Trinh Van Quyet

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Trinh Van Quyet is a Vietnamese businessman who built FLC Group and founded Bamboo Airways. He rose to prominence in the stock market and became Vietnam’s second billionaire in 2016 after his FLC and related shares surged in value. At one point in November 2016 his combined holdings were worth over 31 trillion dong (about $1.4 billion), briefly making him the richest person in Vietnam’s stock market before the gap to Pham Nhat Vuong narrowed.

Early life and career
Quyet was born on November 27, 1975, in Vĩnh Phúc province. His parents were civil servants. He showed entrepreneurial interest in university, starting a Tutor Office and later moving into the phone business. He ultimately built FLC Group, expanded into real estate, and also became the owner of Bamboo Airways.

Legal troubles and investigations
In October 2017, Quyet sold 57 million shares of FLC without reporting the sale, which led to sanctions. The Vietnam State Securities Commission fined him 65 million dong, and FLC Faros Construction JSC (where he also served as chairman) was fined 130 million dong for related violations. The incident drew criticism from the investment community.

In March 2022, Vietnamese authorities opened a case against Quyet for alleged stock market manipulation. He had announced plans to sell a large block of shares, and the authorities later banned him from trading for five months.

Conviction
After a long legal process, Quyet was convicted of fraud by the Hanoi People’s Court and sentenced to 21 years in prison on August 5, 2024. His sisters and several associates were also sentenced on related charges.