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| Finance Minister Ho Duc Phoc at the Q&A session__Photo: An Dang/VNA |
Finance Minister Ho Duc Phoc answered questions about the management and monitoring of insurance business raised by lawmakers at the Q&A session of the National Assembly Standing Committee on March 18.
At the hearing session, Minister Phoc acknowledged the long-term risks of voluntary supplementary pension funds by businesses given the businesses' limited management capacity and high monetary and financial market risks in Vietnam.
According to the finance minister, there are 10 such funds and four participating firms in Vietnam. The ministry has received applications for the establishment of more funds.
The Finance Ministry encourages the development of such funds but also pays attention to the monitoring work to ensure participating individuals’ rights and interests.
For land pricing, Phoc pointed to loopholes in relevant documents, which he said can be made use of, to manipulate the prices. He said the ministry will regularly update technology, improve regulations and tighten management and supervision of the work in line with its functions.
Regarding violations in auditing and land pricing in some recent criminal cases, including the one involving the Saigon Commercial Bank (SCB), Phoc blamed the wrongdoings on the low capacity and sense of responsibility of employees at auditing companies.-(VLLF)
