However, alongside the resounding successes, the program has also recorded some cases of "sharks" entangled in unnecessary controversies. To date, after 7 seasons of broadcasting, 5 entrepreneurs participating in the program have faced scandals in their business activities and personal lives. This list includes Mr. Hoàng Khải – Chairman of Khải Silk Group, Mr. Phạm Văn Tam – Chairman of the Board of Directors of Asanzo Vietnam Group, Ms. Đỗ Thị Kim Liên – Chairwoman of the Board of Directors of AquaOne Group, Mr. Nguyễn Ngọc Thủy - founder of Egroup, and Shark Nguyễn Hòa Bình.
Shark Thủy and Apax Leaders
Mr. Nguyễn Ngọc Thủy, also known as Shark Thủy, is a familiar name in the business world as the founder and chairman of the board of Egroup and Apax Leaders English Language Company, and was once a prominent shark on the television show Shark Tank Vietnam. However, Shark Thủy has been embroiled in a series of serious controversies related to the management of Apax Leaders. The storm began in late 2022 when many parents across the country from Ho Chi Minh City, Hanoi, Đắk Lắk to Da Nang simultaneously voiced complaints against Apax Leaders, claiming that the quality of teaching at the center did not match the initial commitments and demanded a refund of tuition fees. The situation escalated to a peak in March 2023 when nearly 1,000 parents gathered in front of the Apax Leaders English centers, holding banners demanding their money back.
As of now, in Ho Chi Minh City alone, the amount that Apax Leaders still owes parents has reached over 94 billion VND out of a total of 108 billion VND owed nationwide. In addition, Apax Leaders has also been accused of owing salaries to teachers and staff up to February 2023, amounting to over 11.5 billion VND, and owing rent for premises up to 9 billion VND. Faced with pressure, this unit proposed a debt repayment plan starting in 2025, paying each parent 4.5 million VND per quarter until the debt is settled. However, this plan has faced many mixed opinions from parents. Not stopping there, Shark Thủy has also been accused by many of committing fraud, embezzling thousands of billions of VND through investment deposit contracts with Egroup and related ecosystems.
Accordingly, investors reported that they could not withdraw interest, even the principal when the payment was due. The incident has been reported to the authorities, and on March 26, 2024, the Investigation Police Agency officially initiated a criminal case against Shark Thủy for fraud and appropriation of property.
Shark Phạm Văn Tam and Asanzo
The story of Mr. Phạm Văn Tam, also known as Shark Tam, and the Asanzo empire was once an inspiring startup model. However, everything collapsed due to controversies regarding the origin of products and culminated in tax evasion allegations. Starting in late 2013, Mr. Tam's Asanzo Group chose televisions as its main product, with the advantage of low prices and the title of a Vietnamese brand, Asanzo quickly covered the domestic market. In 2019, it marked a significant turning point when Mr. Tam participated in the third season of Shark Tank Vietnam, where the image of a young, dynamic entrepreneur succeeding in the startup field helped elevate both his name and the Asanzo brand.
At that time, Asanzo rose strongly to compete with giants in the industry such as Samsung, LG, and Sony in terms of market share in Vietnam. Amidst the resounding success, Shark Tam and Asanzo suddenly faced controversies regarding the origin of their goods. Specifically, Asanzo was accused of importing components from China and then assembling them while falsely advertising them as Japanese technology. Before the scandal could settle, Asanzo continued to face more serious accusations from Vietnam regarding document forgery and providing false information. The investigation results from the General Department of Customs at the end of November 2019 determined that Asanzo showed signs of deceiving consumers. Accordingly, Asanzo's production process was not as advertised, primarily importing components from China and then assembling them manually. Not only stopping at the issue of origin, Asanzo was also found to have signs of tax evasion.
According to the conclusion of the Ho Chi Minh City tax inspection in mid-October 2019, Asanzo had established 19 shell companies owned by relatives and employees to import goods, then sold them back to Asanzo by falsely recording the content of invoices from components to finished Asanzo products, evading special consumption tax amounting to tens of billions of VND. Specifically, the Ho Chi Minh City tax department issued a decision to collect back taxes and impose late payment fines on Asanzo totaling 47.6 billion VND. The peak of the incident was on June 23, when the Ho Chi Minh City police investigation agency initiated criminal proceedings against Mr. Tam for tax evasion. Additionally, he was also accused of using illegal invoices to account for goods and raw materials, thereby evading more than 15.7 billion VND in taxes.
