Masan Group Qwik Report


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Masan Group Qwik Report

  1. 1. Report ABOUT US OVERVIEW We are one of Vietnams largest private sector companies and have a track record of actively building, acquiring and managing market-leading businesses in several of the fastest growing areas of Vietnams economy. Our businesses include Masan Consumer, Techcombank and Masan Resources, leading large scale operating platforms in the consumer products, financial services and resources sectors, respectively. Our vision is to become Vietnams local private sector champion in terms of scale, profitability, and shareholder return and to become the countrys growth partner and employer of choice. In order to achieve this vision, we operate in sectors where a local private sector company can be a market leader and we can develop scale through focus and consolidation. Our management team is comprised of professionals with global risk management and capital allocation expertise, Vietnamese managers with local execution experience and, at our operating businesses, senior industry executives with a track record at multinational corporations. LEADING BUSINESSES Masan Consumer - one of the largest and fastest growing diversified FMCG companies in Vietnam with a dominant market share in the condiments and convenience food categories. With a portfolio of some of the most recognized brands and the largest food distribution network in the country, Masan Consumer aims to carry its success to other attractive consumer categories. Techcombank - the 3rd largest joint stock commercial bank in Vietnam in terms of total assets and the most profitable bank in Vietnam as measured by ROAE in 2010 and 2009. With one of the fastest growing branch and ATM networks in the country, Techcombank achieved the second largest total deposits of all the private sector banks in Vietnam for the year ended 2010. Today, Techcombank is a leading financial services platform focused on its core retail and SME banking businesses. In 2010, Techcombank was awarded "Best Bank in Vietnam" by Euromonitor. Masan Resources - with a vision to create Vietnams largest private sector resource company, Masan Resources completed the largest Vietnamese M&A deal of the year in 2010, by acquiring Nui Phao Mining Joint Venture Company Ltd, a world-class tungsten and base metal mining project. Once operational, the Nui Phao project is expected to be the largest producer of tungsten outside of China and one of the largest single-point producers of fluorspar and bismuth globally. Notes: Figures in brackets show effective ownership by Masan Group as at 31st May 2011 * Due to Vietnam laws and regulations, a company is currently not permitted to own more than 20% of the outstanding shares of a[12/27/2011 8:18:58 AM]
  2. 2. Report Vietnamese bank. Masan Groups effective ownership includes convertible instruments and we are Techcombanks largest stakeholder. STRATEGY We believe scale, operating platforms and cash flows are important components of a successful and sustainable business in Vietnam. Blueprint to build Vietnam’s premier private sector group Sustainable Cash Flows - As a developing market, Vietnam is susceptible to macroeconomic volatility. We believe sustainable growth in such a market requires building cash flow generating businesses. We do not engage in asset trading, such as purchasing land banks or participating in short term speculation. In 2010, our EBITDA was over US$100 million. Our EBITDA is expected to exceed US$500 million in 2013 organically. Leading platform - Sustainable growth can only be achieved through building best-in-class systems and operating platforms. Business and operating platforms vary within each sector but may include, without limitations, nationwide distribution networks, financial controls, brand portfolios, management information systems, research and development capabilities and professional management teams. We have three market leading operating platforms that are the top three in their respective sectors Scale - Being a market leader of size allows us to successfully compete in an economy with a fragmented local private sector and where competition from multinational companies and state-owned enterprises is intense. As a market leader, Masan has greater access to capital, professional talent and scale to invest in building systems and operating platforms. We build scale through focus and consolidation. We are Vietnam’s largest private sector group in terms of market capitalization OUR EXECUTION STRATEGY In a dynamic market where there are many opportunities, we believe in being disciplined. Right Sector Selection - We only compete in sectors that can provide scale with strong growth fundamentals and where there is a proven private sector regional business model. We have identified consumption and resources as our sector focus. Target the "Lowest Hanging Fruit” - We first target the "lowest hanging fruit”, categories or products that are fragmented, have large markets, and where the path to market leadership is clear.[12/27/2011 8:18:58 AM]
  3. 3. Report Rigorous Strategy Development and Proven Execution Approach - Upon sector entry, we develop a bespoke strategy and repeatable models to drive market leadership in each business line. This enables us to continually invest in best-in-class operating platforms. Stringent Capital Allocation and Capital Structure - We have collectively raised over US$500 million in long-term capital in the last few years but have only utilized the proceeds to consolidate the stakes in our businesses. The acquisition of the Nui Phao project was primarily cashless. Masan Group has not invested in property or public equities. We believe in having a conservative balance sheet. World-class MNC Management - We have professional management at all levels of our organization and incentivize them by making them shareholders. Reputable Partners - We have selectively partnered with globally reputable firms who can provide a sounding board and validation on strategy, information on opportunities and access to long-term capital. Deep Local Access and Execution - We have developed a platform to manage aspects of our businesses that require greater understanding of local issues and regulations. Growth through M&A - To be a consolidator, we intend to accelerate our growth with acquisitions while growing our existing businesses. We only do control transactions of businesses we believe can become market leaders. WHAT WE ARE NOT ABOUT We have strong views on what we are not about and what we will not do. Real Estate - We do not invest our excess cash to trade property or land. We believe in building cash flow generating businesses. Minority Stakes - We believe in having majority ownership or other forms of control in our businesses and not making passive investments. This allows us to drive value and implement best practices. Family Management - We are not a family run and managed company. We hire professional managers at all levels of our organization and make them shareholders. Cross Shareholdings - Our operating businesses do not invest in each other and they do not own shares of Masan Group. We believe this increases transparency and prevents conflict of interest. Intercompany Transactions - Our businesses are not interlinked or partnered with one another. For example, Masan Consumer does not borrow from Techcombank and Masan Resources will not enter into a joint venture with Masan Consumer. GROUP FUNCTIONS At the group level, we perform several key strategic functions to enhance the value of our businesses, capture Vietnam’s growth opportunities and address Vietnam’s private sector constraints. We focus on executing on transformative initiatives and risk management, areas which we believe are critical value drivers for multi-sector