Phat Dat Clarifies Tax Status Amid Exit Ban Warning

Ho Chi Minh City, Vietnam – Phat Dat Real Estate Development Corporation has publicly stated that a recent exit ban warning issued against its CEO, Bui Quang Anh Vu, is "inappropriate." The company confirmed it fulfilled its tax obligations on September 24, 2025, receiving official confirmation two days later. This clarification comes after information about a possible temporary exit ban circulated on October 4, 2025.

Tax Department Issues Warning

On October 4, 2025, reports emerged regarding a potential temporary exit ban for Bui Quang Anh Vu. Mr. Vu is a board member and the CEO of Phat Dat. The Ho Chi Minh City Tax Department issued this warning. According to the department, their tax management system showed that Phat Dat owed nearly VND9.3 billion, equivalent to approximately $352,473, as of September 19, 2025. This amount included taxes, penalties, and late payment interest.

Phat Dat's Official Response

Phat Dat, a major property developer in Ho Chi Minh City, responded on the same day. The company released an official statement. It clarified that all tax obligations had been fully resolved by September 24, 2025. This resolution followed enforcement measures by the Ho Chi Minh City Tax Department. The department itself confirmed this fulfillment in Document No. 10807/QĐ-HCM-KĐT on September 26, 2025.

All relevant documents were made public. They were posted on Phat Dat’s official website. They were also shared with relevant authorities and organizations. This means Phat Dat had settled its tax obligations almost a week before September 30, 2025. The tax department’s notification regarding an exit ban on Mr. Vu, the company's legal representative, was issued on that date.

"Phat Dat affirms that this notification is entirely inappropriate, seriously affecting the legal rights and interests of the company, Vu personally, and its shareholders, investors, and partners."

Impact on Company and Shareholders

The company stated that the exit ban notification was inappropriate. It said the warning seriously affects the legal rights and interests of the company. It also impacts Mr. Vu personally. Furthermore, it affects Phat Dat's shareholders, investors, and partners. The company voiced concern that this incident could lead to misinformation. This might cause public confusion. It could also negatively affect its more than 56,000 current shareholders.

Mr. Vu continues his duties as CEO. He is also preparing to attend international conferences and meetings as planned. Phat Dat emphasized its commitment to legal compliance. It also pledged to fulfill its obligations to state authorities. The company highlighted its dedication to transparency in business. This is to ensure sustainable development for both the company and the community.

Financial Performance and Market Activity

PDR shares, listed on the Ho Chi Minh Stock Exchange (HoSE), have shown notable market activity. From around VND15,000 per share in May 2025, shares increased to approximately VND25,000. They later adjusted to VND21,600, or about $0.82 per share, in September. This movement mirrored broader market trends. The company’s financial performance in the first half of 2025 also indicates growth.

First Half 2025 Results

In the first half of 2025, Phat Dat reported net revenue of VND458 billion. This is roughly $17.47 million. This figure represents a 2.7-fold increase compared to the same period last year. After-tax profit reached VND115.5 billion, or about $4.25 million, an increase of 13.2%.

The company’s cash holdings dropped sharply. They went from VND343.7 billion to just VND25.2 billion, or $961,098. Held-to-maturity investments also decreased. They fell from VND115 billion to VND100 billion, or $4.39 million. Conversely, receivables increased. They rose from VND6,900 billion to VND7,570 billion, or $288.7 million. This was primarily due to a VND337 billion long-term loan receivable. Inventory slightly increased to VND14,100 billion. This accounts for 58% of Phat Dat's total assets.

Capital and Debt Structure

On the liabilities side, a share conversion with ACA Vietnam increased Phat Dat’s charter capital. It rose from VND8,730 billion to VND9,070 billion, or $345.92 million. Share premium also saw a significant increase. It grew from VND70 billion to VND410 billion.

However, interest-bearing debt increased by VND338 billion. It reached VND5,680 billion. This rise was driven by bank borrowings. These loans were used for project financing and asset acquisition. The company’s short-term customer deposits decreased. They fell from VND133.5 billion at the start of the year to VND50.8 billion, or $1.94 million. This type of deposit often serves as a cash buffer for real estate firms. Most of this decline came from the Bac Ha Thanh urban renovation project. Advance payments for this project dropped from VND130 billion to VND25.4 billion.

Future Outlook and Strategic Shift

By mid-year, Phat Dat had achieved only 14% of its revenue target and 15.9% of its after-tax profit target for the full year. This places significant pressure on the company's performance in the second half of 2025. For the full year, Phat Dat has set ambitious targets. It aims for VND3,300 billion, or $125.86 million, in revenue. It also targets VND728 billion, or $27.76 million, in after-tax profit. These targets are four times and 4.7 times higher than the 2024 results, respectively.

During the company’s 2025 Annual General Meeting in late June, CEO Bui Quang Anh Vu confirmed plans for the second half of the year. He stated that H2 results will be driven by revenue and profit from the Bac Ha Thanh (Quy Nhon Iconic) project. This project is in what was Binh Dinh province, now part of Gia Lai province. Stake divestments and service income will also contribute.

Project Developments and Funding

Phat Dat noted an improved macroeconomic climate in the first half of the year. This supported a more favorable real estate environment. In the first quarter, the company sold 125 land plots at Quy Nhon Iconic. This generated VND435 billion, or $16.5 million. In the second quarter, Phat Dat sold over 1,000 units at the La Pura project. This project is in what was Binh Duong province, now part of Ho Chi Minh City. The company also plans to launch another 1,000 units in September.

Several other projects are advancing legally. They may soon be monetized. The Thuan An 1 project, also in the former Binh Duong province, has secured all necessary permits. It is ready for launch. An 80% stake in this project has already been sold to a foreign partner. Payment is expected in September.

According to Phat Dat leadership, the company is entering a new growth phase. It has a more aggressive vision. It is strategically shifting its focus to major urban centers. It plans to develop iconic projects. To achieve this, the company is actively raising financial resources. Chairman Nguyen Van Dat demonstrated his commitment. He sold 88 million PDR shares from his personal holdings. This transaction, conducted via throughput, is expected to raise around VND2,000 billion, or $75.8 million. These funds will be converted into resources to support the company.

PDR shares closed on Friday at VND21,600, or $0.82 per share.