Shark Binh and ‘mysterious wallet’

From a prominent tech entrepreneur associated with the “Shark Binh” image on “Shark Tank’ TV show, Nguyen Hoa Binh is now accused of involvement in a trillion-dong money laundering case through the Ngan Luong e-wallet system, drawing significant public attention.

Investigators found that from June 2020 to September 2022, about 150 victims transferred hundreds of billions of dong into Ngan Luong wallet accounts. This is considered part of the more than VND1,300 billion that Pho Duc Nam is accused of misappropriating.

In addition to this case, Shark Binh is currently in temporary detention for investigation in another case involving three charges: fraud and appropriation of property, violation of accounting regulations causing serious consequences, and tax evasion.

Duc Giang Chemicals case

Dao Huu Huyen, chair of Duc Giang Chemicals Group, and his son have been prosecuted for illegal exploitation of apatite ore and concealing revenue.

Duc Giang Chemicals is one of the long-established enterprises in Vietnam’s chemical industry, with origins dating back to 1963. After equitization in 2003 and especially following state divestment in 2021, the company entered a period of rapid growth.

DGC shares of Duc Giang Chemicals have hit the floor after Huyen, his son, and several executives were prosecuted.

Before his arrest, Dao Huu Duy Anh, son of chair Dao Huu Huyen, had a long career with the company and held many key positions.

Vu The Phiet arrested, ACV appoints acting chairman

Airports Corporation of Vietnam (ACV) announced the appointment of Le Van Khien as acting chairman of the board and legal representative, replacing Vu The Phiet, effective March 17. Previously, Khien served as a member of the board.

On the same day, ACV also dismissed Vu The Phiet from the position of chairman, effective March 17.

Bank seizes assets of An Phuoc garment tycoon

MSB bank announced the seizure of collateral assets belonging to An Phuoc Investment Development Production and Import-Export JSC.

The seizure is due to the customer’s violation of debt repayment obligations under the signed credit contract. MSB seized the collateral to recover debt in accordance with the mortgage agreement.

The seized asset is a textile fiber production plant combined with a raw material development area located at plot No. 215, map sheet No. 14 in Cam Tu commune, Thanh Hoa province.

Banks to abolish accounts with nicknames from April 1

From April 1, 2026, all payment account names must match the information on Citizen Identification cards to enhance security and safety for all transactions.

This regulation means banks will terminate services allowing customers to set account nicknames (also known as iNick).

Banks said this change does not affect account balances or usage rights. Account balances remain intact, and original account numbers and related services remain unchanged.

MOF seeks opinions on crypto exchange licenses

The Ministry of Finance (MOF) has sent documents to the Ministry of Public Security and the State Bank to seek opinions on applications for licenses to operate crypto asset trading platforms.

Of seven applications, five were deemed valid. Notably, one involves a company with controlling capital from Sun Group, while two applications were rejected.

Stocks fall sharply, Vietnamese billionaires lose billions of dollars

Stocks declined sharply amid surging fuel prices as conflict in the Middle East remains intense. At the close on March 20, the VN-Index dropped 51.32 points (3.02 percent) to 1,647.81 points, the lowest level in more than three months and a key support level corresponding to the 200-day moving average (MA200).

The negative market trend not only affects individual investors but also directly impacts the wealth of Vietnamese billionaires, whose assets are largely tied to company shares.

SBV proposes new credit mechanism for major projects in Hanoi

The State Bank of Vietnam (SBV) is seeking feedback on amendments to Decision No. 09/2024/QD-TTg dated July 1, 2024, which regulates conditions, dossiers, and procedures for approving credit limits exceeding standard caps.

Under the draft, the maximum credit level for a single customer must not exceed 38 percent, and for a customer and related parties must not exceed 52 percent of a bank’s equity when lending to major and important projects in the capital.

Hanh Nguyen