In the trading session on April 22, TDH shares increased to the ceiling price from the beginning of the trading session to 3,990 VND/share, an increase of 6.97% compared to the reference price.The stock maintained its purple color until the end of the session with liquidity reaching more than 335,000 units, while the ceiling price buying surplus reached nearly 1.8 million shares, showing a clear excitement of investors.
The main driving force came from information that the enterprise was officially removed from all tax enforcement measures lasting for 5 years.Accordingly, Thu Duc Housing Development Joint Stock Company (Thuduc House) said that it had received Notice No. 9836/TB-TPHCM from Ho Chi Minh City Tax Department on the implementation of Administrative Appellate Judgment No. 332/2025/HC-PT dated September 23, 2025 of the High People's Court in Ho Chi Minh City.
According to the content of the notice, the tax authority officially enforced the judgment, thereby terminating the administrative coercive measures against Thuduc House, including stopping customs procedures for exported and imported goods; stopping the use of invoices; freezing bank accounts (the trial of these decisions has been suspended due to expiration at the time of trial) and notices of tax debt from December 2020 to April 2025 related to the late payment amount of more than 365.5 billion VND.In particular, the enforcement of this judgment has directly removed preventive measures against the transfer and mortgage of assets owned by Thuduc House.
Previously, the appellate court session on September 23, 2025, tried the administrative case on "Lawyering for administrative decisions in the field of taxation" between this enterprise and the Ho Chi Minh City Tax Department (now Ho Chi Minh City Tax Department), the Trial Panel declared not to accept the appeal of Ho Chi Minh City Tax Department and the Chief Tax Officer of Ho Chi Minh City; upheld the first-instance judgment No. 133/2025/HCST dated April 24, 2025.
Accordingly, administrative decisions of Ho Chi Minh City Tax Department related to value-added tax refunds of 365 billion VND and late payment interest of 74.7 billion VND (as of December 25, 2020) were cancelled.At the same time, decisions derived from the above administrative decisions were cancelled, including decisions to stop using invoices; stop customs procedures for exported and imported goods.
Thuduc House was originally a state-owned enterprise established in 1990 in Ho Chi Minh City, equitized in 2000 and listed on HOSE from 2006.The enterprise once developed many housing, commercial and service projects in major cities.After a long period of difficulties, 2025 is considered by the Board of Directors as an important step to restructure and bring operations back to a profitable state.
By the end of 2025, Thuduc House recorded total revenue of 253.03 billion VND, completing 107.5% compared to the plan; after-tax profit reached 108.85 billion VND, completing 163.73% compared to the plan.
The asset scale by the end of 2025 is maintained at around 685 billion VND. Liabilities decreased, while equity increased to more than 181 billion VND thanks to accumulated profits. However, accumulated losses are still nearly 948 billion VND, continuing to be a major pressure in the coming years.
According to the plan, on April 24th, Thuduc House will hold the 2026 Annual General Meeting of Shareholders.According to documents of the newly announced Annual General Meeting of Shareholders, total consolidated revenue in 2026 is expected to be around 250 billion VND, almost unchanged compared to the previous year.Meanwhile, net profit is estimated at about 38 billion VND, down nearly 65%.
