Sustainability Reports
Contents
contents
message from the management
The year 2025 marks an important milestone for Susdev Group International Holdings Company Limited, as we continue to advance our mission of shaping a resilient, responsible, and future‑ready business ecosystem. In an era where global economies face accelerating environmental pressures, societal transitions, and technological disruptions, our commitment to sustainability remains central to who we are and how we operate.
Throughout the past year, we strengthened our strategic foundation by embedding sustainability into every layer of our corporate governance, investment decisions, and operational practices. This report reflects our continuous effort to maintain transparency, accountability, and meaningful engagement with all stakeholders — from our employees and partners to the communities we serve.
As we progress into 2025, our sustainability journey is guided by four core ESG pillars:
- Environmental Harmony – advancing responsible resource management, minimizing emissions, and investing in solutions that protect and restore natural ecosystems.
- Communal Connectivity – fostering resilient, inclusive, and empowered communities through long-term shared value creation.
- Collaborative Inclusivity – nurturing a culture of diversity, equality, and shared participation across our workforce and extended value chain.
- Bespoke Sincerity – ensuring integrity, transparency, and sincere engagement as the cornerstone of our governance and stakeholder relationships.
This framework reinforces our belief that sustainability is not a parallel initiative but an essential driver of business excellence and long-term value. Our management teams across all regions continue to align corporate goals with global best practices, enabling us to respond to emerging risks while unlocking new opportunities for sustainable growth.
In 2025, we will deepen our investments in innovation, digital capabilities, and cross-sector partnerships that accelerate our transition toward a low‑carbon, socially inclusive, and ethically governed organization. We are dedicated to strengthening sustainability performance through measurable actions, rigorous data transparency, and continuous improvement.
We extend our sincere appreciation to our employees, partners, investors, and community stakeholders. Your trust, collaboration, and shared commitment fuel our progress and inspire us to build a more sustainable future.
Together, we move forward: responsibly, inclusively and purposefully.
Management Team
Susdev Group International Holdings Company Limited
ABOUT THE REPORT
The Sustainability Report 2025 of Susdev Group International Holdings Company Limited presents our annual disclosure of environmental social and governance performance. The report has been prepared to provide stakeholders with a clear and comprehensive understanding of our sustainability commitments our progress throughout the reporting year and our strategic directions moving forward.
This report covers the activities operations and initiatives undertaken across all business units and regions where the Group maintains a presence. It outlines our efforts to integrate sustainability into governance frameworks operational practices and long term business planning. All information presented reflects data and outcomes from the reporting period of 1 January 2025 to 31 December 2025 unless otherwise stated.
The report has been developed in alignment with internationally recognized sustainability disclosure standards including the Global Reporting Initiative Standards and the Hong Kong Stock Exchange ESG Reporting Guide. These frameworks guide the structure and level of transparency provided and ensure that our disclosures remain consistent comparable and relevant to stakeholders.
In preparing this report we engaged internal departments functional teams and subject matter experts to ensure accuracy completeness and meaningful representation of our sustainability performance. Input was also gathered from stakeholder engagement activities to ensure the report reflects material topics that are important to our partners investors employees and communities.
The primary purpose of this report is to strengthen our commitment to transparency and responsible communication. We aim to provide stakeholders with insights into how the Group anticipates and responds to emerging sustainability challenges while identifying opportunities that support long term value creation.
We welcome feedback from all stakeholders as it continuously informs our approach and helps enhance future reporting.
ABOUT SUSDEV GROUP INTERNATIONAL HOLDINGS COMPANY LIMITED
Susdev Group International Holdings Company Limited is a multinational joint stock corporation established in 2017 in Hanoi. Since its inception the Group has pursued a long term vision of building integrated professional capabilities across strategic sectors while delivering high value solutions that align with global standards.
In 2021 the Group relocated its headquarters to Ho Chi Minh City and expanded its market presence across the Asia Pacific region. Its operational footprint includes Vietnam with Susdev Group Holdings HQ and Susdev Group Hanoi Capital China with Susdev Group Hongkong Limited Susdev Group Shenzhen Limited and SusAir Shanghai Co Ltd Singapore with Susdev Group Singapore Limited and Malaysia with Susdev Group Kuala Lumpur Limited.
