Interim Consolidated financial statements for Quarter III.2025

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Ký bởi: CÔNG TY CỔ PHẦN PHÁT TRIỂN BẤT ĐỘNG SẢN PHÁT ĐẠT Ký ngày: 28/10/2025 07:56:29

Phat Dat Real Estate Development Corporation

Interim Consolidated Financial Statements September 30, 2025

CONTENTS

Pages

General information

Report of the Board of Management Interim consolidated balance sheet Interim consolidated income statement Interim consolidated cash flow statement

Notes to the interim consolidated financial statements

2

3-4

5

6-7

8 - 39

GENERAL INFORMATION THE COMPANY

Phat Dat Real Estate Development Corporation ("the Company") is a shareholding company incorporated under the Law on Enterprises of Vietnam pursuant to the Business Registration Certificate ('BRC") No. 4103002655 issued by Ho Chi Minh City Department of Finance (formerly known as the Department of Planning and Investment of Ho Chi Minh City) on September 13, 2004 with amendments.

The Company's shares were listed on the Ho Chi Minh Stock Exchange in accordance with the License No. 1207/SGDHCM-NY issued by the HOSE on July 9, 2010.

The current principal business activities of the Company and its subsidiaries are to construct and ade residential properties, to undertake the civil, industrial, and infrastructure construction projects, to provide real estate brokerage and valuation services, real estate trading center and management,

The Company's registered head office is located at No. 39, Pham Ngoc Thach Street, Xuan Hoa Ward, Ho Chi Minh City, Vietnam.

BOARD OF DIRECTORS

Members of the Board of Directors during the period and at the date of this report are: Mr. Nguyen Van Dat Chairman

Mr. Nguyen Tan Danh Vice Chairman Mr. Bui Quang Anh Vu Member

Mr. Le Quang Phuc Member

Mr. Tran Trong Gia Vinh Independent member Mr. Duong Hao Ton Independent member

Mr. Vu Thanh Le Independent member Appointed on June 27, 2025

AUDIT COMMITTEE

Members of the Audit Committee during the period and at the date of this report are:

Mr. Duong Hao Ton Chairman of the Audit Committee Mr. Tran Trong Gia Vinh Member

Mr. Le Quang Phuc Member

THE BOARD OF MANAGEMENT

Members of the Board of Management during the period and at the date of this report are:

Mr. Bui Quang Anh Vu Mr. Nguyen Dinh Tri Mr. Truong Ngoc Dung Mr. Nguyen Khac Sinh Mr. Nguyen Huu

Ms. Dang Viet Tu Uyen Mr. Phan Le Hoa

Chief Executive Officer Vice President

Vice President Vice President Vice President Vice President Vice President

Appointed on January 22, 2025

Appointed on January 22, 2025

Dismissed on January 23, 2025

LEGAL REPRESENTATIVES

The legal representatives of the Company during the period and at the date of this report are: Mr. Nguyen Van Dat Board Chairman

Mr. Bui Quang Anh Vu Chief Executive Officer

REPORT OF THE BOARD OF MANAGEMENT

The Board of Management ("BOM") of Phat Dat Real Estate Development Corporation ('the Company") is pleased to present the interim consolidated financial statements of the Company and its subsidiaries ("the Group") for for Quarter III-2025 ended on September 30, 2025.

THE BOM'S RESPONSBILITY IN RESPECT OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The BOM is responsible for the interim consolidated financial statements of the Group of each accounting period which give a true and fair view of the interim consolidated financial position of the Group, and of the interim consolidated results of its operation and the interim consolidated cash flows for Quarter III-2025, In preparing these intefim consolidated financial statements, the BOM is required to:

Select suitable accounting policies and then apply them consistently;

Make judgements and estimates that are reasonable and prudent;

State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the interim consolidated financial statements for Quarter III-2025 ended September 30, 2025; and

Prepare the interim consolidated financial statements for Quarter III-2025 on the going concern basis unless it is inappropriate to presume that the Group will continue its business.

The BOM is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the interim consolidated financial position of the Group and to ensure that the accounting records comply with the applied accounting system. The BOM is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The BOM confirmed that it has complied with the above requirements in preparing the accompanying interim consolidated financial statements.

STATEMENT BY THE BOARD OF MANAGEMENT

The Board of Management does hereby state that, in its opinion, the accompanying interim consolidated financial statements give a true and fair view of the interim consolidated financial position of the Group as at September 30, 2025, and of the interim consolidated results of its operations and its interim consolidated cash flows for Quarter III-2025 then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the statutory requirements relevant to the preparation and presentation of the interim consolidated financial statements.

For and on behalf of the Board of Management

Bui Quang Anh Vu Chief Executive Officer

October 28, 2025

INTERIM CONSOLIDATED BALANCE SHEET FOR QUARTER III-2025

As at September 30, 2025

VND

INTERIM CONSOLIDATED BALANCE SHEET FOR QUARTER III-2025 (continued)

As at September 30, 2025

VND

Pham Thi Doan Dung Tran Thi Thuy Trang

Preparer Chief Accountant October 28, 2025

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Bui Quang Anh Vu Chief Executive Officer

INTERIM CONSOLIDATED INCOME STATEMENT FOR QUARTER III-2025

VND

Pham Thi Doan Dung Tran Thi Thuy Trang Preparer Chief Accountant

October 28, 2025

Bui Quang Anh Vu Chief Executive Officer

INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR QUARTER III-2025

VND

INTERIM CONSOLIDATED CASH FLOW STATEMENT FOR QUARTER III-2025 (continued)

VND

Pham Thi Doan Dung Tran Thi Thuy Trang Preparer Chief Accountant

October 28, 2025

Bui Quang Anh Vu

Chief Executive OWicer

1. CORPORATE INFORMATION

Phat Dat Real Estate Development Corporation ("the Company") is a shareholding company incorporated under the Law on Enterprises of Vietnam pursuant to the Business Registration Certificate ("BRC") No. 4103002655 issued by No Chi Minh City Department of Finance (formerly known as the Department of Planning and Investment of Ho Chi Minh City) on September 13, 2004, with amendments.

