When the "angel" has to go to demand money
In early December 2025, a series of investors reflected that in the period 2017-2020 they attended real estate investment classes, were invited to cooperate in investing in businesses, and participated in a program with the beautiful name "Angel Investor Connection".
According to research, this course and program is organized by Big Group Joint Stock Company (Big Group Company, from 2016-2020, with Mr. Vo Phi Nhat Huy as Chairman of the Board of Directors).
Ms. N.M.T - an investor said: "Through the courses that Big Group Company advertises on Facebook, I came to participate in a course on real estate business. There, Big Group Company called on students to participate in the company's shareholders. Those who want to participate in investing in the company's future projects will contribute an initial amount corresponding to 100 million VND. I participate in this program from 2018".
Investors said that when agreeing to participate in the "Angel Investor Connection" program, they must pay 100 million VND, in return, Big Group Company donates 10,000 shares of the company. Becoming an "angel shareholder", investors will be granted a "Stock Ownership Certificate" by the company.
Notably, this book "draws" a "pink" future in which Big Group Company will be listed on the HOSE stock exchange, meaning shareholders can buy and sell shares on the exchange.
However, after many years of waiting, Big Group Company has not been able to list on the stock exchange and investors cannot recover the money they have participated in the program.
Mr. T.Q.K (living in Hanoi) said: "I have known Big Group Company since 2017, participating in a real estate course, first I participated in 100 million VND as an angel shareholder. The company promised to list and liquidate to pay angel investors. But for several years, it has not been allowed to liquidate.
After many unsuccessful opinions and demands from the company to return the contributed capital, investors have filed collective denunciations of crimes about signs of fraud and appropriation of property to functional agencies.
With the trick of introducing speakers, taking advantage of personal prestige, Chairman Vo Phi Nhat Huy, along with the company's system, created a sophisticated fraud network, appropriating property from many people, students, with professionalism, organization, and system" - the denunciation wrote.
Inconsistencies in press and shareholder responses
According to research, Mr. Vo Phi Nhat Huy is no longer Chairman of the Board of Directors and is not the Legal Representative of Big Group Company, but the current representative is Mr. Nguyen Nhat Tuan Anh, holding the position of General Director.
Mr. Vo Phi Nhat Huy is currently Chairman of the Board of Directors of another company named Big Group Holdings Investment Joint Stock Company (Big Group Holdings Company). In an official letter responding to a question from a reporter from Lao Dong Newspaper on January 3, 2026, Big Group Holdings Company said "has a capital scale of nearly 160 billion VND and is a public enterprise trading shares on the UPCOM stock exchange with the stock code BIG".
This company affirmed that the contents that Lao Dong Newspaper reporters questioned about the implementation of commitments to investors in the "Angel Investor Connection" program are the responsibility of Big Group Company to resolve.
Although denying the connection, in a direct exchange with a reporter from Lao Dong Newspaper on January 5, 2026 at the headquarters of Big Group Holdings Company (address 62/6 Khuc Thua Du, Cau Giay ward, Hanoi), there was the appearance of Mr. Kieu Van Khoa - Vice Chairman of the Board of Directors of Big Group Holdings Company and Ms. Nguyen Thi Hao - representative of Big Group Company.
Speaking about the 100 million VND that the investor contributed to Big Group Company, Mr. Kieu Van Khoa himself stood up to explain: "You guys misunderstood the issue. You guys called that 100 million VND investment money, it's not true to nature. Because the share certificate clearly states that it is a given share, the contract also clearly states that there is no responsibility for return. Training courses alone have already cost 20 million VND. That is buying a 1-1 coaching course for 3 years".
Answering a question from Lao Dong Newspaper reporters about whether the shares that the "angel investor" was given could be sold on the exchange, Mr. Kieu Van Khoa replied: "It has not been listed yet. It has a listing schedule but it has not been listed yet".
Explaining in detail like that, but Mr. Kieu Van Khoa repeatedly emphasized that Big Group Holdings Company on the UPCOM exchange has no connection with Big Group Company.
At the meeting, a representative of Big Group Company provided a response document stating: "Big Group Company has shared its orientation to list on the stock exchange in the future, but has no commitment on the time and progress of implementation with the trainees. This is an issue related to business efficiency and the actual developments of the market that have caused the company not to achieve the expected expectations.
The strange thing is that, according to documents obtained by Lao Dong Newspaper reporters, previously on October 29, 2025, Big Group Company had document No. 25/2025/CV-BIGGROUP on the content "Notice of converting angel shares into stocks on the stock exchange" sent to "Thien Than shareholders of Big Group Joint Stock Company".
The document signed by Mr. Nguyen Nhat Tuan Anh - General Director clearly states: "After a period of waiting for procedures to be implemented, the company respectfully announces: The Angel shares that the Venerable Shareholder was awarded during participating in the training program with Big Group have been officially converted into shares on the stock exchange. This helps the Venerable Shareholder to exercise their ownership, trading and liquidity of shares through the stock exchange easily. The time for carrying out share conversion procedures starts from November 1, 2025".
To complete the share receipt, shareholders are required to contact the Company's Shareholder Care Department via hotline, email: admin@biggroup.vn and Zalo: Big Group Holdings.
Giving shares to investors after buying a course of 100 million VND; drawing a picture of the company going to list in the future, possibly buying and selling to increase the value of shares, however, the listed company is another legal entity and denies the connection with previous training and stock donation activities.
And Big Group Company itself issued a notice of share conversion even though it did not actually list on the stock exchange.
When a series of anomalies have not been clarified, "angel investors" are ultimately the biggest risk-carriers, in a game where investment commitments do not come with adequate guarantees and legal liability.
