Former corporate leader gets 15 years in prison for embezzlement
Te Tri Dung, former general director of HCMC-based Tan Thuan Industrial Promotion Company Limited (IPC), was sentenced Friday to 15 years in prison for embezzling VND1.58 billion ($66,800).
Combined with a previous sentence, Dung must spend a total of 30 years in prison.
Te Tri Dung. Photo courtesy of Labor newspaper.
Dung siphoned the money from Sepzone Linh Trung Co., Ltd. a Vietnamese-Chinese joint venture with a charter capital of $17 million. IPC is the Vietnamese partner with a 50% contribution, or $8.5 million.
Te Tri Dung clearly understood the regulations that remuneration and bonuses that he received as part-time representative of IPC at Sepzone Company, must be transferred to IPC.
However, he used fraudulent tricks to appropriate the remuneration and bonuses that Sepzone Linh Trung gave him.
In order to conceal the amount of money he was given, Dung asked the company’s board to withdraw his name from the list of those awarded remuneration in 2016 and 2017. He let Le Hoang Minh and Tran Thien Trung, full-time members at Sepzone Linh Trung, sign to receive the bonus in the form of additional payment that they handed over to him. A sum of $60,000 was transferred in this manner.
Dung also appropriated remuneration for meetings of the council of members mounting to $10,000.
On June 9, 2022, the People's Court in Ho Chi Minh City had sentenced Dung to 19 years in prison for "embezzlement of property" and "violation of regulations on management and use of state assets, causing loss and waste" with the South Saigon Development Corporation (Sadeco).
He was also accused of selling 149 land plots or more than 24,500 square meters, along with many accomplices at the An Phu Tay project (An Phu Tay commune, Binh Chanh district, Ho Chi Minh City), causing damage estimated at VND127 billion ($5.36 million).
- Related News
- Read More
Masan Consumer showcases Vietnamese brands at THAIFEX 2026
Masan Consumer took part in THAIFEX – Anuga Asia 2026, one of Asia's largest food and beverage trade exhibitions, as the Vietnamese consumer goods company seeks to expand its international footprint and promote Vietnamese cuisine to global consumers.
Companies - Tue, June 2, 2026 | 5:12 pm GMT+7
Phu My Hung expands northern Vietnam footprint with eco-urban project near Hanoi
Taiwan-backed Phu My Hung is moving ahead with a large eco-urban project in Vietnam’s northern province of Phu Tho as the developer accelerates its expansion beyond Ho Chi Minh City.
Real Estate - Tue, June 2, 2026 | 4:19 pm GMT+7
HSBC provides sustainability-linked trade facilities to Vietnam's leading modern grocery chain Bach Hoa Xanh
HSBC Vietnam has provided short-term sustainability-linked trade facilities to Bach Hoa Xanh Trading JSC, one of Vietnam’s leading modern grocery chains owned by Mobile World Investment Corporation (HoSE: MWG).
Banking - Tue, June 2, 2026 | 3:09 pm GMT+7
Leading Vietnamese insurer Bao Minh targets $76 mln capital base by 2029
Bao Minh Insurance Corporation (BMI) plans to raise its charter capital to VND2 trillion ($75.96 million) by 2029 and maintain a minimum 15% dividend payout, executives said at the insurer's annual shareholder meeting in Ho Chi Minh City on Monday.
Finance - Tue, June 2, 2026 | 1:57 pm GMT+7
Vietnam's central bank to publish FX purchase, reserve data from 2027
The State Bank of Vietnam (SBV) has committed to publishing data on its foreign currency purchases and foreign exchange reserves starting in 2027, according to a joint statement issued by the Vietnamese central bank and the U.S. Treasury Department.
Banking - Tue, June 2, 2026 | 12:08 pm GMT+7
Antesco raises foreign ownership cap to 49% to attract international capital
Following its listing on the Ho Chi Minh Stock Exchange (HoSE), food processor An Giang Fruit-Vegetables & Foodstuff JSC (Antesco) is stepping up efforts to attract international investors through ESG initiatives and a higher foreign ownership limit.
