Nguyen Thi Nhu Loan: The "female general" behind Quoc Cuong Gia Lai and the scandal leading to her prosecution.

Nguyen Thi Nhu Loan is associated with the image of a strong-willed and extremely wealthy businesswoman in the Vietnamese real estate market. However, news of her legal troubles has caused a stir online.

As the founder and leader of Quoc Cuong Gia Lai Group (QCG), Ms. Nguyen Thi Nhu Loan was once considered a symbol of the generation of entrepreneurs who dared to think outside the box during the open market economy era. However, entering 2024, her business journey spanning more than three decades has been overshadowed by serious legal controversies, plunging both her and the company into unprecedented difficulties.

From small private enterprises to diversified corporations

Ms. Nguyen Thi Nhu Loan was born in 1960 in Binh Dinh province. In 1994, she founded Quoc Cuong Private Enterprise - the predecessor of today's Quoc Cuong Gia Lai Joint Stock Company. At that time, Quoc Cuong Gia Lai mainly operated in the field of timber exploitation, processing, and export, supplying products such as round timber, sawn timber, outdoor furniture, and decorative interior furniture.

Having undergone several transformations, especially after privatization, Quoc Cuong Gia Lai has gradually expanded into higher-margin sectors such as real estate, rubber, hydropower, and construction. Starting as a company in the Central Highlands, QCG has gradually made its mark in major markets, particularly Ho Chi Minh City.

Following the equitization process, Ms. Loan served as Chairwoman of the Board of Directors and General Director for 13 years, starting in March 2007. Currently, she holds the position of General Director of Quoc Cuong Gia Lai Joint Stock Company and is also the largest shareholder of the enterprise.

Wealthy businesswomen and the silent pressures they face.

At her peak, Ms. Nguyen Thi Nhu Loan was repeatedly named among the wealthiest individuals on the Vietnamese stock exchange. In 2011, she was among the top 15 richest people in Vietnam and was also honored as one of the 100 "Outstanding Vietnamese Female Entrepreneurs," receiving the "Golden Rose" award.

Sharing her business journey, Ms. Loan once admitted to the pressures she faced: "There were times when things were almost insurmountable, I had to manage everything alone, unable to ask for help from anyone... Many nights I wondered why I, as a woman, chose such a demanding industry." This statement resonated strongly with the business community, especially in the context of real estate, a harsh field heavily dependent on legal regulations and capital flows.

As of December 31, 2023, Ms. Loan owned nearly 102 million QCG shares, equivalent to approximately 37% of the company's charter capital. However, as of 2024, the value of the shares she held was only about VND 924.4 billion – a figure that partly reflects the sharp decline of the business in recent years.

Legal troubles stemming from a multi-billion dollar project.

Despite quickly becoming a major player in the real estate sector, Quoc Cuong Gia Lai's project portfolio has been plagued by controversy. The most serious case is the 39-39B Ben Van Don project (Ward 12, District 4, Ho Chi Minh City) – the direct cause of Ms. Loan's prosecution and temporary detention.

This land was originally public land, managed by Dong Nai Rubber Company and Ba Ria Rubber Company ( thuộc Vietnam Rubber Industry Group). In December 2009, the two companies contributed capital to establish Phu Viet Tin Co., Ltd. In March 2010, the Ho Chi Minh City People's Committee decided to reclaim the land and assign it to Phu Viet Tin for investment in a project.

By September 2014, Quoc Cuong Gia Lai acquired almost all of the capital contribution in Phu Viet Tin, thereby gaining controlling interest in the company. Just a few months later, QCG continuously transferred capital to many other partners with a total value of hundreds of billions of VND. However, this project was later found by the Government Inspectorate to have numerous violations related to land allocation and project implementation.

Quoc Cuong Gia Lai had previously asserted that transactions at the 39-39B Ben Van Don project were in accordance with regulations and unrelated to the Vietnam Rubber Industry Group. However, the Ministry of Public Security's investigation concluded with a completely contradictory statement.

A long series of violations and their consequences.

Besides the Ben Van Don project, Quoc Cuong Gia Lai is also involved in irregularities in the transfer of 32 hectares of land in the Phuoc Kien residential area project (Nha Be district) and the Riverside residential area project (District 7), both of which are land owned by 100% state-owned enterprises.

Notably, in the Van Thinh Phat Group case, the court ordered Quoc Cuong Gia Lai to return the entire 2,883 billion VND received from Ms. Truong My Lan related to the nearly 92-hectare project in Phuoc Kien. This is considered a major blow to the company's already difficult financial situation.

The Ministry of Public Security has completed its investigation and recommended the prosecution of Ms. Nguyen Thi Nhu Loan and 21 other defendants on five serious charges, including "Violating regulations on the management and use of state assets causing losses and waste" and "Giving and receiving bribes".

The investigating agency determined that Ms. Loan and the related defendants caused damage to state assets exceeding 542 billion VND. Ms. Loan herself was determined to have benefited and been personally responsible for over 297 billion VND.

Acknowledging wrongdoing and making efforts to remedy the consequences.

Notably, Ms. Loan admitted knowing that the land at 39-39B Ben Van Don originated as state-owned land and that its transfer should have gone through an auction. The signing of the contract and assistance in completing the legal procedures for transferring the asset from a state-owned enterprise to a private entity through a direct appointment process was determined to be a violation.

To mitigate the consequences, Ms. Loan paid 100 billion VND and handed over four plots of land worth approximately 281 billion VND for the investigating agency to seize. Authorities also noted several mitigating circumstances for her, such as her sincere confession, voluntary remediation, advanced age, and poor health.

From being seen as a quintessential businesswoman, representing perseverance and decisiveness, Ms. Nguyen Thi Nhu Loan now faces a serious legal crisis, leaving many in the business community with a sense of regret.

Cuong Do La's strange move has caused a stir among netizens: What's going on? Khánh Linh21:08:52 15/12/2025The night before, Cuong Do La was still posting articles and images as usual. However, currently, the online community is confused after discovering that a series of posts on the businessman's personal page have suddenly disappeared.