Vietnam Foreign Investment Outlook for 2022 and beyond

1
Financial Information • Business Information • Market Research • Credit Rating
Vietnam: Foreign Investment Outlook
for 2022 and Beyond
Hanoi | 16 February 2022
Presented by:
Mr. Dong Le, CFA
Managing Director, Head of Market Research & Consulting Services, FiinGroup

2
Contents
1 About FiinGroup
2 Vietnam: Foreign Investment Outlook for 2022 and Beyond
3
Common Requests in Sourcing Reliable Business Information and
Market Insights in Vietnam and Our Solutions

3
Expanding into Credit Rating Agency (CRA) under license number
02/GPXH/02/BTC by the Ministry of Finance on 20/03/2020, FiinGroup official
offers credit rating service under the brand FiinRatings. FiinRatings received
technical partnership with S&P Global Ratings with support from ADB since 20
May 2021.
Established in March 2008, FiinGroup has become a market leader in providing
financial data, business information, industry research, credit rating and other
data-driven analytics services in Vietnam.
In September 2014, our company entered a strategic capital and business
alliance with Nikkei Inc. & QUICK Corp (Japan) under which the Japanese
partners hold 35.1% equity stake in our company and jointly support Japanese
investors in Vietnam.
3
As a Vietnam's leader in financial data & analytics, we commit to provide meaningful information,
insights and technologies that drive the capital markets.
Corporate Profile
FiinGroup at a glance /
Shareholders
NIKKEI: 17.55%
QUICK: 17.55%
Management and others: 64.9%
Personnel
120+
Data Analysts, Financial Analysts,
Market Analysts, Risk Analysts with
CFA/ ACCA/ CPA Charterholders, IT
Engineers & Commercial Staff
Partners

4
Financial Information • Business Information • Market Research • Credit Rating 4
FiinGroup provides financial data, business information, industry research, credit rating and other data-driven
analytics services via Platform as a Service (PaaS), annual package and on-call services.
FiinGroup at a glance / Service Offerings
▪ FiinPro Platform
▪ FiinTrade Platform
▪ API Datafeed
▪ Business Credit Report
▪ FiinConnex Platform
▪ FiinGate Platform
▪ Data Analysis Service
▪ Issuer Credit Ratings
▪ Issue Credit Ratings
▪ Credit Assessment
▪ Independent Credit
Evaluation
▪ Industry Report
▪ Customized Research
▪ Commercial Due Diligence
▪ Market Entry Advisory
Financial
Information
Market
Research
Credit
Ratings
Business
Information

5
Business Information Services
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We help our clients connect ‘what’ and ‘why’, connecting different data-sets resulting in richer and deeper
insights and ultimately more effective solutions and services.
Key Platform Features
▪ Advanced Search with detailed filter parameters, returning a list
ofbest-matched results tailored for each customer
▪ Comprehensive Company Business Information and In-
depthAnalysis Credit Ratings
▪ Saved Lists of Companies with interest
▪ Saved Searches for frequent queries
▪ Account Management and Securities features
▪ Customizable Alerts
▪ Adverse Media Monitoring
Main Usage
• Credit risk management
• Trade risk management
• Industry benchmarking
• Partner screening
• Investment screening
• M&A screening
• Trading houses
• Credit risk insurance
• FDIs
• Corporates and SMEs
• Offshoreinvestors
• Onshoreinvestors
• Financial Institutions
Who should use FiinGate Platform
Business Credit Report
Technology-based and analyst-based credit reports for over 1 million registered enterprises in Vietnam
Main Usage
• Credit risk management
• Trade risk management
• Due Diligence
• Research & investigation
• Trading houses
• Credit risk insurance
• FDIs
• Offshore investors
• Corporates and SMEs
Who should use Business Credit Report
FiinGate Platform
An in-depth & multidimensional business information
analytics platform for Vietnam
Key Report Features:
▪ Corporate Profile
▪ Ownership Analysis
▪ Management Background
▪ Operational Performance Analysis
▪ Financial Performance Analysis
▪ Credit Scoring
▪ Insightful Corporate Analysis

