Businesses forced to return $399 mln to freshly convicted Vietnamese tycoon Truong My Lan
Quoc Cuong Gia Lai Corporation and other businesses have been ordered to return VND10 trillion ($399.4 million) and over 1,000 taels of gold to the disgraced tycoon Truong My Lan and get back projects they had sold to her and Van Thinh Phat Group's member companies.
The Ho Chi Minh City People's Court announced the order in its verdict issued Thursday regarding the first phase of the case that occurred at Van Thinh Phat Group and private lender Saigon Commercial Bank (SCB).
On the same day, Lan was sentenced to death in one of the most notorious criminal cases in Vietnamese history.
Truong My Lan, chairwoman of Van Thinh Phat. Photo courtesy of Thanh Nien (Young People) newspaper.
The court ordered real estate developer Quoc Cuong Gia Lai Corporation, with Nguyen Thi Nhu Loan as chairwoman, to refund VND2,882 billion ($115.1 million) it received from Lan to regain land use rights certificates previously held by Sunny Island, a subsidiary of Van Thinh Phat Group.
Regarding the unfinished transfer and cooperation agreements between Lan or Van Thinh Phat's member companies and partners, the court requested the parties to return to each other what they had exchanged to ensure the fulfillment of Truong My Lan's compensation obligations.
Specifically, Hong Phat Real Estate Investment JSC will have to pay back more than VND2,300 billion ($91.9 million); Phu An Co., Ltd and Phan Thi Phuong Thao, chairwoman of Khang Thong Group, VND145.2 billion ($5.8 million) and 1,000 taels of SJC gold; Housing Development And Trading Company Limited (HDTC), VND400 billion ($16 million); T&H Ha Long JSC and Au Lac JSC, over VND6,000 billion ($239.6 million).
According to the verdict, in addition to the death penalty for property embezzlement, Lan, 68, received 20 years in prison for violating lending regulations, and a further 20 years for bribery. She is obliged to pay more than VND670,000 billion (nearly $27 billion) in compensation to SCB.
The court also ruled that the rights of SCB customers regarding the conversion of savings deposits into bonds will be considered in the second phase of the case, when Lan and her accomplices are tried for fraudulent asset appropriation and money laundering.
Priority will be given to using the assets recovered in Lan's case to repay bond buyers (in the second phase), said the jury.
During her 10 years of controlling SCB, Lan directed her accomplices to disburse over 2,500 loans to the Van Thinh Phat ecosystem. By October 2022, Lan and the ecosystem still had nearly 1,300 outstanding loans worth VND677,000 billion ($27.09 billion) in principal and interest.
The Van Thinh Phat ecosystem has more than 1,000 businesses including subsidiaries and member companies in Vietnam and abroad, which were divided into many layers.
- Read More
Vietnam mulls opening door for private investment in small modular reactors
Vietnam’s Ministry of Industry and Trade has drafted a parliamentary resolution that, for the first time, would allow private companies to participate in the development of small modular nuclear reactors (SMRs).
Energy - Fri, October 17, 2025 | 4:37 pm GMT+7
Kido seeks buyer for remaining 49% stake in frozen food affiliate
Kido Group (HoSE: KDC), a leading food company in Vietnam, has approved a plan to divest the firm's remaining 49% stake in its affiliate Kido Frozen Food JSC (Kido Foods).
Companies - Fri, October 17, 2025 | 4:25 pm GMT+7
Le Ngoc Quang appointed Danang city's Party chief
Le Ngoc Quang, a Party Central Committee member and Party chief of Quang Tri province, has been appointed Party chief of Danang for the 2025-2030 term - the highest position in the city, central Vietnam's economic hub.
Politics - Fri, October 17, 2025 | 4:17 pm GMT+7
T&T Group seeks to reshape north-central Vietnam’s urban landscape with major projects
Multi-sector conglomerate T&T Group is developing a model eco-urban complex in Ha Tinh province and plans to build a massive 236-hectare urban area in neighboring Nghe An, with an aim to reshape north-central Vietnam's urban landscape.
Investing - Fri, October 17, 2025 | 2:44 pm GMT+7
Toyota plans $359 mln plant expansion in northern Vietnam
Toyota Motor Vietnam (TMV) plans to invest about VND9.46 trillion ($359.2 million) in the first phase of its plant expansion project in Phu Tho province.
Investing - Fri, October 17, 2025 | 2:09 pm GMT+7
PVI Insurance sees 9-month profit before tax more than doubling
PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.
Companies - Fri, October 17, 2025 | 9:08 am GMT+7
Vingroup to develop 4,600ha coastal urban project in northern Vietnam
A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.
Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7
Indonesia resumes int’l carbon trading after 4-year hiatus
Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.
Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7
Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles
Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.
Energy - Thu, October 16, 2025 | 9:04 pm GMT+7
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7






















