Trương Mỹ Lan Case: Nearly VND 9,000 Billion Spent, Bondholders Still Anxious

In late September 2025, the Civil Judgment Enforcement (CJE) agency of Ho Chi Minh City executed the fourth payment phase in the case of Truong My Lan and accomplices, disbursing nearly 300 billion VND, which accounts for 0.9971% of the total enforcement amount.

Mixed Emotions

Many bondholders shared that each time they receive a notification of funds deposited into their accounts, they feel both relief and anxiety. 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 phase, bondholders were not charged enforcement fees. Yet, their joy remains incomplete, as the payments are merely a “drop in the ocean” compared to the total losses, with the total enforcement 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 asset handling and fund recovery process will make the journey to justice exhausting and interminable.

Others adopt a cautious stance, hoping for a transparent and fair enforcement process. “We’ve lost too much time and money. Now, we just hope the enforcement 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 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 Enforcement Decision No. 3699/QĐ-CTHADS dated June 16, 2025, issued by the Director of the CJE of Ho Chi Minh City.

These documents mandate Truong My Lan 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 other bond codes not included in the judged case, the CJE of Ho Chi Minh City lacks the authority to enforce and will not execute payments.

From June 25, 2025, to date, the CJE of Ho Chi Minh City has conducted four payment phases. The first phase, 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 phase, on July 17, 2025, disbursed over 696 billion VND, or 2.4553%, and the third phase, on August 20, 2025, over 376 billion VND, or 1.25%. Recently, the agency completed the fourth payment phase.

Thus, across all four phases, bondholders have received nearly 30% of the total 30 trillion VND Truong My Lan must compensate, amounting to over 8.7 trillion VND. All payments were made exclusively through the bank accounts provided by the bondholders.

Insufficient Funds, Unprocessed Assets

According to the CJE of Ho Chi Minh City, the “trickle” payments to bondholders stem from various 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 enforcement 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, delaying their addition to the payment source.

Another factor involves many bondholders. Specifically, numerous individuals have not provided complete account information or necessary documents. For 795 cases, the enforcement agency had to deposit the funds into savings accounts as per regulations, awaiting additional information to proceed with payments.

Furthermore, given the compensation amount exceeds 30 trillion VND, dividing payments into phases 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 confirmation signatures, making simultaneous execution impossible.

The CJE of Ho Chi Minh City emphasizes that phased payments are necessary to maintain transparency and fairness, pledging that all recovered funds will be promptly and lawfully distributed to the people.

Following the fourth payment phase, the enforcement efforts will enter a critical stage aimed at thoroughly recovering the remaining frozen funds, definitively handling the seized assets, and preparing for subsequent payment phases. This will address emerging issues and ensure the legitimate rights of over 43,000 bondholders.

Accordingly, the CJE 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 agency continues to request Saigon Commercial Bank to transfer all frozen funds, as per the first-instance and appellate judgments, to the enforcement account. Once asset processing is complete and funds are transferred, the enforcement agency will promptly initiate the next payment phases, ensuring transparency, fairness, and legal compliance.