6
Market Research & Consulting Services
Service Offerings & Sector Coverage
• Industry Report
• Customized Market Research
• Commercial Due Diligence
• Market Entry Advisory
Service Offerings
A selection of sectors we cover:
▪ Banks
▪ Consumer Finance
▪ Payment Services
▪ Leasing
▪ Insurance
Food & Beverages
▪ Food Processing
▪ Food Services
▪ Beverage
Consumer Retail
▪ ICT Retail
▪ Fashion Retail
▪ Convenience Store
▪ Health & Beauty Store
Utilities
▪ Water Supply
▪ Energy
▪ Cement
▪ Additives and Concrete
▪ Admixtures
▪ Steel & Other Metals
▪ Construction
Industrial Goods
▪ Hospital and Clinics
▪ Medical Equipment
▪ Pharmaceuticals
Information & Communication Technology
Automobiles & Auto Parts
Construction & Construction Materials
Financial Services
▪ Containers & Packaging
▪ Flexible Packaging
Logistics
Healthcare
▪ Warehouse (incl. cold chain logistics)
▪ Port Operation
Client Portfolio
Japanese
Korean
Local
International
6

7
Contents
1 About FiinGroup
3

8
6.81% 7.08% 7.02%
2.91% 2.58%
6.50%
2017 2018 2019 2020 2021 2022E
2.58%
0%
2%
4%
6%
8%
World
China
US
EU
Phillipines
Indonesia
Malaysia
Vietnam
Thailand
72%
80%
40%
60%
80%
100%
China US EU Cambodia Malaysia Vietnam Thailand Phillippines Indonesia Laos
Fully vaccinated Partly vaccinated
Figure 1: Vietnam GDP growth in 2021 hampered by COVID-19
resurgence but poised to strongly recover in 2022
Source: FiinResearch from GSO and ADB. Note: The forecast for 2022 is by ADB
as of Dec 2021.
Source: FiinResearch from GSO and WB.
Economic growth to rebound in 2022 thanks to efficient vaccination progress and easing of
mobility and healthcare restrictions
RESILIENCE OF VIETNAM’S ECONOMY
Source: FiinResearch from WB as of Jan 2022
Figure 3: Vietnam to reopen the economy with health precautions thanks to remarkable vaccination progress
Figure 2: Vietnam economic growth below peers in 2021 due to
COVID outbreak in the 3rd quarter

9
51.3 51.6 53.6 54.7 53.1
44.1 45.1
40.2 40.2
52.1 52.2 52.5 53.7
Jan-21
Feb-21
Mar-21
Apr-21
May-
21
Jun-21
Jul-21
Aug-
21
Sep-
21
Oct-21
Nov-
21
Dec-
21
Jan-22
Figure 4: PMI bounced back strongly in the last three months of 2021 and early 2022 as the lift of mobility and health restrictions improved
consumer demand and fueled recovery in manufacturing
Source: FiinResearch from IHS Markit
Figure 5: Vietnam posted a trade surplus of over US$4bn in 2021 despite the COVID driven interruption in manufacturing sector in the 3rd quarter
Source: FiinResearch from Customs Office of Vietnam
The recovery of production in the 4th quarter facilitated trade surplus in 2021 and economic
rebound in 2022
26.5
20.7
28.5 27.8 28.3 27.7 29.1 27.3 26.7 26.1
30.6 31.6 29.5
28.5
20.2
29.7
26.5 26.2 27.2 27.9 27.2 27.0 28.9
31.9 34.6
29.0
2.1
0.5
1.2
1.2
2.1
0.5
1.2
0.1
0.4
2.7
1.3
3.0
0.5
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22
Import Export Trade Surplus (Deficit)

