Ministry of Finance: Cleaning up a series of weak securities firms
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Ministry of Finance: Cleaning up a series of weak securities firmsIn 2023, the Ministry of Finance dispatched a total of 67 inspection teams and issued 412 penalty decisions, with a total fine of VND37.2 billion. Deputy Minister of Finance Nguyen Duc Chi commented on the recent stock market at a regular government press conference held in December 2023.
The deputy minister said that the Ministry of Finance is currently consulting with various ministries and commissions to revise Orders 155, 156, and Order 128 that guides the Securities Law and sanctions administrative violations to form the tools and legal framework for implementation. The Ministry of Finance also issued Document No. 69, which redefined the layout roadmap for stocks, bonds, derivatives trading markets and other markets.
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In 2023, the Ministry of Finance dispatched a total of 67 inspection teams and issued 412 penalty decisions, with a total fine of VND37.2 billion. The Ministry of Finance has instructed all units to cooperate with the China Securities Regulatory Commission in a timely manner to inspect a number of auditing companies that have been approved to organize the review and audit of financial reports, seriously deal with violations by enterprises and auditors, and ensure market correction.
| regular government press conference |
In addition, the Ministry of Finance also pays special attention to market restructuring and cleans up securities companies and fund management companies with weak strength and poor efficiency. In 2023, a total of 6 securities companies that violated regulations were dealt with, 1 securities company was punished, and 2 securities companies were warned.
The Ministry of Finance will apply information technology and digital transformation in market management.
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We deployed a synchronized database of transactions, transfers and investors to connect investor data with citizen databases to manage and monitor the stock market.
Vice Minister of Finance Nguyen Duc Chi
We deployed a synchronized database of transactions, transfers and investors to connect investor data with citizen databases to manage and monitor the stock market..
Regarding market expectations in 2024, the deputy minister said that the stock market reflects the quality of the economy. The government organized a review, and as announced by the Minister, Chief of Staff of the Government, the government’s main solutions to ensure macroeconomic balance, sustainability, continued growth and quality in 2024 are the basis for the stable development of our stock market in 2024 and sustainably.
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“The Ministry of Finance is committed to maintaining the continued safe operation of the market. We will continue to be committed to maintaining market transparency and protecting the legitimate rights and interests of all participants in the stock market.“, The deputy minister affirmed.
When answering a question about the upgrade of the stock market, the Vice Minister said that in 2024, the Ministry of Finance, together with relevant ministries and commissions, will actively and boldly deploy a variety of plans to achieve this goal as soon as possible. As soon as possible; credit rating and stock market rating agencies are advised to decide on stock market upgrades.
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