The State Securities Commission of Vietnam has recently announced several penalties against individuals and businesses for administrative violations in the securities sector.
Among them, Vinaconex Infrastructure Development and Investment Corporation (Vinaconex 34) was fined VND 92.5 million for failing to disclose information as required by law.
The company neglected to publish mandatory documents, including audited financial statements, annual reports, corporate governance reports for 2022, 2023, and 2024, as well as the mid-year corporate governance report for 2023-2025. Additionally, the company failed to disclose meeting minutes and resolutions from the Annual General Meetings of Shareholders for 2023, 2024, and 2025.
Several companies have been penalized by the State Securities Commission of Vietnam.
Bitexco Power Corporation was also fined VND 92.5 million for failing to disclose information as required. The company did not submit the necessary information to the Hanoi Stock Exchange regarding the 2020 annual financial report, the 2021 semi-annual financial report, bond interest and principal payment status, and the bond issuance capital usage report for the same period.
Furthermore, the company delayed disclosing information regarding the early redemption of bonds (code BITEXCOL1620001), the 2021 annual financial report, and the 2021 bond payment and capital usage report.
Another case involves An Phu Urban Development and Investment Corporation, which was fined VND 92.5 million for failing to disclose information as required.
The company did not submit information to the Hanoi Stock Exchange regarding bond interest and principal payments for 2021 and the first half of 2022. An Phu also delayed disclosing information on bond issuance capital usage reports, the 2021 annual financial report, and the results of bond offerings for codes APBCH2125001, APBCH2225001, APBCH2225002, as well as the 2022 semi-annual financial and capital usage reports.
Tien Phong Securities Corporation was fined a total of VND 185 million for violations related to information disclosure and reporting. This includes a VND 92.5 million fine for failing to disclose or delaying the disclosure of information such as the use of proceeds from the 2022 bond issuance, the results of the ORSH2328001 bond offering, and the 2024 annual financial report.
Additionally, the company was fined VND 92.5 million for failing to report or delaying reports to the State Securities Commission regarding the termination of contracts with certified professionals, as well as periodic reports such as the 2023 annual report, the 2024 financial report, and the 2024 financial safety ratio report.
In addition to companies, the State Securities Commission of Vietnam also penalized Mr. Nguyen Van Thien, a member of the Board of Directors of Vietnam Enterprise Development and Investment Corporation (code FID), with a fine of VND 205.85 million for failing to report a planned stock transaction as required.
On July 4, 2025, Mr. Thien sold over 1.17 million FID shares, equivalent to VND 11.76 billion at face value, without reporting or disclosing the transaction in advance as mandated. In addition to the fine, Mr. Thien has been suspended from securities trading for four months.
Vinaconex-Affiliated Businesses Fined for Failure to Disclose Information
The State Securities Commission (SSC) has recently fined Vinaconex Infrastructure Investment and Development Joint Stock Company, commonly known as Vinaconex 34, for violating disclosure regulations in the securities market.
A Business Fined for Withholding Governance Information
The Thai Nguyen Refractory Materials Corporation has been issued an administrative penalty for violations in the field of securities and the securities market.
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