In late September 2025, the Civil Judgment Execution (CJE) department of Ho Chi Minh City conducted the fourth payment cycle in the case of Truong My Lan and accomplices, disbursing nearly 300 billion VND, which represents 0.9971% of the total amount to be executed.
A Mix of Relief and Anxiety
Many bondholders shared that each time they receive a notification of funds deposited into their accounts, they feel a mix of relief and anxiety. The relief comes from seeing the first actual payments after years of waiting, confirming that their interests are gradually being secured. However, during the fourth payment cycle, bondholders were not charged execution fees. Yet, this joy remains incomplete, as the disbursed amount is merely a “drop in the ocean” compared to the total losses, with the total execution amount exceeding 30 trillion VND.
Many expressed that each notification of funds received is both a small comfort and a source of unease, as they wonder when they will be fully compensated. Numerous bondholders also worry that the prolonged process of asset handling and fund recovery will make the journey to justice exhausting and interminable.
Others voiced a cautious stance, hoping for transparency and fairness in the execution process. “We’ve already lost so much time and money. Now, we just hope the execution agency works diligently, ensuring all payments are clear to avoid disputes or errors,” shared Ms. N.T.T.T, a resident of Ho Chi Minh City.
Accordingly, the CJE department of Ho Chi Minh City is executing the first-instance criminal judgment No. 504/2024/HSST dated October 17, 2024, of the Ho Chi Minh City People’s Court, the appellate judgment No. 259/2025/HS-PT dated April 21, 2025, of the High People’s Court in Ho Chi Minh City, and the Execution Decision No. 3699/QĐ-CTHADS dated June 16, 2025, issued by the Director of the CJE department of Ho Chi Minh City.
As per these documents, Truong My Lan is obligated to fully compensate over 30 trillion VND to the victims and related parties who acquired the bonds, totaling 43,108 individuals, under the bond codes: QT-2018.12.1, SET.H2025, ADC-2018.09, ADC-2019.01, ADC-2018.09.01, and SNW-2018.10. For bond codes not included in the judged case, the CJE department of Ho Chi Minh City lacks the authority to execute and will not conduct payments.
From June 25, 2025, to date, the CJE department of Ho Chi Minh City has carried out four payment cycles. The first cycle, on June 25 and July 15, 2025, saw over 7.25 trillion VND transferred to bondholders, equivalent to 24.81% of the total. The second cycle, on July 17, 2025, disbursed over 696 billion VND, or 2.4553%, and the third cycle, on August 20, 2025, over 376 billion VND, or 1.25%. Recently, the department completed the fourth payment cycle.
Thus, across all four cycles, bondholders have received nearly 30% of the total over 30 trillion VND Truong My Lan must compensate, amounting to more than 8.7 trillion VND. All payments have been made exclusively through the bank accounts provided by the bondholders.
 Defendant Truong My Lan in court. Photo: HOÀNG TRIỀU |
Incomplete Payments, Unsettled Assets
According to the CJE department of Ho Chi Minh City, the “trickle” payments to bondholders stem from several objective reasons. Primarily, the frozen funds have not been fully transferred. Over 1.3 trillion VND remains frozen in banks, mainly at Saigon Commercial Bank, and has not been transferred to the execution account as per the first-instance and appellate judgments from both trial phases. Additionally, Truong My Lan’s seized assets, including real estate, shares, and other ownership rights, are still undergoing legal verification, measurement, and valuation for auction preparation, thus unable to promptly supplement the payment source.
Another factor involves many bondholders. Specifically, numerous individuals have not provided complete account information or necessary documents for payment. For 795 cases, the execution agency had to deposit the funds into savings accounts as per regulations, awaiting additional information to proceed with payment.
Furthermore, given the compensation amount exceeds 30 trillion VND, dividing payments into smaller cycles is essential to ensure fairness and mitigate risks when funds are not fully recovered. Notably, the payment process for over 43,000 bondholders requires stringent legal procedures, from notifications and list preparation to confirmations, making simultaneous execution impossible.
The representative of the CJE department of Ho Chi Minh City affirmed that partial payments are necessary to maintain transparency and fairness, pledging that all recovered funds will be promptly and properly distributed to the people.
Following the fourth payment cycle, the execution work will enter a critical phase aimed at thoroughly recovering the remaining frozen funds, definitively handling the seized assets, and preparing for subsequent payment cycles and resolving emerging issues to ensure the legitimate rights of over 43,000 bondholders.
Accordingly, the CJE department of Ho Chi Minh City is urgently verifying, measuring, and valuing the real estate, shares, and other ownership rights belonging to Truong My Lan and related obligated individuals and organizations. Concurrently, the department continues to request Saigon Commercial Bank to transfer all frozen funds as per the first-instance and appellate judgments to the execution account. Once asset handling is complete and funds are transferred, the execution agency will promptly initiate the next payment cycles, committed to ensuring transparency, fairness, and compliance with the law.
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Strengthening the Asset Recovery Steering Committee Deputy Prime Minister Nguyen Hoa Binh signed a decision to strengthen Steering Committee 742, adding and replacing members from provincial People’s Committees and Ho Chi Minh City to enhance the execution and recovery of assets embezzled in cases related to Van Thinh Phat Group. Established in April 2025, Steering Committee 742 operates under a special mechanism, responsible for researching, coordinating across sectors, and proposing solutions to thoroughly address critical issues, underscoring the government’s strong commitment to handling this major economic case. |
TRẦN THÁI
– 08:33 02/10/2025
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