thuy Nguyen
district, Hai Phong City, the Group committed to perform site
clearance and land compensation amounted to VND351.8
billion. As at 31 December 2015, the remaining commitments
amount are VND132.5 billion.
Commitment for site clearance and land compensation for
Vinhomes Riverside Hai Phong Urban Area
Pursuant to the Official Letter No. 2294/QD-UBND of Hong
Bang District People Committee dated 17 November 2015 on
the approval of site clearance and land compensation for Hai
Phong Cement Urban Area project at Thuong Ly ward, Hong
Bang district, the Group committed to site clearance and
land compensation amounted to VND728.3 billion. As at 31
December 2015, the remaining commitements amount are
VND428.3 billion.
Commitments for the share transfer of an associate from
individuals
Under deposit contracts for share transfer dated 25 November
2015 between the Group and individuals, the Company
commits to purchase 40% voting shares of the associate’s
share capital. The value of this contract is VND1,320 billion.
As at 31 December 2015, the Company has transferred the
deposits to these individuals which amounted to VND400
billion.
Commitments for the additional share transfer of long-term
investment of the Group
Under deposit contracts for share transfer dated 25 November
2015 between the Company and individual counterparties,
the Company commits to purchase 125,923,258 shares,
equivalent to 41.97% of charter capital of a company which
is currently a long-term investment of the Group. The value of
this contract is VND3,194 billion. As at 31 December 2015, the
Company has transferred the deposits to these individuals
which amounted to VND3,000 billion.
Commitment for the share transfer in a potential project
Under deposit contracts between Vincom Retail JSC, a
subsidiary, and a corporate counterparty in Hanoi, Vincom
Retail JSC commits to acquire the entire shares of a company
which will be established with the aim of developing shopping
mall project in Co Nhue ward, Bac Tu Liem district, Hanoi city
after all signing contract conditions are completed.
Commitments for the additional share transfer of an existing
subsidiary from counterparties
According to share transfer contract dated 28 September 2015
between the Company and an individual counterparty, the
Company commits to acquire 26,379,686 shares, equivalent
to 31.72% of an existing subsidiary’s share capital. The value
of this contract is VND852.7 billion. As at 31 December 2015,
this transaction has not been completed and the Company
has not paid the consideration of this transaction.
Commitment to results of the auction of shares in batches
According to the announcement of shares auction in batches
on 31 December 2015 of the Ho Chi Minh City Stock
Exchange, Dong Phu Hung - Binh Thuan JSC, a subsidiary,
have successfully bidded 45,695,000 shares of a State-owned
Company which operates in construction field. Remaining
amount to be paid under this announcement is VND320.4
billion.
Commitments related to business cooperation and leasing
contracts of An Phong JSC
Under the business co-operation contract and the lease
contracts of a number of commercial centers between An
Phong JSC and corporate counterparties in Ho Chi Minh City
and Dong Nai, An Phong JSC commits to transfer back the
construction and fixed equipment attached to the existing
structure to the lessors or the counterparties without any
additional conditions at the end of the contract period.
Commitment to transfer a certain part of Vincom Ba Trieu Tower A&B
On 31 July 2006, the Company had transferred certain parts of
the Vincom City Towers to a corporate counterparty. According
to the Transfer Agreement, the Group has committed to
VAS consolidated financial statements
transfer the ownership of the following investment properties
to this corporate counterparty on 20 July 2052:
(i) The ownership of half of the commercial area (from 1st floor
to 6th floor of Vincom City Towers (the “Towers”), except for
the reception and elevator waiting area of 160m2 on the 1st
floor); and
168
(ii) The ownership of 31.156% of the basement 1 and
basement 2 of the towers. 169
Commitment to the Hanoi People’s Committee (“HPC”)
CONS OLIDATED FINANCIAL STATEMENTS
In accordance with Decision No.1853/QD-UBND dated
22 April 2011 issued by the HPC, Sai Dong JSC is obligated
to return land lot No. G4-HH16 (with an estimated area of
43,542m2) and land lot No. G4-NT (with an estimated area
of 5,293m2) in the Vinhomes Riverside project to the HPC for
building kindergartens.
Commitment under interest support contracts to buyers of
apartments at Vinhomes Royal City project
Royal City JSC has entered into three-party (3) agreements
with the buyers of the apartments at Vinhomes Royal City
project and certain banks who provide loans to these
customers to finance for their apartment purchase. Under this
agreement, there are some key terms as follows:
(i) The banks will provide loans to the buyers to finance for the
purchase of the apartments at Royal City; and
(ii) In case the buyers breach the terms and conditions of the
loan agreement signed with the banks, Royal City JSC might
be required by the banks to buy back the apartments at a price
of at least 80% of the amount of down payments received by
Royal City JSC under the apartment sale agreement.
40. SEGMENT INFORMATION
For the management purpose, the operating businesses are
organised and managed separately according to the nature
of the products and services provided, and consist of business
segments as follows:
 Sales of inventory properties: including developing and
trading apartments and villas at real estate projects of the
Group as well as other investment activities in real estate
sector;
 Leasing investment properties and related services: including
leasing of office and retail areas and rendering related services
VAS consolidated financial statements VAS consolidated financial statements

at investment properties owned by the Group; Vinacademy of the Group;

 Hospitality,entertainment and related services: including 
Retail services: including provision of retailing and
provision of hotel and related services at the hotels and supermarket, convenience stores; fashion showrooms; and
resorts owned by the Group;  Others: including provision of management, construction

 Health care and related services: including provision of services, security, agriculture and other services.
health care and related services at Vinmec International
General Hospital; The following tables present revenue and profit and certain
 Education and related services: including provision of assets and liability information regarding the Group’s business 170
education and related services at Vinschool system and segment as at 31 Dec 2015 and the same fiscal year ended.
Currency: VND
171
Leasing investment Hospitality,

CONS OLIDATED FINANCIAL STATEMENTS

Sales of inventory properties and entertainment and Health care and Education and Adjustment and
properties related services other services related services related services Retail services Others elimination Total
Net revenue
Net sale to external customers 21,179,148,427,947 2,655,125,765,258 2,847,874,120,764 770,605,761,951 514,231,160,146 4,305,993,748,453 1,774,987,328,583 - 34,047,966,313,102
Net inter-segment sales (1) - 850,111,255,083 464,069,508,360 15,633,050,742 46,894,633,522 2,208,951,791,935 7,471,388,184,883 (11,057,048,424,525) -
Net total revenue 21,179,148,427,947 3,505,237,020,341 3,311,943,629,124 786,238,812,693 561,125,793,668 6,514,945,540,388 9,246,375,513,466 (11,057,048,424,525) 34,047,966,313,102
Results
Depreciation and amortization 100,874,671,752 458,507,413,184 460,483,888,160 148,113,189,361 25,101,485,382 323,036,880,315 6,873,523,894 - 1,522,991,052,048
Share in profit/loss of associates 45,414,860,194 - 1,391,478,544 - - (7,578,584,538) - - 39,227,754,200
Segment profit/(loss) (2) 6,174,861,834,750 1,368,494,771,966 (140,509,261,243) (90,643,874,579) 87,822,714,692 (1,610,549,072,792) 858,459,408,663 (3,795,835,556,056) 2,852,100,965,401
Assests
Investment in associates 6,496,609,209,864 - 89,924,078,544 - - 129,004,873,638 - - 6,715,538,162,046
Capital expenditure 6,862,452,727,850 4,306,792,777,837 5,762,322,502,878 1,823,225,828,637 112,475,058,169 2,289,101,339,504 8,579,822,904 - 21,164,950,057,779
Total assests (3) 56,248,072,470,817 26,715,981,177,526 15,260,298,680,402 2,834,470,320,509 327,527,272,723 8,319,664,283,026 2,282,046,163,124 33,506,612,210,092 145,494,672,578,219
Total liabilities (4) 45,465,420,419,647 8,876,595,115,394 8,575,497,722,022 217,894,879,960 494,178,720,546 1,075,423,483,717 3,299,887,212,371 39,912,931,811,525 107,917,829,365,182

