TNI Corporation violates payment obligations exceeding 5 billion VND?

DNHN - The TKT Vietnam Plastic Packaging Joint Stock Company has fulfilled its commitments under the Sales Contract, but the partner has not settled the debt completely, affecting the company's finances and operations.

TKT Vietnam Plastic Packaging Joint Stock Company, located in Uyen Hung Ward, Tan Uyen City, Binh Duong, has submitted a complaint to the Enterprise and Integration Magazine regarding their partner, TNI Corporation, located on the 10th and 11th floors, 198 Nguyen Thi Minh Khai Street, Ward 6, District 3, Ho Chi Minh City. They accuse TNI Corporation of deliberately delaying payments, significantly impacting the company's financial health and operations.

According to the complaint, on July 28, 2020, Mr. Tran Minh Vu, General Director of TKT Vietnam Plastic Packaging Joint Stock Company, signed Sales Contract No. 07/2020/HĐMB/TNBG-TKT to supply composite plastic packaging with Mr. Le Ba Phan, Deputy Director of Trung Nguyen Instant Coffee Joint Stock Company Branch in Bac Giang, with TNI Corporation (represented by General Director Mrs. Le Hoang Diep Thao) handling the payments. Based on the contract's expiration date of December 31, 2021, the debt confirmation and payment plan, TKT Vietnam has repeatedly requested TNI Corporation to settle the debt, but the latter has only made partial payments. From November 9, 2022, to March 29, 2024, TNI Corporation paid 4,714,846,587 VND, leaving an outstanding debt of 5,645,161,115 VND  to TKT Vietnam.

Sales Contract No. 07/2020/HĐMB/TNBG-TKT between TKT Vietnam Plastic Packaging Joint Stock Company and Trung Nguyen Instant Coffee Joint Stock Company Branch in Bac Giang, with TNI Corporation handling the payments.
Sales Contract No. 07/2020/HĐMB/TNBG-TKT between TKT Vietnam Plastic Packaging Joint Stock Company and Trung Nguyen Instant Coffee Joint Stock Company Branch in Bac Giang, with TNI Corporation handling the payments..

According to research, TNI Single-member Limited Liability Company (TNI Corporation) was established in April 2016 with a total charter capital of 500 billion VND, with Mrs. Le Hoang Diep Thao as the legal representative and General Director. TNI Corporation's headquarters are located in Ho Chi Minh City, with branches in the United States, Australia, Singapore, and China. The company operates in the business, production, and export of roasted and instant coffee both domestically and internationally.

Mrs. Le Hoang Diep Thao launched the King Coffee brand in the US in October 2016, and it officially entered the Vietnamese market in August 2017. Under her leadership, King Coffee and TNI Corporation have made significant strides. In 2020, King Coffee's revenue reached approximately 1,500 billion VND, and TNI Corporation was honored among the Top 100 strongest brands in Vietnam for 2020-2021.

Previously, Mrs. Thao co-founded Trung Nguyen Coffee Group. From 1996 to 2014, she successfully managed and developed the G7 instant coffee brand, expanding Trung Nguyen and G7 globally.

In 2015, Mrs. Thao filed for divorce from Mr. Dang Le Nguyen Vu, leading to a seven-year-long legal battle that attracted widespread public attention.

Mr. Tran Minh Vu, General Director of TKT Vietnam Plastic Packaging Joint Stock Company, shared with the Enterprise and Integration Magazine: “We have adhered to our commitments under the contract with TNI Corporation. We cannot delay paying our labor and material costs to our partners. Meanwhile, TNI Corporation's delayed payments have caused us significant losses due to bank loan interest and other expenses. In business partnerships, fulfilling responsibilities and obligations reflects a company's reputation and brand”.

On May 17, 2024, the Enterprise and Integration Magazine sent a communication to TNI Corporation regarding the unsettled debt according to the agreement with TKT Vietnam Plastic Packaging Joint Stock Company. The magazine's journalists have repeatedly sought to work with TNI Corporation's representatives, but no response has been received to date.

According to Mr. Tran Minh Vu, if TNI Corporation does not promptly settle the outstanding debt, TKT Vietnam will have no choice but to take legal action to protect its interests. 

The Enterprise and Integration Magazine will continue to update on this case.

Reporters of Enterprise and Integration Magazine

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