Vietnam: Opportunity for Access

“Discussion Materials Regarding Investments into Private Equity and Strategic Partnerships in Vietnam”, December 7th, 2009
D2C Macro Research
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Opportunities from the Top-Down D2 Capital Partners  Trade deficit reflective of Vietnam’s emerging middle-class consumer and urbanization which represent attractive underlying growth from domestic consumption driving GDP growth (retail sales +18% YoY).e.  Whilst the subsidy may help alleviate stress in the corporate sector and banking system.  Softening of the VND is a concern but the crawling peg is manageable whilst foreign debt still low.com 3 . loan growth (36% YTD) will likely pare back demanding greater need for offshore funding and opportunities for strategic entry.d2capitalpartners. healthcare. education.  Very little FDI in domestic consumption (i. Creation ∙ Deployment ∙ Structuring www. down from last year (8% of FDI) but represents significant opportunity for growth capital. and retailing at less than 4% combined).

9 3. IMF Creation ∙ Deployment ∙ Structuring www.Vietnam Offers Robust Underlying Growth Ripe for Investment   Vietnam’s nascence still offers substantial investment opportunity Growth factors driven by:       Young demographics (domestic and overseas) Efficiency gains Foreign and domestic investment Infrastructure improvements Entrepreneurial spirit WTO Accession (2006) and Commitments (2012) 14 12 10 8 6 4 2 0 2004 2005 2006 D2 Capital Partners Despite investment slowdown globally.5% 5.7% 6. FDI growth outlook is positive FDI (USD Billions) 11.6 10 8.8% 8.3  Vietnam represents one of the few attractive growth stories available 2007 2008 2009E Vietnam’s growth second only to China and India Real GDP Growth 2004 2009 CAGR (%) 14% 12% 10% 8% 6% 4% 2% 0% 12.d2capitalpartners.0 4.9% 4.1% 4.com .0% 5.6% SOURCE: General Statistics Office of Vietnam.1 2. WorldBank.9% 6.4% 9. Euromonitor International.1% 4.3% 5.

 The continuation of the interest rate subsidy into the end of 2010 providing added growth buffer to potential windfalls  Recent base interest rate hike an indication of maintaining credit discipline  Loan to GDP ratios near 1 suggest external dependence via foreign denominated debt limited hence minimized exposure to exogenous disruptions 120 100 80 60 40 D2 Capital Partners The credit cycle returns to supplement growth… 48% 36% 52% 40% 31% 26% 24% 16%18% 36% 25% 60% 50% 40% 30% 20% 26% 21% 15% 0% 3% 20 0 10% 0% USD Loan Outstanding (USD Bln) YOY Loan Growth rate Domestic credit to GDP at manageable levels with loan to deposit ratios relatively stable… 150% 110% 100% 48% 50% 93% 59% 99% 93% 142% 101% 66% 99% 71% 91% 95% 97% 0% Loan to GDP (%) SOURCE: IMF.Managing Growth Policies to Sustain Growth….d2capitalpartners. D2C Research Creation ∙ Deployment ∙ Structuring www.com Loan to Deposit (%) 5 . State Bank of Vietnam.

real estate) are being shoved aside for more productive sectors 100% 80% 60% 40% 20%  Meanwhile.d2capitalpartners. D2C Research Creation ∙ Deployment ∙ Structuring www. ODA commitments of $8bn for 2010 will help dampen bottlenecks to infrastructure development 0% % FDI [Disbursed] / GDP SOURCE: General Statistics Office of Vietnam.Managing Growth (Continued) FDI tipping the balance…  Although inflation is still a concern.e. the recent blip in inflation is also a result of the demand from Tet holiday preparations and recent currency dip Inflation still under control… 30% 25% 20% 15% 10% 5% 0% -5% D2 Capital Partners  As such. excess demand pressure less pronounced CPI YoY FDI absorption improving as marginal investments (i. the recent 100bps policy rate hike (to an 8% base rate) shows Vietnam’s proactive measures to ensure moderation from past excesses  With a controlled flow of new FDI. Global Financial Statistics.com % FDI [Disbursed] / FDI [Announced] 6 .

