The first step toward selling the stake that makes up 91.54% of Tan Viet Securities (TVSI) is done: a valuation firm has been chosen. Everything after that is still open. There is no valuation figure, no auction date, and no buyer.
According to CafeF on October 19, 2026, the Hanoi Civil Judgment Enforcement Office issued a notice on October 15 announcing the valuation firm it had selected. In total, 241,584,580 shares, about 91.54% of TVSI's charter capital, will go into the valuation.CafeF What makes this stake unusual is that the shareholder on the register is not the person the enforcement authorities are targeting. To see why, we need to go back a few years.
2018–2020: Shares Held in Other Names
The second-phase investigation conclusions in the Van Thinh Phat case, released in June 2024, found that Truong My Lan, former Chairwoman of Van Thinh Phat Group, controlled TVSI through individuals and companies that held the shares in their own names. Between 2018 and 2020, she held 96.1 million to more than 96.6 million shares, equal to 88.23% to 88.73% of charter capital.CafeF
In the same period, TVSI advised on and issued 25 bond packages for four issuers: An Dong, Sunny World, Quang Thuan and Setra.CafeF Nguoi Quan Sat writes that in the case, Tan Viet was identified as a key link that helped Lan misappropriate more than VND 30,000 billion from bond issuance to more than 35,000 bondholders.Người Quan Sát After later capital increases, the shares linked to Lan rose to more than 241.5 million, so her controlling share is now higher than in 2018–2020.
From Verdicts to the October 15 Notice
According to CafeF, the October 15 notice rests on the Van Thinh Phat verdicts, together with earlier decisions on judgment enforcement, handling of entrusted assets, and asset seizure.CafeF The word "entrusted" explains why shares held in other people's names are still handled as Lan's assets: those documents treat them as property she placed in others' names.
The stake splits into two groups of nominal holders: 140,901,080 shares in the names of six individuals, and 100,683,500 shares in the names of four companies, Minerva, Minerva Heritage, Future Horizon and Lumiform.CafeF The articles cited give no reference numbers or issue dates for the individual verdicts and seizure decisions, so this piece does not date that step.
October 12 and 15: Two Notices in Four Days
On October 12, the Hanoi office posted a notice seeking a valuation firm for more than 240 million TVSI shares, accepting applications from October 12 through October 14.Người Quan Sát Selection follows the criteria in Clause 2, Article 60 of Decree 152/2026/ND-CP, which guides the 2025 Law on Civil Judgment Enforcement and took effect on July 1, 2026.LuatVietnam
One day after applications closed, the office issued its result: the enforcement officer chose Vietnam Consulting and Valuation JSC, headquartered in Dai Mo ward, Hanoi, to sign the valuation service contract.Người Quan Sát The notice only names the firm; it does not publish a valuation. What has happened is the choice of a valuer. What has not happened is a price, an auction date, or a buyer.
What Is Actually Being Valued
TVSI was founded in 2006, has charter capital of VND 2,639 billion, and is unlisted.CafeF With no exchange price, no one can multiply the share count by a market quote to see what the 91.54% is worth. That number only appears once the valuation certificate is published.
TVSI's first-half 2026 financial statements show total assets of more than VND 4,007 billion at June 30, 2026, down slightly from the start of the year. Cash and cash equivalents were above VND 1,929 billion, up about VND 259 billion, and make up close to half of total assets.Người Quan Sát Financial assets at fair value through profit or loss were nearly VND 1,322 billion, and loans were VND 710 billion.CafeF On earnings, TVSI posted first-half 2026 profit after tax of more than VND 15.5 billion, against more than VND 20.2 billion a year earlier.Người Quan Sát
There is an important gap in these figures. Shareholders' equity at June 30, 2026, the closest thing to book value of the shares, does not appear in the articles cited. Total assets of VND 4,007 billion are also not value belonging to shareholders, because they include liabilities that the articles do not give. This piece therefore does not estimate what the stake is worth. That is the valuer's job.
The Milestones the Law Sets After Valuation
Article 81 of the 2025 Law on Civil Judgment Enforcement says that after seizure, the enforcement officer carries out valuation, price determination, sale and handover of the asset.HeThongPhapLuat The general framework in Articles 82 and 83 contains a few concrete milestones. After receiving notice of the first valuation result, the parties have five working days to request a re-valuation, once only and at their own cost.HeThongPhapLuat The starting price of the first auction is the valuation result, or the re-valuation result if there is one. If an auction fails, the officer decides a price cut of no more than 10% of the previous auction's starting price each time.HeThongPhapLuat
The law does, however, carve out a group of assets: gold, securities, digital assets and other special assets. Valuation and sale of these follow the relevant legislation, not only the general deadlines. TVSI shares are securities. As of October 19, no outlet has reported a date for the valuation result or an auction, and this piece does not infer one.
Two Groups Waiting
The first group is the judgment creditors in the case. Each asset that is valued and sold feeds money into enforcement. But the articles on the October 15 notice do not say which creditors will receive proceeds from the TVSI stake, or in what order. The law sets only a general principle in Article 54: after enforcement costs and related taxes and fees, proceeds are paid in order of priority, and creditors in the same rank share pro rata to the amount each is owed.HeThongPhapLuat Whether the TVSI proceeds are large or small will only be clear once there is a valuation result and an auction price.
The second group is customers with accounts at TVSI. What is being valued is the company's own shares, the owner's stake. Customers' cash and securities sit in a separate zone. Article 88 of the 2019 Law on Securities says securities-trading deposits, deposited securities and related rights belong to the customer, not to the securities firm.HeThongPhapLuat Article 89 requires the firm to keep each customer's assets separate, and customer assets separate from company assets.HeThongPhapLuat
These rules do not depend on who the controlling shareholder is. If the 91.54% changes hands, the company gets a new owner. Under the law, that does not turn customers' cash and securities into the new owner's property. Whether the firm actually keeps the assets separate is something customers can check against their own account statements.
The Next Milestone
The next step with a real answer is the notice of the valuation result. It will show what the 241.58 million shares are valued at, and it opens the five working days to request a re-valuation under the general framework. Only after that comes the question of who has the money and the eligibility to buy nearly all of a securities firm with VND 2,639 billion in charter capital. Until then, the one concrete date to watch is when the Hanoi Civil Judgment Enforcement Office publishes the valuation figure.