companies competing in Vietnam. By centralizing key functions, we are able to benefit from scale, create synergies, allocate capital more strategically and provide strategic leverage to our subsidiaries and affiliate, who can therefore focus on building best-in-class operations and gaining market share. New Business Initiatives - We are responsible for undertaking new business initiatives we believe will be transformational for the group and our businesses. We conduct market research, screen new business opportunities and evaluate entry strategies in order to determine the right execution approach. As part of these efforts, we are also responsible for developing group-wide macro, industry and company views. Transaction and Business Execution - We execute transactions and business initiatives at all levels of the Company. We are responsible for M&A, capital raising and key subsidiary business initiatives. Our M&A initiatives include control acquisitions and joint venture partnerships. Through centralizing the execution of certain corporate tasks at the group, we are able to consolidate our access to potential targets and partners, leverage our relationships with advisors and recruit the best execution team. This structure not only creates greater execution efficiencies and reduces cost, but also provides more bandwidth to our subsidiaries and allows them to focus on operating and growing their businesses. Business Intelligence Unit - We develop business plans and budgets and monitor the performance of the Company and the subsidiaries. To achieve our objectives, we have implemented and continue to enhance group-wide information systems that combine business reporting with analytics. Our management information systems consolidate information[12/27/2011 8:18:58 AM]
  4. 4. Report provided by our businesses, third party market audits (including the benchmarking of comparable companies and consumer surveys) and in-house analytics. This allows us to identify operating, financial, industry and macroeconomic trends to manage risks and facilitate management decision making. Talent Recruiting and Management - We are responsible for the recruiting efforts for our subsidiaries to fill key senior executive positions. Our global network and experience at the group allows us to cast a wide but targeted net to efficiently find the right people for each job. This has allowed us to build a professional team with an optimal mix of multinational credentials and local execution experience at all levels of the organization. Local Execution - We execute and manage aspects of our projects that require greater understanding of local issues and regulations. In particular, we work with local banks for debt financing, manage relationships with regulators and state authorities and handle community matters. Our ability to execute in a local context has been instrumental in de- risking the Nui Phao project after the acquisition with the acceleration of the compensation and resettlement efforts, renewal of key permits and licenses and local project finance. Stakeholder Relationships, Corporate Communications & Branding - We are responsible for corporate communications for the entire company and work closely with our businesses to provide regular updates and reports to our stakeholders. We provide periodic and robust information on our strategy, business operations and financial performance to create a culture of transparency and accountability. We value our partnerships and actively manage our relationships. Group Control and Governance - We are responsible for the controls, compliance, governance and risk management processes and policies of the company and our subsidiaries. These responsibilities are shared and managed by our functional sub-departments which include Legal and Compliance and Finance and Accounting. OUR CULTURE Our shared values have enabled us to focus on building business leaders. Passion - Building business leaders means developing a team of pioneering professionals and building companies that are passionate about being the best at what they do. Teamwork - We operate under a unique partnership model, the "Masan Way”, where different stakeholders within Masan Group collaborate as equals and play to their strengths to execute on scalable business building. We believe in having the best people for each job. Winning - We are a results-oriented culture. We provide our professionals and businesses the space to explore and test their boundaries, encouraging them to think outside the box, but we are focused on results. We reward our winners by making them shareholders. SHAREHOLDERS Our shareholders and investors are some of the most reputable and recognizable institutions in the region and world. Major shareholders on a primary basis Masan Corporation BankInvest R.F.Chandler House Foods Dragon Capital 515,272,269 total outstanding shares Major shareholders on a fully diluted basis Masan Corporation[12/27/2011 8:18:58 AM]
  5. 5. Report BankInvest Dragon Capital TPG Management R.F. Chandler House Foods Goldman Sachs IFC 744,108,724 estimated fully diluted number of shares Masan Corporation includes shares of its board members and subsidiaries. Diluted share count includes conversion shares from all existing equity-linked instruments that are "in the money” as of June 30, 2010. GOVERNANCE Masan Group is committed to good governance, best-in-class procedures and policies and corporate transparency. In addition to oversight from our major institutional investors and the governance committees prescribed by Vietnam law, such as our Board of Directors, Supervisory Board and Management Board, we have the following committees to ensure higher governance standards: Compliance and Controls Committee - This committee is comprised of executives from our Legal and Finance and Accounting teams and reports to the Board. The committee is responsible for developing and monitoring our compliance and controls platform, which includes periodic audits and reviews covering issues or new initiatives. Transaction Execution Committee - This committee is comprised of members of our Executive Team and senior executives from our various departments. From initial exploratory discussions to final deal documentation, the committee applies a rigorous process to ensure that the appropriate level of scrutiny and approvals has been applied when executing a transaction. A transaction will be evaluated for its strategic rationale, commercial implications, accounting impact, structure, legality and compliance with existing agreements and potential to affect future corporate actions. Subsidiary Performance Committee - Comprising members of our Executive Team and professional from our Business Intelligence Unit, this committee develops and approves the KPIs used to measure and evaluate the performance of our subsidiaries. The committee engages independent parties to conduct periodic reviews to report to the Board and benchmark its own findings. This committee enhances accountability within our company and ensures that the performance of our businesses and people is measured as objectively as possible. VIETNAM Vietnam is Masan Group’s primary area of focus as Southeast Asia’s fastest growing economy. Real GDP has grown at a compound annual growth rate ("CAGR”) of 7.3% between 2004 and 2010. While Vietnam’s growth has been supported by low labor costs and productivity gains as a result of the Doi Moi ("renovation”) reforms which opened up the markets, we believe Vietnam’s true value lies in its domestic consumption potential and untapped natural resources. THE MIDDLE CLASS STORY Vietnam’s demographic advantages support strong continued growth in domestic consumption: Large and Young Population - Vietnam has a population of over 89 million in 2010, a high proportion of which is in the workforce, supporting higher consumer spending. With much of the population (68% under the age of 40) set to enter the workforce in the next 10 to 15 years, growth in consumer spending is expected to continue. Rapidly Rising Income Levels - Based on real GDP per capita and adjusted for purchasing power parity, income levels[12/27/2011 8:18:58 AM]
