Hong Kong Declares Three Days of Mourning as Deadly High Rise Fire Sparks Criminal Probe

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Hong Kong has entered a rare three day period of mourning after a high rise fire killed at least one hundred twenty eight residents and left about two hundred others unaccounted for, marking the territory’s deadliest residential blaze in decades. Flags at government offices will remain at half staff until December one, and all non essential public events have been cancelled as the city confronts the scale of the tragedy.

Authorities announced that eight additional people have been arrested as part of the widening investigation. Those detained include two directors of a maintenance consultancy, two project managers responsible for site oversight, three subcontractors involved with scaffolding, and an intermediary. The arrests come on top of three construction company employees who were taken into custody earlier on suspicion of severe negligence resulting in death. All three had been released on bail pending further inquiries.

The cause of the fire has not yet been confirmed, but early findings raise serious questions about building safety standards. Officials reported that the fire alarm system across all eight towers of the Hoang Phuc Uyen (Wang Fuk Court) complex did not activate during an inspection. Several survivors told CNN they never heard any alarm during the blaze.

Investigators believe the fire broke out on a lower floor of Tower Six before spreading rapidly. According to Hong Kong Secretary for Security Tang Ping Keung, highly flammable plastic panels placed near windows ignited and caused the glass to shatter, allowing flames to jump inside the building. Bamboo scaffolding and synthetic mesh wrapped around the exterior then fueled an even faster vertical spread.

Emergency teams, wearing protective suits to navigate hazardous conditions, continue to search for the missing. Volunteers and aid groups have set up distribution points to provide water, food, and temporary supplies for evacuated families.

A distribution point for essential goods on November 28 to support residents of a burning apartment building in Hong Kong Photo: REUTERS

The Hong Kong government has announced financial support for victims. Families who lost loved ones will receive about 25.700 US dollars. Other affected households will receive approximately 6.400 US dollars to cover basic living needs while recovery efforts continue.

The fire, which erupted on November twenty six, has become a national moment of reckoning over urban safety, construction oversight, and accountability in one of the world’s most densely populated cities. Authorities say the investigation is ongoing and further arrests are possible as they work to determine how a residential block turned into a disaster on such a devastating scale.

French Pasteur Institute Warns Bird Flu Could Trigger a Pandemic Worse Than Covid-19

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Scientists say the H5 avian influenza strain poses a catastrophic global risk if it mutates to spread between humans — but stress that the current probability remains low.

A leading French research institute is warning that the world could face a pandemic more severe than Covid-19 if a highly pathogenic avian influenza virus gains the ability to spread efficiently between people. The alert comes as global health systems remain stretched from years of crisis, and as climate change, wildlife migration, and industrial farming increase opportunities for viral spillover.

Dr. Marie-Anne Rameix-Welti, medical director of the Center for Respiratory Infections at the Pasteur Institute in Paris, said her team is closely monitoring H5 avian flu strains circulating in wild birds, poultry, and mammals. “If a virus adapts to mammals — especially humans — and becomes capable of human-to-human transmission, that virus would be a pandemic virus,” she said.

The Pasteur Institute played a central role in the early Covid-19 response, creating one of the first diagnostic tests and sharing the protocol with the World Health Organization. Its latest warning arrives amid a wave of disruptive bird flu outbreaks that have led to the culling of hundreds of millions of poultry worldwide, distorting food supply chains and pushing up global prices.

While human infections remain rare, the dangers are significant. People typically have antibodies against common seasonal flu strains such as H1 and H3 — but not against H5 viruses, which infect birds and some mammals. Unlike Covid-19, which disproportionately affects vulnerable groups, the flu virus “can harm healthy people, including children,” Rameix-Welti noted.

The concerns follow several recent human cases linked to close contact with infected animals, including H5N1 in U.S. dairy cattle and the first H5N5 human case reported in Washington state this month, in which the patient — who had underlying health conditions — died. From 2003 to 2025, nearly 1,000 human cases of H5 infections have been reported globally, almost half of them fatal.

Even so, global health authorities urge caution, not panic. Dr. Gregorio Torres, chief scientist at the World Organization for Animal Health, said the probability of the virus evolving into a human-transmissible pandemic strain is “still very low.” He added: “You can still walk in the woods, eat chicken and eggs, and enjoy life.”

