Real estate firm Alibaba chairman sentenced to life in prison
The Ho Chi Minh City People's Court sentenced Nguyen Thai Luyen, chairman of Alibaba Real Estate JSC, to life in prison on Thursday for fraudulently appropriating property.
Vo Thi Thanh Mai, Luyen's wife, got a 20-year prison sentence on the same charge and a 12-year prison sentence for money laundering.
Other defendants were sentenced to 10-27 years behind bars, except for Huynh Kim Thang who got a suspended three-year sentence as he is undergoing cancer treatment.
The judge ordered Luyen and Mai to jointly pay compensation to their victims of VND2.4 trillion ($101.6 million).
The court determined they had been more than 4,500 victims, but so far only around 3,900 people have registered compensationt claims.

Nguyen Thai Luyen in court in December 2022. Photo courtesy of Vietnamnet newspaper.
In May 2016, Luyen, who has a bachelor's degree in law, established Alibaba Real Estate JSC in HCMC with charter capital of VND1 billion ($42,340).
Two years later, the company raised its charter capital to VND1.6 trillion ($67.74 million), but the figure only rose on paper.
Luyen also set up 22 legal entities, with owners on paper being his relatives and employees, of which 12 companies were investors of 58 bogus real estate projects in Dong Nai, Ba Ria-Vung Tau and Binh Thuan provinces. He also made fraudulent advertisements to sell properties to thousands of people.
Alibaba promised to buy back the plots of land at a higher price, ensuring a profit of 30% which it said would gradually increase over time.
- Read More
Vietnam willing to open doors to US agricultural products: minister
Vietnam is actively preparing to open its market to U.S. agricultural products such as tangerine, plum, and lemon, Vietnamese Minister of Agriculture and Environment Do Duc Duy said on Wednesday.
Economy - Thu, March 27, 2025 | 3:08 pm GMT+7
S Korea chaebol Lotte eyes hypermarket in northern Vietnam
South Korean conglomerate Lotte is eyeing projects in Thai Nguyen province, an industrial hub in northern Vietnam, firstly a hypermarket.
Industries - Thu, March 27, 2025 | 12:15 pm GMT+7
Dubai-based PDSI eyes $2.6 bln investment in tourism-golf course project in central Vietnam
PDSI Group, a Dubai-based real estate and consulting firm, has expressed interest in developing a $2.6 billion commercial, tourism, and golf course complex in Binh Thuan, a south-central coastal province of Vietnam.
Real Estate - Thu, March 27, 2025 | 11:38 am GMT+7
S Korea's SK set to divest from Vietnam's giant Vingroup
South Korean chaebol SK Group is set to divest from Vietnamese conglomerate Vingroup, according to the former’s annual report 2024.
Companies - Thu, March 27, 2025 | 11:30 am GMT+7
StanChart adjusts USD/VND exchange rate forecast amid changing economic trends
Standard Chartered Bank has adjusted its USD/VND exchange rate forecast, reflecting shifts in global and regional economic conditions.
Economy - Thu, March 27, 2025 | 9:29 am GMT+7
Fund inflows help stabilize Vietnam's stock market: analyst
As fund inflows are typically long-term investments, they play a key role in stabilizing Vietnam's stock market and preventing sharp fluctuations, according to Nguyen Duy Anh, Chartered Financial Analyst (CFA) at Vietcombank Fund Management Co., Ltd. (VCBF).
Finance - Thu, March 27, 2025 | 8:30 am GMT+7
VSIP begins work on industrial park project in northern Vietnam province Thai Binh
Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.
Industrial real estate - Wed, March 26, 2025 | 10:41 pm GMT+7
Vingroup starts building mega urban project in Vietnam's Mekong Delta
Vietnam’s leading private conglomerate Vingroup on Wednesday embarked on construction of the VND28 trillion ($1.1 billion) Vinhomes Green City, the first mixed-use urban development in its ecosystem in the Mekong Delta province of Long An.
Real Estate - Wed, March 26, 2025 | 10:11 pm GMT+7
Indonesia, China cooperate in digital technology
Indonesia and China are expanding cooperation in the field of AI to promote digital transformation, especially in the fields of agriculture and smart cities.
Southeast Asia - Wed, March 26, 2025 | 10:01 pm GMT+7
Indonesia decides to join BRICS New Development Bank
Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
Southeast Asia - Wed, March 26, 2025 | 9:57 pm GMT+7
Major Vietnamese broker SHS to double charter capital
Saigon-Hanoi Securities Corporation (SHS) plans to issue 894 million shares to increase its charter capital from VND8.13 trillion to VND17.07 trillion ($667.6 million), making it one of the top three securities firms in term of charter capital.
Companies - Wed, March 26, 2025 | 8:30 pm GMT+7
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam
Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.
Industries - Wed, March 26, 2025 | 5:18 pm GMT+7
Danish toymaker Lego to open $1.3 bln Vietnam plant next month
Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.
Industries - Wed, March 26, 2025 | 4:18 pm GMT+7
Top Singaporean firms earn high incomes in Vietnam
Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.
Companies - Wed, March 26, 2025 | 3:45 pm GMT+7
Vietnam, Singapore ink significant deals in Hanoi
Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.
Economy - Wed, March 26, 2025 | 2:51 pm GMT+7
Vietnam's major policies are reshaping economic development
Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Wed, March 26, 2025 | 12:11 pm GMT+7