REE Fined and Taxed Over VND 2 Billion for Violations

REE Corporation (Stock Code: REE, HoSE) has recently announced its receipt of Decision No. 2501/QĐ-XPHC dated September 30, 2025, from the Ho Chi Minh City Tax Department regarding administrative penalties for tax violations.

According to the decision, REE was found to have inaccurately declared certain details in its value-added tax (VAT) filings, although these errors did not result in underpayment of taxes. However, some discrepancies led to a shortfall in tax obligations.

As a consequence, REE has been fined approximately VND 251.4 million in administrative penalties. Additionally, the company is required to rectify the situation by paying nearly VND 1.3 billion in back taxes and VND 615.5 million in late payment fees.

The late payment fees mentioned above are calculated up to September 19, 2025. REE is responsible for self-assessing and remitting any additional late fees from that date until the actual payment of back taxes and penalties to the state budget as mandated.

In total, REE is obligated to pay over VND 2.1 billion, encompassing fines, back taxes, and late payment fees.

In other developments, during the trading period from July 31, 2025, to August 29, 2025, the internal shareholder Platinum Victory successfully acquired only 70,000 REE shares out of the nearly 18.3 million shares it had registered to purchase.

Following this transaction, the foreign fund increased its REE shareholdings from approximately 225.4 million shares to nearly 225.5 million shares, raising its ownership stake from 41.61% to 41.63%.

Subsequently, Platinum Victory registered to purchase an additional 18.2 million REE shares. The transaction is expected to take place via agreement or order matching from September 8, 2025, to October 7, 2025.

If successful, Platinum Victory’s REE shareholdings will rise to nearly 243.7 million shares, increasing its ownership to 44.99% of REE’s capital.

Regarding business performance, REE’s audited consolidated financial report for the first half of 2025 shows a net revenue of nearly VND 4,581.9 billion, a 14% increase compared to the same period in 2024. After deducting the cost of goods sold, gross profit reached over VND 1,803.6 billion, up 26.9%.

After accounting for taxes and fees, the company reported a net profit of nearly VND 1,555.5 billion, a 63.4% increase year-on-year.

For 2025, REE aims to achieve revenue of VND 10,248 billion and post-tax profit of VND 2,427 billion, representing increases of 22% and 21.7%, respectively, compared to 2024. Thus, the company has already achieved 64.1% of its profit target for the first half of the year.

As of June 30, 2025, REE’s total assets increased slightly by VND 653.6 billion from the beginning of the year, reaching over VND 37,015.9 billion. This includes cash and cash equivalents of nearly VND 4,779.9 billion, accounting for 12.9% of total assets, and fixed assets of nearly VND 14,257.2 billion, representing 38.5% of total assets.

On the liabilities side, total payables stood at over VND 13,528.5 billion, a decrease of VND 379 billion from the start of the year. Of this, short-term and long-term loans totaled more than VND 10,061.3 billion, making up 74.4% of total liabilities.