On August 20, 2025, the People’s Court of Ho Chi Minh City marked another significant chapter in the Van Thinh Phat bond fraud saga by executing a third round of compensation payments to thousands of affected bondholders. The latest installment, meticulously coordinated by the Civil Judgment Enforcement Department (THADS) of Ho Chi Minh City, saw 42,141 bondholders receive funds at a rate of 1.25% of the remaining execution amount, according to reports from Dân trí, Pháp Luật Online, and Tuổi Trẻ.
This third payment phase is just one step in a long and complex process following the high-profile conviction of Mrs. Truong My Lan, Chairwoman of the Van Thinh Phat Group. Mrs. Lan was sentenced for serious corruption and fraud charges, with the appellate court mandating that she fully compensate a staggering 30,081 billion VND to 43,108 victims and those with rights related to bond transfers, as detailed in the criminal judgments dated October 17, 2024, and April 21, 2025.
The scale of the case has been nothing short of extraordinary, both in terms of the sums involved and the number of people affected. According to Pháp Luật Online, the first payment phase, completed earlier this year, distributed over 7,464 billion VND. This initial payout was made possible through a combination of funds seized by the Ministry of Public Security—amounting to 1,461 billion VND—and an additional 6,002 billion VND collected directly by the enforcement department.
Payments began in earnest on June 25 and July 15, 2025, when 41,441 bondholders received a combined 7,250 billion VND, each at a rate of 24.81%. The process has been painstaking, as each phase requires verification of bondholder identities and account information. On July 17, 2025, the second payment phase distributed more than 696 billion VND to the same group of 41,441 bondholders, this time at a rate of 2.4553%.
Recognizing the logistical hurdles inherent in such a large-scale compensation effort, the court continued to process payments for phases one and two on August 15, 2025, specifically for those bondholders who had updated their bank account details or provided new information. This careful attention to administrative detail has been essential in ensuring that no eligible recipient is left behind, as highlighted by Tuổi Trẻ.
Once the first two rounds of payments were completed, the court turned its attention to liquidating assets associated with Mrs. Truong My Lan and other individuals or organizations obligated to execute the judgment. These efforts yielded an additional 376 billion VND, which has been added to the pool for subsequent compensation rounds. The court’s ongoing asset verification, surveying, and appraisal process underscores the complexity of tracking down and converting ill-gotten gains into restitution for victims.
The August 20 payment marked the third official installment, distributing funds to 42,141 bondholders at a rate of 1.25% of the remaining amount due. The number of recipients increased slightly compared to earlier rounds, reflecting the inclusion of additional bondholders who had since provided the necessary documentation. However, for 967 bondholders who have not yet supplied their bank account information, the court has placed their allocated funds in savings accounts, in accordance with regulatory requirements. These funds will be disbursed as soon as the relevant information is provided.
One notable aspect of the third payment phase was the court’s decision to temporarily waive enforcement fees. This move came in response to numerous requests from bondholders who petitioned for a review of the fee policy. The Civil Judgment Enforcement Department has formally reported the situation and sought guidance from higher authorities. As stated in official communications, "When a decision is made, the enforcement department will inform all bondholders accordingly." Until then, the waiver remains in effect for the third payment round, offering a small but meaningful relief to those still waiting for full restitution.
Behind the scenes, the court continues to press for the transfer of frozen funds held by SCB Bank, as mandated by both appellate and first-instance judgments. The bank’s compliance is critical, as these assets represent a significant portion of the compensation pool. The enforcement department has made it clear that as soon as additional funds are released—either through asset liquidation or bank transfers—further payment rounds will be organized. The message to victims is clear: the process may be slow and painstaking, but it is ongoing and committed to full restitution.
The Van Thinh Phat case has gripped Vietnam for over a year, with Mrs. Truong My Lan’s trial and subsequent sentencing drawing nationwide attention. The court’s order covers a wide array of bond codes, including QT-2018.12.1, SET.H2025, ADC-2018.09, ADC-2019.01, ADC-2018.09.01, and SNW-2018.10, reflecting the breadth of the fraudulent activities. The number of affected parties—over 43,000—highlights the far-reaching consequences of the scandal, which has reverberated through Vietnam’s financial and legal systems.
For many victims, the compensation process has been both a lifeline and a source of frustration. The sums recovered so far, while substantial, represent only a fraction of the total owed. Each payment phase brings hope, but also underscores the enormity of the challenge still ahead. The court’s methodical approach—verifying each claim, appraising assets, and coordinating with banks—has been praised for its thoroughness, but it has also drawn criticism from some who feel the process is too slow.
Yet, as Dân trí and Tuổi Trẻ report, the authorities are navigating uncharted territory. Large-scale financial fraud cases of this magnitude are rare, and the legal and administrative frameworks are being tested in real-time. The decision to temporarily waive enforcement fees, for example, demonstrates a willingness to adapt and respond to the needs of victims, even as the bureaucracy grinds on.
Looking ahead, the fate of the remaining compensation funds hinges on the successful liquidation of assets and the cooperation of financial institutions. The court’s ongoing efforts to verify, survey, and appraise properties tied to Mrs. Lan and her associates are critical steps in this process. As payments continue, each round brings the victims one step closer to closure—though, for many, the journey has been long and the end is not yet in sight.
As the dust slowly settles on one of Vietnam’s most significant financial scandals, the painstaking work of compensation and justice continues. For the thousands of bondholders watching each new development, the hope remains that persistence and due process will ultimately prevail.