The appeal of a Vietnamese property tycoon convicted of money laundering began on Tuesday, three months after she lost a challenge against the death penalty in a separate case.

Property developer Truong My Lan was found guilty in April 2024 of stealing money from Saigon Commercial Bank (SCB) and sentenced to death for fraud amounting to US$27 billion.

Lan appealed against that verdict and the court said there was no basis to reduce her sentence, but ruled that she could still escape the death penalty if she returned three quarters of the stolen assets.

Now she is appealing against the verdict from a second trial in October, in which she was sentenced to life in prison for three crimes.

On Tuesday Lan, now accustomed to high-profile hearings, chatted with police officers and looked relatively relaxed as she waited for the court to start in Ho Chi Minh City.

Her niece, who was handed a five-year prison term in October for fraudulent appropriation of property, sat behind her, flanked by officers.

The 68-year-old was found guilty of laundering US$17.7 billion and illegal cross-border trafficking of $4.5 billion.

She was also found guilty of bond fraud to the tune of US$1.2 billion.

The court determined that Lan was "the mastermind, committed the crime with sophisticated methods, many times, causing especially serious consequences".

Thirty-three other defendants were also sentenced at the court in Ho Chi Minh City and given terms ranging from two to 23 years in prison.

Twenty-seven of them are appealing against their sentences, state media said.

During her first trial in April, Lan was found guilty of embezzling US$12.5 billion but prosecutors said the total damages caused by the scam totalled US$27 billion - equivalent to around six percent of the country's 2023 GDP.

Lan owned just five percent of shares in SCB on paper but at her trial the court concluded that she effectively controlled more than 90 percent through family, friends and staff.

Tens of thousands of people who had invested their savings in the bank lost money, shocking the communist nation and prompting rare protests from the victims. (AFP)