“Bribery Scandal Taints VPG’s Leadership: Stock Plunges as Chairman’s Spouse Faces Charges”

The resolution by the Board of Directors came after Mr. Binh’s resignation as Chairman on June 2, 2025, due to personal reasons, which was approved by the Annual General Meeting of Shareholders. However, Mr. Binh continues to hold the position of Board member.

Notably, on the same day, June 3, 2025, the Ministry of Public Security announced that the C03 Police Department had focused on clarifying the signs of “Violation of regulations on the management and use of state assets, causing waste and loss”, occurring at the Vietnam-China Mineral and Metallurgy Joint Stock Company (VPG).

Based on the investigation results, on June 2, 2025, the C03 Police Department also decided to prosecute and search the residences of eight suspects.

Accordingly, Mr. Bui Thanh Binh, General Director of VPG, was prosecuted for two crimes: “Violation of regulations on the management and use of state assets, causing waste and loss” and “Taking bribes”.

Prosecution was also decided for Mr. Nguyen Van Binh, Chairman of the Board of Directors of VPG; Mr. Ngo Tien Cuong, Director of Tien Dai Phat Co., Ltd.; Mr. Nguyen Duy Nghiep, Director of An Binh Agricultural Product Import-Export Co., Ltd.; Mr. Nguyen Xuan Tot, Director of Trung Thanh Thai Nguyen Co., Ltd.; and Mr. Nguyen Van Duc, General Director of VPG, were charged with the crime of “Giving bribes” as stipulated in Article 364 of the Penal Code.

In addition, Mr. Le Xuan Dinh was prosecuted for the crime of “Brokerage bribery” according to Article 365 of the Penal Code, and Mr. Nguyen Truong Giang, former Head of the Quality Management and Measurement Department of VPG, was prosecuted for the crime of “Taking bribes” according to Article 354 of the Penal Code.

From left to right: Bui Thanh Binh, Nguyen Van Binh, Ngo Tien Cuong, Nguyen Duy Nghiep, Nguyen Xuan Tot, Nguyen Van Duc, Le Xuan Dinh, and Nguyen Truong Giang. Source: Ministry of Public Security

Mr. Binh has been the Chairman of VPG since its establishment in 2008, for nearly 17 years. He is currently the largest shareholder, holding 25.79% of the shares. Meanwhile, Ms. Le, who previously held the position of Board member and Vice President, currently holds 4.53% of the shares.

Introduction of Mr. Binh in the 2024 Annual Report of VPG

In addition to the change of Chairman, since the beginning of this year, VPG has also made adjustments to its senior personnel. Specifically, Mr. Chu Tuan Anh and Mr. Nguyen Khoi, independent members of the Board of Directors, were assigned additional tasks as Chairman and member of the Audit Committee, respectively.

Three new Vice Presidents were also appointed to the Executive Committee, including Mr. Le Trung Chinh, Mr. Dang Quang Hai, and Ms. Vu Thi Phuong. On the other hand, Mr. Le Dinh Dieu and Ms. Ngo Thi Minh Lua withdrew from the Board of Directors and the Audit Committee, respectively.

Chu Anh Tuan’s wife – VPG’s new leader divested

In 2025, VPG set a business plan with a revenue target of VND 16,500 billion, an increase of nearly 2% compared to the previous year, and a profit after tax of VND 170 billion, up 72%.

In the first quarter of 2025, the company recorded a revenue of nearly VND 4,625 billion, up 43% over the same period last year, and a profit after tax of nearly VND 21 billion, nearly 12 times higher. The company attributed the significant increase in profit to the high real estate revenue in the period (no revenue in the same period last year) and a 71% increase in financial investment income. Thus, the company has completed 28% of the revenue plan and 12% of the profit plan.

VPG was established in July 2008, starting as a domestic transportation company, and then expanding into the fields of mineral resource trading, warehouse and yard leasing, real estate business, and construction.

According to the 2024 Annual Report, VPG is investing in a series of large-scale real estate projects in Hai Phong, such as the commercial housing project in Vinh Niem ward, Le Chan district, with an area of more than 2.4 hectares; and the project for the development of residential areas and urban renovation at 80 Ha Ly, Ha Ly ward, Hong Bang district, with a total investment of VND 800 billion.

In addition, Viet Phat Group and AeonMall Vietnam have cooperated in commercial center projects such as Aeon Mall Hai Phong Le Chan, Aeon Mall Bien Hoa, and Aeon Mall Ha Long.

How AEON MALL Japan expands in Vietnam

Thanh Tu

– 08:20 06/04/2025

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