Thuduc House (TDH) Stock Hits Ceiling After 5-Year Tax Enforcement Lifted

Overview

Thuduc House (TDH) stock surged to the ceiling on April 22, 2026, after the company announced that the Ho Chi Minh City Tax Department had lifted all tax enforcement measures that had been in place since 2020. The removal of these restrictions, which included customs holds, invoice suspensions, and bank account freezes, allows the real estate firm to resume normal operations. TDH shares closed the morning session at VND 3,990, up 6.97%, with nearly 1.7 million shares bid at the ceiling price.

Key Facts

• TDH stock hit the ceiling at VND 3,990 per share on April 22, 2026, up 6.97% from the reference price.
• Trading volume reached over 241,000 shares in the morning session, with buy orders at the ceiling price totaling nearly 1.7 million shares.
• The Ho Chi Minh City Tax Department canceled three enforcement decisions issued in late 2020 and early 2021.
• All administrative enforcement measures, including customs procedure suspension, invoice usage halt, and bank account freeze, have been terminated.
• Tax arrears notices related to late payment penalties of over VND 365.5 billion incurred from December 2020 to April 2025 have been fully canceled.
• In 2025, Thuduc House reported revenue of VND 253 billion and net profit of VND 108 billion, the highest since 2020 and nearly double its plan.
• The company’s 2026 plan targets revenue of VND 249.7 billion and net profit of VND 38.5 billion, down 1% and 64% year-on-year, respectively.

What Happened

Thuduc House (CTCP Phát triển Nhà Thủ Đức) received official notification from the Ho Chi Minh City Tax Department that all tax enforcement measures imposed since 2020 have been lifted. The measures included the suspension of customs procedures, a halt on invoice usage, and the freezing of bank accounts, which had severely disrupted the company’s operations for five years. The tax authority also canceled all related tax arrears notices for late payment penalties exceeding VND 365.5 billion.

The lifting of enforcement follows a legal victory in September 2025, when the High People’s Court in Ho Chi Minh City ruled in favor of Thuduc House in a case involving alleged irregularities in electronic component exports. The company had been under tax enforcement since early 2021, leading to a record loss of VND 942 billion in 2021 and a near halt in business activities.

Market Context

TDH is listed on the Ho Chi Minh Stock Exchange (HOSE) and has been under control listing status due to its financial difficulties. The stock has been volatile, with the lifting of tax enforcement providing a significant catalyst. The surge in TDH shares on April 22 reflects renewed investor confidence, as the removal of operational restrictions allows the company to resume normal business activities. The broader real estate sector on HOSE has seen mixed performance, with TDH’s move standing out as a company-specific event.

Strategic Significance

The complete removal of tax enforcement measures marks a turning point for Thuduc House, enabling it to fully resume operations, including property development and transactions. The company’s improved financial performance in 2025, with net profit of VND 108 billion, demonstrates a recovery trajectory. However, the conservative 2026 profit target of VND 38.5 billion suggests management is cautious about the pace of normalization. The lifting of asset transfer and mortgage restrictions also opens the door for potential asset sales or project financing, which could support future growth.

What to Watch

• Details from the upcoming Annual General Meeting of Shareholders (AGM) in April 2026, including any strategic plans or capital increases.
• The company’s ability to resume suspended projects and generate revenue from property sales in the coming quarters.
• Any further legal or regulatory developments related to the earlier export irregularities case.
• The impact of the lifted enforcement on TDH’s listing status and potential for removal from the control list.
• Quarterly financial results for Q1 2026 to assess the pace of operational recovery.