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Prime Minister: ‘Do not criminalize economic and civil relations’

The point of view of not criminalizing civil and economic relations was repeatedly mentioned by the Prime Minister at the Conference on capital market development on the afternoon of April 22.

The capital market (including the stock market, bond market, and derivative securities market) is considered an important source of financial mobilization for the economy, supporting and supplementing the traditional capital supply channel, which is bank credit. row. However, recently, this market has appeared many mistakes, typically the case at FLC Group, Tan Hoang Minh or the latest Louis Holding.

Speaking at the conference, Prime Minister Pham Minh Chinh commented that the financial market has limitations and inadequacies in terms of structure, infrastructure, technology and human resources. In particular, there are a number of organizations and individuals that violate the law when participating in the market.

However, he affirmed that “the wrongdoings are only a minority. The handling is necessary, contributing to protecting the rights and interests of the majority of genuine investors and businesses”. On the other hand, the handling of violations is also a necessary step to clean up and make the market good, healthy, safe and sustainable.





Prime Minister Pham Minh Chinh at the meeting on the afternoon of April 22.  Photo: VGP

Prime Minister Pham Minh Chinh at the meeting on the afternoon of April 22. Image: VGP

To be more specific about the violations, Major General Le Van Tuyen, Deputy Minister of Public Security, said that one of the common behaviors is improperly complying with regulations on disclosure of information related to markets and transactions. Citing data from the State Securities Commission, he said, there were 471 administrative sanctioning decisions with an amount of over 20 billion dong.

“The violations mainly focused on disclosing untrue information, manipulating securities prices, and these acts have not yet reached the level of criminal punishment,” commented the Deputy Minister of Public Security.

In it, he especially pointed out the behavior of buying and selling shares without reporting, not disclosing information before the transaction of major shareholders, internal shareholders… In addition, the market also popularized the situation. providing or posting false or misleading information on social networks; entice investment groups, buy and sell advice to cause damage to investors.

Responding to the comments of the leaders of the Ministry of Public Security, the Prime Minister emphasized: “It is important that we do not criminalize civil relations and economic activities”.

As a business representative, Ms. Nguyen Thi Mai Thanh, Chairwoman of Refrigeration Mechanical and Electrical Joint Stock Company (REE) said that she strongly agrees with the Prime Minister’s point of view. However, she said, “those who intentionally harm the market must be dealt with”.

Mr. Hoang Van Cuong, member of the Finance – Budget Committee of the National Assembly, acknowledged that preventing market manipulation is necessary. However, he also reversed the question about the role of the management agency because “Tien takes responsibility for self, takes responsibility for later”.

“In the case of market manipulation, the State management agencies should have known in advance and performed their roles. Therefore, it is necessary to strengthen the management responsibility of the agencies that assign the responsibility to control the market.” , he said.

At the conference, Many experts also believe that the recent mistakes are unique, so tightening the market is not necessary.

Mr. Zafer Mustafaeglu from the World Bank commented that Vietnam’s capital market is still relatively young, so mistakes are possible. “More importantly how we learn from our mistakes rather than closing down just because we have a few bad members, there should be no overreaction that limits long-term growth,” he said. .

Similarly, National Assembly delegate Truong Trong Nghia assessed that it is not necessary to tighten capital mobilization and credit in the stock and bond markets. He believes that dealing with wrongful businesses is important, but it is not advisable to let the market crash or change policies suddenly.

Concluding the conference, one of the requirements assigned by the Prime Minister Pham Minh Chinh to the ministries and branches is to continue to stabilize the investment environment, especially the consistency of policies to give investors peace of mind. Accordingly, the Ministry of Finance and the ministries and branches are assigned to build and complete the legal corridor to protect investors participating in the stock and bond markets. In which, appropriate regulations on publicity and transparency of market information and proprietary trading activities of securities companies. These agencies also need to strengthen inspection and supervision of activities of issuing, investing, buying and selling corporate bonds…

The Prime Minister also reaffirmed: “The Party and State have consistently advocated not to criminalize economic relations and always have policies to support and encourage businesses to comply with the Constitution and the law and do business effectively. , just, transparent, legitimate enrichment”.

Duc Minh

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