Recent Enforcement Action by the State Securities Commission of Vietnam (SSC)
On August 13, 2025, the State Securities Commission of Vietnam (SSC) issued Decision No. 195/QD-XPHC, imposing administrative sanctions for violations in the securities and stock market field against TST Joint Stock Company (UPCoM: TST), a technical telecommunications services provider. The company is headquartered at 51B, Alley 40 To Vinh Dien Street, Khuong Dinh Ward, Hanoi.
Specifically, TST was fined VND 85 million for failing to disclose information as required by law. The company did not publish on the disclosure system of the State Securities Commission and the Hanoi Stock Exchange (HNX) documents such as its audited separate and consolidated financial statements for 2024, the 2024 corporate governance report, the 2024 annual report, and the resolutions of the 2025 Annual General Meeting of Shareholders.
Additionally, TST was fined VND 15 million for failing to develop and submit for approval by the General Meeting of Shareholders the internal regulations on corporate governance, the regulations on the activities of the Board of Directors, and the Supervisory Board.
In total, TST was fined VND 100 million for the above-mentioned violations.
TST share price surged over 80% in the past two months. (Source: Cafef)
In the stock market, TST shares closed the trading session on August 15 at VND 10,300 per share, unchanged from the previous session, with a matched volume of 8,500 units.
Despite TST shares being restricted from trading and under warning status, their market price has surged by more than 80% in the last two months. The company’s market capitalization has increased significantly to over VND 49.4 billion.
In a related development, TST shares were recently placed under warning status from August 14 due to the company’s failure to hold the 2025 Annual General Meeting of Shareholders within the prescribed time limit.
The HNX also announced the maintenance of trading restrictions on TST shares due to the issuance of a disclaimer of opinion on the 2023 audited financial statements and the late submission of the 2024 audited financial statements by more than 45 days compared to the prescribed deadline.
The Ultimate Guide to SEO: Crafting Compelling Copy that Captures and Converts
The following companies have been fined by the SSC for violations regarding information disclosure: CVS Holdings, Tan Hoan Cau Ben Tre, and EIP Industrial Park.
“Top HSC Executive Looks to Offload 500,000 HCM Shares”
Mr. Lam Huu Ho, the CFO and Head of Accounting at HSC, has recently registered to sell 500,000 HCM shares with the intent of portfolio restructuring. This strategic move by Mr. Ho aims to diversify his investments and balance his financial portfolio.
A String of Delivery Companies Face Penalties
The National Competition Commission has taken action against four postal delivery companies for providing misleading information to customers.
“HAGL Faces Sanctions for Failing to Disclose Bond-Related Information”
HAG failed to disclose information on the HNX system regarding the following documents: Report on the usage of proceeds from bond issuance for bonds with outstanding debts audited by qualified auditors in 2023 and 2024, as well as the semi-annual report for 2024.
The Great Escape from the Hue Tender: Fining the Contractor Post-Termination
The consortium of contractors responsible for the construction of the Information Technology building in Hue City has been penalized for delays, even after their contract was terminated.
