Business woman Truong My Lan, center, attends a trial in Ho Chi Minh City, Vietnam on Thursday, April 11, 2024. The real estate tycoon may face the death penalty if convicted of allegations that she siphoned off an amount of $12.5 billion, nearly 3 percent of Vietnam’s 2022 GDP, in its largest financial fraud case. Business woman Truong My Lan attends a trial in Ho Chi Minh City, Vietnam on Thursday, April 11, 2024.
The Communist Party’s so-called Blazing Furnace campaign began in 2013, but it wasn’t until 2018 that authorities began scanning the private sector. Since then, several owners of Vietnam’s fast-growing businesses have been arrested. The trial for Trinh Van Quyet — the former chair of the real estate company FLC, which also owns Vietnam’s third-largest airline, Bamboo Airways — will likely be heard next. He was arrested in 2022. Giang said Lan’s trial was “an example” for upcoming cases.
Lan’s death sentence sent “shockwaves” across the Vietnamese business community, creating a “sense of uncertainty” about the future, said Giang.
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