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Vietnam commitment to integration into the global supply chains via myriad FTAs
Source: FiinResearch from Customs Office of Vietnam
Figure 7: The US and China were the largest export and import markets
of Vietnam in 2021, respectively
Source: FiinResearch from GSO
113.8
332.2
114.5
336.3
0
200
400
600
800
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US$bn
Import Export
Figure 6: Vietnam import – export turnover reached a new record of over US$ 668 bn in 2021 despite of challenges from the pandemic, enjoying
continuous double-digit growth in the last 10 years
0%
25%
50%
75%
100%
2017 2018 2019 2020 2021
FDI Local
Figure 8: FDI corporates are the main contributors to the high export
growth of Vietnam
6%
42%
6%
16%
21%
9%
37%
21%
15%
11%
8%
8%
US
China
EU
ASEAN
South Korea
Japan
Export
Import

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53.0
63.5
79.0
94.8
113.7
3.0
3.2
3.7
4.3
4.1
30
60
90
120
2017 2018 2019 2020 2021E
US$bn
Amount Equivalent of import months
3.53% 3.54%
2.79%
3.23%
1.84%
3.50%
1.41% 1.48%
2.01%
2.31%
0.81%
2017 2018 2019 2020 2021 2022E
CPI Core inflation
Inflation under control and stable currency are key factors supporting the resilience of the
economy
Source: FiinPro
Figure 10: The external position remained strong, reflected in the
foreign reserve rising by US$19bn since December 2020
Source: FiinResearch, IMF
Figure 9: Inflation in Vietnam remained well below 4% due to stable
food price and weak domestic demand
Figure 11: Backed by the trade surplus, remittance, healthy growth of FDI, M&A capital inflows, Vietnam currency was more stable than regional peers
-15%
-10%
-5%
0%
5%
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
VND/USD THB/USD SGD/USD MYR/USD IDR/USD PHP/USD Stable Vietnamese
currency

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With various supportive policies being implemented, the Government has switched from
“Zero COVID” policy to “Living with COVID” policy to bolster economic rebound
GOVERNMENT’S SUPPORTIVE POLICIES FACILITATING ECONOMIC RECOVERY
▪ Exemption, reduction, extension of corporate
and personal income tax and land rent for
those impacted by COVID:
▪ Total tax support in 2020: VND 129trn
▪ Total tax and land rent support in
2021: VND 138trn
Fiscal policy
01
▪ Reducing and maintaining low policy rates
▪ Maintaining strong liquidity in the banking system (via
OMO and foreign currency purchasing operations).
▪ Guiding commercial banks to restructure loans; waive
or reduce interest rates and fees to support corporate
and retail customers affected by the COVID-19
pandemic
Monetary policy
02
▪ National Assembly’s approval on a comprehensive stimulus package of VND350trn (US$15.5bn) for 2022-2023 period including
some key measures such as VND114trn public infrastructure investment; 2% cut in VAT; spending on health care, social security,
worker supports; 2% interest rate reduction etc., to prop up the country's pandemic-hit economy and support those impacted by
coronavirus curbs.
▪ Resumption of international commercial flights; and relaxing quarantine and entry requirements for Vietnam-inbound travelers from
early January 2022; considering to fully open borders for both inbound and outbound tourists from April 2022.
▪ Reopening of service sectors domestically (i.e airline, hospitality, entertainment, food services, education etc.,)
New policies from 2022
04
▪ Resolutions (No. 42, 68, 126, 105/2021/NQ-CP) released by the Government creating favorable conditions for enterprises and business
households and their workers to contain the pandemic, while maintaining stable production and avoid supply chain disruption.
▪ Resolution No. 02/2022/NQ-CP released by Gov’t giving solutions to improve business environment, enhance Vietnam’s position on
international ranking of competitiveness to adapt digital transformation and to improve economic resilience during the pandemic.
▪ Resolution No.50- NQ-TW in 2019 released by Politburo to improve the efficiency of foreign investment by 2030 including preferential
mechanisms on financial (tax, land, credit, etc., ) and non-financial (information accesses, investment promotion policies) and
investment incentives.
▪ Decision 1831/2021/QD/Ttg released by Prime Minister to promote digital transformation, encourage investments in high-tech projects,
start-ups, etc., in the National List of Projects calling for Foreign Investment during 2021-2025.
Policies supporting businesses, improving business environment and attract foreign investments
03