The Company's shares were listed on the Ho Chi Minh Stock Exchange ("HOSE") in accordance with the License No. 1207/SGDHCM-NY issued by the HOSE on July 9, 2010.

The current principal business activities of the Company and its subsidiaries ("the Group") are to construct and trade residential properties, to undertake the civil, industrial, and infrastructure construction projects, to provide real estate brokerage and valuation services, real estate trading center and management.

The Company's registered head office is located at No. 39. Pham Ngoc Thach Street, Xuan Hoa Ward, No Chi Minh City, Vietnam.

The number of employees of tile Company as at September 30, 2025, is 238 (as at December 31, 2024: 286).

Corporate structure

The Company has 7 direct subsidiaries and 2 indirect subsidiaries which were consolidated into the interim consolidated financial statements of the Group. Details are as follows:

• DK Phu Quoc Corporation ("DK Phu Quoc")

  DK Phu Quoc is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 1701522101 issued by An Giang Department of Finance (formerly known as the DPI of Kien Giang Province) on April 22, 2011, as amended. DK Phu Quoc's registered head office is located at No. 229, 30/4 Street, Quarter 1, Phu Quoc Special Zone, An Giang Province, Vietnam. The principal business activities of DK Phu Quoc are to trade real estate properties and provide construction services. By the end of the accounting period, the Company holds a 99% equity share and voting rights in this subsidiary.

• Coinin Construction Investment Infrastructure Company Limited ("Coinin")

  Coinin is incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 0313662185 issued by Ho Chi Minh City Department of Finance (formerly known as the DPI of Hp Chi Minh City) on February 25, 2016, as amended. Coinin's registered head office is located at No. 39, Pham Ngoc Thach Street, Xuan Hoa Ward, HCMC, Vietnam. The principal business activities of Coinin are to trade real estate properties and provide construction services. Coinin's current main project is the Internal Technical Infrastructure Construction Project of Zone I - in the national historical and cultural park in Long Binh Ward, HCMC under the form of a Build-Transfer Contract. By the end of the accounting period, the Company holds a 99.9% equity share and voting rights in this subsidiary.

• Thuan An 1 High-rise Real Estale Investment Company Limited ("Thuan An 1")

  Thuan An 1 is incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 0319149163 issued by the Ho Chi Minh City Department of Finance on September 9, 2025. Thuan An 1's registered head office is located at 39 Pham Ngoc Thach, Xuan Hoa Ward, HCMC, Vietnam. The principal business activity of Thuan An 1 is real estate trading.

  As at the end of the accounting period, the Company has not made any capital contribution on the Company's charter capital under the BRC of VND 247,500,000.

• Ben Thanh - Long Hai Corporation ("Ben Thanh Long Hai")

Ben Thanh Long Hai is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 3500783805 issued by Ho Chi Minh City Department of Finance (formerly known as the DPI of Ba Ria Vung Tau Province) on March 1, 2007, as amended. Ben Thanh - Long Hai's registered head office is located at Road 44A, Phuoc Hai Commune, Ho Chi Minh City, Vietnam. The principal business activity of Ben Thanh Long Hai is to trade real estate properties, land use rights belonging to the owner, user or lease. By the end of the accounting period, the Company holds a 99.9% equity share and voting rights in this subsidiary,

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

as at September 30, 2025

1. CORPORATE INFORMATION (continued)

   Corporate structure (continued)

   • Bac Cuong Investment Joint Stock Company ("Bac Cuong Investment")

     Bac Cuong Investment is incorporated under the Law on Enterprises of Vietnam pursuant to the BRG No. 0401370311 issued the first time by Da Nang Department of Finance (formerly known â the DPI of Da Nang City) on 16th July 2010, as amended. Bac Cuong Investment's registered head office is located at No. 223-225, Tran Phu Street, Hai Chau Ward, Da Nang City, Vietnam. The principal business activity of Bac Cuong Investment is to wholesale construction materials and other installation equipment and to trade real estate properties, land use rights belonging to the owner, user or lease. By the end of the accounting period, the Company holds a 99% equity share and voting rights in this subsidiary.

   • Serenity Investment Corporation ("Serenity Investment")

     Serenity Investment is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 3502421310 issued by Ho Chi Minh City Department of Finance (formerly known as the DPI of Ba Ria - Vung Tau Province) on March 27, 2020, as amended. Serenity Investment's registered head office is located in Hai Tan Quarter, Phuoc Hai Commune, Ho Chi Minh City, Vietnam. The principal business activity of Serenity Investment is to trade real estate properties, land use rights belonging to the owner, user or lease. By the end of the accounting period, the Company holds a 99.34% equity share and voting rights in this subsidiary.

   • Binh Duong Building Real Eslate Investment and Development Corporation ("Binh Duong Building")

     Binh Duong Building is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 3702710768 issued by Ho Chi Minh City Department of Finance (formerly known as The DPI of Binh Duong Province) on 12" October 2018, as amended. Binh Duong Building's registered head office is located at No. 352, XM2 Street, Quarter 3, Binh Duong Ward, Ho Chi Minh city, Vietnam. Binh Duong Building's principal business activity is to trade real estate properties, land use rights belonging to the owner, user or lease. By the end of the accounting period, the Company holds a 99.5% equity share and voting rights in this subsidiary.

   • Hoa Phu Building Real Estate Investment and Development Joint Stock Company ("Hoa Phu Building")

     Hoa Phu Building is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 3703021577 issued the first time by Ho Chi Minh City Department of Finance (formerly known as the DPI of Binh Duong Province) on 9^ December 2021, as amended. Hoa Phu Building's registered head office is located at Land lot No. 835, Map sheet No. 122, Hoa Lan 1 Quarter, Thuan Giao Ward, Ho Chi Minh City, Vietnam. The principal business activity of Hoa Phu Building is to trade real estate properties, land use rights belonging to the owner, user or lease. By the end of the accounting period, the Company holds a 99.4% equity share and 99.9% voting rights in this subsidiary.