d2capitalpartners.5% GDP growth guidance for 2009 2000 1000 USD millions 0 -1000 -2000 D2 Capital Partners Leakage concerns but below early 2008 near-crisis levels… -3000 -4000  Recent pick-up in imports seasonal as firms prepare for Tet holidays  Vietnam’s trade balance situation should be viewed as an opportunity to capitalize on the country’s nascent development as supply lags demand Monthly Trd Bal (2006) Monthly Trd Bal (2007) Meanwhile. external trade declines have floored implying limited downside risk … 200% 150% 100% 50% 0% -50% -100% Exports (Monthly YoY) SOURCE: GSO.Trade Deficit Indicative of Robust Domestic Consumption Imports reflect strong consumption  Vietnam’s domestic consumption a powerful driver to Vietnam’s 5.com Imports (Monthly YoY) 7 . D2C Research Creation ∙ Deployment ∙ Structuring www.

e. Reuters. D2C Research 6% 5% Jan-09 5 Yr VGB Mar-09 May-09 Jul-09 2 Yr VGB Sep-09 Nov-09 1 Yr VGB 7 Yr USD Sovereign Bonds Despite the rise in yields. Bloomberg.5% and 90% of foreign debt from ODA.com 8 .) as well as the money markets pricing in policy rate hikes to curb credit growth (36% YTD in November)  Foreign debt remains manageable with estimates as low as 30. extra inventory etc. CDS spreads have fallen substantially… 1400 1200 1000 800 600 400 200 0 VN 5yr CDS Indo 5yr CDS Tha 5yr CDS Phil 5yr CDS Creation ∙ Deployment ∙ Structuring www. SOURCE: HOSE.Credit spreads relatively tame despite slight firming in yields Seasonal yield push  Global risk appetite has improved postLehman pushing up yields. Plenty of room for $1bn sovereign issuance in January 2010 whilst CDS spread is moderate.d2capitalpartners. bonuses. including VN 11% 10% D2 Capital Partners Debt yields on the rise but reflective of recent policy rate increase and Tet seasonality pushing up money markets… 9% 8% 7%  Rise in yields can also be attributed to firms demanding funds for Tet (i.

3M VNIBOR Spread (20DMA)   …As rates move upward.500 USD/VND NDF Spot UPPER BAND LOWER BAND 9 .500 16. more support for the VND as the NDF spot / weak-side ceiling spread closing 20.Can the VND hold? FX Reserves down 33% a concern…     IMF estimates import cover of only 2. Reuters.d2capitalpartners. Backlog FDI dollars providing VN extra cushion whilst YTD disbursements only -12% YoY in Oct Anecdotal discussions with the banks also indicate speculation from corporates hoarding dollars which has been short-term in the past… …Meanwhile.5months does cause alarm but… Asian currencies appreciating relative to USD putting less pressure on VND depreciation SBV’s exchange rate adjustment indicate proactive policy to stabilize the VND The currency slide has been buffeted by international aid (i.com 250 200 150 100 50 0 D2 Capital Partners VNIBOR curve flattening as pressure mounts on shorterterm rates as Tet approaches… 14 12 10 8 6 4 2 0 20-Jul-09 20-Aug-09 20-Sep-09 20-Oct-09 20-Nov-09 1M VNIBOR (%) O/N vs. D2C Research Creation ∙ Deployment ∙ Structuring www.500 17. ADB.500 19. Japan) with ODA disbursement of $2bn thus far.500 18. USD / VND liquidity confidence will return due to Tet remittances whilst the Tet funding squeeze will push up VNIBOR and deposit rates.e WB. SOURCE: Bloomberg.500  15.

d2capitalpartners.500 1.com 10 .Equity Market Volatility Offers Attractive Exits   Second worst to second best performing in the world Indications of strong liquidity with average daily trading volumes in October reaching an astounding ~USD315m for HOSE & HASTC Retail volumes ~95% driving the improved liquidity 10 companies with market caps above USD1b with new additions: Vietcombank.000 500 - 250 200 150 100 50 - 120% 100% 80% 60% 40% 20% 0% -20% -40% -60% FII Buying as % Total Volumes(20DMA) Daily Turnover (20DMA) Cumulative Net FII (Feb. Reuters. Eximbank and Masan Lagging equitization offering opportunity for private companies to capitalize on domestic investor demand Retail speculation driving volumes offering attractive exits for listings… 60% 40% 20% 0% 150 USD millions 100 D2 Capital Partners Net FII flows positive on dips as confidence driving opportunities for arbitrage… 700 600 500 400   50 (50) (100) (150) 300 200  MTD Net FII (LHS) VNINDEX (RHS) Cumulative Net FII ripe for a new wave of capital whilst portfolio excess has tapered off… 3. Bloomberg. 6th.500 USD millions USD millions 2. D2C Research Creation ∙ Deployment ∙ Structuring www.000 2.000 1. Vietinbank. 2006) SOURCE: HOSE.

