Infamous Muong Thanh in Trouble
And insurance fraud spreads
Good afternoon! Welcome to the latest subscriber-only edition of the Vietnam Weekly. I hope those of you in South/Southeast Asia are staying comfortable during this horrible heat wave. These have been some of the hottest days I can recall in 11+ years here.
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A programming note: I’m taking all of next week off for the long Reunification Day/International Labor Day holiday so there will be no newsletter. Very much looking forward to some cooler temperatures and great food in Taiwan!
On to the news.
After a stunning start to 2023, the public sector side of the anti-graft campaign has noticeably slowed down.
Of course, that could change as soon as I hit ‘publish,’ as plenty of persistent rumors regarding major names continue to bubble away. But the chances of more high-level personnel moves seem slim, at least in the immediate future.
The same cannot be said on the private sector side, where yet another prominent corporate name is now in trouble.
Interestingly, this one is based in northern Vietnam - someone recently pointed out to me that nearly all of the high-profile private-sector arrests/detentions (I’m not clear on the legal distinction between the two) have been southern companies: FLC Group, Van Thinh Phat, Tan Hiep Phat, etc. With few exceptions, the most financially troubled property developers - Novaland, etc. - are also based in Ho Chi Minh City.
While the latest targeted company breaks a geographic trend, it’s not surprising that this particular developer is in hot water given its history.