HCM City Reveals Major Tax-Debtors, Led by Xuyên Việt Oil Owing 1.678 Billion VND

The Ho Chi Minh City Tax Department has released a list of companies with significant tax debts. Xuyên Việt Oil Transport and Tourism Trading Co., Ltd. tops the list, owing over 1.678 billion VND.

Why this matters: The publication of tax-delinquent companies highlights the ongoing issue of tax evasion and its impact on the economy. If left unchecked, it could lead to a loss of revenue for the government and undermine public trust in the tax system.

Other companies with substantial tax debts include Long Hưng Trading and Service Company Limited with over 330 billion VND, Hiệp Hưng Shoes with 145 billion VND, and Timatex Co., Ltd. with over 128 billion VND. Additionally, 118 Traffic Construction Investment and Exploitation Joint Stock Company owes over 584 billion VND, highlighting the need for business news transparency.

The list also features several well-known businesses. Thu Duc Housing Development Joint Stock Company has a debt of over 91.7 billion VND, Truong Thinh Phat Real Estate Construction Investment Joint Stock Company owes over 89 billion VND, and SWP Tay Nam Petroleum Company Limited owes over 87 billion VND.

Other notable entries include FPT Telecom Tan Thuan with a debt of over 69 billion VND, AA Architectural Construction Joint Stock Company with over 58 billion VND, and Asanzo Group Joint Stock Company with over 52 billion VND, highlighting the need for tax reform.

The list reveals that numerous businesses in the construction sector have significant tax debts. Companies such as Saigon Post and Telecommunications Services Joint Stock Company (over 40 billion VND), Cotec Investment and Construction Joint Stock Company (over 37 billion VND), and Khai Thinh Real Estate Joint Stock Company (over 37 billion VND) are also included.

Additionally, several companies in the gold business sector owe taxes. Ben Thanh Jewelry Joint Stock Company has a debt of over 449 million VND, and SJC Ban Co Jewelry Joint Stock Company owes over 118 million VND.

Key Takeaways

• HCMC Tax Department releases list of companies with significant tax debts.
• Xuyên Việt Oil Transport tops the list with over 1.678 billion VND owed.
• Construction and gold business sectors have numerous companies with tax debts.
• Companies owe a total of over 4.604 trillion VND in taxes.
• Disclosure highlights need for tax reform and improved tax enforcement.