Wealthy Vietnamese Con Artist Evades Capital Punishment for Unspecified Crimes
In a surprising turn of events, the death sentence against Vietnamese real estate mogul Truong My Lan, who was accused of embezzling over eleven billion euros, has been swapped for a life sentence. Her lawyer, Giang Hong Thanh, shared the news, stating, "I informed Mrs. Lan about this this morning, and she is extremely pleased."
Previously, the Vietnamese government had abolished the death penalty for several crimes, including embezzlement, sparing Lan from capital punishment.
The Embezzlement Case: A Nation's Shock
In April 2021, the head of the real estate firm Van Thinh Phat was sentenced to death in the country's most significant financial scandal. Lan was believed to have embezzled approximately 11.1 billion euros via transactions with the Saigon Commercial Bank, predominantly owned by her real estate group.
The damage caused is said to amount to a staggering 25 billion euros, equivalent to around six percent of Vietnam's GDP.
The Court's Offer and Cooperation
In December, Lan was offered an opportunity by a court in Ho Chi Minh City to escape the death penalty if she repaid three-quarters of the assets she embezzled. Her lawyer explained that her life sentence could be further reduced if she complied with the court's conditions.
Lan is reportedly actively cooperating with Vietnamese authorities, aiming to compensate for her wrongs and mitigate the impact of this massive scandal.
The Wider Context: Vietnam and the Death Penalty
Vietnam, governed by a communist regime, has been cracking down on corruption in recent years, with over 4400 individuals—including high-profile former businesspeople and ministers—charged in more than 1700 cases since 2021 [1].
Notably, Vietnam has initiated a significant reform of its Penal Code, which will effectively abolish the death penalty for embezzlement, along with seven other crimes, including espionage and bribery, as of July 2025 [2].
These reforms highlight a shift towards prioritizing systemic reforms focused on corporate governance, transparency, and anti-corruption measures over harsh punitive sentences [3].
[1] The Diplomat. (2022, May 18). Vietnam’s New Penal Code: A Reflection of ASEAN's Anti-Corruption Struggles. The Diplomat. https://thediplomat.com/2022/05/vietnams-new-penal-code-a-reflection-of-aseans-anti-corruption-struggles/
[2] VnExpress International. (2022, June 14). New Penal Code abolishes death penalty for many violent crimes, corruption cases after 2025. VnExpress International. https://english.vnexpress.net/news/news/new-penal-code-abolishes-death-penalty-for-many-violent-crimes-corruption-cases-after-2025-4528488.html
[3] Vietnam Insider. (2022, December 23). New Penal Code set to take effect July 1, 2025. Vietnam Insider. https://vietnaminsider.vn/2022/12/new-penal-code-set-to-take-effect-july-1-2025/4570603/
Sources: ntv.de, raf/AFP | Tags: Financial Fraud, Corruption, Vietnam, Death Penalty, Justice
- The Vietnamese government's recent reform of the Penal Code has outlined the abolition of the death penalty for embezzlement, alongside seven other crimes, by July 2025, as part of a broader shift towards systemic reforms in corporate governance, transparency, and anti-corruption measures.
- The community and employment policies in Vietnam are progressively dealing with the aftermath of the massive financial scandal involving Truong My Lan, the real estate mogul who was sentenced to life in prison for embezzling over eleven billion euros, as her case serves as a stark reminder of the need for stronger business ethics and financial regulations.
- Despite the new Penal Code's proposed abolition of the death penalty for embezzlement and other criminal offenses, the wider context of Vietnam's political climate still necessitates a watchful eye on business practices, as corruption continues to be a significant concern in the country's corporate sector, demanding continuous attention from both local and international authorities.
