Yeah1 (YEG) Joint Venture SYE Appoints Musician Nguyen Hai Phong as Creative Director

Overview

SYE Holdings, the joint venture between Yeah1 Group (YEG) and Sony Music Entertainment, has appointed musician Nguyen Hai Phong as its Creative Music Director. With nearly 25 years in the industry, Phong will oversee overall music strategy and long-term development for SYE, aiming to bridge Vietnamese music with international standards.

Key Facts

• SYE Holdings is a joint venture between Yeah1 (YEG) and Sony Music Entertainment, announced in late January 2026.
• Nguyen Hai Phong has nearly 25 years of artistic experience, known for hits like “Dong thoi gian,” “Ba ke con nghe,” and “Bay.”
• Phong has also produced and mentored successful artists such as Bui Cong Nam, DTAP, and Phan Manh Quynh.
• SYE recently launched a 7-member boy band UPRIZE under a K-pop training model and four independent artists: Ho Dong Quan, Thai Le Minh Hieu, SWAN, and lighT.
• Sony Music is one of the “Big 3” global music companies, operating in over 100 countries.
• YEG reported 2025 revenue of VND 1,653 billion (+61% YoY) but net profit fell 35% to VND 80 billion due to lower advertising margins and high concert costs.
• YEG targets 2026 consolidated revenue of VND 1,650 billion (flat) and net profit of VND 105 billion (+36%).

What Happened

SYE Holdings, the joint venture between Yeah1 Group (YEG) and Sony Music Entertainment, announced the appointment of musician Nguyen Hai Phong as Creative Music Director. In this role, Phong will shape overall music strategy, connect resources within the ecosystem, and contribute to long-term development direction for SYE.

Phong, a veteran with nearly 25 years in the industry, is known for hits such as “Dong thoi gian,” “Ba ke con nghe,” and “Bay.” He has also served as a producer, music director, and judge on television shows, and has trained successful artists like Bui Cong Nam, DTAP, and Phan Manh Quynh. YEG management noted that Phong’s compositions blend modern spirit with Vietnamese identity, a direction they expect to continue at SYE. Phong stated his goal is to solve the “problem worth solving” of creating a common standard for Vietnamese music to achieve international quality while building a sustainable identity.

Market Context

YEG shares closed at VND 10 on April 10, 2026, up 3.50% with volume of 2.2 million shares. The stock trades on HOSE. YEG has been pivoting from its 2019 YouTube crisis toward high-quality television production, with shows like “Chi dep dap gio re song” and “Anh trai vuot ngan chong gai” generating significant concert revenue. However, high production costs have weighed on profitability, with net profit falling 35% in 2025 despite a 61% revenue surge. The company’s 2026 target of VND 105 billion net profit implies a 36% recovery, driven by new seasons of its hit shows and the SYE joint venture.

Strategic Significance

The appointment of Nguyen Hai Phong signals YEG’s commitment to building a professional music production and artist management platform through SYE. By leveraging Sony Music’s global expertise and Phong’s creative vision, YEG aims to establish a standardized quality benchmark for Vietnamese music, potentially creating a sustainable competitive advantage. This move aligns with YEG’s strategy to diversify beyond advertising and television production into music content and artist development, which could provide higher-margin recurring revenue streams if successful.

What to Watch

• Q1 2026 earnings release for YEG, expected in May 2026, to assess revenue and profit trends.
• Launch of new music products under SYE, including UPRIZE and independent artists, and their market reception.
• Any additional capital commitments from Sony Music or other partners to expand SYE’s operations.
• YEG’s progress on its paid content platform and its impact on margins.
• Updates on the new season of “Anh trai vuot ngan chong gai” and “Gia dinh Haha” as key revenue drivers.