Thuduc House Development Joint Stock Company (Thuduc House) announced it recently received notification from the Ho Chi Minh City Tax Department regarding the implementation of an administrative appellate judgment from the city's High People's Court. Consequently, the tax authority has ceased all administrative enforcement measures against the company and canceled the tax debt notification related to the late payment of over 365 billion VND.
"The implementation of this judgment also directly lifts restrictions on the transfer and mortgage of assets owned by Thuduc House," stated a company press release on 21/4. The company's leadership described this as a legal milestone that helps resolve long-standing issues.
Established in 1990, Thuduc House primarily operates in real estate, generating several trillion VND in revenue annually. The company also had a period of trading electronic components, after which it faced tax enforcement related to export activity violations between 2017 and 2019. However, Thuduc House appealed this decision, and the appellate court ruled in its favor in 9/2025.
Last year, Thuduc House reported revenue of 110 billion VND and an after-tax profit of 108 billion VND. This result nearly doubled the initial profit target of 66 billion VND set at the beginning of the year and represents the highest profit in the past 6 years.
According to the leadership, the shift from loss to profit was primarily due to the reversal of over 91 billion VND in late payment interest following the court's favorable ruling. Additionally, the company generated income from restructuring debts over 10 years old, reduced unnecessary expenses, and was no longer required to make provisions.
With legal backlogs resolved, Thuduc House has restarted key real estate projects and expanded into the distribution and food sectors. This year, the company targets approximately 250 billion VND in revenue and 38 billion VND in after-tax profit.
In the upcoming annual general meeting documents, the leadership outlined plans to develop existing projects and land plots based on safety principles. The company also intends to further develop small-scale commercial service land banks, industrial parks, and industrial clusters over the next 5 years.
Phuong Dong
