On the morning of June 22, 2023, on the occasion of the official visit of Korean President Yoon Suk-yeol and his wife to Vietnam, Hoa Binh Construction Group and Hyundai Group met and had a sincere discussion related to the economic situation of the world and Vietnam.

Mr. Le Viet Hai - Chairman of Hoa Binh Construction Group, and Ms. Hyun Jeong Eun - Chairman of Hyundai Group, discussed the economic situation of Vietnam in general and the construction industry in particular. Accordingly, Vietnam's economic potential is still showing signs of good and sustainable development, with a growth rate of 6.3% over the same period in June 2022.

Hoa Binh Construction Group and Hyundai Group met and sincerely discussed the world's economic situation and Vietnam.

With sincerity, Mr. Le Viet Hai shared the situation of Hoa Binh: In 2023, Hoa Binh will continue to face difficulties due to international geopolitical fluctuations and cash flow imbalance due to investors' slow payments and banks tightening credit limits. Recently, Vietnam's real estate industry has also almost frozen when projects had to be postponed due to legal issues, causing related sectors such as Construction, Building Materials, and Banking to be affected.

Facing the current difficulties, Hoa Binh is gradually implementing drastic solutions, consolidating the entire human resources apparatus and comprehensively restructuring on a group scale. Accordingly, financial restructuring is Hoa Binh's top priority at this time. Hoa Binh revalued the Company's assets; issue individual shares to suppliers, subcontractors, and manufacturers to increase charter capital as well as reduce debt repayment pressure (so far, 89 suppliers have accompanied Hoa Binh with a recorded value received about 650 billion VND). Hoa Binh also focuses on debt recovery, restructuring loans with banks to get debt relief and re-grant new credit packages.

Also, in the meeting between leaders of the two corporations, Hyundai Group proposed that Hoa Binh cooperate with its member company, Hyundai Elevator Vietnam, on projects built by Hoa Binh. Ms. Hyun Jeong Eun said that the modern technology of Hyundai Elevator Vietnam would increase the bidding strength of Hoa Binh's projects and affirmed that this is a mutually beneficial relationship for both groups. Representatives of Hyundai Group are optimistic about their potential in bidding for domestic projects in Vietnam.

Ms. Hyun Jeong Eun - Chairman of Hyundai Group, and Mr. Le Viet Hai - Chairman of Hoa Binh Construction Group

In response to Ms. Hyun Jeong Eun, Mr. Le Viet Hai suggested cooperation between the two groups in international projects. Hoa Binh wishes to bring highly qualified personnel to work on Hyundai projects, especially in ASEAN.

At the end of the meeting, Hoa Binh Group and Hyundai Elevator presented souvenirs as a token of gratitude. Ms. Hyun Jeong Eun added that Hyundai Group and its member companies would continue to trust, support and expand cooperation with Hoa Binh during this challenging period.

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