Instead of the Board of Directors, Tan Cho Thuduc House Tran Thanh Vinh promised to handle tax issues and restructuring so that the company has profitable this year.
In the extraordinary session last weekend, Share Shareholders (TDH) agreed to dismiss the entire old Board of Directors including Chairman Nguyen Quang Nghia and two members Vo Thi Tuong Vy, Hoang Anh Phuc. Instead, they elected General Director Tran Thi Lien to be a member, Mr. Vu Hai Quan was an independent member and Mr. Tran Thanh Vinh became the confidentiality of Thuduc House.
Recently, the business situation of TDH has decreased seriously. The year 2024 revenue is 60%lower than the same period, nearly 49 billion. The second consecutive loss company, more than 288 billion last year.
Mr. Tran Thanh Vinh said that since 2022, the former executive committee has made some unreasonable investment decisions, causing losses and risks that need to be provided. According to him, this is essential to ensure the principle of law, reflect the actual values, as well as solve the shortcomings and violations of the old stage and restructure the company. Mr. Vinh said the executive committee will implement specific and positive solutions to recover the setting.
“We are trying to build a strategy and a team with an urgent spirit to ensure that in 2025, it will be profitable,” the Chairman of the Board of Directors promised.
In the coming time, ThuDuc House has a series of problems to be handled. First, they need to solve tax issues and invoices. Currently, besides the tax refunds related to the case of electronic components, TDH also has a late payment penalty, affecting the company’s operations because it is not possible to use invoices, account blockade and prevent assets. No trading. The company needs to focus on solving to return to normal.
The appellate criminal sentence stated that the people involved in the obligation to return to ThuDuc House more than VND 340 billion. The company has recovered more than 32 billion and the judgment enforcement agency continues to do this.
TDH previously wanted to transfer Phu My Golden Hill project (Ba Ria – Vung Tau) to have money to pay the budget for the late payment penalty related to the above electronic component case. However, the transfer has not been completed due to a number of legal problems. Therefore, in the coming time, they consider cooperating with partners to develop this project.
The next problem is property. According to Mr. Vinh, some investments from the previous years were not reasonable, causing losses and risks to make provisions. The Executive Board will evaluate and propose solutions. TDH also focuses on evaluating old projects, outstanding projects and making further development investment plans in the coming time.
Finally, the Board of Directors will carry out the company restructuring, deploy a number of new business activities.
Centum Wealth, one of the outstanding projects of ThuDuc House, viewed from above. Image: Tdh
Currently, the source of ThuDuc House revenue is still mainly from auxiliary industries such as service provision and property leasing. The policy of developing a new project depends heavily on resolving tax problems and invoices. As more favorable conditions, the company will search and develop appropriate real estate projects.
ThuDuc House was established in February 1990, formerly known as Thu Duc Housing Management and Development Company. The main business field of this business includes investment in developing real estate projects, commercial centers, offices for rent …
Over the years, the business of this business decline. They are often charged with tax violations of electronic component export activities for the period of 2017-2019. The company also constantly “changing blood” of the leadership team.
Two in 2020 and 2021, ThuDuc House consecutive, nearly VND 310 billion and VND 890 billion respectively. In 2022, the enterprise profit was only VND 8 billion thanks to the maximum reduction of costs, but one year later reported losses.