According to Công an Nhân dân on August 11, Ho Chi Minh City’s Tax Authority has enforced a decision to collect overdue taxes from SMC by deducting funds directly from their accounts at the State Treasury and credit institutions.
The tax agency instructed various banks, including state-owned commercial banks, private banks, and foreign banks, to freeze and transfer funds from SMC’s accounts to enforce the administrative sanction decision for tax violations. All funds in SMC’s accounts at the concerned banks will be frozen until the company pays the enforced taxes.
However, shortly after the information was released, SMC immediately responded in a notice on August 12, stating that the “Company has fulfilled its tax obligations” according to Notification No. 10662/TB-HCM-KĐT dated July 22, 2025, and Decision No. 5137/QĐ-HCM-KĐT dated August 6, 2025, of the Ho Chi Minh City Tax Department.
Dismal Financial Results
This incident adds to the negative news surrounding the once-dominant player in Vietnam’s steel trade industry. In Q2 2025, SMC recorded a revenue of over VND 1,950 billion, a 13% decrease compared to the same period last year.
The company incurred a gross loss of VND 47 billion and a net loss of VND 66 billion, partially offset by an extraordinary gain of VND 170 billion from the disposal of fixed assets. Excluding this abnormal income, the financial picture would have been even more negative.
SMC’s Q2 2025 Financial Performance
Unit: Billion VND
Source: VietstockFinance
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Notably, SMC’s core business showed little positive change, while other steel companies and the real estate market began to recover.
SMC stated that in the first six months of 2025, despite implementing serious solutions to improve business performance, accelerating the disposal of assets and financial investments, and actively handling overdue debts, the domestic and international steel markets continued to face significant challenges.
According to SMC, steel prices and demand continuously declined sharply, and the domestic real estate sector remained unstable, significantly impacting the company’s production and business activities.
The company plans to continue actively implementing business solutions, recovering overdue debts, and considering enterprise restructuring in the coming time to improve performance in 2025.
– 15:23 12/08/2025
Introducing the New Toll Plaza: HCMC – Long Thanh Expressway, Operational from August 19th.
From August 19, the Vietnam Expressway Services Engineering Joint Stock Company (VEC) will implement toll collection for the use of the Hochiminh City – Long Thanh – Dau Giay Expressway at the toll station located at Vanh Dai 3 intersection. The toll rates will range from VND 9,000 to VND 413,000 per trip, depending on the vehicle type and distance traveled.
International Media Covers Secretary General To Lam’s Visit to South Korea
“The State visit of General Secretary To Lam and his wife, Ngo Phuong Ly, along with the high-ranking delegation from Vietnam to South Korea from August 10 to 13, garnered significant attention from international media outlets. “
A Proposal to Deregulate 16 Restricted Business Sectors
“In a recent communication to the Ministry of Finance, the Vietnam Chamber of Commerce and Industry (VCCI) proposed the abolition of conditions for 16 business sectors. This bold suggestion aims to foster a more dynamic and inclusive business environment, unleashing the potential of Vietnam’s diverse economic landscape.”
Secretary-General To Lam Holds Talks with South Korean President Lee Jae-myung
On the morning of August 11, following a formal welcoming ceremony at the Presidential Office in South Korea, Secretary-General To Lam held a high-level summit with South Korean President Lee Jae-myung.
Unlocking Trade Potential: Vietnam and South Korea Aim for $150 Billion Trade Target by 2030
The economic and trade relationship between Vietnam and South Korea is thriving, vividly illustrating the comprehensive strategic partnership between the two nations. South Korea stands as Vietnam’s largest investment partner, highlighting the robust nature of their economic ties.
