Dien Quan empire 'collapsed', Color man 'stuck' with 'huge' tax debt!

Dien Quan Group – a media and entertainment ecosystem that once tended to dominate the small screen – continues to become the focus with total unfinished financial obligations of nearly 75 billion VND.

Debt of nearly 75 billion VND: Allocation and position on the "blacklist"

Dien Quan's total tax debt of nearly 75 billion VND is distributed through three units operating together at 33 Van Kiep, Gia Dinh Ward, Ho Chi Minh City. Ho Chi Minh City, clearly showing the significant financial burden that is weighing on these facilities. Specifically, Dien Quan Group Joint Stock Company is the main unit with a tax debt of nearly 29.4 billion VND. The other two units are Dien Quan Network digital entertainment joint stock organization (debt of 24.5 billion VND) and Dien Quan Network digital entertainment joint stock organization (business cooperation organization) (debt of 20.97 billion VND). Counting these three entities alone, the total outstanding tax has approached the mark of 75 billion VND, putting the Dien Quan group in the group of organizations with large debts on this list.

To easily visualize the scale, the establishments leading the list of tax debts in the whole city are Dat Lanh Real Estate Co., Ltd. (more than 95.3 billion VND), Saigon Engineering and Technology Joint Stock Base (54.2 billion VND), and Tan Vu Minh Construction, Investment and Real Estate Trading Co., Ltd. (more than 40.3 billion VND). The emergence of a big name in the field of media and entertainment in addition to real estate and technology facilities further highlights the challenge that Dien Quan is facing.

The journey from the media "empire" to the signs of decline

Dien Quan Group Joint Stock Company, formerly known as Dien Quan Media and Entertainment Co., Ltd., was established in 2006. For more than a decade, the unit has built a solid brand, becoming one of the leading entertainment content producers in the Southern region. Dien Quan's imprint is associated with the resounding success of a series of nationally hit TV shows such as Comedy Challenge, Voice of Ai, Lyric Arena, and Food Paradise.

The group's remarkable development is closely connected with the name of businessman Do Van Buu Dien (born in 1969), who is better known to the public by the nickname Color man. Mr. Dien used to be an experienced editor at Ho Chi Minh City Television. Ho Chi Minh City (HTV) before switching to the entertainment business.

However, from 2023 to now, Dien Quan's financial picture has begun to appear serious dark patches. The grassroots group was constantly named in the list of tax debts, and at the same time almost stopped creating new entertainment programs, marking a retreat from market leadership and facing a prolonged financial crisis.

Legal status of related establishments and unexpected transformation

In addition to the three establishments that are backlogged with budget payment obligations, Mr. Do Van Buu Dien also represents many other legal entities in the ecosystem. Notably, the tax authority has confirmed that some of these organizations are in a state of inactivity at the business registration address or have stopped operating but have not completed the procedures for closing tax identification numbers as prescribed. This situation shows that the size of the contraction and legal and administrative problems are going hand in hand with the group's tax debt crisis.

While the old establishments were struggling, at the end of May, businessman Do Van Buu Dien suddenly registered to establish two new establishments: Saigon Cool Water Co., Ltd. and Little Giants Entertainment Company Limited, and continued to hold the role of director at both. This action hints at efforts to restructure, find new directions, and diversify the business, which could be a strategic shift away from traditional entertainment content creation and into other service industries to address the current financial backlog. The challenges related to the debt of nearly 75 billion VND will certainly be a difficult problem that will require a lot of effort from Color man and his colleagues in the coming time.

Color Man: Chu Dien Quan, once a "boss" in Vietnamese showbiz, Tran Thanh - Truong Giang has some respect Thảo Mai15:18:33 09/12/2023Mr. Do Van Buu Dien (also known as Color Man) is the person behind a series of game shows (entertainment programs) that attract customers such as: Comedian Challenge, Who's Voice, Food Paradise, Tiny Talents. ..