The Thien Minh Duc Group, led by fuel magnate Chu Thi Thanh, has been named the biggest tax debtor in Nghe An, owing more than $42 million (1.081 trillion VND).

The Nghe An Tax Department recently released a list of taxpayers with outstanding tax liabilities and other debts to the state budget as of February.

According to the report, as of February 24, a total of 55 businesses in the province had accumulated tax debts exceeding $50 million (1.286 trillion VND).

Leading the list is Thien Minh Duc Group, headquartered at 2A Le Mao Street, Quang Trung Ward, Vinh City, which owes over $42 million (1.081 trillion VND).

Thien Minh Duc is one of the largest fuel enterprises in Nghe An, with Chu Thi Thanh (born 1960) as its founding shareholder and chairwoman. She also owns several subsidiary companies, including Thien Phu Co., Ltd. and Trung Long Joint Stock Company.

Notably, Chu Thi Thanh is the mother of Chu Dang Khoa (born 1982), a well-known businessman often referred to as the “diamond tycoon.”

A major fuel empire with tax violations

Founded in 2001, Thien Minh Duc operates across multiple sectors, including petroleum, liquefied gas, real estate, paper and packaging production, logistics, hospitality, and entertainment.

In 2024, a government inspection found that the company had repeatedly underreported and misdeclared its environmental protection tax liabilities. The audit revealed that from 2018 to 2021, the company had initially reported a lower environmental tax amount and later revised its declarations, leading to an additional $128 million (3.287 trillion VND) in owed taxes.

At one point, Thien Minh Duc's outstanding tax debt exceeded $28 million (728 billion VND), leading to a one-year suspension of its invoicing rights from July 2023 to July 2024. In December 2023, authorities issued a temporary travel ban on Chu Thi Thanh.

In April 2024, the Ministry of Industry and Trade reprimanded Thien Minh Duc and ten other fuel companies for failing to submit an audit report on the Petroleum Price Stabilization Fund.

Later in 2024, the company faced additional penalties from market regulators, including a 45-day suspension of its fuel import-export license due to business violations.

Legal troubles escalate

On January 17, Vietnam’s Ministry of Public Security launched a criminal investigation into allegations of embezzlement and illegal trading of invoices and financial documents at Thien Minh Duc and associated entities. Seven individuals were charged, including Chu Thi Thanh and four of her subordinates, who were placed in temporary detention.

Adding to the company’s troubles, the Nghe An Provincial People’s Committee previously fined Thien Minh Duc nearly $7,300 (188 million VND) for late payments of mandatory social insurance and unemployment insurance, which amounted to over $78,000 (2 billion VND) as of November 30, 2024.

Hanh Nguyen