The authorities are committed to supporting compliant companies to ensure the sustainable development of the stock market.

Prime Minister Pham Minh Chinh has issued a directive calling for urgent measures to stabilize the financial, monetary, and stock markets.
Investors at a securities company in Hanoi. Photo: Tran Quynh |
Under the directive, the Ministry of Finance (MoF) and the State Securities Commission of Vietnam (SSC) are responsible for instructing public firms to disclose information by the law.
“In case of releasing inaccurate or false information, firms would be subject to strict penalties by the regulations,” noted the directive.
In addition, Chinh expected Government agencies to provide official information on the country’s socio-economic prospects to help calm investors and companies committing to long-term business.
Meanwhile, Minister of Finance Ho Duc Phoc stressed the agency would continue to supervise the stock market to prevent acts of manipulation, especially in the stock market via disclosing false information or using multiple trading accounts to artificially create strong demand for shares.
“Perpetrators of market manipulation would face severe punishment. On the other hand, the authorities are committed to supporting compliant companies to ensure the sustainable development of the stock market,” Phoc stressed.
In the latest move to regain the transparency of the stock market, police arrested Do Thanh Nhan, chairman of Louis Holdings, and Do Duc Nam, general director of Tri Viet Securities Company, yesterday [April 20] on charges of market manipulation.
Nhan was accused of colluding with Nam in opening trading accounts to manipulate stock prices of Louis Capital Company (TGG), Louis Land (BII), and others to gain millions of dollars illegally.
After a year of price skyrocketing in the stock market, the value of stocks related to Louis company has plummeted since the beginning of this year and prompted investors to sell out.
Shares of BII and TGG are now being sold at around VND7,500 and 15,300 respectively, down by 70-80% from their peaks last September.
These were other high-profile arrests of FLC Chairman Trinh Van Quyet and Chairman of Tan Hoang Minh Group Do Anh Dung, on charges of market manipulation and wrongdoings in corporate bond issuance.
Other News
- Hanoi eyes comprehensive development in 2023: Mayor
- EU, Germany fund to enhance public financial management in Vietnam
- Vietnam proposed 30% cut in land lease in 2023
- Vietnam's foreign reserves to return to US$100-billion mark by year-end
- Vietnam’s 2023 GDP growth forecast at 7.2%: Standard Chartered
- Gold of high interest for Vietnamese investors to combat inflation
- Vietnam's finance ministry waives taxes worth over US$2 billion in 2022
- Vietnam's credit growth expands nearly 13% in 2022
- C.bank urges tightened credit management in high-risk fields
- Vietnam banks' ratings on positive trajectory: Fitch
Trending
-
Vietnam spends US$9 billion on oil imports in 2022
-
Hanoi makes people and businesses the center of digitalization
-
Tet in the eyes of foreigners in Hanoi
-
Hanoians show passion for flowers
-
Vietnam’s tourism forecast to strongly rebound in five years
-
Admiring 2,023 feline statuettes made by Hanoi artist
-
Overseas Vietnamese eagerly await Tet and spring
-
Switzerland to support Vietnam’s transition to green economy
-
Foreign ambassadors experience Vietnamese Tet in Duong Lam Village