Returning to Real Estate: Unveiling Two Projects in Thu Duc City
Mr. Vinh, a prominent figure in the company, shared his insights during the shareholder meeting in June 2025. He outlined four critical issues facing TDH upon his election to the Board of Management in February 2025 and provided a retrospective evaluation of the progress made over the past four months, along with specific future orientations.
Firstly, taxes have been a significant hurdle for TDH, hindering its progress for many years. While there has been a preliminary court ruling regarding tax arrears, the company still needs time to definitively resolve this issue.
Secondly, addressing the legacy issues from the previous management, Mr. Vinh focused on real estate development. TDH possesses a 2,000m2 land fund on Tang Nhon Phu Street in Thu Duc City, zoned for commercial and service purposes. The company has paid the partners but is yet to officially receive the land ownership. Mr. Vinh unveiled plans for a commercial project named Phuoc Long Town, featuring a six-story commercial complex with one basement level. This “All-in-one” model will encompass shopping, culinary, and entertainment experiences, catering to the dense population in the vicinity. With the legal framework in place, construction is slated to commence after the Lunar New Year in 2026.
The decision to develop Phuoc Long Town, as Mr. Vinh explained, stems from his advisory role in retail projects. He identified a gap in the market, noting the absence of large-scale supermarkets or shopping malls within a 3.5-5km radius, with only small-scale retailers like Bach Hoa Xanh present in the area. Internal surveys indicate rental rates for commercial spaces in nearby malls averaging around 35 USD/m²/month, foretelling a stable long-term revenue stream. This project sets the precedent for replicating similar small-scale commercial center models across other land funds within the company’s ecosystem.
In addition to the commercial project, TDH is reinvigorating a 10-hectare commercial housing project in Hiep Binh Chanh Ward. This project encompasses ten apartment buildings, totaling over 3,000 apartments, complemented by educational institutions and a riverside park. Catering to the mid-to-high-end market segment, the project enjoys a prime location on National Highway 13, conveniently connected to Pham Van Dong Street and Tan Son Nhat Airport. The surrounding infrastructure is undergoing upgrades, including the Metro Line 3B, Ring Road 2, and the expansion of National Highway 13.
The Hiep Binh Chanh project, inherited from the Tran Van Giao project in 2012-2013, was initially deemed less profitable by TDH, leading to a partnership with profit-sharing arrangements. However, Mr. Vinh reevaluated its potential and engaged in discussions with the partner to continue its development. From a legal standpoint, the project has undergone an approved zonal adjustment, and compensation and clearance have reached approximately 67%. TDH’s immediate task is to complete the clearance of the remaining area.
Mr. Vinh emphasized the significance of the Hiep Binh Chanh project in revitalizing the company after a challenging period, stating that projects of this scale within Ho Chi Minh City are now virtually non-existent. He added that the revival of these two key projects in Thu Duc not only holds financial importance but also signifies the resurgence of the ThuDuc House brand in the real estate market.
Venturing into Imported Fruit Distribution
Mr. Vinh elaborated on the company’s third issue, involving the development of a new long-term business venture that aligns with real estate. TDH has strategically chosen to distribute products related to the household sector, catering to their real estate projects and establishing partnerships within the industry and beyond.
TDH has already secured distribution agreements with renowned brands such as Bosch for kitchen appliances and extraction hoods. Panasonic has also granted the company distribution rights, and negotiations with Toshiba and an American brand are underway, with contracts expected within the next one to two weeks. In addition to collaborations with manufacturers, TDH has forged alliances with Dien May Cho Lon and Nguyen Kim for product distribution.
Mr. Vinh clarified that the distribution segment’s primary objective is not substantial profit generation but rather consistent cash flow to sustain the company’s daily operations. However, he noted that revenue in this segment might not be significant until the end of the year, estimated at over VND 100 billion, due to initial marketing expenses. Nevertheless, a target of VND 600-700 billion in revenue is achievable for the following year.
Furthermore, TDH is venturing into the imported fruit business, leveraging its existing land and cold storage facilities at the Thu Duc Agricultural Products Wholesale Market. Negotiations are underway with partners from the US, Australia, and New Zealand, with imports expected to commence within a month. While acknowledging the long-term potential of this new venture, Mr. Vinh refrained from providing specific growth projections.
Regarding the final issue of lingering challenges, Mr. Vinh requested the shareholders’ understanding, given his relatively recent appointment of four months, and assured them that optimal solutions would be forthcoming.
First-Half Revenue Estimate of Nearly VND 58 Billion
On the sidelines of the General Meeting, Ms. Tran Thi Lien, Member of the Board of Directors and General Director, shared insights into TDH’s ongoing efforts to recover compensation for damages in the electronic component case to address the accumulated loss of over VND 1,000 billion. As of May 31, 2025, TDH had cumulatively recovered VND 52.4 billion in this regard. Additionally, the company is implementing measures to recover receivables and reverse provisions.
For 2025, TDH aims for a consolidated revenue of over VND 235 billion (a 2.7-fold increase from the previous year) and a net profit of over VND 66 billion. Achieving these targets will help the company avert mandatory delisting, given the losses incurred in the previous two years (2023-2024).
According to Ms. Lien, TDH will attain the VND 66 billion net profit goal through the continued development of rental offices in Thu Duc City, the recovery of compensation from the defendants in the electronic component case, the expansion of business lines through the establishment of Thuduc House Distribution JSC (TDHD), and prudent cost management.
The General Director estimated that TDH’s revenue for the first six months of 2025 would reach VND 57.6 billion, with the household appliances segment, despite its recent launch, contributing 12% to the revenue structure.
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