Ex-Chairman of National Power Transmission Corporation Dang Phan Tuong Faces Prosecution in Ongoing Energy Sector Scandal

The investigative branch of the Ministry of Public Security (C01) has formally initiated criminal proceedings against Mr. Dang Phan Tuong, former Chairman of the Members’ Council of the National Power Transmission Corporation (EVNNPT) and current member of the Board of Directors at Dong Anh Electrical Equipment Corporation (EEMC). This development marks a significant escalation in an extensive, high-profile corruption probe shaking Vietnam’s crucial power and infrastructure sectors, stretching across major state-owned enterprises and private industrial groups.

According to formal disclosures issued by EEMC—traded on the stock market under the ticker symbol TBD—the company received official notification from C01 detailing the legal action taken against Mr. Tuong in his capacity as a member of the corporate board. Although the initial corporate filing did not explicitly outline the exact statutory articles invoked against Mr. Tuong or the specific preventive measures enacted by law enforcement authorities, the development has sent ripples through the corporate governance structures of both EEMC and the broader Vietnamese energy industry.

Chronology of an Expanding Criminal Investigation

The investigation entangling Mr. Tuong traces its roots back to late April 2026, when C01 first launched criminal proceedings into systemic irregularities, procurement fraud, and financial mismanagement at EVNNPT, CTCP Tập đoàn PC1 (PC1 Group), and other affiliated entities.

By early July 2026, the Ministry of Public Security provided a comprehensive update on the scope of the probe, revealing that investigators had formally prosecuted a total of 47 suspects across 13 companies and organizational units. The sprawling case encompasses five distinct legal categories: violating regulations on bidding causing serious consequences; violating accounting regulations causing serious consequences; embezzlement of assets; giving bribes; and receiving bribes.

Preliminary findings from the ongoing investigation indicate that widespread regulatory violations occurred throughout the lifecycle of the monumental 500 kV Circuit 3 transmission line project—a critical national infrastructure undertaking spearheaded by EVNNPT as the primary investor. Investigators have scrutinized every phase of the project’s execution, ranging from the initial formulation and approval of project plans, the preparation of bidding dossiers, and the organization of the tender processes, through to project acceptance, final settlement, and financial auditing.

As part of the stringent measures deployed to recover misappropriated state assets and curb financial dissipation, the investigative agency reported the temporary seizure of VND 45.8 billion and USD 1 million in cash. Furthermore, authorities have imposed temporary suspensions and asset freezes on securities trading accounts valued at approximately VND 1.756 billion, underscoring the massive financial footprint of the alleged infractions.

Professional Background of Mr. Dang Phan Tuong

Mr. Dang Phan Tuong’s inclusion in the widening criminal probe has drawn intense public scrutiny given his extensive career spanning decades within Vietnam’s state-dominated power sector. His professional trajectory includes a lengthy tenure at the helm of EVNNPT, where he served as Chairman of the Members’ Council for roughly nine years, from September 2011 until his departure in 2020. Prior to ascending to the chairmanship, Mr. Tuong held critical leadership roles within the same organization, functioning as a member of the Members’ Council and steering strategic power grid development initiatives.

EVNNPT itself operates as a vital pillar within Vietnam Electricity (EVN), the state-owned national utility monopoly. Tasked with the core mandate of developing, expanding, and safely operating the nationwide high-voltage power transmission grid, EVNNPT handles assets of immense strategic and economic value to the country’s energy security.

Following his departure from EVNNPT, Mr. Tuong transitioned into corporate governance within the manufacturing sector. His appointment to the Board of Directors at Dong Anh Electrical Equipment Corporation (EEMC) was formalized relatively recently. During an extraordinary general meeting of shareholders held on November 14, 2024, Mr. Tuong was elected as an additional member of the EEMC board for the 2024–2029 tenure, formally joining the board in November 2024. The sudden turn of events surrounding his prosecution has now plunged EEMC into a governance crisis, forcing the publicly traded electrical equipment manufacturer to address the legal challenges facing its board member while reassuring institutional and retail shareholders.

Broader Implications for Vietnam’s Energy and Corporate Sectors

The high-profile prosecution of a veteran executive like Mr. Tuong highlights the relentless momentum of Vietnam’s ongoing anti-corruption campaign, colloquially known as the "blazing furnace" (đốt lò) policy, which has increasingly targeted heavy industry, real estate, energy, and public procurement.

Analysts note that the expansion of the EVNNPT and PC1 Group investigation sends a stark signal to corporate executives and state enterprise managers across the country. By scrutinizing complex infrastructure projects like the 500 kV Circuit 3 transmission line—which is vital for balancing power transmission between the Central and Northern regions of Vietnam—law enforcement agencies are signaling a zero-tolerance approach toward procedural shortcuts, bid-rigging, and financial opacity in mega-projects funded by public capital or executed by state-affiliated entities.

The fallout from the investigation is expected to prompt stricter internal compliance audits across Vietnam’s industrial and energy sectors. Publicly listed enterprises connected to major state utility projects are anticipated to face heightened due diligence from investors, commercial banks, and regulatory bodies. As C01 continues its probe into the remaining suspects and corporate entities, market observers will closely monitor how EEMC and other implicated organizations manage leadership transitions and navigate the legal headwinds stemming from one of the energy sector’s most significant corruption investigations to date.