ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Vietnam's new conglomerates in crosshairs of corruption crackdown

Arrest of developer FLC's founder highlights fraying of ties with Communist Party

FLC founder Trinh Van Quyet was arrested last month on stock manipulation charges. (Photo by Tomoya Onishi)

HANOI -- Several of Vietnam's fast-growing new conglomerates have been caught in the government's corruption dragnet, signaling a turning point for the cozy relationships with the Communist Party that helped many of these companies grow.

Trinh Van Quyet, founder and now-former chairman of real estate developer FLC, was arrested late last month on charges of stock manipulation and hiding information on stock transactions after selling a portion of his stake in the company. FLC owns Bamboo Airways, Vietnam's third-largest airline.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more