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Businesses and investors who made mistakes are facilitated to correct their mistakes, Minister of Finance

17:40 | 27/04/2022

VCN – At the request of the Prime Minister for not criminalizing civil and economic activities on the stock market, Minister of Finance Ho Duc Phoc spoke with the press about this issue.

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Minister of Finance Ho Duc Phoc
Minister of Finance Ho Duc Phoc

Faced with the recent volatility of the stock market, especially the nosedive on April 25, what solutions does the Ministry of Finance have to stabilize investor sentiment?

The stock market is a very important medium and long-term capital mobilization channel for the economy.

With the goal of developing a healthy and transparent stock market, the Ministry of Finance is introducing many solutions to improve the institution, such as proposing to amend the Securities Law, the Enterprise Law and submitting to the Government for promulgation amendments to Decree 153/2020 prescribing private placement and trading of privately placed corporate bonds in domestic market and offering of corporate bonds in the international market.

Following the request of the Prime Minister, on the afternoon of April 25, the Ministry of Finance worked with relevant agencies such as the State Bank of Vietnam and the Ministry of Public Security and confirmed that many false rumors which were not issued by the authorities have shaken the stock market and caused it to drop.

We have offered policies to protect the interests of investors, even investors or businesses who have made mistakes are facilitated to correct their mistakes in order to stabilize production and business, protecting the interests of shareholders and jobs for employees, thereby helping them develop.

The view of the Government and the Prime Minister is not to criminalize civil and economic relations, how is this shown in the stock market?

The purpose of state agencies is to ensure the healthy and transparent development of the stock market and to protect the interests of investors, businesses, and issuers.

The working session between the Ministry of Finance and relevant agencies such as the State Bank of Vietnam and the Ministry of Public Security discussed solutions to stabilize the capital market, financial market and stock market, contributing to promoting economic growth.

Thereby, we agreed that we would not criminalize economic relations and the recent events were a wake-up call for the market to return to stable operation, ensuring fair and healthy business on the market.

Currently, we offer solutions to raise awareness about the law, especially the Enterprise Law, Securities Law and related regulations so that investors can choose, consider and take responsibility for their own investment.

At the same time, issuers must strictly comply with the provisions of the law on issuance, avoiding price manipulation in the market. Auditing companies must ensure the most correct and accurate audit reports.

In other words, auditing companies directly check the audit work of the issuers and also check the firms that have audited the businesses. If violations are found, the auditing companies will have their licenses revoked and will be handled.

We believe that the handling of violations will protect the interests of investors and issuers.

The Ministry of Finance will closely monitor issuance and transactions on the stock market and will inspect and handle inadequacies and risks in accordance with the law.

The market must follow the rules, but investors want the management agencies to have tools to control the market. What is the view of the Ministry of Finance on this issue?

The stock market is a capital mobilization channel for the economy. Operations on the stock market must follow the rules of the market, but must also comply with the provisions of the law. The rules of the market must be managed by the State.

The stock market and economic activities must follow the objective laws of the market, but we also need to have solutions to prevent the opposite of the market rules, such as problems going astray from the provisions of the law, acts of circumventing the law, or taking advantage of the market to distort legal regulations must be handled seriously.

The rise and fall of the market is due to the law of the market, following the supply and demand of buyers and sellers. We need to develop a fair and transparent market.

The Ministry of Finance will strictly follow the provisions of the law to prevent and handle violations. The Ministry of Finance will come up with solutions to protect the interests of investors and companies operating on the stock market in an equal, transparent and fair manner. This is one of the objectives set by the Ministry of Finance to ensure the development of the stock market, serving the country's socio-economic development.

Thank you Minister!

By Hoai Anh/ Huyen Trang