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Corporate Profile 2010
Vietnam. An unparalleled investment opportunity.
Vietnam is undergoing exciting change and unprecedented development. An average annual growth rate of seven percent for the past decade reflects an economy bursting with opportunities. Vietnam’s growth is based on a young, literate and entrepreneurial population; a wealth of natural resources; and a strategic location in the centre of Asia.
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• A growing middle class with fast-rising incomes • Rapid urbanisation spurring development of major cities • Long-term, fundamental demand for modern products, lifestyles and housing
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Vietnam’s growth story
88 53%
million people
under 30 years of age
7.5% 90.3%
average GDP growth
literacy
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VinaCapital. Energising prosperity in Vietnam.
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VinaCapital’s mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. We have industry-leading investment teams covering capital markets, private equity, real estate, infrastructure, fixed income and venture capital. VinaCapital’s rapid growth has transformed the company into a catalyst supporting Vietnam’s economic development and emergence in the global marketplace. We help introduce new ideas, approaches, products and technologies into Vietnam, while providing the leadership and management support necessary to ensure international standards are successfully merged with the dynamism and entrepreneurial spirit that are the hallmark of Vietnam’s business culture.
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VinaCapital is the leading investment management and real estate development firm in Vietnam, with a diversified portfolio of USD1.7 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of managing directors who bring extensive international finance and investment experience to the firm. VinaCapital’s core business is investment management. It manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds, at a combined net asset value (NAV) of USD1.7 billion as of December 2010, make VinaCapital the largest asset manager focused on Vietnam and its neighbouring countries. VinaCapital also holds stakes in VinaProjects, a specialist real estate services company encompassing project management, construction management and urban planning; and in VinaSecurities, a full-service securities company offering a range of brokerage and investment banking products and corporate financial services.
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About VinaCapital
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Our mission
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VinaCapital strives to provide the highest quality investment products, strategic financing, real estate development, and corporate finance advisory services across all major industries in Vietnam. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. Our corporate identity is best summarised by the following two slogans: “Taking Vietnam to the world” - VinaCapital is a leading commercial ambassador for Vietnam, promoting trade and investment in Vietnam with partners around the world. We work to ensure existing and potential investors are aware of and understand accurately the nature of Vietnam’s investment opportunities. “Energising prosperity” - VinaCapital is a catalyst supporting Vietnam’s economic development. We help introduce new ideas, approaches, products and technologies into Vietnam, while providing the leadership and management support necessary to ensure international standards are successfully merged with the dynamism and entrepreneurial spirit that are the hallmark of Vietnam’s business culture.
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VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds, at a combined NAV of USD1.7 billion as of December 2010, make VinaCapital the largest asset manager in Vietnam. The funds are: • VinaCapital Vietnam Opportunity Fund Limited (VOF), a USD778 million fund that has consistently been among the best performing Vietnam funds. • VinaLand Limited (VNL), a USD668 million real estate fund that was the best performing Vietnam fund from 2007-2009, according to LCF Rothschild. • Vietnam Infrastructure Limited (VNI), a USD235 million fund that was the first fund to invest in Vietnam’s developing infrastructure sector. VCIM also co-manages the USD32 million DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson.
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VinaCapital investment funds
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Vietnam Opportunity Fund Limited
Fund Details Term of fund
Vote every 5 years to wind up fund. Next vote is in 2013.
Maximum investment
20% of NAV in any one project
Geographic focus
Vietnam (minimum 70%) and surrounding countries
Fund structure
Cayman company trading on London Stock Exchange (AIM)
Auditor
Grant Thornton (Vietnam)
Nominated advisor
Grant Thornton Corporate Finance (UK)
Custodian
HSBC (Hong Kong)
Lawyers
Lawrence Graham (UK) Maples and Calder (Cayman Islands)
Broker
LCF Rothschild, Numis Securities
Manager
VinaCapital Investment Management Ltd
Management fee
2% of NAV Incentive fee of 20% of total annual increase of the NAV over a hurdle rate of 8% with a high watermark and catch up.
