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☆ Vietnam mounts ‘unprecedented’ $24 billion rescue for bank engulfed in giant fraud, documents show
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: +5 min

Foreign reserves were around $100 billion at the end of the year, according to the central bank. The central bank did not reply to requests for comment about the rescue effort. The finance ministry referred a question to the central bank. The central bank placed SCB under its supervision to stem a run on the bank sparked by the October 2022 arrest of real estate tycoon Truong My Lan. That was up from 478 trillion dong at the end of October, according to the SCB document that was sent to the central bank.

Persons: Truong My, Truong, Lan Organizations: AFP, Getty, Stock Commercial Bank, Reuters, ASEAN, Research, SCB, State Bank of, Bank Locations: Ho Chi Minh City, Vietnam, Saigon, State Bank of Vietnam's, People's

☆ Vietnam wants to take China's place as a new factory of the world — but a $12 billion financial fraud case is getting in the way
▼ + stars: | 2024-04-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Vietnamese real-estate tycoon Truong My Lan was sentenced to death for her role in a $12.5 billion fraud case. Lan's fraud case is part of Communist Party Secretary Nguyen Phu Trong's corruption crackdown. Lan, the chairwoman of real-estate developer Van Thinh Phat Group, was arrested in 2022 over the fraud case. AdvertisementThe high-profile fraud case has scandalized the country and is raising questions about the one-party state. For context on the scale of the Vietnam fraud case, consider the 1MDB case, which rocked Malaysia and the world when it started to unravel in 2015.

Persons: Truong, Lan, Communist Party Secretary Nguyen Phu, —, Van Thinh, Zachary Abuza, Trang Bui, Bui Organizations: Communist Party Secretary, Service, Prosecutors, Vietnamese Communist Party, National War College, Washington DC, Bloomberg, Cushman, Nikkei Locations: Vietnam, China, Malaysia, Malaysian, Hanoi, Washington, Wakefield

☆ Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis
▼ + stars: | 2024-04-12 | by ( Heather Chen | ) edition.cnn.com time to read: +12 min

The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system. But Vietnamese political experts said a permanent appointment would not end the instability.

Persons: Truong My Lan, Van Thinh, siphoned, “, Eric Chu, Vietnam’s, Vo Van, Trong, Thuong, Vo Van Thuong, Richard A, Brooks, Nguyen Xuan Phuc, Pham Binh, Le Hong Hiep, Yusof, ” Hiep, ”, Thu, General Trong, Xi Jinping, ” Zachary Abuza, Salt Bae, Lam, ” Abuza, Nguyen Phu Trong, Evelyn Hockstein, Abuza, Bui Thanh Soh, ” Soh, Vo, Xuan, Thuong’s, Le Hong Organizations: CNN, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, SCB, Express, Communist Party, Institute, Crisis Group, National War College, Vietnamese Communist Party, Public Security, Vietnam, International Monetary Fund, Companies, Apple, Intel, Vietnam's Communist Party General, Yusof, Brookings Institution, “, Crisis Locations: Vietnam, Saigon, People’s, Ho Chi Minh City, Hong Kong, Duc, Singapore, Asia, China, Washington, “, London, Turkish, Hanoi, Bangkok

☆ Truong My Lan: Vietnam tycoon sentenced to death in $12 billion fraud case
▼ + stars: | 2024-04-11 | by ( Story Reuters | ) edition.cnn.com time to read: +1 min

Hanoi CNN —A court in Vietnam sentenced real estate tycoon Truong My Lan Thursday to death over her role in a 304 trillion dong ($12.46 billion) financial fraud case, the country’s biggest on record, state media reported. The crackdown, dubbed “blazing furnace,” has seen hundreds of senior state officials and high-profile business executives prosecuted or forced to step down. Lan and her accomplices were accused of siphoning off more than 304 trillion dong from Saigon Joint Stock Commercial Bank, or SCB, which she effectively controlled through dozens of proxies, according to investigators. From early 2018 through October 2022, when the state bailed out SCB after a run on its deposits, Lan appropriated large sums by arranging unlawful loans to shell companies, investigators said. Lan will appeal the verdict, a family member told Reuters before it was issued.

