On November 20, 2025, the Inspectorate of the State Securities Commission of Vietnam (SSC) issued Decision No. 431/QĐ-XPHC, imposing administrative penalties on Capital Securities Corporation (CASC) for violations in the securities and stock market sector. The company’s headquarters are located on the 8th floor of 2A Dai Co Viet Building, Hai Ba Trung District, Hanoi.
Specifically, CASC was fined VND 175 million under Clause 3a, Article 43 of Decree No. 156/2020/NĐ-CP dated December 31, 2020, which governs administrative penalties in the securities and stock market sector. This decree was amended and supplemented by Clause 34, Article 1 of Decree No. 128/2021/NĐ-CP due to the submission of inaccurate reports.
The company inaccurately reported its available capital ratios in the audited financial safety ratio reports as of December 31, 2023, and December 31, 2024, as well as in the interim financial safety ratio report as of June 30, 2024. These inaccuracies persisted at various points between December 31, 2023, and July 31, 2025.
Additionally, CASC was required to rectify the situation by submitting accurate reports in accordance with Clause 4, Article 43 of Decree No. 156/2020/NĐ-CP, as amended by Clause 34, Article 1 of Decree No. 128/2021/NĐ-CP.
Previously, in late May 2025, CASC was fined VND 152.5 million by the SSC for administrative violations.
The company was penalized VND 92.5 million for failing to maintain complete records, data, documents, and evidence related to its operations. Notably, in providing registration and depository services for the H39CH2123004 bond issued by Hung Thinh Investment Corporation and the HQNCH2124005 bond issued by Quy Nhon Hung Thinh Entertainment Services Corporation, CASC did not retain transfer registration files, including documents verifying the professional investor status of the transferees.
Furthermore, CASC was fined VND 60 million for failing to submit its 2024 corporate governance report on time, as required by regulations.
In related developments, CASC’s Extraordinary General Meeting of Shareholders (EGM) held on November 7, 2025, approved the company’s name change from Capital Securities Corporation to CASC.
The EGM also unanimously removed three members of the Board of Directors, including Ms. Dang Thi Lan Phuong (Chairwoman), Mr. Phi Van Thinh, and Ms. Tran Thanh Huong, as well as three members of the Supervisory Board: Mr. Pham Anh Tuan (Head of the Supervisory Board), Mr. Le Trong Quyen, and Mr. Nguyen Van Bao.
Mr. Nguyen Hai Minh was elected as the new Chairman of the Board of Directors, succeeding Ms. Dang Thi Lan Phuong. (Source: CASC)
New appointments included Mr. Nguyen Thanh Son, Mr. Nguyen Hai Minh, and Mr. Nguyen Thanh Tung to the Board of Directors for the 2024–2029 term. The Supervisory Board now comprises Mr. Nguyen Van Khoi, Mr. Nguyen Bao Khanh, and Ms. Nguyen Thi Phuong Thanh.
Following the EGM, Mr. Nguyen Hai Minh was elected Chairman of the Board of Directors, and Mr. Nguyen Van Khoi was appointed Head of the Supervisory Board.
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