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The leading capital markets and private equity investment team in Vietnam, with over USD1 billion in completed investment transactions. Investment objective: VOF targets medium to long-term capital gains through private placement investments into listed, OTC and private equities; undervalued and distressed assets; the privatisation of stateowned enterprises; and real estate and hospitality assets. Listed equity Vietnam’s listed equities markets continues to grow rapidly, with over 450 companies listed on the Ho Chi Minh City Stock Exchange (HoSE) and a market capitalization of over USD30 billion update to December 2010. Vietnam’s capital markets feature the ongoing equitisation of major state-owned enterprises, in sectors like banking, insurance, telecommunication and transportation. OTC equity Vietnam has thousands of companies whose shares trade over-the-counter, including the shares of several major equitised state-owned enterprises. Typically these shares trade at a discount of 20-30 percent versus listed market companies, creating strong investment potential. Private equity Vietnam has over 300,000 small and medium-sized enterprises, an increasing number of which are ripe for investments of USD5-10 million or more. SMEs are increasingly aware of and understand private equity structures, and minority protections can be negotiated. Investors able to strengthen SME management and governance can see private equity deals achieve sizeable returns.
VOF offers total exposure to Vietnam’s growth story.
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Sofitel Metropole Hanoi
CAO Fine Jewellry, a PNJ brand
Hoan My Hospital in Dalat
Vinamilk
15 The top capital markets and private equity investment team in Vietnam, with over USD1 billion in completed investment transactions.
KINH DO Top confectionery brand with national and international distribution.
HOTEL METROPOLE HANOI SOFITEL LEGEND Historic five-star landmark hotel in central Hanoi.
EXIMBANK One of Vietnam’s top joint stock banks is set to benefit from rapid financial services growth.
Prime Group Prime Group is Vietnam’s leading ceramic tile manufacturer.
VINAMILK Vietnam’s top dairy producer accounts for 75 percent of the domestic market.
AN GIANG An Giang Plant Protection is the market leader in the manufacturing and distribution of pesticides.
HOAN MY Private hospitality group addressing Vietnam’s fast rising health care demand
PHU NHUAN JEWELRY A leading jeweler with a strong retail network and a range of brands serving the youth to high-end markets.
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VinaLand Limited
Fund Details Term of fund
Vote every 7 years to wind up fund. Next vote 2013.
Maximum investment
20% of NAV in any one project
Geographic focus
Vietnam (minimum 70%) and surrounding countries
Fund structure
Cayman company trading on London Stock Exchange (AIM)
Auditor
Grant Thornton (Vietnam)
Nominated advisor
Grant Thornton Corporate Finance (UK)
Custodian
HSBC (Hong Kong)
Lawyers
Lawrence Graham (UK) Maples and Calder (Cayman Islands)
Broker
LCF Rothschild, Numis Securities
Manager
VinaCapital Investment Management Ltd
Management fee
2% of NAV Incentive fee of 20% of total annual increase of the NAV over a hurdle rate of 8% with a high watermark and catch up.
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VNL targets medium to long-term capital gains with some recurring income through direct investment in real estate assets including office, residential, retail, township, mixed-use and hospitality/leisure sectors. Residential Vietnam’s residential market is developing rapidly as the fast-growing middle class looks for modern accommodation and living environments. Vietnam needs 10 million square metres of new living space each year, and VinaCapital is helping to meet this demand by focusing on high quality residential projects targeting the midrange market, while also developing several luxury resort villa projects. Hospitality Vietnam is expected to be one of the world’s top ten global tourist destinations in the next ten years. This will require substantial investment in hotels and resorts. VinaCapital is one of Vietnam’s largest hotel investors, with a dedicated hospitality team that has an impressive track record of leading management and business turnarounds at the country’s top hotels. Retail Vietnam is one of the world’s best markets for retail development, as a result of the low supply of modern shopping facilities combined with a market opening to foreign competition under WTO agreements. VinaCapital is now developing several retail centres in city-centre locations as part of larger mixed-use facilities in Hanoi, Danang and Ho Chi Minh City. Marketplace innovation VinaLiving is a newly launched lifestyle brand for the sale of all VinaCapital’s residential property developments. This is the first such brand in Vietnam and aims to build VinaCapital’s reputation in the market as a company delivering high-quality, tailored living environments that offer peace-of-mind to customers across Vietnam. To ensure world-class project delivery, VinaCapital established VinaProjects, a joint venture with InProjects, a real estate project and construction management firm based in Hong Kong.
