HCMC – Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) has issued an extraordinary disclosure to the Vietnam Stock Exchange and the Hochiminh Stock Exchange regarding the detention of two of its top executives.
This disclosure was made following a notice from the Ministry of Public Security sent to the corporation. Accordingly, Nguyen Huu Toi, a board member, Deputy General Director and former chairman, and Duong Van Mau, a board member and Deputy General Director, have been taken into custody.
Both are being investigated for “violating bidding regulations, leading to particularly serious consequences.” Toi is specifically accused of bribing project owners to secure favorable conditions for winning contracts.
Prior to these legal developments, Vinaconex had dismissed Nguyen Huu Toi from the chairmanship in mid-February without disclosing a specific reason. The corporation subsequently appointed Tran Dinh Tuan as the new chairman. Tuan previously served as a board member and Deputy General Director of Vinaconex and currently holds the position of Chairman and General Director of Pacific Holdings – the largest shareholder of Vinaconex with a stake exceeding 45%.
The legal fallout comes as Vinaconex serves as a contractor for critical components of the Long Thanh International Airport in Dong Nai Province. The firm is involved in multi-trillion dong packages, including ground leveling (VND4.4 trillion), runway construction (VND8.1 trillion) and aircraft parking areas (VND6.368 trillion). Despite reporting a record net profit of VND4.13 trillion in 2025 – driven by massive financial divestments – the investigation into its leadership highlights systemic risks within major national infrastructure projects.
This follows the recent detention of Vu The Phiet, Chairman of the Airports Corporation of Vietnam (ACV), who was also detained in a bidding probe.