  6. 6. Report have increased threefold in the past 20 years, from US$840 in 1988 to approximately US$2,500 today, leading to a doubling in the size of the middle class over the past 5 years. The Middle Class is Driving Growth - Rising affluence accounts for the expansion in basic sectors such as food and beverage, which will continue to account for more than 50% of total consumption, and in financial services (shown by the 280-fold growth in the number of debit cards issued between 2003 and 2008). UNDERDEVELOPED RESOURCES POTENTIAL Mineral resources, agriculture and energy together constitute a significant percentage of Vietnam’s GDP with further growth anticipated from the development of the downstream sectors and related infrastructure. Mineral Resources - Vietnam is richly endowed with mineral wealth, holding some of the world’s largest reserves in bauxite and tungsten and significant deposits of rare earths, titanium and iron ore. Other mineral resources include copper, gold, nickel, zinc, tin, lead, chromite and manganese. Vietnam mineral resources potential remains largely untapped as many areas remain unexplored. Agribusiness - Agriculture, forestry and fisheries constitutes 21% of Vietnam’s 2010 GDP. The country is a major player in the rice, coffee, rubber and cashew trades and exported US$5 billion of seafood products (5.6 million ton) in 2010. Rising domestic consumption, new export markets and institutional support from government and trade groups will drive the sector’s growth. Oil & Gas - Vietnam ranks third in Southeast Asia for petroleum resources. The sector has produced almost one billion barrels of crude oil and 300 billion cubic feet of natural gas over the past several decades. Oil and gas are anticipated in almost 50 fields and prospects, with reserves of approximately 4.5 billion barrels of oil and 23 trillion cubic feet of gas. Vietnam’s economic growth will drive development and opportunities in many adjacent and related sectors, including power, infrastructure, logistics and a more dynamic financial services industry to allocate capital more efficiently to drive growth. VIETNAM’S CONSTRAINTS DRIVE OUR BUSINESS MODEL Vietnam has recently experienced macroeconomic challenges, including high inflation and currency depreciation as it focused on GDP growth. Also, the private sector, while growing strongly, remains fragmented as demonstrated by turnover and market share. Private sector companies are further challenged by constrained availability of long-term capital, lack of professional expertise and competition from larger multinationals. Masan Group manages these risks and addresses Vietnam’s private sector constraints by building scale and leading operating platforms to weather financial cycles, consolidation and growing market share. Source: Spire Consulting, McKinsey, GSO, PetroVietnam LEADING BUSINESSES Our businesses are market leaders backed by world-class management teams. We operate in sectors where our enterprise can create national champions, successfully competing with multinational companies and large state-owned enterprises. MASAN CONSUMER Masan Consumer is one of Vietnam’s largest local diversified FMCG companies. We manufacture and distribute a range of food products, including soya sauce, fish sauce, chili sauce, instant noodles and cooking oil. [read more][12/27/2011 8:18:58 AM]
  7. 7. Report TECHCOMBANK Techcombank was established in September 1993 as the Technological and Commercial Joint Stock Commercial Bank. We are currently one of the largest joint- stock commercial banks in Vietnam by total assets with a leading retail deposit and SME lending franchise. [read more] MASAN RESOURCES Masan Resources is one of the largest private sector natural resource companies in Vietnam, currently developing the world- class Nui Phao polymetallic project in northern Vietnam. [read more] FAST MOVING CONSUMER GOODS ("FMCG") MASAN CONSUMER OVERVIEW We are one of Vietnams largest local diversified FMCG companies. We manufacture and distribute a range of food products, including soya sauce, fish sauce, chili sauce and instant noodles. We commenced operations in 2000 and have subsequently grown our product portfolio, domestic sales and distribution channels to establish a leading position in Vietnamese branded consumer food products. Our key brands include Chin-su (soya, fish, chili sauces), Tam Thai Tu (soya sauce), Nam Ngu (fish sauce) and Omachi, Oh Ngon and Tien Vua (instant noodles). With the completion of our restructuring in 2011 from Masan Food to Masan Consumer, we aim to leverage our operating platforms to enter into other food and beverage categories. Vision To become: Vietnams leading consumer company in terms of sales, profitability and brand recognition; A primary destination for top talent and recognition as the best workplace in Vietnam; and A symbol for quality and a source of pride among Vietnamese. Sector The food and beverage sector is a critical focal area as it underpins Vietnams robust consumption story. Further, it is a scaled sector with long-term sustainable growth across financial cycles and where a local can build a dominant market position. Successful regional food and beverage players demonstrate the importance of selecting the correct products to "play in" and we have developed the appropriate product selection strategy for Vietnam. We are focused on scale unorganized sectors that require a deep understanding of local taste, provide a path to penetrate other high growth adjacencies and where there is a clear opportunity to brand to achieve above average margins. We currently have identified the condiments and instant noodles segment as the foundation for our food and beverage business where we are[12/27/2011 8:18:58 AM]
  8. 8. Report the #1 and #3 player, respectively. FAST MOVING CONSUMER GOODS (FMCG) STRATEGY Sector Strategy Masan Consumer deploys a strategic framework in deciding "where to play”. Our sector selection criteria include: Food and beverage categories where the market opportunity is large and there is a potential market size of at least US$500 million Markets where we have the ability to build a premium brand and generate high margins (typical gross margins of at least 30%) Competitive landscapes where the market is dominated by state owned enterprises or is fragmented and there is a clear path to consolidation Markets where we can create value by product localization, through focusing on local taste and health Execution Strategy Our execution strategy is to: Come to market with a differentiated product Create a premium brand and launch with a strong marketing effort Leverage our extensive distribution platform and premium brand equity to penetrate mass market segments Employ and incentivize a world-class experienced management team by making them stakeholders in the business Financial Strategy We have a disciplined financial strategy. We: Aim to achieve 30%+ gross margins which allows us to maintain our strong marketing strategy and reinvest in acquiring and consolidating business platforms to achieve a sustainable leadership position Deploy low capital expenditure - we have an asset light entry strategy for new categories in order to focus on generating a 25%+ ROE Maintain a conservative balance sheet with leverage below 3x debt/EBITDA ratio in order to adhere to the standards of a BBB credit rated company Use a "cash on delivery” model, enabling us to optimize our working capital position and help fund our growth Growth Strategy We are focused on growing this platform to enable us to become a market leader: In our existing categories, we focus on shifting consumers to premium brands and changing consumer behavior towards higher consumption We enter into high growth adjacent categories by leveraging premium brand halo and an underleveraged platform We enter into new attractive categories that fit our sector strategy through inorganic growth FAST MOVING CONSUMER GOODS ([12/27/2011 8:18:58 AM]
