Quang Ninh Asset Seizures Intensify In Van Thinh Phat Case

On January 23, 2026, a pivotal meeting took place at the Quang Ninh Provincial People’s Committee, shining a spotlight on the ongoing enforcement phase of the high-profile Van Thinh Phat case. The focus? A staggering sum of over 6,095 billion VND—money that two major companies, T&H Ha Long Joint Stock Company and Au Lac Quang Ninh LLC, have been ordered by the court to return, as reported by Vietnam Business Insider and CafeF. This sum, amassed through a tangle of framework agreements, deposits, and project transfers, is now at the center of one of Vietnam’s most closely watched asset recovery efforts.

The roots of the dispute stretch back to business dealings between T&H Ha Long, Au Lac Quang Ninh, and the Van Thinh Phat corporate ecosystem. The court’s judgment is clear: these companies must return the funds to Ms. Truong My Lan, a figure whose name has become synonymous with the Van Thinh Phat saga. The breakdown is eye-opening—3,179 billion VND transferred under framework agreements linked to T&H Ha Long shares, and another 2,916 billion VND as deposits for villa project transfers. All told, the companies received over 6,095 billion VND, and the court’s priority is to ensure this amount is fully clawed back.

To secure enforcement, authorities have seized a slew of assets tied to the two companies, including both shares and real estate. According to CafeF, the assets under lock and key are substantial: 18,000,450 shares of T&H Ha Long, representing 70.59% of the company’s charter capital (calculated on the old capital basis), and a collection of real estate—three properties belonging to T&H Ha Long and eight to Au Lac Quang Ninh, all nestled in the sought-after Tuan Chau ward of Ha Long City. The scale is remarkable: the three T&H Ha Long properties alone cover more than 1.48 million square meters, with one plot exceeding 1.43 million square meters and holding land use rights since April 2022. Meanwhile, Au Lac Quang Ninh’s eight plots include six urban land parcels valid through 2065 and two commercial service land plots totaling over 21,600 square meters.

But as with so many legal battles involving high-value assets, the path to resolution is anything but straightforward. At the January meeting, representatives from T&H Ha Long and Au Lac Quang Ninh voiced a litany of challenges. Chief among them were the hurdles of adjusting urban planning and meeting legal requirements—issues that have bogged down the asset appraisal and auction process. Without these steps, the public auction of seized assets, which is crucial for recovering the outstanding funds, cannot proceed at the pace authorities desire.

Deputy Chairman of the Quang Ninh Provincial People’s Committee, Mr. Le Van Anh, stepped in with a call for action. As reported by CafeF, he urged the Departments of Construction, Agriculture and Environment, Finance, and Taxation, along with other relevant agencies, to join forces and help investors adjust the detailed 1/500 planning to align with the broader 1/2,000 zoning plan of the Tuan Chau International Tourism and Entertainment Area (Subdivision 8). The goal? To secure approval from the Tuan Chau ward authorities by February 2026. Only then can the land valuation files be submitted to the provincial government for a decision—a necessary step before any assets can hit the auction block.

Time is of the essence. The companies have been directed to fulfill their corporate income tax obligations by April 2026, another prerequisite for moving the asset recovery process forward. "We must coordinate closely to remove obstacles and accelerate the enforcement process," Mr. Le Van Anh emphasized, underscoring the urgency felt by both local and central authorities.

The Van Thinh Phat case has, by now, entered what Vietnam Business Insider calls the enforcement phase, with the 742 Steering Committee pressing for swift progress. Quang Ninh has emerged as a hotspot, not least because of its direct ties to the business empire of Mr. Dao Hong Tuyen, widely known as the "lord of Tuan Chau island." Both T&H Ha Long and Au Lac Quang Ninh are closely linked to his group, and their asset portfolios are seen as a major source for the court-ordered recovery.

Yet, fresh complications have arisen. One thorny issue: how exactly should authorities seize the T&H Ha Long shares? The company itself has asked the court to clarify whether seizure should be based on the number of shares or the percentage of charter capital. The distinction is more than academic. T&H Ha Long’s charter capital ballooned from 255 billion VND to 3,855 billion VND in August 2022. That means the 18 million shares—initially representing 70.59% of the old capital—now reflect a different proportion, potentially impacting how much value can be recovered through auction. As Vietnam Business Insider notes, “The method of seizing shares—by number or by capital ratio—remains a significant legal hurdle.”

There’s more. The Tuan Chau Golf Course project, another asset in the enforcement crosshairs, faces its own set of planning and legal headaches. Deputy Chairman Le Van Anh has requested that relevant departments help the companies adjust planning to address issues flagged in inspection reports, complete land procedures, meet financial obligations, and manage the seized assets in accordance with enforcement needs. All these steps, he stressed, must be completed to ensure the court’s judgment can be carried out in full.

Behind the scenes, the corporate landscape has shifted as well. Between 2019 and 2022, T&H Ha Long’s board included senior figures with ties to Van Thinh Phat, while Au Lac Quang Ninh transferred capital shares from Mr. Dao Hong Tuyen to Tuan Chau Group in 2023. These moves have only added layers of complexity to the asset tracing and recovery process.

Despite the scale and urgency of the effort, officials and observers alike recognize that the story is far from over. As Vietnam Business Insider puts it, “To recover the full amount for the Van Thinh Phat case, Tuan Chau is ‘opening large assets,’ but valuation, auction speed, legal, planning, and share seizure issues remain obstacles. This story is expected to take a long time to conclude.”

In the meantime, enforcement agencies are pushing ahead, determined to recover every last dong through public auctions of the seized assets. But with legal and bureaucratic obstacles still looming large, the Van Thinh Phat enforcement saga is likely to remain in the headlines for months—if not years—to come. For now, Quang Ninh’s officials, companies, and courts are locked in a high-stakes race against time, determined to see justice done and assets returned.

The outcome of this case will not only determine the fate of billions of VND but may also set important precedents for future high-value asset recoveries in Vietnam’s legal and business landscape.