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21.3
18.0
15.2 14.8
18.6
0
10
20
30
40
50
2017 2018 2019 2020 2021
Additional registered FDI capital & Share purchase
New registered FDI capital
35.9 35.5
38.0
28.5
31.2
17.5
19.1
20.4 20.0 19.7
0
10
20
30
40
50
2017 2018 2019 2020 2021
Registered FDI capital FDI disbursement
Foreign direct investment flow rebounded strongly at 9% in 2021 despite the challenges
due to COVID outbreak in the 3rd quarter
Figure 13: Registered FDI capital and FDI disbursement (US$bn)
Source: FiinResearch from MPI
-25%
+9%
Figure 14: Zoom in new registered FDI capital (US$bn)
FOREIGN INVESTMENT IN VIETNAM | FDI Capital Flows

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6.4 (34%)
3.5 (19%)
3.2 (17%)
1.7 (9%)
1.6 (9%)
2.1 (12%)
18.6
0
5
10
15
20
25
2017 2018 2019 2020 2021
Singapore Korea Japan Hong Kong China Others
Singapore, Republic of Korea, Japan, Hong Kong and China are top foreign investors in
Vietnam in terms of new FDI registered capital in 2021
FOREIGN INVESTMENT IN VIETNAM | FDI Capital Flows
Figure 15: New registered FDI capital (US$bn) by nationality of major foreign investors and sector
0 1 2 3 4 5 6 7
Utilities
Manufacturing
Real estate
Wholesales & Retail; Repair of motor vehicles
Logistics
Others

15
0
5
10
15
20
25
2017
Utilities
Manufacturing
Real estate
Wholesales & Retail; Repair of motor vehicles
Logistics
Others
7.6
(40.8%)
7.2
(38.7%)
0
5
10
15
20
25
2017 2018 2019 2020 2021
Utilities & Manufacturing sectors remained attractive, accounting for 40.8% and 38.7% of
new registered FDI capital in 2021
FOREIGN INVESTMENT VIETNAM | FDI Capital Flows
Figure 16: New registered FDI capital by sector
New registered FDI capital to Manufacturing by sub-
sector, 2021
New registered FDI capital to Utilities by sub-sector,
2021
LNG Power
71%
Coal-fired
Power
17%
Wind Power
11%
Other
1%
Electronic
Parts
25%
Machinery &
electrical
equipment
19%
Packaging
13%
Rubber & Plastics
12%
Textile &
Footwear
8%
Auto Parts
4%
Others
19%

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28.2
31.4
42.8
Amidst COVID-19, M&A transaction value in Vietnam hit a new record at US$8.8bn for first 10
months of 2021
FOREIGN INVESTMENT IN VIETNAM | M&A
Figure 17: M&A transaction volume and value in Vietnam
Source: FiinResearch, KPMG
(*) Avg. deal size is based on disclosed transactions only.
7,751 7,472
8,813
602
576
536
0
200
400
600
800
0
2,500
5,000
7,500
10,000
2019 2020 10M2021
Total disclosed transaction val. (US$mn)
Total transaction vol. (RHS)
Avg. deal
size(*)
(US$mn)
Japan
19%
Vietnam
18%
Korea
7%
China
7%
Taiwan
5%
Others
44%
Financial
services
33%
Real
estate
15%
Consumer goods
10%
Other
42%
Notable M&A deals
Target Sector Acquiror
Deal val.
(US$mn)
400
410
1,300
Deal value by country Deal value by sector
Consumer
goods
Consumer
goods
Financial
service

