On January 8, the State Securities Commission of Vietnam (SSC) issued Decision No. 06/QĐ-XPHC, imposing administrative penalties on Mr. Nguyễn Ngọc Chiến (address: Business Administration School, Như Quỳnh Commune, Hưng Yên Province) and Mr. Trần Quang Cành (address: 12, Alley 176, Lê Trọng Tấn Street, Phương Liệt Ward, Hanoi). Each was fined 1.5 billion VND.
From April 10, 2023, to January 10, 2024, Mr. Chiến and Mr. Cành used 26 securities accounts to continuously buy and sell SJS shares of Sông Đà Urban and Industrial Zone Development Investment Corporation (now SJ Group). Their actions artificially created supply and demand, manipulating the SJS stock market in violation of Article 12, Clause 3 of the Securities Law.
During this period, SJS shares increased by over 60% in market value. However, inspections revealed no unlawful gains from their actions.
Based on Decision No. 06/QĐ-XPHC, on January 8, 2026, the SSC issued Decision No. 08/QĐ-UBCK, applying preventive measures against Mr. Chiến and Mr. Cành to prevent further securities law violations:
(1) A two-year ban on securities trading, effective January 10, 2026, under Decree No. 155/2020/NĐ-CP, Article 306, Clause 3(d) and Clause 5.
(2) A two-year ban on holding positions at securities companies, fund management firms, foreign securities branches in Vietnam, and investment companies, effective January 10, 2026, under Decree No. 155/2020/NĐ-CP, Article 306, Clause 2 and Clause 5.
For lending securities accounts leading to market manipulation, on January 8, 2026, the SSC issued Decision No. 07/QĐ-XPHC, penalizing five individuals: Mr. Vũ Anh Tuấn (23A2, Alley 2, Quang Trung Street, Hà Đông District, Hanoi), Mr. Nguyễn Anh Tuấn (36, Alley 324, Thụy Khuê Street, Ba Đình District, Hanoi), Mr. Nguyễn Việt Bắc (Ngọc Thiện Commune, Bắc Ninh Province), Mr. Nguyễn Huy Hoàng (Chương Dương Commune, Hanoi), and Mr. Nguyễn Đức Đông (Đồng Bằng Commune, Hưng Yên Province).
Specifically, a nine-month suspension of securities trading was imposed under Decree No. 156/2020/NĐ-CP, Article 34, Clause 1, amended by Decree No. 128/2021/NĐ-CP, Article 1, Clause 28.
Inspections found no evidence of unlawful gains from their actions. Based on Decision No. 07/QĐ-XPHC, on January 8, 2026, the SSC issued Decision No. 09/QĐ-UBCK, applying preventive measures against these five individuals:
(1) A two-year ban on securities trading, effective January 10, 2026, under Decree No. 155/2020/NĐ-CP, Article 306, Clause 3(d) and Clause 5.
(2) A two-year ban on holding positions at securities companies, fund management firms, foreign securities branches in Vietnam, and investment companies, effective January 10, 2026, under Decree No. 155/2020/NĐ-CP, Article 306, Clause 2 and Clause 5.
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Authorized currency exchange agents are clearly identified with signage. Individuals should refrain from engaging in unauthorized foreign currency transactions, as these activities violate legal regulations and carry significant risks.
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