The core operations of Susdev Group span four principal business segments including asset management hospitality services real estate advisory and aviation infrastructure research. Susdev Group Holding wholly owned by the Group leads the asset management segment and currently holds the Real Estate Investment Trust Susdev Land which accounts for 31.7 percent ownership.
The Group’s leadership is headed by Ms Pham Ngoc Anh Thi also known as Phuong Thanh Hai who serves as Chairwoman of the Group. Mr Nguyen Hoang Minh also known as Vo Hoang Minh Hai is the Chief Executive Officer and concurrently the Chairman of Susdev Group Hanoi Capital. In addition Mr Truong Zhang Weihao serves as Vice Chairman of the Group and is the Chief Executive Officer of Susdev Group Hongkong Limited and Susdev Group Shenzhen Limited leading operations in the Chinese market.
Susdev Group’s business structure is built upon three core strategic pillars.
In the Hospitality segment the Group develops luxury resort complexes and premium hotel services with a focus on refined and memorable guest experiences.
Within the Property Development segment the Group provides strategic advisory services for large scale high end real estate projects emphasizing long term asset value enhancement.
Through the Aviation Insights segment the Group conducts specialized research and analysis on domestic and international aviation infrastructure to support data driven decision making and sustainable development planning for the aviation sector.
As of the end of 2025 the Group’s asset distribution is recorded primarily in China with 42.59 percent followed by Vietnam with 29.66 percent Singapore with 18.93 percent and Malaysia with 8.872 percent. Most recently by the end of January 2026 the Group completed its acquisition of 26.52 percent charter capital of Merevillé Group under MDK Group Co Ltd.
MANAGEMENT SUSTAINABILITY
In 2025 Susdev Group advanced its sustainability agenda through disciplined governance consistent stakeholder engagement and focused execution across the Hospitality Property Development and Aviation Insights segments. The Group strengthened integration of environmental social and governance practices into investment screening asset management and day to day operations. Asset allocation at year end reflected strategic positioning with China at 42.59 percent Vietnam at 29.66 percent Singapore at 18.93 percent and Malaysia at 8.872 percent. These allocations supported scale advantages risk diversification and market depth.
A. Key Achievements
1. Strategic portfolio and capital allocation
• Optimized asset distribution across priority markets aligned with risk controls and return objectives
• Consolidated asset management under Susdev Group Holding and enhanced oversight of Susdev Land at 31.7 percent ownership to improve portfolio transparency and discipline
2. Customer and community value
• Upgraded service standards across luxury resorts and premium hotels with a focus on guest experience quality safety and accessibility
• Advanced planning for high end large scale real estate advisory projects to enhance long term asset value for clients and communities
3. People and capability
• Expanded professional development for cross border teams with emphasis on ethical conduct data proficiency and service excellence
• Strengthened market leadership in China with dedicated executive accountability to improve responsiveness and local stakeholder coordination
4. Aviation infrastructure insights
• Delivered data informed research on domestic and international airport infrastructure including capacity planning resilience and sustainability considerations
• Applied evidence based analysis to support partners in long term aviation development decisions
B. 2025 ESG KPI Dashboard
Figures marked as Update pending can be filled after final verification of year end data
Coverage applies to consolidated operations and controlled funds where relevant
C. 2025 Focused Initiatives and Outcomes
• Climate and resource
Implemented energy and water efficiency upgrades in selected hospitality properties and initiated design reviews for new advisory projects to reduce embodied carbon and improve building performance
• Responsible investment
Integrated ESG risk screens into project due diligence and investment committee materials to enhance decision quality and resilience
• Human capital
Advanced talent mobility across Vietnam China Singapore and Malaysia to strengthen execution agility and cultural cohesion
• Data and disclosure
Standardized KPI definitions systemized evidence trails and enhanced internal audit readiness to support future external assurance
Stakeholder engagement is a central foundation of Susdev Group’s sustainability strategy. The Group maintains structured communication channels and continuous interaction with all parties who influence or are influenced by its activities. Engagement efforts in 2025 focused on transparency long term trust and alignment between business objectives and stakeholder expectations across all markets including Vietnam China Singapore and Malaysia.
