The Skyrocketing Profits of Dat Xanh and its Affiliated Companies: A Tale of Tax Debts and Financial Strategies

Gem Sky World Project Owner Owes Overdue Taxes of VND 264 Billion

According to Notification No. 1375/TB-TPHCM dated July 29 from Ho Chi Minh City Tax Department, there are 340 enterprises in the city that owe taxes and other amounts payable to the state budget. The total amount of overdue tax debts for more than 90 days as of June 2025 for these enterprises reached VND 1,721 billion.

Topping this list of tax debtors is Ha An Real Estate Joint Stock Company with an amount of nearly VND 264 billion.

Ha An Real Estate was established in February 2018 and was acquired by Dat Xanh Group in August of the same year. It is currently a direct subsidiary of DXG, with the latter owning 99% of its capital.

In May 2024, Ha An Real Estate received additional capital from Dat Xanh, increasing its charter capital from VND 8,800 billion to VND 9,918 billion. As of May 2025, Mr. Ngo Quang Ninh (born in 1983) replaced Mr. Hoang Ngoc Phe as the CEO of the company.

Ha An Real Estate was the winner of the auction for a 92-hectare public land plot in Long Thanh District, Dong Nai Province, with a price of nearly VND 3,060 billion in late August 2019. This is the site where the Gem Sky World project is currently being developed.

In addition to Gem Sky World, the company is also the investor of several other key projects of DXG such as Opal Skyline, Opal Boulevard, Opal Luxury, and Datxanhomes Riverside (formerly known as Gem Riverside)…

In terms of business performance, in the first half of 2024, Ha An Real Estate reported after-tax profit of nearly VND 50 billion, a decrease of 79% compared to the same period. As of the end of the second quarter of 2024, the company’s owner’s equity increased by 5% to VND 10,750 billion.

Dat Xanh Group and its Affiliated Company Owe Taxes Worth Billions

In addition to Ha An Real Estate, its parent company, Dat Xanh Real Estate Joint Stock Company (code: DXG on HoSE), was also mentioned for tax debts.

Specifically, Tax Branch 14 Ho Chi Minh City (under Ho Chi Minh City Tax Department) on July 24 issued Notification No. 595/TB-TCS14 disclosing a list of 340 enterprises that still owe taxes and other amounts payable to the state budget as of the end of June 2025.

In this list, Dat Xanh Group ranked first with a tax debt of VND 52.4 billion. Additionally, Dat Xanh Southern Services and Investment Joint Stock Company (an affiliated company in which DXG holds 49.07%) also owed taxes amounting to VND 16.2 billion.

Notably, Dat Xanh Group owes taxes while recently reporting a second-quarter after-tax profit of VND 277 billion for 2025, double that of the same period last year. This growth was mainly driven by financial revenue and cost savings.

Specifically, the consolidated financial statements for the second quarter of 2025 recorded DXG’s net revenue of VND 1,046 billion, a 7% decrease compared to the same period.

Notably, financial revenue surged to over VND 37 billion, compared to only VND 4.5 billion in the same period last year. This increase was mainly due to interest income from deposits. As of the end of the second quarter of 2025, DXG had increased its deposits by over VND 2,000 billion to VND 3,400 billion.

While financial revenue increased, financial expenses decreased by 60% compared to the same period last year, reaching only VND 43 billion. Selling expenses also decreased by 29% to VND 150 billion. Meanwhile, management expenses increased by 15% to VND 85 billion.

In addition, Dat Xanh recorded other income of VND 42 billion, up 40%, and profit from joint ventures and associates of nearly VND 65 million, while in the same period last year, it recorded a loss of nearly VND 16 billion.

For the first six months of 2025, DXG achieved net revenue of VND 1,970 billion, a decrease of 10%, but after-tax profit reached VND 355 billion, up 108% over the same period last year.

For the full year 2025, Dat Xanh sets a target of VND 7,000 billion in consolidated revenue and VND 368 billion in after-tax profit, up 46% and 44%, respectively, compared to 2024. Thus, after the first half, the company has achieved only 28% of its revenue target but is close to its profit target.

As of June 30, 2025, the company’s total assets reached nearly VND 32,700 billion, an increase of VND 3,500 billion compared to the beginning of the year.

Inventories increased by over VND 700 billion in the first six months, reaching VND 14,133 billion. Of this, work-in-progress real estate accounted for a value of over VND 9,800 billion.

In terms of capital sources, the company’s financial debts amounted to nearly VND 5,900 billion, a decrease of nearly VND 600 billion compared to the beginning of the year. Most of this debt is bank loans, with bond debt standing at nearly VND 650 billion.