Property developer Hoang Quan chairman banned from leaving country over tax debt

The subsidiary, Hoang Quan Can Tho, which develops seven property projects in Can Tho City, needs to pay the taxes in full before Tuan can start traveling abroad again, according to the local tax department.

This is the second travel ban imposed on Tuan this year.

Last month he had been prohibited from leaving for the same reason, with another subsidiary, Hoang Quan Mekong, being the alleged culprit.

The ban was lifted on June 19, but the new ban came into effect the same day.

VnExpress asked Hoang Quan about the ban but a company representative said there was no immediate response.

Hoang Quan is known for building thousands of social housing apartments in southern Vietnam, but has been struggling to find funding in the last eight years.

It recently signed a partnership deal with property developer Novaland and hopes to complete 3,000 social housing units this year. It targets revenues of VND2 trillion, a nearly seven-fold jump from 2023.

In the first half this year nearly 1,500 people were prohibited from leaving the country due to tax debts. They subsequently paid VND920 billion.