Vietnam Busts $1.2B Laundering, $50M Betting Network
The Most Important Points at a Glance
Vietnam has uncovered one of the largest money laundering operations in its history. At the center is a network that used illegal online gambling and fake companies to launder approximately 1.2 billion USD. At the same time, another illegal sports betting network was dismantled, which is said to have handled about 1.2 trillion Vietnamese Dong (around 50 million USD) since 2023. These cases highlight the challenges authorities face in combating illegal gambling and financial crime.
Largest Money Laundering Case in Danang’s History
On January 23, 2025, police in Danang arrested five individuals suspected of laundering over 30 trillion Vietnamese Dong (approximately 1.2 billion USD). The criminal group allegedly used a complex system of fake documents and identities between 2022 and 2024. A total of 600 corporate accounts were opened, and 187 fictitious companies were established to obscure the origin of the funds. Bank employees are also believed to have been involved in the transactions. According to authorities, this is the largest money laundering case the city has ever experienced.
Illegal Sports Betting Network Uncovered
Just a few days earlier, police dismantled another illegal gambling network operated by the well-known gangster Tran Trung Hieu, also known as “Hieu De.” The network, based in Dong Nai province, focused on football betting and had handled approximately 1.2 trillion Vietnamese Dong since 2023. During the raid, Hieu De and 15 other individuals were arrested. Authorities seized over 1.1 billion Vietnamese Dong in cash. Reports indicate that the network used “professional and sophisticated methods” to avoid detection.
Background: Illegal Gambling in Vietnam
Although online gambling is illegal in Vietnam, the black market is thriving. Experts estimate its value at about 250.6 trillion Vietnamese Dong (approximately 10.5 billion USD). Football betting dominates the market, with most wagers placed on international matches. The easy accessibility of foreign betting platforms further drives demand.
Challenges for Authorities
The recent crackdowns show that the Vietnamese government is determined to tackle illegal gambling and financial crime. However, the size and complexity of the exposed networks highlight how difficult it is to control these activities. In particular, the use of modern technologies and international platforms significantly complicates the work of law enforcement agencies.
Our Assessment
The recent cases in Vietnam send a clear signal about the growing importance of combating illegal gambling and money laundering. They demonstrate how professional and globally interconnected such criminal organizations have become. For players, this means exercising caution when engaging with unregulated platforms. For authorities, the challenge remains to keep up with technological developments and strengthen international cooperation to effectively dismantle such networks.
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