On June 25, 2025, the Civil Judgment Enforcement Department (THADS) of Ho Chi Minh City made a significant move in the long-awaited Van Thinh Phat case by disbursing over 7,022 billion VND to 40,271 bondholders. This payment marks the first phase of enforcement following a landmark appeal judgment issued by the High People's Court in Ho Chi Minh City on April 21, 2025.
The case centers on Ms. Truong My Lan, who was ordered by the court to compensate a total of 30,081 billion VND to victims and other parties involved—43,108 individuals in all—who had acquired bonds through transfers related to the Van Thinh Phat affair. This enforcement action is grounded in both the appeal judgment and the initial ruling dated October 17, 2024.
THADS HCMC has been methodically executing the court's directives by paying each eligible recipient 24.81% of the amount owed to them. The first phase of payments totals more than 7,464 billion VND, reflecting a substantial portion of the overall compensation amount. Of this, 7,022 billion VND has successfully reached those bondholders who provided complete personal and banking details.
However, the department has yet to transfer approximately 442 billion VND to 2,837 individuals. The reasons vary—from incorrect bank account information to the unfortunate death of some beneficiaries or incomplete submission of required data. For these unpaid sums, THADS HCMC is following legal protocols by placing the funds in savings accounts. Beneficiaries are being notified to update or complete their documentation so that payments can proceed in subsequent phases.
It’s worth noting that the enforcement applies strictly to bonds identified by specific codes listed in the court judgments: QT-2018.12.1, SET.H2025, ADC-2018.09, ADC-2019.01, ADC-2018.09.01, and SNW-2018.10. Bonds outside these categories are not subject to payment, and THADS HCMC has made clear that no compensation will be issued for unlisted bond codes.
Interestingly, THADS HCMC has temporarily waived enforcement fees for this initial payout phase. The department has formally sought guidance from relevant authorities on whether to collect such fees moving forward and has promised to inform affected parties once a decision is reached.
Despite the progress, the enforcement process faces hurdles. The initial plan anticipated disbursing over 8,694 billion VND in the first phase. Yet, as of June 25, 2025, banks have not transferred more than 1,335 billion VND to THADS HCMC’s account. The bulk of this outstanding sum—over 1,200 billion VND—remains with Saigon Commercial Bank, with the remainder held by other banks.
Meanwhile, THADS HCMC is actively verifying the legal status and current conditions of assets seized during both phases of the case. This investigation is crucial to ensure proper handling and eventual liquidation or resolution of these assets in line with legal requirements.
The department has also issued formal requests to banks holding frozen accounts connected to the case, urging them to release these funds promptly. Once these monies are received, THADS HCMC will continue distributing payments to entitled recipients and other parties with legitimate interests.
Ms. Truong My Lan’s responsibility to repay such a vast sum underscores the scale and complexity of the Van Thinh Phat case, a saga that has captured public attention in Vietnam. The phased approach to enforcement reflects both the challenges of processing large-scale financial restitution and the meticulous legal framework guiding such actions.
As the enforcement unfolds, bondholders and affected parties remain vigilant, awaiting subsequent disbursements and updates. The Civil Judgment Enforcement Department’s transparent communication and adherence to judicial orders provide a measure of reassurance amid the complex financial and legal landscape.
This milestone payment is a testament to the Vietnamese judiciary’s commitment to upholding justice and protecting the rights of investors, even in highly intricate cases involving billions of Vietnamese dong and tens of thousands of individuals.
