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Companies under Vietnam’s Khaisilk owe combined $215,000 tax arrears

Saturday, April 20, 2019, 15:53 GMT+7
Companies under Vietnam’s Khaisilk owe combined $215,000 tax arrears
A palace used to be owned by Khaisilk is seen in District 7, Ho Chi Minh City. Photo: Ngoc Phuong / Tuoi Tre

Three entities under the umbrella of Khaisilk Corp, a Vietnamese conglomerate once regarded as a premium silk manufacturer, have been collectively subject to more than VND5.4 billion (US$215,000) worth of tax arrears, according to the Ho Chi Minh City tax department.

Khaisilk Corp is owned and run by Hoang Khai, a business tycoon whose reputation was marred in a high-profile scandal in 2017, when his products, branded as premium Vietnamese silk, were found to be made of Chinese materials.

Hoang Khai Co., a private enterprise whose legal representative is Khai, a Hoang Khai Co. branch, and Khai Duc Co., Ltd are among 1,691 entities named in the list of tax debtors that has recently been released by the municipal tax department.

In particular, Hoang Khai Co., which operates in real estate, is subject to a VND4.969 billion ($213,667) in value-added tax (VAT) arrears and a VND181 million ($7,783) fine for late tax payment by the end of February. The amount has amounted to VND6.232 billion ($267,976) by the end of last month.

The sum was incurred from the transfer deals of a palace and a restaurant, both owned by Khaisilk Corp, in District 7 at the end of last year, according to a leader from the district’s tax division.

The Hoang Khai Co. branch for its part owes VND244 million ($10,429) in VAT and is subject to a VND15 million ($645) penalty for late tax payment, while Khai Duc Co., which operates in the retail sector, owes VND793 million ($34,099) in VAT and is fined VND27 million ($1,161) for late tax payment.

The tax division of District 7, where Hoang Khai Co. and Khai Duc Co. are located, has invited the two companies to a mutual working session but neither companies ever sent their representatives to the meeting.

As the tax debt has been due, the division has transferred the list of tax debtors in the district, including the Khaisilk entities, to the Ho Chi Minh City tax department for public announcement.

Founded in the late 1990s, Khaisilk Corp built its reputation from its scarves, which were considered a premium product, popular amongst local luxury consumers and international tourists.

Following the scandal of selling Chinese-made silk scarves under ‘Made-in-Vietnam” labels in late 2017, an inspection into Khaisilk business later found that the company’s products did not contain any silk at all.

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