17
Figure 20: Total installed capacity of renewable energy in Vietnam (GW)
0% 0% 0% 0%
2%
5%
15% 15%
0%
4%
8%
12%
16%
0
150
300
450
600
2015 2016 2017 2018 2019 2020 2025F2030F
Hydropower Coal-fired Gas-fired
Solar Wind %RE
Electricity demand in Vietnam is forecasted to continue its high growth rate thanks to the
strong economic growth and growing household consumption
SECTOR HIGHLIGHTS
Source: FiinResearch, National Load Dispatch Centre (NLDC), EVN
Source: FiinResearch, Draft version No. 3 of Power Development Plan VIII Source: FiinResearch, National Load Dispatch Centre (NLDC), EVN
Figure 18: Electricity consumption in Vietnam (TWh)
CAGR 2020-30 =
8.6%
4.7
16.6 17.2 18.6
0.6
11.3
18.0
2% 2% 2% 2%
9%
25%
28% 27%
0%
8%
15%
23%
30%
0
10
20
30
40
2015 2016 2017 2018 2019 2020 2025F 2030F
Solar Wind %RE
Figure 19: Total electricity output in Vietnam by sources (TWh)
Figure 21: Major investments in Energy sector
Source: FiinResearch, MPI
Investor Year/Type
of Energy
Target
Deal value
(US$mn)
2020/
Solar
457
2020/
LNG 4,000
2021/
LNG
2,317
Greenfield
project
Greenfield
project
143.4 160.3 174.5 192.4 210.5 214.3
335.3
491.3
0
100
200
300
400
500
600
2015 2016 2017 2018 2019 2020 2025F 2030F
Energy

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Water supply sector in Vietnam is forecasted to continue its solid growth with estimated
CAGR 2020-2030 of 8.8%
Figure 22: Water consumption in Vietnam (mn m3/day)
Source: FiinResearch
6.0
9.0
13.7
20.8
0
5
10
15
20
25
2015 2016 2017 2018 2019 2020 2025F 2030F
CAGR
2020-30 =
8.8%
Growing water demand from residential segment
to tap on
Robust industrial park development & FDI flows to
support water demand from industrial segment
Figure 24: Low piped water penetration rate in Vietnam Figure 25: Major equity investments/debt financing in water supply
sector
Investor Year Target
Deal value
(US$mn)
2018 24.9
2019 82.0
2020 16.0
Water Supply
SECTOR HIGHLIGHTS
35% 40% 45% 46% 49% 51%
66%
81%
0%
25%
50%
75%
100%
2015 2016 2017 2018 2019 2020 2025F 2030F
56.4 63.6 65.5 63.2 65.8 73.9
105.5
2015 2016 2017 2018 2019 2020 2025F
Figure 23: Total IP’s leasable area (thousand ha) in Vietnam
Source: FiinResearch Source: FiinResearch

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79.5%
66.4%
65.6%
63.7%
62.3%
54.7%
47.3%
35.4%
28.1%
13.9%
12.8%
9.6%
Hong Kong
Malaysia
Singapore
Taiwan
South Korea
Japan
China
Thailand
Vietnam
Philippines
India
Indonesia
Vietnam financial sector remains bright outlook thanks to growing customer demands,
favorable demographic factors and low service penetration rate
SECTOR HIGHLIGHTS
Figure 26: Credit institutions enjoying double-digit growth in
the last 5 year
6,512 7,211 8,195 9,193 10,385
18.28%
13.89% 13.65%
12.17% 12.97%
2017 2018 2019 2020 2021
Credit outstanding (VNDtrn) Total credit YoY growth
23.80%
19.53% 18.90% 18.30%
14.48%
11.26%
Philippines Thailand South Korea Malaysia China Vietnam
Source: FiinResearch from the countries' central banks by Dec 2021. Note: The
figures are CAR ratios of commercial banks
Figure 27 : Vietnamese banks’ undercapitalization creating
opportunities for foreign players to enter the market
Source: FiinResearch from SBV
Figure 28 : Consumer lending as a % of GDP in Vietnam (2020)
remained modest compared to regional peers, implying huge
room for growth
Source: FiinResearch, Euromonitor International; US$/VND: 23,215
Financial Services
Figure 29: Major investment transactions in banking and
consumer finance in recent years
Investor Year Target
Deal value
(US$mn)
2020 139
2021 1,371
2021 68

