Document:

EX-10.14

 Exhibit 10.14 

Execution Version 
 Portions of this exhibit have
been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K on the basis that the registrant customarily and actually treats that information as private or confidential and the omitted information is not material. Information that has been
omitted has been noted in this document with a placeholder identified by the mark “[***]”. 
 29 APRIL 2022 

VINGROUP JOINT STOCK COMPANY 

as Issuer 
 and 

THE HONGKONG AND SHANGHAI BANKING 

CORPORATION LIMITED 
 as
Trustee [***] 
 U.S.$525,000,000 FIXED RATE EXCHANGEABLE 

BONDS DUE 2027 
  

 
 TRUST DEED

  
  

 
 

 
 18th Floor, One Exchange Square 

8 Connaught Place, Central 
 Hong
Kong 
 Tel: +852.2912.2500 

 CONTENTS 
  

					
	Clause	  	Page	 
		
	 1.  INTERPRETATION
	  	 	3	 
	 2.  AMOUNT OF THE BONDS AND COVENANT TO PAY
	  	 	11	 
	 3.  FORM OF THE BONDS AND CERTIFICATES; ISSUE OF THE BONDS
	  	 	12	 
	 4.  [***]
	  	 	13	 
	 5.  FEES, STAMP DUTIES AND TAXES
	  	 	15	 
	 6.  COVENANTS OF THE ISSUER RELATING TO THE DEED POLL EXCHANGE RIGHTS
	  	 	15	 
	 7.  NOTICES RELATING TO THE DEED POLL
	  	 	16	 
	 8.  NOTICES RELATING TO THE EXCHANGE RIGHTS
	  	 	16	 
	 9.  ADJUSTMENTS TO THE EXCHANGE PROPERTY
	  	 	16	 
	 10.  ADJUSTMENTS TO THE DEED POLL EXCHANGE RATE
	  	 	17	 
	 11.  CONSOLIDATION, AMALGAMATION OR MERGER
	  	 	18	 
	 12.  APPLICATION OF MONEYS RECEIVED BY THE TRUSTEE
	  	 	18	 
	 13.  GENERAL COVENANTS
	  	 	20	 
	 14.  REMUNERATION AND INDEMNIFICATION OF THE TRUSTEE
	  	 	24	 
	 15.  PROVISIONS SUPPLEMENTAL TO THE TRUSTEES ACT
	  	 	26	 
	 16.  TRUSTEE LIABLE FOR NEGLIGENCE
	  	 	40	 
	 17.  WAIVER AND PROOF OF DEFAULT
	  	 	41	 
	 18.  TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS
	  	 	41	 
	 19.  MODIFICATION AND SUBSTITUTION
	  	 	41	 
	 20.  CURRENCY INDEMNITY
	  	 	43	 
	 21.  APPOINTMENT, RETIREMENT AND REMOVAL OF THE TRUSTEE
	  	 	44	 
	 22.  COMMUNICATIONS
	  	 	45	 
	 23.  FURTHER ISSUES
	  	 	46	 
	 24.  COUNTERPARTS
	  	 	46	 
	 25.  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT
	  	 	46	 
	 26.  GOVERNING LAW
	  	 	47	 
	 27.  DISPUTE RESOLUTION
	  	 	47	 
	 SCHEDULE 1
	  			
	 FORM OF DEFINITIVE CERTIFICATE
	  	 	48	 
	 SCHEDULE 2
	  	 	48	 
	 FORM OF GLOBAL CERTIFICATE
	  	 	54	 
	 SCHEDULE 3
	  	 	54	 
	 PROVISIONS FOR MEETINGS OF BONDHOLDERS
	  	 	62	 
	 SCHEDULE 4
	  	 	62	 
	 TERMS AND CONDITIONS OF THE BONDS
	  	 	71	 
	 SCHEDULE 5
	  	 	71	 
	 FORM OF FINANCIAL COVENANTS COMPLIANCE CERTIFICATE
	  	 	72	 

  
 1 

					
	 SCHEDULE 6
	  	 	73	 
	 FORM OF NOTICE OF LIQUIDITY EVENT
	  	 	73	 
	 SCHEDULE 7
	  	 	75	 
	 [***]
	  	 	75	 
	 SCHEDULE 8
	  	 	76	 
	 [***] 
	  	 	76	 
	 SCHEDULE 9
	  	 	78	 
	 [***]
	  	 	78	 

  
 2 

 THIS TRUST DEED is made on 29 April 2022 

BETWEEN: 
  

	(1)	 VINGROUP JOINT STOCK COMPANY, a joint stock company incorporated under the Laws of Vietnam with
Enterprise Registration Certificate No. 0101245486 dated 3 May 2002 (as amended from time to time) and having its registered office at No. 7, Bang Lang 1 Street, Vinhomes Riverside Ecological Urban Area, Viet Hung Ward, Long Bien
District, Hanoi, Vietnam (the “Issuer”); 

  

	(2)	 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, whose principal place of business is situated at
Level 24, HSBC Main Building, 1 Queen’s Road Central, Hong Kong (the “Trustee”, which expression shall, where the context so admits, include all persons for the time being the trustee or trustees of this Trust Deed); and

  

	[***]	 

WHEREAS: 
  

	(A)	 The Issuer has, pursuant to Resolutions of its board of Directors, authorised the issue of the Bonds (as
defined in Clause 1.1 (Definitions) below) to be constituted by this Trust Deed. 

  

	(B)	 The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions.

  

	(C)	 This Trust Deed is being executed prior to the Closing Date solely to enable the Issuer to comply with
Vietnamese regulatory requirements in connection with the issuance of the Bonds. 

  

	(D)	 The parties hereto acknowledge and agree that, pursuant to Clause 1.7 (Effective Date of the Trust
Deed), with the exception of Clause 14 (Remuneration and Indemnification of the Trustee) and Clause 26 (Governing Law), all terms and provisions (including, without limitation, the representations, warranties and covenants) of this
Trust Deed shall only take effect on the Closing Date. For the avoidance of doubt and notwithstanding the foregoing, Clause 14 (Remuneration and Indemnification of the Trustee) and Clause 26 (Governing Law) shall become effective
immediately upon the date of this Trust Deed. 

 THIS DEED WITNESSES AND IT IS HEREBY AGREED AND DECLARED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

The following expressions have the following meanings: 

“Agency Agreement” means the agency agreement dated on or about the date of this Trust Deed, as amended and/or supplemented
from time to time, between the Issuer, the Trustee, the Registrar and the other Agents, whereby the Registrar and the other Agents are appointed in relation to the Bonds, together with any agreement for the time being in force amending or modifying
the aforesaid agreement. 

  
 3 

 “Agents” means the Principal Agent, the Registrar, the Exchange Agent, the
Transfer Agent and the other paying, exchange and transfer agents appointed under the Agency Agreement, at their specified offices, and their Successors. 

“Applicable Law” means any law or regulation including, but not limited to: (a) any statute or regulation; (b) any
rule or practice of any Authority by which any party is bound or with which any party is accustomed to comply; (c) any agreement between any Authorities; and (d) any customary agreement between any Authority and any party. 

“Appointee”, in relation to the Trustee, has the meaning given in Clause 15(y) (Responsibility for agents etc.) [***].

 “Auditors” means the auditors for the time being of the Issuer or, if they are unable or unwilling to carry out any
action requested of them under this Trust Deed, such other firm of accountants as may be nominated by the Issuer and notified in writing to the Trustee. 

“Authorised Signatory” means any Director or other person duly authorised by the Issuer as specified in the list(s) of
authorised signatories provided by the Issuer to the Trustee and the Principal Agent pursuant to clause 16.14 (Authorised Signatories) of the Agency Agreement. 

“Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction. 

“Bondholder” or, in respect of a Bond, “holder” means a person in whose name a Bond is registered in the
Register (or in the case of a joint holding, the first named thereof). 
 “Bonds” means the U.S.$525,000,000 Fixed Rate
Exchangeable Bonds due 2027 constituted by this Trust Deed and for the time being outstanding or, as the context may require, a specific number or principal amount of them, and includes any replacement bonds issued pursuant to Condition 14
(Replacement of Certificates), and/or as the context may require any further bonds issued pursuant to Condition 15 (Further Issues). 

“Certificate” means (a) in the case of a definitive Certificate, a certificate substantially in the form set out in
Schedule 1 (Form of Definitive Certificate) hereto, issued in the name of the holder of one or more Bonds, and (b) in the case of a Global Certificate, a certificate substantially in the form set out in Schedule 2 (Form of Global
Certificate) hereto. 
 “Clearstream” means Clearstream Banking S.A., incorporated under the laws of the Grand Duchy of
Luxembourg or any successor securities clearing agency. 
 “Code” means the United States Internal Revenue Code of 1986, as
amended. 

  
 4 

 “Conditions” means the terms and conditions set out in Schedule 4 (Terms
and Conditions of the Bonds) hereto as from time to time modified in accordance with this Trust Deed, and as modified, in their application to Bonds in respect of which the Certificate is issued, by the provisions of the Certificate, and any
reference to a particularly numbered Condition shall be construed accordingly. 
 “Deed Poll Equivalent Amount” has the
meaning given to the term “Equivalent Amount” in the Deed Poll. 
 “Deed Poll Exchange Date” has the meaning given
to the term “Exchange Date” in the Deed Poll. 
 “Deed Poll Exchange Right” has the meaning given to the term
“Exchange Right” in the Deed Poll. 
 “Deed Poll Registration Date” has the meaning given to the term
“Registration Date” in the Deed Poll. 
 “Director” means any director of the Issuer. 

“Dividend” has the meaning set out in Condition 22 (Definitions). 

“Electronic Means” means the following communications methods: 

 

	 	(a)	 non-secure methods of transmission or communication such as e-mail and facsimile transmission; and 

  

	 	(b)	 secure electronic transmission containing applicable authorisation codes, passwords and/or authentication keys
issued by the Trustee [***], 

 or another method or system specified by the Trustee [***] as available for use in
connection with its services hereunder. 
 “Equivalent Amount” has the meaning set out in Condition 6(b)(iii) (Exchange
Procedures and Corporate and Regulatory Approvals). 
 “Euroclear” means Euroclear Bank SA/NV, or any successor
securities clearing agency. 
 “Event of Default” means any of the events described in Condition 10 (Events of
Default). 
 “Exchange Agent” means The Hongkong and Shanghai Banking Corporation Limited at its specified office at
Level 24, HSBC Main Building, 1 Queen’s Road Central, Hong Kong or any Successor Exchange Agent appointed under the Agency Agreement at its specified office. 

“Exchange Date” has the meaning set out in Condition 6(b) (Exchange Procedure). 

  
 5 

 “Exchange Notice” means the written notice required to accompany
Certificates deposited for the purposes of exchange of Bonds, the initial form of which is set out in Schedule 1 (Exchange Notice) to the Agency Agreement. 

“Exchange Property” has the meaning set out in Condition 6(c)(i) (Exchange Property). 

“Exchange Right” has the meaning set out in Condition 6(a)(ii) (Exercise of Exchange Rights). 

“Extraordinary Resolution” has the meaning set out in Schedule 3 (Provisions for Meetings of Bondholders) hereto. 

“FATCA” means: 
  

	 	(a)	 Sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986 or any associated regulation, instruction or
other official guidance, as amended from time to time; 

  

	 	(b)	 any treaty, law, regulation, instruction or other official guidance enacted or amended in any other
jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above of this definition; 

 

	 	(c)	 any agreement pursuant to the implementation of paragraphs (a) or (b) above of this definition with the
U.S. Internal Revenue Service, the Government of the United States or any governmental or taxation authority in any other jurisdiction; or 

  

	 	(d)	 any treaty, law, regulation, instruction or other official guidance analogous to paragraphs (a) or (b) of
this definition enacted or amended in any other jurisdiction from time to time, and any agreement pursuant to the implementation of any such treaty, law, regulation, instruction or other official guidance with any governmental or taxation authority
in any jurisdiction. 

 “FATCA Withholding” means any withholding or deduction required pursuant to an
agreement described in section 1471(b) of the Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental
approach thereto. 
 “Financial Statements Certificate” means a certificate of the Issuer delivered as contemplated in
Clause 13(h) (Financial Statements Certificate) substantially in the form set out in Schedule 9 (Form of Financial Statements Certificate). 

“Fiscal Period” means a period commencing on 1 January and ending on the succeeding 31 December, provided that if
the Issuer shall change its financial year so as to end on a date other than 31 December, the foregoing shall be amended as necessary. 

“Global Certificate” means the single Global Certificate substantially in the form set out in Schedule 2 (Form of Global
Certificate) hereto, evidencing all the Bonds that are registered in the name of the common depositary for Euroclear and Clearstream or its nominee. 

  
 6 

 “HSBC Group” means HSBC Holdings PLC together with its subsidiary
undertakings from time to time. 
 “Ordinary Resolution” has the meaning set out in Schedule 3 (Provisions for Meetings
of Bondholders) hereto. 
 “outstanding” means, in relation to the Bonds, all the Bonds issued except: 

 

	 	(a)	 those which have been redeemed in accordance with this Trust Deed and the Conditions; 

 

	 	(b)	 those in respect of which the date for redemption has occurred and the redemption moneys and all accrued
interest (if any) to the date for such redemption and any interest payable under Condition 5 (Interest) after such date have been duly paid to or to the order of the Trustee as provided in Clause 2.2 (Covenant to Pay) or have been duly
paid to the Principal Agent if permitted by Clause 2 (Amount of the Bonds and Covenant to Pay) and remain available for payment in accordance with the Conditions; 

 

	 	(c)	 those which have become void or those in respect of which claims have become prescribed under Condition 11
(Prescription); 

  

	 	(d)	 those which have been purchased by the Issuer or any of its Subsidiaries and cancelled as provided in the
Conditions; 

  

	 	(e)	 those in respect of which the Exchange Right has been duly exercised and discharged (and, for the avoidance of
doubt, a Bond in respect of which an Exchange Date has occurred shall be deemed to remain outstanding until the Exchange Right has been satisfied and discharged even if the holder is removed from the Register during the exchange process);

  

	 	(f)	 those mutilated, destroyed or defaced Certificates in respect of the Bonds which have been surrendered and
cancelled and in respect of which replacements have been issued pursuant to Condition 14 (Replacement of Certificates); 

  

	 	(g)	 (for the purpose only of determining how many Bonds are outstanding and without prejudice to their status for
any other purpose) those Bonds alleged to have been lost, stolen or destroyed and in respect of which replacement Bonds have been issued pursuant to Condition 14 (Replacement of Certificates); and 

 

	 	(h)	 the Global Certificate to the extent that it shall have been exchanged for definitive Certificates pursuant to
its provisions; 

 provided that for the purposes of: 

 

	 	(i)	 ascertaining the right to attend and vote at any meeting of the Bondholders, or to participate in any Written
Resolution and any direction or request by the holders of the Bonds; 

  
 7 

	 	(ii)	 determining how many Bonds are outstanding for the purposes of Conditions 10 (Events of Default), 12
(Enforcement) and 13 (Meetings of Bondholders, Modification, Waiver and Substitution) and Schedule 3 (Provisions for Meetings of Bondholders) hereto; and 

 

	 	(iii)	 the exercise of any discretion, power or authority which the Trustee is required, expressly or impliedly, to
exercise in or by reference to the interests of the Bondholders, 

 those Bonds (if any) which are beneficially held by,
or are held on behalf of, the Issuer, VFSG, VFVN, [***] or any of their respective Subsidiaries and not yet cancelled shall be deemed not to remain outstanding. 

“Paying Agents” means the Principal Agent and each other paying agent appointed in such capacity under the Agency Agreement in
respect of the Bonds, and each a “Paying Agent”. 
 “Potential Event of Default” means an event or
circumstance which could, with the giving of notice, lapse of time, issue of a certificate and/or the fulfilment of any other requirement provided for in Condition 10 (Events of Default), become an Event of Default. 

“Principal Agent” means The Hongkong and Shanghai Banking Corporation Limited at its specified office at Level 24, HSBC
Main Building, 1 Queen’s Road Central, Hong Kong or any Successor Principal Agent appointed under the Agency Agreement at its specified office. 

“record date” means a date fixed by the bylaws of VFVN or otherwise specified for the purpose of determining entitlements to
Dividends or other distributions to, or rights of, holders of VFVN Shares. 
 “Register” has the meaning set out in
Condition 2(a) (Form and Denomination). 
 “Registrar” means The Hongkong and Shanghai Banking Corporation Limited at
its specified office at Level 24, HSBC Main Building, 1 Queen’s Road Central, Hong Kong or any Successor Registrar appointed under the Agency Agreement at its specified office. 

[***] 
 “Reserved
Matters” has the meaning set out in Schedule 3 (Provisions for Meetings of Bondholders) hereto. 
 “Responsible
Officer” means, in relation to the Trustee [***], any managing director, vice president, assistant vice president, trust associate, relationship manager, any trust officer, or any other officer of the Trustee [***], as the case may be, who
customarily performs functions similar to those performed by any persons who, at the time, shall be such officers to whom any corporate trust and agency matter is referred because of such person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Trust Deed, the Agency Agreement [***], the other Transaction Documents and the Bonds. 

  
 8 

 [***] 

[***] 
 [***] 

[***] 
 “specified
office” means, in relation to an Agent, the office identified with its name at the end of the Conditions or any other office notified to the Trustee pursuant to clause 17.6 (Change of Office) of the Agency Agreement and to the
Bondholders pursuant to Clause 13(l) (Change in Agents). 
 “Subsidiary” has the meaning set out in Condition 22
(Definitions). 
 “Successor” means, in relation to an Agent, such other or further person as may from time to time
be appointed by the Issuer as such Agent with the written approval of the Trustee and notice of whose appointment is given to Bondholders pursuant to Clause 13(l) (Change in Agents). 

“Tax” or “Taxes” means any present or future taxes, duties, assessments or governmental charges
of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any Authority having power to tax or otherwise governing tax matters, including any interest, additions to tax or penalties applicable with respect thereto, and
“Taxation” shall be construed accordingly. 
 “this Trust Deed” means this Trust Deed, the Schedules
hereto (as from time to time amended and/or supplemented in accordance with this Trust Deed) and any other document executed in accordance with this Trust Deed (as from time to time so amended and/or supplemented) and expressed to be supplemental to
this Trust Deed. 
 “Transaction Documents” means each Subscription Agreement, the Bonds, the Conditions, this Trust
Deed, [***] the Deed Poll, [***] and the Agency Agreement. 
 “Transfer Agent” means The Hongkong and Shanghai Banking
Corporation Limited at its specified office at Level 24, HSBC Main Building, 1 Queen’s Road Central, Hong Kong or any Successor Transfer Agent appointed under the Agency Agreement at its specified office. 

“trust corporation” means a trust corporation (as defined under the Trust Companies Act 2005) or a corporation entitled to act
as trustee pursuant to applicable foreign legislation relating to trustees. 

  
 9 

 “Vietnam” means the Socialist Republic of Vietnam. 

“Written Resolution” has the meaning given to it in Schedule 3 (Provisions for Meetings of Bondholders) hereto. 

 

	1.2	 Construction of Certain References 

References to: 
  

	 	(a)	 costs, charges, remuneration or expenses include any withholding, value added, turnover or similar Tax charged
in respect thereof; 

  

	 	(b)	 “principal” shall include any applicable premium; 

 

	 	(c)	 “Vietnamese dong” and “VND” are to the lawful currency for the time being of
Vietnam; 

  

	 	(d)	 “U.S. dollars”, “USD” and “U.S.$” are to the lawful currency
for the time being of the United States of America; 

  

	 	(e)	 an action, remedy or method of judicial proceedings for the enforcement of rights of creditors include, in
respect of any jurisdiction other than Singapore, references to such action, remedy or method of judicial proceedings for the enforcement of rights or creditors available or appropriate in such jurisdiction as shall most nearly approximate thereto
and any other similar, analogous or corresponding event under the insolvency laws of any applicable jurisdiction; 

  

	 	(f)	 guarantees or to an obligation being guaranteed shall be deemed to include respectively references to
indemnities or to an indemnity being given in respect thereof; 

  

	 	(g)	 taking proceedings against the Issuer shall be deemed to include references to proving in the winding up of the
Issuer; and 

  

	 	(h)	 an Event of Default, a Potential Event of Default or a Relevant Event which is “continuing”
shall mean such circumstance or event has occurred and has not been remedied to the satisfaction of the Trustee or waived in writing by the Trustee. 

  

	1.3	 Headings 

Headings and sub-headings shall be ignored in construing this Trust Deed. 

 

	1.4	 Schedules 

The Schedules hereto are part of this Trust Deed and have effect accordingly. 

 

	1.5	 Definitions in Conditions 

Words and expressions defined in the Conditions shall, unless otherwise defined herein, have the same meaning when used in this Trust Deed.

  
 10 

	1.6	 Enforceability 

If at any time any provision of this Trust Deed is or becomes illegal, invalid or unenforceable in any respect under the law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Trust Deed nor the legality, validity or enforceability of such provision under the law of any other jurisdiction, shall in any way be affected or
impaired thereby. 
  

	1.7	 Effective Date of Trust Deed 

The parties hereto acknowledge and agree that Clause 14 (Remuneration and Indemnification of the Trustee) and Clause 26 (Governing
Law) shall become effective immediately upon the date of this Trust Deed. All remaining provisions of this Trust Deed (including, without limitation, the representations, warranties and covenants) shall become effective on the Closing Date. 

 

	1.8	 Legislation 

References in this Trust Deed to any statute or the provision of any statute shall be deemed to include a reference to any statute or the
provision of any statute which amends, extends, consolidates or replaces the same, or which has been amended, extended, consolidated or replaced by the same, and shall include any orders, regulations, instruments or other subordinate legislation
made under the relevant statute. 
  

	2.	 AMOUNT OF THE BONDS AND COVENANT TO PAY 

 

	2.1	 Amount of the Bonds 

The aggregate principal amount of the Bonds is limited to an amount not exceeding U.S.$525,000,000, subject to increase in the principal amount
of any bonds issued pursuant to Condition 15 (Further Issues). 
  

	2.2	 Covenant to pay 

The Issuer shall, on any date when the Bonds or any of them become due to be redeemed or when any other amounts in respect of the Bonds or any
of them become due to be paid in accordance with this Trust Deed or the Conditions, unconditionally pay or cause to be paid to or to the order of the Trustee in U.S. dollars in immediately available funds the principal amount of the Bonds becoming
due for redemption or such other amounts due in respect of the Bonds becoming due and payable on such date (together with interest, if any, in accordance with the Conditions) and any other amounts due and payable in accordance with the Conditions
and will (subject to the Conditions) until such payment (both before and after judgment) is duly made, unconditionally pay or procure to be paid to or to the order of the Trustee interest in U.S. dollars on the principal amount of the Bonds
outstanding as set out in the Conditions provided that: 
  

	 	(a)	 every payment of any sum due in respect of the Bonds made to or to the account of the Principal Agent as
provided in the Agency Agreement shall, to such extent, satisfy such obligation except to the extent that there is failure in its subsequent payment to the relevant Bondholders under the Conditions; and 

  
 11 

	 	(b)	 in the event that (following, if so required, due presentation of a Bond) upon redemption, payment of the whole
or any part of the amount due on redemption is improperly withheld or refused, such Bond will continue to bear interest as aforesaid until the day after the Bondholders have been or are deemed to have been notified of receipt by the Trustee or the
Paying Agent of all sums due in respect of the Bonds up to that day (except to the extent that there is a failure in the subsequent payment to the relevant holders under the Conditions). 

The Trustee will hold the benefit of this covenant on trust for the Bondholders and itself in accordance with this Trust Deed. 

 

	2.3	 Discharge 

Subject to Clause 2.4 (Payment after a Default), any payment to be made in respect of the Bonds by the Issuer or the Trustee may be made
as provided in the Conditions and any payment so made will (subject to Clause 2.4 (Payment after a Default)) to such extent be a good discharge to the Issuer or the Trustee, as the case may be. 

 

	2.4	 Payment after a Default 

At any time after a Potential Event of Default or an Event of Default has occurred and is continuing the Trustee may: 

 

	 	(a)	 by notice in writing to the Issuer and the Agents, require the Agents, until notified by the Trustee to the
contrary, so far as permitted by Applicable Law: 

  

	 	(i)	 to act thereafter as agents of the Trustee under this Trust Deed and the Bonds on the terms of the Agency
Agreement (with consequential amendments as necessary and except that the Trustee’s liability for the indemnification, remuneration and all other expenses of the Agents will be limited to the amounts for the time being held by the Trustee in
respect of the Bonds on the terms of this Trust Deed and available for that purpose) and thereafter to hold all Certificates and all moneys, documents and records held by them in respect of the Bonds to the order of the Trustee; and/or

  

	 	(ii)	 to deliver all Certificates and all moneys, documents and records held by them in respect of the Bonds to the
Trustee or as the Trustee directs in such notice or subsequently, provided that such notice shall be deemed not to apply to any documents or records which the relevant Agent is obliged not to release by any Applicable Law; and 

 

	 	(b)	 by notice in writing to the Issuer, require it to make all subsequent payments in respect of the Bonds to or to
the order of the Trustee and not to the Principal Agent. With effect from the issue of any such notice to the Issuer and until such time as the notice is withdrawn, the proviso contained in Clause 2.2(a) (Covenant to pay) shall not apply.

  
 12 

	3.	 FORM OF THE BONDS AND CERTIFICATES; ISSUE OF THE BONDS 

 

	3.1	 The definitive Certificates 

On issue of the Bonds, definitive Certificates, in registered form and in authorised denominations, will be issued in respect of the aggregate
principal amount of the Bonds and the Issuer shall procure that the Registrar makes the appropriate entries in the Register to reflect the issue of such Bonds. Such Certificates may be printed or typed and need not be security printed unless
otherwise required by applicable stock exchange requirements. Definitive Certificates will be endorsed with the Conditions. 
  

	3.2	 The Global Certificate 

 

	 	(a)	 Bonds shall become evidenced by the Global Certificate in accordance with Condition 3(h) (Transition to
Global Certificate) and clause 3.3 (Transition to Global Certificate) of the Agency Agreement. 

  

	 	(b)	 The Global Certificate (if issued) will be issued in the name of the common depositary for Euroclear and
Clearstream or its nominee. 

  

	 	(c)	 The Bonds evidenced by the Global Certificate shall be subject to its terms in all respects and entitled to the
same benefits under this Trust Deed as Bonds evidenced by individual definitive Certificates. 

  

	3.3	 Form 

Definitive Certificates and the Global Certificate will be in or substantially in the respective forms set out in Schedule 1 (Form of
Definitive Certificate) and Schedule 2 (Form of Global Certificate) hereto. 
  

	3.4	 Signature 

The Global Certificate (if issued) will be signed manually by any one or more Authorised Signatories of the Issuer and will be authenticated
manually by or on behalf of the Registrar. Definitive Certificates will be signed manually by any one or more Authorised Signatories of the Issuer. The Issuer may use the signature of any person who at the date such signature is affixed to the
relevant definitive Certificate or Global Certificate is an Authorised Signatory of the Issuer even if at the time of issue of such definitive Certificate or Global Certificate he no longer holds such office and the Bonds in respect of which such
definitive Certificate or Global Certificate is so executed will be binding and valid obligations of the Issuer. 
  

	3.5	 Issue 

Issue and delivery of the Bonds shall be complete on the issue and delivery of definitive Certificates to the relevant Bondholders by, or by
the order of, the Issuer and completion of the register of Bondholders by or on behalf of the Registrar. 
  

	3.6	 Entitlement to treat holder as owner 

The registered holder of any Bond will (save as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it
is overdue and regardless of any notice of ownership, trust, any interest in it or any writing on (other than an endorsed form of transfer) or the theft or loss of the Certificate issued in respect of it) and no person will be liable for so treating
the registered holder, and none of the Issuer, the Trustee, any Agent or any other person shall be affected by any notice to the contrary. 

  
 13 

	4.	 [***] 

[***] 

  
 14 

	5.	 FEES, STAMP DUTIES AND TAXES 

 

	5.1	 Payment of Fees, Stamp Duties and Taxes 

The Issuer will pay any stamp, issue, registration, documentary, transfer or other Taxes, fees and duties, including interest and penalties
payable in Vietnam or any other jurisdiction in respect of the creation, issue and offering of the Bonds, the execution or delivery of this Trust Deed and the deposit of Certificates for the exchange of Bonds and the delivery of the Exchange
Property following such deposit, except for the Taxes and duties required to be paid by Bondholders under Condition 6(b)(ii) (Taxes and Stamp Duty etc.). None of the Trustee, [***] or the Agents shall be (a) liable to pay any such
taxes and duties, (b) under any obligation to determine whether the Issuer or any Bondholder is liable to pay any such Taxes, fees and/or duties and (c) shall not be concerned with, obliged or required to enquire into, the sufficiency of
any amount paid by the Issuer or any Bondholder for this purpose. The Issuer will also indemnify the Trustee, [***] and the Bondholders from and against all stamp, issue, registration, documentary or other Taxes and duties paid by any of them in any
jurisdiction in connection with any action taken by or on behalf of the Trustee or, [***] as the case may be, (where entitled under Condition 12 (Enforcement) to do so), the Bondholders to enforce the obligations of the Issuer [***] under
this Trust Deed [***], the Agency Agreement or the Bonds. 
  

	5.2	 Change of Taxing Jurisdiction 

If the Issuer becomes subject generally to the taxing jurisdiction of any territory, or any authority of or in that territory having power to
tax or otherwise governing tax matters, other than or in addition to Vietnam or any such authority of or in such territory which imposes Taxes, duties, assessments or governmental charges of whatever nature with respect to this Trust Deed or the
Bonds, then the Issuer shall notify the Trustee as soon as practicable and give to the Trustee an undertaking satisfactory to the Trustee in terms corresponding to the terms of Condition 9 (Taxation) with the substitution for, or (as the case
may require) the addition to, the references in that Condition to Vietnam of references to that other or additional territory or authority to whose taxing jurisdiction the Issuer has become so subject. In such event, this Trust Deed and the Bonds,
including, but not limited to, Condition 8(c) (Redemption for Taxation Reasons), will be read accordingly. 
  

	6.	 COVENANTS OF THE ISSUER RELATING TO THE DEED POLL EXCHANGE RIGHTS 

So long as any Bond remains outstanding, save with the approval of an Extraordinary Resolution of the Bondholders, the Issuer will: 

 

	 	(a)	 Exchange 

not, and will procure VFSG not to, issue any VFSG Shares or instruments convertible or exchangeable into VFSG Shares, or implement any action
that would give rise to an adjustment to the Deed Poll Exchange Rate under the Deed Poll, without first ensuring the share capital of VFSG will allow or will be set to a level which will allow for the completion of that issue, conversion of those
instruments or the implementation of that event (as the case may be) and the exchange of the Bonds for VFSG Shares under clause 3 (Exchange) of the Deed Poll; 

  
 15 

	 	(b)	 Foreign Investors 

not, and will procure VFSG not to, issue any VFSG Shares or instruments convertible or exchangeable into VFSG Shares to foreign investors if
this would prevent the exchange of the Bonds for VFSG Shares pursuant to clause 3 (Exchange) of the Deed Poll from occurring (assuming, in the case of any instruments exchangeable for VFSG Shares, that these are exchanged before the Bonds to
the extent possible in accordance with their terms); and 
  

	 	(c)	 Closing of Register 

unless so required by Applicable Law or the Constitution of VFSG or in order to establish a dividend or other rights attaching to the VFSG
Shares, procure VFSG not to close its register of shareholders of VFSG or take any other action which prevents the transfer of VFSG Shares generally nor take any action which prevents the exchange of the Bonds for VFSG Shares under clause 3
(Exchange) of the Deed Poll, otherwise than in accordance with the Conditions and the Deed Poll. 
  

