Real estate tycoon Truong My Lan was sentenced Thursday to dying by a jury in Ho Chi Minh city in southern , Vietnam , in the country’s largest economic fraud case always, state media Thanh Nien said.
The 67- year- old chair of the real estate company Van Thinh Phat was  , accused of fraud amounting to$ 12.5 billion  , — nearly 3 % of the country’s 2022 GDP.
Between 2012 and 2022, she improperly controlled the Saigon Joint Stock Commercial Bank to smuggle these resources through hundreds of fictitious businesses and by offering money to state officials.
Lan’s imprisonment in October 2022 was among the most higher- page in an ongoing , pro- problem travel in Vietnam , that has intensified since 2022.
The infamous Blazing Furnace strategy has impacted the most senior positions in Asian politics.
Former President Vo Van Thuong resigned , in March after being implicated in the plan.
But it’s the size of Lan’s test has shocked the nation. VTP was among Vietnam’s richest real estate firms, with tasks including luxury residential properties, offices, hotels and shopping centers.
Researchers questioned whether other lenders or businesses had also erred, dampening Vietnam’s financial outlook , and making overseas investors anxious at a time when Vietnam has been trying to position itself as the perfect house for businesses trying to tilt their supply chains away from China.
In Vietnam, the real estate industry has experienced a particularly difficult situation: According to state media, many in the town center are also clear despite an estimated 1,300 home firms withdrew from the market in 2023, developers have been offering discounts and golden as gifts to draw buyers, and many of the city’s center’s rent has fallen by a fourth in Ho Chi Minh City.
In November, Communist Party General Secretary Nguyen Phu Trong, Vietnam’s top politician, said that the anti- corruption fight would” continue for the long term”.
