Truong My Lan, a 68-year-old Vietnamese property mogul and founder of the Van Thinh Phat Group, faces a race against time to avoid execution after a Vietnamese appellate court upheld her death sentence on December 3, 2024. Convicted of embezzling $12.3 billion and causing financial chaos through the Saigon Commercial Bank (SCB), Lan has been ordered to repay $9 billion to have her sentence commuted to life imprisonment .
Lan’s fraudulent activities spanned over a decade, involving shell companies, forged loan applications, and collusion with bank officials to siphon massive sums of money. These actions resulted in a collapse that destabilized Vietnam’s financial system, wiped out depositor savings, and prompted public protests—a rare occurrence in the tightly controlled nation .
Efforts to raise the required $9 billion include liquidating assets, including luxury properties across Vietnam and abroad. However, the frozen status of many of her holdings complicates the process. Her legal team is also working on securing external investments to help meet the repayment deadline .
The case is emblematic of Vietnam’s intensified anti-corruption campaign, which has targeted high-ranking officials and business figures alike. Lan’s downfall has been closely watched internationally, given the severity of her crimes and the harshness of her punishment. Her situation remains precarious as she fights to gather the funds while appealing for leniency from the state
