“It is regrettable that mistakes happen and must be dealt with, will learn deeply and make the best efforts to correct mistakes.”
This is the confirmation of Deputy Minister of Finance Nguyen Duc Chi on the afternoon of May 18 after the Central Inspection Committee (UBKT) issued a decision to discipline a number of leaders of the securities industry.
Specifically, on the afternoon of May 18, implementing the conclusion of the Central Audit Committee at the 13th Session on the consideration and disciplinary action of collectives and individuals related to the violations of the Party Committee of the Securities and Exchange Commission. State securities. Based on the Party’s regulations, the Central Audit Committee decides:
Warning to the Party Committee of the State Securities Commission for the term 2015 – 2020, 2020 – 2025.
Expulsion from the Party, Comrade Le Hai Tra, Secretary of the Party Committee, General Director of the Ho Chi Minh City Stock Exchange.
Removed from all positions in the Party, Comrade Tran Van Dung, Member of the Executive Committee of the Party Committee of the Ministry of Finance, Secretary of the Party Committee of the Agency, Chairman of the State Securities Commission.
Warning to comrades Vu Bang, former Secretary of the Agency’s Party Committee, former Chairman of the State Securities Commission; Nguyen Thanh Long, Member of the Executive Committee of the Party Committee of the Ministry of Finance, Secretary of the Party Committee of the Hanoi Stock Exchange, Chairman of the Board of Members of the Vietnam Stock Exchange; Nguyen Son, Secretary of the Party Committee, Chairman of the Board of Directors of the Vietnam Securities Depository Center.
Regarding this issue, Mr. Nguyen Duc Chi – Deputy Minister of Finance had an exchange with the press about some solutions of the Ministry of Finance to support the stock market to stabilize and recover soon. develop more sustainably in the near future, right after the Central Inspection Committee officially announced the disciplinary measures against collectives and individuals who are former leaders and leaders of the State Securities Commission. State Securities Commission (SSC), VNX, HOSE and VSD.
On the afternoon of May 18, the Central Inspection Committee officially announced the disciplinary measures against collectives and individuals who are former leaders and leaders of the State Securities Commission, VNX, HOSE and VSD. As the Ministry of direct management of the Securities industry, what does the Deputy Minister share about this information?
Deputy Minister Nguyen Duc Chi: We must affirm that, letting mistakes happen and having to deal with mistakes is something we absolutely do not want and it is very regrettable. Even so, mistakes must be corrected, but it is important that we see the true nature of the remaining problems, in order to overcome them most effectively and maintain confidence in the future development of the Vietnamese stock market. Male.
On the side of the Ministry of Finance, the Ministry and related units will strictly abide by it, learn from deep experiences and make the best efforts to overcome the mistakes and shortcomings that have been raised. The Ministry of Finance affirmed that these are individual errors and in each specific period, the state management of the securities sector and the operation of the stock market is still ensured in the right direction, creating all conditions for the market to operate normally, stably and smoothly, ensuring the rights and obligations of domestic and foreign organizations and individuals participating in the Vietnamese stock market.
In the coming time, the Ministry of Finance will prioritize the strengthening of the organization of the Securities industry to quickly stabilize the organization and personnel, stabilize the psychology of officials and employees, and ensure the management of the securities industry. regularly, continuously and effectively manage, supervise and operate the stock market. In addition to short-term solutions to stabilize the market, the Ministry of Finance and the State Securities Commission will insist on solutions in the medium and long term for the securities market to develop sustainably, transparently, and contribute more effectively to the development of the securities market. economic development of the country.
Deputy Minister, Vietnam’s stock market recently had a very strong decrease due to the influence of international and domestic factors. Can the Deputy Minister give some general comments about the stock market at this stage and what are the solutions that the management agencies have implemented to support the market?
Deputy Minister Nguyen Duc Chi: Vietnam’s stock market has just undergone a period of strong volatility due to the general negative impact of the world market, combined with the psychological factors of domestic investors after a number of events on the stock market. securities and corporate bonds.
In the context of strong market fluctuations, the Ministry of Finance has strongly directed the State Securities Commission (SSC), Vietnam Stock Exchange (VNX), Ho Chi Minh City Stock Exchange (HOSE), and the Vietnam Stock Exchange (HOSE). Ho Chi Minh City Securities Depository (HOSE) and the Vietnam Securities Depository Center (VSD) urgently have urgent and timely solutions to support the stock market to soon stabilize again. In addition to promoting communication to help businesses, organizations participating in the market and investors stabilize their psychology and believe in the future development of the stock market, the State Securities Commission has come up with many timely solutions. such as: Disclosure of proprietary transaction information; change the method of calculating the final settlement price of the VN30 index futures contract at maturity; announced 5 stocks that hit the ceiling / hit the floor for 5 consecutive sessions; implementing odd lot transactions;…
Through monitoring recent market movements, it has been shown that the domestic stock market fluctuates in a downtrend in terms of scores, stock prices, cash flow, etc. But with the active and timely solutions of the agency. Management has improved investor sentiment and in fact, the market has shown signs of recovery in recent sessions.
