HANOI,Vietnam,Dec. 3,2024 --To accelerate the exceptional growth of Vietnam's golf market,Phu Long Company and 54 — a leading enterprise in the sports and entertainment sector — have officially signed a strategic partnership agreement. This collaboration aims to develop premium golf course projects in Vietnam while expanding research and investment into promising international markets.

Signing the memorandum of understanding between 54,the Vietnam National Administration of Tourism (VNAT),and the Sports Administration of Vietnam (SAV)

The agreement coincides with another new partnership between 54 and the Vietnam National Administration of Tourism (VNAT) and the Sports Administration of Vietnam (SAV) to promote the country as a premier golf destination.

The agreements mark a significant milestone in the development of Vietnam's golf industry and position 54 as a strategic architect for the future of golf in the country. By combining the expertise and vision of all parties,the collaborations are set to deliver world-class,sustainable golf courses,further enhancing Vietnam's position on the global golf map.

Mr. Richard Mark Leech,Representative of Phu Long Company,stated: "Our strategic vision and commitment to sustainable development have enabled us to establish this partnership with 54. We highly value 54's innovative approach to the sports industry and the exceptional professionalism of their team. Furthermore,with our extensive experience in workforce training for the aviation and tourism management sectors,combined with 54's expertise,we aim to expand our training system to cultivate high-quality talent for the golf industry,from operational staff to management roles. We believe that with 54's solid presence in key international markets,this partnership will unlock groundbreaking opportunities and contribute to significant achievements in sports and tourism."

Phu Long's strong commitment to enhancing its real estate ecosystem while creating new opportunities in the sports and entertainment sectors was a significant factor in driving the 54 partnership. It will not only leverage the potential of real estate and tourism but also delivers world-class international experiences,promotes sustainable practices,and fosters synergy across various sectors within Phu Long's comprehensive ecosystem.

The partnership is built on three main pillars: Consulting,Development & Master Planning,and Golf Course Management & Operations,with the following key focuses:

Consulting: Emphasizes building investment structures,identifying potential opportunities,conducting comparative analyses,designing development concepts,and supporting business negotiations.

Development & Master Planning: Involves conducting feasibility studies for individual projects,creating master plans,developing strategic growth designs,and managing supply chains to ensure efficient implementation.

Management & Operations: Provides business planning support and detailed guidance for daily operations at facilities. Additionally,54 will develop sales strategies and assist in marketing and promotional activities for the golf courses.

Mr. Jed Moore,Group CEO,54,stated: "With our extensive experience and expertise,combined with Phu Long's strategic vision and diverse investment portfolio,we are confident in our ability to unlock new growth opportunities in Vietnam and international markets. We are committed to working closely with Phu Long to develop optimized investment and operational strategies that deliver exceptional financial value,the highest level of customer satisfaction,and create positive social impacts."

There are around 100 golf courses nationwide,and Vietnam has been recognized as the Best Golf Destination in Asia for eight consecutive years,in addition to winning the title of Best Golf Destination in the World twice at the World Golf Awards.

Mr. Nguyen Trung Khanh,General Director of VNAT,recently said that in 2024,Vietnam's tourism is expected to fully recover to pre-Covid-19 levels,anticipating 17-18 million international visitors and about 110 million domestic travellers. This recovery not only meets set targets but also highlights the resilience of Vietnam's tourism sector.

VNAT's partnership with 54,which boasts a hugely impressive record of developing national golf strategies from mass participation to golf course planning in places such as the Kingdom of Saudi Arabia,marks a milestone which will boost the development of the sports industry and help position sports as a powerful driver for growth and development in Vietnam.

For more details about 54,visit weare54.com

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About Phu Long

Founded in 2005,Phu Long is an urban developer with strong financial capability,professional operations,and a management team rich in experience,complemented by innovative thinking and collaboration with leading global consulting firms.

Phu Long has successfully developed large-scale residential areas,urban complexes,resorts,office buildings,and commercial centers across Vietnam. Its projects not only fulfill the demand for luxurious,modern,and comfortable living environments but also consistently enhance value for investors and property owners. This is achieved through a sustainable ecosystem encompassing finance,banking,education,healthcare,and aviation services.

About 54

54 is a sports and entertainment agency operating across five regions and nine offices: United Kingdom (London),Europe (Sotogrande,Spain),MENA (Riyadh,Saudi Arabia & Dubai,United Arab Emirates),APAC (Singapore,Vietnam & Adelaide,Australia) and USA (West Palm Beach,Florida). It works with rights holders,governing bodies,developers,household brands and major investors who share its belief in the power of sport. 54 comprises three service areas each consisting of two divisions: Strategic Advisory (Consultancy and Data & Insights),Asset Optimisation (Operations and Commercial),Activation & Engagement (Events and Marketing). At its core,the company has an unwavering belief in embracing the opportunities offered by pushing at the edges of conventional wisdom.

Since its inception,54 has gained significant recognition for its rapid growth and innovation in the golf industry. The company was named the 4th and 12th fastest-growing company in the United Kingdom by the Sunday Times Virgin Atlantic Fast Track 100 in 2019 and 2020,respectively. Additionally,54 was ranked 171st in the Financial Times' FT1000 list of the fastest-growing companies in Europe in 2021 and has been honored five times consecutively as 'Golf Business of the Year' at the World Golf Awards,most recently in November 2024. The company also plays an active role in LIV Golf League,the premier global golf series.

For more information about 54 please visit our website at www.weare54.com.