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Beach Club
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The Ocean Villas
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Dune Residences
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Future development
Project Niagara
Project Nile
Project Rhine
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Norman Estate
19 VinaCapital has Vietnam’s top portfolio of residential and township assets
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The Cham Condominium
Danang Golf Club
Project Niagara Project Niagara is a 260-hectare luxury beach resort in Danang, central Vietnam. The project, as Vietnam’s first truly integrated resort community, has pioneered the second-home market with the sale of beachfront villas and condominiums. Several villa enclaves on the site surround a world-class golf course designed by Greg Norman. The course opened in December 2010 and over 100 villas on the site have been sold.
PROJECT RHINE This development in Ho Chi Minh City is a 26.7 hectare site on a major road link to the Cambodian border and the TransAsia Expressway. The project enjoys a high land value as it is located along a planned MRT line that will connect the site to the central business district. In addition to residential villas and apartments, warehouse retail will supply neighbouring townships, the city centre and even Cambodia. Project Rhine will be also be a major destination for recreation, as areas under aviation height constraints will be used for sport facilities and parks. The residential sections of the development will comprise 1,250 units, with construction of villas to start in Q4 2011, and construction of the retail components to begin by Q3 2012. Project Nile Project Nile is a landmark development on a three-hectare site in the bustling commercial centre of District 5, Ho Chi Minh City. Surrounded by hospitals, universities, and the densely populated Cho Lon (Chinatown) area, the mixed-use project combines over 254,000sq.m of retail and B-grade office space with almost 1,200 mid- and high-end apartments. Construction is due to start in Q2 2011, with a sales launch in Q4 2011.
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Mercure Hanoi La Gare Hotel
Mรถvenpick Hotel Hanoi
Sheraton Nha Trang Hotel & Spa
Mรถvenpick Hotel Saigon
21 Vietnam’s top portfolio of hotels, operating under world-renowned flags.
Mercure Hanoi La Gare Hotel The Mercure Hanoi La Gare opened in September 2009 after a complete renovation and rebranding. The acquisition of this city centre property followed VinaCapital’s strategy of targeting domestic business travel and mid-range tourism. The Mercure has garnered strong operating results since opening, with occupancy and room rates above the average for four-star hotels in Hanoi. Sheraton Nha Trang Hotel & Spa The Sheraton Nha Trang Hotel & Spa opened in March 2010 as the only world-famous hotel brand on Vietnam’s central coast. This five-star luxury hotel offers 285 rooms and suites, all with picturesque ocean views. The hotel has redefined the standards for seaside accommodation in Vietnam, while also boasting extensive conference facilities to attract event-related business. MÖVENPICK HOTEL SAIGON AND MÖVENPICK HOTEL HANOI The Mövenpick Hotel Saigon re-opened on 1 August 2010 after a complete transformation. Conveniently located minutes away from Tan Son Nhat International Airport, 10-minutes drive from the White Place international exhibition and conference centre and 20-minutes drive from the city centre, the Mövenpick Hotel Saigon is the only five-star international standard hotel outside of the city Central Business District. The hotel comprises 278 rooms, five food and beverage outlets, five function rooms, an e-gaming club, a fitness centre, a swimming pool and spa. Mövenpick Hotel Hanoi is conveniently located in the heart of Hanoi’s business district and a 40-minute drive from Noi Bai International Airport. With distinctive French architecture as well as excellent services and facilities, this 154 room hotel is specially tailored to meet the needs of discerning corporate and leisure travellers alike.
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Project Venus
Azura Residential Tower at Project Danube
Project Jupiter
23 Your link to Vietnam’s emerging real estate market
Project Jupiter Project Jupiter is a unique resort-style township on an island in a branch of the Saigon River. The 200-hectare island township lies between Ho Chi Minh City and the future Long Thanh International Airport. Construction of model villas is almost complete. A total of 332 villas have been launched to date, with 233 sales contracts and reservations signed as of 30 September 2010. PROJECT DANUBE This spectacular mixed-use development is located on an exceptional site in the center of Danang, Vietnam’s third largest city. Facing the beautiful Han River and joined to the existing CBD by the city’s iconic swivel suspension bridge, the 9-hectare site will be transformed into a vibrant commercial and residential district with over 500,000sq.m of development to be constructed in three phases and due for completion in 2017. Project Venus Project Venus is a 158-hectare township in Nha Trang, central Vietnam. It is the first modern township development in the city, one of Vietnam’s fastest growing tourism destinations. The township will offer a complete community of luxury villas, townhouses, apartments, hospital, international school, retail centre and entertainment facilities. A display village is now under construction and early sales indicate strong demand for this project.
