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It’s been a while since 2 leaders, discovered money laundering through securities

Delegate Tran Van Lam (Bac Giang delegation) questioned, the stock market has developed over time, but there are also tricks of manipulation and speculation, reducing the efficiency of capital use of the economy.

Delegates asked the Minister to assess the bubble level of this market. What tools and indicators does the Ministry of Finance have to identify and assess the nature and extent of bubbles in the stock market, and what solutions are there to help our country’s stock market develop stably and sustainably in the near future? next time?

Delegate Nguyen Danh Tu (Kien Giang) asked the Minister to provide solutions to strengthen the leading role of the central budget, the minister’s responsibilities and solutions in management and administration, because there are a number of unhealthy developments of stock market, corporate bonds last time.

Minister Ho Duc Phuc: There were 2 leaders, discovered money laundering through securities - Photo 1.

Delegate Nguyen Danh Tu (Kien Giang) questioned Minister Ho Duc Phuc.

Delegate Nguyen Huu Thong (Binh Thuan delegation) also questioned about violations in the stock market over time. Delegate Thong stated: In the past time, there have been many violations of corporate bonds and securities, is it the weakness of the authorities? Delegates suggested that there should be a solution to make the market healthy instead of tightening it in an unmanageable direction, then banning it, affecting the development of the market?

Detecting many violations, including a case of taking advantage of the stock market to launder money

Answering questions from delegates, Minister Ho Duc Phuc said that the stock market is developing well, with an average growth rate of about 26% in the 2016-2021 period. As for the stock market, in 2021, transactions will reach nearly VND 7.7 million billion, accounting for 92% of GDP and an increase of 46.7% compared to 2020. Corporate bonds will reach VND 1.37 million, equivalent to VND 1.37 million. 15% of GDP.

According to Minister Phuc, Vietnam’s stock market is still young, only 22 years old, but there are many positive signs, while advanced countries have developed over 500 years. However, over the past time, the market has had some phenomena of stock manipulation, giving false information, deceiving customers… However, these are personal mistakes.

“We have warned investors, submitted to the Government to amend Decree 153 and strengthen solutions for transparency in the securities and corporate bond markets,” the Minister emphasized.

Minister Ho Duc Phuc: There were 2 leaders, detecting money laundering through securities - Photo 2.

Minister Ho Duc Phuc. (Photo: QH)

According to the commander of the Ministry of Finance, from April to September 2021, the Ministry issued 5 press releases about the risks of the individual corporate bond market.

Also according to Minister Ho Duc Phuc, the Ministry has made many moves to warn securities investors in recent years.

Specifically, on September 1, 2021, a request was issued to the Securities Commission and inspection agencies. On April 1, 2022, this agency inspected independent auditing companies of securities companies, from which many violations were detected, transferred to the agency to investigate 34 cases, administratively sanction 568 cases, with amount of more than 29 billion. Phuc said that this is also a step to make the stock market healthy.

“However, officials of the Ministry of Finance are also responsible for mistakes in the stock market. We have dismissed two leaders, warned two officers, and reviewed many others, including the Chairman. Chairman of the Securities Commission, the General Director of HOSE was dismissed…”, Mr. Phuc said.

Phuc also added that, through inspection, the Ministry of Finance also discovered many violations, including cases Taking advantage of the stock market to launder money. The Ministry of Finance has transferred it to the investigating agency for strict handling.

In the coming time, the Ministry will continue to strengthen the organization of inspection and examination of issuing enterprises and securities companies providing services; coordinate with the State bank in managing and supervising the issuance, investment and service provision of individual corporate bonds by credit institutions.

The Ministry of Finance will continue to closely coordinate with police agencies in verifying, investigating and handling manipulation cases, coordinating in handling false and untrue rumors, and providing information to the public. police agencies when there are suspicious signs during the inspection and examination.

In addition, the Ministry also synchronously reviews from law to decrees and guiding documents to enhance information transparency, ensure the legitimate rights and interests of market participants.

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