Crime Vietnamese Tycoon's Life Sentence Reduced, Faces Execution for Separate Charge

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Photo: Vietnam News

 

HCM CITY — In a recent ruling, the High People’s Court in Ho Chi Minh City reduced Trương Mỹ Lan's life sentence for fraud to 20 years. However, due to a concurrent death sentence from a separate trial, the former chairwoman of Vạn Thịnh Phát Group still faces execution.

 

Lan, aged 69, was found guilty of appropriating over VNĐ30 trillion (approximately US$1.18 billion) from bondholders, impacting around 42,000 victims. Her appeal against the life sentence for this offense was partially successful, but she has been sentenced to 12 years for money laundering and eight years for illegal currency transport, both of which were upheld by the court.

 

In another high-profile trial last April, Lan received a death sentence for embezzling $27 billion from the Saigon Commercial Bank (SCB), a sum equivalent to about 6 per cent of Vietnam's GDP in 2023. Her appeal against the death penalty was denied, yet Vietnamese law offers a potential reprieve if she returns 75 per cent of the embezzled funds and cooperates with the authorities.

 

Lan has pledged to compensate the victims of her fraud and tackle the financial repercussions of her actions. Authorities have already seized substantial assets connected to her schemes, with a central committee established to oversee asset recovery. VNĐ8.6 trillion has been confiscated, and authorities anticipate retrieving another VNĐ15 trillion through asset liquidation. Additionally, Lan holds VNĐ21 trillion in securities.

 

 

 

In contrast to Lan's severe sentences, other defendants in her network, including her niece Trương Huệ Vân and her husband Chu Lập Cơ, received reduced sentences ranging from one to two years, attributing to their minor involvement and personal circumstances.

 

Meanwhile, the court affirmed the life sentence for Võ Tấn Hoàng Văn, former SCB general director, who received 12 years for fraud and five years for illegal currency transport. Bùi Anh Dũng, former SCB chairman, also maintained his 10-year term, leading to a life sentence under related charges.

 

Despite officially owning only 5 per cent of SCB shares, Lan was found to have exercised control over 90 per cent of the bank through a complex network of family and associates. Her arrest highlights the escalating anti-corruption drive in Vietnam, which has ramped up since 2021 and exposed significant lapses in regulatory oversight, particularly involving the State Bank of Vietnam and the Ministry of Finance's State Securities Commission.

 

Adapted by ASEAN Now from Vietnam News

 

-- 2025-04-21