a. Stakeholder Groups and Engagement Objectives
| Stakeholder Group | Engagement Objective | Primary Concerns Identified | Engagement Methods |
|---|---|---|---|
| Shareholders and Investors | Ensure transparent financial and non financial disclosures support informed decisions and maintain long term confidence | Portfolio resilience governance integrity market expansion strategy ESG risk management | Annual meetings quarterly updates investor briefings ESG disclosures |
| Employees | Strengthen capability cohesion and workplace well being in a multinational environment | Career growth cross market mobility training quality workplace safety | Training programs leadership workshops HR consultations employee surveys |
| Customers and Partners | Deliver consistent high quality services across hospitality property development and aviation insights | Service excellence reliability responsible advisory solutions data accuracy | Customer service reviews project consultations technical meetings service satisfaction assessments |
| Government and Regulators | Ensure full compliance with local legal frameworks across all markets and support national sustainable development directions | Legal compliance data accuracy responsible development standards | Policy consultations audits compliance reporting operational licensing |
| Communities | Promote positive social impact through responsible investment local engagement and high quality built environment | Community well being environmental impact inclusive opportunities | Community meetings local feedback channels CSR participation |
| Suppliers and Contractors | Encourage responsible sourcing safety compliance and performance alignment | Contract transparency safety standards service reliability | Contract reviews supplier evaluations site inspections |
b. 2025 Key Engagement Outcomes
1. Strengthened investor confidence
Regular ESG aligned briefings improved clarity on portfolio allocation performance quality and the strategic rationale behind the Group’s expansion across the Asia Pacific region. Investors expressed continued confidence in the Group’s leadership structure and disciplined governance approach.
2. Enhanced workforce integration across markets
Cross border collaboration between Vietnam China Singapore and Malaysia increased through training reinforcement and leadership engagement. Teams reported higher alignment on service standards strategic priorities and compliance expectations.
3. Improved service quality and partner collaboration
Customer feedback from hospitality guests and property development clients highlighted improvements in service consistency operational responsiveness and advisory value. Aviation insights partners reported better data availability and more structured research outputs.
4. Stronger regulatory cooperation
The Group worked proactively with authorities in multiple markets to meet updated compliance requirements particularly in capital management property advisory guidelines and aviation research protocols.
5. Expanded community engagement footprint
Operations were aligned with community expectations through responsible development practices high quality public facing environments and increased transparency in environmental considerations.
c. 2025 Key Engagement Outcomes
Susdev Group applies a four step structured process to ensure consistency across all regions:
- Identification
Mapping stakeholder groups based on influence expectations and relevance to each business segment. - Prioritization
Assessing materiality of stakeholder concerns relative to operational impact and long term strategy. - Engagement
Implementing tailored communication channels such as surveys briefings consultations and performance reviews. - Integration
Embedding feedback into decision making including investment assessments risk screening service improvement and policy development.
Susdev Group’s governance framework ensures accountability transparency and effective decision making across all markets. It operates with clear roles and responsibilities robust internal controls risk management discipline and ESG integration aligned with international good practice.
A. Governance Structure
1. Board leadership and executive management
Chairwoman: Ms Pham Ngoc Anh Thi provides strategic direction capital stewardship and oversight of long term value creation
Chief Executive Officer: Mr Nguyen Hoang Minh is responsible for enterprise execution operating performance and delivery of strategic priorities and also serves as Chairman of Susdev Group Hanoi Capital
Vice Chairman: Mr Truong Zhang Weihao oversees the China platform as CEO of Susdev Group Hongkong Limited and Susdev Group Shenzhen Limited ensuring local execution alignment and regulatory coordination
2. Committees and management forums
To strengthen oversight the Group operates specialized management forums that cover risk compliance ethics information security investment reviews and sustainability coordination. These forums report to the CEO and provide periodic updates to the Chairwoman and the Vice Chairman to maintain strategic alignment and rapid issue escalation.
B. Governance Principles and Policies
Integrity and compliance: the Group enforces a Code of Conduct that requires ethical behavior compliance with applicable laws and zero tolerance for bribery or corruption
Transparency and disclosure: periodic management reporting covers financial performance risk trends and sustainability progress to support informed decisions by leadership and investors
Responsible investment: ESG risk screens are embedded in due diligence for new projects and portfolio reviews to enhance resilience and long term returns
Data governance: standardized controls protect accuracy confidentiality and availability of business data to support reliable reporting and audit readiness
C. Risk Management and Internal Control
The Group applies a three lines model with clear accountability
- Business units manage day to day risks within approved limits and controls
- Risk and compliance functions set policies advise on risk mitigation and monitor adherence
- Internal audit performs independent assurance on the effectiveness of controls and reports significant findings to senior leadership
Key risk categories include market risk operational risk compliance risk information security risk and ESG related risk. Mitigation actions cover investment thresholds vendor due diligence business continuity testing incident response plans and periodic control reviews.
