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.
Susdev Group Holdings Limited 