The Ho Chi Minh City Tax Department 12 recently issued Announcement No. 7215/TB-TCS12, publicly listing 72 taxpayers with outstanding tax debts and other state budget obligations as of September 16, 2025, totaling nearly VND 525 billion.
Picity High Park Developer Owes Nearly VND 400 Billion in Taxes
Topping the list is Gia Cu Investment and Development One Member Limited Liability Company, with a debt of nearly VND 396 billion.
Established in 2009, Gia Cu Investment and Development One Member Limited Liability Company is part of the Pi Group ecosystem, led by businessman Nguyen Xuan Thiem.
As of August 2017, the company had a registered capital of VND 550 billion, with Nguyen Xuan Thiem serving as both Chairman and legal representative.
The company is the developer of the Picity High Park project (Go Sao Residential Area) located at 9A, KP1, Thanh Xuan Ward, District 12 (formerly), Ho Chi Minh City.
Picity High Park Project
The project comprises 5 apartment complexes ranging from 15 to 18 floors, including Park 1, Park 2, Park 3A & 3B, Park 4, and Park 5. It offers a total of 2,446 apartments and 135 shophouses.
PiCity Thu Duc Developer Owes Over VND 5 Billion in Taxes
Another Pi Group member, Phuong Dong Real Estate Joint Stock Company, is also on the list with a tax debt of nearly VND 5.7 billion.
Founded in 2009, Phuong Dong Real Estate was originally part of the Southern Salt Corporation (Sosal Group). In 2017, it was acquired by Pi Group and increased its charter capital to VND 400 billion.
According to a non-public company confirmation issued on May 7, 2024, the company’s shareholders include Pi Group (24%), Ecoe Vietnam JSC (75.5%), and Nguyen Xuan Thiem (0.5%). Both legal entities are part of Nguyen Xuan Thiem’s Pi Group ecosystem.
Nguyen Xuan Thiem previously served as Director and legal representative of Phuong Dong Real Estate. Currently, this role is held by Nguyen Thanh Anh (born 1997).
Phuong Dong Real Estate is known as the developer of the PiCity Thu Duc project (also known as Phuong Dong Residential Area), located in Tam Phu Ward, Thu Duc City (formerly), Ho Chi Minh City. The project spans 8.2 hectares and features 6 blocks of 25 floors each, with 2 basement levels, offering 3,446 apartments and 200 shophouses.
According to the Hanoi Stock Exchange (HNX), Phuong Dong Real Estate has an outstanding bond issuance (code PDCCH2124001) worth VND 900 billion, issued on November 12, 2021, with a 3-year term.
The bond was issued to fund investment cooperation and/or development of the Go Sao Residential Area project at 9A, KP1, Thanh Xuan Ward, District 12, Ho Chi Minh City, led by Gia Cu Investment and Development One Member Limited Liability Company, in compliance with legal regulations.
The bond’s collateral includes property rights derived from the Phuong Dong Residential Area project. According to Valuation Report No. 156/2021/BCTĐG-UEFUL dated November 9, 2021, issued by Useful Valuation and Consulting Company, the value of these property rights as of November 2021 was VND 1,310 billion.
On November 8, 2024, bondholders approved an extension of the bond’s term by up to 2 years, making the new term 5 years, with a maturity date of November 12, 2026.
Pi Group, formerly known as Land Plot Project JSC, operated the online trading platform Duandatnen.com.vn, specializing in brokerage and distribution of land plots in Ho Chi Minh City.
Between 2017 and 2019, the company increased its capital from VND 50 billion to over VND 953 billion and rebranded as Pi Group Investment and Development JSC.
During this period, Pi Group also conducted several M&A transactions, acquiring Phuong Dong Real Estate and Dong Quang Knitting JSC, the developer of the Dong Quang Residential Area project in Ho Chi Minh City.
Other Pi Group members include Pi Home JSC, Smart Home Construction and Design Company, and more.
On its website, Pi Group lists numerous projects it has developed (directly or through subsidiaries), such as Picity Central Park (Thuan An, Binh Duong), Picity Sky View (Di An, Binh Duong), PiCity Sky Park, and Dong Quang townhouses.
Ha Ly
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