Thuan Loi Development And Investment Corporation (Vietnam)

The subject is considered a member company in Kim Oanh Group's ecosystem with its core business operation of investing in real estate projects when Ms. Dang Thi Kim Oanh (Chairwoman of Kim Oanh Group) and Mr. Nguyen Thuan (her husband) are shareholders in the subject. The subject's other shareholder is Ms. Nguyen Thi Nhung. Based on our investigation, Ms. Nguyen Thi Nhung is Legal Representative of Nam Kim Industrial Construction Investment Joint Stock Company. The subject, Kim Oanh Group and this company have a closed business relationship. In the past, Nam Kim Industrial Construction Investment Joint Stock Company mortgaged Phu Tan Industrial Park project to guarantee the subject's bank loan with an amount of more than VND 1,000 billion.Ms. Dang Thi Kim Oanh and Mr. Nguyen Thuan are famous businesswoman and businessman in the southern real estate market. However, besides the achievements, these people also had many scandals in the process of running their businesses. Typically, the subject had many violations in the implementation of Cau Do Residential Area project, My Phuoc 4B Residential Area project… Most noticeably, not only the subject but also other member companies in Kim Oanh Group fell into a situation of huge tax debts. According to Decision No. 3393/QD-CTBDU dated on 21 Jul 2021 and Decision No. 2362/QD-CTBDU dated on 21 Jul 2022 by Binh Duong Department of Taxation, the subject was enforced by stopping the use of invoices. The amount of money coerced was up to VND 57,023,212,967.Since 2022, the operation of real estate companies has faced many challenges under the impact of global economic crisis. The consumer spending is tightened than ever and credit capital flow for real estate is also constrained. Along with the above facts gathered, the subject's prospect should be reviewed more in the future.