Vietnam's 80-year-old leader and Communist Party General Secretary Nguyen Phu Trong will take a break to "focus" on his health, the party said on Thursday.

President To Lam would take over as the country's caretaker leader, the party said in an online statement.

The party said Lam had been assigned to lead the works of the party central committee, the politburo, the secretariat, while Trong would "focus on active treatment".

Led by the Communist Party general secretary, Vietnam's leadership structure gives the president the second-most authority -- but the position is largely seen as ceremonial.

The communist government's four-person hierarchy also includes the prime minister and the head of the National Assembly.

Trong's ailing health has fuelled widespread speculation that he will not be able to stay in power until the 2026 party congress that is expected to appoint a successor.&nbsp;

In office since 2011, the party leader has enjoyed remarkable longevity in his role, which rights groups say has coincided with Vietnam's drift toward authoritarianism.

Lam, 67, served as Vietnam's public security minister before being voted in as president by Vietnam's rubber-stamp parliament after a major anti-corruption campaign forced his predecessor to resign.

Thousands of people -- including several senior government and business leaders -- have been caught up in the Southeast Asian country's crackdown on graft, led by Trong.

Analysts have said that Lam, who is deputy head of the steering committee on anti-corruption, has weaponised its investigations to take down his political rivals.

In his first remarks as president, Lam said he was "determined to fight corruption and negative phenomena".

Vietnam's 80-year-old leader and Communist Party General Secretary Nguyen Phu Trong will take a break to "focus" on his health, the party said on Thursday. President To Lam would take over as the country's caretaker leader, the party said in an online statement.

Vietnam's 80-year-old leader and Communist Party General Secretary Nguyen Phu Trong will take a break to "focus" on his health, the party said on Thursday. President To Lam would take over as the country's caretaker leader, the party said in an online statement. The party said Lam had been assigned to lead the works of the party central committee, the politburo, the secretariat, while Trong would "focus on active treatment". Led by the Communist Party general secretary, Vietnam's leadership structure gives the president the second-most authority -- but the position is largely seen as ceremonial. The communist government's four-person hierarchy also includes the prime minister and the head of the National Assembly. Trong's ailing health has fuelled widespread speculation that he will not be able to stay in power until the 2026 party congress that is expected to appoint a successor. In office since 2011, the party leader has enjoyed remarkable longevity in his role, which rights groups say has coincided with Vietnam's drift toward authoritarianism. Lam, 67, served as Vietnam's public security minister before being voted in as president by Vietnam's rubber-stamp parliament after a major anti-corruption campaign forced his predecessor to resign. Thousands of people -- including several senior government and business leaders -- have been caught up in the Southeast Asian country's crackdown on graft, led by Trong. Analysts have said that Lam, who is deputy head of the steering committee on anti-corruption, has weaponised its investigations to take down his political rivals. In his first remarks as president, Lam said he was "determined to fight corruption and negative phenomena".

Vietnam's Communist Party leader Nguyen Phu Trong steps down temporarily for health reasons

Vietnamese automaker VinFast, which briefly held the position of the third-most valuable car company globally, is currently grappling with a significant challenge of insufficient sales to sustain its operations. The company's idle production facilities are draining its financial resources, putting its fiscal stability at risk.&nbsp; 
After struggling to gain a foothold in the competitive U.S. market, VinFast is now pinning its hopes on its smallest and most affordable vehicle to date - the VF3. This compact electric mini-SUV, measuring approximately 10 feet in length and priced at USD 9,200, is being positioned as Vietnam's potential "national car" with the aim of capturing the hearts of consumers across Asian markets.

The VF3 has been specifically engineered for Vietnamese and other Asian markets, with VinFast setting its price point to achieve "mass appeal." According to Le Thi Thuy, the chairperson of VinGroup (VinFast's parent company), the company anticipates higher sales volumes for the VF3 compared to its previous models, which were primarily intended for export to Western nations.

VinFast's journey began with ambitious aspirations of joining the ranks of global automotive giants. The company launched its sales operations in the United States last year and listed its shares on the Nasdaq stock exchange. For a brief period in late August, VinFast's market valuation surpassed that of established automotive behemoths like General Motors Corp. and Ford Motor Co.

However, the initial investor enthusiasm has since waned considerably. VinFast's share price has plummeted from its peak of USD 82.35 to below USD 4, reflecting the market's growing skepticism about the company's prospects.

Adding to its woes, VinFast is encountering several operational challenges. The construction of its USD 4 billion factory in North Carolina has been delayed, prompting the company to review and evaluate all aspects of the construction process. Legal troubles have also emerged, with VinFast facing litigation over a tragic crash in California that resulted in four fatalities. Furthermore, the company is grappling with allegations of patent infringement, which could potentially impact its technological credibility and future innovations.

The fate of VinFast holds significant importance for Vietnam on multiple fronts. Firstly, the company's ambitions align closely with the goals of the country's Communist Party, making it a symbol of national industrial progress. Secondly, VinFast's parent company, Vingroup, plays a substantial role in the Vietnamese economy. What began as a modest instant noodle company in Ukraine during the 1990s has evolved into a diverse conglomerate with interests spanning various sectors.

Despite a 90 per cent increase in revenue, VinFast reported a staggering net loss of USD 2.39 billion in the previous year. To address its financial difficulties, Vingroup has taken drastic measures, including the sale of its profitable commercial property arm, Vincom Retail. Pham Nhat Vuong, the founder of Vingroup, has personally committed USD 1 billion of his wealth to support VinFast.&nbsp;

 
This is in addition to the USD 11.4 billion in financing that the parent company injected into VinFast between 2017 and 2023, as disclosed in a filing with the U.S. Securities and Exchange Commission. Vuong's unwavering commitment to the venture was evident in his statement to Vingroup shareholders at their annual general meeting in April, where he declared, "We will never let VinFast go."

The VF3 is initially slated for release in emerging Asian markets, where VinFast believes it can capitalize on the transition of consumers from motorcycles to four-wheeled vehicles. Tu Le, founder of the consultancy Sino Auto Insights, suggests that these markets may be more receptive to VinFast's offerings compared to the more discerning American consumer base. The compact dimensions of the VF3 - 3.1 meters in length and 1.6 meters in both width and height - make it well-suited for navigating the narrow streets of Asian cities while still accommodating five passengers.

