Many former leaders of Vietnam's Finance Ministry disciplined
The Central Inspection Committee has disciplined many former leaders of the Ministry of Finance and proposed disciplining former Minister Dinh Tien Dung for violations related to Van Thinh Phat Group and AIC Company.
The Ministry of Finance's headquarters. Photo courtesy of the government's news portal.
In a release issued on Saturday, the committee stated that the ministry’s Party leadership had violated the principle of democratic centralism and working regulations; lacked responsibility, and showed loose leadership and direction.
As a result, the ministry and a number of organizations and individuals violated laws and regulations in state management, advising, and issuing mechanisms and policies related to issuance and trading of private placement corporate bonds, including those of Van Thinh Phat Group and An Dong Company.
There were also violations in state budget management related to AIC Company and businesses in the AIC ecosystem.
The above violations “have caused serious consequences which are difficult to remedy, leading to risks of big loss and waste of state budget and damages to bond investors”.
This negatively affected the business environment as well as social order and safety, causing bad public opinions and undermining the reputation of Party organizations and State management agencies “to the point that they must be disciplined”.
The main responsibility for the above violations and shortcomings belongs to the Ministry of Finance’s Party leadership for the 2016-2021 term; Dinh Tien Dung, Politburo member, Hanoi’s Party chief and former Minister of Finance; Vo Thanh Hung, Deputy Minister of Finance; and former deputy ministers of finance Huynh Quang Hai, Do Hoang Anh Tuan and Vu Thi Mai; and a number of other Party organizations and Party members.
The Central Inspection Committee decided to warn the General Department of Customs’s Party leadership for the term 2015-2020; the Party leaderships and Party units of some other agencies under the Ministry of Finance for the terms of 2015-2017, 2017-2020 and 2020-2022.
The committee issued warnings to former Deputy Minister of Finance Huynh Quang Hai; Pham Van Truong, director of the State Budget Department; Nguyen Truong Giang, director of the Department of Finance and Public Administration; Nguyen Duong Thai, former deputy director of the General Department of Customs; Pham Van Viet, former director of the finance and administration agency under the General Department of Customs.
Former Deputy Ministers Do Hoang Anh Tuan and Vu Thi Mai; Deputy Minister Vo Thanh Hung; Phan Thi Thu Hien, director of the Department of Finance of Banks and Financial Institutions; and Le Ngoc Khoa, former director of the Planning and Finance Department were reprimanded.
The Central Inspection Committee asked competent authorities to consider disciplining the Ministry of Finance’s Party leadership for the 2016-2021 term and former Minister Dinh Tien Dung.
Dung, 63, comes from Hoa Lu district, Ninh Binh province. He is a member of the 13th Politburo; a Party Central Committee member for the 11th, 12th, and 13th terms; a delegate of the National Assembly for the 14th and 15the terms.
Dung was Minister of Finance from June 2013 to March 2021. From April 2021 until now, he is Hanoi’s Party chief.
- Related News
- Read More
Thailand's digital GDP expected to grow 6.2% this year
The Digital Economy and Society (DES) Ministry of Thailand expects digital GDP this year to expand by 6.2% year-on-year, despite the potential impact of the U.S.'s reciprocal tariffs.
Southeast Asia - Sun, July 6, 2025 | 10:44 am GMT+7
Healthcare M&As surge in Vietnam on foreign capital inflows
Despite a global downturn in healthcare M&A activity, Vietnam’s market has witnessed major deals in the first half of 2025.
Finance - Sun, July 6, 2025 | 10:40 am GMT+7
Vietnam’s cement giant Vicem posts profit after 2 years of losses
After two consecutive years of losses, Vietnam Cement Industry Corporation (Vicem) has reported a consolidated after-tax profit of over VND34 billion ($1.3 million) in the first half of 2025.
Companies - Sun, July 6, 2025 | 8:00 am GMT+7
Indonesia, Saudi Arabia sign $10 bln deal on green projects
Indonesia’s sovereign wealth fund (SWF) Danantara has signed an MoU with ACWA Power, a Saudi Arabian leading green energy corporation, to explore investments in renewable energy projects with total funding estimated at up to $10 billion.
