Former HCMC Party deputy chief has prison term cut for good compliance
Tat Thanh Cang, former deputy secretary of Ho Chi Minh City’s Party Committee, on Thursday saw his previous prison sentence reduced by 18 months under a court of appeal ruling, to eight years and six months.
After three days of trial, the High People's Court in HCMC accepted the Procurator's proposal, reducing the 50 year old's prison term, dealt for violating regulations on the management and utilizing of state assets, causing loss and waste.

Defendant Tat Thanh Cang (in white shirt) in court on June 9, 2022. Photo courtesy of Phap Luat newspaper.
According to the jury, the defendant, as acting deputy secretary in charge of the Party Committee’s Office - the owner of the committee’s capital at Sadeco - must have been well aware that any sale of additional shares to increase charter capital must be conducted via auction in line with the law.
However, Cang approved the sale of nine million Sadeco shares at the price of VND40,000 per share to Nguyen Kim Investment JSC without an auction.
The approved price was lower than the market value, causing a VND669 billion ($28.87 million) loss to the state budget.
When the case was discovered, Nguyen Kim Company returned all nine million shares and associated profits to Sadeco.
"Defendant Cang has a good personal background, committed a crime for the first time, has a family with meritorious services to the revolution, received many certificates of merit in his work history, sincerely admitted his wrongdoings, and contributed to entirely recovering the state budget losses," the jury stated while explaining the reasons for the sentence reduction.
As for Te Tri Dung, former board chairman of Sadeco, the appellate court determined that the defendant had used the corporate valuation from a company not licensed to evaluate corporate assets, leading to the lower price of Sadeco shares when being transfered to Nguyen Kim Company.
Dung and his accomplices also caused damage to Sadeco when directing subordinates to fund the "visiting, surveying, and studying" trips of certain individuals, in opposition to state regulations.
Moreover, he embezzled VND4.6 billion ($198,500) of the company's remuneration and bonus fund without giving it back to the state capital owner.
The appellate court accepted the proposal of the Procuracy, noting that Dung's family had compensated Sadeco VND485 million, so the 10-year sentence was reduced to nine years in prison for the crime of state asset embezzlement.
Combined with 10 years in prison for violating regulations on management and use of state assets, causing loss and waste, Dung must serve a penalty of 19 years in prison.
- Read More
What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?
NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.
Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7
Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026
Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.
Industries - Tue, September 16, 2025 | 3:54 pm GMT+7
Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex
A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.
Industries - Tue, September 16, 2025 | 2:44 pm GMT+7
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital
The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.
Economy - Mon, September 15, 2025 | 2:20 pm GMT+7
Agribank introduces sizable $4.17 bln preferential credit package
Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.
Companies - Mon, September 15, 2025 | 1:32 pm GMT+7