Vietnam Sentences Real Estate Tycoon Truong My Lan To Death In Its Largest-Ever Fraud Case

TOPSHOT - Vietnamese property tycoon Truong My Lan looks on at a court in Ho Chi Minh city on April 11, 2024. A top Vietnamese property tycoon could face the death penalty when she and dozens of other co-accused face verdicts on April 11 in one of the country's biggest fraud cases over the embezzlement of USD 12.5 billion.

Her niece, Truong Hue Van, the chief executive of Van Thinh Phat, was sentenced to 17 years in prison for aiding her aunt.Lan and her family established the Van Thing Phat company in 1992 after Vietnam shed its state-run economy in favor of a more market-oriented approach that was open to foreigners. She had started out helping her mother, a Chinese businesswoman, to sell cosmetics in Ho Chi Minh City’s oldest market, according to state media Tien Phong.

The real estate sector in Vietnam has been hit particularly hard. An estimated 1,300 property firms withdrew from the market in 2023, developers have been offering discounts and gold as gifts to attract buyers, and despite rents for mixed-use properties known in Southeast Asia as shophouses falling by a third inIn November, Communist Party General Secretary Nguyen Phu Trong, Vietnam’s top politician, said that the anti-corruption fight would “continue for the long term.

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