Vietnamese police rejected the rumor of “banning Pham Nhat Vuong from going abroad”

Billionaire Pham Nhat Vuong

Chief of staff and the spokesman of Vietnam’s Ministry of Public Security To An Xo July 11 denied recent rumors related to Vingroup’s boss, billionaire Pham Nhat Vuong.

Not mentioning directly Mr. Vuong, but a short bulletin on the website of the Ministry of Public Security said that “some social media accounts spread information about the head of an enterprise, which has a certain influence on the country’s stock market and the corporate bond market is a subject to a number of preventive measures as prescribed by law.”

Gen. To An Xo affirmed that the information provided by some of the above social network accounts is false and inaccurate.

The short newsletter signed by the “Editing Board” also said that the professional departments of the Ministry of Public Security are verifying and clarifying the person who has spread false rumors to strictly handle them in accordance with the law.

From July 9, on social networks, rumors appeared that Mr. Pham Nhat Vuong was banned from leaving the country because Vingroup had previously divested capital in companies and transferred assets abroad.

Just four days earlier, Vinhomes – a subsidiary of Vingroup said that it had decided to transfer all contributed capital with a value of more than VND1.6 trillion at Vinpearl Landmark 81 Joint Stock Company.

After completing the deal, Vinhomes will no longer own shares and will no longer be the parent company of Vinpearl Landmark 81.

In addition, just in the first few months of this year, Vingroup divested from companies such as GeneStory, and One Mount Group.

A subsidiary of the famous group, Vinfast, set up a company in Singapore, then plans to invest about $4 billion in the US to build an electric car factory in North Carolina and is planning to sell vehicles in markets such as North America or Europe.

Dan Tri newspaper on July 11 also said that Vingroup’s stock code VIC on the Vietnam stock exchange decreased by more than 26% from the beginning of the year, causing Mr. Pham Nhat Vuong’s assets to decrease by more than VND48.5 trillion.

By the afternoon of the same day, the Ministry of Public Security stated that the rumor was related to Vingroup’s boss Pham Nhat Vuong and said it had verified, clarified, and transferred the file to the Hanoi Department of Information and Communications for handling legal action against To Vi Hoan in Hanoi for the act of giving false information.

Mr. Hoan (born in 1984) is accused of giving false information related to Vingroup, affecting the reputation, rights, and legitimate interests of the enterprise, and adversely affecting the stock market.

At the same time, the Ministry of Public Security also handled nine individuals in seven other provinces and cities who were accused of giving false information about Mr. Vuong that he was banned from leaving the country.

In March 2022, the Ministry of Public Security also denied the rumor of banning exit for FLC’s chairman, billionaire Trinh Van Quyet, but only a day later the tycoon was arrested for “manipulation and hiding securities information.”

Mr. Vuong’s younger brother, Mr. Pham Nhat Vu, was sentenced to only 3 years in prison in 2019 for “Bribery” despite having previously given millions of dollars to officials in the “Mobifone buy AVG” deal which would have brought a benefit of thousands of billions of dong with his accomplices. (Translated)

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