Recently, several media outlets published reports regarding the tax debt status of various enterprises in Ho Chi Minh City as of the August 2026 accounting closing date. Among these, Ba Ria – Vung Tau House Development Joint Stock Company (HODECO) was cited with an alleged tax and budgetary debt of nearly VND 64.3 billion.
HODECO explicitly affirms that, as of the present moment, the Company has no overdue tax liabilities or other state budget obligations. The figure of VND 64.3 billion—pertaining to land use fees and land rental fees for the Ecotown Phu My, Ngoc Tuoc Hill 2 Villa Area, and West 3/2 Housing Area projects—displayed on the tax management system does not accurately reflect unfulfilled tax or financial obligations of the Company. HODECO would like to clarify the details as follows:
On June 24, 2026, HODECO received Notice No. 25483/TB-TPHCM and Notice No. 25484/TB-TPHCM from the Ho Chi Minh City Tax Authority regarding the deductible land use fee amounts for:
- Housing Area No. 2 West of Route 3/2 Project (Ward 11, Vung Tau City, currently Phuoc Thang Ward, Ho Chi Minh City): Deductible amount of VND 52.64 billion.
- Hai Dang Housing Area – The Light City Project (Ward 12, Vung Tau City, currently Phuoc Thang Ward, Ho Chi Minh City): Deductible amount of VND 149.345 billion (overpaid by the Company).
Based on official notices from regulatory authorities, HODECO has fully satisfied its land use fee payment obligations to the State Budget for the two aforementioned projects in complete accordance with its assessed liabilities.
Throughout the execution of financial obligations, all land rental liabilities were offset against the overpaid land use fees previously remitted by the Company (with total overpayments amounting to approximately VND 150.7 billion). The Tax Authority has issued written confirmations certifying the complete fulfillment of land use fee payment obligations for these projects following the set-off of overpaid balances. Specifically:
- Notice No. 33162/TB-TPHCM dated August 28, 2026, issued by the HCMC Tax Department, confirming the fulfillment of land use fee obligations for the Ecotown Phu My project.
- Notice No. 32205/TB-TPHCM dated September 15, 2026, issued by the HCMC Tax Department, confirming the fulfillment of land use fee obligations for the Housing Area West of Route 3/2 project.
- Notice No. 32433/TB-TPHCM dated September 18, 2026, issued by the HCMC Tax Department, confirming the fulfillment of land use fee obligations for the Ngoc Tuoc Hill 2 Villa Area project.
Regarding the VND 64.3 billion figure listed as tax debt and other state obligations in Notice No. 32455/TB-TPHCM dated September 18, 2026 (as cited by the press), this figure represents system-generated data on the tax administration database. This occurs as the Tax Authority is finalizing the updating and posting of corresponding tax entries following HODECO’s payments in accordance with regulatory notices.
Therefore, the amount of VND 64.3 billion does not reflect any failure on HODECO’s part to pay land use fees or land rental fees. Rather, it is a technical artifact resulting from the ongoing administrative process of updating, reconciling, and setting off financial obligations on the Tax Authority’s electronic management system.
On September 28, 2026, HODECO submitted Official Dispatch No. 635/CV-PTN to the HCMC Tax Department, requesting data adjustments on the e-tax system. Currently, HODECO is actively coordinating with the Tax Authority to expedite system data updates, ensuring full and accurate representation of the Company’s state budget obligations.
In its corporate operations, HODECO consistently prioritizes and upholds strict adherence to its financial duties to the State Budget, while proactively liaising with authorities to resolve and complete necessary legal procedures in compliance with statutory regulations.
HODECO respectfully informs Shareholders, Investors, Customers, Partners, and Stakeholders that the above disclosure regarding the Company’s financial obligations to the State Budget is truthful, accurate, and transparent.
