Interim Separate 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 07:56:47

Ph at Dat Real Estate Development Corporation

Interim Separate Financial Statements

September 30, 2025

CONTENTS

Pages

General information

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

Notes to the interim separate financial statements

1

2

3-4

5

6 - 7

8 - 36

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 Ceftificate ("BRC") No. 4103002655 issued by the 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 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, 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

LEGAL REPRESENTATIVES

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

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

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 separate financial statements of the Company for Quarter III-2025 ended September 30, 2025.

BOM'S RESPONSBILITIES IN RESPECT OF THE INTERIM SEPARATE FINANCIAL STATEMENTS

The BOM is responsible for the interim separate financial statements of the Company of each accounting period which give a true and fair view of the interim separate financial position during the period, and of the interim separate results of its operation and the interim separate cash flows of the Company for the period. In preparing these interim separate financial statements for the period, the BOM is required to:

r Select suitable accounting policies and then apply them consistently; r Make judgements and estimates that are reasonable and prudent;

y• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the interim separate financial statements; and

>Prepare the interim separate financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 separate financial position of the Company and to ensure that the accounting records comply with the applied accounting system. The BOM is also responsible for safeguarding the assets of the Company 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 separate financial statements for Quarter III-2025.

STATEMENT BY THE BOARD OF MANAGEMENT

The Board of Management does hereby state that, in its opinion, the accompanying interim separate financial statements for Quarter 111-2025 give a true and fair view of the interim separate financial position for Quarter III-2025 of the Company as at September 30, 2025, and of the interim separate results of its operations for Quarter III-2025 and its interim separate cash flows for the period then ended in accordance with Vietnamese Accounting Standards, Vietnamese Enterprise Accounting System and the relevant statutory requirements.

The Company has subsidiaries as disclosed in Note No. 16 of the interim separate financial statements. The Company also prepared consolidated financial statements of the Company and its subsidiaries ("the Group") for Quarter III-2025 ended September 30, 2025, to meet the prevailing requirements in relation to the disclosure of information.

Users of the interim separate financial statements should read them together with the said consolidated financial statements in order to obtain full information of the consolidated financial position, consolidated resul(s of operations and consolidated cash flows of the Group.

For and on behalf of the Board of Management

Bui Quang Anh Vu Chief Executive Officer

October 28, 2025

INTERIM SEPARATE BALANCE SHEET FOR QUARTER III-2025

As at September 30, 2025

VND

INTERIM SEPARATE BALANCE SHEET FOR QUARTER III-2025 (Continued)

As at September 30, 2025

VND

PHAT TflE

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Pham Thi Doan Dung Tran Thi Thuy Trang Bui Quang Anh Vu

INTERIM SEPARATE INCOME STATEMENT FOR QUARTER III-2025

VND

Tran Thi Thuy Trang

Bui Quang Anh Vu

Pham Thi Doan Dung

INTERIM SEPARATE CASH FLOW STATEMENT FOR QUARTER III-2025

VND

INTERIM SEPARATE CASH FLOW STATEMENT FOR QUARTER III-2025

VND

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Pham Thi Doan Dung Tran Thi Thuy Trang Preparer Chief Accountant

October 28, 2025

Bui Quang Anh Vu Chief Executive Officer

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1

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

1. COPRORATE 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 the 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, 201 0.

   The current principal business activities of the Company are to construct and trade residential properties, to undertake the civil, industrial, and infrastructure construction projects, to provide real estate brokerage and valuation services, rea! 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.

   The number of employees of the Company as at September 30, 2025, is 236 (as at December 31, 2024: 283).

2. BASIS OF PREPARATION

   1. Accounting standards and system

      The interim separate financial statements of the Company, 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/QO-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, 2003 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

        1

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

        Accordingly, the accompanying interim separate 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 interim separate financial position, the separate results of operations, and the intefim separate cash flows for the period in accordance with accounting principles and practices generally accepted in countries other than Vietnam.

