A Vietnamese real estate mogul is set to stand trial in Ho Chi Minh City this month, accused of unlawfully profiting nearly VNĐ970 billion (US$38 million) from the transfer of a valuable state-owned land parcel. The case is one of the latest in the country’s sweeping anti-corruption crackdown that has already ensnared high-ranking officials and business tycoons.
The defendant, Đinh Trường Chinh, 51, is the former chairman of Housing Development and Trading Company (HDTC) and the founder of Việt Hân Group. Once hailed as Vietnam’s “M&A property king” for his aggressive acquisitions, Chinh rose to prominence through large-scale projects nationwide.
Prosecutors allege that Chinh conspired with senior executives at the state-owned Southern Food Corporation (Vinafood II) to secure a 6,300-square-metre site at the corner of Nguyễn Du and Chu Mạnh Trinh streets in HCM City’s commercial hub. Authorities said the land was transferred in 2015 without a public auction, violating state asset management rules.
According to investigators, Chinh paid VNĐ730 billion for the prime plot. Just 33 days later, he resold the land for VNĐ1.68 trillion, netting nearly VNĐ970 billion in profit. Officials claim he disguised the resale through a series of complex transactions designed to conceal the illicit gain.
Vinafood II, which had originally been allocated the site for a hotel and office project, has been listed as the victim in the case. While prosecutors charge that mismanagement allowed Chinh to exploit the deal, they found no evidence that executives personally pocketed any profits. Nonetheless, former CEO Huỳnh Thế Năng and deputy CEO Nguyễn Thọ Trí will face trial for violations of regulations on state asset management.
The trial is scheduled to open on September 17 and continue until September 19, with nearly 20 defense attorneys and more than 40 individuals and organizations summoned as related parties.
The scandal underscores the growing pressure on Vietnam’s real estate sector, which has struggled with tightening credit and heightened scrutiny amid an intensified anti-graft drive. The campaign has already brought down senior government leaders and corporate bosses, signaling that corruption in land and property deals remains a top priority for authorities.
Vietnamese Communist Party chief and top leader Tô Lâm recently stressed that combating corruption and mismanagement is essential to protecting public trust and ensuring sustainable economic growth. “Mismanagement and abuse of state assets risk eroding confidence in the system,” he warned during a meeting.
For Đinh Trường Chinh, the upcoming trial represents a dramatic fall from grace. Once a high-profile property magnate celebrated for bold acquisitions, he now faces the possibility of a lengthy prison sentence if convicted.
The proceedings are expected to attract significant public and media attention as Vietnam continues its far-reaching campaign against corruption and abuse of state assets.
