Unveiling the 3 Major Real Estate Tycoons in Ho Chi Minh City with Outstanding Tax Debts

In the latest list of major tax debtors revealed by Ho Chi Minh City's Tax Department, three real estate businesses top the chart with a combined debt of over 100 billion VND. These companies, all operating in the realm of real estate investment and development, now face public scrutiny as their substantial tax liabilities come to light.

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Ho Chi Minh City’s Tax Department has released a list of businesses owing taxes and other budgetary obligations to the state. As of July 2025, 195 businesses have been listed with tax debts exceeding 90 days, totaling VND 1,187 billion.

Among them, three businesses stand out with tax debts surpassing VND 100 billion each. Interestingly, all three of these companies operate in the field of real estate investment and trading.

Leading the list is Ha An Real Estate Investment and Trading JSC, part of the Dat Xanh Group, with tax debts amounting to over VND 254 billion. The company is known for its involvement in projects such as Gem Sky World in Dong Nai Province and Opal Skyline and Opal Boulevard apartment buildings in Ho Chi Minh City.

Following closely is Hung Phat Real Estate Construction Company Limited, with tax debts of more than VND 133 billion. They are the investors behind the Florence Resident land project in Thuan Giao Ward, Ho Chi Minh City (formerly Thuan Giao Ward, Thuan An City, Binh Duong Province).

A project developed by Kim Oanh Group in the former Binh Duong Province. Photo: Anh Phuong

In third place is Nam Kim Industrial Construction and Investment JSC, with tax debts of over VND 119 billion. This company has strong ties to Kim Oanh Group and is currently developing the K-Home New City project in Binh Duong Ward, Ho Chi Minh City.

The list released by Ho Chi Minh City’s Tax Department also includes 13 businesses with tax debts ranging from VND 10 billion to VND 90 billion. A significant number of these are also real estate businesses.

Notable mentions include Kim Oanh Group (owing VND 71.4 billion), which has developed over 40 large and small real estate projects in Dong Nai Province and the former Binh Duong Province; DCT Partners Vietnam Co., Ltd. (owing VND 55.5 billion), investors in a series of real estate projects in the former Binh Duong Province; Investment and Development Joint Stock Company.

Thuận Lợi (owing VND 27.7 billion) – a company associated with Kim Oanh Group; Tan Phuoc Vinh Real Estate Investment and Trading Company Limited (owing VND 17.8 billion); and Binh Duong Minerals and Construction Joint Stock Company (owing VND 13 billion) – developers of the Dat Cuoc Industrial Park (former Binh Duong Province) and Hoa Lu Industrial Park (Dong Nai Province).

The detailed list of 195 tax-indebted businesses in Ho Chi Minh City is as follows:


Anh Phuong

– 06:15, September 13, 2025

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