        The Company is parent Company with subsidiaries as disclosed in Note No. 15 of the interim separate financial statements. The Company prepared interim consolidated financial statements of the Company and its subsidiaries ("the Group") for Quarter Ill-2025 ended september 30, 2025, to meet the prevailing requirements in relation to the disclosure of information.

        Users of the interim separate financial statements should read them together with the said interim consolidated financial statements in order to obtain full information of the interim consolidated finanGIaI position, interim consolidated results of operations and interim consolidated cash flows of the Group.

   2. Applied accounting documentation sys fern

      The Company's applied accounting documentation system is the General Journal system,

   3. Fiscal year

      The Company's fiscal year applicable for the preparation of its interim separate financial statements starts on January 1°' and ends on December 31°'.

   4. Accounting currency

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

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

      As at September 30, 2025

3. SUMMARY OF SIGNIFICANT ACCOUNTING 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 stated at the lower of cost incurred 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 row 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 Company, 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 interim separate income statement.

      inventory property

      Property acquired or being constructed for sale in the ordinary course of business, 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 includes:

      • 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 separate income statement is determined with reference to the specific costs incufred on the property sold and an allocation of any non-specific costs based on the relative size of the property sold.

   3. Receivables

      Receivables are presented in the interim separate 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 separate income statement.

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

      As at September 30, 2025

      3. SUMMARY OF SIGNIFICANT AC COUNTING POLICIES (continued)

   4. Fixed assets

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

      The cost of a 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 (o the carrying amount of the assets while expenditures for maintenance and repairs are chafged to the interim separate income statement 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 separate income statement.

   5. Leased assets

      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 lhe Company is the lessee

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

      Where Ihe Company is lhe lessor

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

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

   6. Depreciatfon and •moiJization

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

      
      
      

      Buildings and structures 25 - 50 years

      Machinery and equipment 6 - 7 years

      Means of transportation 3 - 6 years Computer software 3 years

      
      
      

      Investment properties

      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 recognized 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 Company.

      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.

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

      As at September 30, 2025

      3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   7. Investment properties (continued)

      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 separate income statement.

      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 a 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.

   8. Construction in progress

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

   9. Borrowing cosfs

      Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds and are recorded as expense during the period 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.

   10. Prepaid expenses

       Prepaid expenses are reported as short-term or long-term prepaid expenses on the interim separate 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 separate income statement:

       • The EverRich 2 project compensation expenses and management fees;

       • Commission fees;

       • Advertising expenses;

       • Office renovation costs; and

       • Tools and supplies.

   11. Investments

Investments in subsidiaries

Investments in subsidiaries over which the Company has control are carfied at cost.

Distributions from undistributed earnings of the subsidiaries arising subsequent to the date of acquisition are recognized in the interim separate income statement. Distributions from sources other than from such profits are considered a recovery of investment and are deducted to the cost of the investment.

Investments in associates

Investments in associates over which the Company has significant influence are carried at cost.

Distributions from the undistributed earnings of the associates arising subsequent to the date of acquisition by the Company are recognized in the interim separate income statement. Distributions from sources other than form such profits are considered a recovery of investment and are deducted to the cost of the investment.

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   1. Investments (continued) Held-to-ma/uri/y investments

      Held-to-maturity investments are stated at their acquisition costs. After initial recognition, held-to-maturity investments are measured at recoverable amount. Any impairment loss incurred is recognised as finance expense in the interim separate 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 separate income statement.

   2. Payables and accruals

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

   3. Foreign currency transactions

      Transactions in currencies other than the Company'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 lhe 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 Company conducts transactions regularly; and

        
        
        

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

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

   4. Appropriation of nef prof/Is

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 Company maintains the following reserve funds which are appropriated from the Company'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 Company'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 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 separate 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 separate balance sheet.

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

3.16 Revenue recognition

Revenue is recognised to the exterI lhat it is probable that the economic benefits will flow to the Company 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 recogni(ion 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.

Sale of residential plols and related infrastructure

Revenue is recognised when 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 collectability is in doubt.

