CONTENTS
ANNUAL REPORT 2025
Corporate Information
Board of Directors
Ms. Pham Ngoc Anh Thi (Phuong Thanh Hai)
Group Executive Chairman and
Managing Director
Mr. Vo Hoang Duc Son
Independent Non-Executive Director
Mrs. Le Thi My Loan
Independent Non-Executive Director
Mrs. Trinh Phuong Anh
Independent Non-Executive Director
Mr. Nguyen Duc Thinh
Independent Non-Executive Director
Mr. Alvin Feng
Independent Non-Executive Director
Mr. Nguyen Hoang Minh (Vo Hoang Minh Hai)
Executive Director and Deputy
Managing Director
Audit and Risk Management Committee
Mr. Vo Hoang Duc Son (Chairman)
Mrs. Le Thi My Loan
Mrs. Trinh Phuong Anh
Mr. Nguyen Duc Thinh
Mr. Alvin Feng
Remuneration Committee
Mrs. Le Thi My Loan (Chairwoman)
Mr. Vo Hoang Duc Son
Mrs. Trinh Phuong Anh
Mr. Nguyen Duc Thinh
Mr. Alvin Feng
Ms. Pham Ngoc Anh Thi
Mr. Nguyen Hoang Minh
Nomination Committee
Ms. Pham Ngoc Anh Thi (Chairwoman)
Mr. Vo Hoang Duc Son
Mrs. Le Thi My Loan
Mrs. Trinh Phuong Anh
Mr. Nguyen Duc Thinh
Mr. Alvin Feng
Mr. Nguyen Hoang Minh
Company Secretary
Ms. Bui Ngoc My Dung
SUSDEV GROUP® international holdings co., ltd.
Headquarter
2 Hai Trieu Street, Ben Nghe Ward, District 1
Ho Chi Minh City, Vietnam 700000
Tel: (028) 6653 3759
Fax: (028) 6653 3759
Website: http://www.susdevgroup.com/vn
Email: enquiry@susdevgroup.com
SUSDEV GROUP® hanoi capital company limited.
34 Lang Ha Street, Lang Ha Ward, Dong Da District
Hanoi City, Vietnam 115000
Tel: (028) 6632 3852
Fax: (028) 6632 3852
Website: http://www.susdevgroup.com/vn
Email: enquiry.hn@susdevgroup.com
SUSDEV GROUP® hong kong SAR company limited.
20/F, Tower 3, China Hong Kong City,33 Canton Road, Kowloon
Hong Kong SAR, China
Tel: (852) 3128 9133
Fax: (852) 6283 1544
Website: http://www.susdevgroup.com/cn
Email: enquiry.hk@susdevgroup.com
SUSDEV GROUP® Shenzhen china company limited.
23/F, New World Centre, Yitian Road, Futian District
Shenzhen, Guangdong, China 518026
Tel: (852) 3128 9133
Fax: (852) 3847 9012
Website: http://www.susdevgroup.com/cn
Email: enquiry.cn@susdevgroup.com
SUSDEV GROUP® Singapore Capital company limited.
5 Shenton Way, UIC Building
Singapore 068808
Tel: +65 6728 4822
Website: http://www.susdevgroup.com
Email: enquiry.sing@susdevgroup.com
SUSDEV GROUP® kuala lumpur company limited.
Jalan Dungun, Damansara Heights
Kuala Lumpur 50490, Malaysia
Tel: +60 3 9237 5904
Website: http://www.susdevgroup.com
Email: enquiry.malay@susdevgroup.com
Corporate profile
Susdev Group International Holdings Company Limited (the ‘Company’, together with its subsidiaries, the ‘Group’ or ‘Susdev Group’) is a multinational joint-stock corporation founded in 2017 in Hanoi, Viet Nam. From inception, Susdev Group has pursued a long-term vision to build integrated, multidisciplinary capabilities across strategic domains, delivering high-value solutions aligned with global standards.
In 2021, the Group established its headquarters in Ho Chi Minh City and expanded its operating footprint across the Asia–Pacific region, including Viet Nam (Susdev Group Holdings – HQ and Susdev Group Hanoi Capital), China (Susdev Group Hongkong Limited, Susdev Group Shenzhen Limited, and SusAir Shanghai Co., Ltd), Singapore (Susdev Group Singapore Limited), and Malaysia (Susdev Group Kuala Lumpur Limited).
