DIC GROUP AND ERNST & YOUNG VIETNAM SIGNED A CONTRACT FOR CONSULTATION TO BUILD AND APPLY IFRS SYSTEM

On the morning of 08/05/2024, DIC Group and Ernst & Young Vietnam Co., Ltd. (EY Vietnam) held a "Contract signing ceremony for consultation to build and appy a reporting system in accordance with international financial reporting standards (IFRS)".

Attending the signing ceremony, on the side of DIC Group, there were: Mr. Nguyen Thien Tuan – Chairman of the Board of Directors; Mr. Nguyen Hung Cuong – Permanent Vice Chairman of the Board of Directors; Ms. Nguyen Thi Thanh Huyen – Vice Chairwoman of the Board of Directors; Mr. Dinh Hong Ky – Independent Board Member; Mr. Nguyen Quang Tin – General Director together with members of the Executive Board, leaders of specialized departments/departments and representatives of member companies of DIC Group.

On the side of EY Vietnam: Mr. Tran Dinh Cuong – Chairman; Mr. Tran Nam Dung – Deputy General Director; Mr. Hoang Manh Thang – Deputy General Director and Representative of the Professional Board.

Mr. Nguyen Thien Tuan - Chairman of DIC Group speaking

On March 16^th, 2020, the Ministry of Finance issued a scheme on the application of Financial Reporting Standards in Vietnam, including a plan and roadmap for applying International Financial Reporting Standards (IFRS) under Decision No. 345/QD-BTC.

The application of IFRS in Vietnam is expected to bring the practices of preparing and presenting financial statements in Vietnam closer to international standards. According to the approved roadmap, parent companies, large-scale economic groups, public and listed companies will be able to apply IFRS voluntarily from 2022 and compulsorily from 2025.

In the transition roadmap to apply IFRS, DIC Group has prepared resources, human resources and cooperated with EY Vietnam to implement a consulting project to build and apply IFRS.

Speaking at the opening of the ceremony, Mr. Nguyen Thien Tuan - Chairman of DIC Group said: "In addition to investing in developing large-scale real estate projects, DIC Group also focuses on improving the quality of corporate governance, fully complying with regulations, policy of the State. In order to well implement the transformation roadmap under the scheme of the Ministry of Finance, DIC Group has been proactive, planning to prepare, ensuring data readiness as well as resources to implement IFRS quickly and effectively".

The roadmap for the application of international standards and norms is an important step to ensure compliance with the highest principles and standards in governance, operation and business of DIC Group. From there, creating a solid foundation to help business activities develop sustainably and safely.

Mr. Tran Dinh Cuong - Chairman of EY Vietnam speaking

At the ceremony, Mr. Tran Dinh Cuong – President of EY Vietnam shared: "The process of applying IFRS is a long and challenging process. We are committed to accompanying DIC Group with professionalism, dedication and creativity to bring success to the project. We hope this project will help DIC Group realize its goal of strengthening its position among domestic and foreign investors."

Under the signed Agreement, EY Vietnam will provide support services to build an accounting system in accordance with International Financial Reporting Standards including: Analysis of differences between the applicable Vietnamese Accounting Standards ("VAS") and the International Financial Reporting Standards ("IFRS") to be applied at DIC Group; Support the development of the Accounting Account System and financial statement templates adjusted in accordance with IFRS; Training for personnel of DIC Group on IFRS knowledge; and Support DIC Group in IFRS implementation.

Mr. Nguyen Quang Tin - General Director of DIC Group and Mr. Tran Nam Dung - Deputy General Director of EY Vietnam signed a contract for consultation to build and appy a reporting system in accordance with international financial reporting standards (IFRS)

Speaking at the closing ceremony, Mr. Nguyen Quang Tin - General Director of DIC Group affirmed: "IFRS standards are not only an accounting system but also a global business language, an important step forward to ensure transparency and consistency in financial statements. The application of IFRS is an important turning point for DIC Group to enhance its competitiveness and enter at a higher level in international financial markets."

COMMUNICATION AND MEDIA DEPARTMENT