com 11 . D2C Research Average asking rents showing signs of flooring in HCMC Average occupancies up overall with overall vacancy at 17.7% YoY WTO opening of retail to foreign investors offers new leg of growth SOURCE: CBRE.Real Estate: Overview Residential      D2 Capital Partners Office     Government stimulus providing indirect support to prices Capital gains taxes may ultimately benefit development as land speculation falls Pick-up in supply of new developments indicating confidence Signs of recovery as average asking prices in residential flooring Mid-end and affordable residential segment leading growth Occupancy high at 96% in HCMC with shortage of supply expected until 2011 Fashion and F&B key demand drivers with 30% of inquiries coming from F&B alone CBD rents relatively stable Retail sales grew 18.d2capitalpartners.1% in Q2 ’09 Major leasing agents experiencing increasing office space inquiries Landlords offering more flexible rental contracts and incentivized packages Retail   Hospitality   RevPAR in HCMC bottoming posting increases in Q3 ’09 Access to finance difficulties delaying developments offering opportunities Vinacapital able to sell 70% stake in Hilton Opera Hanoi Hotel with 23% IRR 2010 expectations are brighter with pick-up in tourism and business trips      Creation ∙ Deployment ∙ Structuring www. down from 18. Savills.5%.

305 267. Rent $43 $27 $17 Total 74 492. Savills.275 119.575 84% $25 Hanoi Type Grade A No.Office Space Snapshot HCMC Type Grade A Grade B Grade C D2 Capital Partners No.071 Occup. Rent $63 Grade B Grade C Total 31 85 122 SOURCE: CBRE.356 277. D2C Research 374.995 Occup.com 12 .d2capitalpartners. Rate 81% Avg. Bldgs 6 Supply (m2) 100. Rate 97% 84% 78% Avg.914 752.341 86% 84% 85% $30 $22 $32 Creation ∙ Deployment ∙ Structuring www. Bldgs 12 30 32 Supply (m2) 105.

-42.2% -22.1 -28.4% $20. -37.7 $10.9% $20.0 (5.1 2887.579 46. -1.6% YoY.8 YoY.5% $34.1 101. D2C Research Creation ∙ Deployment ∙ Structuring www. 1.9% $1.05 Shrinking Valuations and Sizes… Average M&A Transaction Value 45.0 923.0) China SE Asia 2009 2008 Vietnam SOURCE: Reuters.67 $46.7 1. 50.9% Vietnam Has Seen V Little … 150 Transaction Value (USD bn) 100 50 0 China -50 2009 SE Asia 2008 Vietnam $113.12 25.5% 1.2 YoY.9 YoY.58 YoY.6% -37.0 15.8 113.0 $37.0% -10.3 $37.d2capitalpartners.1 YoY.14 $1. -10.65 $101.Retracting Valuations Ripe for M&A M&A retracting… Units in $US bn World USA China SE Asia Vietnam D2 Capital Partners Capital Flows Recovering… Total Value (USD mn) 1500 1000 500 0 2003 2004 2005 2006 2007 2008 2009 Total Value Average Deal Value 15 10 5 0 2072.0 5. Price Water House Coopers.6 720.0 35.com Average Deal Value (USD mn) 2009 M&A 2008 M&A % Change 2000 20 .646 73.5% $73.1 1.

com 14 .d2capitalpartners.Growing through M&A Domestics Seeking New Growth…  Domestic credit growth (36% YTD) helping to fuel M&A financing  Domestic conglomerates taking advantage of cheaper target valuations D2 Capital Partners Growing the M&A war-chest…  FPT raises USD100m convertible  FPT raises USD100m convertible bond bond  Masan Group raises USD50m from  Masan Group raises USD50m from TPB and BankInvest and another TPB and BankInvest and another USD20m from Japanese strategic USD20m from Japanese strategic  Vincom raises USD100m convertible  Vincom raises USD100m convertible bond bond  Hoang Anh Gia Lai raises ~USD75m  Hoang Anh Gia Lai raises ~USD75m from convertible bonds from convertible bonds  Hoa Phat Group raises ~USD60m  Hoa Phat Group raises ~USD60m from convertible bonds from convertible bonds  Cheap funding costs globally offering growth capital channels for larger players with access to international capital markets Creation ∙ Deployment ∙ Structuring www.

