Police unblock assets of 20 'Van Thinh Phat scam-related' firms
The Ministry of Public Security’s investigative agency has reverted its asset freezing decision for 20 among the 762 "Van Thinh Phat Group scam-related" companies.
Truong My Lan, chairwoman of the HCMC-based property developer Van Thinh Phat, was arrested on October 8 for alleged fraud in the issuance and trading of corporate bonds. The 66-year-old was accused of illegally issuing bonds to raise trillions of Vietnamese dong (tens of millions of dollars) from investors during the 2018-2019 period.
The investigative agency later decided to temporarily freeze the assets of 762 legal entities, aiming to prevent any transfer, donation or use as collateral of company assets.
Among the 20 companies no longer governed by the decision are Nova Consumer, FUTA Express, Hoan My Western Hospital Co. Ltd., and Vinh Hiep Co. Ltd.
Previously, some among the 762 enterprises had sent petitions to Vietnamese legal officials saying they had nothing to do with Van Thinh Phat Group, and that the asset-freezing decision had affected them negatively.

Van Thinh Phat Office Building in Ho Chi Minh City. Photo courtesy of the firm.
In October, Ho Chi Minh City police asked the municipal Department of Natural Resources and Environment to review the origin of 156 properties related to Van Thinh Phat.
The properties are mainly located in districts 1, 3, 5 and 7, and Thu Duc city, notably Time Square at No. 22-36 Nguyen Hue Street, Ben Nghe ward, District 1; buildings No. 144-146 Hai Ba Trung Street and No. 43-45 Nguyen Dinh Chieu Street in District 1’s Da Kao ward.
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