What is the highest penalty imposed for manipulation of the securities market in Vietnam?

Under Article 211 of the Criminal Code 2015 on the manipulation of securities market in Vietnam:

1. A person who deliberately commits any of the following acts and earns a profit of from VND 500,000,000 to under VND 1,500,000,000 or causes a loss to investors of from VND 1,000,000,000 to under VND 3,000,000,000 shall be liable to a fine of from VND 500,000,000 to VND 2,000,000,000 or face a penalty of 06 - 36 months' imprisonment:

a) Using one or multiple accounts of the offender or another person or colluding with another person, to continuously buying and selling securities in order to create false demand and supply;

b) Colluding with another person to place orders for purchase and sale of the same type of securities within the day or selling and buying securities without actual transfer of ownership or ownership is only transferred within the group in order to create false demand and supply;

c) Continuously buying or selling securities with a controlling quantity at the opening or closing time of the market in order to create a new closing price or opening price for such type of securities on the market;

d) Trading securities by colluding with another person or persuade another person to continuously place securities purchase and sale orders to remarkably affect the demand, supply and securities prices or manipulate securities prices;

dd) Offer opinions whether directly or via the media about a type of securities or securities issuer in order to affect the price of that type of securities after a transaction has been made in order to have an advantage from it.

e) Using other methods or commit other acts to create false demand and supply in order to manipulate securities prices.

2. This offence committed in any of the following circumstances carries a fine of from VND 2,000,000,000 to VND 4,000,000,000 or a penalty of 02 - 07 years' imprisonment:

a) The offence is committed by an organized group;

b) The illegal profit reaped is ≥ VND 1,500,000,000;

c) The loss incurred by investors is ≥ VND 3,000,000,000;

d) Dangerous recidivism.

Thus, the highest penalty imposed for manipulation of the securities market in Vietnam is a fine ranging from VND 2,000,000,000 to VND 4,000,000,000 or a penalty of 02 - 07 years' imprisonment.

Respectfully!