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Real estate company in Ho Chi Minh City furloughs entire staff over financial crunch

Real estate company in Ho Chi Minh City furloughs entire staff over financial crunch

Friday, November 17, 2023, 19:53 GMT+7
Real estate company in Ho Chi Minh City furloughs entire staff over financial crunch
A real estate project implemented by Housing Development and Trading JSC is shown in this photo taken from the company's website.

Housing Development and Trading JSC (HDTC), a real estate firm in Ho Chi Minh City, on Thursday announced that it would let its entire executives and employees take unpaid leave from Sunday next week since the company has no revenue to pay their salaries.

They will stay at home pending further notice. 

The company’s board of directors agreed to keep key employees only on account of its difficult financial situation.

HDTC, established in 1984, used to be a state-owned enterprise before becoming a joint stock company in 2016.

It has nearly 1,000 employees, news site VnExpress reported.

It is the developer of more than 30 housing projects nationwide, mainly in Ho Chi Minh City.

The company has also developed Lang Co Spa & Resort and Thien An golf course in Thua Thien-Hue Province, and Green Paradise Luxury Resort in Quy Nhon City, Binh Dinh Province, all in central Vietnam.

As for HDTC’s performance, its revenue totaled VND830 billion (US$34.2 million) while its after-tax profit hit VND96 billion ($4 million) in 2022, according to the company’s documents for its annual shareholder meeting in 2023.

The company set a target to generate VND1 trillion ($41.3 million) in revenue and VND200 billion ($8.3 billion) in profits this year.

Ho Chi Minh City police officers launched legal proceedings against Dinh Truong Chinh, former chairman of HDTC’s board of directors, late last month for his alleged land-related violations.

HDTC later informed that Chinh was prosecuted for wrongdoings while being chairman of another company.

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Thanh Ha - Binh Khanh / Tuoi Tre News


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