According to a November 17, 2025 announcement by the Khanh Hoa Provincial Tax Department, as of November 12, 2025, Vinh Thien Duong Paradise Bay Tourism Company Limited (referred to as Paradise Bay) owes nearly VND 21.6 billion in taxes. This includes VND 1 billion in withheld personal income tax, VND 15.7 billion in value-added tax, nearly VND 1.5 billion in other taxes, VND 11.5 million in late payment penalties for personal income tax, and VND 3.3 billion in late payment penalties for value-added tax. The amount of tax debt overdue by more than 90 days is VND 16.7 billion.
The Khanh Hoa Tax Department stated that if Paradise Bay fails to fulfill its tax obligations within 30 days of the notice, the tax authority will impose a temporary travel ban on Mr. Duong Tuan Anh, the company’s CEO and legal representative.
Mr. Tuan Anh has held this position since May 2022. Paradise Bay was established on February 5, 2013, with a focus on real estate business, an initial charter capital of VND 105 billion, and 95% foreign ownership. At the time of its establishment, the company was led by Mr. Hemant Patel as CEO.
Currently, the company’s charter capital is VND 800 billion, with 99.34% owned by Elgin Investments Pte Ltd (Singapore) and the remaining 0.66% held by Mr. Tuan Anh.
In 2021-2022, Paradise Bay reported consecutive losses of VND 701.4 billion and VND 832 billion, respectively. By the end of 2022, the owner’s equity was negative at nearly VND 1,576 billion. The debt-to-equity ratio stood at -3.67, with total liabilities amounting to VND 5,783 billion. Paradise Bay is the developer of the ALMA Resort Cam Ranh project, spanning 30 hectares at Lot D7a2, TT4X6 North Cam Ranh Peninsula Tourism Area, Cam Hai Dong Commune, Cam Lam District, Khanh Hoa Province.
In the hospitality real estate market, Paradise Bay is known for selling vacation ownership models. However, this model has been embroiled in controversies, including lawsuits and contract disputes between buyers and the company. In 2022, consumer complaints arose regarding Paradise Bay’s business model. Based on these complaints, the Competition and Consumer Protection Department (now the National Competition Commission) conducted an inspection of the company. As a result, Paradise Bay was fined for two violations: providing incomplete and inaccurate information to consumers and using contracts with font sizes smaller than regulations. The National Competition Commission also issued recommendations for consumers participating in the “vacation ownership” model.
In addition to Paradise Bay, in July, Mr. Tuan Anh became the CEO and legal representative of Blenheim Vietnam Real Estate Company Limited. This company is headquartered in Hanoi with a charter capital of over VND 1.7 billion and is owned by Blenheim Investment Holdings Vietnam, based in the United Kingdom.
– 2:00 PM, November 26, 2025
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