In a notice sent to the State Securities Commission (SSC) and the Hanoi Stock Exchange (HNX), Tan Tao Investment and Industry Joint Stock Company (ITA) announced it had received a decision from the Ho Chi Minh City People's Court.

The court rejected the request to reconsider its decision to suspend bankruptcy proceedings against ITA. According to the notice, this is the court's final decision.

This case has spanned nearly 9 years. In late November 2017, the Ho Chi Minh City People's Court accepted a petition from Quoc Linh Trading Service Construction Company Limited, requesting the initiation of bankruptcy proceedings against Tan Tao. The reason cited was that ITA owed Quoc Linh Company over 21,3 billion dong, comprising principal and accrued interest from two sand purchase and pumping contracts.

By late January 2018, the court decided to open bankruptcy proceedings for ITA, determining that Tan Tao was insolvent at that time. However, in late September 2025, the court suspended these proceedings. About two months later, Quoc Linh Company filed a request for reconsideration.

According to Tan Tao's 2024 and mid-2025 financial reports submitted to the authorities, the company's estimated asset values were nearly 12.146 billion dong and 12.185 billion dong respectively. This amount is significantly higher than the company's total unsecured debt of nearly 94,4 billion dong, which accounts for only 0,77% of its assets. Consequently, the court found initial grounds to determine that ITA has the conditions to repay its debt.

The court stated, "Continuing bankruptcy proceedings for Tan Tao in its current state would not ensure the legitimate rights of creditors and would also affect the company's normal operations."

However, the court also noted that Tan Tao has only submitted financial reports for 2022-2024 and mid-2025, refusing to provide other documents. This prevented the asset manager from completing the asset inventory and compiling lists of creditors and debtors. Therefore, the court could not organize a creditors' meeting as stipulated by the Bankruptcy Law.

Ms. Dang Thi Hoang Yen, Chairwoman of Tan Tao's Board of Directors. Photo: ITA

Tan Tao is a company founded by Ms. Dang Thi Hoang Yen, operating in industrial and residential real estate development. The company is known for its Tan Tao Industrial Park project in Ho Chi Minh City and Tan Duc Industrial Park in Tay Ninh. Ms. Yen currently serves as Chairwoman of the Board of Directors and holds a 5,79% stake.

ITA shares were listed on HoSE in 2006. However, in January 2025, the ticker was mandatorily delisted due to severe violations of information disclosure obligations, including a series of financial reports for 2023-2024. The company repeatedly stated the reason was the SSC's suspension of four auditors who had worked with them, making other firms hesitant.

In mid-February 2025, ITA shares transferred to the UPCoM exchange. However, shortly thereafter, HNX also announced the suspension of trading for these shares, again due to the company's severe violations of information disclosure obligations.

According to the unaudited Q4/2025 financial report, ITA's revenue last year reached approximately 321,3 billion dong, a 15% decrease. After-tax profit also fell 29% to 81,7 billion dong. The management attributed the financial results to the bankruptcy request, the mandatory delisting decision, and the tax authority's invoice freeze. According to ITA, this information led banks to refuse loans and many investors to halt negotiations for land and factory purchases or leases.

This year, the company aims for total revenue and income of 761,3 billion dong, more than double the previous year. After-tax profit is expected to reach 230 billion dong, an increase of 182%. Their key project is the E. City urban area in Tan Duc, Tay Ninh.

Tat Dat