Persons: Hanoi CNN —, Truong, Van Thinh, Vietnam’s, Nguyen Phu Trong, ”, Lan Organizations: Hanoi CNN, Van Thinh Phat Holdings Group, Communist Party, Stock Commercial Bank, Reuters Locations: Hanoi, Vietnam, Chi Minh City, Saigon

☆ A Vietnamese real-estate exec embezzled so much money it equalled 3% of the country's GDP. Her punishment is death.
▼ + stars: | 2024-04-11 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +1 min

Real estate tycoon Truong My Lan was sentenced to death by a court in Vietnam. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Vietnamese real estate tycoon was sentenced to death on Thursday by a Ho Chi Minh City court over her role in a multibillion-dollar financial fraud case. Truong My Lan, the chairwoman of real estate developer Van Thinh Phat Group, was arrested in 2022. The fraud trial, which began on March 5, was Vietnam's largest ever, and among Southeast Asia's most significant corruption scandals.

Persons: Truong, Lan, Prosecutors, —, Van Thinh Organizations: Service Locations: Vietnam, Chi Minh City

☆ Vietnamese property tycoon sentenced to death in country’s biggest ever financial fraud, state media reports
▼ + stars: | 2024-04-11 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Vietnamese property tycoon Truong My Lan (C) looks on at a court in Ho Chi Minh city on April 11, 2024. The Vietnamese property tycoon Truong My Lan was sentenced to death on Thursday for her involvement in the country's biggest ever financial fraud case, state media outlet Thanh Nien reported. She was sentenced to death for the embezzlement charges and to 20 years in prison for each of the other two accusations, according to state media. Around $12.3 billion were allegedly funnelled to Van Thinh Phat while other funds were used privately. Alongside Lan, more than 80 other people including central bank officials have been charged in the case for damaging SCB, state media reported.

Persons: Truong, Lan, Van Thinh, Van Thinh Phat, Vietnam's Organizations: Thanh, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, CNBC, Communist Locations: Ho Chi Minh, Saigon

Truong My Lan, a Vietnamese real estate tycoon, was sentenced to death on Thursday for her role in a financial fraud case, in a major display of the ruling Communist Party’s resolve to crack down on corruption. The trial for Ms. Lan, who was the chairwoman of the real estate developer Van Thinh Phat Group, was part of the government’s campaign against corruption. The leader of Vietnam’s Communist Party, Nguyen Phu Trong, has sought for years to stamp out corruption as the nation emerges as a major manufacturing hub and as one of Asia’s fastest-growing economies. Mr. Trong launched the anti-corruption drive in 2016, saying that graft could threaten the survival of the Communist Party, which has governed the country for nearly half a century. The campaign has led to the downfall of many business leaders and top officials, including former President Vo Van Tong, who resigned in March amid corruption allegations.

Persons: Truong, Lan, Van Thinh, Nguyen Phu Trong, Trong, Vo Van Tong Organizations: Vietnam’s Communist Party, Communist Party Locations: Vietnamese, Ho Chi Minh City

A cascade of developments followed, including parliamentary hearings in June 2022 over Hockey Canada’s handling of the case and announcements in July 2022 that London police and Hockey Canada would reopen their investigations. CNN also has sought comment from the woman’s lawyer and Hockey Canada. Hockey Canada apologized for its handing of the caseA month after the TSN report, the Canadian government announced in June 2022 that it was freezing federal, public funding for Hockey Canada until the organization had submitted the complete results of its original, two-year investigation and plans for implementing change within Hockey Canada. Renney confirmed during the hearings that Hockey Canada had settled a civil lawsuit that the woman filed in April 2022, but he did not reveal the settlement amount. In July 2022, Hockey Canada published a letter apologizing for it said was inadequate action regarding the assault allegations, and said it was reopening an internal investigation.