1. Net inter-segment sales are eliminated in consolidation. goodwill (VND8,628,752,138,992) because these assets are
managed on a group basis.
2. Segment profit does not include finance income
(VND1,931,520,080,322), finance expense 4. Segment liabilities do not include long-term loans and
(VND3,282,074,915,976), other income finance lease obligations (VND33,122,684,524,987),
(VND283,039,374,788) and other expense convertible bonds (VND2,382,401,760,582), statutory
(VND948,045,248,993). obligations (VND1,678,401,228,369), short-term loan
and finance lease obligations (VND1,424,617,794,094),
3. Segment assets do not include deferred tax assets accrued interest expenses (VND830,480,551,017) and
(VND170,157,957,461), short-term investments deferred tax liabilities (VND474,345,952,476) because
(VND11,142,979,590,895), short-term loan receivables these liabilities are managed on a group basis.
(VND1,696,059,531,426), long-term investments
(VND9,597,557,595,727), long-term loan receivables
(VND62,559,839,165), interest receivables
(VND890,625,661,389), dividend receivables
(VND36,115,522,222), value-added tax deductible
(VND660,027,543,114), tax and other receivables from the
State (VND23,050,885,079), dividend advance to
preference share shareholders (VND 598,725,944,622) and
VAS consolidated financial statements VAS consolidated financial statements

The following tables present revenue and profit and certain segment as at 31 Dec 2014 and the same fiscal year ended
assets and liability information regarding the Group’s business
Currency: VND

Leasing investment Hospitality,

Sales of inventory properties and entertainment and Health care and Education and Adjustment and
property related services other services related services related services Retail services Others elimination Total
Net revenue
Net sales to external customers 21,771,825,649,847 2,193,750,851,580 2,113,985,422,722 656,565,516,769 229,548,890,248 421,051,494,099 336,905,545,771 - 27,723,633,371,036
172
Net inter-segment sales (1) - 778,696,934,946 140,427,399,342 13,829,514,224 1,012,350,000 33,237,828,095 2,720,931,430,969 (3,688,135,457,576) -
173
Net total revenue 21,771,825,649,847 2,972,447,786,526 2,254,412,822,064 670,395,030,993 230,561,240,248 454,289,322,194 3,057,836,976,740 (3,688,135,457,576) 27,723,633,371,036
Results

CONS OLIDATED FINANCIAL STATEMENTS

Depreciation and amortization 33,861,787,629 499,559,630,229 250,609,520,696 127,129,037,014 465,525,772 15,027,677,554 7,261,606,505 - 933,914,785,399
Share in profit/(loss) of associates 28,151,206,086 - - - - (36,911,617,847) (10,247,493) - (8,770,659,254)
Segment profit/(loss) (2) 6,236,265,479,301 1,523,684,933,913 535,185,661,521 125,117,740,541 8,205,864,579 (279,389,952,870) (109,352,830,764) (2,630,036,257,723) 5,409,680,638,498
Assets
Investments into associates 969,790,690,811 - - - - - 60,704,040,559 - 1,030,494,731,370
Capital expenditure 5,357,291,594,402 8,134,749,001,327 3,427,470,280,653 133,060,636,629 2,104,188,059 74,290,974,225 311,634,614,363 - 17,440,601,289,658
Total assets (3) 34,565,832,609,609 19,649,428,305,920 9,553,884,758,603 1,806,462,302,241 511,016,126,089 1,752,055,835,750 3,682,215,749,910 18,548,870,817,341 90,069,766,505,463
Total liabilities (4) 10,854,098,980,399 12,158,692,320,971 1,847,769,303,370 96,884,073,978 628,706,951,062 323,223,295,392 1,337,482,396,566 35,360,220,507,948 62,607,077,829,686

1. Net inter-segment sales are eliminated in consolidated tax liabilities (VND168,369,579,595) because these
financial statements. liabilities are managed on a group basis.

2. Segment profit does not include finance income
(VND1,346,022,091,036), finance expenses
(VND3,491,052,587,060), other income
(VND241,964,963,890) and other expenses
(VND207,155,661,595).
3. Segment assets do not include deferred tax assets
(VND56,584,412,185), short-term investments
(VND4,088,913,717,901), short-term loan receivables
(VND2,079,257,521,068), long-term investments
(VND4,009,611,846,975), long-term lending receivable
(VND939,532,495,238), interest receivables
(VND428,978,175,621), dividend receivables
(VND36,115,522,222), value-added tax deductible
(VND549,937,309,384), tax and other receivables from
the State (VND43,148,945,553), dividend advance to
preference share shareholders (VND178,055,416,737) and
goodwill (VND6,138,735,454,457) because these assets are
managed on a group basis.
The Group monitors operating results separately for each
business segment for the purpose of making resources
allocation decision and operating result assessment. The
result of each segment will be assessed based on profit/loss
and determined consistently with profit/loss of the Group
in the consolidated financial statements. However, financial
activities of the Group (including finance income and finance
expenses) are managed centrally and not allocated for each
business segment.
Transfer prices applied between business segments are set
on an arm’s length basis in a manner similar to transactions
with third parties. Segment revenue, segment expenses
and segment results include transfers between business
segments. Those transfers are eliminated in the preparation
of the consolidated financial statements.

4. Segment liabilities do not include long-term loans and

finance lease obligations (VND28,101,065,447,242),
convertible bonds (VND3,342,284,090,914), statutory
obligations (VND1,037,104,329,754), short-term loans and
finance lease obligations (VND1,299,068,123,531), accrued
interest expenses (VND1,412,328,936,912) and deferred
VAS consolidated financial statements VAS consolidated financial statements

41. NOTES TO CASH FLOW MOVEMENT Currency: VND

Currency: VND Current year Previous year
Current year Previous year
Code 31 - Capital contribution and issuance of shares
Code 02 - Depreciation of fixed assets and investment properties and amortisation of intangible assets (including
amortisation of goodwill) Capital contributions from non-controlling shareholders 7,544,319,623,168 2,948,518,325,753

Depreciation and amortisation (Note 14,15 and 16) 1,522,991,052,048 933,914,785,399 Proceeds from re-issue of treasury shares - 1,411,009,772,856

Goodwill amortisation (Note 20) 816,364,175,395 649,042,000,805 Total 7,544,319,623,168 4,359,528,098,609 174
Gains from bargain in purchase (123,824,134,645) - Code 36. Dividends paid to equity holders of the parent
Total 2,215,531,092,798 1,582,956,786,204 Dividend, profits paid to owners of parent company - (1,844,966,743,620) 175
Code 05 - Profits from investing activities Dividend, profits paid to non-controlling shareholders (974,185,674,300) (521,509,281,485)

