The Ministry of Public Security moved quickly to crack down on false information about Vingroup chairman Pham Nhat Vuong, saying it had negative effects on business operations and the stock market.
The Vietnamese government remains committed to ensuring a safe, efficient and transparent capital market, which is seen as a key factor in stabilizing macroeconomic conditions and a sustainable capital mobilization channel for the economy.
This decision was revealed in the Government Resolution No. 86 on Capital Market Development Vision.
Under this plan, the government would focus on finalizing regulations to support market functioning and restructure stock and currency markets.
“The stock market is expected to become the main channel for raising capital for the economy in the medium to long term,” the resolution noted, hoping to ensure uniform development of money and securities markets.
The government bond market should become a standard in the financial market and help meet the demand for government capital for socio-economic development.
By 2025, the Government expects the size of the stock market to reach 100% of GDP, with outstanding bond market loans representing at least 47% of GDP, including that of corporate bonds at 20% .
Meanwhile, the resolution calls for greater application of information technology in monitoring the functioning of the stock market.
The banking sector is responsible for restructuring credit institutions and resolving bad debts under the government’s plan for the banking sector for the period 2021-2025, aiming for a bad debt ratio among banks below 3%.
Among the main tasks, the government would strengthen the monitoring of corporate bond transactions and the use of capital by companies in the post-issuance period to ensure transparency and the legitimate rights of investors.
Stock market authorities are responsible for upgrading the infrastructure system for sound market development and improving the quality of disclosure of information and financial statements of issuers.
The government remains focused on cracking down on any violations in the market to protect investors and build market confidence, especially cracking down on market manipulation.
The long-term goal would be for the Vietnamese stock market to move from the current status of a frontier market to an emerging market, which would allow more investment capital, including foreign investors.
The Ministry of Finance, the State Bank of Vietnam, the Ministry of Planning and Investment and the Ministry of Security should closely monitor the market situation to intervene in a timely manner, if necessary, to stabilize the market. .
“Government agencies are required to maneuver monetary and fiscal policies flexibly and effectively to promote sustainable market development while fostering the involvement of new participants,” he added.
Crack down on false information about the owner of Vingroup
On July 11, the Ministry of Public Security said it was dealing with nine people from seven provinces/cities for allegedly fabricating information about Vingroup chairman Pham Nhat Vuong, claiming the tycoon was banned from leaving. the country.
According to the head of the office of the Ministry of Public Security, Major General To An Xo, the Hanoi Department of Information and Communications will fine To Vi Hoan (Nam Tu Liem district), 38, accused of “dissemination of harmful information”. linked to Vingroup.
Such an act undermined the companies’ credibility and legitimate rights, and had negative impacts on the stock market, Xo said.
Hoan was fined 7.5 million VND (320 USD) by the municipal Department of Information and Communications and asked to remove the false information.