	7.	 NOTICES RELATING TO THE DEED POLL 

The Issuer will as soon as practicable cause to be published any notices required to be given by VFSG in accordance with the Deed Poll. 

 

	8.	 NOTICES RELATING TO THE EXCHANGE RIGHTS 

If after the date of this Trust Deed there is a voluntary or involuntary dissolution, liquidation or winding up of the Issuer, VFSG or VFVN,
the Issuer shall as soon as practicable thereafter give written notice thereof to the Trustee and the Principal Agent. 
  

	9.	 ADJUSTMENTS TO THE EXCHANGE PROPERTY 

 

	9.1	 Adjustments to the Exchange Property 

The Exchange Property will be subject to adjustments in accordance with Condition 6(c)(ii) (Adjustments to Exchange Property). 

 

	9.2	 More than One Event in Quick Succession 

Where more than one event which gives or may give rise to an adjustment to the Exchange Property occurs within such a short period of time that
in the opinion of the Issuer and notified in writing to the Trustee, the Principal Agent and the Exchange Agent, the foregoing provisions would need to be operated subject to some modification in order to give the intended result, such modification
shall be made to the foregoing provisions as may be in the opinion of the Issuer appropriate for that purpose to give such intended result. 

  
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	9.3	 Post Record Date Adjustments 

If the Exchange Date in relation to any Bond shall be after the record date for any such issue, distribution, grant, offer or other event as
gives rise to an adjustment of the Exchange Property pursuant to Condition 6 (Exchange) (other than the payment of any Dividend or other distribution in respect of the Exchange Property in respect of which the Issuer is required to pay to the
exchanging Bondholder an Equivalent Amount), or such record date falls after the Exchange Date upon the relevant adjustment becoming effective, the Issuer shall comply with the provisions of Condition 6(b)(iii) (Exchange Procedures and Corporate
and Regulatory Approvals). 
  

	9.4	 No Duty to Monitor 

None of the Trustee [***] or the Agents shall be under any duty to monitor whether any event or circumstance has happened or exists which may
require or may lead to an adjustment to be made to the Exchange Property or be under any obligation to make or perform or assist in the making or performance of any calculation or determination (or verify any calculation or determination) in
connection with the Exchange Property or any adjustment thereto and none of them will be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG [***] or any other person for any loss arising from any failure by it to do so. 

 

	10.	 ADJUSTMENTS TO THE DEED POLL EXCHANGE RATE 

 

	10.1	 Adjustments to the Deed Poll Exchange Rate 

The Deed Poll Exchange Rate will be subject to adjustments in accordance with clauses 3.3 (Adjustments to Exchange Rate—Pre-Liquidity Event) and 3.4 (Adjustments to Exchange Rate—Post-Liquidity Event) of the Deed Poll. 
  

	10.2	 Post Record Date Adjustments 

If the Deed Poll Exchange Date in relation to any Bond shall be after the record date for any such issue, distribution, grant, offer or other
event as gives rise to an adjustment of the Deed Poll Exchange Rate pursuant to the Deed Poll (other than the payment of any dividend or other distribution in respect of the VFSG Shares in respect of which the Issuer is required to pay or procure
the payment to the exchanging Bondholder a Deed Poll Equivalent Amount), or such record date falls after the Deed Poll Exchange Date but before the earlier of the Deed Poll Registration Date and the Deed Poll Exchange Settlement Deadline, as the
case may be, upon the relevant adjustment becoming effective, the Issuer shall procure that VFSG complies with the provisions of clause 3.2.3 (Corporate and Regulatory Approvals) of the Deed Poll. 

 

	10.3	 No Duty to Monitor 

None of the Trustee, [***] or the Agents shall be under any duty to monitor whether any event or circumstance has happened or exists which may
require or may lead to an adjustment to be made to the Deed Poll Exchange Rate or be under any obligation to make or perform or assist in the making or performance of any calculation or determination (or verify any calculation or determination) in
connection with the Deed Poll Exchange Rate or any adjustment thereto and none of them will be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG [***] or any other person for any loss arising from any failure by it to do so. 

  
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	11.	 CONSOLIDATION, AMALGAMATION OR MERGER 

The Issuer will not consolidate with, merge or amalgamate into or transfer its assets substantially as an entirety to any corporation or convey
or transfer its properties and assets substantially as an entirety to any person (the consummation of any such event, a “Merger”), unless: 
  

	 	(a)	 the corporation formed by such Merger or the person that acquired such properties and assets shall expressly
assume, by a supplemental trust deed, all obligations of the Issuer under this Trust Deed and the performance of every covenant and agreement applicable to it contained herein; 

 

	 	(b)	 immediately after giving effect to any such Merger, no Event of Default shall have occurred or be continuing or
would result therefrom; and 

  

	 	(c)	 the corporation formed by such Merger, or the person that acquired such properties and assets, shall expressly
agree, among other things, to indemnify each holder of a Bond against any Tax, assessment or governmental charge payable by withholding or deduction thereafter imposed on such holder solely as a consequence of such Merger with respect to the payment
of principal, interest and other amounts on the Bonds. 

  

	12.	 APPLICATION OF MONEYS RECEIVED BY THE TRUSTEE 

 

	12.1	 Order of Application 

All moneys received or recovered by the Trustee in respect of the Bonds or amounts payable under this Trust Deed, [***] will, despite any
appropriation of all or part of them by the Issuer, be held by the Trustee upon trust to apply them (subject to Clause 12.2 (Accumulation), and without double recovery [***]): 

 

	 	(a)	 firstly, in payment or satisfaction of all fees, all costs, charges and expenses properly incurred and
all liabilities, indemnity payments and other amounts incurred by or payable or owing to the Trustee [***] and unpaid (including remuneration payable to the Trustee [***] and to any Appointee of the Trustee [***] in performance of their respective
functions and duties and/or exercising their rights, powers, authority and discretions under and in connection with this Trust Deed, the Bonds and the other Transaction Documents (which for the avoidance of doubt includes the fees, costs, charges,
expenses and liabilities of and all other amounts payable to any such Appointee and to the Agents for so long as they are acting as agents of the Trustee); 

  

	 	(b)	 secondly, in payment of any amounts owing in respect of the Bonds (including principal, premium (if any)
and interest) pari passu and rateably; 

  

	 	(c)	 thirdly, in payment or satisfaction of all fees, all costs, charges and expenses properly incurred and
all liabilities, indemnity payments and other amounts incurred by or payable or owing to the Agents (including all remuneration payable to each Agent) in carrying out its duties, discretions or functions and/or exercising its rights, powers and
discretions under or in connection with the Agency Agreement or in connection with the Bonds (if any) but unpaid; and 

  
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	 	(d)	 fourthly, in payment of the balance (if any) to the Issuer for itself. 

If the Trustee holds any moneys which represent principal or interest or other sums in respect of Bonds which have become void or in respect of
which claims have become prescribed under Condition 11 (Prescription), the Trustee will hold them upon the trusts set out in this Clause 12.1. Any payment to the Issuer shall be made without prejudice to any question as to how such moneys
shall be dealt with as between the Issuer and any other person or persons for the time being entitled thereto in priority to the Issuer, and the Trustee shall be under no liability whatsoever for any such payment by the Issuer. 

 

	12.2	 Accumulation 

If the amount of the moneys at any time available for payment in respect of the Bonds under Clause 12.1 (Order of Application) is less
than 10 per cent. of the principal amount of the Bonds then outstanding, the Trustee may, at its sole discretion but shall be under no obligation to deposit such moneys into an account (and for the avoidance of doubt, the Trustee shall not be
required to obtain best rates or exercise any other form of investment discretion with respect to such deposits or be responsible for any loss occasioned by such deposits, and it is acknowledged that, if the account is interest bearing, such account
may result in negative interest rates applying) in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may in its sole discretion think fit and not for purposes of generating
income. The Trustee may at its discretion retain such deposits and accumulate the resulting income until the deposits and the accumulations, together with any other funds for the time being under its control and available for such payment, amount to
at least 10 per cent. of the principal amount of the Bonds then outstanding and then such deposits, accumulations and funds (after deduction of, or provision for, any applicable Taxes) will be applied as specified in Clause 12.1 (Order of
Application). 
  

	12.3	 Deposits 

Moneys held by the Trustee may be placed on deposit in an account in its name or under its control at such bank or other financial institution
and in such currency as the Trustee may, in its absolute discretion, think fit. If that bank or institution is the Trustee or a subsidiary, holding or associated company of the Trustee, it need only account for an amount of interest equal to the
standard amount of interest payable by it on such a deposit to an independent customer. The Trustee may at any time vary or transpose any such deposit or assets or convert any moneys so deposited into any other currency, and will not be responsible
or liable for any resulting loss, whether by depreciation in value, negative or zero interest rates, change in exchange rates or otherwise and it shall not be liable for obtaining a return thereon which is less than the return which may have been
obtained if the relevant deposit was made in another form and/ or with another bank or institution. 

  
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 The Trustee shall not be obliged to pay any moneys as contemplated by Clause 12.1 (Order
of Application) or to pay any other amounts in respect of the Bonds until such time as such moneys or amounts have been actually received by the Trustee in cleared and immediately available funds or are, to the satisfaction of the Trustee, held
by another person to the Trustee’s order. 
  

	13.	 GENERAL COVENANTS 

So long as any Bond is outstanding, the Issuer will: 
  

	 	(a)	 Comply with Provisions 

comply with and perform and observe all the provisions of this Trust Deed and the other Transaction Documents which are expressed to be binding
on it, and comply with and perform and observe all the provisions of the Conditions which shall be binding on each of the Issuer and the Bondholders. The provisions contained in Schedule 3 (Provisions for Meetings of Bondholders) hereto shall
have effect in the same manner as if herein set out; 
 The obligations of the Issuer under this Trust Deed, the Bonds and the other
Transaction Documents are all continuing, absolute and unconditional and will remain in full force and effect and will not be amended, released, suspended, discharged, terminated, impaired or otherwise affected by any act, omission, circumstance,
occurrence, matter or thing whatsoever (including any change in circumstances as contemplated by any applicable law) unless otherwise agreed by the Trustee, the Bondholders or contemplated under this Trust Deed, the Bonds and/or the other
Transaction Documents, as the case may be. 
  

	 	(b)	 Books of Account 

keep, and procure that its Principal Subsidiaries keep, proper books of account and, so far as permitted by Applicable Law, allow, and procure
that each of its Principal Subsidiaries will allow, the Trustee and anyone appointed by it access to the books of account of the Issuer and/or the relevant Principal Subsidiary respectively at all reasonable times during normal business hours; 

 

	 	(c)	 Notice of Events of Default  

notify the Trustee in writing immediately on becoming aware of the occurrence of any Event of Default or Potential Event of Default or breach
of any undertaking under Condition 10 (Events of Default) without waiting for the Trustee to take any further action; 
  

	 	(d)	 Information 

(i) unless prohibited by Applicable Law, give or procure to be given to the Trustee such opinions, certificates, information and evidence as it
shall properly require and in such form as it shall properly require (including without limitation the procurement by the Issuer of all such certificates called for by the Trustee pursuant to Clause 15(d) (Certificate signed by Authorised
Signatories)) for the purpose of the discharge or exercise of the duties, trusts, powers, authorities and discretions vested in it under this Trust Deed, the Bonds or any other Transaction Document or by operation of law; and (ii) deliver
to the Trustee a copy of each document the Issuer files with the Vietnamese Ministry of Finance or the State Bank of Vietnam in relation to the Bonds; 

  
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	 	(e)	 Financial Statements etc. 

send to the Trustee at the time of their issue and in the case of the consolidated audited annual financial statements of the Issuer in any
event within [***] days of the end of each calendar year, copies in English of each set of its consolidated audited annual financial statements of the Issuer and, if the Trustee so requests, within [***] days of any such request any report or other
notice, statement or circular issued, to the members or creditors (or any class of them) of the Issuer generally in their capacity as such; 
  

	 	(f)	 Information Material to Bondholders 

send to the Trustee one copy or translation, in each case in the English language, of all notices, statements and documents which are issued to
the holders of its shares or its creditors generally as soon as practicable (but not later than [***] days) after their date of issue and make available to the Agents (without cost to the Agents) as many further copies or translations as they may
request in order to satisfy requests from Bondholders for them; 
  

	 	(g)	 Other Information 

send to the Trustee together with the consolidated audited annual financial statements referred to in Clause 13(e) (Financial Statements
etc.) (i) a list in the English language of all documents issued, during or in respect of the relevant annual Fiscal Period, by the Issuer to its shareholders generally, which list shall indicate the principal subject of each of such
documents, and (if the Trustee so requires at any time) provide a certified copy or translation, in each case in the English language, of any document described in such list within [***] days after being requested so to do; and (ii) such other
information concerning the Issuer as the Trustee may in its discretion request; 
  

	 	(h)	 Financial Statements Certificate 

send to the Trustee, at the same time as its consolidated audited annual financial statements being provided pursuant to Clause 13(e)
(Financial Statements etc.) above, and also within [***] days after any request by the Trustee a Financial Statements Certificate signed by any two Directors, each of whom is an Authorised Signatory, on behalf of the Issuer to the
effect that, having made all reasonable enquiries, to the best of the knowledge, information and belief of the Issuer as at a date (the “Certification Date”) being not more than [***] days before the date of the certificate: 

 

	 	(i)	 no Event of Default or Potential Event of Default or other breach of this Trust Deed had occurred since the
date of this Trust Deed or the Certification Date of the last such certificate (if any) or, if such an event had occurred, giving details of it; and 

  
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	 	(ii)	 the Issuer has complied with all its covenants and obligations under this Trust Deed and the other Transaction
Documents (or, in the case of any non-compliance, giving details thereof) and that there has been no change in the laws or regulations of Vietnam affecting the exchange of the Bonds; 

 

	 	(i)	 Notices to Bondholders 

send to the Trustee at least [***] days (or such lesser time as agreed between the Issuer and the Trustee) prior to the date of publication, a
copy of the form of each notice to be given to Bondholders pursuant to the Conditions for the Trustee’s approval and once given, one copy of each such notice. The failure of the Trustee to provide its approval shall not preclude the Issuer from
giving any notice required by the Conditions, applicable law or regulation. For the avoidance of doubt, the Trustee shall not be concerned with, nor shall it be obliged or required to enquire into, the sufficiency or accuracy of the contents of such
notices and shall not be liable to the Issuer, the Bondholders or any other person for the contents of such notices or for any such approval by the Trustee or for compliance with the requirements of any relevant clearing system or stock exchange;

  

	 	(j)	 Further Acts 

so far as permitted by applicable law, do all such further things as may be necessary in the opinion of the Trustee to give effect to this
Trust Deed, the Bonds and each other Transaction Document; 
  

	 	(k)	 Notice of late payment 

forthwith upon request by the Trustee give notice to the Bondholders of any unconditional payment to the Principal Agent or the Trustee of any
sum due in respect of the Bonds made after the due date for such payment; 
  

	 	(l)	 Change in Agents 

give at least [***] days’ prior notice to the Bondholders of any future appointment, resignation or removal of the Registrar or of any
other Agent or of any change by the Registrar or by any other Agent of its specified office and not make any such appointment or removal without the Trustee’s prior written approval, provided that no Registrar in the United Kingdom may
be appointed at any time; 
  

	 	(m)	 Notices 

give prior notice to the Trustee of, without limitation: 
  

	 	(i)	 any proposed early redemption pursuant to Condition 8(c) (Redemption for Taxation Reasons), Condition
8(d) (Redemption at the Option of the Issuer – Bondholder Change of Control) and Condition 8(e) (Redemption at the Option of the Issuer); 

  
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	 	(ii)	 any Relevant Event pursuant to Condition 8(i) (Redemption for Relevant Event); and

  

	 	(iii)	 any Change of Control pursuant to Condition 8(f) (Redemption at the Option of the Bondholders –
Change of Control). 

 Neither the Trustee nor the Agents shall be responsible for determining or verifying whether a
Bond is to be accepted for redemption under Condition 8(c) (Redemption for Taxation Reasons), Condition 8(d) (Redemption at the Option of the Issuer – Bondholder Change of Control), Condition 8(e) (Redemption at the Option of
the Issuer), Condition 8(i) (Redemption for Relevant Event) or Condition 8(f) (Redemption at the Option of the Bondholders – Change of Control) and none of them shall be responsible or liable to the Bondholders or any other
person for any loss arising from any failure to do so; 
  

	 	(n)	 Bonds held by the Issuer etc. 

send to the Trustee as soon as practicable (and in any event no later than [***] days) after being so requested by the Trustee a certificate
signed by any two of the Directors, each of whom are Authorised Signatories, stating the principal amount of Bonds which are beneficially held by, or are held on behalf of, the Issuer, VFSG, VFVN, [***] or any of their respective Subsidiaries at the
date of such certificate and not yet cancelled; 
  

	 	(o)	 Notification of Delisting 

on or after the occurrence of a Qualifying Liquidity Event, in the event that the VFSG Shares cease to be listed or quoted on NYSE or NASDAQ
(or any of their respective successors), notify the holders of the Bonds, the Trustee and the Principal Agent in accordance with the Conditions; 
  

	 	(p)	 Register  

deliver or procure the delivery to the Trustee of an up-to-date
copy of the Register in respect of the Bonds, certified as being a true, accurate and complete copy, at such times as the Trustee may require; 
  

	 	(q)	 Compliance 

comply with and perform and observe all the provisions of the Bonds and the Conditions which are expressed to be binding on it. The Conditions
shall be binding on the Issuer, and the holders of the Bonds; 
  

	 	(r)	 Jurisdiction 

ensure that it shall not become domiciled or resident in, or subject generally to the taxing authority of, any jurisdiction (other than
Vietnam) unless the Issuer would not thereafter be required pursuant to then current laws and regulations to withhold or deduct for or on account of any present or future Taxes, duties, assessments or governmental charges of whatever nature imposed
or levied by or on behalf of such jurisdiction or any political subdivision thereof or therein having power to tax or otherwise governing tax matters in respect of any payment on or in respect of the Bonds; and 

  
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	 	(s)	 Copies of the Deed Poll 

deliver to the Trustee (i) a copy of the executed Deed Poll on the Closing Date, and (ii) if the Deed Poll is amended, a copy of the
amended Deed Poll as soon as reasonably practicable after the date of such amendment of the Deed Poll. 
  

	14.	 REMUNERATION AND INDEMNIFICATION OF THE TRUSTEE 

 

	14.1	 Normal Remuneration 

So long as any Bond remains outstanding, the Issuer shall pay to the Trustee as remuneration for its services as Trustee such sum on such dates
in each case as they may from time to time agree in writing. Such remuneration will accrue from day to day from the date of this Trust Deed and be payable in priority to payments to Bondholders. However, if any payment to a Bondholder of moneys due
in respect of any Bond or delivery of the Exchange Property on exchange of a Bond is improperly withheld or refused by the Issuer, such remuneration will again accrue as from the date of such withholding or refusal until payment or delivery to such
Bondholder or the Trustee is duly made. 
  

	14.2	 Extra Remuneration 

At any time after the occurrence of an Event of Default or a Potential Event of Default, or if the Trustee is notified that such an event has
occurred, the Issuer shall pay the Trustee additional remuneration calculated at its normal hourly rates in force from time to time. In any other case, if the Trustee finds it expedient in the interests of Bondholders or necessary, or is requested
by the Issuer to undertake duties which the Trustee considers to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed and/or any other Transaction Document, the Issuer shall pay such
additional remuneration (which may be calculated by reference to the normal hourly rates of the Trustee in force from time to time) as may be agreed between them or, failing agreement as to any of the matters in this sentence, as determined by a
person (acting as an expert and not as an arbitrator) selected by the Trustee and approved by the Issuer or, failing such approval, nominated by the President for the time being of The Law Society of England and Wales. The expenses involved in such
selection and approval and the fee of any such person will be borne by the Issuer. The determination of any such person will, in the absence of manifest error, be conclusive and binding on the Issuer, the Trustee and the Bondholders 

 

	14.3	 Expenses 

The Issuer shall also on demand pay or discharge all costs, charges and expenses properly incurred by the Trustee (together with documentary
evidence of such costs, charges and expenses) and liabilities incurred by the Trustee in relation to the preparation and execution of this Trust Deed and the performance of its functions under this Trust Deed including, but not limited to, legal and
travelling expenses and any stamp, capital, documentary, registration, value added tax or other taxes or duties paid by the Trustee in connection with any legal proceedings properly brought or contemplated by the Trustee against the Issuer to
enforce any provision of this Trust Deed, the Agency Agreement or the Bonds. Such costs, charges and expenses will: 

  
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	 	(a)	 in the case of payments made by the Trustee before it demands payment from the Issuer carry interest from the
date of such demand which shall accrue at the rate of two per cent. per annum above the Trustee’s costs of funds on the date which the Trustee made such payments, as notified by the Trustee; and 

 

	 	(b)	 in other cases, carry interest at such rate from [***] days after the date of the demand or (where the demand
specifies that payment is to be made on an earlier date) from such earlier date. 

  

	14.4	 Indemnity 

Subject to Clause 16 (Trustee Liable for Negligence), without prejudice to the right of indemnity given by law to trustees, the Issuer
shall indemnify the Trustee, its directors, officers, employees and Appointees (each an “indemnified party”) on demand on an after tax basis against all costs, fees, expenses and disbursements (including without limitation the costs
and expenses of legal advisers and other experts) properly incurred (and supported by documentary evidence) and all losses, liabilities, actions, proceedings, claims, demands and damages whatsoever which may be suffered or brought against or may be
incurred by such indemnified party (all such costs, fees, expenses, disbursements, losses, liabilities, actions, proceedings, claims, demands and damages whatsoever, collectively “Losses”) as a result of or in connection with
(a) their appointment or involvement hereunder and/or under each other Transaction Document or the exercise or non-exercise of any of their powers or duties hereunder or thereunder or under the Bonds or
the taking of any acts in accordance with or as contemplated in the terms of this Trust Deed, the Bonds, each other Transaction Document or its usual practice; or (b) any instruction, certificate, communication, direction or other document
(however sent or delivered) upon which the Trustee may rely under this Trust Deed, any other Transaction Document and/or the Bonds, as well as the costs and expenses properly incurred and any stamp, issue, registration, documentary, transfer or
other taxes, duties, assessments or governmental charges payable by an indemnified party to enforce the Issuer’s obligations under this Trust Deed, any other Transaction Document or the Bonds or in defending itself against or investigating any
claim or liability with respect of the foregoing, provided that this indemnity shall not apply in respect of an indemnified party to the extent that a court of competent jurisdiction (or arbitral tribunal in accordance with Clause 27 (Dispute
Resolution)) determines that any such Losses incurred or suffered by or brought against such indemnified party arises directly from such indemnified party’s own gross negligence, wilful default or fraud. The Contracts (Rights of Third
Parties) Act 2001 of Singapore applies to this Clause 14.4. 
 Notwithstanding Clause 14.3 (Expenses), all amounts payable pursuant to
this Clause 14.4 shall be payable by the Issuer on the date specified in a demand by the Trustee and in the case of payments actually made by the Trustee prior to such demand (if not paid within [***] days after such demand) shall carry interest at
the rate of one per cent. per annum above the Trustee’s cost of funding from the date such demand is made, and in all other cases shall (if not paid within [***] days after the date of such demand or, if such demand specifies that payment is to
be made on an earlier date, on such earlier date) carry interest at such rate from such [***] day or such other date specified in such demand. All remuneration payable to the Trustee shall carry interest at such rate from the due date therefor. A
certificate from the Trustee as to its cost of funding at any particular time or during any particular period shall be conclusive and binding save in the case of manifest error. 

  
 25 

	14.5	 Taxes 

The Issuer hereby further undertakes to the Trustee that all moneys payable by the Issuer or any other indemnified party under this Clause 14
shall be made without set-off or counterclaim and free and clear of and without deduction or withholding for and on account of any present or future taxes, duties, assessments or governmental charges of
whatever nature imposed, levied, collected, withheld or assessed by or in any jurisdiction or any political subdivision thereof or by an authority thereof or therein having power to tax, unless any such deduction or withholding is required by
Applicable Law, in which event the Issuer will pay such additional amounts as will result in the receipt by the Trustee or, as the case may be, such other indemnified party of the amounts which would otherwise have been received by or payable by the
Issuer to the Trustee or, as the case may be, such other indemnified party under this Clause 14 in the absence of any such set-off, counterclaim, deduction or withholding. 

 

	14.6	 Continuing Effect 

Clauses 14.3 (Expenses), 14.4 (Indemnity) and 14.5 (Taxes) will continue in full force and effect notwithstanding the
resignation or removal of the Trustee and/or the Bonds are no longer outstanding and/or this Trust Deed has been discharged. 
  

	15.	 PROVISIONS SUPPLEMENTAL TO THE TRUSTEES ACT 

By way of supplement to the Trustees Act 1967 of Singapore it is expressly declared as follows: 

 

	 	(a)	 Advice 

The Trustee may rely conclusively and act, or not act, as the case may be, on the report, opinion or advice of, or information obtained from,
any lawyer, valuer, accountant, broker or other expert (including the Auditors), whether obtained by or addressed to the Issuer, the Trustee, the Principal Agent or otherwise, and notwithstanding any monetary or other limit on liability or limits
the scope and/or basis of such report, opinion, advice or information in respect thereof. The Trustee will not be responsible to anyone for any loss occasioned by so acting or not acting. Any such opinion, advice or information may be sent or
obtained by letter, fax or electronic mail and the Trustee will not be liable to anyone for acting, or not acting on any opinion, advice or information purporting to be conveyed by such means, notwithstanding any limitation on liability (monetary or
otherwise) in relation to such person’s report, opinion, advice or information and even if it contains some error or is not authentic. 

  
 26 

	 	(b)	 Trustee to Assume Performance 

The Trustee need not notify anyone of the execution of this Trust Deed, the Agency Agreement or any other Transaction Document or do anything
to find out if an Event of Default or Potential Event of Default has occurred. Until any Responsible Officer has received express notice in writing from the Issuer to the contrary, the Trustee may assume that no such event has occurred and that the
Issuer [***] is performing all its obligations under this Trust Deed, the other Transaction Documents and the Bonds and the Trustee shall not be liable to the Issuer, [***] the Bondholders or any other person for doing so. The Trustee shall not be
responsible for the performance of any of the above persons or any other person appointed by them under or in relation to the Bonds. 
  

	 	(c)	 Resolutions of Bondholders 

The Trustee will not be responsible or liable to any person for having acted on any resolution purporting (i) to have been passed at a
meeting of Bondholders in respect of which minutes have been made and signed or (ii) to be a Written Resolution, even if it is later found that there was a defect in the constitution of the meeting or the passing of the resolution or, in the
case of a resolution purporting to have been signed by or on behalf of holders of not less than 90 per cent. in principal amount of the Bonds, that not all such Bondholders signed the resolution or that for any reason the resolution was not
valid or binding on the Bondholders. 
  

	 	(d)	 Certificate signed by Authorised Signatories 

If the Trustee, in the exercise of its functions, obligations, rights, powers, authorities and/or discretions under this Trust Deed, the other
Transaction Document and the Bonds or any other document to which the Trustee is a party in its capacity as such, requires to be satisfied or to have information as to any fact or the expediency of any act, it may call for and accept as sufficient
evidence of that fact or the expediency of that act a certificate signed by any Director who is also an Authorised Signatory as to that fact or to the effect that, in their opinion, that act is expedient and the Trustee need not call for further
evidence and will not be responsible or liable to any Bondholder or any other person for any loss occasioned by acting or relying on such a certificate. 
  

	 	(e)	 Deposit of Documents 

The Trustee may appoint as custodian, on any terms, any bank or entity whose business includes the safe custody of documents or any lawyer or
firm of lawyers and may deposit this Trust Deed and any other documents with such custodian and pay all sums due in respect thereof, and the Trustee shall not be responsible for, or required to insure against, any loss incurred in connection with
such deposit. 

  
 27 

	 	(f)	 Discretion 

The Trustee will have absolute and uncontrolled discretion as to the exercise of its functions, powers, trusts, authorities and discretions
vested in it pursuant to the terms of this Trust Deed, the other Transaction Documents and the Conditions and will not be responsible or liable for any loss, liability, cost, claim, action, demand, expense or inconvenience which may result from
their exercise or non-exercise. Whenever in this Trust Deed, the other Transaction Documents or by law, the Trustee shall have discretion or permissive power, it may decline to exercise the same in the absence
of directions, instructions or approval by the Bondholders. Notwithstanding any other provision of this Trust Deed and/or the other Transaction Documents, the Trustee shall not be bound to act at the request, instruction or direction of the
Bondholders or otherwise under any provision of this Trust Deed and/or any of the other Transaction Documents or to take at such request, instruction or direction or otherwise any other action under any provision of this Trust Deed and/or any of the
other Transaction Documents, unless it shall first be indemnified and/or secured and/or pre-funded to its satisfaction against all liabilities to which it may render itself liable or which it may incur by so
doing. 
  

	 	(g)	 Agents 

Whenever it considers it expedient in the interests of the Bondholders, the Trustee may, in the conduct of its trust business, without the
permission of any other person, instead of acting personally, employ and pay any agent selected by it (at the expense of the Issuer), whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or
conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money). 
  

	 	(h)	 Delegation 

Whenever it considers it expedient in the interests of the Bondholders, the Trustee may, without the permission of any other person, delegate
(at the expense of the Issuer) to any person or persons or fluctuating body of persons (whether being a joint trustee of this Trust Deed or not), all or any of the trusts, powers, authorities and discretions vested in it by this Trust Deed and/or
any of the other Transaction Documents on any terms (including power to sub-delegate) all or any of its functions. 

Whenever it considers it expedient in the interests of the Bondholders, the Trustee may delegate to any person selected by it on any terms
(including power to sub-delegate) all or any of its functions. 
  

	 	(i)	 Custodians and Nominees 

In relation to any asset held by it under this Trust Deed and/or any of the other Transaction Documents, the Trustee may, without the
permission of any other person, appoint (at the expense of the Issuer) any person selected by it to act as its custodian or nominee on any terms. 
  

	 	(j)	 Forged Bonds 

The Trustee will not be liable to the Issuer, any Bondholder or any other person by reason of having accepted as valid or not having rejected
any Certificate or any entry on the Register purporting to be such and later found to be forged or not authentic, nor shall it be liable for any action taken or omitted to be taken in reliance on any document, certificate or communication believed
by it to be genuine and to have been presented or signed by the proper person or persons. 

  
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	 	(k)	 Confidentiality 

Unless ordered to do so by a court of competent jurisdiction or as required by Applicable Law, the Trustee shall not be required to disclose to
any Bondholder or any other person any confidential financial or other information made available to the Trustee by the Issuer [***], and no Bondholder or any other person shall be entitled to take any action to obtain from the Trustee any such
information. 
  

	 	(l)	 Determinations Conclusive 

As between itself and the Bondholders the Trustee may determine all questions and doubts arising in relation to any of the provisions of this
Trust Deed and/or any of the other Transaction Documents. Such determinations, whether made upon such a question actually raised or implied in the acts or proceedings of the Trustee, will be conclusive and shall bind the Trustee and the Bondholders.

  

	 	(m)	 Currency Conversion 

Save as provided in the Conditions, where it is necessary or desirable to convert any sum from one currency to another, it will (unless
otherwise provided in this Trust Deed and/or in any of the other Transaction Documents or required by law) be converted at such rate or rates, in accordance with such method and as at such date as may be specified by the Trustee but having regard to
current rates of exchange, if available. Any rate, method and date so specified will be binding on the Issuer, VFVN, VFSG, [***] the Bondholders and each other person. 
  

