To: Valued Shareholders, Customers, Partners, and Members of the Press and Media,
On September 23, 2026, the Government Inspectorate issued Inspection Conclusion Notice No. 3451/TB-TTCP regarding compliance with regulations on investment and construction, housing, and real estate business activities at certain projects invested in and developed by Nam Long Investment Corporation (the “Inspection Conclusion”).
Nam Long respectfully acknowledges the Inspection Conclusion and would like to provide the following key updates:
1. Nam Long’s Statement
Nam Long takes all contents of the Inspection Conclusion seriously, including the administrative procedural shortcomings identified therein. We consider the Inspection Conclusion an important basis for reviewing and further enhancing our project governance processes and compliance standards across the Group.
2. Matters Already Remedied
During the inspection process, Nam Long proactively addressed matters that could be resolved promptly, as also acknowledged in the Inspection Conclusion:
- Land-related financial obligations: Nguyen Son Real Estate Joint Stock Company has fully paid an additional VND 1,558,985,000 to the State Budget in accordance with the tax authority’s notice dated June 30, 2026.
- Maintenance fund: Nam Long has made an additional payment of VND 357,139,000 for the area retained for business purposes at Akari Hoang Nam project, dated July 20, 2026.
- Issuance of ownership certificates to customers: Nam Long and relevant entities are actively completing the necessary documentation, coordinating with the competent authorities, and accelerating procedures for the issuance of ownership certificates to customers at the relevant projects.
3. Plan for Addressing the Remaining Recommendations
Nam Long is committed to completing all remaining recommendations before December 31, 2026, with the following priorities:
- Rights and interests of customers and residents:
- Accelerate the submission of applications for House Ownership Certificates for residents, including those at projects developed by Southgate Joint Stock Company.
- Coordinate with the Management Boards of apartment buildings to finalize the settlement and handover of maintenance funds in accordance with applicable regulations.
- Social housing at Nguyen Son Residential Area: If the official valuation determined by the competent state authority is lower than the selling price stated in the contract, Nam Long commits to proactively working with customers to agree on an appropriate solution that safeguards the rights and interests of homebuyers.
- Additional land-related financial obligations: Nam Long will coordinate with relevant local authorities and departments to determine any additional financial obligations, if applicable, arising from planning adjustments, and will fully fulfill such obligations to the State. In particular, for the Dong Nai Waterfront project, the detailed 1/500 planning was adjusted in June 2025. In September 2026, Nam Long received the final decision from the Dong Nai Provincial People’s Committee regarding the additional land use fee payable for the relevant area and stands ready to fulfill the financial obligation once the competent authorities complete the required legal procedures and issue the payment notice in accordance with regulations.
- Disclosure of information and handover of maintenance funds: Regarding delays in the disclosure of project information prior to commencing sales and delays in handing over maintenance funds, Nam Long has been and continues to enhance its internal processes to prevent similar matters from recurring.
4. Nam Long’s Operations
The Inspection Conclusion does not disrupt Nam Long’s business, construction, or operational activities. The legitimate rights and interests of our customers, shareholders, and other relevant stakeholders continue to be safeguarded. Nam Long will provide further updates on the progress of remediation as specific results become available.
Throughout more than 30 years of development, Nam Long has remained committed to contributing to the market and the community. During the 2020–2025 period alone, Nam Long contributed approximately VND 6,016.4 billion to the State Budget, of which approximately VND 2,538 billion related to the five projects covered by the inspection, as recorded in the Inspection Conclusion.
Nam Long sincerely appreciates your continued trust and support.
