Truong My Lan’s remarkable ascent, from peddling cosmetics in her youth to allegedly orchestrating a staggering US$12 billion banking fraud, was as sensational as her downfall, which could result in her execution if found guilty of Vietnam’s most significant financial crime to date.
Born in 1956 into a humble family, Lan managed to complete high school before joining her mother, a Chinese entrepreneur, in selling cosmetics at Ho Chi Minh City’s historic Ben Thanh Market. Her mother gradually amassed wealth, providing financial support to Lan. However, Lan’s fortunes changed dramatically in 1992 when she crossed paths with her future spouse, Eric Chu Nap-kee, a Hong Kong investor who ventured into Vietnam as the communist regime liberalized the economy to foreign investment.
Together, the couple, blessed with two daughters, ventured into the restaurant and hotel industry, as well as amassing property assets in both Vietnam and Hong Kong. Lan maintained a low profile, rarely appearing in public events, and details about her personal life and business endeavors remained elusive until her recent court appearance.
Her early entrepreneurial ventures offered little indication of the alleged motivation behind the US$12 billion fraud, a sum equivalent to nearly 3 percent of Vietnam’s 2023 GDP of US$426 billion. Lan stands accused of utilizing nominee companies within and outside Vietnam to effectively borrow hundreds of millions of dollars from Saigon Commercial Bank, a major Vietnamese bank.
Prosecutors have leveled accusations of “organized crimes” with “severe consequences” against Lan, who faces the possibility of the death penalty, according to state media. The initial phase of her trial is scheduled to conclude in April. Lan has long been a prominent figure in Vietnam’s financial landscape. She spearheaded the merger of Saigon Commercial Bank with two other lenders in 2011, a move coordinated with the State Bank of Vietnam, resulting in SCB swiftly ascending to become one of Vietnam’s largest commercial banks by assets.