	 	(n)	 Payment for and Delivery of Bonds 

The Trustee will not be responsible for the receipt or application by the Issuer of the proceeds of the issue of the Bonds, any exchange or
transfer of Bonds or the delivery of Bonds to the persons entitled to them. 
  

	 	(o)	 Exchange Property 

The Trustee shall have no duty or responsibility to determine whether facts exist which may require an adjustment of the Exchange Property or
to determine the nature or extent of any such adjustment when made or the method used or to be used in making it. 
  

	 	(p)	 The VFVN Shares 

The Trustee shall have no duty or responsibility at any time in respect of the validity or value (or the kind or amount) of the VFVN Shares
[***] or any other property which may at any time be issued or delivered on the exchange of any Bonds or the sale or other disposal of any VFVN Shares [***]. The Trustee shall not be responsible or liable to any person for any failure of the Issuer
to make available or deliver any VFVN Shares [***], share certificates or any other securities or property or make any payment on the exercise of any Exchange Right. 

  
 29 

	 	(q)	 The Deed Poll 

The Trustee shall have no duty or responsibility to review copies of the Deed Poll or any amended Deed Poll as provided to it under Clause
13(s) (Copies of the Deed Poll) and may assume without enquiry that the Deed Poll or any amended Deed Poll is complete and has not been amended unless notified in writing by the Issuer. The Trustee shall not be responsible or liable to any
person for any failure to review copies of the Deed Poll or amended Deed Poll as provided to it under Clause 13(s) (Copies of the Deed Poll). 
  

	 	(r)	 Responsibility 

The Trustee assumes no responsibility for the correctness of Recital (A) to this Trust Deed which shall be taken as a statement by the
Issuer, nor shall the Trustee by the execution of this Trust Deed and/or any of the other Transaction Documents be deemed to make any representation as to the validity, sufficiency or enforceability of the Bonds. 

Other than obligations expressly imposed upon the Trustee under the Transaction Documents, the Trustee shall not be responsible for the
execution, delivery, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of, or for any matter or thing done or omitted in any way in connection with or in relation to, this Trust Deed, any of the
other Transaction Documents or any other document relating hereto or thereto, any licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility
in evidence of this Trust Deed, any of the other Transaction Documents or any other document relating hereto or thereto. 
 [***]. 

 

	 	(s)	 Acceleration and/or Enforcement 

The Trustee may at its discretion, but shall not be under any obligation to, declare the Bonds immediately due and payable under Condition 10
(Events of Default) and/or take steps and/or actions and/or proceedings against the Issuer to enforce payment of the Bonds after the Bonds have become due and payable, provided that the Trustee shall not be under any obligation to do
any of the foregoing unless it shall have been so requested in writing by the holders of not less than 25 per cent. in aggregate principal amount of the Bonds then outstanding or shall have been so directed by an Extraordinary Resolution of the
Bondholders and, in any such case, it shall have been indemnified and/or secured and/or pre-funded to its satisfaction in respect of all losses, costs, claims, liabilities, actions, proceedings, penalties,
damages, fees disbursements and expenses to which, in its opinion, it may render itself liable or which it may incur by so doing. No Bondholder will be entitled to proceed directly against the Issuer unless the Trustee, having become bound to do so,
fails to do so within a reasonable period and such failure shall be continuing. 

  
 30 

 The Trustee shall be entitled to enforce the obligations of the Issuer under the Bonds and
the Conditions as if the same were set out and contained in this Trust Deed which shall be read and construed as one document with the Bonds. 
  

	 	(t)	 Satisfaction of Trustee in Condition 8(c) 

For the purposes of Condition 8(c) (Redemption for Taxation Reasons), the Trustee shall be entitled (but not obliged) to accept that the
Issuer will be obliged to pay additional amounts as provided in that Condition by the delivery to it of: 
  

	 	(i)	 a certificate in English signed by two Directors, each of whom are Authorised Signatories, as described in
Condition 8(c) (Redemption for Taxation Reasons); and 

  

	 	(ii)	 an opinion of independent legal or tax advisors of recognised international standing acceptable to the Trustee
to the effect that such amendment or change has occurred and that the Issuer has been or will be obliged to pay such Additional Tax Amounts as a result thereof (irrespective of whether such amendment or change is then effective).

  

	 	(u)	 Consolidation, amalgamation etc. 

The Trustee shall not be responsible for any consolidation, amalgamation, merger, reconstruction or scheme of the Issuer, VFVN, VFSG, [***] or
any sale or transfer of all or substantially all of the assets of the Issuer, VFVN, VFSG, [***] or the form or substance of any plan relating thereto or the consequences thereof to any Bondholder or any other person. 

 

	 	(v)	 Bonds and documents 

The Trustee shall not be liable to the Issuer, any Bondholder or any other person if without fraud, gross negligence or wilful default on its
part it has accepted as valid or has not rejected any Bonds purporting to be such and subsequently found to be forged or not authentic, nor shall it be liable for any action taken or omitted to be taken in reliance on any document, certificate or
communication believed by it to be genuine and to have been presented or signed by the proper person or persons, and shall not have any responsibility to verify or confirm that the person giving the same is duly authorised to do so. 

 

	 	(w)	 Consent 

Any consent to be given by the Trustee for the purposes of this Trust Deed and/or any of the other Transaction Documents or any other document
relating hereto or thereto may be given on such terms and subject to such conditions (if any) as the Trustee thinks fit and notwithstanding anything to the contrary in this Trust Deed, such other Transaction Document or any other document relating
hereto or thereto may be given retrospectively. 

  
 31 

	 	(x)	 Bonds held by the Issuer etc. 

In the absence of express notice in writing to the contrary, the Trustee may assume without enquiry (other than requesting a certificate under
Clause 13(n) (Bonds held by the Issuer etc.)) that no Bonds are for the time being held beneficially by or on behalf of the Issuer, VFVN, VFSG, [***] or any of their respective Subsidiaries. 

 

	 	(y)	 Responsibility for agents etc. 

If the Trustee exercises due care in selecting any custodian, agent, delegate or nominee appointed as contemplated in this Trust Deed (each, an
“Appointee”), it will not have any obligation to supervise or monitor the Appointee or to insure against any liability or be responsible or liable for any loss, liability, cost, claim, action, demand or expense incurred by reason of
the Appointee’s act, omission, misconduct, negligence, fraud or default or the act, omission, misconduct, negligence, fraud or default of any substitute appointed by the Appointee. 

 

	 	(z)	 Error of Judgment 

The Trustee shall not be liable for any error of judgment made by any Responsible Officer of the Trustee assigned by the Trustee to administer
its corporate trust matters. 
  

	 	(aa)	 Professional Charges 

Any Trustee being a banker, lawyer, broker or other person engaged in any profession or business shall be entitled to charge and be paid all
usual professional and other charges for business transacted and acts done by him or his partner or firm on matters arising in connection with the trusts of this Trust Deed and also any charges in addition to properly incurred disbursements for all
other work and business done and all time spent by him or his partner or firm on matters arising in connection with this Trust Deed, including matters which might or should have been attended to in person by a trustee not being a banker, lawyer,
broker or other professional person. 

  
 32 

	 	(bb)	 Illegality/Expenditure by the Trustee 

Notwithstanding anything else contained in this Trust Deed, the Bonds, each of the other Transaction Documents and any other document referred
to herein or therein, the Trustee may refrain without liability from doing anything in any state or jurisdiction which in its opinion: (i) is or may be illegal or contrary to any Applicable Law of any state or jurisdiction (including, without
limitation, section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) or any directive or regulation of any agency of any state or jurisdiction, or (ii) would or might result in it being in breach of any decree, order or
judgment of any court or any arbitral award, or any rule, practice, fiscal requirement, request, direction, directive, notice, announcement or similar action (whether or not having the force of law) of any agency of any such state or jurisdiction as
aforesaid or any relevant government, government agency, regulatory authority, stock exchange or self-regulatory organisation or other market or clearing system (and the Trustee may without liability do anything which is, in its opinion, necessary
to comply with any of the foregoing in (i) and (ii) of this Clause 15(bb)), or (iii) would otherwise render it liable to any person in any such state or jurisdiction as aforesaid, or (iv) it would not have power to do the relevant
thing in any such state or jurisdiction by virtue of any Applicable Law in that state or jurisdiction or if it is determined by any court or other competent authority in any such state or jurisdiction as aforesaid that it does not have such power.
Notwithstanding any other provision of this Trust Deed, the Bonds, each of the other Transaction Documents and any other document referred to herein or therein, the Trustee shall be entitled without liability to take any action or to refuse to take
any action which in the opinion of the Trustee is necessary for it to comply with any Applicable Law or fiscal or other requirement of any government or governmental agency or regulatory authority, or the rules, operating procedures or market
practice of any relevant stock exchange or self-regulatory organisation or other market or clearing system, or any decree, order or judgment of any court or any arbitral award. 

Nothing contained in this Trust Deed, the Bonds, each of the other Transaction Documents and any other document referred to herein or therein
shall require the Trustee to (A) do anything which may cause the Trustee to be considered a sponsor of a covered fund under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any regulations promulgated
thereunder or (B) expend or risk its own funds or otherwise incur any financial liability in the performance of its duties or functions or the exercise of any right, power, authority or discretion hereunder or pursuant to the Conditions if it
believes the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not assured to it. 
  

	 	(cc)	 No obligation to monitor 

The Trustee shall be under no obligation to monitor or supervise the functions of any other person under the Bonds or any of the Transaction
Document or any other agreement or document relating to the transactions herein or therein contemplated or take any steps to ascertain whether any relevant event under Bonds or any other agreement relating to the transactions herein or therein
contemplated have occurred and shall be entitled, in the absence of express notice in writing from the Issuer of a breach of obligation, to assume that each such person is properly performing and complying with its obligations and shall have no
liability to any person for any loss arising from any breach by any other party or any events as aforementioned. The Trustee shall be under no obligation to monitor any financial performance of the Issuer or any other person and the Trustee shall
not be responsible or liable to Bondholders or any other person for any loss arising from any failure to do so. 

  
 33 

	 	(dd)	 Limited liability 

Notwithstanding any provision of this Trust Deed or any of the other Transaction Documents to the contrary, the Trustee shall not be liable for
loss of profits, business, goodwill, reputation or opportunity or anticipated savings or any special, indirect, punitive or consequential loss or damage of any kind whatsoever, whether or not foreseeable, even if the Trustee is actually aware of or
has been advised of the likelihood of any such loss or damages and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract, breach of trust, breach of fiduciary obligation or otherwise. The provisions of
this Clause 15(dd) shall survive the termination of expiry of this Trust Deed and/or the Bonds are no longer outstanding and/or the resignation or removal of the Trustee. 
  

	 	(ee)	 Certificates from clearing systems 

In considering the interests of Bondholders while the Global Certificate is held on behalf of, or registered in the name of any nominee for, a
clearing system, the Trustee may have regard to any information provided to it by such clearing system or its operator as to the identity (either individually or by category) of its accountholders with entitlements to the Global Certificate and may
consider such interests as if such accountholders were the holders of the Bonds represented by the Global Certificate. 
 The Trustee may
call for any certificate or other document to be issued by Clearstream or Euroclear (or any alternative clearing system on behalf of whom the Global Certificate may be held) as to the principal amount of Bonds evidenced by the Global Certificate
standing to the account of any person. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other document may comprise any form of statement or print out
of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream’s Creation Online system) in accordance with its usual procedures and in which the holder of a particular principal amount of the
Bonds is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued
by Clearstream or Euroclear (or any such alternative clearing system) and subsequently found to be forged or not authentic or not to be correct. 
  

	 	(ff)	 Interests of Bondholders 

In connection with the exercise of its functions, rights, powers, trusts, authorities or discretions (including, but not limited to, those in
relation to any proposed modification, waiver or authorisation of any breach or proposed breach of any of the Conditions or any of the provisions of this Trust Deed or any of the other Transaction Documents), the Trustee shall have regard to the
general interests of the Bondholders as a class and shall not have regard to any interest arising from circumstances particular to individual Bondholders (whatever their number) and, in particular but without limitation, shall not have regard to the
consequences of such exercise for individual Bondholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or
otherwise to the tax consequences thereof and no Bondholder shall be entitled to claim from the Issuer or the Trustee, any indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders except to the
extent provided for in Condition 9 (Taxation) and/or in any undertakings given in addition thereto or in substitution therefor pursuant to this Trust Deed. 

  
 34 

	 	(gg)	 Anti-Money Laundering and Terrorism 

The Trustee may, at the expense of the Issuer, take and instruct any agent, delegate or attorney to take any action which it in its sole
discretion considers appropriate so as to comply with any Applicable Law, request of a public or regulatory authority or any policy of the HSBC Group (as defined below) (including Know Your Client and other compliance policies and procedures) which
relates to the prevention of fraud, money laundering, terrorism or other criminal activities or the provision of financial and other services to sanctioned persons or entities. Such action may include but is not limited to the interception and
investigation of transactions on the accounts of the Issuer or any Bondholder (particularly those involving the international transfer of funds) including the source of and/or the intended recipient of funds paid into or out of the accounts of the
Issuer or any Bondholder. In certain circumstances, such action may delay or prevent the processing of instructions of the Issuer or any Bondholder, the settlement of transactions over the accounts of the Issuer or any Bondholder or the
Trustee’s performance of its obligations under this Trust Deed or any of the other Transaction Documents. Neither the Trustee nor any agent, delegate or attorney will be liable for any loss (whether direct or consequential and including,
without limitation, loss of profit or interest) caused in whole or in part by any actions which are taken by the Trustee or any agent, delegate or attorney pursuant to this Clause 15(gg), provided that (i) any delay in the payment by the
Issuer under this Trust Deed or the Bonds which is caused by the Trustee exercising its rights under this Clause in itself shall not constitute an Event of Default under the Bonds or a breach of any provisions under this Trust Deed or the Bonds and
(ii) the Issuer shall not be liable for any further interest (including default interest) on the Bonds resulting from such non-payment by the Trustee. For the purposes of this Clause 15(gg), the
“HSBC Group” means HSBC Holdings PLC, its subsidiaries and its associated companies. 
  

	 	(hh)	 Disclosure of Information 

The Trustee will treat information about the Issuer and the services to be provided under the terms of this Trust Deed and each of the other
Transaction Documents (“Confidential Information”) as secret and confidential and will not, without the Issuer’s prior written consent or authority, disclose to any third party the Confidential Information except in the
following circumstances (in which case the Confidential Information may be disclosed to third parties, including affiliates of the Trustee, who are required to maintain the confidentiality of such information) (a) by the Trustee, where
necessary to perform the Trustee’s obligations under this Trust Deed or any of the other Transaction Documents; or (b) where the disclosing party is under a legal or regulatory obligation to disclose so or where the disclosing party has
been requested to do so by any legal, regulatory, governmental or fiscal body in any jurisdiction. 

  
 35 

 The Trustee may collect, use and disclose personal data about the Issuer (if it is an
individual) or individuals associated with the Issuer (whether or not it is an individual), so that the Trustee can carry out its obligations to the Issuer and for other related purposes, including auditing, monitoring and analysis of its business,
fraud and crime prevention, money laundering, legal and regulatory compliance, and the marketing by the Trustee or members of the HSBC Group (as defined in Clause 15(gg) (Anti-Money Laundering and Terrorism)) of other services. The Trustee
may also transfer the personal data to any country (including countries outside where the Trustee provides the services to be provided under the terms of this Trust Deed or any of the other Transaction Documents where there may be less stringent
data protection laws) to process information on the Trustee’s behalf. Wherever it is processed by the Trustee or its agents or delegates within the HSBC Group, the personal data will be protected with security measures and a degree of care to
which all members of the HSBC Group and their staff are subject and will only be used in accordance with the Trustee’s instructions. 
  

	 	(ii)	 Trustee Right to Deduct or Withhold 

Notwithstanding any other provision of this Trust Deed or any of the other Transaction Documents, the Trustee shall be entitled to make a
deduction or withholding from any payment which it makes under the Bonds for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Trustee shall make such payment after such deduction or withholding
has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Issuer the amount so deducted or withheld,
in which case, the Issuer shall so account to the relevant Authority for such amount. In any event, the Trustee shall not be obliged to gross up any such distribution or to pay any additional amounts to the intended recipient of the distribution or
payment as a result of making such deduction or withholding and shall not be liable to the Issuer, the Bondholders or any other person for any of the aforesaid. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is
deemed to be required by Applicable Law for the purposes of this Clause 15(ii). 
  

	 	(jj)	 Undertaking Regarding Information Reporting and Collection Obligations 

Without prejudice to the other provisions of this Trust Deed or any of the other Transaction Documents, the Issuer shall, within [***] business
days of any written request by the Trustee, provide the Trustee with all forms, documentation and other information reasonably required by the Trustee from time to time to comply with any Applicable Law, and shall notify the Trustee promptly in the
event that it becomes aware that any of the forms, documentation or other information provided by it is (or becomes) inaccurate in any material respect; provided, however, that the Issuer shall not be required to provide any forms, documentation or
other information pursuant to this Clause 15(jj) to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to the Issuer and
cannot be obtained by the Issuer using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of the Issuer constitute a breach of any: (A) Applicable Law; (B) fiduciary duty; or (C) duty of
confidentiality. 

  
 36 

	 	(kk)	 Notice of Possible Deduction or Withholding 

The Issuer shall notify the Trustee in the event that it determines that any payment to be made by the Trustee under the Bonds is a payment
which could be subject to any deduction or withholding for or on account of any Taxes including, without limitation, under FATCA if such payment were made to a recipient that is generally unable to receive payments free from any deduction or
withholding for or on account of any Taxes including, without limitation, under FATCA, and the extent to which the relevant payment is so treated, provided, however, that the Issuer’s obligation under this Clause 15(kk)
shall apply only to the extent that such payments are so treated by virtue of characteristics of the Issuer, the Bonds, or both 
  

	 	(ll)	 Tax Indemnity 

Notwithstanding any other provision of this Trust Deed or any of the other Transaction Documents, the Issuer shall indemnify the Trustee on
demand against any liability or loss howsoever incurred in connection with the Issuer’s obligation to withhold or deduct an amount for or on account of any Tax. 
  

	 	(mm)	 Rating Agencies 

The Trustee is entitled to request and rely upon information, reports, confirmations or affirmations provided privately or issued publicly by
any rating agency whether or not addressed to the Trustee. The Trustee shall have no responsibility whatsoever to the Issuer, any Bondholder or any other person for the maintenance of any rating of any Bond by any rating agency and it shall not be
liable to the Bondholders, the Issuer or any other person for not doing so. 
  

	 	(nn)	 No Implied Duties 

The Trustee shall be obliged to perform such duties, and only such duties, as are in this Trust Deed, the Conditions, the Agency Agreement
[***] and/or any other Transaction Document, as applicable, specifically set forth, and no implied duties or obligations shall be read into this Trust Deed, the Conditions, the Agency Agreement [***] or any other Transaction Document against the
Trustee. 
  

	 	(oo)	 Sanctions 

  

	 	(i)	 The Issuer covenants and represents that neither it nor any of its Subsidiaries, nor to the best of its
knowledge, its affiliates, directors or officers are the target or subject of any sanctions enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury
(“OFAC”) or the US Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”).

  
 37 

	 	(ii)	 The Issuer covenants and represents that neither it nor any of its Subsidiaries, nor to the best of its
knowledge, its affiliates, directors or officers will use any payments, repayments or reimbursements made pursuant to this Trust Deed, (A) to fund or facilitate any activities of or business with any person who, at the time of such funding or
facilitation, is the subject or target of Sanctions or (B) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (C) in any other manner that will result in a
violation of Sanctions by any person and as if those Sanctions applied to the Issuer. 

  

	 	(pp)	 Electronic Means 

In no event shall the Trustee be liable for any losses arising from the Trustee receiving or transmitting any data to the Issuer (or any
authorised person) or acting upon any notice, instruction or other communications via any Electronic Means. The Trustee has no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person
authorised to give instructions or directions on behalf of the Issuer (or any authorised person). The Issuer and the Trustee agree that the security procedures, if any, to be followed in connection with a transmission of any such notice,
instructions or other communications, provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 
  

	 	(qq)	 Force Majeure 

In no event shall the Trustee, its directors, officers, employees and Appointees be liable for any failure or delay in the performance of its
obligations or the exercise of its rights, powers and/or discretions under this Trust Deed or any other Transaction Document because of circumstances beyond the control of the Trustee, or resulting from the general risks of investment in or the
holding of assets in any jurisdiction, including, without limitation, liabilities arising from acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, labour disputes, pandemics, epidemics, any laws, ordinances,
regulations or the like which restrict or prohibit the performance of the obligations contemplated by this Trust Deed or any other Transaction Document, inability to obtain or failure of equipment, or interruption of any communications or computer
facilities and other causes beyond the control of the Trustee whether or not of the same class or kind as specifically named above. 
 (rr)
Events of Default etc. 
 The Trustee may, but is not obliged to, determine in its absolute discretion whether or not an Event
of Default, Potential Event of Default or Relevant Event or any other proposed action or any circumstance is in its opinion capable of remedy and/or materially prejudicial to the interests of the Bondholders. Any such determination will be
conclusive and binding on the Issuer and the Bondholders, and the Trustee will not be responsible or liable to any Bondholders, the Issuer or any other person for any loss arising from a failure to make such a determination. Without prejudice to the
foregoing, the Trustee is not obliged to make a determination as contemplated in this Clause 15(rr) unless first indemnified and/or secured and/or pre-funded to its satisfaction against all actions,
proceedings, claims and demands to which it may in its opinion render itself liable and all costs, charges, damages, expenses and liabilities which it may in its opinion incur by so doing. 

  
 38 

	 	(ss)	 Directions from Bondholders 

The Trustee shall not be liable to any Bondholder, the Issuer or any other person for any action taken by the Trustee in accordance with the
instructions of the Bondholders. The Trustee shall be entitled to rely on any direction, request or resolution of Bondholders given by holders of the requisite principal amount of Bonds outstanding or passed at a meeting of Bondholders convened and
held in accordance with this Trust Deed. Notwithstanding anything to the contrary in the Conditions, this Trust Deed or any other Transaction Document, whenever the Trustee is required or entitled by the terms of the Conditions, this Trust Deed or
any other Transaction Document to exercise any right, discretion or power, take any action, make any decision or give any direction or certification, the Trustee is entitled, prior to exercising any such right, discretion or power, taking any such
action, making any such decision or giving any such direction or certification, to seek directions from the holders of the Bonds by way of an Extraordinary Resolution and to be indemnified and/or secured and/or
pre-funded to its satisfaction against all action, proceedings, claims and demands to which it may be or become liable and all costs, charges, damages, expenses (including legal expenses) and liabilities which
may be incurred by it in connection therewith, and the Trustee is not responsible or liable for any loss or liability incurred by any person as a result of any delay in it exercising such right, discretion or power, taking such action, making such
decision or giving such direction or certification where the Trustee is seeking such directions or in the event that the instructions sought are not provided by the holders of the Bonds. None of the Trustee or any Agent shall be liable to any
Bondholder, the Issuer or any other person for any action taken by the Trustee or such Agent in accordance with the instructions of the Bondholders. 
  

	 	(tt)	 Regulatory Position 

Notwithstanding anything in this Trust Deed or any other Transaction Document to the contrary, the Trustee shall not do, or be authorised or
required to do, anything which might constitute a regulated activity for the purpose of Part 1 of Schedule 5 of the Securities and Futures Ordinance (the “SFO”), unless it is authorised under the SFO to do so. 

The Trustee shall have the discretion at any time: 
  

	 	(i)	 to delegate any of the functions which fall to be performed by an authorised person under the SFO to any other
agent or person which also has the necessary authorisations and licences; and 

  

	 	(ii)	 to apply for authorisation under the SFO and perform any or all such functions itself if, in its absolute
discretion, it considers it necessary, desirable or appropriate to do so. 

  
 39 

	 	(uu)	 Waiver of Conflict 

The Issuer hereby irrevocably waives, in favour of the Trustee, any conflict of interest which may arise by virtue of the Trustee acting in
other capacities under this Trust Deed, the other Transaction Documents and the Bonds, as the case may be, or for other customers of the Trustee. The Issuer acknowledges that the Trustee and its affiliates (together, the “Trustee
Parties”) may have interests in, or may be providing or may in the future provide financial or other services to other parties with interests which the Issuer may regard as conflicting with its interests and may possess information (whether
or not material to an issuer) other than as a result of the Trustee Parties acting as the Trustee hereunder, that the Trustee may not be entitled to share with the Issuer. 
  

	16.	 TRUSTEE LIABLE FOR NEGLIGENCE 

 

	16.1	 The Trustee shall not be liable to the Issuer, the Bondholders or any other person for any action taken or
omitted by it except to the extent that a court of competent jurisdiction (or arbitral tribunal in accordance with Clause 27 (Dispute Resolution)) determines that the Trustee’s own fraud, gross negligence or wilful default was the direct
and primary cause of any loss to the Bondholders or the Issuer. Any liability of the Trustee arising under this Trust Deed or the other Transaction Documents shall be limited to the amount of actual loss which has been judicially determined to have
been suffered (such loss shall be determined as at the date of the fraud, gross negligence or wilful default of the Trustee or, if later, the date on which the loss arises as a result of such fraud, gross negligence or wilful default) but without
reference to any special conditions or circumstances known to the Trustee at the time of entering into the Transaction Documents, or at the time of accepting any relevant instructions, which increase the amount of the loss. Section 3A of the
Trustees Act 1967 of Singapore shall not apply to the Trustee in relation to the trust constituted under this Trust Deed, provided that if the Trustee fails to show the degree of care and diligence required of it as trustee having regard to the
provisions hereof, the Bonds and each other Transaction Document, nothing in this Trust Deed shall relieve or indemnify it from or against any liability which would otherwise attach to it in respect of any fraud, gross negligence or wilful default
of which it or its officers or employees may be guilty. 

  

	16.2	 Where there are an inconsistencies between the Trustees Act 1967 of Singapore and the provisions of this Trust
Deed and the other Transaction Documents, the provisions of this Trust Deed and the other Transaction Documents shall, to the extent permitted by law, prevail and, in the case of any such inconsistency with the Trustees Act 1967 of Singapore, the
provisions of this Trust Deed and the other Transaction Documents shall constitute a restriction or exclusion for the purposes of that Act. 

  
 40 

	17.	 WAIVER AND PROOF OF DEFAULT 

 

	17.1	 Waiver 

The Trustee may, but shall not be obliged to, agree without the consent of the Bondholders and without prejudice to its rights in respect of
any subsequent breach, Event of Default, Potential Event of Default or Relevant Event from time to time and at any time, if in its opinion the interests of the Bondholders will not be adversely affected in any material respect thereby, to waive or
authorise, on such terms as seem expedient to it, any breach, continuing breach or proposed breach by the Issuer of any provision of this Trust Deed, the Bonds, the other Transaction Documents or the Conditions or determine that an Event of Default,
Potential Event of Default or Relevant Event will not be treated as such provided that the Trustee will not do so in relation to a Reserved Matter or in contravention of an express direction given by an Extraordinary Resolution or a request
made pursuant to Condition 10 (Events of Default). No such direction or request will affect a previous waiver, authorisation or determination. Any such waiver, authorisation or determination may be subject to such terms and conditions (if
any) as the Trustee may determine and will be binding on the Bondholders and, unless the Trustee agrees otherwise, any such waiver, authorisation or determination will be notified by the Issuer to the Bondholders as soon as practicable in accordance
with Condition 16 (Notices). 
  

	17.2	 Proof of Default 

Proof that the Issuer has failed to pay a sum due to the registered holder of any one Bond will (unless the contrary be proved) be sufficient
evidence that it has made the same default as regards all other Bonds which are then payable. 
  

	18.	 TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS 

The Trustee, its directors and officers and any other person, whether or not acting for itself, may acquire, hold or dispose of any Bonds or
other security (or any interest therein) of the Issuer or any other person, may enter into or be interested in any contract or transaction with any such person and may act on, or as depositary, trustee, custodian or agent for, any committee or body
of holders of any securities of any such person in each case with the same rights as it would have had if the Trustee were not acting as Trustee and need not account for any profit made or remuneration or other amount or benefit received thereby or
in connection therewith. 
  

	19.	 MODIFICATION AND SUBSTITUTION 

 

	19.1	 Modification 

The Trustee may, but shall not be obliged to, agree, without the consent of the Bondholders, to: 

 

	 	(a)	 any modification of any of the provisions of the Bonds, this Trust Deed, the other Transaction Documents or the
Conditions which in its opinion is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of applicable law; and 

 

	 	(b)	 any other modification to the Bonds, this Trust Deed, the other Transaction Documents or the Conditions which
is in its opinion not materially prejudicial to the interests of the Bondholders, but such power does not extend to any such modification of the Reserved Matters in paragraph 17 (Powers) of Schedule 3 (Provisions for Meetings of
Bondholders) hereto. Any such modification as is permitted by this Clause 19.1 shall be binding on the Bondholders. Unless the Trustee agrees otherwise, the Issuer shall, upon a modification pursuant to this Clause 19.1, give notice to the
Bondholders in accordance with Condition 16 (Notices). 

  
 41 

	19.2	 Substitution 

  

	 	(a)	 The Trustee may without the consent of the Bondholder at any time agree with the Issuer to the substitution in
place of the Issuer (or of the previous substitute under this Clause 19.2) as the principal debtor under this Trust Deed of the Issuer or any other Subsidiary of the Issuer (such substituted company being hereinafter called the “New
Company”) provided that a trust deed is executed or some other form of undertaking is given by the New Company in form and manner satisfactory to the Trustee, agreeing to be bound by the provisions of this Trust Deed with any consequential
amendments which the Trustee may deem appropriate as fully as if the New Company had been named in this Trust Deed as the principal debtor in place of the Issuer (or of the previous substitute under this Clause 19.2) and provided further that the
Issuer unconditionally and irrevocably guarantees all amounts payable under this Trust Deed to the satisfaction of the Trustee. 

  

	 	(b)	 The following further conditions shall apply to Clause 19.2(a) above: 

 

	 	(i)	 the Issuer and the New Company shall comply with such other requirements as the Trustee may direct in the
interests of the Bondholders; 

  

	 	(ii)	 where the New Company is incorporated, domiciled or resident in, or subject generally to the taxing
jurisdiction of, a territory other than or in addition to Vietnam or any political sub-division or any authority therein or thereof having power to tax or otherwise governing tax matters, undertakings or
covenants shall be given by the New Company in terms corresponding to the provisions of Condition 9 (Taxation) with the substitution for (or, as the case may be, the addition to) the references to Vietnam of references to that other or
additional territory in which the New Company is incorporated, domiciled or resident or to whose taxing jurisdiction it is subject and (where applicable) Condition 8(c) (Redemption for Taxation Reasons) shall be modified accordingly;

  

	 	(iii)	 without prejudice to the rights of reliance of the Trustee under the immediately following paragraph
(iv) of this Clause 19.2(b), the Trustee is satisfied that the relevant transaction does not adversely affect in any material respect the interests of the Bondholders; and 

 

	 	(iv)	 if two directors of the New Company (or other officers acceptable to the Trustee) shall certify that the New
Company is solvent both at the time at which the relevant transaction is proposed to be effected and immediately thereafter (which certificate the Trustee may rely upon conclusively) the Trustee shall not be under any duty to have regard to the
financial condition, profits or prospects of the New Company or to compare the same with those of the Issuer or the previous substitute under this Clause 19.2 as applicable. 

