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Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

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  • Free access to daily domestic news, podcasts and videos

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(VND 23,900)
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Ho Chi Minh City
Friday, July 11, 2025

Tan Hoang Minh allegedly appropriates VND8 trillion of investors

The Saigon Times

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HCMC – Tan Hoang Minh Group, a major property developer based in Hanoi, is facing charges of misappropriating over VND8 trillion from investors, said a Ministry of Public Security representative.

Up to now, around 50% of the affected investors have begun working with the ministry’s investigators on the issue, Major General Nguyen Van Thanh, deputy head of the ministry’s Investigation Police Department for Corruption, Smuggling and Economic Crimes, told a press briefing yesterday, June 30.

Therefore, the department is working to clarify the exact number of affected investors and the amount of appropriated money. The affected investors will be refunded in line with law.

Major General Thanh added that the affected investors should report to the police and provide evidence to serve the investigation into the fraudulent practices allegedly committed by Tan Hoang Minh Group.

The investigation police department will protect the interests of the investors, Thanh stressed.

On April 5 this year, Ministry of Public Security investigators arrested Do Anh Dung, chairman and general director of Tan Hoang Minh Group, and six senior executives of the Tan Hoang Minh-affiliated companies on alleged fraud charges.

According to the investigation results, between July 2021 and March this year, Dung allegedly took advantage of three affiliates – Viet Star Real Estate Investment Company Limited, Soleil Investment and Hotel Services JSC, and Winter Palace JSC – to conduct nine bond issues worth a total of VND10.3 trillion to raise funds from investors. The money was not used for the purposes stated in the bond sale documents.

One day before the above arrests, the State Securities Commission of Vietnam decided to cancel these nine bond issues because of misinformation and failure to disclose information about private placements.

In related news, all affiliates of Tan Hoang Minh Group across the country will suspend operations from today, July 1, except for its headquarters in Hanoi’s Hoan Kiem District, according to an announcement signed by Do Hoang Minh, vice general director of Tan Hoang Minh Trading and Hotel Service Company, under Tan Hoang Minh Group.

Minh was earlier authorized to take care of Tan Hoang Minh Group, replacing his father, Do Anh Dung.

Tan Hoang Minh had to temporarily shut down its affiliates to minimize financial losses and arrange money to refund the bondholders, the company explained.

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