Vietnam Court Upholds Death Sentence For Real Estate Tycoon In Landmark Fraud Case

Vietnam’s Supreme Court upheld the death sentence for Truong My Lan, chairperson of Van Thinh Phat, over a $12.5 billion fraud case—the largest in the country’s history, Aniruddha Ghosal reported for the Associated Press (AP).

Convicted of embezzlement and bribery, Lan's actions caused $27 billion in losses to the Saigon Joint Stock Commercial Bank from 2012 to 2022. I Photo: Ministry of Public Security

Convicted of embezzlement and bribery, Lan's actions caused $27 billion in losses to the Saigon Joint Stock Commercial Bank from 2012 to 2022, equivalent to nearly 3% of Vietnam's 2022 GDP.

The court noted that Lan's sentence could be commuted to life imprisonment if she reimburses 75% of the financial losses. Her actions were deemed to have severely undermined public trust and disrupted Vietnam’s banking sector.

This case has intensified scrutiny of corruption in Vietnam, raising concerns about economic stability and foreign investor confidence. As Vietnam seeks to attract global businesses moving supply chains from China, the scandal's impact on the country’s economic reputation has been significant.