VinFast has set an ambitious sales target of 20,000 VF3 units in Vietnam for this year, with deliveries scheduled to commence in August. The company has adopted an innovative sales approach, offering the vehicle through Shopee, a popular Southeast Asian e-commerce platform, with an initial deposit requirement of approximately USD 2,000. The strategy appears to be gaining traction, with VinFast reporting that over 27,000 potential buyers expressed interest in purchasing the car within the first three days of opening orders on May 13.

The VF3 is attracting attention from first-time car buyers like Dieu Linh, a 32-year-old businesswoman. Linh and her husband are considering transitioning from motorcycles to a car, motivated by the increased safety and comfort it offers during extreme weather conditions. However, she remains cautious, stating, "The VF3 price is tempting. But I'll wait and see how it performs on the road before I make my deposit."

VinFast's expansion plans for the VF3 extend beyond Vietnam. The company intends to introduce the model in the Philippines later this year, followed by launches in Indonesia, Thailand, the United States, and Europe in the following year. VinFast has already established a presence in Indonesia, opening its first showroom in Jakarta in April and reporting sales of approximately 600 SUVs to Indonesian companies. The automaker has also initiated the construction of a manufacturing facility in India, signaling its commitment to penetrating the world's third-largest car market.

However, VinFast faces formidable competition in Asian markets, particularly from Chinese EV manufacturer BYD, which has already achieved economies of scale in its production processes. Chinese EV makers, including BYD and Haima, are aggressively expanding their presence in Southeast Asia.&nbsp;

 
Nevertheless, VinFast may have some advantages in its home market of Vietnam. The company's near-monopoly over charging infrastructure, with charging stations widely distributed across both urban and rural areas, combined with consumer skepticism towards Chinese products and a sense of national pride, could provide VinFast with an initial edge, according to Le Hong Hiep, a visiting fellow at Singapore's ISEAS-Yusof Ishak Institute.

To improve its financial position, VinFast must significantly increase its sales volume to reduce per-unit costs at its expansive factory in Haiphong province, northern Vietnam. The facility has the capacity to produce around 250,000 EVs annually but is currently operating well below this level. As Tu Le, the auto consultant, pointedly remarks, "An idle factory just burns through money."

While India presents a promising market due to its scale, VinFast faces challenges in penetrating this price-sensitive market. Even at $9,200, the VF3 would be considered expensive for many Indian consumers due to high import taxes, according to Ishan Raghav, the managing editor of Indian car magazine autoX. To be competitive, VinFast would need to establish local manufacturing facilities to benefit from policies that protect domestic carmakers. Raghav suggests that while the VF3 might appeal to Indian families seeking a compact car for urban use, establishing a presence in the market will require significant investments in manufacturing, sales networks, and charging infrastructure - all of which are capital-intensive and time-consuming endeavours.

Recognising the importance of charging infrastructure, Vingroup has launched a subsidiary called V-Green to develop its own charging network in Vietnam and other key markets. In Thailand, VinFast plans to build its own charging infrastructure, as confirmed by Vu Dang Yen Hang, the CEO of VinFast Thailand, in an interview with The Associated Press in March.

VinFast finds itself in a race against time to achieve profitability and establish a sustainable market presence. Despite prioritising sales in the United States, the company sold fewer than 1,000 cars in North America last year and only around 35,000 cars globally, falling short of its target of at least 40,000 units. About two-thirds of VinFast's revenue in 2023 came from sales to a taxi service owned by Vingroup, as disclosed in a filing to the U.S. Securities and Exchange Commission.

Le Hong Hiep emphasizes that VinFast's primary challenge lies in improving its financial performance. He warns, "If they cannot sustain it long enough, they may go bankrupt." The coming months and years will be crucial in determining whether VinFast can overcome its current obstacles and establish itself as a significant player in the global electric vehicle market.&nbsp;

<o:p></o:p>

Vietnamese automaker VinFast, which briefly held the position of the third-most valuable car company globally, is currently grappling with a significant challenge of insufficient sales to sustain its operations.

