“Social Housing Tycoon Truong Anh Tuan Faces Potential Travel Ban Once Again”

The Ho Chi Minh City Tax Department has issued a stern warning, threatening to impose a travel ban on Mr. Truong Anh Tuan, Chairman of Hoang Quan Land, due to the company's outstanding tax debt exceeding 5 billion VND.

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The tax authority in Ho Chi Minh City has announced that it will impose a travel ban on the legal representative of Hoang Quan Land Investment Corporation if the company fails to fulfill its tax obligations in the coming period.

Specifically, as of August 31, 2025, Hoang Quan Land owes over VND 5 billion in taxes, penalties, and late payment fees, with tax debts exceeding 90 days reaching more than VND 3.8 billion.

If the company does not rectify the issue within 30 days from September 26 (the date of the notice), Mr. Truong Anh Tuan – Chairman of the Board and Mr. Truong Quoc Bao – CEO and legal representative, will face an administrative measure of a travel ban.

In addition to his role at Hoang Quan Land, Mr. Truong Anh Tuan is also the Chairman of Hoang Quan Real Estate Consulting and Services Corporation (HQC).

Notably, this is not the first time Mr. Truong Anh Tuan has faced such a situation. Previously, in 2024, as Chairman and legal representative of Hoang Quan Can Tho Real Estate Investment Corporation, he was subjected to a travel ban by the Can Tho Tax Department due to the company’s tax debt of over VND 6.2 billion and enforced tax administration measures.

By July 2024, Hoang Quan Can Tho had settled the entire debt, and the tax authority subsequently lifted the travel ban on Mr. Tuan.

Apart from his role at Hoang Quan Land, Mr. Truong Anh Tuan is also the Chairman of Hoang Quan Real Estate Consulting and Services Corporation (HQC) and holds shares in several companies within the Hoang Quan ecosystem.

In 2025, Hoang Quan and its subsidiaries will continue to provide the market with 5,000 social housing units from key projects, including: Golden City (Tay Ninh), HQC Tan Huong (Tien Giang), Tra Vinh New Urban Area, Nam Phan Thiet Urban Area (Binh Thuan), and the Social Housing Project in Binh Minh (Vinh Long).

However, Mr. Truong Anh Tuan highlighted significant challenges facing Hoang Quan. Firstly, the company currently has low revenue and profit. HQC has a capital of nearly VND 5.8 trillion. The business plan over the past nine years has consistently fallen short of targets, with profits of only around VND 100 billion, far below expectations.

Typically, minimum revenue in the real estate sector should reach 50% of the charter capital. Currently, HQC has VND 5.8 trillion in capital, but its revenue in the previous year (2024) was only approximately VND 346 billion. The leadership considers this a significant challenge.

Another challenge for HQC lies in land funds and the ambitious goal of building social housing. The company needs to construct an additional 40,000 social housing units by 2030, requiring 200 hectares of land, while it currently possesses only 50 hectares. The leadership also notes that land conversion procedures and construction permits are additional hurdles.

The target of 40,000 social housing units requires approximately VND 40 trillion in investment capital, with a minimum of VND 10 trillion in medium to long-term bank loans. However, banks will only disburse funds for feasible projects with a high likelihood of repayment. HQC’s challenge is to demonstrate the feasibility of its projects (land funds, execution methods, efficiency, and capital flow) to access bank financing for itself and support customer loans.

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