On April 3, 2025, the Ministry of Justice of Vietnam reported significant developments in the execution of asset recovery related to corruption and economic cases, particularly focusing on the high-profile Van Thinh Phat case. In the first six months of 2025, spanning from October 2024 to March 2025, authorities have successfully completed 2,061 cases, recovering an impressive total of over 9,781 billion VND.
The Ministry has classified the Van Thinh Phat case as exceptionally serious and unprecedented. To address the complexities involved, the General Department of Civil Execution has been collaborating closely with the Ho Chi Minh City Department of Civil Execution to identify and resolve various challenges that have emerged during the execution process. The aim is to propose effective strategies and solutions to the leadership of the Ministry of Justice.
In a proactive approach, the General Department has directed the Ho Chi Minh City Civil Execution Department and other relevant civil execution agencies to develop detailed execution plans. They have also established task forces and assigned specific responsibilities to ensure meticulous control over the proceedings, preparing necessary conditions for execution while proposing solutions to navigate obstacles.
Quarterly reports are submitted by the General Department to the Ministry of Justice, detailing the status and results of asset recovery from corruption and economic crimes. These reports highlight ongoing challenges, their root causes, and recommended actions. The leadership of the Ministry has also engaged directly with civil execution units to oversee the execution of particularly complex cases that have garnered public interest.
According to the Ministry of Justice, in the first half of the year, civil execution agencies executed a total of 255,261 cases, marking a 5.35% increase compared to the same period in 2024. The financial recovery reached over 57,683 billion VND, which is nearly 10,088 billion VND more than the previous year, reflecting a 0.64% increase.
The report underscores that the civil execution process has been conducted amid significant organizational restructuring within the state apparatus, which has been rapidly implemented from the central to local levels. The number of cases and the total amount of money involved in execution have both risen compared to the previous year, with increases of 10.89% in cases and 27.92% in financial amounts.
However, the Ministry also noted several challenges faced during this period, such as the dissolution or ongoing restructuring of coordinating agencies. Many cases involve particularly high values, impacting tens of thousands of parties and requiring extensive human resources, time, and costs to execute.
In another development, Quoc Cuong Gia Lai Joint Stock Company (stock code: QCG) recently communicated with the State Securities Commission and the Ho Chi Minh City Stock Exchange regarding a delay in publishing its audited financial statements for the year 2024. On March 31, 2025, QCG received a letter from UHY Auditing and Consulting Company, which is responsible for auditing its financial reports.
The letter requested QCG to liaise with the Ho Chi Minh City Civil Judgment Enforcement Department to allow UHY access to compensation records currently under seizure related to the Phuoc Kien project in Nha Be district. Due to this situation, QCG stated that it could not finalize the publication of its audited financial statements within the stipulated timeframe.
“We will work with the Civil Execution Department to meet the auditor's requirements as much as possible to facilitate the timely issuance of the 2024 audited financial statements,” QCG stated in their communication.
Previously, QCG had signed an audit contract with UHY at the end of the previous year after its long-time auditing firm, DFK Vietnam, was suspended due to not meeting regulatory requirements. The State Securities Commission highlighted that the 2023 financial statements audited by DFK revealed that the auditors had not fully performed the necessary auditing procedures or gathered adequate evidence to provide an opinion in accordance with auditing standards.
Regarding the Phuoc Kien project, during the investigation into the Van Thinh Phat case, the court seized 475 real estate properties, including 301 land use right certificates, 21 notarized contracts, and 147 land compensation agreements in Phuoc Kien commune, Nha Be district. The legal documents pertain to the North Phuoc Kien residential area project.
Truong My Lan, through the Sunny Island Investment Company (part of the Van Thinh Phat Group), had signed a contract to purchase the North Phuoc Kien project from Quoc Cuong Gia Lai for a total of 14,800 billion VND. Sunny Island made an initial payment of nearly 2,883 billion VND but subsequently failed to meet its payment obligations.
In May 2023, the Arbitration Council of the Vietnam International Arbitration Center ruled in favor of Quoc Cuong Gia Lai, allowing them to terminate the contract without refunding Sunny Island. However, in December 2023, the Ho Chi Minh City People's Court overturned this decision. In December 2024, the High People's Court in Ho Chi Minh City issued a first-instance verdict in the Van Thinh Phat case.
In a significant move, Quoc Cuong Gia Lai withdrew its appeal and agreed to return the entire 2,883 billion VND to fulfill Truong My Lan's civil obligations in the case. The court panel decided to continue the seizure of real estate related to Quoc Cuong Gia Lai until the company completes its payment obligations.
These developments highlight the ongoing complexities and challenges within Vietnam's legal and financial systems, particularly as they relate to high-stakes corruption cases and the enforcement of civil judgments. The Ministry of Justice's efforts to streamline processes and improve asset recovery outcomes will be critical in addressing public concerns and restoring trust in the system.
