Company Executives Charged with Three Counts
On December 18th, the Supreme People’s Procuracy finalized the indictment, charging the following individuals: Hoàng Quang Thịnh (Chairman of Z Holding Joint Stock Company); La Khắc Minh and Nguyễn Văn Minh (both Deputy General Directors of Z Holding). They are set to face trial at the Hanoi People’s Court on three charges: “Violation of Accounting Regulations Resulting in Serious Consequences; Production and Trade of Counterfeit Food Products; and Money Laundering.”
 Defendants Hoàng Quang Thịnh and La Khắc Minh.
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Nguyễn Thị Thu Hiền (Director of Nature Made Trading and Production Joint Stock Company); Phạm Duy Tân (former Director of Nature Made); Trần Xuân Chiến (Director of Alama Company); and Nguyễn Thị Bích Phương (Alama Company employee) are charged with two counts: “Violation of Accounting Regulations Resulting in Serious Consequences; and Production and Trade of Counterfeit Food Products.”
In the same case, Trần Hải Bình (Deputy Financial Director of Z Holding Joint Stock Company); Nguyễn Quốc Vương (Head of Z Holding’s Finance Department); Nguyễn Thị Hiền (Head of Accounting Department 1 at Z Holding); Lê Thị Bích Phương (Head of Tax Accounting Group at Z Holding); and several other defendants are charged with “Violation of Accounting Regulations Resulting in Serious Consequences.”
According to the Supreme People’s Procuracy’s indictment, from 2023 to 2025, Hoàng Quang Thịnh and his accomplices directly controlled and managed all operations of Z Holding Joint Stock Company and its affiliated entities.
Prosecutors allege that the group exploited the companies’ legal status to organize and execute prolonged, organized criminal activities. Their violations spanned production, distribution, sales, and the concealment of illicit funds.
To facilitate their criminal activities, Thịnh, La Văn Minh, and Nguyễn Khắc Minh directed the establishment of 26 companies, 27 sales systems, 208 sales groups, and 179 individual business households for production, trade, tax declaration, and money laundering.
Specifically, at Nature Made, Thịnh’s group organized large-scale production and trade of counterfeit goods, formulating products inconsistent with self-declared specifications. Products were often registered with omitted or substituted ingredients to reduce production costs and increase profits. The distribution network was systematically operated with a tiered sales organization.
Counterfeit milk powder products manufactured by the defendants.
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Over 6,600 Billion VND Unaccounted For
The total revenue of companies under the Z Holding system from production and trade activities was nearly 6,700 billion VND.
Of this, prosecutors identified 26 counterfeit products with a value exceeding 2,436 billion VND. Thịnh, along with La Văn Minh and Nguyễn Khắc Minh, unlawfully profited nearly 150 billion VND.
Prosecutors stated that the counterfeit products primarily included dietary supplements for special diets, nutritional products, and popular milk varieties such as HIUP GOLD Nutrition, Hiup Dietary Supplement, and Hiup 27 Vanilla Flavor Nutrition.
Additionally, during operations, the group maintained dual accounting systems to conceal actual revenues of over 7,825 billion VND, declaring only 1,148 billion VND in taxes. This caused a loss of more than 1,633 billion VND.
Regarding money laundering, Thịnh’s group established funds under investment pretenses to retain, legitimize, and circulate illicit funds. They laundered over 83 billion VND through real estate and stock transactions.
In total, Hoàng Quang Thịnh profited 63 billion VND, La Văn Minh 46 billion VND, and Nguyễn Khắc Minh 40 billion VND.
The 18 defendants will be tried by the Hanoi People’s Court in the near future.
Hoàng An
– 17:45 18/12/2025
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