  9. 9. Report TRACK RECORD Over the span of five years (2006-2010), with the right team and a proven business model, Masan Consumer has come to dominate the domestic sauce market and gained the second spot in the highly competitive instant noodle market. In the process, we have delivered strong financial results and became one of the fastest growing consumer companies of scale in Asia.[12/27/2011 8:18:58 AM]
  10. 10. Report FAST MOVING CONSUMER GOODS ( LEADERSHIP PLATFORM Our strong performance is attributable to our experienced management team with backgrounds from multinational consumer companies, investment in building premium brands, a deep understanding of Vietnamese consumer behavior and an extensive distribution network. Unparallelled Brand Equity Our brands are among the most widely recognized consumer food brands in Vietnam. In 2008, Nielsen identified Chin-su, Tam Thai Tu, Nam Ngu and Omachi as a few of the most recognized brands in Vietnam. Our Chin-su sauce brand was voted among the top 25 brands in Vietnam in a 2009 Nielsen survey and Omachi was the number one brand in the super- premium instant noodles segment by retail value in 2010. Extensive Distribution Network Masan Consumers distribution and sales logistics network allows us to deliver our products anywhere in Vietnam within one day. As of December 31, 2010, our distribution network comprised five distribution centers located throughout Vietnam, a strong sales force of 168 exclusive distributors and 1,381 salespeople, enabling us to have our products reach over 141,000 points of sale nationwide. Experienced Management Team The key to our success lies in our seasoned management team. Our executives have an average of 18 years of experience in the domestic food and beverage industry with leading multinational consumer companies such as P&G, Unilever, Nestle and Kimberly-Clark. For more information, please visit: FAST MOVING CONSUMER GOODS VIETNAM FMCG SECTOR Vietnam’s consumer products sector is forecast to continue its robust performance of the past several years, underpinned by strong economic growth, rising living standards of Vietnamese families and the corresponding increase in domestic consumption.[12/27/2011 8:18:58 AM]
  11. 11. Report Strong industry fundamentals underpinning strong growth in the F&B sector For our current product categories, per capita food spending in Vietnam is relatively low compared to other Asian economies, signifying considerable room for growth in the industry. Busier lifestyles and rising incomes are expected to drive increased consumption of convenience and packaged foods. While price remains the most important factor in purchasing decisions, quality and brand recognition are becoming more important to a discerning consumer market in Vietnam.[12/27/2011 8:18:58 AM]
  12. 12. Report FINANCIAL SERVICES TECHCOMBANK OVERVIEW We were established in September 1993 as the Technological and Commercial Joint Stock Commercial Bank. We are currently one of the largest joint-stock commercial banks in Vietnam by total assets with a leading retail deposit and SME lending franchise. Techcombank is led by a seasoned management team from leading multinational and local financial institutions and is supported by our strategic partner, HSBC. Techcombank has successfully ridden the wave of financial liberalization and the ensuing rapid growth of financial service sector in Vietnam in the past 18 years to become among the largest and most profitable banks in the country. Vision To become: The preferred and most trusted financial partner of our corporate, SME and retail clients, providing them with a full range of financial products and services tailored to their needs; A great working environment where our employees have multiple opportunities to develop, contribute and build a successful career; and The best bank and a leading business in Vietnam by 2014, with best-in-class risk management practices. Sector The banking sector is the backbone of any economy and particularly in Vietnam will be instrumental in unlocking Vietnam’s economic potential. It is inherently tied to the bottom-up consumption story as the sector’s growth is interlinked with the rise of the affluent middle class and the increasing contribution of the private corporate sector to Vietnam’s economy. Techcombank is focused on the most underpenetrated segments that are backed by strong profitability fundamentals and where there is a clear path to consolidate to become a market leader. Moreover, Techcombank operates in segments that are underserved by the state owned banks and where foreign institutions lack the structural flexibilities and capabilities to compete. Techcombank sector strategy is to solely cater to affluent and mass affluent customers and private sector SME. Rising income level will continue to drive penetration of retail banking products and the lack of access to capital for the SME sector validate Techcombank’s sector focus.[12/27/2011 8:18:58 AM]
  13. 13. Report FINANCIAL SERVICES STRATEGY Techcombank aims to concentrate on extending its franchise as a leading retail and private enterprise bank by emphasizing the strategy pillars: Apply a disciplined customer segment focus to drive sustainable high-quality growth. Invest in distribution to attract customers via physical footprint and pioneer e-channels. Grow deposit base primarily from retail customers. Lend to core customers offering high-margin loan products with robust credit controls. Drive transaction and fee services to generate high margin, low risk, loyalty-building income streams. Continue to invest to consolidate market share and profitability via new product offerings and world class customer service. Continually enhance the risk management platform with a particular focus on: Low cost funding through deep retail deposits penetration Focus on secured, asset back lending Maintain a diversified loan portfolio with minimal exposure to SOE sector and real estate Maintain high capitalization ratios in excess of regulatory requirements FINANCIAL SERVICES TRACK RECORD Techcombank has capitalized on the liberalization and growth of Vietnam’s banking sector to achieve strong financial results over the past five years. Techcombank was awarded "Best Bank in Vietnam in 2010" by Euromoney for being, among other achievements: No. 1 among joint-stock commercial banks in branches opened No. 1 among joint-stock commercial banks in new ATMs No. 2 among joint stock commercial banks in profit before tax No. 2 among joint stock commercial banks in total deposits No. 3 among joint stock commercial banks in total assets[12/27/2011 8:18:58 AM]
  14. 14. Report FINANCIAL SERVICES PLATFORM Techcombank has the second largest total deposits among private sector banks in Vietnam, with VND80,550 billion in total deposits at the end of 2010. Techcombank has rapidly grown its branch network in order to increase our reach, expand our customer network and improve our service platform. As of December 31, 2010, we had a network of over 282 branches and transaction centers in 35 provinces and cities throughout Vietnam. Techcombank has its own network of 1,021 ATMs and has joined card alliances to give our retail customers access to approximately 9,350 ATMs and 14,000 points of sale nationwide. This emphasis on branch banking and retail customers is targeted at acquiring customers and low cost funding from deposits which we believe are the foundations of a market leading bank. Prudent Risk Management Model[12/27/2011 8:18:58 AM]