Vietnamese automaker VinFast, which briefly held the position of the third-most valuable car company globally, is currently grappling with a significant challenge of insufficient sales to sustain its operations. The company's idle production facilities are draining its financial resources, putting its fiscal stability at risk. After struggling to gain a foothold in the competitive U.S. market, VinFast is now pinning its hopes on its smallest and most affordable vehicle to date - the VF3. This compact electric mini-SUV, measuring approximately 10 feet in length and priced at USD 9,200, is being positioned as Vietnam's potential "national car" with the aim of capturing the hearts of consumers across Asian markets. The VF3 has been specifically engineered for Vietnamese and other Asian markets, with VinFast setting its price point to achieve "mass appeal." According to Le Thi Thuy, the chairperson of VinGroup (VinFast's parent company), the company anticipates higher sales volumes for the VF3 compared to its previous models, which were primarily intended for export to Western nations. VinFast's journey began with ambitious aspirations of joining the ranks of global automotive giants. The company launched its sales operations in the United States last year and listed its shares on the Nasdaq stock exchange. For a brief period in late August, VinFast's market valuation surpassed that of established automotive behemoths like General Motors Corp. and Ford Motor Co. However, the initial investor enthusiasm has since waned considerably. VinFast's share price has plummeted from its peak of USD 82.35 to below USD 4, reflecting the market's growing skepticism about the company's prospects. Adding to its woes, VinFast is encountering several operational challenges. The construction of its USD 4 billion factory in North Carolina has been delayed, prompting the company to review and evaluate all aspects of the construction process. Legal troubles have also emerged, with VinFast facing litigation over a tragic crash in California that resulted in four fatalities. Furthermore, the company is grappling with allegations of patent infringement, which could potentially impact its technological credibility and future innovations. The fate of VinFast holds significant importance for Vietnam on multiple fronts. Firstly, the company's ambitions align closely with the goals of the country's Communist Party, making it a symbol of national industrial progress. Secondly, VinFast's parent company, Vingroup, plays a substantial role in the Vietnamese economy. What began as a modest instant noodle company in Ukraine during the 1990s has evolved into a diverse conglomerate with interests spanning various sectors. Despite a 90 per cent increase in revenue, VinFast reported a staggering net loss of USD 2.39 billion in the previous year. To address its financial difficulties, Vingroup has taken drastic measures, including the sale of its profitable commercial property arm, Vincom Retail. Pham Nhat Vuong, the founder of Vingroup, has personally committed USD 1 billion of his wealth to support VinFast. This is in addition to the USD 11.4 billion in financing that the parent company injected into VinFast between 2017 and 2023, as disclosed in a filing with the U.S. Securities and Exchange Commission. Vuong's unwavering commitment to the venture was evident in his statement to Vingroup shareholders at their annual general meeting in April, where he declared, "We will never let VinFast go." The VF3 is initially slated for release in emerging Asian markets, where VinFast believes it can capitalize on the transition of consumers from motorcycles to four-wheeled vehicles. Tu Le, founder of the consultancy Sino Auto Insights, suggests that these markets may be more receptive to VinFast's offerings compared to the more discerning American consumer base. The compact dimensions of the VF3 - 3.1 meters in length and 1.6 meters in both width and height - make it well-suited for navigating the narrow streets of Asian cities while still accommodating five passengers. VinFast has set an ambitious sales target of 20,000 VF3 units in Vietnam for this year, with deliveries scheduled to commence in August. The company has adopted an innovative sales approach, offering the vehicle through Shopee, a popular Southeast Asian e-commerce platform, with an initial deposit requirement of approximately USD 2,000. The strategy appears to be gaining traction, with VinFast reporting that over 27,000 potential buyers expressed interest in purchasing the car within the first three days of opening orders on May 13. The VF3 is attracting attention from first-time car buyers like Dieu Linh, a 32-year-old businesswoman. Linh and her husband are considering transitioning from motorcycles to a car, motivated by the increased safety and comfort it offers during extreme weather conditions. However, she remains cautious, stating, "The VF3 price is tempting. But I'll wait and see how it performs on the road before I make my deposit." VinFast's expansion plans for the VF3 extend beyond Vietnam. The company intends to introduce the model in the Philippines later this year, followed by launches in Indonesia, Thailand, the United States, and Europe in the following year. VinFast has already established a presence in Indonesia, opening its first showroom in Jakarta in April and reporting sales of approximately 600 SUVs to Indonesian companies. The automaker has also initiated the construction of a manufacturing facility in India, signaling its commitment to penetrating the world's third-largest car market. However, VinFast faces formidable competition in Asian markets, particularly from Chinese EV manufacturer BYD, which has already achieved economies of scale in its production processes. Chinese EV makers, including BYD and Haima, are aggressively expanding their presence in Southeast Asia. Nevertheless, VinFast may have some advantages in its home market of Vietnam. The company's near-monopoly over charging infrastructure, with charging stations widely distributed across both urban and rural areas, combined with consumer skepticism towards Chinese products and a sense of national pride, could provide VinFast with an initial edge, according to Le Hong Hiep, a visiting fellow at Singapore's ISEAS-Yusof Ishak Institute. To improve its financial position, VinFast must significantly increase its sales volume to reduce per-unit costs at its expansive factory in Haiphong province, northern Vietnam. The facility has the capacity to produce around 250,000 EVs annually but is currently operating well below this level. As Tu Le, the auto consultant, pointedly remarks, "An idle factory just burns through money." While India presents a promising market due to its scale, VinFast faces challenges in penetrating this price-sensitive market. Even at $9,200, the VF3 would be considered expensive for many Indian consumers due to high import taxes, according to Ishan Raghav, the managing editor of Indian car magazine autoX. To be competitive, VinFast would need to establish local manufacturing facilities to benefit from policies that protect domestic carmakers. Raghav suggests that while the VF3 might appeal to Indian families seeking a compact car for urban use, establishing a presence in the market will require significant investments in manufacturing, sales networks, and charging infrastructure - all of which are capital-intensive and time-consuming endeavours. Recognising the importance of charging infrastructure, Vingroup has launched a subsidiary called V-Green to develop its own charging network in Vietnam and other key markets. In Thailand, VinFast plans to build its own charging infrastructure, as confirmed by Vu Dang Yen Hang, the CEO of VinFast Thailand, in an interview with The Associated Press in March. VinFast finds itself in a race against time to achieve profitability and establish a sustainable market presence. Despite prioritising sales in the United States, the company sold fewer than 1,000 cars in North America last year and only around 35,000 cars globally, falling short of its target of at least 40,000 units. About two-thirds of VinFast's revenue in 2023 came from sales to a taxi service owned by Vingroup, as disclosed in a filing to the U.S. Securities and Exchange Commission. Le Hong Hiep emphasizes that VinFast's primary challenge lies in improving its financial performance. He warns, "If they cannot sustain it long enough, they may go bankrupt." The coming months and years will be crucial in determining whether VinFast can overcome its current obstacles and establish itself as a significant player in the global electric vehicle market.

VinFast pins hopes on USD 10,000 Mini EV to reverse struggling fortunes

Russian President Vladimir Putin on Thursday (Jun 20) warned South Korea, saying that sending weapons to Ukraine would be a "big mistake". While speaking at a news conference in Vietnam, Putin reacted to a report from Yonhap news earlier on Thursday which said South Korea would review the possibility of supplying weapons to Ukraine in the aftermath of Putin and North Korean leader Kim Jong-un signing a mutual defence pact.&nbsp;

Putin visited North Korea before arriving in Vietnam - a visit which has angered the West.&nbsp;

"With regard to deliveries of lethal weapons to Ukraine to combat zones, this would be a very big mistake. If that happens, then we will take the according decision, which the current leadership of South Korea will probably not like," said Putin, further adding that Seoul had nothing to worry about the pact between Moscow and Pyongyang.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/mark-rutte-to-succeed-stoltenberg-as-nato-secretary-general-amid-escalating-global-tensions-733591">Mark Rutte to succeed Stoltenberg as NATO secretary general amid escalating global tensions</a>&nbsp;

"South Korea, the Republic of Korea has nothing to worry about because our military assistance under the treaty we signed only arises if aggression is carried out against one of the signatories. As far as I know, the Republic of Korea is not planning aggression against the DPRK (North Korea)," Putin told reporters.&nbsp;

He warned Seoul against move&nbsp;to supply weapons to Kyiv. Putin said that the supply of lethal weapons to the war zone in Ukraine would be a "very big mistake" and also added he hoped this would not happen.

