Vietnam’s Ministry of Public Security rejects rumor Vingroup chairman Pham Nhat Vuong is banned from going abroad

Pham Nhat Vuong

A representative of Vietnam’s Ministry of Public Security on the afternoon of October 29 again denied a rumor which says that Vingroup chairman Pham Nhat Vuong is banned from leaving the country.

Lieutenant General To An Xo, Chief of Staff and Spokesperson of the ministry, affirmed at the regular Government press conference that “Most of the businesses, especially our large ones, are operating normally. For example, I affirm that up to this moment, Mr. Pham Nhat Vuong is not on the list of prohibited exits, that is for sure. Vingroup is still operating normally. Vingroup is one of the largest taxpayers in the state. We should have the responsibility to protect and respect the law, not to spread false and untrue information.”

On July 11, a short bulletin on the website of the Ministry of Public Security said, “Some social media accounts spread information about the head of a business that has a certain influence on the market. the stock market and corporate bond market are subject to a number of preventive measures as prescribed by law.”

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, there were rumors on social networks that 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 ($63 million) 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 Vietnamese stock exchange decreased by more than 26% compared to 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 the boss of Vingroup 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 business, 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’s ban 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 arrested this man on charges of “financial manipulation” and “hidden 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 to get the “Mobifone buy AVG” deal to benefit thousands of billions of dong with his accomplices. (Translated)