Ex-lawmaker Luu Binh Nhuong sentenced to 13 years in prison
Luu Binh Nhuong, former vice head of the Vietnamese parliament’s Ombudsman Committee, has been sentenced by a first instance court to 13 years in prison for appropriating property and abusing positions and power to influence others for personal gains.
After seven days of trial, the People’s Court of Thai Binh province on Monday sentenced Nhuong to three years behind bars for appropriating property and 10 years for abusing positions and power to influence others for personal gains. His total sentence is 13 years.
The court also granted Le Thanh Van, former standing member of the parliament's Budget Committee, a seven-year sentence for abusing positions and power to influence others for personal gains.
For the same crime as Van, Nguyen Van Vuong, a former official at the legal department of the State President Office, received 14 years in prison.
Two “gangsters” Pham Minh Cuong and Vu Dang Phuong were sentenced to seven years and six years behind bars, respectively, for appropriating property.
According to the indictment, Luu Binh Nhuong was accused of having a role in five cases.
In the first case that occurred in Thai Binh province, Nhuong intervened to create favorable conditions for Cuong to do business. Cuong appropriated the property of a Sao Do Company branch at the level of VND1,500 per cubic meter of sand, equivalent to VND1 million ($39.39) per ship of sand.
Cuong sold a 30-hactare tidal flat to Nhuong and his wife for about VND1.2 billion ($47,260), and only took VND900 million. He then managed and exploited the tidal flat to generate income for Nhuong and his wife. In return, Nhuong called Thai Binh Police leaders to intervene to help Cuong.
Nhuong also took Cuong to a border guard station and met with commune authorities to show Cuong’s “power” and create conditions for him to continue appropriating property.
From October 2021 to July 2022, Cuong and his accomplices "robbed" the Red Star Company branch of a VND1.6 billion ($63,000).
In the other cases, Nhuong was accused of using his status as a parliament member to intervene and sign documents sent to the Government and a number of local agencies to help people and businesses benefit, for his personal gains.
The largest amount that Nhuong received was $300,000 from Manh Duc Company in Bac Ninh province.
Le Thanh Van was involved in two cases together with Luu Binh Nhuong in Quang Ninh province.
In a case, Van signed four documents and was offered a plot of land worth more than VND1.8 billion ($70,890) and 1,000 square meters of land worth VND1.95 billion.
In the other case, in July 2023, Van called the leaders of Quang Ninh province to intervene so that Truong Sinh Company could soon be licensed to exploit the Bac Son hill project and received a bribe of VND60 million ($2,360).
- Read More
Vietnam’s auto sales up 12.6% in 2024 to 340,142, VinFast biggest seller
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 340,142 units in 2024, up 12.6% year-on-year.
Companies - Mon, January 13, 2025 | 3:34 pm GMT+7
Vietnam banking sector shows positive outlook for 2025: VinaCapital
Vietnamese bank stocks significantly outperformed the VN-Index in 2024, and strong performance is expected this year, given the low valuation of bank stocks (1.3x P/B vs 16% ROE), write chief economist Michael Kokalari and senior bank analyst Thuy Anh Nguyen at VinaCapital.
Consulting - Mon, January 13, 2025 | 2:20 pm GMT+7
Vietnam's key export sectors to benefit from rising USD/VND exchange rate
Vietnam’s export sectors such as seafood, chemicals, oil and gas, plastics, textiles, wood, and tires are expected to benefit from the rising price of USD, according to securities brokers.
Finance - Mon, January 13, 2025 | 12:57 pm GMT+7
Vietnam’s first LNG-fired power plant conducts first fire
Nhon Trach 3, part of Vietnam’s first LNG-fired power project Nhon Trach 3 & 4, conducted its “first-fire” on Saturday, a major step towards commercial operation.
Energy - Mon, January 13, 2025 | 11:24 am GMT+7
Foreign funds charmed by Vietnamese stocks
After a stellar 2024, foreign funds continue to show optimism about the growth of the Vietnamese stock market in 2025.
Finance - Mon, January 13, 2025 | 8:23 am GMT+7
Invest in Vietnamese stocks with strong fundamentals amid downward trend, experts advise
Investors should maintain a reasonable portfolio to mitigate risks or selectively invest in leading stocks with strong fundamentals as Vietnam’s benchmark VN-Index may continue to decline in the upcoming sessions, say experts.
Finance - Sun, January 12, 2025 | 6:57 pm GMT+7
MobiFone proposed to be transferred to Ministry of Public Security
State-owned telecom giant MobiFone might be managed by the Ministry of Public Security as per a plan recently submitted to the government by the Ministry of Home Affairs (MoHA).
Companies - Sun, January 12, 2025 | 2:05 pm GMT+7
Stock, real estate investment channels rated higher than gold: Dragon Capital exec
Real estate and stock investment channels score 3.5 to 4 out of 5 compared to gold, which scores only 2 to 2.5, says Le Anh Tuan, head of investment at Dragon Capital Group, a leading foreign-run asset management firm in Vietnam.
Finance - Sun, January 12, 2025 | 9:58 am GMT+7
AI to be widely applied in electronic contracts: Viettel exec
The application of AI in electronic contracts is expected to reduce costs, streamline work processes, and boost business efficiency, according to Nguyen Ai Lien, director of customer service at Viettel Group in Ho Chi Minh City.
Companies - Sun, January 12, 2025 | 9:00 am GMT+7
Japan retailer Aeon Mall earns $22 mln in Vietnam from Mar-Nov 2024, up 19%
Aeon Mall reported an operating income of JPY3,434 million ($21.8 million) in Vietnam in March-November 2024 (first three quarters of fiscal year 2024), up 19.3% year-on-year.
Companies - Sun, January 12, 2025 | 8:00 am GMT+7
Samsung Vietnam earns $31.4 bln in 2024, down 10%
Samsung Vietnam, under South Korean chaebol Samsung, earned a revenue of $31.4 billion in 2024, down 10% year-on-year, the firm reported.
Companies - Sat, January 11, 2025 | 10:52 pm GMT+7
VinFast sets new monthly EV delivery record in Vietnam
VinFast, an electric vehicle manufacturer under Vietnam's conglomerate Vingroup, delivered over 20,000 electric cars in December 2024, a 20% increase from the previous month and the highest monthly delivery for a car brand in the local market.
Companies - Sat, January 11, 2025 | 6:36 pm GMT+7
Russian PM’s visit to lift Vietnam-Russia relations
Russian Prime Minister Mikhail Vladimirovich Mishustin will pay an official visit to Vietnam from January 14-15, over six months after the state visit by President Vladimir Vladimirovich Putin.
Politics - Sat, January 11, 2025 | 10:42 am GMT+7
Half of Military Bank credit earmarked for retail banking, SMEs: CEO
At least 50% of Hanoi-based Military Bank’s (MB) credit expansion in 2025 will go to retail banking and small and medium enterprises, while the rest to large enterprises.
Banking - Sat, January 11, 2025 | 10:02 am GMT+7
Vietnam conglomerate Vingroup to set up robotics company
Vingroup, the largest private conglomerate in Vietnam, plans to establish VinMotion, a company specializing in research, development, and application of multifunctional robots.
Companies - Sat, January 11, 2025 | 9:44 am GMT+7
S Korea’s SK to sell part of stake in Vietnam conglomerate Vingroup
South Korean chaebol SK Group plans to sell about 50.86 million VIC shares of Vietnam’s conglomerate Vingroup as part of its investment portfolio restructuring strategy.
Companies - Sat, January 11, 2025 | 9:25 am GMT+7