"And if it does happen, then we will also take appropriate decisions, which are unlikely to please the current leadership of South Korea," added Putin.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/putins-pyongyang-yawn-social-media-buzzes-over-videos-of-bored-putin-at-north-korean-concert-733542">Putin's Pyongyang yawn: Social media buzzes over videos of 'bored' Putin at North Korean concert - See pics</a>&nbsp;

Meanwhile, Putin said he "does not rule out" sending weapons to North Korea and called it repercussions for the West arming Ukraine.&nbsp;

"Those who send these (missiles to Ukraine), think that they are not fighting us, but I said, including in Pyongyang, that we then reserve the right to supply weapons to other regions of the world, with regard to our agreements with the DPRK," Putin said in Vietnam.&nbsp;

"I do not rule this one out," he added.&nbsp;

Watch:&nbsp;Russian President Putin gifted pair of hunting dogs&nbsp;

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<h2>Russia considering changing its nuclear doctrine&nbsp;</h2>

Putin also said that Russia was thinking about possible changes to its doctrine on the use of nuclear weapons. The existing doctrine states that Russia may use such weapons in response to a nuclear attack or in the event of a conventional attack that poses an existential threat to the state.&nbsp;

(With inputs from agencies)&nbsp;

Russian President Vladimir Putin on Thursday (Jun 20) warned South Korea, saying that sending weapons to Ukraine would be a "big mistake". While speaking at a news conference in Vietnam, Putin reacted to a report from Yonhap news earlier on Thursday which said South Korea would review the possibility of supplying weapons to Ukraine in the aftermath of Putin and North Korean leader Kim Jong-un signing a mutual defence pact.

Russian President Vladimir Putin on Thursday (Jun 20) warned South Korea, saying that sending weapons to Ukraine would be a "big mistake". While speaking at a news conference in Vietnam, Putin reacted to a report from Yonhap news earlier on Thursday which said South Korea would review the possibility of supplying weapons to Ukraine in the aftermath of Putin and North Korean leader Kim Jong-un signing a mutual defence pact. Putin visited North Korea before arriving in Vietnam - a visit which has angered the West. "With regard to deliveries of lethal weapons to Ukraine to combat zones, this would be a very big mistake. If that happens, then we will take the according decision, which the current leadership of South Korea will probably not like," said Putin, further adding that Seoul had nothing to worry about the pact between Moscow and Pyongyang. Also read: Mark Rutte to succeed Stoltenberg as NATO secretary general amid escalating global tensions "South Korea, the Republic of Korea has nothing to worry about because our military assistance under the treaty we signed only arises if aggression is carried out against one of the signatories. As far as I know, the Republic of Korea is not planning aggression against the DPRK (North Korea)," Putin told reporters. He warned Seoul against move to supply weapons to Kyiv. Putin said that the supply of lethal weapons to the war zone in Ukraine would be a "very big mistake" and also added he hoped this would not happen. "And if it does happen, then we will also take appropriate decisions, which are unlikely to please the current leadership of South Korea," added Putin. Also read: Putin's Pyongyang yawn: Social media buzzes over videos of 'bored' Putin at North Korean concert - See pics Meanwhile, Putin said he "does not rule out" sending weapons to North Korea and called it repercussions for the West arming Ukraine. "Those who send these (missiles to Ukraine), think that they are not fighting us, but I said, including in Pyongyang, that we then reserve the right to supply weapons to other regions of the world, with regard to our agreements with the DPRK," Putin said in Vietnam. "I do not rule this one out," he added. Watch: Russian President Putin gifted pair of hunting dogs × Russia considering changing its nuclear doctrine Putin also said that Russia was thinking about possible changes to its doctrine on the use of nuclear weapons. The existing doctrine states that Russia may use such weapons in response to a nuclear attack or in the event of a conventional attack that poses an existential threat to the state. (With inputs from agencies)

South Korea would be making 'big mistake' if it supplies arms to Ukraine, says Putin

During a state visit to Vietnam Russian President Vladimir Putin said he wanted to build a reliable security architecture in the Asia-Pacific region. Watch in for more details!

Putin's visit to Vietnam: Russian President Putin seeks new 'security architecture' for Asia

Russia, Vietnam agree to strengthen ties during Putin's visit

Russian President Vladimir Putin has said Moscow has been mulling changes to its nuclear doctrine. Watch in for more details!

Russia-Ukraine war: Putin says NATO creating security threat for Russia in Asia

Russian President Vladimir Putin arrived in Vietnam early on Thursday (June 20), marking the final stop of his two-nation Asian tour. After signing a defence pact with North Korea, Putin is in Vietnam to hold talks with the nation's communist leaders.&nbsp;

The visit has irked Vietnam's top trade partner, the United States. In a statement released this week, a spokesperson for the US embassy in Hanoi said, "No country should give Putin a platform to promote his war of aggression and otherwise allow him to normalise his atrocities."

While North Korea and Russia face international isolation, Vietnam maintains careful alliances with the United States and the European Union.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-forces-destroy-two-houthi-targets-in-yemen-amid-red-sea-ship-attacks-733326">US forces destroy two Houthi targets in Yemen amid Red Sea ship attacks</a>

<h2>Vietnam, Bamboo Diplomacy and Russia's Asia partners</h2>

Putin at Hanoi's airport was greeted with a red carpet welcome by Vietnamese Deputy Prime Minister Tran Hong Ha and top party diplomat Le Hoai Trung.

Ahead of the visit, in a timed opinion piece published in Vietnam's Communist Party newspaper Nhan Dan, Putin praised Vietnam for its "pragmatic way to solve the crisis" in Ukraine.&nbsp;

Vietnam, which practices neutral "bamboo diplomacy," has refrained from condemning Russia's attack on Ukraine. This has drawn Western criticism.

He also highlighted the progress in payments, energy, and trade between Russia and Vietnam.&nbsp;

<h2>Putin in Vietnam</h2>

This visit marks Putin's third nation stop since his fifth term inauguration in May — after China and North Korea.&nbsp;

Vietnam, as per the report, has prepared a full state welcome for Putin, his first visit since 2017 and fifth overall.

Also read |&nbsp;<a href="https://www.wionews.com/world/watch-putin-takes-kim-for-drive-in-pyongyang-streets-adorned-with-images-of-russian-prez-733242">WATCH: Putin takes Kim for drive in Pyongyang, streets adorned with images of Russian prez</a>

The Russian President is scheduled to meet with Communist Party leader Nguyen Phu Trong, state President To Lam, and Prime Minister Pham Minh Chinh. His itinerary includes wreath-laying ceremonies, including one at the Ho Chi Minh Mausoleum.

Putin is also expected to announce trade, investment, technology, and education agreements, although these details may change, according to the Reuters report citing two officials.

Historically, Russia has been Vietnam's major military supplier, so any potential arms deals will be closely monitored.&nbsp;

Vietnam and Russia share historically close ties and Communist roots, with many Vietnamese cadres having studied in the former Soviet Union during the Cold War, including the current Party head Trong.