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Vietnam Infrastructure Limited
Fund Details Term of fund
Ten years subject to shareholder vote for extension. Next vote 2017.
Fund domicile
Cayman Islands
Legal form
Exempted company limited by shares
Structure
Cayman company trading on London Stock Exchange (AIM)
Auditor
Grant Thornton (Vietnam)
Nominated advisor
Grant Thornton Corporate Finance (UK)
Custodian
Standard Chartered (Singapore)
Lawyers
Lawrence Graham (UK) Maples and Calder (Cayman Islands)
Broker
LCF Rothschild, Numis Securities
Investment manager
VinaCapital Investment Management Ltd
Management and performance fee
Management fee of 2 percent of NAV. Incentive fee of 20% of total annual increase of the NAV over a hurdle rate of 8% with a high watermark and catch up.
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VNI targets medium to long-term capital gains with some recurring income through investment in infrastructure and infrastructure-related assets including: energy; transportation and logistics; telecommunications; industrial parks and township developers; and water and environmental utilities. Energy Electricity demand is expected to grow 17 percent yearly between 2010 and 2015, and by 2015 the additional 46‐56,000 MW capacity planned will still result in a yearly power shortfall of 800‐1,000 MW. Electricity of Vietnam, the national energy provider, is struggling to cope with the surge in demand and the private sector is expected to make up the balance. Transportation The rapid growth in passengers and freight per kilometre has increased the pressure on Vietnam’s underdeveloped road network. The Vietnam government encourages foreign investment in transport projects through incentive plans such as BOT projects, and has issued a list of roads and bridge projects for foreign investment. Telecommunications Vietnam is one of the fastest growing telecommunication markets in the world, with total teledensity (lines per 100 people) growing about 23 percent yearly. There were over 155 million mobile subscribers at the end of 2010, equivalent to a penetration rate of 176 percent. Many users are switching to 3G networks. Overall, the number of internet users grew by 19 percent in 2010, with broadband subscriptions up almost 27 percent. In January 2011, a small state-owned mobile network operator, EVN Telecom, was partially privatised through the sale of a 49 percent equity stake to FPT. The major players in the market continue to be state-owned firms like Mobifone, Vinaphone and Viettel, a gradual equitisation of these companies expected in the coming years. Environmental utilities The World Bank estimates investment needs for clean water and sanitation at USD600 million annually to 2020. There are many opportunities for the private sector to invest in waste treatment and water sanitation or supply companies, and in the development of the country’s sanitation and distribution infrastructure.
Infrastructure investment is at the core of Vietnam’s emergence as a modern, industrial nation.
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Long An Sea Industrial Park and Port
Mobile Infrastructure Development Company
27 Infrastructure investment is at the core of Vietnam’s emergence as a modern, industrial nation.
Hanoi Electrical Equipment Mechanical Engineering Hanoi Electrical Equipment Mechanical Engineering (HNEM) is a developer and operator of small hydropower plants in northern Vietnam. In September 2010, HNEM’s first hydropower plant, the 13.5MW Muong Kim 1, began producing electricity and was connected to the national power grid. Annual output is expected at 55 million kWh. MOBILE INFRASTRUCTURE DEVELOPMENT COMPANY LTD Mobile Infrastructure Development Company (MIDC) builds and leases mobile network base transceiver station (BTS) towers. MIDC is one of Vietnam’s major players in this fast growing market, with over 530 towers in operation and contracts for 1,000 more to be constructed.
Phu My Bridge
VNC-55 VNC-55 is a joint venture with the Commercial Construction and Services Company No.55 (CCSC-55), based in Danang, central Vietnam. CCSC-55 owns the largest operating asset base of BTS towers among private companies in Vietnam. Ba Thien 2 Industrial Park VNI invested in Ba Thien 2 Industrial Park in 2008 together with partner CPK Vinh Phuc. This project covers 308ha in Vinh Phuc province, 50km from Hanoi. Nearby areas include Noi Bai International Airport, Hai Phong Port and Cai Lan Port. PHU MY BRIDGE The Phu My toll bridge, operational in 2009, provide a key transport link in Ho Chi Minh City’s ring road network, and connects the city to major ports. The bridge has a toll collection period of 26 years under a BOT scheme. VIETNAM AIRCRAFT LEASING COMPANY Vietnam Aircraft Leasing Company (VALC) is a joint venture between some of VN’s largest state-owned enterprises, including Vietnam Airlines and PetroVietnam, to lease aircraft on short and long-term contracts. The company has signed contracts with Boeing and Airbus to purchase eight B787-8 Dreamliners and ten A321-200 aircraft. LONG AN SEA INDUSTRIAL PARK AND PORT This 396-hectare industrial park portion of Project Libra received an investment licence in March 2009 and has a port investment licence pending. The project is located in Long An Province, in an excellent location to develop a port serving the Ho Chi Minh City Industrial region and the Mekong Delta.
