Administrative penalties in the securities market sector imposed on Mekophar Chemical Pharmaceutical Joint Stock Company

The breaches cover late filing of the 2024 annual report, explanations for material profit-after-tax movements (including 10% or greater year-on-year changes and 5% or greater pre- versus post-audit discrepancies), and the 2025 annual report, with some disclosures delayed by 15 days or more. The decision applies Decree 156/2020 as amended by Decree 306/2025, underscoring that Vietnam’s securities regulator continues to enforce periodic and ad hoc disclosure timeliness. For compliance teams at listed companies, this is a timely reminder that disclosure calendars are not administrative formalities.

Late submission of annual reports and profit-variance explanations can trigger fines, reputational damage, and increased supervisory attention. Firms should verify that board and audit committee sign-off processes, auditor liaison protocols, and HNX filing workflows are aligned to regulatory deadlines. Where profit figures change materially between periods or between pre- and post-audit stages, issuers must prepare and file explanations promptly.

A robust disclosure committee, automated deadline tracking, and escalation procedures can reduce operational risk. The amendment by Decree 306/2025 should be mapped into existing policies. Although the financial penalty is modest in absolute terms, the precedent reinforces that regulators expect proactive governance and accurate, timely market communication.

Compliance leaders should review recent filings, remediate control gaps, and brief boards on disclosure obligations.