Van Thinh Phat Group chairwoman-related assets frozen
The Ministry of Public Security's investigative agency has frozen 22 assets including one yacht, two ships and 19 cars belonging to Truong My Lan, chairwoman of Ho Chi Minh City-based real estate developer Van Thinh Phat Group, and other legal entities.
A series of real estate developments related to Lan were also confiscated by the agency to remedy the consequences of her violations, it said.
Truong My Lan, chairwoman of real estate developer Van Thinh Phat Group. Photo courtesy of the company.
The agency seized a total of nearly VND599 billion ($24.68 million) and nearly $15 million related to Lan and other defendants. The 43 bank accounts of the defendants and individuals in their names have been frozen, with a total amount of VND1,896 billion ($78.14 million) and nearly $8.5 million.
Police have also blocked transactions worth VND789.8 billion ($32.55 million) at an account with Saigon Commercial Bank (SCB).
Related to Lan, the investigative agency temporarily confiscated 1,266 original copies of land use rights and construction project certificates; 1,784 photocopies of land use rights certificates; a list of 269 properties for rent and 21 notarized contracts; and 147 compensation agreements for land plots belonging to the Phuoc Kien project in HCMC’s Nha Be district.
Police have also frozen 1,237 properties related to Lan and 857 million SCB shares held by Lan and individuals in her name. As many as 61 properties of other defendants have been frozen and eight real estate transactions have been blocked.
On Friday, Truong My Lan was accused of controlling operations at SCB to appropriate over VND304 trillion ($12.53 billion). The Ministry of Public Security's investigative agency proposed prosecuting her for giving bribes, violating regulations on banking activities, and embezzlement.
Relating to the scandal at Van Thinh Phat, SCB and related units, 85 others also face trials for embezzlement; violating regulations on banking activities; receiving bribes; abusing positions and power while performing official duties; showing a lack of responsibility, causing serious consequences; and abusing trust to appropriate property.
- Related News
- Read More
Café Amazon retreats, Mixue scales down in Vietnam over intense competition
Vietnam’s food and beverage (F&B) sector is seeing a wave of closures and market exits as rising competition and shifting consumer preferences squeeze profit margins.
Economy - Sun, November 23, 2025 | 2:36 pm GMT+7
Vietnam Education Publishing House strengthens cooperation with Malaysia’s Pelangi Publishing Group
Vietnam Education Publishing House (VEPH) met with Malaysia’s Pelangi Publishing Group in mid November to expand professional exchange and explore deeper cooperation in educational publishing.
Companies - Sun, November 23, 2025 | 12:21 pm GMT+7
French energy giant plans $500 mln investment in green Vietnam projects
French green hydrogen infrastructure developer HDF Energy is looking to invest $500 million in potential energy and transport projects across Vietnam, particularly the southern economic hub of Ho Chi Minh City.
Energy - Sun, November 23, 2025 | 11:29 am GMT+7
Vincom Retail estimated to book $72 mln profit from Hanoi mall sale: broker
Vincom Retail (HoSE: VRE), Vietnam’s leading retail property developer, is set to record an estimated VND1.9 trillion ($72 million) in profit after completing the divestment of its entire equity interest in a Hanoi project last month, according to a report by BSC Securities.
Real Estate - Sun, November 23, 2025 | 8:00 am GMT+7
Market watchdog conference in central Vietnam offers insight into amended securities law
A conference recently held by the State Securities Commission (SSC) in Danang briefed companies and market participants in central Vietnam on amendments to the Securities Law and guiding documents, as part of the authority's 2025 legal dissemination plan.
Finance - Sat, November 22, 2025 | 9:48 pm GMT+7
Central Retail incurs 6% drop in Jan-Sept revenue from Vietnam
Thailand’s top retailer Central Retail posted revenues of nearly THB35.48 billion ($1.09 billion) in Vietnam in the first nine months of this year, down 6.6% year-on-year due to exchange rate fluctuations.
Companies - Sat, November 22, 2025 | 3:32 pm GMT+7
Young leadership mindset drives SHB bank's next growth phase: exec
Young leadership would play a pivotal role as Vietnamese businesses navigate digital transformation and rising global competition, said Do Quang Vinh, vice chairman cum deputy CEO of Saigon-Hanoi Commercial Joint Stock Bank (SHB).
Banking - Sat, November 22, 2025 | 3:23 pm GMT+7
Stock market regulator holds final round of ESG-focused corporate governance contest in Hanoi
The final round of the “Vietnam ESG Challenge 2025”, a competition aimed at promoting sustainable development, modern corporate governance, and social responsibility among Vietnamese university students, took place in Hanoi on Monday.
Finance - Sat, November 22, 2025 | 10:16 am GMT+7
IFC, Vietnam's EVNNPT discuss investment in power transmission projects
Vietnam's National Power Transmission Corporation (EVNNPT) and the International Finance Corporation (IFC), a member of the World Bank Group, have discussed issues related to potential cooperation and investment in power transmission projects under the Power Development Plan VIII (PDP VIII).
Companies - Sat, November 22, 2025 | 9:23 am GMT+7
Earnings strength meets market consolidation
Global appetite for emerging markets is still cautious, constrained by high returns in developed markets amid geopolitical uncertainty, while pressure on the Vietnamese dong has been compounded by seasonal FDI profit repatriation, writes Minh Dang, head of research at Dragon Capital.
Economy - Sat, November 22, 2025 | 8:00 am GMT+7
Phat Dat pursues HCMC housing project after a decade as it restructures property portfolio
Phat Dat Real Estate Development Corp (PDR) has moved to acquire a 50% stake in AKYN Investment Trading Service JSC as part of efforts to revive a long-delayed residential project in central Ho Chi Minh City, the company said in a board resolution. Financial terms were not disclosed.
Real Estate - Fri, November 21, 2025 | 9:30 pm GMT+7
F88 wins dual workplace awards for 2025
Vietnam’s consumer finance major F88 has been named one of "Vietnam Best Places to Work" and a “Happiness at Work” enterprise for 2025.
Companies - Fri, November 21, 2025 | 4:07 pm GMT+7
European IP developer CTP plans large industrial-logistics project in northern Vietnam port city
CTP, a Dutch-led industrial park developer headquartered in the Czech Republic, is exploring a large integrated complex combining seaports, an airport, logistics facilities and industrial parks in the northern port city of Hai Phong.
Infrastructure - Fri, November 21, 2025 | 3:24 pm GMT+7
Vingroup to build $334 mln international port in central Vietnam
Vietnam's leading private conglomerate Vingroup will develop a modern, large-scale international port named Son Duong at the Vung Ang Economic Zone in Ha Tinh province.
Infrastructure - Fri, November 21, 2025 | 3:10 pm GMT+7
HCMC ready to operate International Financial Center: city authorities
Ho Chi Minh City has completed preparations across infrastructure, spatial planning, digital systems, organizational apparatus, and human resources to ensure Vietnam's International Financial Center can begin operating immediately after the Government issues its guiding decrees.
Economy - Fri, November 21, 2025 | 2:11 pm GMT+7
Hoa Phat Agriculture valued at over $450 mln ahead of IPO, ranking 2nd in Vietnam's livestock industry
Hoa Phat Agriculture Development JSC (HPA) has been valued at more than $450 million based on its newly announced IPO price, making it the second-largest company in Vietnam’s livestock industry after Masan MeatLife.
Companies - Fri, November 21, 2025 | 11:26 am GMT+7
