Trung Nam Group ordered to halt customs procedures. Image illustration.
Ho Chi Minh City Customs Department has issued a decision to enforce the administrative decision regarding tax management by suspending customs procedures for export and import goods of Trung Nam Construction Investment Corporation (Trung Nam Group).
Trung Nam Group was ordered to halt procedures due to tax arrears for more than 90 days after the deadline for payment as prescribed. The amount subject to enforcement is 27.5 billion VND.
This decision is valid for a period of 1 year, from January 31, 2024 to January 30, 2025, and will cease to be effective when the tax arrears are fully paid into the state budget.
Established in 2004, Trung Nam Group originally started as a construction unit. Over time, the company has developed into a diversified conglomerate operating in 5 main sectors including energy, infrastructure – construction, real estate, and information technology industry. The group is led by two relatively secretive businessmen, Mr. Nguyen Tam Thinh (1973) – Chairman of the Board of Directors and Mr. Nguyen Tam Tien (1967) – CEO and legal representative.
Since 2018, Trung Nam Group has been involved in renewable energy projects and currently owns several large wind and solar power projects such as Ea Nam Dac Lac wind power plant (total capacity of 400 MW, invested capital of 16,500 billion VND), Trung Nam Thuan Nam Solar power plant of 450 MW combined with 500kv transformer station (investment capital of 12,000 billion VND), Trung Nam solar power plant of 204 MW (6,000 billion VND), Trung Nam wind power plant with a total capacity of 151.95 MW (4,000 billion VND)…
Trung Nam Group is also a major player in the real estate sector with its subsidiary, Trung Nam Land, participating in the two largest projects in Da Nang including Golden Hills ecological urban area with a total investment of 1.6 billion USD, and the Cultural Park and Urban Area in Da Lat – Golf Valley.
In the infrastructure sector, Trung Nam Group is most notable for the 10,000 billion VND flood control project in Ho Chi Minh City in mid-2016; as the investor of Ca Na General Seaport project (Ninh Thuan) including 17 terminals with a total investment of 6,500 billion VND…
In order to finance these projects, Trung Nam Group and its subsidiary companies have issued trillions of dong worth of bonds. At the end of 2022, the bond debt of Trung Nam Group was 24,285 billion dong, accounting for nearly 36% of total debt (68,110 billion dong). Total assets as of December 31, 2022 reached more than 96,024 billion dong.