  15. 15. Report Techcombanks rigorous and comprehensive risk management practices are regarded as among the best in the Vietnamese banking market. Through our strategic partnerships with HSBC, a leading global bank and McKinsey, a world class advisory firm, Techcombank has built a robust risk management platform underpinned by: Secured lending; Diversified loan book; Low real estate exposure; and Streamlined process and prudent policy. Well Diversified and Highly Experienced Management Team Techcombank’s management team consists of local and international bankers with deep experience working for leading multinational banks such as Citigroup, Deutsche Bank, HSBC, DBS and ABN-AMRO. Technology and System Orientation Techcombank has consistently been a technology pioneer. In 2002, we were the first joint-stock bank in Vietnam to implement a core banking system, the T24 core banking system developed by Temenos. We were the first financial institution in Vietnam to execute a Business Process Management (BPM) platform for the retail and SME credit application processes. Techcombank is also the first joint-stock bank to become a member of the Smartlink-Banknetvn ATM network, which today provides its customers with access to approximately 9,350 ATMs throughout Vietnam. Most recently, in 2010, we implemented the Data Warehouse Model by Oracle to streamline and improve operations. In the same year, we are also the first financial institution in Vietnam to adopt an automated front and middle office treasury solution. For more information, please visit: FINANCIAL SERVICES SECTOR OVERVIEW According to McKinsey, as of 2010, there were only 15 million bank accounts in Vietnam, despite a total population of 89 million. There is a large gap in deposit and credit levels between Vietnam and other Asian countries. Credit per capita in Vietnam is only approximately 20% of the level of Thailand, 10% of the level of Malaysia and 3% of the level of Singapore (Source: ADB, 2009). The banking sector continues to grow faster than GDP as the financial system of Vietnam modernizes. With approximately 70% of the population under 40 years of age, Vietnam’s young population will drive continued high growth rates for the local banking industry. The population’s rising affluence also drives familiarity with and demand for banking products and services, fueling growth. Similarly, growth in business, manufacturing and trading activities, in particular from SMEs, represents a major growth opportunity for banks able to deploy an appropriate suite of products, such as working capital financing, deposit accounts, trade finance, foreign exchange, cash management services and other banking products. RESOURCES MASAN RESOURCES OVERVIEW[12/27/2011 8:18:58 AM]
  16. 16. Report Masan Resources is one of the largest private sector natural resource companies in Vietnam, currently developing the world-class Nui Phao polymetallic project in northern Vietnam. Vision With Nui Phao as the flagship, we aim to acquire, develop and explore other assets to build the premier private sector resources company in Vietnam. Sector & Products The resource sector is one of our core areas that we believe represents Vietnam value. It is an underdeveloped and fragmented sector where a local private sector company can achieve scale and develop market leadership. The Nui Phao project fits Masan’s entry strategy and product selection criteria. Nui Phao will be a globally significant producer of tungsten, fluorspar and bismuth - niche industrial minerals that are large enough to establish a private sector leader that can generate cash flows to consolidate the sector. RESOURCES STRATEGY Execution… Leverage local relationships to access and execute on opportunities First on scene - Leverage local networks to obtain preferential access to quality assets Vietnam expertise - Proficient at navigating central and local government and regulatory requirements Swift execution - Governmental and community ties to accelerate onsite progress Use capital to acquire and develop quality assets Brownfield assets - Inject required capital to complete development of brownfield assets to generate cash flows Optimize production - Inject expansion capital to scale up operations for significant productivity gains Value addition - Put capital to use in building infrastructure to improve asset efficiency and cost competitiveness Significantly de-risking projects through the Masan platform Macroeconomic risk - Hedged against commodity price fluctuations with Masan Resources’ diversified basket of metals and minerals Financial risk - Access to Masan Group’s stable capital flows and investor networks Operational risk - Access to Masan Group’s trading partners, customers and professional management expertise to solve operational issues … With Global Standards Masan Resources is committed to working to achieve global standards as we develop and expand our business. We have has assembled a team of world-class professionals with extensive international and regional experience who is passionate about building Masan Resources into Vietnam’s resources champion. Our partners including Jacobs Engineering Group, Knight Piesold and Golder Associates are assisting us in achieving this vision. We care deeply about the impact of our projects on the environment and community surrounding them. Thus, our environmental and social action plans are built in accordance with Equator Principles (the ‘gold standard’ for social and environmental sustainability for mining projects) to minimize any adverse impacts from our projects and also to add value to the communities surrounding our projects. We have provided some additional infrastructure to the people relocating to the resettlement sites provided by our projects, as[12/27/2011 8:18:58 AM]
  17. 17. Report well as providing training to help them to be able to pursue alternate careers. For more information on our community initiatives, please refer to the section on Community. RESOURCES PROJECT HIGHLIGHTS Nui Phao represents the ideal platform to build Masan Resources into Vietnam’s leading private-sector resource company. Unique Asset of Scale - Nui Phao is a unique mine with one of the world’s largest deposits of tungsten, fluorspar and bismuth, as well as deposits of copper with traces of gold. When in full production, Nui Phao is expected to generate over US$400 million in revenue annually*. The Right Commodities - A distributed revenue base provides the project stability in a volatile environment for commodities. In addition, given the concentration of supply for tungsten, fluorspar and bismuth and the prospects for copper linked to emerging markets growth, the view on future prices for these commodities is favorable. Low Cost of Operations - As an open-pit mine with a low strip ratio, Nui Phao will be one of the lowest cost producers of tungsten. Cash costs on a tungsten basis are projected to be negative, which will help the project withstand commodity price fluctuations. Significant Progress - Over US$130 million had already been invested into the project prior to Masan Group’s acquisition, with resources and reserves established, a feasibility study completed and a substantial amount of long lead-time equipment already on site. This significantly reduces both the risk for Masan Group in developing this project and time to revenue generation. Infrastructure Availability - The project is located only 80 km from Hanoi and around 180 km and 240 km from the Hai Phong and Quang Ninh ports, respectively. Basic infrastructure including roads, rail lines and access to power and water are in place, allowing a shorter project development timeline. (*) Using commodity prices as of March 1, 2011 RESOURCES TRACK RECORD Critical areas of focus