PM Forms Task Force to Recover Van Thinh Phat Assets
Vietnam’s PM sets up a national task force to oversee the recovery of trillions lost in the Van Thinh Phat case, led by Deputy PM Nguyen Hoa Binh.
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High-Level Oversight for High-Stakes Recovery
Announced on April 9, the newly formed Central Interdisciplinary Steering Committee for Asset Recovery is chaired by Deputy Prime Minister Nguyen Hoa Binh, who has been granted authority to use the Prime Minister’s seal. The Deputy Chair is Justice Minister Nguyen Hai Ninh, and the committee consists of 20 other leaders from central ministries and key provinces, including Ho Chi Minh City, Hanoi, Dong Nai, Long An, and Quang Ninh.
The Ministry of Justice will serve as the standing agency, providing operational support. The committee’s core task is to coordinate and recommend strategies for recovering embezzled or lost assets, particularly from the criminal proceedings tied to Van Thinh Phat Group and its affiliates.
A Complex Case With Colossal Losses
At the center of the scandal is Truong My Lan, 69, chairwoman of Van Thinh Phat. Authorities say she orchestrated an elaborate scheme of financial misconduct over a decade, primarily through SCB Bank—a financial institution she allegedly controlled behind the scenes.
Between 2012 and 2022, Lan and her associates reportedly approved over 2,500 fraudulent loans through SCB, funneling funds into companies within her corporate ecosystem. By October 2022, the total debt outstanding from 1,284 loans had ballooned to 677 trillion VND (approx. $27 billion). Some loans have since been settled, but Lan remains legally liable for 673 trillion VND in damages across 1,243 loans.
To secure restitution, 1,120 collateral assets tied to the debts—many being prime real estate—are under legal management. The People’s Supreme Procuracy, the Economic Police Department (C03), and civil enforcement authorities are monitoring the asset-handling process closely to ensure maximum recovery.
One of the most prominent properties seized is the Saigon One Tower, a high-rise overlooking the Saigon River, now emblematic of Van Thinh Phat’s collapsed empire.
International Cooperation and Public Trust
Truong My Lan’s case has become a test of Vietnam’s commitment to judicial reform and financial transparency. By creating a high-level body to coordinate asset recovery, the government sends a strong message: No one is above the law, and stolen public wealth must be returned.
The Prime Minister’s decision also aligns with public sentiment. Amid widespread media attention, Vietnamese citizens and global investors alike are watching how this case unfolds—not just for legal outcomes, but for how effectively the state can reclaim misappropriated funds and prevent future abuse.
The Legal Fallout
Lan was sentenced in December 2024 by the High People’s Court in Ho Chi Minh City. She received:
Death sentence for embezzlement
20 years for bribery
16 years for violating lending regulations (reduced from 20 years)
Her total sentence is capital punishment, though the court noted that if she manages to repay at least 75% of the damages, a commutation to life imprisonment may be considered.
She is currently appealing several aspects of her sentencing. In Phase Two of the case, she faces new charges including:
Fraudulent appropriation of over 30 trillion VND through fake bond issuances
Money laundering of 445 trillion VND
Illegal cross-border currency transfers totaling $4.5 billion (over 106 trillion VND)
She contests these accusations and has requested that the appellate court allow time to maximize restitution efforts.
At the same time, civil enforcement and judicial agencies are under pressure to deliver results. In this context, the interdisciplinary task force serves not only as a command center but also as a symbol of the government’s seriousness.
As appeals continue, and property assessments proceed, one thing is clear: the 673 trillion VND in losses may represent a staggering blow, but the effort to reclaim these funds could prove just as defining for Vietnam’s rule of law.
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