Susdev Group’s activities are structured around four pillars, with a current focus on three core business lines: Hospitality, Property Development, and Aviation Insights. Susdev Group Holding (100% owned by Susdev Group) leads the Asset Management pillar and currently holds the Group’s real estate investment trust interests (with Susdev Land holding 31.7%).
Leadership
The Group is led by Chairwoman Ms. Pham Ngoc Anh Thi (also known as Phuong Thanh Hai) and Chief Executive Officer Mr. Nguyen Hoang Minh (also known as Vo Hoang Minh Hai). Mr. Minh concurrently serves as Chairman of Susdev Group Hanoi Capital. Mr. Truong (Zhang Weihao) is Vice Chairman of the Group and Chief Executive Officer of Susdev Group Hongkong Limited and Susdev Group Shenzhen Limited, overseeing the Group’s China market operations.
Geographic Footprint and Asset Allocation
As at year-end 2025, the Group’s asset allocation by country is concentrated in China (42.59%), followed by Viet Nam (29.66%), Singapore (18.93%), and Malaysia (8.872%). In late January 2026, the Group completed the acquisition of the remaining 26.52% charter capital of Merevillé Group of MDK Group Co., Ltd.
Business Model and Value Proposition
Susdev Group integrates strategic advisory, development expertise, and data-driven insights to originate, structure, and operate high-quality real assets and services across the Asia–Pacific. The Group focuses on: (i) disciplined capital allocation supported by institutional governance, (ii) integrated project development and operational excellence, and (iii) long-term partnerships with investors, operators, regulators, and local stakeholders.
Group at a Glance
Headquarters: Ho Chi Minh City, Viet Nam
Incorporation: 2017 (Hanoi, Viet Nam)
Operating Regions: Viet Nam, China, Singapore, Malaysia (Asia–Pacific)
Core Business Pillars: Hospitality; Property Development; Aviation Insights (SusAir)
Supporting Pillar: Asset Management (via Susdev Group Holding; REIT interests with Susdev Land at 31.7%)
Core Business Lines
Susdev Group operates through three integrated core business lines that together form the foundation of its long‑term growth strategy and value‑creation model. These business platforms—Hospitality, Property Development, and Aviation Insights (SusAir)—are designed to mutually reinforce one another through shared expertise, data-driven decision frameworks, and disciplined capital allocation.
Across all business lines, the Group applies a unified philosophy centered on sustainable development, operational excellence, and global‑standard governance, ensuring that each unit contributes to the Group’s regional expansion and resilience in the Asia–Pacific market.
Hospitality
Susdev Group develops, curates, and operates premium resorts and luxury hotel services across gateway and leisure destinations. The Hospitality platform is designed around a guest-centric philosophy, emphasizing refined stays, design-led environments, and differentiated service standards that meet or exceed international benchmarks.
Focus areas:
• Luxury resorts in coastal and mountain destinations, with an emphasis on sustainability, placemaking, and local cultural integration.
• Urban luxury and upper-upscale hotels in prime city locations, anchored by best-in-class design, F&B, and wellness offerings.
• Owner-operator and asset-light management models, enabling scalable growth and capital efficiency.
• ESG-by-design: energy-efficient construction, responsible sourcing, community engagement, and transparent operating metrics.
Capabilities span greenfield development, brand and operator selection, project programming, pre-opening management, and ongoing asset management to optimize RevPAR, ADR, GOP, and owner returns.
Property Development
The Group’s Property Development business provides strategic advisory and end-to-end solutions for large-scale, high-end real estate projects. The platform targets opportunities where Susdev Group’s integrated capabilities can unlock value across the full asset lifecycle—from land origination and entitlement to master planning, development management, commercialization, and exit.
Core competencies:
• Strategic planning and feasibility analysis, including highest-and-best-use studies and capital stack structuring.
• Master planning and design management in coordination with leading architects, planners, and consultants.
• Development management and procurement, ensuring quality, schedule, and cost discipline.
• Sales, leasing, and operator partnerships to accelerate stabilization and value creation.
Target segments include luxury residential, branded residences, mixed-use urban precincts, and resort-led townships. The platform emphasizes design quality, lifecycle sustainability, and long-term asset value, supported by rigorous risk management and governance.
Aviation Insights (SusAir)
Through its Aviation Insights platform, the Group conducts in-depth research and analytics on domestic and international aviation infrastructure to inform data-driven decision-making and long-term sector planning. SusAir Shanghai China Company Limited (established in 2024) anchors the platform’s presence in Mainland China.
