Dear Shareholders, Partners, Customers, and all Employees,

The year 2025 concluded with significant transformations in Vietnam’s economy, marking the beginning of a more sustainable development cycle for the real estate market. Following a period of market filtration, several positive shifts have emerged: a more transparent legal framework; market demand increasingly focused on products that meet real needs; and infrastructure serving as a key growth driver.

In this context, NRC Corp. has remained steadfast in implementing its comprehensive restructuring strategy under the guiding direction of “Go Together, Go Beyond.” This is not merely a slogan, but a core strategy that enables NRC to overcome challenges and progressively expand its scale while elevating its position in the market.

This synergy is built upon three key pillars:

– Synergy across core sectors: developing Real Estate, Agriculture, and Pharmaceuticals in an integrated manner, forming closed-loop and circular value chains within our projects;

– Internal synergy: streamlining operations to enhance flexibility and operational efficiency;

– Synergy with partners and customers: sharing solutions to overcome challenges while expanding investment opportunities in effective projects.

Entering 2026, despite ongoing volatility in the global economy, Vietnam continues to target GDP growth of over 10% while implementing decisive and positive changes in economic, political, and social policies. This creates opportunities for NRC to grow across its strategic sectors: Real Estate, Food & Hi-tech Agriculture, and Pharmaceuticals & Medical Supplies, addressing customers’ needs in healthcare, housing, and investment.

After a year of persistently executing its comprehensive restructuring strategy, NRC is entering a new phase with strengthened internal capabilities. We define 2026 as the year of “Breakthrough from Depth” – not merely a period of recovery, but one of proactive expansion with clear directions, focusing on meeting real market demands.

The journey ahead will require decisiveness and discipline. With the continued support of our Shareholders, Partners, Customers, and the dedication of our entire team, we are confident that NRC will continue to go beyond, delivering meaningful value to the community and investors.

We sincerely appreciate your trust and continued companionship.

Mr. Le Thong Nhat

Chairman of the Board

VISION

To become a leading multi-industry group operating across multiple sectors, in which real estate serves as the core, alongside key industries such as healthcare, pharmaceuticals & medical supplies, and high-tech agriculture – creating sustainable development value for the company.

MISSION

To fully exploit potential opportunities in order to build a better company, prospering for shareholders, all employees and society.                                                                                                                                                                                                                                                                                                                                                             

 

BOARD OF DIRECTORS

Mr. Le Thong Nhat
Chairman of the Board of Directors

Mr. Le Thong Nhat

Chairman of the Board of Directors

Mr. Le Thong Nhat has over 20 years of experience in the fields of investment and real estate business. He is the one who established and developed the Company's brand, leading the company to its listing on the stock exchange. With the ambition of contributing to the building of a healthy and sustainable Real Estate market not only in Vietnam but also reaching out to the world, Mr. Le Thong Nhat is also the co-founder of several reputable real estate brands in the market. Simultaneously, he is an investor and a member of the board of directors of several large companies and corporations in fields such as: construction, healthcare, information technology, and F&B.

Mr. Nguyen Huy Cuong
Vice Chairman of the Board of Directors

Mr. Nguyen Huy Cuong

Vice Chairman of the Board of Directors

Mr. Nguyen Huy Cuong holds a Master's degree in Economics from the Academy of Finance and has over 20 years of experience working in the field of real estate investment and business. Before holding his current position, he served as the General Director of Danh Khoi Group Joint Stock Company and held many important leadership positions at large companies and corporations. Mr. Cuong has completed the Director Certification Program issued by the Vietnam Institute of Directors.

Mr. Cuong was appointed as a Member of the Board of Directors from June 2025 and has held the position of Vice Chairman of the Board of Directors of NRC since August 2025.

Mr. Tran Vi Thoai
Member of the Board of Directors

Mr. Tran Vi Thoai

Member of the Board of Directors

Mr. Tran Vi Thoai is a highly experienced lawyer who previously served as a Senior Lawyer at Rajah & Tann LCT Lawyers, a member of Rajah & Tann Asia (Singapore) – one of the largest and most prestigious law firms in Southeast Asia.

With strong legal expertise and extensive practical experience, he has provided legal advisory and support to numerous domestic and foreign-invested enterprises in Vietnam, particularly in the areas of real estate, investment, and commercial law.