com 15 .CAP MKT UPDATE : What Has Changed D2 Capital Partners The Bad News  VN remains on periphery of regional investment universe  Risk appetite of overseas funds for high risk.d2capitalpartners. emerging assets is still depressed  The quality of onshore capital market advisors lags far behind that of lawyers and accountants The Good News  Strategic investor interest is rising  Specialist financial investors get more access opportunity  Funding costs are low  Less noise = more deals can be done but …  Preparation and structuring is critical Creation ∙ Deployment ∙ Structuring www.

and getting much better prepared. Creation ∙ Deployment ∙ Structuring www.     Competitive and industry analysis Substantially more comprehensive terms.Rational Behavior.com 16 . reps and warranties Detailed due diligence Post Deal monitoring This requires that sellers/founders/shareholders step up to the challenge and meet these needs if they want the capital. than at anytime in the past . Finally D2 Capital Partners Investors into VN are more cautious.d2capitalpartners.

Most Common Deal Tripwires D2 Capital Partners Deals tend to flounder on a regular series of factors. many of which may be international practice .but in VN it is all innovation …       Emotional Seller Premium Contingent Risks – especially from earlier raise Validity of Documents – are licenses even real ? Failure to Launch – understand the need Veto Rights – some things require permission Options – to put or call Avoid/fix these and your chances just improved sharply Creation ∙ Deployment ∙ Structuring www.com 17 .d2capitalpartners.

D2C Research Creation ∙ Deployment ∙ Structuring www. Euromonitor.300 • Vinacap & DB invest $20m in Hoan My • Pharmaceuticals • Healthcare Services • Clinics •Aesthetics D2 Capital Partners Education Industry Overview • Annual spend per capita growing 29% CAGR since 1995 • 45% YoY growth for university students studying abroad during 2008-2009 • Primary / Secondary • University • Vocational Sector Opportunities Sector Opportunities Telecommunications Industry Overview • Mobile subscription penetration rates approaching 100% by FYE 2009 • Increasing Minutes of Use (MOU) with GPRS and 3G (launched by Vinaphone) • Telecommunications Infrastructure Online Technology Industry Overview • 22m internet users (25% penetration) • ~20K internet cafes •Cheaper and better quality web access • Ripe for user community monetization • E-commerce • Online Social Networking • Online Games • 3G Services Sector Opportunities • Mobile Value Added Services (MVAS) Sector Opportunities SOURCE: BMI.We Like Domestic Consumption Plays Healthcare Industry Overview • $6. VNExpress.3b 2009 healthcare expenditure (9% YoY growth) with 69% from private •HCMC Wght Avg Spend = $1.d2capitalpartners.com 18 .

Vietnam Epitomizes the Asian Domestic Consumption Theme  Despite the global slowdown.4% 15 . we are convinced… Young demographic with 63% of the population under the age of 35 promises vast potential… 75 . General Statistics Office.d2capitalpartners.19 0-4 0 2 4 6 Male Female 8 10 Million Persons 2005 2006 2007 2008 2009 SOURCE: US Census Bureau.79 Retail Sales (USD bn) Age (Years) 60 .5% $46 $56 67.  Rising incomes. Vietnam continues to consume ravenously at 20% YoY retail sales growth in Nov.49 30 .8% 30 20 10 - 63. World Bank Creation ∙ Deployment ∙ Structuring www.34 64.6% 70% 68% 66% 64% 62% 60% 45 . young demographic and high propensity to consume offers attractive investment opportunities  With $US 65bn in 2009 retail sales (~67% of GDP).4% $65 66. International Monetary Fund.64 800 700 600 500 400 300 200 100 0 D2 Capital Partners The rise of the middle class consumer… Consumption Per Capita (USD) $702 $541 $404 $459 $704 2005 2006 2007 2008 2009 Robust retail sales growth highlights the opportunities 70 60 50 40 $37 $30 63.com Retail Sales (as % GDP) 19 .

