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VIETNAM

#16 Sumsub

CAPITAL Hanoi · POPULATION 100.4M (2023, UN WPP 2024)

FRAUD TYPES

Call center scams, pig butchering participation, card fraud

KEY FACTS

Growing source of cybercrime. Vietnamese workers found in Myanmar compounds. Online fraud rising with digital adoption.

REPORT FRAUD IN VIETNAM2▸

2 agencies you can contact. Tap one for how to reach it and what to have ready.

MPSMinistry of Public Security Cybercrime▸

NATIONAL · CYBER / CRYPTO

SBVState Bank of Vietnam▸

NATIONAL · FINANCIAL REGULATION

BORN HERE▸

Nobody in our case files was born in Vietnam yet.

OPERATED HERE▸

Nobody in our case files is documented as operating from Vietnam yet.

KNOWN FOR▸

Bank and corporate embezzlementBond and stock-market fraudFake forex and crypto trading platformsImpersonation phone scams

THE PICTURE▸

Vietnam's biggest frauds have been corporate and banking scandals: property tycoon Truong My Lan was convicted in 2024 over the looting of Saigon Commercial Bank, and bond and stock-market frauds brought down the chairmen of Tan Hoang Minh and FLC (AP, 2024; VnExpress, 2024). Online fraud has grown fast, with estimated losses of VND18.9 trillion (~$744M) in 2024 (Viet Nam News, 2025), and police in 2025 broke up the 'Mr Pips' fake forex-trading network, which recruited staff in Cambodia (VietNamNet; Tuoi Tre, 2025). Vietnamese nationals also appear among workers trafficked to Cambodian and Myanmar scam compounds. Enforcement is led by the Ministry of Public Security; Vietnam abolished the death penalty for embezzlement in 2025, commuting Lan's sentence to life (CNN, Jun 2025).

TOP FRAUDSTERS FROM HERE4▸

Truong My Lan CONVICTEDREPORT PENDING

$27bn (total damages cited by court; about $12.5bn embezzled) · 2012–2022

Van Thinh Phat chairwoman convicted of secretly controlling Saigon Commercial Bank and embezzling from it through sham loans; death sentence commuted to life in 2025.

SOURCE: AP / CNN, Apr 2024 and Jun 2025

Do Anh Dung CONVICTEDREPORT PENDING

$349M (appropriated from bond investors) · 2021–2022

Tan Hoang Minh chairman convicted of fraud over bond issues that took money from 6,630 investors; jailed for 8 years.

SOURCE: VnExpress International, 2024

Trinh Van Quyet CONVICTEDREPORT PENDING

$146M (fraud found by court) · 2017–2022

FLC Group founder convicted of fraud and stock manipulation; 21-year sentence cut to 7 years on appeal after he repaid victims.

SOURCE: VOA, Aug 2024; VietnamPlus, 2025

Pho Duc Nam CHARGEDREPORT PENDING

VND1.57 trillion (~$60M; defrauded, per police) · 2020–2025

TikToker 'Mr Pips', accused of running a fake forex-trading platform via sham offices and staff in Cambodia.

SOURCE: VietNamNet / VietnamPlus, 2025

FRAUD BY CATEGORY▸

No official body here publishes a breakdown of fraud by type, so we show none rather than guess.

KEY NUMBERS▸

$744.5M Estimated losses to online fraud in Vietnam in 2024 (VND18.9 trillion) (Viet Nam News, 2025)

~$210M Assets seized in the Mr Pips fake forex case (VietNamNet, 2025)

WHO FIGHTS IT▸

Ministry of Public Security (Department of Cybersecurity and High-Tech Crime Prevention) leads fraud and cybercrime investigations.

National Assembly removed the death penalty for embezzlement and seven other crimes from 1 Jul 2025.

Vietnam has been on the FATF grey list since June 2023.

SOURCES▸

AP / CBS / CNN coverage of Van Thinh Phat case, 2024-2025

VnExpress International, 2024

VOA, Aug 2024; VietnamPlus, 2025

Viet Nam News, 'Online frauds caused $744 million in damages in 2024', 2025

VietNamNet and VietnamPlus on Mr Pips case, 2025

Case lists and figures compiled September 2026 from court records, regulators and major press; statuses change. Series reports above are fact-checked case files.

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