Finance Minister Ho Duc Phoc fields questions by NA Standing Committee

WVR/VNA - Minister of Finance Ho Duc Phoc cleared up questions regarding the management and monitoring of insurance business raised by legislators at the ongoing 31st session of the National Assembly Standing Committee on March 18, 2024.
Finance Minister Ho Duc Phoc fields questions by NA Standing Committee
Finance Minister Ho Duc Phoc fields questions by NA Standing Committee: Minister of Finance Ho Duc Phoc. (Photo: VNA)

Asked about the risks faced by voluntary supplementary pension funds by businesses given the businesses' limited management capacity and high monetary and financial market risks in Vietnam, the Minister acknowledged the long-term risks of those funds, stressing that the ministry is very cautious about this issue.

The Finance Minister said there are 10 such funds and four participating firms in Vietnam, and the ministry has received applications for the establishment of more funds. adding that the Ministry encourages the development of such funds, while paying attention to the monitoring work to ensure the rights and interests of participating individuals.

Violations in auditing and land pricing in some recent criminal cases, including the one involving the Saigon Commercial Bank (SCB), also heated up the hearing session.

Minister Phoc blamed the wrongdoings on the low capacity and sense of responsibility of employees at auditing companies.

The Ministry has observed the Party’s instructions to closely monitor auditor training and certification, he said, adding that the supervision over the operations of auditing firms will be tightened in the time ahead.

For land pricing, Minister Phoc pointed to loopholes in relevant documents, which he said can be made use of to manipulate the prices. He underlined that the ministry will regularly update technology, perfect regulations and tighten management and supervision of the work in line with the Ministry's functions.

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(Source: VNA)