CONS OLIDATED FINANCIAL STATEMENTS

Loss/(gain) on disposal of fixed assets (Note 34) 36,847,457,860 (3,104,218,385) Total (974,185,674,300) (2,366,476,025,105)
Gain on disposal of investment properties - (274,729,598,999)
(Gain)/loss on disposal of equity investments in other entities (246,175,742,586) 77,979,864,849 42. RESTATEMENT OF CORRESPONDING FIGURES
Share of (profit)/loss of associate (Note 19.1) (39,227,754,200) 8,770,659,254
Interest and dividend income (Note 30.3) (1,645,899,541,473) (1,142,105,330,177) 42.1. Restatement following completion of the provisional statements as at 2014 since the Group is still in the process of
accounting for business combination determining the fair value of net assets acquired.
Total (1,894,455,580,399) (1,333,188,623,458)
Code 23 - Loans to other entities and payments for purchase of debt instruments of other entities On 24 May 2014, the Group disposed of its 49% equity interest In 2015, the Group has completed the determination of
in Eight Lions JSC and together with the establishment of fair value of net assets acquired from this transaction and
Disbursement of loans (6,777,600,000,000) (885,106,000,000)
New Eight Lions JSC on 19 May 2014 to purchase inventories, accordingly, recorded an additional intangible asset, which
Short-term deposits (12,103,288,911,471) (3,509,011,030,716) fixed assets and distribution right from Eight Lions JSC. These is the distribution right, at VND94 billion, decreased goodwill
Total (18,880,888,911,471) (4,394,117,030,716) transactions have been assessed as the acquisition of a from VND100 billion to VND6 billion and also adjusted other
business. Accordingly, the company has applied provisional related accounts on retrospective basis.
Code 24 - Collections from borrowers and proceeds from sale of debt instruments of other entities
accounting for this transaction on the consolidated financial
Collection of loans 2,669,609,550,761 1,711,688,675,151
Currency: VND
Withdrawal of short-term deposits 6,171,224,825,237 2,232,617,805,005
Beginning balance Beginning balance
Total 8,840,834,375,998 3,944,306,480,156
Code CONSOLIDATED BALANCE SHEET (previously presented) Restatement (restated)
Code 25 - Payments for investments in other entities (net of cassh hold by entity being acquired) 227 Intangible assets 520,367,279,711 75,722,222,222 596,089,501,933
Acquisition of subsidiaries (after deducting cash balance of subsidiaries at (12,939,136,407,998) (2,359,415,821,372)
228 Cost 613,140,927,890 94,000,000,000 707,140,927,890
acquisition date)
229 Accumulated amortization (92,773,648,179) (18,277,777,778) (111,051,425,957)
Acquisition of additional shares in existing subsidiaries (523,718,706,200) (3,025,235,910,444)
269 Goodwill 6,214,457,676,679 (75,722,222,222) 6,138,735,454,457
Advance/deposit to acquire subsidiaries (3,621,128,422,500) -
Payments for equity investments in other entities (3,077,484,315,345) (1,529,685,000,000)
42.2. Reclassification following application of Circular statements have been represented to reflect the presentation
Advance for business co-operation contracts (23,954,604,785) (5,800,000,000,000) 200 and others of the current period’s consolidated financial statements as a
Total (20,185,422,456,828) (12,714,336,731,816) result of applying Circular 200. Details are as follows:
Certain corresponding figures on the consolidated financial
Code 26 - Proceeds from sales of investments in other entities (net of cash held by entity being disposed)
Collection of advances for business cooperation contracts - 266,500,000,000
Proceeds from disposals of subsidiaries, after deducting cash disposed 1,960,679,834,204 354,099,660,000
Proceeds from disposals of equity investments in other entities 1,186,277,993,558 465,000,000,000
Collection of deposits for transfer of equity investments - 232,200,000,000
Proceeds from deposit for transfer of equity investments 648,000,000,000 474,312,091,675
Collection of deposit in real-estate investment projects 655,302,896,515 800,000,000,000
Total 4,450,260,724,277 2,592,111,751,675
VAS consolidated financial statements VAS consolidated financial statements

CONSOLIDATED BALANCE SHEET Currency: VND (1) Reclassify short-term investments to held-for-trading entities (VND1,815,581,443,945) and held-to-maturity
Beginning balance securities (VND105,781,413,500), held-to-maturity investments (VND1,166,535,671,660).
(previously Beginning balance investments (VND4,014,468,721,001) and short-term
Code Description presented) Reclassification (Reclassified) loan receivables (VND2,125,166,122,168). (7) Reclassify other long-term assets to other long-term
Short-term investment (1) 6,245,416,256,669 (6,245,416,256,669) (**) receivables (VND100,602,091,252).
(2) Reclassify provision for diminution in value of short-term
121 Held-for-trading securities (1) (*) 105,781,413,500 105,781,413,500 investments to provision for held-for-trading securities (8) Reclassify the cost of intangible assets (after being
Provision for diminution in value of (2) (77,245,017,700) 77,245,017,700 (**) (VND31,336,416,600) and provision for doubtful debts represented in Note 42.1) to construction in progress 176
short-term investments (VND45,908,601,100). (VND136,500,000,000).
122 Provision for held-for-trading securities (2) (*) (31,336,416,600) (31,336,416,600)
(3) Detached provision for obsolete inventories which (9) Offset long-term prepaid expenses against short-term 177
123 Held-to-maturity investments (1) (*) 4,014,468,721,001 4,014,468,721,001
was offset against inventories (VND30,701,749,297); loan and finance leases obligations (VND22,126,482,187)
135 Short-term loan receivables (1) (*) 2,125,166,122,168 2,125,166,122,168 and reclassify inventories (VND362,009,472,907) and long-term loans and finance lease obligations

CONS OLIDATED FINANCIAL STATEMENTS

136 Other short-term receivables (4) 626,203,073,987 85,946,950,764 712,150,024,751 after deducting provision for obsolete inventories (VND562,166,275,881); reclassify selling expenses related
(VND78,542,244,440) to other short-term assets. to apartments not yet handed over from long-term
137 Provision for doubtful debts (2) (54,815,552,602) (45,908,601,100) (100,724,153,702)
prepaid expenses to short-term prepaid expenses
141 Inventories (3) 16,653,246,649,293 (331,307,723,610) 16,321,938,925,683 (4) Reclassify other short-term receivables to tax and (VND166,843,095,968).
149 Provision for obsolete inventories (3) (54,895,665,767) 47,840,495,143 (7,055,170,624) other receivables from the State (VND13,705,263,157)
and reclassify other current assets to other short-term (10) Reclassify short-term accrued expenses to short-term
151 Short-term prepaid expenses (5) 175,767,407,122 157,539,742,904 333,307,150,026 receivables (VND99,652,213,921), and adjust to increase provison (VND99,627,506,502); payables to employees
153 Tax and other receivables from the State (4) 29,443,682,396 13,705,263,157 43,148,945,553 non-controlling interests and other current assets (VND90,197,063,277) and short-term trade payables
158 Other current assets (3),(4) 882,818,880,591 361,870,431,283 1,244,689,311,874 (VND178,055,416,737). (VND40,711,238,393) to short-term accrued expenses.

