Former Binh Duong Party chief jailed for 7 years

By Thai Ha
Tue, August 30, 2022 | 9:27 pm GTM+7

A Hanoi court Tuesday sentenced Tran Van Nam and Tran Thanh Liem, former Party chief and former chairman of Binh Duong province, to seven years in prison each.

Binh Duong province's former Party chief Tran Van Nam in court, Hanoi, August 2022. Photo courtesy of Vietnam News Agency.

Binh Duong province's former Party chief Tran Van Nam in court, Hanoi, August 2022. Photo courtesy of Vietnam News Agency.

They were found guilty of land mismanagement that led to the loss of hundreds of millions of dollars to the exchequer.

The Hanoi People’s Court concluded that violations in the management of two plots of "gold land" in the heart of the southern province, one 145 hectares and the other 43 hectares, over a period of more than five years (2012-2017), caused losses of about VND6,590 billion ($281.4 million) to the state.

So far, VND1,260 billion has been returned to the state coffers, VND1,060 billion by the defendants and VND200 billion from the 3/2 Corporation as additional payment of land rents. There were 28 defendants in the case.

Nam, former Secretary of Binh Duong’s Party Committee, was sentenced to seven years in prison for “violating regulations on management and use of state assets, causing loss and waste.”

He was found guilty of not preventing violations, even “covering up and directing subordinates” to make documents to legalize land allocations.

He agreed with the advice of subordinates that led to land violations and approved application of lower prices when allocating the two plots of land to the 3/2 Corporation, resulting in a loss of more than VND761 billion ($32.49 million) to the state.

Former Binh Duong chairman Liem was sentenced to seven years in prison on the same charges.

Liem knew that the 145-hectare plot had been approved by the province as part of the 3/2 Corporation's assets after equitization. He also knew that the land plot was included in the capital contribution of this corporation to a private company. Still, he signed a decision not to include this land plot in the corporate value after equitization, causing a loss of more than VND4,000 billion ($170.8 million) to the state.

Nguyen Van Minh, former chairman of the 3/2 Corporation, was sentenced to 27 years in prison, the highest sentence among 28 defendants in the case.

He was found guilty of violating regulations on management and use of state property, causing loss and waste, and embezzlement of property.

Comments (0)
  • Read More
US dollar scales record high peak of VND24,000

US dollar scales record high peak of VND24,000

The exchange rate at Vietnamese commercial banks crossed VND24,000 per dollar Thursday, reaching a new peak that it had not scaled before.

Banking - Thu, September 29, 2022 | 9:45 pm GTM+7

Proptech firm Levitate makes its debut in Vietnam

Proptech firm Levitate makes its debut in Vietnam

Singapore-headquartered housing development platform Levitate has made Vietnam its debut market, giving consumers in the country more creative input when buying their own home.

Real Estate - Thu, September 29, 2022 | 9:19 pm GTM+7

VN-Index drops for fifth consecutive day despite strong economic data

VN-Index drops for fifth consecutive day despite strong economic data

Vietnam’s benchmark VN-Index dropped 17.55 points Thursday to 1,126.07, despite newly-released data showing the country’s nine-month GDP growth hitting 8.83%, a record high in 12 years.

Finance - Thu, September 29, 2022 | 5:18 pm GTM+7

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.

Industries - Thu, September 29, 2022 | 4:28 pm GTM+7

Four major markets spend $27 billion importing phones, components from Vietnam

Four major markets spend $27 billion importing phones, components from Vietnam

The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.

Economy - Thu, September 29, 2022 | 4:06 pm GTM+7

Hai Phong aims to attract $15 billion in FDI for 2020-2025

Hai Phong aims to attract $15 billion in FDI for 2020-2025

The northern port city of Hai Phong seeks to build 15 more industrial parks totaling 6,200 hectares to attract $15 billion in foreign direct investment in 2020-2025.

Industries - Thu, September 29, 2022 | 3:13 pm GTM+7

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.

Industries - Thu, September 29, 2022 | 2:27 pm GTM+7

Ministry proposes inclusion of five coal-fired projects in new power plan

Ministry proposes inclusion of five coal-fired projects in new power plan

The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.

Energy - Thu, September 29, 2022 | 1:16 pm GTM+7

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.

Economy - Thu, September 29, 2022 | 12:19 pm GTM+7

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.

Industries - Thu, September 29, 2022 | 11:05 am GTM+7

Tokyo Gas, Kyuden Group ink LNG power project pact

Tokyo Gas, Kyuden Group ink LNG power project pact

Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.

Energy - Thu, September 29, 2022 | 6:30 am GTM+7

VN-Index plunges to 19-month low amid broad selloffs

VN-Index plunges to 19-month low amid broad selloffs

Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.

Finance - Wed, September 28, 2022 | 6:05 pm GTM+7

Deputy foreign minister fired in pandemic repatriation scam

Deputy foreign minister fired in pandemic repatriation scam

Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.

Politics - Wed, September 28, 2022 | 5:21 pm GTM+7

'Big 4' banks increase deposit rate

'Big 4' banks increase deposit rate

Biggest Vietnamese lenders Vietcombank, VietinBank, and Agribank have hiked their deposit interest rates by over one percentage point, after the central bank raised the deposit rate ceiling last week.

Banking - Wed, September 28, 2022 | 4:54 pm GTM+7

IFC to help HCMC in waste-to-energy prefeasibility study

IFC to help HCMC in waste-to-energy prefeasibility study

The World Bank’s investment arm IFC will assist Ho Chi Minh City authorities to assess the prefeasibility of developing an advanced waste-to-energy facility in the southern economic hub, the body said Wednesday.

Energy - Wed, September 28, 2022 | 4:25 pm GTM+7

Fed rate hikes challenge Vietnam’s FDI attraction drive

Fed rate hikes challenge Vietnam’s FDI attraction drive

International institutions have lowered their global 2023 growth forecasts following the Fed’s interest rate hikes. Experts fear that investment flows worldwide would leave emerging markets for developed countries. The Investor talks with Professor Nguyen Mai, chairman of the Vietnam Association of Foreign-Invested Enterprises (VAFIE), about possible impacts on Vietnam.

Executive Talk - Wed, September 28, 2022 | 3:05 pm GTM+7