  
 42 

	 	(c)	 Any such trust deed or undertaking shall, if so expressed, operate to release the Issuer or the previous
substitute as aforesaid from all of its obligations as principal debtor under this Trust Deed. Not later than [***] days after the execution of such documents and compliance with such requirements, the New Company shall give notice thereof in a form
approved by the Trustee to the Bondholders in the manner provided in Condition 16 (Notices). Upon the execution of such documents and compliance with such requirements, the New Company shall be deemed to be named in this Trust Deed as the
principal debtor in place of the Issuer (or in place of the previous substitute under this Clause 19) under this Trust Deed and this Trust Deed shall be deemed to be modified in such manner as shall be necessary to give effect to the above
provisions and, without limitation, references in this Trust Deed to the Issuer shall, unless the context otherwise requires, be deemed to be or include references to the New Company. 

 

	20.	 CURRENCY INDEMNITY 

 

	20.1	 Currency of Account and Payment 

U.S. dollars (the “Contractual Currency”) is the sole currency of account and payment for all sums payable by the Issuer under
or in connection with this Trust Deed and the Bonds, including damages. 
  

	20.2	 Extent of discharge 

An amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or of the enforcement of, a judgment
or order of a court of any jurisdiction, in the insolvency, winding-up or dissolution of the Issuer or otherwise), by the Trustee or any Bondholder in respect of any sum expressed to be due to it from the
Issuer will only discharge the Issuer to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not
practicable to make that purchase on that date, on the first date on which it is practicable to do so). 
  

	20.3	 Indemnity 

If that Contractual Currency amount in Clause 20.1 (Currency of Account and Payment) is less than the Contractual Currency amount
expressed to be due to the recipient under this Trust Deed, the other Transaction Documents or the Bonds, the Issuer will indemnify it on demand, on an after-tax basis, against any loss sustained by it as a
result. In any event, the Issuer will indemnify the recipient on demand, on an after-tax basis, against the cost of making any such purchase. 

 

	20.4	 Indemnity separate 

The indemnities in this Clause 20 and in Clause 14.4 (Indemnity) constitute separate and independent obligations from the other
obligations in this Trust Deed and the other Transaction Documents, will give rise to a separate and independent cause of action, will apply irrespective of any indulgence granted by the Trustee and/or any Bondholder and will continue in full force
and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Trust Deed and/or the Bonds and/or the other Transaction Documents or any other judgment or order or any termination of this Trust
Deed and/or the Bonds are no longer outstanding and/or the removal or resignation of the Trustee. 

  
 43 

	21.	 APPOINTMENT, RETIREMENT AND REMOVAL OF THE TRUSTEE 

 

	21.1	 Appointment 

The Issuer has the power of appointing new trustees but no one may be so appointed unless previously approved by an Ordinary Resolution of
Bondholders. A trust corporation will at all times be a Trustee and may be the sole Trustee. Any appointment of a new Trustee will be notified by the Issuer to the Bondholders as soon as practicable. 

 

	21.2	 Retirement and Removal 

Any Trustee may retire at any time on giving at least [***] days’ written notice to the Issuer without giving any reason and without being
responsible for any costs, charges and expenses occasioned by such retirement or the appointment of a new trustee and the Bondholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of a sole trust
corporation will not become effective until a trust corporation is appointed as successor Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will use all reasonable
endeavours to procure that another trust corporation be appointed as Trustee as soon as practicable and if, the Issuer has failed to procure the appointment of a new trustee within [***] days of the date of such written notice or, as the case may
be, by the day falling [***] days after the date of the Extraordinary Resolution, the Trustee shall be entitled (at the expense of the Issuer) to (a) petition any court of competent jurisdiction for its resignation provided that it has notified
the Issuer prior to doing so or (b) appoint another trust corporation selected by the Trustee as its successor. If such petition is granted or other trust corporation is appointed, the Trustee shall notify all transaction parties in writing of
its resignation. 
  

	21.3	 Co-Trustees 

The Trustee may, despite Clause 21.1 (Appointment), by written notice to the Issuer, appoint anyone to act as an additional Trustee
jointly with the Trustee: 
  

	 	(a)	 if the Trustee considers such appointment to be in the interests of the Bondholders; 

 

	 	(b)	 to conform with any legal requirement, restriction or condition in a jurisdiction in which a particular act is
to be performed; or 

  

	 	(c)	 to obtain a judgment or to enforce a judgment or any provision of this Trust Deed in any jurisdiction.

 Subject to the provisions of this Trust Deed, the Trustee may confer on any person so appointed such functions as it
thinks fit. The Trustee may by written notice to the Issuer and that person remove that person. At the Trustee’s request, the Issuer will forthwith do all things as may be required to perfect such appointment or removal and it irrevocably
appoints the Trustee to be its attorney in its name and on its behalf to do so. The Trustee shall not be responsible for supervising or monitoring any such additional Trustee and shall not be liable for the acts and/or omissions of any co-Trustee. The obligations and liabilities of the Trustee. The obligations of each additional Trustee shall be several and not joint. 

  
 44 

	21.4	 Competence of a Majority of Trustees 

If there are more than two Trustees the majority of them will be competent to perform the Trustee’s functions provided the majority
includes a trust corporation. 
  

	21.5	 Successor 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor to the Trustee hereunder (provided it is a trust
corporation) without the execution or filing of any papers or any further act on the part of any of the parties hereto. 
  

	22.	 COMMUNICATIONS 

 

	22.1	 Any communication shall be by letter sent by registered post or courier, by
e-mail or by fax: 

 in the case of the Issuer, to it at: 

Vingroup Joint Stock Company 

No. 7, Bang Lang 1 street 

Vinhomes Riverside Eco-urban Area 

Viet Hung ward 
 Long Bien
district 
 Hanoi 
 Vietnam 

Fax no.:                [***] 

Attention:                [***] 

Email:                [***] 

in the case of the Trustee, to it at: 

The Hongkong and Shanghai Banking Corporation Limited 

Level 24, HSBC Main Building 

1 Queen’s Road Central 
 Hong
Kong 
 Fax no.:                [***] 

Attention:                 [***] 

Email:                    [***]
            ; (all emails to be included) 
  

	22.2	 Communications will take effect, in the case of a letter sent by registered post, on the [***] business day
after posting; in the case of a letter sent by courier, at the time of delivery; in the case of e-mail, when sent, subject to no delivery failure notification being received by the sender within 24 hours of
the time of sending; in the case of fax, at the time of despatch if the correct error free transmission report is received; provided that if such communication would take effect after 5.00 p.m. on a business day or on a non-business day in the place of receipt then it shall be deemed to be received at the opening of business on the next business day in the place of receipt. 

  
 45 

	22.3	 Each of the parties named above may change its address for the purpose of this Clause 22 by giving notice of
such change to the other party to this Trust Deed. 

  

	22.4	 All notices and other communications hereunder shall be made in the English language or shall be accompanied by
an English translation thereof, certified as a true and accurate translation by a professionally qualified translator or by some other person competent to do so. The Trustee may rely conclusively on any such translation and shall be entitled to
assume that it is a complete and accurate translation of the original, and shall not be responsible or liable to the Issuer, VFVN, VFSG, [***], any Bondholder, the Agents or any other person for so doing. 

 

	23.	 FURTHER ISSUES 

 

	23.1	 Supplemental Trust Deed 

If the Issuer issues further bonds as provided in Condition 15 (Further Issues), it shall, before their issue, execute and deliver to
the Trustee a deed supplemental to this Trust Deed containing such provisions (corresponding to any of the provisions of this Trust Deed) as the Trustee may require and deliver to the Trustee such other documents and opinions as the Trustee may
require in order to give effect to such issue of any such further bonds. Whenever it is proposed to create and issue any further bonds to be consolidated with and form a single series with the Bonds, the Issuer shall give to the Trustee not less
than [***] days’ prior notice in writing of its intention to do so stating the amount of further bonds proposed to be created and issued, which notice shall be accompanied by a draft of the proposed supplemental trust deed and other relevant
documentation. 
  

	23.2	 Meetings of Bondholders 

If the Trustee so directs, Schedule 3 (Provisions for Meetings of Bondholders) hereto shall apply equally to Bondholders and to holders
of any further issues pursuant to the Conditions as if references in it to Bonds and Bondholders were also to such bonds and their holders respectively. 
  

	24.	 COUNTERPARTS 

This Agreement may be executed in counterparts which when taken together shall constitute one and the same instrument. 

 

	25.	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 

A person who is not a party to this Trust Deed has no right under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any
term of this Trust Deed except and to the extent (if any) that this Trust Deed expressly provides for such Act to apply to any of its terms. 

  
 46 

	26.	 GOVERNING LAW 

This Trust Deed is governed by, and shall be construed in accordance with, the laws of Singapore. 

 

	27.	 DISPUTE RESOLUTION 

 

	27.1	 Arbitration 

  

	 	(a)	 The arbitration agreement set out in this Clause 27 is governed by the laws of Singapore. Any dispute,
controversy or claim arising out of, in connection with or relating to this Trust Deed and the other Transaction Documents [***] including any question regarding its existence, validity, breach or termination, or any dispute regarding non-contractual obligations arising out of, in connection with or relating to this Trust Deed and the other Transaction Documents [***] (a “Dispute”), shall be referred to and finally resolved by
arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of SIAC for the time being in force (the “Rules”), which rules are deemed incorporated by
reference in this Clause 27. 

  

	 	(b)	 The Rules are incorporated by reference into this Clause and capitalised terms used in this Clause which are
not otherwise defined in this Trust Deed or the other Transaction Documents [***] have the meaning given to them in the Rules. 

  

	 	(c)	 The tribunal shall consist of three arbitrators, two of whom shall be nominated by the respective parties in
accordance with the Rules for the time being in force and the third, who shall be the Chairman of the tribunal, shall be nominated by the two nominated arbitrators within [***] days of the last of their appointments. 

 

	 	(d)	 The seat, or legal place of arbitration, shall be Singapore. 

 

	 	(e)	 The language used in the arbitral proceedings shall be English. All documents submitted in connection with the
proceedings shall be in the English language, or, if in another language, accompanied by a certified English translation. 

  
 47 

 On the back: 

PRINCIPAL AGENT AND EXCHANGE AGENT 

The Hongkong and Shanghai Banking Corporation Limited 

Level 24, HSBC Main Building 

1 Queen’s Road Central 
 Hong
Kong 
 REGISTRAR AND TRANSFER AGENT 

The Hongkong and Shanghai Banking Corporation Limited 

Level 24, HSBC Main Building 

1 Queen’s Road Central 
 Hong
Kong 

  
 48 

 Form of Transfer 

FOR VALUE RECEIVED the undersigned hereby transfers to the following transferee: 

 

	
	Full Name:
                                         
                                         
                                         
                       
	
	Country of Incorporation:
                                         
                                         
                                         
 
	
	Authorised signatories, specimen signatures and call back:
	
	                                      
                                         
                                         
                                         
     
	
	                                      
                                         
                                         
                                         
     
	
	Street address:
                                         
                                         
                                         
                   
	
	Email(s):
                                         
                                         
                                         
                           
	
	Phone number(s):
                                         
                                         
                                         
             

 U.S.$[ ⚫ ] principal amount of the Bonds in respect of which this
Certificate is issued, and all rights in respect thereof to the transferee(s) indicated above. 
 [***] 

All payments in respect of the Bonds hereby transferred are to be made (unless otherwise instructed by the transferee) to the following account: 

 

					
	Name and SWIFT address of corresponding bank:	 	          
	 	
			
	Name and SWIFT of beneficiary bank:	 	          
	 	
			
	U.S.$ account number:	 	          
	 	
			
	For the account of:	 	          
	 	

  

			
	Dated:	 	          

		
		 	  

		
		 	Certifying Signature
		
	Name:	 	          

 Notes: 

  
 49 

	 	(a)	 A representative of the Bondholder should state the capacity in which he signs, e.g. executor.

  

	 	(b)	 The signature of the person effecting a transfer shall conform to (i) the list of duly authorised specimen
signatures supplied by the registered holder to the Transfer Agent or the Registrar; or (ii) any list of duly authorised specimen signatures supplied by the registered holder or be certified by a recognised bank, notary public or in such other
manner as the Transfer Agent or the Registrar may require. 

  

	 	(c)	 This form of transfer must be accompanied by such documents, evidence or information as the Transfer Agent or
Registrar may require. 

  

	 	(d)	 Where the transferor is a corporation, this form of transfer shall be executed under its common seal or under
the hand or two of its officers duly authorised in writing. 

  

	 	(e)	 This form of transfer should be dated as of the date it is deposited with the Transfer Agent or the Registrar.

  
 50 

 PRINCIPAL AGENT AND EXCHANGE AGENT 

The Hongkong and Shanghai Banking Corporation Limited 

Level 24, HSBC Main Building 

1 Queen’s Road Central 
 Hong
Kong 
 REGISTRAR AND TRANSFER AGENT 

The Hongkong and Shanghai Banking Corporation Limited 

Level 24, HSBC Main Building 

1 Queen’s Road Central 
 Hong
Kong 

  
 51 

 SIGNATORIES 

IN WITNESS WHEREOF this Trust Deed has been executed as a deed on the date stated at the beginning. 

Issuer 
 EXECUTED as a DEED by 

	
	 VINGROUP JOINT STOCK COMPANY

	
	 in the presence of:

	
	 /s/ [***]

	 Name: [***]

	 Title: [***]

 [Signature Page to Trust Deed] 

							
	 Trustee
  

SIGNED, SEALED and DELIVERED
 as a DEED for and on
behalf of
 THE HONGKONG AND SHANGHAI
 BANKING
CORPORATION LIMITED by its
 duly appointed attorney
  

/s/ [***] 
 [***] 

in the presence of:
	  		  	
	  
 /s/ [***] 
	  		  	
	Name:	 	[***]	  		  	
	Address:	 	[***] 	  		  	

 [Signature Page to Trust Deed] 

							
	 [***]

[***]
	  		  	
			
	  
	  		  	
	[***]	 		  		  	
		 		  		  	

 [Signature Page to Trust Deed] 

 List of Omitted Schedules: 

Schedule 1 – Form of Definitive Certificate 
 Schedule 2
– Form of Global Certificate 
 Schedule 3 – Provisions for Meetings of Bondholders 

Schedule 4 – Terms and Conditions of the Bonds 
 Schedule 5
– Form of Financial Covenants Compliance Certificate 
 Schedule 6 – Form of Notice of Liquidity Event 

Schedule 7 – [***] 
 Schedule 8 – [***] 

Schedule 9 – Form of Financial Statements CertificateEX-10.15

 Exhibit 10.15 

EXECUTION VERSION 
 Portions of this exhibit have
been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K on the basis that the registrant customarily and actually treats that information as private or confidential and the omitted information is not material. Information that has been
omitted has been noted in this document with a placeholder identified by the mark “[***]”. 
 4 June 2022 

VINGROUP JOINT STOCK COMPANY 

as Issuer 
 and 

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 

as Trustee [***] 

U.S.$100,000,000 FIXED RATE EXCHANGEABLE BONDS DUE 2027 

(TO BE CONSOLIDATED AND FORM A SINGLE SERIES WITH THE U.S.$525,000,000 FIXED RATE EXCHANGEABLE BONDS DUE 2027) 

 
  

SUPPLEMENTAL TRUST DEED 
  

 
  

 
 18th Floor, One Exchange Square 

8 Connaught Place, Central 
 Hong
Kong 
 Tel: +852.2912.2500 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	 1.
	 	INTERPRETATION	  	 	4	 
	 2.
	 	AMOUNT OF THE SECOND CLOSING BONDS	  	 	6	 
	 3.
	 	FORM OF THE SECOND CLOSING BONDS AND CERTIFICATES; ISSUE OF THE SECOND CLOSING BONDS	  	 	6	 
	 4.
	 	INCORPORATION OF ORIGINAL TRUST DEED	  	 	7	 
	 5.
	 	[***]	  	 	7	 
	 6.
	 	EXCHANGE PROPERTY	  	 	7	 
	 7.
	 	COMMUNICATIONS	  	 	8	 
	 8.
	 	COUNTERPARTS	  	 	8	 
	 9.
	 	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT	  	 	8	 
	 10.
	 	GOVERNING LAW	  	 	8	 
	 11.
	 	DISPUTE RESOLUTION	  	 	8	 
	 SCHEDULE 3
	  	 	10	 
		 	TERMS AND CONDITIONS OF THE BONDS	  	 	10	 

  
 2 

 THIS SUPPLEMENTAL TRUST DEED is made on 4 June 2022 

BETWEEN: 
  

	(1)	 VINGROUP JOINT STOCK COMPANY, a joint stock company incorporated under the Laws of Vietnam with
Enterprise Registration Certificate No. 0101245486 dated 3 May 2002 (as amended from time to time) and having its registered office at No. 7, Bang Lang 1 Street, Vinhomes Riverside Ecological Urban Area, Viet Hung Ward, Long Bien
District, Hanoi, Vietnam (the “Issuer”); 

  

	(2)	 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, whose principal place of business is situated at
Level 24, HSBC Main Building, 1 Queen’s Road Central, Hong Kong (the “Trustee”, which expression shall, where the context so admits, include all persons for the time being the trustee or trustees of the Trust Deed); and

  

	 	 [***] 

WHEREAS: 
  

	(A)	 The Second Closing Bonds are further bonds as contemplated by Condition 15 (Further Issues) of the
Conditions. The Issuer has, pursuant to resolutions of its board of Directors, authorised the issue of the Second Closing Bonds to be consolidated and form a single series with the First Closing Bonds. 

 

	(B)	 The Original Trust Deed dated 29 April 2022 was entered into between the Issuer, the Trustee [***]. The
Original Trust Deed is amended and supplemented by this Supplemental Trust Deed on the terms and conditions set out in this Supplemental Trust Deed. 

  

	(C)	 The Trustee has agreed to continue to act as trustee of the Original Trust Deed as amended and supplemented by
this Supplemental Trust Deed on the following terms and conditions. 

  

	(D)	 The First Closing Bonds are represented by the First Closing Definitive Certificates. The Second Closing Bonds
will be represented by the Second Closing Definitive Certificates. 

  

	(E)	 Pursuant to clause 19.1 (Modification) of the Original Trust Deed, the Trustee may agree, without the
consent of the Bondholders, to any modification of any of the provisions of the First Closing Bonds, the Original Trust Deed or the Conditions which in the opinion of the Trustee is of a formal, minor or technical nature. 

 

	(F)	 The Issuer wishes to constitute the Second Closing Bonds under the Trust Deed. The Issuer has requested the
Trustee to agree to making modifications to the Original Trust Deed and the Conditions contained in Clause 1.3 (Amendments to Original Trust Deed) in order to provide for the issue of the Second Closing Bonds. 

 

	(G)	 The Trustee, being of the opinion that the modifications referred to in Recital (F) above are of a formal,
minor or technical nature, has agreed with the Issuer in making such modifications. 

  
 3 

	(H)	 This Supplemental Trust Deed will take effect on the Second Closing Date. 

THIS DEED WITNESSES AND IT IS HEREBY AGREED AND DECLARED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

The following expressions have the following meanings: 

“Agency Agreement” means the agency agreement dated 29 April 2022 between the Issuer, the Trustee and the Agents
named therein, as supplemented by a supplemental agency agreement dated on or about the date of this Supplemental Trust Deed between the Issuer, the Trustee and the Agents named therein (and as further amended and/or supplemented from time to time).

 “Bonds” means the First Closing Bonds and the Second Closing Bonds. 

“definitive Certificates” means the First Closing Definitive Certificates and the Second Closing Definitive Certificates. 

“First Closing Bonds” means the U.S.$525,000,000 Fixed Rate Exchangeable Bonds due 2027 constituted by the Original Trust Deed
and for the time being outstanding or, as the context may require, a specific number or principal amount of them, and includes any replacement bonds issued pursuant to Condition 14 (Replacement of Certificates), and/or as the context may
require any further bonds issued pursuant to Condition 15 (Further Issues). 
 “First Closing Definitive
Certificates” means the definitive Certificates dated 10 May 2022 which evidence the First Closing Bonds. 
 “Global
Certificate” means the single Global Certificate substantially in the form set out in Schedule 2 (Form of Global Certificate) hereto, evidencing all the Bonds that are registered in the name of the common depositary for Euroclear and
Clearstream or its nominee. 
 “New Conditions” means the terms and conditions set out in Schedule 3 (Terms and
Conditions of the Bonds) hereto as from time to time modified in accordance with the Trust Deed, and as modified, in their application to Bonds in respect of which the Certificate is issued, by the provisions of the Certificate, and any
reference in the Trust Deed to a particularly numbered Condition shall be construed accordingly. 
 “Original Trust Deed”
means the trust deed dated 29 April 2022 between the Issuer, the Trustee [***]. 
 “Second Closing Bonds” means the
U.S.$100,000,000 Fixed Rate Exchangeable Bonds constituted by this Supplemental Trust Deed and for the time being outstanding or, as the context may require, a specific number or principal amount of them, and includes any replacement bonds issued
pursuant to Condition 14 (Replacement of Certificates). 

  
 4 

 “Second Closing Date” means 10 June 2022, or such later date as
notified by the Issuer in writing to the Agents, the Registrar and the Trustee (such Second Closing Date as adjusted in accordance with the Second Closing Subscription Agreement). 

“Second Closing Definitive Certificate” means a certificate substantially in the form set out in Schedule 1 (Form of
Definitive Certificate) hereto. 
 [***] 

“Second Closing Subscription Agreement” means a subscription agreement between the Issuer, VFSG and an investor in respect of
the Second Closing Bonds. 
 [***] 

“Trust Deed” means the Original Trust Deed, as amended and supplemented by this Supplemental Trust Deed (and as further
amended and/or supplemented from time to time). 
  

	1.2	 Incorporation of terms by reference 

Unless otherwise defined in this Supplemental Trust Deed, terms defined or construed in the Original Trust Deed or in the Agency Agreement
shall have the same meanings or construction in this Supplemental Trust Deed. 
  

	1.3	 Amendments to the Original Trust Deed 

With effect from the Second Closing Date, the provisions of the Original Trust Deed shall, where the context so admits, be deemed to be amended
as follows: 
  

	 	(a)	 references therein (including the Schedules thereto) to the “Bonds” shall mean the Bonds (as defined
in Clause 1.1 (Definitions) of this Supplemental Trust Deed); 

  

	 	(b)	 references therein (including the Schedules thereto) to a “definitive Certificate” shall mean a
definitive Certificate (as defined in Clause 1.1 (Definitions) of this Supplemental Trust Deed); 

  

	 	(c)	 the deletion in its entirety of the form of the Global Certificate in Schedule 2 (Form of Global
Certificate) to the Original Trust Deed and the substitution therefor of the form of Global Certificate set out in Schedule 2 (Form of Global Certificate) hereto; 

 

	 	(d)	 references therein (including the Schedules thereto) to the “Global Certificate” shall mean the
Global Certificate (as defined in Clause 1.1 (Definitions) of this Supplemental Trust Deed); 

  
 5 

	 	(e)	 the deletion in its entirety of the terms and conditions set out in Schedule 4 (Terms and Conditions of the
Bonds) to the Original Trust Deed and the substitution therefor of the terms and conditions set out in Schedule 3 (Terms and Conditions of the Bonds) hereto; 

 

	 	(f)	 references therein (including the Schedules thereto) to the “Conditions” shall mean the New
Conditions (as defined in Clause 1.1 (Definitions) of this Supplemental Trust Deed); and 

  

	 	(g)	 references therein (including the Schedules thereto) to “Bondholder” shall include each person in
whose name a Second Closing Bond is for the time being registered in the register in respect of the Bonds as well as each person in whose name a First Closing Bond is for the time being registered in the register in respect of the Bonds.

  

	1.4	 Effective Date of Supplemental Trust Deed 

This Supplemental Trust Deed shall become effective on the Second Closing Date. 

 

	2.	 AMOUNT OF THE SECOND CLOSING BONDS 

The aggregate principal amount of the Second Closing Bonds is limited to U.S.$100,000,000 and such Second Closing Bonds shall for the purposes
of the Trust Deed constitute Bonds and shall, upon issue, be consolidated and form a single series with the First Closing Bonds. 
  

	3.	 FORM OF THE SECOND CLOSING BONDS AND CERTIFICATES; ISSUE OF THE SECOND CLOSING BONDS

  

	3.1	 The definitive Certificates 

On issue of the Second Closing Bonds, definitive Certificates, in registered form and in authorised denominations, will be issued in respect of
the aggregate principal amount of the Second Closing Bonds and the Issuer shall procure that the Registrar makes the appropriate entries in the Register to reflect the issue of such Second Closing Bonds. Such definitive Certificates may be printed
or typed and need not be security printed unless otherwise required by applicable stock exchange requirements. Definitive Certificates will be endorsed with the Conditions. 
  

	3.2	 The Global Certificate 

The Second Closing Bonds shall become evidenced by the Global Certificate in accordance with Condition 3(h) (Transition to Global
Certificate) and clause 3.3 (Transition to Global Certificate) of the Agency Agreement. 
  

	3.3	 Form 

Definitive Certificates and the Global Certificate will be in or substantially in the respective forms set out in Schedule 1 (Form of
Definitive Certificate) and Schedule 2 (Form of Global Certificate) hereto. 

  
 6 

	3.4	 Signature 

The Global Certificate (if issued) will be signed manually by any one or more Authorised Signatories of the Issuer and will be authenticated
manually by or on behalf of the Registrar. Definitive Certificates will be signed manually by any one or more Authorised Signatories of the Issuer. The Issuer may use the signature of any person who at the date such signature is affixed to the
relevant definitive Certificate or Global Certificate is an Authorised Signatory of the Issuer even if at the time of issue of such definitive Certificate or Global Certificate he no longer holds such office and the Bonds in respect of which such
definitive Certificate or Global Certificate is so executed will be binding and valid obligations of the Issuer. 
  

	3.5	 Issue 

Issue and delivery of the Second Closing Bonds shall be complete on the issue and delivery of definitive Certificates to the relevant
Bondholders by, or by the order of, the Issuer and completion of the register of Bondholders by or on behalf of the Registrar. 
  

	3.6	 Entitlement to treat holder as owner 

The registered holder of any Second Closing Bond will (save as otherwise required by law) be treated as its absolute owner for all purposes
(whether or not it is overdue and regardless of any notice of ownership, trust, any interest in it or any writing on (other than an endorsed form of transfer) or the theft or loss of the Certificate issued in respect of it) and no person will be
liable for so treating the registered holder, and none of the Issuer, the Trustee, any Agent or any other person shall be affected by any notice to the contrary. 
  

	4.	 INCORPORATION OF ORIGINAL TRUST DEED 

This Supplemental Trust Deed supplements the Original Trust Deed and shall be read and construed as one with the Original Trust Deed so that
all references in the Original Trust Deed to “this Trust Deed” shall be deemed to refer to the Original Trust Deed as amended and supplemented by this Supplemental Trust Deed, provided always that in the event of any
inconsistency between the Original Trust Deed and this Supplemental Trust Deed, the provisions of this Supplemental Trust Deed shall override such inconsistent provisions of the Original Trust Deed. Save for the amendments to the Original Trust Deed
confirmed by this Supplemental Trust Deed, all terms and conditions of the Original Trust Deed shall remain in full force and effect. 
  

	5.	 [***] 

  

	6.	 EXCHANGE PROPERTY 

In accordance with Condition 6(c)(i) (Exchange Property), on and from the Second Closing Date, the Exchange Property shall include a
further 16,815,501 VFVN Shares, and all [***] and other property arising out of or derived or resulting therefrom and such other property, in each case as may be deemed or required to comprise all or part of the Exchange Property pursuant to the
Conditions, but excluding any such property as may or may be deemed to have ceased to form part of the Exchange Property. 

  
 7 

	7.	 COMMUNICATIONS 

Clause 22 (Communications) of the Original Trust Deed shall apply to this Supplemental Agency Agreement mutatis mutandis
as if set out herein in full. 
  

	8.	 COUNTERPARTS 

This Supplemental Trust Deed may be executed in counterparts which when taken together shall constitute one and the same instrument. 

 

	9.	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 

A person who is not a party to this Supplemental Trust Deed has no right under the Contracts (Rights of Third Parties) Act 2001 of Singapore to
enforce any term of this Supplemental Trust Deed except and to the extent (if any) that this Supplemental Trust Deed expressly provides for such Act to apply to any of its terms. 

 

	10.	 GOVERNING LAW 

This Supplemental Trust Deed is governed by, and shall be construed in accordance with, the laws of Singapore. 

 

	11.	 DISPUTE RESOLUTION 

 

	 	(a)	 The arbitration agreement set out in this Clause 11 is governed by the laws of Singapore. Any dispute,
controversy or claim arising out of, in connection with or relating to this Supplemental Trust Deed and the other Transaction Documents [***] including any question regarding its existence, validity, breach or termination, or any dispute regarding non-contractual obligations arising out of, in connection with or relating to this Supplemental Trust Deed and the other Transaction Documents [***] (a “Dispute”), shall be referred to and finally
resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of SIAC for the time being in force (the “Rules”), which rules are deemed
incorporated by reference in this Clause 11. 

  

	 	(b)	 The Rules are incorporated by reference into this Clause 11 and capitalised terms used in this Clause 11 which
are not otherwise defined in this Supplemental Trust Deed or the other Transaction Documents [***] have the meaning given to them in the Rules. 

  

	 	(c)	 The tribunal shall consist of three arbitrators, two of whom shall be nominated by the respective parties in
accordance with the Rules for the time being in force and the third, who shall be the Chairman of the tribunal, shall be nominated by the two nominated arbitrators within [***] days of the last of their appointments. 

 

	 	(d)	 The seat, or legal place of arbitration, shall be Singapore. 

  
 8 

	 	(e)	 The language used in the arbitral proceedings shall be English. All documents submitted in connection with the
proceedings shall be in the English language, or, if in another language, accompanied by a certified English translation. 

  
 9 

 SCHEDULE 3 

TERMS AND CONDITIONS OF THE BONDS 

  
 10 

 TERMS AND CONDITIONS OF THE BONDS 

The following, subject to amendment and save for the paragraphs in italics, are the Terms and Conditions of the Bonds, substantially as they will appear on
the reverse of each of the definitive Certificates evidencing the Bonds: 
 The issue of U.S.$100,000,000 aggregate principal amount of fixed rate
exchangeable bonds due 2027 (the “Second Closing Bonds”) shall be consolidated and form a single series with the U.S.$525,000,000 aggregate principal amount of fixed rate exchangeable bonds due 2027 issued by Vingroup Joint Stock
Company (the “Issuer”) on 10 May 2022 (the “First Closing Bonds”, and together with the Second Closing Bonds, the “Bonds”, which expression shall in these Conditions, unless the context
otherwise requires, include any further bonds issued in accordance with Condition 15 (Further Issues) and consolidated and forming a single series therewith). The issue of the Bonds and the right of exchange into VFVN Shares was authorised by
resolutions of the Board of Directors of the Issuer. The Bonds are constituted by the Trust Deed [***], and are subject to the provisions of [***] the Agency Agreement made between the Issuer, the Trustee, The Hongkong and Shanghai Banking
Corporation Limited as principal paying agent and as exchange agent (collectively in such capacities, the “Principal Agent”), as registrar (in such capacity, the “Registrar”) and as transfer agent (in such capacity,
the “Transfer Agent”) and the other paying agents, exchange agents and transfer agents appointed under it (each a “Paying Agent”, an “Exchange Agent” or a “Transfer Agent”, as
applicable, and together with the Registrar, the Transfer Agent and the Principal Agent, the “Agents” and each an “Agent”) relating to the Bonds. References to the “Paying Agents” and the
“Exchange Agents” each include the Principal Agent. References to the Principal Agent, the Registrar, the Transfer Agent and the Agents below are references to the principal agent, the registrar, the transfer agent and the agents
for the time being for the Bonds. These terms and conditions (these “Conditions”) include summaries of, and are subject to, the detailed provisions of the Trust Deed, which includes the form of the Bonds. Unless otherwise defined in
these Conditions, terms used in these Conditions have the meaning specified in the Trust Deed. Copies of the Trust Deed, the Agency Agreement [***] are (a) available for inspection during usual business hours (being 9:00 a.m. to 3:00 p.m.
(local time), Monday to Friday other than public holidays) at the specified office for the time being of the Principal Agent following prior written request and proof of holding and identity to the satisfaction of the Principal Agent, subject in the
case of the Trust Deed to the Principal Agent being supplied by the Issuer with a copy of such document. The Bondholders are deemed to have notice of and are entitled to the benefit of and are bound by all the provisions of the Trust Deed [***], and
are deemed to have notice of those provisions of the Agency Agreement applicable to them. In these Conditions, unless the context otherwise requires, all capitalised terms shall have the meaning prescribed to it in Condition 22 (Definitions).

