Former deputy health minister gets year off jail term
An appeals court in Hanoi has reduced the jail term for former deputy minister of health Truong Quoc Cuong to three years, one year less than sentence awarded by the court of first instance in May.
Cuong was found to “have lacked responsibility, causing serious consequences” in a counterfeit medicines scam.
The court stated Friday that defendant Cuong had mitigating circumstances like paying an additional VND500 million ($21,000) to the previous VND1.8 billion; and possessing 51 certificates of merit and an official letter from the Ministry of Health confirming that he had made contributions to the health sector.
The appellate court also noted that Cuong had made a sincere declaration.
Pham Anh Kiet, former general director of Saigon Pharmaceutical Company Limited, also has his jail term reduced by one year to 13 years that he got for for abusing his position and power in the performance of official duties.
The court upheld the first-instance court's sentences for other defendants in the case.
Under the instance court ruling in May, Nguyen Minh Hung, former chairman of VN Pharma Company, had received an additional 18 years in prison for the crime of “trading in counterfeit goods as medical drugs”.
Combined with a 17-year prison sentence in the counterfeit drug case of VN Pharma phase 1, the defendant must serve 30 years in prison, the highest level for a fixed-term penalty. Hung did not appeal against the ruling.
The jury found the case “particularly serious” because the goods was counterfeited to treat human diseases, of various types, most of which were antibiotics against severe infections.
Medicine is a special item, exclusively managed by the state. The defendants’ act “has severely affected the health care policy of the state towards the people and reduced the reputation of the health sector”.
The instance court ruled that, in 2008-2010, Nguyen Le Xuan Khang, a Vietnamese citizen of Canadian nationality, along with Nguyen Minh Hung, former chairman and general director of VN Pharma Company, forged documents on drugs labeled Health 2000 Canada, and hired two companies to apply for registration numbers.
Because of "lack of responsibility or personal motives", some officials of the Drug Administration of Vietnam committed violations during the appraisal and approval process.
As a result, seven counterfeit medicines labeled Health 2000 Canada were granted registration numbers, while many new drugs have been traded and imported via many fake contracts, annexes and invoices. In this case, drugs totaling 838,100 boxes had their price raised from more than $1.2 million when imported to more than $2.5 million.
More than 600,000 boxes of counterfeit drugs were sold by VN Pharma to businesses, hospitals and pharmacies, illicitly earning the firm more than VND31.5 billion ($1.36 million).
In the case, Khang reached agreements to sell six counterfeit medicines labeled Health 2000 Canada to five domestic enterprises through 36 contracts. The total amount was nearly 1.6 million boxes, worth $4.6 million.
Khang remains on the run.
- Read More
Philippines’ Jollibee earns $7.4 mln from fried chicken in Vietnam in Apr-Sept
The Philippines’ Jollibee Foods Corporation (JFC) earned an EBITDA (earnings before interest, taxes, depreciation, and amortization) of PDP435 million ($7.4 million) from its global fried chicken chain Jollibee in Vietnam in April-September.
Companies - Mon, December 23, 2024 | 12:35 pm GMT+7
Vietnam one of the most dynamic, important pharma markets in Southeast Asia: Sandoz exec
Vietnam is one of the most dynamic and important pharma markets in Southeast Asia, and Sandoz, a Switzerland-headquatered global leader in generic and biosimilar medicines, has decided to invest massively in the country, said Charaf Eddine Kadri, general director of Sandoz Vietnam.
Executive Talk - Mon, December 23, 2024 | 8:36 am GMT+7
Noi Bai, Tan Son Nhat airport terminals to be completed in 2025: investor ACV
The T3 passenger terminal at Tan Son Nhat International Airport in Ho Chi Minh City will be completed by April 30, 2025, two months ahead of schedule, while the expansion of the T2 passenger terminal at Noi Bai International Airport in Hanoi is slated for completion next year.
Infrastructure - Mon, December 23, 2024 | 8:23 am GMT+7
Vietnam’s benchmark VN-Index to reach 1,400-1,420 points in 2025: broker
The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), may hit 1,400-1,420 points in 2025, driven by an 18% market-wide profit growth and a price-to-earnings (P/E) ratio of 12.5-13x, according to broker MBBank Securities (MBS).