D. ESG Integration
Policy integration
- Material ESG factors are considered in investment screening asset management and project advisory
- Environmental and social impact considerations inform design standards service delivery and partner selection
Performance management
- Annual ESG objectives are set for senior leaders and cascaded to relevant teams
- Core KPIs include energy intensity emissions intensity waste diversion training hours safety frequency rates investor disclosures and completion of ESG risk assessments
Engagement and accountability
Leadership receives targeted ESG training to maintain competence and consistent tone from the top
Management forums review ESG performance each quarter and address gaps through corrective action plans
E. 2025 Governance KPIs and Status
F. 2026 Governance Priorities
Enhance committee charters and escalation protocols to strengthen cross market coordination
Expand scenario analysis for climate and market risks to guide capital allocation and project selection
Increase supplier screening coverage to improve responsible sourcing and contractor safety
Prepare for external assurance on selected ESG metrics to elevate reporting credibility
ESG PILLARS
Environmental Harmony represents Susdev Group’s commitment to protecting natural resources advancing sustainable development and integrating environmental responsibility into every major business decision. The Group recognizes that long term economic value can only be achieved when environmental stewardship is embedded into asset planning service delivery and research activities across the Hospitality Property Development and Aviation Insights segments.
A. Climate and Resource Efficiency
Susdev Group prioritizes efficient use of energy water and materials throughout its portfolio. Hospitality assets apply operational efficiency measures to reduce consumption intensity while high end real estate advisory projects integrate environmental design principles that support long term building performance.
Key focus areas include
- Encouraging selection of low impact materials in real estate advisory recommendations to reduce embodied environmental footprint
- Reducing energy intensity through operational optimization technology upgrades and improved equipment management
- Reviewing water management practices in hospitality operations to minimize wastage and protect local ecosystems
B. Environmental Responsibility in Property and Hospitality
The Group adopts environmentally responsible practices in all guest facing and community facing developments. Luxury resorts and premium hotels are designed and managed to reduce environmental impact while maintaining world class service quality.
Actions include
- Supporting biodiversity considerations in landscaping and site planning where applicable
- Enhancing waste management practices with increasing diversion from landfill
- Ensuring environmental quality controls in guest service areas including air and water monitoring
C. Sustainable Infrastructure Insights
Through the Aviation Insights segment Susdev Group delivers research that supports sustainable infrastructure development in the aviation sector. This includes analysis of capacity expansion climate resilience and long term environmental risk indicators. The Group promotes evidence based recommendations that help partners align aviation planning with national sustainability priorities.
Focus areas include
- Supporting future oriented infrastructure concepts that balance economic viability with environmental responsibility
- Evaluating infrastructure resilience to climate related risks
- Promoting planning approaches that reduce long term emissions and resource burdens
D. Compliance and Continuous Improvement
The Group maintains compliance with environmental regulations across all markets including Vietnam China Singapore and Malaysia. Internal guidelines require periodic review of environmental practices to ensure alignment with international expectations. Continuous improvement is supported through annual training data validation and collaboration between business units.
E. 2025 Environmental Performance Overview
Communal Connectivity reflects Susdev Group’s commitment to building strong relationships with the communities where it operates. This pillar emphasizes inclusive development social well being and the creation of shared value for residents guests partners and surrounding stakeholders. Susdev Group recognizes that sustainable growth requires a thriving social ecosystem that benefits both business and community interests.
A. Community Integration in Hospitality and Real Estate Projects
The Group ensures that luxury resorts real estate developments and public facing assets contribute positively to local communities. Planning and operational decisions consider cultural context community expectations and long term social impact.
Key actions include
- Incorporating local culture into hospitality concepts to strengthen community identity and promote authentic experiences
- Ensuring property development projects include community friendly spaces that encourage safety accessibility and quality of life
- Supporting local businesses through responsible procurement efforts when suitable options exist
B. Local Economic Empowerment
Susdev Group enhances economic resilience by generating employment opportunities and engaging local suppliers across Vietnam China Singapore and Malaysia. The Group aims to cultivate stable long term economic contributions that uplift local populations.
