According to information from ThuDuc House Development Joint Stock Company (ThuDuc House, stock code TDH), the appellate court session on September 23, 2025, regarding the administrative case “Complaint against Administrative Decision” between the company and the Ho Chi Minh City Tax Department (now the Regional Tax Department II) and its leadership has concluded.
The Supreme People’s Court Council in Ho Chi Minh City dismissed all appeals from the Regional Tax Department II and its Director, upholding the original judgment No. 133/2025/HCST dated April 24, 2025.
The court’s ruling annulled the administrative decisions related to the VAT refund of VND 365 billion and late payment interest of VND 74.7 billion, as of December 25, 2020. Derivative decisions, including the suspension of invoice usage and customs clearance for ThuDuc House’s import-export goods, were also nullified.
Both the first instance and appellate judgments affirmed that ThuDuc House’s legal rights and interests are unrelated to and not liable for the VAT refund and associated late payment interest.
ThuDuc House’s Brand
ThuDuc House representatives stated that the ruling not only protects the company’s legitimate rights but also establishes a clear legal framework, helping to remove administrative barriers that have caused significant challenges in the past.
The company emphasized that with this ruling, ThuDuc House can overcome existing restrictions and create opportunities for business recovery. “The court’s decision helps us resolve long-standing issues and provides momentum for ThuDuc House to gradually recover and develop sustainably in the future,” said a company representative.
ThuDuc House’s Q2/2025 financial report recorded an after-tax profit of VND 13.2 billion, a significant improvement compared to the VND 26 billion loss in the same period last year. This marks the second consecutive quarter of profitability following a comprehensive restructuring. In Q1/2025, the company reported an after-tax profit of VND 5.7 billion.
For the first six months of 2025, ThuDuc House achieved consolidated revenue of nearly VND 26 billion and an after-tax profit of VND 19 billion, compared to a VND 32 billion loss in the same period the previous year.
This positive performance led to a dramatic surge in TDH shares, which hit the ceiling price of nearly 7% on September 24, reaching VND 5,120 per share with nearly 1.2 million shares bought at the ceiling price.
Thuduc House (TDH) Stock Surges to Daily Limit Following Victory in VND 365 Billion Tax Refund Lawsuit
On September 23, 2025, the Supreme People’s Court in Ho Chi Minh City heard the appellate administrative case titled “Complaint Against Administrative Decision” between Thu Duc Housing Development JSC and the District II Tax Department (formerly the Ho Chi Minh City Tax Department).
Why Thuduc House’s Stock Is in Hot Water
The stocks of Thu Duc Housing Development Joint Stock Company have been placed under control from April 9, due to the company’s post-tax profit loss in 2023 and 2024.
“Thuduc House (TDH) Stock on Alert from September 8, 2025.”
Thuduc House (TDH) stock has been placed on alert status from September 8, 2025, due to the company’s financial performance. As of June 30, 2025, the parent company’s net profit attributable to shareholders was VND 18.9 billion, while the undistributed post-tax profit stood at a negative figure of nearly VND 1,037.2 billion.
The Silent Chairman of Thuduc House Registers to Offload Nearly 21 Million Shares, Facing an Estimated Loss of VND 45 Billion
Mr. Nguyen Quang Nghia, Chairman of the Board of Directors of Thuduc House Development Corporation (Thuduc House, HOSE: TDH), has filed to sell nearly 20.7 million TDH shares between December 6, 2024, and January 3, 2025.
The Thuduc House CEO Steps Down
Mr. Nguyen Hai Long was appointed as the new CEO of Thuduc House JSC in mid-April 2024, succeeding Mr. Dam Manh Cuong.