Southeast Asia - Sat, July 5, 2025 | 11:26 pm GMT+7
Thailand yet to reach tariff deal with US: official
Thailand has yet to conclude negotiations with the U.S. on reciprocal tariffs but has gained “valuable insights” that will guide the development of a revised proposal, Thai Deputy Prime Minister Pichai Chunhavajira said on Friday.
Southeast Asia - Sat, July 5, 2025 | 11:24 pm GMT+7
Soilbuild International starts work on $60 mln ready-built industrial facility project in northern Vietnam
Singapore-based real estate developer Soilbuild International has broken ground on a $60 million ready-built industrial facility in Vietnam’s northern province of Hung Yen.
Industrial real estate - Sat, July 5, 2025 | 11:20 pm GMT+7
Phu Quoc casino owner issues $91.67 mln bonds in capital restructuring
Phu Quoc Tourism Development and Investment JSC, owner of the Corona casino on Vietnam’s resort island of Phu Quoc, has completed the issuance of VND2.4 trillion ($91.67 million) in five-year bonds as part of its capital restructuring plan.
Companies - Sat, July 5, 2025 | 5:54 pm GMT+7
SK Group pushes for potential investment in $2.2 bln LNG-fired power plant in central Vietnam
A delegation from South Korean chaebol SK Group has held a second round of talks with Nghe An province authorities to explore investment opportunities for a $2.2 billion LNG-fuelled power plant project.
Energy - Sat, July 5, 2025 | 1:47 pm GMT+7
Vietnam GDP grows 7.52% in H1, 15-year record high
Vietnam's economic growth rate reached 7.52% in the first six months of the year, a record high in the period 2011-2025, the General Statistics Office reported on Saturday.
Economy - Sat, July 5, 2025 | 10:46 am GMT+7
Vietnam needs two-pronged policy approach to mitigate impact of rising oil prices: RMIT experts
A surge in global oil prices poses a significant threat to Vietnam’s economy and to cushion these impacts, the country needs a two-pronged policy approach, write Dr Vu Hong Nhung and Dr Phan Thanh Chung, lecturers at the economics and finance department, Business School, RMIT University Vietnam.
Consulting - Sat, July 5, 2025 | 8:54 am GMT+7
Vietnam's registered FDI tops $21 bln in H1, highest in 16 years
Registered foreign direct investment (FDI) in Vietnam hit over $21.51 billion in the first half of the year, up 32.6% and a record high since 2009, while disbursed capital reached $11.72 billion, up 8.1%.
Economy - Fri, July 4, 2025 | 8:50 pm GMT+7
Gemadept’s southern Vietnam port receives mega container ships
Within just over two years of trial operations (from March 2023 to May 2025), Gemalink Port of Vietnamese logistics giant Gemadept in Ba Ria-Vung Tau has safely received 70 container vessels of over 200,000 DWT (up to 232,494.5 DWT) under partially loaded conditions.
Companies - Fri, July 4, 2025 | 4:54 pm GMT+7
Agro-forestry-fisheries exports near $34 bln in H1
Vietnam’s agro-forestry-fisheries exports hit $33.84 billion in the first half of 2025, marking a 15.5% increase year-on-year.
Economy - Fri, July 4, 2025 | 3:36 pm GMT+7
Malaysia’s data center operators struggle due to power cost hike
Malaysia’s data center sector is projected to grow at a 22% CAGR from 2023 to 2029 due to cost competitiveness, skilled workforce, and a robust digital ecosystem, according to a report by global investment bank ARC Group.
Southeast Asia - Fri, July 4, 2025 | 3:23 pm GMT+7
Tetra Pak inaugurates expanded aseptic packaging plant in southern Vietnam
Swedish food processing and packaging giant Tetra Pak has inaugurated the second phase worth EUR97 million of its aseptic packaging plant located in the VSIP II-A Industrial Park in Ho Chi Minh City, bringing the total investment to EUR217 million.
Companies - Fri, July 4, 2025 | 3:16 pm GMT+7
Vietnam Prime Minister requests early removal of credit growth limits
Prime Minister Pham Minh Chinh on Thursday instructed Vietnam's central bank to urgently consider removing the administrative tool of setting credit growth quotas for individual banks, and shift toward a market-based control mechanism.
Banking - Fri, July 4, 2025 | 3:14 pm GMT+7
