Vietnam's Billion-Dollar Fraud Crisis: Rescues and Death Sentences

Vietnam has undertaken an "unprecedented" $24 billion rescue of Saigon Joint Stock Commercial Bank (SCB) following the nation's largest financial fraud, triggered by the arrest of real estate tycoon Truong My Lan. The central bank's cash injections into SCB amount to 5.6% of the nation's annual economic output and one-fourth of Vietnam's foreign-exchange reserves. SCB's deposits have plummeted, bad loans have surged, and the bank continues to face liquidity problems despite official support. The government is seeking private sector help and foreign investment to restructure SCB, which is crucial for the stability of Vietnam's financial system.