3.16 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 lhe 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 separate 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 Company to offset current tax assets against current tax liabilities and when the Company 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 recognised 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 will be available against which deductible temporary diffefences, carried 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. DeWered 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 a tthe balance sheet date.

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

   1. Taxation (continued) D‹rerred fax (continued)

      Deferred tax is chared or credited to the separate income statement, except when it relates to items recognised directly to equily, in which case the deferred tax is also dealt with in the equity account.

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

   2. Related parties

   Parties are considered to be related parties of the Company 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 Company 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

   Cash on hand Cash in banks Cash equivalents

   TOTAL

   VND

   As at As at

   September 30, 2025 December 31, 2024

   2,090,796 31,414,076

   15,740,554,442 343,437,356,375

   100,000, 000,000

   115,742,645,238 343,468,770,451

   
   
   

3. HELD-TO-MATURITY INVESTMENTS

   Held-to-maturity investments represent deposits at banks with original maturities of twelve months and earning interest at the rate of 4.6% per annum.

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

   As at September 30, 2025

4. SHORT-TERM TRADE RECEIVABLES

   As at September 30, 2025

   VND

   As at December 31, 2024

   Receivables from the transfer of products in Bac Ha Thanh Residential Area in combination with urban gentrification

   Mr. 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	113,500,000,000
   Danh Khoi Holdings Investment JSC	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 Limited 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
   Mr. Nguyen Tra Giang	-	175,000,000,000
   Others	48,143,600,077	42,156,242,116
   TOTAL	2,091,985,684,432	2,815,946,230,379

   Quy Nhon 68 Investment Limited Company

   400,482,244,403

   208,886,000,000

   471,116,148,311

   Provision for doubtful short-term receivables

   NET

5. SHORT-TERM ADVANCES TO SUPPLIERS

   (1,041,544,375) (1,041,544,375) 2,090,944,140,057 2,814,904,686,004

   
   
   

   VND

   	As af	As at
   	September 30, 2025	December 31, 2024
   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 & Services	260,104,779,832
   Corporation 620 Infrastructure Development and Investment	154,830,735,957	181,803,775,548
   Corporation
   Land Clearance and Compensation Corporation	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	122,015,757,487	124,771,856,489
   and Investment Corporation and Loc Phat
   Construction and Investment JSC
   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	39,454,661,636	39,454,661,636
   Company Limited
   Ms. Tran Thi Huong	104,500,000,000
   Ms. Nguyen Thi Phuong Thao	160,000, 000,000
   Others	10,043,492,635 2,599,336,763
   TOTAL	1,639,566,810,158 1,681,329,453,495

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

   As at September 30, 2025

6. LOAN RECEIVABLES

   Short-term

   Ngo May Real Estate Investment JSC

   Long-term

   Ngo May Real Esta(e Investment JSC

   Noa Phu Building Real Estate Investment and Development JSC

   Thien Long Building Real Estate Investment and Development JSC

   Commonwealth Properties Real Estate Corporation

   TOTAL

7. OTHER RECEIVABLES

   As at As at

   September 30, 2025 December 31, 2024

   114,075,173,655

   114,075,173,655 -

   563,077,838,373 681,924,490,356

   223,304,043,414 388,963,490,356

   150,000,000,000 150,000,000,000

   142,961,000,000 142,961,000,000

   46,812,794,959

   677,153,012,028 681,924,490,356

   VND

   	As at September 30, 2025	As at December 31, 2024
   Short-term	891,016,012,797	1,020,946,239,041
   Sai Gon - KL Real Estate Corporation	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
   Commonwealth Properties Real Estate Corporation	-	46,812,794,959
   Mr. Hoang Hiep Dung	25,000,000,000	25,000,000,000
   Danh Khoi Holdings Investment JSC	400,000,000	400,000,000
   Deposits	1,359,511,700	2,534,822,900
   Others	35,016,426,531	23,825,252,364
   Long-term	634,298,058,218	319,621,870,393
   Sai Gon - KL Real Estate Corporation	309,223,368,818	-
   Serenity Investment Joint Stock Company	151,338,276,326	144,616,276,326
   Coinin Construction Investment Infrastructure Company Limited	131,330,920,419	132,684,101,412
   DK Phu Quoc Corporation	42,237,600,000	42,144,600,000
   Deposits	167,892,655	176,892,655
   TOTAL	1,525,314,071,015	1,340,568,109,434
   Provision for doubtful short-term receivables	(17,500,000,000)	(17,500,000,000)
   NET	1,507,814,071,015	1,323,068,109,434

