From her detention facility under the Ministry of Public Security, Truong My Lan has submitted a formal petition requesting a market-based reassessment of her vast asset holdings.

The request was sent to the Central Interdisciplinary Steering Committee responsible for executing judgments and recovering misappropriated or lost assets in cases involving Van Thinh Phat Group.

According to lawyer Giang Hong Thanh, the petition dated May 8 was typed based on Lan’s dictation and verified by the detention facility. In her letter, Lan expressed optimism upon learning about the existence of the interdisciplinary committee.

She urged the committee to pay special attention to valuing the assets in accordance with current market prices to maximize recovery for the state and prevent manipulation by vested interest groups.

Lan asserted that her total asset portfolio, currently under the management of Saigon Commercial Bank (SCB), is worth approximately VND 1 quadrillion (around USD 39.3 billion).

This valuation, she noted, is based on significant discrepancies between assessments conducted by Hoang Quan Valuation Co., Ltd. and the Vietnam Asset Appraisal and Evaluation Joint Stock Company (VAAE).

For example, in just 4 out of 726 asset codes, there was a difference of over VND 193 trillion (USD 7.6 billion) – with Hoang Quan valuing them at over VND 75 trillion and VAAE at more than VND 269 trillion.

Lan emphasized that VAAE is one of 19 reputable and qualified valuation firms listed by the Ministry of Finance and recommended by the State Bank of Vietnam (SBV) for collaboration with SCB in asset appraisal.

She also highlighted that 440 asset codes used as collateral at SCB were not appraised and are currently considered to have zero value.

According to Lan, some of these include high-value properties such as land use rights in prime areas of Ho Chi Minh City’s District 1 and District 5.

Lan further referenced the new HCMC land price table enacted under Decision No. 79/2024/QD-UBND issued by the HCMC People's Committee on October 21, 2024. She claims the value of all her land-use assets has increased by three to five times.

For instance, the Cho Vai Tower at 922 Nguyen Trai rose from over VND 48 million/m² to VND 218 million/m² (a 4.5-fold increase), while the land-use rights at 147Bis Nguyen Tat Thanh jumped from over VND 34 million/m² to VND 197 million/m² (a 5.7-fold increase).

Lan expressed hope that the asset valuation and enforcement process will be conducted objectively and transparently, enabling full restitution to the state and avoiding future legal complications stemming from mismanagement during asset handling and valuation.

In conclusion, she requested to be allowed to participate in the asset handling process, with the primary goal of maximizing value recovery for the state.

Lawyer Giang Hong Thanh confirmed the petition has been sent via postal service to relevant leaders and authorities.

Previously, Truong My Lan was tried in two phases by various levels of the People's Court. In the first trial, she received the death penalty for embezzlement. In the second phase, the chairwoman of Van Thinh Phat was sentenced to life imprisonment for fraudulent appropriation of assets, later reduced to 20 years.

However, combining sentences from both phases, Lan remains subject to the death penalty and must compensate the state with over VND 700 trillion (approximately USD 27.5 billion) in damages.

T. Nhung