Big Take
How an Infamous Vietnamese Businesswoman Engineered a $12 Billion Fraud
Oct 15, 2024
In an eye-opening discussion, John Boudreau, Bloomberg's Vietnam bureau chief, dives into the shocking case of Truong My Lan, a Vietnamese real estate mogul convicted of orchestrating a $12.3 billion fraud. He unpacks her meteoric rise to wealth and subsequent fall to death row, revealing how she embezzled vast sums for years. Boudreau also explores the implications of her fraud on Vietnam's economy and its ongoing battle against corruption, shedding light on the broader impacts for both local businesses and international investors.
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Quick takeaways
- Truong My Lan's case highlights Vietnam's challenging cash-based economy, which facilitates large-scale embezzlement and fraud schemes.
- Her rise to wealth through real estate and cosmetics underscores the dramatic economic transformations in Vietnam, juxtaposed with rampant high-level corruption.
Deep dives
The Cash-Based Society of Vietnam
Vietnam operates largely as a cash-based society, where it is common to transport large sums of cash for various transactions. This practice is evident in the story of Boi Vinh Yung, who worked as a personal driver for Vietnamese tycoon Dương Lui Lang, frequently handling substantial amounts of cash at her request. Over three and a half years, he transported more than $4 billion, which showcased the unique financial dynamics present in the country. Such activity was not unusual in Vietnam, with many individuals seen transporting cash on motorbikes, demonstrating the reliance on cash transactions in everyday business dealings.
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