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The Saigon Times

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.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

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  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
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Ho Chi Minh City
Friday, July 11, 2025

Chairman of Tan Hoang Minh Group faces 10 years in jail

The Saigon Times

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HCMC – The prosecution has recommended sentencing Do Anh Dung, chairman and CEO of Tan Hoang Minh Group, to nine or 10 years in prison on charges of fraud and misappropriation of assets.

As the trial entered its second day today, March 21, the Hanoi People’s Procuracy proposed a jail term of five or six years for Dung’s son, Do Hoang Viet, who is deputy CEO of Tan Hoang Minh.

The remaining 13 defendants, including leaders and employees of Tan Hoang Minh and two auditing companies, face sentences of two to five years in prison.

The case involved the issuance of nine bond tranches by Tan Hoang Minh’s subsidiary companies—Viet Star Real Estate Investment Company Limited, Soleil Investment and Hotel Services Joint Stock Company, and Winter Palace JSC.

Prosecutors said that financial reports were manipulated, with auditing firms allegedly complicit in these actions.

According to the prosecution, these activities enabled Tan Hoang Minh to benefit from the bonds through forged contracts and altered cash flows.

The fallout from these actions resulted in the misappropriation of funds, which impacted over 6,630 investors and totaled more than VND8.6 trillion.

Tan Hoang Minh is structured as a family company, with Dung serving as chairmain and CEO and directing all major decisions concerning the company’s economic activities.

Viet actively assisted his father by advising, proposing, and implementing plans.

To remedy the consequences, the defendants, along with their families and related entities, have deposited over VND8.6 trillion into the escrow account of the investigating agency.

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