Researchers emphasize that the world is better positioned than it was in early 2020. Unlike Covid-19, vaccine candidates against H5 viruses already exist, manufacturing processes are well established, and antiviral stockpiles are available.

Still, the Pasteur Institute’s warning underscores a broader reality: as zoonotic risks rise, so must global preparedness. Whether the world can translate hard-won lessons from Covid-19 into faster, more coordinated action may determine how it confronts the next potential pandemic threat.

Foreign Tourist Donates $380 to Vietnam’s Flood Victims Before Flying Home

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As historic flooding devastates central Vietnam, a traveler’s quiet act of generosity goes viral — highlighting how tourism can fuel unexpected cross-cultural solidarity.

A simple envelope left at a hotel reception desk has captured the attention of Vietnam’s online community and international travelers alike. Before boarding his flight home, German tourist Andreas Scholz donated VND 10 million (US$380) to support communities in central Vietnam hit by catastrophic floods — a gesture that reflects how deeply foreign visitors can connect with the country, especially during moments of crisis.

Scholz said he had been following news of the severe flooding — which killed at least 98 people and damaged hundreds of thousands of homes across coastal destinations such as Nha Trang, Quy Nhon, and Phu Yen. Seeing images of residents stranded on rooftops waiting for rescue, he felt compelled to act but didn’t know how to directly reach affected communities. In a handwritten letter to the owner of his hotel in Ha Long’s Tuan Chau Island, he wrote: “I felt like I was part of this country. I hope you can help me do something.”

Hotel owner Thanh Hai was surprised; the guest had never mentioned the floods during his three-day stay. After receiving the donation, she proposed using the money to buy rice for relief efforts, and Scholz agreed. Hai purchased 830 kilograms of rice and delivered it to a volunteer team on the tourist’s behalf — a gesture that quickly circulated on Vietnamese social media.

Many praised Scholz for caring about a crisis far removed from his own life. “It’s touching when visitors feel responsible for our hardships,” one commenter wrote. Others said his compassion reflected why Vietnam continues to hold a special place in the hearts of international travelers. Scholz, who often volunteers in Germany, simply said: “Many people need that money more than me.”

The German tourist first visited Vietnam in 2024, traveling across Sa Pa, Ninh Binh, Hue, Da Nang, and Hoi An. On his return trip in November 2025, he canceled plans to visit flood-hit Nha Trang and instead rerouted to Da Nang before ending his journey in Ha Long.

As Vietnam’s south-central coast struggles with one of its worst floods in decades, the story offers a rare moment of hope — a reminder that even small acts of kindness by visitors can strengthen the human connections that define global travel.

VNPT to Exit Entire Stake in MSB With December Auction Valued Above $140 Million

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Vietnam’s state telecom giant accelerates divestment under its restructuring mandate, offering a rare large-scale banking stake to both local and foreign investors.

Vietnam Posts and Telecommunications Group (VNPT) is preparing to sell its entire shareholding in Maritime Bank (MSB), marking one of Vietnam’s most significant state-led divestments in the banking sector this year. The move reflects Hanoi’s broader push to streamline state-owned enterprises, improve capital efficiency, and attract deeper private and foreign participation in the country’s financial system.

VNPT plans to auction 188.7 million MSB shares — equivalent to just over 6% of the bank’s charter capital — on December 26, in compliance with the Prime Minister’s restructuring directive requiring the group to fully or partially exit 26 subsidiaries by year-end. The starting price is set at 18,239 VND per share, roughly 1.4 times MSB’s current trading price, placing the minimum proceeds at approximately 3,440 billion VND (about US$140 million). Both domestic and international investors will be allowed to participate.

The telecom conglomerate currently holds 157 million MSB shares on its 2024 financial statements, valued at 1,832 billion VND, compared with an original cost of just 580 billion VND — illustrating the substantial capital gains locked in the upcoming sale. VNPT’s stake increased this year due to MSB’s 20% stock dividend, even though the cost basis remained unchanged.

