Trương Mỹ Lan

Trương Mỹ Lan (; born 13 October 1956) is a Vietnamese businesswoman who founded the real estate development group , of which she is on the board of directors. A key figure in Vietnam's largest, multi-billion-dollar financial fraud, Lan was sentenced to death for embezzlement, bribery, and violations of banking regulations on 11 April 2024, before the sentence was commuted to life imprisonment in 2025.

In October 2022, she was arrested for using fake loan applications to embezzle more than US$12.5 billion from Sai Gon Joint Stock Commercial Bank, which she controlled through more than two dozen middlemen. This caused a bank run.

In March 2024 the trial for embezzlement, bribery, and violating banking regulations began. It is considered the largest corruption scandal in Southeast Asia's history.

Early life and education Trương Mỹ Lan was born on 13 October 1956, in Saigon, South Vietnam. Her family is of Teochew heritage, from the village of Gezhou in Shantou, Guangdong; settling in "Little Gezhou" , Saigon (Ho Chi Minh City). Her uncle founded the maritime business Hòa Thuận Phát in Chợ Lớn.

Legal issues and convictions

2022 arrest Lan was arrested on 6 October 2022 after years of investigation. She was accused of illegally issuing bonds worth tens of millions of U.S. dollars in 2018 and 2019 of which she owned more than 90 percent of the shares, from 9 February 2018 to 7 October 2022. After three SCB employees committed suicide, on 6, 9 and 14 October, a bank run ensued. At US$12.5 billion, it is considered the largest corruption scandal in Southeast Asia; by comparison, the Malaysian 1MDB scandal in the 2010s involved €4.1 billion.

On 11 April 2024, Lan was sentenced to death by lethal injection, for embezzlement. All the other defendants were also found guilty and given sentences ranging from three years (suspended) to life imprisonment. Her husband and niece were sentenced to nine and seventeen years respectively.

On 19 September 2024, state media reported that a second trial had begun in which Lan and 33 other defendants were accused of money laundering and selling illegal bonds. The suit alleges that Lan illegally transferred US$4.5 billion in and out of Vietnam between 2012 and 2022 using 21 companies controlled by Lan's real estate company. On 17 October, she was convicted and sentenced to life imprisonment on the said charges, alongside the death sentence she had already received.

Lan lost her appeal against the death sentence on 3 December 2024; to avoid the death penalty and get the sentence commuted to life imprisonment, Lan must repay $11 billion, equivalent to three-quarters of the total amount she embezzled.

On 21 April 2025, Lan's life sentence for "fraudulent appropriation of assets" was reduced to 20 years by an appeals court. However, as the death penalty she received has already taken legal effect, Lan is still subject to the death sentence.

In May 2025, from prison, Lan sent a letter to the authorities requesting a reevaluation of her assets, which were being liquidated to comply with court orders. She claimed that the assessed value of VND 253.5 trillion was undervalued and asked to be allowed to participate in the asset valuation and handling process. Her stated goal was to maximize financial returns for the State.

2025 commutation of death sentence On 25 June 2025, the death penalty was abolished for embezzlement, drug trafficking and several offences against the state. It was still retained for ten offences like murder, child rape, treason and terrorism. Additionally, it was decreed that for those sentenced to death prior to 1 July 2025 but have not yet been executed, their sentences would be commuted to life in prison.

As a result of this legal change, Truong would have her death sentence commuted to life imprisonment.

Personal life Lan is married to Eric Chu Nap Kee (, ), a businessman in the real estate sector in Hong Kong.

Lan's family is one of the richest families in Vietnam. Lan's embezzlement of $12.5 billion equals about three percent of Vietnam's total GDP for 2022.