More than 7,000 taxpayers in Ho Chi Minh City are listed as no longer operating at their registered addresses or having ceased operations without completing procedures to deactivate their tax codes. Among them are numerous property firms owing millions of US dollars in taxes.

Ho Chi Minh City tax authorities have published a list of 7,195 taxpayers that are no longer operating at their registered addresses or have ceased operations without completing procedures to deactivate their tax identification numbers. As of June 2026, their combined outstanding taxes and other payments to the state budget totaled US$219.9 million.

Notably, the list includes numerous companies operating in real estate, construction and industrial park development, with outstanding liabilities ranging from hundreds of thousands to millions of US dollars.

Topping the list is Descon Construction Corporation, which owes about US$14.2 million. A long-established construction contractor in Ho Chi Minh City, Descon was once controlled by a group of shareholders associated with Kusto Group and businessman Trinh Thanh Huy, who was linked to Binh Thien An Real Estate Company, the developer of the Diamond Island project.

Viet Hai Shipping and Real Properties Corporation is also among the largest tax debtors, owing about US$10.4 million. In addition to shipping, the company was previously known as the developer of the Me Linh New Urban Area and Golf Course, a project covering more than 217 hectares in Hanoi that had faced years of delays.

The Forest City Co., Ltd., part of the Novaland ecosystem, is also listed with outstanding tax liabilities of about US$8 million. The company is associated with The Tropicana subdivision of the NovaWorld Ho Tram resort megaproject in the former Ba Ria-Vung Tau Province.

Next is MSB Real Estate Co., Ltd., with outstanding taxes of approximately US$3.3 million. The company was previously involved in the Thang Long Number One project in Hanoi as a secondary investor.

Ngan Hiep Real Estate Corporation, a Novaland subsidiary, is listed with about US$2.4 million in outstanding taxes. The company is known as the developer of the Wonderland and Habana Island subdivisions of NovaWorld Ho Tram.

Khang Linh Co., Ltd. owes nearly US$2.3 million in taxes. It is the developer of the Khang Linh residential project in the former Ba Ria-Vung Tau Province. Hundreds of households that bought homes in the project nearly 20 years ago have yet to receive their ownership certificates.

Hung Vuong Developer Corporation, the developer of the Venezia Beach coastal tourism urban project, is also on the list with outstanding taxes of approximately US$679,000.

In the industrial real estate sector, KSB Industrial Development Co., Ltd. owes nearly US$3.1 million in taxes. The company is currently a wholly owned subsidiary of Binh Duong Mineral and Construction Corporation (KSB) and is developing the Dat Cuoc Industrial Park in the former Binh Duong Province.

Anh Phuong