Key activities:
• Market intelligence and traffic forecasting: passenger flows, cargo demand, route economics, and network optimization.
• Infrastructure capacity and investment analysis: runway/apron capacity, terminal planning, capex/opex benchmarking, and PPP frameworks.
• Regulatory and policy insights: slot allocation regimes, bilateral agreements, safety and security standards alignment.
• Technology and sustainability: digital twins, A-CDM, SAF and decarbonization pathways, operational resilience, and customer experience analytics.
Deliverables include research reports, decision-support dashboards, and advisory mandates for airports, airlines, investors, and public-sector stakeholders across the region.
Governance and Risk Management
Susdev Group operates under a robust governance framework aligned with international best practices. The Board and management committees oversee strategy, capital allocation, risk management, and ESG integration. Independent assurance functions and internal controls support transparent reporting and prudent risk-taking across markets and asset classes.
Outlook
Building on a diversified Asia–Pacific platform and domain expertise in Hospitality, Property Development, and Aviation Insights, the Group expects to continue disciplined growth, deepen partnerships in key markets, and advance technology-enabled, sustainable development models. The completion in January 2026 of the remaining 26.52% stake acquisition in Merevillé Group further enhances integration and strategic optionality for the medium term.
MANAGEMENT PROFILE
This section provides comprehensive profiles of Susdev Group’s senior leadership for inclusion in the Annual Report 2025. The content reflects roles and responsibilities based on client-provided disclosures and the Group’s public website footprint. Where formal biographical particulars (e.g., education, prior experience, dates of appointment, committee memberships) are pending, this has been indicated and will be updated upon receipt of official submissions.
MS. PHAM NGOC ANH THI (PHUONG THANH HAI)
Current Positions
• Chairwoman of the Board of Directors, Susdev Group International Holdings Company Limited
Role Purpose and Mandate
The Chairwoman leads the Board in setting strategic direction, governance priorities, and risk appetite, ensuring alignment with the Group’s long-term vision and Asia–Pacific growth agenda across the core business lines of Hospitality, Property Development, and Aviation Insights.
Core Responsibilities
• Board Leadership & Strategy – Set Board agenda and priorities; provide stewardship for long-term value creation and capital discipline.
• Governance & Oversight – Ensure effective Board composition, independence, and committee functioning; promote strong internal control and compliance culture.
• Capital Allocation – Oversee disciplined deployment across projects and markets; review portfolio optimization and return-enhancement initiatives.
• Stakeholder & ESG Stewardship – Sponsor ESG integration and stakeholder engagement (investors, regulators, partners); reinforce transparent disclosures and accountability.
• Talent & Succession – Champion leadership development and succession planning for critical roles; reinforce an ethics-first, performance-led culture.
Business Line & Geographic Oversight
• Hospitality – Oversight of brand/operator strategy, guest experience standards, and asset-light expansion model.
• Property Development – Oversight of master planning quality, commercialization strategy, lifecycle sustainability, and capital structure discipline.
• Aviation Insights (SusAir) – Oversight of the platform’s mandate to deliver high-quality research, analytics, and policy insights for aviation infrastructure, including coordination with regional entities.
• Regional – Group headquarters in Ho Chi Minh City, Viet Nam; oversight of Asia–Pacific footprint including Viet Nam, China, Singapore, and Malaysia (as referenced on the Group’s public site).
Board & Committee Roles
• Board Chair (Group Holding Company).
• Committee memberships (Audit & Risk Management, Remuneration, Nomination, Sustainability/ESG): to be confirmed upon formal disclosure.
FY2025 Selected Contributions (Group-Level)
• Guided Group strategy and governance cadence across core business lines and regional entities.
• Oversaw continued institutionalization of ESG policies and disclosure practices consistent with global standards.
FY2026 Priority Focus
• Strengthen Board oversight of risk management and internal controls across jurisdictions; deepen stakeholder engagement.
• Support disciplined capital allocation and portfolio optimization to enhance long-term returns.
Disclosures Pending for Publication
• Year of appointment; education and professional qualifications; selected external roles; committee memberships and FY2025 attendance records.
Mr. Nguyen Hoang Minh (also known as Vo Hoang Minh Hai)
Current Positions
• Chief Executive Officer (CEO), Susdev Group International Holdings Company Limited
• Chairman, Susdev Group Hanoi Capital
Role Purpose and Mandate
The CEO is accountable for Group-wide strategy execution and operating performance across Hospitality, Property Development, and Aviation Insights (SusAir). The role leads enterprise risk management, annual operating plans and budgets, performance management, talent strategy, and major partnerships and commercial negotiations across the Asia–Pacific footprint.
