Top securities regulator dismissed as market probe expands

By Minh Son May 20, 2022 | 01:04 am PT

State Securities Commission chairman Tran Van Dung at a press meeting, January 19, 2022. Photo by VnExpress/Minh Son

The Ministry of Finance fired State Securities Commission (SSC) Chairman Tran Van Dung, making him the highest-ranking casualty in the ongoing investigation into the stock market that began in March.

Dung was fired for committing "serious wrongdoings", and will be temporarily replaced by Deputy Finance Minister Nguyen Duc Chi from May 19, the finance ministry announced on its website.

Dung was dismissed from the Party on Wednesday, a day after general director of the HCMC Stock Exchange (HoSE), Le Hai Tra, has been expelled from the Party.

On Wednesday, other top securities officials also received warnings from the ministry, including Vu Bang, former chairman of the SSC, Nguyen Thanh Long, secretary of the Hanoi Stock Exchange (HNX) Party Committee and Nguyen Son, chairman of the management board of the Vietnam Securities Depository.

Deputy minister Chi said recent violations of certain officials at the SSC are merely "personal", and the finance minister has prepared additional personnel and plans to ensure market safety and stability.

He also pointed out some upcoming solutions to stabilize the market, like upgrading the trading system for the main bourse, which is expected to complete this year.

Dung, 57, was appointed chairman of the SSC in July 2017. Prior to that, he was chairman of the Hanoi Stock Exchange (HNX) and general director of the HoSE.