- Vinafood II, Viet Han, and the Scheme to Privatize Public Land
- The Ho Chi Minh City People’s Court is currently hearing a case involving four prime plots of land in the former District 1, managed by the Southern Food Corporation (Vinafood II). Instead of being auctioned as required, these lands were illegally transferred to private hands, resulting in a loss of 970 billion VND to the state.
- Defendant Dinh Truong Chinh (51), former Chairman of the Board of Directors of Housing Development and Business Joint Stock Company (HDTC) and a decade-long Chairman of Viet Han Trading – Advertising – Construction – Real Estate Company (Viet Han), founded the real estate firm in 2006.
Chinh gained prominence in the real estate market for his large-scale acquisitions and project developments, such as Goldmark City, earning him the nickname “M&A Real Estate Tycoon.”
Defendant Dinh Truong Chinh in court.
According to case files, between 2014 and 2015, as Vinafood II faced financial difficulties, it planned to sell over 6,300 square meters of land at 33 Nguyen Du and 34, 36, 42 Chu Manh Trinh to recover capital. Chinh targeted these properties, despite knowing they were state assets requiring public auction. He colluded with Huynh The Nang, then CEO of Vinafood II, to orchestrate an illegal transfer.
They agreed to establish Viet Han Saigon Company with an 80% cash contribution from Viet Han and a 20% stake (160 billion VND) from Vinafood II. The land was valued at 730 billion VND, comprising Viet Han’s 570 billion VND and Vinafood II’s 160 billion VND.
On December 30, 2015, Nang, representing Vinafood II, sold the 20% stake to Chinh without proper approval. A month later, the Department of Planning and Investment approved changes, making Viet Han Saigon a single-member company under Chinh’s legal representation. This effectively privatized the public land.
The “Mysterious” Canadian Link
After legitimizing ownership, Chinh flew his cousin, Hoang Ngoc Cam Hong, a Canadian Vietnamese, to Vietnam. Hong acted as an intermediary in the transfer contracts and quickly left the country.
On January 29, 2016, Chinh transferred 99% of Viet Han Saigon’s shares to Hong. Two days later, the Department of Planning and Investment updated the business registration, making Hong the 99% shareholder (792 billion VND), with Viet Han retaining 1% (8 billion VND).
On February 2, 2016, Hong sold the entire 99% stake to Winter Real Estate Company for 1,683 billion VND. Within 33 days, Chinh and Viet Han turned a 730 billion VND investment into an illicit profit of 970 billion VND.
Investigations revealed Hong lacked financial capacity, and her involvement was solely to legitimize the process. Her actions have been separated for further investigation.
Penalties for Vinafood II Executives
Former CEO Huynh The Nang and Deputy CEO Nguyen Tho Tri were charged with violating public land auction regulations. Prosecutors noted they did not personally benefit but severely breached state asset management rules.
Huynh The Nang (right), Nguyen Tho Tri (center), and Dinh Truong Chinh in court.
Prosecutors sought 9–10 years’ imprisonment for Nang and 6–7 years for Tri.
Dinh Truong Chinh Faces 13–14 Years in Prison
Prosecutors identified Chinh as the mastermind, exploiting loopholes and using relatives to conceal the illegal transfer of public land, resulting in massive profits.
They recommended 13–14 years’ imprisonment for Mismanagement of State Assets Causing Losses and the return of 970 billion VND in illicit gains.
After three days of trial, the court announced an extended deliberation, with the verdict scheduled for September 25.
Appellate Hearing for Vinafood II: Prosecution Demands Joint Compensation of 68 Billion VND from Defendants
At the appellate trial, the representative of the People’s Procuracy proposed that the former leaders of Vinafood II be jointly liable for compensating 68 billion VND to rectify the consequences of the case.
Police Warn of 3 Land Scam Tactics: Citizens Urged to Stay Alert to Avoid Billions in Losses
Since the beginning of 2025, the Hung Yen Provincial Police have received numerous citizen complaints regarding disputes related to land purchase, sale, and transfer transactions.
The Takeover of Four Prime Land Plots in Ho Chi Minh City: Mysterious Evidence Found in Tycoon’s Residence
In addition to the extensive financial evidence, investigators discovered a peculiar item at the residence of the defendant, Đinh Trường Chinh.
The Shocking $42 Million Profit from Flipping Prime Real Estate in Ho Chi Minh City: Startling Revelations Unveiled
Dinh Truong Chinh acknowledged errors in the execution of transactions with Vinafood II, but refutes the allegation of profiting 970 billion VND, claiming it to be inaccurate.
Tycoon Dinh Truong Chinh Faces Court Over Acquisition of ‘Prime Land,’ Allegedly Profiting 970 Billion VND
In a shocking revelation, tycoon Đinh Trường Chinh stands accused of pocketing a staggering 970 billion VND in profits from the controversial transfer of land owned by Southern Food Corporation – Vinafood II.