215 Long-term loan receivables (6) (*) 939,532,495,238 939,532,495,238 (5) Offset short-term prepaid expenses against long-term (11)
Reclassify other short-term payables to short-term
216 Other long-term receivables (7) - 100,602,091,252 100,602,091,252 loans and finance lease obligations (VND9,303,353,064) unearned revenues (VND502,313,840,716).
228 Cost (8) 707,140,927,890 (136,500,000,000) 570,640,927,890
and reclassify selling expenses related to apartments not
yet handed over from long-term prepaid expenses to (12)
Reclassify other long-term liabilities to long-term
242 Construction in progress (8) 11,272,988,269,731 136,500,000,000 11,409,488,269,731 short-term prepaid expenses (VND166,843,095,968). unearned revenues (VND1,471,496,586,240).
Other long-term investments (6) 3,921,649,610,843 (3,921,649,610,843) (**)
(6) Reclassify other long-term investments to long-term loan (13) Reclassify long-term loans and finance lease obligations
253 Investment in other entities (6) (*) 1,815,581,443,945 1,815,581,443,945
receivables (VND939,532,495,238), investment in other to convertible bonds (VND3,342,284,090,914).
255 Held-to-maturity investments (6) (*) 1,166,535,671,660 1,166,535,671,660
261 Long-term prepaid expenses (9) 1,770,073,401,504 (751,135,854,036) 1,018,937,547,468
Currency: VND
CONSOLIDATED INCOME STATEMENT
268 Other long-term assets (7) 4,900,602,091,252 (100,602,091,252) 4,800,000,000,000
Previous year Previous year
311 Short-term trade payables (10) 1,628,746,222,883 (40,711,238,393) 1,588,034,984,490 Code Description (previously presented) Reclassification (Reclassified)
314 Payables to employees (10) 55,874,576,362 90,197,063,277 146,071,639,639 31 Other income (14) 261,925,884,973 (19,960,921,083) 241,964,963,890
315 Short-term accrued expenses (10) 3,645,659,661,277 (149,113,331,386) 3,496,546,329,891 32 Other expense (14) (227,116,582,678) 19,960,921,083 (207,155,661,595)
318 Short-term unearned revenues (11) (*) 502,313,840,716 502,313,840,716
319 Other short-term payables (11) 10,333,943,140,608 (502,313,840,716) 9,831,629,299,892 (14) Offset gains from disposal of fixed assets against other income and other expense (VND19,960,921,083).
320 Short-term loan and finance lease (9) 1,321,194,605,718 (22,126,482,187) 1,299,068,123,531 Currency: VND
obligations
CASH FLOW STATEMENT
321 Short-term provision (10) - 99,627,506,502 99,627,506,502
Previous year Previous year
336 Long-term unearned revenues (12) (*) 1,471,496,586,240 1,471,496,586,240
Code Description (previously presented) Reclassification (Reclassified)
337 Other long-term liabilities (12) 6,413,683,795,381 (1,471,496,586,240) 4,942,187,209,141
06 Interest expenses (15) 2,711,269,664,974 205,141,970,088 2,916,411,635,062
338 Long-term loans and finance lease obligations (5),(9),(13) 32,014,819,167,101 (3,913,753,719,859) 28,101,065,447,242
12 (Increase)/decrease in prepaid (15) (774,696,243,771) (205,141,970,088) (979,838,213,859)
339 Convertible bonds (13) (*) 3,342,284,090,914 3,342,284,090,914 expenses
340 Non-controlling interests (4) 6,888,591,962,940 178,055,416,737 7,066,647,379,677
(15) Reclassify changes in prepaid expenses to interest expenses (VND205,141,970,088).
(*) New items on Balance sheet under Circular 200.
(**) Items of Balance sheet no longer presented under Circular 200
VAS consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Previous year
Description (previously presented)
Production and operating costs (16) 20,226,209,509,117
In which:
Other expenses (16) 4,431,289,148,523
(16) Exclude financial expense (VND3,491,052,587,060) from other expenses which is a part of production and oprerating costs.
43. EVENTS AFTER THE BALANCE SHEET DATE
Except for the events after the balance sheet date presented
in other notes of the consolidated financial statements, the
Group also has following events after the balance sheet date:
On 28 December 2015, three (3) subsidiaries of the Company,
which are Dong Phu Hung – Binh Thuan JSC, Hanoi
Southern JSC, and Sai Dong JSC have signed the contract
to acquire 100% voting shares of Vietnam Lotus Industrial
and Commercial Investment JSC from individuals and
corporate counterparties. Subsequently, on 1 March 2016,
three (3) mentioned subsidiaries have signed a contract to
dispose 100% voting shares of Vietnam Lotus Industrial and
Commercial Investment JSC to a corporate counterparty.
On 11 January 2016, Tan Lien Phat JSC, a subsidiary, has
signed a convertible loan contract to lend a corporate
counterparty a convertible loan with an amount of VND598
billion. According to this convertible loan contract, Tan Lien
Phat JSC has an authorisation to convert this loan at any time
from disbursement date to maturity date to shares of this
corporate counterparty.
On 15 January 2016, the Company has signed a contract to
acquire 5% voting shares of Southern Star Urban Development
and Trading Investment JSC from a corporate counterparty,
thereby increase the Company’s owned voting shares in this
subsidiary to 94%.
On 18 January 2016, three (3) subsidiaries of the Company,
which are Dong Phu Hung – Binh Thuan JSC, Hanoi Southern
JSC, and Sai Dong JSC have signed the contract to acquire
100% voting shares of Vietinbank Trade Union Investment
JSC from corporate counterparties. Subsequently, on 1 March
2016, three mentioned subsidiaries have signed a contract
to dispose 100% voting shares of Vietinbank Trade Union
Investment JSC to other corporate counterparties.
VAS consolidated financial statements
Currency: VND Credit Guarantee and Investment Facility (CGIF), a trust fund capital) of Savina One Member Limited Liability Company by
of the Asian Development Bank. direct negotiation.
Previous year On 3 March 2016, the Company was selected as the strategic There is no matter or circumstance that has arisen since the
Reclassification (Reclassified) investor of Savina One Member Limited Liability Company consolidated balance date that requires an adjustment or a
(3,491,052,587,060) 16,735,156,922,057 following decision No. 712/QD-BVHTTDL issued by Ministry disclosure in the consolidated financial statements of the
of Culture, Sports, and Tourism. Accordingly, the Company will Group.
acquire 44,141,474 voting shares (equivalent to 65% charter 178
(3,491,052,587,060) 940,236,561,463
179
CONS OLIDATED FINANCIAL STATEMENTS
On 29 January 2016, Dong Phu Hung – Binh Thuan JSC, a
subsidiary, has signed a contract to purchase 92.88% voting
shares of a State-owned enterprise which operates in the
construction field.
On 1 February 2016, the Company and two subsidiaries, which
are VinEco LLC and Hanoi Southern JSC, have completed the Ngo Nguyet Hang Nguyen Thi Thu Hien Duong Thi Mai Hoa
acquisition of 100% voting shares of Golden Rose Agricultural Preparer Chief Accountant Chief Executive Officer
Products Food JSC from individuals with the consideration of
VND21 billion. Accordingly, Golden Rose Agricultural Products 30 March 2016
Food JSC became a subsidiary of the Company.
On 3 February 2016, the Company and two subsidiaries,
which are VinEco LLC and Hanoi Southern JSC, have
completed the acquisition of 100% shares of Hoang Lan
Production - Commerce – Services JSC from individuals with
the consideration of VND28 billion. Accordingly, Hoang Lan
Production – Commerce – Services JSC became a subsidiary
of the Company.
On 3 February 2016, Vinhomes Real Estate Management
LLC, a subsidiary, has received the fifth amended Business
Registration Certificate from the Hanoi Department of
Planning and Investment. Accordingly, ILF LLC has been
merged into Vinhomes Real Estate Management LLC
and increased charter capital of Vinhomes Real Estate
Management LLC from VND100 billion to VND800 billion. As a
result, this transaction has reduced the Group’s equity interest
in Vinhomes Real Estate Management LLC from 100% to
12.5%. Vinhomes Real Estate Management LLC has converted
from a subsidiary to the Group’s investment in other entities.
On 5 February 2016, the Company sucessfully issued two
types of domestic corporate bonds with face value of
VND1,950 billion and VND1,050 billion respectively. These
bonds mature on 2021 and 2026, bear interest rate ranging
from 7.75% to 8.5% per annum and are guaranteed by the
VAS consolidated financial statements VAS consolidated financial statements

APPENDIX 1 – THE GROUP STRUCTURE AS OF 31 DECEMBER 2015

Voting Equity
No. Full name Short name right (%) interest (%) Registered address Principal activities
1 Vincom Retail JSC Vincom Retail JSC 100.00% 99.01% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Investing, developing and trading real
district, Hanoi estate properties
2 South Vincom Retail LLC (1) South Vincom Retail LLC 100.00% 99.01% No. 72, Le Thanh Ton street and No. 45A Ly Tu Trong street, Ben Nghe ward, District 1, Ho Leasing real estate properties 180
Chi Minh city
3 North Vincom Retail LLC (2) North Vincom Retail LLC 100.00% 99.01% No. 72A, Nguyen Trai street, Thuong Dinh ward, Thanh Xuan district, Hanoi Leasing real estate properties 181
4 Metropolis LLC Metropolis LLC 100.00% 99.01% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Leasing real estate properties

