A high-profile case in Vietnam has captured international attention, where a billionaire real estate tycoon faces the death penalty for one of the biggest financial scandals in the country’s history. Truong My Lan, 68, was convicted of massive fraud involving over $12 billion and could be executed by lethal injection unless she pays back a staggering $11 billion.
Lan, who once led Van Thinh Phat Holdings Group (VTP), a major real estate developer, was found guilty in April of using her power and influence to embezzle funds from Saigon Commercial Bank (SCB). According to prosecutors, she orchestrated a complex scheme involving shell companies, bribes to government officials, and fraudulent loans over 11 years.
A Sentence That Shook Vietnam
Lan’s actions didn’t just impact the bank but also caused unprecedented damage to Vietnam’s economy—equivalent to roughly 6% of the country’s gross domestic product (GDP). For this, she received the harshest sentence under Vietnamese law: death by lethal injection.
However, the law offers a glimmer of hope for convicted criminals. If Lan repays at least 75% of the embezzled money, she could avoid execution and face a lesser sentence. The stakes are now incredibly high as Lan scrambles to meet this condition.
The Race to Pay Back Billions
At an appeal hearing earlier this week, prosecutors revealed that Lan has managed to recover over $12.71 billion—more than the damages initially calculated. Reports suggest that Malaysian tycoon Vincent Tan, along with other foreign investors, has stepped in to buy some of her assets, providing her with the funds to pay back the stolen money.
The defense team has pleaded for leniency, asking the court to spare her life in light of her efforts to return the funds. The final decision on her appeal will be announced on December 3.
The Fallout of a Scandal
Lan wasn’t alone in her elaborate scheme. A total of 86 individuals, including her husband and niece, were also tried for their roles in the fraud. Four received life sentences, while the rest were handed jail terms of up to 20 years.
This case is part of a much larger anti-corruption drive in Vietnam, led by Communist Party Secretary-General Nguyen Phu Trong. Dubbed the “Blazing Furnace,” this campaign has targeted some of the country’s most powerful figures, including two presidents, two deputy prime ministers, and countless officials.
A Billionaire’s Last Chance
Lan’s story is a stark reminder of how far-reaching Vietnam’s anti-corruption efforts have become. Once one of the wealthiest and most influential women in the country, she now fights for her life in the face of overwhelming public scrutiny.
As the countdown to December 3 continues, all eyes are on whether Lan’s billions will save her from lethal injection—or whether Vietnam’s justice system will make an example of one of its most powerful fallen elites.
