SURVEILLANCE RESULT OF NEWCO DEVELOPMENT AND INVESTMENT JSC FOR 2025

* 6-MONTH CREDIT RATING OPINION (First year of monitoring): vnBB-

* OUTLOOK: Stable

* DATE OF RATING CERTIFICATION ISSUANCE: May 23, 2025

* Business line: Real estate development

* RATING COMMITTEE:

Mr. Le Hoang Quan, MBA

Mr. Nguyen Duc Phu, MSc

Ms. Bui Thu Huong, MBA, CFA

* ANALYSTS:

Mr. Bui Van Long, MSc

Ms. Nguyen Kim Chi, BA

* INFORMATION OF INTEREST CONFLICT

– Saigon Ratings’ share ownership in Newco Development And Investment JSC: None

– Saigon Ratings’ bond ownership in Newco Development And Investment JSC: None

– Saigon Ratings’ other debt instrument ownership in Newco Development And Investment JSC: None

– Saigon Ratings employee’s share ownership in Newco Development And Investment JSC: None

Saigon Ratings is committed to the implementation of credit rating independently and objectively.

Saigon Ratings issued a credit rating report as a reference information; it is not an investment or capital contribution recommendation for debt instruments issued by the rated company (Newco Development And Investment JSC)).

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