Travel ban lifted for head of Vietnam’s top renewable energy firm
Customs authorities in Khanh Hoa province on Saturday canceled a travel ban for Nguyen Tam Thinh, chairman of Vietnam’s leading renewable energy firm Trungnam Group as the firm had fulfilled its tax obligations.
Customs authorities in the south-central province had previously asked the Vietnam Immigration Department under the Ministry of Public Security to prohibit Thinh from traveling since Trungnam Group was in tax arrears of VND21 billion ($824,460).
A wind farm of Trungnam Group in Ninh Thuan province, south-central Vietnam. Photo courtesy of the group.
Prior to the move, Khanh Hoa customs authorities had already paused customs clearances for the group's imports and exports. This started in January 2024 and will end when the due amount is paid.
Le Nhu Phuoc An, standing deputy general director of Trungnam Group, explained that the recent tax arrears originated from import taxes on equipment for the 450-megawatt Thuan Nam solar power project in neighboring Ninh Thuan province.
Ninh Thuan’s customs authorities did not agree with the tax exemption documents prepared by the company because there was a change in the project investor, he said, adding this obligation only arose after an inspection by Ninh Thuan customs authorities.
"Despite numerous difficulties, we have tried to fulfil our financial obligations, especially taxes," he stressed.
Established in 2004, Trungnam Group initially started in the construction sector and has expanded its activities to energy, real estate, infrastructure, and IT-electronics.
Entering renewable energy in 2018, Trungnam Group had added 1.63 GW to the national grid as of October 2021, and become a leader in the private renewable energy sector.
Trungnam Group is in a disagreement with state utility Vietnam Electricity (EVN), leading to the former’s financial issues, the firm claimed in a letter sent to the Prime Minister, according to EVN's website.
Its Thuan Nam solar power project has yet to receive payment from EVN for a 172-MW cut of the plant from October 2020-August 2022.
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