Indictment: Business Leader Charged, a Troubling Turn for a Top Energy and Industrial Partner.

Based on the investigation results, on June 2, the Police Department for Investigation of Crimes of Corruption, Economy, and Smuggling under the Ministry of Public Security (the Investigation Agency of the Ministry of Public Security) issued a decision to initiate a criminal case for “Violation of regulations on the management and use of state assets, bribery, and brokerage,” which occurred at the Vietnam-China Mineral and Metallurgy JSC (VTM JSC) and related units.

This case is under the direction of the Central Steering Committee for Corruption, Waste, and Negative Phenomena Prevention and Control.

In this case, eight suspects have been prosecuted and preventive measures, including searches, have been applied. The suspects are:

1. Bui Thanh Binh, General Director of VTM JSC, charged with “Violation of regulations on the management and use of state assets, causing loss and waste” and “Taking bribes,” as prescribed in Articles 219 and 354 of the Criminal Code;

2. Nguyen Van Binh, Chairman of the Board of Directors of Vietnam Import-Export Trading and Investment Joint Stock Company (Vietnam Phat);

3. Ngo Tien Cuong, Director of Tien Dai Phat Limited Liability Company;

4. Nguyen Duy Nghiep, Director of An Binh Agricultural Product Import-Export One-Member Limited Liability Company;

5. Nguyen Xuan Tot, Director of Trung Thanh Thai Nguyen Limited Liability Company;

6. Nguyen Van Duc, General Director of Vietnam Import-Export Trading and Investment Joint Stock Company, charged with “Giving bribes” under Article 364 of the Criminal Code;

7. Le Xuan Dinh, charged with “Brokerage of bribery” under Article 365 of the Criminal Code;

8. Nguyen Truong Giang, former Head of Quality Management and Metrology Department of VTM JSC, charged with “Taking bribes” under Article 354 of the Criminal Code.

Vietnam Phat’s Diversification Ambitions

Vietnam Import-Export Trading and Investment Joint Stock Company (Vietnam Phat Group, HoSE: VPG), owned by Mr. Nguyen Van Binh (born in 1973), was established in 2008.

On June 2, after the decision to prosecute the suspect Nguyen Van Binh, VPG announced the decision to dismiss him from the position of Chairman of the Board of Directors. Nguyen Van Binh remains a member of the company’s Board of Directors.

VPG also announced the appointment of Ms. Le Thi Thanh Le, a member of the Board of Directors, as the new Chairwoman of the Board of Directors for the 2022-2027 term, effective June 3. The Chairwoman also acts as the legal representative of the company.

Starting as a domestic transport service company, Vietnam Phat has expanded into multiple industries, including: importing and exporting iron ore and coke; providing raw materials for large manufacturing plants; transporting goods; leasing warehouses, ports, and cargo storage; and investing in real estate.

Vietnam Phat’s audited consolidated financial statements show that its revenue in 2024 reached VND 16,257 billion, a 156.5% increase compared to 2023. The company achieved a post-tax profit of VND 108.6 billion, a surge of 461.5%.

Regarding this significant increase of over 400%, Vietnam Phat attributed it to real estate revenue in 2024, while there was none in 2023. Additionally, the company experienced a 672.8% rise in gross profit from iron ore.

The short-term receivables from customers reflect Vietnam Phat’s partnerships with well-known enterprises in Vietnam. These receivables include VND 536.7 billion from Duyen Hai Thermal Power Company <(under EVN), VND 113.3 billion from PetroVietnam's Power Generation Branch, VND 49.2 billion from Hoa Phat Steel Joint Stock Company in Hai Duong, VND 66.7 billion from VTM JSC, and VND 328.5 billion from Hung Thinh Mineral Investment Joint Stock Company.

Notably, Hung Thinh Mineral Investment Joint Stock Company is involved in another case. In November 2024, C03 of the Ministry of Public Security announced the prosecution of Phan Thanh Muon, Chairman of the Board of Directors of Hung Thinh Mineral Investment Joint Stock Company, and eight other individuals for violations related to titanium ore exploitation.

C03 determined that Hung Thinh Company had violated regulations by exploiting titanium ore far beyond the permitted reserves and capacity specified in the mineral exploitation license granted by the Ministry of Natural Resources and Environment. The company also exported titanium ore in its raw form without processing it.

In the real estate sector, one of Vietnam Phat’s significant partners is Aeon, a leading Japanese retailer. Aeon’s familiar approach to developing commercial projects involves collaborating with local companies that already possess land for commercial purposes.

Through its partnership with Vietnam Phat Group Joint Stock Company (a company within Vietnam Phat’s ecosystem, with Nguyen Van Binh as Chairman of the Board of Directors), Aeon has been developing commercial center projects in Bien Hoa (Dong Nai), Ha Long (Quang Ninh), and Le Chan (Hai Phong).

The modus operandi of this relationship is that Vietnam Phat obtains the land use decision, after which Aeon and Vietnam Phat collaborate to construct Aeon Malls. Aeon Mall Le Chan in Hai Phong commenced operations in 2020. Meanwhile, the Aeon Mall in Dong Nai broke ground in February 2025.