Vietnam State Securities Commission fines investor for stock manipulation

The State Securities Commission of Vietnam (UBCKNN) has issued an administrative fine of 1.5 billion VND against Le Viet Cuong, an investor based in Ho Chi Minh City, for manipulating the stock market.

Between October 16, 2024, and March 4, 2025, Cuong allegedly used eight different securities accounts, including four in his own name, three borrowed from other investors, and one held by a proxy, to manipulate the BCE stock of Binh Duong Construction and Transport Joint Stock Company. During this period, the stock price rose by approximately 81.8%, increasing from 4,570 VND to 8,310 VND per share. While the price rose significantly, authorities noted that no illegal profits were identified from the violation.

In addition to the fine, Cuong is banned from securities trading and from holding positions at securities companies or fund management firms for two years, effective November 10, 2026. Furthermore, four individuals, including Le Mong Thai Thuong, Le Mong Truc Quynh, Truong Kim Duyen, and Nguyen Susan Ha, have been suspended from securities trading for nine months for allowing their accounts to be used in the manipulation scheme.