8. INVENTORIES

Real estate properties (")

Merchandise (") Others

TOTAL

As at

September 30, 2025

6,224,866,543,959

1,001,189,288,185

383,358,976

7,226,389,191,120

VND

As at December 31, 2024

6,562,244,480,000

383,358,976

6,562,627,838,976

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

1. INVENTORIES (Continued)

   (") Real estate propeflies mainly include compensation costs, land use levy paid to the state, land clearance cosls, construction costs, capitalised interest and other development costs incurred for the following on-going real estate projects:

   VND

   	As at September 30, 2025	As al December 31, 2024
   The EverRich 2 (River Ci(y) (i)	3,597,838,254,668	3,597,838,254,668
   The EverRich 3 (ii)	881,706,796,432	877,427,668,950
   Nhon Hoi Ecotourism City (iii)	211,824,305,624	211,827,588,574
   Bac Ha Thanh residences in combination with urban gentrification (iv)	1,439,137,478,338	1,694,508,092,077
   Doan Anh Duong Ecotourism Area (v)	44,155,699,067	44,155,699,067
   Phat Dat Bau Ca (vi)	3,756,022,119	7,078,510,572
   Ky Dong project (vii)		89,005,839,039
   Other projects	46,447,987,711	40,402,827,053
   TOTAL	6,224,866,543,959	6,562,244,480,000

   Details of on-going real estate projects are as follows:

   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. 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 27th February 2019, the Company signed contract No. E3-B1-B4/HDCNDA-DIC and the annex dated 19th March 2019 on the transfer of a part of the Residential Project in Tan My Ward, 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.

   3. Nhon Hoi Ecotourism Cify

      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 and survey costs, infrastructure construction and interest expenses on capital funding for investment and project development.

   4. Bac Ha Thanh Residences in combination with urban gentrification

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

      As at the end of the accounting period, the project mainly consisted of compensation, land clearance, design, consulting, investment surVey costs and interest expenses on capital funding for investment and project development.

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

      As at September 30, 2025

      1. INVENTORIES (Continued)

   5. Doan Anh Duong Ecotourism Area

      Doan Anh Duong Ecotourism project is located in Phu Quoc special zone, An Giang

      Province.

      As at the end of the accounting period. the project mainly consists of the costs of consulting, survey, and project management.

   6. 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.

   7. Ky Dong project

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 to a partner.

("") Details of merchandise are as follows.

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

VND

As at As at

September 30, 2025 December 31, 2024

600,570,057,592 -

400,569,230,593 -

1,001,139,288,185

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

1. LONG-TERM P REPAID EXPENSES

   VND

   As at As al

   September 30, 2025 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 4,231,344,696 4,403,666,650

   TOTAL 931,438,522,936 931,610,844,890

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

2. TANGIBLE FIXED ASSETS

   				VND
   	Buildings and	Machinery and	Means ol	Tolal
   Cost	structures	equipment	transportation
   As at December 31, 2024	331,701,543,666	5,528,225,593	36,876,865,355	374,106,634,614
   Liquidation	-	-	(624,302,265)	(624,302,265)
   As at September 30, 2025	331,701,543,666	5,528,225,593	36,252,563,090	373,482,332,349
   In which.
   Fully depreciated		5,308, 22J, 593	22,743,941, 820	28,052, 167, 413
   Accumulated depreciation
   As at December 31, 2024	(5,528,359,061)	(5,251,639,973)	(30,455,528,274)	(41,235,527,308)
   Depreciation for the period	(4,975,523,155)	(130,521,790)	(2,166,884,611)	(7,272,929,556)
   Liquidation	-	-	624,302,265 624,302,265
   As at September 30, 2025	(10,503,882,216)	(5,382,161,763)	(31,998,110,620) (47,884,154,599)
   Net carrying amount
   As at December 31, 2024	326,173,184,605	276,585,620	6,421,337,081	332,871,107,306
   As at September 30, 2025	321,197,661,450	146,063,830	4,254,452,470	325,598,177,750

