Investment Scams in Vietnam
Unlicensed securities, forex, and virtual asset investment schemes targeting Vietnamese investors with high promised returns and no regulatory oversight.
Part of: Investment Scams
Last reviewed: 1 June 2026
Vietnam's rapidly expanding middle class and growing interest in stocks and investment products have been matched by a proliferation of unlicensed investment operators. The State Securities Commission (SSC) regularly warns Vietnamese investors about illegal securities dealing and multi-level investment schemes that collapse with victims' funds.
Forex trading platforms, offshore 'stock investment clubs', and crypto investment groups have defrauded thousands of Vietnamese investors, with losses sometimes reaching hundreds of millions of VND per victim.
How this scam works on Vietnam
An investment club or online trading group — promoted on Facebook or Zalo — offers to coach members on forex or stock trading with guaranteed monthly returns. Members pay a 'training fee' and deposit investment capital. Early participants receive real payouts (funded by new members), but the scheme collapses once recruitment slows.
Forex platforms targeting Vietnamese investors typically claim to be regulated abroad (often using fabricated FSA or FCA license numbers) and offer VND deposits through local bank accounts. Withdrawals are eventually blocked when the scheme reaches its end.
Some schemes operate under the guise of Vietnamese multi-level marketing companies that include investment components — exploiting the legal space between MLM regulation and securities law.
Common red flags
- Guaranteed monthly returns on securities or forex with no risk disclosure
- Platform claims foreign regulation but license number cannot be verified on the regulator's website
- Investment club requires recruiting new members for better returns (MLM structure)
- No SSC authorization for securities dealing activities
- VND deposits go to personal or unregulated company accounts
- Withdrawal requests blocked by escalating requirements
How to protect yourself
- Only invest through SSC-licensed securities companies (list at ssc.gov.vn)
- Verify foreign regulator claims directly on the regulator's official website
- Be deeply skeptical of any investment promising fixed monthly returns
- Avoid investment clubs requiring you to recruit others for better returns
- Consult a licensed financial advisor registered with SSC before investing
How to report it
- Report illegal investment to SSC at ssc.gov.vn
- File a complaint with Ministry of Public Security at canhbaolua.vn
- Report multi-level investment fraud to the Ministry of Industry and Trade (MOIT)
Frequently asked questions
How do I verify if a forex platform is legitimately regulated as it claims?
If a platform claims FCA (UK) regulation, verify the license number on register.fca.org.uk. For FSC (Mauritius), check fscmauritius.org. If the number does not appear or the company name differs, the claimed regulation is fake.