SMC Investment Trading Joint Stock Company has paid over 24.2 billion VND in taxes following an enforcement order from the Ho Chi Minh City Tax Department. The tax authority issued a decision to freeze the company’s accounts across various banks to enforce the tax penalty. As of June 30, 2025, SMC holds 350 billion VND in cash reserves, but its business results face difficulties, reporting declining revenues and significant losses. In Q2 2025, SMC recorded revenues of 1,953 billion VND, down 12.9% year-on-year, and a loss of 66.42 billion VND. Cumulatively for the first six months, losses have reached 64.53 billion VND. Once a leading steel trading enterprise with a record revenue of 21 trillion VND in 2021, SMC has faced challenges since 2022 due to falling steel prices and difficulties in debt recovery from construction and real estate clients. SMC’s stock currently trades at 12,650 VND per share and has been moved to warning status due to poor financial performance.
Leave a Reply