A court in the southern province of Tra Vinh sent nine Vietinbank bankers and tellers to jail for defrauding the institution out of more than US$135,000.
The six-day trial ended with Ngo Cong Binh, the disgraced director of the bank's Tra Vinh branch, being sentenced to four and a half years in jail for violating economic management regulations causing serious consequences.
Under the same charge, his deputies Ngo Thi Thanh Van received one month less and Lam Hoang Phong three years and five months in jail.
The indictment said Binh, Van and Phong took advantage of the bank’s policy of paying commissions to loan brokers and ordered their staff to generate 658 fake loan agreements to earn them more than VND2.2 billion ($103,600) in commissions between 2010 and 2011.
They stole another VND670 million ($31,550) in interest payments made on phony gold deposits, gifts and several business contracts.
The subordinates involved in the scam were given suspended sentences.
Tran Thi Hanh Hung and Trang Thi Ngoc Minh, then deputy chief accountants of the branch, were each released after spending three years incarcerated during the investigation and proceedings.
Former cashier Nguyen Thi Ngoc Ha, former teller Le Thi Thu Van, and former accountant Nguyen Thi Phuong Thao received the same sentence.
Pham Thi Hong, another deputy chief accountant, received a one-and-a-half year suspended sentence.
Vietinbank is Vietnam’s biggest partly-private bank by assets.