Renewables company’s tax dues prevent chairman from travelling abroad

May 24, 2024 - 15:39

The chairman of major hydroelectricity and renewable energy producer Trung Nam Group has been prohibited from leaving the country until the company pays its tax debts of VNĐ21 billion (US$840,000).

The 152 MW wind farm in Ninh Thuận Province, the largest in Việt Nam, built by Trung Nam group. The company’s chairman has been prohibited from leaving the country since it owes money to the taxman. — Photo courtesy of Trung Nam

HCM CITY — The chairman of major hydroelectricity and renewable energy producer Trung Nam Group has been prohibited from leaving the country until the company pays its tax debts of VNĐ21 billion (US$840,000).

Nguyễn Tâm Thịnh’s ban is related to taxes owed by the company’s Thuận Nam solar power plant.

The company said the plant is struggling due to slow payments for electricity by state-owned Electricity Vietnam (EVN).

The company recently paid overdue customs duties of over VNĐ27.5 billion in HCM City.

The company has outstanding bonds worth VNĐ24.3 trillion, and subsidiaries too have issued bonds.

But it nevertheless remains a significant player in the energy industry. — VNS

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