   • Thien Long Building Real Estate Investment and Development Joint Stock Company ("Thien Long Building")

   Thien Long Building is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 3703021584 issued the first time Ho Chi Minh City Department of Finance (formerly known as by the DPI of Binh Duong Province) on 9th December 2021, as amended. Thien Long Building's registered head office is located at Land lot No. 101, Map sheet No. 123, Hoa Lan 1 Quarter, Thuan Giao Ward, Ho Chi Minh City, Vietnam. The principal business activity of Thien Long Building is to trade real estate properties, land use rights belonging to the owner, user or lease. By the end of the accounting period, the Company holds a 99.4% equity share and 99.9% voting rights in this subsidiary.

   Besides, the Group has 2 associate companies as presented in Note 16.

2. BASIS OF PREPARATION

   1. Accounting standards and system

      The interim consolidated financial statements of the Group, expressed in Vietnam Dong ("VND"), are prepared in accordance with the Vietnamese Enterprise Accounting System, Vietnamese Accounting Standards No. 27, and other Vietnam's Accounting Standards issued by the Ministry of Finance as per:

      • Decision No. 149/2001/QD-BTC dated December 31, 2001, on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 1);

      • Decision No. 165/2002/QD-BTC dated December 31, 2002, on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 2);

      • Decision No. 234/2003/QO-BTC dated December 30, 2002, on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 3);

      • Decision No. 12/2005/QD-BTC dated February 15, 2005, on the Issuance and Promulgation of Six Vietnamese Accounting Standards (Series 4); and

      • Decision No. 100/2005/QD-BTC dated December 28, 2005, on the Issuance and Promulgation of Four Vietnamese Accounting Standards (Series 5).

        Accordingly, the accompanying interim consolidated financial statements, including their utilization are not designed for those who are not informed about Vietnam's accounting principles, procedures and practices and furthermore are not intended to present the intefim consolidated financial position, the interim consolidated results of operations, and the interim consolidated cash flows in accordance with accounting principles and practices generally accepted in countries other than Vietnam.

   2. Applied accounting documentation system

      The Group's applied accounting documentation system is the General Journal system.

   3. Fiscal year

      The Group's fiscal year applicable for the preparation of its consolidated financial statements starts on January 1st and ends on December 31st.

   4. Accounting currency

      The interim consolidated financial statements are prepared in VND which is also the Group's accounting currency.

      1. â Basis of consolidation

         The interim consolidated financial statements of the Group comprise the interim financial statements of the Company and its subsidiaries for Quarter III-2025 ended September 30, 2025.

         A subsidiary is fully consolidated from the date of acquisition on which the Company obtains control and continues to be consolidated until the date that such control ceases. The interim financial statements of the Company and its subsidiaries used for consolidation are prepared for the same accounting period, using consistent accounting policies.

         All intra-company balances, income and expenses, unrealised gains or losses resulting from intra-company transactions are eliminated in full.

         Interests of non-controlling shareholders are those interests in profits, losses, and net assets of subsidiaries that are not held by the Group and are presented separately in the interim consolidated income statement and presented separately from the equity portion of the parent company's shareholders.

         The effect of changes in the ownership interest of subsidiary, without a loss of control, is recorded to the account of undistributed after-tax earnings.

         When the acquisition of subsidiaries does not represent a business combination, it is accounted for as an acquisition of a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax is recognized.

         NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

         as at September 30, 2025

      2. SUMMARY OF SIGNIFICANT AC COUNTIHG POLICIES

         1. Cash and cash equivalents

            Cash and cash equivalents comprise cash on hand, cash in banks and short-term, highly liquid investments with an original maturity of not more than three months that are readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value.

         2. Inventories

            Inventories are measured at their historical costs. The cost of inventories comprises costs of purchase, costs of conversion (including raw materials, direct labor cost, other directly related cost, manufacturing general overheads allocated based on the normal operating capacity) incurred in bringing the inventories to their present location and condition.

            Inventories are stated at the lower of cost incurfed in bringing each product to its present location and condition, and net realizable value.

            Net realizable value represents the estimated selling price in the ordinary course of business less the estimated cost to complete and the estimated costs necessary to make the sale.

            The perpetual method is used to record inventories, which are valued as follows: Merchandise cost of purchase on a weighted average basis.

            Provision for obsolete inventories

            An inventory provision is created for the estimated loss arising due to the impairment of value (through diminution, damage, obsolescence, etc.) of inventories owned by the Group, based on appropriate evidence of impairment available at the balance sheet date.

            Increases or decreases to the provision balance are recorded into the cost of goods sold account in the consolidated income statement. When inventories are expired, obsolescence, damage or become useless, the difference between the provision previously made and the historical cost of inventories are included in the consolidated income statement.

            Inventory property

            Property acquired or being constructed for sale in the ordinary course of business of the Group, rather than to be held for rental or capital appreciation, is held as inventory property and is measured at the lower cost incurred in bringing each product to its present location and condition, and net realizable value.

            Cost of inventory property comprises direct cost incurred on the property and overheads allocated to that property, specifically as follows:

            • Freehold and leasehold rights for land;

            • Amounts paid to contractors for construction; and

            • Borrowing costs, planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes, construction overheads and other related costs.

            Net realizable value is the estimated selling price in the ordinary course of the business, based on market prices at the ending date of the accounting period and discounted for the time value of money (if material), less costs to completion and the estimated costs of sale.

            The cost of inventory property recognized in the interim consolidated income statement is based on specific identification method.

            NOTES TO TI-IE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

            as at September 30, 2025

            3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

         3. Receivables

            Receivables are presented in the interim consolidated financial statements at the carrying amounts due from customers and other debtors, after provision for doubtful debts.

            The provision for doubtful debts represents amounts of outstanding receivables at the end of the accounting period which are doubtful of being recovered. Increases or decreases to the provision balance are recorded as general and administration expense in the interim consolidated income statement. When bad debts are determined as unrecoverable and accountan( writes off those bad debts, the differences between the provision for doubtful receivables previously made and historical cost of receivables are included in the consolidated income statement.

         4. Tangible fixed assets

            Tangible fixed assets are stated at historical cost less accumulated depreciation.

            The most of a fixed asset comprises its purchase price and any directly attributable costs of bringing the fixed asset to working condi(ion for its intended use.

            Expenditures for additions, improvements and renewals are added to the carrying amount of the assets while expenditures for maintenance and repairs are charged lo the interim consolidated income statemen( as incurred.

