After a trial spanning over a week and an extended deliberation period, the Ho Chi Minh City People’s Court delivered its verdict today (September 25) against defendants Dinh Truong Chinh (51, former Chairman of the Board of Directors of Housing Development and Business Joint Stock Company), Huynh The Nang (66, former General Director of Southern Food Corporation – Vinafood II), and Nguyen Tho Tri (64, former Deputy General Director of Vinafood II).
According to the trial panel, based on the defendants’ testimonies and available evidence, it was confirmed that defendant Chinh played the role of the mastermind, while defendants Nang and Tri acted as accomplices.
The court also established that Vinafood II was directly entrusted with the management and use of properties located at 33 Nguyen Du Street and 34, 36, 42 Chu Manh Trinh Street, Ben Nghe Ward, District 1 (now Sai Gon Ward, Ho Chi Minh City). Due to financial losses, defendants Nang and Tri conspired to sell these four properties to recover capital, cover debts, and replenish operating funds.
Defendants in court. Photo: TP |
Seizing this opportunity, defendant Chinh proposed to purchase the properties. To legitimize the transaction, both parties agreed to establish Viet Han Sai Gon Company with a registered capital of VND 800 billion. Vinafood II contributed 20% in the form of land use rights and assets on the land (equivalent to VND 160 billion), while Viet Han Company contributed 80% in cash (equivalent to VND 640 billion).
In reality, the establishment of Viet Han Sai Gon Company was merely a facade to legalize the transfer of land use rights.
Subsequently, defendant 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, amounting to VND 792 billion.
On February 2, 2016, Ms. 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 VND 1,683 billion.
In essence, Ms. Hong acted as a proxy at defendant Chinh’s behest to execute these transactions, concealing his involvement.
Following Ms. Hong’s transfer of the 99% capital contribution to Winter Company, the entire proceeds were redirected to defendant Dinh Truong Chinh’s account. Through this convoluted transaction, defendant Chinh profited VND 970 billion.
As for Huynh The Nang, he represented Vinafood II in transferring the land use rights of the four properties to Viet Han Company without conducting a public auction. Defendant Nguyen Tho Tri acted as an accomplice, participating throughout the capital contribution, divestment, and project transfer process. Their actions resulted in significant losses to the State.
The defendants’ actions were deemed particularly hazardous, infringing upon State assets and warranting severe punishment. Consequently, the trial panel sentenced Dinh Truong Chinh to 13 years in prison, Huynh The Nang to 9 years and 6 months, and Nguyen Tho Tri to 6 years, all for “Violating regulations on the management and use of State assets, causing losses and waste.”
In civil matters, defendant Chinh was ordered to return the illicit profit of VND 970 billion.
Thanh Phương
– 10:02 25/09/2025
Mysterious Vietnamese Expatriate Facilitates Tycoon’s Sale of 44 Prime Land Plots in Ho Chi Minh City, Yielding Nearly $43 Million in Illicit Profits
Upon officially securing ownership, Mr. Chinh promptly booked a flight to invite his cousin, Hoàng Ngọc Cẩm Hồng, a Vietnamese-Canadian expatriate, to return home.
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.
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.