Ms. Nguyen Thi Huong Giang
Member of the Board of Directors

Ms. Nguyen Thi Huong Giang

Member of the Board of Directors

Ms. Nguyen Thi Huong Giang, Master of Business Administration, has many years of experience in the field of finance and accounting, having held many senior management positions at large enterprises in the fields of real estate and banking. Ms. Giang has held the position of Member of the Board of Directors of since June 2025.

Mr. Tran Dai Duong
Independent Member of the Board of Directors & Chairman of the Audit Committee

Mr. Tran Dai Duong

Independent Member of the Board of Directors & Chairman of the Audit Committee

Mr. Tran Dai Duong has over 16 years of experience in the fields of Accounting, Auditing, and Finance. He has held the positions of Chief Accountant and Deputy Director of the Finance - Accounting Division at enterprises in the real estate sector and independent auditing companies.

Mr. Duong has held the position of Independent Member of the Board of Directors cum Chairman of the Audit Committee of NRC since October 2025.

Mr. Trinh Van Bao
General Director

Mr. Trinh Van Bao

General Director

Mr. Trinh Van Bao has been appointed as General Director of NRC Group Joint Stock Company, effective August 15, 2025.

Prior to this role, Mr. Bao served as Deputy General Director from January 2025 to August 2025.

He holds a Master of Business Administration (MBA) degree and has extensive experience in finance and investment, combining both academic research and practical expertise.

Mr. Bao is a seasoned executive with a strong background in strategic development, corporate restructuring, and operational management, having successfully led various enterprises in the fields of real estate, food & agriculture, pharmaceuticals, and commerce.

Ms. Han Thi Quynh Thi
Deputy General Director

Ms. Han Thi Quynh Thi

Deputy General Director

Ms. Han Thi Quynh Thi has been appointed as Deputy General Director of NRC Group Joint Stock Company, effective October 27, 2025.

Prior to this appointment, Ms. Thi served as an Independent Member of the Board of Directors from April 2023 to October 2025.

Ms. Thi holds a Bachelor’s degree in Banking from the Banking University of Ho Chi Minh City and a Master of Business Administration (MBA) from CFVG. She has also completed the The Bullet Managers Leadership Program by Crestcom International, along with other professional management courses.

With over 20 years of experience in finance, banking, and real estate management, Ms. Thi brings extensive expertise in corporate governance and strategic leadership. She has successfully completed the Board of Directors Certification Program organized by the Vietnam Institute of Directors (VIOD) and is a certified member of this institution.

OUR JOURNEY

01
2006
Originated from standardised real-estate marketing and distribution operations.
02
2014
Company was established and later renamed to Netland Real Estate Joint Stock Company (Netland JSC).
03
2018
Officially listed on the HNX stock exchange.
04
2020
Company was renamed to Danh Khoi Group Joint Stock Company, gradually expanded, collaborated and connected to serve its transformation phase.
05
2021
Strengthened and consolidated internal capabilities, intensified domestic and international cooperation with partners in healthcare, education, and real-estate management services.
06
2022
Continued restructuring and consolidating operations to be ready to overcome the market downturn and prepare for future breakthroughs.
07
2025
Officially renamed to NRC Corporation Joint Stock Company. Positioned as a multi-industry ecosystem: Real Estate – Pharmaceuticals & Medical Supplies – High-Tech Food & Agriculture.

GROUP MEMBERS

NETLAND REAL ESTATE JOINT STOCK COMPANY

NETLAND REAL ESTATE JOINT STOCK COMPANY

Netland — A member of NRC Group  

With a pioneering mission in real estate and sustainable urban development, Netland delivers high-quality projects and modern living spaces with exceptional amenities — enhancing community well-being and creating lasting investment value.

REPUTATION BUILDS VALUE – QUALITY DEFINES THE BRAND

NRC PHARMA Co., Ltd.

NRC PHARMA Co., Ltd.

NRC Pharma Co., Ltd. is a key member of NRC Group’s healthcare ecosystem, providing comprehensive solutions from investment, supply, and logistics for hospitals, clinics, and consumers.