The Vietnamese Ministry of Defence newspaper, Quan Doi Nhan Dan, in an article noted, "President Vladimir Putin is a person who has made many contributions to Vietnam-Russia relations. He always has good feelings and concern for Vietnam and values ​​relationships with Vietnam's senior leaders."

(With inputs from agencies)

Russian President Vladimir Putin arrived in Vietnam early on Thursday (June 20), marking the final stop of his two-nation Asian tour. After signing a defence pact with North Korea, Putin is in Vietnam to hold talks with the nation's communist leaders.

Russian President Vladimir Putin arrived in Vietnam early on Thursday (June 20), marking the final stop of his two-nation Asian tour. After signing a defence pact with North Korea, Putin is in Vietnam to hold talks with the nation's communist leaders. The visit has irked Vietnam's top trade partner, the United States. In a statement released this week, a spokesperson for the US embassy in Hanoi said, "No country should give Putin a platform to promote his war of aggression and otherwise allow him to normalise his atrocities." While North Korea and Russia face international isolation, Vietnam maintains careful alliances with the United States and the European Union. Also read | US forces destroy two Houthi targets in Yemen amid Red Sea ship attacks Vietnam, Bamboo Diplomacy and Russia's Asia partners Putin at Hanoi's airport was greeted with a red carpet welcome by Vietnamese Deputy Prime Minister Tran Hong Ha and top party diplomat Le Hoai Trung. Ahead of the visit, in a timed opinion piece published in Vietnam's Communist Party newspaper Nhan Dan, Putin praised Vietnam for its "pragmatic way to solve the crisis" in Ukraine. Vietnam, which practices neutral "bamboo diplomacy," has refrained from condemning Russia's attack on Ukraine. This has drawn Western criticism. He also highlighted the progress in payments, energy, and trade between Russia and Vietnam. Putin in Vietnam This visit marks Putin's third nation stop since his fifth term inauguration in May — after China and North Korea. Vietnam, as per the report, has prepared a full state welcome for Putin, his first visit since 2017 and fifth overall. Also read | WATCH: Putin takes Kim for drive in Pyongyang, streets adorned with images of Russian prez The Russian President is scheduled to meet with Communist Party leader Nguyen Phu Trong, state President To Lam, and Prime Minister Pham Minh Chinh. His itinerary includes wreath-laying ceremonies, including one at the Ho Chi Minh Mausoleum. Putin is also expected to announce trade, investment, technology, and education agreements, although these details may change, according to the Reuters report citing two officials. Historically, Russia has been Vietnam's major military supplier, so any potential arms deals will be closely monitored. Vietnam and Russia share historically close ties and Communist roots, with many Vietnamese cadres having studied in the former Soviet Union during the Cold War, including the current Party head Trong. The Vietnamese Ministry of Defence newspaper, Quan Doi Nhan Dan, in an article noted, "President Vladimir Putin is a person who has made many contributions to Vietnam-Russia relations. He always has good feelings and concern for Vietnam and values relationships with Vietnam's senior leaders." (With inputs from agencies)

Putin arrives in Vietnam after signing defence pact with North Korea, irks US

Russian President Vladimir Putin arrived in Vietnam early on Thursday for talks with the country's Communist leaders on the final stop of his two-nation tour of Asia after concluding a defence pact with North Korea. Watch in for more details!

Russian President Vladimir Putin arrives in Vietnam for a state visit

Russian President Vladimir Putin arrived in Vietnam on Thursday for talks with the country's Communist leaders on the final stop of his two-nation tour of Asia after concluding a defence pact with North Korea. Watch in for more details!

Russian President Putin visits Vietnam to bolster relations

Watch top headlines of the hour: - Houthis release 'MV Tutor' attack footage - Vietnam: Putin attends welcome ceremony - US congressional delegates meet PM Modi - India reports over 40,000 suspected heatstroke cases - Rupee at record low against dollar - Boeing's victim seek compensation

Boeing victims seek compensation | Rupee at record low against dollar

Watch top headlines of the hour: - Houthis release 'MV Tutor' attack footage - Vietnam: Putin attends welcome ceremony - US congressional delegates meet PM Modi - India reports over 40,000 suspected heatstroke cases - Boeing's victim seek compensation - US seeks broader China restriction

Houthis release 'MV Tutor' attack footage | Vietnam: Putin attends welcome ceremony

The wife of Nguyen Tien Phong, the Vietnamese Ambassador to Pakistan, who had gone missing earlier, was discovered in Islamabad's F-9 park on Saturday, according to media reports.

The wife of Nguyen Tien Phong, the Vietnamese Ambassador to Pakistan, who had gone missing earlier, was discovered in Islamabad's F-9 park on Saturday, according to media reports. According to police officials, the ambassador reported the incident, saying that his wife had left their apartment at 11 am and had not returned. Police in Islamabad later reported that the ambassador's wife was discovered seated in the F-9 park. According to reports, the Vietnamese ambassador and his wife were in the middle of a dispute. The Islamabad police opened a probe as soon as the event was reported, and were able to locate the missing woman using CCTV video from the Safe City cameras. According to police officials, separate teams were formed for the operation and investigation divisions, and the probe was also being overseen by the SSP and DIG operations. Also read: 20 people, including children, drown in boat accident in eastern Afghanistan Last week, fake cops robbed a foreign national woman from the F-6 Supermarket in Islamabad's diplomatic enclave. Sources said that two individuals who pretended to be police officials stopped the woman to check and took £500 and other valuables. According to sources, the fake police officers weren't wearing uniforms when they stopped the foreign national woman. In a separate instance, a foreign lady was reportedly raped by a security officer stationed in Islamabad's G-6/4 area. (With inputs from agencies)

Missing wife of Vietnamese ambassador found safe in Islamabad’s F-9 park

Vietnam's Parliament has elected police Minister To Lam as the country's new president. Analysts say that the move is a stepping stone for Lam to later bid for the position of chief of the ruling Communist party.

Top cop To Lam takes oath sworn in as Vietnam's President

Vietnam's rubber stamp parliament voted in public security minister To Lam as the country's new president on Wednesday (May 22), after his predecessor was forced to resign in a major anti-corruption campaign.

Led by Communist Party General Secretary Nguyen Phu Trong, a crackdown on corruption has caught up with thousands of Vietnamese people, including several senior government and business leaders.

<h2>Vietnam's new President To Lam: What does he bring to table?</h2>

Lam is deputy head of the steering committee on anti-corruption. Critics have accused Lam of weaponising the anti-corruption spree to target his political rivals.

In his first remarks as president, Lam said he was "determined to fight corruption and negative phenomena".

