A Return to Real Estate: Mr. Vinh’s Vision for ThuDuc House’s Revival
In his address to shareholders, Mr. Vinh, a newly elected member of the Board of Management, reflected on the four key issues facing ThuDuc House (TDH). With a focus on untangling tax complications, reviving dormant real estate projects, and venturing into new business areas, Mr. Vinh outlined a strategy to rejuvenate the company’s financial prospects.
Unraveling Tax Complications: Mr. Vinh identified tax issues as a major hurdle for TDH’s progress over the years. While a court ruling provided some relief, the company is still working to resolve the matter definitively.
Reviving Real Estate Projects: TDH plans to develop a 2,000 sq. m commercial and service land plot in Tang Nhon Phu, Thu Duc City. The project, named Phuoc Long Town, will feature a 6-story commercial complex with an ‘All-in-one’ concept, offering shopping, culinary, and entertainment experiences. With a projected rental rate of $35/sq. m/month, Mr. Vinh anticipates a stable long-term revenue stream, setting a precedent for similar ventures on the company’s other land banks.
Additionally, TDH will restart the 10-hectare residential project in Hiep Binh Chanh Ward, comprising 10 apartment buildings with over 3,000 units and accompanying amenities. This project, targeting the mid to high-end market, benefits from its strategic location near key transportation arteries.
Venturing into New Business Areas: To ensure a steady cash flow, TDH is entering the distribution business, focusing on household-related products. The company has already secured partnerships with Bosch, Panasonic, and plans to collaborate with Toshiba and an American brand. Additionally, TDH is in discussions with Cho Lon and Nguyen Kim electronics retailers for product distribution. The distribution segment aims to generate over VND 100 billion in revenue by the end of the year, with a more ambitious target of VND 600-700 billion for 2026.
Furthermore, TDH is exploring the import and distribution of fruits, leveraging its existing infrastructure and cold storage facilities at the Thu Duc Agricultural Products Market. Negotiations are underway with potential partners in the US, Australia, and New Zealand.
Mr. Vinh acknowledged that addressing the company’s longstanding issues would take time and assured shareholders that he would provide further updates as solutions are finalized.
Financial Outlook: TDH’s General Director, Ms. Lien, shared the company’s financial targets for 2025, aiming for consolidated revenue of over VND 235 billion and a net profit of over VND 66 billion. She attributed this turnaround to the resumption of office leasing activities, the recovery of damages from the electronic components case, the establishment of TDHD, and stringent cost control measures. As of June 2025, TDH estimates half-year revenue at VND 57.6 billion, with a notable contribution from the newly launched home appliance business.