VNPT has been a founding shareholder of MSB — formerly Maritime Bank — since its establishment in 1991 and has attempted several times over the past decade to divest. The upcoming auction is seen as the group’s most decisive step yet toward fulfilling its SOE restructuring obligations.

MSB continues to show strong financial performance, reporting 4,760 billion VND in pre-tax profit in the first nine months of 2025 and expanding total assets to 356 trillion VND, up 11% from last year. The divestment will open the door for strategic investors seeking exposure to Vietnam’s rapidly evolving banking sector, where consolidation, digital transformation, and Basel III adoption are accelerating.

As Vietnam deepens its commitment to SOE reform, the sale raises a broader question for the market: will major divestments like VNPT–MSB unlock fresh liquidity and foreign inflows — or will premium pricing test investor appetite in a turbulent global rate environment?

After Historic Floods, Stray Duck Flock Turns Up at Nha Trang Luxury Resort

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A flock of 10 ducks appeared on the beach of a well known five star resort in Nha Trang, with residents believing they were swept out to sea by the historic floods earlier this month and managed to swim more than three kilometers before drifting ashore.

On Nov. 26, photos of the ducks strolling along the resort’s beachfront went viral on Facebook alongside the caption “In hardship, miracles happen.” The post said the ducks likely belonged to local households but were carried away as floodwaters rose rapidly and currents strengthened.

The images drew widespread attention and hundreds of comments, with many social media users hoping the animals would be allowed to live freely. “They are adorable. I hope no one catches them and lets them swim naturally,” one user wrote.

A representative for the resort confirmed the ducks’ presence and said staff are currently taking care of them.

Khánh Hòa Province was severely hit by the mid November floods, which left 22 people dead, destroyed or damaged more than 1,000 homes, and caused extensive losses to infrastructure and crops. Nearly 24,500 livestock and poultry were killed or swept away. Total damage is estimated at more than VND5 trillion.

Many households saw floodwaters rise one to three meters inside their homes, destroying valuable belongings and causing losses ranging from tens to hundreds of millions of dong.

The province has approved support packages including VND60 million for households whose homes were completely destroyed, VND30 million for those needing repairs, VND1 million per person for affected families, and VND500,000 per student from primary level onward.

Thousands of tons of essential goods, school supplies and clothing from across Vietnam have also been delivered to assist residents. Military and police units have been deployed to schools, clinics and homes to help clean up and support recovery efforts.

Hanoi Approves Timed Ban on Gas Motorbikes Inside Ring Road 1 From 2026

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Vietnam’s capital accelerates low-emission zones, setting one of Southeast Asia’s most aggressive timelines for phasing out fossil-fuel two-wheelers.

Hanoi has taken a major step toward reshaping urban mobility — and tackling some of Southeast Asia’s worst air pollution — by approving a phased ban on gasoline-powered motorbikes within its urban core. The move signals Vietnam’s intent to align with global clean-air policies already seen in Tokyo, Paris, and Seoul, while raising critical questions for millions of commuters and the region’s booming ride-hailing economy.

In a vote on November 26, the Hanoi People’s Council passed a resolution establishing low-emission zones (LEZs), replacing a 2024 framework and tightening restrictions. Beginning July 1, 2026, motorbikes and mopeds running on fossil fuels will be restricted by time windows or fully banned from designated areas inside Ring Road 1, covering central districts such as Hai Bà Trưng, Hoàn Kiếm, Ba Đình, and Tây Hồ.

The plan will be phased in over four years. From 2028, LEZ rules will expand to parts of Ring Road 2, including Láng, Kim Liên, Bạch Mai, and Vĩnh Tuy. By 2030, the restrictions will apply from Ring Road 3 inward, effectively limiting gasoline-powered two-wheelers across most of Hanoi’s dense urban districts. From 2031 onward, local communes are encouraged — and eventually required — to establish LEZs where conditions permit.

The new rules also prohibit fossil-fuel motorbikes used for app-based ride-hailing services from entering LEZs, a move that will directly impact platforms like Grab, XanhSM, and Be. Heavy trucks over 3.5 tons running on fossil fuel will also be banned from affected zones, and cars not meeting Euro 4 emissions standards will face time-based restrictions. The city will no longer approve new registrations for fossil-fuel vehicles belonging to organizations when older units are scrapped.