   
   
   

3. INTANGIBLE FIXED ASSETS

   Cost

   Buildings and Machinery and structures equipment

   VND

   Total

   As at December 31, 2024 400,500,000,000 14,820,270,381 415,320,270,381

   
   
   

   New purchase

   As at September 30, 2025

   In which:

   Fully depreciated

   Accumulated depreciation As at December 31, 2024

   400,500,000,000 14,820,270,381 415,320,270,381

   14, 820,270,381 14, 820,270,381

   - (14,660,364,587) (14,660,364,587)

   Depreciation for the period	(159,905,794) (159,905,794)
   As at September 30, 2025	- (14,820,270,381) (14,820,270,381)
   Net carrying amount As at December 31, 2024	400,500,000,000 159,905,794 400,659,905,794
   As at September 30, 2025	400,500,000,000 - 400,500,000,000

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

   As at September 30, 2025

4. INVESTMENT PROPERTIES

VND

As at December 31, 2024

Laird use rights

Buildings and structures

Total

The land use fight 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, HCMC.

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 realating to investment property is presented as below:

VND

Quarter III - 2025 Quarter III - 2024

16. INVESTMENT IN SUBSIDIARIES

VND

As at As at

September 30, 2025 December 31, 2024

NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

As at September 30, 2025

1. INVESTMENTS IN SUB SIDIARIES (CoiitinLied)

   1. Ben Thanh - Loiig Hai Corporation ("Ben Thanh Loiig Hai")

      Ben Thanh Long Hai is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 3500783805 issued by the Ho Chi Minh City Department of Finance (formerly known as DPI of Ba Ria Vung Tau Province) on 1°' March 2007, as amended. Ben Thanh - Long Hai's registered head office is located at Provincial 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.

      As at the end of the accounting pefiod, the Company holds 99.9% equity share and

      voting rights in this subsidiary.

   2. Binh Duong Building Real Estate 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 the Ho Chi Minh City Department of Finance (formerly known as the DPI of Binh Duong Province) on 12th 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. Binh Duong Building's principal business activity is to trade real estate properties, land use rights belonging to the owner, user or lease. As at the end of the accounting period, the Company holds 99.5% equity share and voting rights in this subsidiary.

(Ill

Serenity Investment Corporation ("Serenity Investment")

Serenity Investment is incorporated under the Law on Entefprises of Vietnam pursuant to the BRC No. 3502421310 issued the first time by the Ho Chi Minh Cily Department of Finance (formerly known as the DPI of Ba Ria - Vung Tau Province) on 27th March 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.

As at the end of the accounting period, the Company holds 99.34% equity share and voting rights in this subsidiary.

(IV) Bac Cuong Investment Joint Stock Company ("Bac Cuong Investment") '

Bac Cuong Investment is incorporated under the Law on Enterprises of Vietnam pursuant to the BRC No. 0401370311 issued the first time by the Da Nang City Department of Finance (formerly known as 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 Wafd, 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.

As at the end of the accounting period, the Company holds a 99% equity share and voting rights in this subsidiary.

1. 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's Department of Finance (formerly known as the DPI of Kien Giang Province) on 22'° April 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. The current main project of Phu Quoc DK is the projects of Ham Ninh Industrial Cluster and Residential Handicfaft Village and Commune Center of Ham Ninh in Ham Ninh Commune, Phu Quoc City, Kien Giang Province.

   As at the end of the accounting period, the Company holds 99% equity share and voting rights in this subsidiary.