Persons: Mike McLeod, Cal Foote, Carter Hart, Dillon Dube, Alex Formenton, McLeod, Katherine Dann, Dann, Thai Truong, “, ”, she’d, Daniel Brown, Lindsay, Formenton, McLeod “, David Humphrey, Seth Weinstein, ” Foote “, ” Hart “, Riaz Sayani, Megan Savard, Dube “, Louis P, Kaleigh Davidson, Dube, Foote, Tom Renney, Renney, CNN’s David Close Organizations: CNN, NHL, Canadian, Canada, New, New Jersey Devils, Devils, Philadelphia Flyers, Calgary Flames, Ottawa, Hockey Canada, London Police, London Police Service, CTV News, CTV, TSN, Hockey, London, Senators, Flames, ” Locations: London , Ontario, New Jersey, London, Switzerland, Swiss, Canada, Hockey Canada

☆ This man spent $15,000 making a Tesla Cybertruck out of wood – and he's sending it to Elon Musk
▼ + stars: | 2023-11-26 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

A Vietnamese man built a fully functional replica of Tesla's Cybertruck out of wood. AdvertisementThe long-awaited Tesla Cybertruck is finally due to arrive in just a few days. The exterior of the wooden Tesla Cybertruck. It seems building a wooden Tesla replica does catch Musk's attention. After creating a wooden replica of the Audi Skysphere he was invited to meet with the company's head of design.

Persons: Truong Van Dao's, Elon Musk, —, Van Dao, Mercedes AVTR, Dao, Tesla, ❤️ — Elon, Business Insider's, Musk Organizations: Service, YouTube, Tesla, Audi, Business Locations: Bac Ninh, Vietnam

☆ Vietnam to Extend Anti-Graft Drive as Police Reveal Real Estate Fraud Worth 3% of GDP
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Khanh Vu and Francesco GuarascioHANOI (Reuters) - Vietnam's top leader vowed to extend "for the long-term" an anti-corruption campaign that has had a chilling effect on the economy, after police revealed financial scandals in the real estate sector worth more than 3% of gross domestic product. Trong's remarks came after the police announced the outcome of months-long investigations into two financial scandals, revealing for the first time the scale of the fraud, worth a combined $12.8 billion, or 3.2% of the economy. The case had been widely publicised when My Lan was arrested in October last year and led to a crisis in the real estate sector and the market for corporate bonds, which she has been accused of issuing illegally in large amounts. The huge scale of the fraud had not been known until this week and has raised concern among financial experts about the impact on the banking sector. In September, the Asian Development Bank warned of potential spillover into banking from the crisis in the real estate sector as the ratio of non-performing loans increased.

Persons: Khanh Vu, Francesco Guarascio HANOI, Nguyen Phu Trong, Trong's, Truong My Lan, Van Thinh, Lan, Morgan, Moody's, Tan, Francesco Guarascio, Robert Birsel Organizations: Communist Party's, Van Thinh Phat Holdings Group, Stock Commercial Bank, Morgan Research, Asian Development Bank, Group Locations: Communist, Saigon, China

☆ Vietnam's real estate woes: how much worse can they get?
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +4 min

HANOI, Oct 26 (Reuters) - A rough year for Vietnam's real estate sector has seen developers miss interest payments on debt, amid a credit crunch spurred by ill-timed government measures, although spillover risk has been limited. Shares of the largest listed developer, Vinhomes (VHM.HM), part of the country's biggest conglomerate, Vingroup (VIC.HM), have fallen 13% this year. In September, the Asian Development Bank warned of potential spillover into banking from irregularities in corporate bonds and real estate markets, although troubled bonds made up just a small portion of total bank credit. While ill-timed government measures, companies' high debt and oversupply are responsible for the sectors' woes in both countries, conditions are different in Vietnam. Vietnam has a less acute situation of oversupply and speculation than China, he added, while real estate's contribution to its economy is also smaller.

