How former Louis Holdings chairman manipulated stock prices
Do Thanh Nhan, former chairman of Louis Holdings, and accomplices gained VND153.8 billion ($6.5 million) in illicit profits by manipulating the price of two stocks, according to investigative authorities.
The Ministry of Public Security’s investigative agency has completed its probe into “stock manipulation” at Tri Viet Securities JSC, Louis Holdings JSC, Louis Capital JSC, Louis Land JSC and a number of related entities.
The authority has also transferred related documents to the Supreme People’s Procuracy, proposing the prosecution of five defendants.
Among these, Do Thanh Nhan, chairman of Louis Holdings; Do Duc Nam, general director of Tri Viet Securities; Le Thi Thu Huong, deputy general director of the firm; Le Thi Thuy Lien, financial service staff at the broker; and Trinh Thi Thuy Linh, administrative director of Louis Holdings were proposed to be prosecuted for the act of “manipulating the stock market” per the Penal Code, with penalties in the range of two to seven years in prison.

Do Thanh Nhan, former chairman of Louis Holdings. Photo courtesy of the company.
According to the investigation, at the end of 2020, Nhan met Nguyen Van Dung, chairman of Bao Thu Industrial Development and Investment JSC (stock code: BII), a company with poor business performance, to reach an agreement on business ownership transfer.
In January 2021, Nhan, his relatives and employees bought nine million BII shares of Dung in the name of Do Can.
By February 2021, with the advice of Do Duc Nam, general director of Tri Viet Securities, Nhan acquired “junk” TGG shares of Truong Giang Joint Stock Company for VND1,800 ($0.08) per share and using accounts of Do Thanh Nhan’s group to manipulate the prices of BII and TGG.
To manipulate their price, Nhan and Nam agreed on opening securities accounts in the name of Nhan’s relatives and friends to acquire shares. The purpose of this act is to increase liquidity, pushing up the prices of BII and TGG to gain illicit profits.
Nhan then used the money to acquire other companies like An Giang Import-Export Company (AGM), Sametel JSC (SMT), Vinh Khanh Plastic Cable Joint Stock Company (VKC), DAP-Vinachem JSC (DDV), APG Securities JSC (APG), and Lam Dong Pharmaceutical JSC (LDP) to create the “Louis Holdings ecosystem”.
After agreeing on the method of manipulation, Nhan registered to open two accounts at Beta Securities and Tri Viet Securities, and directed some shareholders and trusted employees in his company and his relatives to open 18 accounts at Tri Viet and other firms.
They then transferred the accounts to Nhan and Nam. The main source of money for trading was Nhan’s loans from Tri Viet.
In the process of manipulating stock prices, Nam directed Huong and Lien to continuously place orders, match buy and sell orders internally, conduct cross trades etc. on TGG and BII shares with Do Thanh Nhan’s group. Daily, Nam determined the amount of money to be channeled into each account.
At the end of August 2021, Nhan established a Facebook group called “Louis Family” with more than 10,000 participants. After successfully enticing investors, the price of BII’s shares continuously hit the ceiling with large matching volume and high liquidity.
On September 18, 2021, the price peaked at VND33,800 per share, 10 times higher than that at which Nhan’s group had acquired BII shares. By October 6, 2021, Nhan and Nam’s group completed the sale to reap profits illicitly.
Similarly, after attracting the attention of many investors, the price of TGG shares continuously hit the ceiling with large matching volume and high liquidity. It peaked at VND74,800 on September 22, 2021, about 37 times higher than that at which Nhan’s group acquired the shares.
The State Securities Commission determined that Nhan’s group had made illicit profits of VND153.8 billion ($6.5 million) by manipulating the prices of TGG and BII.
The market regulator determined that the shares of AGM, SMT, VKC, DDV, APG, and LDP showed no signs of manipulation, suspicion and abnormal transactions.
Nhan admitted to the investigative agency that he had manipulated the price of BII and TGG, earning more than VND153 billion.
Nhan claimed he had bought other stocks like AGM, SMT, VKC, DDV, APG, and LDP to own, not to manipulate.
Nam was found to have approved loans for Nhan and directed his subordinates to manipulate stock prices, helping Nhan earn more than VND153 billion illicitly.
Nam also took advantage of lending money to Louis Holdings to ask Nhan for VND500 million ($21,120) in commissions outside their contract.
Nhan and Nam were arrested on April 20 this year for further investigation into their alleged stock market manipulation to reap windfall gains.
- Read More
Vietnam's ACV expects 17% profit drop, plans $1.52 bln investment in Long Thanh airport this year
State-owned Airports Corporation of Vietnam (ACV), which operates 22 airports nationwide, expects its 2025 pre-tax profit to decline 17% year-on-year to VND10.53 trillion ($402.56 million) due to foreign exchange losses.
Companies - Wed, July 2, 2025 | 4:08 pm GMT+7
Two mega urban area projects in central Vietnam get greenlight
Two major urban projects in Quang Ngai province's Dung Quat Economic Zone, with a total investment of over VND54 trillion ($2.06 billion), have received in-principle approvals from Deputy Prime Minister Tran Hong Ha.