  

	1.	 STATUS 

  

	 	(a)	 Status 

The Bonds constitute direct, unsubordinated, unconditional and (subject to Condition 4A(b) [***]) [***] obligations of the Issuer and shall at
all times rank pari passu and without any preference or priority among themselves. The payment obligations of the Issuer under the Bonds shall, save for such exceptions as may be provided by mandatory provisions of applicable law and subject
to Condition 4(a) (Negative Pledge), at all times rank at least equally with all of its present and future senior, unsecured and unsubordinated obligations. 

	 	(b)	 Obligations Absolute 

The obligations of the Issuer under the Bonds are all continuing, absolute and unconditional and will remain in full force and effect and will
not be amended, released, suspended, discharged, terminated, impaired or otherwise affected by any act, omission, circumstance, occurrence, matter or thing whatsoever (including any change in circumstances as contemplated by any applicable law)
unless otherwise agreed by the Bondholders or provided for under the Bonds. 
  

	2.	 FORM, DENOMINATION AND TITLE 

 

	 	(a)	 Form and Denomination 

The Bonds are issued in registered form in the denomination of U.S.$1,000,000 and integral multiples thereof, without coupons attached. A bond
certificate (each a “Certificate”) will be issued to each Bondholder in respect of its registered holding of Bonds. Each Certificate will be numbered serially with an identifying number which will be recorded on the relevant
Certificate and in the register of Bondholders (the “Register”) which the Issuer will procure to be kept by the Registrar. 

Upon issue, and subject to Condition 3(h) (Transition to Global Certificate), the Bonds will be represented by definitive Certificates
registered in the names of the relevant Bondholders. 
  

	 	(b)	 Title 

Title to the Bonds passes only by transfer and registration in the Register as described in Condition 3 (Register, Transfers of Bonds;
Issue of Certificates). The holder of any Bond will (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or
any writing on (other than an endorsed form of transfer), or the theft or loss of, the Certificate issued in respect of it) and no person will be liable for so treating the holder. 

 

	3.	 REGISTER, TRANSFERS OF BONDS; ISSUE OF CERTIFICATES 

 

	 	(a)	 Register 

The Issuer will cause the Register to be kept at the specified office of the Registrar outside the United Kingdom and in accordance with the
terms of the Agency Agreement on which shall be entered the names, country of incorporation, street addresses (with postal codes (if applicable)), telephone numbers, facsimile numbers, email addresses, attention details, bank account details and
authorised signatories (with specimen signatures for the authorised signatories) and call-back details (including telephone numbers and email addresses) of the holders of the Bonds, the particulars of the Bonds held by them, the particulars of the
tax forms completed and provided by the holders of the Bonds and of all transfers, redemptions and exchanges of the Bonds. Each Bondholder shall be entitled to receive only one Certificate in respect of its entire holding of Bonds. 

 

	 	(b)	 Transfer Mechanics 

Subject to Conditions 3(c) (Transfer Restrictions), 3(f) (Closed Periods) and 3(g) (Regulations) and the terms of the
Agency Agreement, a Bond shall be transferred or exchanged by delivery of the Certificate issued in respect of that Bond, with the form of transfer on the back duly completed and signed by the holder or his attorney duly authorised in writing, to
the specified office of the Registrar or any of the Transfer Agents together with such evidence as the Registrar or (as the case may be) the relevant Transfer Agent may require to prove the title of the transferor and the authority of the
individual(s) who executed the form of the transfer. No transfer of title to a Bond will be valid unless and until entered on the Register. 

	 	(c)	 Transfer Restrictions 

 

	 	(i)	 Subject to Conditions 3(c)(ii), 3(c)(iii) and 3(c)(iv) below, notwithstanding anything to the contrary in these
Conditions or the Trust Deed, the Bonds shall not be Transferable at any time unless: 

  

	 	(A)	 [***]: [***] 

  

	 	(B)	 Other Transfers: each of the following conditions is satisfied: 

 

	 	(1)	 any of the following has occurred: 

 

	 	(a)	 a Liquidity Event; 

  

	 	(b)	 a Change of Control; 

 

	 	(c)	 the expiry of the QLE Failure Put Exercise Period; 

 

	 	(d)	 a Financing Enforcement; provided that, only in the case of a Financing Enforcement that occurs prior to
an Event of Default that has occurred and is continuing, the Permitted Financier or third party receiver or agent thereof shall deliver a notice in writing to the Issuer confirming the Financing Enforcement with respect to the relevant Bonds has
occurred prior to effecting the relevant Transfer; 

  

	 	(e)	 an Event of Default has occurred and is continuing; or 

 

	 	(f)	 the Issuer has provided its prior written consent to that Transfer (such consent not to be unreasonably
withheld); and 

  

	 	(2)	 either (a) the relevant Bonds are evidenced by the Global Certificate, or (b) a duly completed and
signed Notice of Transition to Global Certificate (together with the relevant definitive Certificate(s)) has been delivered to the Registrar or any of the Transfer Agents by the relevant Bondholder in respect of the relevant Bonds in accordance with
Condition 3(h) (Transition to Global Certificate) and the corresponding Global Certificate Transition Period has expired; and 

	 	(3)	 [***] 

  

	 	(ii)	 From and including the Closing Date to and including 12 months after the Closing Date: 

 

	 	(A)	 any Bonds held by a Bondholder domiciled or incorporated in the Republic of Korea shall not be Transferable to
a Person domiciled or incorporated in the Republic of Korea (a “Korean Person”) unless all of the Bonds held by that existing Bondholder are Transferred together to that single Korean Person (and, for the avoidance of doubt, such
Transfer is otherwise permitted pursuant to Conditions 3(c)(i), 3(c)(iii) and 3(c)(iv)); and 

  

	 	(B)	 any Bonds held by a Bondholder which is not a Korean Person shall not be Transferable to a Korean Person.

  

	 	(iii)	 A Transfer may not take place during a Closed Period as described in Condition 3(f) (Closed Periods).

  

	 	(iv)	 All Transfers of Bonds shall be subject to the transfer restrictions set forth in the relevant Certificate.

 Notwithstanding anything to the contrary contained in these Conditions, but subject in all cases to the requirements of
the Agency Agreement and Condition 3(c)(i)(B) (Transfer Restrictions), Conditions 3(c)(ii), 3(c)(iii) and 3(c)(iv) and Condition 3(f) (Closed Periods), any Transfer by a Bondholder of any Interest in any Bonds to a Permitted Financier
or third party purchaser or receiver thereof arising as a result of an enforcement by a Permitted Financier under a Permitted Financing (a “Financing Enforcement”), at any time, shall not be restricted or otherwise prohibited and
there shall be no conditions, approvals, assessment or further action required or requested by the Issuer in order to effect such Transfer. The Issuer agrees not take any action, or omit to take any action, to decline to register, delay or suspend
the registration of or otherwise frustrate any Transfer of any Bonds in connection with a Financing Enforcement. 
 [***] 

in each case, provided that for such [***] (A) the relevant transferee agrees to confidentiality undertakings in respect of
information provided to it in accordance with these Conditions, (B) the [***] is in respect of all (and not some only) of the Bonds registered in the relevant transferor Bondholder’s name immediately prior to the [***] and (C) the
relevant transferee has satisfied all “know-your-customer” requirements of the Trustee and the Agents prior to the relevant transfer being registered in the Register. 

 Each of the [***] and the Agents may rely conclusively without investigation or
verification and without liability to Bondholders, the Issuer, VFVN, VFSG, [***] or any other person on any certification by the transferor Bondholder contained in a form of transfer that the relevant transfer is a [***] and any certification by the
Issuer given as contemplated in Condition 3(c)(i)(A). 
 Transfers of interests in Bonds evidenced by the Global Certificate will be
effected in accordance with the rules of the relevant clearing systems. 
  

	 	(d)	 Delivery of New Certificates 

Each new Certificate to be issued upon a Transfer or exchange of Bonds will, within [***] business days (at the place of the relevant
specified office) of receipt by the Registrar or, as the case may be, any Transfer Agent of the original certificate and (where applicable) the form of transfer duly completed and signed, be made available for collection at the specified office of
the Registrar or such Transfer Agent or, if so requested in the form of transfer, be mailed by uninsured mail at the risk of the holder entitled to the Bonds (but free of charge to the holder and at the Issuer’s expense) to the address
specified in the form of transfer. The form of transfer is attached to each Certificate. 
 Except in the limited circumstances described
in the Global Certificate, owners of interests in Bonds evidenced by the Global Certificate will not be entitled to receive physical delivery of Certificates. 

Where only part of a principal amount of the Bonds (being that of one or more Bonds) in respect of which a Certificate is issued is to be
Transferred, exchanged, put or redeemed, a new Certificate in respect of the Bonds not so Transferred, exchanged, put or redeemed will, within [***] business days (at the place of the relevant specified office) of delivery of the original
Certificate to the Registrar or, as the case may be, the relevant Transfer Agent, be made available for collection at the specified office of the Registrar or such Transfer Agent or, if so requested in the form of Transfer, be mailed by uninsured
mail at the risk of the holder of the Bonds not so Transferred, exchanged or evidenced (but free of charge to the holder and at the Issuer’s expense) to the address of such holder appearing on the Register. 

 

	 	(e)	 Formalities Free of Charge 

Each issuance of a new Certificate and registration of a transfer of Bonds will be effected without charge by or on behalf of the Issuer or
any of the Agents, except (i) upon payment (or the giving of such indemnity and/or security and/or pre-funding as the Issuer may reasonably require or as any of the Agents may require) in respect of any
Tax, duty or other governmental charges which may be imposed in relation to such transfer or issuance, (ii) the Registrar or the relevant Transfer Agent (as the case may be) being provided with the documents of title or identity of the person
making the application and (iii) the Registrar or the relevant Transfer Agent (as the case may be) being satisfied that the detailed regulations concerning transfer and registration of Bonds referred to in Condition 3(g) (Regulations)
have been complied with. 

	 	(f)	 Closed Periods 

Save for any transfers to VFSG provided for in the Deed Poll, no Bondholder may require the transfer of a Bond to be registered: 

 

	 	(i)	 during the period of [***] days prior to and ending on (and including) any Interest Payment Date;

  

	 	(ii)	 during the period of [***] days prior to and ending on (and including) the dates for payment of any principal
pursuant to these Conditions; 

  

	 	(iii)	 during the period of [***] days prior to and ending on (and including) any date of redemption pursuant to
Condition 8(c) (Redemption for Taxation Reasons) or Condition 8(e) (Redemption at the Option of the Issuer); 

  

	 	(iv)	 after an Exchange Notice has been delivered with respect to such Bond; 

 

	 	(v)	 after a Deed Poll Exchange Notice has been delivered with respect to such Bond; or 

 

	 	(vi)	 after a CoC Put Redemption Notice has been deposited in respect of such Bond pursuant to Condition 8(f)
(Redemption at the Option of the Bondholders – Change of Control), a QLE Put Exercise Notice has been deposited in respect of such Bond pursuant to Condition 8(g) (Redemption at the Option of the Bondholders—QLE Put Option),
a QLE Failure Put Exercise Notice has been deposited in respect of such Bond pursuant to Condition 8(h) (Redemption at the Option of the Bondholders—QLE Failure Put Option) or a Relevant Event Redemption Notice has been deposited in
respect of such Bond pursuant to Condition 8(i) (Redemption for Relevant Event), 

 each such period being a
“Closed Period”. 
 None of [***] the Trustee or any Agent shall be required to monitor or to take any steps to ascertain
when any Closed Period occurs or whether at the time it is proposed that a transfer be effected falls during a Closed Period, and none of them shall be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG, [***] or any other person for
any loss arising from any failure by it to do so. 
  

	 	(g)	 Regulations 

All Transfers of Bonds and entries on the Register will be made subject to the detailed regulations concerning transfer and registration of
Bonds scheduled to the Agency Agreement. The regulations may be changed by the Issuer, with the prior written approval of the Trustee and the Registrar, or by the Registrar, with the prior written approval of the Trustee. A copy of the current
regulations will be mailed (free of charge to the holders at the Issuer’s expense) by the Registrar to any Bondholder following written request and proof of holding and identity to the satisfaction of the Registrar. 

 

	 	(h)	 Transition to Global Certificate 

 

	 	(i)	 Optional Transition to Global Certificate 

 Each Bondholder may, while Bonds registered in that Bondholder’s name are evidenced by
one or more definitive Certificates, in its sole discretion, deliver a duly completed and signed Notice of Transition to Global Certificate to the Transfer Agent (together with the definitive Certificate(s) evidencing such Bonds), with a copy to the
Issuer, during normal business hours (being between 9:00 a.m. and 3:00 p.m. (local time) on any business day (being a day a day other than a Saturday or Sunday or a public holiday on which banks are open for business in the city in which the
specified office of the Transfer Agent is located) other than during a Closed Period. For the avoidance of doubt, notwithstanding anything to the contrary, in no event shall any Bondholder be required to deliver a Notice of Transition to Global
Certificate or otherwise be required to have any Bonds become evidenced by the Global Certificate prior to [***] all Bonds registered in that Bondholder’s name otherwise having ceased to be [***] in accordance with Condition 4A(b)
([***]). 
 A Notice of Transition to Global Certificate once delivered shall be irrevocable. 

In respect a Bondholder delivering a Notice of Transition to Global Certificate, the Issuer shall pay directly to the relevant tax or other
authority, any and all Taxes and capital, stamp, transfer, exchange, issue and registration duties or any other similar Taxes and duties and all brokerage and other fees, charges and expenses arising or payable in connection with all Bonds
registered in that Bondholder’s name becoming evidenced by the Global Certificate. None of the Trustee, [***] or any Agent (a) is under any obligation to determine whether the Issuer, any Bondholder or any other person is liable to pay any
such Taxes, duties, fees, charges or expenses, or whether any such amounts as may be payable have actually been paid or the sufficiency thereof and (b) is under any obligation to make or process or assist the Issuer, any such Bondholder or any
other person with any such payments or the making of the same to any taxing or other authority. 
  

	 	(ii)	 Effect of delivery of Notice of Transition to Global Certificate 

Upon the delivery of a duly completed and signed Notice of Transition to Global Certificate by a Bondholder to the Transfer Agent (together
with the definitive Certificate(s) evidencing such Bonds) in accordance with Condition 3(h)(i) (Optional Transition to Global Certificate): 
  

	 	(A)	 all Bonds registered in that Bondholder’s name shall immediately cease to be [***]; and

  

	 	(B)	 the Issuer shall use best efforts to procure that all Bonds registered in that Bondholder’s name become
evidenced by the Global Certificate as soon as practicable, and in any event within [***] Business Days of the date on which the duly completed and signed Notice of Transition to Global Certificate and the definitive Certificate(s) evidencing the
relevant Bonds by a Bondholder are delivered to the Transfer Agent (the “Global Certificate Transition Period”) provided that if, at the time the duly completed and signed Notice of Transition to Global Certificate and the
definitive Certificate(s) evidencing the relevant Bonds are delivered to the Transfer Agent by a Bondholder, the ISIN and Common Code for the Global Certificate evidencing the Bonds issued by the Issuer on the Closing Date have not been obtained or
have been obtained but are not then valid and operational, the Global Certificate Transition Period shall not commence until such time as the ISIN and Common Code for the Global Certificate evidencing the Bonds has been obtained and is valid and
operational.      

	4.	 NEGATIVE PLEDGE AND OTHER COVENANTS 

 

	 	(a)	 Negative Pledge 

The Issuer shall not, and the Issuer shall ensure that none of its Subsidiaries will, create, permit to subsist or have outstanding any
Encumbrance upon the whole or any part of [***] other than in accordance with the [***] without prior approval by an Extraordinary Resolution of the Bondholders. 
  

	 	(b)	 Provision of Information 

Prior to the occurrence of a Liquidity Event, the Issuer shall send to the Bondholders in accordance with Condition 16 (Notices) and
also furnish the Trustee with: 
  

	 	(i)	 a copy of the consolidated audited annual financial statements of the Issuer prepared in accordance with GAAP
within [***] days of the end of each calendar year in English and unaudited quarterly financial statements of the Issuer prepared in accordance with GAAP within [***] days of the end of each fiscal quarter in English; 

 

	 	(ii)	 a copy of the consolidated audited annual financial statements of VFVN prepared in accordance with GAAP within
[***] days of the end of each calendar year in English and unaudited quarterly financial statements of VFVN prepared in accordance with GAAP within [***] days of the end of each fiscal quarter in English; and 

 

	 	(iii)	 such other information as may be agreed in writing between the Issuer and Trustee. 

The Trustee shall not be required to review the relevant audited financial statements, unaudited financial statements or any other financial
statement or other information furnished or delivered to it as contemplated in this Condition 4(b) and, if the same shall not be in the English language, shall not be required to request, obtain or arrange for an English language translation of the
same, and the Trustee shall not be liable to any Bondholder or any other person for not doing so.  
  

	 	(c)	 Financial Covenants 

Prior to the Reference Date, the Issuer shall ensure that: 
  

	 	(i)	 its Consolidated Net Total Borrowings at the end of each Measurement Period is less than, or equal to, 2.25
times its Equity; and 

  

	 	(ii)	 its Debt Service Coverage Ratio at the end of each Measurement Period is greater than, or equal to, 1.15 to 1.

 At any time prior to the Reference Date, the Issuer shall deliver to the Bondholders in
accordance with Condition 16 (Notices), within [***] days of the end of each fiscal half-year and within [***] days of the end of each calendar year, a Financial Covenants Compliance Certificate of the Issuer signed by any Authorised
Signatory, without personal liability, certifying compliance with the financial covenants in this Condition 4(c) together with a breakdown of the relevant computations in reasonable detail to demonstrate such compliance. 

 

	 	(d)	 Tag-along Rights 

If prior to the occurrence of a Liquidity Event, an offer is made to all (or substantially all) VFSG Shareholders, or all (or substantially
all) such Shareholders other than the offeror and/or any associate or associates of the offeror, to acquire all or substantially all of the issued equity share capital of VFSG, or if any person proposes a scheme with regard to such acquisition, the
Issuer will procure VFSG to give notice of such offer or scheme to the Bondholders at the same time as any notice thereof is sent to its Shareholders (or as soon as practicable thereafter) stating that details concerning such offer or scheme may be
obtained from the specified office of the Registrar and the Principal Agent and provide the Registrar and the Principal Agent with such details and, where such an offer or scheme has been recommended by the board of directors of VFSG or where such
an offer has become or been declared unconditional in all respects, the Issuer shall, or procure VFSG to, procure that a like offer or scheme is extended to the Bondholders on an as-exchanged basis calculated
based on the Deed Poll Exchange Rate then in effect; provided that (i) such offer or scheme to each of the Bondholders shall become or be declared unconditional concurrently with the offer or scheme offered to the VFSG Shareholders and
(ii) such offer to each of the Bondholders shall be on the same terms and conditions as each Shareholder (including the consideration received in exchange for the Bonds, calculated based on the Deed Poll Exchange Rate then in effect) and shall
remain open to each Bondholder for at least [***] Business Days). 
 None of the Trustee [***] or any Agent shall be required to
(A) monitor whether or not any offer has been made to all (or substantially all) VFSG Shareholders, or all (or substantially all) such Shareholders other than the offeror and/or any associate or associates of the offeror, to acquire all or
substantially all of the issued equity share capital of VFSG or (B) take any action under or in respect of the Deed Poll or any rights or obligations of any Bondholder, VFSG or any other person thereunder or to make or verify any calculations
or determinations in relation to any matter covered by the Deed Poll, and none of them shall be liable to any Bondholder, the Issuer, VFVN, VFSG, [***] or any other person for not doing so. 

 

	 	(e)	 Deed Poll 

The Issuer shall procure that VFSG performs VFSG’s obligations under the Deed Poll. 

 

	 	(f)	 Notice of Liquidity Event 

Upon the occurrence of a Liquidity Event, the Issuer shall promptly deliver to the Bondholders in accordance with Condition 16
(Notices) and to the Trustee and the Principal Agent in writing a Notice of Liquidity Event. 

	4A.	 [***] 

	5.	 INTEREST 

Subject to the remainder of this Condition 5, the Bonds bear interest: 

 

	 	(a)	 from and including the Closing Date to but excluding the earlier of (i) the second anniversary of the
Closing Date, and (ii) the occurrence of a Qualifying Liquidity Event (the “Coupon Adjustment Date”), at the rate of 4.00 per cent. per annum of the principal amount of the Bonds; and 

 

	 	(b)	 from and including the Coupon Adjustment Date, at the rate of 2.00 per cent. per annum of the principal
amount of the Bonds. 

 Interest is payable semi-annually in arrear on 10 November and 10 May in each year (each
an “Interest Payment Date”), commencing on 10 November 2022. 
 Each Bond will cease to bear interest: 

 

	 	(i)	 subject to Condition 6(b)(iv) (Interest Accrual) where the Exchange Right attached to it shall have been
exercised, from and including the Interest Payment Date last preceding its Exchange Date subject to exchange of the relevant Bond in accordance with the provisions of Condition 6(b) (Exchange Procedure); or 

 

	 	(ii)	 from the due date for redemption thereof unless, upon due presentation thereof, payment of the full amount due
is improperly withheld or refused or default is otherwise made in respect of any such payment. In such event, interest will continue to accrue at the rate aforesaid (after as well as before any judgment) until whichever is the earlier of
(A) the day on which all sums due in respect of such Bond up to that day are received by or on behalf of the relevant holder, and (B) the day seven days after the Trustee or the Principal Agent has notified Bondholders of receipt of all
sums due in respect of all the Bonds up to that [***] day (except to the extent that there is failure in the subsequent payment to the relevant holders under these Conditions). 

If the Exchange Period Commencement Date occurs on a day which is not an Interest Payment Date, the Bonds shall not bear interest in respect of
the period from and including the Interest Payment Date immediately preceding the Exchange Period Commencement Date to and including the Exchange Period Commencement Date. 

 Interest will be calculated on the basis of a
[***]-day year of twelve [***]-day months, and in the case of an incomplete month, the actual number of days elapsed. Interest payable under this Condition 5 will be
paid in accordance with Condition 7(a) (Method of Payment). 
 Save as provided in Condition 6(a)(iv) (Revival and/or survival
after Default), no payment or adjustment will be made on exchange for any interest accrued on exchanged Bonds since the Interest Payment Date last preceding the relevant Exchange Date. 

“Interest Period” means the payment period beginning on (and including) the Closing Date and ending on (but excluding) the
first Interest Payment Date, and each successive period beginning on (and including) an Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date. 

 

	6.	 EXCHANGE 

  

	 	(a)	 Exchange Right 

 

	 	(i)	 Exchange Period: 

Bondholders have the right at any time during the Exchange Period referred to below to exchange their Bonds for a pro rata share of the
Exchange Property as at the Exchange Date. 
 Upon exercise of Exchange Rights, the Issuer shall deliver or procure the delivery of the
relevant Exchange Property as provided in this Condition 6. 
  

	 	(ii)	 Exercise of Exchange Rights: 

The right of a Bondholder to exchange any Bond for a pro rata share of the Exchange Property as at the Exchange Date is called the
“Exchange Right”. Subject to and upon compliance with the provisions of this Condition 6, the Exchange Right attaching to any Bond may be exercised, at the option of the holder thereof, at any time (subject to any applicable fiscal
or other laws or regulations as hereinafter provided) on or after the Deed Poll Exchange Settlement Deadline in respect of the Bond so exchanged up to the close of business (at the place where the Certificate evidencing such Bond is deposited for
exchange) on the [***] Business Day prior to the Maturity Date (both days inclusive) (but, except as provided in Condition 6(a)(iv) (Revival and/or survival after Default), in no event thereafter) or, if such Bond shall have been called for
redemption by the Issuer before the Maturity Date, then up to the close of business (at the place aforesaid) on the date no later than [***] business days (at the place aforesaid) prior to the date fixed for redemption thereof or if notice requiring
redemption has been given by the holder of such Bond pursuant to Condition 8(f) (Redemption at the Option of the Bondholders—Change of Control) or Condition 8(h) (Redemption at the Option of the Bondholders—QLE Failure Put
Option) then up to the close of business (at the place aforesaid) on the Business Day prior to the giving of such notice (the “Exchange Period”). If the final date on which the Exchange Right may be exercised is not a business
day at the place aforesaid, then the period for the exercise of the Exchange Right by Bondholders shall end on the immediately preceding business day at the place aforesaid. 

 Upon the exchange of a Bond for Exchange Property, the right of the exchanging Bondholder
to repayment of any amount of principal or premium (if any) of the Bond to be exchanged shall be extinguished and released, and in consideration and in exchange thereof the Issuer shall deliver or procure the delivery of the relevant pro rata share
of the Exchange Property as provided in this Condition 6. If more than one Bond held by the same holder is exchanged at any one time by the same holder, the Exchange Property to be delivered upon such exchange will be calculated on the basis of the
aggregate principal amount of the Bonds to be exchanged. 
 Each Exchange Agent shall be entitled to assume, without investigation or
verification, that each exchanging Bondholder has (A) complied with all the conditions required for it to exercise its Exchange Right and (B) paid to the relevant authorities all taxes and capital, stamp, issue, documentary, registration,
and similar taxes or duties or transfer costs (if any) which it is required to pay in accordance with these Conditions. 
  

	 	(iii)	 Fractions of Shares: 

Fractions of a [***] or any other property comprised in the Exchange Property which is not divisible will not be delivered on exchange and no
cash adjustments will be made in respect thereof and any such fractions will be rounded down to the nearest whole multiple of a [***] or unit of any such other property. However, if the Exchange Right in respect of more than one Bond is exercised at
any one time such that Exchange Property to be delivered on exchange are to be registered in the same name, the number of such [***] or other property comprised in the Exchange Property to be delivered in respect thereof shall be calculated on the
basis of the aggregate principal amount of such Bonds being so exchanged and rounded down to the nearest whole number of such [***] or other property comprised in the Exchange Property. 

 

	 	(iv)	 Revival and/or survival after Default: 

Notwithstanding the provisions of Condition 6(a)(i) (Exchange Period), if (A) the Issuer shall default in making payment in full
in respect of any Bond which shall have been called or surrendered for redemption on the date fixed for redemption thereof, (B) any Bond has become due and payable prior to the Maturity Date by reason of the occurrence of any of the events
under Condition 10 (Events of Default), or (C) any Bond is not redeemed on the Maturity Date in accordance with Condition 8(a) (Maturity), the Exchange Right attaching to such Bond will revive and/or will continue to be
exercisable up to, and including, the close of business (at the place where the Certificate evidencing such Bond is deposited for exchange) on the date upon which the full amount of the moneys payable in respect of such Bond has been duly received
by the Principal Agent or the Trustee and notice of such receipt has been duly given to the Bondholders and, notwithstanding the provisions of Condition 6(a)(i) (Exchange Period), any Bond in respect of which the Certificate and Exchange
Notice are deposited for exchange prior to such date shall be exchanged on the relevant Exchange Date (as defined below) notwithstanding that the full amount of the moneys payable in respect of such Bond shall have been received by the Principal
Agent or the Trustee before such Exchange Date or that the Exchange Period may have expired before such Exchange Date. 
  

	 	(b)	 Exchange Procedure 

 

	 	(i)	 Exchange Notice: 

 To exercise the Exchange Right attaching to any Bond, the holder thereof must, at his own
expense, complete, execute and deposit during normal business hours (being between 9:00 a.m. and 3:00 p.m. (local time) on any business day (being a day other than a Saturday or Sunday or a public holiday on which banks are open for business in the
city in which the specified office of the Exchange Agent is located) during the Exchange Period, a notice of exchange (an “Exchange Notice”) in the form (for the time being current) obtainable from the specified office of any
Exchange Agent, together with the Certificate evidencing such Bond (and any certificates and other documents as may be required by applicable law) and any amount to be paid by the Bondholder pursuant to this Condition 6(b). An Exchange Notice once
delivered shall be irrevocable. 
 The Exchange Date in respect of a Bond (the “Exchange Date”) will be the business day in
the location of the specified office of the relevant Exchange Agent immediately following the date of the surrender of the Certificate in respect of such Bond (and any other documents as may be required by applicable law), due delivery of the
relevant Exchange Notice and, if applicable, the making of any payment to be made and the giving of any indemnity and/or security to be given under these Conditions in connection with the exercise of such Exchange Right. 

 

	 	(ii)	 Taxes and Stamp Duty etc.: 

A Bondholder delivering a Certificate in respect of a Bond for exchange must pay any taxes and capital, stamp, issue and registration duties
arising on exchange (other than any taxes or capital or stamp duties, or brokerage and other fees payable in Vietnam in respect of the delivery or transfer of the Exchange Property on-exchange or off-exchange, as the case may be, which shall be paid by the Issuer) (such amounts payable by the Issuer being “Issuer Taxes” and such amounts payable by the Bondholder being “Bondholder
Taxes”) (the Issuer Taxes and the Bondholder Taxes being collectively “Exchange Taxes”) and such Bondholder must pay all, if any, taxes and duties arising by reference to any disposal or deemed disposal of a Bond in
connection with such exchange, in each case directly to the relevant tax or other authority. The Issuer will pay all other expenses arising on the delivery or transfer of the Exchange Property on exchange of Bonds. None of the Trustee, [***] or any
Agent is under any obligation to determine whether the Issuer or a Bondholder is liable to pay any Exchange Taxes or any expenses as mentioned in the immediately preceding sentence, the amounts payable (if any) in connection with this Condition
6(b)(ii) and whether any Exchange Taxes or any expenses as mentioned in the immediately preceding sentence have been paid or the sufficiency thereof. The Issuer and/or the Bondholder, as applicable, shall make payment of any such amounts directly to
the relevant authorities. None of the Trustee, [***] or any Agent is under any obligation to make or process or assist with any payments related to the exercise of any Exchange Right or the delivery or transfer of any Exchange Property or the
exchange of any Bonds as contemplated in this Condition 6(b)(ii), and in the event that a Bondholder exercises its Exchange Right and Exchange Property is delivered to or as directed by such exchanging Bondholder, any payment due from the Issuer to
such Bondholder under this Condition 6(b)(ii) or otherwise in respect of the Bonds shall be made directly by the Issuer to such Bondholder. 

 The exchanging Bondholder and the Issuer shall provide mutual assistance in completing and
preparing any necessary application, certification or documentation required to obtain relevant double taxation treaty exemption where applicable. The exchanging Bondholder is responsible for providing the Issuer with all the necessary documents as
required by the Tax Authority and authorises the Issuer, on behalf of such Bondholder, to submit the tax treaty exemption notification dossier to the Tax Authority. In addition, upon request of the Issuer, the exchanging Bondholder shall claim for
the overseas tax credit paid by the Issuer against its corporate tax liability in the country where such Bondholder is a tax resident. The Issuer shall provide the exchanging Bondholder with the certification of the relevant income taxes paid by the
Issuer in Vietnam. The exchanging Bondholder acknowledges that should such Bondholder successfully claim for any overseas tax credits, the Issuer shall have a right to claim against the exchanging Bondholder for the same amount. The exchanging
Bondholder shall provide evidence of the overseas tax credits it has successfully claimed to the Issuer. 
  