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VIETNAM MACRO AND FOREIGN INVESTMENT OUTLOOK
• GDP is expected to grow at average 6% - 7% in the next 3 years
➢ COVID-19 is expected to be well controlled domestically and globally. On-going efficient vaccination
progress in Vietnam and global economic recovery are assumed to be maintained.
➢ The rebound of the economy would be mainly supported by accelerated disbursement of public
investments, continued net manufacturing export recovery, growing private investments by both
foreign and local investors.
➢ In addition, household consumption and service sectors (i.e transport, tourism etc.,) are projected to
contribute to the recovery thanks to gradual easing of domestic mobility and health restrictions,
border reopening for international travel.
• Inflation is forecasted to bounce back to 3.5% in 2022 from 1.84% in 2021 largely due to the gradual
recovery of domestic consumption and investment demands as well as global commodity price
movements. However, it would remain under the Government’s control and below target of 4% set by the
National Assembly.
• Strong fundamentals of the economy remain intact
➢ Favorable demographic, social and political factors (i.e young and tech-savvy population, high
internet and mobile phone penetration, increasing disposal income and consumption, rapid
urbanization, social stability etc.,), resulting in compelling domestic demands
➢ Strong export-driven economy and committed integration to global value chains via 15 FTAs
Vietnam joined in recent years would make the country become a regional manufacturing hub in the
near term.

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VIETNAM MACRO AND FOREIGN INVESTMENT OUTLOOK (Cont’d)
• Digital transformation is being implemented by the Government and corporates as one of key
drivers to support economic recovery, long-term sustainable growth as well as pandemic response.
• Foreign investments in sustainable and environmentally friendly sectors are encouraged by
central and provincial governments.
• Some notable opportunities by sector for foreign investments in Vietnam in the years to
come
➢ Logistics
➢ Technology (i.e E-commerce, Fintech, Edtech, Business Automation etc.,)
➢ Financial Services
➢ Utility (i.e Clean Energy, Water supply, Waste Treatment etc.,)
➢ Healthcare and Education Services
➢ Manufacturing (Parts, Packaging, Consumer Goods etc.,)
➢ Industrial Real Estate

22
Contents
1 About FiinGroup
3

23
1 2 3
FiinGroup’s solution:
Data analytic services/ Business
credit report
▪ In-depth analysis on target companies (i.e
profiling, ownership structure, financial and
operational performance, litigations,
negative news etc.,)
▪ Management background check.
▪ Company’s credit scorings
Client Request:
Sourcing in-depth
information and analysis on
target corporates in Vietnam
for risk assessment
Client Request:
Local partner screening and
background check
Data analytic services/ Biz.
matching services
▪ Long list and short list of potential partners
(i.e suppliers, customers, M&A targets)
based on client’s pre-determined selection
criteria
▪ Potential partner background check.
▪ Site visit and meeting arrangements (if
required)
Client request:
Sourcing basic information
on private corporates in
Vietnam
FiinGate Platform
▪ A simple and user-friendly web-based
corporate data analytics platform, available
24/7
▪ 1.3 million registered enterprises.
▪ Fast access to corporate information
database, and automated tracking and
warnings
COMMON REQUESTS IN SOURCING RELIABLE BUSINESS INFORMATION AND
MARKET INSIGHTS IN VIETNAM AND OUR SOLUTIONS