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

   As at September 30, 2025

   1. INVESTMENTS IN SUBSIDIARIES (Continued)

2. Coinin Construction Investment Infi astructure Company Liiniled ("Coinln")

   Coinin is incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 0313662185 issued by the Ho Chi Minh City Department of Finance (formerly known as the DPI of Hq Chi Minh City) on 25 February 2016, as amended. Coinin's registered head office is located at No. 39 Pham Ngoc Thach Street, Xuan Hoa Ward, Ho Chi Minh City, Vietnam. The principal business activities of Coinin are to trade real estate properties and provide construction services. The cufrent main project of Coinin is the Internal Technical Infrastructure Construction in Zone I - the National Cultural and Historical Park in Long Binh Ward, Ho Chi Minh City under a Build-Transfer contract.

   As at the end of the accounting period, the Company holds 99.9% equily share and voting rights in this subsidiary.

3. Thuan An 1 High-rise Real Estate Investment Company Limited ("Thuan An 1")

Thuan An 1 is incofporated 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, Ho Chi Minh City, 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.

Ngo May is incorporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 4101553978 issued the first time by Gia Lai's Department of Finance (formerly known as the DPI of Binh Dinh Province) on 19" November 2019. Ngo May's registered head office is located at No. 1 Ngo May Slreet, Quy Nhon Nam Ward, Gia Lai Province, Vietnam. The principal business activity of Ngo May is to trade real estate properties, land use rights belonging to the owner, user or lease.

On June 25, 2025, the Company transferred its entire stake in Ngo May Real Estate to Quy Nhon 68 Investment Company Limited under the Share Transfer Agreement No. 01/2025/ST-NM, with a transfer value of VND 435,000,000,000. As a result, the Company's ownership percentage in Ngo May Real Estate decreased to 0%.

As at the end of the accounting period, the Company had completed the transfer of its ownership in Ngo May Real Estate to the new shareholders, and Ngo May Real Estate was no longer a subsidiary of the Company.

1. INVESTMENT IN ASSOCIATES

   As at As at

   September 30, 2025 December 31, 2024

   Commonwealth Properties Real Estate	%	Amount (VND)	%	Amount (VND)
   Corporation (i)	27.00	85,860,000,000	27.00	85,860,000,000
   PDP Project Construction Investment Ltd. (ii)	49.00	22,148,419,908	49.00	19,963,107,000
   TOTAL		108,008,419,908		105,823,107,000

   1. 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 the first time by the Ho Chi Minh City Department of Finance (formefly known as the DPI of Ho Chi Minh Gity) on 23rd June 2021. Commonwealth Properties's registered head office is located at 10th 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, land use rights belonging to the owner, user or lease.

      At the end of the accounting period, the Company holds 27% equily share and voting rights in this company.

      NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

      As at September 30, 2025

      1. INVESTMENT IN ASSOCIATES (Continued)

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

PDP is a limited liability company with two or more members incofporated under the Law on Enterprise of Vietnam pursuant to the BRC No. 0315143682 issued by the No Chi Minh City Department of Finance (formerly known as the DPI of Ho Chi Minh Cily) on 3rd July 2018. PDP's registered head office is located at No. 39, Pham Ngoc Thach Street, Xuan Hoa Ward, Ho Chi Minh City, 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 Street, Vo Thi Sau Ward, Ho Chi Minh City.

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.

1. SHORT-TERM TRADE PAYABLES

   Sai Gon Transport Construction JSC

   Dong Khanh Construction Limited Company IDV Investment & Trading Joint Stock Company Thien An Mechanical Limited Company

