AsemconnectVietnam - Saigon Vina Real Estate JSC (Land Saigon, code LSG - UPCoM) will cooperate with Phuong Nam Global Investment and Development Company Limited to implement the Dragon Riverside City project.

Land Saigon, through receiving capital contribution to cooperate in investing in the Dragon Riverside City project from Phuong Nam Global Investment and Development Company Limited (Phuong Nam), the total contract value is VND516 billion (VND86 billion in franchise value and capital contribution not exceeding VND430 billion).
Phuong Nam will share profits corresponding to the capital contribution ratio to the project. Within 90 days from the date of signing the contract, Phuong Nam will pay VND139 billion (first payment of VND53 billion (excluding the franchise value of VND86 billion) and the second payment will be made according to the project progress.
Land Saigon added that the proceeds from the franchise and the first capital contribution will be used to supplement working capital and debt restructuring.
According to research, Phuong Nam Global Investment and Development Company Limited was established on April 24, 2025; address at 231 Le Thanh Ton, Ben Thanh Ward, Ho Chi Minh City; legal representative is Tran Minh Khoa; and operates mainly in the real estate sector.
Regarding the Dragon Riverside City project, the project is located at 628-630 Vo Van Kiet, Cho Quan Ward, Ho Chi Minh City, with a total area of 31,163.7m2. Of which, phase 1 is a high-rise apartment building; and phase 2 is the office - commercial - hotel area and the commercial center area.
Regarding business activities, in the second quarter of 2025, although Land Saigon recorded revenue of VND1.66 billion compared to the same period without recording, it still suffered a loss of VND15.44 billion.
In particular, in addition to gross profit recorded at VND0.82 billion, Land Saigon's financial revenue in the period decreased by 6.5% compared to the same period, equivalent to a decrease of VND1.7 billion, to VND24.37 billion.
In addition, the pressure of financial expenses increased by 56.4% compared to the same period, equivalent to an increase of VND13.69 billion to VND37.95 billion; business management expenses increased by 4.9%, equivalent to an increase of VND0.13 billion, to VND2.78 billion and other activities fluctuated insignificantly.
Thus, in the second quarter, although there was revenue and gross profit of VND0.82 billion, under the pressure of financial expenses finance and business management, Land Saigon still lost VND15.44 billion.
Explaining the loss in the second quarter, Land Saigon said that during the period, financial investment revenue decreased by VND1.7 billion, financial expenses increased and business management expenses increased.
Accumulated in the first half of 2025, Land Saigon recorded revenue of VND1.66 billion (not recorded in the same period) and an additional loss of VND31.16 billion compared to the same period of loss of VND1.08 billion, an increase of VND30.08 billion.
In 2025, Land Saigon plans total revenue of VND172.36 billion, down 4.7% over the same period, pre-tax profit is expected to be VND2.55 billion, down 29.6% compared to the implementation in 2024 and continues not to pay dividends to shareholders.
Thus, ending the first half of 2025 with a loss of VND31.16 billion, Land Saigon still far from the plan to be profitable in fiscal year 2025.
N.Nga
Source: VITIC/Tinnhanhchungkhoan