Hanoi, a city of more than 7 million motorbikes, consistently ranks among the most polluted capitals in Asia. Officials argue that reducing the dominance of gasoline two-wheelers — the primary source of transport-related emissions — is essential to improving public health and meeting Vietnam’s climate commitments.

But the policy shift carries economic implications: the motorbike industry remains central to Vietnam’s consumer market, and ride-hailing fleets support hundreds of thousands of informal workers. The transition to electric vehicles will require major investment in charging infrastructure, subsidies, and regulatory clarity.

Hanoi’s bold timeline raises a defining question for rapidly urbanizing Southeast Asian cities: can governments balance clean-air ambitions with economic realities — and will residents embrace an electric-mobility future as quickly as policymakers expect?

Vietnam Stocks Jump 20 Points as Billionaire-Linked Blue Chips Lead Rally

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Major holdings tied to Vingroup, big banks, and top retail giants fuel a broad market rebound — even as liquidity remains muted.

Vietnam’s equity market staged a strong rebound on November 26, driven by heavyweight stocks connected to some of the country’s most influential business empires. The surge highlights a pattern increasingly visible across Southeast Asia: while retail sentiment remains cautious, concentrated flows into billionaire-led conglomerates and banking pillars continue to dictate market direction.

The VN-Index climbed 20 points, closing above 1,680, despite intraday volatility. Green dominated the screen, though overall liquidity stayed subdued at around 23,000 billion VND, signaling that the rally was powered by selective large-cap buy-ins rather than broad-based conviction.

Within the VN30 basket, 24 stocks advanced, with notable gains above 2% in SSI, VPB, TPB, MWG, and MSN. Yet the biggest influence on the index came from familiar market heavyweights such as VIC, VIX, VPB, and GEX, reinforcing the outsized role of major conglomerates in Vietnam’s market movements.

Not every blue chip participated in the rally. Vietjet (VJC) abruptly reversed its recent winning streak, becoming the session’s biggest drag after falling 5.16%, shaving more than 1.5 index points from the VN-Index. Tech giant FPT and real estate leader VHM also closed lower.

Momentum extended across mid-cap names, with several stocks hitting their ceiling prices — including VPL, DCL, VSC, VNG, and Gelex-related tickers GEE and GEX. The real estate sector turned broadly positive as well, with DXGand CEO both up 4% and PDR and DXS rising more than 3%.

Foreign investors shifted sharply into net-buying mode, accumulating more than 628 billion VND. Key inflows targeted SHB, VPB, VIX, and MSN, while outflows focused on VCB, VIC, and VJC.

As the VN-Index edges further above resistance levels, investors are watching whether the market can sustain momentum without a meaningful pickup in liquidity. The day’s performance again raises a central question for Vietnam’s fast-growing capital market: will the next leg of the rally depend on broader participation — or will billionaire-linked blue chips continue to do the heavy lifting?

Former Tech CEO Andy Byron Sells New York Home for $5.8M After Coldplay ‘Kiss Cam’ Scandal

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Andy Byron, former CEO of tech firm Astronomer and the subject of a viral Coldplay “kiss cam” moment earlier this year, has sold his New York residence for US$5.8 million.

A deed recorded on Nov. 18 by the city’s Department of Finance shows the Tribeca property was never publicly listed for sale. Records also indicate Byron remains married to his wife, Megan, with the couple’s current address registered in Massachusetts, according to Crain’s New York Business.

The condominium, purchased by the couple in 2022 for US$5.4 million, includes four bedrooms, three and a half bathrooms, an open kitchen, and a wine refrigerator, The New York Post reported.

Byron, 51, and Astronomer’s former HR director Kristin Cabot, 53, drew widespread attention in July when they were filmed embracing on a Coldplay “kiss cam.” The video quickly went viral, prompting Byron to resign from Astronomer, followed shortly by Cabot’s departure.

After the scandal, Megan, 50—described by the Daily Mail as “America’s most forgiving wife”—reverted to her maiden name, Kerrigan, on social media and moved out of the couple’s home in Northborough, Massachusetts.