	 	(iii)	 Exchange Procedures and Corporate and Regulatory Approvals: 

The Issuer shall take all necessary action to procure: 
  

	 	(A)	 the transfer of VFVN Shares and/or other [***] to exchanging Bondholders in accordance with prevailing
regulations relevant to the transfer of the VFVN Shares and/or other [***] to exchanging Bondholders; and 

  

	 	(B)	 that such documents of title and evidence of ownership of any other Exchange Property to be delivered on
exercise of Exchange Rights shall be despatched and any payment of any part of the Exchange Property comprising cash to be delivered on exercise of Exchange Rights (converted if necessary into USD at the Prevailing Rate on the relevant Exchange
Date) in accordance with directions given by the relevant Bondholder in the Exchange Notice, 

 in each case, as soon as
reasonably practicable (such date, the “Settlement Date”). 
 Upon exercise of an Exchange Right, a Bondholder exchanging
Bonds shall be required to represent and agree in the Exchange Notice that, at the time of signing and delivery of the Exchange Notice, it, or the person who has the beneficial interest in such Bonds, is (I) acquiring the Exchange Property
(initially comprising the VFVN Shares) to be delivered upon exchange of such Bonds in an offshore transaction (as defined in Regulation S under the Securities Act) in accordance with Rule 903 or Rule 904 of Regulation S, (II) located outside
the United States and is not a U.S. person (within the meaning of Regulation S), and (III) understands that the Exchange Property to be delivered upon exchange of such Bonds has not been and will not be registered under the Securities Act and
agrees that (x) if it, or such person, should offer, sell, pledge or otherwise transfer such Exchange Property, it, or such person, will do so only in compliance with the Securities Act and other applicable laws and only in an offshore
transaction in accordance with Rule 903 or Rule 904 of Regulation S, and in accordance with any applicable securities law of any State of the United States, and (y) it and such person may not, subject to restrictions under U.S. securities laws,
deposit or cause to be deposited any of such Exchange Property in the form of VFVN Shares in any unrestricted depositary receipt facility for the VFVN Shares which is existing or may be created in the United States. No Exchange Property will be
delivered to a Bondholder or to a beneficial interest therein unless such Bondholder satisfies the foregoing conditions. If such Bondholder is unable or otherwise fails to satisfy the foregoing conditions, such Bondholder may transfer its Exchange
Property or beneficial interest therein subject to compliance with the transfer restrictions set forth herein and in the Agency Agreement. 

 The relevant Bondholder (or the person designated in the relevant Exchange Notice) will be
treated as the owner of the pro rata share of the Exchange Property deliverable upon exchange with effect from the Exchange Date and, in respect of such pro rata share of the Exchange Property, will be entitled to all rights, distributions or
payments in respect of such pro rata share of the Exchange Property from the Exchange Date except voting rights. 
 Accordingly,
relevant adjustments to the Exchange Property shall be made in accordance with Condition 6(c) (The Exchange Property and Adjustments to the Exchange Property), as the case may be, such that further [***] or other property or assets (including
cash) received pursuant to such adjustment shall be added to the Exchange Property (the “Additional Exchange Property”. All Exchange Property deliverable upon exchange (including the Additional Exchange Property) shall be
deliverable by the Issuer only on the Settlement Date. 
 Exchange Property delivered or to be delivered upon exercise of Exchange Rights
shall rank for and be entitled to all dividends, interest and other income, payments and distributions and rights thereon or in respect thereof declared, paid, made or granted by reference to a record date or other due date for the establishment of
entitlement falling on or after the relevant Exchange Date. 
 If the record date or other due date for the establishment of the relevant
entitlement for the payment of any dividend, interest or other income, payment or distribution or rights on or in respect of such Exchange Property falls on or after the Exchange Date but before the relevant Settlement Date (or any other date from
which the relevant Bondholder is treated as the owner of, or entitled to all rights and entitlement to, such Exchange Property) with the effect that the relevant Bondholder is not entitled to such dividend, interest or other income, payment or
distribution of rights, the Issuer will: 
  

	 	(1)	 (in the case of dividends, interest or other income or distributions or rights to be paid in cash) pay, or
procure the payment to, the exchanging Bondholder (or the person designated in the relevant Exchange Notice) in lieu of such dividend, interest or other income or distribution or rights, an amount equal to the amount actually received, with respect
thereto, converted if necessary into USD at the Prevailing Rate (the “Equivalent Amount”). The Issuer will pay the Equivalent Amount, or procure that it is paid, to the relevant Bondholder (or the person designated in the relevant
Exchange Notice) by whichever is the later of [***] Business Days after payment is made of the dividend, interest or other income, payment or distribution or rights and the relevant Settlement Date; and 

	 	(2)	 (in the case of dividends, or other income or distributions or rights satisfied or made otherwise than in cash)
deliver, or procure the delivery of, the same to the relevant Bondholder (or the person designated in the relevant Exchange Notice) as soon as practicable by whichever is the later of [***] Business Days after the receipt by the Issuer of such
dividend or other income or distribution or rights and the relevant Settlement Date. 

  

	 	(iv)	 Interest Accrual: 

If any notice requiring the redemption of any Bonds is given pursuant to Condition 8(c) (Redemption for Taxation Reasons) or
Condition 8(e) (Redemption at the Option of the Issuer) during the period beginning on the [***] day prior to a record date which has occurred since the last Interest Payment Date (or in the case of the first Interest Period, since the
Closing Date) in respect of any dividend or distribution payable in respect of the VFVN Shares and ending on the Interest Payment Date next following such record date, where such notice specifies a date for redemption falling on or prior to the date
which is [***] days after the Interest Payment Date next following such record date, interest shall (subject as hereinafter provided) accrue on Bonds in respect of which Exchange Rights shall have been exercised and in respect of which the Exchange
Date falls after such record date and on or prior to the Interest Payment Date next following such record date in each case from and including the preceding Interest Payment Date to, but excluding such Exchange Date (or, if the relevant Exchange
Date falls on or before the first Interest Payment Date, from, and including, the Closing Date to, but excluding, the relevant Exchange Date); provided that no such interest shall accrue on any Bond in the event that the VFVN Shares delivered
on exchange thereof shall carry an entitlement to receive such dividend or distribution or in the event the Bond carries an entitlement to receive an Equivalent Amount. Any such interest shall be paid not later than [***] days after the relevant
Exchange Date by transfer to the registered account of the Bondholder (as set out in Condition 7(b) (Registered Account)). 
  

	 	(c)	 The Exchange Property and Adjustments to the Exchange Property 

 

	 	(i)	 Exchange Property 

The “Exchange Property” shall initially comprise 88,281,375 VFVN Shares representing 1.72 per cent. of the charter
capital of VFVN on a fully converted and fully diluted basis (assuming the VND6 trillion dividend preferred shares in the capital of VFVN have not been converted) (the “Initial Exchange Property”), and shall include all [***] and
other property arising out of or derived or resulting therefrom and such other property, in each case as may be deemed or required to comprise all or part of the Exchange Property pursuant to these Conditions, but excluding any such property as may
or may be deemed to have ceased to form part of the Exchange Property. 
 Upon the exercise of Exchange Rights, Bondholders will initially
be entitled to receive 168,155.00 VFVN Shares representing 0.003273 per cent. of the charter capital of VFVN for each U.S.$1,000,000 principal amount of Bonds (subject to adjustment pursuant to these Conditions). 

 All Exchange Property delivered upon exercise of Exchange Rights shall be delivered with
full title guarantee and free from any Encumbrances. 
 VFVN Shares forming part of the Exchange Property to be delivered on exercise of the
Exchange Rights will be fully paid and will rank pari passu with all fully paid VFVN Shares of the same class in issue on the relevant Exchange Date. 
  

	 	(ii)	 Adjustments to the Exchange Property 

If at any time or from time to time, prior to exchange of a Bond (A) any Dividends, income, other benefits or rights are derived from the
Exchange Property, (B) any Exchange Property is sub-divided or consolidated, re-classified or re-denominated or in any other
manner has its par value changed, or (C) further [***], or options, warrants or rights to subscribe or purchase further [***] (or any of them) or other Securities, are offered by way of rights to holders of [***] (or any of them) or other
Securities comprising Exchange Property, then, and in each such case, the size, nature and/or composition of the Exchange Property in effect immediately prior to such event shall be adjusted accordingly (and any other appropriate actions shall be
taken by the Issuer) so as to preserve the economic equivalent of the pro rata share of Exchange Property which a Bondholder would have owned or would have been entitled to receive upon or by reason of any of the events described above, had
such Bond been exchanged immediately prior to the occurrence of such event and the Exchange Property received upon such exchange had existed as part of the Exchange Property with respect to which such event applied. 

 

	 	(iii)	 Issuer Determination 

If the Issuer determines that an adjustment should be made pursuant to Condition 6(c)(ii) (Adjustments to the Exchange Property) above,
the Issuer shall, in good faith and in a commercially reasonable manner, determine as soon as practicable what adjustment (if any) to the Exchange Property is fair and reasonable to take account thereof and the date on which such adjustment should
take effect, provided that where the events or circumstances giving rise to any adjustment pursuant to Condition 6(c)(ii) (Adjustments to the Exchange Property) above have already resulted or will result in an adjustment to the
Exchange Property or where the circumstances giving rise to any adjustment arise by virtue of events or circumstances which have already given rise or will give rise to an adjustment to the Exchange Property, such modification (if any) shall be made
to the operation of the provisions of Condition 6(c)(ii) (Adjustments to the Exchange Property), as the case be, as may be in the Issuer’s opinion, appropriate to give the intended result. 

None of the Trustee[***] or any Agent shall be under any duty to monitor whether any event or circumstance has happened or exists which may
require or may lead to an adjustment to be made to the Exchange Property or be under any obligation to make or perform or assist in the making or performance of any calculation or determination (or verify any calculation or determination) in
connection with the Exchange Property or any adjustment thereto and none of them will be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG, [***] or any other person for any loss arising from any failure by it to do so. 

 None of the Trustee, [***] or any Agent shall be under any duty or obligation to (and will
not be responsible or liable to any Bondholder, the Issuer, VFVN, VFSG [***] or any other person for not so doing) perform, verify any calculation or determination in connection with any amount payable under this Condition 6 or in connection with
the Exchange Property, any Additional Exchange Property, any Equivalent Amount, any Cash Alternative Amount or any other amount with respect to any exercise of the Exchange Right and none of them shall be responsible for delivery of any Exchange
Property or Additional Exchange Property or for payment of any Equivalent Amount, Cash Alternative Amount or any other amount with respect to or consequent upon any exercise of the Exchange Right. 

 

	7.	 PAYMENTS 

  

	 	(a)	 Method of Payment 

Payment of principal and interest and any other amount due will be made in USD by transfer to the registered account of the Bondholder. In the
case of principal, such payments will only be made after surrender of the relevant Certificate at the specified office of the Paying Agent. 

Interest on the Bonds due on an Interest Payment Date will be paid on the due date for the payment of interest to the holder shown on the
Register at the close of business on the [***] day before the due date for the payment of interest (the “Interest Record Date”). Payments of interest on each Bond will be made by transfer to the registered account of the Bondholder.

 So long as the Global Certificate is held on behalf of Euroclear Bank SA/NV or Clearstream Banking S.A. or any other clearing system,
each payment in respect of the Global Certificate will be made to the person shown as the holder of the Bonds in the Register at the close of business of the relevant clearing system on the Clearing System Business Day before the due date for such
payments, where “Clearing System Business Day” means a weekday (Monday to Friday, inclusive) except 25 December and 1 January. 

References in these Conditions, the Trust Deed and the Agency Agreement to principal in respect of any Bond shall, where the context so
permits, be deemed to include a reference to any premium payable thereon. 
  

	 	(b)	 Registered Account 

For the purposes of these Conditions, a Bondholder’s registered account means the USD account maintained by or on behalf of it with a
bank, details of which appear on the Register at the close of business on the [***] Business Day before the due date for payment, and a Bondholder’s registered address means its address appearing on the Register at that time. 

 

	 	(c)	 Fiscal Laws 

All payments are subject in all cases to (i) any applicable fiscal or other laws and regulations, but without prejudice to the provisions
of Condition 9 (Taxation) and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any
regulations, rules or agreements thereunder, any official interpretations thereof or (without prejudice to Condition 9 (Taxation)) any law implementing an intergovernmental approach thereto, and any amended or successor versions of the
foregoing. No commissions or expenses shall be charged to the Bondholders in respect of such payments. 

	 	(d)	 Payment Initiation 

Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business
Day, for value on the first following day which is a Business Day) will be initiated on the due date for payment (or, if it is not a Business Day, the immediately following Business Day) or, in the case of a payment of principal, if later, on the
Business Day on which the relevant Certificate is surrendered at the specified office of the Paying Agent. 
  

	 	(e)	 Delay in Payment 

Bondholders will not be entitled to any interest or other payment for any delay after the due date in receiving the amount due if the due date
is not a Business Day or if the Bondholder is late in surrendering its Certificate (if required to do so). 
  

	 	(f)	 Partial Payment 

If an amount which is due on the Bonds is not paid in full, the Registrar will annotate the Register with a record of the amount (if any) in
fact paid. 
  

	8.	 REDEMPTION, PURCHASE AND CANCELLATION 

 

	 	(a)	 Maturity 

Unless previously redeemed, exchanged or purchased and cancelled as provided herein, the Issuer will redeem each Bond at 100 per cent. of
its principal amount together with accrued but unpaid interest thereon on the fifth anniversary of the Closing Date (the “Maturity Date”). The Issuer may not redeem the Bonds at its option prior to that date except as provided in
Condition 8(c) (Redemption for Taxation Reasons) or Condition 8(e) (Redemption at the Option of the Issuer). 
  

	 	(b)	 Bondholder’s Tax Option 

If the Issuer gives a Tax Redemption Notice pursuant to Condition 8(c) (Redemption for Taxation Reasons), each Bondholder will have the
right to elect that his Bond(s) shall not be redeemed and that the provisions of Condition 9 (Taxation) shall not apply in respect of any payments to be made in respect of such Bond(s) which falls due after the relevant Tax Redemption Date,
whereupon no Additional Tax Amounts shall be payable in respect thereof pursuant to Condition 9 (Taxation) and payment of all amounts shall be made subject to the deduction or withholding of any Vietnamese taxation required to be withheld or
deducted (a “Bondholder’s Tax Option”). To exercise its Bondholder’s Tax Option, the relevant Bondholder must deposit during normal business hours (being between 9:00 a.m. and 3:00 p.m. (local time) on any business day) a
duly completed and signed notice of exercise in the form, for the time being current, obtainable from the specified office of any Paying Agent (a “Bondholder’s Exercise Notice”) on or before the day falling [***] days prior to
the Tax Redemption Date at the specified office of any Paying Agent. A Bondholder’s Exercise Notice, once delivered, shall be irrevocable and may not be withdrawn without the Issuer’s consent. 

	 	(c)	 Redemption for Taxation Reasons 

The Issuer may at its option, redeem the Bonds in whole, but not in part, at any time on or after the Exchange Period Commencement Date, on
giving not less than [***] nor more than [***] days’ notice (a “Tax Redemption Notice”) to the Bondholders in accordance with Condition 16 (Notices) (which notice shall be irrevocable) and to the Trustee and the
Principal Agent in writing at 100 per cent. of their principal amount on the Redemption Date specified in such notice (the “Tax Redemption Date”) together with accrued but unpaid interest to but excluding the Tax Redemption
Date (the “Tax Redemption Amount”), if the Issuer satisfies the Trustee immediately prior to the giving of such notice that (i) the Issuer has or will become obliged to pay Additional Tax Amounts as provided or referred to in
Condition 9 (Taxation) as a result of any change in, or amendment to, the laws or regulations of Vietnam or any political subdivision or any authority thereof or therein having power to tax, or any change in the general application or
official interpretation of such laws or regulations, which change or amendment becomes effective on or after the Closing Date and (ii) such obligation cannot be avoided by the Issuer taking reasonable measures available to it, provided
that no Tax Redemption Notice shall be given earlier than [***] days prior to the earliest date on which the Issuer would be obliged to pay such Additional Tax Amounts were a payment in respect of the Bonds then due. 

Prior to the publication of any Tax Redemption Notice pursuant to this Condition 8(c), the Issuer shall deliver to the Trustee (A) a
certificate in English signed by two Directors of the Issuer stating that the obligation referred to in paragraph (i) above of this Condition 8(c) cannot be avoided by the Issuer taking reasonable measures available to it, and (B) an
opinion of independent legal or tax advisors of recognised international standing and acceptable to the Trustee to the effect that such change or amendment has occurred and that the Issuer has been or will be obliged to pay such Additional Tax
Amounts as a result thereof (irrespective of whether such amendment or change is then effective). 
 The Trustee shall be entitled (but not
obliged) to accept (without further investigation or enquiry and without any liability to any person for doing so) such certificate and opinion as sufficient evidence of the matters set out in (A) and (B) above of this Condition 8(c), in which
event the same shall be conclusive and binding on the Bondholders. 
 If the Bondholder does not exercise its Bondholder’s Tax Option
as set out in Condition 8(b) (Bondholder’s Tax Option), the Issuer will be bound to redeem the Bonds at the Tax Redemption Amount on the Tax Redemption Date. 
  

	 	(d)	 Redemption at the Option of the Issuer – Bondholder Change of Control 

If a Bondholder Change of Control in respect of a Bondholder occurs prior to the occurrence of a Liquidity Event: 

 

	 	(i)	 such Bondholder shall promptly notify the Issuer in writing of such Bondholder Change of Control, together with
reasonable details describing the reason for such Bondholder Change of Control; and 

  

	 	(ii)	 on giving not less than [***] Business Days’ notice to such Bondholder (which notice will be irrevocable)
and to the Trustee and the Principal Agent in writing, the Issuer may redeem all but not some only of the Bonds held by such Bondholder at 100 per cent. of their principal amount on the relevant Redemption Date together with accrued and unpaid
interest to but excluding such date. 

 None of the Trustee, [***] or any Agent shall be required to monitor or to take any steps
to ascertain whether (A) a Bondholder Change of Control in respect of any Bondholder or any event which could lead to the occurrence of a Bondholder Change of Control in respect of any Bondholder has occurred or may occur or (B) any
Bondholder in respect of which a Bondholder Change of Control has occurred fails to notify the Issuer of the occurrence of such Bondholder Change of Control or fails to provide the Issuer with reasonable details describing the reason for any
Bondholder Change of Control which has occurred in respect of such Bondholder, and none of them shall be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG, [***] or any other person for any loss arising from any failure by it to do
so. 
  

	 	(e)	 Redemption at the Option of the Issuer 

On giving not less than [***] nor more than [***] days’ notice to the Bondholders in accordance with Condition 16 (Notices) (which
notice will be irrevocable) and to the Trustee and the Principal Agent in writing, the Issuer may at any time on or after the Exchange Period Commencement Date: 
  

	 	(i)	 redeem all but not some only of the Bonds for the time being outstanding at 100 per cent. of their
principal amount as at the relevant Redemption Date together with interest accrued but unpaid to such date, if, but only if, a Qualifying Liquidity Event has occurred and the [***] of VFSG Shares on each Trading Day during any [***] consecutive
Trading Day period that commences on or after the Exchange Period Commencement Date and the last day of which occurs not more than [***] Business Days prior to the date upon which notice of such redemption is published, exceeds 200 per cent. of
the Deed Poll Adjusted Exchange Price; or 

  

	 	(ii)	 redeem all but not some only of the Bonds for the time being outstanding at 100 per cent. of their
principal amount on the relevant Redemption Date together with accrued and unpaid interest to but excluding such date, if, but only if, prior to the date upon which notice of such redemption is published, at least 90 per cent. in principal
amount of the Bonds originally issued (which, for this purpose, shall be the aggregate of the principal amount of the Bonds and the principal amount of any further bonds issued pursuant to Condition 15 (Further Issues)) has already been
exchanged, redeemed or purchased and cancelled. 

 For the avoidance of doubt, upon a notice of redemption by the Issuer
pursuant to this Condition 8(e), a Bondholder may exercise its Exchange Right at any time prior to the date that is [***] Business Days prior to the relevant Redemption Date. 
  

	 	(f)	 Redemption at the Option of the Bondholders – Change of Control 

If a Change of Control occurs, a Bondholder may at any time during the CoC Put Exercise Period exercise its option for the Issuer to redeem,
at the sole option of the Bondholder, all or some only of the Bonds held by such Bondholder by no later than the Put Payment Date: 
  

	 	(i)	 if the Change of Control occurs prior to the occurrence of a Liquidity Event or on or prior to the last day of
the QLE Put Exercise Period, at the [***] or 

	 	(ii)	 if the Change of Control occurs after the last day of the QLE Put Exercise Period, at 100 per cent. of
their principal amount together with accrued but unpaid interest to but excluding the Put Payment Date. 

 To exercise
such right, the relevant Bondholder must deposit during normal business hours (being between 9:00 a.m. and 3:00 p.m. (local time)) on any business day (at the place of the specified office of the relevant Paying Agent) during the CoC Put Exercise
Period, at the specified office of any Paying Agent a duly completed and signed notice of redemption, in the form, for the time being current, obtainable from the specified office of any Paying Agent (a “CoC Put Redemption Notice”),
together with the Certificate evidencing the Bonds to be redeemed at any time in the relevant CoC Put Exercise Period. A CoC Put Redemption Notice, once delivered, shall be irrevocable and may not be withdrawn without the Issuer’s consent and
the Issuer shall redeem the Bonds that are the subject of the CoC Put Redemption Notice as aforesaid on the Put Payment Date. For the avoidance of doubt: (A) such put option may not be exercised at any time after the last day of the relevant
CoC Put Exercise Period and (B) provided that if the CoC Put Redemption Notice is delivered by way of email, a pdf scanned copy of the definitive Certificates evidencing the Bonds to be redeemed shall be sufficient for the purposes of
determining whether such put option is exercised during the relevant CoC Put Exercise Period, with the original definitive Certificates evidencing the Bonds to be redeemed to be delivered to the specified office of any Paying Agent by tracked
courier mail. 
 The Issuer shall give notice to the Bondholders in accordance with Condition 16 (Notices) and to the Trustee and the
Principal Agent in writing as soon as practicable once it becomes aware of the occurrence of a Change of Control (and in any event by no later than (A) 10 Business Days (in the case where the Change of Control occurs prior to the occurrence of a
Liquidity Event or on or prior to the last day of the QLE Put Exercise Period) or (B) [***] days (in the case where the Change of Control occurs after the last day of the QLE Put Exercise Period)), following the first day on which it becomes aware
of the occurrence of a Change of Control, which notice shall specify the procedure for exercise by holders of their rights to require redemption of the Bonds pursuant to this Condition 8(f) (Redemption at the Option of the Bondholders –
Change of Control) and shall give brief details of the Change of Control. 
 None of the Trustee, [***] or any of the Agents shall be
required to monitor or to take any steps to ascertain whether any Change of Control or Liquidity Event or any event which could lead to the occurrence of a Change of Control or Liquidity Event has occurred or may occur or whether the QLE Put
Exercise Period has commenced or when the last day of the QLE Put Exercise Period shall occur, and none of them shall be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG [***] or any other person for any loss arising from any failure
by it to do so. 
  

	 	(g)	 Redemption at the Option of the Bondholders – QLE Put Option  

 

	 	(i)	 If a Qualifying Liquidity Event has occurred on or prior to 25 September 2023, a Bondholder may at any
time during the QLE Put Exercise Period exercise its option for the Issuer to redeem, at the sole option of the Bondholder, all or some only of the Bonds held by such Bondholder at the [***] by no later than the Put Payment Date. The Issuer shall,
as soon as reasonably practicable after it has determined the Put Payment Date, notify such Bondholder of the Put Payment Date and the [***] in respect of such redemption. To exercise such right, the holder of the relevant Bond must complete, sign
and deposit during normal business hours (being between 9:00 a.m. and 3:00 p.m. (local time)) on any business day (at the place of the specified office of the relevant Paying Agent) during the QLE Put Exercise Period, at the specified office of any
Paying Agent a duly completed and signed put notice (a “QLE Put Exercise Notice”) in the form, for the time being current, obtainable from the specified office of any Paying Agent, together with the Certificate evidencing the Bonds
to be redeemed. 

	 	(ii)	 A QLE Put Exercise Notice, once delivered, shall be irrevocable (and may not be withdrawn unless the Issuer
consents to such withdrawal in writing) and the Issuer will be bound to redeem the Bonds the subject of QLE Put Exercise Notices delivered as aforesaid in accordance with this Condition 8(g) by no later than the Put Payment Date. For the avoidance
of doubt, (A) such put option may not be exercised at any time after the end of the QLE Put Exercise Period and (B) provided that if the QLE Put Exercise Notice is delivered by way of email, a pdf scanned copy of the definitive
Certificates evidencing the Bonds to be redeemed shall be sufficient for the purposes of determining whether such put option is exercised during the relevant QLE Put Exercise Period, with the original definitive Certificates evidencing the Bonds to
be redeemed to be delivered to the specified office of any Paying Agent by tracked courier mail. 

 None of the Trustee
[***] or any of the Agents shall be required to monitor or to take any steps to ascertain whether a Qualifying Liquidity Event has or has not occurred or may occur or whether the QLE Put Exercise Period has commenced or when the last day of the QLE
Put Exercise Period shall occur, and none of them shall be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG [***] or any other person for any loss arising from any failure by it to do so. 

 

	 	(h)	 Redemption at the Option of the Bondholders – QLE Failure Put Option 

 

	 	(i)	 If a Qualifying Liquidity Event has not occurred on or before 25 September 2023, a Bondholder may at any
time during the QLE Failure Put Exercise Period exercise its option for the Issuer to redeem, at the sole option of the Bondholder, all or some only of the Bonds held by such Bondholder at a redemption price equal to the amount which if received by
the Bondholder would allow it to achieve the [***] in respect of such Bonds from the Closing Date up to but excluding the Put Payment Date by no later than the Put Payment Date. The Issuer shall, as soon as reasonably practicable after it has
determined the Put Payment Date, notify such Bondholder of the Put Payment Date in respect of such redemption. To exercise such right, the holder of the relevant Bonds must complete, sign and deposit at the specified office of any Paying Agent
during normal business hours (being between 9:00 a.m. and 3:00 p.m. (local time)) on any business day (at the place of the specified office of the relevant Paying Agent) during the QLE Failure Put Exercise Period, a duly completed and signed put
notice (a “QLE Failure Put Exercise Notice”) in the form obtainable from the specified office of any Paying Agent, together with the Certificate evidencing the Bonds to be redeemed. 

	 	(ii)	 A QLE Failure Put Exercise Notice, once delivered, shall be irrevocable (and may not be withdrawn unless the
Issuer consents to such withdrawal in writing) and the Issuer will be bound to redeem the Bonds the subject of QLE Failure Put Exercise Notices delivered as aforesaid in accordance with this Condition 8(h) on the Put Payment Date. For the avoidance
of doubt: (A) such put option may not be exercised at any time after the end of the QLE Failure Put Exercise Period and (B) provided that if the QLE Failure Put Exercise Notice is delivered by way of email, a pdf scanned copy of the
definitive Certificates evidencing the Bonds to be redeemed shall be sufficient for the purposes of determining whether such put option is exercised during the relevant QLE Failure Put Exercise Period, with the original definitive Certificates
evidencing the Bonds to be redeemed to be delivered to the specified office of any Paying Agent by tracked courier mail. 

None of the Trustee, [***] or any of the Agents shall be required to monitor or to take any steps to ascertain whether a Qualifying Liquidity
Event has or has not occurred or may occur or whether the QLE Failure Put Exercise Period has commenced or when the last day of the QLE Failure Put Exercise Period shall occur, and none of them shall be responsible or liable to the Bondholders, the
Issuer, VFVN, VFSG, [***] or any other person for any loss arising from any failure by it to do so. 
  

	 	(i)	 Redemption for Relevant Event 

Following the occurrence of any of the following (each, a “Relevant Event”): 

 

	 	(i)	 Delisting: (A) the delisting of the Issuer from the HSX or, if the shares of the Issuer are not at
that time listed and traded on the HSX, the principal stock exchange or securities market on which such shares are then listed or quoted or dealt in (unless such delisting occurs concurrently to a listing of the Issuer on another internationally
recognised stock exchange or the Issuer remains listed on another internationally recognised stock exchange after the delisting), (B) after the occurrence of a Liquidity Event, the delisting of VFSG from the principal stock exchange or securities
market on which such shares are then listed or quoted or dealt in (unless such delisting occurs concurrently to a listing of VFSG on another internationally recognised stock exchange or VFSG remains listed on another internationally recognised stock
exchange after the delisting), or (C) [***] the delisting of Vincom Retail Joint Stock Company or Vinhomes Joint Stock Company from the HSX or, if the shares of Vincom Retail Joint Stock Company or Vinhomes Joint Stock Company (as the case may
be) are not at that time listed and traded on the HSX, the principal stock exchange or securities market on which such shares are then listed or quoted or dealt in, unless within [***] days after such delisting, such delisted shares are (x) re-listed on the HSX or on another internationally recognised stock exchange or remain listed on another internationally recognised stock exchange after the delisting or (y) [***];

  

	 	(ii)	 [***] 

	 	(iii)	 Illegality: it is or will become unlawful for the Issuer to perform or comply with any one or more of
its obligations under the Bonds, the Trust Deed, any [***] or it is or will become unlawful for VFSG to perform or comply with any one or more of its obligations under the Deed Poll; 

 

	 	(iv)	 Authorisations and Consents: any action, condition or thing (including the obtaining or effecting of any
necessary consent, approval, authorisation, exemption, filing, licence, order, recording or registration) at any time required to be taken, fulfilled or done in order (A) to enable the Issuer to lawfully to enter into, exercise its rights and
perform and comply with its obligations under the Bonds, the Trust Deed, any [***] or VFSG to lawfully to enter into, exercise its rights and perform and comply with its obligations under the Deed Poll, (B) to ensure that those obligations are
legally binding and enforceable and (C) to make the Bonds, the Trust Deed, any [***] and the Deed Poll admissible in evidence in the courts of Singapore is not taken, fulfilled or done; or 

 

	 	(v)	 Nationalisation etc: any step is taken by any person with a view to the seizure, compulsory
acquisition, expropriation or nationalisation of all or a material part of the assets of the Issuer, VFSG or any of their respective Principal Subsidiaries, or the Issuer, VFSG or any of their respective Principal Subsidiaries is prevented from
exercising normal control over all or a material part of its property, assets and turnover, 

 each Bondholder will have
the right to require the Issuer to redeem all or some only of such holder’s Bonds on the Relevant Event Payment Date at the Relevant Amount. 

To exercise such right, the relevant Bondholder must deposit at the specified office of any Paying Agent during normal business hours (being
between 9:00 a.m. and 3:00 p.m. (local time)) on any business day (at the place of the specified office of the relevant Paying Agent) following the occurrence of a Relevant Event which is continuing, a duly completed and signed notice of redemption,
in the form, for the time being current, obtainable from the specified office of any Paying Agent (a “Relevant Event Redemption Notice”), together with the Certificate evidencing the Bonds to be redeemed. The “Relevant
Event Payment Date” shall be the [***] Business Day after the Relevant Event Redemption Notice is delivered. A Relevant Event Redemption Notice, once delivered, shall be irrevocable and may not be withdrawn without the Issuer’s
consent and the Issuer shall redeem the Bonds the subject of the Relevant Event Redemption Notice as aforesaid on the Relevant Event Payment Date. 

