The State Bank of Vietnam (SBV)'s Deputy Governor Dao Minh Tu speaks at the press conference (Photo: VNA)

During the Government’s regular press conference on March 2, SBV Deputy Governor Dao Minh Tu said only credit organisations licensed by the SBV are allowed to supply services related to the exchange of foreign currencies or derivatives. Therefore, forex trading floors are currently operating out of line with Vietnam's legal regulations. 

Maj. Gen. To An Xo speaks at the press conference (Photo: VNA)

About the case related to Trinh Xuan Thanh at the Vietnam Oil and Gas Group (PetroVietnam) and the PetroVietnam Construction Joint Stock Corporation, Chief of the Office of the Ministry of Public Security and its spokesman Maj. Gen To An Xo said Thanh was sentenced to 14 years in jail for “intentionally violating the State's regulations on economic management, causing serious consequences” and life imprisonment for “asset embezzlement”. 

During the process of investigation and court hearings, over 73 billion VND were also reclaimed, together with many other assets and bank accounts. 

He added that several images of unclear origin recently released by several opposition individuals and organisations have hurt the prestige of the public security sector and other relevant agencies, causing misunderstanding among the public. 

Xo also informed that the case involving the Hoan Cau Co. Ltd. has been temporarily suspended due to the lack of judicial assistance from the US Department of Justice and the court’s decision recognising the ownership of inheritances from Tran Thi Huong, the late founder of the company.

Finance ministry warns of cryptocurrency trading risks

The Ministry of Finance will keep a close watch on the trading of cryptocurrency and provide warnings about the risks and consequences of illegal trading and investing.

High-tech crimes related to cryptocurrency were taking place complicatedly in sophisticated forms, the ministry said.

Recently, police in the central city of Da Nang warned about a new scam via investment platforms downloaded from the App Store and CH Play which were issued by securities companies.

The ministry said that the trading of cryptocurrency was becoming more common in many localities nationwide.

The State Securities Commission works regularly with the police to tackle illegal trading of cryptocurrency and securities via platforms like Rforex at the address www.rforex.com and Emrfx www.emrfx.com.

The State Securities Commission said these platforms generally called for investment from individuals and organisations in securities, cryptocurrency and binary options which were not legal in Viet Nam.

The finance ministry said currently, only the HCM City Stock Exchange and Ha Noi Stock Exchange were allowed to organise the trading of securities in Viet Nam.

Under the established laws, cryptocurrency is not a type of stock and there are no regulations about the issuance and trading of cryptocurrency and virtual assets.

The State Securities Commission warned investors to be cautious when investing in cryptocurrency and virtual assets and asked public companies, securities companies, fund management companies and investment funds not to provide trading and intermediary services for cryptocurrencies.

In May 2020, the Ministry of Finance set up a group in charge of studying and proposing policies to manage virtual assets and cryptocurrency.

A recent survey by a global provider of market and consumer data Statistic showed Viet Nam ranked second among 74 surveyed countries in terms of cryptocurrency use, driven by remittance payments, with 21 per cent of respondents in Viet Nam saying they used or owned cryptocurrency in 2020./.VNS

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