Persons: Ho, Van Thinh Phat, Jean Xavier of S, Truong, Truong My Lan, Van Thinh, P's Xavier Jean, Francesco Guarascio @fraguarascio, Phuong Nguyen, Anne Marie Roantree, Clarence Fernandez Organizations: Dragon, Hung Thinh Corp, Moody's, Asian Development Bank, P Global, P, Southeast Asia Bank, Maritime Bank, Asia Commercial Bank, Vietnam Prosperity Bank, VP Bank, Bank, Van Thinh Phat Holdings Group, Thomson Locations: HANOI, Ho Chi Minh City, Vietnam, Phu, Hanoi, Southeast, Asia, Truong My, VIETNAM, CHINA, China

[1/2] Chairman and CEO of Vietnam's leading tech firm FPT Truong Gia Binh poses during an interview with Reuters at the company's headquarters in Hanoi, Vietnam September 11, 2023. REUTERS/Francesco Guarascio Acquire Licensing RightsHANOI, Sept 14 (Reuters) - Vietnam's leading tech firm FPT (FPT.HM) has orders for nearly 70 million chips through 2025 and is eyeing expansion in Artificial Intelligence (AI) and technical training, the company's chief said. It offers AI, cloud and big data services to clients in 29 countries and is also growing in chip designing and education. FPT sealed a partnership with U.S. firm Landing AI to boost its training capabilities, the company said. The new law was a "game-changer" because it created the conditions for foreign countries, "other than China", to expand, and U.S. pledges this week to boost Vietnam's chips sector further confirmed that, he said.

Persons: Gia Binh, Francesco Guarascio, FPT, Joe Biden's, Truong Gia Binh, Binh, Francesco Guarascio @fraguarascio, Phuong Nguyen, Lincoln Organizations: Reuters, REUTERS, Rights, Artificial Intelligence, U.S, Nvidia, Samsung, JPMorgan, Thomson Locations: Hanoi, Vietnam, Rights HANOI, Chi Minh City, Moscow, U.S, China, Taiwan, South Korea, Japan, Korean, United States

☆ I visited Costco in Sydney while vacationing in Australia and was amazed at the fresh meats and the bulk quantities that were massive even by US standards
▼ + stars: | 2023-08-23 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Richard Truong is a software engineer in Pennsylvania who has been a Costco member since 2016. On a recent trip to Australia, Truong visited a Costco warehouse near Sydney to see the differences. He found an impressive meat selection and bulk sizing that was massive "even by US standards." After checking out Costco on a recent trip to Japan, I traveled to Australia to visit family and also because Sydney's one of the most well-known Australian cities. The Sydney Costco is about an hour west of town and I actually went to it accidentally.

Persons: Richard Truong, Truong, I've Organizations: Costco, Service, Sydney Costco Locations: Pennsylvania, Australia, Sydney, Wall, Silicon, Japan

☆ I visited Costco on my vacation to Japan. I was surprised to find a 48-piece sushi platter and bulgogi bake — and I even got a free sample of booze.
▼ + stars: | 2023-07-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Richard Truong is a 26-year-old software engineer from Pennsylvania who has been a Costco member since 2016. On a recent trip to Japan, Truong stopped by the Costco warehouse in Kyoto to see the differences. I work as a software engineer for a large insurance company in Pennsylvania, and I've been a member of Costco since 2016. It's fun to wander around Costco warehouses in different countries and see what they have — what's similar to the US and what's specific to that region. Japan has 32 Costco warehouses – here's what I saw on my visit to the one in Kyoto.

Persons: Richard Truong, Truong, I've, it's Organizations: Costco, Service Locations: Pennsylvania, Japan, Kyoto, Wall, Silicon

☆ Westfield is the latest business to depart San Francisco after giving up downtown mall
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWestfield is the latest business to depart San Francisco after giving up downtown mallKevin Truong, The San Francisco Standard, joins 'Last Call' to discuss why businesses are leaving San Francisco amid a rise in property crimes.

