Vietnam property magnate indicted in massive bond scam
Do Anh Dung, chairman and CEO of Tan Hoang Minh Group, has been indicted along with 14 associates for fraudulent appropriation of property in a bond scandal.
The indictment, part of a crackdown on corporate violations, was announced by the Supreme People's Procuracy of Vietnam Tuesday. It said the indictment was based on conclusions of Ministry of Public Security investigators released in September, 18 months after Dung and his associates were arrested.
Do Anh Dung, chairman and CEO of Tan Hoang Minh Group, main accused in the Tan Hoang Minh Group bond fraud case. Photo courtesy of the group.
Accordingly, Dung was the mastermind of a corporate bond fraud that involved three subsidiaries of Tan Hoang Minh Group, a luxury real estate developer, which appropriated VND8.64 trillion ($356 million) from 6,630 victims, mostly amateur bond investors.
Dung directed his subordinates to use three subsidiaries – Viet Star Real Estate Investment Ltd, Winter Palace JSC and Soleil Hotel Services and Investment JSC – to make up false transactions and hired auditing and price appraisal firms to facilitate nine bond issuances worth a combined VND10.03 trillion ($413 million).
After several manoeuvres, Tan Hoang Minh became primary holder of those bonds and resold them to secondary buyers, raising nearly VND14 trillion ($576 million). The property developer used VND5.1 trillion of the proceeds for rollovers before the case was cracked in April 2022.
Do Hoang Viet, son of Dung and deputy general director of Tan Hoang Minh, was the main executor of the bond scam with the support of 13 other executives, including Nguyen Manh Hung, former chairman of Ngoi Sao Viet Real Estate Investment Company (Viet Star); Tran Hong Son, chairman of Soleil Hotel Services and Investment JSC; Nguyen Khoa Duc, chairman cum general director of Winter Palace JSC; and Le Van Thinh, deputy general director of Tan Hoang Minh.
Dung has handed over to the police all the money he has been accused of appropriating.
Under Article 174 of the Criminal Code, Dung faces the possibility of a life sentence.
The case was put under the watch of the Central Steering Committee on Anti-corruption directly chaired by Party General Secretary Nguyen Phu Trong, who has repeatedly vowed to root out corruption in one of the fastest-growing economies in Asia.
- Read More
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
PM okays over $10 bln urban area project in central Vietnam
The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.
Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7
S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO
South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.
Companies - Wed, March 26, 2025 | 8:30 am GMT+7
Vietnam, Singapore seek cooperation chances in semiconductor industry
The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition
Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
Vietnam Deputy PM discusses financial center development with ECB
Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.
Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7
Indonesia keeps commitment on energy transition
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.
Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7
Malaysia’s electric vehicle sales surge
Malaysia’s automotive industry is gaining momentum, with electric vehicle (EV) sales soaring over the past two years and continuing to rise in 2025, driven by both domestic and international manufacturers.
Southeast Asia - Tue, March 25, 2025 | 10:23 pm GMT+7
Japan turns to Vietnam, Indonesia to tackle truck driver shortage
Logistics and transportation companies in Japan have begun recruiting foreign nationals as drivers now that their industries qualify for a special employment visa amid a severe labor shortage.
Southeast Asia - Tue, March 25, 2025 | 10:19 pm GMT+7
Malaysia expected to achieve economic growth of 4.5-5.5% in 2025
The Malaysian economy is projected to expand between 4.5% and 5.5% in 2025, underpinned by resilient domestic demand and ongoing investment activity, despite external uncertainties, according to the country’s central bank Bank Negara Malaysia (BNM).
Southeast Asia - Tue, March 25, 2025 | 10:10 pm GMT+7
Singapore’s core inflation falls in Feb
Singapore’s core inflation declined for the fifth straight month in February after falling sharply in January as most spending categories saw smaller year-on-year price increases.
Southeast Asia - Tue, March 25, 2025 | 10:01 pm GMT+7
China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam
China-headquartered Texhong, among the largest core cotton textile suppliers in the world, will “unwind” the expansion of its Texhong Industrial Park (Texhong Hai Ha Industrial Park) in the northern Vietnam province of Quang Ninh, the firm said on Monday.
Industrial real estate - Tue, March 25, 2025 | 9:28 pm GMT+7
