Unveiling the Billion-Dollar Concealment Tactics of Hoang Huong’s Ecosystem

Nearly 300 Billion VND in Budget Losses

On October 4th, the Supreme People’s Procuracy of Vietnam (Department 3) approved the prosecution of six individuals for “Violating Accounting Regulations, Causing Serious Consequences” under Article 221 of the Penal Code. The case involves Hoang Huong Pharmaceutical Joint Stock Company and other businesses and trading households established, directed, and operated by Hoang Thi Huong in Hanoi and across Vietnam.

The six defendants are: Hoang Thi Huong (known as Hoang Huong on social media), Hoang Anh Dung, Nguyen Hoai Nam, Nguyen Duy Khanh, Nguyen Thi Thoa, and Nguyen Thi Huong.

Initial investigations reveal that to conceal revenue and evade taxes for 18 companies under her control, Hoang Thi Huong collaborated with Nguyen Hoai Nam, Nguyen Thi Thoa, Hoang Anh Dung, and Nguyen Thi Huong. They devised a scheme to use the IDs of employees and relatives to establish 25 trading households. These households, along with individuals acting as sellers and hired shipping companies, formed the “Hoang Huong Ecosystem.” The goal was to transfer revenue from the companies to these households and individuals.

Additionally, Hoang Thi Huong instructed the exclusion of actual revenue from the companies’ accounting records. In reality, the trading households and individuals did not engage in any business activities.

From 2021 to 2025, these actions resulted in significant losses in value-added tax (VAT) for the state budget.

Specifically, transferring over 2,069 billion VND in revenue from 18 companies to 25 trading households and 33 individuals caused an estimated VAT loss of 144.8 billion VND due to the tax rate difference between the two business types. In 2024 and 2025 alone, the VAT loss exceeded 141.9 billion VND.

Furthermore, excluding over 1,750 billion VND in revenue from the accounting records of the 18 companies within the Hoang Huong Ecosystem resulted in an estimated VAT loss of 139.9 billion VND.

The total estimated loss, according to initial investigations, exceeds 284.7 billion VND.

Further Investigation into Corporate Income Tax Losses

Investigations also indicate that excluding over 1,750 billion VND in revenue from the accounting records of the 18 companies may have caused additional losses in corporate income tax, which requires further clarification by authorities.

The actions of Hoang Thi Huong, Nguyen Hoai Nam, Nguyen Thi Thoa, Hoang Anh Dung, and Nguyen Thi Huong violated Articles 1, 2, and 10 of the 2015 Accounting Law regarding prohibited acts. They also show signs of the crime “Violating Accounting Regulations, Causing Serious Consequences” under Article 221 of the 2015 Penal Code.

Hoang Huong (38, from Phu Tho Province) is a pharmacist, entrepreneur, and a well-known figure on social media platforms.

She founded Hoang Huong Pharmaceutical Joint Stock Company, specializing in producing and distributing health supplements. The Hoang Huong Ecosystem now includes 18 companies, 25 trading households, and 44 individuals registered as business owners.

Additionally, Huong manages the Hoang Huong International Dental and Aesthetic Clinic in Hanoi.

Through livestreams on her Fanpage and TikTok, with millions of followers, Huong promotes her products while cultivating an image of a successful, confident, and wealthy woman.

Beyond business, Hoang Huong has become an internet sensation with extravagant displays of wealth, such as scattering money on stairs, stepping on cash, and showcasing billion-dollar properties. She has also faced severe criticism for her controversial statements.