that helped de-risk the Nui Phao project and aided successful development include: Licenses and Approvals - Prior to closing of the transaction to purchase Nui Phao, we obtained a new Investment Certificate and Mining License for Nui Phao, immediately addressing key regulatory concerns. Management Team - Masan Group helped re-build the management team at Masan Resources by hiring Dominic Heaton, a mining industry veteran with over 20 years of experience developing and operating mining projects. Compensation and Resettlement - We worked with the provincial and local government authorities to accelerate the compensation and resettlement (C&R) process for the project. As of June 2011, we had obtained approvals for the compensation plan for 97% of the land required immediately for the project, as opposed to only 44% before acquisition, and acquired over 90% of this land. Apart from making land available for construction, accelerating the C&R process also helped demonstrate visible progress and built confidence in the local community. Financing - Soon after acquiring the project, Masan Group forged ahead with financing discussions with potential partners. In December 2010, Masan Group agreed with Mount Kellett, a global private equity firm, for an equity investment of US$100 million into Masan Resources. In 2011, Masan Group signed loan agreements with Vietnam Development Bank and with a syndication of local banks for over US$200 million in additional financing. RESOURCES[12/27/2011 8:18:58 AM]
  18. 18. Report SECTOR OVERVIEW Vietnam is endowed with significant deposits of a variety of bulk and niche minerals, including bauxite, rare earths, tungsten, titanium, phosphate, coal and iron ore. However, with the exception of coal, a majority of the current mining projects in the country are small in scope, representing an untapped opportunity for development on a larger scale. Despite the contribution of the coal sector the mineral industry constitutes only about 4.0% of Vietnam’s GDP, suggesting significant growth potential. According to the General Statistics Office of Vietnam, about US$1.48 billion (in 1994 constant dollars) was invested in Vietnam’s mining and quarrying sector in 2009, which was about 7% of the total investments in the country. In the same year, the sectors employed 475,000 people, or approximately 1% of the total number of employed people in the country. OUR PEOPLE EXECUTIVE COMMITTEE Comprising our founders and senior members of our management team, our Executive Committee directs the group’s vision and provides guidance on critical strategic and financial decisions for new and existing businesses. Dr. Nguyen Dang Quang Chairman Dr. Nguyen Dang Quang is the Chairman of Masan Group’s Board of Directors. In addition, he is the Chairman of Masan Consumer, First Vice Chairman of Techcombank, and Chairman of the Member’s Council of Nui Phao Mining Company Limited. Dr. Quang has been highly instrumental in the establishment and development of many of our businesses and subsidiary companies. He is a visionary who has professionalized Masan Group at an early stage of development while still keeping our Vietnamese culture and values intact. Dr. Quang has a Doctorate degree in Technical Sciences from the National Academy of Sciences of Belarus and a Master’s degree in Administration and Business Management from the Plekhanov Russian Economic University. Ho Hung Anh Vice Chairman Ho Hung Anh is the Vice Chairman of Masan Group’s Board of Directors. He also serves as a board member of Masan Consumer and is the Chairman of Techcombank. Hung Anh has contributed to the early stages of Masan Group’s development and provides strategic guidance as a Vice Chairman. He devotes time his leading Techcombank, a Masan Group affiliated company, to become Vietnam’s leading private sector bank. Hung Anh holds a Bachelor’s degree in Electronics from the Kiev Polytechnic Institute.[12/27/2011 8:18:58 AM]
  19. 19. Report Madhur Maini Chief Executive Officer Madhur Maini is Masan Group’s CEO and board member of Masan Group, Masan Consumer, Techcombank and Vice Chairman of Nui Phao Mining Limited. Prior to joining Masan, Madhur spent over 14 years with Merrill Lynch and Deutsche Bank where he has extensive experience in building successful businesses in Asia. Some of the businesses he built include Malaysia, Thailand, Financial Institutions Group and the Principal and Private Equity business for Southeast Asia at Deutsche Bank. Madhur has been instrumental in transforming Masan from a food company into a leading private sector group in Vietnam. Madhur has consolidated the company’s economic interest in its businesses, overseen growth in the underlying operations and added a new resources vertical through the establishment of Masan Resources. Madhur is a graduate of the Management and Technology program at the University of Pennsylvania, where he was a Benjamin Franklin Scholar. He had a BS in Economics with a concentration in Finance from the Wharton School and a BS in Applied Sciences from the School of Engineering and Applied Sciences, both at the University of Pennsylvania. Nguyen Thieu Nam Deputy CEO Nguyen Thieu Nam is Deputy CEO and member of the Board of Directors. He has previously held senior executive roles at our subsidiary and affiliated companies such as Masan Consumer and Techcombank. At Masan Group, Nam manages the relationships with key partners and leads local execution. He was instrumental in accelerating the compensation and resettlement efforts of the Nui Phao project, advancing the land acquisition process to 91% of of the land required immediately for the project by June 2011, as opposed to only 2% before acquisition. Nam graduated from the Vietnam University of Commerce with a BA in Economics. PORTFOLIO EXECUTIVES At our operating businesses, our leadership comprises experienced professionals with an extensive track record of executing in emerging markets at multinational companies. Truong Cong Thang Chief Executive Officer Masan Consumer Truong Cong Thang is the CEO and a board member of Masan Consumer. Prior to joining Masan Consumer, Thang spent six years at Procter & Gamble Vietnam as Marketing Director where he successfully launched some of the company’s global brands in the Vietnamese market. At Masan Consumer, Thang was the driving force behind the company’s development of its domestic business and is the architect behind Masan Consumer’s brand strategy and market share dominance. Thang graduated from Hanoi National Economics University.[12/27/2011 8:18:58 AM]
  20. 20. Report Nguyen Duc Vinh Chief Executive Officer Techcombank Nguyen Duc Vinh is one of the most experienced executives in the Vietnamese banking industry, and has served as CEO of Techcombank since 2000. Vinh has an MBA from Institut Supérieur des Affaires, Groupe HEC in Paris. Dominic Heaton Chief Executive Officer Masan Resources Dominic Heaton is responsible for developing Nui Phao, leading exploration activities and building Masan Resources into a scale multi-asset resource company. Since joining Masan Resources, Dominic has assembled a world-class management team to build Masan Resources into Vietnam’s resources champion and has been instrumental in advancing the development of the Nui Phao Mine. He has over 20 years of mining experience in Southeast Asia at Placer Pacific, Aurora Gold, Oxiana, OZ Minerals and MMG. He has been General Manager of the Sepon mine in Laos and General Manager of Operations of the Martabe mine in Indonesia. Dominic graduated from James Cook University and La Trobe University in Australia. MANAGEMENT TEAM The teams responsible for the group functions are comprised of young, global, proven and flexible professionals who can execute on diverse projects we believe create the most transformation and add the most value. BUSINESS DEVELOPMENT Michael H. Nguyen Executive Vice President Michael H. Nguyen is primarily responsible for the development of Masan Groups transaction and business execution platform to support the companys subsidiaries and the companys growth in new sectors. He has functioned as "Chief of Staff" to the CEO in executing the transformation of Masan from a food company into a leading private sector group. Michael has contributed to the build out of the transaction and business execution platform by helping to raise over US$500 million in capital for the company. Before joining Masan Group, Michael helped build out JP Morgans Vietnam investment bank execution team and worked on M&A, capital markets and privatization transactions with financial, real estate and consumer clients. Prior to Vietnam,[12/27/2011 8:18:58 AM]