CONS OLIDATED FINANCIAL STATEMENTS

5 Riverview Complex DaNang LLC Riverview Da Nang LLC 97.11% 96.15% Ngo Quyen street, An Bac Hai ward, Son Tra district, Da Nang city Investing, developing and trading real
estate properties
6 Suoi Hoa Urban Development and Investment JSC Suoi Hoa JSC 88.00% 87.13% Km1 + 200, Tran Hung Dao street, Suoi Hoa ward, Bac Ninh city, Bac Ninh province Investing, developing and trading real
estate properties
7 Vin Tay Commercial Trading JSC Vin Tay JSC 95.00% 94.06% No. 14 Nguyen Trai street, An Hoi ward, Ninh Kieu district, Can Tho city Leasing real estate properties
8 Hanoi Entertainment Culture Sport Center JSC Hanoi Entertainment 100.00% 99.01% No. 2, Pham Ngoc Thach Street, Trung Tu ward, Dong Da district, Hanoi Leasing real estate properties
Culture Sport Center JSC
9 Blue Star Urban Development and Commercial Blue Star JSC 100.00% 99.01% No. 12, lane 99, Nam Duong street, 19 Thuong Thanh Ward , Long Bien district , Hanoi Investing, developing and trading real
Investment JSC estate properties
10 An Phong Investment JSC An Phong JSC 100.00% 99.01% No. 3, Road 3/2, No. 11 ward, District 10, Ho Chi Minh city Leasing real estate properties
11 Times Trading Investment and Development One Times Trading LLC 100.00% 100.00% No. 72, Le Thanh Ton street and No. 45A Ly Tu Trong street, Ben Nghe ward, District 1, Ho Investing, developing and trading real
Member LLC Chi Minh city estate properties
12 Vinhomes 1 Real Estate Trading LLC Vinhomes 1 LLC 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Trading real estate properties
district, Hanoi
13 Vinhomes 2 Real Estate Trading LLC Vinhomes 2 LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Trading real estate properties
district, Hanoi
14 Vinhomes Real Estate Management LLC Vinhomes Real Estate Management 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Real estate management, consultancy,
LLC district, Hanoi advertisement and brokerage
15 Royal City Real Estate Development & Investment Royal City JSC 98.36% 98.36% No. 72A, Nguyen Trai street, Thuong Dinh ward, Thanh Xuan district, Hanoi Investing, developing and trading real
JSC estate properties
16 Hanoi Southern City Development JSC Hanoi Southern JSC 98.90% 98.60% No. 458, Minh Khai street, Vinh Tuy ward, Hai Ba Trung district, Hanoi Investing, developing and trading real
estate properties
17 Saidong Urban Development & Investment JSC Sai Dong JSC 94.00% 94.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Investing, developing and trading real
district, Hanoi estate properties
18 Xavinco Land JSC Xavinco JSC 96.44% 96.42% No. 191, Ba Trieu street, Le Dai Hanh ward, Hai Ba Trung district, Hanoi Investing, developing and trading real
estate properties
19 Isado Business Cooperation and Development LLC ISADO LLC 70.00% 65.80% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Investing, developing and trading real
district, Hanoi estate properties
20 Tan Lien Phat Construction Investment Corporation Tan Lien Phat JSC 75.00% 74.68% No. 72, Le Thanh Ton Street, Ben Nghe ward, District 1, Ho Chi Minh city Investing, developing and trading real
JSC estate properties
21 Hong Ngan Real Estate JSC Hong Ngan JSC 99.00% 93.06% No. 31, Ngo Gieng, Dong Cac street, O Cho Dua, Dong Da district, Hanoi Investing, developing and trading real
estate properties
22 Xalivico LLC Xalivico LLC 74.00% 71.35% 233 Nguyen Trai street, Thuong Dinh ward, Thanh Xuan district, Hanoi Investing, developing and trading real
estate properties
23 Vietnam Exhibition Fair Center JSC VEFAC JSC 83.32% 83.32% No. 148 Giang Vo street, Giang Vo ward, Ba Dinh district, Hanoi Investing, developing and trading real
estate properties
VAS consolidated financial statements VAS consolidated financial statements

Voting Equity
No. Full name Short name right (%) interest (%) Registered address Principal activities
24 Southern Star Urban Development and Trading Southern Star JSC 90.00% 89.99% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Investing, developing and trading real 182
Investment JSC estate properties
25 Hoa Mai Trading Commercial Services LLC Hoa Mai LLC 74.00% 74.00% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Investing, developing and trading real 183
estate properties
26 Metri Sport and Entertainment Development JSC Metri JSC 67.17% 67.17% No 7 Thang Long Avenue , Me Tri ward, Nam Tu Liem district , Hanoi Investing, developing and trading real

CONS OLIDATED FINANCIAL STATEMENTS

estate properties
27 Dong Phu Hung - Binh Thuan JSC Dong Phu Hung - Binh Thuan JSC 100.00% 98.45% Highway 55 , village Thang Hai, Thang Hai Commune , Ham Tan ,Binh Thuan Province Investing, developing and trading real
estate properties
28 Metropolis Hanoi LLC Metropolis Hanoi LLC 100.00% 98.36% HH land area, Pham Hung street, Nam Tu Liem, Hanoi Investing, developing and trading real
estate properties
29 Sunflower Development and Investment JSC Sunflower JSC 100.00% 75.15% T4-L2-10, Room 10, 2nd floor, Times City, 458 Minh Khai street, Hai Ba Trung district, Hanoi Investing, developing and trading real
estate properties
30 Vinaconex-Viettel Urban Development JSC Vinaconex-Viettel JSC 98.30% 75.12% Floor 9, Vinaconex Tower, No. 34 Lang Ha street, Dong Da district, Hanoi Investing, developing and trading real
estate properties
31 Vinpearl JSC Vinpearl JSC 100.00% 88.30% Hon Tre Island, Vinh Nguyen ward, Nha Trang City, Khanh Hoa province Investing, developing and trading
hospitality services
32 Vinpearl Hotel Management LLC Vinpearl Hotel Management LLC 100.00% 88.30% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Management consultancy, real estate
district, Hanoi brokerage, auction, tourism support
and promotion, providing short-stay
services
33 Vinpearl Nha Trang LLC Vinpearl Nha Trang LLC 100.00% 88.30% Hon Tre Island, Vinh Nguyen ward, Nha Trang City, Khanh Hoa province Investing, developing and trading
hospitality services
34 Vinpearl Da Nang One Member LLC Vinpearl Da Nang LLC 100.00% 88.30% Truong Sa road, Hoa Hai ward, Ngu Hanh Son district, Da Nang city Investing, developing and trading
hospitality services
35 Vinpearl Hoi An One Member LLC Vinpearl Hoi An LLC 100.00% 88.30% Phuoc Hai Block, Cua Dai ward, Hoi An city, Quang Nam province Investing, developing and trading
hospitality services
36 Vinpearl Quy Nhon JSC Vinpearl Quy Nhon JSC 98.00% 86.54% Hai Giang Village, Nhon Hai Commune, Quy Nhon city, Binh Dinh province Ecotourism and other services
37 Future Property Invest LLC FPI LLC 100.00% 88.30% Truong Sa road, Hoa Hai ward, Ngu Hanh Son district, Da Nang city Investing, developing and trading
hospitality services
38 Tay Tang Long Real Estate LLC Tay Tang Long LLC 59.00% 53.27% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Investing, developing and trading real
estate properties
39 Tay Ho View Hotel and Tourism LLC Tay Ho View LLC 70.00% 61.81% No. 58 Tay Ho Street, Quang An ward, Tay Ho district, Hanoi Investing, developing and trading
hospitality services
40 Vinpearl Bai Dai LLC Vinpearl Bai Dai LLC 90.00% 79.47% No. 17A Bach Dang Street, Phuoc Tien ward, Nha Trang city, Khanh Hoa province Investing, developing and trading
hospitality services
41 Cam Ranh Investment LLC Cam Ranh LLC 90.00% 79.47% No. 16, Mac Dinh Chi, Phuoc Tien ward, Nha Trang city, Khanh Hoa province Investing, developing and trading
hospitality services
42 Hon Mot Tourism JSC Hon Mot JSC 83.63% 73.85% Hon Tre Island, Vinh Nguyen ward, Nha Trang City, Khanh Hoa province Investing, developing and trading
hospitality services
43 Hon Tre Investment And Development LLC Hon Tre LLC 90.00% 79.47% No. 42/2 Dong Nai,Phuoc Hai ward, Nha Trang city, Khanh Hoa province Investing, developing and trading
hospitality services
VAS consolidated financial statements VAS consolidated financial statements