d2capitalpartners.How to Buy What You Like? Industry / Sector Mapping D2 Capital Partners Structuring Away Risks     Identify targets Industry / sector insight Matrix business models Comp sector valuation  Stress test assumptions  Refine deal structure  Scour for “landmines” Maintaining Protection  Post-deal monitoring  Onshore execution  Have local visibility Negotiating the Spread     Get minority protection Justify your case Mutual understanding Use 3rd party buffer Creation ∙ Deployment ∙ Structuring www.com 20 .

d2capitalpartners. D2C is defined by Capital :  Creation  Deployment  Structuring Creation ∙ Deployment ∙ Structuring www.com 21 .Appendices D2 Capital Partners With more than forty years of combined. capital market experience. international.

com 22 .d2capitalpartners.The Scope of Our Partnership VC and PE Investment Business Plan Preparation Capital Structuring Deal Negotiation Due Diligence Industry Mapping & Competitive Analysis Post Deal Monitoring Strategic Advisory D2 Capital Partners Creation ∙ Deployment ∙ Structuring www.

20% 21.30% 30.com 23 . D2C Research Creation ∙ Deployment ∙ Structuring www.Case Study 1: Proactive Preparation Easing Investor Pain D2 Capital Partners Strategic sales still attractive 4.30% 13.70% Background CONTEXT: Strategic Investors in Education.10% 26.40% IPO Trade Sale Secondary Sal MBO Refinancing Other Most Attractive / Achievable Exit Strategy PREPARATION:  Macro Overview  Industry Analysis  Sub-sector analysis  Competitive Analysis  Target DD Key Takeaways  Lack of information hindering deals requiring strategic investors to pay for professional insight and intelligence.d2capitalpartners. interviews  Potential JV Partner / Target Negotiations SOURCE: Grant Thornton Private Equity Survey 2009. 4. Alternative Energy and Construction Materials. Media.  Companies providing better cooperation calm investor concerns  Strategic Investors are actively preparing for potential partnerships and so should interested companies: improve your ranking on investors’ list of priorities! STRUCTURE:  Potential JVs  M&A EXECUTION:  Industry / Sector mapping. sought / seeking potential JV and / or M&A targets in Vietnam.

Transaction closed in <3 months D2 Capital Partners Addressing Investor Concerns 2. EXECUTION:  Investor Road Show  Term Sheet Discussions SOURCE: Grant Thornton Private Equity Survey 2009.10% 4.30% PREPARATION:  Investment Teaser  Business Plan Formulation  Detailed Forecasts & Valuation Model Investor Concerns When Investing in Vietnam Key Takeaways  International caliber work and document packs enhanced management credibility  Professional sell-side advisory services ensured necessary provision of information to investors for faster decision turnaround  Structuring advice provided multiple solutions to potential deal killers  Coaching of management enhanced negotiation techniques with investors 24 STRUCTURE:  Straight Equity  Convertible Bond (Loan) Bridge Financing Call Option for Ownership Rights to FMCG Co.00% 4.20% 14.40% 8.Case Study 2: Professional Help Appear Serious Background CONTEXT: FMCG distributor & retailer sought equity capital raise to expand into mass distribution. Regulatory hindrances in sensitive sector to foreign participation required extensive professional advice.10% 22.20% 10.d2capitalpartners. D2C Research Creation ∙ Deployment ∙ Structuring www.20% 18.40% Transparency in business activities Operational / Cultural Fit Growth story / Forecasts Target's management support Strategic fit Cash flow Speed which value can be created Tax shields and investment savings Brands / Products Track record 12.10% 4.com .

d2capitalpartners. 4% 8% 8% D2 Capital Partners Returns Attract Investors IRR obtained on exit Dividends received Successful integration Improved revenue 67% Cost savings Measuring Investment Success in Vietnam 13% PREPARATION:  Investment Teaser  Business Plan / Investment Memorandum Drafting Investor Presentation & Coaching  Detailed Forecasts & Valuation Model Key Takeaways  Detailed strategy & model frame-worked and expedited discussions  Management flexibility and rationality instilled greater trust in management  Return windfall protection alleviated investor concerns  KPI benchmark linked performance ensured alignment of interests with investor STRUCTURE:  Standard Terms & Conditions  Convertible Bond  KPI Benchmark Bonus Equity Kicker EXECUTION:  Investor Road Show  Term Sheet Structuring  Negotiations SOURCE: Grant Thornton Private Equity Survey 2009.com 25 . D2C Research Creation ∙ Deployment ∙ Structuring www.Case Study 3: Flexible Pricing Structuring Investor Returns Background CONTEXT: Professional Services Company sought capital raise with structured equity bonus conversion feature.