The Issuer shall give notice to the Bondholders in accordance with Condition 16 (Notices) and to the Trustee and the Principal Agent in
writing as soon as practicable once it becomes aware of the occurrence of a Relevant Event (and in any event by no later than 10 days following the first day on which it becomes aware of the occurrence of such Relevant Event), which notice shall
specify the procedure for exercise by holders of their rights to require redemption of the Bonds pursuant to this Condition 8(i). 

 None of the Trustee [***] or any of the Agents shall be required to monitor or to take any
steps to ascertain whether a Relevant Event or any event which could lead to the occurrence of a Relevant Event has occurred or may occur and none of them shall be responsible or liable to the Bondholders, the Issuer, VFVN, VFSG, [***] or any other
person for any loss arising from any failure by it to do so. 
  

	 	(j)	 Purchase 

The Issuer, VFSG or any of their respective Subsidiaries may at any time and from time to time purchase Bonds at any price in the open market
or otherwise. The Bonds so purchased, while held by or on behalf of the Issuer, VFSG and/or any of their respective Subsidiaries shall be deemed to not be outstanding for the purposes specified in paragraphs (i) to (iii) of the definition of
“outstanding” (as defined in the Trust Deed). 
  

	 	(k)	 Cancellation 

All Bonds which are redeemed, exchanged or purchased by the Issuer or any of its Subsidiaries (other than, for the avoidance of doubt, any
transfers to VFSG pursuant to the Deed Poll) will forthwith be cancelled. Certificates in respect of all Bonds cancelled will be forwarded to or to the order of the Registrar and such Bonds may not be reissued or resold. 

 

	 	(l)	 Redemption Notices 

All notices to Bondholders given by or on behalf of the Issuer pursuant to this Condition 8 will specify (i) the Exchange Period,
(ii) the pro rata share of the Exchange Property attributable to each U.S.$1,000,000 in principal amount of Bonds as at the date of the notice, (iii) the date for redemption, (iv) the manner in which redemption will be effected
and (v) the aggregate principal amount of the Bonds outstanding as at the latest practicable date prior to the publication of the notice. 

None of the Trustee [***] or any of the Agents shall be responsible for determining or verifying whether a Bond is to be redeemed, or is to be
accepted for redemption under this Condition 8 or for determining or verifying whether any exercise by a Bondholder of its Bondholder’s Tax Option is valid or accepted by the Issuer and none of them will be responsible or liable to Bondholders,
the Issuer, VFVN, VFSG [***] or any other person for any loss or liability arising from any failure by it to do so. None of the Trustee, [***] or any of the Agents shall be under any duty to determine, calculate or verify any amount payable on
redemption of any Bond or Bonds under these Conditions, and none of them will be responsible or liable to any Bondholder, the Issuer, VFVN, VFSG [***] or any other person for any loss or liability arising from any failure by any of them to do so.

  

	9.	 TAXATION 

All payments made by or on behalf of the Issuer under or in respect of the Bonds, the Trust Deed or the Agency Agreement will be made free from
any restriction or condition and be made without deduction or withholding for or on account of any present or future Taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Vietnam or any authority
thereof or therein having power to tax or otherwise governing Tax matters, unless deduction or withholding of such Taxes, duties, assessments or governmental charges is compelled by law. In such event, the Issuer will pay such additional amounts
(the “Additional Tax Amounts”) as will result in the receipt by the Bondholders of the amounts which would otherwise have been receivable by them had no such deduction or withholding been required; provided that no such additional
amount shall be payable in respect of any Bond: 

	 	(a)	 to a holder (or to a third party on behalf of a holder) who is subject to such Taxes, duties, assessments or
governmental charges in respect of such Bond by reason of such holder or such third party having some connection with Vietnam other than any connection arising solely from the acquisition, ownership or holding the Bond, or the receipt or enforcement
of amounts in respect of the Bond, or otherwise with respect to the Bond, this Agreement, the Trust Deed or the Agency Agreement; or 

  

	 	(b)	 (in the case of a payment of principal) if the Certificate in respect of such Bond is surrendered more than
[***] days after the Relevant Date except to the extent that the holder would have been entitled to such Additional Tax Amounts on surrendering the relevant Certificate for payment on the last day of such period of [***] days. 

For the purposes of these Conditions, “Relevant Date” means whichever is the later of (i) the date on which such payment
first becomes due and (ii) if the full amount payable has not been received by the Trustee or the Principal Agent on or prior to such due date, the date on which, the full amount having been so received, notice to that effect shall have been
given to the Bondholders and payment made. 
 References in these Conditions to principal and premium (if any) shall be deemed also to refer
to any additional amounts which may be payable under this Condition 9 or any undertaking or covenant given in addition thereto or in substitution therefor pursuant to the Trust Deed. 

The Trust Deed provides for these provisions to be amended or supplemented in circumstances where the Issuer becomes subject to the taxing
jurisdiction of a territory or a taxing territory of or in that territory with power to tax other than or in addition to Vietnam. 
  

	10.	 EVENTS OF DEFAULT 

The Trustee may, and, if so requested in writing by the holders of not less than 25 per cent. in aggregate principal amount of the Bonds
then outstanding or if so directed by an Extraordinary Resolution shall (subject to it being indemnified and/or secured and/or pre-funded to its satisfaction), give notice to the Issuer that the Bonds are, and
they shall accordingly thereby become, immediately due and repayable for an amount equal to the Relevant Amount if: 
  

	 	(a)	 Non-Payment:  

A default is made in the payment of any principal, interest or any other amounts due in respect of the Bonds (other than any Cash Alternative
Amount) which is not remedied within [***] Business Days. 
  

	 	(b)	 Failure to deliver VFSG Shares or the Cash Alternative Amount: 

Any non-delivery of VFSG Shares or non-payment of the Cash
Alternative Amount as and when the VFSG Shares or the Cash Alternative Amount, as the case may be, are required to be delivered or paid following exchange of the Bonds under the Deed Poll and such non-delivery
or non-payment, as the case may be, continues for more than [***] Trading Days. 

	 	(c)	 Insolvency:  

 

	 	(i)	 The Issuer or any of the Principal Subsidiaries (A) is (or is, or could be, deemed by law or a court to
be) insolvent or bankrupt or unable to pay its debts, (B) stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a particular type of) its debts, (C) proposes or makes any agreement for the deferral,
rescheduling or other readjustment of all of (or all of a particular type of) its debts (or of any part which it will or might otherwise be unable to pay when due), (D) proposes or makes a general assignment or an arrangement or composition with or
for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or affecting all or any part of (or of a particular type of) the debts of the Issuer or any of the Principal Subsidiaries;
or 

  

	 	(ii)	 an administrator or liquidator or other similar officer in respect of the Issuer or any of the Principal
Subsidiaries or the whole or any material part of the assets and turnover of the Issuer or any of the Principal Subsidiaries is appointed (or application for any such appointment is made), 

provided that, in the case of (i)(C) and (i)(D) above of this Condition 10(c), any action or arrangement by the Issuer (not forming part
of, or proposed or effected at the same time as or in conjunction with any action, event or arrangement referred to in this Condition 10(c) in relation to any other debts or obligations of the Issuer or any of the Principal Subsidiaries) to
(A) propose or effect changes to these Conditions and/or (B) repurchase or exchange the Bonds for any other securities, shall not be deemed to be an event occurring under this Condition 10(c); 

 

	 	(d)	 Cross-Acceleration:  

The occurrence or existence of: 
  

	 	(i)	 any present or future indebtedness (whether actual or contingent) of the Issuer or any of the Principal
Subsidiaries for or in respect of moneys borrowed or raised becoming or being declared due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (howsoever described); or

  

	 	(ii)	 any guarantees which are then outstanding and in effect (including indemnity in the nature of a guarantee)
granted by the Issuer or any of the Principal Subsidiaries in respect of outstanding indebtedness (whether actual or contingent) of another person becoming or being declared due and payable by reason of any actual or potential default, event of
default or the like (howsoever described), 

 provided that the aggregate amount of the relevant indebtedness,
guarantees and indemnities in respect of which one or more of the events mentioned above in this Condition 10(d) have occurred equals or exceeds [***] or its equivalent in any other currency (as determined on the basis of the middle spot rate for
the relevant currency against USD on the relevant date as quoted by any leading bank selected by the Issuer) on the day on which such indebtedness becomes due and payable or is not paid or any such amount becomes due and payable or is not paid under
any such guarantee or indemnity. 

	 	(e)	 [***] 

  

	 	(f)	 Breach of Other Obligations:  

The Issuer does not perform or comply with one or more of its other obligations in the Bonds, the Trust Deed, [***] other than any obligation,
the breach of which is addressed by a different paragraph of this Condition 10) which default is in the opinion of the Trustee incapable of remedy or, if capable of remedy in the opinion of the Trustee, is not remedied within [***] days of the
earlier of (i) written notice of such default shall have been given to the Issuer by the Trustee and (ii) the Issuer becoming aware of the failure to comply (meaning the actual knowledge of the Issuer’s the Chief Investment Officer or
Deputy Chief Investment Officer). 
 Unless and until the Issuer notifies the Trustee that the Issuer has become aware of a failure to
comply for the purpose of paragraph (ii) above, the Trustee may assume conclusively and without liability to any person that the Issuer is not aware of any such failure. 
  

	 	(g)	 Enforcement Proceedings:  

A distress, attachment, execution, seizure before judgment or other legal process is levied, enforced or sued out on or against any material
part of the property, assets or turnover of the Issuer or any of the Principal Subsidiaries and is not discharged or stayed within [***] days. 
  

	 	(h)	 Security Enforced: 

An encumbrancer takes possession or an administrative or other receiver or an administrator or other similar officer is appointed of the whole
or a material part of the property, assets or turnover of the Issuer or any of the Principal Subsidiaries (as the case may be) and is not discharged within [***] days. 
  

	 	(i)	 Winding-up:  

An order is made or an effective resolution passed for the winding-up or dissolution or administration
of the Issuer or any of the Principal Subsidiaries (except for a members’ voluntary solvent winding up of a Principal Subsidiary), or the Issuer or any of the Principal Subsidiaries ceases or threatens to cease to carry on all or a material
part of its business or operations, except for the purpose of and followed by a reconstruction, amalgamation, reorganisation, merger or consolidation on terms approved by an Extraordinary Resolution of the Bondholders, or (ii) in the case of a
Principal Subsidiary, whereby the undertaking and assets of such Principal Subsidiary are transferred to or otherwise vested in another of the Principal Subsidiaries. 
  

	 	(j)	 Enforceability [***]:  

(i) Any of the Bonds, the Trust Deed, any [***] ceases to be in full force and effect, legal, valid, binding or enforceable, (ii) [***]

	 	(k)	 Analogous Events:  

Any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the events referred to in any of
Conditions 10(a) (Non-Payment) to 10(j) [***]. 
 None of the Trustee, [***] and the Agents
shall be required to take any steps to ascertain whether an Event of Default or Potential Event of Default or any event which could lead to the occurrence of an Event of Default or a Potential Event of Default has occurred or may occur, and each of
them shall be entitled to assume that no such event has occurred unless they have received written notice to the contrary from the Issuer or the Trustee has been so notified in writing by holders of not less than 25 per cent. in aggregate
principal amount of the Bonds then outstanding or so directed by an Extraordinary Resolution. 
  

	11.	 PRESCRIPTION 

Claims in respect of amounts due in respect of the Bonds will become prescribed unless made within ten years (in the case of principal) and
five years (in the case of interest) from the Relevant Date in respect thereof. 
  

	12.	 ENFORCEMENT 

At any time after the Bonds have become due and repayable, the Trustee may, at its sole discretion and without further notice, take such
proceedings against the Issuer as it may think fit to enforce the provisions of the Trust Deed, but it will not be bound to take any such proceedings unless (a) it shall have been so requested in writing by the holders of not less than
25 per cent. in aggregate principal amount of the Bonds then outstanding or shall have been so directed by an Extraordinary Resolution of the Bondholders and (b) it shall have been indemnified and/or secured and/or pre-funded to its satisfaction. No Bondholder will be entitled to proceed directly against the Issuer unless the Trustee, having become bound to do so, fails to do so within a reasonable period and such failure
shall be continuing. 
  

	13.	 MEETINGS OF BONDHOLDERS, MODIFICATION, WAIVER AND SUBSTITUTION 

 

	 	(a)	 Meetings 

The Trust Deed contains provisions for convening meetings (including by way of teleconference or videoconference call) of Bondholders to
consider any matter affecting their interests, including without limitation the sanctioning by Ordinary Resolution or Extraordinary Resolution of a modification of the Bonds or the provisions of the Trust Deed or any other Transaction Document. The
quorum for any such meeting for: 
  

	 	(i)	 passing an Ordinary Resolution will be two or more persons holding or representing over 50 per cent. in
aggregate principal amount of the Bonds for the time being outstanding or, at any adjourned such meeting, two or more persons being or representing Bondholders whatever the aggregate principal amount of the Bonds so held or represented; or

	 	(ii)	 passing an Extraordinary Resolution will be two or more persons holding or representing over 50 per cent.
in aggregate principal amount of the Bonds for the time being outstanding or, at any adjourned such meeting, two or more persons being or representing Bondholders whatever the aggregate principal amount of the Bonds so held or represented unless the
business of such meeting includes consideration of proposals, amongst other things, to modify the provisions concerning the quorum required at any meeting of the Bondholders or the majority required to pass an Extraordinary Resolution, in which case
the necessary quorum for passing an Extraordinary Resolution will be two or more persons holding or representing not less than 66 per cent., or at any adjourned such meeting not less than 33 per cent., in aggregate principal amount of the
Bonds for the time being outstanding. 

 An Ordinary Resolution or Extraordinary Resolution passed at any meeting of
Bondholders will be binding on all Bondholders, whether or not they are present at the meeting. 
 The Trust Deed provides that (A) a
written resolution signed by or on behalf of the holders of not less than 90 per cent. of the aggregate principal amount of Bonds outstanding, and (B) and Extraordinary Resolution passed at a meeting held by way of a teleconference or
videoconference call shall each be as valid and effective as a duly passed Extraordinary Resolution. 
  

	 	(b)	 Modification and Waiver 

The Trustee may (but is not obliged to) agree, without the consent of the Bondholders, to (i) any modification (except as mentioned in
Condition 13(a) (Meetings) above) to, or the waiver or authorisation of any breach or proposed breach of, the Bonds, the Agency Agreement or the Trust Deed which is not, in the opinion of the Trustee, materially prejudicial to the interests
of the Bondholders or (ii) any modification to the Bonds or the Trust Deed which, in the Trustee’s opinion, is of a formal, minor or technical nature or to correct a manifest error or to comply with any mandatory provisions of applicable
law. Any such modification, waiver or authorisation will be binding on the Bondholders and, unless the Trustee agrees otherwise, any such modifications will be notified by the Issuer to the Bondholders as soon as practicable thereafter. 

 

	 	(c)	 Substitution 

The Trust Deed contains provisions permitting (but not obliging) the Trustee to agree, subject to such amendment of the Trust Deed and
satisfaction of such other conditions as the Trustee in its absolute discretion may require, but without the consent of the Bondholders, to the substitution of certain other entities in place of the Issuer, or of any previous substituted company, as
principal debtor under the Trust Deed, the Bonds and as a party to the Agency Agreement. 
  

	 	(d)	 Interests of Bondholders 

In connection with the exercise of its functions (including but not limited to those in relation to any proposed modification, authorisation,
waiver or substitution) the Trustee shall have regard to the interests of the Bondholders as a class and shall not have regard to the consequences of such exercise for individual Bondholders, and no Bondholder shall be entitled to claim from the
Issuer or the Trustee any indemnification or payment in respect of any tax consequences of any such exercise upon individual Bondholders except to the extent provided for in Condition 9 (Taxation) and/or any undertakings given in addition
thereto or in substitution therefor pursuant to the Trust Deed and these Conditions. 

	 	(e)	 Certificates/Reports/etc. 

Any certificate, confirmation or report of any expert or other person called for by or provided to the Trustee conclusively and without
liability to Bondholders, the Issuer, VFVN, VFSG [***] or any other person (whether or not addressed to the Trustee) in accordance with or for the purposes of these Conditions, the Trust Deed, the Agency Agreement or any other Transaction Document
may be relied upon by the Trustee as sufficient evidence of the facts therein (and shall, in absence of manifest error, be conclusive and binding on all parties) notwithstanding that such certificate, confirmation or report and/or engagement letter
or other document entered into by the Trustee, the Issuer, VFSG [***] and/or any other person in connection therewith contains a monetary or other limit on the liability of the relevant expert or person in respect thereof. The Trustee shall not be
responsible or liable to any person for any loss occasioned by acting or not acting on any such certificate, confirmation or report. 
 In
the event of the passing of an Extraordinary Resolution in accordance with Condition 13(a) (Meetings), a modification, waiver or authorisation in accordance with Condition 13(b) (Modification and Waiver) or a substitution in accordance with
Condition 13(c) (Substitution), the Issuer will notify the Bondholders in accordance with Condition 16 (Notices). 
  

	14.	 REPLACEMENT OF CERTIFICATES 

If any Certificate is mutilated, defaced, destroyed, stolen or lost, it may be replaced at the specified office of the Registrar or any
Transfer Agent upon payment by the claimant of such costs as may be incurred in connection therewith and on such terms as to evidence and indemnity and/or security and/or pre-funding as the Issuer, the
Registrar and/or such Transfer Agent may require. 
 Mutilated or defaced Certificates must be surrendered before replacements will be
issued. 
  

	15.	 FURTHER ISSUES 

The Issuer may from time to time, without the consent of the Bondholders, create and issue further bonds forming the same series of the Bonds,
provided that: 
  

	 	(a)	 [***] 

  

	 	(b)	 the total amount of the Bonds shall in no event exceed U.S.$1,000,000,000; and 

 

	 	(c)	 the further bonds have the same terms and conditions as the Bonds in all respects (save for the date of issue
and except for the first payment of interest on them), such that such further issue shall be consolidated and form a single series with the Bonds. 

Such further bonds shall be constituted by a deed supplemental to the Trust Deed. 

 

	16.	 NOTICES 

All notices will be validly given to Bondholders if emailed to them at their respective email addresses in the register of Bondholders
maintained by the Registrar, mailed to them at their respective addresses in the register of Bondholders maintained by the Registrar or if published in a leading newspaper having general circulation in Asia (which is expected to be the Wall Street
Journal Asia). Any such notice shall be deemed to have been given on the later of the date of such publication, the [***] day after being so mailed or the day after being so emailed, as the case may be. 

 In respect of any Bonds represented by the Global Certificate, for so long as such Global
Certificate is held on behalf of Euroclear or Clearstream or any Alternative Clearing System (as defined in the Global Certificate), notices to Bondholders shall be given by delivery of the relevant notice to Euroclear or Clearstream or the
Alternative Clearing System, for communication by it to entitled accountholders in substitution for notification as required by the Conditions, and such notice shall be deemed to be received by the Bondholders on the date of delivery of such notice
to Euroclear or Clearstream or the Alternative Clearing System. 
  

	17.	 AGENTS 

  

	 	(a)	 The Agents 

The names of the initial Agents and their specified offices are set out below. The Issuer reserves the right, subject to the prior written
approval of the Trustee, at any time to vary or terminate the appointment of any Agent and to appoint additional or other Agents provided that there will at all times be (i) a Principal Agent and (ii) a Registrar which will maintain the
register of Bondholders outside the United Kingdom. Notice of any such termination or appointment, of any changes in the specified offices of any Agent and of any change in the identity of the Registrar or the Principal Agent will be given promptly
by the Issuer to the Bondholders in accordance with Condition 16 (Notices) and in any event not less than [***] days’ notice will be given. 
  

	 	(b)	 Agents of the Issuer  

In acting under the Agency Agreement and in connection with the Bonds, the Agents shall act solely as agents of the Issuer and shall not
assume any obligations towards or relationship of agency or trust for, any of the Bondholders. 
  

	18.	 INDEMNIFICATION 

The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions
relieving it from taking any steps and/or instituting proceedings to accelerate the Bonds and/or to enforce repayment unless first indemnified and/or secured and/or pre-funded to its satisfaction. [***] 

Whenever the Trustee [***] is required or entitled by the terms of the Trust Deed, the Agency Agreement, [***], [***], any other Transaction
Document or these Conditions to exercise any discretion or power, take any action, make any decision or give any direction, each of the Trustee [***] is entitled, prior to exercising any such discretion or power, taking any such action, making any
such decision or giving any such direction, to seek directions from the Bondholders by way of Extraordinary Resolution, and neither the Trustee [***] shall be responsible or liable for any loss or liability incurred by the Issuer, VFVN, VFSG [***],
the Bondholders or any other person as a result of any delay in it exercising such discretion or power, taking such action, making such decision or giving such direction as a result of seeking such direction from the Bondholders or in the event that
no direction is given to the Trustee [***] by the Bondholders. 

 None of the Trustee [***] or any of the Agents shall be responsible or liable for the
performance by the Issuer, VFVN, VFSG [***] and any other person appointed by the Issuer [***] in relation to the Bonds and/or the Exchange Property [***] of the duties and obligations on their part expressed in respect of the same and, unless it
has written notice from the Issuer to the contrary, the Trustee and each Agent shall be entitled to assume that the same are being duly performed. None of the Trustee [***] any Agent shall be liable to any Bondholder, the Issuer, VFVN, VFSG [***] or
any other person for any action taken by the Trustee [***] or such Agent in accordance with the instructions of the Bondholders. Each of the Trustee [***] shall be entitled to rely on any direction, request or resolution of Bondholders given by
Bondholders holding the requisite principal amount of Bonds outstanding or passed at a meeting of Bondholders convened and held in accordance with the Trust Deed. 

Each Bondholder shall be solely responsible for making and continuing to make its own independent appraisal and investigation into the
financial condition, creditworthiness, condition, affairs, status and nature of the Issuer, VFVN, VFSG and any [***], and the Trustee shall not at any time have any responsibility or liability for the same and each Bondholder shall not rely on the
Trustee in respect thereof. 
 Each of the Trustee [***] may rely conclusively and without liability to Bondholders, the Issuer, VFVN, VFSG
[***] or any other person on any opinion or advice of any legal advisers, accountants, financial advisers, financial institution or any other expert or professional adviser, whether or not obtained by or addressed to it and whether their liability
in relation thereto is limited (by its terms or by any engagement letter relating thereto entered into by the Trustee, [***] or any other person or in any other manner) by reference to a monetary cap, methodology or otherwise. Each of the Trustee
and [***] may accept and shall be entitled to rely on any such opinion or advice and, in such event, such opinion or advice shall be binding on the Issuer, VFVN, VFSG [***] and the Bondholders. 

 

	19.	 NO RESTRICTIONS ON BUSINESS TRANSACTIONS 

Each of the Trustee, [***] and each Agent and each of their respective related companies and affiliates are entitled to enter into business
transactions with the Issuer, VFVN, VFSG, [***] and any affiliate of or any entity related (directly or indirectly) to the Issuer, VFVN, VFSG [***] without accounting for any profit resulting therefrom. 

 

	20.	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 

No person shall have any right to enforce any term or condition of the Bonds or any provision of the Trust Deed under the Contracts (Rights of
Third Parties) Act 2001 of Singapore. 
  

	20A.	 ADJUSTMENT OF CLOSING DATE 

If the Closing Date is adjusted in accordance with the Subscription Agreements: 

 

	 	(a)	 the Interest Payment Dates in Condition 5 (Interest); and 

 

	 	(b)	 the reference to the date that is “25 September 2023” set out in Condition 4A(b)(ii)(A) and (B)
([***]), Condition 8(g)(ii) (Redemption at the Option of the Bondholders – QLE Put Option) and Condition 8(h)(i) (Redemption at the Option of the Bondholders – QLE Failure Put Option), 

 shall be adjusted accordingly by the same number of days as the adjustment to the Closing
Date (as notified in writing by the Issuer to the Agents, the Registrar and the Trustee). 
  

	21.	 GOVERNING LAW AND ARBITRATION 

 

	 	(a)	 Governing Law 

The Bonds, the Trust Deed, [***] and the Agency Agreement are governed by, and shall be construed in accordance with, the laws of Singapore.
[***] 
  

	 	(b)	 Arbitration 

  

	 	(i)	 The arbitration agreement set out in this Condition 21 is governed by the laws of Singapore. Any dispute,
controversy or claim arising out of, in connection with or relating to the Bonds and the other Transaction Documents [***] including any question regarding its existence, validity, breach or termination, or any dispute regarding non-contractual obligations arising out of, in connection with or relating to the Bonds and the other Transaction Documents [***] (“Dispute”), shall be referred to and finally resolved by
arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the SIAC for the time being in force (the “Rules”), which rules are deemed incorporated
by reference in this Condition 21. 

  

	 	(ii)	 The Rules are incorporated by reference into these Conditions and capitalised terms used in this Condition 21
which are not otherwise defined in the Bonds or the other Transaction Documents [***] have the meaning given to them in the Rules. 

  

	 	(iii)	 The tribunal shall consist of three arbitrators, two of whom shall be nominated by the respective parties in
accordance with the rules of the SIAC for the time being in force and the third, who shall be the Chairman of the tribunal, shall be nominated by the two nominated arbitrators within [***] days of the last of their appointments.

  

	 	(iv)	 The seat, or legal place of arbitration, shall be Singapore. 

 

	 	(v)	 The language used in the arbitral proceedings shall be English. All documents submitted in connection with the
proceedings shall be in the English language, or, if in another language, accompanied by a certified English translation. 

  

	22.	 DEFINITIONS 

For the purposes of these Conditions: 

[***] 
 “Additional
Exchange Property” has the meaning given to it in Condition 6(b)(iii) (Exchange Procedures and Corporate and Regulatory Approvals). 

“Additional Tax Amounts” has the meaning given to it in Condition 9 (Taxation). 

 “Affiliate” means, in respect of any Person, any other Person who, directly
or indirectly, through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person and, in respect of any Person that is ultimately Controlled by an individual, shall include all Affiliates of that
individual; provided that none of the Issuer or its Subsidiaries shall be an Affiliate of any Bondholder, and: 
  

	 	(i)	 [***] 

  

	 	(ii)	 [***] 

  

	 	(iii)	 [***] 

“Agency Agreement” means the paying and exchange agency agreement dated 29 April 2022 between the Issuer, the Trustee,
the Principal Agent, the Exchange Agent, the Registrar and the Transfer Agent relating to the Bonds, as amended and supplemented by a supplemental agency agreement dated 4 June 2022 and as further amended and/or supplemented from time to time. 

“AS” means Asian Star Trading & Investment Pte. Ltd., a company incorporated in Singapore with registered number
200602323N and having its registered office at 120 Lower Delta Road #02-05 Cendex Centre Singapore (169208). 

“Bondholder” and in relation to a Bond, “holder”, means the person in whose name a Bond is registered (or in
the case of a joint holding, the first named thereof). 
 “Bondholder Change of Control” means when one or more persons who,
alone or acting in concert, Control the Bondholder (the “Existing Bondholder Controller”) cease to directly or indirectly Control such Bondholder or the Bondholder consolidates with or merges into or sells or transfers all or
substantially all of the Bondholder’s assets to any other person or persons, acting together, except where such person(s) is Controlled by the Existing Bondholder Controller; provided that in no event shall any such change that results
from a Financing Enforcement or a [***] constitute a “Bondholder Change of Control” for any purpose under these Conditions. 

“Bondholder Taxes” has the meaning given to it in Condition 6(b)(ii) (Taxes and Stamp Duty etc.). 

“Bondholder’s Exercise Notice” has the meaning given to it in Condition 8(b) (Bondholder’s Tax Option). 

“Bondholder’s Tax Option” has the meaning given to it in Condition 8(b) (Bondholder’s Tax Option). 

 “Business Day” means a day other than a Saturday or Sunday on which
commercial banks are open for business in New York City, Singapore, Hong Kong, Ho Chi Minh City and London. 
 [***] 

“Certificate” has the meaning given to it in Condition 2(a) (Form and Denomination). 

“Change of Control” means an event that occurs when the Controlling Shareholders, taken together cease to own (directly or
indirectly) a majority ownership of VFSG on a fully diluted basis or cease to control more than 50 per cent. of the voting right of VFSG (including rights conferred to the Controlling Shareholders under any power of attorneys). 

“Clearing System Business Day” has the meaning given to it in Condition 7(a) (Method of Payment). 

“Clearstream” means Clearstream Banking S.A. 

“Closed Period” has the meaning given to it in Condition 3(f) (Closed Periods) 

“Closing Date” means 10 May 2022, or such later date as notified by the Issuer in writing to the Agents, the Registrar
and the Trustee (such Closing Date as adjusted in accordance with the Subscription Agreements). 
 “CoC Put Exercise Period”
means: 
  

	 	(i)	 if a Change of Control occurs prior to the occurrence of a Liquidity Event or on or prior to the last day of
the QLE Put Exercise Period, the period from and including the date immediately following the Bondholder’s receipt (determined in accordance with Condition 16 (Notices)) of the notice of Change of Control provided by the Issuer pursuant
to Condition 8(f) (Redemption at the Option of the Bondholders – Change of Control) to and including the date falling [***] Business Days after such date; and 

 

	 	(ii)	 if a Change of Control occurs after the last day of the QLE Put Exercise Period, the period starting the [***]
day after and ending on the [***] day after the Bondholder’s receipt of the notice of Change of Control provided by the Issuer pursuant to Condition 8(f) (Redemption at the Option of the Bondholders – Change of Control).

 “CoC Put Redemption Notice” has the meaning given to it in Condition 8(f) (Redemption at the Option
of the Bondholders – Change of Control). 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

[***] 

 [***] 

“Consolidated Net Total Borrowings” means, at any time, the aggregate of: 

 

	 	(i)	 Consolidated Total Borrowings, less 

 

	 	(ii)	 cash, cash equivalents, bonds (which are corporate bonds issued by Vietnamese corporates or financial
institutions held as financial investments which can be liquidated without penalties) and any other short term bank deposits, long term bank deposits that can be unwound without penalties that are more onerous than those incurred on the cancellation
of short term bank deposits or certificates of deposit as set out in the most recent consolidated financial statements of the Issuer prepared in accordance with VAS, (but excluding any deposit taken into account in paragraph (C)(i) of the definition
of Consolidated Total Borrowings). 