   Sai Gon - KL Real Estate Corporation Phu My Hung Investment Corporation

   Central Construction Joint Stock Company Others

   TOTAL

2. SHORT-TERM ADVANCES FROM CUSTOMERS

   VND

   As at As at

   September 30, 2025 December 31, 2024

   33,132,513,198 33,132,513,198

   9,302,067,669 9,302,067,669

   4,193,445,633 11,353,812,907

   1,164,830,282 1,164,830,282

   - 150,336,880,000

   - 17,626,474,002

   - 6,927,687,331

   16,835,436,929 31,078,249,763

   64,628,293,711 260,922,515,152

   VND

   Bac Ha Thanh residences in combination with urban gentrification Others

   TOTAL

3. STATUTORY OBLIGATIONS

   As at September 30, 2025

   17,099, 149,594

   7,792,234,254

   24,891,383,848

   As at December 31, 2024

   129,947,107,974

   3,590,909,091

   133,538,017,065

   VND

   	September to, 202a		December 31, 2024
   Payables	126,763,290,875	446,290,919,734
   Corporate income tax	71,078,834,225	180,937,475,065
   Value-added tax	50,516,596,514	90,447,861,275
   Personal income tax	4,440,370,174	6,105,628,230
   Land use tax		168,691,749,070
   Others Receivables	727,489,962	108,206,094 4,005,540,436
   Value-added tax		4,005,540,436
   NET	126,763,290,875	442,285,379,298
   HORT-TERM LIABILITIES VND
   	As at		As at
   	September 30, 2025		December 31, 2024
   Interest expenses	47,077,867,501		68,742,074,892
   Construction costs	267,575,407,083		320,032,363,180
   Interest rate support for customers
   buying real estate	11,103,645,716		23,481,919,717
   Others	12,789,710,424		7,497,575,891
   TOTAL	338,546,630,724		419,753,933,680

   As at As at

4. S

   NOTES TO THE INTERIM SEPARATE FINANCIAL STATEMENTS (continued)

   As at September 30, 2025

5. OTHER PAYABLES

   VND

   Short-term

   As at As at

   September 30, 2025 December 31, 2024

   5,895,903,118,408 7,194,651,803,130

   ICC - The EverRich 2 (i)	4,557,365,656,616		4,557,365,656,616
   ICC - The EverRich 3 (i)	990,068,000,000		990,068,000,000
   Ben Thanh - Long Hai Corporation	182,660,182,687		1,434,741,411,369
   Bac Cuong Investment JSC	58,844,886,709		1,058,038,743
   Hoa Phu Building Real Estate Investment and
   Development JSC	19,465,962,049		23,032,357,155
   Deposits received	14,200,000,000		14,200,000,000
   ICC - Nhon Hoi Ecotourism City project (ii) Thien Long Building Real Estate Investment and	11,191,500,000		13,518,255,040
   Development JSC	6,648,704,873		10,900,843,828
   AKYN Service Trading Investment JSC Binh Duong Building Real Estate Investment and	5,965,404,744		10,301,642,325
   Development Corporation	4,037,026,191		3,676,208,750
   Mr. Hoang Vo Anh Khoa			38,237,745,040
   Phat Dat Industrial Park Investment and
   Development Joint Stock Company			36,294,095,940
   Others	45,455,794,539		61,257,548,324
   Long-term	2,989,375,895,904		2,393,929,926,197
   Ben Thanh - Long Hai Corporation	1,289,021,204,000
   Hoa Phu Building Real Estate Investment and
   Development JSC	1,131,553,054,699		1,131,553,054,699
   Thien Long Building Real Estate Investment and
   Development JSC	564,942,344,435		765,666,688,140
   Binh Duong Building Real Estate Investment and
   Development Corporation	3,859,292,770		3,859,292,770
   Realty Holdings Real Estate Business & Services
   Corporation			404,026,064,675
   Bac Cuong Investment JSC			88,824,825,913
   TOTAL	8,885,279,014,312		9,588,581,729,327
   (i) 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.

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

   (ii) 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.

