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Wednesday, June 19, 2024

Finance Ministry to inspect securities, auditing firms

The Saigon Times

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HCMC – The Ministry of Finance said on May 16 that it would launch inspections of securities and auditing companies, focusing on those whose customers have erroneous financial reports.

In a report on the local stock market, the ministry informed that as of last month, the VN-Index fell 8.4% month-on-month and 8.8% over the end of last year, Thanh Nien Online newspaper reported.

The market cap of enterprises on the Hochiminh and Hanoi stock exchanges and the Unlisted Public Company Market neared VND7,200 trillion, down 7.7% over late last year and equivalent to 85.3% of the country’s gross domestic product.

Last month, transactions were valued at some VND26.3 trillion each, dropping 19% over the previous month. Since early this year, the average value of each transaction reached VND29.9 trillion, up 12.5% year-on-year.

By the end of this year, the Ministry of Finance will review shortcomings in regulations on securities and decrees guiding the deployment of the 2019 Securities Law.

The ministry will also keep a close watch on stock transactions showing signs of irregularities, promptly coordinate with the stock exchanges to assess, analyze and inspect these transactions and supervise listed companies.

The Ministry of Finance will enhance the inspection and supervision of corporate bond issues, especially those without mortgages, and continue deploying a plan to restructure the stock market.

Moreover, the ministry will submit a draft decree amending the Government’s decrees on the issuance, registration, depositing, listing and trading of debts of the Government on the stock market; the sale and trading of corporate bonds in domestic and foreign markets; among other decrees.

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