Focus areas include
- Providing fair employment opportunities with equitable access to training and career advancement
- Encouraging capacity building for local contractors and service providers
- Supporting responsible tourism that channels economic benefits into local communities
C. Community Well Being and Engagement Programs
Susdev Group fosters community well being through ethical operations responsible services and social initiatives. Engagement programs are tailored to each market depending on local needs and cultural characteristics.
Key initiatives include
- Organizing community engagement sessions for feedback on master planning and development proposals
- Participating in or sponsoring local educational activities environmental awareness programs and social uplift initiatives
- Maintaining transparent channels for community members to raise concerns or suggestions related to development impacts
D. Social Impact Monitoring and Continuous Improvement
The Group monitors the social impact of its activities to ensure alignment with stakeholder expectations. Insights from community engagement are integrated into project design service delivery and risk management processes.
Monitoring areas include
- Feedback cycles that guide improvements in public facing services
- Customer and community satisfaction indicators
- Social risk assessments for large scale or sensitive developments
E. 2025 Communal Connectivity Performance Overview
| Area | 2025 Direction | Status |
| Local identity | Integrate cultural elements into hospitality experience design | Achieved |
| Community engagement | Strengthen communication during planning and operations | In progress |
| Economic participation | Support local employment and supplier inclusion | In progress |
| Social well being | Enhance community programs and social initiatives | In progress |
| Social risk management | Apply structured social impact screening | Achieved |
Collaborative Inclusivity represents Susdev Group’s commitment to building an equitable people centered environment where collaboration respect and shared accountability guide every aspect of the organization. This pillar ensures that all employees across Vietnam China Singapore and Malaysia work together under unified values while embracing diverse perspectives to drive long term sustainable performance.
A. Workforce Diversity and Inclusive Culture
Susdev Group promotes an inclusive workplace that values diversity fair opportunity and professional dignity for every employee.
Key practices include:
- Ensuring transparent recruitment that prioritizes merit and equal access
- Strengthening leadership diversity through structured development pathways
- Encouraging cross cultural collaboration to elevate understanding and reduce organizational silos
B. Cross Market Collaboration
As a multinational group Susdev Group emphasizes seamless cooperation between its operating markets. Cross border teamwork improves service consistency enhances knowledge sharing and ensures that the Group’s standards are upheld across regions.
Focus areas include:
- Harmonizing operational practices between markets
- Facilitating staff mobility assignments to strengthen cultural and technical alignment
- Encouraging shared problem solving through regional working groups
C. Inclusive Governance and Decision Making
Inclusive governance ensures that decisions are fair balanced and reflective of diverse stakeholder needs.
The Group incorporates:
- Assessment of people impact in major decisions
- Transparent communication between management levels
- Consideration of community and partner perspectives in strategic planning
D. Employee Well Being and Engagement
Susdev Group fosters an environment where employees feel valued supported and heard.
Commitments include:
- Maintaining safe and supportive workplaces
- Providing well being programs that address physical mental and professional needs
- Conducting regular engagement activities such as surveys town halls and one to one meetings
E. Capability Building and Continuous Learning
To remain competitive and future ready the Group invests in robust capacity development programs that enhance both functional and leadership capabilities.
This includes:
- Blended learning combining digital and in person training
- Cross market knowledge sharing sessions
- Access to development resources for all employee levels
F. 2025 Collaborative Inclusivity Performance Overview
| Area | 2025 Direction | Status |
| Workforce diversity | Strengthen inclusion across teams and leadership development | In progress |
| Cross market collaboration | Enhance cooperation between Vietnam China Singapore and Malaysia | In progress |
| Inclusive governance | Embed inclusive practices in decision making | Achieved |
| Employee well being | Expand support programs and engagement initiatives | In progress |
| Capability building | Increase access to training and skills development | Achieved |
Bespoke Sincerity defines Susdev Group’s commitment to integrity client centricity and transparent conduct across strategy execution and disclosure.
The pillar emphasizes tailored solutions that meet stakeholder needs while maintaining ethical standards measurable outcomes and clear communication.