   23.	LOANS
   		As at December 31, 2024	Increase	Decrease	Reclassify	Foreign exchange difference	As at September 30, 2025
   	Short-term	1,149,725,295,267	115,263,391,249	(860,984,958,086)	333,765,393,664	(84,630,000,000)	653,139,122,094
   	Loans from banks
   	(Note 23.1)	153,195,295,267	115,263,391,249	(119,084,958,086)	261,765,393,664		411, 139, 122,094
   	Loans from other
   	parties (Note 23. 2)	996,530,000,000		(741,900, 000,000)	72,000,000, 000	(84,630,000,000)	242,000, 000,000
   	Long-term	2,213,629,184,972	882,839,681,402	(90,035,602,636)	(333,765,393,664)		2,672,667,870,074
   	Loans from banks
   	(Note 23. 1)	1,781,239,630,878	882,839,681,402	(19,600,000,000)	(261,765,393,664)		2,382,713,918,616
   	Loans from other
   	parties (Note 23.2)	432,389,554,094	-	(70,435,602,636)	(72,000,000,000)	-	289,953,951,458
   	TOTAL	3,363,354,480,239	998,103,072,651	(951,020,560,722)	-	(84,630,000,000)	3,325,806,992,168

   
   
   

6. LOANS (continued)

   1. Loans from banks

Details of the loans from banks are as follows:

As at

Bank September 30, 2025

VND

Principal

repayment term Purpose

Interest rate

% p.a.

Description of collateral

Vietnam joint Stoch Commercial Bank for Industry and Trade - Branch 11 /fo Chi Minh City

Loan 1 322,059,856,251 From October 27, 2025 To finance the office Interest rate of 12-month

to April 25, 2030 building project at deposits + additional capital

Xuan Hoa Ward, mobilization cost + 4 HCM City

Land use rights and associated asset at No. 39, Pham Ngoc Thach Street, Xuan Hoa Ward, HCMC; Property rights arising from the project include but are not limited to

Loan 2

99,999,191,261 From October 2, 2025

to July 22, 2026

To supplement working capital

Interest rate of 12-month deposits + additional capital mobilization cost + 4

operations, leasing, and business

cooperation; 5,318,181 PDR shares owned by

shareholders Land use rights and associated asset owned by third party in Nhieu Loc Ward, Ho Chi Minh City

Loan 3

378,680,000,000 From December 25, 2025 To finance the Base rate + minimum margin

Property rights arising from the land

to March 25, 2032 purchase of asset at

No. 61, Cao Thang, Ban Co Ward, HCMC

of 4.5% per annum

use rights transfer contract of asset at 61 Cao Thdng, Ban Co Ward, Ho

Chi Minh City

Loan 4

257,400,000,000 From December 25, 2025 To finance the Base rate + minimum margin

Property rights arising from the

to March 25, 2032 purchase of asset at

No. 41-43, Nguyen Trai, Cho Quan Ward, HCMC

of 4.5% per annum

residential property sale and land use rights transfer contract of asset at 41-43 Nguyen Trai, Cho Quan Ward, Ho Chi Minh City

1. LOANS (continued)

   1. Loans from banks (continued)

Details of the loans from banks are as follows:

As af

Principal

Bank

September 30, 2025

VND

repayment term

Purpose

Interest rate

% p.a.

Description of collateral

Military Commercial Joint Stock Bank - Sai Gon Branch

Loan 1 1,499,999,536,029 From June 16, 2026 To finance Bac Ha

to March 7, 2031 Thanh Residential

Area and urban gentrification

Vfetnam Prosperity Joint Stock Commercial Bank (VPBank)

Loan 1 200,000,000,000 From November 27, 2025 Loan to offset the

to August 27, 2032 purchase of 2 properties at 61 Cao Thang, Ban Co Ward, Ho Chi Minh City and 41-43 Nguyen Trai, Cho Quan Ward, Ho Chi

Minh City

Loan 2 35,714,457,169 From August 28, 2026 To supplement

to September 25, 2026 working capital

Interest rate of 84-month deposits + 1.7 to 2.51, no lower than 9.5% p.a.

Interest rate is adjusted every 3 months equal to the bank's capital sale interest rate for 5-10-year term + margin of 3%/p.a.

Interest rate from 10.3% to

10.7%

Property rights arising from Bac Ha Thanh Residential Area and urban gentrification in Binh Dinh,

Lands use rights owned by third parties in Thu Dau Mot Ward, Chanh Hiep Ward, and Phu Loi Ward, Ho Chi Minh City