Lam takes over from Vo Van Thuong, who resigned in March over "violations and shortcomings", after just a year in the job.&nbsp;

<h2>Vietnam's leadership structure: What is it like?</h2>

Vietnam's leadership structure is led by a four-person system: the Communist Party general secretary, the president, prime minister and head of the National Assembly.

The southeast Asian country's National Assembly chairman also resigned in April over "violations and shortcomings", meaning two of the country's top four positions had been vacant for a month.&nbsp;

Lam, 66, has been public security minister since 2016 and has taken a hard line on human rights movements in the communist country.

Also watch |&nbsp;Gravitas | From internet joke to one-night restaurant: New York steakhouse

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The National Assembly elects the president by secret ballot, with deputies then approving the results.

Lam carried 472 of 473 votes.

On Monday, Tran Thanh Man, 61, was nominated as the new head of the National Assembly, and the party has appointed four new politburo members.

Also read |&nbsp;<a href="https://www.wionews.com/world/vietnam-nominates-public-security-minister-to-be-new-president-722834">Vietnam nominates public security minister as new president</a>

Lam has spent his whole career within the secretive MPS, which deals with the monitoring of dissent and surveillance of activists in Vietnam.&nbsp;

In 2021, Lam was at the centre of a scandal that sparked anger in Vietnam when he was filmed eating steak smothered in gold leaf at a London restaurant, shortly after laying a wreath at the grave of Karl Marx.

(With inputs from agencies)

Vietnam's rubber stamp parliament voted in public security minister To Lam as the country's new president on Wednesday (May 22), after his predecessor was forced to resign in a major anti-corruption campaign.

Vietnam's rubber stamp parliament voted in public security minister To Lam as the country's new president on Wednesday (May 22), after his predecessor was forced to resign in a major anti-corruption campaign. Led by Communist Party General Secretary Nguyen Phu Trong, a crackdown on corruption has caught up with thousands of Vietnamese people, including several senior government and business leaders. Vietnam's new President To Lam: What does he bring to table? Lam is deputy head of the steering committee on anti-corruption. Critics have accused Lam of weaponising the anti-corruption spree to target his political rivals. In his first remarks as president, Lam said he was "determined to fight corruption and negative phenomena". Lam takes over from Vo Van Thuong, who resigned in March over "violations and shortcomings", after just a year in the job. Vietnam's leadership structure: What is it like? Vietnam's leadership structure is led by a four-person system: the Communist Party general secretary, the president, prime minister and head of the National Assembly. The southeast Asian country's National Assembly chairman also resigned in April over "violations and shortcomings", meaning two of the country's top four positions had been vacant for a month. Lam, 66, has been public security minister since 2016 and has taken a hard line on human rights movements in the communist country. Also watch | Gravitas | From internet joke to one-night restaurant: New York steakhouse × The National Assembly elects the president by secret ballot, with deputies then approving the results. Lam carried 472 of 473 votes. On Monday, Tran Thanh Man, 61, was nominated as the new head of the National Assembly, and the party has appointed four new politburo members. Also read | Vietnam nominates public security minister as new president Lam has spent his whole career within the secretive MPS, which deals with the monitoring of dissent and surveillance of activists in Vietnam. In 2021, Lam was at the centre of a scandal that sparked anger in Vietnam when he was filmed eating steak smothered in gold leaf at a London restaurant, shortly after laying a wreath at the grave of Karl Marx. (With inputs from agencies)

Meet Vietnam's new President To Lam, who once ate gold leaf-covered steak after paying respect to Karl Marx

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Vietnam's Communist Party has nominated public security minister To Lam to be the country's new president, state media said Saturday, after his predecessor resigned as part of a sweeping anti-graft purge.

Thousands of people -- including top officials and senior business leaders -- have been caught up in the Southeast Asian country's "blazing furnace" crackdown on graft, led by Communist Party General Secretary Nguyen Phu Trong.

The party's central committee agreed to "the nomination of Comrade To Lam, Politburo member, Minister of Public Security to be elected as President", the&nbsp;Vietnam&nbsp;News Agency reported.

Lam, 66,&nbsp;has been public security minister since 2016 and has taken a hard line on human rights movements in the communist country.

His nomination follows Vo Van Thuong's resignation in March after just one year as president, becoming the latest high-profile leader to fall in the anti-corruption drive.

Tran Thanh Man, 61, was also nominated as the new head of&nbsp;Vietnam's National Assembly, state media said, becoming one of the country's four most powerful leaders.

Man, currently the rubber-stamp National Assembly's deputy chairman, succeeds Vuong Dinh Hue, who asked to step down last month because of "violations and shortcomings".

The nominations have been accepted by the party's central committee but will be officially voted in by the National Assembly, which is due to meet next week.

All top leadership "must be truly united, truly exemplary, wholehearted and devoted to the common cause", VNA reported the central committee as saying.

<h2>- Crackdown -</h2>

On Thursday, Truong Thi Mai also resigned. She was the permanent member of the secretariat in the central party committee -- the most important position in Vietnamese politics outside its four-pillar leadership structure.

With the resignation of Mai, the once 18-strong politburo fell to 12 after also losing two presidents, the National Assembly chairman, a deputy prime minister and the head of the party's economic commission in the past 18 months.

However, the party said Thursday four new members had been appointed, including Bui Thi Minh Hoai, replacing Mai as the only woman in the politburo.

The political upheaval is highly unusual in&nbsp;Vietnam, where for years all changes were carefully orchestrated with an emphasis on cautious stability.

The anti-corruption drive has proved popular with the public.

But analysts warn the turmoil may threaten the country's reputation for stability, which has helped it build a highly successful export-driven manufacturing economy, making products for major global brands.

As well as political leaders, major business figures have also fallen foul of the purge, with property tycoon Truong My Lan sentenced to death last month in a multi-billion-dollar fraud case.

All of this comes as&nbsp;Vietnam&nbsp;seeks increased foreign investment -- particularly from the United States -- to develop its economy from low-value manufacturing jobs to high-tech industries.

<h2>- Golden steak -</h2>

Lam has spent his whole career within the secretive ministry of public security, which deals with the monitoring of dissent and surveillance of activists in the authoritarian state.

Rights groups say the government has in recent years stepped up a crackdown on civil society groups.

Lam is also deputy head of the steering committee on anti-corruption.

According to Zachary Abuza, a professor at the National War College in Washington, Lam has weaponised anti-corruption investigations to and "systematically taken down rivals in the politburo who were eligible to become general secretary" of the Communist Party, the most powerful position in&nbsp;Vietnam's political system.