            When fixed assets are sold or retired, any gain or loss resulting from their disposal (the difference between the net disposal proceeds and the carrying amount) is included in the interim consolidated income statement.

         5. Leased assefs

            The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at inception date and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset.

            Where the Group is the lessee

            Rentals under operating leases are charged to the interim consolidated income statement on a straight-line basis over the lease term.

            Where the Group is the lessor

            
            
            

            Assets subject to operating leases are included as the group's investment properties in the interim consolidated balance sheet. Initial direct costs incurred in negotiating an operating lease are recognised in the interim consolidated income statement as incurred

            
            
            

            Lease income is recognized in the interim consolidated income statement on a straight-line basis over the lease term.

         6. Intangible fixed assets

            Intangible fixed assets are stated at historical cost less accumulated amortisation.

            The cost of an intangible fixed asset comprises its purchase price and any directly attributable costs of bringing the fixed asset to working condition for its intended use.

            Expenditures for additions, improvements and renewals are added to the carrying amount of the assets while expenditures for maintenance and repairs are charged to the consolidated income statement as incurred.

            When intangible fixed assets are sold or retired, any gain or loss resulting from their disposal (the difference between the net disposal proceeds and the carrying amount) is included in the consolidated income statement.

            Land use rigñfs

            Land use rights are recorded as intangible fixed assets representing the value of the rights to use the lands acquired by the Group. The advance payment for land rental, of which the land lease contracts and Land use rights certificate being issued, are recorded as intangible fixed asset according to Circular No. 45/2013/TT-BTC issued by the Ministry of Finance on 25 April 2013 guiding the management, use and depreciation of fixed assets ("Circular 45").

            The useful life of land use rights is assessed as either definite or indefinite. Accordingly, the land use rights with definite useful life representing the land lease are amortized over the lease term while the land use rights with indefinite useful lives is not amortized.

            NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

            as at September 30, 2025

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

1. 1. Depreciation and amortization

      Depreciation of tangible fixed assets and amortisation of intangible fixed assets are calculated on a straight-line basis over the estimated useful life of each asset as follows:

      Buildings and structures Machinery and equipment Means of transportation Office equipment Computer software

   2. Investment properties

      25 - 50 years

      6 -7 years

      3 -6 years

      6- 8 years

      3 years

      Investment properties comprise land use rights, buildings or part of a building or both and infrastructure held to earn rentals or for capital appreciation, or both, rather than for use in the production or supply of goods or services; administration purposes or sale in the ordinary course of business.

      Investment properties are stated at cost including transaction costs less accumulated depreciation.

      Subsequent expenditure relating to an investment property that has already been recognised is added to the net book value of the investment property when it is probable that future economic benefits, in excess of the originally assessed standard of performance of the existing investment property, will flow to the Group.

      
      
      

      Depreciation of investment properties is calculated on a straight-line basis over the estimated useful life of each asset as follows:

      
      
      

      Buildings and structures 25 - 48 years Land use rights with indefinite useful life are not amortised.

      Investment properties are derecognised when either they have been disposed of or when the investment properties are permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the assets is recognised in the interim consolidated income statement in the year of retirement or disposal.

      
      
      

      Transfers are made to investment properties when, and only when, there is a change in use, evidenced by ending of owner-occupation, commencement of an operating lease to another party or ending of construction or development. Transfers are made from investment properties when, and only when, there is change in use, evidenced by commencement of owner-occupation or commencement of development with a view to sale. The transfer from investment property to owner-occupied property or inventories does not change the cost or the carrying value of the property for subsequent accounting at the date of change in use.

   3. Construction in progress

      Construction in progress represents fixed assets under construction and is stated at histofical cost. This includes costs of construction, installation of equipment and other direct costs. Construction in progress is not depreciated until such time as the relevant assets are completed and put into operation.

   4. BOfrOwing costs

      Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds and are recorded as expense during the year in which they are incurred, except to the extent that they are capitalised as explained in the following paragraph.

      Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that necessarily take a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset.

      NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

      as at September 30, 2025

      3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   5. Prepaid expenses

      Prepaid expenses are reported as short-term or long-term prepaid expenses on the interim consolidated balance sheet and amotised over the period for which the mounts are paid or the period in which economic benefits are generated in relation to these expenses.

      The following types of expenses are recorded as prepaid expense and are amortised or recognised consistently with revenue to the interim consolidated income statement:

      • The EverRiGh 2 project compensation expenses and management fees;

      • Commission fees;

      • Advertising expenses;

      • Office renovation costs; and

      • Tools and supplies.

   6. Investments

      Investrnents in associates

      The Group's investments in its associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence that is neither subsidiaries nor joint ventures. The Group generally deems they have significant influence if they have over 20% of the voting rights.

      Under the equity method, the investment is carried in the interim consolidated balance sheet at cost, then plus post-acquisition changes in the Group's share of net assets of the associate. Goodwill arising on acquisition of the associate is included in the carrying amount of the investment. Goodwill is not amortised. The interim consolidated income statement reflects the share of the post-acquisition results of operation of the associate.

      The share of post-acquisition profit (loss) of the associate is presented on face of the interim consolidated income statement and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. Dividend receivable from associate reduces the carrying amount of the investment.

      The financial statements of the associates are prepared for the same reporting period and use the same accounting policies as the Group. Where necessary, adjustments are made to bring the accounting policies in line with those of the Group.

      Held-to-maturity investments

      Held-to-maturity investments are stated at their acquisition rosfs. After initial recognition, held-to-maturity investments are measured at recoverable amount. Any impairment loss incurred is recognised as finance expense in the interim consolidated income statement and deducted against the value of such investments.

      Provision for diminution in value of investments

      Provision of the investment is made when there are reliable evidences of the diminution in value of those investments at the end of the accounting period. Increases or decreases to the provision balance are recorded as finance expenses in the interim consolidated income statement.

   7. Payables and accruals

      Payables and accfuals are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Group.

      NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

      as at September 30, 2025

      3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   8. Foreign currency transactions

      Transactions in currencies other than the Group's reporting currency of VND are recorded at the actual transaction exchange rates at transaction dates which are determined as follows:

      • Transactions resulting in receivables are recorded at the buying exchange rates of the commercial banks designated for collection; and

      • Transactions resulting in liabilities are recorded at the selling exchange rates of the commercial banks designated for payment;

        At the end of the accounting period, monetary balances denominated in foreign currencies are translated at the actual exchange rates at the balance sheet dates which are determined as follows:

      • Monetary assets are translated at buying exchange rate of the commercial bank where the Group conducts transactions regularly; and

      • Monetary liabilities are translated at selling exchange rate of the commercial bank where the Group conducts transactions regularly.

        All foreign exchange differences incurred are taken to the interim consolidated income statement.

   9. Appropriation of net profits

      Net profit after tax (excluding negative goodwill arising from a bargain purchase) is available for appropriation to shareholders after approval by shareholders at the annual general meeting, and after making appropriation to reserve funds in accordance with the Company's Charter and Vietnam's regulatory requirements.

      The Group maintains the following reserve funds which are appropriated from the Group's net profit as proposed by the Board of Directors ("BOD") and subject to approval by shareholders at the annual general meeting.

      Investment and development fund

      This fund is set aside for use in the Group's expansion of its operation or in-depth investments.

      Bonus and welfare fund

      This fund is set aside for the purpose of pecuniary rewarding and encouraging, common benefits and improvement of the employees' benefits and presented as a liability on the interim consolidated balance sheet.

      Dividends

      Final dividends proposed by the Company's BOD are classified as an allocation of undistributed earnings within the equity section on the interim consolidated balance sheet, until they have been approved by shareholders at the annual general meeting. At that time, they are recognised as a liability in the interim consolidated balance sheet.

      J.16 Revenue recognition

      Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding trade discount, rebate and sales return. The following specific recognition criteria must also be met before recognised:

      Sale of apartments

      For apartments sold after completion of construction, the revenue is recognised when the significant risks and rewards of ownership of apartments have been transferred to the buyers, usually upon the handing over of apartments.

      NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

      as at September 30, 2025

      3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (coi›tii›ue J)

   10. Revenue recognition (continued)

       Sale of residential plots and related infrastructure

       Revenue is recognised v/hen the significant risks and rewards of ownership of residential plots and related infrastructures have been transferred to the buyers, usually upon the handing over of residential plots and related infrastructures.

       Rental income

       Rental income receivable under operating leases is recognised on a straight-line basis over the term of the lease, except for extraordinary rental income recognized when incurred.

       Rendering of services

       Revenue is recognised upon the services had been provided and completed.

       Interest income

       Interest income is recognised as the interest accrues (taking into account the effective yield on the asset) unless collectabilily is in doubt.

   11. Taxation

       Current income tax

       Current income tax assets and liabilities for the current and previous years are measured at amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted as at the end of the accounting period.

       Current income tax is charged or credited to the interim consolidated income statement, except when it relates to items recognised directly to equity, in which case the current income tax is also dealt with in equity.

       Current income tax assets and liabilities are offset when there is a legally enforceable right for the Group to offset current tax assets against current tax liabilities and when the Group intends to settle its current tax assets and liabilities on a net basis.

       Deferred tax

       Deferred tax is provided using the balance sheet liability method on temporary differences at the end of the accounting period between the tax base of assets and liabilities and their carrying amount for financial reporting purposes.

       Deferred tax liabilities are recognlsed for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences, carried forward unused tax credit and unused tax losses, to the extent that it is probable that taxable profit witl be available against which deductible temporary differences, carfied forward unused tax credit and unused tax losses can be utilised.

       The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Previously unrecognised deferred tax assets are re-assessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered.

       Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled based on tax rates and tax laws that have been enacted at the balance sheet date.

       Deferred tax is charged or credited to the interim consolidated income statement, except when it relates to items recognised directly to equily, in which case the deferred tax is also deal( with in the equity account.

       Deferred tax assets and liabilities are offset when there is a legally enforceable right for the Group to offset current tax assets against current tax liabilities and when they relate to income taxes levied on the same taxable entity by the same taxation authority.

       NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

       as at September 30, 2025

       3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   12. Earnings per share

       Basic earnings per share amount is computed by dividing net profit after tax for the period attributable to ordinary shareholders of the Company (after adjusting for the bonus and welfare fund and BOD's remuneration) by the weighted average number of ordinary shares outstanding during the period.

       Diluted earnings per share amounts are calculated by dividing the net profit after tax attributable to ordinary shareholders of the Company (after adjusting for the bonus and welfare fund and BOD's remuneration) by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

   13. Segment information

       A segment is considered as an independent department of the Group which involve in the process of providing products or rendering services (business segment), or providing products or rendering services in a specific economic environment (geographical segment). These departments are responsible for risk and gain benefit separately from other departments.

       The Group's principal business activities are to construct and trade real estate properties; to undertake the civil and industrial projects, bridges and roads; and to provide real estate brokerage and valuation services, and real estate trading centre and management. In addition, these activities are mainly taking place within Vietnam. Therefore, the Group's risks and returns are not impacted by the Group's products that the Group is constructing or the locations where the Group is operating. As a result, the Group's management is of the view that there is only one segment for business and geography and therefore presentation segmental information is not required.

   14. Re/ated parties

       Parties are considered to be related parties of the Group if one party has the ability to, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operating decisions, or when the Group and the other party are under common control or under common significant influence. Related parties can be enterprise or individual, including close members of their families.

2. CASH AND CASH EQUIVALENTS

   		VND
   	As at September 30, 2025	As at December 31, 2024
   Cash on hand	2,090,796	31,414,076
   Cash in banks	15,996,806,174	343,644,719,660
   Cash equivalents	100,000,000,000
   TOTAL	115,998,896,970	343,676,133,736

3. HELD-TO-MATURITY INVESTMENTS

   Held-to-maturity investments represent deposits at banks with original maturities of six months or twelve months and earning interest at the rates of 4.6% per annum. The Group utilized a Deposit Contract with Military Commercial Joint Stock Bank (MB Bank) - Saigon Branch, valued at 100,000,000,000 VND, as collateral for a loan facility at the same bank (Refer to Nole 22. 1}.