24
4 5 7
Client Request:
Optimal market
entry strategy to
penetrate and/or
expand business in
Vietnam market
Client Request:
Need for a customized
market study
Client request:
Need to get
understanding of and
periodic monitoring of
a specific market
Ready-to-Purchase
Industry Reports
▪ Comprehensive and in-depth
analysis (i.e market size and
growth, segmentation,
competition landscaping etc.)
▪ Selected sector coverage (i.e
Banking, Consumer finance,
Cement, Cold chain,
Packaging, etc)
▪ Periodically updated.
6
Client Request:
Commercial due
diligence on an M&A
Target
Customized Market
Research
▪ Customized market study upon
client’s specific requirements in
addition to value-added
services:
➢ Investment/Trading target
corporate sourcing
➢ Company visits and
meeting arrangements
➢ Negotiation supports
▪ Wide sector coverage
Commercial Due
Diligence
▪ In-depth analysis of the Target
(i.e. market environment,
competitive landscaping,
business attractiveness, and
market positioning etc.)
▪ Thorough assessments of
business risks (if any) and
their impacts on the Target’s
key assumptions and business
plans
Market Entry Advisory
▪ Support to develop optimal
market entry strategies (i.e
greenfield investments, M&A,
JV, minority equity Investment,
trading etc.,) with actionable
recommendations for all
stages in business journey in
Vietnam
COMMON REQUESTS IN SOURCING RELIABLE BUSINESS INFORMATION AND
MARKET INSIGHTS IN VIETNAM AND OUR SOLUTIONS (CONT’D)

25
OUR CASE STUDIES
Request
➢ Basic corporate information on their local
suppliers/customers
Name of service
▪ FiinGate Platform
FiinGroup’s solution
✓ A simple and user-friendly web-based
corporate data analytics platform, available
24/7
✓ 1.3 million registered enterprises.
✓ Fast access to corporate information
database, and automated tracking and
warnings
Result
✓ Screening/quick review of selected 150
local suppliers and customers in Vietnam
Request
➢ Background check on potential local sub-
contractors and JV partners
Name of service
▪ Data analytic services
✓ Ultimate owner/shareholder background
check
✓ Review of financial health of the targets
(including the target company and the
parent company’s shareholders)
✓ Litigations and negative news check
Result
✓ Comprehensive analysis on 20 potential
local sub-contractors & 10 potential JV
partners in Vietnam
Request
➢ Assessment of credit worthiness of local
customers/suppliers
Name of service
▪ Business credit report
In-depth biz credit report including
✓ Company profiling, ownership structure,
key management team
✓ Related party information
✓ In-depth financial analysis
✓ Industry benchmarking
✓ Credit scoring
Result
✓ Credit assessment for hundreds of
suppliers/customers in Vietnam on annual
basis.
Leading Japanese paper
manufacturer in Vietnam
Leading Japanese
construction and real estate
developer in Vietnam
Singapore-based global
commodity trading group

26
OUR CASE STUDIES (CONT’D)
Leading Korean Part
Manufacturer
Request
➢ In-depth understanding of
home appliance (HA) &
consumer electronics (CE)
part manufacturing market in
Vietnam & potential customers
sourcing
Name of service
▪ Business Matching
✓ Comprehensive study on
HA/CE part manufacturing &
Electronic Manufacturing
Services (EMS) in Vietnam
✓ Shortlist of potential foreign and
local customers (i.e OEM/EMS
players in Vietnam)
Result
✓ Connecting the Client with
selected leading foreign and local
OEM/EMS customers in Vietnam
for further business collaboration
opportunities
Request
➢ In-depth analysis of port
operation sector in Vietnam
and its local target company
(Gemadept Corporation)
Name of service
✓ Comprehensive study on
Vietnam port operation sector
✓ Commercial Due diligence on
Gemadept Corporation
✓ Review of Gemadept valuation
compared to peers
Result
✓ JOIN (Japan) together with
Sumitomo Corporation and Suzy
& Co., Ltd acquired 10% stake in
Gemadept in July 2019.
Leading Korean EPC
Contractor
Request
current financing needs of
Korean corporates in Vietnam
➢ Korean target corporate
sourcing
Name of service
▪ Investment target screening
✓ Comprehensive study on 8
selected potential sectors
✓ Shortlist of 58 potential Korean
targets in the sectors
✓ Meeting arrangement supports
Result
✓ Connecting IFC Korea with
selected Korean players in
Vietnam (i.e. Hanwha Energy,
SK E&C, etc.) for further
collaboration opportunities in
2020
Request
water supply market in
Vietnam & potential local
target sourcing for expansion
strategy
Name of service
▪ Business Matching
✓ Comprehensive study on water
supply sector in Vietnam
✓ Shortlist of potential local
customers and M&A targets
✓ Recommendation on optimal
market entry strategy
Result
✓ Connecting the Client with
selected leading private water
supplier companies in Vietnam
& supporting the negotiations.