Real Estate - Wed, July 2, 2025 | 4:02 pm GMT+7
Roadmap for cleaner fuel transition launched for Vietnam’s first oil refinery Dung Quat
Binh Son Refining and Petrochemical JSC (BSR) and PV Gas D, a subsidiary of PV Gas, have signed an MoU on LNG trading principles, marking a significant step in BSR’s roadmap to transition from traditional fuels to cleaner alternatives at Dung Quat Oil Refinery.
Economy - Wed, July 2, 2025 | 3:52 pm GMT+7
EPC contracts signed for Vietnam’s offshore Block B - O Mon gas pipeline
Southwest Pipeline Operating Company (SWPOC), a subsidiary of Vietnam’s state-owned Petrovietnam, on Monday signed EPC contracts for two key packages (PC1 and PC2) of the Block B – O Mon gas pipeline project.
Economy - Wed, July 2, 2025 | 2:01 pm GMT+7
Major Vietnamese developer Sun Group proposes riverfront road, metro line projects in HCMC
Sun Group, a leading real estate developer in Vietnam, is seeking Ho Chi Minh City authorities’ permission to invest in a riverfront road along the Saigon River and a 40-kilometer metro line under the build-transfer (BT) model in the former Cu Chi district.
Infrastructure - Wed, July 2, 2025 | 1:32 pm GMT+7
Vietnam stock market to enjoy favorable 'tailwinds' in H2: experts
While external challenges are persistent, domestic economic stimulus policies will be a key driver helping Vietnam's stock market become more positive in the remaining six months of 2025, according to experts.
Finance - Wed, July 2, 2025 | 8:20 am GMT+7
Agro-forestry-fishery exports rise over 14% in H1
Vietnam’s total agro-forestry-fishery trade in the first half of 2025 is estimated at $57 billion, with exports reaching $33.5 billion, up 14.3% year-on-year, according to the Ministry of Agriculture and Environment.
Companies - Tue, July 1, 2025 | 10:33 pm GMT+7
Banks end magnetic cards, require biometrics for firms from July 1
From July 1, banks across Vietnam have stopped using magnetic stripe cards and now require biometrics for company accounts to prevent fraud and improve security.
Banking - Tue, July 1, 2025 | 10:17 pm GMT+7
Data Law aims to protect data and unlock value
The 2024 Data Law, which aims to regulate the collection, sharing and commercial use of data, creating a trusted marketplace while enhancing personal data protection and cybersecurity, takes effect on Tuesday, July 1.
Companies - Tue, July 1, 2025 | 10:06 pm GMT+7
Thailand attracts large investment in data centers, digital services
The Thailand Board of Investment (BOI) has approved investment applications worth a total of THB 28.6 billion (about $870 million) in digital infrastructure and travel sector projects, as well as incentives for the use of local content in the manufacturing of electric vehicles (EV) and hybrids, as well as electrical appliances (E&E).
Southeast Asia - Tue, July 1, 2025 | 9:55 pm GMT+7
Indonesia launches $5.9 bln EV battery ecosystem
Indonesia held a groundbreaking ceremony on Sunday for its integrated electric vehicle (EV) battery ecosystem in Karawang, West Java province.
Southeast Asia - Tue, July 1, 2025 | 9:49 pm GMT+7
Vietnam construction giant Vinaconex plans to divest 51% stake in northern Vietnam resort developer
Vietnam’s leading construction firm Vinaconex on Monday approved the transfer of its entire 51% stake in Vinaconex ITC, the developer of Cat Ba Amatina urban-tourism project in the northern city of Hai Phong, at a minimum price of VND48,000 per share ($1.84).
Real Estate - Tue, July 1, 2025 | 4:44 pm GMT+7
Gozo Express, Indel Petro launch Vietnam’s first integrated gas and logistics stations
Gozo Express, a Vietnamese logistics startup, has partnered with Indel Petro to launch Gozo Station, Vietnam’s first integrated station that combines gas refueling with parcel drop-off and delivery services.
Companies - Tue, July 1, 2025 | 4:20 pm GMT+7
Vietnam’s state-own telecom MobiFone, Techcombank jointly launch digital payment firm
MobiFone, Vietnam’s third-largest telecom operator, has launched a new digital payment subsidiary in partnership with One Mount Group and Techcombank, according to recent corporate registration data.
Finance - Tue, July 1, 2025 | 4:03 pm GMT+7
Work starts on golf course, liquid cargo port, waste-to-energy projects in northern Vietnam province
A groundbreaking ceremony was held on Saturday for the Con Vanh Golf Course and Ba Lat Liquid Cargo Port projects in the northern province of Thai Binh (now Hung Yen province).
Industries - Tue, July 1, 2025 | 2:37 pm GMT+7
Vietnam's industrial conglomerate Thaco proposes building urban railway projects in HCMC
Truong Hai Group (Thaco) has proposed studying investments in the Ben Thanh-Thu Thiem-Long Thanh railway line and Metro Line 2 (Ben Thanh-Tham Luong), both in Ho Chi Minh City.
Infrastructure - Tue, July 1, 2025 | 1:53 pm GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?