Vietnam’s Hanoi People’s Court will open a first-instance trial on 26 January involving senior officials of Vietnam Cement Corporation (VICEM) over alleged violations linked to significant State asset losses.
Among the defendants is Lê Van Chung, former chairman of VICEM’s members’ council, along with 13 other individuals. The trial is expected to last one week. Prosecutors allege that Chung and several accomplices violated regulations on the management and use of State assets, while others are accused of breaching bidding rules, causing serious financial consequences.
The case centres on VICEM’s operation and trading centre project in the Cau Giay New City area. According to the indictment, financial indicators were falsified and the project’s economic efficiency misjudged, leading to approval of an investment level exceeding certified limits. Although construction began in 2011 and structural works were completed in 2015, the project was later suspended and remains unused.
Total investment reached more than VND1.2tn (US$45.7m), with alleged losses and waste exceeding VND381.6bn. Prosecutors also allege collusion during a construction tender for diaphragm walls and bored piles.
During the investigation, Chung admitted violations and reportedly handed over cash and savings worth VND1.6bn.
