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
Vietnam's benchmark VN-Index likely to reach 1,800 points next year: broker
Despite potential short-term volatility from increased profit-taking pressure following a high-margin phase in late July, Vietnam’s benchmark VN-Index is expected to reach the 1,750-1,800 point range in 2026, according to leading broker Saigon Securities (SSI).
Finance - Sat, August 9, 2025 | 6:22 pm GMT+7
Mobile World to list mobile phone, electronic home appliance chains by 2030
Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, plans to conduct an IPO of and list its core retail chains The Gioi Di Dong (mobile phones) and Dien May Xanh (electric and electronic home appliances) by 2030.
Companies - Sat, August 9, 2025 | 6:04 pm GMT+7
Vietnam officially grants visa-free entry to high-profile foreigners
The Vietnamese Government has introduced a limited-term visa waiver scheme for foreign nationals who are "prioritized for the sake of the country’s socio-economic development".
Politics - Sat, August 9, 2025 | 11:32 am GMT+7
VinEnergo launches rooftop solar, battery storage projects in central Vietnam
VinEnergo Energy Joint Stock Company has signed MoUs to install rooftop solar power systems integrated with battery energy storage systems (BESS) with the VinFast automobile plant and two battery factories in the central province of Ha Tinh.
Companies - Sat, August 9, 2025 | 10:21 am GMT+7
Indonesia doubles lithium imports to boost EV battery production
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realize its ambition of becoming a global EV manufacturing hub.
Southeast Asia - Sat, August 9, 2025 | 10:18 am GMT+7
Optimism rises for Thailand’s economy after US tariff cut
Thailand’s private sector has lifted its 2025 GDP growth forecast to 1.8-2.2%, up from the previous 1.5-2%, following the U.S. decision to reduce import tariffs on Thai goods from 36% to 19%.
Southeast Asia - Sat, August 9, 2025 | 10:16 am GMT+7
Foreign investors make up 4.27% of Vietnamese G-bonds trading value in July
Foreign investors accounted for 4.27% of the total trading value of Vietnamese government bonds (G-bonds) in July, with net buying at VND298 billion (nearly 11.4 million).
Finance - Sat, August 9, 2025 | 10:08 am GMT+7
Vietnam developer Taseco Land plans private share placement following HCMC bourse debut
Shortly after its listing on the Ho Chi Minh Stock Exchange (HoSE) as TAL, Taseco Land, a subsidiary of Vietnam’s conglomerate Taseco Group, is seeking shareholder approval for a private share placement targeted at professional investors.
Companies - Sat, August 9, 2025 | 8:00 am GMT+7
Vietnam aims to finalize negotiations for Ninh Thuan 1 nuclear power plant by August
The Vietnamese government targets completing negotiations for Ninh Thuan 1 nuclear power plant in former Ninh Thuan province (now Khanh Hoa) by August 2025, and for Ninh Thuan 2 by May 2026 at the latest.
Energy - Fri, August 8, 2025 | 4:18 pm GMT+7
Software giant SAP invests $175 ml in R&D center in Vietnam
German software heavyweight SAP has officially launched a research & development center in Vietnam, with plans to invest more than €150 million ($175 million) over the next five years.
Industries - Fri, August 8, 2025 | 3:43 pm GMT+7
Carlsberg’s Phu Bai Brewery expansion in central Vietnam set to start brewing late this month
The expansion of Carlsberg’s brewery in Hue city, central Vietnam, with an investment of nearly $90 million, has entered trial runs and is scheduled to be inaugurated and begin full-scale production in late August.
Industries - Fri, August 8, 2025 | 2:43 pm GMT+7
Indonesia promotes nickel-based EV battery production
Indonesia is advocating regulations to encourage electric vehicle (EV) manufacturers to switch from the commonly used lithium-based batteries to nickel-based ones.
Southeast Asia - Fri, August 8, 2025 | 1:54 pm GMT+7
BRICS countries account for over 35% of Malaysia’s total foreign trade turnover
Malaysia’s trade with BRICS nations climbed to RM818 billion ($193.47 billion) in 2024, making up 35.2% of the country’s total global trade, according to the Ministry of Investment, Trade and Industry (MITI).
Southeast Asia - Fri, August 8, 2025 | 1:52 pm GMT+7
Vietnam consumer finance major F88’s stock hits ceiling price on UPCoM debut
The stock of F88 Investment JSC (F88), a leading consumer finance company in Vietnam, hit its ceiling price of VND888,800 ($34) on Friday, the first day of trading on the Unlisted Public Companies Market (UPCoM).
Companies - Fri, August 8, 2025 | 1:32 pm GMT+7
US tariff unlikely to dent Vietnam’s long-term FDI appeal: broker
The U.S. tariff gap between Vietnamese goods and those from four other Southeast Asian countries would not erode Vietnam’s competitive edge in manufacturing and investment, said Hanoi-based Vietcombank Securities (VCBS).
Economy - Fri, August 8, 2025 | 12:24 pm GMT+7
Land clearance for Vietnam's North-South high-speed railway project to start on December 19
Prime Minister Pham Minh Chinh has requested localities to start land clearance en masse for the gigantic North-South high-speed railway project on December 19.
Economy - Fri, August 8, 2025 | 11:52 am GMT+7
