Daughter of Tan Hiep Phat chairman leads a dream-like life before arrest

Phuong,42, was holding more key positions in the family’s corporation and owning more real estate companies, compared to her 39-year-old younger sister Tran Ngoc Bich.

She was her father’s right-hand woman and assisted him in building Tan Hiep Phat into the empire it is today. Throughout her career, she has gained several notable achievements.

Tran Uyen Phuong and her father Tran Qui Thanh, in June 2020. Photo by Tran Uyen Phuong Facebook

Studied abroad

Before assisting her father in their family business, Phuong pursued her academic studies in Switzerland, the U.S., and Singapore.

She then joined Tan Hiep Phat in 2004, and after 20 years, was appointed Deputy General Director of the corporation. Since then, she had overseen administration, marketing, public relations, external relations, and nationwide CSR programs at the company.

Her notable contributions include 12 successful promotional campaigns that helped the company become globally well-known.

As noted on Tan Hiep Phat’s official website, Phuong was also a member of the Young Presidents’ Organisations, as well as Honoured Ambassador of The Republic of Sudan to Ho Chi Minh City between 2018 and 2019.

Published books

Phuong published her book ‘Competing with Giants’ in August 2018. Photo by Tran Uyen Phuong Facebook

Phuong has published two books, including “Chuyen nha Dr. Thanh” (Story of Dr. Thanh’s family) and “Competing with Giants” which was also the first book by a Vietnamese author released by ForbesBooks. The launching event of “Competing with Giants” was among the few events ever held at Forbes’ New York headquarters.

Founded real estate companies

At the end of April 2019, Phuong founded 10 real estate companies whose charter capital was from VND 1.5 trillion (around US$ 64 million) each. Phuong owned 99.9% of the shares of these companies, while her younger sister Tran Ngoc Bich and her mother Pham Thi Nu held 0.05% each.

At the end of May 2019, Phuong founded Loc Dien Investments and Real Estates Joint Stock Company, whose charter capital was VND 3.83 trillion (around US$ 163 million). The ownership structure also applied to the company.

Became strategic investor of Yeah 1

In early 2020, Phuong became the second largest shareholder of multimedia company Yeah1 after spending VND 350 billion (around US$15 million) buying 22% stake in the company.

However, at the end of May 2020, Phuong sold most of her stake in the company amid the bear stock market.

Arrested

Phuong and her 70-year-old father were arrested Monday on charges of illegally appropriating property.

According to the investigation office, the detentions came after reports from residents in nearby Ho Chi Minh City and Dong Nai Province that accused Thanh, Phuong, Bich and several other individuals of acts of fraud and “abuse of trust to acquire property,” as well as tax evasion. Most of the fraud allegations are related to high-value real estate projects in Dong Nai and Ho Chi Minh City.

The investigation began in March last year after police received an accusation letter signed by three accusers: 1) Le Van Lam, CEO of Kim Oanh Dong Nai Investment and Development Company, 2) Nguyen Van Chung, CEO of DCB Joint Stock Company and 3) Lam Hoang Son.

The accusers claimed that Phat, Phuong and others used fake contracts to borrow money.

Lam said that the fraud cost Kim Oanh Dong Nai over VND1 trillion ($40.21 million) in damages.

After the detentions of Thanh and his two daughters, David Riddle, the vice chairman of Tan Hiep Phat has been appointed as the company’s CEO.

Founded in 1994, Tan Hiep Phat is the largest privately-owned beverages provider in Vietnam, who produces over a billion litres a year, according to BBC. In 2011, Coca-Cola offered to buy the company for US$ 2.5 billion, which Tan Hiep Phat eventually turned down, according to The Wall Street Journal.