27
OUR CASE STUDIES (CONT’D)
Request
➢ In-depth understanding of rigid plastic
market to evaluate Duy Tan market
positioning and its potential transaction to
sell to SCGP.
Name of service
▪ Customized research for the
sell-side
✓ Comprehensive market study on rigid
packaging & plastic houseware
✓ Assessment of Duy Tan’s market positioning
compared to peers, competition landscaping
amongst key players & market outlook
Result
✓ In July 2021, Duy Tan Plastics Co. Ltd,
completed a transaction to sell 70% stake in
Duy Tan Plastics Manufacturing Corporation
(“Duy Tan”), a subsidiary of Duy Tan Plastics
Co. Ltd, to SCG Packaging Public Company
Limited (“SCGP”), a subsidiary of Siam
Cement Group (“SCG”)
Request
➢ In-depth understanding of intermediary
payment services (IPS) in Vietnam &
potential M&A target sourcing for market
penetration purpose.
Name of service
▪ Customized research
▪ Investment target screening
✓ Comprehensive study on IPS market in
Vietnam
✓ Deal sourcing, review and investment
recommendations on available M&A
investment opportunities in the market.
Result
✓ In early 2021, KB Financial Group
(Korea), the parent company of KB
Kookmin Card, has completed a Series A
investment in Gpay, the intermediate
payment service arm of G-Group
(Vietnam).
Request
➢ In-depth understanding of international
and bi-lingual school market in Hanoi &
the positioning of its M&A target (an
international school in Hanoi)
Name of service
✓ Comprehensive study on international
and bi-lingual school market in Hanoi
✓ Independent assessment on the market
growth potentials for international and
bi-lingual schools in Hanoi
✓ In-depth analysis of the Target’s market
positioning
Result
✓ In Jun 2020, Praxis Capital Partners
(Korea), together with some other
institutional investors, closed the deal to
purchase a majority stake in the
international school in Hanoi.

‹#›
Contact us
Ho Chi Minh City Branch
3rd Floor, Profomilk Plaza Building, 51-53 Vo Van Tan Street,
Ward 6, District 3, Ho Chi Minh City, Vietnam
T: +84 (028) 3933 3586/ 85
E: info@fiingroup.vn
Head Office
10th Floor, Peakview Tower, 36 Hoang Cau Street, O Cho Dua Ward,
Dong Da District, Hanoi, Vietnam
T: +84 (024) 3562 6962
E: info@fiingroup.vn
W: https://fiingroup.vn
Dong Le, CFA
Managing Director, Head of Market Research and
Consulting Services
T: +84 (024) 3562 6962 (ext. 110)
E: dong.le@fiingroup.vn
Hai Khieu
Senior Manager, Market Research and Consulting
Services
T: +84 (024) 3562 6962 (ext. 120)
E: hai.khieu@fiingroup.vn
Yen Nguyen
Client Advisor, Market Research and Consulting Services
T: +84 (024) 3562 6962 (ext. 105)
E: yen.nguyen@fiingroup.vn

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