Prominent Career Of Nguyen Van Duong Before Being Arrested

Who is Nguyen Van Duong?

Nguyen Van Duong is known as the Chairman of CNC Company, with an initial investment capital of 20 billion Vietnamese dong. This company is considered a shield company under the Ministry of Public Security. Duong intended to use this company to disguise his illegal activities. Prior to that, Nguyen Van Duong was also the Chairman of the Board of Directors of UDIC Company and was involved in the Bac Giang – Lang Son expressway project.

Nguyen Van Duong is one of the two leaders of a multi-billion gambling ring that was dismantled by the Ministry of Public Security in 2018. During the trial, Duong received the highest sentence and had to pay the largest amount for the execution of the judgment, amounting to nearly 1,700 billion Vietnamese dong.

Two significant stages in Nguyen Van Duong’s career: Nguyen Van Duong became a well-known figure since 2018 due to the investigation into the Rikvip online gambling network that profited billions of Vietnamese dong. Duong was one of the two masterminds behind this network, and both defendants had a successful career before getting involved in legal troubles. Specifically, Nguyen Van Duong’s career went through the following stages:

Stage 1: UDIC Investment Joint Stock Company Before getting entangled in legal issues, Nguyen Van Duong was the Chairman of the Board of Directors of UDIC Investment Joint Stock Company. The company did not have any notable achievements until it was approved by the Ministry of Transport as the investor with the largest capital in the joint venture for the BOT project on the Bac Giang – Lang Son expressway.

The company underwent an increase in its charter capital in 2016, resulting in Nguyen Van Duong increasing his ownership stake to 99.29%, equivalent to a contributed capital of 52.46 billion Vietnamese dong. However, during this capital increase, two founding shareholders of UDIC, PVCombank and Viet Hong Trading Company, divested all their shares from UDIC.

Due to this issue, Nguyen Van Duong divested a significant portion of his shares. Subsequently, the Saigon Bridge and Road Construction Investment Corporation became the largest shareholder by acquiring a 51% stake in UDIC.

However, in March 2017, the Ministry of Transport announced that UDIC had withdrawn from the expressway project and approved the company’s restructuring plan with the participation of other investors. This was when UDIC announced changes in its information and the representative person was no longer Nguyen Van Duong but Nguyen Huu Hung.

After leaving UDIC, Nguyen Van Duong, together with Vu Kim Ha, became the two largest shareholders of CNC High-Tech Security Investment Development Company.