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

4. SHORT-TERM TRADE RECEIVABLES

   VND

   combination with urban gentrification	400,482,244,403	471,116,148,311
   Quy Nhon 68 Investment Limited Company	208,886,000,000
   Pham Thanh Dien	150,440,000,000	186,440,000,000
   IDK Real Estate Limited Company	144,850,000,000	272,300,000,000
   ADK Real Estate Joint Stock Company	132,040,000,000	201,000,000,000
   NTR Real Estate Joint Stock Company	122,520,000,000	271,400,000,000
   A&T Saigon Real Estate Dvelopment Investment Joint Stock Company Danh Khoi Holdings Investment JSC	113,500,000,000 111,348,146,750	-111,348,146,750
   BDK Real Estate Joint Stock Company	107,760,000,000	176,800,000,000
   Vega Real Estate Limited Company	105,720,000,000	105,720,000,000
   CDK Real Estate Joint Stock Company	97,400,000,000	216,200,000,000
   EDK Real Estate Limited Company	96,080,000,000	165,000,000,000
   HDK Real Estate Limited Company	70,700,000,000	154,400,000,000
   Thien Minh Real Estate Investment Corp.	70,615,693,202	70,615,693,202
   GDK Real Estate Joint Stock Company	43,050,000,000	128,000,000,000
   Lyra Real Estate Limited Company	42,500,000,000	42,500,000,000
   Gemini Real Estate Limited Company	25,950,000,000	25,950,000,000	,
   Nguyen Tra Giang	-	175,000,000,000
   Others	39,659,973,673	32,480,924,593

   Receivables from the transfer of products in Bar Ha Thanh Residential Area in

   As at As at

   September 30, 2025 December 31, 2024

   2,083,502,058,028	2,806,270,912,856
   (1,041,544,375)	(1,041,544,375)
   2,082,460,513,653	2,805,229,368,481

   TOTAL

   Provision for doubtful short-term receivables

   NET

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

5. SHORT-TERM ADVANCES TO SUPPLIERS

   VND

   As at As at

   September 30, 2025 December 31, 2024

   620 Infrastructure Development and Investment Corporation	1,453,188,101,507	1,450,055,500,031
   Ms. Nguyen Thi Xuan Diem	300,000,000,000	300,000,000,000
   Mr. Vo Ngoc Chau	170,254,951,040	159,729,830,000
   Mr. Nguyen Cao Tien	51,000,000,000	51,000,000,000
   Realty Holdings Real Estate Business and Services Corporation Land Clearance and Compensation Corporation	260,104,779,832 178,934,648,207	178,934,648,207
   Loc Phat Construction and Investment JSC	149,489,004,326	155,760,070,062
   Joint Venture of 620 Infrastructure Development and
   Investment Corporation & Loc Phat Construction and
   Investment JSC	122,015,757,487	124,771,856,489
   Greencity Real Estate Development Co., Ltd	100,000,000,000	100,000,000,000
   Binh Dinh TC Construction JSC	86,885,940,487	82,845,585,294
   Duc Khai Corporation	70,228,366,367	70,228,366,367
   Hop Nhut Construction Trading Service Ltd,	46,324,472,184	69,701,323,129
   T&T Transport Construction Trading Services Co. Ltd.	39,454,661,636	39,454,661,636
   Central Construction Corporation	2,000,000,000	4,000,000,000
   Ms. Tran Thi Huong		104,500,000,000
   Ms. Nguyen Thi Phuong Thao	-	160,000,000,000
   Others	13,812,111,504	9,466,220,679
   TOTAL	3,043,692,794,577	3,060,448,061,894

6. LOAN RECEIVABLES

   Short-term

   Ngo May Real Estate Investment JSC Long-term

   Ngo May Real Estate Investment JSC Commonwealth Properties Real Estate Corporation TOTAL

7. OTHER RECEIVABLES

   As at September 30, 2025

   114,075,173,655

   114,075,173,655

   270,116,838,373

   223,304,043,414

   46,812,794,959

   384,192,012,028

   As at

   Oecemder 3f, 2024

   
   
   
   
   
   
   
   
   

   	As at September 30, 2025	As at December 31, 2024
   Short-term	876,763,461,361	1,012,414,211,237
   Saigon-KL Real Estate Cofporation	600,000, 000,000	922,373,368,818
   Mr. Hoang Vo Anh Khoa	158,140,074,566
   Ms. Nguyen Thi Phuong Thao	71,100,000,000
   Mr. Hoang Hiep Dung	25,000,000,000	25,000,000,000
   Deposits	1,359,511,700	2,534,822,900
   Danh Khoi Holdings Investment JSC	400,000,000	400,000,000
   Commonwealth Properties Real Estate Corporation		46,812,794,959
   Others	20,763,875,095	15,293,224,560
   Long-term	350,529,261,473	38,724,892,655
   Saigon-KL Real Estate Corporation	309,223,368,818
   Phu Quoc Economic Zone Management Board	38,548,000,000	38,548,000,000
   Deposits	167,892,655	176,892,655
   Others	2,590,000,000
   TOTAL	1,227,292,722,834	1,051,139,103,892
   Provisions for doubtful debts	(17,500,000,000)	(17,500,000,000)
   NET	1,209,792,722,834	1,033,639,103,892

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

8. INVENTORIES

As at

VND

As at

Real estate properties (") Real estate merchandise {"# Others

TOTAL

September 30, 2025

13,975,771,487,698

1,001,139,288,185

383,358,976

14,977,294,134,859

December 31, 2024

14,077,280,272,782

383,358,976

14,077,663,631,758

(') Real estate properties mainly include compensation costs, land use levy paid to the

1. The EverRich 2

   This project is located at No. 422 Dao Tri Street, Quarter 1, Phu Thuan Ward, Ho Chi Minh City. The ending balance of this project is mainly for land compensation and construction costs.

   As at the end of the accounting period, the Company is in progress to fulfil the Government's requirements for transferring the remaining parts in accordance with the ICC entered with Big Gain Investment Limited Company.

2. Thuan An 1 and Thuan An 2

This project is located in Hoa Lan 1 Ward, Thuan Giao Ward, Ho Chi Minh City.