Core Responsibilities
• Strategy Execution & P&L – Translate Board strategy into actionable roadmaps; deliver revenue growth, profitability, cash flow, and ROCE targets.
• Operating Model & KPIs – Establish dashboards and KPIs by platform: Hospitality (RevPAR, ADR, GOP, asset productivity), Property (pre-sales, backlog, gross margin, cash conversion), Aviation Insights (project pipeline, delivery milestones, client satisfaction).
• Capital Projects – Oversee capex governance, procurement standards, and brand/operator selection for hospitality assets; accelerate stabilization of developments.
• Risk & Controls – Maintain ERM and internal control rigor; ensure policy adherence and reporting quality across jurisdictions.
• Vietnam Operations – As Chairman of Hanoi Capital, direct local strategy, regulatory and stakeholder engagement, and alignment with Group governance standards.
Board & Committee Roles
• Executive Director (if applicable) – to be confirmed.
• Member of the Executive/Management Committee; attendee to Audit & Risk Management Committee as required – to be confirmed.
FY2025 Selected Contributions (Group-Level)
• Advanced operating cadence and KPI discipline across core business lines to support sustainable growth and portfolio resilience.
• Strengthened cross-functional collaboration and vendor/operator management for on-time, on-budget delivery of developments.
FY2026 Priority Focus
• Operational excellence and acceleration of project commercialization/stabilization; enhancement of data-driven decision systems and ESG reporting at the operating level.
• Deepen institutional partnerships in priority markets and reinforce working capital/ cash conversion management.
Disclosures Pending for Publication
• Year of appointment; education and professional qualifications; prior executive roles; FY2025 Board/committee attendance.
Mr. Truong (Zhang Weihao)
Current Positions
• Vice Chairman, Susdev Group International Holdings Company Limited
• Chief Executive Officer, Susdev Group Hongkong Limited
• Chief Executive Officer, Susdev Group Shenzhen Limited
Role Purpose and Mandate
Leads the Group’s China strategy and execution, including market development, regulatory engagement, partnerships, and operating governance across Hong Kong and Shenzhen entities; coordinates with SusAir Shanghai China Company Limited on aviation research mandates in Mainland China (SusAir established in 2024).
Core Responsibilities
• Country Strategy – Define and execute PRC strategy aligned to Group objectives; cultivate relationships with operators, investors, and public-sector stakeholders.
• Regulatory & Stakeholder – Engage with regulators and industry bodies; ensure compliance and reporting consistency with Group standards.
• Operating Governance – Oversee performance, internal controls, and risk management for PRC entities; coordinate cross-border initiatives and reporting.
• Aviation Insights Coordination – Align with SusAir Shanghai on scopes including traffic forecasting, capacity analysis, policy insights, and technology/decarbonization themes.
Board & Committee Roles
• Vice Chairman (Group).
• Committee memberships (if any) to be confirmed following formal Board resolutions.
FY2025 Selected Contributions (China Platform)
• Strengthened business development pipeline and institutional relationships across Greater China.
• Advanced governance standardization and cross-entity reporting across Hong Kong and Shenzhen entities.
FY2026 Priority Focus
• Expansion and de-risking of the China portfolio; development of strategic partnerships; maturation of Aviation Insights advisory mandates in coordination with SusAir Shanghai.
Disclosures Pending for Publication
• Year of appointment; education and professional qualifications; external directorships (if any).
Group Governance & Reporting Lines
The Chairwoman leads the Board and provides strategic oversight. The CEO leads Group operations, reporting to the Board. The Vice Chairman oversees Greater China entities and collaborates with the CEO on cross-border execution. Committee compositions (Audit & Risk Management, Remuneration, Nomination, Sustainability/ESG) will be disclosed upon final Board confirmation.
FINANCIAL HIGHLIGHTS AND CALENDAR
This section summarises the Group’s key financial highlights for FY2025 and provides the indicative financial calendar for FY2026. Figures will be finalised upon completion of the external audit and Board approval of the consolidated financial statements.
SIGNIFICANT EVENTS
This section sets out a month-by-month chronology of notable corporate, operational, and strategic milestones throughout FY2025, covering Hospitality, Property Development, and Aviation Insights (SusAir). Items are prepared for inclusion in the Annual Report 2025. Dates reflect the month of Board/management action or public communication, where applicable.