Voting Equity
No. Full name Short name right (%) interest (%) Registered address Principal activities
44 Phu Quoc Tourism Development and Investment Phu Quoc Tourism JSC 55.00% 48.57% Bai Dai Area, Ganh Dau Commune, Phu Quoc district, Kien Giang province Providing short – stay services
JSC 184
45 Vinpearl Phu Quoc One Member LLC Vinpearl Phu Quoc LLC 100.00% 48.57% Bai Dai Area, Ganh Dau Commune, Phu Quoc district, Kien Giang province Investing, developing and trading
hospitality services 185
46 Vinpearl Ha Long LLC Vinpearl Ha Long LLC 100.00% 88.30% Reu Island, Bai Chay ward, Ha Long City, Quang Ninh province Investing, developing and trading

CONS OLIDATED FINANCIAL STATEMENTS

hospitality services
47 Vinpearl Golf Club Management LLC Vinpearl Golf Club Management 100.00% 88.30% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Management consultancy services
LLC district, Hanoi
48 Vincharm Spa Management LLC Vincharm Spa LLC 100.00% 88.30% No. 72, Le Thanh Ton Street, Ben Nghe ward, District 1, Ho Chi Minh city Beauty care services
49 Vinpearlland LLC Vinpearlland LLC 100.00% 100.00% Hon Tre Island, Vinh Nguyen ward, Nha Trang City, Khanh Hoa province Amusement park and theme park
entertainment services
50 BFF Commercial Trading Investment LLC BFF LLC 86.96% 86.94% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Retails in department stores
51 Vincommerce General Commerce Services JSC (3)
Vincommerce JSC 69.51% 51.91% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Retails in department stores
52 Vinmart+ JSC Vinmart+ JSC 69.51% 51.91% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Retails in department stores
district, Hanoi
53 Vinecom LLC Vinecom LLC 55.00% 55.00% Tower 2, Times City urban area, No. 458 Minh Khai street, Hai Ba Trung ward, Hanoi Retail sale via phone and internet
54 Vinpro Trading and Services LLC VinPro LLC 100.00% 99.92% No. 72, Le Thanh Ton street, Ben Nghe ward, District 1, Ho Chi Minh city Retail computers, software,
telecommunication devices and audio-
visual devices
55 VinDS Trading and Services LLC VinDS LLC 70.00% 69.02% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Sale of goods in shopping mall or retail
district, Hanoi outlets
56 SuperHigh-speed Logistics Services JSC SuperHigh-speed JSC 97.00% 96.96% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Providing logistic and other related
district, Hanoi services
57 Vinlinks JSC Vinlinks JSC 79.96% 79.96% 5th floor, 3D Building, Duy Tan street, Dich Vong Hau ward, Cau Giay district, Hanoi Providing logistic and other related
services
58 Vincom 1 Construction Management LLC Vincom 1 Construction LLC 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Residential and civil constructions
district, Hanoi Architecture activities and technical
consultancy
59 Vincom 2 Construction Management LLC Vincom 2 Construction LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Residential and civil constructions
district, Hanoi Architecture activities and technical
consultancy
60 Vincom 3 Construction Management LLC Vincom 3 Construction LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Residential and civil constructions
district, Hanoi Architecture activities and technical
consultancy
61 Vincom 7 Construction Management LLC Vincom 7 Construction LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Rendering architectural & construction
district, Hanoi technical advisory services
62 Vinmec International General Hospital JSC Vinmec JSC 100.00% 89.20% No 458, Minh Khai street, Vinh Tuy ward,Hai Ba Trung district, Hanoi Health care, medical and related
services
63 Vinschool One Member LLC Vinschool LLC 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Providing education services
district, Hanoi
VAS consolidated financial statements VAS consolidated financial statements

Voting Equity
No. Full name Short name right (%) interest (%) Registered address Principal activities
64 Vinacademy Education and Training LLC VinAcademy LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Providing education services
186
district, Hanoi
65 Vincom Security Service LLC Vincom Security LLC 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Security services
district, Hanoi 187
66 VinEco Agricultural Investment Development and VinEco LLC 70.00% 70.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Producing and trading agricultural

CONS OLIDATED FINANCIAL STATEMENTS

Production LLC district, Hanoi products
67 VinEco-Tam Dao Agricultural Investment Vineco Tam Dao LLC 89.02% 62.32% Co Quan Commune, Gia Khanh town, Binh Xuyen district, Vinh Phuc province Producing and trading agricultural
Development and Production LLC products
68 Dongnai - Vineco Agriculture LLC Dongnai-Vineco LLC 77.50% 54.25% Km13, Highway 51, Long Khanh 3 Hamlet , Tam Phuoc commune , Bien Hoa City , Dong Producing and trading agricultural
Nai province . products
69 Ha Thanh Real Estate Investment And Urban Ha Thanh LLC 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Transportation roads and railway
Infrastructure Development LLC (4) district, Hanoi constructions
70 Buon Ma Thuot Commercial Center LLC (4) Buon Ma Thuot LLC 100.00% 51.91% No. 78, Ly Thuong Kiet street, Buon Ma Thuot City, Dak Lak province Leasing real estate properties
71 Hop Nhat Trading JSC (4)
Hop Nhat Trading JSC 99.80% 79.80% 5th floor, 3D Building, Duy Tan street, Dich Vong Hau ward, Cau Giay district, Hanoi Providing logistic and other related
services
72 Vincom 6 Construction Management LLC (4) Vincom 6 Construction LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Rendering architectural & construction
district, Hanoi technical advisory services
73 VME Marketing LLC (4) VME Marketing LLC 100.00% 99.92% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Rendering marketing service
district, Hanoi
74 Vinlandscape Design Construction And Landscape Vinlandscape LLC 100.00% 100.00% No. 7, Bang Lang 1 street, Vinhomes Riverside Eco-urban Area, Viet Hung ward, Long Bien Landscape maintenance services
Management LLC (4) district, Hanoi
75 Ocean Mart Express JSC (4) Ocean Mart Express JSC 80.00% 41.53% No. 19, Nguyen Trai Road, Khuong Trung ward, Thanh Xuan district, Hanoi Sale of goods in retail outlets

(1) Previously known as Vincom Center B Ho Chi Minh (3) Previously known as VinMart Supermarket JSC.
City One Member LLC, changing name after merger to
Vincom Thu Duc LLC. (4) These companies was in dissolution process as at 31
December 2015.
(2) Previously known as Vincom Mega Mall Royal City One
Member LLC, changing name after merger with 4 other
companies: Vincom Center Ba Trieu LLC, Vincom Mega
Mall Times City LLC, Vincom Center Ha Long LLC and Hai
Phong Land Development and Investment One Member
Limited Company.