  21. 21. Report Michael advised and provided structured solutions to multinational clients at JP Morgan in New York. He graduated from Harvard University with a BA in Sociology. Preetinder S. Panjrath Senior Vice President Preetinder S. Panjrath leads Masan Group’s Business Intelligence Unit and plays a senior role in Masan’s new business initiatives. He is responsible for investment analysis of M&A opportunities and assessing the viability of potential business initiatives. He is also responsible for monitoring and analyzing the financial and operating performance of Masan’s current businesses as well as in-house financial forecasting of these businesses. Preetinder has been instrumental in building the market intelligence unit at Masan that performs competitive analysis as well as macro-economic analysis for business risk management. Prior to join Masan Group, Preetinder worked as a Technology Analyst at Deutsche Bank, New York, and prior to Deutsche Bank, Preetinder worked at Oracle where he built the business from the ground up into a multi-million dollar business. Preetinder holds an MBA from INSEAD, France and a Bachelors of Engineering from Thapar Institute of Engineering and Technology, India. Samresh Kumar Senior Vice President Samresh Kumar is responsible for business building, execution of capital raising and M&A transactions and identifying new areas for growth. He has played a key role in establishing and strengthening our relationship with the International Finance Corporation and led our transaction and partnership with global investment firm KKR. Samresh played a critical role in the business transformation of Masan Consumer from a packaged food company into a broader consumer company, including enhancing its environment, health and safety practices. Samresh has more than ten years of previous corporate experience, including, in private equity and strategic investments at Sun Group, management consulting with Accenture and an entrepreneurial stint in investment banking. He has worked in India, Middle-East, Russia and United Kingdom. Samresh graduated with a PGDM from the Indian Institute of Management, Calcutta, and a BTech in Mechanical Engineering from the Indian Institute of Technology, New Delhi. Nguyen Bich Ha Nguyen Senior Vice President Nguyen Bich Ha Nguyen joined Masan in 2000 and is a senior executive responsible for our local execution efforts and key relationships. He has raised local project finance for Masan Resources and plays a leading role in de-risking the Nui Phao mining project post-acquisition. Prior to joining Masan Group, he worked for the Department of Planning and Investment Services in Binh Duong Province, in charge of the provinces investment activities such as sourcing, appraising and implementing transactions. Nguyen graduated from University of Ho Chi Minh where he majored in Planning and Investment. He also holds an MBA.[12/27/2011 8:18:58 AM]
  22. 22. Report Scott Tan Senior Vice President Scott Tan is responsible for Masan Group’s Strategic Initiatives Unit. He is primarily focused on our business development and new business initiatives from a strategic human capital perspective. Scott was also instrumental in building Masan Group’s pioneer business execution team, and currently oversees our Singapore representative office. Before joining Masan Group, Scott was a founding partner of, a successful global boutique executive search firm based out of Singapore, Hong Kong and Tokyo specializing in the financial markets. Prior to that, Scott was the Head of Business Development and Management Consultancy in an international investment advisory firm in Kuala Lumpur and Seoul. Scott has also previously owned several businesses. He was also a News Anchor for an Asian TV channel and radio personality. Scott holds a B.S. (Hons.) in Information Technology majoring in Management from the University of Malaya, Malaysia Hanh N. Huynh Vice President Hanh N. Huynh is responsible for developing and managing Masan Group’s corporate operations and support platform and executing on strategic corporate initiatives. Hanh leads our executive recruiting efforts for Masan Group and our businesses and has established our overseas operations, including our representative office in Singapore. Before joining Masan Group, Hanh was an equity research associate for five years at global multi-billion asset management firm AllianceBernstein in New York and San Francisco, where she performed fundamental and quantitative research and analysis in technology sector. Hanh graduated magna cum laude from the University of San Francisco with a BA in Business Administration. Danny Le Vice President Danny Le has built out our corporate communications platform and played a critical role in the transformation of Masan Consumer from a packaged food company into a larger consumer company, including helping to form a partnership with global investment firm KKR. He continues to play a key role in developing Masan Consumer growth strategy and, at the group, manages our 3rd party relationships. Prior to joining Masan Group, Danny advised financial institutions at Morgan Stanley, New York, working with multinational clients to execute M&A, capital markets and privatization transactions. He graduated from Bowdoin College with a BA in Sociology. Paritosh Gupta Vice President[12/27/2011 8:18:58 AM]
  23. 23. Report Paritosh Gupta has been instrumental in establishing our resources platform where he led the technical and financial due diligence process for the acquisition of the Nui Phao project. Since the transaction, he has worked closely with Masan Resources management on strategic initiatives to advance the project and helped form a partnership with global investment firm Mount Kellett. He also focuses on analyzing new business opportunities for Masan Group and leads our analysts and associate trainings. Prior to joining Masan Group, Paritosh worked at Lehman Brothers in its Asia Special Situations Group, a proprietary investment desk. Paritosh holds a PGDM from the Indian Institute of Management, Bangalore and a B.Tech. in Chemical Engineering from the Indian Institute of Technology, Bombay. Nick Poole Vice President Nick Poole works in business development for Masan Group from a human capital perspective. He was previously a pioneer and one of the founders of the Asian division of a global executive search firm, Akamai Financial Markets, which received several accolades in financial services. Prior to that, Nick worked at Morgan Stanley investment bank. He has a decade of research and consulting experience in the Asian financial markets. Nick commenced his career as a sale and purchase Ship Broker for P&O in Hong Kong. Nick holds a B.A. in Maritime Business and Law at the University of Plymouth and is an Associate Member of the AIMR and Hong Kong Society of Financial Analysts. Hes qualified in arbitration and Thu Nguyen Senior Associate Thu Nguyen is responsible for transaction and business execution and working with our subsidiaries on strategic initiatives. Prior