DHA fined $600 million for administrative violations in the land sector

On 26/02, DHA announced administrative fines related to 3 violations in the field of land in Dong Nai province. Specifically, DHA occupied 21,376.4 square meters of non-agricultural land, 14,965.5 square meters of agricultural land, and 4,706.1 square meters of non-agricultural land in urban areas. All the occupied land is located in Tam Phuoc and Phuoc Tan wards, Bien Hoa City.

After considering the mitigating circumstances due to voluntarily remedying the consequences and sincerely apologizing for the 3 above-mentioned violations, DHA was fined VND 200 million, VND 240 million, and VND 160 million, totaling VND 600 million.

In addition, DHA must take measures to remedy the consequences by continuing the land leasing procedures for all the land. At the same time, they must return the illegally obtained benefits of nearly VND 1.9 billion, nearly VND 1.2 billion, and nearly VND 400 million for the 3 violations, totaling nearly VND 3.5 billion. DHA has 60 days to implement the measures to remedy the consequences, starting from the date of receiving the decision on 23/02.

In another development, on 19/02, Ms. Huynh Thi Kim Uyen – the sister of Mr. Nguyen Tan Loc, a member of the Board of Directors of DHA – registered to sell all of her nearly 276 thousand DHA shares (1.87% stake), expected to be carried out from 27/02-25/03.

Earlier, during the period from 15/02-20/02, another shareholder, Mr. Bui Van Toan – Deputy Head of Technical Planning Department of DHA, who is also the son-in-law of Mr. Nguyen Van Luong – a member of the Board of Directors and Deputy Director General of DHA, sold all of his over 200 thousand DHA shares (1.3% stake).

In terms of business performance, in 2023, DHA recorded net revenue of VND 375 billion, a decrease of 3% compared to the previous year; while net profit increased by 83% to VND 96 billion, marking the highest profit in the past 3 years. With this result, DHA exceeded the 33% profit target set for 2023.

DHA is one of the names expected to benefit from the Long Thanh Airport project due to its ownership of quarries near the project. Currently, the company owns 3 quarries, namely Tan Cang 3, Thanh Phu 2, and Nui Gio. Among them, the most noteworthy is Tan Cang 3 quarry with a remaining exploitation reserve of about 9.6 million m3, located only 25km from Long Thanh Airport and with good quality stone. At the same time, Tan Cang 3 quarry also benefits from the shortage of supply at the 2 large mining clusters, Tan Dong Hiep and Nui Nho, which are closed.

Huy Khai