Built upon the foundation of NRC’s affiliated hospitals and trusted strategic partners, NRC Pharma is guided by the core values of Credibility – Reliability – Safety – Innovation, with the following strategic objectives:

1️⃣ Establish NRC Pharma as a reputable brand in the pharmaceutical and medical supplies industry.
2️⃣ Develop an integrated NRC Pharma healthcare ecosystem encompassing hospitals, clinics, and hospital-based pharmacies.
3️⃣ Collaborate with and distribute products from international pharmaceutical and medical equipment manufacturers.
4️⃣ Partner with research institutes and laboratories specializing in generic drugs, functional food formulations, and medicinal herbs.
5️⃣ Invest in and expand the aesthetic pharmaceutical market, building NRC Pharma-branded product lines.

N-Pharma Joint Stock Company

N-Pharma Joint Stock Company

N-Pharma JSC represents NRC Pharma in the distribution and trading of pharmaceutical and medical supplies:

1️⃣ Develop the N-Pharma brand to drive business activities across both online and offline platforms in the pharmaceutical and medical supplies sectors.
2️⃣ Build a competitive and sustainable pharmaceutical company capable of participating in the regional supply chain by providing and distributing high-quality, reputable branded medicines.
3️⃣ Optimize commercial operations by supplying pharmaceutical and medical products to hospitals within the NRC Group ecosystem.
4️⃣ Diversify product portfolios: including pharmaceuticals, functional foods for disease prevention and treatment, medical supplies, and advanced medical equipment.
5️⃣ Participate in hospital procurement projects and expand into modern retail channels such as pharmacy chains and e-commerce platforms.

NRC High-Tech Agricultural Investment Co., Ltd.

NRC High-Tech Agricultural Investment Co., Ltd.

NRC High-Tech Agricultural Investment Co., Ltd. (NAGRI) was established as a key initiative under NRC Group’s strategy to develop the Food and High-Tech Agriculture sector, aiming to build a fully integrated value chain from cultivation areas → processing plants → customers and markets.

NAGRI operates with the following strategic goals:

1️⃣ Establish NAGRI as a leading brand in the Food and High-Tech Agriculture industry.
2️⃣ Integrate a closed-loop value chain: from raw material zones – manufacturers – to end customers.
3️⃣ Expand market presence as a company specializing in producing and distributing high-quality food products, ready-to-use goods, and key export items to international markets.
4️⃣ Promote Sustainable Development & ESG: achieve international standards (GlobalG.A.P., Organic, Fair Trade), while advancing circular economy models and green energy in production.

AG High-Tech Agriculture Co., Ltd

AG High-Tech Agriculture Co., Ltd

AG High-Tech Agriculture Co., Ltd., formerly known as Angimex High-Tech Agricultural Service One Member Co., Ltd., is now a proud member of the NRC Group ecosystem, with a company mission around growing areas, food, and high-tech agriculture.

Through the integrated application of fertilizers, pesticides, seeds, and agricultural services following effective economic models, the company is progressively developing large-scale raw material areas spanning thousands of hectares.
These zones specialize in producing green and clean agricultural products that meet export standards, contributing to Vietnam’s national program of developing one million hectares of high-quality rice fields, and enhancing the value of agricultural products to international standards.

SUSTAINABILITY

01
SOCIAL ACTIVITIES
Ensure rights and welfare of workers: salary, bonuses, training, safe working environment. Fulfil social responsibility (CSR): support communities, contribute to human development.
SOCIAL ACTIVITIES
02
ENVIRONMENTAL ACTIVITIES
Actively apply green technologies, save energy, reduce emissions, recycle and use natural resources efficiently. Embed environmental responsibility into the production-business value chain to reduce negative impact on the ecosystem.
ENVIRONMENTAL ACTIVITIES
03
ECONOMIC ACTIVITIES
Enterprises must build effective business strategies, maintain stable profits and long-term growth. Transparent financial management, cost optimisation, reasonable investment and creating added value for shareholders and clients.
ECONOMIC ACTIVITIES
04
SUSTAINABLE GOVERNACE
Establish a transparent governance structure, comply with laws, ethical standards and fair principles. Strengthen internal control, risk management, ensure harmony of interests among shareholders, customers, employees and society.
SUSTAINABLE GOVERNACE

PARTNERS