Vietnam Aircraft Leasing Company
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DFJ VinaCapital L.P.
Fund Details Fund size
USD32 million
Investment objective
Provide limited partners with 20-30% returns
Sector focus
Technology, media, telecom and other high-growth areas such as clean technology, manufacturing services and outsourcing services
Investment size
Average of USD0.5-1.0 million. Investments outside of this range are also considered on a case-by-case basis
Geographic focus
Vietnam
Fund structure
Privately held
Distributions
Distribution upon exit
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Internet Vietnam’s internet sector has experienced explosive growth. Internet penetration has reached 26 percent and is expected to increase rapidly. While internet services such as online payment, e-commerce and social networking are widely used in other parts of the world, they are still new in Vietnam and present unique opportunities for growth. There is currently no dominant player in Vietnam’s internet sector, making it attractive for global internet firms that are considering Vietnam as the next emerging market to enter. Telecommunications Vietnam is one of the fastest growing telecommunication markets in the world, with total teledensity (lines per 100 people) growing about 23 percent yearly. There were over 155 million mobile subscribers at the end of 2010, equivalent to a penetration rate of 176 percent. Many users are switching to 3G networks. Overall, the number of internet users grew by 19 percent in 2010, with broadband subscriptions up almost 27 percent. In January 2011, a small state-owned mobile network operator, EVN Telecom, was partially privatised through the sale of a 49 percent equity stake to FPT. The major players in the market continue to be stateowned firms like Mobifone, Vinaphone and Viettel, a gradual equitisation of these companies expected in the coming years. Media Traditional media outlets like newspapers, television and radio are fragmented and highly regulated. However it is likely there will be gradual liberalisation of media policies and consolidation within this sector. Out-of-home media and live event entertainment are other ways to reach core audiences and have seen impressive growth. Technology services Vietnam has the unique opportunity to invest in sectors that fall out of the traditional venture capital model, but will provide the outsized returns characteristic of venture-staged investments. As major international technology companies begin operations in Vietnam, a range of service and support ‘ecosystems’ will emerge, providing excellent investment opportunities.
Preparing for the next wave of technology industry convergence
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Vietnam Online Network
Gapit
31 VinaCapital helps turn ideas and inspiration into successful business ventures YEAH1 www.yeah1.com Yeah1 provides a fully integrated entertainment community for Vietnam’s youth. The combination of web (yeah1.com), print (Yeah1 Magazine), television (Yeah1 TV), offline events (Yeah1 club) and licensing reaches the target audience at all key social interactions. DIRECTWITHHOTELS www.directwithhotels.com DirectWithHotels (DWH) provides a technology platform and marketing services for small- and medium-sized accommodation providers. DWH enables 2- and 3-star hotels to book rooms online via a turnkey solution with no upfront cost. TAX ONLINE www.taxonline.com.vn Provides the first one-stop online tax filing, submission and settlement system in Vietnam. Tax payers save time and money by passing the Tax Bureau’s timeconsuming processes and directly submit their tax filings via a secure online connection with the Tax Bureau. VIETNAM ONLINE NETWORK www.timnhanh.com / www.yume.vn / www.kiemviec.com Vietnam Online Network (VON) is one of the leading online destinations in Vietnam. VON has created an integrated platform that combines search and portal services (timnhanh.com), social network (yume.vn) and recruitment services (kiemviec.com). CHICILON MEDIA www.chicilonmedia.com.vn Chicilon Media operates an out-of-home (OOH) advertising network using LCD television and other audio-visual displays located in high-traffic areas such as office building lobbies and elevators, airports, railways, restaurants, shopping malls and supermarkets. Chicilon currently leads the Vietnam OOH market with over 2,600 LCD screens and 1,000 poster frames. GAPIT www.gapit.com.vn GAPIT provides an integrated marketing platform that enables advertisers to combine mobile, online and offline mediums to effectively reach their target market. Greenvity Communications Greenvity Communications is a semiconductor company developing system-on-achip solutions that provide ‘smart’ energy management for the home area network. The innovative and patent pending chips can be integrated inside smart meters, home appliances and energy in-home displays to provide reliable and secure two-way communication with home appliances for smart energy management that results in significant savings for consumers and utility companies.
