No Va Thảo Điền
According to Decision No. 438/QĐ-XPHC of the State Securities Commission (SSC), No Va Thảo Điền LLC (No Va Thảo Điền; headquartered at 27 Nguyen Huu Tho, Tan Hung Ward, Ho Chi Minh City) was fined VND 92.5 million for failing to disclose material information regarding the “mandatory early redemption of bonds” as stated in Document No. 446/2023/CV-TVSI dated March 13, 2023, which reported violations of the NTDCH2227001 bond issued by Tan Viet Securities Company, and Document No. 802/2023/TB-TVSI dated May 11, 2023, from Tan Viet Securities Company regarding the results of the bondholder voting.
No Va Thảo Điền also failed to disclose information within the required timeframe regarding: the audited use of bond proceeds for the first half of 2024; the payment of principal and interest for the NTDCH2227001 bond (disclosure deadline: August 31, 2024); the payment of principal and interest for the NTDCH2227001 bond using property rights; and Administrative Penalty Decision No. 402/QĐ-XPHC dated October 8, 2024, issued by the SSC.
No Va Thảo Điền is a subsidiary of Novaland Investment Group Corporation (Novaland, Stock Code: NVL, listed on HoSE), operating in the real estate sector. As of September 30, 2025, Novaland holds 99.99% of the capital in No Va Thảo Điền.
PETROCONs
PetroVietnam Construction Corporation (PETROCONs) was fined VND 202.5 million for administrative violations in the securities and stock market sector.
Specifically, PETROCONs was fined VND 137.5 million for violating regulations on transactions with shareholders, company managers, and related parties.
According to the audited consolidated financial statements for 2023 and 2024, and the reviewed consolidated financial statements for the first half of 2025, PETROCONs conducted transactions with several related organizations of the Vietnam National Oil and Gas Group (PVN), a major shareholder of PETROCONs, in 2023, 2024, and the first half of 2025. However, these transactions were not approved by the company’s General Meeting of Shareholders or Board of Directors.
Additionally, PETROCONs was fined VND 65 million for incomplete disclosure in the Corporate Governance Reports for 2023, 2024, and the first half of 2024 and 2025, as per the prescribed template.
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Vina Securities
The SSC Inspectorate issued Decision No. 435/QĐ-XPHC, imposing a VND 92.5 million fine on Vina Securities Corporation for failing to report information as required by law.
Specifically, Vina Securities did not submit the Internal Audit Reports on Anti-Money Laundering for 2023 and 2024 to the Anti-Money Laundering Department of the State Bank of Vietnam. The company also submitted the following reports to the SSC after the deadline: Risk Management Report for the first half of 2024 and Monthly Activity Report for June 2024.
FLC Stone
According to Decision No. 441/QĐ-XPHC of the SSC, FLC Stone Investment and Mineral Joint Stock Company was fined VND 92.5 million for failing to disclose information on the SSC’s disclosure system and the Hanoi Stock Exchange (HNX) for the following reports: Quarterly and Annual Financial Statements for 2023 (audited); Quarterly and Semi-Annual Financial Statements for 2024 (reviewed and audited); Quarterly and Semi-Annual Financial Statements for 2025 (reviewed); and the 2024 Annual Report.
Additionally, the company failed to disclose the 2024 Corporate Governance Report within the legal timeframe on the SSC’s disclosure system, HNX, and the company’s website.
Furthermore, the SSC issued several administrative penalty decisions against other companies, including No Va Real Estate Investment Corporation, Lucky House Investment Services Corporation, and Thai Binh Real Estate Trading Corporation, primarily for violations related to information disclosure.
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