Companies - Tue, June 2, 2026 | 11:11 am GMT+7
State-controlled Hai Phong Port eyes record profit as major port expansion restores market leadership
State-controlled Port of Hai Phong JSC (UPCoM: PHP) is targeting record earnings in 2026 after new deep-water terminals at Lach Huyen helped the company regain its leading position in the northern city of Hai Phong.
Companies - Tue, June 2, 2026 | 8:30 am GMT+7
Vietnam Education Publishing House promotes Vietnamese knowledge, culture abroad
Vietnam Education Publishing House has launched a “Vietnamese Bookshelf” at the Russia-Vietnam Cultural Center in St. Petersburg, marking a key event during “Vietnam Week” in the Russian city.
Companies - Tue, June 2, 2026 | 7:30 am GMT+7
Vietnam Manufacturing Purchasing Managers' Index hits record high since Feb
The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) rose to 52.8 in May, up from 50.5 in April and reaching its highest since February, just before the outbreak of war in the Middle East.
Economy - Mon, June 1, 2026 | 8:19 pm GMT+7
Brewing Tomorrow: How Carlsberg Vietnam turns sustainability into everyday action at World Environment Day 2026
More than 150 volunteers from Carlsberg Vietnam, including senior leaders, employees, family members, local residents, and representatives from the Embassy of Denmark in Vietnam, joined a beach clean-up activity in Danang as part of the company’s World Environment Day 2026 program, reaffirming its long-term commitment to sustainability and environmental action in Vietnam.
Companies - Mon, June 1, 2026 | 7:20 pm GMT+7
Automakers in Vietnam back E10 gasoline rollout as biofuel goes nationwide
Major Japanese automakers and motorcycle manufacturers in Vietnam have confirmed that most of their vehicles are compatible with E10 biofuel gasoline, as the country has begun nationwide sale of the fuel in a push to reduce emissions and cut reliance on conventional fossil fuels.
Economy - Mon, June 1, 2026 | 4:44 pm GMT+7
VinFast partners with Nvidia, Autobrains to develop level-4 robotaxi system for Southeast Asia
VinFast, the EV arm of Vietnamese conglomerate Vingroup (HoSE: VIC), and AI mobility company Autobrains has announced a strategic collaboration for a next-generation level 4 program for Southeast Asia built on NVIDIA DRIVE Hyperion.
Companies - Mon, June 1, 2026 | 3:56 pm GMT+7
Samsung Thai Nguyen, TTC solar plant become first participants in Vietnam's direct power purchase mechanism
Samsung Electronics Vietnam Thai Nguyen (SEVT) and TTC Duc Hue 2 Solar Power Plant have become the first entities to operate under Vietnam's direct power purchase agreement (DPPA) mechanism through the national grid from June 1.
Companies - Mon, June 1, 2026 | 3:40 pm GMT+7
Aboitiz Foods, Grab seek to expand investments in green agriculture, digital economy in Vietnam
Philippine food and agribusiness group Aboitiz Foods and Southeast Asian technology company Grab are seeking to expand their investments and partnerships in Vietnam in areas including energy, agriculture-food, digital transformation, smart cities, and green transportation.
Economy - Mon, June 1, 2026 | 12:23 pm GMT+7
HCMC metro stations await commercial ecosystem despite growing ridership
More than a year after the launch of its first metro line, Ho Chi Minh City is still working to develop the commercial economic ecosystem that has underpinned the success of urban rail networks in cities like Tokyo and Hong Kong.
Economy - Mon, June 1, 2026 | 12:12 pm GMT+7
Dai Quang Minh proposes $266 mln shipping channel project in central Vietnam hub Danang
Authorities in the central Vietnam city of Danang have granted in-principle approval for the nearly VND7 trillion ($266 million) Cua Lo shipping channel project, under a build-transfer (BT) model.
Infrastructure - Mon, June 1, 2026 | 8:23 am GMT+7
