Thuduc House (TDH) Board Vacated as Chairman and All Directors Resign

Overview

Thuduc House Joint Stock Company (HoSE: TDH) announced on January 13 that Chairman Nguyễn Quang Nghĩa and all current board members have submitted resignation letters, leaving the Board of Directors completely vacant. This follows the resignation of the CEO in late November 2024 and occurs against a backdrop of ongoing tax enforcement actions against the company. The simultaneous departure of all governance leadership creates immediate operational uncertainty for the real estate developer.

Key Facts

• Chairman Nguyễn Quang Nghĩa submitted his resignation on January 13, 2025, citing personal reasons.
• Between December 6-19, 2024, Chairman Nghĩa sold approximately 20.7 million TDH shares, reducing his holding to 52,000 shares (0.046337%).
• Board member Hoàng Anh Phúc resigned on January 10, 2025, after being appointed in June 2024.
• Board member Nguyễn Thị Tường Vy resigned in late December 2024, leaving no remaining board members.
• CEO Nguyễn Hải Long resigned in late November 2024 after seven months in the role, replaced by Trần Thị Liên.
• Hồ Chí Minh City Tax Department enforces monthly tax collections exceeding VND 91 billion against Thuduc House.
• The enforcement relates to a VND 365.5 billion electronic component smuggling case from 2017-2019 involving tax refund fraud.

What Happened

According to company filings, Thuduc House received resignation letters from Chairman Nguyễn Quang Nghĩa and all current board members in January 2025. Chairman Nghĩa, who was elected by shareholders in August 2023 to serve the 2020-2025 term, stated in his resignation letter that he could no longer continue in his role due to personal reasons. His resignation follows significant share sales in December 2024, where he disposed of nearly 20.7 million TDH shares, leaving him with a minimal stake.

The board vacancies compound recent leadership instability. Board member Hoàng Anh Phúc resigned on January 10, 2025, after being appointed in June 2024 to replace a dismissed member. Board member Nguyễn Thị Tường Vy resigned in late December 2024. These departures follow the resignation of CEO Nguyễn Hải Long in late November 2024 after just seven months in the position. The company has not announced interim board appointments or a timeline for shareholder elections to fill the vacancies.

Market Context

TDH trades on the Ho Chi Minh Stock Exchange (HoSE) as a real estate developer focused primarily on residential projects in Thủ Đức City, Hồ Chí Minh City. The company’s stock has faced significant pressure in recent years, with the article noting it “launched into a nosedive” following its involvement in the VND 365.5 billion smuggling case. The ongoing monthly tax enforcement actions of over VND 91 billion create continuous financial strain, while the complete evacuation of board leadership adds governance risk that may further impact investor confidence and stock liquidity.

Strategic Significance

The mass resignation of Thuduc House’s entire board represents a critical breakdown in corporate governance at a time when the company faces substantial legal and financial challenges. For long-term investors, the absence of a functioning board impedes strategic decision-making, regulatory compliance, and oversight of management during ongoing tax enforcement. This governance vacuum may delay or complicate any potential restructuring efforts needed to address the company’s VND 365.5 billion legal liability and stabilize operations in Thủ Đức’s competitive real estate market.

What to Watch

• Announcement of interim board appointments or schedule for an extraordinary general meeting to elect new directors.
• Q4 2024 and full-year 2024 financial results, particularly regarding cash flow and provisions for tax liabilities.
• Updates on the status of monthly tax enforcement actions by Hồ Chí Minh City Tax Department.
• Any regulatory communications from the State Securities Commission regarding the board vacancies.
• Management commentary from new CEO Trần Thị Liên on operational continuity.