In late September, Byron and Megan were seen together for the first time in months during relaxed outings near their coastal retreat in Maine, both still wearing wedding bands. A source close to Cabot told People that no affair took place, adding that the only “inappropriate” act was the hug captured at the concert.

A separate source close to Cabot told The New York Times that Byron had been separated from his wife and living apart at the time of the incident. The source also said Cabot and her husband, Andrew Cabot, 61, had been separated for several weeks before the concert. She later filed for divorce on Aug. 13 in Portsmouth, New Hampshire; both parties requested that the records remain sealed.

Vietnam Reports 409 Dead or Missing as Extreme Weather Causes Over VND85 Trillion in Damage

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Vietnam has suffered severe and unusual natural disasters since the start of 2025, leaving 409 people dead or missing and causing economic losses estimated at more than VND85 trillion (US$3.4 billion), according to the Department of Dyke Management and Disaster Prevention.

Speaking at a forum on disaster forecasting and early warning on Nov. 25, officials said the country has endured a year of back-to-back storms, floods and extreme rainfall affecting wide areas.

Authorities report 727 injuries, more than 337,000 homes damaged or destroyed, and extensive losses to agriculture, including nearly 553,500 hectares of rice and crops and 376,800 hectares of other plantations inundated.

Vietnam has experienced 19 storms and tropical depressions in the East Sea this year, just one fewer than the record in 2017. Another system near the Philippines is likely to strengthen into the fifteenth storm of the year as it moves into the East Sea.

Extreme rainfall pushed 13 rivers in northern and central provinces past historic flood levels, inundating cities and low-lying areas from Hanoi and Bac Ninh to Thanh Hoa, Nghe An, Quang Tri, Hue, Da Nang, Gia Lai and Dak Lak.

Several regions suffered overlapping disasters including storms, successive floods, flash floods and landslides, especially in northern mountainous provinces and the central region, threatening dams, transport routes, infrastructure and lives.

The Nov. 16–20 floods in central Vietnam alone left 102 people dead or missing, submerged more than 200,900 homes, caused landslides at 119 locations, and damaged over 82,100 hectares of rice and crops. Initial losses are estimated at VND13.248 trillion.

Officials warn that central Vietnam faces further flood risks in the final months of 2025, with the current tropical depression near the Philippines expected to bring heavy rain to the south-central coast.

Authorities urged provinces to use periods of good weather to repair damage and prepare for the next wave of disasters.

The Ministry of Agriculture and Environment said upcoming work will focus on improving forecasting and early-warning systems, expanding rain-monitoring networks, and developing village-level risk maps. Provinces are instructed to relocate residents from high-risk zones and adjust farming practices to better adapt to natural conditions.

Vietnam will continue upgrading dykes, reservoirs and flood-control systems while enhancing communications, applying new technology and expanding international cooperation to strengthen long-term resilience as climate-related disasters become increasingly severe.

Volvo S90 Overturns on Hanoi Street After Driver Falls Asleep

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A Volvo S90 overturned on Hoang Dieu Street in Hanoi on Monday morning after the driver reportedly fell asleep at the wheel and veered into the center median.

The accident happened at around 9 a.m. on Nov. 25 as the vehicle, bearing license plate 30G-123.XX, was traveling in the direction of Phan Dinh Phung Street. Witnesses said the car suddenly swerved, struck the median strip, and flipped onto its roof.

Officers from Hanoi’s Traffic Police Division said initial findings indicate the driver nodded off while driving, causing him to lose control of the vehicle. No other cars were involved in the crash.

Police secured the scene and guided traffic around the overturned sedan while waiting for a tow truck to remove the vehicle. No information has been released about injuries.

Deputy Prime Minister: Only Medical Universities Can Train Doctors, Non-Specialized Schools Cannot Grant Law Degrees

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Deputy Prime Minister Nguyen Hoa Binh says Vietnam will no longer allow non specialized universities to train in highly specific fields. Only medical universities will be permitted to train doctors, and universities without specialized expertise will not be allowed to award bachelor’s degrees in law.

Speaking at a National Assembly group discussion on Nov. 25 about national programs on healthcare, population, and education reform, Binh said Vietnam has long faced a recurring weakness: policies are sound, but implementation is inconsistent. He cited a lack of legal frameworks, inadequate resources, and weak execution as key reasons. The Politburo, he added, has ordered these issues to be resolved.

