Specifically, former Deputy Finance Minister Huynh Quang Hai received a warning while Deputy Finance Minister Vo Thanh Hung and former Deputy Finance Minister Do Hoang Anh Tuan were reprimanded. The decisions took effect on September 17.

Earlier at its 42nd meeting in June, the Party Central Committee's Inspection Commission pointed out that the Finance Ministry’s Party Civil Affairs Board had violated the principle of democratic centralism and working regulations, demonstrated a lack of responsibility, loosened leadership and oversight, resulting in the ministry and several organisations and individuals breaching Party regulations and State laws in state management and promulgation of mechanisms and policies regarding the issuance and trading of privately placed corporate bonds.

Notable cases include those related to companies under Van Thinh Phat Group and An Dong Group, the Advanced International JSC (AIC) and companies within its ecosystem.

These violations have resulted in serious and difficult-to-remedy consequences, posing a high risk of substantial state budget losses and financial damage to bond investors, the commission said, adding they have negatively affected the business and investment environment, social safety and order, stirring public discontent and tarnishing the reputation of both the Party and state management agencies.

The primary responsibility for these violations and shortcomings lies with the ministry’s Party Civil Affairs Board during the 2016-2021 tenure, its member Vo Thanh Hung, former Deputy Finance Ministers Hai and Tuan, concluded the commission./ VNA