Vietnamese Tycoon Fights for Life Amid Financial Fraud Conviction

Truong My Lan, a prominent Vietnamese real estate tycoon, is in a desperate bid to avoid the death penalty after being convicted in April for orchestrating the country’s largest financial fraud. At 68, she faces an uphill battle to commute her sentence to life imprisonment by repaying 75% of the money she illegally acquired—a stipulation under Vietnamese law. Lan’s case is particularly notable, as the death penalty is rarely applied to financial crimes in Vietnam, making her situation a focal point of national and international attention.

Lan, formerly chairwoman of the real estate giant Van Thinh Phat, was accused of committing a fraud worth approximately $3.6 billion in 2022. Her business empire was built on luxury apartments, hotels, offices, and shopping malls, but investigators revealed that between 2012 and 2022, she used her position to gain illegal control of Saigon Joint Commercial Bank. According to government documents, she leveraged shell companies to secure fraudulent loans, resulting in massive financial losses. The case also implicated high-profile associates, including her daughter-in-law and company CEO Truong Huy Van, who received a 17-year prison sentence, and a former central bank official sentenced to life for accepting bribes.

The court has sentenced several others involved in the case, with four facing life imprisonment and others receiving prison terms ranging from three to 20 years. Despite her remaining assets, estimated at $762 million, concerns persist about whether Lan can raise the required funds in time to save her life. Her legal team is racing against an uncertain execution timeline, as Vietnamese law provides no clarity on when the death sentence will be carried out. The case underscores not only the gravity of her actions but also the broader implications for public trust in Vietnam’s financial and governmental institutions.