 “Consolidated Total Borrowings” means, at any time, the aggregate
outstanding amount of the following liabilities calculated at the nominal, principal or other amount at which the \liabilities would be carried in a consolidated balance sheet of the Issuer drawn up at that time (or in the case of any guarantee,
indemnity or similar assurance referred to in paragraph (x) below of this definition, the maximum liability under the relevant instrument): 
  

	 	(i)	 any moneys borrowed; 

 

	 	(ii)	 any amount raised by any acceptance under any acceptance credit facility or dematerialised equivalent;

  

	 	(iii)	 any amount raised by any issue of bonds, notes, debentures, loan stock or other similar instruments;

  

	 	(iv)	 any amount raised by the issue of redeemable preference shares which are compulsorily redeemable (other than at
the option of the issuer) before the Maturity Date or otherwise classified as borrowings under GAAP); 

  

	 	(v)	 the amount of any liability in respect of any lease or hire purchase agreement to the extent required to be
treated as a finance or capital lease in accordance with GAAP; 

  

	 	(vi)	 any moneys owing in connection with the sale or discounting of receivables (except to the extent that there is
no recourse); 

  

	 	(vii)	 any amount of any liability under an advance or deferred purchase agreement arranged primarily as a method of
raising finance or of financing the acquisition of an asset (other than in respect of loan agreements entered with prospective retail purchasers which will be converted to sale and purchase agreements prior to completion in the ordinary course of
business) and payment is due more than [***] days after the date of supply; 

  

	 	(viii)	 any indebtedness arising in connection with any other transaction (including any forward sale or purchase
agreement) which is classified as borrowings under GAAP; 

  

	 	(ix)	 any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other
instrument issued by a bank or financial institution (but does not include any counter-indemnity obligation incurred by any member of the Group in respect of any guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank
or financial institution as required under Article 56 of Law on Real Estate Business No. 66/2014/QH13 dated 25 November 2014 (or similar types of guarantees required by law)); and 

 

	 	(x)	 without double-counting, the amount of any liability in respect of any guarantee, indemnity or similar
assurance against financial loss given by a member of the Group in respect of any liabilities of any person of a type referred to in paragraphs (i) to (ix) above of this definition (but does not include any liability incurred by any member of
the Group in respect of any guarantee, indemnity or similar assurance against financial loss of any person as required under Article 56 of Law on Real Estate Business No. 66/2014/QH13 dated 25 November 2014 (or similar types of guarantees
required by law)), 

 except that the following liabilities shall be excluded from Consolidated Total Borrowings: 

 

	 	(A)	 any Financial Indebtedness owed by the Issuer, or VFVN or VFSG (or any of its respective Subsidiaries) to any
member of the Group; 

	 	(B)	 any liability under any derivative transaction, which is for a
non-speculative purpose protecting against fluctuations in any rate or price; and 

  

	 	(C)	 any moneys borrowed by a Subsidiary from a bank or other person that are either: 

 

	 	(1)	 secured by a pledge of deposits (of approximately equal value) made by another Subsidiary to such bank or
person as security for moneys borrowed; or 

  

	 	(2)	 supported by a countervailing loan (of approximately equal value) made by another Subsidiary to such bank or
person on substantially similar commercial terms as such moneys borrowed, 

 such that, in each case (1) and (2), the
net exposure of the Group is minimal. 
 “Control” of a person (including its correlative meanings, “Controlled
by”, “Controlling” and “under common Control with”) means (a) direct or indirect ownership of 50 per cent. or more of the voting rights attributable to the shares of such person (being a
corporation), (b) the right or power to appoint or cause the appointment of 50 per cent. or more of the members of or otherwise control the votes at, the board of directors (or similar governing body) of that other person or (c) the right
or power to direct the management of or cause the direction of the management or policies of that other person, and for the avoidance of doubt, a general partner is deemed to Control a limited partnership and, solely for the purposes of this
Agreement (unless otherwise expressly stated), an investment fund managed or advised exclusively by a person and/or its Affiliates shall also be deemed to be Controlled by such person and/or such Affiliates. 

“Controlling Shareholders” means the Issuer and the Founder (directly and indirectly through his ownership and/or Control of
VIG and AS). 
 “Coupon Adjustment Date” has the meaning given to it in Condition 5(a) (Interest). 

“Debt Service” means in respect of the Group, for each Measurement Period, the aggregate of all principal payments or payments
by way of interest, fees, costs and expenses falling due during that Measurement Period under or in connection with any indebtedness of a type described under the definition of Consolidated Total Borrowings incurred by any member of the Group. 

“Debt Service Coverage Ratio” means in respect of the Group, for each Measurement Period, the ratio of: 

 

	 	(i)	 the consolidated cash, cash equivalent balance and any short term bank deposits, long term bank deposits that
can be unwound without penalties that are more onerous than those incurred on the cancellation of short term bank deposits and certificates of deposit at the start of the applicable Measurement Period (excluding any deposit taken into account in
paragraph (C) of the definition of Consolidated Total Borrowings) plus the net increase/(decrease) in cash, cash equivalents and any short term bank deposits and certificates of deposit (as reported in the consolidated cash flow statement of
the Issuer) during the applicable Measurement Period plus Debt Service (to the extent it has been paid) during the Measurement Period minus restricted cash at the end of the applicable Measurement Period which is not available to be applied towards
Debt Service including but not limited to consolidated cash deposits already mortgaged as security for loans or deposited in blocked accounts as security for guarantee liabilities, 

 to 
  

	 	(ii)	 Debt Service for that Measurement Period. 

For the avoidance of doubt, any Debt Service incurred in a Measurement Period which is repaid in such Measurement Period shall not be included
for the purpose of this definition. 
 “Deed Poll” means the deed poll executed by VFSG dated 29 April 2022 in respect
of the Bonds, as amended and/or supplemented from time to time. 
 “Deed Poll Adjusted Exchange Price” means, at any time,
the quotient of (i) U.S.$1,000,000 of principal amount of Bonds and (ii) the Deed Poll Exchange Rate then in effect (being the Initial Exchange Rate (as defined in the Deed Poll), as adjusted in accordance with clause 3.3 (Adjustments
to Exchange Rate—Pre-Liquidity Event) or clause 3.4 (Adjustments to Exchange Rate—Post-Liquidity Event) of the Deed Poll); 

“Deed Poll Exchange Notice” means the “Exchange Notice” as defined in the Deed Poll. 

“Deed Poll Exchange Rate” means the “Exchange Rate” as defined in the Deed Poll. 

“Deed Poll Exchange Settlement Deadline” means the “Exchange Settlement Deadline” as defined in the Deed Poll. 

“Dispute” has the meaning given to it in Condition 21(b) (Arbitration). 

“Dividend” means: 
  

	 	(i)	 any distribution of assets in specie charged or provided for in the accounts of a Relevant Company for any
financial period (whenever paid or made and however described) (and for these purposes a distribution of assets in specie includes without limitation an issue of shares or other securities credited as fully or partly
paid-up (other than [***] credited as fully paid) by way of capitalisation of reserves); and 

  

	 	(ii)	 any cash dividend or distribution of any kind charged or provided for in the accounts of the Relevant Company
for any financial period (whenever paid or made and however described). 

 [***] 

“Encumbrance” means a mortgage, charge, assignment by way of security, pledge, lien or other encumbrance or security interest
securing any obligation of any person. 
 “Equity” means, at any time, the total equity of the Group as set out in the most
recent consolidated financial statements of the Issuer prepared in accordance with GAAP and delivered to the Bondholders pursuant to Condition 4(b)(i) (Provision of Information). 

“Equivalent Amount” has the meaning given to it in Condition 6(b)(iii) (Exchange Procedures and Corporate and Regulatory
Approvals). 
 “Euroclear” means Euroclear Bank SA/NV. 

“Event of Default” means an event occurring under Condition 10 (Events of Default). 

 “Exchange Date” has the meaning given to it in Condition 6(b)(i)
(Exchange Notice). 
 “Exchange Notice” has the meaning given to it in Condition 6(b)(i) (Exchange Notice).

 “Exchange Period” has the meaning given to it in Condition 6(a)(ii) (Exercise of Exchange Rights). 

“Exchange Period Commencement Date” means the final day of the Reference Price Observation Period. 

“Exchange Property” has the meaning given to it in Condition 6(c)(i) (Exchange Property). 

“Exchange Right” has the meaning given to it in Condition 6(a)(ii) (Exercise of Exchange Rights). 

“Exchange Taxes” has the meaning given to it in Condition 6(b)(ii) (Taxes and Stamp Duty etc.). 

“Extraordinary Resolution” means a resolution passed at a meeting of the Bondholders duly convened and held in accordance with
the Trust Deed by a majority consisting of at least 75 per cent. of the votes cast in accordance with the requirements as applicable under the Trust Deed. 

“Financial Covenants Compliance Certificate” means a certificate of the Issuer, substantially in the form set out in Schedule
5 (Form of Financial Covenants Compliance Certificate) of the Trust Deed. 
 “Financial Indebtedness” means at any
time any indebtedness for or in respect of: 
  

	 	(i)	 moneys borrowed; 

  

	 	(ii)	 any amount raised by any acceptance under any acceptance credit facility or dematerialised equivalent;

  

	 	(iii)	 any issue of bonds, notes, debentures, loan stock or other similar instrument; 

 

	 	(iv)	 any amount raised by the issue of redeemable preference shares which are compulsorily redeemable (other than at
the option of the issuer) before the Maturity Date or otherwise classified as borrowings under GAAP; 

  

	 	(v)	 the amount of any liability in respect of any lease or hire purchase agreement to the extent required to be
treated as a finance or capital lease in accordance with GAAP; 

  

	 	(vi)	 receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis); 

  

	 	(vii)	 any amount of any liability under an advance or deferred purchase agreement for the supply of assets or
services (other than in respect of loan agreements entered with prospective retail purchasers which will be converted to sale and purchase agreements prior to completion in the ordinary course of business) if the advance or deferred payment is
arranged primarily as a method of raising finance or of financing the acquisition or construction of that asset or service and payment is due more than [***] days after the date of supply; 

 

	 	(viii)	 any derivative transaction protecting against or benefiting from fluctuations in any rate or price (and, except
for non-payment of an amount payable as a result of the termination or close-out of that derivative transaction, only the then mark-to-market value of the derivative transaction will be used to calculate its amount); 

	 	(ix)	 any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a
borrowing and is classified as borrowings under GAAP; 

  

	 	(x)	 any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other
instrument issued by a bank or financial institution (but does not include any counter-indemnity obligation incurred by any member of the Group in respect of any guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank
or financial institution as required under Article 56 of Law on Real Estate Business No. 66/2014/QH13 dated 25 November 2014 (or similar types of guarantees required by law)); or 

 

	 	(xi)	 the amount of any liability in respect of any guarantee, indemnity or similar assurance against financial loss
of any person in respect of any item referred to in the above paragraphs (but does not include any counter-indemnity obligation incurred by any member of the Group in respect of any guarantee, indemnity, bond, letter of credit or any other
instrument issued by a bank or financial institution as required under Article 56 of Law on Real Estate Business No. 66/2014/QH13 dated 25 November 2014 (or similar types of guarantees required by law)), 

other than any Trade Payables and provided that in calculating any thresholds or limits under these Conditions, Financial Indebtedness shall be
calculated without double-counting, notwithstanding that any particular indebtedness may fall under more than one of paragraphs (i) to (xi) above of this definition. 

“Fiscal Period” means a period commencing on 1 January and ending on the succeeding 31 December, provided
that if the Issuer shall change its financial year so as to end on a date other than 31 December, the foregoing shall be amended as necessary. 

“Founder” means Mr. Pham Nhat Vuong, Vietnamese
citizen                . 
 “GAAP”
means in the case of the Issuer and VFVN, the generally accepted accounting principles in Vietnam from time to time (or the VAS or International Financial Reporting Standards, if and when adopted and applied in Vietnam as the case may be). 

“Global Certificate” means the Certificate evidencing all or part of the Bonds issued in the name of the common depositary for
Euroclear and Clearstream or its nominee. 
 “Global Certificate Transition Period” has the meaning given to it in Condition
3(h)(ii) (Effect of delivery of Notice of Transition to Global Certificate). 
 “Governmental Authority” means:
(a) any supranational, national, state, city, municipal, county or local government, governmental authority or political subdivision thereof, (b) any agency or instrumentality of any of the authorities referred to in clause (a) above,
(c) any regulatory or administrative authority, body or other similar organisation, to the extent that the rules, regulations, standards, requirements, procedures or orders of such authority, body or other organisation have the force of Law,
(d) any court or tribunal having jurisdiction or (e) the governing body of any stock exchange(s). 
 “Group” means
the Issuer and its Subsidiaries and “member of the Group” shall be construed accordingly. 

 [***] 

“HSX” means the Ho Chi Minh Stock Exchange. 

“Inflow” means, in respect of any Bondholder, a positive cash flow actually received by such Bondholder on its Bonds
(including, for the avoidance of doubt, any interest paid by the Issuer to such Bondholder under Condition 5 (Interest)), but for the avoidance of doubt shall not include any payment paid by the Issuer or VFSG under the relevant Subscription
Agreement (including any Claim as defined therein). 
 “Initial Exchange Property” has the meaning given to it in Condition
6(c)(i) (Exchange Property). 
 [***] 

“Interest” means any legal, beneficial or other proprietary interest of any kind whatsoever in or to any securities or any
right to control the voting or other rights attributable to any securities, disregarding any conditions or restrictions to which the exercise of any right attributed to such interest may be subject. 

“Interest Payment Date” has the meaning given to it in Condition 5 (Interest). 

“Interest Period” has the meaning given to it in Condition 5 (Interest). 

“Interest Record Date” has the meaning given to it in Condition 7(a) (Method of Payment). 

[***] 

 “Issuer” means Vingroup Joint Stock Company. 

[***] 
 [***] 

“Issuer Taxes” has the meaning given to it in Condition 6(b)(ii) (Taxes and Stamp Duty etc.). 

“Korean Person” has the meaning given to it Condition 3(c)(ii). 

“Last Reported Sale Price” means: 
  

	 	(i)	 in respect of VFSG Shares on any date, the closing sale price per VFSG Share (or if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities
exchange on which the VFSG Shares are traded, provided that if the VFSG Shares are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last
quoted bid price for the VFSG Shares in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organisation, and, if the
VFSG Shares are not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the VFSG Shares on the relevant date from each of at least three
independent investment banks of international repute; and 

  

	 	(ii)	 [***] 

provided that, in each case, the “Last Reported Sale Price” shall be determined without regard to after-hours trading or any
other trading outside of regular trading session hours. 
 “Liquidity Event” means: 

 

	 	(i)	 the completion of an initial public offering of VFSG on the NYSE or NASDAQ; or 

 

	 	(ii)	 the completion of a merger, consolidation, amalgamation or reorganisation of VFSG with another entity listed on
the NYSE or NASDAQ, the result of which VFSG or the entity into which VFSG was merged, consolidated, amalgamated or reorganised or a holding company thereof becomes listed on the NYSE or NASDAQ, 

and, for the avoidance of doubt, a Qualifying Liquidity Event is a Liquidity Event. 

[***] 

 [***] 

[***] 
 “Maturity
Date” has the meaning given to it in Condition 8(a) (Maturity). 
 “Measurement Period” means
a period of 12 months ending on 30 June and 31 December. 
 [***] 

“NASDAQ” means the Nasdaq Stock Market. 

“Non-Exchange Period” means, in respect of a Liquidity Event, the period from
and including the date of that Liquidity Event to and including the day falling 6 months after the date of that Liquidity Event. 

“Notice of Liquidity Event” means a notice substantially in the form set out in Schedule 6 (Form of Notice of
Liquidity Event) of the Trust Deed. 
 “Notice of Transition to Global Certificate” means a notice substantially in the
form set out in Schedule 7 (Form of Notice of Transition to Global Certificate) of the Agency Agreement. 
 “NYSE”
means the New York Stock Exchange. 
 “Ordinary Resolution” means a resolution passed at a meeting of the Bondholders
duly convened and held in accordance with the Trust Deed by a majority consisting of more than 50 per cent. of the votes cast in accordance with the requirements as applicable under the Trust Deed. 

“Outflow” means a negative cash flow or deduction of the amount that was paid for the Bond. 

“Permitted Financier” has the meaning given to it in the definition of “Transfer”. 

“Permitted Financing” has the meaning given to it in the definition of “Transfer”. 

[***] 

“Person” means any individual, company, corporation, firm, partnership, joint venture, undertaking, association,
organisation, trust, state or agency of a state (in each case whether or not being a separate legal entity) but does not include the (i) the Issuer’s board of directors or any other governing board or (ii) the Issuer’s wholly
owned direct or indirect subsidiaries.  
 “Prevailing Rate” means, in respect of any day, the spot rate of
exchange between the relevant currencies prevailing as at or about 11.00 a.m. (Vietnam time) on that date as appearing on the Relevant Page or if such rate cannot be determined on that day, the rate prevailing as at or about 11.00 a.m. (Vietnam
time) on the immediately preceding day on which such rate can be so determined. 

 “Principal Agent” means The Hongkong and Shanghai Banking
Corporation Limited. 
 “Principal Subsidiaries” means at any time means any member of the Group: 

 

	 	(i)	 which was a Subsidiary of the Issuer at the date to which the then latest audited financial statements of the
Issuer were made up and whose total revenue and/or gross assets and/or gross profits (in each case consolidated in the case of a Subsidiary which itself has Subsidiaries) at such time exceeded ten per cent. of the consolidated total revenue and/or
gross assets and/or gross profits of the Group at such date, as determined by reference to such latest audited financial statements of the Issuer; or 

  

	 	(ii)	 which has been a Subsidiary of the Issuer for more than [***] days and which became a Subsidiary of the Issuer
subsequent to the date of the then latest audited financial statements of the Issuer and whose total revenue and/or gross assets and/or gross profits (in each case consolidated in the case of a Subsidiary which itself has Subsidiaries) would, if
consolidated financial statements of the Issuer were prepared in accordance with GAAP on it becoming a Subsidiary of the Issuer, exceed ten per cent. of the consolidated total revenue and/or gross assets and/or gross profits of the Group as would be
determined by reference to such consolidated financial statements; or 

  

	 	(iii)	 any Subsidiary of the Issuer which, although not a Principal Subsidiary at the date of the then latest audited
financial statements of the Issuer, subsequently acquires or develops assets and/or generates revenues or profits which would, when aggregated with its existing assets and/or revenues and/or profits (in each case consolidated in the case of a
Subsidiary which itself has Subsidiaries), constitute ten per cent. or more of the consolidated total revenue and/or gross assets and/or gross profits of the Group if at any relevant time consolidated financial statements in accordance with GAAP
were to have been prepared, 

 provided that if any Principal Subsidiary shall at any relevant time cease to have total
revenue and/or gross assets and/or gross profits (in each case consolidated in the case of a Subsidiary which itself has Subsidiaries) which constitute more than ten per cent. of the consolidated total revenues and/or gross assets and/or gross
profits of the Group if consolidated financial statements of the Issuer were prepared at that time in accordance with VAS, it shall at that time cease to be a Principal Subsidiary until such time as its revenues and/or gross assets (in each case
consolidated in the case of a Subsidiary which itself has Subsidiaries) subsequently exceed ten per cent. of the consolidated total revenues and/or gross assets and/or gross profits of the Group at any relevant time and provided further that a
certificate of two directors of the Issuer that, in their opinion, a Subsidiary is or is not, or was or was not, at any particular time or during any particular period, a Principal Subsidiary may be relied upon by the Trustee and, if so relied upon,
shall, in the absence of a manifest error, be conclusive and binding. 
 “Put Payment Date” means the date, as
determined by the Issuer in its sole discretion, falling no later than the [***] Business Day immediately following the last day of the QLE Put Exercise Period, the QLE Failure Put Exercise Period or the CoC Put Exercise Period, as applicable. 

“QLE Failure Put Exercise Notice” has the meaning given to it in Condition 8(h) (Redemption at the Option of the
Bondholders—QLE Failure Put Option). 

 “QLE Failure Put Exercise Period” means the [***] Business Day period
commencing from and including the [***] Business Day prior to the second anniversary of the Closing Date. 
 “QLE Put Exercise
Period” means the [***] Business Day period commencing from and including the Exchange Period Commencement Date. 

“QLE Put Exercise Notice” has the meaning given to it in Condition 8(g) (Redemption at the Option of the
Bondholders—QLE Put Option). 
 “Qualifying Liquidity Event” means: 

 

	 	(i)	 the completion of the initial public offering of VFSG on the NYSE or NASDAQ with offering proceeds to VFSG of
at least U.S.$2,000,000,000; or 

  

	 	(ii)	 the completion of a merger, consolidation, amalgamation or reorganisation of VFSG with another entity listed on
the NYSE or NASDAQ, the result of which VFSG or the entity into which VFSG was merged, consolidated, amalgamated or reorganised or a holding company thereof becomes listed on the NYSE or NASDAQ, with proceeds to the listed entity (including from a
concurrent private placement or PIPE investment into such entity) of at least U.S.$2,000,000,000. 

 “Redemption
Date” means, with respect to any Bond, (i) the date fixed for redemption of such Bond pursuant to a notice of redemption given by the Issuer in accordance with the provisions of the Trust Deed or (ii) the Maturity Date of
such Bond if such Bond has not been redeemed, purchased and cancelled or exchanged in accordance with its terms prior to the Maturity Date. 

“Reference Date” means the earlier of (i) the second anniversary of the Closing Date and (ii) the final day of the
QLE Put Exercise Period. 
 “Reference Price Observation Period” means the [***] Trading Day period from and including the
first Trading Day immediately following the last day of the Non-Exchange Period. 

“Register” has the meaning given to it in Condition 2(a) (Form and Denomination). 

“Registrar” means The Hongkong and Shanghai Banking Corporation Limited. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

[***] 
 “Relevant
Amount” means, in respect of each U.S.$1,000,000 principal amount of Bonds: 
  

	 	(i)	 if the Event of Default or Relevant Event (as the case may be) occurs on or before the Reference Date:

  

	 	(A)	 if the Relevant Event occurs pursuant to Condition 8(i)(iii) (Illegality), an amount which if received
by the relevant Bondholder would allow it to achieve the [***] up to but excluding the date of payment; and 

  

	 	(B)	 in all other cases, the [***]; or 

	 	(ii)	 if the Event of Default or Relevant Event (as the case may be) occurs after the Reference Date, the principal
amount of such Bonds together with accrued but unpaid interest up to but excluding the date of payment, provided that, notwithstanding the foregoing, if the Event of Default occurs pursuant to Condition 10(b) (Failure to deliver VFSG Shares or
the Cash Alternative Amount), an amount in cash equal to the higher of (A) and (B) below: 

  

	 	(A)	 the Cash Alternative Amount of such Bond and any other amounts which would have been payable and/or deliverable
on exchange in respect of such Bonds under the Deed Poll had the date of such declaration of the relevant Event of Default been the Trading Day immediately following the date such Bonds are delivered for exchange under the Deed Poll; and

  

	 	(B)	 (x) if such Event of Default occurs on or before the Reference Date, the [***] ; or (y) if such Event of
Default occurs after the Reference Date, the principal amount of such Bonds together with accrued but unpaid interest up to but excluding the date of payment. 

“Relevant Company” means VFVN, and any corporation or company derived from or resulting or surviving from the merger,
consolidation, amalgamation, reconstruction or acquisition of VFVN with, into or by such other corporation or company, and any other entity, all or part of the share capital of which is, or all or some of the Securities are, at the relevant time
included in the Exchange Property. 
 “Relevant Date” has the meaning given to it in Condition 9 (Taxation).

 “Relevant Exchange Rate” means, in respect of a currency conversion from USD to VND, or vice versa, the average of
the buy rate (transfer) and the sell rate of exchange on the immediately preceding day on which such rate was published by Vietcombank. 

“Relevant Event” has the meaning given to it in Condition 8(i) (Redemption for Relevant Event). 

“Relevant Event Payment Date” has the meaning given to it in Condition 8(i) (Redemption for Relevant Event). 

“Relevant Event Redemption Notice” has the meaning given to it in Condition 8(i) (Redemption for Relevant Event). 

“Relevant Page” means Bloomberg “BFIX” USDVND Spot Mid Price or such other page, section,
caption, column or other part as may replace it on that information service or such other information service, in each case, as may be nominated by the person providing or sponsoring the information
appearing there for the purpose of displaying rates or prices comparable to the Relevant Page. 
 [***] 

“Rules” has the meaning given to it in Condition 21(b) (Arbitration). 

[***] 

 “Securities” means shares or other securities (including without
limitation, any VFVN Shares, any options, warrants, convertible bonds, evidence of indebtedness or rights to subscribe or purchase shares or other Securities). 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

[***] 
 “Settlement
Date” has the meaning given to it in Condition 6(b)(iii) (Exchange Procedures and Corporate and Regulatory Approvals). 

“Shareholder” means, in respect of a share, the person in whose name that share is registered. 

“SIAC” has the meaning given to it in Condition 21(b) (Arbitration). 

“Subscription Agreement” means a subscription agreement between the Issuer, VFSG and an investor in respect of the
Bonds. 
 “Subsidiary” or “Subsidiary of any person” means any company or other business entity in respect
of which that person owns or controls (either directly or through one or more other Subsidiaries) more than 50 per cent. of the issued share capital or other ownership interest having ordinary voting power to elect directors, managers or
trustees of such company or other business entity or any company or other business entity which at any time has its accounts consolidated with those of that person or which, under law, regulations or generally accepted accounting principles from
time to time applicable to such entity or person, should have its accounts consolidated with those of that person. 

“Taxes” in these Conditions means (i) taxes on gross or net income, profits and gains; and (ii) all other
taxes, levies, imposts, duties and charges, deductions or withholdings in the nature of taxation, and all penalties, surcharges, and interest relating thereto, imposed or collected by a Tax Authority.  

“Tax Redemption Date” has the meaning given to it in Condition 8(c) (Redemption for Taxation Reasons). 

“Tax Redemption Notice” has the meaning given to it in Condition 8(c) (Redemption for Taxation Reasons). 

“Tax Authority” means the General Department of Taxation, any local department of taxation having authority over a
party or any other Governmental Authority charged with the exercise of a taxing function. 

 “Trade Payables” means any trade accounts or indebtedness payable to
any trade creditor (other than any member of the Group), in the ordinary course of trading for any goods or service provided or rendered by no more than [***] days after the date such goods or service was provided or rendered. 

“Trading Day” means: 
  

	 	(i)	 in respect of a VFSG Share, a day on which (i) trading in the VFSG Shares generally occurs on NYSE or
NASDAQ or, if the VFSG Shares are not then listed on NYSE or NASDAQ (as applicable), on the principal other U.S. national or regional securities exchange on which the VFSG Shares are then listed or, if the VFSG Shares are not then listed on a U.S.
national or regional securities exchange, on the principal other market on which the VFSG Shares are then traded and (ii) a Last Reported Sale Price for the VFSG Shares is available on such securities exchange or market; and

  

	 	(ii)	 [***] 

“Transfer” means, in relation to a Bond, to:  

 

	 	(i)	 sell, assign, transfer or otherwise dispose of the Interest in the Bonds and/or in any of the economic or
voting rights attached to or derived from that Interest, or any agreement (whether conditional or otherwise) to carry out any of the above actions (including the grant of any option over, or in respect of it); 

 

	 	(ii)	 direct (by way of renunciation or otherwise) that another person should, or assign any right to, receive it;

  

	 	(iii)	 enter into any agreement or deed in respect of the votes or any other rights attached to it (other than by way
of proxy for a particular shareholder meeting), but including upon enforcement of an Encumbrance; or 

  

	 	(iv)	 agree, whether or not subject to any condition precedent or subsequent, to do any of the foregoing,

 and “Transferable”, “Transferred” and “Transferring”
shall be construed accordingly, provided always that: 
  

	 	(A)	 a transfer or disposal of any equity, ownership or economic interests, or options, warrants, convertible
securities or other contractual rights to acquire any equity, ownership or economic interest, of any partners, members or other direct or indirect investors of an entity that holds an Interest in the relevant Bonds shall not be considered a Transfer
of the relevant Bonds under these Conditions; 

  

	 	(B)	 any redemption, purchase and cancellation pursuant to Condition 8 (Redemption, purchase and
cancellation) shall not be regarded as a Transfer; and 

	 	(C)	 the creation or grant of an Encumbrance over an Interest in the Bonds and/or in any of the economic or voting
rights attached to or derived from that Interest, or any agreement (whether conditional or otherwise) to carry out any of the above actions (including the grant of any option over, or in respect of it): 

 

	 	(1)	 that is made in favour of one or more third-party financial institutions or any agent or trustee or other
nominee (a “Permitted Financier”); and 

  

	 	(2)	 that is entered into for the purposes of financing or refinancing the acquisition of the Bonds (paragraphs
(1) and (2) collectively, a “Permitted Financing”), 

 shall not constitute a Transfer, provided
that if such Encumbrance ceases to satisfy paragraphs (C)(1) and (C)(2) above, a purported Transfer contrary to Condition 3(c) (Transfer Restrictions) shall be deemed to have occurred. 

“Transfer Agent” means The Hongkong and Shanghai Banking Corporation Limited. 

“Trust Deed” means the trust deed dated 29 April 2022 made between the Issuer, the Trustee [***], as amended and
supplemented by a supplemental trust deed dated 4 June 2022 and as further amended and/or supplemented from time to time. 

“Trustee” means The Hongkong and Shanghai Banking Corporation Limited as trustee for itself and the holders of the Bonds,
which term shall, where the context so permits, include all other persons or companies for the time being acting as trustee or trustees under the Trust Deed. 

“USD” or “U.S.$” means United States dollars, the lawful currency of the United States
of America. 
 “VAS” means Vietnamese Accounting Standards. 

“VFSG” means VinFast Trading & Investment Pte. Ltd., a company incorporated in Singapore with registered
number 201501874G and having its registered office at 120 Lower Delta Road, #02-05 Cendex Centre, Singapore 169208, which will convert to a Singapore public limited company to be known as “VinFast Auto
Ltd.” nearer to the time of a Liquidity Event. 
 “VFSG Shares” means the ordinary shares in the capital of VFSG
or shares of any class or classes resulting from any subdivision, consolidation or re-classification of those shares, which as between themselves have no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation or dissolution of VFSG. 
 “VFVN” means VinFast
Trading & Production Joint Stock Company, a joint stock company incorporated under the Laws of Vietnam with Enterprise Registration Certificate No. 0107894416 dated 21 June 2017 (as amended from time to time) and its registered
address at Dinh Vu—Cat, Hai Economic Zone, Cat Hai Island, Cat Hai Town, Cat Hai District, Hai Phong City, Vietnam. 
 “VFVN
Shares” means the dividend preferred shares in the capital of VFVN as at the Closing Date or such similar shares of any class or classes resulting from any subdivision, consolidation or
re-classification of those shares, which as between themselves have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or dissolution of VFVN
(including, for the avoidance of doubt, any ordinary shares of VFVN into which such dividend preferred shares are converted). 

 “VIG” means Vietnam Investment Group Joint Stock Company, a joint
stock company incorporated in the Socialist Republic of Vietnam with registered number 0102459554 and having its registered office at No 7 Bang Lang Street 1, Vinhome Riversides Eco-Urban Area, Viet Hung Ward,
Long Bien District, Ha Noi City, Vietnam. 
 [***] 

[***] 
 “VND”
means Vietnamese Dong, the lawful currency of the Socialist Republic of Vietnam. 
 “[***]” means, in respect of a VFSG
Share [***] on any Trading Day, the order book [***] of a VFSG Share [***], as the case may be, published by or derived from Bloomberg page “[***]” (or its equivalent successor page if such page is not available) or such other source as
shall be determined to be appropriate by the Issuer (acting reasonably and in good faith) on such Trading Day, provided that if on any such Trading Day such price is not available or cannot otherwise be determined as provided above, the [***]
of a VFSG Share [***], as the case may be, in respect of such Trading Day shall be the [***], determined as provided above, on the immediately preceding Trading Day on which the same can be so determined. 

 SIGNATORIES 

IN WITNESS WHEREOF this Supplemental Trust Deed has been executed as a deed on the date stated at the beginning. 

 

	
	Issuer
	EXECUTED as a DEED by
	VINGROUP JOINT STOCK COMPANY
	
	in the presence of:
	
	 /s/ [***]

	Name: [***]
	Title: [***]

 [Signature Page to Supplemental Trust Deed] 

 Trustee 
  

							
	 SIGNED, SEALED and DELIVERED

as a DEED for and on behalf of
	 	

	 	/s/ [***] 
		 	
	THE HONGKONG AND SHANGHAI
	BANKING CORPORATION LIMITED by its duly appointed attorney
	  
 [***]

	 [***] 

	  
 in the presence of:

 
	 	
	 /s/ [***]
	 	
	Name:	 	 [***] 
	 	
	Address:	 	 [***]
	 	

 [Signature Page to Supplemental Trust Deed] 

 [***] 
  

							
		 	

	 	/s/ [***]
	
	
	
	  
 [***]

	[***]
	  
 [***]

 
	 	
	 [***]
	 	
	[***]	 		 	

 [Signature Page to Supplemental Trust Deed] 

 List of Omitted Schedules: 

Schedule 1 - Form of Definitive Certificate 
 Schedule 2 - Form of
Global Certificate

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