External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>Management emphasized a constructive macrooutlook, noting that Vietnam is entering a period of structural transition.</li><li>The governmentis targeting double-digit GDP growth, GDP per capita of USD 8,500 by 2030, and an urbanization rate approaching 50 percent.</li><li>Progress toward these goals will depend on sustained investment in transport infrastructure, renewable energy, and digitalization, supported by ongoing regulatory reforms designed to place private enterprises on a more equal footing with SOEs.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Management emphasized a constructive macrooutlook, noting that Vietnam is entering a period of structural transition.The governmentis targeting double-digit GDP growth, GDP per capita of USD 8,500 by 2030, and an urbanization rate approaching 50 percent.Progress toward these goals will depend on sustained investment in transport infrastructure, renewable energy, and digitalization, supported by ongoing regulatory reforms designed to place private enterprises on a more equal footing with SOEs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VINGROUP JSC (VIC VN/Non-rated) - Key takeaways from the Vingroup Investor Conference 2025

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We attended Vingroup’s 2025 investor conference which hosted around 120 investors and analysts over three days (November 10-12) featuring management presentations, panel discussions, and site visits to the VinFast manufacturing complex in Hai Phong and the southern Vinhomes projects — Green Paradise (Can Gio, HCMC; total site area of 2,870 ha), Green City (Long An, Tay Ninh; total site area of 197 ha), Grand Park (HCMC) and Central Park (HCMC).</li><li>The presentations reaffirm Vingroup’s leadership across its core businesses and highlight its strategic expansion into new sectors.</li><li>By aligning its investments with the country’s urbanization, mobility, and green energy transition, the group positions itself to benefit from long-term structural growth while supporting Vietnam’s broader economic transformation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended Vingroup’s 2025 investor conference which hosted around 120 investors and analysts over three days (November 10-12) featuring management presentations, panel discussions, and site visits to the VinFast manufacturing complex in Hai Phong and the southern Vinhomes projects — Green Paradise (Can Gio, HCMC; total site area of 2,870 ha), Green City (Long An, Tay Ninh; total site area of 197 ha), Grand Park (HCMC) and Central Park (HCMC).The presentations reaffirm Vingroup’s leadership across its core businesses and highlight its strategic expansion into new sectors.By aligning its investments with the country’s urbanization, mobility, and green energy transition, the group positions itself to benefit from long-term structural growth while supporting Vietnam’s broader economic transformation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VIC - Key Takeaways from Vingroup’s 2025 Investor Conference - Site Visit

Thematic (Sector/Industry)

<ul><li>Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. </li><li>Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).</li><li>Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

<ul><li>New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li>We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

<ul><li>In 3Q22, Vingroup recorded a slight drop in revenue to VND28.7tn (-4.5% YoY).</li><li>Of this, revenue from the real estate segment reached VND16.6tn (-16% YoY), while revenue from commercial leasing doubled YoY to roughly VND2tn.</li><li>Even more impressive was the tourism segment, which tripled its revenue to VND2.1tn, thanks to the return of domestic tourists.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

In 3Q22, Vingroup recorded a slight drop in revenue to VND28.7tn (-4.5% YoY).Of this, revenue from the real estate segment reached VND16.6tn (-16% YoY), while revenue from commercial leasing doubled YoY to roughly VND2tn.Even more impressive was the tourism segment, which tripled its revenue to VND2.1tn, thanks to the return of domestic tourists.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vingroup JSC (VIC VN) - Commercial leasing and hospitality segment leads 3Q

Vietnam

Vingroup Joint Stock Company operates as a real estate development company. The Company develops apartments, malls, hotels and resorts, health care, educational, convention center, amusement parks, and entertainment properties. Vingroup serves customers worldwide.

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Vingroup Jsc (VIC VN)