As at the end of the accounting period, the project mainly includes expenses for land compensation, land use levy paid to the state budget, design costs, consultancy, survey, infrastructure construction costs, and interest expenses on capital funding for investment and project development.

(iil) Ben Thanh - Long Hai

This project is located at 44A Provincial Road, Phuoc Hai Ward, Ho Chi Minh Cify.

At the end of the accounting period, the project mainly consisted of land compensation, land use levy paid to the state budget, design, site leveling and constfUCtion costs.

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

as at September 30, 2025

1. INVENTORIES (continued)

   1. Phuoc Hai

      This project is located in Hai Tan Quarter, Phuoc Hai Commune, Ho Chi Minh City

      As at the end of the accounting period, the project mainly consisted of projec( transfer costs and other construction costs.

   2. Bac Ha Thanh Residences in combination with urban gentrification

      Bac Ha Thanh Residences in combination with urban gentrification projec( is located in Tuy Phuoc Commune, Gia Lai Province.

      At the end of the accounting period, the pfoject mainly consisted of compensation, land clearance, design, consulting, investment survey costs, infrastructure construction and interest expenses on capital funding for project development.

   3. The EverRich 3

      This project is located in Tan My Ward, Ho Chi Minh City, The ending balance of this project mainly includes land compensation, land use levy paid to the state budget, design costs, site leveling and infrastructure construction costs. At the end of the accounting period, the low-rise residential plots were completed and put on the market.

      On February 27, 2019, the Company signed contract No. E3-B1-B4/HDCNDA-DIC and the annex dated 19" March 2019 on the transfer of a part of the Residential Project in Tan Phu Ward, District 7 including land use rights of 2 residential plots B1 and B4.

      As at the end of the accounting period, the Company is in progress to fulfil the Government's requirements for transferring the remaining parts of this project in accordance with the ICC entered with Dynamic Innovation Investment Limited Company.

   4. Tran Phu Da Nang

   This project is located at No. 223-225 Tran Phu Street, Hai Chau Ward, Da Nang City.

   
   
   

   As at the end of the accounting period, the project mainly consisted of project transfer cost, land use right transfer cost and other construction costs.

   
   
   
   Residential handicraft village and commune center of Ham Ninh
   
   

   This project is located in Phu Quoc Special Zone, An Giang Province. As at the end of the accounting period, the project mainly consisted of design, consulting, surveying and infrastructure construction costs.

   1. Nhon Hoi Ecotourism City

      This project includes Zone 2, Zone 4, and Zone 9 of Nhon Hoi Ecotourism City in Nhon Hoi Economic Zone, Gia Lai Province.

      As at the end of the accounting period, the project mainly consisted of land use levy paid into the state budget, design, consulting, survey costs, infrastructure construction and capitalized interest expense funding for project development.

   2. Doan Anh Duong Eco-tourism Area

      This project is located in Cua Can commune, Phu Quoc Special Zone, An Giang Province.

      As at the end of the accounting period, the project mainly includes consulting, surveying, and project management expenses.

   3. Phat Dat Bau Ca

      This project is Phat Dat Bau Ca residential project located in Nghia Lo Ward and Cam Thanh Ward, Quang Ngai Province. This project is in the progress of handing over the land and transferring ownership to customers.

   4. Ky Doug projecf

   This project is located at 14/2A Ky Dong, Nhieu Loc Ward, Ho Chi Minh City. As at the end of the accounting period, the Company transferred this project for a partner.

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

   f0. INVENTORIES (continued)

   (*") Details of real eslate merchandise are as rollows.'

   VND

   Land use rights, house ownership rights and other assets attached to land at 61 Cao Thang, Ban Co Ward, Ho Chi Minh City

   Land use rights, house ownership rights and other assets attached to land at 41-43 Nguyen Trai, Cho Quan Ward, Ho Chi Minh City

   TOTAL

2. LONG-TERM PREPAID EXPENSES

   As at As at

   September 30, 2025 December 31, 2024

   600,570,057,592

   400,569,230,593

   1,001,139,288,185

   
   
   

   	As at September 30, 2025	As at December 31, 2024
   The EverRich 2 compensation expenses (*)	923,823,243,655	923,823,243,655
   Apartment management fees	3,383,934,585	3,383,934,585
   Others	56,968,984,582 56,415,630,126
   TOTAL	984,176,162,822 983,622,808,366

   
   
   
   
   
   

   (") This is the compensation expenses paid to CRE & AGI consulting Joint Stock Company and Phu Hung Company according to the Liquidation Minute dated 8th February 2018 to partially complete the legal conditions before transfefring the project under the ICC entered with Big Gain Investment Limited Company.

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

3. TANGIBLE FIXED ASSETS

VND

Cost

Buildings and structures

Machinery and Means of equipment transportation

Total

As at December 31, 2024 366,026,575,528

Liquidation

6,360,905,364 38,296,717,011

(624,302,265)

41 0,684,197,903

(624,302,265)

As at September 30, 2025 366,026,575,528 6,360,905,364 37,672,414,746 410,059,895,638

In which:

Fully depreciated 5,826, 480,430

6,140,905,364 24, 163, 793, 476

36, 131, 179, 270

Cost

Land use right

Machinery and equipment

VND

Total

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

as at September 30, 2025

1. INVESTMENT PROPERTIES

   VND

   Land use rights

   Buildings and

   structures

   Total

   Cost As at December 31, 2024 As at September 30, 2025	7,306,972,991 68,357,297,281	75,664,270,272
   Accumulated depreciation
   As at December 31, 2024	(12,416,962,240)	(12,416,962,240)
   Depreciation for the period	- (1,152,089,280)	(1,152,089,280)
   As at September 30, 2025	- (13,569,051,520)	(13,569,051,520)
   Net carrying amount
   As at December 31, 2024	7,306,972,901 55,940,335,041	63,247,308,032
   As at September 30, 2025	7,306,972,991 54,788,245,761	62,095,218,752

   The land use right is valued at 7,306,972,991 VND corresponding to the ownership of basement B1 & B2 at The EverRich project, No. 968, 3/2 Street, Phu Tho Ward, Ho Chi Minh City.

