Recently, Lawyer Nguyen Thi Ngoc Anh, Managing Partner and Director of ATA Legal Services, granted an interview to a journalist from the Business and Integration Online Magazine on the legal nature of so-called “crowdfunding” or “financial investment” models involving enormous capital amounts — projects that promise future listings on international stock exchanges with billion-dollar valuations. In this interview, Lawyer Ngoc Anh analyzed existing legal loopholes and provided practical guidance for investors.
The full interview, titled “Lawyer Ngoc Anh: Crowdfunding – Investors Could Lose Everything in Million-Dollar Projects”, was published by Business and Integration Online Magazine at the following link: Luật sư Ngọc Anh: Huy động vốn cộng đồng - Nhà đầu tư có thể mất trắng vào những dự án triệu đô.
Below is the full transcript of the interview with Lawyer Nguyen Thi Ngoc Anh on this topic:
By means of sophisticated schemes — from unrealistic profit commitments, staged public relations stunts featuring grand “award ceremonies” honoring “elite enterprises,” photos of “handshakes with Government leaders,” “meetings with foreign investment funds,” to showcasing images at international stock exchanges or welcoming “global tech giants” — the masterminds behind these models have turned the legitimate investment aspirations of many into a highly risky game.
A whole network of media outlets and orchestrated online actors has contributed to the psychological manipulation of investors, pushing them to continue investing.
Given that the legal framework governing crowdfunding, digital assets, and cryptocurrencies in Vietnam remains incomplete, these gaps are being exploited to the fullest. Consequently, individuals who have for years raised capital under “personal crowdfunding” contracts have so far avoided legal scrutiny — at least until their schemes collapse.
Business and Integration Online Magazine conducted an exclusive interview with Lawyer Nguyen Thi Ngoc Anh, Member of the Hanoi Bar Association and CEO of ATA Legal Services, to dissect the nature of these models, analyze the legal loopholes, and provide practical advice for investors.
Journalist: Why are certain individuals able to raise trillions of VND while promising billion-dollar valuations?
Lawyer Ngoc Anh: As a lawyer with many years of experience in financial and banking law, in 2023 I published a legal analysis on crowdfunding — particularly following the failure of the Superstrata 3D-printed bicycle project on the Indiegogo platform. That article warned about forms of “capital mobilization” resembling crowdfunding but conducted spontaneously by one or several individuals without any formal mechanism of inspection or supervision.
Today, in Vietnam, I observe that illegal fundraising models have become increasingly sophisticated, and the total capital raised has grown significantly. Those soliciting funds or endorsing such projects are often public figures or individuals with social influence, which naturally earns public trust. Unfortunately, many of these projects end in failure — sometimes abruptly — leaving investors unable to react and, in many cases, losing their entire capital contributions.
Journalist: Would you say this stems from gaps and delays in the legal framework?
Lawyer Ngoc Anh: Vietnam is undergoing a robust digital transformation; however, the legal corridor concerning crowdfunding, digital assets, and tokenized assets remains incomplete. Only since the issuance of Resolution No. 68-NQ/TW has the Government officially recognized the need to develop legal mechanisms for crowdfunding and digital assets.
Regarding crowdfunding, on June 27, 2025, the National Assembly passed Resolution No. 222/2025/QH15 on the establishment of International Financial Centers (VIFC) in Ho Chi Minh City and Da Nang. For the first time, the Resolution permits start-ups to “raise capital through crowdfunding mechanisms via licensed platforms authorized by the VIFC Governing Authority as guided by the Government.” Yet, as of now, detailed Government guidance remains unavailable.
Concerning digital and crypto assets, on September 9, 2025, the Government issued Resolution No. 05/2025/NQ-CP, which officially recognizes digital and tokenized assets as lawful “property” under the Civil Code, provided they are backed by tangible assets of the issuing enterprise. The Resolution also requires Vietnamese investors to centralize all trading and custody of such assets through licensed service providers under the Ministry of Finance. However, this Resolution merely establishes an initial framework — many critical issues remain unclear, including the liability of issuers in case of violations or investor losses.
In short, Vietnam’s legal system has long lacked effective regulations governing these matters. The few existing instruments are preliminary or pilot in nature. As a result, numerous fundraising models disguised as “investment cooperation,” “future shareholding,” or “token issuance” continue to operate outside the law, making early intervention extremely difficult.
Journalist: What monitoring or crime-prevention mechanisms exist?
Lawyer Ngoc Anh: These schemes often disguise themselves under the banners of “innovation” or “technology start-ups.” They participate in large forums, receive “business excellence awards,” sponsor events to gain opportunities for photos with officials or public figures, appear alongside foreign funds, and are featured in international media. Such imagery creates an illusion of legitimacy, convincing investors while hindering authorities from intervening without clear evidence of wrongdoing.
