AsemconnectVietnam - In the first 9 months of 2025, Thu Duc Housing Development Joint Stock Company (Thuduc House, code TDH - HOSE) recorded a profit after tax of more than VND103 billion, far exceeding the plan set for the whole year of 2025 despite the very ambitious target.

In the third quarter of 2025, Thuduc House recorded a net revenue growth of more than 5 times compared to the same period in 2024, reaching VND35.5 billion. After deducting cost of goods sold, expenses and other profits, net profit reached more than VND84 billion, an increase of 185% over the same period last year and the highest level since the second quarter of 2021.
Notably, in the third quarter, other profit recorded VND87.5 billion compared to the same period of VND31.3 billion (including other income of VND91.76 billion).
Thuduc House explained that the income of more than VND91 billion from winning the administrative lawsuit on "Administrative Decision Complaint" between Thuduc House and the Tax Department of Region II (currently Ho Chi Minh City Tax), related to the case where the Company was issued decisions on compulsory enforcement of administrative decisions on tax management by measures of stopping the use of invoices, stopping customs procedures for imported and exported goods, and enforcement by measures of withdrawing money from the Company's accounts at banks.
In the first 9 months of the year, Thuduc House recorded net revenue of VND61.3 billion, an increase of 67%, profit after tax of more than VND103 billion, much better than the loss of VND3.6 billion in the same period last year.
In 2025, Thuduc House aims for total consolidated revenue of VND235.4 billion, nearly 2.7 times higher than in 2024, with an expected after-tax profit of VND62.2 billion.
Thus, ending the first 9 months of 2025 with after-tax profit of VND103 billion, Thuduc House has completed 165.6% of the 2025 plan.
Mr. Tran Thanh Vinh, Chairman of the Board of Directors of Thuduc House, commented that 2025 is a pivotal year to restart production and business activities. The company will focus on resolving legal backlogs, restructuring existing real estate projects and implementing solutions to diversify revenue sources. In particular, the Company will take advantage of the land fund in the former Thu Duc area - a dynamically developing area with great growth potential - to promote key projects next to the land with convenient connection to metro traffic and the National Highway 13 expansion axis, these investment projects are all key investment projects of Ho Chi Minh City.
Thuduc House will focus on developing two key real estate projects in the Thu Duc area, including the first project being a 10-hectare commercial housing area in Hiep Binh ward, expected to provide more than 3,000 mid- to high-end apartments. The project integrates a system of utilities such as schools of all levels and riverside parks, meeting the needs of green and convenient living of residents; and the second project is Phuoc Long Town commercial center on an area of nearly 2,000 m², developed according to the "All-in-one" model integrating shopping, cuisine and diverse entertainment, serving the multi-dimensional needs of customers in the area.
Previously, the appeal court on September 23, 2025 tried the administrative case on "Complaints about administrative decisions in the field of tax" between this enterprise and the Ho Chi Minh City Tax Department (now Ho Chi Minh City Tax), the Trial Council declared that it did not accept the appeal of Ho Chi Minh City Tax and the Head of Ho Chi Minh City Tax; upheld the first instance judgment No. 133/2025/HCST dated April 24, 2025.
Accordingly, the administrative decisions of Ho Chi Minh City Tax related to the value added tax refund of VND365 billion and the late payment interest of VND74.7 billion (as of December 25, 2020) were annulled. At the same time, cancel decisions derived from the above administrative decisions, including the decision to stop using invoices; stop customs procedures for exported and imported goods.
In terms of asset size, as of September 30, 2025, Thuduc House's total assets increased slightly by 0.8% compared to the beginning of the year, equivalent to an increase of VND5.8 billion, to VND691.5 billion. Of which, the main assets recorded VND253.6 billion in inventory, accounting for 36.7% of total assets; VND135.6 billion in short-term receivables, accounting for 19.6% of total assets; VND133.9 billion in long-term receivables, accounting for 19.4% of total assets; VND112.8 billion in investment real estate, accounting for 16.3% of total assets and other items.
N.Nga
Source: VITIC/Tinnhanhchungkhoan