Shark Hoàng Khải and Khaisilk
Mr. Hoàng Khải, a shark who was announced as one of the four guest investors of the first season of Shark Tank Vietnam, left a strong impression on the audience. With philosophical statements about business, "I do business with a sincere heart, and in my opinion, envy will have to fall before this sincerity, or in business, sometimes you should not be greedy, and the reason not to be greedy is that you should never take short-term goals to distract from long-term goals." His heartfelt sharing was once a guiding principle for many startups, yet he, who always emphasized integrity and virtue in business, became embroiled in a shocking trade fraud scandal that led to the collapse of the Khaisilk empire.
Mr. Khải was known for building the Khaisilk empire, a prestigious silk brand associated with a high-end, luxurious image, beloved by both domestic customers and international tourists. Not only owning the Khaisilk silk scarf brand, Mr. Khải was also the owner of numerous real estate projects and high-end restaurants in Ho Chi Minh City, possessing a huge fortune worth millions of US dollars. However, in 2017, the Khaisilk silk brand suddenly got embroiled in a scandal of selling Chinese goods labeled as Vietnamese, causing outrage among consumers who called for a boycott.
On October 25, 2017, Mr. Khải officially admitted to selling silk products originating from China and bowed his head to apologize to consumers. However, the belated apology could not salvage the situation. On December 14, 2017, Mr. Khải withdrew from the position of legal representative of Khải Đức Limited Liability Company, the core business of the Khaisilk system. Notably, after the Khaisilk brand owner admitted to selling Chinese silk, authorities investigating found that Khaisilk silk scarves did not contain the silk content as claimed on the product, which was 100% silk.
According to the conclusion of the Ministry of Industry and Trade, this enterprise violated a series of signs related to selling counterfeit goods and poor quality, violating tax management laws and invoices. The Khaisilk scandal dealt a devastating blow to Mr. Hoàng Khải's reputation, transforming him from a successful businessman into a name synonymous with trade fraud. After the Khaisilk empire collapsed, Mr. Khải also went silent, withdrawing from the business world. The story of Shark Khải serves as a warning to businesses about the lessons of business ethics, transparency, and responsibility to consumers; success can only be sustainable when built on the foundation of integrity and honesty.
Shark Đỗ Thị Kim Liên and the Đuống River Water Plant
Shark Đỗ Thị Kim Liên became more well-known after participating in Shark Tank season three and currently holds the position of Chairwoman of the Board of Directors of Xuân Mai Hòa Bình Water Joint Stock Company and Đuống River Surface Water Joint Stock Company. However, Ms. Liên has also been embroiled in several controversies related to the Đuống River surface water plant project. Expected to be the largest clean water supply project in the North with a total investment of up to 5 trillion VND in phase 1, the Đuống River surface water plant has caused much controversy when the approved water price reached 10,246 VND per cubic meter, which is twice the price of water from the Đà River. This has faced strong opposition from public opinion.
In addition, in September 2019, the state inspection of construction quality refused to approve the acceptance results of the project's investor due to the failure to provide sufficient data related to pipeline safety. By October 2019, the project was again halted for similar reasons. Not stopping there, during the complicated COVID-19 pandemic, the Eastern Insurance Joint Stock Company (VASS), led by Ms. Liên, also stirred public opinion when launching the Corona Care insurance product, joining hands to combat Corona. This product was later penalized by the Insurance Management and Supervision Department for violating the Prime Minister's directive.
Shark Nguyễn Hòa Bình and romantic controversies
In 2022, businessman Nguyễn Hòa Bình, often known as Shark Bình, was embroiled in romantic controversies with actress Phương Oanh. After publicly dating Phương Oanh, Shark Bình was accused of not being divorced from his wife. Mr. Bình explained that since late 2018, he and his wife had mutually agreed to divorce and completed the asset division. However, the side of businessman Đào Lan Hương, Shark Bình's ex-wife, still insisted that they were still legally married.
This noisy incident severely affected Shark Bình's image, causing many viewers to turn their backs on him. By May 2023, Shark Bình announced that he had reconciled and completed the divorce procedure with his ex-wife and proceeded to register for marriage and hold an engagement ceremony with Phương Oanh. After the storms, the couple has two children together and frequently shares sweet moments on social media.