Typically, these cases involve thousands of victims, fragmented digital evidence, and cross-border money transfers via e-wallets or foreign trading platforms. Verifying each transaction or statement is exceedingly complex and time-consuming.
Another factor is the psychology of victims: many were driven by promises of high returns and herd mentality. Once defrauded, they often remain silent out of embarrassment or hope to recover losses, giving perpetrators more time to raise additional funds or misuse existing capital before the scheme collapses.
Journalist: What are the common “reputation-building” tactics used to lure the public?
Lawyer Ngoc Anh: Unlike licensed credit institutions, which assess borrowers’ financial capacity and collateral, these fundraisers rely solely on public trust and promised profits. To build that trust, they commonly use the following tactics:
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Unrealistic profit commitments and disguised multi-level schemes:
Offering abnormally high returns — 20–50% per year or even 1–2% per day — far exceeding legitimate investment yields such as government bonds or bank deposits. These are typically Ponzi or pyramid schemes, where funds from new investors are used to pay old ones, without real business activity. Once inflows dry up, collapse is inevitable. -
Fabricated public relations and grandiose events:
Organizing large-scale ceremonies, featuring images of “handshakes with leaders,” “meetings with foreign funds,” or “visits from global tech giants.” A frequent ploy is displaying project imagery on digital billboards at Nasdaq or other iconic venues — with no real partnership behind it — to create false credibility. -
Exploiting technology for false legitimacy:
Many build sleek websites, issue proprietary “tokens,” or create fake trading apps using blockchain as a buzzword. These tokens are often worthless and unlisted on reputable exchanges. After inflating the artificial value, perpetrators sell off holdings and disappear, leaving investors with nothing. -
Leveraging social media and influencer marketing:
Using or impersonating celebrities (KOLs/KOCs) to promote investment opportunities, offering “referral commissions,” and fostering herd behavior. The public’s blind trust in influencers often leads to uncritical investment decisions. -
Forging or misusing legal documents:
Distributing “investment contracts” or “capital contribution agreements” with complex legal jargon but no enforceable value. Some even fabricate licenses or cite international documents with no validity in Vietnam.
Journalist: If individuals have already invested, how can they recover their money?
Lawyer Ngoc Anh: In principle, the law protects lawful ownership rights. Previously, the lack of recognition for digital assets made recovery challenging. However, with Resolution No. 05/2025/NQ-CP officially recognizing digital and tokenized assets as legal property, investors now have proper legal grounds to reclaim their funds.
Investors may rely on evidence such as capital contribution contracts, transfer receipts, and ownership records of digital assets to identify the fundraising entities and establish non-performance or fraudulent acts.
Depending on the case, investors may pursue one or more of the following remedies:
- Negotiation: Engage directly with the fundraising entity. Any settlement must be documented in writing, signed by an authorized representative.
- Civil litigation: File a lawsuit at a competent People’s Court seeking contract invalidation, restitution, or damages. Note that the statute of limitations for contractual disputes is two years from the date of rights infringement (Article 429 of the Civil Code 2015), except for specific exceptions.
- Criminal complaint: If fraudulent acts are suspected (e.g., false profit guarantees, forged licenses, misrepresentation, or absconding), investors may file a criminal complaint with the police. Legal counsel should be sought to assist in evidence collection and procedural strategy.
Journalist: In your view, what solutions can curb this phenomenon?
Lawyer Ngoc Anh: The current regulatory framework for crowdfunding is still too thin. Lawmakers must expedite detailed regulations clarifying permissible fundraising methods and establishing risk-control and investor-protection mechanisms.
Additionally, stronger financial transaction monitoring, mandatory documentation, and enhanced cooperation with banks are essential. Legal literacy campaigns must continue — educating the public on recognizing fraudulent schemes and misleading public relations tactics. Media outlets also play a vital role in issuing timely warnings and awareness programs.
From the perspective of legal professionals, we at ATA Global Law Firm consistently update and disseminate legal policies and analyses to help the public develop prudent investment habits. Investment inherently involves risk, but with due diligence and informed decision-making, those risks can be managed or avoided.
My advice is simple: “Only invest through transparent, lawful entities. Always verify all documents and information before making any financial commitment. If uncertain, consult a lawyer or legal expert first. Avoid herd mentality and emotional decision-making.”
Once an investment is made, if you suspect wrongdoing, do not remain silent. Act immediately to protect your rights — and even if you cannot recover your losses, your action may prevent others from suffering the same fate.
Journalist: Thank you very much!
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