Summary IFRS consolidated
financial statements
Consolidated income statement
for the year ended 31 December 2015, 31 December 2014, 31 December 2013
Notes 2015
Sale of inventory property 21,179,148,427,947
Leasing of investment properties and 2,626,594,016,799
rendering of related services
Rendering of hospitality, entertainment 2,848,396,713,901
and related services
Rendering of health care and related 770,605,761,951
services
Rendering of education and related services 514,231,160,146
Sale of goods in supermarkets, convenience 4,306,023,191,680
stores and retail outlets
Rendering of construction services 1,406,261,489,860
Other revenue 746,674,674,730
Revenue 34,397,935,437,014
Cost of sales 11.1 (22,326,180,022,944)
Gross profit 12,071,755,414,070
Valuation gain from completed investment 16 647,858,601,902
property
Valuation gain on investment property 17 67,991,183,846
under construction
Other operating income 11.2 416,779,891,505
Selling and distribution costs 11.3 (3,555,176,925,098)
Administrative expenses 11.4 (3,345,910,979,492)
Other operating expenses 11.5 (155,242,931,546)
Operating profit 6,148,054,255,187
Finance income 11.6 1,860,594,944,429
Finance costs 11.7 (3,489,427,846,357)
Net (loss)/gain on financial asset/liability at 34.2 (318,990,935,600)
fair value through profit or loss
Share of profit/(loss) of associates 8 28,192,276,513
Profit before tax 4,228,422,694,172
Income tax expense 12 (1,669,476,302,603)
Profit for the year 2,558,946,391,569
Attributable to:
Equity holders of the parent 1,813,718,976,072
Non-controlling interests 745,227,415,497
Summary IFRS consolidated financial statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015, 31 December 2014, 31 December 2013
Currency: VND Currency: VND
2014 Notes 2015 2014 2013
(Reclassified*) 2013 Profit for the year 2,558,946,391,569 5,386,933,309,225 6,112,449,265,888
21,737,531,428,617 14,657,846,833,066
Attributable to: 188
2,081,148,806,516 1,797,773,534,810
Equity holders of the parent 1,813,718,976,072 4,759,962,662,932 5,697,867,501,585
189
2,113,985,422,722 1,598,573,038,093 Non-controlling interests 745,227,415,497 626,970,646,293 414,581,764,303
Earnings per share 13
CONS OLIDATED FINANCIAL STATEMENTS
656,565,516,769 286,917,398,734 Basic, profit from continuing operations 1,061 2,903 3,506
attributable to equity holders of the parent
229,548,890,247 3,837,671,011 Diluted, profit from continuing operations 1,061 2,903 3,506
421,051,494,099 1,639,469,513 attributable to equity holders of the parent
Total comprehensive income for the 2,558,946,391,569 5,386,933,309,225 6,112,449,265,888
17,788,745,325 - year, net of tax
383,379,418,995 30,113,372,615 Attributable to:
27,640,999,723,290 18,376,701,317,842 Equity holders of the parent 1,813,718,976,072 4,759,962,662,932 5,697,867,501,585
(16,814,230,632,632) (11,116,976,385,050) Non-controlling interests 745,227,415,497 626,970,646,293 414,581,764,303
10,826,769,090,658 7,259,724,932,792
259,311,520,016 2,037,512,148,200
1,174,571,478,490 405,215,622,825
385,932,246,890 385,371,606,413
(953,173,773,051) (266,576,899,386)
(1,622,752,319,824) (877,338,303,488)
(46,622,671,289) (91,150,123,812)
10,024,035,571,890 8,852,758,983,544
1,170,043,347,806 806,935,622,676
(4,156,307,002,024) (2,021,038,822,912)
102,776,671,940 (280,287,425,521)
(12,723,839,340) 53,304,805,480
7,127,824,750,272 7,411,673,163,267
(1,740,891,441,047) (1,299,223,897,379)
5,386,933,309,225 6,112,449,265,888
4,759,962,662,932 5,697,867,501,585
626,970,646,293 414,581,764,303
Summary IFRS consolidated financial statements
CONSOLIDATED STATEMENT OF FINACIAL POSITION
as at 31 December 2015, 31 December 2014 and 31 December 2013
Notes 2015
ASSETS
NON-CURRENT ASSETS
Property and equipment 14 20,392,973,908,804
Intangible assets 15 4,912,734,421,388
Completed investment property 16 29,741,444,527,477
Investment property under construction 17 11,732,344,946,371
Construction in progress 19 6,747,626,194,623
Investment in associates 8 6,705,391,848,970
Deferred tax assets 12.2 314,578,899,723
Long-term prepayments 22 1,429,073,529,412
Other non-current assets 21 5,769,368,258,221
Total non-current assets 87,745,536,534,989
CURRENT ASSETS
Inventories 24 28,878,583,573,492
Trade receivables 25 2,401,490,621,829
Advances to suppliers 6,693,959,969,973
Financial assets at fair value through profit 23 370,812,106,518
or loss
Loans to and receivables from related 40 142,189,003,048
parties
Short-term prepayments and other 26 9,953,538,949,004
receivables
Short-term investments 27 12,582,810,895,507
Cash and cash equivalents 28 6,934,902,178,877
Total current assets 67,958,287,298,248
Assets classified as held for sale 10 173,536,690,652
TOTAL ASSETS 155,877,360,523,889
Currency: VND
2014 2013
(Reclassified*) (Reclassified*)
11,548,606,990,518 5,965,140,394,995
1,651,620,986,606 737,699,004,761
24,304,938,854,727 22,537,114,631,445
8,874,573,168,448 4,738,936,502,209
3,766,514,368,335 1,428,063,172,459
927,622,881,676 1,826,147,782,589
322,441,863,345 83,961,738,754
910,685,302,139 361,689,518,290
8,713,603,748,186 2,871,561,785,694
61,020,608,163,980 40,550,314,531,196
19,130,609,723,994 24,146,597,202,075
615,510,006,047 857,717,852,346
1,459,215,551,014 1,067,203,605,764
74,444,996,900 25,009,776,000
319,398,795,326 498,741,240,075
2,096,042,919,048 5,540,992,607,128
6,077,802,744,475 5,495,405,882,770
7,607,402,590,552 7,534,048,703,295
37,380,427,327,356 45,165,716,869,453
173,475,990,356 - Accruals
98,574,511,481,692 85,716,031,400,649
Summary IFRS consolidated financial statements
Notes 2015
EQUITY AND LIABILITIES
EQUITY
Issued capital 36.1 18,681,880,870,000
Share premium 7,632,863,374,561
Treasury shares 36.2 (3,609,183,275,263)
Other reserves 27,845,114,930
Retained earnings 7,120,517,340,112
Equity attributable to equity holders of 29,853,923,424,340
the parent
Non-controlling interests 36.3 13,866,033,889,706
Total equity 43,719,957,314,046
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings 35 35,456,813,472,254
Long-term customers’ deposits 31 299,123,310,747
Long-term deferred revenue and advance 33 6,753,495,367,392
from customers
Deferred tax liabilities 12.2 3,635,842,155,326
Other long-term liabilities 30,748,062,874
Total non-current liabilities 46,176,022,368,593
CURRENT LIABILITIES
Short-term loans and borrowings 34.1 1,001,834,468,920
Financial liability at fair value through profit 34.2 682,093,849,360
or loss
Trade payables 4,564,191,853,380
Deposits and down payment from 32 45,315,758,470,535
customers
Borrowing from and payables to related 40 479,842,709,199
parties
Short-term deferred revenue 33 1,111,225,919,896
29 7,695,389,551,279
Corporate income tax payable 12.1 661,164,447,688
Other current liabilities 30 4,469,876,330,391
Total current liabilities 65,981,377,600,648
Total liabilities 112,157,399,969,241
Liabilities directly associated with assets 10 3,240,602
classified as held for sale
TOTAL EQUITY AND LIABILITIES 155,877,360,523,889
Currency: VND
2014 2013
14,545,550,980,000 9,296,036,790,000
6,184,733,954,154 2,991,318,776,167 190
(3,707,383,275,263) (4,985,884,215,349)
22,845,114,930 17,845,114,930 191
9,180,738,208,390 12,021,869,785,338
CONS OLIDATED FINANCIAL STATEMENTS
26,226,484,982,211 19,341,186,251,086
6,286,346,261,395 3,972,618,723,604
32,512,831,243,606 23,313,804,974,690
31,179,434,165,219 22,371,382,981,205
216,875,262,722 260,414,760,285
6,162,446,924,111 5,762,805,429,665
3,048,012,813,066 2,644,690,782,102
37,924,129,355 976,054,354
40,644,693,294,473 31,040,270,007,611
1,258,304,056,555 2,977,135,851,043
683,358,563,520 1,460,790,946,925
1,628,746,222,883 1,158,828,828,875
14,714,504,156,437 16,288,155,299,073
17,228,800,466 43,826,637,724
550,965,893,268 339,435,312,812
3,995,743,374,512 6,222,740,600,068
503,949,795,404 896,557,840,180
2,064,176,770,898 1,974,485,101,648
25,416,977,633,943 31,361,956,418,348
66,061,670,928,416 62,402,226,425,959
9,309,670 -
98,574,511,481,692 85,716,031,400,649
Summary IFRS consolidated financial statements Summary IFRS consolidated financial statements

CONSOLIDATED STATEMENTS OF CASH FLOWS

Currency: VND
for the year ended 31 December 2015, 31 December 2014, 31 December 2013 Notes 2015 2014 2013