Other than Prime Minister Pham Minh Chinh, "that leaves To Lam as the last man standing".

His nomination comes nearly three years after he was filmed enjoying a bite of steak smothered in gold leaf at a London restaurant, shortly after laying a wreath at the grave of Karl Marx.

The incident in 2021 sparked online anger in&nbsp;Vietnam, where the average person earns a few dollars a day.

The restaurant, Nusr-Et Steakhouse, named after Turkish chef Nusret&nbsp;Gokce -- known to his nearly 40 million Instagram followers as Salt Bae -- serves up steaks wrapped in edible 24-carat gold leaf, reportedly costing more than $1,000.

Lam is also the head of the steering committee on the Central Highlands, a highly sensitive region that has long been a hotbed of discontent over issues including land rights and is home to several ethnic minority groups.

Vietnam's Communist Party has nominated public security minister To Lam to be the country's new president, state media said Saturday, after his predecessor resigned as part of a sweeping anti-graft purge.

Vietnam's Communist Party has nominated public security minister To Lam to be the country's new president, state media said Saturday, after his predecessor resigned as part of a sweeping anti-graft purge. Thousands of people -- including top officials and senior business leaders -- have been caught up in the Southeast Asian country's "blazing furnace" crackdown on graft, led by Communist Party General Secretary Nguyen Phu Trong. The party's central committee agreed to "the nomination of Comrade To Lam, Politburo member, Minister of Public Security to be elected as President", the Vietnam News Agency reported. Lam, 66, has been public security minister since 2016 and has taken a hard line on human rights movements in the communist country. His nomination follows Vo Van Thuong's resignation in March after just one year as president, becoming the latest high-profile leader to fall in the anti-corruption drive. Tran Thanh Man, 61, was also nominated as the new head of Vietnam's National Assembly, state media said, becoming one of the country's four most powerful leaders. Man, currently the rubber-stamp National Assembly's deputy chairman, succeeds Vuong Dinh Hue, who asked to step down last month because of "violations and shortcomings". The nominations have been accepted by the party's central committee but will be officially voted in by the National Assembly, which is due to meet next week. All top leadership "must be truly united, truly exemplary, wholehearted and devoted to the common cause", VNA reported the central committee as saying. - Crackdown - On Thursday, Truong Thi Mai also resigned. She was the permanent member of the secretariat in the central party committee -- the most important position in Vietnamese politics outside its four-pillar leadership structure. With the resignation of Mai, the once 18-strong politburo fell to 12 after also losing two presidents, the National Assembly chairman, a deputy prime minister and the head of the party's economic commission in the past 18 months. However, the party said Thursday four new members had been appointed, including Bui Thi Minh Hoai, replacing Mai as the only woman in the politburo. The political upheaval is highly unusual in Vietnam, where for years all changes were carefully orchestrated with an emphasis on cautious stability. The anti-corruption drive has proved popular with the public. But analysts warn the turmoil may threaten the country's reputation for stability, which has helped it build a highly successful export-driven manufacturing economy, making products for major global brands. As well as political leaders, major business figures have also fallen foul of the purge, with property tycoon Truong My Lan sentenced to death last month in a multi-billion-dollar fraud case. All of this comes as Vietnam seeks increased foreign investment -- particularly from the United States -- to develop its economy from low-value manufacturing jobs to high-tech industries. - Golden steak - Lam has spent his whole career within the secretive ministry of public security, which deals with the monitoring of dissent and surveillance of activists in the authoritarian state. Rights groups say the government has in recent years stepped up a crackdown on civil society groups. Lam is also deputy head of the steering committee on anti-corruption. According to Zachary Abuza, a professor at the National War College in Washington, Lam has weaponised anti-corruption investigations to and "systematically taken down rivals in the politburo who were eligible to become general secretary" of the Communist Party, the most powerful position in Vietnam's political system. Other than Prime Minister Pham Minh Chinh, "that leaves To Lam as the last man standing". His nomination comes nearly three years after he was filmed enjoying a bite of steak smothered in gold leaf at a London restaurant, shortly after laying a wreath at the grave of Karl Marx. The incident in 2021 sparked online anger in Vietnam, where the average person earns a few dollars a day. The restaurant, Nusr-Et Steakhouse, named after Turkish chef Nusret Gokce -- known to his nearly 40 million Instagram followers as Salt Bae -- serves up steaks wrapped in edible 24-carat gold leaf, reportedly costing more than $1,000. Lam is also the head of the steering committee on the Central Highlands, a highly sensitive region that has long been a hotbed of discontent over issues including land rights and is home to several ethnic minority groups.

Vietnam nominates public security minister as new president

The trade war between the US and China has had an unintended consequence: The rise of Vietnam. Since 2018, US imports from Vietnam have more than doubled, reaching $114 billion last year.

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More than 500 people have been admitted to hospital with alleged food poisoning after eating banh mi sandwiches from a shop in southern Vietnam. Twelve of those admitted, including two boys aged between six and seven years, are in critical condition.

Authorities shut down Dong Nai bakery which was linked to mass food poisoning, suspecting spoiled ingredients due to the extreme weather conditions.

Initial inspections have found hygiene violations.

Bánh mì is a traditional Vietnamese sandwich consisting of a French-style baguette stuffed with cold meats, pate and vegetables.

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Long Khanh town authorities on Monday (May 6) confirmed that at least 560 people had fallen ill after consuming the banh mi sandwiches from Bang bakery in Long Khanh city on 30 April.

Around 200 people had been discharged since then.

According to local authorities, the bakery, based on Tran Quang Dieu Street, sells about 1,100 of the sandwiches every day.&nbsp;

Meanwhile, the number of cases of suspected food poisoning has gradually risen each day, say local hospitals.

The symptoms included diarrhoea, vomiting, fever and severe abdominal pains.

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Vietnamese newspaper Health and Life spoke to one woman whose three children were being treated at the intensive care unit at Dong Nai Children's Hospital.

Tran Ngoc Phuong said she bought three sandwiches for her children with extra meat.

Within 24 hours, they all began showing symptoms of food poisoning.

Health officials suspect E. coli as the culprit behind the banh mi illnesses.

Blood tests from critically ill patients revealed the presence of E. coli bacteria, commonly found in contaminated meat, cheese, and produce.

The local health workers are also testing samples of the banh mi sandwiches for further confirmation. 
 
The police said they have launched an investigation.

