Ngân Thuận Construction Owes Over VND 600 Billion in Tax Debt
The Cần Thơ City Tax Department recently issued Announcement No. 2639/TB-CTH, publicly listing taxpayers in arrears of tax payments and other state budget revenues.
This disclosure is due to violations of Article 100, Clause 1(a) of the Law on Tax Administration No. 38/2019/QH14 and Article 29, Clause 1(g) of Decree No. 126/2020/NĐ-CP dated October 19, 2020, issued by the Government.
As of August 31, 2025, 409 taxpayers in Cần Thơ City owe over VND 3,715 billion in taxes and other state budget revenues, with arrears exceeding 90 days.
Leading the list is Nam Sông Hậu Petroleum Investment and Trading Joint Stock Company, with a debt of nearly VND 1,278 billion. In second place is Đông Phương Petroleum Joint Stock Company, owing nearly VND 807 billion.
Ngân Thuận Construction LLC is also on the list, with a tax debt of nearly VND 635 billion.
Established in May 2003 as Ngân Thuận Construction Joint Stock Company, the company has since undergone several changes.
By June 2019, its charter capital was VND 100 billion, with shareholders including Mã Sơn (10%), Nguyễn Duy Kiên (10%), and Dương Văn Út (80%). Its primary business activities include infrastructure investment, housing construction, property rental, and real estate trading.
In September 2019, Nguyễn Duy Kiên became the majority shareholder with 51% of the company’s capital and assumed the roles of CEO and legal representative.
The other shareholders were Dương Văn Út (39%) and Mã Sơn (10%).
In September 2020, Đỗ Mạnh Hiền replaced Kiên as the majority shareholder and legal representative. By November 2021, Trần Văn Bang took over these roles.
The Relationship Between Ngân Thuận and Kita Group
Among the individuals mentioned, Nguyễn Duy Kiên is known as the founder of Kita Group, a prominent real estate company.
This explains the close relationship between Ngân Thuận Construction and Kita Group over the years.
According to reports, in July 2023, Ngân Thuận and Kita Invest (a subsidiary of Kita Group) jointly mortgaged the Stella Mega City high-rise residential project, comprising seven land plots, to VPBank’s Bến Thành branch.
Initially named the Bình Thủy Residential Area, the Stella Mega City project was approved for Ngân Thuận as the developer under Decision No. 3620/UB dated September 12, 2003, by the Cần Thơ City People’s Committee.
During development, Ngân Thuận mortgaged 2,455 land use rights for the project to Sacombank. In May 2019, Kita Invest acquired the project’s assets from Sacombank through an auction and became the owner and developer. The project was then rebranded as Stella Mega City.
Rendering of the Stella Mega City project. Image: Kita Group
Kita Invest, established on January 15, 2019, focuses on mergers and acquisitions, real estate investment, and financial investment.
At its inception, the company had a charter capital of VND 100 billion, with founding shareholders including Kita Group (30%), Đặng Thị Thùy Trang (30%), and Nguyễn Duy Kiên (40%). Đặng Thị Thùy Trang (born 1979) served as CEO and legal representative.
On January 21, 2019, Kita Invest increased its capital to VND 1,150 billion, with the new shareholder structure undisclosed.
In April 2019, Nguyễn Duy Kiên (born 1969) replaced Đặng Thị Thùy Trang as the legal representative and Chairman of the Board.
By June 2019, Đỗ Xuân Cảnh (born 1977) took over as the legal representative.
Beyond Kita Invest, Nguyễn Duy Kiên’s Kita Group ecosystem includes several affiliated companies such as Kita Holding and Kita Land.
Kita Group originated from F1 Food and Beverage Joint Stock Company, initially focused on beverage wholesale.
As of August 2016, Nguyễn Duy Kiên and Đặng Thị Thùy Trang owned 55% and 22.5% of F1’s charter capital, respectively.
In June 2018, the company increased its capital to VND 100 billion and rebranded as Kita Group. By July 2020, its charter capital reached VND 750 billion.
Nguyễn Duy Kiên served as Chairman and legal representative of Kita Group until June 2024, when Tạ Quang Lâm took over these roles.
In Northern Vietnam, Kita Group is known for projects like Kita Capital (Ciputra Urban Area, Hanoi), Stella (Quốc Oai, Hanoi), and Sukura Golf (Hai Phong).
In Southern Vietnam, besides Kita Airport City, Kita Group has successfully acquired projects such as Golden Hills Eco-Urban Area (Da Nang) and prime land plots in Ho Chi Minh City and Phan Thiết.
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