The return of once-high-profile Vietnamese tycoons draws market attention

A wave of comebacks by several once high-profile Vietnamese businessmen is drawing renewed attention from stock market investors, reviving memories of a turbulent period in the country’s corporate sector while raising fresh expectations about the role of business leaders in the post-crisis era.

The renewed appearances are also testing whether the market will embrace substantive corporate reforms rather than symbolic returns alone.

Most recently, social media buzzed with reports that Do Thanh Nhan is seeking a return to business and plans to restructure Louis Holdings after nearly four years of upheaval.

Nhan, currently the company’s largest shareholder with nearly 38 million shares, equivalent to a 36.67% stake, has requested an extraordinary shareholders’ meeting for 2026. The move comes as Louis Holdings has yet to hold its annual general meetings for 2025 and 2026.

Nhan previously served as chairman of Louis Holdings and sat on the boards of Louis Capital and Louis Land. However, in April 2022, Vietnam’s Ministry of Public Security launched an investigation into alleged stock market manipulation linked to the Louis ecosystem.

Nhan, along with Do Duc Nam - then CEO of Tri Viet Securities, now known as T-Cap Securities - and two others, was charged with stock market manipulation.

In May 2023, a Hanoi court sentenced Nhan to five years and six months in prison. Eight months later, an appellate court reduced the sentence to four years after the defendant and his family paid more than VND1 billion dong ($37,930) in additional compensation and cooperated with investigators.

The return of business figures previously embroiled in legal troubles is not uncommon in Vietnam. Over the years, several once-prominent entrepreneurs have sought to rebuild their businesses after serving sentences, hoping to restore both personal reputations and the standing of the corporate groups they founded.

Among them, the re-emergence of Trinh Van Quyet is seen as particularly symbolic, reflecting not only the return of an individual businessman but also the recovery efforts of FLC Group, a conglomerate that expanded rapidly before falling into crisis.

Since the beginning of this year, Quyet has appeared at several diplomatic and business events involving FLC and its partners. At a March 27 conference titled “Gia Lai 2026: Activating the Coastal-Highlands Corridor,” Quyet, born in 1975, attended and was introduced as chairman of FLC Group, signaling his gradual return to activities related to the group.

Quyet was arrested in 2022 over allegations of stock market manipulation. In October 2025, the Ministry of Justice confirmed that he had fulfilled all financial obligations under the court ruling, including compensation payments.

The return of influential businessmen has also extended beyond the property and securities sectors into banking.

In late April, Tram Be appeared at a working session with Vinh Long provincial authorities as a representative of Ham Giang Construction Co Ltd, the developer of four projects spanning around 468 hectares with total planned investment of nearly VND6 trillion ($227.58 million).

Born in 1959, Tram Be is a Chinese-Vietnamese businessman from Tra Vinh province who became well known following the takeover of Sacombank in 2011. However, violations linked to the bank later led to criminal charges and combined prison sentences totaling seven years.

After completing his sentence, Tram Be quietly returned to business activities in 2023. Most public information about him since then has been associated with Trieu An Hospital, where he is involved in management activities.

Still, the comeback process has not always been smooth. Vietnam’s State Securities Commission recently revoked the public company status of Trieu An due to violations of disclosure regulations after the company failed to publish multiple required documents on time.

Another widely watched case is the return of Do Anh Dung and Tan Hoang Minh Group.

Before its legal troubles, Tan Hoang Minh was regarded as one of Hanoi’s leading real estate developers, known for luxury projects in prime locations including D’. Le Pont D’or Hoang Cau, D’. Palais Louis Nguyen Van Huyen, D’Capitale Tran Duy Hung and D’. Le Roi Soleil Quang An.

The company later expanded into Ho Chi Minh City, Phu Quoc Island and other localities across various property segments before its growth was disrupted following Dung’s arrest in mid-2022.

After Dung received amnesty in late April 2025, Tan Hoang Minh gradually resumed business activities, unveiling a series of proposed projects across several provinces.

In early June 2025, Dung, in his capacity as chairman of Tan Hoang Minh, met with Lam Dong provincial authorities to discuss plans for a smart urban area integrated with tourism and film studios in Xuan Tho commune in Da Lat. The proposed project covers approximately 4,320 hectares and includes eight functional zones.

The group, together with Xuan Thien Group, has also proposed developing a circular high-tech agriculture complex in Lam Dong province. By late June 2025, Tan Hoang Minh was also named among companies involved in proposed pilot commercial housing projects in Khanh Hoa province, including a mixed-use office, retail and luxury apartment complex valued at around VND1.8 trillion ($68.27 million).

The return of businessmen who once stood at both the heights of success and the depths of legal crisis is generating mixed reactions in the stock market.

For some investors, these comebacks demonstrate resilience and the ability to rebuild after setbacks. For others, they reinforce demands for stronger transparency, governance standards and corporate accountability.

Ultimately, market observers say, such returns will only regain investor trust if accompanied by meaningful and sustainable changes rather than reputational rehabilitation alone.