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VinaCapital is a catalyst supporting Vietnam’s economic development.
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Our beliefs
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VinaCapital strives to bring international best practice and expertise to Vietnam. We are committed to following the highest global standards and have established a comprehensive framework for corporate governance including policies, procedures and guidelines for ethics, operations, financial control, reporting and risk management. We believe having effective corporate governance policies in place is vital to ensure client, stakeholder and market trust in the VinaCapital name, and we understand that this is a key requisite for our continued growth and success in the years ahead. We believe VinaCapital stands out as an example of corporate governance in Vietnam and we are continuously reviewing ways to improve and also to instill best practice in related entities and business partners.
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Board of Directors 1 1
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Terence F. Mahony Chairman Terence Francis Mahony is a recognised leader and pioneer in emerging market investing, with an extensive global financial career spanning over 40 years. Terry first worked with the Bank of London and South America in London and Zurich, followed broking positions at White Weld and Paine Webber. Terry’s fund management experience began in Boston with the highly successful Baring Puma Latin American fund which he launched in 1991 for Barings as Director and CIO for Latin America. After Barings, he returned to Hong Kong in 1993 as the first CIO of HSBC’s new Global Emerging Markets strategy. At HSBC he built a new global Emerging Markets team from scratch and launched HSBC’s first Global Emerging Markets Fund. From 1996 to 1999 he was Managing Director for Emerging Markets Equities, CIO of Global Emerging Markets Equity strategy and President of Trust Company of the West (TCW) Asia Limited. From 2000 to 2008, he was a director and member of the investment committee of Investment Manager Selection (IMS) Limited in London. In 2008, as a member of the Board, he was asked to fill in as interim CIO for Indochina Capital. Terry is based in Hong Kong and serves on the boards of various investment funds as a non-executive director, namely: Advance Emerging Markets Trust plc., Pacific Assets Trust plc., Impax Asian Environmental Markets plc., CITIC Capital Investment Management, JOHIM Global Investments Funds plc., and Vietnam Azalea Fund. He is also a director of Ranhill Berhad.
(top to bottom: Mr. Terence F. Mahony, Mr. Don Lam, Mr. Horst F. Geicke, Mr. Michael Choi, Mr. Albert Theodore (‘Ted’) Powers)
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Don Lam Executive Director and Co-founder
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Don Lam is a founding partner of VinaCapital Group, with over 15 years experience in Vietnam. He has overseen the Group’s growth from manager of a single USD10 million fund in 2003 into a full-featured investment firm managing numerous listed and unlisted funds, and offering a complete range of corporate finance and real estate advisory services. Before founding VinaCapital, Mr. Lam was a partner at PricewaterhouseCoopers (Vietnam), where he led the Corporate Finance and Management Consulting practices throughout the Indochina region. Mr. Lam has also held management positions at Deutsche Bank and Coopers & Lybrand in Vietnam and Canada. He has a degree in Commerce and Political Science from the University of Toronto, and is a member of the Institute of Chartered Accountants of Canada. He is a Certified Public Accountant and holds a Securities Licence in Vietnam.
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Michael Choi Non-executive Director Michael Choi is CEO and Executive Director of SW Kingsway Capital Holdings Limited, listed on the Hong Kong Stock Exchange. Mr. Choi has extensive experience in capital and property market activities including fund management, corporate and property mortgage, real estate development and property investment prior to joining the Group in 1995. He is also an Executive Director of Sunwah International Limited, a Toronto listed company and a substantial shareholder of SW Kingsway. Mr. Choi is also a Director of Sunwah Group, a Hong Kong-based international conglomerate which has invested in Vietnam since the 1970s and has expanded its business there from seafood to real estate and finance. Mr. Choi holds various public positions, including member of the Chinese People’s Political Consultative Conference of the Hubei Province and Zhaoqing Province, PRC and committee member of the Chinese General Chamber of Commerce. Mr. Choi has a bachelor degree from the University of British Columbia.
