On July 1st, the Danang Taxation Department announced its decision to enforce a coercive measure on the joint-stock company Trung Nam (Trungnam Land) by freezing their accounts. The amount subjected to this measure is nearly VND 583 billion, and the decision will be effective from July 24th to July 23rd.
Additionally, the Taxation Department of Danang has also decided to temporarily suspend the exit of Mr. Nguyen Ngoc Thao, Chairman of the Board of Directors of Trungnam Land. The suspension took effect from June 7th and will last until the taxpayer fulfills their tax obligations to the state budget.
This is not the first time Trung Nam Land has faced account enforcement due to tax debts. In April 2024, the company was named with a coercive amount of over VND 591 billion.
Trung Nam Land is a company within the ecosystem of Trung Nam Group, established in December 2001. They were once known as the investor of the Golden Hills City Danang project in Hoa Hiep Bac, Hoa Hiep Nam wards, Lien Chieu district, and Hoa Lien commune, Hoa Vang district, Danang city.
The Golden Hills – Danang project covers an area of 381 hectares with a total investment of 1.67 billion USD. The project is located on the extended Nguyen Tat Thanh road and adjacent to the Cu De River. It is considered a key project in the master plan for Danang city’s urban development in the future, with a vision towards 2030.
In 2022, Trung Nam Land reported a post-tax loss of VND 3 billion, while in the same period last year, they made a profit of over VND 39 billion. As of December 31, 2022, the company’s equity was VND 1,590 billion
The debt-to-equity ratio of Trung Nam Land reached 5.13 times, equivalent to VND 8,157 billion. Additionally, the company’s bond debt remained relatively unchanged from the beginning of the year, standing at VND 2,480 billion.
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