A. Client Centric Integrity
The Group delivers tailored solutions in hospitality property advisory and aviation insights with clear service standards and transparent scope.
Engagement terms clarify responsibilities timelines quality benchmarks and expected outcomes to protect stakeholder interests.
B. Ethical Conduct and Transparency
Susdev Group upholds a Code of Conduct with zero tolerance for bribery or corruption and maintains accurate timely disclosures for stakeholders.
Management forums review conduct themes and promote a consistent tone from the top across all markets.
C. Quality Assurance and Data Accuracy
Project governance includes documented methodologies evidence trails and review gates to ensure reliability of advice and services.
Sustainability and operational data follow standardized definitions and periodic validation to support credible reporting and audit readiness.
D. Responsible Communication and Grievance Handling
Stakeholder communications are clear respectful and responsive with dedicated channels for feedback and issue resolution.
Concerns are logged categorized and addressed with corrective actions and learnings shared across teams.
E. Continuous Improvement and Personalization
The Group refines client journeys based on feedback and performance insights to enhance relevance and trust.
Lessons learned inform updates to playbooks service standards and training content.
F. 2025 Bespoke Sincerity Performance Overview
| Area | 2025 Direction | Status |
| Client centric delivery | Define and apply clear service standards and scope control | In progress |
| Ethical conduct | Maintain zero tolerance for bribery and corruption | Achieved |
| Transparency | Enhance timeliness and clarity of disclosures | In progress |
| Quality assurance | Standardize review gates and evidence trails | Achieved |
| Data accuracy | Complete quarterly validation cycles for sustainability data | In progress |
| Grievance handling | Operate feedback channels and close issues within defined timelines | In progress |
| Continuous improvement | Update playbooks based on lessons learned | Achieved |
MAJOR RECOGNITIONS, AWARDS, CHARTERS & MEMBERSHIPS
PERFORMANCE DATA SUMMARY
The Performance Data Summary consolidates key quantitative indicators across environmental, social, and governance dimensions in alignment with Susdev Group’s sustainability strategy. These indicators support year‑on‑year tracking, transparency, and assurance readiness. The data covers core business segments including Hospitality, Property Development Advisory, Aviation Insights, and Corporate Operations across Vietnam, China, Singapore, and Malaysia.
A. Environmental Performance Indicators
Energy and Resource Efficiency
- Total energy consumption across hospitality assets: To be updated
- Energy intensity per occupied room or service unit: To be updated
- Total water consumption: To be updated
- Water efficiency improvement initiatives implemented: In progress
Waste and Emissions
- Initiatives targeting emissions reduction and operational efficiency: Ongoing
- Waste diversion rate from landfill: To be updated
- Total waste generated by category (general, recyclable, food waste): To be updated
- Scope 1 and Scope 2 emissions: To be updated
b. Social Performance Indicators
Workforce and Talent Development
- Total number of employees across all markets: To be updated
- Average training hours per employee: To be updated
- Percentage of employees participating in cross‑market mobility: To be updated
- Employee engagement survey participation rate: To be updated
Health, Safety, and Well‑being
- Lost time injury frequency rate (LTIFR): To be updated
- Number of safety and well‑being programs implemented: To be updated
- Annual well‑being satisfaction score: To be updated
Community Impact
- Number of community engagement programs delivered: To be updated
- Beneficiaries reached across markets: To be updated
- Social contribution hours and initiatives: To be updated
c. Governance Performance Indicators
Risk Management and Compliance
- Completion rate of ESG risk assessments across legal entities: Target: 100 percent
- Confirmed breaches of Code of Conduct: Zero
- Percentage of business units completing compliance training: To be updated
Data Governance and Transparency
- Sustainability data validation cycles completed: Target: 4 per year
- Number of governance reviews conducted: To be updated
- Executive ESG training completion: Target: 100 percent
d. Economic and Portfolio Indicators
Asset Distribution
- China: 42.59 percent
- Vietnam: 29.66 percent
- Singapore: 18.93 percent
- Malaysia: 8.872 percent
Financial and Portfolio Growth
- Real Estate Investment Trust (Susdev Land) ownership: 31.7 percent
- Portfolio growth initiatives (acquisitions, new advisory mandates): To be updated
- January 2026 acquisition: 26.52 percent equity of Merevillé Group completed
Susdev Group Holdings Limited 