40% D2 Capital Partners Being fair and open matters Corporate Governance Skills / Experience of existing management Lack of transparency Finance / debt issues PREPARATION:  Investment Due Diligence Report  Model Assumptions Sensitivity Testing  Legal Due Diligence Report 18. Third party post-deal monitoring also becoming of greater importance to offshore investors with limited man power.40% 21.70% 11.70% Important Investment Considerations / Factors Key Takeaways  STRUCTURE:  Standard Terms & Conditions  Straight Equity at Holdings Group Level  MBO / LBO carve out at Subsidiary Level    EXECUTION:  Location Inspections  D2C Supported Negotiations Unwillingness to provide full transparency on legal documents can endanger deal Eventual cooperation by management lead to a partnership with the new investor for MBO / LBO of existing shareholders in Holdings subsidiary Offshore investors now requiring extensive professional due diligence support and buy-side advisory services.40% 21. clause in shareholders agreement from previous investor presented considerable risk and liability to new investors.com . 15.40% 11.d2capitalpartners.Case Study 4: Corporate Governance The Truth Reveals Itself Background CONTEXT: Well established and rapidly growing services company sought equity capital for new venture. D2C Research Creation ∙ Deployment ∙ Structuring www. however. experience and resources in VN 26 SOURCE: Grant Thornton Private Equity Survey 2009.

Spencer was an Executive member of the Board of TVS. Chicago). leading its nationwide growth for two years. Spencer was an Associate Director with AIB Govett Asset Management in London and before that he served as an investment manager with Hambros Bank. and an Executive MBA from the Kellogg School of Management (Northwestern University. Having joined the US Equity Sales team in 1999. Prior to joining CIBC Oppenheimer World Markets. Having joined the Asia Pacific Group in 1999 he became the Chief Regional Equity Strategist in 2001.d2capitalpartners. Prior to TVS Spencer was a Managing Director of Merrill Lynch. +84 902 250 393)    Christian co-founded D2 Capital Partners in 2009 and is Managing Partner. Christian was a Director at CIBC Oppenheimer World Markets (Canada).com.Background Information Spencer White. Prior to joining Merrill Lynch. investing in both large. a start up Investment Bank in Vietnam.com. Christian Leitzinger. Prior to D2C.and small-cap Japanese companies. CFA (sdw@d2capitalpartners. Spencer received a First Class Honors degree in Management Science from the University of Warwick and he has been a CFA Charter Holder since 1997.   Creation ∙ Deployment ∙ Structuring www. Christian worked on the investment side at Mackenzie Financial (USD40bn AUM) and O’Donnell Investment Management (USD2Bn AUM) investing in mid/small-cap Canadian companies. Prior to D2C. MBA (cwl@d2capitalpartners. Spencer was the Country Head for Taiwan. he rose to manage the team by 2004. His role was to aid Canadian institutional investors in allocating capital within the US and China. +84 907 009 112)      D2 Capital Partners Spencer is a co-founder and Managing Partner of D2 Capital Partners.com 27 . servicing domestic and foreign institutional investors in the Vietnamese equity and bond markets. Christian joined TVS in 2007 heading the Institutional Client Group as Managing Director. Prior to TVS. Christian received a Bachelor’s degree from McMaster University in Canada. Previously.

Nam Minh Long Building 61A Vo Van Tan. Vice President Email: ian@d2capitalpartners.Contact Information Vietnam Office: 5th Floor. Managing Partner Email: cwl@d2capitalpartners. Vice President Email: tat@d2capitalpartners.com 28 . Vietnam www.com Mobile: +84-902-250-393 Tat Sun Ho.com Mobile: +84-907-009-112 Ian Nguyen. Managing Partner Email: sdw@d2capitalpartners.d2capitalpartners.com Mobile: +84-121-728-8080 Creation ∙ Deployment ∙ Structuring www.com Mobile: +84-934-164-716 D2 Capital Partners Christian Leitzinger. District 3 HCMC.com Spencer White.d2capitalpartners.