On education, the Deputy Prime Minister emphasized the goal of developing Vietnamese universities that can compete globally and improving soft skills while reducing rote learning.

He noted that many provinces rush to elevate colleges and vocational schools into universities, treating the number of universities as a benchmark for provincial achievement. This, he said, has resulted in institutions such as teacher training colleges, finance schools, and legal training centers being quickly restructured into universities without meeting proper standards.

According to Binh, the Politburo does not aim to create hundreds of universities but to establish clear criteria for internationally accredited institutions. Universities that do not meet the standards will be required to merge or dissolve. Criteria will include the number of professors, PhDs, and the fields of training each institution is qualified to provide.

He said the new policy will explicitly prohibit non specialized universities from offering certain programs. For example, only medical universities will be allowed to train doctors. Although more than 90 universities currently operate law faculties, non specialized schools will no longer be permitted to issue law degrees and may teach law only as a supporting subject.

He also highlighted concerns about postgraduate quality, particularly professors holding multiple part-time positions at numerous universities but rarely appearing on campus or engaging in real teaching.

Binh said the resolution aims to ensure graduates meet international standards and that Vietnam can build a high quality workforce, which he described as one of the country’s key strategic breakthroughs.

Hanoi Proposes Up to $190 Incentive for Residents Switching to Electric Motorbikes

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Hanoi is planning to offer a subsidy of up to VND5 million (US$190) to residents who replace gasoline motorbikes with electric models, according to a proposal to be voted on by the city council this week.

The incentive applies to permanent residents and those who have lived in the city for at least two years. Buyers of electric motorbikes priced at VND10 million (US$379) or more would receive a 20 percent subsidy, capped at VND5 million.

Support is higher for low income groups: up to VND20 million for poor households and VND15 million for near poor households. Each person may receive support for one vehicle until Jan. 1, 2031.

The proposed subsidy is significantly higher than the Department of Construction’s earlier recommendation in July, which capped support at VND3 million.

Hanoi also plans to reduce registration and number plate fees by 50 percent for residents switching to clean energy motorbikes. Buyers using installment plans would receive a 30 percent subsidy on loan interest for 12 months. Transport operators such as bus and taxi companies would receive full fee subsidies when transitioning to electric vehicles.

The city intends to require apartment complexes, commercial buildings, hospitals, and other public facilities to convert at least 15 percent of parking spaces into electric charging points. New buildings must allocate at least 30 percent.

Hanoi will begin banning gasoline motorbikes from downtown areas in July 2026 and plans to restrict most fossil fuel vehicles by 2030. The city currently has about 6.9 million motorbikes, and officials say gasoline powered models account for roughly 60 percent of local air pollution.

Malaysian Man Found Dead on Expressway Linking Ho Chi Minh City and the Mekong Delta

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A Malaysian man who landed at Tan Son Nhat International Airport on Monday morning was found dead hours later on the Trung Luong Expressway, with no vehicles present at the scene.

Around 1 p.m., drivers traveling from Ho Chi Minh City toward the Mekong Delta spotted a body lying near the median strip as they passed My Loi Commune in Dong Thap Province. Motorists swerved into the next lane to avoid it and immediately notified police.

The victim was wearing trousers and a black long sleeve T shirt and had multiple head and facial injuries. One white sneaker was missing. No cars, motorbikes or other vehicles were found nearby.

Traffic slowed as investigators examined the scene, causing brief congestion.

Authorities identified the man as Aeron Lee Khei Chen, a Malaysian national. Police are reviewing camera footage from the expressway to determine what happened.

How a Secret Smuggling Pipeline Funneled 546 Kilograms of Chinese Gold Into Hanoi’s Jewelry Market

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Prosecutors say a covert cross-border pipeline moved 546 kilograms of gold worth about VND1.208 trillion (US$45.8 million) from China into Vietnam, hiding one-kilogram bars in shoes, burning off identifying marks, and feeding the metal into Hanoi’s jewelry market in cut-up pieces.