In this 2022 and in the medium and long term, what solutions will the Ministry of Finance have to make the stock market develop sustainably, safely and transparently, Deputy Minister?
Deputy Minister Nguyen Duc Chi: Vietnam’s securities industry has undergone more than 25 years of construction and growth, the Vietnamese stock market has also undergone nearly 22 years of operation, has affirmed a clear role in the economic development. country. In the 10-year socio-economic development strategy for the period of 2021 – 2030, it is also affirmed to continue to improve the scale and operational efficiency of the stock market to truly become a major capital mobilization channel of the stock market. economy.
Under the direct direction of the Government, the Ministry of Finance will continue to create all conditions for the stock market to develop more strongly. Accordingly, the Ministry of Finance is urgently implementing and reviewing the problems and shortcomings of the securities law, from the Law on Securities to guiding documents; at the same time, continue to implement the Stock Market Restructuring Project as planned, as well as deploy the Stock Market Development Strategy 2021-2030 when approved by the Government;…
The Ministry of Finance has also directed functional units to implement plans to inspect, inspect and supervise public companies, securities trading organizations, and audit firms whose clients have false financial statements. deviations or errors in accordance with the approved plan. Based on the monitoring and inspection results, they will be handled in accordance with the law.
Along with that, continue to improve the supervisory role of the supervisory lines, especially the frontline supervision in timely detecting signs of abnormal transactions and violations in the market to promptly warn investors. private. Carry out inspection and examination of securities transactions when there are signs of abnormality or manipulation. On the other hand, towards proactively preventing and limiting the arising of violations, the Ministry of Finance (SSC) is directing the Exchanges to speed up the study of solutions to prevent internal shareholders from doing wrong. trading shares without disclosing information before trading, proposing solutions to technical blocking, as well as proposing amendments to relevant regulations on securities trading.
For the corporate bond market, the Ministry of Finance will finalize the legal regulations related to this market, including Decree 153/2020/ND-CP regulating the offering and trading of corporate bonds. individual businesses in the domestic market and offering corporate bonds to the international market. In order for the corporate bond market to develop stably, the Ministry of Finance will have more solutions to ensure the safe and transparent development of this important capital channel. businesses and genuine investors, but will also step up inspection and supervision of the issuance of corporate bonds by potentially risky enterprises, especially the issuance without collateral.
Particularly for 2022, although it is difficult to avoid fluctuations under the impact of world economic and political developments, we affirm that the market is still receiving active support from investors. the domestic macro-fundamental factors and the internal factors of the market. Vietnam still has many positive supports to achieve an economic growth rate of 6.5 – 7% this year and still have good growth in the following years. Business results data has shown that the health of businesses has recovered positively and many comments show that this year is still very positive. Therefore, Vietnam’s stock market is still expected to soon pass through the current volatile period and become more stable, recover and develop more sustainably.
Thank you very much, Deputy Minister!
What did the Ministry of Finance say after the decision of the Central Inspection Committee?
On the afternoon of May 18, the Central Inspection Committee officially announced the disciplinary measures against collectives and individuals who are former leaders and leaders of the State Securities Commission (SSC), the Stock Exchange. Vietnam (VNX), Ho Chi Minh City Stock Exchange. Ho Chi Minh City Securities Depository (HOSE) and Vietnam Securities Depository (VSD). The Ministry of Finance and the State Securities Commission will strictly abide by the conclusions of the Central Inspection Committee.
Immediately after the inspection conclusion of the Central Committee for Inspection on the Party Committee of the State Securities Commission for the 2015-2020 term was issued, the Ministry of Finance directed the State Securities Commission, the Stock Exchanges, the Securities Depository Center and other units. review and implement measures to remedy violations and shortcomings. The violations of individuals will not affect the operation of the State Securities Commission, the Stock Exchanges, the Securities Depository Center and the securities market. The Ministry of Finance ensures the state management of securities and operates the stock market continuously, stably and safely; ensure the rights and obligations of domestic and foreign organizations and individuals participating in the Vietnamese stock market in accordance with the provisions of law.
In the coming time, the Ministry of Finance will strengthen the comprehensive capacity and strengthen the organization, arrange key staff to meet the requirements of professional capacity and ethical qualities for the State Securities Commission. Stock Exchanges and Securities Depository Centers, ensuring regular, continuous and effective management and supervision of the stock market. Simultaneously, the Ministry of Finance will direct the SSC and related units to continue implementing solutions on: perfecting the legal framework, implementing market restructuring, and improving the operational quality of institutions. intermediaries, develop a system of professional investors and improve the management and supervision efficiency of the State Securities Commission and the Stock Exchanges, and the Securities Depository Center to develop a sustainable and transparent securities market, becoming a The main medium and long-term capital channel for the economy, is a long-term, safe and fair investment channel for investors.
With the macroeconomic foundation being strengthened, the Government’s policies to support socio-economic development are promoting the effectiveness, recovery and dynamism of businesses, the Ministry of Finance believes in the market. The stock market will continue to develop stably and sustainably in the coming time.
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