(With inputs from agencies)

More than 500 people have been admitted to hospital with alleged food poisoning after eating banh mi sandwiches from a shop in southern Vietnam. Twelve of those admitted, including two boys aged between six and seven years, are in critical condition.

More than 500 people have been admitted to hospital with alleged food poisoning after eating banh mi sandwiches from a shop in southern Vietnam. Twelve of those admitted, including two boys aged between six and seven years, are in critical condition. Authorities shut down Dong Nai bakery which was linked to mass food poisoning, suspecting spoiled ingredients due to the extreme weather conditions. Initial inspections have found hygiene violations. Bánh mì is a traditional Vietnamese sandwich consisting of a French-style baguette stuffed with cold meats, pate and vegetables. Also read: Heart attack deaths linked to severe COVID-19 cases? Long Khanh town authorities on Monday (May 6) confirmed that at least 560 people had fallen ill after consuming the banh mi sandwiches from Bang bakery in Long Khanh city on 30 April. Around 200 people had been discharged since then. According to local authorities, the bakery, based on Tran Quang Dieu Street, sells about 1,100 of the sandwiches every day. Meanwhile, the number of cases of suspected food poisoning has gradually risen each day, say local hospitals. The symptoms included diarrhoea, vomiting, fever and severe abdominal pains. Also read: Women experience more years in poor health than men Vietnamese newspaper Health and Life spoke to one woman whose three children were being treated at the intensive care unit at Dong Nai Children's Hospital. Tran Ngoc Phuong said she bought three sandwiches for her children with extra meat. Within 24 hours, they all began showing symptoms of food poisoning. Health officials suspect E. coli as the culprit behind the banh mi illnesses. Blood tests from critically ill patients revealed the presence of E. coli bacteria, commonly found in contaminated meat, cheese, and produce. The local health workers are also testing samples of the banh mi sandwiches for further confirmation. The police said they have launched an investigation. (With inputs from agencies)

Vietnam food poisoning: Over 500 people fall sick after eating bánh mì sandwiches, 12 critical

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Real estate mogul Truong My Lan received the death penalty on Thursday from a Vietnamese court for her involvement in the largest financial fraud in the nation's history, a 304-trillion-dong ($12.5-billion) scheme. Watch to know more.

Vietnam: Real estate tycoon sentenced to death, accused of  Siphoning off $12.5 Bn

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Vietnam: Real estate tycoon sentenced to death

Vietnamese billionaire Truong My Lan was sentenced to death for her involvement in the country's biggest fraud case&nbsp;of $27 billion&nbsp;from Saigon Commercial Bank (SCB) over a decade.

Prosecutors revealed on Thursday (April 11) that the scam's total damages now stand at $27 billion, equivalent to nearly 3 per cent&nbsp;of Vietnam's gross domestic product (GDP), despite initial reports indicating $12.5 billion had been embezzled, as reported by the Guardian.

Following a five-week trial, Truong and 85 others including, former central bankers, ex-government officials, and previous SCB executives faced verdicts and sentencing in southern business hub Ho Chi Minh City Thursday (April 11) . Lan's family member speaking to&nbsp;Reuters before the verdict was out said&nbsp;she will contest the death penalty if issued.

They face charges of bribery, abuse of power, appropriation, and violations of banking law. Prosecutors wanted Lan to face the death penalty.&nbsp;

Vietnam has undergone a national corruption crackdown. Around 4,400 people have been indicted in this corruption crackdown wave. "In my desperation, I thought of death," Lan said in court last week.

She denied being a part of the money embezzlement and said, "I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of."

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There have been multiple protests since Lan's arrest. According to police, there are over 42,000 victims of the fraud. Lan's husband is also a defendant in the case.

Since Lan's arrest, the fraud victims have not received interest or principal payments and are unable to withdraw their money. In 2022, the projected allocations for Lan's evaluations were&nbsp;equal to around 3% of Vietnam's GDP. More than a thousand of Lan's possessions were taken by the prosecution.

According to the authorities, $5.2 million was allegedly given as bribe (largest recorded in Vietnam)&nbsp;to SCB bankers to help cover up the fraud.

According to state media, Do Thi Nhan, the former chief of the State Bank of Vietnam's inspection team and the person who was offered the bribe, said that she was given the cash in Styrofoam boxes, but&nbsp;when she realised they were filled with cash, she refused the 'bribe'.

(With inputs from agencies)

Vietnamese billionaire Truong My Lan was sentenced to death for her involvement in the country's biggest fraud case of $27 billion from Saigon Commercial Bank (SCB) over a decade.

Vietnamese billionaire Truong My Lan was sentenced to death for her involvement in the country's biggest fraud case of $27 billion from Saigon Commercial Bank (SCB) over a decade. Prosecutors revealed on Thursday (April 11) that the scam's total damages now stand at $27 billion, equivalent to nearly 3 per cent of Vietnam's gross domestic product (GDP), despite initial reports indicating $12.5 billion had been embezzled, as reported by the Guardian. Following a five-week trial, Truong and 85 others including, former central bankers, ex-government officials, and previous SCB executives faced verdicts and sentencing in southern business hub Ho Chi Minh City Thursday (April 11) . Lan's family member speaking to Reuters before the verdict was out said she will contest the death penalty if issued. They face charges of bribery, abuse of power, appropriation, and violations of banking law. Prosecutors wanted Lan to face the death penalty. Vietnam has undergone a national corruption crackdown. Around 4,400 people have been indicted in this corruption crackdown wave. "In my desperation, I thought of death," Lan said in court last week. She denied being a part of the money embezzlement and said, "I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of." Also read: Ex-CFO of Trump Organization Allen Weisselberg sent to jail for false testimony in civil fraud trial There have been multiple protests since Lan's arrest. According to police, there are over 42,000 victims of the fraud. Lan's husband is also a defendant in the case. Since Lan's arrest, the fraud victims have not received interest or principal payments and are unable to withdraw their money. In 2022, the projected allocations for Lan's evaluations were equal to around 3% of Vietnam's GDP. More than a thousand of Lan's possessions were taken by the prosecution. According to the authorities, $5.2 million was allegedly given as bribe (largest recorded in Vietnam) to SCB bankers to help cover up the fraud. According to state media, Do Thi Nhan, the former chief of the State Bank of Vietnam's inspection team and the person who was offered the bribe, said that she was given the cash in Styrofoam boxes, but when she realised they were filled with cash, she refused the 'bribe'. (With inputs from agencies)

Female billionaire sentenced to death for multi-billion dollar fraud in Vietnam

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