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On the afternoon of April 21, Thuduc House Joint Stock Company (TDH) announced that it had received an enforcement document from the tax authorities, marking a key step toward ending a five-year legal dispute related to electronics components.
TDH said that on April 21 it received Notification No. 9836/TB-TPHCM from the Ho Chi Minh City Tax Department on the execution of Administrative Court of Appeal decision No. 332/2025/HC-PT. TDH described this as the highest legal step to enforce the verdict of the People’s Court of the High Court in Ho Chi Minh City issued on September 23, 2025.
According to TDH, the Ho Chi Minh City Tax Department implemented several measures, including:
TDH said it went through what it described as the most difficult period in its 30-year history. At the end of 2020 and early 2021, the Ho Chi Minh City Tax Department issued arrears and penalties for late payment totaling more than VND 451 billion, including VND 365 billion of VAT that had been refunded.
In March 2021, TDH was forced to stop using 16,508 invoices, a move it said nearly froze its real estate and trading activities.
TDH reported that in 2021 it recorded a net loss of VND 942 billion. The company said its equity was eroded, its shares were placed under controlled status, and several former leaders were prosecuted in connection with an electronics components fraud case involving Trinh Tien Dung.
TDH stated that it argued in court it was a victim manipulated by external actors and that the severe tax administrative measures were inappropriate while the criminal case had not reached a final conclusion.
TDH said that receiving Notification 9836 is not only significant in terms of the numbers but also serves as a “passport” for the company. It added that after restoring its legal status, TDH would be able to use invoices and conduct import-export transactions, reduce pressure from alleged tax debt and long-standing late payments, and safeguard its legal rights in the ongoing criminal case.
“Receiving this notice has created conditions for TDH to remove the obstacles accumulated to date, and it reinforces and protects the company's legal rights,” TDH representatives stated in the information disclosure.
TDH said the favorable ruling previously helped its shares hit circuit breakers in several sessions. On April 21, TDH closed at 3,730 VND per share.
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