On 7/3, Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex) issued an "unusual information disclosure", stating it had received notification from the Ministry of Public Security's investigative police agency regarding the temporary detention of two of its senior leaders.
According to the disclosure, Mr. Toi, a Board of Directors member, Deputy General Director, and former Vinaconex Chairman, along with Mr. Mau, a Board of Directors member and Deputy General Director, were arrested for "violations of bidding regulations causing particularly serious consequences." Mr. Toi is also accused of "paying money to the investor to facilitate winning bids."
"We commit that the information disclosed above is true and take full legal responsibility for the information published", Vinaconex's announcement stated.
Most recently, on 14/2, Vinaconex announced Mr. Toi's dismissal and the election of Mr. Tran Dinh Tuan, a Board of Directors member and Deputy General Director, as Vinaconex Chairman.
Mr. Nguyen Huu Toi, 67, had a long tenure with Vinaconex, serving as Chairman of the Board of Directors for the 2022-2027 term since late 7/2024.
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Mr. Nguyen Huu Toi, 12/2025. *Photo: Vinaconex* |
Founded in 1988, Vinaconex is an old construction and real estate enterprise in Vietnam. Initially, it was a state-owned enterprise under the Ministry of Construction. Vinaconex participated in many large-scale infrastructure, industrial, and civil projects nationwide before privatization. The corporation began restructuring six years ago when the state divested its capital.
In 2025, Vinaconex's net revenue increased by nearly 25% to over 16,000 billion VND. Its after-tax profit also reached a record high of more than 4,129 billion VND.
The company stated that last year also marked a significant step in aviation infrastructure construction, participating in the Long Thanh International Airport project and the expanded Noi Bai T2 terminal. Additionally, Vinaconex was a key contractor for important sections of the North-South Expressway phase 2, such as Bai Vot – Ham Nghi, Van Phong – Nha Trang, and Vung Ang – Bung.
Most recently, Airports Corporation of Vietnam (ACV) also issued an "unusual information disclosure" regarding the Ministry of Public Security's temporary detention of Mr. Vu The Phiet and Mr. Nguyen Tien Viet, Board of Directors members and Deputy General Directors overseeing ACV's Executive Board. Both are under investigation for "violations of bidding regulations causing particularly serious consequences" and for receiving money to facilitate contractors winning bids.
Pham Du