January 2025
• Kick-off of FY2025 operating plan across core business lines; confirmation of KPI dashboards and capital allocation priorities.
• Hospitality: portfolio operating reviews and brand/operator alignment for assets under development.
• Property Development: approvals to advance feasibility, master planning and entitlement workstreams for selected projects.
• Aviation Insights: initiation of regional market scans to scope 2025 research pipeline with focus on Mainland China and Southeast Asia.
February 2025
• Operational cadence update: first monthly performance review against FY2025 plan and risk register refresh.
• Hospitality: pre‑opening planning milestones for targeted resort/hotel assets.
• Property Development: preliminary highest‑and‑best‑use (HBU) analyses submitted for internal review.
• Aviation Insights: client discovery meetings and proposal development for airport capacity and traffic forecasting mandates.
March 2025
• Quarter close preparations; audit planning session with external auditor for YE2025 timetable.
• Hospitality: design development checkpoints and operator shortlists finalized for priority assets.
• Property Development: procurement strategy and contractor prequalification frameworks approved.
• Aviation Insights: delivery of scoping notes on slot coordination and A‑CDM readiness (draft).
April 2025
• Board strategy session: review of APAC pipeline and portfolio optimization opportunities.
• Hospitality: ESG-by-design specifications locked for upcoming build phases.
• Property Development: master planning concepts progressed to stakeholder consultation drafts.
• Aviation Insights: kick-off of baseline traffic models for selected Tier‑1/Tier‑2 airports.
May 2025
• Quarterly operating update: tracking of revenue, EBITDA and cash conversion indicators (internal).
• Hospitality: pre‑opening team hiring plans prepared; operator technical services agreements advanced.
• Property Development: commercialisation frameworks and pricing hypotheses drafted.
• Aviation Insights: preliminary policy brief on bilateral air service agreements (internal circulation).
June 2025
• Mid‑year readiness: risk heatmap and mitigation actions consolidated for H2 execution.
• Hospitality: fit‑out packages tendered; pre‑opening critical path verified.
• Property Development: entitlement submissions lodged with relevant authorities for targeted projects.
• Aviation Insights: interim findings on terminal capacity benchmarking compiled.
July 2025
• Interim review: H1 performance assessment and H2 plan recalibration.
• Hospitality: operator appointments concluded for selected assets; brand standards finalized.
• Property Development: development management (DM) plans and procurement schedules baselined.
• Aviation Insights: client workshops on traffic scenarios and sensitivity testing.
August 2025
• Governance: policy refresh on reporting cadence and internal controls across regional entities.
• Hospitality: pre‑opening training curricula and SOPs approved.
• Property Development: sales launch readiness (collateral, channel partners) for designated phases.
• Aviation Insights: draft deliverables on runway/apron capacity and terminal planning submitted for review.
September 2025
• Portfolio optimization: review of capital deployment and pipeline phasing for FY2026.
• Hospitality: soft‑opening readiness assessments for near‑term assets.
• Property Development: initial take‑up feedback and pricing validation from market soundings.
• Aviation Insights: policy insights pack on SAF and decarbonization pathways – internal draft.
October 2025
• Quarterly operating update: progress against KPIs and risk mitigations.
• Hospitality: customer experience design finalized (wellness, F&B, tech stack).
• Property Development: construction progress reviews and cost/schedule assurance checkpoints.
• Aviation Insights: delivery of dashboards for decision support (beta).
November 2025
• Annual planning: FY2026 budget and capex plan prepared for Board consideration.
• Hospitality: stabilization playbooks for newly opened/expected‑to‑open assets.
• Property Development: financing workstreams and partner engagement briefings initiated.
• Aviation Insights: client sign‑offs on final technical appendices; dissemination plan aligned.
December 2025
• Year‑end close: consolidation timetable and external audit readiness confirmed.
• Hospitality: post‑opening performance baselines and marketing calendar FY2026 drafted.
• Property Development: phasing plan for 2026 launches; carryover risk actions documented.
• Aviation Insights: wrap‑up of project deliverables and lessons‑learned for 2026 pipeline.
Subsequent Events
Completion of the acquisition of the remaining 26.52% charter capital of Merevillé Group (MDK Group Co., Ltd.) – integration planning initiated for 2026 operations.
Susdev Group Holdings Limited 