HCMC – More than 5,500 businesses in HCMC have accumulated VND2.45 trillion in overdue tax debt, according to the city’s Customs Department.
The smallest debt reported is VND2,000, with 20 companies owing less than VND10,000 and around 150 firms with debts under VND100,000.
A significant portion of the total debt is concentrated among businesses managed by the customs sub-department for investment goods. Over 400 companies owe more than VND1 billion each.
Several companies have much larger debt, ranging from tens to hundreds of billions of Vietnam dong.
Foreign-invested firms are prominent among these major debtors. NIVL JSC tops the list with debt of over VND152 billion, followed by Saigon Offshore Fabrication and Engineering Limited (Sofel Singapore) with debt of VND54 billion.
In April 2023, Sofel’s creditors agreed to initiate bankruptcy proceedings. The company’s current debt amounts to VND2 trillion, while its remaining assets are valued at about VND73 billion.
Other significant debtors include Silver Star Vietnam Company, which owes nearly VND48 billion, and QMI Industrial Vietnam Company, with over VND38 billion in debt.
Domestic firms also feature among the major debtors. HPM Trading Services Export Import Company owes over VND41 billion and was previously subject to customs clearance suspension due to overdue taxes at the end of last year.
Other domestic companies with notable debts include Huu Lien Asia Corporation, owing over VND35 billion, and Saigonport Import-Export & Services JSC, with debt of VND34.5 billion.
