On January 8, 2026, the State Securities Commission of Vietnam (SSC) issued a series of administrative penalty decisions and preventive measures against market manipulation and unauthorized account lending for trading activities involving the SJS stock of Song Da Urban and Industrial Zone Development Investment Corporation (now SJ Group JSC).
Specifically, the SSC fined Mr. Nguyen Ngoc Chien and Mr. Tran Quang Canh VND 1.5 billion each for manipulating the securities market.
Between April 10, 2023, and January 10, 2024, Mr. Chien and Mr. Canh used 26 securities accounts to continuously buy and sell SJS shares, creating artificial supply and demand to manipulate the market. Investigations revealed no illegal profits from these violations.
Effective January 10, 2026, both individuals face a two-year ban on securities trading and are prohibited from holding positions at securities companies, fund management firms, branches of foreign securities companies in Vietnam, and investment companies for the same period.
Additionally, the SSC penalized five individuals—Vu Anh Tuan, Nguyen Anh Tuan, Nguyen Viet Bac, Nguyen Huy Hoang, and Nguyen Duc Dong—for lending their securities accounts, enabling market manipulation.
These five individuals received a nine-month suspension from securities trading for allowing Mr. Chien and Mr. Canh to use their accounts to manipulate the SJS stock between April 10, 2023, and January 10, 2024. No evidence of illegal gains was found.
They also face a two-year ban on securities trading and are barred from holding positions at securities companies, fund management firms, branches of foreign securities companies in Vietnam, and investment companies, effective January 10, 2026.
During the manipulation period, SJS share prices surged from VND 16,000 to VND 27,000 per share, accompanied by significantly increased trading volume.
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SJS shares surged with abnormal trading volume during the manipulation period
Source: VietstockFinance
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– 1:16 PM, January 12, 2026
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