Horst F. Geicke Non-executive Director and Co-founder Horst F. Geicke is one of VinaCapital Group’s three founding partners. He has resided in Asia for almost 30 years and has over 25 years of operating and investing experience in the region, having made several financial and strategic investments in Vietnam, including the establishment of a manufacturing plant for his family business. Mr. Geicke also co-founded Pacific Alliance Group, a fund management group in Hong Kong. Mr. Geicke is the President of the European Chamber of Commerce in Hong Kong and was previously the President of the German Chamber of Commerce in Hong Kong. He is the chairman or board member of numerous public and private companies. Mr. Geicke has a Masters degree in Economics and Business Law from the University of Hamburg, Germany.
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Albert Theodore (‘Ted’) Powers Non-executive Director Albert Theodore ‘Ted’ Powers is a noted senior lawyer, investor, and business executive, with over 35 years of professional experience in a vast range of corporate, commercial, finance, and tax matters. He has particular expertise in investment transactions in Greater China and Southeast Asia, and has resided in Hong Kong for the past 28 years. Mr. Powers is Chairman and Chief Executive Officer of the Allied Pacific Group, a diversified investment and advisory group. Before becoming a full-time investment professional, Mr. Powers practiced law in New York City, San Francisco, and Hong Kong. He served as Asian Managing Partner for several of the world’s leading law firms, including Shearman & Sterling, and Gibson, Dunn & Crutcher. He is admitted to practice law in Hong Kong and in various states and federal courts in the United States, including the United States Supreme Court. Mr. Powers holds a Bachelor of Arts from the University of Denver; a Masters in Business Administration from Imperial College London; a Juris Doctorate from the University of Pennsylvania Law School; and a Masters of Law in Taxation from the New York University Law School.
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Our management team
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(Left to right: Mr. Don Lam, Mr. Brook Taylor, Mr.Andy Ho, Mr. David Henry, Mr. Tony Hsun, Mr. Phuc Than)
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Don Lam
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Brook Taylor
Chief Executive Officer
Chief Operating Officer
Mr. Lam is a founding partner of VinaCapital Group, with over 15 years experience in Vietnam. Previously, Mr. Lam was a partner at PricewaterhouseCoopers (Vietnam), and has also held management positions at Deutsche Bank and Coopers & Lybrand in Vietnam and Canada. He has a degree in Commerce and Political Science from the University of Toronto, and is a member of the Institute of Chartered Accountants of Canada. He is a Certified Public Accountant and holds a Securities Licence in Vietnam.
Mr. Taylor has over 18 years of management experience, including 14 years in Vietnam with VinaCapital and as a senior partner with major accounting firms. Previously, Mr. Taylor was deputy managing partner of Deloitte in Vietnam, and was also managing partner of Andersen Vietnam and a senior audit partner at KPMG. Mr. Taylor has a B.A. in Commerce and Administration from Victoria University of Wellington, New Zealand, and is a member of the New Zealand Institute of Chartered Accountants.
Andy Ho
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David Henry
Managing Director and Head of Investment
Managing Director, Real Estate
Mr. Ho is Managing Director and Head of Investment of VinaCapital Investment Management Ltd, where he oversees the capital markets, private equity, fixed income and venture capital investment teams. Previously, Mr. Ho was Director of Investment at Prudential Vietnam’s fund management company, and he has also held management positions at Dell Ventures and Ernst & Young. Mr. Ho holds an MBA from the Massachusetts Institute of Technology and is a Certified Public Accountant in the United States.
Mr. Henry has over 30 years experience in real estate. Previously, he was Director of Springfield Land Corp. Pty Ltd, a member of MUR Group, where he led development of the 2,860ha Greater Springfield township. Mr. Henry’s professional experience includes ten years with Australia’s Lend Lease Group, developing projects in Sydney, Brisbane and the Gold Coast. He graduated with a Bachelor of Building degree from the University of New South Wales.
Tony Hsun
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Phuc Than
Managing Director, Infrastructure
Managing Director, DFJ VinaCapital
Mr. Hsun has over 25 years of experience with major energy and investment companies developing infrastructure projects in Asia, Europe, and South and North America. Previously, he was Senior VP of business development at Orix Corp in Tokyo, and is also the founder and managing director of Asia Crosslink Pte Ltd in Singapore, a consulting firm that advises private equity funds. Mr. Hsun holds a B.Sc and M.Sc in Mechanical Engineering from the University of Arkansas and an MBA from Houston Baptist University.
