Vietnam's crackdown on corruption has reached new heights with the recent sentencing of Tan Hiep Phat's chairman, Tran Qui Thanh, to eight years in prison for his involvement in a $40 million fraud case. Thanh, a prominent figure in the country's beverage industry, was found guilty of orchestrating scams that deceived investors regarding loans issued in 2019 and 2020.
The court in Ho Chi Minh City also convicted Thanh's daughters, Tran Uyen Phuong (43) and Tran Ngoc Bich (40), for their roles in the fraudulent schemes. Phuong, the deputy CEO of Tan Hiep Phat, received a four-year jail term, while Bich was given a suspended three-year sentence.
Tan Hiep Phat, renowned for its bottled tea and energy drinks, is among Vietnam's largest beverage companies. Thanh expressed remorse during his final statement in court, acknowledging the gravity of the situation and expressing a desire for leniency to resume his contributions to society.
This case is part of Vietnam's broader anti-corruption campaign, which has seen thousands of individuals, including government officials and prominent business leaders, facing charges related to financial misconduct. Notably, property tycoon Truong My Lan was recently sentenced to death for orchestrating a massive swindle, and luxury property tycoon Do Anh Dung received an eight-year prison term for involvement in a $355 million bond scam.
These high-profile prosecutions underscore Vietnam's commitment to combating corruption and ensuring accountability in both public and private sectors, signaling a shift towards greater transparency and integrity in governance and business practices.