Persons: Truong Organizations: San Francisco Locations: San Francisco

☆ 3 Celebrity Manicurists Share Their Cutting-Edge Nail Designs and What Inspired Them
▼ + stars: | 2023-02-07 | by ( Fiorella Valdesolo | ) www.wsj.com time to read: +1 min

Kim TruongLike a number of beauty-world talents, L.A.-based nail artist Kim Truong got a career boost from her relationship with the Kardashian-Jenners. “They started to recommend me to each other and personally request me for photo shoots,” says Truong, who counts both Kim and Kylie as regulars, along with Kerry Washington and Miranda Kerr. After her family moved to the U.S. from Vietnam, her mother became a nail technician and bought a salon, where Truong worked as a teen. When Truong was in college, she took a part-time job at a Hollywood nail salon to help pay her tuition and rent, and there she began to cross paths with people in the beauty industry. I really enjoyed seeing different nail art on the cast members of Euphoria season 2.

In October 2021, Da’Vion Miller was found unconscious in the bathroom of his home in Detroit a week after receiving his first dose of Pfizer's Covid vaccine. Courtesy Da’Vion MillerMiller is one of a very small group of people in the United States who have experienced myocarditis following vaccination with the Pfizer-BioNTech or the Moderna Covid vaccines based on mRNA technology. Video: CDC says waiting longer between Covid vaccine doses could reduce myocarditis risk. Cooper joined an expert advisory panel formed by Moderna to monitor its Covid vaccine safety. The Pfizer study will include people who were previously hospitalized with vaccine-associated myocarditis, and it will also follow those who were more recently diagnosed.

☆ Weakening global demand hurts Vietnam's garment makers - industry official
▼ + stars: | 2022-11-07 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

HANOI, Nov 7 (Reuters) - Vietnam's garment industry is expected to face a decline in orders from its key markets over the next two quarters, the country's textile and apparel association said on Monday, amid high inflation that is dampening global demand. The country is among the world's largest manufacturers for brands like Nike, Calvin Klein, Mango, Zara and H&M. He added however that exports this year were still expected to reach the target of $43.0 billion-$43.5 billion. The weakening of the dong currency has also added to the difficulties faced by some garment makers, as imports of their raw materials are more expensive, he said. But he added that exchange rate impacts are limited as the garment industry is now registering a trade surplus.

REUTERS/Kham/File PhotoLONDON, Sept 27 (Reuters) - While the rest of the world worries about recession, China is steadily increasing its imports of physical copper. The country's net call on refined copper from the rest of the world was up by 9.8% in the first eight months of the year. China's imports of copper scrapSCRAP AND CONCENTRATES IMPORTS UPThe restocking momentum is also travelling down copper raw materials import channels. GREEN DEMAND DRIVERChina's copper import hunger appears unsated. The sign-posting of more government investment in decarbonisation is a major reason for China's copper buyers to feel confident about restocking physical units at current price levels.

☆ London copper price hits two-month low on strong dollar
▼ + stars: | 2022-09-26 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

(Reuters) - London copper prices hit a more than two-month low on Monday, as a stronger dollar made greenback-priced metals more expensive to holders of other currencies. FILE PHOTO: A worker checks copper wires at Truong Phu cable factory in northern Hai Duong province, outside Hanoi, Vietnam August 11, 2017. LME aluminium hit an 18-month low of $2,151 a tonne, zinc eased 0.4% to $2,995.50 a tonne by 0326 GMT while tin rose 1.5% to $20,540 a tonne. The most-traded October copper contract on the Shanghai Futures Exchange declined 2.7% to 60,840 yuan ($8,500.17) a tonne. ShFE nickel dropped 3.1% to 188,620 yuan a tonne, tin fell 3.1% to 178,510 yuan a tonne, aluminium declined 1.9% to 18,380 yuan a tonne and zinc was down 2.2% to 24,430 yuan a tonne.

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