Today (September 17), the Ho Chi Minh City People’s Court opened the first-instance trial of defendants Huynh The Nang (66, former General Director of Southern Food Corporation – Vinafood II), Dinh Truong Chinh (51, former Chairman of the Board of Directors of Housing Development and Business Joint Stock Company), and Nguyen Tho Tri (64, former Deputy General Director of Vinafood II), all charged with “Violating regulations on the management and use of state assets, causing losses and waste.”
The trial is scheduled to take place from September 17-19, presided over by Judge Nguyen Thi Ha, Deputy Chief Judge of the Criminal Division, Ho Chi Minh City People’s Court.
According to the indictment, Vinafood II is a 100% state-owned company, directly managing and using properties at 33 Nguyen Du and 34, 36, 42 Chu Manh Trinh, Ben Nghe Ward, District 1 (now Sai Gon Ward, Ho Chi Minh City).
Defendant Dinh Truong Chinh. Photo: CACC |
In 2007, as part of the rearrangement and handling of state-owned properties in Ho Chi Minh City, following the Prime Minister’s directive, Vinafood II acquired these four properties through a designated purchase.
In 2008, the city’s People’s Committee approved a designated sale price of over 633 billion VND for the land, which Vinafood II was to pay into the city’s budget when converting the land use purpose to high-end hotels, office buildings, and commercial centers for lease.
By 2014-2015, due to operational losses, Vinafood II sought to sell these four properties to recover invested capital, offset losses, repay debts, and supplement operating capital. Upon learning this, defendant Dinh Truong Chinh expressed interest in purchasing them.
To legitimize the transaction, both parties agreed to establish Viet Han Sai Gon Company with a charter capital of 800 billion VND. Vinafood II contributed 20% in land use rights and assets on the land, equivalent to 160 billion VND, while Viet Han Company contributed 80% in cash, equivalent to 640 billion VND.
Investigations revealed that the establishment of Viet Han Sai Gon Company was essentially a means to legalize the transfer of land use rights.
On December 23, 2015, Huynh The Nang, representing Vinafood II, signed a land use rights transfer contract with Dinh Truong Chinh, representing Viet Han Sai Gon Company.
Subsequently, Nang, on behalf of Vinafood II, signed a contract to sell Vinafood II’s entire 160 billion VND cash contribution in Viet Han Sai Gon Company to Chinh, representing Viet Han Company (referred to as capital withdrawal), without approval from competent authorities.
On January 30, 2016, Chinh, representing Viet Han Company, signed a contract transferring 99% of the capital contribution in Viet Han Sai Gon Company to Hoang Ngoc Cam Hong (Chinh’s cousin) at the exact value stated in the business registration certificate, equivalent to 792 billion VND.
On February 2, 2016, Hong further transferred her entire 99% capital contribution in Viet Han Sai Gon Company to Winter Real Estate Company, chaired by Nguyen Thi Phi Oanh, for 1,683 billion VND.
Investigative documents confirmed that Hong acted merely as an intermediary for Chinh to execute these transactions, concealing his actions. After Hong transferred the 99% capital contribution to Winter Company, the entire transfer amount was returned to Dinh Truong Chinh’s account. The indictment determined that Chinh profited 970 billion VND from this scheme.
Regarding Huynh The Nang, the indictment stated that he, representing Vinafood II, transferred the land use rights of the four properties to Viet Han Company without a public auction.
Defendant Nguyen Tho Tri acted as an accomplice to Nang, participating throughout the capital contribution, withdrawal, and project transfer process. Their actions caused a loss of 970 billion VND to the state.
Thanh Phuong
– 05:13 17/09/2025
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