Finance - Sun, December 22, 2024 | 7:52 pm GMT+7
HCMC's first metro line officially operational after nearly 2 decades
The first urban railway line in Ho Chi Minh City, named Ben Thanh-Suoi Tien, officially started commercial operations on Sunday after nearly two decades of waiting.
Infrastructure - Sun, December 22, 2024 | 2:17 pm GMT+7
Vietnam's 2025 GDP to grow 6.5% on robust infrastructure investment, consumer spending recovery: VinaCapital
Domestic factors, including a ramp-up in Government infrastructure spending, a revival of the real estate market, and a recovery of consumer spending, will help sustain Vietnam's GDP growth at a circa 6.5% pace next year, in-line with the National Assembly’s official target and with 2024 GDP growth, write Michael Kokalari, chief economist at VinaCapital.
Consulting - Sun, December 22, 2024 | 2:00 pm GMT+7
Vietnam shipping, seaport stock rally driven by rosy outlook in 2025
Many shipping and port stocks have risen sharply since November on an optimistic outlook for the industry driven by increasing throughput and a shift in container shipping alliances in 2025.
Companies - Sun, December 22, 2024 | 10:00 am GMT+7
Singapore’s Platinum Victory seeks to raise stake in Vietnam’s REE to nearly 45%
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy another 16.8 million shares in Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE), aiming to increase its ownership to nearly 45%.
Finance - Sun, December 22, 2024 | 9:29 am GMT+7
1.8 km road connecting Lach Huyen Port terminals to be built in northern Vietnam
The Hai Phong Economic Zone Management Board has taken a significant step forward in enhancing infrastructure around Lach Huyen Port by establishing a council to appraise the environmental impact assessment for the road connecting terminals No. 3 to No. 6.
Economy - Sun, December 22, 2024 | 8:00 am GMT+7
Hanoi TikToker internationally wanted for involving in multi-billion-dollar scam
Hanoi police have issued an international arrest warrant for Le Khac Ngo, known as "Mr. Hunter," a key accomplice in a recently-dismantled massive foreign exchange and securities fraud ring.
Society - Sat, December 21, 2024 | 10:57 pm GMT+7
Unlocking Phu Quoc’s potential to become the 'Hawaii of the East'
Leading global tourism companies have remarked that Phu Quoc has "yet to receive the recognition it deserves," despite its impressive and unexpected growth rate.
Travel - Sat, December 21, 2024 | 7:20 pm GMT+7
Thai central bank maintains policy interest rate at 2.25%
The Thai Chamber of Commerce (TCC) has said it backs the decision by the Bank of Thailand, the country's central bank, to maintain the policy interest rate at 2.25%, considering the move as suitable for a reviving economy.
Southeast Asia - Sat, December 21, 2024 | 5:43 pm GMT+7
Vietnam's military-run tech giant Viettel strikes big deals at international defence expo
Subsidiaries of Military Industry and Telecommunications Group (Viettel) signed a string of significant contracts with major global partners during the first two days of the Vietnam International Defence Expo 2024 in Hanoi.
Companies - Sat, December 21, 2024 | 5:36 pm GMT+7
Taiwan’s Wistron acquires 37ha land lot in northern Vietnam for expansion
Taiwan-headquartered Wistron, a top electronics provider and an Apple supplier, will further its investment in Vietnam’s northern province of Ha Nam by acquiring another 37.1-hectare land lot.
Companies - Sat, December 21, 2024 | 2:08 pm GMT+7
VAFIE seeks to promote sci-tech development, intellectual property policies
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) aims to enhance policies for the development of science, technology, and intellectual property, creating a more conducive investment environment.
Companies - Sat, December 21, 2024 | 1:59 pm GMT+7
Vietnamese dong likely to depreciate 3% in 2025: VinaCapital
The Vietnamese dong is likely to depreciate 3% in 2025 on anticipation that the US Dollar/DXY Index will finish 2025 nearly unchanged, says Michael Kokalari, chief economist at Vietnam's leading fund manager VinaCapital.
Economy - Sat, December 21, 2024 | 11:23 am GMT+7