The financial sector conducted 78,213 inspections in 2023 and proposed the handling of violations in relation to over VND107 trillion ($4.45 billion), including irregular payments to be recovered and administrative penalties, among others, according to a report from the Ministry of Finance (MoF) presented at a meeting held to review its inspection operations in 2023 and discuss tasks for 2024.

More than VND17.27 trillion ($719 million) will go to the State budget through fines and penalties as a result.

Inspections focused on issues of great public concern, such as the issuance and supply of services relating to corporate bonds and complaints about insurance.

Deputy Minister of Finance Cao Anh Tuan asked inspectors and relevant agencies to continue their inspections to identify shortcomings and loopholes in management tasks and to propose solutions to deal with such issues, helping improve management efficiency and the use of resources for socio-economic development.

He also instructed inspectors to increase the application of information technology in analyzing risks and carrying out their work.