to joining Masan Group, Thu was an Assistant Vice President at State Street Corporation, a global leader in financial services for institutions, where he was responsible for corporate M&A and advisory services to the Board. Thu has also worked at Keybanc Capital Markets and UBS. Thu graduated from Boston College’s Carroll School of Management where he earned a B.S. in Business Administration – Finance & Accounting. Salil Rajadhyaksha Senior Associate Salil Rajadhyaksha is a corporate finance lawyer with experience in capital markets, banking and corporate transactions. He has worked with investment and commercial banks, private equity funds and issuers on Rule 144A and Reg S global offerings, PIPEs, convertible and straight debt offerings, private placements, syndicated and secured bank loans and structured finance transactions. He has also worked on cross-border M&A, joint ventures, securitizations, restructurings and privatizations. Salils experience includes both inbound and outbound acquisitions and growth equity investments in various sectors. Prior to joining the Masan Group, Salil worked at Linklaters and Trilegal.He graduated from University of Mumbai (Government Law College) with a First Class Honours Degree in law and has passed the CFA Level III exam.[12/27/2011 8:18:58 AM]
  24. 24. Report Punendu Sharma Senior Associate Prior to joining Masan Group, Punendu worked at, a Boston based start-up venture pioneered by IIT and MIT engineers and Wall Street analysts. He was responsible for fundamental valuations of US large-cap stocks across consumer goods, financial services and travel sectors, and frequently had his analyses published on forums such as Forbes, Seeking Alpha and the NASDAQ blog. Punendu has worked at Procter & Gamble as Finance Manager and as Product Supply Finance Manager at healthcare manufacturing plant in India. He comes to Masan Group with a diverse global work experience, which encompasses private equity at Dubai International Capital, investment banking at BNP Paribas in Paris and corporate finance at Thomson Reuters in London. Punendu holds a M.S from ESCP Europe, Paris with a major in Finance along with a B.Tech from the Indian Institute of Technology, Delhi. Nguyen Thao Anh Senior Associate Nguyen Thao Anh works closely our subsidiaries on key business initiatives and has also assisted in building out our corporate communications platform, implementing our monitoring process for compensation and resettlement at Masan Resources and reviewing the logistics operations of Masan Consumer. Prior to joining Masan Group, she was Senior Analyst at KPMG Corporate Finance in Singapore where advised corporates on M&A, restructuring and financial reporting. Thao Anh holds an MBA (finance specialization) from Nanyang Business School, Singapore. Nguyen Dang Hieu Associate Nguyen Dang Hieu has contributed to the build out of our management information systems and our analytics and research platform. He currently monitors our existing businesses and evaluates new business opportunities. Hieu previously worked at Tiger Investment Management (TIM). He graduated from the National University of Singapore with a Bachelor degree in Business Administration and is a Certified Financial Risk Manager. Nguyen Thi Hong Van Senior Analyst Nguyen Thi Hong Van works closely with Masan Consumer and assists with Masan Group’s corporate operations and[12/27/2011 8:18:58 AM]
  25. 25. Report research. Before joining Masan Group, Van was an investment analyst for Asset Management Consulting AG of Switzerland, where she was responsible for equity, industry, economic and regulatory research. Van has BA degrees from Banking Institute and from the University of Social Sciences and Humanities, Ho Chi Minh City. Dang Van Duc Senior Analyst Dang Van Duc is responsible for local execution and has been involved with the business development initiatives at Masan Resources. Prior to joining Masan Group, Duc was an auditor with an accounting services company. Duc holds a BA degree from the University of Economics, Ho Chi Minh City. MANAGEMENT TEAM FINANCE & ACCOUNTING Eric Chan Hong Wai Chief Financial Officer Eric Chan Hong Wai is responsible for finance and accounting operations for Masan Group and subsidiaries. Eric has been instrumental in moving Masan Group from Vietnam Accounting Standard to IFRS reporting. Prior to joining Masan Group, Eric has had more than 10 years of work experience with Ernst & Young, Kuala Lumpur and PricewaterhouseCoopers, Shanghai. His role involved auditing and participating in capital market transactions for companies in a variety of industries including oil and gas, property development, high technology manufacturing, consumer staples and green technology and in various markets such as the U.S., Malaysia, China and Hong Kong. Eric is a Fellow of the Association of Chartered Certified Accountants of the UK and graduated from Sunway University College, Malaysia. Nischay Saraf Vice President Nischay Saraf works with our subsidiary companies to enhance their finance and accounting operations and is responsible for our IFRS initiative. Nischay was formerly with PricewaterhouseCoopers. He graduated from Bangalore University and is a member of the Institute of Chartered Accountants of India.[12/27/2011 8:18:58 AM]
  26. 26. Report Ta Thi Thuy Trang Chief Accountant Ta Thi Thuy Trang is responsible for our financial reporting and managing the financials of our businesses. Trang has spent over 10 years in various senior financial positions with Masan and affiliated companies. She was previously the Assistant CFO at OV Container Line Representative Office and Chief Accountant at TUV SUD PSB Vietnam. Trang holds a B.A. in Accounting – Auditing from the Economics University, Ho Chi Minh City, Vietnam. Doan Thi My Duyen Finance Manager Doan Thi My Duyen is responsible for our IFRS initiative, financial reporting, announcements. Prior to joining Masan Group, Duyen was formerly with KPMG, Vietnam. Duyen graduated from University of Economics, Ho Chi Minh City. Tran Cam Van Finance Manager Tran Cam Van is responsible for our financial reporting and announcements and managing the consolidation of Masan Resources’ financials. Prior to joining Masan Group, Van was formerly with Citigroup, U.S. and PricewaterhouseCoopers, Vietnam. Van graduated from University of Maine. MANAGEMENT TEAM LEGAL & COMPLIANCE Tran Quang Chuc Chief Legal Counsel Before joining Masan Group, Tran Quang Chuc was a lawyer for Allens Arthur Robinson and YKVN Lawyers. He was also Chief Legal Counsel for TNK Capital Partners. Prior to practicing law, Mr. Tran was a lecturer at the Hanoi Banking[12/27/2011 8:18:58 AM]
  27. 27. Report Institute. Chuc holds an LLM from the University of Melbourne, Australia and an LLB from the Hanoi Law School. Le Thanh Tung Senior Legal Officer Before joining Masan Group, Le Thanh Tung was a lawyer for Baker & McKenzie and LuatViet Advocates & Solicitors. Prior to practicing law, Mr. Le was a project officer at Fisheries Law Project, which is under the auspices of the Ministry of Fisheries and funded by Norwegian Agency for Development. Tung holds an LLM from the University Panthéon-Assas (Paris II), France and an LLB from the Vietnam National University, Hanoi – Faculty of Law. Dang Ngoc Ca Legal Officer Prior to joining Masan Group, Dang Ngoc Ca was an Associate at Allens Arthur Robinson and Paralegal at Luat Viet law firm, Vietnam. He earned his LLB at Ho Chi Minh City University of Law. Do Thi Hoang Yen Legal Officer Do Thi Hoang Yen was formerly with Ho Chi Minh City Housing Management and Trading Company. She graduated from Ho Chi Minh City University of Law. OUR PARTNERS MASAN GROUP INVESTOR Our partners provide us strategic advice, access to opportunities and long-term capital for growth. OUR BUSINESS PARTNERS AND INVESTORS[12/27/2011 8:18:58 AM]