Don’t Let Legal Rumors Cause Panic: The Truth About the AISVN International School Case

📰 Primary Reference: People's Public Security Newspaper — "Case of AISVN International School's Insolvency after Raising Trillions of VND Transferred to Investigative Authorities"

Myth 1: "Separating Legal Entities Means Escaping Liability"

Some believe the school owner was "shrewd" in letting AIS American International Education JSC (the entity that signed contracts with parents) bear the debt, while Knowledge Resource Management JSC remained "safe" holding the real estate assets. This is a misconception that must be clarified.

Vietnamese law is not easily deceived by such arrangements.

According to the People's Public Security Newspaper, the entities involved include:

• AIS American International Education JSC — The school operator that signed capital mobilization contracts with parents.

• Knowledge Resource Management JSC — An entity with intimate personnel and financial ties to AIS.

• Cao Lo Consulting and Construction Co., Ltd — Involved in contracts worth over 67 billion VND but lacking any supporting documents or vouchers.

• 247 Investment Service Trading JSC — Provided services worth over 189 billion VND, yet the school failed to provide invoices or documentation.

• Global Architecture Construction JSC: — Involved in contract values totaling 1,152 billion VND out of the total "fictitious payments" discovered.

Regarding the connection between these entities, the leadership of the Ho Chi Minh City People's Committee concluded, as recorded by the People's Public Security Newspaper:

"The aforementioned companies all share a relationship of economic, financial, and management dependency."

This conclusion is not speculative; it is based on specific evidence identified by the City Inspectorate:

• Mr. Le Van Linh — Director of Cao Lo Co. — was simultaneously an employee of the Project Department at Knowledge Resource Management JSC, which managed and paid his salary.

• Mr. Ho Quang Trung — Chairman and CEO of 247 Investment Service Trading JSC — also served as the Vice Chairman of AIS American International Education JSC, and Chairman of Knowledge Resource Management JSC.

When leadership is so intertwined and cash flows are centrally coordinated, the legal boundaries between entities are clearly recognized by authorities. "Separating entities" is not an automatic shield against joint liability — especially when a relationship of dependency has been officially recorded by the City Inspectorate.

Myth 2: "This Is Merely a Routine Civil Dispute"

The case has escalated far beyond the scope of a routine civil dispute or a standard bankruptcy. The Vice Chairwoman of the Ho Chi Minh City People's Committee, Ms. Tran Thi Dieu Thuy, has directed the City Inspectorate to transfer the files to the City Police Investigative Agency to examine and handle signs of criminal violations, including:

• AIS American International Education JSC mobilized capital from parents through educational investment contracts but utilized over 120 billion VND to pay loan interest — failing to meet the committed purpose.

• Lax financial oversight led to fictitious payments totaling over 1,219 billion VND (specifically 1,152 billion VND to Global Company and over 67 billion VND to Cao Lo Company).

• 321 contracts that matured between 2018 and 2023, totaling over 717 billion VND, remain unpaid. — According to the City Inspectorate, this shows signs of "Abuse of trust to appropriate property."

Investigative authorities possess the full technical expertise to trace cash flows. By clarifying the origin and destination of these funds, the investigative results will serve as a vital legal basis to determine the liability of each involved party and protect the legitimate interests of parents.

Why the Land Remains Unresolved — And Why This Is Our Opportunity and Hope

For years, the 6.5-hectare land has remained unliquidated due to multiple overlapping "deadlocks":

• Long-standing, Not New: There have been no successful transfer or liquidation procedures for years. This is a structural bottleneck; if it was impossible then, it is certainly many times harder now.

• Specific Conditions for Educational Land: Under legal regulations, land allocated for schools cannot be freely transferred like commercial real estate. Every transaction requires approval from both educational and land management authorities.

• Tied to a Criminal Investigation — A "No-Touch" Zone: As the Police Investigative Agency probes over 1,219 billion VND in fictitious payments between dependent entities, this land may likely be identified as an asset derived from the funds under investigation. No party — including banks — would dare to execute a transaction without an official conclusion..

• The Grassland Lease Agreement as a Practical Barrier: With the lessee still legally present and the premises not yet vacated, any procedures for inventory, valuation, or foreclosure cannot be initiated.

  ==> This is precisely the opportunity and the greatest hope for AISVN parents. These layers of complications are effectively freezing the status quo of the land — meaning the asset hasn't gone anywhere. If we pursue the AIST restructuring solution to the end, patiently awaiting the investigation's conclusion and the court's verdict, this will be the most practical foundation to reclaim our interest s— or ensure our children's education continues. Giving up now would be the ultimate regret.

AIST Does Not Choose Confrontation — We Choose Conditional Partnership

The parent community, through the AIST solution, does not aim to create difficulties for the school, nor do we intend to appropriate any assets.

To date, neither Ms. Nguyen Thi Ut Em nor Mr. Ho Quang Trung has ever announced or "threatened" that the separation of legal entities was intended to evade legal responsibility. On the contrary, according to media reports, the school owners continue to affirm their responsibility and ownership of the assets. They are reportedly actively — though so far unsuccessfully — seeking investors to restore operations.

We should acknowledge and appreciate these efforts. This is precisely why we choose negotiation and recovery over a forced liquidation under the priority order of the Law on Bankruptcy and Recovery (Amended 2025), which took effect on March 1, 2026. Our goal is to ensure that no party in this crisis suffers devastating losses, as would happen in the worst-case scenario.

If the school owners genuinely possess goodwill and the assets truly belong to their ecosystem as claimed, then this is the best foundation to jointly build a restructuring roadmap. The AIST solution is ready to partner—on the condition that the process is transparent, supervised by authorities, and that the interests of every parent are secured by specific legal commitments.

Accurate Information is The Foundation for Right Action

Do not let unofficial legal information cause panic or lead you to give up.

The official inspection conclusion has clearly identified the relationship of dependency between the legal entities. Investigative authorities are currently handling the case and tracing cash flows in accordance with due process. Parents, please remain steadfast and united in protecting your legitimate interests — to fairly reclaim your investments and ensure a stable educational future for our children.

The strength of the parent community lies not in confrontation, but in organized solidarity and trust in the Vietnamese legal system.

We do not need to judge in place of the Court — Parents only need to remain firm in protecting their legal rights while awaiting the official conclusions from the authorities.

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