Mr. Phuc is the former head of Intel Vietnam, with over 25 years experience in numerous senior management roles with Intel in the US and Vietnam. Phuc started with Intel in 1986 as a Market Development Engineer and over the next 13 years assumed several technical and marketing positions at Intel headquarters in Santa Clara, California. In December 1999, Phuc moved to Vietnam as Country Manager for Intel Vietnam, where he led the development of Intel’s business to become one of the fastest growing countries for Intel worldwide. In 2002, he added Cambodia and Laos to his area of responsibility.
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Mission and Status The VinaCapital Foundation (VCF) was created in 2006 with the mission of alleviating poverty and raising the status of the poor in Vietnam by increasing access to quality healthcare for children, improving medical institutions, and supporting high-level programmes that build business knowledge and executive leadership. VCF is a separate entity organised as a US not-for-profit organisation and fully tax-deductible 501 (c)(3), and licensed as an international NGO in Vietnam. It is connected to VinaCapital, however, in two key ways: • VinaCapital pays all of VCF’s overheads, so that VCF has no administration expenses. That means that of VCF’s 100% of all donations go directly to support programme work. • To encourage philanthropy in Vietnam, VinaCapital challenges potential donors by committing to match donations made to the foundation’s health programmes.
Accomplishments VCF implements both grassroots and large-scale programmes in pediatric and cardiac care as well as secondary and higher education in Vietnam. The foundation has a proven track record of results, as well as financial and programme transparency. To date, it has: • Saved 2,000 children suffering from congenital heart disease since 2006 through Heartbeat Vietnam, a programme that provides lifesaving heart surgery to poor children. • Provided family grants for travel, food, education and medical expenses to 200 families. • Trained hundreds cardiologists and cardiac surgeons through it’s monthly Telemedicine Lecture Series, a partnership with the World Heart Foundation and the World Bank Global Development Learning Network, and gained acceptance for the programme as a Clinton Global Initiative. • Examined and treated over 3,000 poor children in 23 provinces through free medical outreach clinics, including diagnostic testing and post-operative check-ups. • Supplied six hospitals in five provinces with medical equipment valued at over USD500,000. • Created the International Management Initative of Vietnam, the country’s first international standard executive training institute, and gained acceptance for the programme as a Clinton Global Initiative.
Social Responsibility www.vinacapitalfoundation.org
• Provided onsite training to provincial doctors on the care and diagnosis of children with congenital heart disease. • Provided Pediatric Advanced Life Support (PALS) training to 156 cardiologists and intensivists across the country, in addition to training 12 trainers to continue the expansion of this knowledge across the country. • Provided school and living scholarships to 50 ethnic minority girls who demonstrate academic excellence.
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Since 2005,
over 2,000 children have been saved by
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Our People
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VinaCapital’s staff of almost 200 professionals is headquartered in Ho Chi Minh City. The company also maintains offices in Hanoi, Danang, Nha Trang, Singapore and Cambodia.
China
44 Hanoi
Laos
Thailand
Danang
Nha Trang
Cambodia Ho Chi Minh City
Singapore
HO CHI MINH CITY 17th Floor, Sun Wah Tower 115 Nguyen Hue Street, Dist. 1, Ho Chi Minh City, Vietnam Phone: +84-8 3821 9930 Fax: +84-8 3821 9931
NHA TRANG 5th Floor, Sheraton Nha Trang Hotel 26 - 28 Tran Phu Street, Nha Trang, Vietnam Phone: +84-58 3523 555 Fax: +84-58 3523 144
HANOI 5th Floor, Sun City Building 13 Hai Ba Trung Street, Hoan Kiem Dist., Hanoi, Vietnam Phone: +84-4 3936 4630 Fax: +84-4 3936 4629
CAMBODIA 20th Floor, Canadia Tower, No. 315, Ang Duong Street, Phnom Penh, Cambodia Phone: +855 (0) 23 99 66 88 Fax: +855 (0) 23 99 60 50
DANANG Truong Sa Street, Hoa Hai Ward, Ngu Hanh Son Dist., Danang, Vietnam Phone: +84-511 3961 800 Fax: +84-511 3961 801
SINGAPORE 6 Temasek Boulevard, #42-01 Suntec Tower 4 Singapore 038986 Phone: +65 6332 9083 Fax: +65 6333 9081 www.vinacapital.com
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Corporate Profile 2010