The company has evaded VND40.6 billion ($1.75 million) worth of tax and has delayed paying dues of VND1.6 billion ($69,130), the department said after investigating Asanzo’s records from 2016 until July.

Asanzo has evaded tax by buying electronics components from local companies for assembling, but listing them as "finished goods" to evade special consumption tax.

For this and other violations including not invoicing sales and faking invoices, the company is fined a further VND26.3 billion ($1.14 million) on top of the evaded amount.

The tax department has transferred the case to the police after finding evidence of criminal violations.

Asanzo chairman Pham Van Tam told VnExpres that the company is appealing some points the tax department has raised and is considering suing the department.

HCMC-based Asanzo, founded in 2013, has the fourth largest market share in Vietnam's TV market. It has also expanded into the refrigeration, consumer electronics, home appliances, and smartphone segments.

The company is also being investigated for importing components from China and replacing "made in China" stickers with Vietnamese ones.