Thuduc House (TDH) Lifts Asset Freeze, Paving Way for Recovery

Overview

Thuduc House (TDH), listed on HoSE, announced that the asset transfer and mortgage prevention measures imposed by the Ho Chi Minh City Tax Department have been officially lifted. This follows an appellate court ruling, marking a significant step in resolving long-standing legal issues and supporting the company’s business recovery.

Key Facts

• The Ho Chi Minh City Tax Department issued Notice No. 10463/TPHCM-QLDN2 on August 4, 2026, terminating the asset transfer and mortgage prevention measures against Thuduc House.
• The termination follows the appellate administrative judgment No. 332/2025/HC-PT dated September 23, 2025, by the High People’s Court in Ho Chi Minh City.
• The tax authority requested relevant agencies to revoke the earlier prevention notice dated April 22, 2024.
• Previously, in April 2026, TDH received a notice about the execution of the same appellate judgment, which also ended other administrative enforcement measures such as customs suspension, invoice usage halt, and bank account freeze.
• The judgment also relates to tax debt notices from December 2020 to April 2025, including late payment interest on VND 365.5 billion.
• In H1 2026, TDH reported net revenue of approximately VND 117 billion, four times higher than the previous year.

What Happened

Thuduc House (TDH) announced that the asset transfer and mortgage prevention measures imposed by the Ho Chi Minh City Tax Department have been officially lifted. The company received Notice No. 10463/TPHCM-QLDN2 dated August 4, 2026, from the tax authority, which confirmed the termination of these measures. This action is in compliance with the appellate administrative judgment No. 332/2025/HC-PT issued on September 23, 2025, by the High People’s Court in Ho Chi Minh City.

The tax authority has requested the Department of Registration of Secured Transactions, the Ho Chi Minh City Department of Justice, the Department of Agriculture and Environment, the Land Registration Office, and other relevant agencies to revoke the earlier prevention notice dated April 22, 2024. This development follows an earlier notice in April 2026, when the tax authority began executing the appellate judgment, which also ended other administrative enforcement measures such as customs suspension, invoice usage halt, and bank account freeze. The judgment also addressed tax debt notices from December 2020 to April 2025, including late payment interest on VND 365.5 billion.

Market Context

Thuduc House (TDH) closed at VND 3,410 on August 11, 2026, on the HoSE. The stock has been under pressure due to prolonged legal issues, but the removal of these asset restrictions is a positive signal for the company’s recovery. The broader Vietnamese real estate sector has been gradually recovering, and TDH’s improved revenue in H1 2026, which quadrupled to about VND 117 billion, indicates early signs of operational rebound.

Strategic Significance

For long-term investors, the lifting of asset transfer and mortgage prevention measures is a critical step in Thuduc House’s restructuring and recovery. It allows the company to freely manage, utilize, or dispose of its assets, which is essential for generating cash flow and funding ongoing projects. This legal clarity reduces uncertainty and could attract potential partners or investors. The company’s ability to resolve its tax disputes and regain operational flexibility will be key to its long-term viability in the competitive real estate market.

What to Watch

• Subsequent quarterly earnings reports to confirm sustained revenue growth and profitability.
• Any announcements regarding asset sales, project development, or new partnerships enabled by the lifted restrictions.
• Updates on the resolution of remaining tax disputes or other legal proceedings.
• Changes in TDH’s stock price and trading volume on the HoSE as the market reacts to the news.
• Management’s guidance on future business plans and capital allocation.