The Ultimate Guide to Executing the Truong My Lan Case

Following the ruling of the Ho Chi Minh City High-Level People’s Court, which ordered the defendant, Truong My Lan, former chairman of Van Thinh Phat Group, to compensate nearly VND 40 trillion to over 43,000 bond investors, many investors are still anxiously awaiting the return of their funds.

Over 43,000 investors await in anticipation

Ms. N.T.T.T, a resident of Binh Tan District, Ho Chi Chi Minh City, purchased bonds issued by An Dong Investment Group Joint Stock Company. She and her husband invested their entire savings of over VND 1.4 billion in these bonds through Saigon Commercial Joint Stock Bank. “When the court ruled that Ms. Lan had to compensate us, I thought I would be contacted and guided on how to get my money back. But so far, no one has reached out, and I don’t know what to do,” Ms. T. said.

The concerns of people like Ms. T. are not only about the significant amount of money they invested but also about their financial security and family stability. Many other investors in this case have also expressed their impatience as they have not received specific instructions on how to claim their compensation. Ms. Le Thi H.N., a retired teacher in District 11, Ho Chi Minh City, shared: “I invested VND 500 million in these bonds, which was my retirement fund. I don’t expect to get it all back, but I hope to receive at least a portion of it.”

According to the ruling of the Ho Chi Minh City High-Level People’s Court, in the second instance of the Van Thinh Phat case, the defendant, Truong My Lan, is obliged to compensate for the damages caused to the bondholders affected by the illegal bond issuance. The court affirmed that this compensation would be prioritized to ensure the legitimate rights of tens of thousands of investors.

Specifically, Ms. Lan must compensate for damages related to 25 fake bond packages, totaling nearly VND 40 trillion. There are over 43,000 affected bondholders, mostly individual investors, many of whom invested all their savings or borrowed money to invest, hoping to earn high interest rates from the companies within the Van Thinh Phat ecosystem. However, the enforcement of the judgment is still in the preparation stage, with complex legal and administrative procedures due to the large scale of the case and the numerous parties involved.

Defendant Truong My Lan. Photo: HOANG TRIEU

Early payment of VND 8,700 billion

Facing the growing expectations of tens of thousands of bond investors, the Ho Chi Minh City Department of Civil Judgment Enforcement is deploying a series of tailored technological solutions to effectively handle the enforcement of judgments in this particularly serious case involving Ms. Truong My Lan.

According to the Ho Chi Minh City Department of Civil Judgment Enforcement, to protect the rights of more than 43,000 victims, the department is closely coordinating with the two-level court, the Police Department for Corruption, Economy, and Smuggling Investigation under the Ministry of Public Security, and Tan Viet Securities Joint Stock Company (the bond registrar and custodian) to review and update the personal information and bank accounts of each individual. This will ensure accurate and transparent compensation payments during the enforcement process.

Regarding the source of payment, as of May 21, the amount of money temporarily held from the case has reached nearly VND 6,900 billion. Additionally, hundreds of billions of dong are being frozen in banks from the second phase of the case. The first batch of payments is expected to reach approximately VND 8,700 billion.

Instead of continuing to use manual methods with their limitations, the Ho Chi Minh City Department of Civil Judgment Enforcement has proactively developed and implemented a set of specialized technological solutions to effectively serve the large-scale judgment enforcement work. Notably, four essential software solutions have been and will be put into operation.

First, the electronic judgment enforcement notification software allows sending information to the judgment beneficiaries through the website thongbao-tphcm.thihanhan.vn, with over 7,000 successful deliveries. The system is being integrated with VNeID to enhance authenticity. The department also proposed opening a separate banner on the portal to announce information about the Truong My Lan case and her accomplices.

Second, the respondent information update software enables individuals to declare their personal information, bank accounts, and print forms online to request receiving documents and judgment enforcement payments via bank transfer. This approach reduces paperwork, avoids large gatherings, ensures security and order, and is especially useful in cases with a large number of respondents. The documents can be sent via postal services, eliminating the need for physical presence. The department will categorize the forms by group, facilitating quick and accurate payments.

Third, the judgment enforcement asset management software supports the management of thousands of assets such as real estate, stocks, and bonds according to their groups and statuses, facilitating efficient coordination and reporting.

Finally, the judgment enforcement payment management software helps shorten the payment time, reduce administrative procedures, enhance transparency, and provide convenience to the public.

To improve the effectiveness of judgment enforcement in the Truong My Lan case, the Ho Chi Minh City Department of Civil Judgment Enforcement has proposed to the Ministry of Justice and relevant agencies to allow data interconnectivity between the judgment enforcement system and other functional agencies. Additionally, they suggested amending the Law on Judgment Enforcement to recognize notifications through electronic means such as VNeID as valid and legally binding.

At the conference to review the civil judgment enforcement work in the first six months of 2025, Mr. Duong Ngoc Hai, Vice Chairman of the Ho Chi Minh City People’s Committee, acknowledged and highly appreciated the digital transformation efforts of the Ho Chi Minh City Department of Civil Judgment Enforcement, especially in organizing the judgment enforcement in the Truong My Lan case. Mr. Duong Ngoc Hai emphasized that with the largest number of affected bondholders ever, it could take up to 20 years to complete the process using manual methods. In contrast, thanks to the application of technology, with just one electronic transaction, money can be transferred to tens of thousands of people. This is a breakthrough for the judgment enforcement sector.

TRAN THAI