According to an indictment released on Nov. 24, authorities have charged Tran Thi Hoan, the actual operator of the Hoan Hue gold shop in Lao Cai Province, along with former Thang Long Trading and Services Company director Pham Tuan Hai and six employees and associates for allegedly running the smuggling network.

Three executives from Vietnam Gold Company have also been charged in a related case involving major accounting violations. All 11 defendants will stand trial before the Hanoi People’s Court.

Investigators say Hoan capitalized on the large price gap between domestic and international gold and exploited weak border oversight in 2024. The indictment describes how a supplier known only as “Fat Lady” (Ba Beo) entered Vietnam in September, visited Hoan’s shop, and later offered 99.99 percent raw gold at prices below the domestic market.

Deals were conducted over WeChat. Couriers were allegedly paid VND250,000 (about US$10) per kilogram to move gold across the Lao Cai border gate.

To avoid detection, smugglers hid one-kilogram ingots in their shoes, taking advantage of screening that did not require footwear removal. After delivery, Hoan’s staff weighed and photographed the bars, then used heat torches to remove markings and cut the gold into smaller pieces.

Between Sept. 17 and Nov. 27, 2024, Hoan allegedly bought 97.3 kilograms of gold from this supplier, worth VND208 billion.

Prosecutors say the network expanded when Hoan partnered with Hai, who sourced gold from a Chinese seller named Chau and arranged additional smuggling routes. Couriers sometimes strapped gold around their waists to cross the border. When Hoan struggled to make payments, Hai and Hoan’s staff allegedly sold the gold directly in Hanoi, with Hai collecting the proceeds.

Authorities concluded that from Sept. 2 to Dec. 2, 2024, Hai smuggled 424 kilograms of gold worth VND943 billion into Vietnam. He initially denied involvement but later admitted to smuggling.

Forensic tests by the Ministry of Public Security found that jewelry seized from Hoan Hue, including rings, necklaces, and bracelets, had gold purity levels between 99.92 and 99.95 percent.

Hoan is accused of earning VND100 million from the scheme. Hai says he profited VND449 million, roughly VND1 million per kilogram, although prosecutors charged him based on smuggling volume, not profit.

In the related case, Vietnam Gold Company is accused of operating two accounting systems: Vacom for tax reporting and QLVang for actual transactions. Prosecutors say chairwoman Tran Nhu My and deputy director Phung Thi Thuyet recorded unreported gold trades and routed payments through bank accounts of 30 acquaintances.

As a result, the company allegedly earned VND4.243 trillion in 2023 but reported only VND646 billion for tax purposes. In the first half of 2024, it reportedly made VND5.726 trillion while declaring just VND332 billion. Investigators estimate the scheme caused more than VND5 billion in tax losses.

Pham Nhat Vuong Enters Forbes List of the World’s One Hundred Wealthiest

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Pham Nhat Vuong has entered the top one hundred richest individuals in the world for the first time after Vingroup shares surged again on November 25.

Vingroup stock climbed for the seventh consecutive session to 246,400 dong, while Vinpearl and Vincom Retail also posted gains. The rise added about 1.4 billion dollars to Vuong’s net worth, lifting his total to 22.5 billion dollars and placing him at number one hundred on Forbes’ real time ranking, ahead of Tether co founder Giancarlo Devasini.

Forbes first listed Vuong as Vietnam’s inaugural billionaire in 2013 with assets of 1.5 billion dollars. His net worth has increased fifteen times over the past decade. This year, Vingroup shares have grown sixfold, pushing the group’s market capitalization to nearly 950 trillion dong, the highest on Vietnam’s stock market.

Vuong directly holds 389.9 million Vingroup shares, equal to 10.1 percent, while his family and private entities control about 65 percent of the group. He also owns nearly half of VinFast through two private companies.

Vingroup’s business network has expanded rapidly. In October, Vuong and his family launched new firms in steel, eldercare, and entertainment. Earlier this month, he founded VinSpace, a company focused on aircraft, spacecraft, satellite manufacturing, and air cargo equipment, holding a 71 percent stake.

According to its latest financial report, Vingroup’s total assets reached more than 1.08 quadrillion dong by the end of the third quarter, up 30 percent from the beginning of the year, making it the first private enterprise in Vietnam to reach this scale.

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