   The fair values of the investment properties were not formally assessed and determined as at September 30, 2025. However, given the current exploitation situation, it is the BOM's assessment that these properties' market values are higher than their carrying value as at this date.

   The rental income and operating expenses information relating to investment property are presented as below: VND

   Quarter III - Current year Quarter III - Previous year

   Revenue from investment properties

   Direct operating expenses of investment properties that generated rental income during the period

2. CONSTRUCTION IN PROGRESS

   Ancient project in Long Binh Ward, Ho Chi Minh City	426,173,692,570	426,173,692,570
   Phan Dinh Phung Sports Center project	77,105,153,950	77,105,153,950
   Hospital for Traumatology & Orthopaedics project	7,976,940,104	7,976,940,104
   Enterprise Resource Planning Software (ERP-SAP)	21,392,200,583	21,392,200,583
   Others	810,465,000	810,465,000
   TOTAL	533,408,452,207	533,458,452,207

   The Internal Technical Infrastructure Construction

   2,627,815,972

   
   
   
   
   
   

   - 1,284,088,411

   VND

   As at As at

   September 30, 2025 December 31, 2024

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

3. INVESTMENT in associ TES

   As at September 30, 2025 As at December 31, 2024

   	%	Amount VND	%	Amount VND
   PDP Project Construction Investment
   Limited Company (i)	49	21,825,411,768	49	19,681,603,562
   Commonwealth Properties Real Estate
   Corporation (ii)	27	2,585,786,281	27	15,542,464,003
   TOTAL		24,411,198,049		35,224,067,565

   1. PDP Project Construction Investment Limited Company ("PDP")

      PDP is a limited liability company with two or more members incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 0315143682 issued by Ho Chi Minh Department of Finance (formerly known as the DPI of Ho Chi Minh City) on 3'° July 2018. PDP's registered head office is located at No. 39, Pham Ngoc Thach Street, Xuan Hoa Ward, Ho Chi Minh Cify, Vietnam. The principal business activity of PDP is to trade real estate properties. PDP's current main project is Phan Dinh Phung construction project at No. 8, Vo Van Tan Stfeet, VO Thi Sau Ward, HCMC.

      By the end of the accounting period, the Company has contributed VND 22,148,419,908 of PDP's charter capital, out of VND 147,000,000,000 as in the BRC.

   2. Commonwealth Properties Real Estate Corporation ("Commonwealth Properties")

      Commonwealth Properties is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 0316916261 issued by Ho Chi Minh Department of Finance (formerly known as the DPI of Ho Chi Minh City) on June 23, 2021, as amended. Commonwealth Properties's registered head office is located at 10* Floor, Tower B, Viettel Building, 285 Cach Mang Thang Tarn Street, Hoa Hung Ward, Ho Chi Minh City, Vietnam. The principal business activity of Commonwealth Properties is to trade real estate properties.

      As at the end of the accounting period, the Company holds a 27% equity share and voting rights in this subsidiary.

4. SHORT-TERM TRADE PAYABLES

   VND

   	As at September 30, 2025	As at December 31, 2024
   Sai Gon Transport Construction JSC	33,132,513,198	33,132,513,198
   Dua Fat Group Joint Stock Company	18,012,823,609	22,512,823,609
   T&T Transport Construction Trading Services Company Limited	16,472,242,230	16,472,242,230
   Dong Khanh Construction Limited Company	9,302,067,669	9,302,067,669
   IDV Investment & Trading Joint Stock Company	4,193,445,633	11,353,812,907
   Thien An Mechanical Limited Company	3,265,220,756	22,988,985,613
   Central Construction Corporation	2,659,196,509	6,927,687,331
   Saigon-KL Real Estate Corporation		150,336,880,000
   Phu My Hung Investment Corporation		17,626,474,002
   Others	33,738,491,967	57,569,704,016
   TOTAL	120,776,001,571	348,223,190,575

   NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

   as at September 30, 2025

5. SHORT-TERM ADVANCES FROM CUSTOMERS

   VND

   combination with urban gentrification	17,099,149,594	129,947,107,974
   Ohers	7,792,234,254	3,590,909,091
   TOTAL	24,891,383,848	133,538,017,065

   Bac Ha Thanh Residential Area in

   As af As at

   September 30, 2025 December 31, 2024

6. STATUTORY OBLIGATIONS

   Payables

   VND

   As at As at

   September 30, 2025 December 31, 2024

   213,125,385,106 467,801,792,124

   Corporate income tax	103,049,880,739	200,286,110,290
   Value-added tax	50,516,596,514	90,447,861,275
   Land use tax	48,527,682,071	168,691,749,070
   Personal income tax	4,455,280,333	6,127,450,917
   Others	6,575,945,449	2,248,620,572
   Receivables	79,595,679,344	81,870,680,816
   Value-added tax	79,595,679,344	81,870,680,816
   NET VALUE	133,529,705,762	385,931,111,308

   
   
   
   
   
   

7. SHORT-TERM LIABILITIES

   	As at September 30, 2025	As at December 31, 2024
   Construction costs	267,575,407,083	320,032,363,180
   Interest expenses	79,930,540,401	98,018,840,207
   Corporate income tax provision	18,579,793,496	17,273,289,600
   Interest support sales policy	11,103,645,716	23,481,919,717
   Others	12,789,710,424	8,217,712,877
   TOTAL	389,979,097,120	467,024,125,581

   
   
   

8. OTHER PAYABLES

Short-term

VND

As at As at

September 30, 2025 December 31, 2024

5,624,628,103,899 5,721,587,155,285

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

as at September 30, 2025

1. OTHER PAYABLES (continued)

   1. On December 10, 2018, the Company signed an ICC with Big Gain Investment Limited Company regarding the development of The EverRich 2 Project located at No. 422 Dao Tri Street, Quarter 1, Phu Thuan Ward, Ho Chi Minh City.

   2. On December 10, 2018, the Company signed an ICC wi(h Dynamic Innovation Limited Company regarding the development of The EverRich 3 Project located in Tan My Ward, Ho Chi Minh City.

   3. The Company signed a Capital Contribution Agreement with individuals on the investment capital contribution to implement urban development projects in Zone 2 of Nhon Hoi Ecotourism City.