Currency: VND INVESTING ACTIVITIES

Proceeds from sale of property and 38,823,385,497 23,987,643,862 39,220,197,524
Notes 2015 2014 2013
equipment
OPERATING ACTIVITIES
Purchase of property and equipment, (14,514,819,118,700) (11,348,610,949,497) (5,721,094,644,976)
Profit before tax from continuing operations 4,228,422,694,172 7,127,824,750,272 7,411,673,163,267 investment property and construction in 192
Profit before tax 4,228,422,694,172 7,127,824,750,272 7,411,673,163,267 progress

Adjustments to reconcile profit before tax Payment for equity investment in other (3,077,484,315,345) (1,254,685,000,000) (2,766,589,691,339) 193
to net cash flows: entities

CONS OLIDATED FINANCIAL STATEMENTS

Depreciation, amortisation, impairment of 1,284,726,855,576 509,387,558,854 342,282,972,705 Advance for business co-operation (3,621,128,422,500) (5,800,000,000,000) (266,500,000,000)
goodwill and gain from bargain purchase contracts

Provision 200,695,896,224 71,609,018,302 56,933,739,373 Collection of advance for business co- - 266,500,000,000 -
operation contracts
Foreign exchange loss 474,407,293,201 178,192,392,574 77,182,459,436
Deposits for investment in potential real (23,954,604,785) (700,000,000,000) (1,900,000,000,000)
Loss/(gain) on disposal of property and 36,847,457,860 (3,104,218,385) 3,013,515,056 estate projects
equipment
Redemption of deposit for potential real - 800,000,000,000 -
Profit from disposal of investments in (110,854,558,093) (137,667,866,676) (211,585,440,869) estate projects
subsidiaries and other entities
Acquisition of new subsidiaries, net of cash (12,939,136,407,998) (2,359,415,821,372) (2,866,077,367,641)
(Increase)/decrease in fair value of 11.6, 11.7 (141,014,606,874) 23,977,080,600 (3,589,920,000)
balance at subsidiaries at acquisition date
financial assets at fair value through
profit or loss Short-term deposits for interest gain (12,103,288,911,471) (3,509,011,030,716) (4,541,578,166,950)
Loss/(gain) on financial liabilities at fair 34.2 318,990,935,600 (102,776,671,940) 280,287,425,521 Collection of short-term deposit for interest 6,171,224,825,237 2,232,617,805,005 4,049,451,412,100
value through profit or loss gain
Changes in amortised cost of loans and (43,638,516,661) (19,812,218,325) (106,064,104) Disbursement of loans (6,777,600,000,000) (885,106,000,000) (3,528,200,635,090)
receivables other than nominal interest Collection of loans 2,669,609,550,761 1,711,688,675,151 730,888,896,482
Changes in amortised cost of payables 538,645,485,107 1,013,418,866,496 69,232,228,159
Proceeds from disposals of equity 1,697,969,504,204 167,000,000,000 9,697,723,681,183
other than nominal interest
investments in subsidiaries, net of cash
Interest and dividend income 11.2, 11.6 (1,645,899,541,473) (1,142,105,330,177) (756,474,309,084) disposed
Interest expense 11.7 2,402,860,475,537 2,771,297,326,323 1,459,922,785,661 Proceeds from disposals of equity 1,298,600,688,558 465,000,000,000 760,299,910,908
Share of profit/(loss) of associates 8 (28,192,276,513) 12,723,839,340 (53,304,805,480) investments in other entities
Proceeds from deposit of counterparties for 648,000,000,000 199,312,091,675 -
Valuation gains on investment property 18 (715,849,785,748) (1,433,882,998,506) (2,442,727,771,025)
acquiring investments
and investment property under
construction Redemption of deposit to counterparties 655,302,896,515 232,200,000,000 -
Working capital adjustments: for acquiring investments

(Increase)/decrease in trade and other (4,529,029,763,270) (215,818,430,208) 1,506,465,991,329 Interest and dividend received 1,152,731,210,287 1,017,729,795,067 539,692,018,943
receivables Net cash flows used in investing activities (38,725,149,719,740) (18,740,792,790,825) (5,772,764,388,856)
(Increase)/decrease in inventories (7,425,054,156,235) 8,717,442,970,739 (972,723,339,123) FINANCING ACTIVITIES
Increase/(decrease) in trade and other 40,678,171,090,009 (324,285,341,587) 3,811,823,118,488
Payment for acquisition of treasury shares - - (2,953,978,284,083)
payables
(Increase)/decrease in prepayments (1,913,081,448,848) (848,564,488,639) 184,758,895,784 Proceeds from sale of treasury shares - 1,411,009,772,856 -

Other cash (outflows)/inflows from (20,815,480,785) (19,749,436,780) 6,453,281,065 Capital contribution from non-controlling
operating activities interest 7,544,319,623,168 2,948,518,325,757 3,256,960,309,647
Income tax paid 12.1 (1,421,314,104,431) (1,910,568,513,664) (1,803,518,979,544) Payment for acquisition of additional
interest in existing subsidiaries (523,718,706,200) (3,025,235,910,441) (251,000,000,000)
Net cash flows from operating activities 32,169,023,944,355 14,267,538,288,613 8,965,998,946,615
Summary IFRS consolidated financial statements

Reconciliation between VAS and IFRS

consolidated income statements

Currency: VND Currency: VND

Notes 2015 2014 2013 No Items Amount

Proceeds from partial disposals of 262,710,330,000 187,099,660,000 - I Profit after tax of VAS 1,501,475,443,451
subsidiaries
II Adjustment for IFRS
Proceeds from borrowings 20,664,801,635,454 17,264,986,730,202 16,614,545,541,480 1 Valuation gain on investment properties, investment properties under construction at fair 715,400,213,695
value
Repayment of borrowings (16,711,194,036,087) (8,682,400,989,547) (11,103,071,677,430) 194
Interest paid (4,381,857,928,346) (3,191,276,794,957) (2,550,652,028,899) 2 Net gain on financial liability at fair value through profit or loss 11,954,611,291

Dividend paid to non-controlling interests (974,185,674,300) (521,509,281,485) - 3 Finance income/expenses arising from measurement of loans/customers' deposits/AR at (5,049,403,221) 195
amortised cost
Dividends paid to equity holders of the
4 Adjustment for gain/loss from investment activities (155,716,745,092)

CONS OLIDATED FINANCIAL STATEMENTS

parent - (1,844,966,743,620) (288,850,999,997)
Net cash flows from financing activities 5,880,875,243,689 4,546,224,768,765 2,723,952,860,718 5 Recognition of convertible bond (525,479,144,399)
Net (decrease)/increase in cash and cash (675,250,531,696) 72,970,266,553 5,917,187,418,477 6 Recognition of convertible lending 171,811,097,712
equivalents
7 Adjustment for profit shared from associates (11,035,477,687)
Cash and cash equivalents at 1 January 7,607,402,590,552 7,534,048,703,295 1,616,855,174,935
8 Deferred tax expenses
8.1. Deferred tax expenses/income incurred from measurement of investment properties, (202,861,352,067)
Impact of exchange rate fluctuation 2,750,120,021 383,620,704 6,109,883
investment properties under construction at fair value and adjustment for tax rate
Cash and cash equivalents at 28 6,934,902,178,877 7,607,402,590,552 7,534,048,703,295
8.2. Other deferred tax expenses/income incurred this year (115,989,428,586)
31 December
9 Other adjustments
9.1. Adjustments for prepayments which should be expenses under IFRS 191,280,728,300
9.2 . Recognition of differences in depreciation of investment properties and amortisation of 371,299,280,702
prepaid land rental fees asbeing measured at fair value
9.3 Reversal of goodwill amotisaton expenses 629,216,044,433
9.4 Other expenses adjustment (17,359,476,963)
III Profit after tax of IFRS 2,558,946,391,569
VAS consolidated financial statements

VINCOM CENTER NGUYEN CHI THANH

Hanoi
VINGROUP JOINT STOCK COMPANY
No. 7 Bang Lang 1, Vinhomes Riverside Ecological Area,
Viet Hung Ward, Long Bien District, Hanoi, Vietnam
Tel: (84-4) 3974 9999
Fax: (84-4) 3974 8888
Website: www.vingroup.net