The story you are about to hear is probably the BIGGEST BANKING SCANDAL AND FRAUD in Vietnam that will certainly impact Vietnam’s Financial system, Vietnam’s Banking System and Vietnam’s economy. We are talking about a staggering $44 billion—yes, you heard that right, a $44 billion fraud, eclipsing almost a quarter of Vietnam’s GDP with more ramifications to come!

Imagine billions in cash, a real estate empire in turmoil, and a series of arrests that have sent shockwaves through Vietnam. This isn’t just any scandal; it’s a seismic event involving one of the industry’s biggest players. It is a Bernie Madoff’s kind of story that may lead to a collapse of an entire system. And today, we are dissecting a story that’s shaking Vietnam and beyond – a scandal so massive, it makes Hollywood heist movies pale in comparison.
So, fasten your seatbelts, this ride is about to get bumpy!

Mrs. Truong My Lan and Van Thinh Phat (VTP) Group

Let’s start with the protagonist of this massive case of embezzlement and fraud, Mrs. Truong My Lan. A prominent figure of Chinese-Vietnamese descent, Lan wasn’t just any businesswoman. Married to a Hong Kong billionaire, she founded Van Thinh Phat Group (also known as VTP Group) in 1992. Starting with a humble charter capital, she quickly expanded into the real estate sector. But it wasn’t all smooth sailing.

Find out more about Mrs. Truong My Lan and Van Thinh Phat Group on this video as attorney Ken Duong disect the case. And he also share his opinion about it