The Epic Downfall of Vietnam’s Real Estate Queen

[@business]

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[@phuchaoinh7572]

Vietnamese here. She basically stole approximately 6% of Vietnam's GDP last year. But you know what, all of that money is in cash. Can you even imagine??

[@ucNguyen-es1fy]

> all of that money is in cash. No. Mostly it's in loan for development projects. Only $4.3mil was in cash. Vietnam's GDP last year was $433bil

[@wiln6854]

and both auditing companies failed.

[@Dayvit78]

@@ucNguyen-es1fy that's plain false. there was a single cash bribe that was already $5M. So what are you talking about? There was a lot of cash moving around.

[@ucNguyen-es1fy]

@@Dayvit78 yes, a lot of cash moving around. $5mil, $4mil are still not all her fraud money when the 29 Lieu Giai building she own already worth $500+mil. And she still has a lot more properties.

[@markarmage3776]

​​@@ucNguyen-es1fyIn what way do you think they were giving out the loans? The loans were given to a bank, which on paper amounts to credit but can be transacted as cash. Transfer or cash is essentially the same when you can't freeze the destination bank account.

[@overwatch8848]

they always get so greedy… personally id stop at a billion dollars & disappear 🤷‍♂️

[@emmanuilushka]

What if she had no option? No way she was in charge of the main plot.

[@Dayvit78]

@@emmanuilushka she was fully in control. just some mental issue to keep going at that point.

[@jonaspete]

Look at her face

[@SuperLinkY1992]

If you have a billion dollars, you will change your mind and want more and more

[@larryace4683]

If you had one billion dollars, you would tell yourself you'd stop at 2 billion, the 5,then 10....on and on till you get caught

[@ShantanuVispute-d6q]

Timestamps (Powered by Merlin AI) 00:04 - Vietnamese real estate tycoon sentenced to death for $12 billion fraud. 01:14 - Vietnam's real estate boom in 1980s 02:19 - Lan's empire expanded to include a bank through dubious means. 03:26 - Vietnam's anti-corruption campaign intensified after 2016 Party Congress. 04:28 - Truong My Lan's corruption scandal 05:35 - Vietnam's anti-corruption campaign faces criticism 06:42 - Vietnam remains attractive for foreign investment despite challenges. 07:52 - Vietnam attracts major investments from tech giants

[@allencoffland1685]

when the tide goes out..................

[@TTTrouble]

This video is astonishingly light on details about what this lady did and how she was able to abscond with so much money, making it feel pretty clickbaity. I assume there wasn’t a button somewhere she pushed that just sent money directly to her bank account. I feel like in 9 minutes you spent most of the time saying relatively trivial things and left out the meat of the story I was expecting. Why did the auditing companies fail(another comment says there were two?). There were no protections against simple bribes? How did a non fractional percent of a countries GDP go unaccounted for into a single persons bank account? Pretty terrible video.

[@HKim0072]

Man, the new generation is so lazy. The video's intent wasn't to scrub through the fraud in detail. It was a more general video about the fraud and the potential impact to Vietnam's business environment. You literally could spend 5 seconds and find a detailed article about the fraud. I read one many months ago.

[@TTTrouble]

@@HKim0072 I’m not saying I couldn’t look it up, but the title was “The Epic Downfall of Vietnam’s Real Estate Queen” which amounted to a 9 minute video saying-“She embezzled money, they caught her and now she’s on death row and appealing.” I think it’s a fair expectation to think there would be more of what I described from that title. What led to her epic downfall? Is the story just, oh the Vietnamese government thought they’d do some corruption housecleaning and out she popped? I assume there’s more of a story there that a better journalist would be able to tell, though I may be mistaken. That is however, all I gleamed from the video. “She did some corruption. They looked for corruption. She was found and sent to prison.” I guess more details feel relevant, because I’m not seeing anything “epic” there. Hence, the criticism being “clickbaity”. Now if the video was introduced and titled as “vietnams industry of corruption, and why you should care” that would seem to be more fitting. This video had relatively little to do about the topic in the title. Furthermore, “sometimes corruption campaigns are politically motivated” and the other insights this video presented were pretty much either common sense or words to fill up space, which is what I was more annoyed by. A lot of KZbin is clickbait, fine. This video was just uninteresting and minimally newsworthy to say-businesses are wary of corruption and government crackdowns that create market uncertainty.

[@HKim0072]

@@TTTrouble Again, this new generation has zillions of expectations and wants to give the least amount of effort. It's terrible. I had to scrub through hardback finance journals in the library to find articles during college. Let me guess, you don't have the patience to read actual books either?

