How is stock market manipulation criminally prosecuted?

Pursuant to Article 211 of the 2015 Penal Code (amended in 2017), the Crime of stock market manipulation is stipulated as follows:

1. Anyone who commits one of the following acts, illegally gains from VND 500,000,000 to under VND 1,500,000,000 or causes damage to investors from VND 1,000,000,000 to under VND 3,000,000,000, shall be subject to a fine of VND 500,000,000 to VND 2,000,000,000 or imprisonment from 06 months to 03 years:

a) Using one or more of one's own or other people's trading accounts or colluding with each other to continuously buy and sell securities to create artificial supply and demand;

b) Colluding with others to place buy and sell orders for the same type of securities on the same trading day or colluding with each other to buy and sell securities without actually transferring ownership or ownership only circulating among group members to create fake stock prices and supply and demand;

c) Continuously buying or selling securities with a dominant volume at the time of opening or closing the market to create a new closing price or opening price for that type of security on the market;

d) Trading securities by colluding with or enticing others to continuously place orders to buy and sell securities, causing a major impact on supply and demand and securities prices, and manipulating securities prices;

d) Giving opinions directly or indirectly through the mass media about a type of security or a securities issuing organization in order to influence the price of that type of security after conducting a transaction and holding a position in that type of security;

e) Using methods or performing other trading acts to create artificial supply and demand, manipulating stock prices.

2. Committing a crime in one of the following cases shall be subject to a fine of from VND 2,000,000,000 to VND 4,000,000,000 or imprisonment from 02 years to 07 years:

a) Organized;

b) Illegal profits of VND 1,500,000,000 or more;

c) Causing damage to investors of VND 3,000,000,000 or more;

d) Dangerous recidivism.

3. The offender may also be fined from VND 50,000,000 to VND 250,000,000, banned from holding positions, practicing a profession or doing certain jobs from 01 to 05 years.

4. A commercial legal entity committing a crime specified in this Article shall be punished as follows:

a) Committing a crime under the provisions of Clause 1 of this Article shall be subject to a fine of from VND 2,000,000,000 to VND 5,000,000,000;

b) Committing a crime under the provisions of Clause 2 of this Article shall be subject to a fine of from VND 5,000,000,000 to10,000,000,000copper;

c) Committing a crime under the provisions of Article 79 of this Code shall result in permanent suspension of operations;

d) Commercial legal entities may also be fined from VND 500,000,000 to VND 2,000,000,000, banned from doing business, banned from operating in certain fields from 01 to 03 years or banned from raising capital from 01 to 03 years.

Thus, those who manipulate the stock market may be prosecuted for criminal liability with a minimum prison term of 06 months to 03 years and a maximum of 07 years. In addition, those who violate may also be subject to additional fines of 50,000,000 VND to 250,000,000 VND, and be banned from holding positions, practicing a profession or doing certain jobs from 01 year to 05 years.

Commercial legal entities that manipulate the stock market may be subject to criminal prosecution with fines of up to10,000,000,000Commercial legal entities may also be permanently suspended from operations or banned from doing business, banned from operating in certain fields for a period of 01 to 03 years, or banned from raising capital for a period of 01 to 03 years.