NBB, TCW and other companies sanctioned for securities violations

From 13 to 15 April, the State Securities Commission (UBCKNN) published administrative penalties for six enterprises in the securities sector, mainly tied to information disclosure, reporting on the use of funds raised from bond issuances, and trading with related parties.

TCW sanctioned for related-party and disclosure failures

TCW was fined for failing to disclose a series of board resolutions approving contracts and related-party transactions with entities connected to Saigon Tan Cang in 2024 and 2025. The company also did not publish in a timely manner the capital-contribution decision to a related company dated 04 June 2024, as well as its 2024 annual report.

NBB fined for off-the-books related-party trading

Nam Bảy Bảy Investment (NBB) was fined over 260 million VND for off-the-books related-party trading. On 14 April 2026, UBCKNN issued Decision No. 191/QĐ-XPHC imposing a total fine of 262.5 million VND on NBB, including 137.5 million VND for violations of related-party transaction rules.

UBCKNN noted that, in the independently audited 2024 and 2025 financial statements, NBB conducted transactions with CTCP Đầu tư và Xây dựng Xa lộ Hà Nội and Công ty TNHH Đầu tư Cao ốc Điện Biên Phủ—both related parties of CTCP Đầu tư Hạ tầng Kỹ thuật TP.HCM, a shareholder holding over 10% of NBB’s equity—without approval by the general meeting or the board.

NBB was also fined an additional 65 million VND for incomplete information disclosure, including failure to present all related-party transactions and related-party details in the 2024 and 2025 governance reports. A further 60 million VND fine was imposed for late disclosure regarding the change of the company seal on 08/09/2025.

EVS penalized for multiple brokerage-related violations

EVS (EVS Securities) received penalties for three violations, including employing a person without a securities license as Head of the Brokerage Department. On 15 April 2025, the State Securities Inspectorate issued a sanction decision for EVS (HNX: EVS) with total penalties of 290 million VND.

Of this amount, EVS was fined 137.5 million VND for providing trading data with investor identification and online funds transfer information that were inconsistent across submissions.

Other bond-disclosure penalties issued

On 15 April 2026, three additional entities were penalized for bond-related disclosure shortcomings: NAKC (92.5 million VND), DVCC (85 million VND), and BVBC (85 million VND).

Effective dates and scope of violations

All six penalties took effect from the signing date. The violations relate to bond disclosure obligations and related-party disclosures, as stated in the regulatory decisions.