[@SohaiKia]

wow that is a big case

[@Vinhdn]

People gotta stop using the name Saigon, everything associated to the name has fallen down in flames.

[@AnNguyen-se6ty]

HCM's airport code is literally SGN

[@Deriv44]

She's the patsy left holding the bag for the more powerful people involved

[@guardianoffire8814]

I doubt it. As she made the most in liquid cash from this criminal activity. The United States would never punish the wealthy unless there is pressure from other wealthy elites to do so.

[@Maiiftl]

Woman with the purple/black top speaks like a robot

[@NathanDrake-hm6li]

Can we adopt this anti corruption policy to America lol

[@HuyTrươngAnh-w2y]

what happened to the comments ??

[@MichaelJustGreat]

(NO SHOUTING) *I DO NOT REMEMBER HAVING HEARD IN THIS VIDEO THE VERDICT THAT TRUONG MY LAN, THE WELL-KNOWN PROPERTY MOGUL, GOT; SHE GOT THE DEATH PENALTY!!!*

[@markdo3309]

She is not Vietnamese, her original is Chinese. And then you understand if you are smart enough.

[@SuryaKumar01-j3k]

Source??

[@jayo3074]

It doesn't matter

[@EternalChairman]

if you’re smart enough to see past her ethnicity, you’d realize that she couldn’t do it without other Vietnamese people

[@freemanol]

Maybe you should do a dna test, you'd surprised

[@SuryaKumar01-j3k]

@@markdo3309 she was born and raised in saigon. She worked together with every vietnamese ppl to start her bussiness. Her partners are vietnamese ppl. Where does the "chinese" part come from??

[@gianpaulgraziosi6171]

No more ostrich leather for her.

[@Dayvit78]

Your final comment - no. Nobody was looking up to her. There are plenty of successful and popular businesswomen in Vietnam. She was not looked up to, even before her crimes were known. Don't make this about women. It's about one mentally deranged person's unlimited greed and arrogance.

[@rexchizzy5628]

*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*

[@chikenadobo]

Last time i was first comment, it was during the Vietnam War

[@UltimateEntity]

🤔

[@eXclusive1]

Stealing 43bn to do what?

[@ibizawavey8630]

Now do Canada, I want to see something.

[@EK6O3O]

even in fraud... “there’s always an Asian better than you”

[@bobsthea]

something told me that she's just scapegoat for some peoples

[@robertdagge200]

As usual, the US criticises anything another country does. Presumably because its own current political environment is so stable and flawless.

[@namkhanhng1802]

What a L take

[@hyn__als]

Not gonna lie I thought Bloomberg has no Vietnamese correspondents. My bad big dawg but please stop with the Hannah Fry series thing, keep posting vids like this we need reality’s seriousness 😭🙏🏻

[@Vatnehol]

Nguyen Phu Trong, please help us remove the corruption in government in Norway!

[@nguyen_van_a]

For real? He's ded. All he managed was capturing Western media attention. Vietnam has one of the highest rates of bribery, second only to India.

[@ceeril]

He dead 3 months ago, the whole party is corrupt, but he might be a lesser one.

[@randomguyoninternet6444]

Its ironic how he only targets corrupt officials who oppose his faction, turning it into a political purge

[@Dayvit78]

Yeah they're late on this story. It's a shame the global news didn't pick up on this story earlier. It's almost as big as Bernie Madoff

[@realneonbluegamer]

all the American viewers are asleep

[@LetsGo-wl5zo]

Economic succes with Corruption is not a succes, Its the downfall of the country and the economie.

[@TreasureTrove4life]

if you say that on facebook, you'll be met with "even modern Western countries have corruption"

[@NathanDrake-hm6li]

@@LetsGo-wl5zo it is corrupt everywhere honey ! Even in your own country

[@jugadug]

she thief but i don't think a death sentence is appropriate she stole a lot

[@Dayvit78]

She stole tens of thousands of elderly people's life savings. They will now die earlier and in stress and poor health. You don't think that's worth the death penalty?

[@conrongchautienbachviet84]

[@angelobandal7112]

Chinese!

[@justinbeghly1435]

Say what?

[@joekheng7542]

Some of the pronunciations of Vietnamese names are awful here. Do better Bloomberg!

[@randomguyoninternet6444]

most of them are fine. even the pronunciation of Truong My Lan name is on point

[@Dayvit78]

Sorry, they're actually much better than most foreigners. Not sure what you're comparing to.