On February 27, 2025, at Nam Dinh Vu Industrial Park, Hai Phong, the signing ceremony of the Turnkey Contract for the Nam Dinh Vu Chemical Storage Terminal Project took place between the Contractor Consortium consisting of PTSC Thanh Hoa Technical Services Joint Stock Company - Chemical Industry Engineering Joint Stock Company - Petrolimex Engineering Joint Stock Company (abbreviated as PTSC Thanh Hoa - CECO - PEC Consortium) and the Project Investor, Nam Dinh Vu Port Unionchem Co., Ltd.

The signing ceremony was fully attended by members of the Board of Directors of the Investor and Contractor Consortium, specifically:

1. On behalf of the Investor: Mr. Lin Yen - Kuan - Director, and members of the Board of Directors.

2. On behalf of the Consortium Lead Contractor - PTSC Thanh Hoa: Mr. Pham Hung Phuong – Director, members of the Board of Directors, and key executives.

3. On behalf of Contractor PEC: Mr. Luong Quang Hieu - Director, and key personnel.

4. On behalf of Contractor CECO: Mr. Luu Ngoc Vinh – Chairman of the Board of Directors; Ms. Nguyen Thi Van Anh – General Director; Mr. Nguyen Truong Giang – Business Director; and Mr. Nguyen Van Quy – Head of Department of Organization & Administration.

In addition to the Investor and the PTSC Thanh Hoa - CECO – PEC Consortium, the ceremony was witnessed by representatives of Hai Phong Port Services Joint Stock Company (Mr. Le Hong Cam - Director and members of the Board of Directors), the leasing unit providing site premises to Nam Dinh Vu Port Unionchem Co., Ltd. for project implementation.

Overview of the contract signing ceremony

According to the issued Investment Registration Certificate, the Project spans approximately 20 hectares within Nam Dinh Vu Industrial Park. Implementation will proceed during 2025-2035 in three investment phases:

Phase 1 (2025-2026): Construction of a tank farm storage system with a total storage capacity of 131,000 cbm/year. Scheduled for commercial operation in Q3/2026.

Phase 2 (2028-2030): Construction of a tank farm storage system with a total storage capacity of 131,000 cbm/year. Scheduled for commercial operation in Q1/2030.

Phase 3 (2033-2035): Construction of a tank farm storage system with a total storage capacity of 138,000 cbm/year. Scheduled for commercial operation in Q3/2035.

Mr. Vu Van Vuong - Deputy Director of PTSC Thanh Hoa presents a summary of the project

Leading up to the contract execution, all parties conducted exhaustive, rigorous technical assessments. The Investor recognized the PTSC Thanh Hoa - CECO - PEC Consortium as comprising leading engineering, consulting, and technical service contractors in Vietnam, expressing total confidence in meeting project schedules. Awarding a comprehensive Turnkey Contract demonstrates the Investor's absolute trust in the consortium's expertise. At the ceremony, contractor leaders pledged utmost commitment and professional accountability to collaborate seamlessly and deliver the project ahead of schedule.

CECO participates in the project as a consortium member responsible for core engineering consultancy packages, including feasibility study preparation, engineering appraisal, regulatory appraisal support, and project management... Alongside PTSC Thanh Hoa and PEC, Mr. Luu Ngoc Vinh and Ms. Nguyen Thi Van Anh expressed sincere appreciation for the Investor's trust. They committed to deploying optimal resources, ensuring supreme consulting quality, cooperating tightly with PTSC and PEC, striving to accelerate progress, minimize investment expenditures, and optimize profitability for the Investor.

Photographs from the contract signing ceremony:

Source: CECO Information Management Department.